MIRA INFORM REPORT

Report No. :	329794
Report Date :	01.07.2015

IDENTIFICATION DETAILS

Name :	NARAYAN ORGANICS PRIVATE LIMITED
Registered Office :	Plot No. 1305/6/A+B, Phase 4, G I D C, Naroda, Ahmedabad – 382330, Gujarat
Tel. No.:	91-79-22821099/ 22814789
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.07.1992
Com. Reg. No.:	04-017951
Capital Investment / Paid-up Capital :	Rs. 16.561 Million
CIN No.: [Company Identification No.]	U24110GJ1992PTC017951
IEC No.:	0898002648
TAN No.: [Tax Deduction & Collection Account No.]	AHMN00493D
PAN No.: [Permanent Account No.]	AAACN5297K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Phthalocyanine Pigments and Its Derivatives.
No. of Employees :	Not Divulged

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 460000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Not Available
Comments :	Subject is an old and established company incorporated during the year 1992 having a satisfactory track record. The company is progressing well. The rating reflects company sound financial risk profile marked by healthy networth position and fair profitability margin of the company. 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 = BBB-
Rating Explanation	Moderate degree of safety and carry moderate credit risk.
Date	November 29, 2014

Rating Agency Name	CRISIL
Rating	Short term rating = A3
Rating Explanation	Moderate degree of safety and carry higher credit risk.
Date	November 29, 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 31-03-2013.

INFORMATION DECLINED BY

Name :	Mr. Hemin
Designation :	Export-Import Manager
Contact No.:	91-79-22821099
Date :	30.06.2015

LOCATIONS

Registered Office/ Factory 1 :	Plot No. 1305/6/A+B, Phase 4, G I D C, Naroda, Ahmedabad – 382330, Gujarat, India
Tel. No.:	91-79-22821099/ 22814789
Fax No.:	91-79-22823572
E-Mail :	narayan_ahd@yahoo.co.in info@narayanorganics.com narayan_pig@yahoo.com
Website :	http://www.narayan-pigments.com
Factory 2 :	Plot No. 1107/1 and 2, Industrial Estate, Ankleshwar - 393002, Gujarat, India
Tel. No.:	91-2646-253756/ 220517/ 222379
Fax No.:	91-2646-252608
Corporate Office :	Plot No. 1305/6/ A+B, Phase IV, G.I.D.C. Estate Naroda, Ahmedabad - 382330, Gujarat, India
Tel. No.:	91-79-22821099/ 22814789
Fax No.:	91-79-22823572

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Mehul Dahyabhai Patel

Designation :

Director

Address :

B-301, Shilalekh, Shahibaug, Ahmedabad – 380004, Gujarat, India

Date of Birth/Age :

14.09.1985

Date of Appointment :

01.05.2004

PAN No.:

AKXPP2403P

DIN No.:

01338239

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	Company/ LLP Status	Defaulting status
1	U24110GJ1992PTC017951	NARAYAN ORGANICS PRIVATE LIMITED	Director	01-05-2004	01-05-2004	Active	NO
2	U29120GJ1995PTC026976	NARAYAN INDUSTRIES PRIVATE LIMITED	Director	25-03-2008	25-03-2008	Active	NO
3	U24297GJ1991PTC016699	NARAYAN PIGMENTS PRIVATE LIMITED	Director	15-07-2009	15-07-2009	Active	NO
4	U24119GJ2008PTC053684	NARAYAN DYE STUFF PRIVATE LIMITED	Director	15-09-2011	15-09-2011	Active	NO

Name :

Mr. Dahyabhai Narayandas Patel

Designation :

Director

Address :

301-B, Shilalekh, Shahibaug, Ahmedabad – 380004, Gujarat, India

Date of Birth/Age :

01.05.1955

Date of Appointment :

08.07.1992

PAN No.:

ACGPP9523P

DIN No.:

01338509

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	Company/ LLP Status	Defaulting status
1	U24110GJ1992PTC017951	NARAYAN ORGANICS PRIVATE LIMITED	Director	08-07-1992	08-07-1992	Active	NO
2	U29120GJ1995PTC026976	NARAYAN INDUSTRIES PRIVATE LIMITED	Director	03-08-1995	03-08-1995	Active	NO
3	U73100GJ2005PLC046186	ANKLESHWAR RESEARCH AND ANALYTICAL INFRASTRUCTURE LIMITED	Director	29-09-2008	29-09-2008	Active	NO
4	U29199GJ1995NPL027917	NARODA ENVIRO PROJECTS LIMITED	Director	30-09-2009	02-02-2009	Active	NO
5	U24297GJ1991PTC016699	NARAYAN PIGMENTS PRIVATE LIMITED	Director	15-07-2009	15-07-2009	Active	NO
6	U90000GJ2010PLC060122	ANKLESHWAR CLEANER PROCESS TECHNOLOGY CENTRE LIMITED	Director	02-04-2010	02-04-2010	Active	NO
7	U24119GJ2008PTC053684	NARAYAN DYE STUFF PRIVATE LIMITED	Director	15-09-2011	15-09-2011	Active	NO

Name :

Mr. Purav Dahyabhai Patel

Designation :

Director

Address :

301-B, Shilalekh, Shahibaug, Ahmedabad – 380004, Gujarat, India

Date of Birth/Age :

03.11.1991

Date of Appointment :

24.06.2010

PAN No.:

BEJPP7846B

DIN No.:

03107908

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	Company/ LLP Status	Defaulting status
1	U24110GJ1992PTC017951	NARAYAN ORGANICS PRIVATE LIMITED	Director	24-06-2010	24-06-2010	Active	NO
2	U24119GJ2008PTC053684	NARAYAN DYE STUFF PRIVATE LIMITED	Director	21-06-2013	21-06-2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Hemin
Designation :	Export-Import Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Dhyabhai N. Patel	310500	18.75
Vimlaben D. Patel	314100	18.97
Mehul D. Patel	301700	18.22
Dhyabhai N. Patel H.U.F.	133100	8.04
Purav D. Patel	150000	9.06
Narayan Industries Private Limited	231100	13.95
Narayan Pigments Private Limited	200000	12.08
Samir Patel	15625	0.94
Total	1656125	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	26.97
Directors or relatives of directors	73.03
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Phthalocyanine Pigments and Its Derivatives.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Not Divulged
Countries :	Not Divulged
Imports :
Products :	Not Divulged
Countries :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Kotak Mahindra Bank Limited

36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai - 400021, Maharashtra, India

· State Bank of India

Laghu Ydhyog Branch, Opposite Gandhigram Railway Station,, Ahmedabad - 380009, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Other loans and advances	13.172	0.000
SHORT TERM BORROWINGS
Rupee term loans from banks	0.000	0.636
Loans repayable on demand from banks	9.177	28.336
Other loans and advances	0.804	0.000
Total	23.153	28.972

Banking Relations :	--
Auditors :
Name :	K P S J and Associates Chartered Accountants
Address :	501, Shahjanad Shopping Centre, Shahibaug, Ahmedabad, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAGFK2924D
Memberships :	--
Collaborators :	--
Group Companies :	· Narayan Industries · Narayan Dye Stuff Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs. 10/- each	Rs. 30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,656,125	Equity Shares	Rs. 10/- each	Rs. 16.561 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	16.561	16.141	16.141
(b) Reserves & Surplus	144.827	97.366	87.261
(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)	161.388	113.507	103.402
(3) Non-Current Liabilities
(a) Long-term borrowings	196.966	75.428	27.595
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	196.966	75.428	27.595
(4) Current Liabilities
(a) Short term borrowings	9.981	28.972	4.245
(b) Trade payables	244.088	327.975	297.126
(c) Other current liabilities	19.183	11.898	2.865
(d) Short-term provisions	5.715	4.276	8.301
Total Current Liabilities (4)	278.967	373.121	312.537
TOTAL	637.321	562.056	443.534
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	25.502	29.852	32.189
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	21.788	2.000	4.247
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.926	2.926	2.926
(c) Deferred tax assets (net)	1.642	0.000	0.000
(d) Long-term Loan and Advances	12.464	21.140	18.207
(e) Other Non-current assets	0.030	0.060	0.090
Total Non-Current Assets	64.352	55.978	57.659
(2) Current assets
(a) Current investments	4.512	0.000	0.000
(b) Inventories	61.415	101.041	52.233
(c) Trade receivables	437.200	352.181	295.528
(d) Cash and cash equivalents	4.827	3.590	3.004
(e) Short-term loans and advances	58.374	49.261	30.566
(f) Other current assets	6.641	0.005	4.544
Total Current Assets	572.969	506.078	385.875
TOTAL	637.321	562.056	443.534

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES		1078.137	960.415	778.596
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		22.580	16.604	13.058
Less	TAX		6.200	6.500	4.496
	PROFIT AFTER TAX		16.380	10.104	8.562
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	32.424	13.431	49.842
	Earnings Per Share (Rs.)		9.89	6.26	5.30

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	0.000	0.000
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.52	1.05	1.10
Return on Total Assets (PBT/Total Assets}	(%)	3.70	2.98	2.99
Return on Investment (ROI) (PBT/Networth)		0.14	0.15	0.13
Debt Equity Ratio (Total Liability/Networth)		1.28	0.92	0.31
Current Ratio (Current Asset/Current Liability)		2.05	1.36	1.23

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	16.141	16.141	16.561
Reserves & Surplus	87.261	97.366	144.827
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	103.402	113.507	161.388
Long-term borrowings	27.595	75.428	196.966
Short term borrowings	4.245	28.972	9.981
CURRENT MATURITIES OF LONG-TERM DEBTS	0.000	0.000	0.000
Total borrowings	31.840	104.400	206.947
Debt/Equity ratio	0.308	0.920	1.282

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	778.596	960.415	1078.137
		23.352	12.257

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	778.596	960.415	1078.137
Profit	8.562	10.104	16.380
	1.10%	1.05%	1.52%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10468552	31/12/2013	14,100,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B92874742
2	10008914	07/05/2014 *	130,000,000.00	STATE BANK OF INDIA	LAGHU UDHYOG BRANCH, OPP. GANDHIGRAM RAILWAY STATION, ELISBRIDGE, AHMEDABAD, GUJARAT - 380009, INDIA	C05057047
3	90109870	18/08/2003 *	17,000,000.00	STATE BANK OF INDIA	SPL. COMMERCIAL BRANCH, GANDHIGRAM, AHMEDABAD, GUJARAT, INDIA	-
4	90109865	12/09/1998	17,000,000.00	STATE BANK OF INDIA	LAGHU UDYOG BR., OPP. GANDHIGRAM RAILWAY STATION,  AHMEDABAD, GUJARAT, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Loans and advances from related parties	115.071	35.954
Other loans and advances	68.723	39.474
Total	183.794	75.428

OPERATION:

The performance of the Company was quite satisfactory during the year, it shows increase in sales. The total Sales was achieved of Rs .1078.137 Million as compare to Rs. 960.415 Million during last year, whereas current year profit before taxes are arrived at Rs 22.580 Million as compare to Rs 17.088 Million of last year.

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Other 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. 63.75
UK Pound	1	Rs. 100.12
Euro	1	Rs. 71.20

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	BVA

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	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		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.