MIRA INFORM REPORT

Report Date :

02.12.2014

IDENTIFICATION DETAILS

Name :	PURE TONERS AND DEVELOPERS PRIVATE LIMITED
Registered Office :	Plot No. C-1-237/3 and 4 C-1/238/1 Por-Ramangamdi, GIDC, Por, Vadodara – 391 241, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.08.2000
Com. Reg. No.:	04-038501
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U24299GJ2000PTC038501
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BRDP01279F
PAN No.: [Permanent Account No.]	AACCP0192P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Toner Powder.
No. of Employees :	111 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 21000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payments are reported as usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL (SME)
Rating	SE2A
Rating Explanation	High financial strength and high performance capability.
Date	July 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 PARTED BY

Name :	Mr. Rahul
Designation :	Account Executive
Contact No.:	91-265-2636900
Date :	02.12.2014

LOCATIONS

Registered / Corporate Office / Factory 1 :	Plot No. C-1-237/3 and 4 C-1/238/1 Por-Ramangamdi, GIDC, Por, Vadodara – 391 241, Gujarat, India
Tel. No.:	91-265-2830413 / 2830464 / 2830407 / 2331730
Fax No.:	91-265-2830407 / 2357109 / 2830464
E-Mail :	accounts@puretoners.com mail@puretoners.com ptdl@satyam.net.in sales@puretoners.com marketing@puretoners.com
Website :	http://www.puretoners.com
Factory 2 :	25/A, Paiki – 2, VIII-Kashipura, At Post-Por, Vadodara – 391243, Gujarat, India
Tel. No.:	91-265-2636900
Fax No.:	91-265-2830407
Marketing Office :	Located At: Fort, Mumbai, Maharashtra, India

DIRECTORS

As on 26.09.2014

Name :

Mr. Umesh Balvantlal Desai

Designation :

Managing Director

Address :

5, Avani Park, Gotri Road, Vadodara – 390 021, Gujarat, India

Date of Birth/Age :

27.04.1960

Qualification :

MBA

Date of Appointment :

18.08.2012

DIN No.:

00921834

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	U24299GJ2000PTC038501	PURE TONERS AND DEVELOPERS PRIVATE LIMITED	Managing director	18/08/12	29/08/02	-	Active	NO
2	U24110GJ2005PTC046589	PRIMARIUS CUSTOM SYNTHESIS PRIVATE LIMITED	Director	22/12/07	22/12/07	-	Active	NO

Name :

Mr. Asitkumar Babubhai Choksi

Designation :

Managing Director

Address :

A-12, Kashivishweshwar Township, Jetalpur Road, Vadodara – 390 007, Gujarat, India

Date of Birth/Age :

20.11.1967

Qualification :

MBA

Date of Appointment :

18.08.2012

DIN No.:

00921893

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	U24299GJ2000PTC038501	PURE TONERS AND DEVELOPERS PRIVATE LIMITED	Managing director	18/08/12	01/05/01	-	Active	NO

Name :

Mr. Govind Dharamsi Ravaria

Designation :

Managing Director

Address :

3^rd Floor, Sheth H Ful 161/169 Bazar Gate Street, Fort, Mumbai – 400 001, Maharashtra, India

Date of Birth/Age :

01.07.1965

Date of Appointment :

18.08.2012

DIN No.:

01584761

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	U24299GJ2000PTC038501	PURE TONERS AND DEVELOPERS PRIVATE LIMITED	Managing director	18/08/12	09/08/00	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rahul
Designation :	Account Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2014

Names of Shareholders	No. of Shares
Asitkumar Babubhai Choksi	125500
Ramila Patel	45000
Kanji Ravaria	10000
Narayan Ravaria	50000
Govind Dharamsi Ravaria	240000
Arati Desai	101000
Sonal Choksi	28500
Umesh Desai	94900
Govind Dharamsi Ravaria HUF	50000
Madhu Kubadia	10
Kanji Ravaria	105000
Ramesh Ravaria	75000
Amrat Patel	10000
Amrataben N Patel	15000
Chandrika Patel	30000
Jamnaben Patel	20000
Shantaben Choksi	10
Sandhya Shah	10
Purnima Shah	10
Suresh Shah	10
Nikunj Kubadia	10
Sarita Kubadia	10
Akshay Parikh	10
Sachin Shah	10
Luthia and Shah – Partner Suresh Shah	10
Total	1000000

As on 26.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	93.00
Other top fifty shareholders	7.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Toner Powder.
Products :	v Canon Digital v Xerox 1025 v Kyocera Mita v Panasonic
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Toner Powder
Countries :	v Bangladesh v Egypt
Imports :
Products :	Raw Materials
Countries :	v Japan v China v Korea
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers, Retailers, End Users and Manufacturer

No. of Employees :

111 (Approximately)

Bankers :

v Union Bank of India, Sayajiganj Branch, Near Kala Ghoda Circle, Sayajigunj, Vadodara – 390 005, Gujarat, India

v HDFC Bank, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term loans from bank	18.847	6.846
Vehicle loans from Kotak Mahindra	0.419	0.000
SHORT TERM BORROWINGS
Loans repayable on demand
From Banks
HDFC Bank Limited CC Account	10.422	7.363
HDFC Bank Limited PC Account	2.500	0.000
Total	32.188	14.209

Auditors :
Name :	Sanjay Soni and Associates Chartered Accountants
Address :	208, 2^nd Floor, Tower A, Near Jilla Panchayat, Opposite Vilas Palace, J. N. Marg, Vadodara – 390 001, Gujarat, India
Tel. No. :	91-265-2413872
Mobile No. :	91-9825483162
E-Mail :	nandan_soni@sify.com
PAN No. :	AFMPS4399M
Memberships :	--
Collaborators :	--
Associates / Subsidiaries :	Nil

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.000	10.000	10.000
(b) Reserves & Surplus	66.325	40.087	22.929
(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)	76.325	50.087	32.929
(3) Non-Current Liabilities
(a) long-term borrowings	39.789	25.991	15.595
(b) Deferred tax liabilities (Net)	1.843	1.619	1.326
(c) Other long term liabilities	0.000	0.000	7.019
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	41.632	27.610	23.940
(4) Current Liabilities
(a) Short term borrowings	12.922	7.363	4.773
(b) Trade payables	61.164	35.997	26.940
(c) Other current liabilities	8.185	4.535	3.601
(d) Short-term provisions	11.932	7.545	5.239
Total Current Liabilities (4)	94.203	55.440	40.553
TOTAL	212.160	133.137	97.422
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	54.900	46.775	39.391
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	40.799	11.976	12.008
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	7.267	3.691	3.445
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	102.966	62.442	54.844
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	58.972	43.854	18.240
(c) Trade receivables	37.274	21.514	10.992
(d) Cash and cash equivalents	6.502	4.569	9.584
(e) Short-term loans and advances	6.063	0.503	3.606
(f) Other current assets	0.383	0.255	0.156
Total Current Assets	109.194	70.695	42.578
TOTAL	212.160	133.137	97.422

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	292.511	218.686	144.578
		Other Income	0.658	0.843	0.536
		TOTAL	293.169	219.529	145.114
Less	EXPENSES
		Cost of Materials Consumed	165.250	126.226	75.216
		Purchases of Stock-in-Trade	0.000	3.324	0.000
		Changes in inventories	(0.281)	(7.024)	4.704
		Manufacturing and Operating Cost	34.053	26.433	0.000
		Employees benefits expense	23.498	18.438	14.166
		Other expenses	9.715	8.171	26.829
		TOTAL	232.235	175.568	120.915
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		60.934	43.961	24.199
Less	FINANCIAL EXPENSES		6.710	7.065	4.965
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		54.224	36.896	19.234
Less/ Add	DEPRECIATION/ AMORTISATION		6.261	5.328	4.549
	PROFIT/ (LOSS) BEFORE TAX		47.963	31.568	14.685
Less	TAX		15.876	10.342	4.926
	PROFIT/ (LOSS) AFTER TAX		32.087	21.226	9.759
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		34.590	19.584	13.661
Less	APPROPRIATIONS
		Transfer to General Reserve	3.215	2.152	0.930
		Dividend	5.000	3.500	2.500
		Tax on Dividend	0.850	0.568	0.406
	BALANCE CARRIED TO THE B/S		57.612	34.590	19.584
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	72.385	35.513	16.143
	TOTAL EARNINGS		72.385	35.513	16.143
	IMPORTS
		Raw Materials	142.579	115.959	50.421
		Capital Goods	5.790	6.562	0.000
	TOTAL IMPORTS		148.369	122.521	50.421
	Earnings / (Loss) Per Share (Rs.)		32.09	21.22	9.75

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	10.97	9.71	6.75
Operating Profit Margin (PBDIT/ Sales)	(%)	20.83	20.10	16.74
Return on Total Assets (PBT/Total Assets}	(%)	27.99	26.05	17.19
Return on Investment (ROI) (PBT/Networth)		0.63	0.63	0.45
Debt Equity Ratio (Total Debt/Networth)		0.69	0.67	0.62
Current Ratio (Current Asset/Current Liability)		1.16	1.28	1.05

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	10.000	10.000	10.000
Reserves & Surplus	22.929	40.087	66.325
Net worth	32.929	50.087	76.325
long-term borrowings	15.595	25.991	39.789
Short term borrowings	4.773	7.363	12.922
Total borrowings	20.368	33.354	52.711
Debt/Equity ratio	0.619	0.666	0.691

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	144.578	218.686	292.511
		51.258	33.758

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	144.578	218.686	292.511
Profit	9.759	21.226	32.087
	6.75%	9.71%	10.97%

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	Yes
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advances from related	20.523	19.145
Total	20.523	19.145

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10390946	19/03/2014 *	99,050,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	C06835912

* Date of charge modification

FIXED ASSETS

œ Buildings

œ Freehold Building

œ Plant and Machinery

œ Freehold Plant and Machinery

œ Furniture and Fixture

œ Freehold Furniture and Fixture

œ Land

œ Freehold Land

œ Leasehold Land

œ Office Equipment

œ Freehold Office Equipment

œ Vehicles

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.62.14
UK Pound	1	Rs.97.05
Euro	1	Rs.77.37

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUB
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.