MIRA INFORM REPORT

Report No. :	356286
Report Date :	30.12.2015

IDENTIFICATION DETAILS

Name :	J.J. PLASTALLOY PRIVATE LIMITED [w.e.f 06.06.2012]
Formerly Known As :	J.J. PACKAGERS PRIVATE LIMITED
Registered Office :	A-2 Badshah Bagh Colony, Maldahiya, Varanasi – 221002, Uttar Pradesh
Tel. No.:	91-542-2391915/3253667
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	15.03.1995
Com. Reg. No.:	20-017711
Capital Investment / Paid-up Capital :	Rs.6.750 Million
CIN No.: [Company Identification No.]	U24139UP1995PTC017711
IEC No.:	Not Divulged
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, Exporter, Importer and Supplier of white master batch, calcium carbonate materbatch, black masterbatch, engineering compounds, pc labs Bledsoe alloys. [Confirmed by management]
No. of Employees :	75 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1995. It has satisfactory track. The company has reported decent increase in its sales turnover along with fair margin in FY15. However, the debt level was found huge and increasing during the year under consideration. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings with 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	CRISIL
Rating	Long term rating = BB-
Rating Explanation	Inadequate-credit-quality and high credit risk.
Date	06.11.2015

Rating Agency Name	CRISIL
Rating	Short term rating = A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	06.11.2015

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. Rajesh
Designation :	Deputy General Manager
Contact No.:	91-9598070460
Date :	23.12.2015

LOCATIONS

Registered Office :	A-2 Badshah Bagh Colony, Maldahiya, Varanasi – 221002, Uttar Pradesh, India
Tel. No.:	91-542-2391915/3253667
Mobile No.:	91-9598070460 [Mr. Rajesh]
Fax No.:	91-542-2391913
E-Mail :	jijjpl@satyam.net.in
Website :	http://www.jjplastalloy.com
Branch Office :	Shed No. 36, Dhara Estate, Near Narada Canal Khatraj – Santej Road, Vill-Santej, Taluka – Kalol, District – Gandhinagar – 382721, Gujarat, India
Factory :	Plot No. E – 13 and 14, Industrial Area, Ramnagar Chansauli – 221110, Uttar Pradesh, India

DIRECTORS

AS ON 31.03.2015

Name :

Jagdish Jhunjhunwala

Designation :

Director

Address :

A-2, Badshahbagh Colony, Maldahiya, Varanasi - 221002, Uttar Pradesh, India

Date of Birth/Age :

18.08.1951

Date of Appointment :

15.03.1995

DIN No.:

00122931

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	U24139UP1995PTC017711	J.J. PLASTALLOY PRIVATE LIMITED	Director	15/03/1995	15/03/1995	-	Active	NO
2	U74900UP2010PTC039877	TATHAGAT EXIM PRIVATE LIMITED	Director	15/03/2010	15/03/2010	-	Active	NO

Name :

Lalita Jhunjhunwala

Designation :

Director

Address :

A-2, Badshah Bagh Colony, Maldahiya, Varanasi - 221002, Uttar Pradesh, India

Date of Birth/Age :

02.07.1955

Date of Appointment :

30.04.2001

DIN No.:

00122908

Name :

Shivam Bansal

Designation :

Director

Address :

A-2, Badshahbagh Colony, Maldahiya, Varanasi - 221002, Uttar Pradesh, India

Date of Birth/Age :

25.08.1979

Date of Appointment :

01.10.2005

DIN No.:

00122583

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	U24139UP1995PTC017711	J.J. PLASTALLOY PRIVATE LIMITED	Director	01/10/2005	01/10/2005	-	Active	NO
2	U74900UP2010PTC039877	TATHAGAT EXIM PRIVATE LIMITED	Director	15/03/2010	15/03/2010	-	Active	NO
3	U25200MH1955NPL009601	THE PLASTICS EXPORT PROMOTION COUNCIL	Director	29/09/2011	29/09/2011	-	Active	NO

Name :

Neha Bansal

Designation :

Additional Director

Address :

A-2, Badshah Bagh, Varanasi - 221002, Uttar Pradesh, India

Date of Birth/Age :

28.02.1982

Date of Appointment :

10.03.2010

DIN No.:

02987756

KEY EXECUTIVES

Name :	Mr. Rajesh
Designation :	Deputy General Manager

MAJOR SHAREHOLDERS

AS ON 31.03.2015

Names of Shareholders	No. of Shares	%age holding
Jagdish Jhunjhunwala	99715	14.77
Ramavtar Jhunjunwala (Huf) Karta	6500	0.96
Jagdish Jhunjhunwala Huf – Karta	35100	5.20
Lalita Jhunjhunwala	66400	9.84
Shivam Bansal	282250	41.81
Neha Bansal	20035	2.97
Sharad Bansal	15000	2.22
Tathagat Exim Private Limited, India	150000	22.22
Total	675000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	22.22
Directors or relatives of Directors	77.78
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter, Importer and Supplier of white master batch, calcium carbonate materbatch, black masterbatch, engineering compounds, pc labs Bledsoe alloys. [Confirmed by management]
Products :	Master Batch Calcium Carbonate Materbatch Black Masterbatch Engineering Compounds Pc Labs Bledsoe Alloys etc.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished goods
Countries :	Middle east countries Latin America African countries
Imports :
Products :	Raw Material
Countries :	Malaysia China Saudi Arabia
Terms :
Selling :	Depend
Purchasing :	Depend

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 :

75 (Approximately)

Bankers :

Banker Name	Oriental Bank of Commerce
Branch Address	D 58/- A – 1, Natraj, Cinema Caompus, Sigra, Varanasi – 221010, Uttar Pradesh, 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 :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Term Loan from Bank
Oriental Bank of Commerce [Term Loan A/c 0155]	2.644	4.910
Oriental Bank of Commerce [Term Loan A/c 0165]	2.594	3.854
Oriental Bank of Commerce [Term Loan A/c 0269] (Car Loan)	0.060	0.236
Oriental Bank of Commerce [Term Loan A/c 20535] (Car Loan)	1.937	0.000
Oriental Bank of Commerce [Term Loan A/c 0847] (Car Loan)	0.274	0.445
Oriental Bank of Commerce [Term Loan A/c 0497]	8.679	10.816
SHORT TERM BORROWING
Loans Repayable on demand – from Bank
Oriental Bank of Commerce (CC)	97.009	102.629
Oriental Bank of Commerce (FDBP A/c)	15.813	0.000
Oriental Bank of Commerce [PCFC A/c Packing Credit]	7.451	10.438
ICICI Bank (OD)	62.126	55.969
Buyers credit	46.784	14.192
Total	245.371	203.489

Auditors :
Name :	Amit Kapoor and Company Chartered Accountants
Address :	B-37/182-5,Birdopur,Mahmoorganj, Varanasi – 221010, Uttar Pradesh, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAKFA2815P
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
710000	Equity Shares	Rs.10/- each	Rs.7.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
675000	Equity Shares	Rs.10/- each	Rs.6.750 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	6.750	6.750	6.750
(b) Reserves & Surplus	91.646	70.838	56.286
(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)	98.396	77.588	63.036
(3) Non-Current Liabilities
(a) long-term borrowings	47.768	53.401	48.216
(b) Deferred tax liabilities (Net)	1.533	2.489	1.605
(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)	49.301	55.890	49.821
(4) Current Liabilities
(a) Short term borrowings	229.183	183.228	157.529
(b) Trade payables	69.414	54.186	107.900
(c) Other current liabilities	53.860	25.934	27.912
(d) Short-term provisions	6.562	6.149	4.380
Total Current Liabilities (4)	359.019	269.497	297.721
TOTAL	506.716	402.975	410.578
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	69.892	67.580	63.687
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.476	2.987	2.659
(e) Other Non-current assets	30.969	18.687	0.000
Total Non-Current Assets	103.337	89.254	66.346
(2) Current assets
(a) Current investments	0.000	0.000	19.106
(b) Inventories	53.211	36.062	48.311
(c) Trade receivables	275.176	233.824	243.346
(d) Cash and cash equivalents	13.046	9.934	1.920
(e) Short-term loans and advances	61.946	33.901	31.549
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	403.379	313.721	344.232
TOTAL	506.716	402.975	410.578

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	997.783	794.277	NA
	Other Income	3.003	2.475	NA
	TOTAL (A)	1000.786	796.752	NA
Less	EXPENSES
	Cost of Materials Consumed	700.230	568.461
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	2.301	5.074
	Employees benefits expense	41.225	31.134
	Other expenses	185.312	132.507
	TOTAL (B)	929.068	737.176
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	71.718	59.576	NA
Less	FINANCIAL EXPENSES (D)	33.096	31.340
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	38.622	28.236
Less/ Add	DEPRECIATION/ AMORTISATION (F)	12.097	6.651
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	26.525	21.585	15.220
Less	TAX (H)	5.717	7.033	4.995
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	20.808	14.552	10.225
	Earnings / (Loss) Per Share (Rs.)	30.83	21.55	15.15

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	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	2.09	1.83	NA
Operating Profit Margin (PBIDT/Sales)	(%)	7.19	7.50	NA
Return on Total Assets (PBT/Total Assets}	(%)	5.23	5.36	3.71
Return on Investment (ROI) (PBT/Networth)		0.27	0.28	0.24
Debt Equity Ratio (Total Debt /Networth)		2.81	3.05	3.26
Current Ratio (Current Asset/Current Liability)		1.12	1.16	1.16

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	6.750	6.750	6.750
Reserves & Surplus	56.286	70.838	91.646
Net worth	63.036	77.588	98.396
Long-term borrowings	48.216	53.401	47.768
Short term borrowings	157.529	183.228	229.183
Total borrowings	205.745	236.629	276.951
Debt/Equity ratio	3.264	3.050	2.815

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	794.277	997.783
		25.622

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	794.277	997.783
Profit	14.552	20.808
	1.83%	2.09%

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
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 Two 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	Yes
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

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Other Loans and Advances
From Directors	19.528	8.196
From Shareholders and Others	12.052	24.944
Total	31.580	33.140

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10447850	20/08/2013	536,000.00	ORIENTAL BANK OF COMMMERCE	SIGRA BRANCH, SIGRA, VARANASI, UTTAR PRADESH - 221010, INDIA	B84438969
2	10367778	03/07/2012	490,000.00	ORIENTAL BANK OF COMMERCE	SIGRA BRANCH, D-58/9 A-I NATRAJ CINEMA CAMPUS, VARANASI, UTTAR PRADESH - 221010, INDIA	B44605830
3	10065148	14/08/2015 *	583,500,000.00	ORIENTAL BANK OF COMMERCE	D-58/9, A-1, NATRAJ CINEMA CAMPUS, SIGRA, VARANASI, UTTAR PRADESH - 221001, INDIA	C61964375
4	90280744	09/02/2005 *	25,000,000.00	ORIENTAL BANK OF COMMERCE	SIGRA, VARANASI, UTTAR PRADESH, INDIA	-
5	90280743	16/12/2004 *	25,000,000.00	ORIENTAL BANK OF COMMERCE	SIGRA, VARANASI, UTTAR PRADESH, INDIA	-

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Bank Guarantee	0.000	40.000
Latter of Credit Limit	0.000	70.000

FIXED ASSETS

Tangible Assets

• Land
• Building
• Plant Machinery
• Office Equipment
• Generator
• Mobile
• Lab Equipment
• Furniture and fixtures
• Motor Vehicles
• Computer Equipment’s

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.63.37
UK Pound	1	Rs.98.91
Euro	1	Rs.72.85

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KIN
Report Prepared by :	GEET

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	3
--LEVERAGE	1~10	3
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		41

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.