MIRA INFORM REPORT

Report No. :	353809
Report Date :	12.12.2015

IDENTIFICATION DETAILS

Name :	MAHAWAR IRON STORES PRIVATE LIMITED
Registered Office :	A 11, Nizammuddin West, New Delhi - 110013
Tel. No.:	91-11-24351511
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	09.07.2001
Com. Reg. No.:	55-111597
Capital Investment / Paid-up Capital :	Rs.22.395 Million
CIN No.: [Company Identification No.]	U27104DL2001PTC111597
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCM5579G
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Chemicals, Cement and Iron Products. (Confirmed by management)
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 295000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2001. It is engaged in the business of trading and importing of chemicals, cement and iron products. For the financial year ended 2015, the company has healthy operational activity along with decent sales turnover although it has thin profitability margin. The company has efficient financial base backed by low debt levels. Trade relations are fair. Business is active. Payments are 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Umang Bindawala
Designation :	Director
Contact No.:	91-9779277755
Date :	10.12.2015

LOCATIONS

Registered Office :	A 11, Nizammuddin West, New Delhi, Delhi-110013
Tel. No.:	91-11-24351511
Mobile No.:	91-9779277755 (Mr. Umang)
Fax No.:	Not Available
E-Mail :	mahawarmandi@redifmail.com starwire.corporate@gmail.com umang_76@hotmail.com mahawar.india@gmail.com
Area :	900 sq. ft.
Location :	Owned
Locality :	Commercial
Head Office :	No. 29, Sector 3-A, Loha Bazar Mandi Gobind Garh - 147301, Punjab, India
Tel. No.:	91-1765-255350/ 256412
Fax No.:	91-1765-255356
E-Mail :	Star_wire@vsnl.net.in
Area :	1200 sq. ft.
Location :	Owned

DIRECTORS

As on 31.03.2015

Name :

Mrs. Usha Bindawala

Designation :

Director

Address :

A-11, Nizamuddin West, New Delhi - 110013, India

Date of Birth/Age :

25.05.1955

Qualification :

B.Sc

Date of Appointment :

15.12.2004

DIN No.:

00054245

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	U45201DL1998PTC093641	Star wire (india) Biomass private limited	Director	05/05/1998	05/05/1998	03/05/2007	Active	NO
2	L51909DL1983PLC016724	SUPREME COMMERCIAL ENTERPRISES LIMITED	Director	01/06/1999	01/06/1999	02/07/2012	Active	NO
3	U45201DL1998PTC095726	Star Wire (India) Electricity Private Limited	Director	27/05/2004	27/05/2004	12/06/2010	Active	NO
4	U27104DL2001PTC111597	MAHAWAR IRON STORES PRIVATE LIMITED	Director	15/12/2004	15/12/2004	-	Active	NO
5	U64944DL1997PLC090459	NATIONAL HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	Director	28/09/2012	16/12/2006	-	Active	NO
6	U74899DL1981PTC011978	INTERGLOBAL STEELS PRIVATE LIMITED	Director	10/09/2009	20/09/2008	10/11/2009	Active	NO
7	U74899DL1988PTC033953	DYNA POWER PRIVATE LIMITED	Director	03/08/2011	01/04/2011	-	Active	NO
8	U51909WB1995PTC072480	KASHI RAAJ COMMERCIAL PRIVATE LIMITED	Director	30/09/2013	01/04/2013	-	Active	NO

Name :

Mr. Shri Krishan Gupta

Designation :

Director

Address :

W. No. 4, Near Vishavkarma Mandir, Shashtri Nagar, Mandi Gobindgarh, Fatehgarh Sahib - 147301, Punjab, India

Date of Birth/Age :

05.01.1946

Qualification :

B.Sc

Date of Appointment :

09.07.2001

DIN No.:

00061029

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	U27104DL2001PTC111597	MAHAWAR IRON STORES PVT LTD	Director	09/07/2001	09/07/2001	-	Active	NO
2	U64944DL1997PLC090459	NATIONAL HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	Director	26/03/2004	26/03/2004	19/04/2011	Active	NO
3	U27100PB2004PTC027126	SHEEL ALLOYS PRIVATE LIMITED	Director	17/05/2004	17/05/2004	-	Active	NO

Name :

Mr. Umang Bindawala

Designation :

Director

Address :

A-11, Nizamuddin West, New Delhi - 110013, India

Date of Birth/Age :

03.10.1987

Qualification :

B.Com

Date of Appointment :

30.09.2009

DIN No.:

01469905

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	U74899DL1988PTC033385	SUPERSIGMA ALLOYS & FORGGINGS PRIVATE LIMITED	Director	10/09/2007	11/12/2006	14/06/2010	Active	NO
2	U74899DL1981PTC011978	INTERGLOBAL STEELS PRIVATE LIMITED	Director	10/09/2009	20/09/2008	15/06/2010	Active	NO
3	U27104DL2001PTC111597	MAHAWAR IRON STORES PVT LTD	Director	30/09/2009	18/12/2008	-	Active	NO
4	U74899DL1988PTC033953	DYNA POWER Private LTD.	Director	03/08/2011	01/04/2011	-	Active	NO
5	U64944DL1997PLC090459	NATIONAL HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	Director	28/09/2013	01/10/2012	-	Active	NO
6	U51909WB1995PTC072480	KASHI RAAJ COMMERCIAL PVT LTD	Director	30/09/2013	01/04/2013	-	Active	NO
7	U51101WB2010PTC143592	SUMEDHA VINCOM PRIVATE LIMITED	Director	19/08/2014	26/07/2013	-	Active	NO
8	U51101WB2010PTC149478	VENKY SALES PRIVATE LIMITED	Director	19/08/2014	26/07/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Names of Shareholders	No. of Shares	%age holding
Shri Krishna Gupta	1123	0.05
Dyna Power Private Limited, India	1068000	47.69
Jyotishikha Goods Private Limited, India	440000	19.65
Usha Bindawala	104377	4.66
Kashiraj Commercial Private Limited, India	468000	20.90
National Housing Development Finance Corporation Private limited, India	158000	7.05
Total	2239500	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	95.29
Directors or relatives of Directors	4.71
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Chemicals, Cement and Iron Products. (Confirmed by management)
Products :	Chemicals, Cement Iron Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Chemicals, Cement
Countries :	Pakistan European Country United Kingdom Spain
Terms :
Selling :	Cheque and Credit
Purchasing :	Cheque and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

· Olympia Chemicals Limited

· Atharva PTE Limited

· Kamaljeet Singh Ahiuwalia Steel

Customers :

• Alliance Group of Industries
• Data Steels
• G.G Global
• Parth Impex
• Premier Chemicals
• Saral Impex
• Shiva Construction Company
• Shri Balaji Trading Company
• Shri Salasar Steels Structure (Private) Limited
• S.G. Oil and Chemicals
• R.S. Chemicals
• Steel Authority of India Limited, Durgapur

No. of Employees :

15 (Approximately)

Bankers :

Bank Name	State Bank of Patiala
Branch	Mandi Gobindgarh
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
Bank Name	HDFC Bank Limited
Branch	Mandi Gobindgarh

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short-term borrowings
From Bank against pledge of FDRs in the name of the company	37.523	83.189
Total	37.523	83.189

Auditors :
Name :	Ashwani and Associates Chartered Accountants
Address :	19A, Udham Singh Nagar, Ludhiana-141001, Punjab, India
Tel No.:	91-161-2301394 / 2301923
Fax No.:	91-161-2302083
Email :	info@ashwaniassociates.in
Website :	www.ashwaniassociates.in
PAN N Income-tax PAN of auditor or auditor's firm :	AEGPG8953A
Memberships :	Not Available
Collaborators :	Not Available
Enterprises and entities over which KMP’s and their relatives have significant influence :	Dyna Power Limited National Housing Development Corporation Limited Jyotishikha Goods Private Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2239500	Equity Shares	Rs.10/- each	Rs.22.395 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	22.395	22.395	22.395
(b) Reserves & Surplus	80.726	78.652	76.196
(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)	103.121	101.047	98.591
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	62.848	90.222	63.481
(b) Trade payables	4.734	1.499	7.090
(c) Other current liabilities	0.884	0.732	1.097
(d) Short-term provisions	1.087	1.103	0.853
Total Current Liabilities (4)	69.553	93.556	72.521
TOTAL	172.674	194.603	171.112
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.282	2.089	2.425
(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	2.500	2.500	2.500
(c) Deferred tax assets (net)	0.151	0.000	0.000
(d) Long-term Loan and Advances	3.417	3.111	2.801
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	8.350	7.700	7.726
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.445	3.535	3.503
(c) Trade receivables	28.722	38.192	24.066
(d) Cash and cash equivalents	108.202	108.468	112.210
(e) Short-term loans and advances	26.885	36.674	23.572
(f) Other current assets	0.070	0.034	0.035
Total Current Assets	164.324	186.903	163.386
TOTAL	172.674	194.603	171.112

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Revenue from Operations	840.987	921.707	509.831
	Other Income	11.905	12.457	10.621
	TOTAL (A)	852.892	934.164	520.452
		(Due to market fluctuation)
Less	EXPENSES
	Cost of Materials Consumed	785.914	857.227	464.455
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	3.090	(0.033)	18.793
	Employees benefits expense	3.157	3.107	3.108
	Other expenses	49.625	59.733	20.133
	TOTAL (B)	841.786	920.034	506.489
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	11.106	14.130	13.963
Less	FINANCIAL EXPENSES (D)	7.209	10.200	10.900
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	3.897	3.930	3.063
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.712	0.371	0.429
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	3.185	3.559	2.634
Less	TAX (H)	0.990	1.103	0.853
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	2.195	2.456	1.781
	IMPORTS
	Finished Products	101.518	96.717	175.966
	TOTAL IMPORTS	101.518	96.717	175.966
	Earnings / (Loss) Per Share (Rs.)	0.98	1.10	0.80

Expected Sales (2015-2016) : Rs.850.000 Million

The above information has been parted by Mr. Umang Bindawala (Director).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	26.920	(29.713)	NA
Net cash flow from operating activity	25.689	(31.043)	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.26	0.27	0.35
Operating Profit Margin (PBIDT/Sales)	(%)	1.32	1.53	2.74
Return on Total Assets (PBT/Total Assets}	(%)	1.87	1.85	1.56
Return on Investment (ROI) (PBT/Networth)		0.03	0.04	0.03
Debt Equity Ratio (Total Debt /Networth)		0.61	0.89	0.64
Current Ratio (Current Asset/Current Liability)		2.36	2.00	2.25

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	22.395	22.395	22.395
Reserves & Surplus	76.196	78.652	80.726
Net worth	98.591	101.047	103.121
long-term borrowings	0.000	0.000	0.000
Short term borrowings	63.481	90.222	62.848
Total borrowings	63.481	90.222	62.848
Debt/Equity ratio	0.644	0.893	0.609

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	509.831	921.707	840.987
		80.787	(8.758)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	509.831	921.707	840.987
Profit	1.781	2.456	2.195
	0.35%	0.27%	0.26%

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	Yes
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
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%	Yes
28	Estimation for coming financial year	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

PERFORMANCE REVIEW AND STATE OF COMPANY’S AFFAIRS

During the Financial Year ended on 31^st March 2015, the company did satisfactory performance during the year.

UNSECURED LOAN

Unsecured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short-term borrowings
Loans and advances from related parties	17.228	6.028
Loans and advances from others	8.097	1.005
Total	25.325	7.033

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Electrical Installation and Equipment
• Furniture and Fixture
• Computer
• Office Equipment
• Vehicle

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.66.78
UK Pound	1	Rs.101.10
Euro	1	Rs.73.10

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	TRI
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--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		43

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.