MIRA INFORM REPORT

Report No. :	302422
Report Date :	08.01.2015

IDENTIFICATION DETAILS

Name :	V. K. INDUSTRIAL CORPORATION LIMITED
Registered Office :	303/304, Loha Bhavan, 3^rd Floor, Carnac Bunder, 93, P. Demello Road, Mumbai – 400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.11.2004
Com. Reg. No.:	11-149538
Capital Investment / Paid-up Capital :	Rs.45.900 Millions
CIN No.: [Company Identification No.]	U27100MH2004PLC149538
TIN No.:	Not Available
IEC No.:	0304068616
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCV9515F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader, Exporter and Importer of Special Quality Carbon Steel Plates.
No. of Employees :	12 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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 having satisfactory track record. General financial position of the company is sound. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually 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	Fund Based – Cash Credit Limit = BBB
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	February 2014

Rating Agency Name	ICRA
Rating	Non Fund Based Limit = A3
Rating Explanation	Moderate degree of safety. It carry higher credit risk.
Date	February 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. Virendra Kakubhai Mehta
Designation :	Whole Time Director
Contact No.:	91-9821022386

LOCATIONS

Registered Office :	303/304, Loha Bhavan, 3^rd Floor, Carnac Bunder, 93, P. Demello Road, Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-66333330 / 61956195 / 61956131
Mobile No.:	91-9821022386 (Mr. Virendra Kakubhai Mehta) 91-9960954725 (Mr. Alex)
Fax No.:	91-22-23484728 / 61956196
E-Mail :	info@virenvkicl.com viren@virenvkicl.com accounts@virenvkicl.com vkicl@mtnl.net.in
Website :	http://www.vkicl.com
Area :	600 sq. ft.
Location :	Owned
Branch Office :	Office No. 1, 1^st Floor, No.84 (Old No. 39), Muthumari Street, Chennai – 600001, Tamilnadu, India
Tel. No.:	91-44-25262263
Fax No.:	91-44-42168783
E-Mail :	juzer@vkchennai.com
Area :	200 sq. ft.
Location :	Owned
Warehouse :	Located At · Ambattur, Chennai · Taloja, Mumbai

DIRECTORS

AS ON 31.07.2014

Name :

Mr. Kakubhai Purshottamdas Mehta

Designation :

Managing Director

Address:

401, Mnju Castle Building Church Road, Vile Parle (East), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

10.04.1935

Qualification :

Under Graduate

Date of Appointment :

29.09.2012

DIN No.:

01648156

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	U27100MH2004PLC149538	V. K. INDUSTRIAL CORPORATION LIMITED	Managing director	02/09/2005	02/09/2005	-	Active	NO
2	U27109MH2007PTC170928	Dmson's metal private limited	Director	18/05/2007	18/05/2007	-	Active	NO

Name :

Mr. Ravi Balwantrai Mehta

Designation :

Additional director

Address :

702 Devki CHSL Asram Road Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

01.09.1973

Date of Appointment :

29.09.2012

DIN No.:

00160965

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	U51909MH1995PTC091975	MINTEX EXIM PRIVATE LIMITED	Director	21/08/1995	21/08/1995	01/04/2009	Active	NO
2	U27100MH2004PLC149538	V. K. INDUSTRIAL CORPORATION LIMITED	Director	29/09/2012	01/04/2012	-	Active	NO

Name :

Mr. Virendra Kakubhai Mehta

Designation :

Whole Time Director

Address:

401, Mnju Castle Building Church Road, Vile Parle (East), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

08.03.1968

Qualification :

H.S.C.

Date of Appointment :

01.10.2006

PAN No.:

AAAPM7667B

DIN No.:

00326929

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	U27100MH2004PLC149538	V. K. INDUSTRIAL CORPORATION LIMITED	Whole-time director	01/04/2011	01/10/2006	-	Active	NO
2	U27109MH2007PTC170928	Dmson's metal private limited	Director	06/08/2007	06/08/2007	10/07/2012	Active	NO

Name :

Mrs. Darshana Virendrakumar Mehta

Designation :

Additional director

Address:

7/A Pushpham K D Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

06.06.1968

Date of Appointment :

29.09.2012

DIN No.:

03459602

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	U27100MH2004PLC149538	V. K. INDUSTRIAL CORPORATION LIMITED	Whole-time director	29/09/2012	16/07/2012	-	Active	NO

Name :

Mrs. Kairavi Virendra Mehta

Designation :

Additional Director

Address:

Plot No.80, Hatkesh CHS Limited, 7^th Floor, 9^th Road, J V P D Scheme, N. S. Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

15.05.1994

Date of Appointment :

12.06.2012

DIN No.:

05298092

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	U27100MH2004PLC149538	V. K. INDUSTRIAL CORPORATION LIMITED	Whole-time director	29/09/2012	16/07/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nayan
Designation :	Accountant

MAJOR SHAREHOLDERS

AS ON 31.07.2014

Names of Shareholders	No. of Shares
Mehta Purshottamdas Kakubahi	3000
Mehta Kakubahi Virendra	4333200
Mehta Virendra Darshana	1200
Doshi Vipul Parul	50
Doshi Kirit Cham	50
Kakubahi P Mehta (HUF)	2500
Virendra K. Mehta (HUF)	250000
Total	4590000

Equity Share Break up (Percentage of Total Equity)

As on 31.07.2014

Category	Percentage
Directors or relatives of Directors	94.00
Other top fifty shareholders	6.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader, Exporter and Importer of Special Quality Carbon Steel Plates.

Products :

Product Description	Item Code No. (ITC Code)
Plates	72083610

· Hot Rolled Coils

· Boller/ PVQ Plates

· High Tensile Plates

· Structural Plates

· Ship Building Plates

· Oil and Gas Line Plate

· Alloy Steel Plates

· Plate Sizes and Grade

· Equivalent Table

· Weight Calculation

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Steel Plates

Countries :

Uganda

Imports :

Products :

Coils and Plates

Countries :

· Germany

· China

· Korea

· Russia

Terms :

Selling :

Cash / Credit / LC, Advance

Purchasing :

Cash / Credit / TT

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

12 (Approximately)

Bankers :

Banker Name	Canara Bank
Branch Address	Prime Corporate Branch II, Varma Chambers, 2^nd Floor, Homji Street, Mumbai -400001, Maharashtra, India
Person Name (With Designation)	Mr. Yogesh Vankheda (Processing Manager)
Contact Number	91-22-22675438
Name of Account Holder	V. K. INDUSTRIAL CORPORATION LIMITED
Account Number	108261810432
Account Since (Date/Year of Account Opening)	2004
Average Balance Maintained (If Possible)	Rs.1650.000 Millions
Credit Facilities Enjoyed (If any)	--
Account Operation	Satisfactory
Remarks (If any)	Accounts operations are good, having satisfactory track record.

· Bank of Baroda, CFB Branch, Mumbai, Maharashtra, India

· ICICI Bank Limited

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Working Capital Loans from Banks	99.210	145.429
Loans and advances from related parties	1.307	9.100
Total	100.517	154.529

Banking Relations :	--
Auditors :
Name :	Prashant Wakhariya and Company Chartered Accountants
Address :	B-1, Saadichha Apartment, Ground Floor, Rokadia Lane, Borivali (West), Mumbai – 400092, Maharashtra, India.
Tel. No.:	91-22-28922369
Mobile No.:	91-9324657162
Fax No.:	91-22-22937350
E-Mail :	pwco@hotmail.com
PAN No.:	AAFPW9479G
Memberships :	--
Collaborators :	--
Sister Concern :	Not Divulged

CAPITAL STRUCTURE

AS ON 31.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4590000	Equity Shares	Rs.10/- each	Rs.45.900 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	45.900	45.900	45.900
(b) Reserves & Surplus	1,585.569	1,489.632	1,421.207
(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)	1,631.469	1,535.532	1,467.107
(3) Non-Current Liabilities
(a) long-term borrowings	100.517	154.529	124.944
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	48.500	285.200	252.600
Total Non-current Liabilities (3)	149.017	439.729	377.544
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1,530.338	1,616.576	1,461.033
(c) Other current liabilities	22.153	10.465	9.496
(d) Short-term provisions	0.427	2.553	0.228
Total Current Liabilities (4)	1,552.918	1,629.594	1,470.757
TOTAL	3,333.404	3,604.855	3,315.408
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	59.179	61.029	64.608
(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	0.001	360.002	360.002
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	746.123	883.502	994.532
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	805.303	1,304.533	1,419.142
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1,224.092	1,174.112	859.423
(c) Trade receivables	1,206.545	1,103.527	1,035.020
(d) Cash and cash equivalents	1.759	6.665	1.794
(e) Short-term loans and advances	95.705	16.018	0.029
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	2,528.101	2,300.322	1,896.266
TOTAL	3,333.404	3,604.855	3,315.408

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		5,713.067	7,075.552	6,704.169
		Other Income		59.307	50.641	44.668
		TOTAL (A)		5,772.374	7,126.193	6,748.837
Less	EXPENSES
		Purchase of Stock-in-trade		4,416.588	5,970.325	5,656.436
		Employee Benefits Expenses		96.072	4.057	2.931
		Other Expenses		1,106.293	927.049	868.632
		TOTAL (B)		5,618.953	6,901.431	6,527.999
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			153.421	224.762	220.838
Less	FINANCIAL EXPENSES (D)			4.719	120.056	73.065
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			148.702	104.706	147.773
Less	DEPRECIATION/ AMORTISATION (F)			2.877	3.682	1.731
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			145.825	101.024	146.042
Less	TAX (H)			49.887	32.600	46.100
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			95.938	68.424	99.942
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			1344.531	1276.107	1176.164
	BALANCE CARRIED TO THE B/S			1440.469	1344.531	1276.107
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	NA	NA	4.447
	TOTAL EARNINGS			NA	NA	4.447
	Earnings / (Loss) Per Share (Rs.)			20.90	14.91	21.77

Expected Sales (2014-2015): Rs.9000.000 Millions

The above information has been parted by Mr. Virendra Kakubhai Mehta

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.68	0.97	1.49
Operating Profit Margin (PBIDT/Sales)	(%)	2.69	3.18	3.29
Return on Total Assets (PBT/Total Assets}	(%)	4.37	3.11	4.94
Return on Investment (ROI) (PBT/Networth)		0.09	0.07	0.10
Debt Equity Ratio (Total Debt /Networth)		0.06	0.10	0.09
Current Ratio (Current Asset/Current Liability)		1.63	1.41	1.29

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	45.900	45.900	45.900
Reserves & Surplus	1421.207	1489.632	1585.569
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1467.107	1535.532	1631.469
Long Term borrowings	124.944	154.529	100.517
Short Term borrowings	0.000	0.000	0.000
Total borrowings	124.944	154.529	100.517
Debt/Equity ratio	0.085	0.101	0.062

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	6,704.169	7,075.552	5,713.067
		5.540	-19.256

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	6,704.169	7,075.552	5,713.067
Profit	99.942	68.424	95.938
	1.49%	0.97%	1.68%

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	No
18]	Major customers	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80001982	17/09/2013 *	2,821,300,000.00	Canara Bank	Specialised Prime Corporate Branch-Fort, Varma Chambers 2nd Floor, Homji Street, Fort, Mumbai, Maharashtra - 400001, India	B85998482

*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.63.44
UK Pound	1	Rs.95.98
Euro	1	Rs.75.27

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	DPT

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
--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	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		46

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.