MIRA INFORM REPORT

Report Date :

10.11.2014

IDENTIFICATION DETAILS

Name :	DUSAD TRANSFORMERS AND SWITCHGEARS PRIVATE LIMITED
Registered Office :	H-29, Tulsi Marg, Bani Park, Jaipur – 302016, Rajasthan
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.01.1996
Com. Reg. No.:	17-011496
Capital Investment / Paid-up Capital :	Rs.1.400 Millions
CIN No.: [Company Identification No.]	U31102RJ1996PTC011496
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
IEC No.:	AAACD6406AXM0
PAN No.: [Permanent Account No.]	AAACD6406A
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the manufacturing and repairing of transformers.
No. of Employees :	18 (Approximately)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. External borrowings of the company seems to be huge during 2014. However, trade relations are fair. Business is active. Payment terms are 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had illfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Not Available

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Tara Prakash Maharwal
Designation :	Director
Contact No.:	91-9829020118
Date :	10.11.2014

LOCATIONS

Registered Office :	H-29, Tulsi Marg, Bani Park, Jaipur – 302016, Rajasthan, India
Tel. No.:	91-22-2932-281145
Mobile No.:	91-9829020118 (Mr. Tara Prakash Maharwal)
Fax No.:	91-22-2932-281145
E-Mail :	tpmaharwal@yahoo.com dts@pali@gmail.com msanghiassociates@gmail.com
Area :	800 sq. ft.
Location :	Owned
Factory :	E-63/F-1, RIICO Industrial Area, IInd Phase, Pali-Marwar, Rajasthan, India
Area :	14820 sq. ft.
Location :	Owned

DIRECTORS

AS ON 28.09.2013

Name :

Mr. Santosh Dusad

Designation :

Director

Address :

H-29, Dusad Bhawan, Tulsi Marg, Banipark, Jaipur – 302016, Rajasthan, India

Date of Birth/Age :

13.09.1971

Qualification :

B. A.

Experience :

18 Year

Date of Appointment :

30.01.1996

DIN No.:

00810121

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	U31102RJ1996PTC011496	DUSAD TRANSFORMERS AND SWITCHGEARS PVT LTD	Director	30/01/1996	30/01/1996	-	Active	NO
2	U31909RJ2010PTC033361	DUSAD ELECTRICALS PRIVATE LIMITED	Director	22/11/2010	22/11/2010	-	Active	NO

Name :

Mr. Sanjay Dusad

Designation :

Director

Address :

H-29, Dusad Bhawan, Tulsi Marg, Banipark, Jaipur – 302016, Rajasthan, India

Date of Birth/Age :

29.09.1970

Qualification :

B. E.

Experience :

18 Year

Date of Appointment :

30.01.1996

DIN No.:

00810127

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	U31102RJ1996PTC011496	DUSAD TRANSFORMERS AND SWITCHGEARS PVT LTD	Director	30/01/1996	30/01/1996	-	Active	NO
2	U31909RJ2010PTC033361	DUSAD ELECTRICALS PRIVATE LIMITED	Director	22/11/2010	22/11/2010	-	Active	NO

Name :

Mrs. Savitri Dusad

Designation :

Director

Address :

H-29, Dusad Bhawan, Tulsi Marg, Banipark, Jaipur – 302016, Rajasthan, India

Date of Birth/Age :

02.05.1952

Qualification :

B. A.

Experience :

25 Year

Date of Appointment :

30.01.1996

DIN No.:

00810135

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	U31102RJ1996PTC011496	DUSAD TRANSFORMERS AND SWITCHGEARS PVT LTD	Director	30/01/1996	30/01/1996	-	Active	NO
2	U31909RJ2010PTC033361	DUSAD ELECTRICALS PRIVATE LIMITED	Director	22/11/2010	22/11/2010	-	Active	NO

Name :

Mr. Tara Prakash Meharwal

Designation :

Director

Address :

2B/13, 14, New Housing Board, Pali – 306401, Rajasthan, India

Date of Birth/Age :

17.08.1967

Qualification :

M. Com.

Experience :

20 Year

Date of Appointment :

23.06.2003

DIN No.:

01221933

Name :

Mrs. Sunita Khandelwal

Designation :

Director

Address :

2B/13, 14, New Housing Board, Pali – 306401, Rajasthan, India

Date of Birth/Age :

07.02.1972

Qualification :

MBA

Experience :

18 Year

Date of Appointment :

30.01.1996

DIN No.:

01221951

MAJOR SHAREHOLDERS

AS ON 28.09.2013

Names of Shareholders	No. of Shares	% of Holding
Shri Narayan Dusad	26700	19.07
Sanjay Dusad	47000	33.57
Savitri Dusad	20300	14.50
Santosh Dusad	19000	13.57
Sunita Khandelwal	7000	5.00
Tara Prakash Meharwal	20000	14.29
Total	140000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 28.09.2013

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the manufacturing and repairing of transformers.
Products :	Transformers
Brand Names :	Dusad
Agencies Held :	--
Exports :	--
Imports :	--
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2014)

Particulars	Installed Capacity	Actual Production
Transformers	4000 Per Annum	1800 Per Annum

GENERAL INFORMATION

Suppliers :

Name of Firms	Contact Person	Contact No.
Apar Industries Limited, Delhi	Shri S.K. Jain	91-9999000353
Columbia Petro Chem Private Limited, Mumbai	Mr. Jalandhar Singh	91-9414134938
Katyani Products Private Limited, Jaipur	Mr. Rahul Ji	91-9414074508
Radha Krishna Lamination Jaipur	Mr. Sanwal Ram	91-9925736586
Goyal Engineers, Jaipur	Mr. Aman Ji	91-9929136787
Shera Energy Private Limited, Jaipur	Mr. Piyush Ji	91-9314434116
Friends Enterprises, Jaipur	Mr. Ashish Ji	91-9414041651

Reference :	A.K. Industries, Jaipur
Name of the Person :	Mr. Anant Ji
Contact No.:	91-9414060222
Since How Long Known :	12 Year
Experience :	Very Good
Maximum Limit Dealt :	Rs.10.000 Millions

Customers :

Name of Firms	Contact Person	Contact No.
Jodhpur Vidyut Vitran Nigam Limited	Shri Ashok Ji Purohit	91-9414912982
Ajmer Vidyut Vitran Nigam Limited	Shri D.N. Dadhich	91-9414094906
Jyoti Structure Limited, Mumbai	Shri Sunil Ji Jain	91-9930831712

Reference :	Jaipur Vidyut Vitran Nigam Limited
Name of the Person :	Shri P.C. Jain
Contact No.:	91-9414643062
Since How Long Known :	15 Year
Experience :	Very Good
Maximum Limit Dealt :	Rs.20.000 Millions

No. of Employees :

18 (Approximately)

Bankers :

Banker Name :	Oriental Bank of Commerce
Branch Address :	Near Old Bus Stand, Pali – 306401, Rajasthan, India
Person Name :	Mr. Deven Mishra [Manager]
Contact No.:	91-2932-250211 / 220838
Report :	Mr. Deven is informed that the company is very good in payment term.

Facilities :

--

Banking Relations :	--
Auditors :
Name :	Khandelwal Sharma and Company Chartered Accountants
Address :	S-2, IInd Floor, Annapurna Chambers, Opposite Railway Station Post Office, Jaipur – 302006, Rajasthan, India
Tel. No.:	91-141-2371090 / 4031090
PAN No.:	AAGFK2346D
Membership :	--
Sister Concern :	--

CAPITAL STRUCTURE

AS ON 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs.1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
140000	Equity Shares	Rs.10/- each	Rs.1.400 Millions

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	1.400	1.400	1.400
(b) Reserves & Surplus	5.533	4.519	4.026
(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)	6.933	5.919	5.426
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.069	0.077	0.088
(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)	0.069	0.077	0.088
(4) Current Liabilities
(a) Short term borrowings	37.483	28.732	32.971
(b) Trade payables	14.522	14.461	16.604
(c) Other current liabilities	2.184	2.376	2.814
(d) Short-term provisions	0.160	0.366	0.290
Total Current Liabilities (4)	54.349	45.935	52.679
TOTAL	61.351	51.931	58.193
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.343	2.468	2.519
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.258	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	13.990	13.271	13.493
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.191	0.191	0.191
(e) Other Non-current assets	1.243	1.182	0.000
Total Non-Current Assets	18.025	17.112	16.203
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	20.190	19.933	13.376
(c) Trade receivables	18.463	13.323	27.156
(d) Cash and cash equivalents	0.499	0.248	0.174
(e) Short-term loans and advances	4.173	1.312	1.284
(f) Other current assets	0.001	0.003	0.000
Total Current Assets	43.326	34.819	41.990
TOTAL	61.351	51.931	58.193

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	63.754	48.886	65.492
		Other Income	1.447	1.633	1.095
		TOTAL (A)	65.201	50.519	66.587
Less	EXPENSES
		Purchase of Stock-in-trade	53.480	48.645	58.415
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(0.256)	(6.557)	0.000
		Employee Benefits Expenses	2.037	1.745	1.461
		Other Expenses	5.356	2.393	2.465
		TOTAL (B)	60.617	46.226	62.341
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.584	4.293	4.246
Less	FINANCIAL EXPENSES (D)		3.259	3.260	3.063
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.325	1.033	1.183
Less	DEPRECIATION/ AMORTISATION (F)		0.319	0.319	0.295
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		1.006	0.714	0.888
Less	TAX (H)		(0.008)	0.222	0.284
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		1.014	0.492	0.604
	Earnings Per Share (Rs.)		7.24	3.52	4.31

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	1.59	1.01	0.92
Operating Profit Margin (PBDIT/Sales)	(%)	7.19	8.78	6.48
Return on Total Assets (PBT/Total Assets}	(%)	2.14	1.85	1.99
Return on Investment (ROI) (PBT/Networth)		0.15	0.12	0.16
Debt Equity Ratio (Total Debt /Networth)		5.41	4.85	6.08
Current Ratio (Current Asset/Current Liability)		0.80	0.76	0.80

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	1.400	1.400	1.400
Reserves & Surplus	4.026	4.519	5.533
Net worth	5.426	5.919	6.933
long-term borrowings	0.000	0.000	0.000
Short term borrowings	32.971	28.732	37.483
Total borrowings	32.971	28.732	37.483
Debt/Equity ratio	6.076	4.854	5.406

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	65.492	48.886	63.754
		-25.356	30.414

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	65.492	48.886	63.754
Profit	0.604	0.492	1.014
	0.92%	1.01%	1.59%

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	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	Yes
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	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90070639	10/11/2000	200,000.00	ORIENTAL BANK OF COMMERCE	PALI, MARWAR, RAJASTHAN, INDIA	-
2	80045120	06/03/2008 *	3,500,000.00	ORINTAL BANK OF COMMERCE	NEAR OLD BUS STAND, PALI, RAJASTHAN - 306401, INDIA	A38637252
3	90070448	02/11/1999	140,000.00	ORIENTAL BANK OF COMMERCE	PALI, MARWAR, RAJASTHAN, INDIA	-
4	90069949	06/03/2008 *	14,000,000.00	ORINTAL BANK OF COMMERCE	NEAR OLD BUS STAND, PALI, RAJASTHAN - 306401, INDIA	A38637088

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Electricity Installation

· Vehicles

· Car

· Motor Cycle

· Scooter

· Cycle

· Air Conditioner

· Fax Machine

· Mobile Instrument

· Invertor Set

· Office Equipment

· Computer

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.61.52
UK Pound	1	Rs.97.39
Euro	1	Rs.76.16

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RAS
Report Prepared by :	NKT

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	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--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	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.