MIRA INFORM REPORT

Report No. :	304415
Report Date :	27.01.2015

IDENTIFICATION DETAILS

Name :	WORLDWIDE SHIP MANAGEMENT PRIVATE LIMITED (w. e. f. 12.01.2004)
Formerly Known As :	WORLD MEDICAL AND MARINE INSTITUTE PRIVATE LIMITED (w. e. f. 24.05.1999) WORLDWIDE HEALTH CARE PRIVATE LIMITED
Registered Office :	302, A Wing, Galleria Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.04.1998
Com. Reg. No.:	11-114310
Capital Investment / Paid-up Capital :	Rs. 0.428 Million
CIN No.: [Company Identification No.]	U85110MH1998PTC114310
TAN No.: [Tax Deduction & Collection Account No.]	MUMW02567F
PAN No.: [Permanent Account No.]	AAACW1958N
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of Marine training
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating takes into consideration company’s moderate net worth and small scale of operation. However, trade relations are reported as 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 – 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 :	302, A Wing, Galleria Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India
Tel. No.:	91-22-25704425/26/40055124/25
Fax No.:	91-22-25702870
E-Mail :	mumbai@wwshipmgt.com resume@wwshipmgt.com
Website :	http://www.wwshipmgt.com
Liaison Office :	C/O, MVA Traning and Consulting Ruhrstrasse 13, Hamburg-22761, Germany
Tel. No.:	49-40-492220-50
Fax No.:	49-40-49222051

DIRECTORS

As on: 30.09.2014

Name :

Mr. Pradeep Narindra Singh Arora

Designation :

Director

Address :

1/D Mini Land Tank Road, Bhandup, Mumbai – 400078, Maharashtra, India

Date of Birth/Age :

09.07.1964

Date of Appointment :

20.03.1999

DIN No.:

00344108

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	U85110MH1998PTC114310	WORLDWIDE SHIP MANAGEMENT PRIVATE LIMITED	Director	20-03-1999	20-03-1999	-	Active	NO
2	U65990MH1991PLC064180	NESTLER COMMODITIES LIMITED	Director	03-01-2009	03-01-2009	24-11-2010	Dormant	NO
3	U51430MH2003PTC140043	HI-GLOSS PRODUCTS INTERNATIONAL PRIVATE LIMITED	Additional director	18-11-2011	15-09-2009	20-12-2012	Active	NO
4	U72200WB2006PTC108692	KASTURI CONVERGENCE PVT LIMITED	Director	22-03-2010	22-03-2010	01-09-2011	Under Process of Striking off	NO
5	U26931TN2006PTC061722	PREMIER BUILDING MATERIALS PRIVATE LIMITED	Director	27-02-2012	27-02-2012	-	Active	NO
6	U17290GJ1995PTC026102	PREMIUM POLYESTERS PRIVATE LIMITED	Director	24-03-2012	24-03-2012	-	Active	NO
7	U45202TN2009PTC078380	PREMIER FLOOR TO ROOF MATERIALS PRIVATE LIMITED	Director	29-06-2012	28-03-2012	-	Active	NO
8	U67120WB1994PTC129277	MAHAVIR FINCON PRIVATE LIMITED	Director	14-04-2012	14-04-2012	12-07-2012	Active	NO
9	U45400MH2012PTC227695	SN PROPERTIES AND TRADING PRIVATE LIMITED	Director	15-05-2012	15-05-2012	11-03-2013	Active	NO
10	U45400MH2012PTC227683	EVERBEST TRADING AND REALTY PRIVATE LIMITED	Director	15-05-2012	15-05-2012	04-06-2014	Active	NO
11	U45206MH2012PTC227874	NM AGROPRODUCTS AND PROPERTIES PRIVATE LIMITED	Director	29-06-2012	29-06-2012	24-12-2012	Active	NO
12	U45202MH2009PTC194835	CM BUILDTECH PRIVATE LIMITED	Director	29-06-2012	29-06-2012	15-09-2014	Active	NO
13	U51909MH2003PTC139237	HTP IMPEX PRIVATE LIMITED	Director	29-06-2012	29-06-2012	30-06-2012	Active	NO
14	U45209MH2008PTC187640	MEENU BUILDING MATERIALS PRIVATE LIMITED	Additional director	29-08-2012	29-08-2012	30-08-2012	Active	NO
15	U01400MH2000PTC128142	S A AGRO FARMS PRIVATE LIMITED	Additional director	08-07-2013	08-07-2013	-	Active	NO
16	U16003HR2013PTC050918	ASD TOBACCO PRIVATE LIMITED	Director	14-11-2013	14-11-2013	-	Active	NO

Name :

Mr. Austin Manuel Miranda Miranda

Designation :

Director

Address :

201, Sand Pebbles, Perry Cross, Road, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

28.08.1947

Date of Appointment :

01.03.1999

DIN No.:

00344166

Name :

Mr. Debra Marian Miranda

Designation :

Director

Address :

201, Send Pebbles, Perry Cross Road, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

04.10.1959

Date of Appointment :

12.02.2007

DIN No.:

01317347

Name :

Mrs. Mona Pradip Arora

Designation :

Director

Address :

1/D Mini Land Tank Road, Bhandup Mumbai-400078, Maharashtra, India

Date of Birth/Age :

01.02.1968

Date of Appointment :

12.02.2007

DIN No.:

02142449

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	U85110MH1998PTC114310	WORLDWIDE SHIP MANAGEMENT PRIVATE LIMITED	Director	12-02-2007	12-02-2007	-	Active	NO
2	U72200WB2006PTC108692	KASTURI CONVERGENCE PRIVATE LIMITED	Director	22-03-2010	22-03-2010	01-09-2011	Under Process of Striking off	NO
3	U51430MH2003PTC140043	HI-GLOSS PRODUCTS INTERNATIONAL PRIVATE LIMITED	Additional director	18-11-2011	18-11-2011	20-12-2012	Active	NO
4	U67120WB1994PTC129277	MAHAVIR FINCON PRIVATE LIMITED	Director	14-04-2012	14-04-2012	11-07-2012	Active	NO
5	U45400MH2012PTC227695	SN PROPERTIES AND TRADING PRIVATE LIMITED	Director	29-06-2012	29-06-2012	11-03-2013	Active	NO
6	U45400MH2012PTC227683	EVERBEST TRADING AND REALTY PRIVATE LIMITED	Director	29-06-2012	29-06-2012	23-11-2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders	No. of Shares	Percentage
Pradeep Arora	21400	50.00
Austin Miranda	21400	50.00
Total	42800	100.00

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of Marine training
Product/Services :	Marine training
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

GENERAL INFORMATION

Suppliers :

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

No. of Employees :

Not Available

Bankers :

• Citizencredit Co-operative Bank Limited, Turner Road Branch, St. Andrew's High School,, St. Domnic Road, Bandra (West), Mumbai - 400050, Maharashtra, India
• Centurion Bank of Punjab Limited, Thakur Village, Mumbai, Maharashtra, India

Auditors :
Name :	Saraf and Chandra Chartered Accountants
Address :	Bharat Insurance Building, 3rd Floor, 15-A, Horniman Circle, Fort, Mumbai - 400001, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAMFS1204Q
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorized Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
42800	Equity Shares	Rs.10/- each	Rs. 0.428 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

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	0.428	0.428	0.428
(b) Reserves & Surplus	2.775	2.643	2.399
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	1.100	1.100	1.100
Total Shareholders’ Funds (1) + (2)	4.303	4.171	3.927
(3) Non-Current Liabilities
(a) long-term borrowings	9.873	2.096	10.279
(b) Deferred tax liabilities (Net)	0.059	0.068	0.065
(c) Other long term liabilities	0.138	0.139	0.139
(d) long-term provisions	16.666	18.749	22.051
Total Non-current Liabilities (3)	26.736	21.052	32.534
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.794	0.767	0.782
(c) Other current liabilities	5.782	5.817	7.017
(d) Short-term provisions	2.771	2.300	1.338
Total Current Liabilities (4)	9.347	8.884	9.137
TOTAL	40.386	34.107	45.598
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets
(ii) Intangible Assets	5.755	6.600	7.578
(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	0.570	0.513	0.727
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	7.689	8.413	10.160
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	14.014	15.526	18.465
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	24.945	17.487	26.124
(d) Cash and cash equivalents	0.506	0.323	0.391
(e) Short-term loans and advances	0.921	0.771	0.618
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	26.372	18.581	27.133
TOTAL	40.386	34.107	45.598

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1.323	1.994	5.188
		Other Income	2.205	2.763	3.233
		TOTAL	3.528	4.757	8.421
Less	EXPENSES
		Employees benefits expense	1.933	1.834	2.094
		Other expenses	0.598	1.616	4.629
		TOTAL	2.531	3.450	6.723
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.997	1.307	1.698
Less/ Add	DEPRECIATION/ AMORTISATION		0.845	0.978	1.140
	PROFIT BEFORE TAX		0.152	0.329	0.558
Less	TAX		0.020	0.084	0.164
	PROFIT AFTER TAX		0.132	0.245	0.394
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.643	2.398	2.004
	BALANCE CARRIED TO THE B/S		2.775	2.643	2.398
	Earnings Per Share (Rs.)		3.08	5.72	9.21

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	9.98	12.29	7.59
Return on Total Assets (PBT/Total Assets}	(%)	0.38	0.98	1.24
Return on Investment (ROI) (PBT/Networth)		0.04	0.08	0.14
Debt Equity Ratio (Total Debt /Networth)		2.29	0.50	2.62
Current Ratio (Current Asset/Current Liability)		2.82	2.09	2.97

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	0.428	0.428	0.428
Share Application money pending allotment	1.100	1.100	1.100
Reserves & Surplus	2.399	2.643	2.775
Net worth	3.927	4.171	4.303
long-term borrowings	10.279	2.096	9.873
Short term borrowings	0.000	0.000	0.000
Total borrowings	10.279	2.096	9.873
Debt/Equity ratio	2.618	0.503	2.294

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	5.188	1.994	1.323
		-61.565	(33.651)

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	5.188	1.994	1.323
Profit	0.394	0.245	0.132
	7.59%	12.29%	9.98%

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	No
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	No

Note: Registered office of the company has been shifted from “305, A Wing Galleria Hiranandani Garden, Powai, Mumbai- 400076, Maharashtra, India to the present address w. e. f. 27.09.2011.

OPERATIONS:

During the financial year, the profit before tax has reduced from Rs 0.329 Million to Rs.0.152 Million, due to decreasing of revenue income and other income of the company as compared to the previous financial year. The directors are hopeful to improve the performance of the company in the next coming financial year.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Loans and Advances from related parties	9.873	2.096
Total	9.873	2.096

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10073318	18/06/2007	8,200,000.00	CITIZENCREDIT CO-OPERATIVE BANK LIMITD.-TURNER ROAD BRA NCH	ST. ANDREW'S HIGH SCHOOL,, ST.DOMNIC ROAD, BANDRA  (W),, MUMBAI, MAHARASHTRA - 400050, INDIA	A17343666
2	10056892	08/06/2007	19,700,000.00	CITIZENCREDIT CO-OPERATIVE BANK LIMITD-TURNER ROAD BRANCH	ST. ANDREW'S HIGH SCHOOL,, ST.DOMNIC ROAD, BANDRA  (W), MUMBAI, MAHARASHTRA - 400050, INDIA	A17343229
3	10056891	04/06/2007	4,000,000.00	CITIZENCREDIT CO-OPERATIVE BANK LTD.-TURNER ROAD BRANCH	ST. ANDREW'S HIGH SCHOOL,, ST. DOMNIC ROAD, BANDRA  (W), MUMBAI, MAHARASHTRA - 400050, INDIA	A17342098
4	10056890	04/06/2007	19,700,000.00	CITIZENCREDIT CO-OPERATIVE BANK LIMITED.-TURNER ROAD BRANCH	ST. ANDREW'S HIGH SCHOOL,, ST. DOMNIC ROAD, BANDRA  (W), MUMBAI, MAHARASHTRA - 400050, INDIA	A17341454
5	90367646	02/03/2006	5,104,167.00	CENTURION BANK OF PUNJAB LIMITED.	THAKUR VILLAGE, MUMBAI, MAHARASHTRA, INDIA	-

FIXED ASSETS:

• Office Equipment
• Machinery
• Furniture and Fixture
• Course Equipment
• Air Condition
• Computer
• Office Equipment

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.61.50
UK Pound	1	Rs.92.16
Euro	1	Rs.69.62

INFORMATION DETAILS

Analysis Done by :	DIV
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	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.