MIRA INFORM REPORT

Report Date :

10.09.2014

IDENTIFICATION DETAILS

Name :	KARNI MARKETING PRIVATE LIMITED
Registered Office :	1, British Indian Street, 2^nd Floor, Kolkata – 700069, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.04.2008
Com. Reg. No.:	21-125205
Capital Investment / Paid-up Capital :	Rs.1.180 Millions
CIN No.: [Company Identification No.]	U51909WB2008PTC125205
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of consumer goods.
No. of Employees :	7 (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 :	Small Company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established small company in its field. Its scale of activities are limited. Financial positon of the company seems to be small. However, trade relations are fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for small 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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 (GENERAL DETAILS)

Name :	Mr. Dinesh Burman
Designation :	Director
Contact No.:	91-9433019545
Date :	08.09.2014

LOCATIONS

Registered Office :	1, British Indian Street, 2^nd Floor, Kolkata – 700069, West Bengal, India
Tel. No.:	91-33-22621989
Mobile No.:	91-9433019545 (Mr. Dinesh Burman)
Fax No.:	Not Available
E-Mail :	dinagarwal420@yahoo.com dind57@yahoo.co.in

DIRECTORS

As on 31.08.2013

Name :

Mr. Bal Kishan Gourisaria

Designation :

Director

Address :

334, Jessore Road, Kolkata – 700089, West Bengal, India

Date of Birth/Age :

20.01.1982

Date of Appointment :

25.04.2008

DIN No.:

01568557

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	U65923WB1989PTC047510	GIRDHAR FISCAL SERVICES PVT LTD	Director	12/03/2005	12/03/2005	28/02/2011	Active	NO
2	U51900MH2006PTC214277	A. K. Capital Finance Private Limited	Director	03/02/2006	03/02/2006	06/11/2008	Active	NO
3	U65993WB1994PTC065409	RISEWELL CREDIT PVT LTD	Director	05/06/2006	05/06/2006	-	Active	NO
4	U51109WB2006PTC110603	JEEWAN BARTER PRIVATE LIMITED	Director	30/01/2007	30/01/2007	-	Active	NO
5	U51109WB2007PTC113109	JAGRAN SALES PRIVATE LIMITED	Director	16/02/2007	16/02/2007	-	Amalgamated	NO
6	U45200WB2007PTC114058	KALAKANCHAN DEVELOPERS PRIVATE LIMITED	Director	09/03/2007	09/03/2007	29/06/2009	Amalgamated	NO
7	U45200WB2007PTC114057	EMERALD NIRMAN PRIVATE LIMITED	Director	09/03/2007	09/03/2007	-	Active	NO
8	U45200WB2007PTC114092	CORNERSTONE DEVELOPERS PRIVATE LIMITED	Director	12/03/2007	12/03/2007	-	Active	NO
9	U45200WB2007PTC114056	ADMIRABLE REALTORS PRIVATE LIMITED	Director	19/03/2007	19/03/2007	-	Active	NO
10	U45200WB2007PTC114454	KARNI NIRMAN PRIVATE LIMITED	Director	23/03/2007	23/03/2007	05/04/2007	Active	NO
11	U45400WB2007PTC114567	KARNI PLAZA MAKERS PRIVATE LIMITED	Director	24/03/2007	24/03/2007	-	Active	NO
12	U45400WB2007PTC114569	KARNI APARTMENTS PRIVATE LIMITED	Director	24/03/2007	24/03/2007	-	Active	NO
13	U45400WB2007PTC114780	KARNI SHELTER PRIVATE LIMITED	Director	28/03/2007	28/03/2007	24/07/2013	Active	NO
14	U51109WB2007PTC115514	LEVERAGE CAPITAL PRIVATE LIMITED	Director	04/05/2007	04/05/2007	23/08/2007	Active	NO
15	U51909WB1994PTC061551	GIRIDHAR VINIMAY PVT LTD	Director	09/05/2007	09/05/2007	-	Strike off	NO
16	U51109WB2007PTC115633	GIRDHAR VINIMAY PRIVATE LIMITED	Director	09/05/2007	09/05/2007	23/08/2007	Active	NO
17	U51909WB2008PTC125205	KARNI MARKETING PRIVATE LIMITED	Director	25/04/2008	25/04/2008	-	Active	NO
18	U65999WB2009PLC135995	ARISTRO CAPITAL MARKETS LIMITED	Director	18/06/2009	18/06/2009	-	Active	NO
19	U25201WB1978PTC031737	PRECIOUS PLASTICS PVT LTD	Director	30/03/2011	30/03/2011	-	Active	NO
20	U51909WB2011PTC160426	TOPMOST SALES PRIVATE LIMITED	Director	01/08/2011	01/08/2011	-	Active	NO
21	L57339WB1983PLC035628	VISCO TRADE ASSOCIATES LIMITED	Additional director	30/05/2014	30/05/2014	-	Active	NO

Name :

Mr. Dinesh Burman

Designation :

Director

Address :

1, Abdul Amid Street, 2^nd Floor, Kolkata – 700069, West Bengal, India

Date of Birth/Age :

12.03.1957

Date of Appointment :

25.04.2008

DIN No.:

00612904

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	U51909WB2004PTC100180	RMB CHEMICALS PRIVATE LIMITED	Director	29/09/2012	15/06/2007	-	Active	NO
2	U51909WB2008PTC125205	KARNI MARKETING PRIVATE LIMITED	Director	25/04/2008	25/04/2008	-	Active	NO
3	L65993WB1993PLC060377	GOLDEN GOENKA FINCORP LIMITED	Whole-time director	30/05/2012	30/07/2010	-	Active	NO
4	U70109WB2011PTC163053	GOLDEN HIGHRISE PRIVATE LIMITED	Director	26/05/2011	26/05/2011	-	Active	NO
5	U51909WB2011PTC160426	TOPMOST SALES PRIVATE LIMITED	Director	22/08/2011	22/08/2011	-	Active	NO
6	U93000WB2011PTC168157	GOLDEN GOENKA MANAGEMENT CONSULTANCY SERVICES PRIVATE LIMITED	Director	26/09/2011	26/09/2011	-	Active	NO
7	U70109WB2011PTC168156	GOLDEN GOENKA PROPERTIES & CONSTRUCTION PRIVATE LIMITED	Director	26/09/2011	26/09/2011	-	Active	NO
8	U93000WB2011PTC168171	GOLDEN GOENKA FINANCIAL ADVISORS PRIVATE LIMITED	Director	27/09/2011	27/09/2011	-	Active	NO
9	U70102WB2013PTC194129	VISHAMBARA FOODS PRIVATE LIMITED	Director	31/05/2013	31/05/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.08.2013

Names of Shareholders	No. of Shares	%age holding
Dinesh Burman	5000	4.24
Bal Kishan Gourisaria	5000	4.24
Rajgaj Trades Private Limited, India	10000	8.47
Aalekha Supply Private Limited, India	55000	46.61
Risewell Credit Private Limited, India	33000	27.97
Karni Projects Private Limited, India	10000	8.47
Total	118000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 31.08.2013

Category	Percentage
Bodies corporate	91.53
Directors or relatives of Directors	8.47
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading of consumer goods.
Terms :
Selling :	Cash and Credit, Cheque
Purchasing :	Cash and Credit, Cheque

GENERAL INFORMATION

Customers :

· Retailers

· End Users

No. of Employees :

7 (Approximately)

Bankers :

Axis Bank, BBP Bagh

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Term Loan (secured hypothecation of motor vehicles)	0.039	0.188
Total	0.039	0.188

Banking Relations :	--
Auditors :
Name :	T. K. Niyogi and Associates Chartered Accountants
Address :	29/B , Barowaritolla Road, Kolkata – 700010, West Bengal, India
Tel. No.:	91-33-25111093/23630217
PAN N Income-tax PAN of auditor or auditor's firm :	AAIFT4540Q
Other related party :	Topmost Sales Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

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
118000	Equity Shares	Rs.10/- each	Rs. 1.180 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	1.180	1.180	1.180
(b) Reserves & Surplus	10.032	9.992	9.942
(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)	11.212	11.172	11.122
(3) Non-Current Liabilities
(a) long-term borrowings	0.039	2.744	4.015
(b) Deferred tax liabilities (Net)	0.010	0.014	0.032
(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)	0.049	2.758	4.047
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	3.257	0.934	2.638
(c) Other current liabilities	0.303	0.066	0.000
(d) Short-term provisions	0.024	0.042	0.038
Total Current Liabilities (4)	3.584	1.042	2.676
TOTAL	14.845	14.972	17.845
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.623	0.540	0.753
(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	0.270	0.078	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.893	0.618	0.753
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5.923	6.843	10.759
(c) Trade receivables	4.945	3.798	4.127
(d) Cash and cash equivalents	2.374	3.238	1.711
(e) Short-term loans and advances	0.710	0.470	0.013
(f) Other current assets	0.000	0.005	0.482
Total Current Assets	13.952	14.354	17.092
TOTAL	14.845	14.972	17.845

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	26.822	28.503	31.391
	Other Income	0.009	0.011	0.675
	TOTAL (A)	26.831	28.514	32.066
Less	EXPENSES
	Purchases of Stock-in-Trade	22.688	20.003	32.364
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.856	3.916	(4.799)
	Employees benefits expense	0.874	1.319	1.180
	Other expenses	2.124	2.747	2.758
	TOTAL (B)	26.542	27.985	31.503
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	0.289	0.529	0.563
Less	FINANCIAL EXPENSES (D)	0.029	0.240	0.222
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	0.260	0.289	0.341
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.195	0.213	0.207
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	0.065	0.076	0.134
Less	TAX (I)	0.025	0.026	0.049
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	0.040	0.050	0.085
	Earnings / (Loss) Per Share (Rs.)	0.34	0.42	0.57

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.15	0.18	0.27
Net Profit Margin (PBT/Sales)	(%)	0.24	0.27	0.43
Return on Total Assets (PBT/Total Assets}	(%)	0.44	0.51	0.75
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.01
Debt Equity Ratio (Total Debt /Networth)		0.00	0.25	0.36
Current Ratio (Current Asset/Current Liability)		3.89	13.78	6.39

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	1.180	1.180	1.180
Reserves & Surplus	9.942	9.992	10.032
Net worth	11.122	11.172	11.212
long-term borrowings	4.015	2.744	0.039
Short term borrowings	0.000	0.000	0.000
Total borrowings	4.015	2.744	0.039
Debt/Equity ratio	0.361	0.246	0.003

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	31.391	28.503	26.822
		(9.200)	(5.898)

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	31.391	28.503	26.822
Profit	0.085	0.050	0.040
	0.27%	0.18%	0.15%

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	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	No
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 COMPANY

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Other loans and advance	0.000	2.556
Total	0.000	2.556

FIXED ASSETS

· Computer

· Delivery Van

· Motor Car

· Mobile

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.60.43
UK Pound	1	Rs.97.25
Euro	1	Rs.77.93

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	RAS
Report Prepared by :	KVT

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	3
--RESERVES	1~10	3
--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	YES
--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.