MIRA INFORM REPORT

Report No. :	316571
Report Date :	10.04.2015

IDENTIFICATION DETAILS

Name :	PROCAM LOGISTICS PRIVATE LIMITED

Registered Office :	731, Westend Mall, District Center, Janakpuri, New Delhi – 110058

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	16.09.2010

Com. Reg. No.:	55-208352

Capital Investment / Paid-up Capital :	Rs.10.000 Million

CIN No.: [Company Identification No.]	U60210DL2010PTC208352

IEC No.:	0510068979

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAFCP6574J

Legal Form :	Private Limited Liability Company

Line of Business :	Providing Integrated logistics services.

No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 240000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. There seems dip in the sales turnover as well as profit of the company during 2014. However, general financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

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 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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

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. Nilesh Kumar Sinha
Designation :	Director
Contact No.:	91-9818101162
Date :	09.04.2015

LOCATIONS

Registered Office :	731, Westend Mall, District Center, Janakpuri, New Delhi – 110058, India
Tel. No.:	Not Available
Mobile No.:	91-9818101162 (Mr. Nilesh Kumar Sinha)
Fax No.:	Not Available
E-Mail :	thothawala@gmail.com
Website :	www.procamlogistics.com

Branch Office :	3A, Garstin Place, 3^rd Floor, Kolkata – 700001, West Bengal, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Nilesh Kumar Sinha

Designation :

Director

Address :

Rama Appartment, Flat No.552, Plot 2, Sector – 11, Dwarka, New Delhi – 110075, India

Date of Birth/Age :

10.01.1975

Date of Appointment :

16.09.2010

DIN No.:

03125210

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	U60210DL2010PTC208352	PROCAM LOGISTICS PRIVATE LIMITED	Director	16/09/2010	16/09/2010	-	Active	NO
2	U63010DL2010PTC210920	PROCAM WORLDWIDE LOGISTICS PRIVATE LIMITED	Director	30/11/2010	30/11/2010	-	Active	NO
3	U51909DL2011PTC217239	WAXWING ENTERPRISES PRIVATE LIMITED	Director	07/04/2011	07/04/2011	-	Active	NO
4	U74900DL2011PTC220320	Orsay International Private Limited	Director	03/06/2011	03/06/2011	-	Active	NO
5	U72900TN2012PTC086571	LINOK SOFTECH PRIVATE LIMITED	Director	02/07/2012	02/07/2012	-	Under Process of Striking off	NO
6	U74140DL2013PLC259483	Caparo Procam Infrastructure Limited	Director	23/10/2013	23/10/2013	-	Active	NO

Name :

Mr. Ramalingam G Thota

Designation :

Director

Address :

62, B-Wing, Kalptaru Gardens, Ashok Nagar, Kandivali (East), Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

06.12.1960

Date of Appointment :

15.11.2010

DIN No.:

03134339

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	U60210DL2010PTC208352	PROCAM LOGISTICS PRIVATE LIMITED	Director	15/11/2010	15/11/2010	-	Active	NO
2	U74900DL2011PTC220320	Orsay International Private Limited	Director	03/06/2011	03/06/2011	-	Active	NO
3	U63010DL2010PTC210920	PROCAM WORLDWIDE LOGISTICS PRIVATE LIMITED	Director	27/06/2011	27/06/2011	-	Active	NO
4	U72900TN2012PTC086571	LINOK SOFTECH PRIVATE LIMITED	Director	02/07/2012	02/07/2012	-	Under Process of Striking off	NO
5	U74140DL2013PLC259483	Caparo Procam Infrastructure Limited	Director	23/10/2013	23/10/2013	-	Active	NO

Name :

Xavier Francis James

Designation :

Director

Address :

1031, B-28, BDA Flats, Neelasandra, Shanti Nagar, Bangalore – 560047, Karnataka, India

Date of Birth/Age :

19.01.1961

Date of Appointment :

21.09.2010

DIN No.:

03225170

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders		No. of Shares
Nilesh Kumar Sinha		250000
Rachana Sinha		50000
Jamez Francis Xavier		100000
Ramalingal G. Thota		300000
Sunny Pandya		300000
Total		1000000

As on 30.09.2014

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 :	Providing Integrated logistics services.

Products :	Not Available

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Cash and Credit (30/60/90 Days)

Purchasing :	Cash and Credit (30/60/90 Days)

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

50 (Approximately)

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	Lower Parel (West), Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash Credit = Rs.85.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loans from Banks
HDFC Bank Limited (All above loans are secured against hypothecation of Trucks/Trailers/Axels and Guaranteed by Directors of the Company)	10.503	36.049
ICICI Bank Limited (All above loans are secured against hypothecation of Trucks/Trailers/Axels and Guaranteed by Directors of the Company)	4.109	10.515
HDFC Bank Limited (Secured against hypothecation of motor vehicles and guaranteed by Directors of the Company)	0.000	0.115
Kotak Mahindra Bank Limited (Secured against hypothecation of plant and machinery and guaranteed by Directors of the Company)	0.000	0.639
Term Loans from Financial Institutions
Kotak Mahindra Prime Limited (Secured against hypothecation of motor car and guaranteed by Directors of the Company)	0.089	0.284
SHORT TERM BORROWING
Loans repayable on demand
From Banks
HDFC Bank Limited (Secured against of entire current assets, book debts and commercial property situated at sub plot No.1 near Khokhara bridge-Ahmedabad in name of Kataria Infrastructure Private Limited)	112.919	66.501
Total	127.620	114.103

Auditors :
Name :	Dhelariya and Associates Chartered Accountants
Address :	401, Ashman, 6, Kalpana Society, Navrangpura, Ahmedabad – 380009, Gujarat, India
PAN No.:	AAHFD0923A

Memberships :	Not Available

Collaborators :	Not Available

Subsidiary Company :	Procam Worldwide Logistics Private Limited Orsay International Private Limited

Joint Venture Company :	Caparo Procam Infrastructure Limited

Relatives of Key Management Personnel :	Nilesh Sinha HUF TGR HUF

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	10.000	3.500	3.500
(b) Reserves & Surplus	76.894	68.750	49.638
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	1.500	1.500
Total Shareholders’ Funds (1) + (2)	86.894	73.750	54.638

(3) Non-Current Liabilities
(a) long-term borrowings	14.701	47.602	70.969
(b) Deferred tax liabilities (Net)	5.770	6.021	9.425
(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)	20.471	53.623	80.394

(4) Current Liabilities
(a) Short term borrowings	112.919	66.501	34.825
(b) Trade payables	48.438	113.119	51.068
(c) Other current liabilities	43.909	57.894	67.102
(d) Short-term provisions	0.160	0.146	0.119
Total Current Liabilities (4)	205.426	237.660	153.114

TOTAL	312.791	365.033	288.146

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	136.105	146.481	153.954
(ii) Intangible Assets	0.593	0.794	0.995
(iii) Capital work-in-progress	0.000	14.953	7.596
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3.700	3.500	0.700
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.020	6.195	19.622
(e) Other Non-current assets	0.000	0.044	0.088
Total Non-Current Assets	141.418	171.967	182.955

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	140.980	163.284	74.663
(d) Cash and cash equivalents	9.559	16.070	20.676
(e) Short-term loans and advances	10.222	8.696	8.699
(f) Other current assets	10.612	5.016	1.153
Total Current Assets	171.373	193.066	105.191

TOTAL	312.791	365.033	288.146

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income
	Other Income
	TOTAL	364.222	376.436	372.249

	EXPENSES	309.587	314.851	290.121

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	54.434	61.586	81.978

	FINANCIAL EXPENSES	10.454	13.330	11.079

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	43.980	48.256	70.899

	DEPRECIATION/ AMORTISATION	31.201	30.207	25.088

	EXCEPTIONAL ITEMS	0.959	0.009	0.000

	PROFIT/ (LOSS) BEFORE TAX	11.820	18.082	45.811

Less	TAX	3.677	(1.030)	15.675

	PROFIT/ (LOSS) AFTER TAX	8.143	19.112	30.136

	Earnings / (Loss) Per Share (Rs.)	8.14	19.11	30.14

Expected Sales (2014-2015): Rs.400.000 Million

The above information has been parted by Mr.Nilesh Kumar Sinha (Director).

Note: Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Total Income)	(%)	2.24	5.08	8.10

Operating Profit Margin (PBDIT / Sales)	(%)	14.95	16.36	22.02

Return on Total Assets (PBT/Total Assets}	(%)	3.82	5.22	16.37

Return on Investment (ROI) (PBT/Networth)		0.14	0.25	0.84

Debt Equity Ratio (Total Debt /Networth)		1.47	1.55	1.94

Current Ratio (Current Asset/Current Liability)		0.83	0.81	0.69

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	3.500	3.500	10.000
Reserves & Surplus	49.638	68.750	76.894
Share Application money pending allotment	1.500	1.500	0.000
Net worth	5.000	5.000	10.000

long-term borrowings	70.969	47.602	14.701
Short term borrowings	34.825	66.501	112.919
Total borrowings	105.794	114.103	127.620
Debt/Equity ratio	21.159	22.821	12.762

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	372.249	376.436	364.222
		1.125	(3.245)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	372.249	376.436	364.222
Profit	30.136	19.112	8.143
	8.10%	5.08%	2.24%

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	Yes
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

Note:

Registered address has been shifted from the 45B, Ranaji Enclave, Najafgarh, New Delhi – 110043, India to the present address w.e.f.11.01.2014.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10359808	02/06/2012	12,767,706.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, Maharashtra - 400013, INDIA	B41278441
2	10352769	25/04/2012	8,100,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, Maharashtra - 400013, INDIA	B38617932
3	10347064	29/03/2012	2,558,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, Maharashtra - 400013, INDIA	B36799286
4	10333994	10/12/2011	7,409,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, Maharashtra - 400013, INDIA	B31447436
5	10325556	14/11/2011	9,512,958.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B28770766
6	10314410	29/06/2013 *	85,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, Maharashtra - 400013, INDIA	B78482874
7	10300029	29/07/2011	16,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B18017020
8	10508379	11/06/2011	13,582,080.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, Maharashtra - 400013, INDIA	B79896460
9	10272733	11/02/2011	13,582,080.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, Maharashtra - 400013, INDIA	B08298754
10	10263147	19/01/2011	17,985,754.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B04005492

* Date of charge modification

FIXED ASSETS

Land
Plot
Office Equipment
Vehicles
Computer and Printer
Furniture and Fixtures
Electric Equipments
Mobile Phones
Plant and Machinery
Trucks, Trailers and Axles

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 records 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] 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.62.25
UK Pound	1	Rs.92.49
Euro	1	Rs.66.99

INFORMATION DETAILS

Information Gathered by :	PPT

Analysis Done by :	RAS

Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		46

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.

MIRA INFORM REPORT

Unit