MIRA INFORM REPORT

Report Date :

09.08.2014

IDENTIFICATION DETAILS

Name :	BHUSHAN ENERGY LIMITED (w.e.f. 19.12.2006)
Formerly Known As :	BHUSHAN ENERGY PRIVATE LIMITED
Registered Office :	Bhushan Centre, 7^th Floor, Hyatt Regency Complex, Bhikaji Cama Place, New Delhi - 110066
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.09.2005
Com. Reg. No.:	55-140748
Capital Investment / Paid-up Capital :	Rs. 1012.300 Millions
CIN No.: [Company Identification No.]	U40105DL2005PLC140748
PAN No.: [Permanent Account No.]	AACCB7445H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in power generation and sets up power plants.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (34)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 30000000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There seems some dip in the profit of the company during 2013, borrowings recorded by the company are huge. The rating also takes into consideration the risk associated with the project execution. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

NEWS

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities = BB (Revised from BBB-)
Rating Explanation	Moderate risk of default.
Date	June 16, 2014

Rating Agency Name	CARE
Rating	Short term bank facilities = A4 (Revised from A3)
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	June 16, 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED

Management Non-Cooperative

Contact No.:91-11-39194000

LOCATIONS

Registered Office / Corporate Office :	Bhushan Centre, 7^th Floor, Hyatt Regency Complex, Bhikaji Cama Place, New Delhi - 110066, India
Tel. No.:	91-11-39194000, 71194000, 42297777, 42295555
Fax No.:	91-11-26478750, 26415845
E-Mail :	bsslcorporate@bhushansteel.com bsl@bhushansteel.com onlinefiling@gmail.com
Website :	http://bhushan-group.org
Works / Marketing Office:	23, Site-IV, Sahibabad Industrial Area, District : Ghaziabad -201010, Uttar Pradesh, India
Tel. No.:	91-120 - 3028000-09, 2770601-04
Fax No.:	91-120- 4100574, 2770509 (Marketing)
E-Mail :	bsslsahibabad@bhushansteel.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Brij Bhushan Singal

Designation :

Director

Address :

W-29, Greater Kailash, Part -II, New Delhi – 110048, India

Date of Birth/Age :

20.11.1936

Date of Appointment :

30.09.2006

DIN No. :

00083406

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L74899DL1983PLC014942	BHUSHAN STEEL LIMITED	Director	15/01/1987	15/01/1987	-	Active	NO
2	U27100MH1991PTC060692	PITTIE STRIPES PRIVATE LIMITED	Director	21/10/2002	21/10/2002	28/03/2014	Active	NO
3	U27109DL2003PTC120149	NUCLEUS STEEL PRIVATE LIMITED	Director	02/05/2003	02/05/2003	-	Active	NO
4	U85110DL2004NPL125027	KISHORILAL SHANTIDEVI CHARITABLE FOUNDATION	Director	08/03/2004	08/03/2004	-	Active	NO
5	U45200MH1988PTC049184	BENREEZA ESTATES AND INVESTMENTS PRIVATE LIMITED	Director	17/01/2005	17/01/2005	-	Active	NO
6	U40105DL2005PLC140748	BHUSHAN ENERGY LIMITED	Director	30/09/2006	14/09/2005	-	Active	NO
7	U67120UP2005PLC031068	SHRIRAJ INVESTMENT AND FINANCE LIMITED	Director	09/12/2005	09/12/2005	-	Active	NO
8	U67120UP2005PLC031067	AAYUSHI CREDIT AND CAPITAL SERVICES LIMITED	Director	30/09/2006	09/12/2005	-	Active	NO
9	U65993DL2005PLC144289	MERAMANDALI FINVEST LIMITED	Director	30/09/2006	30/12/2005	15/05/2009	Active	NO
10	U65993DL2005PLC144288	DHENKANAL FINVEST LIMITED	Director	30/09/2006	30/12/2005	15/05/2009	Active	NO
11	U67190MH2006PLC158643	SAVROLI FINVEST LIMITED	Director	29/09/2006	04/01/2006	27/03/2008	Active	NO
12	U67120MH2006PLC158640	NIFAN FINVEST LIMITED	Director	29/09/2006	04/01/2006	27/03/2008	Active	NO
13	U70109DL2006PTC151708	BHUSHAN BUILDWELL PRIVATE LIMITED	Director	28/09/2007	07/08/2006	10/01/2012	Active	NO
14	U70109DL2006PTC153930	BHUSHAN INFRASTRUCTURE PRIVATE LIMITED	Director	25/09/2009	16/09/2006	-	Active	NO
15	U10101DL2006PTC153881	BHUSHAN NATURAL RESOURCES PRIVATE LIMITED	Director	28/09/2007	16/09/2006	-	Active	NO
16	U51909DL2006PTC156289	BHUSHAN ENERGY TRADING PRIVATE LIMITED	Director	28/09/2007	06/12/2006	-	Active	NO
17	U72300DL2006PTC156329	BNR INFOTECH PRIVATE LIMITED	Director	28/09/2007	07/12/2006	17/03/2008	Active	NO
18	U63040MH2006PTC166049	BNS TOUR AND TRAVEL PRIVATE LIMITED	Director	29/09/2007	07/12/2006	21/03/2008	Active	NO
19	U74140MH2006PTC166048	BNS PLACEMENT SERVICES PRIVATE LIMITED	Director	29/09/2007	07/12/2006	21/03/2008	Active	NO
20	U74140MH2006PTC166050	BNR CONSULTANCY SERVICES PRIVATE LIMITED	Director	29/09/2007	07/12/2006	17/03/2008	Active	NO
21	U74999DL2006PTC156350	BNS STEEL TRADING PRIVATE LIMITED	Director	28/09/2007	08/12/2006	17/03/2008	Active	NO
22	U60231DL2006PTC156352	BBN TRANSPORTATION PRIVATE LIMITED	Director	28/09/2007	08/12/2006	21/03/2008	Active	NO
23	U14295DL2007PTC164914	GOLDSTAR CEMENT PRIVATE LIMITED	Additional director	17/07/2008	19/06/2007	24/07/2008	Active	NO
24	U51909DL2007PTC164925	BHUSHAN GENERAL TRADERS PRIVATE LIMITED	Director	29/09/2008	19/06/2007	-	Active	NO
25	U51909DL2007PTC165080	BHUSHAN EXPORTS PRIVATE LIMITED	Director	29/09/2008	21/06/2007	-	Active	NO
26	U74140DL2007PTC165075	BHUSHAN PLACEMENT SERVICES PRIVATE LIMITED	Director	29/09/2008	21/06/2007	-	Active	NO
27	U32106DL2007PTC165077	STARLIGHT CONSUMER ELECTRONICS PRIVATE LIMITED	Director	21/06/2007	21/06/2007	17/03/2008	Active	NO
28	U51109DL2007PTC165081	SUPER STAR AGENCY PRIVATE LIMITED	Director	22/06/2007	22/06/2007	17/03/2008	Active	NO
29	U28910DL2007PTC165181	BHUSHAN CONSUMER ELECTRONICS PRIVATE LIMITED	Director	25/09/2009	26/06/2007	-	Active	NO
30	U45400DL2007PTC165180	ADAMINE CONSTRUCTION PRIVATE LIMITED	Director	26/06/2007	26/06/2007	17/03/2008	Active	NO
31	U70101DL2008PTC174701	VISTRAT REAL ESTATES PRIVATE LIMITED	Director	28/02/2008	28/02/2008	19/03/2008	Active	NO
32	U45200DL2008PTC174758	SUR BUILDCON PRIVATE LIMITED	Director	29/02/2008	29/02/2008	19/03/2008	Active	NO
33	U23101DL2008PTC174757	UNA POWER PRIVATE LIMITED	Director	29/02/2008	29/02/2008	19/03/2008	Active	NO
34	U27100DL2008PTC174743	NRA IRON AND STEEL PRIVATE LIMITED	Director	29/02/2008	29/02/2008	19/03/2008	Active	NO
35	U14108DL2008PTC174798	TREMENDOUS MINING & MINERALS PRIVATE LIMITED	Director	03/03/2008	03/03/2008	19/03/2008	Active	NO
36	U45202MH2008PTC180300	KBN INFRASTRUCTURE PRIVATE LIMITED	Additional director	04/05/2009	19/03/2008	08/08/2009	Active	NO
37	U35990MH2008PTC182346	ROBUST TRANSPORTATION PRIVATE LIMITED	Director	29/09/2009	17/05/2008	-	Active	NO
38	U14220MH2008PTC182594	NRA CEMENT PRIVATE LIMITED	Director	29/09/2009	22/05/2008	-	Active	NO
39	U13203MH2008PTC182599	SRN MINERALS AND MINING PRIVATE LIMITED	Director	29/09/2009	23/05/2008	-	Active	NO
40	U27106MH2008PTC182675	UNA STEEL PRIVATE LIMITED	Director	29/09/2009	26/05/2008	-	Active	NO
41	U27100DL2010PLC202028	BHUSHAN STEEL (ORISSA) LIMITED	Director	28/09/2011	27/04/2010	-	Active	NO
42	U27100DL2010PLC202026	BHUSHAN STEEL MADHYA BHARAT LIMITED	Director	28/09/2011	27/04/2010	-	Active	NO
43	U27100DL2010PLC202025	BHUSHAN STEEL BENGAL LIMITED	Director	28/09/2011	27/04/2010	-	Active	NO
44	U27100DL2010PLC202027	BHUSHAN STEEL (SOUTH) LIMITED	Director	28/09/2011	27/04/2010	-	Active	NO
45	U65999DL2010PTC208501	BHUSHAN FINANCE PRIVATE LIMITED	Director	29/09/2011	21/09/2010	-	Active	NO
46	U67120HR1999PTC034197	PERPETUAL SECURITIES PRIVATE LIMITED	Director	27/09/2012	09/11/2011	-	Active	NO
47	U67120CH1999PTC022414	PARAGON SECURITIES PRIVATE LIMITED	Director	27/09/2012	09/11/2011	-	Active	NO
48	U67120PB1999PTC022413	MARSH CAPITAL SERVICES PRIVATE LIMITED	Director	27/09/2012	10/11/2011	-	Active	NO
49	U74899DL1989PTC037200	SUKHNA STEEL PRIVATE LIMITED	Director	28/09/2012	11/11/2011	-	Active	NO
50	U74899DL1993PTC054635	JAWAHAR CREDIT AND HOLDINGS PRIVATE LIMITED	Director	28/09/2012	11/11/2011	-	Active	NO
51	U74899DL1993PTC054636	BHUSHAN CAPITAL AND CREDIT SERVICES PRIVATE LIMITED	Director	28/09/2012	11/11/2011	-	Active	NO
52	U67120PB1999PTC022412	PARAKEET FINVEST PRIVATE LIMITED	Director	27/09/2012	14/11/2011	-	Active	NO
53	U63090DL2012PTC233525	WELLINGTON TRANSPORTATION PRIVATE LIMITED	Director	27/03/2012	27/03/2012	04/09/2013	Active	NO
54	U72900DL2012PTC233509	GLOSSY INFOTECH PRIVATE LIMITED	Director	27/03/2012	27/03/2012	04/09/2013	Active	NO
55	U14200DL2012PTC233508	LUMINOUS CEMENT PRIVATE LIMITED	Director	27/03/2012	27/03/2012	04/09/2013	Active	NO
56	U13203DL2012PTC233595	VERTEX ALUMINIUM PRIVATE LIMITED	Director	28/03/2012	28/03/2012	04/09/2013	Active	NO
57	U51900DL2012PTC233589	GLEAMING EXPORTS PRIVATE LIMITED	Director	28/03/2012	28/03/2012	04/09/2013	Active	NO
58	U27100DL2012PTC233534	FEEDER IRON & STEEL PRIVATE LIMITED	Director	28/03/2012	28/03/2012	04/09/2013	Active	NO
59	U32109DL2012PTC233635	CASPER CONSUMER ELECTRONICS PRIVATE LIMITED	Director	29/03/2012	29/03/2012	04/09/2013	Active	NO
60	U51909DL2012PTC233633	COALITION AGENCY PRIVATE LIMITED	Director	29/03/2012	29/03/2012	04/09/2013	Active	NO
61	U40106DL2012PTC233632	HAMLET POWER PRIVATE LIMITED	Director	29/03/2012	29/03/2012	04/09/2013	Active	NO
62	U74900DL2012PTC233621	DRASTIC CONSULTANCY SERVICES PRIVATE LIMITED	Director	29/03/2012	29/03/2012	04/09/2013	Active	NO
63	U74910DL2012PTC233647	MUTUAL PLACEMENT SERVICES PRIVATE LIMITED	Director	29/03/2012	29/03/2012	04/09/2013	Active	NO
64	U13204DL2012PTC233775	ZIP MINERALS AND MINING PRIVATE LIMITED	Director	30/03/2012	30/03/2012	04/09/2013	Active	NO

Name :

Mr. Neeraj Singal

Designation :

Managing Director

Address :

W-29, Greater Kailash, Part - II, New Delhi – 110048, India

Date of Birth/Age :

23.04.1968

Date of Appointment :

01.07.2012

DIN No. :

00078057

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L74899DL1983PLC014942	BHUSHAN STEEL LIMITED	Managing director	01/12/2011	15/01/1987	-	Active	NO
2	U27100MH1991PTC060692	PITTIE STRIPES PRIVATE LIMITED	Director	21/10/2002	21/10/2002	28/03/2014	Active	NO
3	U27109DL2003PTC120149	NUCLEUS STEEL PRIVATE LIMITED	Director	02/05/2003	02/05/2003	-	Active	NO
4	U85110DL2004NPL125027	KISHORILAL SHANTIDEVI CHARITABLE FOUNDATION	Director	08/03/2004	08/03/2004	-	Active	NO
5	U45200MH1988PTC049184	BENREEZA ESTATES AND INVESTMENTS PRIVATE LIMITED	Director	17/01/2005	17/01/2005	-	Active	NO
6	U40105DL2005PLC140748	BHUSHAN ENERGY LIMITED	Managing director	01/07/2012	14/09/2005	-	Active	NO
7	U67120UP2005PLC031067	AAYUSHI CREDIT AND CAPITAL SERVICES LIMITED	Director	30/09/2006	09/12/2005	-	Active	NO
8	U65993DL2005PLC144289	MERAMANDALI FINVEST LIMITED	Director	30/09/2006	30/12/2005	15/05/2009	Active	NO
9	U67120MH2006PLC158640	NIFAN FINVEST LIMITED	Director	29/09/2006	04/01/2006	27/03/2008	Active	NO
10	U70109DL2006PTC151708	BHUSHAN BUILDWELL PRIVATE LIMITED	Director	28/09/2007	07/08/2006	10/01/2012	Active	NO
11	U70109DL2006PTC153930	BHUSHAN INFRASTRUCTURE PRIVATE LIMITED	Director	25/09/2009	16/09/2006	-	Active	NO
12	U10101DL2006PTC153881	BHUSHAN NATURAL RESOURCES PRIVATE LIMITED	Director	28/09/2007	16/09/2006	-	Active	NO
13	U51909DL2006PTC156289	BHUSHAN ENERGY TRADING PRIVATE LIMITED	Director	28/09/2007	06/12/2006	-	Active	NO
14	U72300DL2006PTC156329	BNR INFOTECH PRIVATE LIMITED	Director	28/09/2007	07/12/2006	17/03/2008	Active	NO
15	U63040MH2006PTC166049	BNS TOUR AND TRAVEL PRIVATE LIMITED	Director	29/09/2007	07/12/2006	21/03/2008	Active	NO
16	U74140MH2006PTC166048	BNS PLACEMENT SERVICES PRIVATE LIMITED	Director	29/09/2007	07/12/2006	21/03/2008	Active	NO
17	U74140MH2006PTC166050	BNR CONSULTANCY SERVICES PRIVATE LIMITED	Director	29/09/2007	07/12/2006	17/03/2008	Active	NO
18	U74999DL2006PTC156350	BNS STEEL TRADING PRIVATE LIMITED	Director	28/09/2007	08/12/2006	17/03/2008	Active	NO
19	U60231DL2006PTC156352	BBN TRANSPORTATION PRIVATE LIMITED	Director	28/09/2007	08/12/2006	21/03/2008	Active	NO
20	U51909DL2007PTC164925	BHUSHAN GENERAL TRADERS PRIVATE LIMITED	Director	29/09/2008	19/06/2007	-	Active	NO
21	U14295DL2007PTC164914	GOLDSTAR CEMENT PRIVATE LIMITED	Director	19/06/2007	19/06/2007	21/03/2008	Active	NO
22	U51909DL2007PTC165080	BHUSHAN EXPORTS PRIVATE LIMITED	Director	29/09/2008	21/06/2007	-	Active	NO
23	U74140DL2007PTC165075	BHUSHAN PLACEMENT SERVICES PRIVATE LIMITED	Director	29/09/2008	21/06/2007	-	Active	NO
24	U32106DL2007PTC165077	STARLIGHT CONSUMER ELECTRONICS PRIVATE LIMITED	Director	21/06/2007	21/06/2007	17/03/2008	Active	NO
25	U51109DL2007PTC165081	SUPER STAR AGENCY PRIVATE LIMITED	Director	22/06/2007	22/06/2007	17/03/2008	Active	NO
26	U28910DL2007PTC165181	BHUSHAN CONSUMER ELECTRONICS PRIVATE LIMITED	Director	25/09/2009	26/06/2007	-	Active	NO
27	U45400DL2007PTC165180	ADAMINE CONSTRUCTION PRIVATE LIMITED	Director	26/06/2007	26/06/2007	17/03/2008	Active	NO
28	U63040DL2007PLC170964	BHUSHAN AVIATION LIMITED	Director	29/09/2008	03/12/2007	-	Active	NO
29	U70101DL2008PTC174701	VISTRAT REAL ESTATES PRIVATE LIMITED	Director	28/02/2008	28/02/2008	19/03/2008	Active	NO
30	U45200DL2008PTC174758	SUR BUILDCON PRIVATE LIMITED	Director	29/02/2008	29/02/2008	19/03/2008	Active	NO
31	U23101DL2008PTC174757	UNA POWER PRIVATE LIMITED	Director	29/02/2008	29/02/2008	19/03/2008	Active	NO
32	U27100DL2008PTC174743	NRA IRON AND STEEL PRIVATE LIMITED	Director	29/02/2008	29/02/2008	19/03/2008	Active	NO
33	U14108DL2008PTC174798	TREMENDOUS MINING AND MINERALS PRIVATE LIMITED	Director	03/03/2008	03/03/2008	19/03/2008	Active	NO
34	U45202MH2008PTC180300	KBN INFRASTRUCTURE PRIVATE LIMITED	Director	19/03/2008	19/03/2008	28/02/2009	Active	NO
35	U35990MH2008PTC182346	ROBUST TRANSPORTATION PRIVATE LIMITED	Director	29/09/2009	17/05/2008	-	Active	NO
36	U14220MH2008PTC182594	NRA CEMENT PRIVATE LIMITED	Director	29/09/2009	22/05/2008	-	Active	NO
37	U13203MH2008PTC182599	SRN MINERALS AND MINING PRIVATE LIMITED	Director	29/09/2009	23/05/2008	-	Active	NO
38	U27106MH2008PTC182675	UNA STEEL PRIVATE LIMITED	Director	29/09/2009	26/05/2008	-	Active	NO
39	U10300WB2009PTC138558	Andal East Coal Company Private Limited	Director	22/09/2009	22/09/2009	-	Active	NO
40	U27100DL2010PLC202028	BHUSHAN STEEL (ORISSA) LIMITED	Director	28/09/2011	27/04/2010	-	Active	NO
41	U27100DL2010PLC202026	BHUSHAN STEEL MADHYA BHARAT LIMITED	Director	28/09/2011	27/04/2010	-	Active	NO
42	U27100DL2010PLC202025	BHUSHAN STEEL BENGAL LIMITED	Director	28/09/2011	27/04/2010	-	Active	NO
43	U27100DL2010PLC202027	BHUSHAN STEEL (SOUTH) LIMITED	Director	28/09/2011	27/04/2010	-	Active	NO
44	U65999DL2010PTC208501	BHUSHAN FINANCE PRIVATE LIMITED	Director	29/09/2011	21/09/2010	-	Active	NO
45	U67120HR1999PTC034197	PERPETUAL SECURITIES PRIVATE LIMITED	Director	27/09/2012	09/11/2011	-	Active	NO
46	U67120CH1999PTC022414	PARAGON SECURITIES PRIVATE LIMITED	Director	27/09/2012	09/11/2011	-	Active	NO
47	U67120PB1999PTC022413	MARSH CAPITAL SERVICES PRIVATE LIMITED	Director	27/09/2012	10/11/2011	-	Active	NO
48	U74899DL1993PTC054635	JAWAHAR CREDIT AND HOLDINGS PRIVATE LIMITED	Director	28/09/2012	11/11/2011	-	Active	NO
49	U74899DL1993PTC054636	BHUSHAN CAPITAL AND CREDIT SERVICES PRIVATE LIMITED	Director	28/09/2012	11/11/2011	-	Active	NO
50	U74899DL1989PTC037200	SUKHNA STEEL PRIVATE LIMITED	Director	28/09/2012	11/11/2011	-	Active	NO
51	U67120PB1999PTC022412	PARAKEET FINVEST PRIVATE LIMITED	Director	27/09/2012	14/11/2011	-	Active	NO
52	U63090DL2012PTC233525	WELLINGTON TRANSPORTATION PRIVATE LIMITED	Director	27/03/2012	27/03/2012	04/09/2013	Active	NO
53	U72900DL2012PTC233509	GLOSSY INFOTECH PRIVATE LIMITED	Director	27/03/2012	27/03/2012	04/09/2013	Active	NO
54	U14200DL2012PTC233508	LUMINOUS CEMENT PRIVATE LIMITED	Director	27/03/2012	27/03/2012	04/09/2013	Active	NO
55	U13203DL2012PTC233595	VERTEX ALUMINIUM PRIVATE LIMITED	Director	28/03/2012	28/03/2012	04/09/2013	Active	NO
56	U51900DL2012PTC233589	GLEAMING EXPORTS PRIVATE LIMITED	Director	28/03/2012	28/03/2012	04/09/2013	Active	NO
57	U27100DL2012PTC233534	FEEDER IRON AND STEEL PRIVATE LIMITED	Director	28/03/2012	28/03/2012	04/09/2013	Active	NO
58	U51909DL2012PTC233633	COALITION AGENCY PRIVATE LIMITED	Director	29/03/2012	29/03/2012	04/09/2013	Active	NO
59	U40106DL2012PTC233632	HAMLET POWER PRIVATE LIMITED	Director	29/03/2012	29/03/2012	04/09/2013	Active	NO
60	U74900DL2012PTC233621	DRASTIC CONSULTANCY SERVICES PRIVATE LIMITED	Director	29/03/2012	29/03/2012	04/09/2013	Active	NO
61	U74910DL2012PTC233647	MUTUAL PLACEMENT SERVICES PRIVATE LIMITED	Director	29/03/2012	29/03/2012	04/09/2013	Active	NO
62	U32109DL2012PTC233635	CASPER CONSUMER ELECTRONICS PRIVATE LIMITED	Director	29/03/2012	29/03/2012	04/09/2013	Active	NO
63	U13204DL2012PTC233775	ZIP MINERALS AND MINING PRIVATE LIMITED	Director	30/03/2012	30/03/2012	04/09/2013	Active	NO
64	U85100DL2012NPL238454	AAYUSHI FOUNDATION FOR SOCIAL WELFARE	Director	30/09/2013	05/07/2012	-	Active	NO

Name :

Mr. Shankar Batra

Designation :

Director

Address :

D-144, 3rd Floor, Anand Vihar, Delhi, India

Date of Birth/Age :

02.10.1959

Date of Appointment :

28.09.2007

DIN No. :

01029007

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27109DL1991NPL042878	COLD ROLLED STEEL MANUFACTURERS ASSOCIATION OF INDIA	Director	30/03/2004	30/03/2004	-	Active	NO
2	U40105DL2005PLC140748	BHUSHAN ENERGY LIMITED	Director	28/09/2007	20/11/2006	-	Active	NO
3	U67120UP2005PLC031067	AAYUSHI CREDIT AND CAPITAL SERVICES LIMITED	Managing director	29/09/2009	19/03/2009	-	Active	NO
4	U67120UP2005PLC031068	SHRIRAJ INVESTMENT AND FINANCE LIMITED	Managing director	29/09/2009	19/03/2009	-	Active	NO
5	U27100DL2010PLC202028	BHUSHAN STEEL (ORISSA) LIMITED	Director	28/09/2011	27/04/2010	-	Active	NO
6	U27100DL2010PLC202026	BHUSHAN STEEL MADHYA BHARAT LIMITED	Director	28/09/2011	27/04/2010	-	Active	NO
7	U27100DL2010PLC202025	BHUSHAN STEEL BENGAL LIMITED	Director	28/09/2011	27/04/2010	-	Active	NO
8	U27100DL2010PLC202027	BHUSHAN STEEL (SOUTH) LIMITED	Director	28/09/2011	27/04/2010	-	Active	NO

Name :

Mr. Rajinder Nath Mahendru

Designation :

Director

Address :

E-303,Nagarjuna Apartments, Mayur Kunj, Delhi – 110096, India

Date of Birth/Age :

18.02.1939

Date of Appointment :

28.09.2007

DIN No. :

01431541

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U40105DL2005PLC140748	BHUSHAN ENERGY LIMITED	Director	28/09/2007	24/02/2007	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Purwar Rupesh
Designation :	Company Secretary
Address :	648, West Guru Angad Nagar, Delhi -110092, India
Date of Birth/Age :	11.01.1976
PAN No.:	AKZPP9731A
Date of Appointment :	01.01.2007

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Brij hushan Slngal	20003500
Neeraj Singal	19003500
Ritu Singal	1000000
B.B. Singal (HUF)	500
Neeraj Singal (HUF)	500
Uma Singal	2000
Bhushan Consumer Electronics Private Limited, India	31220000
Bhushan Steel Limited, India	30000000
Total	101230000

AS ON 11.03.2014

Names of Allottee	No. of Shares
Bhushan Steel Limited, India	35000000
Total	35000000

AS ON 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	39.52
Directors or relatives of Directors	60.48
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in power generation and sets up power plants.

Products / Services :

Item / Services Code No. (ITC Code)	Product / Services Description
99532622	Generation and transmission of electricity: coal based thermal power plants

GENERAL INFORMATION

Customers :

· Honda

· Hyundai

· Hitachi

· Yamaha

· Samsung

· BHEL

· Bajaj

No. of Employees :

Information declined by the management.

Bankers :

· Oriental Bank of Commerce, 41/22, Site - IV, Sahibabad Industrial Area, Sahibabad - 201010, Uttar Pradesh, India

· IDBI Bank Limited, Indian Red Cross Society Building, 1, Red Cross Road, Post Bag No. 231, New Delhi - 110001, India

· UCO Bank, Flagship Corporate Branch, 1st Floor, Mafatlal Centre, Nariman Point, Mumbai - 400021, Maharashtra, India

· Allahabad Bank, Industrial Finance Branch, 17, Parliament Street, New Delhi - 110001, India

· ICICI Bank Limited, ICICI Tower, NBCC Palace, Bhishma Pitamah Marg, Pragati Vihar, New Delhi - 110003, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	12607.255	8178.028
Foreign currency term loans from others	3060.950	3477.311
SHORT TERM BORROWINGS
Rupee term loans from banks	1000.000	6250.000
Working capital loans from banks	223.276	24.253
Total	16891.481	17929.592

Banking Relations :	---
Financial Institution :	L&T FinCorp Limited, L&T House, Ballard Estate, Mumbai - 400001, Maharashtra, India
Auditors :
Name :	Mehra Goel and Company Chartered Accountants
Address :	505, Chiranjeev Tower, Nehru Place, New Delhi – 110019, India
PAN No.:	AABFM1488M
Associate Enterprise :	Bhushan Steel Limited [L74899DL1983PLC014942]

CAPITAL STRUCTURE

AFTER 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
210000000	Equity Shares	Rs.10/- each	Rs.2100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
136230000	Equity Shares	Rs.10/- each	Rs. 1362.300 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
210000000	Equity Shares	Rs.10/- each	Rs.2100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
101230000	Equity Shares	Rs.10/- each	Rs.1012.300 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1012.300	1012.300	1012.300
(b) Reserves & Surplus	6277.402	5185.229	3376.330
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	7289.702	6197.529	4388.630
(3) Non-Current Liabilities
(a) long-term borrowings	15668.205	11655.339	8081.563
(b) Deferred tax liabilities (Net)	260.597	260.597	260.597
(c) Other long term liabilities	0.000	40.968	4.966
(d) long-term provisions	2.456	1.993	0.966
Total Non-current Liabilities (3)	15931.258	11958.897	8348.092
(4) Current Liabilities
(a) Short term borrowings	1223.276	6274.253	3342.244
(b) Trade payables	18.419	2.263	0.000
(c) Other current liabilities	5844.741	2469.976	3545.648
(d) Short-term provisions	8.184	23.335	8.678
Total Current Liabilities (4)	7094.620	8769.827	6896.570
TOTAL	30,315.580	26,926.253	19,633.292
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7450.390	8697.968	10054.223
(ii) Intangible Assets	0.000	0.000	1.628
(iii) Capital work-in-progress	7395.261	4798.664	1578.737
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	4242.190	4239.448	988.980
(c) Foreign currency monetary item translation difference asset account	11.558	24.337	0.000
(d) Deferred tax assets (net)	0.000	0.000	0.000
(e) Long-term Loan and Advances	10271.100	6964.598	6384.902
(f) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	29370.499	24725.015	19008.470
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	239.326	23.719	17.734
(c) Trade receivables	223.830	334.921	84.792
(d) Cash and cash equivalents	115.744	1,835.879	369.676
(e) Short-term loans and advances	366.181	6.719	152.620
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	945.081	2201.238	624.822
TOTAL	30315.580	26926.253	19633.292

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Revenue from operations	6230.832	6291.419	4075.246
	Other Income	23.693	11.855	80.963
	TOTAL (A)	6254.525	6303.274	,156.209
Less	EXPENSES
	Cost of Materials Consumed	1854.232	796.086	0.000
	Purchases of Stock-in-Trade	0.000	97.858	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	0.000	0.000
	Employees benefits expense	96.557	93.890	53.517
	Expenditure on production, transportation and other expenditure pertaining to E&P activities	0.000	0.000	49.361
	Other Expenses	247.953	235.441	632.943
	TOTAL (B)	2,198.742	1,223.275	735.821
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	4055.783	5079.999	3420.388
Less	FINANCIAL EXPENSES (D)	1689.062	1778.858	978.501
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	2366.721	3301.141	2441.887
Less/ Add	DEPRECIATION/ AMORTISATION (F)	1270.943	1488.558	1042.023
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1095.778	1812.583	1399.864
Less	TAX (H)	3.605	3.684	468.209
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	1092.173	1808.899	931.655
	IMPORTS
	Raw Materials	846.315	0.000	NA
	Capital Goods	0.831	462.965	NA
	TOTAL IMPORTS	847.146	462.965	NA
	Earnings / (Loss) Per Share (Rs.)
	Basic	10.79	17.87	9.20
	Diluted	5.50	9.29	5.01

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	17.46	28.70	22.42
Net Profit Margin (PBT/Sales)	(%)	17.59	28.81	34.35
Return on Total Assets (PBT/Total Assets)	(%)	5.87	10.15	8.20
Return on Investment (ROI) (PBT/Networth)		0.15	0.29	0.32
Debt Equity Ratio (Total Debt /Networth)		2.32	2.89	2.60
Current Ratio (Current Asset/Current Liability)		0.13	0.25	0.09

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1012.300	1012.300	1012.300
Reserves & Surplus	3376.330	5185.229	6277.402
Net worth	4388.630	6197.529	7289.702
long-term borrowings	8081.563	11655.339	15668.205
Short term borrowings	3342.244	6274.253	1223.276
Total borrowings	11423.807	17929.592	16891.481
Debt/Equity ratio	2.603	2.893	2.317

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	4075.246	6291.419	6230.832
		54.381	(0.963)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	4075.246	6291.419	6230.832
Profit/(Loss) After Tax	931.655	1808.899	1092.173
	22.86%	28.75%	17.53%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	------
22]	Litigations that the firm / promoter involved in	------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	------
26]	Buyer visit details	----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10503490	22/05/2014	200,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C06886188
2	10505540	28/03/2014	1,200,000,000.00	L&T FINCORP LIMITED	L & T HOUSE, BALLARD ESTATE, MUMBAI, MAHARASHTRA  - 400001, INDIA	C08798233
3	10484290	10/03/2014	200,000,000.00	ICICI BANK LIMITED	ICICI TOWER, NBCC PALACE, BHISHMA PITAMAH MARG,  PRAGATI VIHAR, NEW DELHI, DELHI - 110003, INDIA	C00248237
4	10418444	20/03/2013	1,000,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, 17, PARLIAMENT STREET,  NEW DELHI - 110001, INDIA	B72795586
5	10407302	02/03/2013	2,000,000,000.00	UCO BANK	FLAGSHIP CORPORATE BRANCH, 1ST FLOOR, MAFATLAL CENTRE, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B69285393
6	10303469	23/05/2012 *	4,000,000,000.00	L&T INFRASTRUCTURE FINANCE COMPANY LIMITED	MOUNT POONAMALLEE ROAD, MANAPAKKAM, CHENNAI, TAMILNADU - 600089, INDIA	B43454909
7	10298174	13/06/2011	750,000,000.00	ANDHRA BANK	M 35, CONNAUGHT CIRCUS, NEW DELHI - 110001, INDIA	B17200171
8	10295952	21/05/2011	500,000,000.00	INDUSIND BANK LTD.	2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA	B16458382
9	10281320	24/03/2011	700,000,000.00	ICICI BANK LIMITED	ICICI TOWER, NBCC PALACE, BHISHMA PITAMAH MARG, P  RAGATI VIHAR, NEW DELHI, DELHI - 110003, INDIA	B10920841
10	10247103	15/11/2011 *	7,350,000,000.00	AXIS BANK LIMITED	AXIS HOUSE, 02ND FLOOR, E WING, BOMBAY DYEING MILLS COMP. P. B. MARG, WORLI, MUMBAI, MAHARASHTRA  - 400025, INDIA	B25568916

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.56
UK Pound	1	Rs.103.50
Euro	1	Rs.82.41

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	DIV
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	3
--MARGINS	-5~5	------
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
	NB	New Business

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.