MIRA INFORM REPORT

Report No. :	324548
Report Date :	28.05.2015

IDENTIFICATION DETAILS

Name :	RHJ INDUSTRIES PRIVATE LIMITED (w.e.f. 08.05.2011)

Formerly Known As :	RAJA ZINC PRIVATE LIMITED

Registered Office :	111/119, Nathuram Poddar Baug, Shop No.7, Ground Floor, Thakurdwar Road, Mumbai – 400 002, Maharashtra
Tel. No.:	91-22-22055849 / 23890115 / 4 / 22069972

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	26.05.1988

Com. Reg. No.:	11-047483

Capital Investment / Paid-up Capital :	Rs.17.916 Million

CIN No.: [Company Identification No.]	U27200MH1988PTC047483

IEC No.:	0388195312

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

PAN No.: [Permanent Account No.]	AAACR2818L

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of brass, copper rods, tubes and wires.

No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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 established company and having satisfactory track record. Rating takes into consideration company’s established track record of business operations and fair liquidity position of the company. Trade relation are fair. Business is active. Payment terms are reported to be usually correct. In view of decent track record, company can be considered for the 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.

EXTERNAL AGENCY RATING

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.

INFORMATION PARTED BY

Name :	Mr. Kapil Sharma
Designation :	Account Manager
Contact No.:	91-22-22069972
Date :	27.05.2015

LOCATIONS

Registered Office :	111/119, Nathuram Poddar Baug, Shop No.7, Ground Floor, Thakurdwar Road, Mumbai – 400 002, Maharashtra, India
Tel. No.:	91-22-22055849 / 23890115 / 4 / 22069972
Fax No.:	91-22-22004579
E-Mail :	info@rhjmetals.com rhj@bom3.vsnl.net.ins
Website :	www.rhjmetals.co.in
Location :	Owned

Factory :	Plot No. 1 to 9, Bharat Industrial Estate, Bhimpore, Nani Daman, Silvassa – 396210, Uttar Pradesh, India

DIRECTORS

As on 30.09.2014

Name :	Mr. Ramesh Hamerial Dhakad
Designation :	Director
Address :	8, Beach View, 3^rd Floor, Girgaon Chowpatty, Mumbai – 400007, Maharashtra, India
Date of Birth/Age :	01.06.1951
Date of Appointment :	26.05.1988
DIN No.:	01213556

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	U27200MH1988PTC047483	RHJ Industries Private Limited	Director	26/05/1988	26/05/1988	-	Active	NO
2	U27110MH1988PTC047491	DHAKAD METALS PRIVATE LIMITED	Director	27/05/1988	27/05/1988	-	Active	NO
3	U32201GJ1981PTC004646	RHJ TUBES PRIVATE LIMITED	Director	02/08/1999	02/08/1999	03/06/2013	Active	NO
4	U27100MH2003PTC141606	RHJ METALS PRIVATE LIMITED	Director	05/08/2003	05/08/2003	-	Active	NO
5	U23200MH2004PTC144233	ABC PETROCHEM PRIVATE LIMITED	Director	27/01/2004	27/01/2004	30/03/2009	Active	NO
6	U27200MH2004PTC144879	RHJ EXTRUSION PRIVATE LIMITED	Director	05/03/2004	05/03/2004	-	Amalgamated	NO
7	U27300MH1977NPL019956	BOMBAY NON-FERROUS METALS ASSOCIATION LIMITED	Director	21/10/2005	21/10/2005	-	Active	NO
8	U45201MH2006PTC164350	Smartlink Realty Private Limited	Director	15/10/2007	15/10/2007	-	Active	NO
9	U74140MH2003PTC139597	GENUINE COMMERCIAL SERVICES PRIVATE LIMITED	Director	23/02/2008	23/02/2008	30/03/2013	Active	NO
10	U45200MH2008PTC180226	SUNRISE SPACES PRIVATE LIMITED	Director	26/03/2008	26/03/2008	-	Active	NO
11	U45202MH2008PLC180444	SUNRISE HOUSING CONSTRUCTIONS LIMITED	Director	08/12/2009	08/12/2009	-	Active	NO
12	U70102MH2010PLC205558	SHRI SHRAMAN DEVELOPERS LIMITED	Additional director	21/07/2010	21/07/2010	13/12/2010	Active	NO
13	U45200MH2010PLC205738	ACHARYA TULSI BUILDCON LIMITED	Director	20/09/2011	21/07/2010	-	Active	NO
14	U14220MH2012PLC233293	D B ROSEPEARL GRANITES LIMITED	Director	12/07/2012	12/07/2012	-	Active	NO
15	U31909MH2001PTC133407	BIAX ELECTRIC AND CONTROLS PRIVATE LIMITED	Additional director	01/06/2013	01/06/2013	-	Active	NO

Name :

Mr. Banshilal Sohanlal Jain

Designation :

Director

Address :

Flat No.202, Mahavir Building, 2^nd Floor, Tatya Gharpure Path, Girgaon, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

01.01.1963

Date of Appointment :

01.03.2012

DIN No.:

01008470

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	U32201GJ1981PTC004646	RHJ TUBES PRIVATE LIMITED	Director	02/08/1999	02/08/1999	03/06/2013	Active	NO
2	U27200MH2004PTC144879	RHJ EXTRUSION PRIVATE LIMITED	Director	01/11/2010	01/11/2010	-	Amalgamated	NO
3	U27200MH1988PTC047483	RHJ Industries Private Limited	Director	01/03/2012	01/03/2012	-	Active	NO
4	U31909MH2001PTC133407	BIAX ELECTRIC AND CONTROLS PRIVATE LIMITED	Director	31/03/2012	31/03/2012	-	Active	NO
5	U27110MH1988PTC047491	DHAKAD METALS PRIVATE LIMITED	Director	01/06/2013	01/06/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Kapil Sharma
Designation :	Account Manager

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Rameshkumar Hamerlal	417600	23.31
Kamla R. Dhakad	40000	2.23
Bhavana Parmar	40000	2.23
Meena Rakesh Parmar	40000	2.23
Laharibai Jain	60000	3.35
Kesar Arun Duggar	4000	0.22
Naresh Dhakad	445000	24.84
Dhakad Family Trust	298000	16.63
Leelaben T. Sanghvi	172000	9.60
Nextgen Infotel Private Limited, India	275000	15.35
Total	1791600	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	15.35
Directors or relatives of Directors	68.02
Other top fifty shareholders	16.63
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of brass, copper rods, tubes and wires.

Products :	Brass Copper Rods Tubes Wires

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :
Products :	Not Divulged
Countries :	UAE

Terms :
Selling :	Cash and Credit (30/60/90 Days)

Purchasing :	Cash and Credit (30/60/90 Days)

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

100 (Approximately)

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	HDFC Bank House senapati Bapat Marg, Lower Parel West, Mumbai - 400013, 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)	Cash Credit = Rs.250.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Dena Bank, Thakurdwar Branch, Mumbai - 400002, Maharashtra, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
From HDFC Bank
Vehicle Loan (Secured by hypothecation of vehicles)	0.215	0.000
SHORT TERM BORROWING
Loans repayable on demand
From Banks (Secured By hypothecation of goods, book debts, other assests from other parties of the company alongwith Equitable mortgage of factory premises, hypothecation of machinery & other fixed assests of the company and personal guarantee of directors)	139.272	171.657
From HDFC Bank
Vehicle Loan (Secured by hypothecation of vehicles)	0.235	0.016
Total	139.722	171.673

Financial Institutions :	The Maharashtra State Financial Corporation, New Excelsior Building ; 5th 7th ; 9th Floor, Amrit Keshav Nayak Marg, Mumbai - 400001, Maharashtra, India

Auditors :
Name :	Kamlesh and Associates Chartered Accountants
Address :	A/2,Poonam,45/48 Lallubhai Park, Andheri (West), Mumbai – 400058, Maharashtra, India
Tel. No.:	91-22-26700537
Mobile No.:	91-9821115725
E-Mail :	cakamleshshah@yahoo.com
PAN No.:	AABPS3435L

Memberships :	Not Available

Collaborators :	Not Available

Others :	Ajcon Global Services Limited Apar Industries Limited (Formaly Known as Uniflex Cables Limited) Biax Electric and Control Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount

2000000	Equity Shares	Rs.10/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

1791600	Equity Shares	Rs.10/- each	Rs.17.916 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	17.916	17.916	17.916
(b) Reserves & Surplus	173.729	168.501	156.564
(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)	191.645	186.417	174.480

(3) Non-Current Liabilities
(a) long-term borrowings	50.261	65.811	14.018
(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)	50.261	65.811	14.018

(4) Current Liabilities
(a) Short term borrowings	139.507	171.673	95.361
(b) Trade payables	20.858	50.369	159.768
(c) Other current liabilities	25.521	33.144	8.071
(d) Short-term provisions	0.540	0.576	0.490
Total Current Liabilities (4)	186.426	255.762	263.690

TOTAL	428.332	507.990	452.188

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	51.210	55.702	12.797
(ii) Intangible Assets	0.155	0.155	0.155
(iii) Capital work-in-progress	0.000	0.380	24.904
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	7.574	7.574	7.574
(c) Deferred tax assets (net)	1.159	1.221	1.241
(d) Long-term Loan and Advances	0.342	0.299	0.106
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	60.440	65.331	46.777

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	135.486	127.138	125.267
(c) Trade receivables	173.934	213.810	212.683
(d) Cash and cash equivalents	13.220	13.719	8.269
(e) Short-term loans and advances	45.252	87.992	59.192
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	367.892	442.659	405.411

TOTAL	428.332	507.990	452.188

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	827.600	990.000
	Other Income	NA	NA
	TOTAL	NA	NA	812.850

	EXPENSES	NA	NA	798.542

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	16.642	22.471	14.308

Less/ Add	DEPRECIATION/ AMORTISATION	8.511	5.314	2.603

	PROFIT/ (LOSS) BEFORE TAX	8.131	17.157	11.705

Less	TAX	2.904	5.220	8.854

	PROFIT/ (LOSS) AFTER TAX	5.227	11.937	2.851

	Earnings / (Loss) Per Share (Rs.)	2.92	6.66	1.59

Particulars

31.03.2015

Sales Turnover (Approximately)

850.000

The above information has been parted by Mr. Kapil Sharma (Account Manager).

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/Sales)	(%)	0.63	1.21	NA

Return on Total Assets (PBT/Total Assets}	(%)	1.94	3.44	2.80

Return on Investment (ROI) (PBT/Networth)		0.04	0.09	0.07

Debt Equity Ratio (Total Debt/Networth)		0.99	1.27	0.63

Current Ratio (Current Asset/Current Liability)		1.97	1.73	1.54

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	17.916	17.916	17.916
Reserves & Surplus	156.564	168.501	173.729
Net worth	174.480	186.417	191.645

long-term borrowings	14.018	65.811	50.261
Short term borrowings	95.361	171.673	139.507
Total borrowings	109.379	237.484	189.768
Debt/Equity ratio	0.627	1.274	0.990

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	990.000	827.600
	21.794	(16.404)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	990.000	827.600
Profit	11.937	5.227
	1.21%	0.63%

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	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 four 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	No
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

Note:

Registered address has been shifted from the Anand Building, 30, Sitaram Poddar Road, Fanas Wadi, Mumbai – 400002, Maharashtra, India to the present address w.e.f. 30.03.2007.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
loans and advances
Terms of Repayment : Repayable after 3 years (of the above, NIL is guaranteed by Directors and / or others)	50.046	65.811
Total	50.046	65.811

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10553912	10/02/2015	40,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, Maharashtra, INDIA	C46050852
2	10379251	04/10/2012	252,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, Maharashtra, INDIA	B59195966
3	10302946	09/02/2015 *	247,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, Maharashtra, INDIA	C44754877

* Date of charge modification

WORKING RESULTS

The Company has achieve a sales turnover of Rs. 827.600 Million as against Rs. 990.000 Million in the previous year. The profit after taxes for the year is Rs. 5.227 Million as compared to Rs. 11.937 Million earned in the previous year.

FIXED ASSETS

Land
Building
Plant and Equipment
Furniture and Fixtures
Vehicles
Office Equipment
Computer
Electrical Installation

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.63.94
UK Pound	1	Rs.98.63
Euro	1	Rs.69.85

INFORMATION DETAILS

Information Gathered by :	PPT

Analysis Done by :	KYP

Report Prepared by :	PNM

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	4
--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		44

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