MIRA INFORM REPORT

Report Date :

04.02.2014

IDENTIFICATION DETAILS

Name :	METALEX CRYOGENICS LIMITED (w.e.f. 24.07.2009)
Formerly Known As :	METALEX CRYOGENICS PRIVATE LIMITED (w.e.f. 15.09.2006) METALEX PROCESS EQUIPMENTS (INDIA) PRIVATE LIMITED
Registered Office :	Akhurath Co-Operative Housing Society Limited, Shop No.30, Plot No.11, Sector 14, Off Palm Beach Road, Vashi - Sanapada, Navi Mumbai – 400705, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.05.1997
Com. Reg. No.:	11-108104
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U29100MH1997PLC108104
TAN No.: [Tax Deduction & Collection Account No.]	MUMM11911E
PAN No.: [Permanent Account No.]	AABCM9527A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Refrigeration Solution and Compressor Solution etc
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 250000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears sharp in profitability of the company during the financial year 2013. However, general financial position of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

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 31-03-2012.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Ms. Poonam
Designation :	Accounts Executive
Contact No.:	91-22-32243031
Date :	28.01.2014

LOCATIONS

Registered Office :	Akhurath Co-Operative Housing Society Limited, Shop No.30, Plot No.11, Sector 14, Off Palm Beach Road, Vashi - Sanapada, Navi Mumbai – 400705, Maharashtra, India
Tel. No.:	91-22-32243031/27812774
Mobile No.:	91-9373878701 (Ms. Veeraj Samir Shah)
Fax No.:	Not Available
E-Mail :	vshah@metalexgroup.com finance@metalexgroup.com
Website :	http://metalexdroup
Location :	Owned
Factory :	Gut No. 151 – A, Chakan, Talegaon Road, Mahalunge, Chalan, Pune – 411051, Maharashtra, India
Tel. No.:	91-20-25881117/ 25881118/ 32342299
Fax No.:	91-20-25881118/ 32342299/ 25881117
Marketing Office :	407, Bhakti Plaza, Bremen Square, Aundh, Pune – 411007, Maharashtra, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Samir Sharad Shah

Designation :

Director

Address :

321A, Ravi Kiran, Deodhar, Road Matunga (Central Railway), Mumbai - 400019, Maharashtra, India

Date of Birth/Age :

08.07.1969

Date of Appointment :

16.05.1997

PAN No.:

AAPPS6077C

DIN No.:

00418875

Name :

Mr. Saroj Sharad Shah

Designation :

Director

Address :

321A, Ravi Kiran, Deodhar, Road Matunga (Central Railway), Mumbai - 400019, Maharashtra, India

Date of Birth/Age :

28.05.1951

Date of Appointment :

16.05.1997

PAN No.:

ABFPS2736P

DIN No.:

00419269

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	U29100MH1997PLC108104	METALEX CRYOGENICS LIMITED	Director	16/05/1997	16/05/1997	-	Active	NO
2	U74999MH2009PLC189711	MEAR ARKAI COLDS LIMITED	Director	20/01/2009	20/01/2009	-	Active	NO

Name :

Ms. Veeraj Samir Shah

Designation :

Director

Address :

321A, Ravi Kiran, Deodhar, Road Matunga (Central Railway), Mumbai - 400019, Maharashtra, India

Date of Birth/Age :

30.12.1971

Date of Appointment :

16.05.1997

PAN No.:

AMLPS9327L

DIN No.:

00419142

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	U29100MH1997PLC108104	METALEX CRYOGENICS LIMITED	Director	16/05/1997	16/05/1997	-	Active	NO
2	U74999MH2009PLC189711	MEAR ARKAI COLDS LIMITED	Director	20/01/2009	20/01/2009	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Samir Sharad Shah	10
Sharad Chinubhai Shah	10
Saroj Sharadbhai Shah	10
Samir Sharadbhai Shah and Veeraj Samir Shah	34940
Veeraj Samir Shah and Samir Sharadbhai Shah	10000
Samir S. Shah (HUF)	5000
Kirti Dahyalal Shah	10
Sangeeta Kirti Shah	10
Kokila Mahesh Hakani	10
Total	50000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Refrigeration Solution and Compressor Solution etc
Products :	· Refrigeration Compressors  · Tube Ice Machine · Tube Ice Making Machines · Industrial Valves · Turnkey Projects · Compressor Spare Parts
Exports :
Products :	Finished Goods
Countries :	· Nepal · Sri Lanka · Vietnam
Imports :
Products :	Raw Material
Countries :	· Germany · China
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

No. of Employees :

150 (Approximately)

Bankers :

· Nkgsb Co-Operative Bank Limited, Laxmi Sadan, 361, V.P. Road, Girgaum, Mumbai - 400004, Maharashtra, India

· HDFC Bank Limited, Fort Mumbai, Maharashtra, India

Tel No.: 91-22-61606161

· Dena Bank, Deccam Cykkhaka Branch, Ashok Chambers, Pune - 411004, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term Loans From banks	3.398	0.128
Short Term Borrowings
Loan Repayable on Demand	4.228	4.036
Current Maturities of Long Term Loans	0.840	0.373
Total	8.466	4.537

Long Term Borrowings:

Secured Term Loans from Bank referred above to the extent of:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Secured by way of Charge on the Company's Motor Vehicle	0.803	0.501
Secured by way pf hypothecation of machine i.e. "speed" CNC Turning Machine Model V1066, Collateral Security of Navi Mumbai Office.	2.595	0.000
Total	3.398	0.501

Short Term Borrowings:

Secured Term Loans from Bank referred above to the extent of:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Secured by way of Charge on the Company's Motor Vehicle	0.242	0.373
Secured by way pf hypothecation of machine i.e. "speed" CNC Turning Machine Model V1066, Collateral Security of Navi Mumbai Office.	0.598	0.000
Total	0.840	0.373

Banking Relations :	--
Auditors :
Name :	Sandeep Sheth and Associates Chartered Accountants
Address :	502, Nestor Court, Vinayak CHS Compound, Baji Prabhu Deshpande Marg, Vile Parle (West). Mumbai – 400056, Maharashtra, India
Tel. No.:	91-22-26210260
E-Mail :	sandeep@kdsa.net
PAN No.:	AAZPS9425L
Membership :	· ASHRAE · ISHRAE · AAR
Entities Where the KMP And the relatives of the KMP are Interested as a director or a shareholder or a partner or a karta or a Proprietor :	· BPM Industries · Dynamic Engineers · Metacomp India · N. R. Nazir and Sons · Sharad C Shah HUF

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

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	0.500	0.500	0.500
(b) Reserves & Surplus	62.069	60.221	51.985
(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)	62.569	60.721	52.485
(3) Non-Current Liabilities
(a) long-term borrowings	14.936	11.742	8.299
(b) Deferred tax liabilities (Net)	5.018	4.935	4.467
(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)	19.954	16.677	12.766
(4) Current Liabilities
(a) Short term borrowings	5.068	4.409	8.798
(b) Trade payables	14.347	22.203	16.080
(c) Other current liabilities	7.077	6.808	14.206
(d) Short-term provisions	0.288	2.546	2.111
Total Current Liabilities (4)	26.780	35.966	41.195
TOTAL	109.303	113.364	106.446
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	48.320	51.803	44.247
(ii) Intangible Assets	0.000	0.000	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	0.200	0.200	0.200
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	15.329	15.330	24.380
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	63.849	67.333	68.827
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	18.631	14.820	25.200
(c) Trade receivables	11.673	14.945	8.833
(d) Cash and cash equivalents	2.680	3.234	1.806
(e) Short-term loans and advances	12.108	12.634	1.272
(f) Other current assets	0.362	0.398	0.508
Total Current Assets	45.454	46.031	37.619
TOTAL	109.303	113.364	106.446

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		103.236	186.262	115.767
		Other Income		0.823	1.089	0.414
		TOTAL (A)		104.059	187.351	116.181
Less	EXPENSES
		Cost of Materials Consumed		49.417	98.940	73.956
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(4.359)	7.809	(11.153)
		Employee Benefits Expenses		19.445	16.302	14.267
		Other Expenses		31.380	47.156	32.103
		TOTAL (B)		95.883	170.207	109.173
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			8.176	17.144	7.008
Less	FINANCIAL EXPENSES (D)			1.769	1.372	0.689
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			6.407	15.772	6.319
Less	DEPRECIATION/ AMORTISATION (F)			3.613	3.215	3.078
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			2.794	12.557	3.241
Less	TAX (H)			0.945	4.322	1.027
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			1.849	8.235	2.214
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			52.725	44.490	42.276
	BALANCE CARRIED TO THE B/S			54.574	52.725	44.490
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	14.077	15.927	22.313
	TOTAL EARNINGS			14.077	15.927	22.313
	VALUE OF IMPORTS ON CIF BASIS			0.619	0.098	NA
	Earnings Per Share (Rs.)			37.00	165.00	44.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.78	4.40	1.91
Net Profit Margin (PBT/Sales)	(%)	2.71	6.74	2.80
Return on Total Assets (PBT/Total Assets}	(%)	2.56	11.10	3.05
Return on Investment (ROI) (PBT/Networth)		0.04	0.21	0.06
Debt Equity Ratio (Total Debt /Networth)		0.32	0.27	0.33
Current Ratio (Current Asset/Current Liability)		1.70	1.28	0.91

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	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 LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Deposits	0.545	0.000
Loans and Advances From Related Parties	4.006	4.376
Other Loans And Advances	6.987	7.238
Total	11.538	11.614

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10361853	03/05/2012	4,950,000.00	NKGSB Co-Operative Bank Limited	Laxmi Sadan, 361, V.P. Road, Girgaum, Mumbai, Maharashtra - 400004, India	B42133587
2	10362447	03/05/2012	4,950,000.00	NKGSB Co-Operative Bank Limited	Laxmi Sadan, 361, V.P. Road, Girgaum, Mumbai, Maharashtra - 400004, INDIA	B42373365
3	10232620	25/06/2010	5,000,000.00	NKGSB Co-Operative Bank Limited	Laxmi Sadan, 361, V.P. Road, Girgaum, Mumbai, Maharashtra - 400004, INDIA	A90856824
4	10232618	19/06/2010	6,000,000.00	NKGSB Co-Operative Bank Limited	Laxmi Sadan, 361, V.P. Road, Girgaum, Mumbai, Maharashtra - 400004, INDIA	A90855412
5	80051960	29/03/2004	2,000,000.00	NKGSB Co-Operative Bank Limited	Laxmi Sadan, 361, V.P. Road, Girgaum, Mumbai, Maharashtra - 400004, INDIA	-
6	90147315	15/07/1999	2,400,000.00	DENA BANK	Deccam Cykkhaka Branch, Ashok Chambers; Pune, Maharashtra - 411004, India	-

*Date of modification Charges

FIXED ASSETS:

· Computer

· Factory Building

· Factory Land

· Office Premises

· Office Equipment

· Furniture and Fixture

· Plant and Machinery

· Vehicles

· Tools

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.62.69
UK Pound	1	Rs.102.97
Euro	1	Rs.84.58

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VNT

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	3
--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		43

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.