MIRA INFORM REPORT

Report No. :	344126
Report Date :	06.10.2015

IDENTIFICATION DETAILS

Name :	STAR COOLERS AND CONDENSERS PRIVATE LIMITED
Registered Office :	H-18, MIDC Area, Jalgaon – 425003, Maharashtra
Tel. No.:	91-257-2271771
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.05.1998
Com. Reg. No.:	11-114757
Capital Investment / Paid-up Capital :	Rs.7.500 Million
CIN No.: [Company Identification No.]	U29150MH1998PTC114757
IEC No.:	0398048843
TAN No.: [Tax Deduction & Collection Account No.]	NSK03514G
PAN No.: [Permanent Account No.]	AAECS5547D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of heat exchange products.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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 Indo – British Joint Venture Company established in the year 1998. It is engaged in the manufacturing business of heat exchanger equipment. Company operations are well support by its major shareholder Coolers and Condensers Holding Limited and it is also backed by well experience management team. For the financial year ended 2014, company has reported 25.41% sales turnover growth as compared to previous sales turnover and it has maintained fair profitability margins at 39.4% during the year under a review. Rating also reflects company’s satisfactory financial profile supported by above average net worth base and sound debt protection indicators. Trade relations are reported as fair. 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 condition.

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Manish
Designation :	Finance Manager
Contact No.:	91-257-2271771
Date :	05.10.2015

LOCATIONS

Registered Office :	H-18, MIDC Area, Jalgaon – 425003, Maharashtra, India
Tel. No.:	91-257-2271771 / 72 / 73 / 74
Mob. No.:	91-9823272784 (Mr. Mohit)
Fax No.:	91-257-2272778
E-Mail :	sales@starcooler.co.in starcooler_jal@dataone.in
Website :	www.starcooler.co.in
Head Office :	H-13, MIDC, Jalgaon – 425003, Maharashtra, India
Tel. No.:	91-257-2213228
Corporate Office :	404, “Kshitij”, Veera Desai Road, Opposite Sports Complex, Andheri (East), Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-67414921 to 30
E-Mail :	salesmum@starcooler.co.in

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Pramod Gajanan Churi

Designation :

Director

Address :

B-5 Vinayak CHS, Gandhinagar Kherwadi, Bandra (East), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

22.09.1941

Date of Appointment :

15.11.2007

DIN No.:

00621586

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	U29150MH1998PTC114757	STAR COOLERS AND CONDENSERS PRIVATE LIMITED	Director	15/11/2007	15/11/2007	Active	NO
2	U15300MH1999PTC121658	GAJENDRA IMPEX PRIVATE LIMITED	Director	24/10/2008	24/10/2008	Active	NO
3	U31200MH1997PTC112654	ANNAPURNA ELECTROMECH PRIVATE LIMITED	Director	12/04/2010	12/04/2010	Active	NO

Name :

Mr. Laxmikant Prabhakar Dandawate

Designation :

Director

Address :

Shikshak Society S No 91/3,21A Paramhans Nagar, Kothrud, Pune - 411038, Maharashtra, India

Date of Appointment :

21.12.2009

DIN No.:

01214837

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	U29191PN2005PTC020892	COLD STAR REFRIGERATION SALES AND SERVICES PRIVATE LIMITED	Director	16/06/2005	16/06/2005	27/07/2009	Active	NO
2	U15400PN2008PTC133300	COLDSTAR AGRO FOODS PRIVATE LIMITED	Director	31/12/2008	31/12/2008	-	Strike off	NO
3	U29150MH1998PTC114757	STAR COOLERS AND CONDENSERS PRIVATE LIMITED	Director	21/12/2009	21/12/2009	-	Active	NO

Name :

Mr. Barry Edward Clements

Designation :

Director

Address :

8 Dormy Way, Gosport- -81151, Great Britain

Date of Birth/Age :

18.11.1945

Date of Appointment :

15.11.2007

DIN No.:

01740962

Name :

Mr. Sushil Kumar Asopa

Designation :

Director

Address :

C/O Balaji Stores NSB shopping complex, Nausena Baugh PO Gandhigram Visakhapatnam – 530005, Andhra Pradesh, India

Date of Birth/Age :

19.09.1963

Date of Appointment :

04.05.1998

DIN No.:

01741114

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	U29150MH1998PTC114757	STAR COOLERS AND CONDENSERS PRIVATE LIMITED	Director	04/05/1998	04/05/1998	Active	NO
2	U29191MH2004PTC149058	SEARLE STAR COOLERS INDIA PRIVATE LIMITED	Director	11/10/2004	11/10/2004	Active	NO
3	U29191MH2005PTC154141	IMA STAR COOLING SYSTEMS PRIVATE LIMITED	Director	22/06/2005	22/06/2005	Active	NO
4	U31909MH2003PTC140579	COOLERS AND CONDENSORS INDIA PRIVATE LIMITED	Director	21/12/2009	21/12/2009	Active	NO
5	U29190MH2003PTC142188	NETCOOL AND REFERIGERATION INDIA PRIVATE LIMITED	Director	21/12/2009	21/12/2009	Active	NO
6	U29248MH2010PTC200756	STAR FROST ASIA PRIVATE LIMITED	Director	11/03/2010	11/03/2010	Active	NO

Name :

Mr. Gouri Shankar Asopa

Designation :

Director

Address :

23, Wildgreens Height Southampton – 50183PS, Great Britain

Date of Birth/Age :

15.12.1944

Date of Appointment :

15.11.2007

DIN No.:

08106410

KEY EXECUTIVES

Name :	Mr. Manish
Designation :	Finance Manager

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Aspoa Omprakash Sushil	150000	20.00
C&C Holding Ltd, United Kingdom	600000	80.00
Total	750000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Foreign holdings [Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others]	80.00
Directors or relatives of Directors	20.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of heat exchange products.
Products :	Heat Exchange Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Heat Exchange Products
Countries :	UK
Imports :
Products :	Raw Material
Countries :	China Germany
Terms :
Selling :	Cheque and Credit
Purchasing :	Cheque and Credit

GENERAL INFORMATION

Suppliers :

Not Divulged

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 :

End Users, OEM’s

Penguin Coldstorage P. Limited	Synergy Agro – Tech P. Limited
Byculla Cold Storage Jai Jinendra Cold Storage Private Limited	Sanfoods and Cold Storage Private Limited
Gomtesh Cold Storage	Aniket Roadways
Shamala Enterprises	Voltas Limited
Carrier	NDDB
Kirloskar Pneumatic	Neptune Refrigeration
Blue Star Limited	RINAC India Limited
PRAJ Limited	Deepkiran Foods Private Limited
Spectrum Systems	Tulija Bhavani Cold Storage Private Limited
Flurodobond Industries	Jay Ambe himghar Private Limited
Kristal Cold Storage	Savla Foods and Cold Storage Private Limited
A. A. Cold Storages	Thakkar Cold Storage Private Limited
Thermax Limited	Temptation Foods Limited
United Enigineering Services	Meramax Private Limited
Mangurish Engineering	Gauri Ago Cold Storages
Amit Engg	Serum Institute of India
Jindal Agro	Rohini Agrotech
Mother Dairy Products Food Processing Limited	Pepsico India Holdings Private Limited
Aurangabad Breweries Limited	Excel Engineering
Blossom Industries Limited	Vardhman Cold Storage
Modern Agro Foods	J. S. Industries

No. of Employees :

70 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	MIDC Branch, Jalgaon – 425001, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-257-2211499
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

Facilities :

(Rs. In Million)

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
Cash Credit – State Bank of India	11.585	(3.388)
Total	11.585	(3.388)

Auditors :
Name :	J B Agrawal and Company Chartered Accountants
Address :	134, Bhagirath, Jalgaon – 425001, Maharashtra, India
PAN No.:	AACFJ1571F
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 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	7.500	7.500	7.500
(b) Reserves & Surplus	65.367	51.351	41.771
(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)	72.867	58.851	49.271
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	4.799	3.615	3.058
(c) Other long term liabilities	21.343	21.343	8.239
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	26.142	24.958	11.297
(4) Current Liabilities
(a) Short term borrowings	11.585	(3.388)	0.000
(b) Trade payables	201.578	129.140	89.157
(c) Other current liabilities	4.600	2.188	39.383
(d) Short-term provisions	6.300	4.300	3.490
Total Current Liabilities (4)	224.063	132.240	132.030
TOTAL	323.072	216.049	192.598
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	92.038	43.238	35.435
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	27.927	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	4.682	4.682	1.307
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	1.199	1.199	1.184
Total Non-Current Assets	97.919	77.046	37.926
(2) Current assets
(a) Current investments	99.511	84.603	53.447
(b) Inventories	33.073	17.903	15.879
(c) Trade receivables	35.062	15.861	57.770
(d) Cash and cash equivalents	42.325	10.542	13.171
(e) Short-term loans and advances	0.114	0.115	5.876
(f) Other current assets	15.068	9.979	8.529
Total Current Assets	225.153	139.003	154.672
TOTAL	323.072	216.049	192.598

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
SALES
	Income	367.949	297.761	295.892
	Other Income	7.934	1.929	6.840
	TOTAL	375.883	299.690	302.732
EXPENSES		NA	NA	NA
DEPRECIATION		9.534	6.000	3.529
NET PROFIT/(LOSS)		14.502	10.111	8.350
Earnings Per Share (Rs.)		19.34	--	--

Particulars	31.03.2015
Sales Turnover (Approximately)	412.800

Expected Sales (2015-16): Rs. 600.000 Million

The above information has been parted by Mr. Manish Sulakshane (Finance Manager)

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 flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	3.94	3.40	2.82
Debt Equity Ratio (Total Debt /Networth)		0.16	(0.06)	0.00
Current Ratio (Current Asset/Current Liability)		1.00	1.05	1.17

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	7.500	7.500	7.500
Reserves & Surplus	41.771	51.351	65.367
Net worth	49.271	58.851	72.867
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	(3.388)	11.585
Total borrowings	0.000	(3.388)	11.585
Debt/Equity ratio	0.000	(0.058)	0.159

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	295.892	297.761	367.949
		0.632	23.572

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	295.892	297.761	367.949
Profit	8.350	10.111	14.502
	2.82%	3.40%	3.94%

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	No
18	Major suppliers	No
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	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

COMPANY PROFILE

Subject is an INDO - BRITISH JOINT VENTURE with most successful, independent and innovative manufacturer of heat exchange products in the U.K.

Coolers and Condensers Limited. U.K. was established in 1984 with a wealth of knowledge and experience extending back a further 20 years. Always in the vanguard of design, they pioneered the use of pre-treated galvanized steel sheet, cleanable coolers and stainless steel casings. Their advances in the manufacture of stainless steel tube coolers set the standards by which the new generations of European ammonia products are now judged.

From earliest beginnings the company policy has been, where opportunity permits, to follow the products into the field thus gaining invaluable experience in their performance in a complex area.

The full technical and development resources of the U.K. Operation is and will continue to be available to India.

Their strong Technical and design team offer the standard as well as the customized products to meet the specific needs of the customers

Their Managements and Shop Floor teams are well qualified and trained. They adopt latest quality assurance techniques to improve and maintain the product quality.

Their manufacturing facilities include, Sheet Metal Working, Fin Punching, Copper and SS Tube Cutting, Hair Pin Bending, Powder coating and Testing. It comprises of sophisticated CNC equipment of reputed imported and indigenous manufacturers.

They are ISO 9000 company.

Today "Star Coolers and Condensers" has become a leading Brand Name in Air Cooling Products serving diverse markets in Cold Storages, Fruits and vegetables, Fishery Exports, Chicken and Meat Process, Chemical Industries and Many More.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10054186	14/05/2007	400,000,000.00	State Bank of India	MIDC Branch, Jalgaon, Maharashtra - 425001, India	A16136467
2	10108549	26/04/2007	400,000,000.00	State Bank of India	MIDC Branch, Jalgaon, Maharashtra - 425001, India	A16136798

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. 65.29
UK Pound	1	Rs. 99.31
Euro	1	Rs. 73.39

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	JYO

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	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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		48

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.