MIRA INFORM REPORT

Report No. :	334518
Report Date :	03.08.2015

IDENTIFICATION DETAILS

Name :	ECHAAR EQUIPMENTS PRIVATE LIMITED

Registered Office :	Plot No. A-48/49, Road No.10, Wagle Industrial Estate, Thane – 400604, Maharashtra
Tel. No.:	91-22-25806683 / 25802240

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	15.02.2005

Com. Reg. No.:	11-151304

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

CIN No.: [Company Identification No.]	U28939MH2005PTC151304

IEC No.:	Not Available

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 :	Manufacturer and Exporter of High Precision Windmill Components and Assemblies, Printing Machinery Components, Hydro Turbine, Atomic Energy Components and Equipment for Cold Rolling Mills.

No. of Employees :	Information declined by the management.

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

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Ramesh Hemchand Panchal
Designation :	Director
Contact No.:	91-8046046635
Date :	01.08.2015

LOCATIONS

Registered Office / Factory 1 :	Plot No. A-48/49, Road No.10, Wagle Industrial Estate, Thane – 400604, Maharashtra, India
Tel. No.:	91-22-25806683 / 25802240
Mobile No.:	91-8046046635 (Mr. Ramesh Hemchand Panchal)
Fax No.:	91-22-2583 2866
E-Mail :	info@echaar.com fcajdt@gmail.com
Website :	http://www.echaar.com

Factory 2 :	Subject have 3 Factories in Indian Corporation, Mankoli Naka, Bhiwandi, Thane, Maharashtra, India

DIRECTORS

AS ON 29.09.2014

Name :	Ramesh Hemchand Panchal
Designation :	Director
Address :	502, Takshahila Nirmal Nagar, Mulund Goregaon Link Road, Mulund (West), Mumbai - 400080, Maharashtra, India
Date of Birth/Age :	07.11.1961
Date of Appointment :	15.02.2005
DIN No.:	00377072

Name :	Kirti Hemchand Panchal
Designation :	Director
Address :	502, Takshahila Nirmal Nagar, Mulund Goregaon Link Road, Mulund (West), Mumbai - 400080, Maharashtra, India
Date of Birth/Age :	13.11.1973
Date of Appointment :	15.02.2005
DIN No.:	00377185

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares	%age holding
Ramesh Panchal	115000	11.50
Kirti Panchal	115000	11.50
Shantaben Panchal	50000	5.00
Geeta Panchal	50000	5.00
Bhavna Panchal	50000	5.00
Dharmesh Panchal	50000	5.00
Bhavesh Panchal	50000	5.00
Vikram Panchal	10000	1.00
Suhani Kirti Panchal	10000	1.00
Nisha Bhavesh Panchal	10000	1.00
Kayam Industries, India	490000	49.00
Total	1000000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2014

Category	Percentage
Directors or relatives of Directors	51.00
Other top fifty shareholders	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of High Precision Windmill Components and Assemblies, Printing Machinery Components, Hydro Turbine, Atomic Energy Components and Equipment for Cold Rolling Mills.

Products :	High Precision Windmill Components and Assemblies Printing Machinery Components Hydro Turbine, Atomic Energy Components Equipment for Cold Rolling Mills

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

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

Directorate of Purchase and Stores
Suzlon Energy Limited
Manroland, Germany
Alstom Hydro, France
Fatahunter, Italy
CMI Flat Products Equipment (I) Limited
Manugraph India Limited, Kolhapur
Larson and Toubro India Limited
Wartsila NSD India Limited
Godrej and Boyce Mfg. Company Limited

No. of Employees :

Information declined by the management.

Bankers :

Bank Name	Small Industrial Development Bank of India
Branch	1 and 2, Dhanlaxmi Residency, Near Hotel Tip-Top Plaza, L B S Marg, Thane - 400604, 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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

The Thane Janata Sahakari Bank
State Bank of India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loans From Banks:
Secured Loans: (Excluding the Principal amount of Instalment due within 12 months)
The Thane Janata Sahakari Bank Limited M/202 (Secured against Machinery)	2.269	10.517
S.I.D.B.I. (Secured against Hardford Machinery)	0.775	1.705
S.I.D.B.I. (Secured against Kappa Machinery)	0.387	1.106
Kotak Mahindra Prime Limited (Secured against Car)	3.210	0.000
Short-term borrowings
Loan repayable on demand: From Bank:
The Thane Janata Sahakari Bank Limited (Secured against Stock and Debtors of the Company)	43.935	60.129
Total	50.576	73.457

Auditors :
Name :	JDT and Associates Chartered Accountants
Address :	G, Geeta Sadan, 2nd Floor, N.S. Road, Mulund (West), Mumbai – 400080, Maharashtra
Tel. No.:	91-22-25611490
PAN No.:	AAHFJ4454E

Memberships :	--

Collaborators :	--

Related parties :	Hemchand R.Panchal HUF Kirti H. Panchal (HUF) Ramesh H. Panchal (HUF) Bhavesh R. Panchal (HUF)

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1,000,000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1,000,000	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	10.000	10.000
(b) Reserves & Surplus	45.429	36.350	32.879
(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)	55.429	46.350	42.879

(3) Non-Current Liabilities
(a) long-term borrowings	71.558	68.583	38.015
(b) Deferred tax liabilities (Net)	3.919	2.126	2.232
(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)	75.477	70.709	40.247

(4) Current Liabilities
(a) Short term borrowings	43.935	60.129	56.518
(b) Trade payables	76.515	62.323	103.413
(c) Other current liabilities	23.134	37.458	3.229
(d) Short-term provisions	2.956	2.741	4.285
Total Current Liabilities (4)	146.540	162.651	167.445

TOTAL	277.446	279.710	250.571

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	102.220	87.216	51.383
(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	0.500	0.500	0.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	22.369	13.963	6.752
Total Non-Current Assets	125.089	101.679	58.635

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	39.760	62.915	53.140
(c) Trade receivables	78.303	75.892	101.268
(d) Cash and cash equivalents	7.363	0.554	0.722
(e) Short-term loans and advances	26.931	38.670	36.806
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	152.357	178.031	191.936

TOTAL	277.446	279.710	250.571

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	NA	NA	NA
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA

Less	EXPENSES	NA	NA	NA

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	23.858	12.212	NA

Less/ Add	DEPRECIATION/ AMORTISATION	11.096	6.950	NA

	PROFIT/ (LOSS) BEFORE TAX	12.762	5.262	NA

Less	TAX	3.683	1.791	NA

	PROFIT/ (LOSS) AFTER TAX	9.079	3.471	6.973

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	28.050	24.579	17.606

	Balance Carried To The B/S	37.129	28.050	24.579

	EARNINGS IN FOREIGN CURRENCY	259.295	NA	Nil

	Earnings / (Loss) Per Share (Rs.)	9.08	3.47	--

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	4.61	1.88	NA

Return on Investment (ROI) (PBT/Networth)		0.23	0.11	NA

Debt Equity Ratio (Total Debt /Networth)		2.08	2.78	2.20

Current Ratio (Current Asset/Current Liability)		1.04	1.09	1.15

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	10.000	10.000	10.000
Reserves & Surplus	32.879	36.350	45.429
Share Application money pending allotment	0.000	0.000	0.000
Net worth	42.879	46.350	55.429

long-term borrowings	38.015	68.583	71.558
Short term borrowings	56.518	60.129	43.935
Total borrowings	94.533	128.712	115.493
Debt/Equity ratio	2.205	2.777	2.084

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	---
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	No
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans From Related Parties:
Bhavna Kirti Panchal	5.424	2.713
Bhavesh Ramesh Panchal	7.089	6.287
Bhavesh Ramesh Panchal (HUF)	1.317	1.188
Dharmesh Ramesh Panchal	4.355	3.185
Geetaben Ramesh Panchal	4.603	2.336
Hemchand R.Panchal (HUF)	0.936	0.647
Kirti Hemchand Panchal (HUF)	4.101	2.045
Nisha Bhavesh Panchal	2.881	1.715
Ramesh Hemchand Panchal (HUF)	4.313	2.301
Shantaben Hemchand Panchal	5.828	5.260
Loans From Directors:
Ramesh Hemchand Panchal	6.280	4.536
Kirti Hemchand Panchal	7.264	8.419
Other loans
Ellora Electricals Limited	0.554	0.608
Lok Holding Construction Limited	0.000	0.995
Pragati Gems Private Limited	5.540	5.090
Showman Trading Company Private Limited	1.662	1.824
Supertex Industries Limited	2.770	3.040
Viraj Mercantile Private Limited	0.000	3.067
Total	64.917	55.256

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10560078	26/03/2015	6,000,000.00	SMALL INDUSTRIAL DEVELOPMENT BANK OF INDIA	1 AND 2, DHANLAXMI RESIDENCY,, NEAR HOTEL TIP-TOP PLAZA, L B S MARG,, THANE WEST, MAHARASHTRA - 400 604, INDIA	C49451602
2	10536746	17/12/2014	4,650,000.00	SIDBI	1 & 2, DHANALAXMI RESIDENCY, NEAR HOTEL TIP TOP P LAZA, L.B.S. ROAD, THANE, MAHARASHTRA - 400602, IN DIA	C37019981
3	10522227	02/09/2014	30,000,000.00	TJSB SAHAKARI BANK LIMITED	SHOP NO. 10/11, TIP-TOP PLAZA, L.B.S. ROAD,, WAGL E INDUSTRIAL ESTATE BRANCH,, THANE, MAHARASHTRA - 400604, INDIA	C22762173
4	10522229	28/08/2014	74,500,000.00	TJSB SAHAKARI BANK LIMITED	SHOP NO. 10/11, TIP-TOP PLAZA, L.B.S. ROAD,, WAGL E INDUSTRIAL ESTATE BRANCH,, THANE, MAHARASHTRA - 400604, INDIA	C22765192
5	10394350	08/09/2014 *	90,000,000.00	TJSB SAHAKARI BANK LIMITED	SHOP NO. 10/11, TIP-TOP PLAZA, L.B.S. ROAD,, WAGL E INDUSTRIAL ESTATE BRANCH,, THANE, MAHARASHTRA - 400604, INDIA	C22763254
6	10394387	05/12/2012	28,000,000.00	TJSB SAHAKARI BANK LIMITED	SHOP NO. 10/11, TIP-TOP PLAZA, L.B.S. ROAD,, WAGL E INDUSTRIAL ESTATE BRANCH,, THANE, MAHARASHTRA - 400604, INDIA	B64973779
7	10377436	05/12/2012 *	15,000,000.00	TJSB SAHAKARI BANK LIMITED	SHOP NO. 10/11, TIP-TOP PLAZA, L.B.S. ROAD,, WAGL E INDUSTRIAL ESTATE BRANCH,, THANE, MAHARASHTRA - 400604, INDIA	B64966211
8	10377438	05/12/2012 *	42,000,000.00	TJSB SAHAKARI BANK LIMITED	SHOP NO. 10/11, TIP-TOP PLAZA, L.B.S. ROAD,, WAGL E INDUSTRIAL ESTATE BRANCH,, THANE, MAHARASHTRA - 400604, INDIA	B64966310
9	10356321	05/12/2012 *	50,000,000.00	TJSB SAHAKARI BANK LIMITED	SHOP NO. 10/11, TIP-TOP PLAZA, L.B.S. ROAD,, WAGL E INDUSTRIAL ESTATE BRANCH,, THANE, MAHARASHTRA - 400604, INDIA	B64965999
10	10283596	02/05/2011	3,600,000.00	SMALL INDUSTRIAL DEVELOPMENT BANK OF INDIA	1 AND 2, DHANLAXMI RESIDENCY,, NEAR HOTEL TIP-TOP PLAZA, L B S MARG,, THANE WEST, MAHARASHTRA - 400 604, INDIA	B11516077

* Date of charge modification

FIXED ASSETS

Tangible Assets

Land
Plot At Baroda
Plot At Bhiwandi
Building
Furniture and Fixtures
Electric Installation
Air Conditioner
Epbax
Machinery
Tools and Equipments
Computer
Inverter
Software
Fire Extinguisher
Water Cooler
Office Equipments
Motor Car
Mobile Instrument
Air Conditioner
Camera System
Machinery
Furniture and Fixtures

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.64.01
UK Pound	1	Rs.99.84
Euro	1	Rs.70.16

INFORMATION DETAILS

Information Gathered by :	KMN

Analysis Done by :	RAS

Report Prepared by :	SNT

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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