MIRA INFORM REPORT

Report Date :

15.03.2014

IDENTIFICATION DETAILS

Name :	GURU RAJENDRA METALLOYS INDIA PRIVATE LIMITED [w.e.f. 06.12.2012]
Formerly Known As :	GURU RAJENDRA METALS PRIVATE LIMITED
Registered Office :	101, G.R. House, 8, Gautam Vihar Society, Opposite Sukhsagar Complex, Ashram Road, Usmanpura, Ahmedabad-380013, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.11.2004
Com. Reg. No.:	04-045063
Capital Investment / Paid-up Capital :	Rs. 6.579 Millions
CIN No.: [Company Identification No.]	U27100GJ2004PTC045063
TAN No.: [Tax Deduction & Collection Account No.]	AHMG02710B
PAN No.: [Permanent Account No.]	AACCG2504N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Aluminium Products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 220000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profit margin of the company is low. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments.

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 DENIED

Name :	Mr. Shailesh Jain
Designation :	Accounts Department
Contact No.:	91-79-27653469 / 27561640
Date :	13.03.2014

LOCATIONS

Registered Office :	101, G.R. House, 8, Gautam Vihar Society, Opposite Sukhsagar Complex, Ashram Road, Usmanpura, Ahmedabad-380013, Gujarat, India
Tel. No.:	91-79-27653469/ 27561640/ 40801222
Fax No.:	91-79-27561640/ 40801201
E-Mail :	jayant@grmetal.in cmchead.ahmedabad@axisbank.com sales@grmetal.in
Website :	http://www.grmetal.in
Area :	2500 Sq. ft. (Approximately)
Location :	Owned
Factory :	613/1, Behind Nirma Chemicals, G.S.F.C., Chhatral, Taluka Kalol, District Gandhi Nagar, Gujarat, India

DIRECTORS

As on: 30.09.2013

Name :

Mr. Babulal Dhanraj Jain

Designation :

Director

Address :

684, Nanibrahmpuri Pole, Khadia Charrasta, Ahmadabad – 380 001, Gujarat, India

Date of Birth/Age :

16.02.1955

Date of Appointment :

30.11.2004

DIN No :

01618777

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29190GJ1996PTC031086	G.R. ALLOYS PRIVATE LIMITED	Director	07-11-96	07-11-96	Active	NO
2	U27100GJ2004PTC045063	GURU RAJENDRA METALS PRIVATE LIMITED	Director	30-11-04	30-11-04	Active	NO

Name :

Mr. Jayant Babulal Jain

Designation :

Director

Address :

684, Nanibrahmpuri Pole, Khadia Charrasta, Ahmadabad – 380 001, Gujarat, India

Date of Birth/Age :

21.07.1978

Date of Appointment :

30.11.2004

PAN No.:

ACJPJ6471H

DIN No :

00914338

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29190GJ1996PTC031086	G.R. ALLOYS PRIVATE LIMITED	Director	07-11-96	07-11-96	-	Active	NO
2	U27100GJ2004PTC045063	GURU RAJENDRA METALS PRIVATE LIMITED	Director	30-11-04	30-11-04	-	Active	NO
3	U24231GJ1993PTC020043	NEEL DISTRIBUTORS PRIVATE LIMITED	Director	21-05-05	21-05-05	01-06-09	Active	NO
4	U36991GJ2007PTC052187	TODAY'S PAPER PRODUCTS PRIVATE LIMITED	Director	20-11-07	20-11-07	-	Active	NO
5	U27109GJ2007PTC052209	SINCROWELLS STEEL PRIVATE LIMITED	Director	22-11-07	22-11-07	-	Active	NO

Name :

Mr. Shailash Kumar Babulal Jain

Designation :

Director

Address :

684, Nanibrahmpuri Pole, Khadia Charrasta, Ahmadabad – 380 001, Gujarat, India

Date of Birth/Age :

20.05.1986

Date of Appointment :

15.06.2007

PAN No.:

AFRPJ8223L

DIN No :

00914467

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27100GJ2004PTC045063	GURU RAJENDRA METALS PRIVATE LIMITED	Director	15-06-07	15-06-07	Active	NO
2	U36991GJ2007PTC052187	TODAY'S PAPER PRODUCTS PRIVATE LIMITED	Director	20-11-07	20-11-07	Active	NO
3	U27109GJ2007PTC052209	SINCROWELLS STEEL PRIVATE LIMITED	Director	22-11-07	22-11-07	Active	NO

KEY EXECUTIVES

Name :	Mr. Shailesh Jain
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Babulal Dhanraj Jain	217600
Jayant Babulal Jain	112500
Sushilaben Babulal Jain	126800
Meghna Mehta	33000
Kaushik J. Dalal	50000
Manisha B. Jain	20000
Mamta B. Jain	41000
Sweety B Jain	15000
Mandakini Jain	20000
Shailesh Jain	22000
TOTAL	657900

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	5.02
Directors or relatives of directors	94.98
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Aluminium Products.

Products :

Aluminium Products

v Ingots

v Notch Bar/ Stick

v Cubes/ Granulates

v Shots

v Wire Rod

Brass Products

v Hardware and Valve Parts

v Sanitations and Valve Parts

v Lock and Gas Parts

v Pen and ball Pen Parts

v Electronics Parts

ITC Code	Products or Services
99886010	Basic iron and steel
99886020	Basic precious and other non-ferrous metal

PRODUCTION STATUS [AS ON 31.03.2012]

Particulars	Unit	Actual Production
Aluminium Ingots	Kgs.	2245609

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

• Axis Bank Limited, Trishul 3rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India
• Canara Bank, Near Police Station, Navrangpura, Ahmedabad - 380009, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Short term borrowings
Rupee term loans from banks	200.685	94.830
Total	200.685	94.830

Banking Relations :	--
Auditors :
Name :	J.R. Purohit and Company Chartered Accountants
Address :	168, 2^nd Floor, New Cloth Market, Ahmadabad – 380 002, Gujarat, India
PAN No.:	AADFJ1967F
Other Related Parties :	G.R. Alloys Private Limited Today’s Strategic Marketing Company

CAPITAL STRUCTURE

As on: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
657900	Equity Shares	Rs.10/- each	Rs. 6.579 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	6.579	6.579	4.579
(b) Reserves & Surplus	43.421	34.360	19.716
(c) Money received against share warrants	0.000	0.000	2.300
(2) Share Application money pending allotment	5.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	55.000	40.939	26.595
(3) Non-Current Liabilities
(a) long-term borrowings	31.935	34.059	18.567
(b) Deferred tax liabilities (Net)	3.242	2.551	2.124
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.800	1.500	1.000
Total Non-current Liabilities (3)	36.977	38.110	21.691
(4) Current Liabilities
(a) Short term borrowings	201.066	109.359	55.295
(b) Trade payables	0.000	0.000	26.749
(c) Other current liabilities	(17.521)	(10.185)	2.326
(d) Short-term provisions	1.366	0.060	0.959
Total Current Liabilities (4)	184.911	99.234	85.329
TOTAL	276.888	178.283	133.615
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	32.438	26.255	20.860
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.311	0.250	0.235
(e) Other Non-current assets	0.000	2.608	1.072
Total Non-Current Assets	32.749	29.113	22.167
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	40.900	19.709	14.948
(c) Trade receivables	184.138	118.718	79.718
(d) Cash and cash equivalents	6.126	3.638	0.317
(e) Short-term loans and advances	2.238	4.272	18.465
(f) Other current assets	10.737	2.833	0.000
Total Current Assets	244.139	149.170	113.448
TOTAL	276.888	178.283	135.615

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income		659.379	482.861
	Other Income		3.876	2.802
	TOTAL (A)	1,002.131	663.255	485.663
Less	EXPENSES
	Cost of Materials Consumed		577.335	421.439
	Purchases of Stock-in-Trade		0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		(3.249)	5.899
	Employees benefits expense		19.878	12.221
	Other expenses		43.618	28.106
	TOTAL (B)	987.138	637.582	467.665
		Including
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	Finance Expenses	25.673	17.998
Less	FINANCIAL EXPENSES (D)		17.485	10.927
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	14.993	8.188	7.071
Less/ Add	DEPRECIATION/ AMORTISATION (F)	1.313	1.045	0.816
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	13.680	7.143	6.255
Less	TAX (I)	4.619	2.499	3.618
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	9.061	4.644	2.637
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	0.000	4.757	NA
	TOTAL EARNINGS	0.000	4.757	NA
	Earnings / (Loss) Per Share (Rs.)	13.77	7.06	5.76

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.90	0.70	0.54
Net Profit Margin (PBT/Sales)	(%)	0.00	1.08	1.30
Return on Total Assets (PBT/Total Assets}	(%)	4.95	4.01	4.68
Return on Investment (ROI) (PBT/Networth)		0.25	0.17	0.24
Debt Equity Ratio (Total Debt/Networth)		4.23	3.50	2.78
Current Ratio (Current Asset/Current Liability)		1.32	1.50	1.33

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	4.579	6.579	6.579
Reserves & Surplus	0.000	0.000	0.000
Money received against share warrants	2.300	0.000	0.000
Share Application money pending allotment	0.000	0.000	5.000
Net worth	6.879	6.579	11.579
long-term borrowings	18.567	34.059	31.935
Short term borrowings	55.295	109.359	201.066
Total borrowings	73.862	143.418	233.001
Debt/Equity ratio	10.737	21.799	20.123

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)
Total Income	485.663	663.255	1,002.131
		36.567	51.093

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	485.663	663.255	1,002.131
Profit	2.637	4.644	9.061
	0.54%	0.70%	0.90%

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

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Long term borrowings
Term loans from banks	3.413	5.515
Term loans from others	1.837	3.172
Loans and advances from related parties	26.685	24.372
Other loans and advances	0.000	1.000
Short term borrowings
Term loans from others	0.381	14.529
Total	32.316	48.588

REVIEW OF BUSINESS:

The Directors feel pleasure to report increase in the turnover and registering profit after tax of Rs. 9.061 millions which was made possible through inserting capital equipment last year and better production planning. Directors are exploring various other opportunities to further improve the working results during the current year.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10454452	30/09/2013	20,000,000.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G  ARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA	B87284790
2	10418646	08/03/2013 *	200,000,000.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G  ARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA	B72958895

* Date of charge modification

FIXED ASSETS:

v Factory Land

v M S. Scrap Tank

v Hand Cart

v Bag Sewing Machine

v Furnace (Fire, Coal, Rotary)

v Telephone / Fax / EPABX

v Shredder

v Weigh Bridge

v Crane

v Cutter Machine

v Metering Skid

v Metal Detector

v Gas Connection

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] 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. 61.51
UK Pound	1	Rs. 102.21
Euro	1	Rs. 85.22

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.