MIRA INFORM REPORT

Report No. :	307845
Report Date :	12.02.2015

IDENTIFICATION DETAILS

Name :	AAYUR TECHNOLOGY SOLUTIONS PRIVATE LIMITED
Registered Office :	Aayur -3, No.6 - 1 and 2, KSSIDC Industrial Estate, Rajaji Nagar, Bangalore – 560044, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.01.2006
Com. Reg. No.:	08-038280
Capital Investment / Paid-up Capital :	Rs. 25.000 Millions
CIN No.: [Company Identification No.]	U72200KA2006PTC038280
TAN No.: [Tax Deduction & Collection Account No.]	BLRA08148A
PAN No.: [Permanent Account No.]	AAFCA7035F
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Electro Mechanical Packaging.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 130000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Reserves of the company seems to be low during 2014. External borrowings of the company also seems to be increasing compared to previous year. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	CARE
Rating	Long term bank facilities
Rating Explanation	Have moderate risk of default.
Date	April 02, 2014

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.

INFORMATION PARTED BY

Name :	Mr. Kiran K. Jyothis
Designation :	Director
Contact No.:	91-9844540995
Date :	12.02.2015

LOCATIONS

Registered Office/Factory :	Aayur -3, No.6-1 and 2, KSSIDC Industrial Estate, Rajaji Nagar, Bangalore – 560044, Karnataka, India
Tel. No.:	91-80-23155243/23155244
Mobile No.:	91-9844540995 (Mr. Kiran K. Jyothis)
Fax No.:	91-80-23155242
E-Mail :	kiran@aayurtech.com sales@aayurtech.com news@aayurtech.com shenoy@aayuetech.com
Website :	http://www.aayurtech.com
Area :	10000 Sq. Ft.
Location :	Rented
Branch Address:	#2-2-1076/4, 1st Floor, Sri Vidya school Lane, Tilaknagar, Hyderabad-500 044, Telangana, India
Tel. No.:	91-40-32006970

DIRECTORS

As on: 25.09.2014

Name :

Mr. Sunil Kumar Subramania

Designation :

Whole-time director

Address :

A 5 F, Ceedeeyes Regal Palm Gardens, Velachery, Tambaram Road, Vijaynagar, Chennai – 600042, Tamilnadu, India

Date of Birth/Age :

22.05.1967

Date of Appointment :

30.09.2013

DIN No.:

06363482

Name :

Mr. Lakshmeenarasimha Sulliapadavu Nayak

Designation :

Whole-time director

Address :

Mohan Nivas, Sullipadavu, Puttar Dakshina Kannada-574313, Karnataka, India

Date of Birth/Age :

01.02.1983

Date of Appointment :

30.09.2013

DIN No.:

06408197

Name :

Mr. Ramesh kumar Chovatt Valappil

Designation :

Whole-time director

Address :

Near Siva Temple, Payyanur-670307, Kerala, India

Date of Birth/Age :

10.05.1964

Date of Appointment :

30.09.2013

DIN No.:

06426836

Name :

Mr. Sheshagiri Devadas Shenoy

Designation :

Whole-time director

Address :

No. 278, 12 CRS, 2MN, Mahalakshmipuram, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

30.05.1969

Date of Appointment :

10.11.2011

DIN No.:

02103899

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	U72200KA2006PTC038280	Aayur Technology Solutions Private Limited	Whole-time director	10-11-2011	22-08-2008	-	Active	NO
2	U72200KA2011PTC057480	AAYUR ENGINEERING SYSTEMS PRIVATE LIMITED	Director	09-03-2011	09-03-2011	27-06-2011	Strike off	NO
3	U74999KA2011PTC060213	ENGINIUM DESIGNS PRIVATE LIMITED	Director	02-09-2011	02-09-2011	28-02-2014	Active	NO
4	U74900KA2014PTC074069	CBOX Systems Private Limited	Director	10-03-2014	10-03-2014	-	Active	NO

Name :

Mr. Kiran Kaithakkat Jyothis

Designation :

Whole-time director

Address :

C6, No. 265, Kaithakkat, B.D.A. Layout, Dumlur 02 Stage, 03 phase, Bangalore – 560071, Karnataka, India

Date of Birth/Age :

15.07.1968

Date of Appointment :

10.11.2011

DIN No.:

02103939

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	U72200KA2006PTC038280	Aayur Technology Solutions Private Limited	Whole-time director	10-11-2011	22-08-2008	-	Active	NO
2	U74999KA2011PTC060213	ENGINIUM DESIGNS PRIVATE LIMITED	Director	02-09-2011	02-09-2011	28-02-2014	Active	NO

Name :

Mr. Manoj Ponath Ravindran

Designation :

Whole-time director

Address :

370, Ponathu 2, Pallipuram, Ernakulam – 683515, Kerala, India

Date of Birth/Age :

10.01.1969

Date of Appointment :

30.09.2013

DIN No.:

06410981

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	U65992KL2012PTC031867	INDRIYA CHITS PRIVATE LIMITED	Director	29-12-2012	29-12-2012	-	Active	NO
2	U72200KA2006PTC038280	Aayur Technology Solutions Private Limited	Whole-time director	30-09-2013	01-06-2013	-	Active	NO

Name :

Mr. Vijyendra Bidri

Designation :

Whole-time director

Date of Appointment :

25.09.2014

DIN No.:

06744462

Name :

Mr. Venkateshwaran Anguraj

Designation :

Whole-time director

Date of Appointment :

25.09.2014

DIN No.:

06744474

KEY EXECUTIVES

Name :	S. Kedaranath and Associates
Designation :	Company Secretary
Address:	004, Ground Floor, #85, Ojus Paaartment, 4^th Amllesawaram, Bangalore – 560003, Karnataka ,Indi a

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 25.09.2014

NOTE: SHAREHOLDER FILE IS ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on: 25.09.2014

Category	Percentage
Directors or relatives of Directors	70.38
Other top fifty shareholders	29.62
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Electro Mechanical Packaging.
Products :	Electro Mechanical Packaging.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Raw Material
Countries :	Germany USA Russia Dubai
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Opticals Filters - USA
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 :

Bharat Electronics Limited

Name of the Person :

Mr. R.K. Sharma

Contact No.:

91-9818565143

Since How Long Known :

8 Years

Maximum Limit Dealt :

Rs. 100.000 Million (Approximately)

Experience :

Product Quality	Delivery Behavior	Overall
Good	Good	Excellent

Remark:

Company is good, transactions are healthy, no negative remarks against them.

No. of Employees :

80 (Approximately)

Bankers :

State Bank of India, SME Branch,, Rajajinagar Industrial Estate, Bangalore - 560010, Karnataka, India

Bank Name	Corporation Bank
Branch	Malleshwaram Branch
Person Name (With Designation)	Not Divulged
Contact Number	91-80-23561141
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)	Constantly Ringing from long time

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Loan From Bank
State Bank of India	0.000	0.840
From Financial Institute	9.960	6.329
From Kotak Prime limited	3.118	0.000
From Janalashmi Financial Services Limited	2.240	0.000
Short-term borrowings
Loan From Bank
Cash Credit Corporation Bank	44.191	30.441
Can Bank Factors Limited	4.848	5.034
WCDL from Corporation Bank	10.109	0.000
Loan From Others
NSIC Limited	13.543	0.000
Total	88.009	42.645

Financial Institute:	INTEC Capital Limited, 701,Manjusha, 57 Nehru Place, New Delhi - 110019, Delhi, India
Auditors :
Name :	S. S. Nayak and Company Chartered Accountants
Address :	No. 730, 6th Cross, 9th Main, 2No. 730, 6th Cross, 9th Main, Bangalore-560050, Karnataka, India
Tel. No.:	91-80-26619694
Mobile No.:	91-9845220810
E-Mail :	Ssnayak.ca@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAOCN7102Q
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 25.09.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,500,000	Equity Shares	Rs.10/- each	Rs.25.000 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	25.000	25.000	10.000
(b) Reserves & Surplus	7.289	5.432	4.290
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	14.214	13.911	0.000
Total Shareholders’ Funds (1) + (2)	46.503	44.343	14.290
(3) Non-Current Liabilities
(a) Long-term borrowings	15.318	7.169	21.146
(b) Deferred tax liabilities (Net)	0.000	0.000	0.104
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.287	0.139	0.000
Total Non-current Liabilities (3)	15.605	7.308	21.250
(4) Current Liabilities
(a) Short term borrowings	75.001	38.971	49.468
(b) Trade payables	26.814	23.693	58.910
(c) Other current liabilities	7.769	9.470	5.248
(d) Short-term provisions	0.947	0.675	0.260
Total Current Liabilities (4)	110.531	72.809	113.886
TOTAL	172.639	124.460	149.426
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.849	2.378	3.027
(ii) Intangible Assets	0.255	0.425	0.708
(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)	0.165	0.037	0.000
(d) Long-term Loan and Advances	2.833	1.726	1.715
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	5.102	4.566	5.450
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	61.080	70.129	92.459
(c) Trade receivables	89.789	44.267	43.316
(d) Cash and cash equivalents	7.824	2.608	3.555
(e) Short-term loans and advances	8.844	2.890	3.430
(f) Other current assets	0.000	0.000	1.216
Total Current Assets	167.537	119.894	143.976
TOTAL	172.639	124.460	149.426

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	126.159	112.819
		Other Income	0.439	0.279
		TOTAL (A)	126.598	113.098	135.687
Less	EXPENSES
		Cost of Materials Consumed	60.167	34.192
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	4.996	27.174
		Employees benefits expense	21.805	21.777
		Other expenses	23.762	16.845
		TOTAL (B)	110.730	99.988	133.881
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.868	13.110
Less	FINANCIAL EXPENSES (D)		12.433	10.385
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.435	2.725	1.806
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.759	1.050	1.439
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		2.676	1.675	0.367
Less	TAX (H)		0.819	0.392	0.126
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		1.857	1.283	0.241
	Earnings/ (Loss) Per Share (Rs.)		0.74	1.14	0.25

Expected Sales (2014-18): Rs.130.000 Millions

The above information has been parted by Mr. Kiran K. Jyothis

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.47	1.14	0.18
Operating Profit Margin (PBIDT/Sales)	(%)	12.58	11.62	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.55	1.35	0.25
Return on Investment (ROI) (PBT/Networth)		0.06	0.04	0.03
Debt Equity Ratio (Total Debt /Networth)		1.94	1.04	4.94
Current Ratio (Current Asset/Current Liability)		1.52	1.65	1.26

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	10.000	25.000	25.000
Reserves & Surplus	4.290	5.432	7.289
Share Application money pending allotment	0.000	13.911	14.214
Net worth	14.290	44.343	46.503
long-term borrowings	21.146	7.169	15.318
Short term borrowings	49.468	38.971	75.001
Total borrowings	70.614	46.140	90.319
Debt/Equity ratio	4.941	1.041	1.942

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)
Total Income	135.687	113.098	126.598
		(16.648)	11.937

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	135.687	113.098	126.598
Profit	0.241	1.283	1.857
	0.18%	1.13%	1.47%

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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 LOAN

Unsecured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Short-term borrowings
Loan From Members and Others	2.310	3.495
Total	2.310	3.495

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2014
Bank Guarantee Outstanding	20.179
Total	20.179

INDEX OF CHREGS:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10474125	13/11/2014 *	95,000,000.00	CORPORATION BANK	MSM Small Branch, 488/B, 14th Cross,, KIADB Complex, 4th Phase, Peenya Industrial Estate, Bangalore, Karnataka- 560058, INDIA	C42224816
2	10432280	17/06/2013	3,690,918.00	INTEC CAPITAL LIMITED	701,MANJUSHA, 57 NEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA	B77592558

* Date of charge modification

FIXED ASSETS:

• Computers
• Furniture’s
• Office Equipment
• Plant and Machinery
• Vehicles
• Software

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.62.15
UK Pound	1	Rs.94.72
Euro	1	Rs.70.33

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RSM
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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		27

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.