MIRA INFORM REPORT

Report Date :

26.12.2014

IDENTIFICATION DETAILS

Name :	TOPNOTCH INFOTRONIX (INDIA) PRIVATE LIMITED
Registered Office :	No.6C, Valliammal Road, Vepery, Chennai – 600 007, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.04.1997
Com. Reg. No.:	18-038037
Capital Investment / Paid-up Capital :	Rs.25.714 millions
CIN No.: [Company Identification No.]	U30006TN1997PTC038037
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCT0664P
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of trading into IT hardware, Computer Peripherals and accessories.
No. of Employees :	700 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 666400
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are fair. Business is active. Payment terms are reported to be slow but 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

NOT AVAILABLE

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 :	Ms. Vibha Lohia
Designation :	Accounts Department
Contact No.:	91-80-42957666
Date :	23.12.2014

LOCATIONS

Registered Office/ Head Office :	No.6C, Valliammal Road, Vepery, Chennai – 600 007, Tamilnadu, India
Tel. No. :	91-44-43936000/ 40000007
Mobile No. :	91-8680063004 (Mr. Vikram Kalia)
Fax No. :	91-44-26616203
E-Mail :	zebronics@gmail.com vikram.kalia@zebronics.com
Website :	http://www.zebronics.net
Location :	Rented
Warehouse :	Located at: · Madhavaram, Chennai
Location :	Owned
Branch Office :	Located at: · Ahmedabad · Chandigarh · Guwahati · Kolkata · Mumbai · Bangalore · Cochin · Dehradun · Indore · Lucknow · Nagpur · Bhubaneshwar · Coimbatore · Ghaziabad · Jaipur · Ludhiana · Patna · Pune · Raipur · Puducherry · Secunderabad · Panchkula · Surat

DIRECTORS

AS ON 26.09.2014

Name :	Mr. Rajesh Kumar Doshi
Designation :	Director
Address :	Ichraj Ratan, Plot No.6, New Door No.13-15, Harleys Road, Kilpauk, Chennai – 600 010, Tamilnadu, India
Date of Birth/Age :	15.02.1969
Date of Appointment :	23.04.1997
DIN No. :	00807895
PAN No.:	AAFPD1056L
Name :	Mr. Sandeep Kumar Doshi
Designation :	Director
Address :	Ichraj Ratan, Plot No.6, New Door No.13-15, Harleys Road, Kilpauk, Chennai – 600 010, Tamilnadu, India
Date of Birth/Age :	22.09.1974
Date of Appointment :	01.10.2004
DIN No. :	00807923
PAN No.:	AOCPS4754H
Name :	Mr. Pradeep Kumar Doshi
Designation :	Director
Address :	Ichraj Ratan, Plot No.6, New Door No.13-15, Harleys Road, Kilpauk, Chennai – 600 010, Tamilnadu, India
Date of Birth/Age :	21.03.1974
Date of Appointment :	23.04.1997
DIN No. :	01091477
PAN No.:	AGCPP6281G
Name :	Mrs. Urmila Doshi
Designation :	Director
Address :	Ichraj Ratan, Plot No.6, New Door No.13-15, Harleys Road, Kilpauk, Chennai – 600 010, Tamilnadu, India
Date of Birth/Age :	12.08.1972
Date of Appointment :	23.04.1997
DIN No. :	01091499
PAN No.:	AAJPU0905F

KEY EXECUTIVES

Name :	Ms. Vibha Lohia
Designation :	Accounts Department
Name :	Mr. Vikram Kalia
Designation :	Vice President

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2014

Names of Shareholders	No. of Shares
Rajesh Kumar Doshi	607536
Pradeep Kumar Doshi	554710
Urmila Doshi	120000
Sandeep Doshi	462885
Anju Doshi	147000
Vandana Doshi	114000
Ratanlal Doshi (HUF)	104070
Rajesh Kumar Doshi (HUF)	75100
Sandep Kumar Doshi (HUF)	89384
Pradeep Kumar Doshi (HUF)	153350
Saroj Devi Doshi	135365
Alok Begwani	7990
Kiran Devi Begwani	10
Total	2571400

AS ON 26.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of trading into IT hardware, Computer Peripherals and accessories.
Products :	· Cabinets · Servers · CD/DVD Copier Case · Power Supply · NVIDIA Graphic Card · Mother Board · Add on Card · Networking Product · Keyboard · Flash Drive · Mouse · Monitor · UPS · Speakers and Subwoofers · Web Camera · Headphones and Mic · TV Tuner Card · Digital Computer Camera · MP3 and MP4 Player · Gaming Accessories · Miscellaneous Products · Gaming Rigs · Leadtek Products
Brand Names :	ZEBRONICS ALWAYS AHEAD
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	· Finished Goods
Countries :	· Taiwan · Hong Kong · China
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

PRODUCTION STATUS – NOT APPLICABLE

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 :

Retailers and Others

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

No. of Employees :

700 (Approximately)

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	Chennai
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banker Name	Citi Bank N.A
Branch Address	163, Anna Salai, Second Floor, Chennai – 600 002, Tamilnadu, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Rupee term loans from banks (The loans are secured against the movable and immovable assets of the company and also towards hypothecation of stock, receivables)	279.531	251.210
Total	279.531	251.210

Banking Relations :	--
Auditors :
Name :	L. Ramesh and Associates Chartered Accountants
Address :	No.28, Bashya Karlu Street, Kondithope, Chennai – 600 079, Tamilnadu, India
Tel. No. :	91-44-42037657
E-Mail :	bafnarkl@gmail.com
PAN No.:	AABBP1463K
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2571400	Equity Shares	Rs.10/- each	Rs.25.714 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	25.714	23.714	23.714
(b) Reserves & Surplus	207.532	172.283	157.775
(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)	233.246	195.997	181.489
(3) Non-Current Liabilities
(a) Long-term borrowings	71.892	71.907	61.022
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	71.892	71.907	61.022
(4) Current Liabilities
(a) Short term borrowings	279.531	251.210	206.975
(b) Trade payables	0.000	0.000	5.036
(c) Other current liabilities	13.884	10.400	7.961
(d) Short-term provisions	10.410	7.610	7.536
Total Current Liabilities (4)	303.825	269.220	227.508
TOTAL	608.963	537.124	470.019
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	108.621	54.472	57.061
(ii) Intangible Assets	0.637	0.088	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(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)	0.672	0.906	0.878
(d) Long-term Loan and Advances	18.382	7.628	12.815
(e) Other Non-current assets	0.000	0.000	0.066
Total Non-Current Assets	128.312	63.094	70.820
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	261.717	304.253	271.302
(c) Trade receivables	200.206	140.011	116.723
(d) Cash and cash equivalents	(4.364)	21.394	0.864
(e) Short-term loans and advances	22.218	7.570	7.897
(f) Other current assets	0.874	0.802	2.413
Total Current Assets	480.651	474.030	399.199
TOTAL	608.963	537.124	470.019

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2480.723	1890.393	1570.304
		Other Income
		TOTAL	2480.723	1890.393	1570.304
Less	EXPENSES
		Office Expenses	2449.316	1868.794	1549.165
		Administrative Expenses
		Advertising Expenses
		TOTAL	2449.316	1868.794	1549.165
	PROFIT/ (LOSS) BEFORE TAX		31.407	21.599	21.139
Less	TAX		10.159	7.091	7.151
	PROFIT/ (LOSS) AFTER TAX		21.248	14.508	13.988
	Earnings / (Loss) Per Share (Rs.)
	- Basic		8.96	6.12	5.90
	- Diluted		8.26	6.12	5.90

Expected Sales (2014-2015): Rs.3000.000 millions

The above information has been parted by Ms. Vibha Lohia (Accounts Department).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	5.16	4.03	4.51
Return on Investment (ROI) (PBT/Networth)		0.13	0.11	0.12
Debt Equity Ratio (Total Debt/Networth)		1.51	1.65	1.48
Current Ratio (Current Asset/Current Liability)		1.58	1.76	1.75

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	23.714	23.714	25.714
Reserves & Surplus	157.775	172.283	207.532
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	181.489	195.997	233.246
Long Term borrowings	61.022	71.907	71.892
Short Term borrowings	206.975	251.210	279.531
Total borrowings	267.997	323.117	351.423
Debt/Equity ratio	1.477	1.649	1.507

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	1570.304	1890.393	2480.723
		20.384	31.228

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	1570.304	1890.393	2480.723
Profit	13.988	14.508	21.248
	0.89%	0.77%	0.86%

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

The registered address of the company has been shifted from No.6 (Old No.4), Bala Kalvinilayam Road, Vepery, Chennai – 600 007, Tamilnadu to the present address w.e.f. 22.09.2008.

BRIEF DESCRIPTION OF THE COMPANY AND ITS BUSINESS:

Subject was incorporated in Chennai, India in 1997, the company is head quartered at Chennai and is engaged in the business of trading in to IT hardware, Computer Peripherals and accessories for the corporate, business units channel partners, Institutional and Government Enterprises, SOHO (Small Office/Home offices) and the end users across the country through its network of branches.

OPERATIONS:

During the period the company has earned a profit of Rs.14.509 millions, after depreciation and tax. The performance of the company has been excellent throughout the year as compared to the volatility in the industry.

FUTURE PROSPECTS:

The company’s performance in the past has been earmarked by some strong set of numbers despite challenging economic factors and inflationary environment. The expansion and reach which the company has been able to make shall stand good in laying strong foundation for company’s future plans. The company is contemplating of entering into diversified projects based on the outcome of feasibility reports which are currently under consideration. The Board of Directors strongly believes this expansion programme will help the company to sustain growth and increase market share in the diversified industry.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Subject is in the business of dealing in to computer peripherals, IT Technology and Lifestyle products. The company has been building a reputation of quality, craftsmanship and expertise through its network of operations throughout the country. The company further intends to add to category of products in phased manner based on the feedback from the industry. World economy has shown initial indications of recovery after a severe spell of recession however the domestic economy was faced with challenging environment due the inflation and currency weakening. The world economy is expected to catch up growth path however, the consumer confidence in the domestic market is lagging behind economic growth projections and may take some more time before showing any convincing revival.

Along-with recovery, the Information technology sector is also facing increased in input prices in sync with currency weakening in domestic market. In their view, there is need for an integrated approach to be adopted for the development of the IT Industry in the country. Such an approach is required to ward off any such situation where the strengths of one segment of the IT industry is being undermined for passing temporary relief to another segment of the industry leading to permanent damage to the complete industry value chain. In their views, if any segment suffers from some systemic disadvantages affecting its global competitiveness, it should be overcome through suitable incentives mechanism without affecting any other segment of the industry.

The company has expanded Service Centers to several Locations. The company will continue its business strategy of building and creating value for all its stake holders in both its existing and new business.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advances from directors	8.531	7.816
Loans and advances from others	63.361	64.091
Total	71.892	71.907

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10496852	13/03/2014	100,000,000.00	DBS BANK LIMITED	NM ROAD, CHENNAI, TAMILNADU - 600002, INDIA	C05213202
2	10461756	06/02/2014 *	250,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	C01055102
3	10469884	19/11/2013	109,968,000.00	DBS BANK LIMITED	806, ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA	B93403632
4	10309135	13/03/2014 *	100,000,000.00	CITI BANK N.A.	163, ANNA SALAI, SECOND FLOOR, CHENNAI, TAMILNADU - 600002, INDIA	C05788005

* Date of charge modification

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipments

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer

Intangible Assets

· Computer Software

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.63.46
UK Pound	1	Rs.98.51
Euro	1	Rs.77.31

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RAS
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
-- PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.