MIRA INFORM REPORT

Report No. :	304227
Report Date :	28.01.2015

IDENTIFICATION DETAILS

Name :	BIRLA FINANCIAL CORPORATION LIMITED
Registered Office :	Industry House, 2nd Floor, 159, Churchgate Reclamation, Mumbai – 400020, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.03.1991
Com. Reg. No.:	11-060619
Capital Investment / Paid-up Capital :	Rs. 30.000 Millions
CIN No.: [Company Identification No.]	U65923MH1991PLC060619
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in providing Non-Banking Financial Services
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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 a flagship company of MP Birla Group. It is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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	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 :	Industry House, 2nd Floor, 159, Churchgate Reclamation, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-22824249
Fax No.:	Not Available
E-Mail :	trading@mtnl.net.in
Website :	http://www.mpgirla.com

DIRECTORS

As on: 30.09.2014

Name :

Mr. Sushil Kumar Daga

Designation :

Director

Address :

88/1, Nalini Ranjan Avenue, New Alipore, Kolkata – 700053, West Bengal, India

Date of Birth/Age :

02.01.1951

Date of Appointment :

08.12.2004

DIN No.:

00050168

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	U74999WB1937PTC025402	THE PUNJAB PRODUCE AND TRADING COMPANY PRIVATE LIMITED	Director	06-02-1990	06-02-1990	-	Active	NO
2	U51224WB1930PLC006634	EXPRESS DAIRY COMPANY LIMITED	Director	18-09-1995	18-09-1995	-	Active	NO
3	U74999WB1998PLC087181	MAZBAT TRADING COMPANY LIMITED	Director	20-05-1998	20-05-1998	-	Active	NO
4	U70109WB1995PLC074449	PUNJAB PRODUCE HOLDINGS LIMITED	Director	15-07-1999	15-07-1999	-	Active	NO
5	U15491WB1975PLC030248	MAZBAT TEA ESTATE LIMITED	Director	20-08-1999	20-08-1999	-	Active	NO
6	U51109WB1996PLC076597	AUGUST AGENTS LIMITED	Director	25-09-2014	27-08-1999	-	Active	NO
7	U51109WB1995PLC074406	INSILCO AGENTS LIMITED	Director	27-08-1999	27-08-1999	-	Active	NO
8	U51909WB1995PLC075959	LANESEDA AGENTS LIMITED	Whole-time director	26-09-2014	23-09-1999	-	Active	NO
9	U74899DL1943PLC000682	THE EASTERN ECONOMIST LIMITED	Director	30-12-1999	30-12-1999	-	Active	NO
10	U32202WB1993PTC060670	WINTECH TELECOM PRIVATE LIMITED.	Director	17-09-2001	17-09-2001	-	Active	NO
11	U65921WB1996PTC081280	MUDRA FINTRADE PRIVATE LIMITED	Director	17-09-2001	17-09-2001	-	Active	NO
12	U51909WB1994PTC061531	TRILOCHAN VYAPAAR PRIVATE LIMITED	Whole-time director	22-04-2002	22-04-2002	-	Active	NO
13	U17232WB1989PTC046562	BIRLA ODESSA INDUSTRIES PRIVATE LIMITED	Director	09-07-2002	09-07-2002	-	Active	NO
14	U70200WB1995PTC074504	MAZBAT PROPERTIES PRIVATE LIMITED	Director	14-06-2004	14-06-2004	-	Active	NO
15	U67120WB1995PTC074450	MAZBAT INVESTMENTS PRIVATE LIMITED	Director	14-06-2004	14-06-2004	-	Active	NO
16	U65923MH1991PLC060619	BIRLA FINANCIAL CORPORATION LIMITED	Director	08-12-2004	08-12-2004	-	Active	NO
17	L31300MP1992PLC007190	BIRLA ERICSSON OPTICAL LIMITED	Alternate director	02-09-2013	14-04-2006	12-08-2014	Active	NO
18	L31300MP1945PLC001114	UNIVERSAL CABLES LIMITED	Alternate director	30-07-2012	27-10-2006	13-12-2012	Active	NO
19	U51900MH1989PTC051735	VARUNENDRA TRADING AND AGENTS PRIVATE LIMITED	Director	22-08-2013	16-01-2013	-	Active	NO

Name :

Mr. Krishna Damani

Designation :

Director

Address :

Flat No. 5WA, Manikam, 3B, Ram Mohan Mallick Garden Lane, Kalkata – 700010, West Bengal, India

Date of Birth/Age :

16.02.1970

Date of Appointment :

27.09.2013

DIN No.:

00050123

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	U70101WB1993PTC058893	ULLAS PROMOTORS PRIVATE LIMITED	Director	01-09-1995	01-09-1995	-	Active	NO
2	U45201WB1996PLC080255	SHREYAS PROJECTS AND TRADING COMPANY LIMITED	Director	28-06-1996	28-06-1996	-	Active	NO
3	U74999WB1998PLC087181	MAZBAT TRADING COMPANY LIMITED	Director	20-05-1998	20-05-1998	-	Active	NO
4	U51900MH1989PTC051735	VARUNENDRA TRADING AND AGENTS PRIVATE LIMITED	Director	09-07-1999	09-07-1999	-	Active	NO
5	U65993WB1951PTC019688	EAST INDIA INVESTMENT CO PRIVATE LIMITED	Director	02-08-1999	02-08-1999	-	Active	NO
6	U15491WB1975PLC030248	MAZBAT TEA ESTATE LIMITED	Director	20-08-1999	20-08-1999	-	Active	NO
7	U51109WB1996PLC076597	AUGUST AGENTS LIMITED	Director	27-08-1999	27-08-1999	-	Active	NO
8	U51909WB1995PLC075959	LANESEDA AGENTS LIMITED	Director	05-04-2014	27-08-1999	-	Active	NO
9	U74899DL1943PLC000682	THE EASTERN ECONOMIST LIMITED	Director	30-12-1999	30-12-1999	-	Active	NO
10	U65921WB1996PTC081280	MUDRA FINTRADE PRIVATE LIMITED	Director	17-09-2001	17-09-2001	-	Active	NO
11	U51909WB1996PTC078256	CANBERRA TRADERS PRIVATE LIMITED	Director	19-09-2001	19-09-2001	-	Active	NO
12	U51909WB1994PTC061531	TRILOCHAN VYAPAAR PRIVATE LIMITED	Director	22-04-2002	22-04-2002	-	Active	NO
13	U52110WB1996PTC082364	PASTILLE MERCANTILES PRIVATE LIMITED	Director	28-10-2002	28-10-2002	15-12-2008	Active	NO
14	U51109WB1995PLC074406	INSILCO AGENTS LIMITED	Director	29-06-2005	29-06-2005	-	Active	NO
15	U51109WB2007PTC112780	KARNI IMPEX PRIVATE LIMITED	Director	25-01-2007	25-01-2007	21-03-2009	Active	NO
16	U91990WB2007NPL116333	MANI KARN OWNERS ASSOCIATION	Director	09-08-2009	09-08-2009	18-09-2011	Active	NO
17	U51224WB1930PLC006634	EXPRESS DAIRY COMPANY LIMITED	Director	20-09-2012	17-07-2012	-	Active	NO
18	U65923MH1991PLC060619	BIRLA FINANCIAL CORPORATION LIMITED	Director	27-09-2013	03-09-2012	-	Active	NO
19	U80901WB2012PTC188403	ETUTORHOME ONLINE PRIVATE LIMITED	Director	20-11-2012	20-11-2012	-	Active	NO
20	U32202WB1993PTC060670	WINTECH TELECOM PRIVATE LIMITED	Director	22-08-2013	16-01-2013	-	Active	NO

Name :

Mr. Girish Sharma

Designation :

Director

Address :

64, Ground Floor, Parvati Ghosh Lane, Kolkata – 700007, West Bengal, India

Date of Birth/Age :

17.11.1958

Date of Appointment :

30.08.2012

DIN No.:

01192625

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	U36994WB1996PLC076677	BUDGE BUDGE FLOORCOVERINGS LIMITED	Director	29-08-2006	29-08-2006	-	Active	NO
2	U01113WB1950PLC093522	BIRLA JUTE SUPPLY COMPANY LIMITED	Director	15-11-2006	15-11-2006	-	Active	NO
3	U65923MH1991PLC060619	BIRLA FINANCIAL CORPORATION LIMITED	Director	30-08-2012	29-06-2012	-	Active	NO
4	U93000WB2014NPL199537	PARIBARTAN ELECTORAL TRUST	Director	16-01-2014	16-01-2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Note: SHARELOLDER FILES ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Bodies corporate	68.79
Other top fifty shareholders	23.88
Others	7.33
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in providing Non-Banking Financial Services
Products/Services :	Non-Banking Financial Services
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 :

Not Available

Auditors :
Name :	M. M. Nissim and Company Chartered Accountants
Address :	Barodawala Mansion, B-wing, 3rd Floor, 81, Dr. Annie Besant Road, Worli, Mumbai- 400018, Maharashtra, India
Tel. No.:	91-22-24949991
Fax No.:	91-22-24949995
E-Mail :	mail@mmnissim.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFM5103E
Memberships :	Not Available
Collaborators :	Not Available
Group Company: (as confirmed by the	Birla Corporation Limited Birla Ericsson Optical Limited Vindhya Telelinks Limited Universal Cables Limited Birla Furukawa Fibre Optics Limited Hindustan Gum and Chemicals Limited Birla DLW Limited

CAPITAL STRUCTURE

As on 30.09.2014

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
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 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	30.000	30.000	30.000
(b) Reserves & Surplus	50.634	45.873	46.125
(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)	80.634	75.873	76.125
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.002	0.003	0.001
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.002	0.003	0.001
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	0.029	0.029	0.029
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	0.029	0.029	0.029
TOTAL	80.665	75.905	76.155
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.011	0.019	0.007
(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	77.184	72.605	72.620
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.460	0.544	0.510
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	78.655	73.168	73.137
(2) Current assets
(a) Current investments	1.887	2.664	2.874
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	0.122	0.072	0.143
(e) Short-term loans and advances	0.001	0.001	0.001
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	2.010	2.737	3.018
TOTAL	80.665	75.905	76.155

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	4.965	0.071	2.216
		Other Income	0.000	0.000	0.029
		TOTAL	4.965	0.071	2.245
Less	EXPENSES
		Other expenses	0.197	0.312	0.180
		TOTAL	0.197	0.312	0.180
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		4.768	(0.241)	2.065
Less/ Add	DEPRECIATION/ AMORTISATION		0.008	0.010	0.004
	PROFIT /(LOSS) BEFORE TAX		4.760	(0.251)	2.061
Less	TAX		(0.002)	0.001	(0.087)
	PROFIT/(LOSS) AFTER TAX		4.762	(0.252)	2.148
Less	APPROPRIATIONS
		Transfer to reserve Fund	0.953	0.000	0.430
		Balance Transferred to Statement of Profit and Loss A/c	3.809	0.000	1.718
	BALANCE CARRIED TO THE B/S		0.000	(0.252)	0.000
	Earnings/loss Per Share (Rs.)		1.59	(0.08)	0.72

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	95.91	(354.93)	96.93
Return on Total Assets (PBT/Total Assets}	(%)	136.74	(7.61)	58.30
Return on Investment (ROI) (PBT/Networth)		0.06	0.00	0.03
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		69.31	94.38	104.07

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	30.000	30.000	30.000
Reserves & Surplus	46.125	45.873	50.634
Net worth	76.125	75.873	80.634
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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	2.216	0.071	4.965
		(96.796)	6,892.958

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	2.216	0.071	4.965
Profit/Loss	2.148	(0.252)	4.762
	96.93%	(354.93%)	95.91%

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	No
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

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.61.46
UK Pound	1	Rs.92.77
Euro	1	Rs.69.03

INFORMATION DETAILS

Analysis Done by :	RSM
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	6
--RESERVES	1~10	5
--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	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		47

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.