MIRA INFORM REPORT

Report Date :

05.05.2014

IDENTIFICATION DETAILS

Name :	SKF BOILERS AND DRIERS PRIVATE LIMITED
Registered Office :	D. No 129, Bannadka belavi, Moodbidri, Mangalore – 574213, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.06.2003
Com. Reg. No.:	08-032118
Capital Investment / Paid-up Capital :	Rs.18.900 Millions
CIN No.: [Company Identification No.]	U29253KA2003PTC032118
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Boiler and Rice Mill Machinery.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 150000
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 very low, borrowings of the company also seems to be huge. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

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.2453.2 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 DENIED BY

Name :	Mr. Ramakrishna Achar
Designation :	Managing director
Contact No.:	91-8258-251291
Date :	02.05.2014

LOCATIONS

Registered Office :	D. No 129, Bannadkabelavi, Moodbidri, Mangalore – 574213, Karnataka, India
Tel. No.:	91-8258-251291 / 261292 / 261293
Fax No.:	91-8258-236517
E-Mail :	skfboilers@yahoo.com info@skfgroups.com marketing@skfgroups.com hr@skfgroups.com

DIRECTORS

As on 17.09.2013

Name :

Mr. Ramakrishna Achar

Designation :

Managing director

Address :

SKF Industries, 5-171/A (1) Swaraj Maida, Post Moodabidri - 574227, Karnataka, India

Date of Appointment :

19.06.2003

DIN No.:

00797929

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	U85110KA2000PTC026795	SKF PAR BOILED DRIERS PRIVATE LIMITED	Managing director	29/03/2000	29/03/2000	-	Active	NO
2	U29253KA2003PTC032118	SKF BOILERS AND DRIERS PRIVATE LIMITED	Managing director	19/06/2003	19/06/2003	-	Active	NO

Name :

Mr. Ramadas Prabhu

Designation :

Director

Address :

Ramprakash Nadigudde, Belvai, Mangalore - 574213, Karnataka, India

Date of Appointment :

27.08.2003

DIN No.:

00797976

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	U29253KA2003PTC032118	SKF BOILERS AND DRIERS PRIVATE LIMITED	Director	28/09/2011	27/08/2003	-	Active	NO
2	U85110KA2000PTC026795	SKF PAR BOILED DRIERS PRIVATE LIMITED	Director	27/08/2005	27/08/2005	-	Active	NO

Name :

Mr. Jitendra Kanunga

Designation :

Whole-time director

Address :

No 90 Kanakapura Road, Basavanagudi, Bangalore - 560004, Karnataka, India

Date of Appointment :

09.02.2011

DIN No.:

00877586

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	U27105KA1998PTC024082	KANUNGA EXTRUSION PRIVATE LIMITED	Director	01/07/2004	01/07/2004	-	Active	NO
2	U51109WB2007PTC119424	SHIVAM SUPPLIERS PRIVATE LIMITED	Director	24/07/2009	24/07/2009	-	Active	NO
3	U67120KA2011PTC056752	CATALYTIC INVESTMENT AND HOLDINGS PRIVATE LIMITED	Director	21/01/2011	21/01/2011	-	Active	NO
4	U29253KA2003PTC032118	SKF BOILERS AND DRIERS PRIVATE LIMITED	Whole-time director	09/02/2011	09/02/2011	-	Active	NO
5	U27109KA2011PTC058933	INTERNATIONAL TUBES INDIA PRIVATE LIMITED	Additional director	20/08/2013	20/08/2013	-	Active	NO

Name :

Mr. Pramod Kumar

Designation :

Whole-time director

Address :

Old No 74 New No 225, Thimmaiah Road, Bangalore - 560001, Karnataka, India

Date of Appointment :

09.02.2011

DIN No.:

03349179

MAJOR SHAREHOLDERS

As on 17.09.2013

Names of Shareholders	No. of Shares
G. Ramakrishna Achar	652500
SKF PAR Boiled Driers Private Limited	290000
Ramadas Prabhu	2500
Catalytic Investment and Holdings Private Limited	945000
Kanunga Extrusion Private Limited	10
Total	1890010

Equity Share Break up (Percentage of Total Equity)

As on 17.09.2013

Category	Percentage
Bodies corporate	65.34
Directors or relatives of Directors	34.66
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Boiler and Rice Mill Machinery.

GENERAL INFORMATION

Suppliers :

· Ananth Technodes

· Ann Dee Distributors, Chandigarh

· Arun Steels

· Azad Hardware

· A to Z Engineering and Maintenance Services (R.)

· Balaji Steel and Railings Furniture, Udupi

· Bavani Agencies

· Boc India Limited

· Cair Euromatic Automation

· Dev Alloys, Karwar

· Durga Steels, Bangalore

· Ganesh Industrial Supplies

· Geeta Steel and Engg. Company, Mumbai

· Gem Steel and Strips

· Gupta Electrical Industries

· Hansika Traders, Chikmagalur

· Hema Enterprises, Bangalore

· Hari Belts And Conveyors Private Limited

· Hindustan Trade Development Corporation, BLR

· Industrial Gears Company

· John Enterprises, Mumbai

· Jyothi Advertisers, Mangalore

· Karinja Industrial Suppliers

· Karnad Gases Private Limited, Mulki

Customers :

· Aruna Estate

· Alok Rice Mill

· Balaji Agro Industries

· Green Valley Estate

· Hindustan Industries

· Kumar Estate

· Prajitha Spices

· Pushpa Rice Mill

· Pushpa Giri Estate

· Sri Krishna Rice Mill

· Sita Maa Rice Mill

· Surya Industries

· Basant Khadya Udyog

No. of Employees :

Information denied by management

Bankers :

Canara Bank, Bunder Branch, Nellikai Road, Mangalore - 575001, Karnataka, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Canara Bank - Term Loan – 2549 (Hypothecation of plant and machineries, EMT of 2.97 acres land (Rs No.169/3) and EMT of factory and office building (Rs No.169/3-P)).	1.746	3.357
Canara Bank - Term Loan – 2558 (Hypothecation of Plant and Machineries and Factory Building)	10.946	15.210
Canara Bank Term Loan – 2563 (Hypothecation of Plant and Machinery)	0.855	1.222
Canara Bank Term Loan – 2578 (Hypothecation of Plant and Machinery and Factory Building)	9.548	12.052
Short Term Borrowings
Loans repayable on demand from banks
Canara Bank OCC A/C No. 0610261000618	54.859	52.186
Packing Credit Limit with Canara Bank	12.153	0.000
Total	90.107	84.027

Banking Relations :	--
Auditors :
Name :	S.S. Nayak Chartered Accountant
Address :	1^st Floor, Ibrose Commercial Complex, M.G. Road, Mangalore - 575003, Karnataka, India
Tel. No.:	91-0824-2496196 / 2496296 / 2496396 / 2496496
Mobile No.:	91-9845321005
Fax No.:	91-824-4272767
E-Mail :	ssnayak2002@sify.com
PAN No.:	ABEPN2208A

CAPITAL STRUCTURE

As on 17.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1890010	Equity Shares	Rs.10/- each	Rs.18.900 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	18.900	18.900	18.900
(b) Reserves & Surplus	18.490	20.440	20.364
(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)	37.390	39.340	39.264
(3) Non-Current Liabilities
(a) long-term borrowings	55.880	63.924	68.521
(b) Deferred tax liabilities (Net)	1.703	1.946	2.237
(c) Other long term liabilities	0.000	0.215	0.948
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	57.583	66.085	71.706
(4) Current Liabilities
(a) Short term borrowings	67.012	52.186	77.726
(b) Trade payables	68.206	66.045	71.223
(c) Other current liabilities	38.563	36.964	39.626
(d) Short-term provisions	0.460	0.344	0.647
Total Current Liabilities (4)	174.241	155.539	189.222
TOTAL	269.214	260.964	300.192
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	47.539	53.725	61.033
(ii) Intangible Assets	0.101	0.168	0.281
(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	0.000	0.000	0.000
Total Non-Current Assets	47.640	53.893	61.314
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	187.036	183.915	210.783
(c) Trade receivables	16.361	9.216	6.699
(d) Cash and cash equivalents	1.553	1.973	6.782
(e) Short-term loans and advances	15.752	11.263	13.879
(f) Other current assets	0.872	0.704	0.735
Total Current Assets	221.574	207.071	238.878
TOTAL	269.214	260.964	300.192

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		290.752	272.082	351.612
		Other Income		8.331	3.134	12.392
		TOTAL (A)		299.083	275.216	364.004
Less	EXPENSES
		TOTAL (B)		279.825	252.423	338.841
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			19.258	22.793	25.163
Less	FINANCIAL EXPENSES (D)			12.660	15.183	15.051
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			6.598	7.610	10.112
Less	DEPRECIATION/ AMORTISATION (F)			6.349	7.415	8.754
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			0.249	0.195	1.358
Less	TAX (H)			0.097	0.154	0.584
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			0.152	0.041	0.774
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			20.440	20.364	19.380
Add	Adjustment for depreciation for subsidy adjusted against cost of assets			0.000	0.035	0.210
Less	INCOME TAX PAID FOR EARLIER YEAR			2.102	0.000	0.000
	BALANCE CARRIED TO THE B/S			18.490	20.440	20.364
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	46.236	53.991	59.638
	TOTAL EARNINGS			46.236	53.991	59.638
	Earnings Per Share (Rs.)			0.08	0.02	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.05	0.01	0.21
Net Profit Margin (PBT/Sales)	(%)	0.09	0.07	0.39
Return on Total Assets (PBT/Total Assets}	(%)	0.09	0.07	0.45
Return on Investment (ROI) (PBT/Networth)		0.01	0.00	0.03
Debt Equity Ratio (Total Debt /Networth)		3.29	2.95	3.72
Current Ratio (Current Asset/Current Liability)		1.27	1.33	1.26

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	18.900	18.900	18.900
Reserves & Surplus	20.364	20.440	18.490
Net worth	39.264	39.340	37.390
long-term borrowings	68.521	63.924	55.880
Short term borrowings	77.726	52.186	67.012
Total borrowings	146.247	116.110	122.892
Debt/Equity ratio	3.725	2.951	3.287

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	351.612	272.082	290.752
		(22.619)	6.862

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	351.612	272.082	290.752
Profit	0.774	0.041	0.152
	0.22%	0.02%	0.05%

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	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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	No
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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Kanunga Extrusion Private Limited	25.000	25.000
S.K.F. Par Boiled Driers Private Limited	2.083	2.083
G. Ramkrishna Achar	5.702	5.000
Total	32.785	32.083

FINANCIAL RESULTS / HIGHLIGHTS:

For the year ended 31^st March 2013 the turnover achieved was Rs.297.912 Millions compared to the previous year turnover of Rs.278.325 Millions. There is an increase in sales turnover on account of new sales orders. The company has continued with its cost control measures. The company’s profit has also increased during the year.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10100754	02/07/2012 *	152,104,000.00	CANARA BANK	Bunder Branch, Nellikai Road, Mangalore, Karnataka - 575001, India	B44318731

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.60.22
UK Pound	1	Rs.101.68
Euro	1	Rs.83.46

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	DIV
Report Prepared by :	VNT

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	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.