MIRA INFORM REPORT

Report Date :

29.12.2014

IDENTIFICATION DETAILS

Name :	K. CHANDRAKANT AND CO. INTERNATIONAL PRIVATE LIMITED
Registered Office :	AE/6011, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra [East], Mumbai – 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.05.2011
Com. Reg. No.:	11-218034
Capital Investment / Paid-up Capital :	Rs. 225.558 Millions
CIN No.: [Company Identification No.]	U28112MH2011PTC218034
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAECK3555D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Diamonds.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a successor of a partnership concern set up in the year 1966 as “K. Chandrakant and Company”. Later in May 2011 it got reconstituted as a Private Limited Company. It is a well-established company having a satisfactory track record. Rating reflects sound financial risk profile marked by decent liquidity position of the company. Rating also takes into consideration high working capital intensity of business. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for business dealings 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

Rating Agency Name	ICRA
Rating	Long term fund based limit = BB+
Rating Explanation	Moderate risk of default
Date	September 2014

Rating Agency Name	ICRA
Rating	Short term fund based limit = A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	September 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. Manoj Yadav
Designation :	Accounts and Finance Manager
Contact No.:	91-22-43434242
Date :	27.12.2014

LOCATIONS

Registered Office :	AE/6011, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra [East], Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-43434242 [50 Lines]
Fax No.:	91-22-43434243/ 44
E-Mail :	manoj@kchandrakant.com info@kchandrakant.com
Area :	2600 Sq. ft.
Location :	Owned
Locality :	Commercial
Factory :	Located at: · Surat

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Sanjivkumar Chhabildas Shah

Designation :

Director

Address :

Sudha Kailash, Flat No. 52/A, Harkness Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

17.11.1964

Date of Appointment :

30.05.2011

PAN No.:

AAPPS5125H

DIN No.:

01674478

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	U36912MH1996PLC096788	P & S JEWELLERY LIMITED	Director	01/04/1999	01/04/1999	02/01/2012	Active	NO
2	U36912MH2010PTC208349	PRITI GEMS EXPORTS PRIVATE LIMITED	Director	28/09/2010	28/09/2010	-	Active	NO
3	U28112MH2011PTC218034	K. CHANDRAKANT & CO. INTERNATIONAL PRIVATE LIMITED	Director	30/05/2011	30/05/2011	-	Active	NO

Name :

Mr. Jatin Chandrakant Doshi

Designation :

Director

Address :

198, Veena Apartments, 301-302, Walkeshwar Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

28.05.1967

Date of Appointment :

30.05.2011

PAN No.:

AADPD1683R

DIN No.:

02924396

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	U36912MH2010PTC208349	PRITI GEMS EXPORTS PRIVATE LIMITED	Director	28/09/2010	28/09/2010	Active	NO
2	U28112MH2011PTC218034	K. CHANDRAKANT & CO. INTERNATIONAL PRIVATE LIMITED	Director	30/05/2011	30/05/2011	Active	NO

Name :

Mr. Vipul Kantilal Shah

Designation :

Director

Address :

71, Purnima Apartment, 7^th Floor, Ridce Road, Walkeshwar, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

05.10.1965

Date of Appointment :

30.05.2011

PAN No.:

AAGPS2658N

DIN No.:

02924434

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	U36912MH2010PTC208349	PRITI GEMS EXPORTS PRIVATE LIMITED	Director	28/09/2010	28/09/2010	Active	NO
2	U67120MH1992PTC069735	ACE REALTIES PRIVATE LIMITED	Director	30/09/2011	08/12/2010	Active	NO
3	U28112MH2011PTC218034	K. CHANDRAKANT & CO. INTERNATIONAL PRIVATE LIMITED	Director	30/05/2011	30/05/2011	Active	NO

Name :

Mr. Sachin Chandrakant Doshi

Designation :

Director

Address :

Flat No, 301, Veena Apartments, Walkeshwar Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

21.09.1969

Date of Appointment :

30.05.2011

PAN No.:

AACPD8992L

DIN No.:

03454152

Name :

Mr. Niren Kantilal Shah

Designation :

Director

Address :

2001/A, Chandanbala, R R Thakur Marg, Malabar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

16.03.1970

Date of Appointment :

30.05.2011

PAN No.:

AAPPS5124G

DIN No.:

03454166

KEY EXECUTIVES

Name :	Mr. Manoj Yadav
Designation :	Accounts and Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Equity Shareholders	No. of Shares
Kantilal Dolchand Shah	1650000
Chandrakant Surajmal Doshi	1650000
Chhabildas Amulakhbhai Shah	1650000
Sanjivkumar Chhabildas Shah	1284800
Niren Kantilal Shah	1100000
Vipul Kantilal Shah	1282600
Jatin Chandrakant Doshi	1282600
Sachin Chandrakant Doshi	1100000
Taha Jewellery FZE, UAE	2555800
Total	13555800

Names of Preference Shareholders	No. of Shares
Kantilal Dolchand Shah	1800000
Chandrakant Surajmal Doshi	1800000
Chhabildas Amulakhbhai Shah	1800000
Sanjivkumar Chhabildas Shah	800000
Niren Kantilal Shah	600000
Vipul Kantilal Shah	800000
Jatin Chandrakant Doshi	800000
Sachin Chandrakant Doshi	600000
Total	9000000

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	13.17
Directors or relatives of directors	86.83
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Diamonds.

Products/ Services :

ITC Code No.	Product Descriptions
71021000	Diamonds

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Diamonds

Countries :

USA

Imports :

Products :

Rough Diamonds

Countries :

Belgium

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

400 (Approximately)

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

· Corporation Bank

Earnest House, 1st Floor, Overseas Branch, NCPA Marg, Nariman Point, Mumbai - 400021, Maharashtra, India

· Corporation Bank

BKC Branch, Bandra [East], Mumbai, Maharashtra, India

· Bank of India

BKC Branch, Bandra [East], Mumbai - 400051, Maharashtra, India

· State Bank of India

Royal Bank of Scotland

Central Bank of India

Facilities :

Working Capital = Rs. 650.000 Millions [From Corporation Bank, BKC Branch]

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans repayable on demand from banks	446.514	555.349
Total	446.514	555.349

Banking Relations :	--
Auditors :
Name :	Sampat Mehta and Associates Chartered Accountants
Address :	C/O Bhansali and Jhaveri, 11 A, Silk House, 630, J S Seth Road, Near Metro, Mumbai - 400002, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFS1266J
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Swadip Gems B.V.B.A Saral Diamond INC Bellstar Jewellery LLC Priti Gems Exports Private Limited K Chandrakant and Sons K Chandrakant Exports

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
14,000,000	Equity Shares	Rs. 10/- each	Rs. 140.000 Millions
9,000,000	Preference Shares	Rs. 10/- each	Rs. 90.000 Millions
	Total		Rs. 230.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13,555,800	Equity Shares	Rs. 10/- each	Rs. 135.558 Millions
9,000,000	Preference Shares	Rs. 10/- each	Rs. 90.000 Millions
	Total		Rs. 225.558 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	225.558	216.690	110.000
(b) Reserves & Surplus	319.385	254.237	165.434
(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)	544.943	470.927	275.434
(3) Non-Current Liabilities
(a) Long-term borrowings	129.747	30.000	189.050
(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	2.174	2.542	1.763
Total Non-current Liabilities (3)	131.921	32.542	190.813
(4) Current Liabilities
(a) Short term borrowings	446.514	698.075	603.781
(b) Trade payables	684.928	714.406	587.537
(c) Other current liabilities	3.279	60.254	4.933
(d) Short-term provisions	0.000	30.000	14.000
Total Current Liabilities (4)	1134.721	1502.735	1210.251
TOTAL	1811.585	2006.204	1676.498
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	151.458	166.555	149.544
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	35.722
(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)	4.348	2.093	0.000
(d) Long-term Loan and Advances	0.985	29.618	12.300
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	156.791	198.266	197.566
(2) Current assets
(a) Current investments	36.915	34.187	26.096
(b) Inventories	335.237	271.632	76.828
(c) Trade receivables	1212.976	1377.426	1222.069
(d) Cash and cash equivalents	52.452	112.735	68.855
(e) Short-term loans and advances	17.214	11.958	85.084
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1654.794	1807.938	1478.932
TOTAL	1811.585	2006.204	1676.498

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	3046.500 [Approx.]	2850.000 [Approx.]	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		43.063	36.028	39.434
Less	TAX		13.388	13.907	14.000
	PROFIT AFTER TAX		29.675	22.121	25.434
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods calculated on FOB basis	1772.662	2236.697
		Deemed Export of Goods calculated on FOB basis	269.928	129.069
	TOTAL EARNINGS		2042.590	2365.766	2338.118
	Earnings Per Share (Rs.)		90.56	0.98	1.13

Expected Sales (2014-2015): Rs. 3200.000 Millions

The above information has been parted by Mr. Manoj Yadav [Accounts and Finance Manager]

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	2.38	1.80	2.40
Return on Investment (ROI) (PBT/Networth)		0.08	0.08	0.14
Debt Equity Ratio (Total Debt/Networth)		1.06	1.55	2.88
Current Ratio (Current Asset/Current Liability)		1.46	1.20	1.22

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	110.000	216.690	225.558
Reserves & Surplus	165.434	254.237	319.385
Net worth	275.434	470.927	544.943
Long-term borrowings	189.050	30.000	129.747
Short term borrowings	603.781	698.075	446.514
Total borrowings	792.831	728.075	576.261
Debt/Equity ratio	2.878	1.546	1.057

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales [Approximately]	2850.000	3046.500
		6.895

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	Yes
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 two 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	Yes
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	10311978	11/07/2013 *	1,000,000,000.00	CORPORATION BANK	BHARAT DIAMOND BOURSE, C - 1, WEST CORE, G BLOCK, BANDRA KURLA COMPLEX, BANDRA - EAST, MUMBAI, MAHARASHTRA - 400051, INDIA	B80231020

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans and advances from related parties	129.747	30.000
SHORT TERM BORROWINGS
Loans and advances from related parties	0.000	142.726
Total	129.747	172.726

CHANGE OF ADDRESS:

The Registered Office of the Company has been shifted from 307, Mehta Bhavan, 311, Charni Road, Mumbai – 400004, Maharashtra, India to the present address w.e.f.23.03.2012.

CORPORATE INFORMATION

Subject was incorporated upon conversion of erstwhile firm K Chandrakant and Co into a private limited company under provisions of Part IX of the Companies Act, 1956 with effect from May 30, 2011 vide certificate of incorporation No U28112MH2011PTC218034 2011-12 issued by the Registrar of Companies, Maharashtra, Mumbai. Upon conversion the Company has taken over all the assets and liabilities of the erstwhile firm at its respective book value as on May 28, 2011 and issued Equity Shares to the Partners of the firm against their Fixed / Current capital in the firm.

FIXED ASSETS:

· Land

Buildings

Other building

Plant and equipment

Factory equipments

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Other equipments

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 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. 63.64
UK Pound	1	Rs. 98.98
Euro	1	Rs. 77.74

INFORMATION DETAILS

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

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	4
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.