MIRA INFORM REPORT

Report Date :

13.08.2014

IDENTIFICATION DETAILS

Name :	GOVERDHAN ENERGY AND PETROCHEMICALS PRIVATE LIMITED
Registered Office :	Survey No. 218, Village Bhilgaon, Outside Kamptee Road Octroi Naka, Nagpur – 441401, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.09.2008
Com. Reg. No.:	11-186760
Capital Investment / Paid-up Capital :	Rs. 25.000 Millions
CIN No.: [Company Identification No.]	U23209MH2008PTC186760
TAN No.: [Tax Deduction & Collection Account No.]	NGPG02933A
PAN No.: [Permanent Account No.]	AADCG2671D
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Petroleum, Petrochemicals and Polymer Products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management has failed to file the latest financial of FY13 with the Statutory Authorities. As per the partial financial available from indirect source i.e. CARE, the management has reported a dip in its net profitability affecting its margins during FY13. The ratings also take into consideration the relatively small scale and working capital intensive operations of the company. However, trade relation seems to be fair. Business is active. Payment terms are reported as slow but correct. In view of vast experience of the promoters and association with reputed suppliers, 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

N E W S

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-
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligation.
Date	December 18, 2013

Rating Agency Name	CARE
Rating	Short term Bank facilities = A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	December 18, 2013

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 DECLINED BY

Name :	Ms. Vaishnavi Dubli
Designation :	Accounts Manager
Contact No.:	91-712-6644048
Date :	11.08.2014

LOCATIONS

Registered Office/ Warehouse 1 :	Survey No. 218, Village Bhilgaon, Outside Kamptee Road Octroi Naka, Nagpur – 441401, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	rajkumar@govrdhan.co.in sachchu123@gmail.com gepl@goverdhan.co.in
Website :	http://www.goverdhan.co.in
Branch Office/ Warehouse 2 :	17, Vijayanand Co-operative Housing Society, Wardha Road, Dhantoli, Nagpur – 440012, Maharashtra, India
Tel. No.:	91-712-6644048/ 049/ 050
Fax No.:	91-712-6646048
Warehouse 3 :	Located at: · Raipur, Chhattisgarh, India

DIRECTORS

AS ON 29.09.2013

Name :

Mr. Rahul Pramod Udhoji

Designation :

Director

Address :

223, Snehal Khare Town, Dharampeth, Nagpur-440010, Maharashtra, India

Date of Birth/Age :

05.02.1971

Date of Appointment :

01.12.2009

DIN No.:

00207623

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	Company/ LLP Status	Defaulting status
1	U24116MP1997PTC015136	EMERALD PETROCHEMICALS PRIVATE LIMITED	Whole-time director	28/11/1997	28/11/1997	Active	NO
2	U23209MH2008PTC186760	GOVERDHAN ENERGY AND PETROCHEMICALS PRIVATE LIMITED	Director	01/12/2009	01/12/2009	Active	NO

Name :

Mr. Kapilkumar Rajkumar Chandak

Designation :

Director

Address :

118, Bajaj Nagar, Nagpur-440010, Maharashtra, India

Date of Birth/Age :

18.06.1985

Date of Appointment :

15.09.2008

DIN No.:

01343032

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	U99999MH1997PTC107230	CADENCE FINANCE COMPANY PRIVATE LIMITED	Director	05/03/2007	05/03/2007	-	Active	NO
2	U01403MH2007PTC174078	GOVERDHAN ENVIRO FARMS PRIVATE LIMITED	Director	13/09/2007	13/09/2007	19/10/2007	Active	NO
3	U01400MH2007PTC174291	GOVERDHAN CULTIVATORS PRIVATE LIMITED	Director	19/09/2007	19/09/2007	22/12/2007	Active	NO
4	U01403MH2007PTC174295	GOVERDHAN ORCHARDS PRIVATE LIMITED	Director	19/09/2007	19/09/2007	-	Active	NO
5	U01403MH2007PTC174342	GOVERDHAN AGRO FARMS PRIVATE LIMITED	Director	20/09/2007	20/09/2007	14/11/2007	Active	NO
6	U01403MH2007PTC175119	CADENCE AGRO FARMS PRIVATE LIMITED	Director	17/10/2007	17/10/2007	-	Active	NO
7	U01407MH2007PTC175123	CADENCE ORCHARDS PRIVATE LIMITED	Director	17/10/2007	17/10/2007	-	Active	NO
8	U01403MH2007PTC175122	CADENCE ENVIRO FARMS PRIVATE LIMITED	Director	17/10/2007	17/10/2007	-	Active	NO
9	U01403MH2007PTC175120	CADENCE CULTIVATORS PRIVATE LIMITED	Director	17/10/2007	17/10/2007	-	Active	NO
10	U01403MH2008PTC180936	GOKUL ORCHARDS PRIVATE LIMITED	Director	08/04/2008	08/04/2008	30/09/2011	Active	NO
11	U01400MH2008PTC180975	GOKUL ENVIRO FARMS PRIVATE LIMITED	Director	09/04/2008	09/04/2008	-	Active	NO
12	U01403MH2008PTC180969	NANDANVAN ORCHARDS PRIVATE LIMITED	Director	09/04/2008	09/04/2008	-	Active	NO
13	U45200MH2008PTC181065	NANDANVAN CULTIVATORS PRIVATE LIMITED	Director	11/04/2008	11/04/2008	-	Active	NO
14	U45203MH2008PTC181285	CADENCE PROPERTIES PRIVATE LIMITED	Director	17/04/2008	17/04/2008	-	Active	NO
15	U23209MH2008PTC186760	GOVERDHAN ENERGY AND PETROCHEMICALS PRIVATE LIMITED	Director	15/09/2008	15/09/2008	-	Active	NO
16	U74999MH2008PTC187683	MURARI ORCHARDS PRIVATE LIMITED	Director	21/10/2008	21/10/2008	-	Active	NO
17	U01403MH2009PTC193797	CADENCE AGRI LANDS PRIVATE LIMITED	Director	03/07/2009	03/07/2009	-	Active	NO
18	U01407MH2009PTC193796	GHANSHYAM CULTIVATORS PRIVATE LIMITED	Director	03/07/2009	03/07/2009	-	Active	NO
19	U70102MH2011PTC211972	GOVERDHAN INFRAVENTURES PRIVATE LIMITED	Director	07/01/2011	07/01/2011	-	Active	NO
20	U70109MH2011PTC214280	GOVERDHAN INFRAVENTURES (MUMBAI) PRIVATE LIMITED	Director	02/03/2011	02/03/2011	-	Active	NO

Name :

Mr. Nilesh Haribhau Mahajan

Designation :

Director

Address :

Jai Stambh Chowk, J N Road, Kamptee, Nagpur-441002, Maharashtra, India

Date of Birth/Age :

12.05.1976

Date of Appointment :

01.12.2009

DIN No.:

03614136

KEY EXECUTIVES

Name :	Ms. Vaishnavi Dubli
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Goverdhan Das Chandak HUF	10000	0.40
Kapil Chandak	1365000	54.60
Nilesh Mahajan	625000	25.00
Rahul Udhoji	480000	19.20
Rama Udhoji	20000	0.80
Total	2500000	100.00

AS ON 29.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Petroleum Products and Petrochemicals and Polymer Products.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Punjab National Bank

Khamla Branch, Khamla, Nagpur - 440015, Maharashtra, India

· Indusind Bank Limited

Shri Swami Plaza, 97, East High Court Road, Ramdas Peth, Nagpur - 440010, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
SHORT TERM BORROWINGS
Bank Overdraft Working capital loans are secured by hypothecation of present and future stock of finished goods, book debts, outstanding monies, receivable, claim, bills, materials in transit etc. and personally guaranteed by all the directors of the company and a relatives of one of the directors of the company.	20.504	19.306
Total	20.504	19.306

Banking Relations :	--
Auditors :
Name :	Rajratan Kothari Associates Chartered Accountants
Address :	2nd Floor, Samadhan, L T Road, Mulund [East], Mumbai – 440081, Maharashtra, India
Tel. No.:	91-22-21635532
Income-tax PAN of auditor or auditor's firm :	AAPPK4014P

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2,500,000	Equity Shares	Rs. 10/- each	Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,500,000	Equity Shares	Rs. 10/- each	Rs. 25.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	25.000	10.000
(b) Reserves & Surplus	43.962	10.194
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	68.962	20.194
(3) Non-Current Liabilities
(a) long-term borrowings	36.158	18.753
(b) Deferred tax liabilities (Net)	0.020	0.010
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	36.178	18.763
(4) Current Liabilities
(a) Short term borrowings	20.504	19.306
(b) Trade payables	17.883	5.401
(c) Other current liabilities	15.987	0.082
(d) Short-term provisions	0.106	0.000
Total Current Liabilities (4)	54.480	24.789
TOTAL	159.620	63.746
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.019	2.681
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.078
Total Non-Current Assets	1.019	2.759
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	10.593	15.642
(c) Trade receivables	97.641	30.724
(d) Cash and cash equivalents	47.104	14.236
(e) Short-term loans and advances	3.263	0.385
(f) Other current assets	0.000	0.000
Total Current Assets	158.601	60.987
TOTAL	159.620	63.746

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.400
2] Share Application Money		0.000
3] Reserves & Surplus		0.992
4] (Accumulated Losses)		0.000
NETWORTH		1.392
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		6.450
TOTAL BORROWING		6.450
DEFERRED TAX LIABILITIES		0.000
TOTAL		7.842
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.545
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.798
	Sundry Debtors	2.185
	Cash & Bank Balances	0.825
	Other Current Assets	0.000
	Loans & Advances	1.086
Total Current Assets		7.894
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	2.322
	Provisions	0.400
Total Current Liabilities		2.722
Net Current Assets		5.172
MISCELLANEOUS EXPENSES		0.125
TOTAL		7.842

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2012	31.03.2011
TURNOVER	484.140	187.516

PROFIT & LOSS ACCOUNT

[CARE RATINGS]

PARTICULARS	31.03.2013
TOTAL INCOME	675.800
PROFIT AFTER TAX	3.500

KEY RATIOS

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Debt Equity Ratio (Total Debt/Networth)	0.82	1.88	4.63
Current Ratio (Current Asset/Current Liability)	2.91	2.46	2.90

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	10.000	25.000
Reserves & Surplus	10.194	43.962
Net worth	20.194	68.962
long-term borrowings	18.753	36.158
Short term borrowings	19.306	20.504
Total borrowings	38.059	56.662
Debt/Equity ratio	1.885	0.822

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 one year	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
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	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10369528	30/12/2013 *	205,000,000.00	INDUSIND BANK LIMITED	SHRI SWAMI PLAZA, 97, EAST HIGH COURT ROAD, RAMDAS PETH, NAGPUR, MAHARASHTRA - 440010, INDIA	B95360442

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
From Directors/ Members and Relatives	13.500	18.753
Other Loans and advances	22.658	0.000
Total	36.158	18.753

FIXED ASSETS:

· Land [Freehold]

Computers

Office Equipment

Plant and Machinery

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 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. 61.18
UK Pound	1	Rs. 102.56
Euro	1	Rs. 81.78

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.