MIRA INFORM REPORT

Report No. :	355524
Report Date :	22.12.2015

IDENTIFICATION DETAILS

Name :	CABCON INDIA PRIVATE LIMITED
Registered Office :	4A, Pollock Street, Room No. 21, Kolkata – 700001, West Bengal
Tel. No.:	91-33-40365001/ 40365000
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	01.02.1991
Com. Reg. No.:	21-050809
Capital Investment / Paid-up Capital :	Rs. 37.309 Million
CIN No.: [Company Identification No.]	U31200WB1991PTC050809
IEC No.:	0200014811
TAN No.: [Tax Deduction & Collection Account No.]	CALC02131D
PAN No.: [Permanent Account No.]	AABCC2164P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of AAC, AAAC, ACSR Conductors, Aluminium / Alloy Wire and Ground Wire. (Registered Activity)
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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 incorporated in the year 1991 having satisfactory track record. Available financials indicates sound financial risk profile marked by healthy networth base with fair liquidity and favorable gap between trade payables and trade receivables. The rating also takes into consideration company’s long track record of business operation and fair profit margin of the company. Trade relations are reported as fair. Business is active. Payment terms are reported as usually correct and as per commitment. In view of long track record and acceptable financial base, the company can be considered normal 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

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 DECLINED

MANAGEMENT NON-COOPERATIVE

(CONTACT NO.: 91-33-22355657/ 40365000)

LOCATIONS

Registered Office/ Factory :	4A, Pollock Street, Room No. 21, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-40365001/ 40365000
Fax No.:	91-33-22158065
E-Mail :	narendrapurohit83@yahoo.com info@cabconindia.com accounts@cabconindia.com
Website :	http://www.cabconindia.net

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Vijay Kumar Fomra

Designation :

Director

Address :

FE 515, Salt Lake City, Kolkata - 700091, West Bengal, India

Date of Birth/Age :

02.10.1968

Qualification :

B.Com (H)

Date of Appointment :

25.11.1993

PAN No.:

AADPF3739J

DIN No.:

00633315

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	U31200WB1991PTC050809	CABCON INDIA PRIVATE LIMITED	Director	25-11-1993	25-11-1993	-	Active	NO
2	U28999WB2004PTC098635	RADHIKA TRANSMISSION PRIVATE LIMITED	Director	19-05-2004	19-05-2004	-	Active	NO
3	U27203WB2007PTC116231	SHREYASH ALUMINIUM & ALLOYS PRIVATE LIMITED	Director	30-05-2007	30-05-2007	27-03-2009	Active	NO

Name :

Mr. Shree Ballabh Fomra

Designation :

Director

Address :

FE 515, Salt Lake City, Kolkata - 700091, West Bengal, India

Date of Birth/Age :

18.07.1943

Qualification :

B.Com (H)

Date of Appointment :

14.02.2005

PAN No.:

AADPF1618C

DIN No.:

00633436

Name :

Mr. Madan Mohan Fomra

Designation :

Director

Address :

FE 515, Salt Lake City, Kolkata - 700091, West Bengal, India

Date of Birth/Age :

16.10.1966

Qualification :

B.Com (H)

Date of Appointment :

01.02.1991

PAN No.:

AADPF8390H

DIN No.:

00633292

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	Company/ LLP Status	Defaulting status
1	U31200WB1991PTC050809	CABCON INDIA PRIVATE LIMITED	Director	01-02-1991	01-02-1991	Active	NO
2	U27203WB2007PTC116231	SHREYASH ALUMINIUM & ALLOYS PRIVATE LIMITED	Director	28-11-2007	28-11-2007	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Names of Shareholders	No. of Shares
Shree Ballabh Fomra	206600
Raj Kumari Fomra	83000
Shree Ballabh Fomra (HUF)	33000
Shanti Prasad Forma	303200
Madan Mohan Fomra	41340
Rashmi Fomra	34200
Radhika Fomra	4000
M M Fomra (HUF)	145020
Vijay Kumar Fomra	58380
Shashikala Fomra	26000
Siddarth Fomra	4000
V K Fomra (HUF)	154395
Manish Kumar Fomra	106000
Jayshree Gandhi	20
Priyanka Gandhi	20
Swati Gandhi	20
Sanjeev Kumar Binani	20120
Chandrakanta Lakhotia	20
Saroj Rathi	40020
Renu Kothari	20
Priti Fomra	21000
Rashmi Binani	12000
Mukund Lal Rathi	20
Ram Prakash Dujari	60000
Amit Mohta	68300
Sarala Devi Mohta	30000
Manro Finance and Traders Private Limited	741425
Bhavsagar Commodities Private Limited	741875
Balgopal Commodeal Private Limited	672500
Nikhita Fomra	5000
Manish Fomra HUF	19375
Akansha Advisory Private Limited	50000
Corbal Suppliers Private Limited	50000
Total	3730870

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	57.62
Directors or relatives of directors	35.75
Other top fifty shareholders	6.63
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of AAC, AAAC, ACSR Conductors, Aluminium / Alloy Wire and Ground Wire. (Registered Activity)

Products :

ITC Code No.	Product Descriptions
76141000	A C S R Conductor
76149000	AAC & AAAC Conductor
85446020	PVC & Aerial Bunch Cable

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	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 (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

· Canara Bank (Lead Bank)

Prime Corporate Branch, 21 CAMAC Street, Ground Floor, Kolkata – 700017, West Bengal, India

· Union Bank of India

Canning Street Branch, 6 D R N Mukherjee Road, Kolkata- 700001, West Bengal, India

· Karnataka Bank Limited

Park Street Branch, 1, Sarojini Nadu Sarani, Kolkata – 700017, West Bengal, India

· Canara Bank

L C Road Branch, 9 Lala lajpat Rai Sarani, Kolkata – 700020, West Bengal, India

· Axis Bank Limited

Corporate Banking Branch (CBB), 1 Shakespeare Sarani, AC Market, 3^rd Floor, Kolkata – 700071, West Bengal, India

Bank Name:	Not Divulged
Branch:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Term loans from banks	10.500	13.523
Other loans and advances	1.891	(2.751)
SHORT TERM BORROWINGS
Loans repayable on demand from banks	662.657	491.382
Total	675.048	502.154

Banking Relations :	--
Auditors :
Name :	Jai Pandya and Associates Chartered Accountants
Address :	36, Strand Road, 3^rd Floor, Kolkata-700001, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AFHPP8788C
Memberships :	--
Collaborators :	--
Related Parties :	· Shreyash Aluminium and Alloys Private Limited · Radhika Transmission Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,730,870	Equity Shares	Rs. 10/- each	Rs. 37.309 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	37.309	34.809	26.396
(b) Reserves & Surplus	376.590	310.316	212.392
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	67.300
Total Shareholders’ Funds (1) + (2)	413.899	345.125	306.088
(3) Non-Current Liabilities
(a) Long-term borrowings	266.356	235.089	215.089
(b) Deferred tax liabilities (Net)	3.411	3.315	2.427
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.873	0.538	0.466
Total Non-current Liabilities (3)	270.640	238.942	217.982
(4) Current Liabilities
(a) Short term borrowings	662.657	491.382	407.559
(b) Trade payables	727.972	586.790	442.356
(c) Other current liabilities	156.473	115.684	126.797
(d) Short-term provisions	21.949	18.440	12.930
Total Current Liabilities (4)	1569.051	1212.296	989.642
TOTAL	2253.590	1796.363	1513.712
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	112.973	81.129	58.747
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	51.351	50.839	38.958
(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	9.912	4.861	5.444
(e) Other Non-current assets	(0.206)	0.051	0.000
Total Non-Current Assets	174.030	136.880	103.149
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	510.311	315.881	259.705
(c) Trade receivables	1042.309	986.472	840.316
(d) Cash and cash equivalents	213.938	156.272	140.970
(e) Short-term loans and advances	312.839	200.533	169.065
(f) Other current assets	0.163	0.325	0.507
Total Current Assets	2079.560	1659.483	1410.563
TOTAL	2253.590	1796.363	1513.712

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Operations	3108.818	2876.692	2084.038
		Other Income	25.450	31.769	NA
		TOTAL (A)	3134.268	2908.461	NA
Less	EXPENSES
		Cost of Materials Consumed	2782.228	2476.635
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(200.747)	(28.523)
		Employees benefits expense	24.114	22.241
		Other expenses	242.551	209.488
		CSR Expenditure	0.880	0.000
		TOTAL (B)	2849.026	2679.841	NA
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		285.242	228.620	(Including Financial Expenses)
Less	FINANCIAL EXPENSES (D)		205.107	161.427
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		80.135	67.193	46.514
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.320	9.199	7.993
	PROFIT BEFORE TAX (E-F) (G)		65.815	57.994	38.521
Less	TAX (H)		21.450	18.957	12.653
	PROFIT AFTER TAX (G-H) (I)		44.365	39.037	25.868
	Earnings Per Share (Rs.)		11.89	14.41	9.80

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	1.104	3.488	0.876
Cash generated from operations	NA	NA	NA
Net Cash flow from (used in) Operations	(100.487)	(27.769)	(241.593)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.43	1.36	1.24
Operating Profit Margin (PBDIT/Sales)	(%)	9.18	7.95	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.99	3.32	2.61
Return on Investment (ROI) (PBT/Networth)		0.16	0.17	0.13
Debt Equity Ratio (Total Liability/Networth)		2.25	2.12	2.04
Current Ratio (Current Asset/Current Liability)		1.33	1.37	1.43

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	26.396	34.809	37.309
Reserves & Surplus	212.392	310.316	376.590
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	67.300	0.000	0.000
Net worth	306.088	345.125	413.899
Long-term borrowings	215.089	235.089	266.356
Short term borrowings	407.559	491.382	662.657
CURRENT MATURITIES OF LONG-TERM DEBTS	0.876	3.488	1.104
Total borrowings	623.524	729.959	930.117
Debt/Equity ratio	2.037	2.115	2.247

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	2084.038	2876.692	3108.818
		38.035	8.069

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	2084.038	2876.692	3108.818
Profit	25.868	39.037	44.365
	1.24%	1.36%	1.43%

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
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	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
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%	--
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10438891	01/07/2013	79,500,000.00	UNION BANK OF INDIA	CANNING STREET BRANCH, 6D, R N MUKHERJEE ROAD, KOLKATA, WEST BENGAL - 700001, INDIA	B80402464
2	10235403	30/06/2010	600,000.00	CANARA BANK	L C ROAD BRANCH, 9 LALA LAJPAT RAI SARANI, KOLKATA, WEST BENGAL - 700020, INDIA	A92740612
3	10046525	13/02/2007	15,000,000.00	CANARA BANK	EZRA STREET BRANCH, 9, EZRA STREET, KOLKATA, WEST BENGAL - 700001, INDIA	A13293014
4	90256688	18/06/2005	5,700,000.00	CANARA BANK	9; EZRA STREET, KOLKATA, WEST BENGAL - 700001, INDIA	-
5	90254956	03/06/2015 *	2,115,000,000.00	CANARA BANK	PRIME CORPORATE BRANCH, BELLS HOUSE, 21 CAMAC STREET, KOLKATA, WEST BENGAL - 700016, INDIA	C57691453

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Loans and advances from related parties	4.480	36.998
Other loans and advances	249.485	187.319
Total	253.965	224.317

OPERATIONS

The Company has reported total income of 3134.268 Million for the current year as compared to 2908.460 Million in the previous year. The Net Profit for the year amounted to 44.365 Million in the current year as compared to 39.036 Million in the previous year.

FIXED ASSETS:

· Buildings

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Computer equipments

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. 66.32
UK Pound	1	Rs. 98.99
Euro	1	Rs. 72.13

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	BVA

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
--PROFITABILIRY	1~10	5
--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		47

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.