MIRA INFORM REPORT

Report Date :

07.07.2014

IDENTIFICATION DETAILS

Name :	RSL DYECOT PRIVATE LIMITED (w.e.f. 15.07.2013)
Formerly Known As :	RSL DYECOT LIMITED BHATTUWALA TEXTILE PRIVATE LIMITED
Registered Office :	Near Maniar Trailor, Rakhial, Ahmedabad – 380023, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	31.10.1983
Com. Reg. No.:	04-006538
Capital Investment / Paid-up Capital :	Rs.16.893 Millions
CIN No.: [Company Identification No.]	U65910GJ1983PTC006538
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of yarn dying and sizing.
No. of Employees :	25 (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 250000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Rating reflects above average financial profile marked by decent liquidity position. Trade relations are reported to be fair. Business is active. Payments are reported to be usually 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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

Name :	Mr. Yogesh Verma
Designation :	Manager
Contact No.:	91-79-22911699
Date :	04.07.2014

LOCATIONS

Registered Office :	Near Maniar Trailor, Rakhial, Ahmedabad – 380023, Gujarat, India
Tel. No.:	91-79-22911699 / 22911307
Fax No.:	91-79-22910999
E-Mail :	info@rsldycot.in
Location :	Owned
Factory :	Near Gujarat Bottling, Old Rakhial, Octroi Naka, Rakhial, Ahmedabad – 380023, Gujarat, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Kamlesh Raghuvirprasad Agarwal

Designation :

Managing Director

Address :

201-202, Raghkaushal, Bunglow, Near Ketav Petrol Pump, Dr. V. S. Road, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

04.11.1959

Date of Appointment :

01.04.2011

DIN No.:

00265256

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	L17119GJ1982PLC005424	RAGHUVIR SYNTHETICS LIMITED	Director	18/08/1982	18/08/1982	01/07/2011	Active	NO
2	U17119GJ1957PTC000876	SAGAR TEXTILE MILLS PVT LTD	Director	19/02/1983	19/02/1983	27/02/2012	Active	NO
3	U25200GJ1989PLC012149	RAGHUVIR MARKETING LIMITED	Director	21/04/1989	21/04/1989	-	Strike off	NO
4	U65910GJ1983PTC006538	RSL DYECOT Private Limited	Managing director	01/04/2011	21/04/1989	-	Active	NO
5	U51909GJ1992PLC018496	RAGHUVIR EXIM LIMITED	Director	28/10/1992	28/10/1992	15/07/2011	Active	NO
6	U65910GJ1994PTC023551	LEGEND FINSTOCK PRIVATE LIMITED	Director	11/11/1994	11/11/1994	-	Strike off	NO
7	U17120GJ2011PTC066309	RAGHUKAUSHAL TEXTILE PRIVATE LIMITED	Director	12/07/2011	12/07/2011	-	Active	NO

Name :

Mr. Viresh Kamlesh Agarwal

Designation :

Director

Address :

201-202, Raghkaushal, Bunglow, Near Ketav Petrol Pump, Dr. V. S. Road, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

21.08.1984

Date of Appointment :

07.07.2011

DIN No.:

02168669

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	U51909GJ1992PLC018496	RAGHUVIR EXIM LIMITED	Managing director	16/06/2007	16/06/2007	15/07/2011	Active	NO
2	U65910GJ1983PTC006538	RSL DYECOT Private Limited	Director	07/07/2011	07/07/2011	-	Active	NO
3	U17120GJ2011PTC066309	RAGHUKAUSHAL TEXTILE PRIVATE LIMITED	Director	12/07/2011	12/07/2011	-	Active	NO

Name :

Mr. Kirandevi Kamlesh Agrawal

Designation :

Director

Address :

201-202, Raghkaushal, Bunglow, Near Ketav Petrol Pump, Dr. V. S. Road, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

22.03.1964

Date of Appointment :

01.08.2011

DIN No.:

03569224

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	U65910GJ1983PTC006538	RSL DYECOT Private Limited	Whole-time director	01/08/2011	07/07/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Yogesh Verma
Designation :	Manager

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Raghuvir Prasad R Agarwal HUF	5000	0.30
Raghuvir Prasad R Agarwal HUF No.1	5000	0.30
Kamlesh R Agarwal HUF	55700	3.30
Kamlesh Raghuvirprasad Agarwal	619150	36.65
Kiran Kamlesh Agarwal	539475	31.93
Viresh Kamlesh Agarwal	464975	27.52
Total	1689300	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Other top fifty shareholders	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of yarn dying and sizing.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Retailers, End Users

No. of Employees :

25 (Approximately)

Bankers :

· HDFC Bank Limited, Ashram Road, Ahmedabad, Gujarat, India

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term Loans
HDFC – Term Loan – 3411468	8.784	6.982
HDFC – Term Loan – 3316165	0.124	0.236
HDFC – Term Loan – 3320051	0.974	1.921
HDFC – Term Loan – 3324441	0.184	0.312
HDFC – Term Loan – 3325028	0.929	1.502
HDFC – Term Loan – 3325100	0.280	0.479
HDFC – Term Loan – 3348195	0.322	0.473
HDFC – Term Loan – 3365295	0.090	0.135
HDFC – Term Loan – 80036618	0.882	1.848
HDFC – Term Loan – 80045080	0.448	0.855
Vehicle Loans
HDFC – Fortuner	1.586	0.000
HDFC – Etios Car Loan	0.206	0.206
Short Term Borrowings
HDFC Bank – 646 C/C	24.130	19.845
Total	38.939	34.794

Banking Relations :	--
Auditors :
Name :	G. K. Choksi and Company Chartered Accountants
Address :	Madhuban, Near Madalpu Underbridge, Ellisbridge, Ahmedabad – 380006, Gujarat, India
PAN No.:	AAAFG7623H

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2250000	Equity Shares	Rs.10/- each	Rs.22.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1689300	Equity Shares	Rs.10/- each	Rs.16.893 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	16.893	16.893	16.893
(b) Reserves & Surplus	46.175	39.224	30.331
(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)	63.068	56.117	47.224
(3) Non-Current Liabilities
(a) long-term borrowings	14.809	14.949	11.268
(b) Deferred tax liabilities (Net)	2.597	2.016	2.665
(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)	17.406	16.965	13.933
(4) Current Liabilities
(a) Short term borrowings	24.130	19.845	20.298
(b) Trade payables	7.576	10.800	10.835
(c) Other current liabilities	6.892	5.382	4.503
(d) Short-term provisions	0.154	1.369	0.433
Total Current Liabilities (4)	38.752	37.396	36.069
TOTAL	119.226	110.478	97.226
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	53.712	48.668	42.961
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	4.939	4.540	1.206
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.505	2.505	0.005
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.968	3.091	1.420
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	64.124	58.804	45.592
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	21.768	17.132	24.782
(c) Trade receivables	27.987	32.243	25.075
(d) Cash and cash equivalents	0.931	1.025	0.513
(e) Short-term loans and advances	1.886	0.430	0.509
(f) Other current assets	2.530	0.844	0.755
Total Current Assets	55.102	51.674	51.634
TOTAL	119.226	110.478	97.226

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	270.430	245.422	185.063
		Other Income	1.021	0.581	1.306
		TOTAL (A)	271.451	246.003	186.369
Less	EXPENSES
		Cost of Materials Consumed	182.281	178.967	136.699
		Purchase of Stock-in-trade	18.888	0.000	0.000
		Changes in Inventories	(1.642)	0.818	(2.611)
		Operating Expenses	36.847	33.408	25.647
		Employee Benefits Expenses	2.763	2.188	2.644
		Other Expenses	10.731	7.555	3.855
		TOTAL (B)	249.868	222.936	166.234
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		21.583	23.067	20.135
Less	FINANCIAL EXPENSES (D)		3.139	2.233	1.503
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.444	20.834	18.632
Less	DEPRECIATION/ AMORTISATION (F)		8.062	7.870	8.116
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		10.382	12.964	10.516
Less	TAX (H)		3.431	4.072	3.617
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		6.951	8.892	6.899
	Earnings Per Share (Rs.)		4.11	5.26	4.08

Particulars	31.03.2014
Sales Turnover (Approximately)	212.000 [Due to Market Fluctuation]

The above information has been parted by Mr. Yogesh Verma (Manager)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.56	3.61	3.70
Net Profit Margin (PBT/Sales)	(%)	3.84	5.28	5.68
Return on Total Assets (PBT/Total Assets}	(%)	9.29	12.53	10.95
Return on Investment (ROI) (PBT/Networth)		0.16	0.23	0.22
Debt Equity Ratio (Total Debt /Networth)		0.62	0.62	0.67
Current Ratio (Current Asset/Current Liability)		1.42	1.38	1.43

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	16.893	16.893	16.893
Reserves & Surplus	30.331	39.224	46.175
Net worth	47.224	56.117	63.068
long-term borrowings	11.268	14.949	14.809
Short term borrowings	20.298	19.845	24.130
Total borrowings	31.566	34.794	38.939
Debt/Equity ratio	0.668	0.620	0.617

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	185.063	245.422	270.430
		32.615	10.190

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	185.063	245.422	270.430
Profit	6.899	8.892	6.951
	3.73%	3.62%	2.57%

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)	No
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

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10325376	30/01/2014 *	65,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B95317285
2	10201037	07/08/2013 *	152,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B81449704
3	10189964	25/07/2013 *	159,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B80525629

*Date of modification Charges

FIXED ASSETS:

· Land

· Buildings

· Plant and Machinery

· Office Equipment

· Furniture and Fixture

· Electric Fittings

· Computer

· Vehicle

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.59.79
UK Pound	1	Rs.102.66
Euro	1	Rs.81.32

INFORMATION DETAILS

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

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	4
--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	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		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.