MIRA INFORM REPORT

Report No. :	332082
Report Date :	20.07.2015

IDENTIFICATION DETAILS

Name :	BHARAT CONTAINERS (NAGPUR) PRIVATE LIMITED
Registered Office :	Cecil Court, Mahakavi Bhushan Marg, Mumbai – 400039, Maharashtra
Tel. No.:	91-22-22020021/ 22023885
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.11.1983
Com. Reg. No.:	11-031353
Capital Investment / Paid-up Capital :	Rs. 3.700 Million
CIN No.: [Company Identification No.]	U28129MH1983PTC031353
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Aerosol Containers, Collapsible Tubes and Bottles.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1030000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. For the financial year ended 2014, company reported healthy operational performance and it has achieved 30.21% topline growth along with decent profitability margins at 12.48%. Rating also takes into consideration company’s established track record of promoters in the aerosol container industry supported by healthy financial base and favorable prospects for the user industry in a segment. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of aforesaid, 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 – 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	ICRA
Rating	Term Loan = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	January 2015

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ 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.

LOCATIONS

Registered/ Administrative Office :	Cecil Court, Mahakavi Bhushan Marg, Mumbai – 400039, Maharashtra, India
Tel. No.:	91-22-22020021/ 22023885
Fax No.:	91-22-22028124
E-Mail :	bharatcontainers@vsnl.com info@bharatcontainers.com s.lakhani@bharatcontainers.com kartik.kanodia@bharatcontainers.com a.thaker@bharatcontainers.com
Website :	http://www.bharatcontainers.com
Factory 1 :	Plot No. N-80, M.I.D.C. Industrial Area, Hingna Road, Nagpur – 440016, Maharashtra, India
Factory 2 :	284-292, Nagalwadi Industrial Area, M.I.D.C., Hingna Road, Nagpur - 440016, Maharashtra, India

DIRECTORS

AS ON 01.08.2014

Name :

Mr. Hemant Shivnath Kanoria

Designation :

Managing director

Address :

1001, Vaitarna Pochkhanwala Road, Worli, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

15.12.1954

Date of Appointment :

01.04.1993

DIN No.:

00206594

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	U28129MH1956PTC009835	BHARAT CONTAINERS PRIVATE LIMITED	Managing director	05-02-1979	05-02-1979	Active	NO
2	U28129MH1983PTC031353	BHARAT CONTAINERS (NAGPUR) PRIVATE LIMITED	Managing director	01-04-1993	01-04-1993	Active	NO

Name :

Mrs. Anushree Hemantkumar Kanoria

Designation :

Director

Address :

1001, Vaitarna Pochkhanwala Road, Worli, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

13.12.1955

Date of Appointment :

19.03.2004

DIN No.:

00206700

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	U24246MH2003PTC143630	AURA PERSONAL PRODUCTS PRIVATE LIMITED	Director	23-12-2003	23-12-2003	Active	NO
2	U28129MH1983PTC031353	BHARAT CONTAINERS (NAGPUR) PRIVATE LIMITED	Director	19-03-2004	19-03-2004	Active	NO

Name :

Mr. Rajiv Kanodia

Designation :

Director

Address :

Plot No. 9, Jalvihar Ring Road, Nagpur – 440015, Maharashtra, India

Date of Birth/Age :

20.10.1963

Date of Appointment :

01.10.1987

DIN No.:

00227393

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 01.08.2014

Names of Shareholders	No. of Shares
Hemant Shivnath Kanoria	7290
Rajiv Kanodia	2100
Anushree Hemantkumar Kanoria	3250
Abha R. Kanodia	1600
Ruchira P. Desai	4000
Ridhi H. Kanoria	4750
Hemant Shivnath Kanoria HUF	14010
Total	37000

AS ON 01.08.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Aerosol Containers, Collapsible Tubes and Bottles.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	--
Countries :	--
Terms :
Selling :	--
Purchasing :	--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

· Aditya Process

· Paper Pack

· Uma Packers

· Rakesh Enterprise

· Sharp Enterprises

· Punjab Machine Tools

· Electromech Engineers

Customers :

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

· Accra Pac (India) Private Limited

· Aero Industries

· Aura Personal Products

· Jade International

· Ranbaxy Laboratories Limited

· Royal Metal Industries

· Vanesa Cosmetics

No. of Employees :

Not Available

Bankers :

Bank Name:	Not Available
Branch:	Not Available
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 A/c Opening):	Not Available
Average Balance Maintained (Optional):	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Available
Account Operation:	Not Available
Remarks:	Not Available

· Bank of Maharashtra

Industrial Finance Branch, Apeejay House, Dr. V. B. Gandhi Marg, Fort, Mumbai - 400001, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Bank of Maharashtra (Secured by way of hypothecation of Plant and Machineries and personal guaranteed by two of the Directors)	69.531	20.625
SHORT TERM BORROWINGS
From Bank of Maharashtra Cash Credit [Secured against hypothecation of Inventory and Book Debts and personally guaranteed by two of the Directors]	32.161	0.000
Vehicle Finance Loans [Secured against hypothecation of Vehicle From Kotak Mahindra Prime Limited]	0.000	0.643
From Bank of Maharashtra [Secured against hypothecation of Plant and machinery and personally guaranteed by two of the Directors]	16.985	7.852
Total	118.677	29.120

Banking Relations :	--
Auditors :
Name :	Phirodia Bafna and Associates Chartered Accountants
Address :	304, Sangam Arcade, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFP2683E
Memberships :	--
Collaborators :	--
Associates :	· Bharat Containers Private Limited · R.K. and Company · Aura Personal Products Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
60,000	Equity Shares	Rs. 100/- each	Rs. 6.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
37,000	Equity Shares	Rs. 100/- each	Rs. 3.700 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	3.700	3.700	3.700
(b) Reserves & Surplus	356.998	170.754	120.371
(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)	360.698	174.454	124.071
(3) Non-Current Liabilities
(a) Long-term borrowings	103.087	55.464	68.813
(b) Deferred tax liabilities (Net)	11.951	0.674	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2.470	2.405	2.068
Total Non-current Liabilities (3)	117.508	58.543	70.881
(4) Current Liabilities
(a) Short term borrowings	50.048	9.548	44.894
(b) Trade payables	9.993	19.155	3.135
(c) Other current liabilities	12.942	7.080	6.258
(d) Short-term provisions	45.188	45.058	16.896
Total Current Liabilities (4)	118.171	80.841	71.183
TOTAL	596.377	313.838	266.135
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	340.722	113.633	83.635
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	6.463	6.463	33.038
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	12.925	12.925	22.272
(c) Deferred tax assets (net)	0.000	0.000	0.104
(d) Long-term Loan and Advances	28.135	23.651	23.460
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	388.245	156.672	162.509
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	37.351	45.481	30.577
(c) Trade receivables	86.698	65.373	47.128
(d) Cash and cash equivalents	7.897	5.644	1.972
(e) Short-term loans and advances	43.381	7.650	12.420
(f) Other current assets	32.805	33.018	11.529
Total Current Assets	208.132	157.166	103.626
TOTAL	596.377	313.838	266.135

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	642.795	495.400	321.178
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		149.756	106.865	48.733
Less	FINANCIAL EXPENSES (D)		13.492	13.302	9.776
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		136.264	93.563	38.957
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.783	13.007	8.971
	PROFIT BEFORE TAX (E-F) (G)		123.481	80.556	29.986
Less	TAX (H)		33.575	25.844	9.086
	PROFIT AFTER TAX (G-H) (I)		89.906	54.712	20.900
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		78.054	67.671	58.928
Less	APPROPRIATIONS
		Transfer to General Reserve	50.000	40.000	10.000
		Interim Dividend	3.700	0.000	0.000
		Proposed Final Dividend	3.700	3.700	1.850
		Corporate Dividend Tax	1.258	0.629	0.307
	BALANCE CARRIED TO THE B/S		109.302	78.054	67.671
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	21.468	29.280	4.691
	IMPORTS
		Raw Materials	12.962	14.716	9.660
		Stores & Spares	2.168	2.090	0.187
		Capital Goods	107.279	0.000	38.357
	TOTAL IMPORTS		122.409	16.806	48.204
	Earnings Per Share (Rs.)		2429.89	1478.70	564.86

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net Cash from operating activities (before tax)	(16.087)	(9.396)	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	13.99	11.04	6.51
Operating Profit Margin (PBDIT/Sales)	(%)	23.30	21.57	15.17
Return on Total Assets (PBT/Total Assets}	(%)	21.40	27.36	14.23
Return on Investment (ROI) (PBT/Networth)		0.34	0.46	0.24
Debt Equity Ratio (Total Liability/Networth)		0.42	0.37	0.92
Current Ratio (Current Asset/Current Liability)		1.76	1.94	1.46

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	3.700	3.700	3.700
Reserves & Surplus	120.371	170.754	356.998
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	124.071	174.454	360.698
Long-term borrowings	68.813	55.464	103.087
Short term borrowings	44.894	9.548	50.048
Total borrowings	113.707	65.012	153.135
Debt/Equity ratio	0.916	0.373	0.425

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	321.178	495.400	642.795
		54.245	29.753

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	321.178	495.400	642.795
Profit	20.900	54.712	89.906
	6.51%	11.04%	13.99%

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
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	Yes
19	Major customers	Yes
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	10315460	30/05/2014 *	135,000,000.00	BANK OF MAHARASHTRA	INDUSTRIAL FINANCE BRANCH, APEEJAY HOUSE, DR. V B GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	C08186728
2	90240343	16/06/1997	475,000.00	BANK OF MAHARASHTRA	INDUSTRIAL FINANCE BRANCH, APEEJAY HOUSE; 130; BOMBAY SAMACHAR MARG, MUMBAI, MAHARASHTRA - 400023,  INDIA	-
3	90240073	16/01/2014 *	60,000,000.00	BANK OF MAHARASHTRA	INDUSTRIAL FINANCE BRANCH, APEEJAY HOUSE, DR. V B GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B96063946
4	90239911	18/03/1994	4,500,000.00	BANK OF MAHARASHTRA	INDUSTRIAL FINANCE BRANCH, 130; B.S. MARG, MUMBAI, MAHARASHTRA - 400023, INDIA	-
5	90239432	25/09/1989	3,500,000.00	BANK OF MAHARASHTRA	INDUSTRIAL FINANCE BRANCH, 130; B.S. MARG, MUMBAI, MAHARASHTRA - 400023, INDIA	-
6	90239186	30/01/1987	1,000,000.00	BANK OF MAHARASHTRA	INDUSTRIAL FINANCE BRANCH, APEEJAY HOUSE; 130; BOMBAY SAMACHAR MARG, MUMBAI, MAHARASHTRA - 400023,  INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Deferred Payment Liabilities - Interest free sales Tax Loan from SICOM	2.974	3.876
Loans from Directors	8.252	10.515
Loans from Shareholders and Companies	22.330	20.448
SHORT TERM BORROWINGS
Deferred Payment Liabilities - Interest Free Sales Tax loan from SICOM	0.902	1.053
Total	34.458	35.892

FIXED ASSETS:

· Land

· Factory Building

· Plant and machinery

· Furniture and Fixture

· Office Equipments

· Vehicle

· Computers

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. 63.49
UK Pound	1	Rs. 99.43
Euro	1	Rs. 69.14

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--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	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		50

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.