MIRA INFORM REPORT

Report No. :	318148
Report Date :	22.04.2015

IDENTIFICATION DETAILS

Name :	INDUSTRIAL SAFETY PRODUCTS PRIVATE LIMITED
Registered Office :	P-33 C.I.T. Road, Scheme Vim(S), Kolkata – 700054, West Bengal
Tel. No.:	91-33-23430913
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.03.1998
Com. Reg. No.:	21-086755
Capital Investment / Paid-up Capital :	Rs. 19.089 Million
CIN No.: [Company Identification No.]	U19116WB1998PTC086755
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the manufacturing and selling of Leather products.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 870000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. He company possesses a moderate financial profile marked by modest capital base along with huge working capital intensive operations resulting into high dependence on external its cash balance; overall declining its liquidity quotient. Management has witnessed a healthy revenue growth and stable albeit modest margins during FY 14. However, trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. In view of experienced promoters, 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Short term rating: A4+
Rating Explanation	Minimal degree of safety and regarding timely servicing of financial obligations.
Date	25.06.2014

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. Ashok Gupta
Designation :	Accountant
Contact No.:	91-33-23430913
Date :	20.04.2015

LOCATIONS

Registered Office :	P-33 C.I.T. Road, Scheme Vim(S), Kolkata – 700054, West Bengal, India
Tel. No.:	91-33-23430913/2362-9520
Fax No.:	91-33-23430914/23649376
E-Mail :	isp@ispqloves.com isp@vsnl.net
Website :	www.ispqloves.com
Factory / Corporate Office :	10/1, Topsia Road (Soth), Kolkata – 700046, West Bengal, India

DIRECTORS

As on 27.09.2014

Name :

Mr. Gopal Kumar Naredi

Designation :

Managing director

Address :

P-33 C.I.T. Road, Scheme Vim(S), Kolkata – 700054, West Bengal, India

Date of Birth/Age :

12.12.1964

Date of Appointment :

30.11.2002

DIN No.:

00565352

PAN No.:

ABPPN9553K

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	U51909WB1996PTC081376	GENTEX MARKETING PRIVATE LIMITED	Director	15-05-97	15-05-97	-	Active	NO
2	U19116WB1998PTC086755	INDUSTRIAL SAFETY PRODUCTS PRIVATE LIMITED	Managing director	30-11-02	12-03-98	-	Active	NO
3	U51109WB2006PTC111706	SHAKTI DEALER PRIVATE LIMITED	Director	22-12-08	22-12-08	-	Active	NO
4	U52390WB2009PTC135235	ROUNAK EXIM PRIVATE LIMITED	Director	21-05-09	21-05-09	-	Active	NO
5	U28113WB1976PLC030529	NEW HORIZONS LTD	Managing director	01-04-13	26-12-09	-	Active	NO
6	U51909WB2007PTC120725	SARVASHRESHTA TRADECOM PRIVATE LIMITED	Director	16-06-10	16-06-10	-	Active	NO
7	U70102WB2015PTC204772	Air Infratech Private Limited	Director	01-01-15	01-01-15	-	Active	NO

Name :

Mrs. Usha Devi Naredi

Designation :

Director

Address :

P-33 C.I.T. Road, Scheme Vim(S), Kolkata – 700054, West Bengal, India

Date of Birth/Age :

04.10.1969

Date of Appointment :

14.06.1999

DIN No.:

00565396

PAN No.:

ABGPN6838G

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	U51909WB1996PTC081376	GENTEX MARKETING PRIVATE LIMITED	Director	01-06-97	01-06-97	-	Active	NO
2	U19116WB1998PTC086755	INDUSTRIAL SAFETY PRODUCTS PRIVATE LIMITED	Director	14-06-99	14-06-99	-	Active	NO
3	U51109WB2006PTC111706	SHAKTI DEALER PRIVATE LIMITED	Director	22-12-08	22-12-08	-	Active	NO
4	U52390WB2009PTC135235	ROUNAK EXIM PRIVATE LIMITED	Director	21-05-09	21-05-09	-	Active	NO
5	U28113WB1976PLC030529	NEW HORIZONS LTD	Additional director	01-07-14	01-07-14	-	Active	NO

Name :

Mr. Rounak Kumar Naredi

Designation :

Director

Address :

P-33 C.I.T. Road, Scheme Vim(S), Kolkata – 700054, West Bengal, India

Date of Birth/Age :

23.05.1990

Date of Appointment :

24.05.2008

DIN No.:

02213270

PAN No.:

AHDPN9175H

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	U19116WB1998PTC086755	INDUSTRIAL SAFETY PRODUCTS PRIVATE LIMITED	Director	24-05-08	24-05-08	-	Active	NO
2	U52390WB2009PTC135235	ROUNAK EXIM PRIVATE LIMITED	Director	21-05-09	21-05-09	-	Active	NO
3	U51109WB2006PTC111706	SHAKTI DEALER PRIVATE LIMITED	Director	11-01-10	11-01-10	-	Active	NO
4	U51909WB2007PTC120725	SARVASHRESHTA TRADECOM PRIVATE LIMITED	Director	16-06-10	16-06-10	-	Active	NO
5	U28113WB1976PLC030529	NEW HORIZONS LTD	Whole-time director	01-07-13	01-07-13	-	Active	NO

Name :

Ms. Nidhi Naredi

Designation :

Director

Address :

P-33 C.I.T. Road, Scheme Vim(S), Kolkata – 700054, West Bengal, India

Date of Birth/Age :

09.07.1985

Date of Appointment :

01.03.2013

DIN No.:

03468928

PAN No.:

ADJPA8692E

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	U19116WB1998PTC086755	INDUSTRIAL SAFETY PRODUCTS PRIVATE LIMITED	Director	01-03-13	01-03-13	-	Active	NO
2	U28113WB1976PLC030529	NEW HORIZONS LTD	Director	01-10-13	01-10-13	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashok Gupta
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2014

Names of Shareholders	No. of Shares	%age holding
Gopal Kumar Naredi	632900	33.16
Usha Devi Naredi	360000	18.86
Gentex Marketing Private Limited, India	342000	17.92
S N Agarwal (HUF)	4000	0.21
G K Naredi S N Agarwal (HUF)	215000	11.26
Rounak Kumar Naredi	348300	18.25
Sarvashreshta Tradecom Private Limited, India	1500	0.08
Shakti Dealer Private Limited	5200	0.27
Total	1908900	100.00

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2014

Category	Percentage
Bodies corporate	18.27
Directors or relatives of Directors	81.73
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the manufacturing and selling of Leather products.
Products :	Leather Gloves Leather Jackets Industrial Leather Garments etc.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	Europe USA
Imports :	Not Divulged
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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

No. of Employees :

80 (Approximately)

Bankers :

Bank Name	United Bank of India
Branch	Kolkata Branch, 4, N.C.Dutta Sarani, Kolkata - 700001, West Bengal, 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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans taken for vehicles	0.140	3.043
Short-term borrowings
Rupee term loans from banks	815.781	779.445
Total	815.921	782.488

Auditors :
Name :	Agrawal and Friends Chartered Accountants
Address :	36A, Bentinck Street, Kolkata-700069, West Bengal, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAEFA8118K
Memberships :	--
Collaborators :	--
Enterprises and HUFs where KMP have significant influnence:	Rounak Exports Shakti Dealer Private Limited Gentex Marketing Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1908900	Equity Shares	Rs.10/- each	Rs. 19.089 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	19.089	19.089	19.089
(b) Reserves & Surplus	283.661	254.081	226.798
(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)	302.750	273.170	245.887
(3) Non-Current Liabilities
(a) long-term borrowings	0.140	3.043	6.442
(b) Deferred tax liabilities (Net)	1.247	1.855	0.609
(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)	1.387	4.898	7.051
(4) Current Liabilities
(a) Short term borrowings	815.781	779.445	588.205
(b) Trade payables	142.804	187.217	65.685
(c) Other current liabilities	9.576	26.658	32.859
(d) Short-term provisions	0.575	0.932	0.466
Total Current Liabilities (4)	968.736	994.252	687.215
TOTAL	1272.873	1272.320	940.153
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	64.166	75.968	43.539
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.045	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	18.673	18.653	25.347
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	82.839	94.666	68.886
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	175.446	312.971	261.101
(c) Trade receivables	641.814	552.751	366.800
(d) Cash and cash equivalents	1.268	8.794	64.846
(e) Short-term loans and advances	46.980	56.534	178.520
(f) Other current assets	324.526	246.604	0.000
Total Current Assets	1190.034	1177.654	871.267
TOTAL	1272.873	1272.320	940.153

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from operation	2755.610	2286.901	1320.191
	Other Income	NA	NA
	TOTAL	NA	NA	1320.191
Less	EXPENSES	NA	NA	1292.023
	PROFIT/ (LOSS) BEFORE TAX	44.060	40.170	28.168
Less	TAX	14.480	12.887	7.367
	PROFIT/ (LOSS) AFTER TAX	29.580	27.283	20.801
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	119.314	92.031	71.230
	Balance Carried to the B/S	148.894	119.314	92.031
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	2446.377	2065.405	1216.321
	TOTAL EARNINGS	2446.377	2065.405	1216.321
	IMPORTS
	Raw Materials	28.185	29.898	2.731
	Components and Stores parts	0.000	17.430	0.000
	Capital Goods	0.000	0.514	0.000
	TOTAL IMPORTS	28.185	47.842	2.731
	Earnings / (Loss) Per Share (Rs.)	15.50	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.07	1.19	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.46	3.16	3.00
Return on Investment (ROI) (PBT/Networth)		0.15	0.15	0.11
Debt Equity Ratio (Total Debt /Networth)		2.70	2.86	2.42
Current Ratio (Current Asset/Current Liability)		1.23	1.18	1.27

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	19.089	19.089	19.089
Reserves & Surplus	226.798	254.081	283.661
Net worth	245.887	273.170	302.750
long-term borrowings	6.442	3.043	0.140
Short term borrowings	588.205	779.445	815.781
Total borrowings	594.647	782.488	815.921
Debt/Equity ratio	2.418	2.864	2.695

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Revenue from operation	2286.901	2755.610
		20.495

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Revenue from operation	2286.901	2755.610
Profit	27.283	29.580
	1.19%	1.07%

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)	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

PERFORMANCE:

The performance of the Company during the year was satisfactory both in terms of revenue and profits. Revenue from operation at Rs.2755.610 Million grew by 20.50% over 2286.901 Millionof the previous year. Profit before tax increased by 9.68 % at 44.060 Million as against 40.170 Million in the previous year.

CORPORATE INFORMATION

Subject is a private limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company is engaged in the manufacturing and selling of Leather products. The company caters only to international markets.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	80031274	15/12/2014 *	780,000,000.00	UNITED BANK OF INDIA	CALCUTTA BRANCH, 4, N. C. DUTTA SARANI, KOLKATA, WEST BENGAL - 700001, INDIA	C42013300
2	90253847	30/12/2004 *	60,000,000.00	UNITED BANK OF INDIA	CALCUTTA BRANCH, 4; N. C. DUTTA; SARANI, KOLKATA, WEST BENGAL - 700001, INDIA	-

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipment

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] 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.62.92
UK Pound	1	Rs.93.57
Euro	1	Rs.67.34

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUB
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.