MIRA INFORM REPORT

Report Date :

10.12.2014

IDENTIFICATION DETAILS

Name :	LINNHOFF INDIA PRIVATE LIMITED
Formerly Known As :	LINNHOFF TECHNOLOGIES INDIA PRIVATE LIMITED
Registered Office :	T.J. Road, Hirji Baug, Opposite Sunder Tower Sewri -West Mumbai – 400015, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.08.2007
Com. Reg. No.:	11-173245
Capital Investment / Paid-up Capital :	Rs. 200.000 Millions
CIN No.: [Company Identification No.]	U74900MH2007PTC173245
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	MUML06782G
PAN No.: [Permanent Account No.]	AABCL3512G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Asphalt Mixing Plant.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 570000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a joint venture between STG Infrastructure Private Limited (Part of S-T group owned by Tanna Family) and IPS – Lintec Asia Pacific Pte (Part of the IPSL group) In is an established company having moderate track. Profitability of the company seems to be low during 2014. However, trade relations are fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BB+
Rating Explanation	Have Moderate Risk of Default
Date	03.07.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4+
Rating Explanation	Have Minimal Degree of Safety and Carry Very High Credit Risk.
Date	03.07.2014

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 PARTED BY

Name :	Mr. Indrajit
Designation :	Manager
Contact No.:	91-7738723335
Date :	04.12.2014

LOCATIONS

Registered Office :	T.J. Road, Hirji Baug, Opposite Sunder Tower Sewri -West Mumbai – 400015, Maharashtra, India
Tel. No.:	91-22-24184009
Mobile No.:	91-7738723335 (Mr. Indreajit)
Fax No.:	91-22-24175858
E-Mail :	Indrajit.gond@linnhoff.co.in
Website :	http://www.linnhoff.co.in
Location :	Owned
Factory :	No.4/5 Top 20 Bungalows Survey. No. 6, Plot No. 9, Off Spine Road, Moshi Pradikran, Pune – 411039, Maharashtra, India

DIRECTORS

As on 30.09.2013

Name :

Mt. Ajay Narottam Tanna

Designation :

Director

Address :

Mumbai Middle Class CHS, Gope Niwas 32-275, Sion Mumbai – 400022, Maharashtra, India

Date of Birth/Age :

01.05.1965

Date of Appointment :

20.08.2007

DIN No.:

01302100

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	U28130MH1984PTC032539	STG Refractory Services Private Limited	Director	30-03-84	30-03-84	-	Active	NO
2	U74900MH2007PTC173245	LINNHOFF INDIA PRIVATE LIMITED	Director	20-08-07	20-08-07	-	Active	NO
3	U74900MH2009PTC190357	PAT TECHNOLOGIES PRIVATE LIMITED	Director	13-02-09	13-02-09	-	Active	NO
4	U29268MH2009PTC191920	STG HEATING PRIVATE LIMITED	Managing director	01-07-09	22-04-09	-	Active	NO
5	U29268MH2010PTC201717	STG INFRASTRUCTURE PRIVATE LIMITED	Director	06-04-10	06-04-10	-	Active	NO

Name :

Mr. Rohan Mahasukh Shah

Designation :

Director

Address :

17, Shardaa Road, Churchgate, Azad Maiden, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

31.12.1974

Date of Appointment :

20.08.2007

DIN No.:

01533484

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	U74900MH2007PTC173245	LINNHOFF INDIA PRIVATE LIMITED	Director	20-08-07	20-08-07	-	Active	NO
2	U28130MH1984PTC032539	STG Refractory Services Private Limited	Managing director	03-08-09	01-04-08	-	Active	NO
3	U74900MH2009PTC190357	PAT TECHNOLOGIES PRIVATE LIMITED	Director	13-02-09	13-02-09	-	Active	NO
4	U29268MH2009PTC191920	STG HEATING PRIVATE LIMITED	Director	22-04-09	22-04-09	-	Active	NO
5	U29100MH1982PTC026181	CHANDRA PRABHA ENGINEERS PVT LTD	Director	13-12-10	01-12-09	-	Active	NO
6	U45309MH1982PTC026170	STEEFAB ENGINEERING CO PVT LTD	Director	21-12-09	21-12-09	-	Active	NO
7	U29268MH2010PTC201717	STG INFRASTRUCTURE PRIVATE LIMITED	Director	06-04-10	06-04-10	-	Active	NO
8	U74900MH2012PTC232255	VMC REFRACTORY SOLUTIONS PRIVATE LIMITED	Managing director	15-06-12	15-06-12	01-12-14	Active	NO

Name :

Mr. Ashok Narottam Tanna

Designation :

Director

Address :

32/275, Gope Niwas, Sion East Road, Mumbai -400022, Maharashtra, India

Date of Birth/Age :

10.05.1964

Date of Appointment :

28.12.2012

DIN No.:

01584634

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	U28130MH1984PTC032539	STG Refractory Services Private Limited	Managing director	30-03-84	30-03-84	-	Active	NO
2	U74900MH2007PTC173245	LINNHOFF INDIA PRIVATE LIMITED	Managing director	28-02-12	20-08-07	-	Active	NO
3	U74900MH2009PTC190357	PAT TECHNOLOGIES PRIVATE LIMITED	Director	13-02-09	13-02-09	-	Active	NO
4	U29268MH2009PTC191920	STG HEATING PRIVATE LIMITED	Director	22-04-09	22-04-09	-	Active	NO
5	U29268MH2010PTC201717	STG INFRASTRUCTURE PRIVATE LIMITED	Director	06-04-10	06-04-10	-	Active	NO
6	L65990MH1983PLC029350	SUBWAY FINANCE AND INVESTMENT CO LTD	Director	30-09-14	31-12-12	-	Active	NO

Name :

Mr. Chan Tie Lok

Designation :

Director

Address :

10A Galistan Avenue Singapore 669684

Date of Birth/Age :

28.01.1953

Date of Appointment :

29.02.2012

DIN No.:

05216510

Name :

Mr. Thomas Peter Wolf

Designation :

Director

Date of Appointment :

29.02.2012

DIN No.:

05216559

Name :

Mr. Klaus Thesenfitz

Designation :

Director

Date of Appointment :

03.05.2013

DIN No.:

06579613

KEY EXECUTIVES

Name :	Mr. Indrajit
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
STG Infrastructure Private Limited, India	9800000
IPS Lintec Asia Pacific Private Limited, India	10200000
Total	20000000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Asphalt Mixing Plant.

Products :

PRODUCTION DESCRIPTION	ITEM CODE NO
Part of Machns of HDG	8474, 84749000

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Asphalt Mixing Plant

Countries :

v Singapore

v Kenia

Imports :

Products :

Asphalt Mixing Plant

Countries :

v Germany

v Hong Kong

v Singapore

v China

Terms :

Selling :

Credit (60 Days)

Purchasing :

Credit (60 Days)

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

OEM’s and Others

No. of Employees :

150 (Approximately)

Bankers :

Banker Name	Bank of Baroda
Branch Address	41/1a Kamala Cross Road, B Wing, Mumbai Pune Road, Pimpri, Chinchwad, Pune – 411018, Maharashtra, India
Person Name (With Designation)	Mr. Dobre (Senior Manager)
Contact Number	91-20-27422133 /1272314
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	2 Years
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Over Draft Rs. 100.000 Millions
Account Operation	Not Divulged
Remarks (If any)	Mr. Dobre informed that company having very good track record with banker term of payment

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Others loans and Advance	0.615	0.000
Short Term Borrowing
Others loans and Advance	69.555	0.000
Total	70.170	0.000

Auditors :
Name :	C. M. Gabhawala and Company Chartered Accountant
Address :	42 Nanak Niwas 30 Dr. D.D Sathe Marg Girgaum, Mumbai – 400004, Maharashtra, India
PAN No.:	AAAFC1255D
Associates/Subsidiaries:	v STG Infrastructure Private Limited CIN No.: U29268MH2010PTC201717 v IPS Eurotec Asia Pacific Private Limited, India v IPS Lintec Asia Pacific Private Limited, India v IPS Eurotec Private Limited, India v Linnhoff Technologies Private Limited, India v Linnhoff Henne GMBH and Company, India
Association in which KMP / Relatives of KMP can exercise significant influence :	v Taurus Heat Systems v STG Heating Private Limited, India

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Millions

Isued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 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	200.000	4.000	0.100
(b) Reserves & Surplus	0.060	0.001	2.887
(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)	200.060	4.001	2.987
(3) Non-Current Liabilities
(a) long-term borrowings	13.436	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.141
(c) Other long term liabilities	0.000	0.000	3.425
(d) long-term provisions	1.246	0.000	0.754
Total Non-current Liabilities (3)	14.682	0.000	4.320
(4) Current Liabilities
(a) Short term borrowings	69.555	0.000	0.000
(b) Trade payables	74.557	0.000	0.000
(c) Other current liabilities	13.585	0.116	0.000
(d) Short-term provisions	0.000	0.055	0.000
Total Current Liabilities (4)	157.697	0.171	0.000
TOTAL	372.439	4.172	7.307
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	122.421	0.000	0.384
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	57.216	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.025	0.025	0.025
(c) Deferred tax assets (net)	0.195	0.000	0.008
(d) Long-term Loan and Advances	29.363	1.846	1.675
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	209.220	1.871	2.092
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	39.505	0.000	0.000
(c) Trade receivables	79.544	0.358	1.386
(d) Cash and cash equivalents	42.461	1.339	3.463
(e) Short-term loans and advances	0.425	0.535	0.356
(f) Other current assets	1.284	0.069	0.010
Total Current Assets	163.219	2.301	5.215
TOTAL	372.439	4.172	7.307

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations and other income	427.166	2.471	255.521
		TOTAL	427.166	2.471	255.521
Less	EXPENSES
		TOTAL	418.724	2.148	253.196
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		8.442	0.323	2.325
Less/ Add	DEPRECIATION/ AMORTISATION		8.168	0.072	0.083
	PROFIT BEFORE TAX		0.274	0.251	2.242
Less	TAX		0.215	0.137	0.750
	PROFIT AFTER TAX		0.059	0.114	1.492
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.001	2.887	1.395
Less	APPROPRIATIONS
		Issue of Bonus shares	NA	3.000	2.887
	BALANCE CARRIED TO THE B/S		0.060	0.001	2.887
	Earnings Per Share (Rs.)		0.00	0.01	0.70

Particulars	31.03.2014
Sales Turnover (Approximately)	520.000

Expected Sales (2014-15) : Rs. 1000.000 Millions

The above information has been parted by Mr. Indrjit

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	0.01	4.61	0.58
Operating Profit Margin (PBITD/Sales)	(%)	1.98	13.07	0.91
Return on Total Assets (PBT/Total Assets}	(%)	0.09	6.05	30.82
Return on Investment (ROI) (PBT/Networth)		0.00	0.06	0.75
Debt Equity Ratio (Total Debt /Networth)		0.41	0.00	0.00

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	0.100	4.000	200.000
Reserves & Surplus	2.887	0.001	0.060
Net worth	2.987	4.001	200.060
long-term borrowings	0.000	0.000	13.436
Short term borrowings	0.000	0.000	69.555
Total borrowings	0.000	0.000	82.991
Debt/Equity ratio	0.000	0.000	0.415

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)
Sales	255.521	2.471	427.166
		-99.033	17,187.171

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	255.521	2.471	427.166
Profit	1.492	0.114	0.059
	0.58%	4.61%	0.01%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Others loans and Advance	12.820	0.000
Total	12.820	0.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10444724	21/08/2013	305,000,000.00	BANK OF BARODA	41/1A KAMALA CROSS ROAD, B WING, MUMBAI PUNE ROAD,  , PIMPRI, CHINCHWAD, PUNE, Maharashtra - 411018,  INDIA	B82940842
2	10441957	07/08/2013	10,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	B81650939
3	10414204	12/03/2013	175,000,000.00	Bank of Baroda	Kamla Cross Road, Old Mumbai Pune Road, Pune, Maharashtra - 411018, INDIA	B71581102
4	10386306	29/10/2012	650,000.00	STATE BANK OF INDIA	NARIMAN POINT BRANCH,DALAMAL HOUSE,, JAMNALAL BAJ  AJ MARG,NARIMAN POINT, MUMBAI, Maharashtra - 40002  1, INDIA	B62033659

* Date of charge modification

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. 61.85
UK Pound	1	Rs. 97.90
Euro	1	Rs. 76.29

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RSM
Report Prepared by :	ANU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	4
--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		30

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.