MIRA INFORM REPORT

Report No. :	309763
Report Date :	26.02.2015

IDENTIFICATION DETAILS

Name :	LONGULF TRADING (INDIA) PRIVATE LIMITED
Registered Office :	Times Square, A Wing, 5^th Floor, Unit 1-B, Marol, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.05.1996
Com. Reg. No.:	099287
Capital Investment / Paid-up Capital :	Rs. 9.870 Million
CIN No.: [Company Identification No.]	U74999MH1996PTC099287
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUML04586B MUML02293E
PAN No.: [Permanent Account No.]	AAACL1075D
Legal Form :	Private Limited Liability Company
Line of Business :	Marchant exporter of agro commodities.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1200000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payments 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 – 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	CRISIL
Rating	Long Term Rating (BB)
Rating Explanation	Moderate risk of default
Date	July 8, 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.

LOCATIONS

Registered Office :	Times Square, A Wing, 5^th Floor, Unit 1-B, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-67600900
Fax No.:	91-22-66459400/ 67600910
E-Mail :	longulf@vsnl.net longulf@longulfindia.com farooq@longulfindia.com
Website :	http://www.longulf.com
Location :	Owned
Head Office :	Longulf Trading (UK) Limited Prince Albert House, 2 Kingsmill Terrace, London NW8 6BN
Tel. No.:	+ 44 (0) 20 77227733
Fax No.:	+ 44 (0) 20 77222989
E-Mail :	info@longulf.com
Website :	www.longulf.com
Longulf Hangzhou Office :	Longulf Trading (UK) Limited Room 2006, Huaxing Century Mansion, No. 317 Wangtang Road, Hangzhou 310012, China
Tel. No.:	+ 86 571 8506 0302
Fax No.:	+ 86 571 8506 0332
E-Mail :	elvabarrass@longulf.com
Longulf Egypt Office :	11 Asma Fahmy Street, 1^st Floor, Apartment 3 Ard El Golf, Heliopolis, Cairo Egypt
Tel. No.:	+ 20 2 2414 2810
Fax No.:	+ 20 2 2417 7438
E-Mail :	longulf@link.net
Longulf Slovakia Office :	Janka Krala 2, 048 01 Roznava, Slovak Republic
Tel. No.:	+ 421 58 733 1122
Fax No.:	+ 421 58 733 1122
E-Mail :	msa.slovakia@longulf.com
Longulf Iran Office :	No 22 Pamenar Street, 15^th Khordad Street, Post Code 1116967155 Tehran
Tel. No.:	+ 98 21 3399 8632
Fax No.:	+ 98 21 3398 1653
E-Mail :	farjam.behrouzi@longulf.com

DIRECTORS

AS ON 27.09.2014

Name :

Mr. Rajesh Bhagchand Golechha

Designation :

Director

Address :

231, Antariksha, K.G. Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

13.08.1964

Date of Appointment :

02.03.1998

DIN No.:

00037455

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	U70100MH1973PTC016587	SONA PROPERTIES PRIVATE LIMITED	Director	25/03/1992	25/03/1992	-	Amalgamated	NO
2	U24239MH1950PTC008016	NEO PHARMA PRIVATE LIMITED	Director	25/03/1992	25/03/1992	-	Active	NO
3	U74999MH1996PTC099287	LONGULF TRADING (INDIA) PRIVATE LIMITED	Director	02/03/1998	02/03/1998	-	Active	NO
4	U51900MH1998PTC117498	ARGOS INTERNATIONAL MARKETING PRIVATE LIMITED	Director	17/12/1998	17/12/1998	-	Active	NO
5	U25200MH1994PTC078059	NIKHAR ENTERPRISES PRIVATE LIMITED	Director	25/01/2002	25/01/2002	-	Active	NO
6	U24230MH1994PTC079343	WONDER CURE PHARMACEUTICALS P LTD	Director	10/08/2007	22/08/2006	-	Active	NO
7	U70102MH2008PTC182888	KIYANA PROPERTIES PRIVATE LIMITED	Director	24/09/2010	01/04/2010	13/04/2011	Active	NO
8	U01111MH2007PTC169060	AZURE TREE ENVIRO FARMS PRIVATE LIMITED	Director	30/09/2010	01/04/2010	13/01/2012	Active	NO
9	U01403MH2007PTC172567	AGILE ENVIRO FARMS PRIVATE LIMITED	Director	11/08/2010	01/04/2010	28/12/2012	Active	NO
10	U01403MH2007PTC171326	AURA ENVIRO FARMS PRIVATE LIMITED	Director	30/09/2010	01/04/2010	28/12/2012	Active	NO
11	U01403MH2007PTC172727	AMBER ORCHARDS PRIVATE LIMITED	Director	30/09/2010	01/04/2010	-	Active	NO
12	U01403MH2007PTC169050	AZURE TREE ORCHARDS PRIVATE LIMITED	Director	30/09/2010	01/04/2010	-	Active	NO
13	U01403MH2007PTC172832	AMBROSIA ENVIRO FARMS PRIVATE LIMITED	Director	11/08/2010	01/04/2010	-	Active	NO
14	U01403MH2007PTC172725	ABACUS ORCHARDS PRIVATE LIMITED	Director	11/08/2010	01/04/2010	-	Active	NO
15	U01111MH2007PTC169004	APPROPRIATE ENVIRO FARMS PRIVATE LIMITED	Director	30/09/2010	01/04/2010	-	Active	NO
16	U01403MH2007PTC169051	AXIOM ORCHARDS PRIVATE LIMITED	Director	30/09/2010	01/04/2010	-	Active	NO
17	U45200MH2010PTC198358	PROPNOVA PROPERTIES PRIVATE LIMITED	Director	09/08/2011	15/02/2011	-	Active	NO
18	U45200MH1995PTC092354	SHRAVASTI PROPERTY PRIVATE LIMITED	Director	26/09/2011	13/04/2011	-	Amalgamated	NO

Name :

Mr. Dirhem Abdo Saeed Anam

Designation :

Director

Address :

1, Ferneroft Avenue, London, United Kingdom-NW37PG

Date of Birth/Age :

21.07.1952

Date of Appointment :

30.04.1997

DIN No.:

03112379

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	U74999MH1996PTC099287	LONGULF TRADING (INDIA) PRIVATE LIMITED	Director	30/04/1997	30/04/1997	-	Active	NO
2	U26940GJ2011PTC068263	PENINSULA CEMENT COMPANY PRIVATE LIMITED	Director	17/12/2011	17/12/2011	-	Active	NO

MAJOR SHAREHOLDERS

As on 27.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Frimex Investment L.L.C. U.A.E., Dubai	641550	65.00
Neo Pharma Private Limited, India	345450	35.00
Total	987000	100.00

As on 27.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	65.00
Bodies corporate	35.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Marchant exporter of agro commodities.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
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

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

No. of Employees :

Not Available

Bankers :

Banker Name	Axis Bank Limited
Branch Address	Axis House, Ground Floor, Bombay Dyeing Mills Comp. Pandurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Auditors :
Name :	Dalal Doctor and Associates Chartered Accountants
Address :	305, TV Industrial Estate, 248/A, S.K. Marg, Behind Glaxo, Worli, Mumbai – 400 018, Maharashtra, India
Tel. No.:	91-22-66625050
Mobile No.:	91-9867555050/ 9867555051
Fax No.:	91-22-66627890
E-Mail :	sp@dalaldoctor.com
PAN No. :	AACFD9379H
Memberships :	Not Available
Collaborators :	Not Available
Names of Related Parties by whom control is exercised:	Frimex Investment LLC, Neo Pharma Private Limited.
Fellow Subsidiaries with whom transactions have taken place during the year:	Longulf Trading (UK) Limited Omar Kassem Alesayi Marketing Company Limited National Food Industries Company Limited National Food Industries Company Limited National Biscuit and Confectionery Company Limited
Name of Related parties where our key Management Personnel is a Director:	OKAM Consumer Products (India) Private Limited.
Name of Related Parties in which Shareholders have substantial interest:	Warna Milk and Milk Products Limited

CAPITAL STRUCTURE

As on 27.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
987000	Equity Shares	Rs.10/- each	Rs. 9.870 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	9.870	9.870	9.870
(b) Reserves & Surplus	439.994	389.157	404.906
(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)	449.864	399.027	414.776
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	1.180	0.000	0.000
(c) Other long term liabilities	3.096	(10.189)	2.602
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	4.276	(10.189)	2.602
(4) Current Liabilities
(a) Short term borrowings	112.999	0.000	117.500
(b) Trade payables	296.411	35.736	53.877
(c) Other current liabilities	299.977	98.185	12.798
(d) Short-term provisions	30.023	0.000	0.000
Total Current Liabilities (4)	739.410	133.921	184.175
TOTAL	1193.550	522.759	601.553
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	73.765	75.625	5.590
(ii) Intangible Assets	1.582	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	1.892	67.905
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	11.940	3.176
(d) Long-term Loan and Advances	4.739	2.975	0.000
(e) Other Non-current assets	0.000	0.000	11.106
Total Non-Current Assets	80.086	92.432	87.777
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	466.403	56.142	101.008
(c) Trade receivables	479.741	127.438	332.739
(d) Cash and cash equivalents	17.154	138.964	9.754
(e) Short-term loans and advances	95.506	64.776	36.660
(f) Other current assets	54.660	43.007	33.615
Total Current Assets	1113.464	430.327	513.776
TOTAL	1193.550	522.759	601.553

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL INCOME (A)	4050.401	1525.162	3352.401
Less	TOTAL EXPENSES (B)	3915.581	1536.725	3295.769
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	134.820	(11.563)	56.632
Less	FINANCIAL EXPENSES (D)	10.301	7.141	12.002
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	124.519	(18.704)	44.630
Less/ Add	DEPRECIATION/ AMORTISATION (F)	3.888	5.809	1.366
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	120.631	(24.513)	43.264
Less	TAX (H)	39.772	(8.765)	13.797
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	80.859	(15.748)	29.467
	Earnings / (Loss) Per Share (Rs.)	89.59	(15.96)	29.86

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/ Sales)	(%)	2.00	(1.03)	0.88
Operating Profit Margin (PBDIT/Sales)	(%)	3.33	(0.76)	1.69
Return on Total Assets (PBT/Total Assets}	(%)	10.11	(4.82)	8.16
Return on Investment (ROI) (PBT/Networth)		0.27	(0.06)	0.10
Debt Equity Ratio (Total Debt /Networth)		0.25	0.00	0.28
Current Ratio (Current Asset/Current Liability)		1.51	3.21	2.79

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	9.870	9.870	9.870
Reserves & Surplus	404.906	389.157	439.994
Net worth	414.776	399.027	449.864
long-term borrowings	0.000	0.000	0.000
Short term borrowings	117.500	0.000	112.999
Total borrowings	117.500	0.000	112.999
Debt/Equity ratio	0.283	0.000	0.251

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3352.401	1525.162	4050.401
		(54.505)	165.572

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3352.401	1525.162	4050.401
Profit	29.467	(15.748)	80.859
	0.88%	(1.03%)	2.00%

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	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%	No
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	No
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

Note:

The Registered office of the company has been shifted B/204, Citipoint, Andheri Kurla Road, J.B. Nagar, Andheri (East), Mumbai – 400059, Maharashtra, India to the present address w.e.f. 27.03.2007

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Other Loans and advances	112.999	0.000
Total	112.999	0.000

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10322084	28/10/2011	300,000,000.00	AXIS BANK LIMITED	AXIS HOUSE, GRD. FLR, BOMBAY DYEING MILLS COMP., PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	B27412261

* Date of charge modification

FIXED ASSETS

• Buildings
• Office building
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• 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. 62.05
UK Pound	1	Rs. 96.03
Euro	1	Rs. 70.43

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TRU

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.