MIRA INFORM REPORT

Report No. :	311193
Report Date :	09.03.2015

IDENTIFICATION DETAILS

Name :	BOHRA INDUSTRIES LIMITED (w.e.f. 17.03.1999)
Formerly Known As :	AMINAG MINCHEM PRIVATE LIMITED
Registered Office :	301, Anand Plaza, University Road, Udaipur – 313001, Rajasthan
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.11.1996
Com. Reg. No.:	17-012912
Capital Investment / Paid-up Capital :	Rs. 89.900 Millions
CIN No.: [Company Identification No.]	U24117RJ1996PLC012912
TAN No.: [Tax Deduction & Collection Account No.]	JDHB01760D
PAN No.: [Permanent Account No.]	AACCB3135C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Selling of Single Super Phosphate (SSP).
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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 an established company having satisfactory track record. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. The company can be considered normal for business 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	ICRA
Rating	Term Loans: “BB+”
Rating Explanation	Moderate risk of default.
Date	May, 2013

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 :	301, Anand Plaza, University Road, Udaipur – 313001, Rajasthan, India
Tel. No. :	91-294-2429513/ 14/ 5101301/ 02
Fax No. :	91-294-2429515
E-Mail :	bil@bohraindustries.com
Website :	http://www.bohraindustries.com
Corporate Office :	331-32, B-Block, Anand Plaza, University Road, Udaipur- 313001, Rajasthan, India
Tel. No. :	91-294-2429537
Fax No. :	91-294-2429515
E-Mail :	info@bohraindustries.com
Factory :	4887-94, Umarda, Zamar Kotra Road, Udaipur – 313014, Rajasthan, India
Tel. No. :	91-294-2429537/ 2342227/ 2342228
Fax No. :	91-294-2429515/ 2342226
E-Mail :	bil@bohraindustries.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Hemant Kumar Bohra

Designation :

Managing Director

Address :

220, Ashok Nagar, Udaipur - 313001, Rajasthan, India

Date of Birth/Age :

02.04.1958

Qualification :

B.Com

Date of Appointment :

18.11.2013

PAN No.:

ABIPB8842L

DIN No. :

01128799

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	U24117RJ1996PLC012912	BOHRA INDUSTRIES LIMITED	Managing director	18/11/2013	10/12/1998	Active	NO
2	U24123PN2013PLC146311	BOHRA INFRA AGRO LIMITED	Director	18/08/2014	15/03/2014	Active	NO

Name :

Mr. Sunil Bhandari

Designation :

Whole-time Director

Address :

82, Madhuban, Udaipur - 313001, Rajasthan, India

Date of Birth/Age :

19.01.1962

Qualification :

M.E.

Date of Appointment :

01.10.2010

PAN No. :

AHLPB5387R

DIN No. :

01028404

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	U24117RJ1996PLC012912	BOHRA INDUSTRIES LIMITED	Whole-time director	01/10/2010	28/06/2000	Active	NO

Name :

Mr. Satyanarayan Maheshwari

Designation :

Director

Address :

457, Ambamata Yojna, Udaipur - 313001, Rajasthan, India

Date of Birth/Age :

01.03.1956

Qualification :

B.Com, C.A., C.S., LLB and PHED.

Date of Appointment :

24.09.2009

PAN No. :

ACGPM5448M

DIN No. :

01123713

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	U14101RJ1990PTC005374	EVEREST NATUROHERB PRIVATE LIMITED	Director	22/01/2004	22/01/2004	05/10/2009	Active	NO
2	U24117RJ1996PLC012912	BOHRA INDUSTRIES LIMITED	Director	24/09/2009	01/09/2008	-	Active	NO
3	U45201RJ2010PTC032305	SAIDARSHAN NIRMAN PRIVATE LIMITED	Director	06/07/2010	06/07/2010	-	Active	NO

Name :

Mr. Deepak Babel

Designation :

Director

Address :

C/O Alankar 2, Bombay Annex Building, Sector-17, Vashi, Navi Mumbai - 400703, Maharashtra, India

Date of Birth/Age :

21.05.1976

Qualification :

B.SC,C.A.

Date of Appointment :

15.12.2010

PAN No. :

AINPB3395A

DIN No. :

03320024

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	U24117RJ1996PLC012912	BOHRA INDUSTRIES LIMITED	Director	15/12/2010	01/10/2010	Active	NO
2	U24123PN2013PLC146311	BOHRA INFRA AGRO LIMITED	Director	18/08/2014	15/03/2014	Active	NO
3	U74900MH2014PTC256528	ARTHATECH HEALTHCARE PRIVATE LIMITED	Director	24/07/2014	24/07/2014	Active	NO

Name :

Mr. Chandra Prakash Agrawal

Designation :

Director

Address :

511 - Panchratna Complex, Bedla Road, Udaipur - 313001, Rajasthan, India

Date of Birth/Age :

04.06.1956

Qualification :

M.Com, PHD.

Date of Appointment :

15.12.2010

PAN No. :

ABZPA3586B

DIN No. :

01433245

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	U24117RJ1996PLC012912	BOHRA INDUSTRIES LIMITED	Director	15/12/2010	14/04/2007	Active	NO

Name :

Mr. Dilip Kumar Agarwal

Designation :

Director

Address :

No. 245, Sector II, Hiran Nagri Scheme, Udaipur - 313001, Rajasthan, India

Date of Birth/Age :

10.02.1957

Qualification :

B.S.C, C.A, CS, CMA

Date of Appointment :

04.12.2014

PAN No. :

AJIPA7771R

DIN No. :

03487162

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	U24117RJ1996PLC012912	BOHRA INDUSTRIES LIMITED	Director	04/12/2014	31/05/2013	Active	NO

KEY EXECUTIVES

Name :	Priyanka Jain
Designation :	Secretary
Address :	1141 Hiran Magri, Sector 4, Udaipur - 313001, Rajasthan, India
Date of Birth/Age :	01.11.1986
Date of Appointment :	30.05.2011
PAN No.:	AOSPJ5950Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Hemant Kumar Bohra	7192000
Beena Bohra	248700
Bohra Agrifilms Private Limited, India	379999
Bohra Pratisthan Private Limited, India	429198
Hemant Kumar Bohra (HUF)	20000
Aditi Speciality Packaging Private Limited, India	720100
Boonliya Asha	1
Babel Kamal Singh	1
Mehta Rajkumar	1
Total	8990000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	17.01
Directors or relatives of Directors	82.99
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Single Super Phosphate (SSP).

Products :

Item Code No. (ITC Code)	Product Description
31031000	Rock Phosphate and Sulfuric Acid

Brand Names :

--

Agencies Held :

--

Exports :

--

Imports :

--

Terms :

--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

· Rashtriya Chemicals and Fertilizers Limited (RCF)

· Nagarjuna Fertilizers and Chemicals Limited (NFCL)

· Chambal Fertilizers and Chemicals Limited (CFCL)

No. of Employees :

Not Available

Bankers :

State Bank of India, Commercial Branch, 4-C, Madhuban, Udaipur - 313001, Rajasthan, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks (Term Loan (Equitable Mortgage ))	0.000	26.800
SHORT TERM BORROWINGS
Loans repayable on demand from banks	328.507	322.242
Total	328.507	349.042

Banking Relations :	--
Auditors :
Name :	Agrawal Gupta and Maheshwari Chartered Accountants
Address :	13, Gyan Marg, Opposite RMV School, Udaipur, Rajasthan, India
Income-tax PAN of auditor or auditor's firm :	AEHPA7346G
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs.10/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8,990,000	Equity Shares	Rs.10/- each	Rs. 89.900 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	89.900	89.900	89.900
(b) Reserves & Surplus	209.667	159.624	104.403
(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)	299.567	249.524	194.303
(3) Non-Current Liabilities
(a) long-term borrowings	118.663	107.844	123.503
(b) Deferred tax liabilities (Net)	12.584	13.598	14.220
(c) Other long term liabilities	0.735	0.648	1.702
(d) long-term provisions	1.368	1.481	2.830
Total Non-current Liabilities (3)	133.350	123.571	142.255
(4) Current Liabilities
(a) Short term borrowings	328.507	322.242	273.187
(b) Trade payables	137.533	115.482	70.676
(c) Other current liabilities	48.607	46.866	64.071
(d) Short-term provisions	16.248	14.868	11.521
Total Current Liabilities (4)	530.895	499.458	419.455
TOTAL	963.812	872.553	756.013
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	136.220	142.624	126.881
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	5.522	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.079	0.074	0.070
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	10.713	5.143	5.154
(e) Other Non-current assets	76.480	65.860	77.391
Total Non-Current Assets	229.014	213.701	209.496
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	266.635	264.161	240.544
(c) Trade receivables	404.945	337.463	231.103
(d) Cash and cash equivalents	18.393	16.850	42.602
(e) Short-term loans and advances	14.015	19.695	17.276
(f) Other current assets	30.810	20.683	14.992
Total Current Assets	734.798	658.852	546.517
TOTAL	963.812	872.553	756.013

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	902.897	750.921	559.477
		Other Income	1.728	1.072	0.842
		TOTAL (A)	904.625	751.993	560.319
Less	EXPENSES
		Cost of Materials Consumed	413.487	410.523	271.288
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	24.856	(45.428)	20.345
		Employees benefits expense	22.175	19.588	18.987
		Other expenses	295.870	222.274	130.286
		TOTAL (B)	756.388	606.957	440.906
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		148.237	145.036	119.413
Less	FINANCIAL EXPENSES (D)		75.936	69.456	61.831
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		72.301	75.580	57.582
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.206	7.325	5.669
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		64.095	68.255	51.913
Less	TAX (H)		14.052	13.034	19.848
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		50.043	55.221	32.065
	Earnings / (Loss) Per Share (Rs.)		5.57	6.12	3.57

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	5.54	7.35	5.73
Operating Profit Margin (PBDIT/Sales)	(%)	16.42	19.31	21.34
Return on Total Assets (PBT/Total Assets}	(%)	6.69	7.82	6.87
Return on Investment (ROI) (PBT/Networth)		0.21	0.27	0.27
Debt Equity Ratio (Total Debt/Networth)		1.49	1.72	2.04
Current Ratio (Current Asset/Current Liability)		1.38	1.32	1.30

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	89.900	89.900	89.900
Reserves & Surplus	104.403	159.624	209.667
Net worth	194.303	249.524	299.567
long-term borrowings	123.503	107.844	118.663
Short term borrowings	273.187	322.242	328.507
Total borrowings	396.690	430.086	447.170
Debt/Equity ratio	2.042	1.724	1.493

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	559.477	750.921	902.897
		34.218	20.239

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	559.477	750.921	902.897
Profit	32.065	55.221	50.043
	5.73%	7.35%	5.54%

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	Yes
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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90070468	22/09/2014 *	606,900,000.00	STATE BANK OF INDIA	C-4 RIDHI SIDHI COMPLEX, SME BRANCH, MADHUBAN, UDAIPUR, RAJASTHAN - 313001, INDIA	C27928043

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Deposits from others	118.663	81.044
Total	118.663	81.044

CORPORATE INFORMATION

Bohra Industries Ltd having CIN NO. U24117RJ1996PLC012912 is primarily engaged in business of Manufacturing and Selling of Single Super Phosphate (SSP). The Plant is situated at Plot No. 4887-94, Village Umarda, Jhamar Kotra Road, Udaipur – 313014, Rajasthan, India

OPERATIONS

This year the company has successfully completed its Thirteenth year of operations. Now they operate in seventeen states across India. Company has set up vast marketing network in all the states. In addition to the above they have entered into marketing tie up with large marketers with all India presence. During the year the Company has reported a Net Profit of Rs. 64.095 Millions.

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

· Bridges Roads Ports Culverts

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.62.14
UK Pound	1	Rs.95.78
Euro	1	Rs.62.14

INFORMATION DETAILS

Information Gathered by :
Analysis Done by :
Report Prepared by :	MRI

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
--PROFITABILITY	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.