MIRA INFORM REPORT

Report No. :	328651
Report Date :	22.06.2015

IDENTIFICATION DETAILS

Name :	VAIBHAV PLASTO PRINTING AND PACKAGING PRIVATE LIMITED (w.e.f. 28.01.2013)

Formerly Known As :	VAIBHAV PLASTIMOULDS PRIVATE LIMITED

Registered Office :	J-2, M I D C, Hingna Road, Nagpur – 440010, Maharashtra
Tel. No.:	91-712-2520131

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	24.09.1993

Com. Reg. No.:	11-074135

Capital Investment / Paid-up Capital :	Rs. 5.582 Million

CIN No.: [Company Identification No.]	U74999MH1993PTC074135

TIN No.:	27570278849

IEC No.:	0304065030

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AABCV6733B

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturing, Exporting and Importing of Lamination Printing Packaging Materials, Multilaver Films, PVC Shrink Films.

No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 230000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having a moderate track record. The rating takes into consideration declined in the profits of the company during FY 2014 and increased in the overall borrowing of the company. However, trade relations are reported as fair. Business is active. Payments 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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 (BB-)
Rating Explanation	Moderate risk of default
Date	March 27, 2014

Rating Agency Name	CRISIL
Rating	Short Term Rating (A4+)
Rating Explanation	Minimal degree of safety and carry vary high credit risk
Date	March 27, 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) 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.

INFORMATION PARTED BY

Name :	Mr. Sagar Shrote
Designation :	Accounts Manager
Contact No.:	91-9371299144
Date :	22.06.2015

LOCATIONS

Registered Office/ Factory :	J-2, M I D C, Hingna Road, Nagpur – 440010, Maharashtra, India
Tel. No.:	91-712-2520131
Mobile No.:	91-9371299144 (Mr. Sagar Shrote)
Fax No.:	91-712-2527690
E-Mail :	accounts.vpppl@yahoo.in r_c_agrawal@yahoo.co.in
Website :	http://www.vaibhavplasto.com
Location :	Leased

DIRECTORS

As on 30.09.2014

Name :

Mr. Vaibhav Rameshchand Agrawal

Designation :

Whole Time Director

Address :

House No. 580, Godavari, Tekdi Road, Sadar, Nagpur - 440001, Maharashtra, India

Date of Birth/Age :

12.09.1979

Date of Appointment :

03.10.2007

DIN No.:

00170776

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	U32300OR1987PTC011013	VISHAL METALLICS PRIVATE LIMITED	Director	30/09/2004	30/09/2004	06/07/2010	Active	NO
2	U74999MH1993PTC074135	VAIBHAV PLASTO PRINTING & PACKAGING PRIVATE LIMITED	Whole-time director	03/10/2007	03/10/2007	-	Active	NO
3	U22210MH2008PTC186047	R C Printing & Packaging Private Limited	Director	21/08/2008	21/08/2008	07/01/2012	Active	NO
4	U25206MH2010PTC207824	R C PLASTO TANKS & PIPES PRIVATE LIMITED	Whole-time director	01/04/2012	18/09/2010	01/04/2013	Active	NO
5	U74900MH2015PTC261030	R C PLASTO PACKAGING PRIVATE LIMITED	Director	17/01/2015	17/01/2015	-	Active	NO

Name :

Mr. Vishal Rameshchand Agrawal

Designation :

Whole Time Director

Address :

House No. 580, Godavari, Tekdi Road, Sadar, Nagpur - 440001, Maharashtra, India

Date of Birth/Age :

05.07.1993

Date of Appointment :

24.09.1993

DIN No.:

00170814

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	U74999MH1993PTC074135	VAIBHAV PLASTO PRINTING & PACKAGING PRIVATE LIMITED	Whole-time director	24/09/1993	24/09/1993	-	Active	NO
2	U25200MH1986PTC041789	PLASTO CONTAINERS (INDIA) PRIVATE LIMITED	Whole-time director	01/04/2010	01/04/2010	-	Active	NO
3	U25206MH2010PTC207824	R C PLASTO TANKS & PIPES PRIVATE LIMITED	Whole-time director	01/04/2012	18/09/2010	-	Active	NO
4	U25190MH2010PTC204453	VANIA FURNITURE PRIVATE LIMITED	Whole-time director	08/12/2011	08/12/2011	-	Active	NO
5	U74999MH2012PTC229964	R C PLASTO LOGISTICS PRIVATE LIMITED	Director	19/04/2012	19/04/2012	-	Active	NO
6	U74900MH2015PTC261030	R C PLASTO PACKAGING PRIVATE LIMITED	Director	17/01/2015	17/01/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sagar Shrote
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders		No. of Shares
Agrawal R. Vishal		119000
Agrawal R. Urmiladevi		156460
Rameshch And Agrawal (Huf)		500
Agrawal R. Nilesh		33200
Agrawal N. Alka		500
Agrawal V. Alpana		500
Vishal Agrawal (Huf)		500
Agrawal R. Vaibhav		28000
Agrawal N. Shriya		300
Agrawal R. Vaibhav Jt. Agrawal V. Neha		143100
Agrawal R. Nilesh Jt. Agrawal N. Alka		5000
Agrawal V. Neha Jt. Agrawal R. Vaibhav		500
Agrawal R. Urmiladevi Jt. Agrawal Rameshchand		4600
Agrawal R. Vishal Jt. Agrawal V. Alpana		5000
Vania Investment Private Limited, India		1000
Agrawal V. Neha		60000
Total		558160

As on 30.09.2014

Category	Percentage
Bodies corporate	0.33
Directors or relatives of Directors	99.67
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing, Exporting and Importing of Lamination Printing Packaging Materials, Multilaver Films, PVC Shrink Films.

Products :	Lamination Printing Packaging Materials Multilaver Films PVC Shrink Films.

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Finished Goods
Countries :	Uganda Nepal Bangladesh

Imports :
Products :	Machinery
Countries :	Italy Thailand China

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

PRODUCTION STATUS : Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Micro Ints Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Reliance Limited
Isha Plast Impex Private Limited

Customers :

Reference :	Heinz India Private Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Dabur India
Haldiram Food

No. of Employees :

30 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Plot No. X-43, MIDC, Hingna Industrial Estate, Nagpur – 440016, Maharashtra, India
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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

HDFC Bank Limited
ICICI Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
HDFC Bank Loan A/c (BMW 3 Series)	0.443	0.890
HDFC Sank Loan A/c (Hyudai Santafee)	0.616	1.293
ICICI Bank Loan A/c (Swraiaj Mazda)	1.389	3.527
Sales Tax Deferral	4.827	4.826
SBI Term Loan	55.185	0.000
SBI Term Loan (Byers credit)	38.526	0.000

SHORT TERM BORROWINGS
Working Capital Loans From banks
SBI C.C.	46.398	25.801
N.N.S. Bank A/c 111	0.081	0.085
SLOG A/C No.30294400055	0.000	0.035
Total	147.465	36.457


Auditors :
Name :	Radheshyam Sarda and Company Chartered Accountants
Address :	Ganpati Apartment, 43, Khare Town, Dharampeth, Nagpur – 440010, Maharashtra, India
PAN No.:	AFCPS5046M

Memberships :	Not Available

Collaborators :	Not Available

Related Parties :	Plasto Containers India Private Limited R.C. Plasto Tanks and Pipes Private Limited R.C. Printing and Packaging Private Limited Vishal Sales Corporation Vishakha Investments Vania Investments Vishal Builders Vishal Furniture’s Vaibhav Industries Vishakha Investments RCA and Sons Vishal Industries Vishal Udyog

CAPITAL STRUCTURE

After 30.09.2014

Authorised Capital : 6.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 5.957Million

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

600000	Equity Shares	Rs. 10/- each	Rs. 6.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

558160	Equity Shares	Rs. 10/- each	Rs. 5.582 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	5.582	3.032	3.032
(b) Reserves & Surplus	77.352	37.059	30.001
(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)	82.934	40.091	33.033

(3) Non-Current Liabilities
(a) long-term borrowings	115.091	10.536	13.478
(b) Deferred tax liabilities (Net)	6.712	2.442	2.182
(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)	121.803	12.978	15.660

(4) Current Liabilities
(a) Short term borrowings	46.479	62.739	37.300
(b) Trade payables	13.449	15.460	5.755
(c) Other current liabilities	0.364	0.360	0.361
(d) Short-term provisions	3.819	3.429	2.746
Total Current Liabilities (4)	64.111	81.988	46.162

TOTAL	268.848	135.057	94.855

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	127.648	57.362	51.439
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	17.157	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.641	0.006	0.006
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.818	3.270	1.008
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	152.264	60.638	52.453

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	39.271	29.522	17.179
(c) Trade receivables	34.853	27.073	21.004
(d) Cash and cash equivalents	0.821	6.446	2.034
(e) Short-term loans and advances	41.491	11.232	1.869
(f) Other current assets	0.148	0.146	0.316
Total Current Assets	116.584	74.419	42.402

TOTAL	268.848	135.057	94.855

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012

	TOTAL INCOME	225.608	211.627	204.055

Less	TOTAL EXPENSES	196.157	186.598	179.780

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	29.451	25.029	24.275

Less	FINANCIAL EXPENSES	8.157	6.721	6.727

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	21.294	18.308	17.548

Less/ Add	DEPRECIATION/ AMORTISATION	9.894	8.115	7.256

	PROFIT/ (LOSS) BEFORE TAX	11.400	10.193	10.292

Less	TAX	6.807	3.145	3.193

	PROFIT/ (LOSS) AFTER TAX	4.593	7.048	7.099

	Earnings / (Loss) Per Share (Rs.)	8.23	12.63	12.72

Expected Sales (2014-2015) : Rs. 350.000 Million

The above information has been parted by Mr. Sagar Shrote

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Total Income)	(%)	2.04	3.33	3.48

Operating Profit Margin (PBIDT/ Income)	(%)	13.05	11.83	11.90

Return on Total Assets (PBT/Total Assets}	(%)	4.58	7.55	10.85

Return on Investment (ROI) (PBT/Networth)		0.14	0.25	0.31

Debt Equity Ratio (Total Liability/Networth)		1.95	1.83	1.54

Current Ratio (Current Asset/Current Liability)		1.82	0.91	0.92

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	3.032	3.032	5.582
Reserves & Surplus	30.001	37.059	77.352
Share Application money pending allotment	0.000	0.000	0.000
Net worth	33.033	40.091	82.934

long-term borrowings	13.478	10.536	115.091
Short term borrowings	37.300	62.739	46.479
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	50.778	73.275	161.570
Debt/Equity ratio	1.537	1.828	1.948

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	204.055	211.627	225.608
		3.711	6.606

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	204.055	211.627	225.608
Profit	7.099	7.048	4.593
	3.48%	3.33%	2.04%

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	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)	Yes
16	No. of employees	Yes
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	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
From Related Parties	14.105	0.000

SHORT TERM BORROWINGS
From Related Parties	0.000	36.818
Total	14.105	36.818

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10423480	27/04/2013	341,000,000.00	STATE BANK OF INDIA	SME BRANCH, PLOT NO. X-43, MIDC AREA, HINGNA ROAD, NAGPUR, MAHARASHTRA - 440016, INDIA	B74324765
2	10069402	16/01/2015 *	184,100,000.00	STATE BANK OF INDIA	SME BRANCH, PLOT NO. X-43, MIDC, HINGNA INDUSTRIA L ESTATE, NAGPUR, MAHARASHTRA - 440016, INDIA	C42058768
3	10069401	16/12/2014 *	184,100,000.00	STATE BANK OF INDIA	SME BRANCH, PLOT NO. X-43, HINGNA MIDC, HINGNA, NAGPUR, MAHARASHTRA - 440016, INDIA	C42055202

* Date of charge modification

FIXED ASSETS

· Plot at MIDC Hingna

· Building

· Computer

· Machinery

· Vehicles

· Air Conditioner

· Electrical Fittings

· Aquaguard

· Transformer

· Furniture

· Fire Extinguisher

· Office equipment

· Lab 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. 63.82
UK Pound	1	Rs. 101.26
Euro	1	Rs. 72.36

INFORMATION DETAILS

Information Gathered by :	KMN

Analysis Done by :	DIV

Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.

MIRA INFORM REPORT

Unit