MIRA INFORM REPORT

Report Date :

09.06.2014

Tel. No.:

8454843196 (Mr. Manish Chatorvedi)

NOTE:

The Registered office of the company has been shifted from 1903/A, Shanti Kamal, Dr. B A Road, Chinchpokli (East), Mumbai – 400012, Maharashtra, India, to the present address w.e.f. 06.01.2014.

IDENTIFICATION DETAILS

Name :	JUGANTAR FOODS PRIVATE LIMITED (w.e.f. 05.06.2013)
Formerly Known As :	JUGANTAR INVESTMENTS PRIVATE LIMITED
Registered Office :	21, Suyog Industrial Estate, LBS Marg, Vikroli (East), Mumbai – 400083, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.06.2011
Com. Reg. No.:	11-218909
Capital Investment / Paid-up Capital :	Rs.5.052 Millions
CIN No.: [Company Identification No.]	U15490MH2011PTC218909
PAN No.: [Permanent Account No.]	AACCJ6215H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Re-Mineralised Packaged Drinking Water.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Yet to commence business operations
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a company incorporated as on June 21, 2011 and is yet to commence its business operations as per the annual report for FY 2014. The company has not started its business activity whereas, has earned some nominal other income from dealing in shares. Management has reported some pre-operative expenses which are been further recorded as accumulated losses during FY14. The ratings also take into consideration the infusion of funds from the part of management which may support the liquidity to certain extent. Further, the projected statements show that the company is expected to start its activity from the FY 2014-15 and has estimated a decent turnover from its operations. Business is active as per the status filed with the registrar of companies. Payment terms are unknown. In view of non-commencement of commercial operations, the business connections are matter of your confidence and should be undertaken on a safe and secured trade terms and conditions. Note: Management has failed to provide us with the valuation Report of the subject, and the same has also not been provided to the bank.

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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs.7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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. Manish Chaturvedi
Designation :	Director
Contact No.:	91-8454843196
Date :	06.06.2014

LOCATIONS

Registered Office :	21, Suyog Industrial Estate, LBS Marg, Vikroli (East), Mumbai – 400083, Maharashtra, India
Tel. No.:	91-22-25782177/ 23720057
Mobile No.:	91-8454843196 (Mr. Manish Chaturvedi)
Fax No.:	91-22-25782177
E-Mail :	jugantarfoods@gmail.com mrigaj@gmail.com
Location :	Leased
Factory :	Plot No. PAP 109, MIDC Taloja, Teh. Panvel District Raigad, Maharashtra, India
Tel. No.:	91-91-22-27412774
Area :	10,000 sq. ft.
Location :	Leased

DIRECTORS

(AS ON 30.09.2013)

Name :

Mr. Manish Manoharlal Chaturvedi

Designation :

Director

Address :

1903/A, Shanti Kamal, Dr. B A Road, Opposite Voltas House, Chinchpokali (East), Mumbai – 400012, Maharashtra, India

Date of Birth/Age :

02.12.1982

Qualification :

CA/CS

Experience :

12 years

Date of Appointment :

21.06.2011

PAN No.:

AGSPC0944K

DIN No.:

03499938

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	U15490MH2011PTC218909	JUGANTAR FOODS PRIVATE LIMITED	Director	21/06/2011	21/06/2011	-	Active	NO
2	U67190MH2012PTC229225	BLOOMING CAPITAL MANAGEMENT PRIVATE LIMITED	Director	04/04/2012	04/04/2012	15/12/2012	Active	NO
3	U74999MH2012PTC230801	BRIJ COMMODITIES PRIVATE LIMITED	Director	01/11/2012	01/11/2012	01/11/2013	Active	NO

Name :

Mrs. Laxmi Manoharlal Chaturvedi

Designation :

Director

Address :

1903/A, Shanti Kamal, Dr. B A Road, Opposite Voltas House, Chinchpokali (East), Mumbai – 400012, Maharashtra, India

Date of Birth/Age :

18.10.1961

Qualification :

BA

Experience :

15 years

Date of Appointment :

21.06.2011

PAN No.:

AACPC3302M

DIN No.:

03499901

Name :

Mr. Vasant Soni

Designation :

Director

Address :

B-1, Anjalai, Dr. S. Radhakrishnan Road, Old Nagardas Road, Andheri (East), Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

12.07.1939

Qualification :

Scientist

Experience :

30 years

Date of Appointment :

06.02.2014

DIN No.:

06811256

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 31.03.2014)

Name of Shareholders	No of Shares	Percentage
Manish Chaturvedi	455200	90.10
Laxmi Chaturvedi	20000	3.96
Vasant Soni	30000	5.94
Total	505200	100.00%

(AS ON 30.09.2013)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Re-Mineralised Packaged Drinking Water.
Brand Name :	“Cardier”
Terms :
Selling :	Cash and Credit (45 days)
Purchasing :	Cash and Credit (5 days)

PRODUCTION STATUS (AS ON 31.03.2014)

Particulars	Installed Capacity	Actual Production
Re-Mineralised Packaged Drinking Water	10,000 ltr. Per hour and packing capacity 60 bottles per minute	Production is yet to start

GENERAL INFORMATION

Suppliers :	Operations are not started right now and they are still in machinery installation phase.
Customers :	Wholesalers and Retailers · Laxmikant Shrivastava Office Address: 410 V Mall Chandraverkar Road, Borivali (West), Opposite Loop Gallery, Mumbai – 400092, Maharashtra, India Mobile No.: 91-9619569944 · Shivansh Aqua Consulting Office Address: CD-301, c Wing, Kailash Industrial Complex, Hiranandani Vikhroli Link Road, Vikhroli (West), Mumbai – 400079, Maharashtra, India Mobile No.: 91-8879354001
No. of Employees :	Not Divulged
Bankers :	· Bank of India 52, Pardhy House Hanuman Road, Vile Parle (East) Mumbai, Maharashtra, India · HDFC Bank Limited Nariman Point, Mumbai. Maharashtra, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	N. J. Karia and Associates Chartered Accountants
Address :	207, 2^nd Floor, Avon Arcade, Opposite Bank of Baroda, D. J. Road, Station Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Tel No.:	91-22-26100058
Email :	njkaria@gmail.com njkaria@rediffmail.com
Other Related Parties :	· R B Sugar Company · BRIJ Commodities

CAPITAL STRUCTURE

(AS ON 31.03.2014)

Authorised Capital:

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
505200	Equity Shares	Rs.10/- each	Rs.5.052 Millions

a) Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period

Particulars	Number of Shares	As at March 31, 2014
Equity Shares outstanding at the beginning of the year	10,200	0.102
Equity Shares Issued during the year	495,000	4.950
Equity Shares bought back during the year	--	--
Equity Shares outstanding at the end of the year	505,200	5.052

The Company has only one class of equity shares having face value of Rs.10/0 each. Each shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholder are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

b) Details of shareholder holding more than 5% of the aggregate shares in company

Name of Shareholder	Number of Shares	% of Holding
Manish Chaturvedi	455,200	90
Laxmi Chaturvedi	20,000	4
Vasant Soni	30,000	6

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	5.052	0.102	0.102
(b) Reserves & Surplus	(4.165)	(4.077)	(4.016)
(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)	0.887	(3.975)	(3.914)
(3) Non-Current Liabilities
(a) long-term borrowings	0.098	4.248	4.248
(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)	0.098	4.248	4.248
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	0.011	0.006	0.000
(d) Short-term provisions	0.000	0.006	0.006
Total Current Liabilities (4)	0.011	0.012	0.006
TOTAL	0.996	0.285	0.340
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.300	0.000	0.000
(ii) Intangible Assets	0.500	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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.110	0.166	0.000
Total Non-Current Assets	0.910	0.166	0.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	0.086	0.119	0.119
(e) Short-term loans and advances	0.000	0.000	0.221
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	0.086	0.119	0.340
TOTAL	0.996	0.285	0.340

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	0.000	0.000	0.085
		Other Income	0.000	0.000	0.000
		TOTAL (A)	0.000	0.000	0.085
Less	EXPENSES
		Loss on sale of investment – short Term	0.000	0.000	3.910
		Operating and Other Expenses	0.088	0.061	0.192
		TOTAL (B)	0.088	0.061	4.102
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.088)	(0.061)	(4.017)
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.088)	(0.061)	(4.017)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000	0.000	(4.017)
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(0.088)	(0.061)	(4.017)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(0.088)	(0.061)	(4.017)
	Earnings Per Share (Rs.)
	-Basic		(0.17)	(5.96)	(393.75)
	-Diluted		(0.89)	(5.96)	(507.44)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	0.00	0.00	(4725.88)
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	(4725.88)
Return on Total Assets (PBT/Total Assets}	(%)	(8.84)	(21.40)	(1181.47)
Return on Investment (ROI) (PBT/Networth)		(0.10)	0.02	1.03
Debt Equity Ratio (Total Debt/Networth)		0.11	(1.07)	(1.09)
Current Ratio (Current Asset/Current Liability)		7.82	9.92	56.67

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	0.102	0.102	5.052
Reserves & Surplus	(4.016)	(4.077)	(4.165)
Net worth	(3.914)	(3.975)	0.887
long-term borrowings	4.248	4.248	0.098
Short term borrowings	0.000	0.000	0.000
Total borrowings	4.248	4.248	0.098
Debt/Equity ratio	(1.085)	(1.069)	0.110

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)
Revenue from Operations	0.085	0.000	0.000
		(100.000)	--

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	0.085	0.000	0.000
Profit	(4.017)	(0.061)	(0.088)
	(4725.88%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
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	No
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

------------------------------------------------------------------------------------------------------------------------------

UNSECURED LOANS

PARTICULARS	31.03.2014	31.03.2013
	(Rs. In Millions)
Long Term Borrowings
From Directors	0.098	4.248
Total	0.098	4.248

------------------------------------------------------------------------------------------------------------------------------

ASSESSMENT OF WORKING CAPITAL REQUIREMENT

OPERATING STATEMENT

(RS. IN MILLIONS)

	PARTICULARS	2014-15	2015-16	2016-17	2017-18	2018-19
		Projected	Projected	Projected	Projected	Projected
1	Sales	36.000	44.070	53.946	66.031	80.819
	(of which exports)	-	-	-	-	-
2	Other Income	-	-	-	-	-
	Total	36.000	44.070	53.946	66.031	80.819
3	Total Income	36.000	44.070	53.946	66.031	80.819
4	% age rise (+) or fall (-) in net sales as compared to previous year	--	22%	22%	22%	22%
5	Cost of Sales
i	Raw Material
ii	Other Spares / Consumables
	Imported	-	-	-	-	-
	Indigenous	4.500	5.400	6.480	7.776	9.331
iii	Power and Fuel	-	-	-	-	-
iv	Direct Labour	-	-	-	-	-
v	Manufacturing Expenses	16.058	18.216	21.859	26.231	31.477
vi	Depreciation	0.380	0.380	0.380	0.380	0.380
vii	Subtotal (i to vi)	20.938	23.996	28.719	34.387	41.188
viii	Add : Opening WIP	-	-	-	-	-
	Less: Written Off	-	-	-	-	-
	Subtotal	20.938	23.996	28.719	34.387	41.188
ix	Less : Closing WIP	-	-	-	-	-
x	Cost of Production	20.938	23.996	28.719	34.387	41.188
xi	Add : Opening F G	-	0.860	0.986	1.180	1.413
	Subtotal	20.938	24.856	29.705	35.567	42.601
xii	Less : Closing F G	0.860	0.986	1.180	1.413	1.693
xiii	Cost of Sales	20.078	23.870	28.525	34.154	40.908
		56%	54%	53%	52%	51%
6	Selling, General and Administrative Exp	11.006	12.319	13.834	15.600	17.685
		30.57%	27.95%	25.64%	23.63%	21.88%
7	Sub Total ( 5 + 6 )	31.084	36.189	42.359	49.754	58.593
8	Operating Profit before Interest GP( 3 -7 )	4.916	7.881	11.587	16.277	22.226
		13.66%	17.88%	21.48%	24.65%	27.50%
9	Interest to Bank	0.390	0.650	0.780	0.910	1.040
10	Interest on Term Loan	0.352	0.303	0.230	0.156	0.083
11	Operating Profit after interest ( 8 - 9 )	4.174	6.928	10.577	15.211	21.103
		11.59%	15.72%	19.61%	23.04%	26.11%
12	Add : Other Non Operating Income	-	-	-	-	-
ii	Less : Other Non Operating Expense	0.055	0.056	-	-	-
iii	Net of other non operating income / expenses	(0.055)	(0.056)	-	-	-
	(Net of 11(i) & 11 (ii))
13	Profit before Tax / Loss ( 10 + 11(iii))	4.119	6.872	10.577	15.211	21.103
	Provision for Taxation	1.400	2.336	3.596	5.172	7.175
	Provision for Taxation for earlier years	-	-	-	-	-
	Deferred Tax	-	-	-	-	-
	Prior Period Item	-	-	-	-	-
	Sundry Balance w/off	-	-	-	-	-
14	Net Profit / (Loss) After Tax	2.719	4.536	6.981	10.039	13.928
	PAT %	7.55%	10.29%	12.94%	15.20%	17.23%
15 a)	Dividend Paid	-	-	-	-	-
b)	Dividend Rate	-	-	-	-	-
	Opening Balances	(4.159)	(1.440)	3.096	10.077	20.116
16	Retained Profit ( 14 - 15 )	(1.440)	3.096	10.077	20.116	34.044
17	Retained Profit / Net Profit ( % )	(52.96)	68.25	144.35	200.38	244.43

------------------------------------------------------------------------------------------------------------------------------

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

		2014-15	2015-16	2016-17	2017-18	2018-19
		Projected	Projected	Projected	Projected	Projected
	CURRENT LIABILITIES
1	Short Term Borrowings from banks
	(incl bills purchased, discounted and excess borrowings placed on repayment basis)
i	From Existing Bank	-	-	-	-	-
ii	From other applicant banks towards fund based	3.000	5.000	6.000	7.000	8.000
	Sub Total ( A )	3.000	5.000	6.000	7.000	8.000
2	Liabilities such as expenses, payables, long term liab, etc.	0..220	0.250	0.299	0.359	0.431
3	Sundry Creditors (RM)	-	-	-	-	-
4	Advance Payments from customers/	-	-	-	-	-
	Deposits from dealers
5	Provision for Taxation	1.400	2.336	3.596	5.172	7.175
6	Dividend Payable	-	-	-	-	-
7	Other Statutory Liabilities (Due within 1 year)	-	-	-	-	-
8	Deposits / Instalments of term loans/ DPGs / Debentures etc. (Duew Within 1 Year)
	TL 1	-	-	-	-	-
	TL 2	-	-	-	-	-
9	Other current liabilities and provisions
	(Due within 1 year)
	- Crs for Capital Goods	-	-	-	-	-
	- Crs for Expenses	0.015	0.023	0.035	0.053	0.080
	Sub Total ( B )	1.635	2.609	3.930	5.584	7.686
10	Total Current Liabilities (Total of 1 to 9)	4.635	7.609	9.930	12.584	15.686
	TERM LIABILITIES
11	Debentures (not maturing within one year)	-	-	-	-	-
12	Preference Shares (redeemable after 1 year)	-	-	-	-	-
13	Term Loans (excluding instalments payable within 1 Year)	-	-	-	-	-
	TL 1	2.612	2.048	1.484	0.920	0.356
	TL 2	-	-	-	-	-
14	Deferred payment credits (excluding instalments due within 1 year)	-	-	-	-	-
15	Term Deposits (repayable after one year)	-	-	-	-	-
16	Other term liabilities (Unsecured Loan from Directors/Relatives)	1.598	1.598	1.598	1.598	1.598
17	Total Term Liabilities (Total of 11 to 16)	4.210	3.646	3.082	2.518	1.954
18	Total Outside Liabilities (10 + 17 )	8.845	11.255	13.012	15.102	17.640
	NET WORTH
19	Equity Share Capital	5.052	5.052	5.052	5.052	5.052
	Share Application Money	-	-	-	-	-
	FCD	-	-	-	-	-
20	Share Premium	-	-	-	-	-
21	Special Capital Incentive	-	-	-	-	-
22	Deferred Tax Liability	-	-	-	-	-
23	Surplus (+) or deficit (-) in Profit and Loss A/C	(1.440)	3.096	10.077	20.116	34.044
24	Net Worth	3.612	8.148	15.129	25.168	39.096
25	Total Liabilities ( 18 + 24 )	12.457	19.403	28.141	40.270	56.736
	CURRENT ASSETS					-
26	Cash and bank balances	1.483	6.808	13.254	22.464	35.204
27	Investments (other than long term investment)	-	-	-	-	-
i	Government and other trustee securities	-	-	-	-	-
ii	Fixed Deposits with banks	-	-	-	-	-
28 i	Receivables other than deferred and exports including bills purchased and discounted by banks)	4.438	5.433	6.651	8.141	9.964
ii	Export receivables (including bills purchased/ discounted by Banks)	-	-	-	-	-
29	Instalments of deferred receivables (due within 1 year)	-	-	-	-	-
30	Inventory :
i	Raw Materials (including stores and other items used in the process of manufacture)
a)	Imported	-	-	-	-	-
b)	Indigenous	-	-	-	-	-
ii	Stocks in process	-	-	-	-	-
iii	Finished Goods	0.860	0.986	1.180	1.413	1.693
iv	Consumable Stores and Packaging Material
a)	Imported	-	-	-	-	-
b)	Indigenous	-	-	-	-	-
31	Advances to suppliers of raw materials and stores and spares	-	-	-	-	-
32	Advance payment of taxes	1.400	2.336	3.596	5.172	7.175
33	Other current assets (specify major items)
	Differed Tax Liability	-	-	-	-	-
	Deposits and other current assets	-	-	-	-	-
	Staff Advances	-	-	-	-	-
	Other Advances	-	-	-	-	-
34	Total Current Assets (Total of 26 to 33)	8.181	15.563	24.681	37.190	54.036
	FIXED ASSETS
35	Gross Block (Land, Bldg, Machinery and CWIP)	3.800	3.800	3.800	3.800	3.800
36	Depreciation to date	0.380	0.760	1.140	1.520	1.900
37	Net Block ( 35 - 36 )	3.420	3.040	2.660	2.280	1.900
	OTHER NON CURRENT ASSETS
38	Investments/Book debts/Advances/Deposits which are not current assets	-	-	-	-	-
i a)	Investments in subsidiary co / affiliates	-	-	-	-	-
b)	Others
ii	Advances to suppliers of capital goods and contractors	-	-	-	-	-
iii	Deferred Receivables (maturity above 1 year)	-	-	-	-	-
iv	Others - Debtors Exceeding 6 Months	-	-	-	-	-
39	Non consumable stores and spares	-	-	-	-	-
40	Other non-current assets (specify)-security deposits	0.500	0.500	0.500	0.500	0.500
	Preliminary Expenses not W/off	0.056	-	-	-	-
41	Total Other Non-Current Assets (Total of 38 to 40)	0.556	0.500	0.500	0.500	0.500
42	Intangible assets (Patents, Goodwill, Prel Expenses, Bad/Doubtful Debts not provided for etc.)	0.300	0.300	0.300	0.300	0.300
43	Total Assets (Total of 34, 37, 41 and 42)	12.457	19.403	28.141	40.270	56.736
	Total Liabilities	12.457	19.403	28.141	40.270	56.736
44	Tangible Net Worth ( 24 - 42 )	3.312	7.848	14.829	24.868	38.796
45	Net Working Capital [(17+24) - (37+41+42)]	3.546	7.954	14.751	24.606	38.350
	To tally with ( 34 - 10)	3.546	7.954	14.751	24.606	38.350
46	Current Ratio ( 34 / 10 )	1.77	2.05	2.49	2.96	3.44
47	Total Outside Liabilities/ Tangible Net Worth	2.45	1.38	0.86	0.60	0.45
	Total Outside Liabilities/ Tangible Net Worth [Considering amount of unsecured loans from Directors and relatives as part of equity/quasa equity upto the extant of net worth]	1.45	0.38	0.86	0.60	0.45
	ADDITIONAL INFORMATION
A	Arrears of depreciation	-	-	-	-	-
B	Contingent Liabilities
i	Arrears of cumulative dividends	-	-	-	-	-
ii	Gratuity liability not provided for	-	-	-	-	-
iii	Disputed excise / customs / tax liabilities	-	-	-	-	-
iv	Other laibilities not provided for	-	-	-	-	-

------------------------------------------------------------------------------------------------------------------------------

COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES

(RS. IN MILLIONS)

	PARTICULARS	2014-15	2015-16	2016-17	2017-18	2018-19
		Projected	Projected	Projected	Projected	Projected
A)	CURRENT ASSETS
1	Raw materials (Including stores and other items used in the process of manufacture)
a)	Imported	0.000	0.000	0.000	0.000	0.000
	Months' consumption	--	--	--	--	--
b)	Indigenous	0.000	0.000	0.000	0.000	0.000
	Months' consumption	--	--	--	--	--
2	Other consumable spares
a)	Imported	0.000	0.000	0.000	0.000	0.000
	Months' consumption	--	--	--	--	--
b)	Indigenous	0.000	0.000	0.000	0.000	0.000
	Months' consumption	--	--	--	--	--
3	Stocks-in-process	0.000	0.000	0.000	0.000	0.000
	Months' cost of production	--	--	--	--	--
4	Finished goods	0.860	0.986	1.180	1.413	1.693
	Months' cost of sales	0.51	0.50	0.50	0.50	0.50
5	Receivables other than export and deferred receivables (including bills purchased and discounted by bankers)	4.438	5.433	6.651	8.141	9.964
	Months' domestic sales	1.48	1.48	1.48	1.48	1.48
	Receivables for export	0.000	0.000	0.000	0.000	0.000
	Months' export sales	--	--	--	--	--
6	Receivable (Including bills purchased and discounted)	0.000	0.000	0.000	0.000	0.000
	Months' export sales	--	--	--	--	--
7	Advances to supplier of raw materials and stores/ spares, Cosnumables	0.000	0.000	0.000	0.000	0.000
8	Other current assets incl. cash and bank balance and deferred receivables due within 1 year	2.883	9.144	16.850	27.636	42.379
	(Specify major items)
9	Total Current Assets (To agree with item 34 in Annexure III )	8.181	15.563	24.681	37.190	54.036
B)	CURRENT LIABILITIES
	(Other than bank borrowing for WC)
10	Creditors for purchase of raw materials, stores and consumable spares	0.000	0.000	0.000	0.000	0.000
	Months' purchases	0.00	0.00	0.00	0.00	0.00
11	Advances from customers	0.000	0.000	0.000	0.000	0.000
	Statutory Liabilities	1.400	2.336	3.596	5.172	7.175
13	Other current liabilities - Short Term Borrowings, Unsecured Loans, Dividend Payable, Instalments of TL, DPG, Public Deposits, Debentures etc.)	0.235	0.273	0.334	0.412	0.511
14	Total Current Liabilities	1.635	2.609	3.930	5.584	7.686
	(To agree with Sub-total B in Annexure III )	1.635	2.609	3.930	5.584	7.686

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF MAXIMUM PERMISSIBLE

(RS. IN MILLIONS)

PARTICULARS	2014-15	2015-16	2016-17	2017-18	2018-19
	Projected	Projected	Projected	Projected	Projected
1. Total Current Assets	8.181	15.563	24.681	37.190	54.036
2. Other Current Liabilities
(Other than bank borrowing)	1.635	2.609	3.930	5.584	7.686
3. Working Capital Gap (WCG)	6.546	12.954	20.751	31.606	46.350
4. Min. stipulated net working Capital i.e. 25% of WCG/25% of total current assets as the case may be depending upon the method of lending being applied (Export receivables to be excluded under both methods)	1.637	3.239	5.188	7.902	11.588
5. Actual/Projected net working Capital (45 in Form III)	3.546	7.954	14.751	24.606	38.350
6. Item 3 minus Item 4	4.909	9.715	15.563	23.704	34.762
7. Item 3 minus item 5	3.000	5.000	6.000	7.000	8.000
8. Maximum permissible bank finance (Item 6 or 7 whichever is lower)	3.000	5.000	6.000	7.000	8.000
9. Excess borrowings representing Short fall in NWC (4 - 5)	--	--	--	--	--

------------------------------------------------------------------------------------------------------------------------------

PROJECTED FUNDS FLOW STATEMENT

(RS. IN MILLIONS)

Particulars	2014-15	2015-16	2016-17	2017-18	2018-19
	Projected	Projected	Projected	Projected	Projected
1. SOURCES
a. Net Profit (after tax)	2.719	4.536	6.981	10.039	13.928
b. Depreciation	0.380	0.380	0.380	0.380	0.380
c. Increase in capital/Share Appln. Money	-	-	-	-	-
d. Increase in Term Liabilities (Including Public Deposits)	4.112	-	-	-	-
e) Decrease in
i) Fixed Assets	-	-	-	-	-
ii) Other non-current assets	-	0.056	-	-	-
f) Others misc. exps. w/off	-	-	-	-	-
g) TOTAL	7.211	4.972	7.361	10.419	14.308
2. USES
a) Net Loss	-	-	-	-	-
b) Decrease in Term Liabilities inclu. public deposits
c) Increase in :
i) Fixed Assets	3.300	-	-	-	-
ii) Other non-current assets (Investible Surplus)	0.445	-	-	-	-
iii) Non tangible assets	-	-	-	-	-
d) Dividend Payment / Withdrawals	-	-	-	-	-
e) Other Payments	-	-	-	-	-
f) TOTAL	3.745	--	--	--	--
3. Long Term Surplus (+)/Deficit (-) (1-2)	3.466	4.972	7.361	10.419	14.308
4. Increase/decrease in Current assets
(as per details given below)	8.095	7.382	9.118	12.509	16.846
5. Increase/decrease in Current Liabilities other than Bank borrowings	1.629	0.974	1.321	1.654	2.102
6. Increase/decrease in working capital gap	6.466	6.408	7.797	10.855	14.744
7. Net Surplus (+)/deficit (-) (Difference of 3 & 6)	(3.000)	(1.436)	(0.436)	(0.436)	(0.436)
8. Increase/Decrease in Bank borrowings	3.000	2.000	1.000	1.000	1.000

------------------------------------------------------------------------------------------------------------------------------

CASH FLOW STATEMENT

(RS. IN MILLIONS)

Particulars	2014-15	2015-16	2016-17	2017-18	2018-19
	Projected	Projected	Projected	Projected	Projected
A. Source
Profit After Tax	2.719	4.536	6.981	10.039	13.928
Depreciation	0.380	0.380	0.380	0.380	0.380
Non-Operating Expenses (Prelim Exp)	0.055	0.056	-	-	-
Issue/ (Repayment) of Share Capital	-	-	-	-	-
Issue/ (Repayment) of Loans from Directors or Relatives	1.500	-	-	-	-
Issue/ (Repayment) of WCL	3.000	2.000	1.000	1.000	1.000
Issue/ (Repayment) of Loans	2.612	(0.564)	(0.564)	(0.564)	(0.564)
Increase/ (Decrease) in Current Liabilities	1.629	0.974	1.321	1.654	2.102
Increase/ (Decrease) in Provisions	1.400	0.936	1.260	1.576	2.003
Total	13.295	8.318	10.378	14.085	18.849
B. Application
Increase/ (Decrease) in Sundry Debtors	4.438	0.995	1.218	1.490	1.823
Increase/ (Decrease) in Loans and Advances	1.400	0.936	1.260	1.576	2.003
Increase/ (Decrease) in Inventories	0.860	0.126	0.194	0.233	0.280
Increase/ (Decrease) in Other Current Assets	0.500	-	-	-	-
Increase in Fixed Assets	3.300	-	-	-	-
Payment of Taxes	1.400	0.936	1.260	1.576	2.003
Total	11.898	2.993	3.932	4.875	6.109
C. Opening Balance of Cash and Cash Equivalent	0.086	1.483	6.808	13.254	22.464
D. Net Cash Flow during the year	1.397	5.325	6.446	9.210	12.740
Closing Balance	1.483	6.808	13.254	22.464	35.204

------------------------------------------------------------------------------------------------------------------------------

KEY FINANCIAL INDICATORS

(RS. IN MILLIONS)

Particulars	2014-15	2015-16	2016-2017	2017-18	2018-19
	Projected	Projected	Projected	Projected	Projected
Net Sales	36.000	44.070	53.946	66.031	80.819
(Exports Included in Net Sales Above)
PBDIT	4.889	7.902	11.737	16.501	22.523
PBDIT / Net Sales	13.58	17.93	21.76	24.99	27.87
PBT	4.119	6.872	10.577	15.211	21.103
PAT	2.719	4.536	6.981	10.039	13.928
Cash Accruals	3.099	4.916	7.361	10.419	14.308
PUC	5.052	5.052	5.052	5.052	5.052
TNW	3.312	7.848	14.829	24.868	38.796
Adj. TNW	3.312	7.848	14.829	24.868	38.796
TOL/TNW	2.45	1.38	0.86	0.60	0.45
TOL/ adj. TNW	2.67	1.43	0.88	0.61	0.45
(TOL - QE) / (TNW + QE)	2.67	1.43	0.88	0.61	0.45
NWC	3.546	7.954	14.751	24.606	38.350
Debt/Equity Ratio	1.55	0.86	0.49	0.31	0.21
Current Ratio	1.77	2.05	2.49	2.96	3.44
Holding Levels (No of Months):
Raw Materials	-	-	-	-	-
WIP	-	-	-	-	-
Finished Goods	0.51	0.50	0.50	0.50	0.50
Sundry Debtors	1.48	1.48	1.48	1.48	1.48
Trade Creditors	-	-	-	-	-
Debt Service Coverage Ratio:-
Net Operating Income/ Total Debt Services
Net Operating Income = (NPAT + Interest expenses+ Depreciation and Non cash items)	38.96	59.25	83.71	114.85	154.31
Total Debt Service = (Principal payment + Interest Payment + Lease Payment)	33.54	3.89	4.46	5.02	5.59
DSCR in Times	1.16	15.23	18.77	22.88	27.60
Interest Coverage Ratio:-
Profit before interest and taxes	49.16	78.81	115.87	162.77	222.26
Interest Expenses	7.42	9.53	10.10	10.66	11.23
Interest Coverage Ratio (in times)	6.63	8.27	11.47	15.27	19.79
Asset Coverage Ratio
((Total Assets – Intangible Assets) – (Current Liabilities – Short-term Debt))/Total Debt obligation	1.87	2.34	3.19	4.34	5.83
EBIDTA/Debt%	67.81%	91.39%	129.23%	173.37%	226.27%
PAT/Paidup Equity	75.28%	55.67%	46.14%	39.89%	35.63%
PAT/Total Assets	21.83%	23.38%	24.81%	24.93%	24.55%
ROCE (PBDIT/TA)	39.25%	40.73%	41.71%	40.98%	39.70%
PAT/Operating Profit	65.14%	65.47%	66.00%	66.00%	66.00%
Current Ratio excluding TL instalments due within 1 year	1.77	2.05	2.49	2.96	3.44
Total Inventory/Net sales %	2.39%	2.24%	2.19%	2.14%	2.09%
Receivables/Gross Sales %	12.33%	12.33%	12.33%	12.33%	12.33%
Sundry Creditors/RM consumption ( days)	-	-	-	-	-
RM/Adj sales (%)	0.00%	0.00%	0.00%	0.00%	0.00%
Power & Fuel/ Adj. sales (%)	0.00%	0.00%	0.00%	0.00%	0.00%
Other Mfg Expenses/ Adj. sales (%)	44.61%	41.33%	40.52%	39.73%	38.95%
Cost of Production/ Adj. sales (%)	58.16%	54.45%	53.24%	52.08%	50.96%
Cost of Sales/ Adj. sales (%)	55.77%	54.16%	52.88%	51.72%	50.62%
Net Sales/Total Tangible Assets (times)	2.89	2.27	1.92	1.64	1.42
PBT/ Total Tangible Assets (%)	33.07%	35.42%	37.59%	37.77%	37.20%
Bank finance/Current Assets (%)	36.67%	32.13%	24.31%	18.82%	14.80%

------------------------------------------------------------------------------------------------------------------------------

NETWORTH STATEMENT AS ON 31^ST MARCH, 2014

(MRS. LAXMI MANOHARLAL CHATURVEDI)

(RS. IN MILLIONS)

IMMOVABLE PROPERTIES

Situated at Village/ Town	Registered At	Market Value	Assessed Value	Remarks
Mumbai	1903/A, Shanti Kamal, Dr. B A Road, Opposite Voltas House, Chinchpokali East – 400012, Maharashtra, India	50.000	50.000	The Property is Jointly owned by Mr. Manish Manoharlal Chaturvedi and Mrs. Laxmi Manoharlal Chaturvedi
Mumbai	602, Indraprastha Complex, Pawan wing, Satya Nagar, Mumbai – 400092, Maharashtra, India	20.000	20.000	The Property is Jointly owned by Mr. Manoharlal Chaturvedi and Mrs. Laxmi Manoharlal Chaturvedi
Land and Property at Mathura	Laxmi Complex, Opposite Bank of Baroda Kotvali Road, Mathura, Uttar Pradesh, India	50.000	50.000	The Property is Jointly owned by Mr. Manoharlal Chaturvedi and Mrs. Laxmi Manoharlal Chaturvedi
TOTAL IMMOVABLE PROPERTIES (A)		120.000	120.000

Name of Company	No of Equity Shares	Market Price as at 31.03.2013	Face Value Rs. In Millions	Assessed Value Rs. In Millions	Market Value (Rs. In Millions)
Larsen and Toubro	20	0.002	0.001	0.035	0.035
Usher Agro Limited	15000	0.000	0.000	0.503	0.503
Jugantar Food Private Limited (Un-Listed)	20000	0.000	0.000	0.200	0.200
TOTAL (B)				0.738	0.738
TOTAL ASSETS (A+B)				120.738

------------------------------------------------------------------------------------------------------------------------------

NETWORTH STATEMENT AS ON 31^ST MARCH, 2014

(MR. MANISH MANOHARLAL CHATURVEDI)

(RS. IN MILLIONS)

IMMOVABLE PROPERTIES

Situated at Village/ Town	Registered At	Market Value	Assessed Value	Remarks
Mumbai	1903/A, Shanti Kamal, Dr. B A Road, Opposite Voltas House, Chinchpokali East – 400012, Maharashtra, India	50.000	50.000	The Property is Jointly owned by Mr. Manish Manoharlal Chaturvedi and Mrs. Laxmi Manoharlal Chaturvedi
TOTAL IMMOVABLE PROPERTIES (A)		50.000	50.000

Name of Company	No of Equity Shares	Market Price as at 31.03.2013	Face Value Rs. In Millions	Assessed Value Rs. In Millions	Market Value (Rs. In Millions)
Jugantar Food Private Limited (Un-Listed)	455200	0.000	--	4.552	4.552
TOTAL (B)				4.552	4.552
TOTAL ASSETS (A+B)				54.552

------------------------------------------------------------------------------------------------------------------------------

FINANCIAL RESULTS

During the period under reference, the company has incurred loss of Rs.0.082 Million

However the directors are taking various steps to explore various options available for growth of the company and to improve the financial condition of the company. Hence the Accounts are prepared on Going Concern Basis.

------------------------------------------------------------------------------------------------------------------------------

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.20
UK Pound	1	Rs.99.52
Euro	1	Rs.80.34

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUB
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		15

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.