MIRA INFORM REPORT

Report No. :	305560
Report Date :	02.02.2015

IDENTIFICATION DETAILS

Name :	RUKMANI ELECTRICAL AND COMPONENTS PRIVATE LIMITED
Registered Office :	P.O. Dankuni Coal Complex, Kharial, Hooghly – 712310, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.10.1995
Com. Reg. No.:	21-074797
Capital Investment / Paid-up Capital :	Rs.17.225 Millions
CIN No.: [Company Identification No.]	U31901WB1995PTC074797
TIN No.:	Not Available
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 :	Manufacturers, fabricators and galvanizers of sub-station structures, cable trays, cable ducts, earthing materials, transmission towers, etc.
No. of Employees :	Not Available

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. General financial position of the company is normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	ICRA
Rating	Long Term Rating = BB- (Suspended)
Rating Explanation	Moderate risk of default.
Date	July 2014

Reason for Suspension: Inability to carry out rating in the absence of the requisite information from the company.

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.

LOCATIONS

Registered Office / Factory 1 :	P.O. Dankuni Coal Complex, Kharial, Hooghly – 712310, West Bengal, India
Tel. No.:	91-33-26590251 / 26593118
Mobile No.:	91-9330161807 (Mr. Narayan Kabra) 91-9330161804 (Mr. Manoj Kabra) 91-9302742293 (Mr. Sushil Kabra)
Fax No.:	91-33-26590251
E-Mail :	rukmani@cal2.vsnl.net.in rukmanimva@yahoo.co.in maruthi@rukmani.net.in maruthikabra@gmail.com varun@rukmani.net.in sushilkabra123@yahoo.co.in
Website :	http://www.rukmani.net.in
Correspondence Office :	11-A, Maharshi Devendra Road, Room No.104, 1st Floor, Kolkata – 700007, West Bengal, India
Tel. No.:	91-33-22748472 / 22740886
Factory 2 :	Urla Industrial Area, Urla Sarora Road, Raipur– 493221, Chhattisgarh, India
Tel. No.:	91-771-3250889 / 2322092

DIRECTORS

As on 30.09.2014

Name :

Mr. Bhagwat Prasad Kabra

Designation :

Director

Address :

89/324 Bangur Park, Navkunj , Floor 4, Rishra - 712248, West Bengal, India

Date of Birth/Age :

22.05.1953

Date of Appointment :

12.10.1995

DIN No.:

00560388

Name :

Mr. Dipak Mantri

Designation :

Director

Address :

49/19 Rabindra Sarani, Rishra, Hooghly - 712248, West Bengal, India

Date of Birth/Age :

19.05.1983

Date of Appointment :

16.10.2004

DIN No.:

00560434

Name :

Mr. Mahabir Prasad Mantri

Designation :

Director

Address :

Rama Niwas, Ayodhyapuri, Civil Lines, Rajsamand - 313326, Rajasthan, India

Date of Birth/Age :

17.01.1961

Date of Appointment :

16.10.2004

DIN No.:

01084859

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	U14102RJ1995PTC010789	MANGAL MURTI MARBLE PRIVATE LIMITED	Director	25/09/1995	25/09/1995	-	Active	NO
2	U14101RJ2000PTC016343	MARUTI NANDAN MARBLES PRIVATE LIMITED	Director	24/04/2000	24/04/2000	-	Active	NO
3	U31901WB1995PTC074797	RUKMANI ELECTRICAL AND COMPONENTS PRIVATE LIMITED	Director	16/10/2004	16/10/2004	-	Active	NO
4	U45201RJ2009PTC029854	MARUTINANDAN STRUCTURES PRIVATE LIMITED	Director	10/09/2009	10/09/2009	-	Active	NO

Name :

Mr. Sushil Kumar Kabra

Designation :

Director

Address :

122 G T Road, 2nd Floor Citi Plaza, Howrah - 711106, West Bengal, India

Date of Birth/Age :

01.07.1962

Date of Appointment :

12.10.1995

DIN No.:

01099702

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	U31901WB1995PTC074797	RUKMANI ELECTRICAL AND COMPONENTS PRIVATE LIMITED	Director	12/10/1995	12/10/1995	-	Active	NO
2	U31908WB2013PTC195820	RUKMANI ELECTRICAL & INSTRUMENTATIONS PRIVATE LIMITED	Director	24/07/2013	24/07/2013	-	Active	NO

Name :

Mr. Ratan Lal Mantri

Designation :

Director

Address :

100, Fit Road, Civil Lines,, Kankroli, Rajsamand - 313324, Rajasthan, India

Date of Birth/Age :

13.07.1963

Date of Appointment :

16.10.2004

DIN No.:

01865854

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	U14101RJ2000PTC016343	MARUTI NANDAN MARBLES PRIVATE LIMITED	Director	24/04/2000	24/04/2000	-	Active	NO
2	U31901WB1995PTC074797	RUKMANI ELECTRICAL AND COMPONENTS PRIVATE LIMITED	Director	16/10/2004	16/10/2004	-	Active	NO
3	U14101RJ2005PTC020572	ENTERTAINMENT MARBLE PRIVATE LIMITED	Director	20/04/2007	20/04/2007	03/10/2012	Active	NO
4	U45201RJ2009PTC029854	MARUTINANDAN STRUCTURES PRIVATE LIMITED	Director	10/09/2009	10/09/2009	-	Active	NO
5	U14102RJ1995PTC010789	MANGAL MURTI MARBLE PRIVATE LIMITED	Director	05/11/2011	05/11/2011	-	Active	NO

Name :

Mr. Manoj Kumar Kabra

Designation :

Director

Address :

89/324 Bangur Park, Rishra Hooghly, Rishra, 712248, West Bengal, India

Date of Birth/Age :

28.08.1974

Date of Appointment :

16.09.2008

DIN No.:

02339677

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	U31901WB1995PTC074797	RUKMANI ELECTRICAL AND COMPONENTS PRIVATE LIMITED	Director	16/09/2008	16/09/2008	-	Active	NO
2	U31908WB2013PTC195820	RUKMANI ELECTRICAL & INSTRUMENTATIONS PRIVATE LIMITED	Director	24/07/2013	24/07/2013	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	40.38
Directors or relatives of Directors	51.03
Other top fifty shareholders	8.59
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers, fabricators and galvanizers of sub-station structures, cable trays, cable ducts, earthing materials, transmission towers, etc.
Products :	Sub-Station Structures Cable Trays Cable Ducts Earthing Materials Transmission Towers
Brand Names :	--
Agencies Held :	--
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

• State Bank of India, Industrial Area Branch, Raipur - 492001, Chattisgarh, India
• State Bank of India, MS Sales Hub, Me Branch, Industrial Estate Branch, Raipur - 492001, Chhattisgarh, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
SHORT TERM BORROWINGS
Cash Credit Facilities (Secured by hypothecation (Against Hypothecation of Raw Materials, Stock- in-process, Stores and spares, Packing Materials, Goods in Transit, Outstanding Moneys, Book Debts and Receivables)	40.406	70.277
Total	40.406	70.277

Auditors :
Name :	Rustagi and Company Chartered Accountants
Address :	19, R.N. Mukherjee Road, Eastern Building,1st Floor, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22480823 / 0856
Fax No.:	91-33-22430746
PAN No.:	AAUFS1566M
Memberships :	--
Collaborators :	--
Subsidiary Company :	Rukmani Fab and Gal Private Limited
Related Parties :	Maruti Nandan Structures Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1722485	Equity Shares	Rs.10/- each	Rs.17.225 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	17.225	17.225	17.225
(b) Reserves & Surplus	222.172	205.367	190.311
(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)	239.397	222.592	207.536
(3) Non-Current Liabilities
(a) long-term borrowings	84.230	27.974	16.118
(b) Deferred tax liabilities (Net)	4.746	3.977	3.411
(c) Other long term liabilities	1.663	1.108	0.690
(d) long-term provisions	1.392	1.275	0.672
Total Non-current Liabilities (3)	92.031	34.334	20.891
(4) Current Liabilities
(a) Short term borrowings	40.406	70.277	44.415
(b) Trade payables	155.680	206.473	126.511
(c) Other current liabilities	8.081	5.375	4.875
(d) Short-term provisions	0.937	2.802	0.752
Total Current Liabilities (4)	205.104	284.927	176.553
TOTAL	536.532	541.853	404.980
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	51.012	45.711	39.209
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.390	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	4.007	4.007	4.007
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.464	1.421	1.653
(e) Other Non-current assets	0.000	0.140	0.140
Total Non-Current Assets	57.873	51.279	45.009
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	99.612	106.435	118.294
(c) Trade receivables	305.693	331.284	191.549
(d) Cash and cash equivalents	10.470	8.246	9.658
(e) Short-term loans and advances	62.884	44.579	40.429
(f) Other current assets	0.000	0.030	0.041
Total Current Assets	478.659	490.574	359.971
TOTAL	536.532	541.853	404.980

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	935.102	882.738	711.449
		Other Income	0.645	0.806	1.849
		TOTAL (A)	935.747	883.544	713.298
Less	EXPENSES
		Raw material and goods consumption		697.609	555.074
		Cost of traded goods sold		0.133	0.244
		Changes in Inventories of finished goods		11.780	27.226
		Manufacturing Expenses		81.507	62.463
		Employee Benefits Expenses		25.690	20.176
		Other Expenses		29.839	18.807
		TOTAL (B)	907.203	846.558	683.990
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			36.986	29.308
Less	FINANCIAL EXPENSES (D)			11.978	11.753
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		28.544	25.008	17.555
Less	DEPRECIATION/ AMORTISATION (F)		3.436	2.285	2.357
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		25.108	22.723	15.198
Less	TAX (H)		8.303	7.666	4.639
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		16.805	15.057	10.559
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		65.481	50.424	39.865
	BALANCE CARRIED TO THE B/S		82.286	65.481	50.424
	Earnings / (Loss) Per Share (Rs.)		9.76	8.74	7.07

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.80	1.71	1.48
Operating Profit Margin (PBDIT/Sales)	(%)	NA	4.19	4.12
Return on Total Assets (PBT/Total Assets}	(%)	4.73	4.22	3.79
Return on Investment (ROI) (PBT/Networth)		0.10	0.10	0.07
Debt Equity Ratio (Total Debt /Networth)		0.52	0.44	0.29
Current Ratio (Current Asset/Current Liability)		2.33	1.72	2.04

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	17.225	17.225	17.225
Reserves & Surplus	190.311	205.367	222.172
Share Application money pending allotment	0.000	0.000	0.000
Net worth	207.536	222.592	239.397
Long Term borrowings	16.118	27.974	84.230
Short Term borrowings	44.415	70.277	40.406
Total borrowings	60.533	98.251	124.636
Debt/Equity ratio	0.292	0.441	0.521

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	711.449	882.738	935.102
		24.076	5.932

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	711.449	882.738	935.102
Profit	10.559	15.057	16.805
	1.48%	1.71%	1.80%

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
20]	Export / Import details (if applicable)	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Loans and Advances from Related Parties	11.201	12.130
Loan and Advances from Others	73.029	15.844
Total	84.230	27.974

CORPORATE INFORMATION:

The company is having corporate and registered office at Kolkata and its branch at Raipur. They are basically manufacturers, fabricators and galvanizers of Sub-station Structures, Cable Trays, Cable Ducts, Earthing materials, Transmission Towers, etc.

PERFORMANCE REVIEW:

During the year, the Revenue from Operations of the Company increased from Rs.952.772 Millions in 2012-13 to Rs.102.790 Millions in 2013-14 thereby Profit before Tax increased from Rs.22.723 Millions in 2012-13 to Rs.25.108 Millions in 2013-14.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10027076	07/02/2013 *	90,000,000.00	State Bank Of India	MS Sales Hub, Me Branch, Industrial Estate Branch, Raipur, Chhattisgarh - 492001, India	B69538239

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.76
UK Pound	1	Rs.93.13
Euro	1	Rs.70.03

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	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.