MIRA INFORM REPORT

Report Date :

08.05.2014

IDENTIFICATION DETAILS

Name :	WATECH RO SYSTEM (INDIA) PRIVATE LIMITED
Registered Office :	Rajendra Nagar Nagin Desai Ni Chawl, Bardoli Surat,-394601,Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.04.2006
Com. Reg. No.:	04-048170
Capital Investment / Paid-up Capital :	Rs. 3.500 Millions
CIN No.: [Company Identification No.]	U15543GJ2006PTC048170
TAN No.: [Tax Deduction & Collection Account No.]	BRDQ00127B
PAN No.: [Permanent Account No.]	AAACW6362L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Water Purifier
No. of Employees :	70 (Approximately)

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 92000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is established company having moderate track record. Profitability of the company seems to be low during 2013. However, trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing 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 – 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 :	Ms. Deepti
Designation :	Marketing Manager
Contact No.:	91-2622-222399
Date :	12.04.2014

LOCATIONS

Registered Office :	Rajendra Nagar Nagin Desai Ni Chawl, Bardoli Surat,-394601,Gujarat, India
Tel.No:	Not available
	Not available
E-Mail :	info@watechro.com
Website :	http://www.watechro.com
Location:	Owned
Factory 1:	NH No.6, Bardoli, Surat Road, Opp. Fishnet Plant, GIDC, Surat-394601, Gujarat, India.
Tel. No.:	91-2622-222399
Fax No.:	91-2622-222799
Factory 2 :	Block No.536, Santej Road, At Rakanpur, Gandhi Nagar - 382721, Gujarat, India
Tel. No.:	91-2764-286060
Fax No.:	91-2676-286080
E-Mail :	info@watechro.com
Location :	Owned
Factory 3:	12 to 17, Harvilla Complex, Near Vishakarma Temple, Gota Road, Chandlodia, Ahmedabad, Gujarat, India
Sales Office :	Located at · Gujarat · Rajasthan · Madhya Pradesh · Delhi · Haryana · Tamil Nadu · Andhra Pradesh

DIRECTORS

As on:30.09.2013

Name :

Mr. Om Prakash Shah

Designation :

Managing Director

Address :

Rajender Nagar, Nagin Desai NI Chawl, Bardoli Surat – 394602, Gujarat, India

Date of Birth/Age :

27.05.1963

Date of Appointment :

21.04.2006

DIN No.:

02476793

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	U15543GJ2006PTC048169	WATECH ENTERPRISE (INDIAI) PRIVATE LIMITED	Director	21-04-06	21-04-06	-	Active	NO
2	U15543GJ2006PTC048168	WATECH ENERGY SOLUTION PRIVATE LIMITED	Director	21-04-06	21-04-06	-	Active	NO
3	U15543GJ2006PTC048170	WATECH R O SYSTEM (I) PRIVATE LIMITED	Director	21-04-06	21-04-06	-	Active	NO

Name :

Mr. Jiteshkumar Kantilal Shah

Designation :

Director

Address :

Arya Niwas, Station Road, At. Po. Anaval, Taluka Mahua, Surat-396510, Gujarat, India

Date of Birth/Age :

08.11.1967

Date of Appointment :

21.04.2006

DIN No.:

02865259

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	U15543GJ2006PTC048169	WATECH ENTERPRISE (INDIAI) PRIVATE LIMITED	Director	21-04-06	21-04-06	-	Active	NO
2	U15543GJ2006PTC048168	WATECH ENERGY SOLUTION PRIVATE LIMITED	Director	21-04-06	21-04-06	-	Active	NO
3	U15543GJ2006PTC048170	WATECH R O SYSTEM (I) PRIVATE LIMITED	Director	21-04-06	21-04-06	-	Active	NO
4	U33110DL2010PTC200369	VARADA SURGITECH INDIA PRIVATE LIMITED	Director	18-03-10	18-03-10	-	Active	NO
5	U72200GJ2008PTC055266	PETKNOLINC INFONET PRIVATE LIMITED	Director	30-09-10	25-05-10	-	Active	NO
6	U64204GJ2012PTC069157	VANJUL INFOTECH (INDIA) PRIVATE LIMITED	Director	24-02-12	24-02-12	-	Active	NO

Name :

Mrs. Roopaben Shah

Designation :

Director

Address :

Arya Niwas, Station Road, At. Po. Anaval, Taluka Mahua, Surat-396510, Gujarat, India

Date of Birth/Age :

01.01.1972

Date of Appointment :

21.04.2006

DIN No.:

02865287

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	U15543GJ2006PTC048169	WATECH ENTERPRISE (INDIAI) PRIVATE LIMITED	Director	21-04-06	21-04-06	-	Active	NO
2	U15543GJ2006PTC048168	WATECH ENERGY SOLUTION PRIVATE LIMITED	Director	21-04-06	21-04-06	-	Active	NO
3	U15543GJ2006PTC048170	WATECH R O SYSTEM (I) PRIVATE LIMITED	Director	21-04-06	21-04-06	-	Active	NO

Name :

Mrs. Premlata Omprakash Shah

Designation :

Director

Address :

Rajender Nagar, Nagin Desai NI Chawl, Bardoli Surat – 394601, Gujarat, India

Date of Birth/Age :

13.03.1966

Date of Appointment :

21.04.2006

DIN No.:

02867451

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	U15543GJ2006PTC048169	WATECH ENTERPRISE (INDIAI) PRIVATE LIMITED	Director	21-04-06	21-04-06	-	Active	NO
2	U15543GJ2006PTC048168	WATECH ENERGY SOLUTION PRIVATE LIMITED	Director	21-04-06	21-04-06	-	Active	NO
3	U15543GJ2006PTC048170	WATECH R O SYSTEM (I) PRIVATE LIMITED	Director	21-04-06	21-04-06	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Deepti
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on:30.09.2013

Names of Shareholders	No. of Shares
Om Prakash Shah	122500
Jiteshkumar Kantilal Shah	132500
Roopaben Shah	7500
Premlata Omprakash Shah	87500
Total	350000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Water Purifier
Products :	Industrial RO System Domestic RO System Commercial RO System Commercial components Domestic Components
Exports :
Products :	Finished Goods
Countries :	Germany USA Iraq Dubai
Imports :
Products :	Raw Material
Countries :	USA Taiwan
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

70 (Approximately)

Bankers :

· Bank of India, Sardar Baug, Station Road, BArdoli-394601, Gujarat, India

· HDFC Bank Limited HDFC Bank Housesenapati Bapat Marg, Lower Parel(west), Mumbai-400013, Maharashtra, India

· Punjab National Bank, Bardoli Branch, Bardoli, Surat-394601, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
SHORT TERM BORROWINGS
Punjab National Bank CC	45.541	33.453
Total	45.541	33.453
Note: Working capital are secured by bypothecation of present and future stock of Raw materials, Stock in process, Finished goods, Stores and Spares, Book debts.

Banking Relations :	---
Auditors :
Name :	Naigam H Sha and Associates Chartered Accountants
Address :	404, Himadri Complex, Ashram Road, Ahmedabad-380009, Gujarat, India
PAN no:	AWUPS9592F

CAPITAL STRUCTURE

As on:30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
450,000	Equity Shares	Rs.10/- each	Rs.4.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
350,000	Equity Shares	Rs.10/- each	Rs.3.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital
(b) Reserves & Surplus	3.500	3.500
(c) Money received against share warrants	10.634	8.901
	0.000	0.000
(2) Share Application money pending allotment
Total Shareholders’ Funds (1) + (2)	9.000	9.000
	23.134	21.401
(3) Non-Current Liabilities
(a) long-term borrowings
(b) Deferred tax liabilities (Net)	27.779	29.061
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
	27.779	29.061
(4) Current Liabilities
(a) Short term borrowings
(b) Trade payables	45.541	33.810
(c) Other current liabilities	62.538	24.256
(d) Short-term provisions	7.280	8.607
Total Current Liabilities (4)	3.420	3.096
	118.779	69.769
TOTAL
	169.692	120.231
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets
(ii) Intangible Assets	8.806	9.587
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.043	0.030
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	0.000	0.000
	8.849	9.617
(2) Current assets
(a) Current investments
(b) Inventories	0.000	0.000
(c) Trade receivables	35.783	24.883
(d) Cash and cash equivalents	113.901	71.086
(e) Short-term loans and advances	0.377	1.076
(f) Other current assets	10.782	13.569
Total Current Assets	0.000	0.000
	160.843	110.614
TOTAL	169.692	120.231

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		3.500
2] Share Application Money		0.000
3] Reserves & Surplus		7.173
4] (Accumulated Losses)		-
NETWORTH		10.673
LOAN FUNDS
1] Secured Loans		33.917
2] Unsecured Loans		18.623
TOTAL BORROWING		52.540
DEFERRED TAX LIABILITIES		0.000
TOTAL		63.213
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.364
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	31.355
	Sundry Debtors	35.154
	Cash & Bank Balances	0.764
	Other Current Assets	0.000
	Loans & Advances	5.483
Total Current Assets		72.756
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	18.941
	Provisions	0.000
Total Current Liabilities		18.941
Net Current Assets		53.815
MISCELLANEOUS EXPENSES		0.034
TOTAL		63.213

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	299.821	200.389
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	295.757	196.213
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		4.064	4.176
Less/ Add	DEPRECIATION/ AMORTISATION		1.354	1.518
	PROFIT BEFORE TAX		2.710	2.658
Less	TAX		0.977	0.930
	PROFIT AFTER TAX		1.733	1.728
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.901	7.173
	BALANCE CARRIED TO THE B/S		10.634	8.901
	Earnings Per Share (Rs.)		3.85	4.94

PARTICULARS		31.03.2013	31.03.2012
PAT / Total Income	(%)	0.58	0.86
Net Profit Margin (PBT/Sales)	(%)	0.90	1.33
Return on Total Assets (PBT/Total Assets}	(%)	1.60	2.21
Return on Investment (ROI) (PBT/Networth)		0.12	0.12
Debt Equity Ratio (Total Debt /Networth)		3.17	2.94
Current Ratio (Current Asset/Current Liability)		1.35	1.59

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	3.500	3.500
Reserves & Surplus	8.901	10.634
Net worth	12.401	14.134
long-term borrowings	29.061	27.779
Short term borrowings	33.810	45.541
Total borrowings	62.871	73.320
Debt/Equity ratio	5.070	5.187

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	200.389	299.821
	#DIV/0!	49.619

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	200.389	299.821
Profit	1.728	1.733
	0.86%	0.58%

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)	Yes
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

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

UNSECURED LOAN (Rs.in Million)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Term Loan From Loan	27.779	0.943
Other Loans and Advances	-	28.118
SHORT TERM BORROWINGS
Term loan from Bank	-	0.357
Total	27.779	29.418

FIXED ASSETS

Ø Computer and Printer

Ø Furniture and Fixture

Ø Equipment

Ø Plant and Machinery

Ø Gold Coin Purchase

Ø Cars and Vehicle

Ø Land and Building

Ø 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.60.03
UK Pound	1	Rs.101.96
Euro	1	Rs.83.58

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	RSH
Report Prepared by :	SBN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
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	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	Yes
--LITIGATION	YES/NO	No
--OTHER ADVERSE INFORMATION	YES/NO	No
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	No
--EXPORT ACTIVITIES	YES/NO	Yes
--AFFILIATION	YES/NO	No
--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.