MIRA INFORM REPORT

Report No. :	341704.2
Report Date :	12.10.2015

IDENTIFICATION DETAILS

Name :	SHETH GEMS PRIVATE LIMITED
Registered Office :	H No. 6 / 1355 - B Office - 403, 4^th Floor, Rekhav Chambers, Opposite Moti Baug, Jadakhadi Naka, Mahidharpura, Surat - 395003, Gujarat
Mobile No.:	91-9821171516
Country :	India
Financials (as on) :	31.03.2015 (Provisional)
Date of Incorporation :	20.08.2013
Com. Reg. No.:	04-076476
Capital Investment / Paid-up Capital :	Rs. 0.412 Million
CIN No.: [Company Identification No.]	U51909GJ2013PTC076476
IEC No.:	5213018955
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AATCS5291D
Legal Form :	Private Limited Liability Company
Line of Business :	Trading, Dealing and Importing of Diamond
No. of Employees :	(Approximately) 02 (In Office)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a relatively new company established on 20^th August 2013 and it is having moderate track record. Rating are constrained on company’s limited track record of business operation and moderate financial risk profile marked by low networth base and leverage balance sheet profile. As per the provisional financials for the year 2015, the company has sales turnover of Rs. 1910.000 Million and net profit of Rs. 3.700 Million. The provisional financials are provided for your mere reference and it is not been verified. However, trade relation are improving. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some caution. Note: Rating is based on the audited financials for the year ended 2014 only.

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. Paresh Uttamlal Sheth
Designation :	Director
Contact No.:	91-9821171516

LOCATIONS

Registered Office :	H No. 6 / 1355 - B Office - 403, 4^th Floor, Rekhav Chambers, Opposite Moti Baug, Jadakhadi Naka, Mahidharpura, Surat - 395003, Gujarat, India
Tel No.:	Not Available
Mobile No.:	91-9821171516 (Mr. Paresh Sheth)
Fax No.:	Not Available
E-Mail :	paresh_sheth@rocketmail.com
Location :	Owned
Locality:	Commercial

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Paresh Uttamlal Sheth
Designation :	Director
Address :	Siddhesh Darshan B, Flat No 3003, 30^th Floor, 10^th Khetwadi Grant Road, Mumbai – 400004, Maharashtra, India
Date of Birth/Age :	19.04.1970
Date of Appointment :	20.08.2013
PAN No.:	AEQPS5316F
DIN No. :	06639404
Name :	Mrs. Rinaben Pareshkumar Sheth
Designation :	Director
Address :	Siddhesh Darshan B, Flat No 3003, 30^th Floor, 10^th Khetwadi Grant Road, Mumbai – 400004, Maharashtra, India
Date of Birth/Age :	02.09.1973
Date of Appointment :	20.08.2013
PAN No. :	ACIPS4701J
DIN No. :	06638549

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	%age
Paresh Uttamlal Sheth	8000	80.00
Rinaben Pareshkumar Sheth	2000	20.00
Total	10000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading, Dealing and Importing of Diamond
Products :	Diamond
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Rough and Polished Diamond
Countries :	Belgium United States of America Israel Dubai
Terms :
Selling :	Cash and Credit (30/60/90 Days)
Purchasing :	Cash and Credit (30/60/90 Days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

• Sheth Diam
• Mahesh Exim
• Naiya gems

Reference :	Vrinjal Diam
Name of the Person :	Mr. Kashyap Sheth
Contact No.:	91-9920138008
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

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

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

Customers :

Wholesalers, Retailers

• Devi Exports (Surat), Gujarat, India
• Shobha Asar Jewellery
• Mahabir Danwar Jewelle
• Sunil Jewellers

Reference :

Esteem Diamond Private Limited

Name of the Person :

Mr. Govind Bhai (Marketing Manager)

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Products Quality	Delivery Behaviour	Overall
Good	Good	Good

Remark:

As claimed by Mr. Govind Bhai (Marketing Manager) that he is satisfied with subject company.

Reference :

Sunjewels Private Limited

Name of the Person :

Mr. Prashant (Accountant Department)

Contact No.:

91-9820465752

Since How Long Known :

1 Year

Maximum Limit Dealt :

Not Divulged

Experience :

Products Quality	Delivery Behaviour	Overall
Good	Good	Good

Remark:

As claimed by Mr. Prashant (Accountant Department) that he is satisfied with subject company.

Reference :

Shikha Diamond Private Limited

Name of the Person :

Mr. Prashant (Accountant)

Contact No.:

91-9820680395

Since How Long Known :

1 Year

Maximum Limit Dealt :

Not Divulged

Experience :

Products Quality	Delivery Behaviour	Overall
Excellent	Excellent	Excellent

Remark:

As claimed by Mr. Prashant (Accountant) that he is satisfied with subject company.

No. of Employees :

(Approximately) 02 (In Office)

Bankers :

Bank Name	Induslnd Bank Limited
Branch	Opera House Branch, Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-22-23859494 (Ringing)
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

· Kotak Mahindra Bank Limited , Opera House, Mumbai, Maharashtra, India

Auditors :
Name :	M R and Company Chartered Accountants
Address :	B-203, Shri Hari Park, Near Centre Point Building, Sagrampura, Surat – 395002, Gujarat, India
Tel No.:	91-261-6547538
Email:	dharmendra@rmrco.in
PAN N Income-tax PAN of auditor or auditor's firm :	AAEFM2880L
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 0.412 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015 (Provisional)
SHAREHOLDERS FUNDS
1] Share Capital		0.412
2] Share Application Money		0.000
3] Reserves & Surplus		3.795
4] (Accumulated Losses)		0.000
NETWORTH		4.207
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.001
TOTAL		4.208
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.030
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.281
	Sundry Debtors	37.039
	Cash & Bank Balances	7.221
	Other Current Assets	0.000
	Loans & Advances	329.855
Total Current Assets		382.396
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	378.190
	Other Current Liabilities	0.000
	Provisions	0.028
Total Current Liabilities		378.218
Net Current Assets		4.178
MISCELLANEOUS EXPENSES		0.000
TOTAL		4.208

SOURCES OF FUNDS	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100
(b) Reserves & Surplus	0.312
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	0.412
(3) Non-Current Liabilities
(a) long-term borrowings	2.400
(b) Deferred tax liabilities (Net)	0.001
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	2.401
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	225.149
(c) Other current liabilities	0.000
(d) Short-term provisions	0.167
Total Current Liabilities (4)	225.316
TOTAL	228.129
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.021
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	134.474
(e) Other Non-current assets	0.019
Total Non-Current Assets	134.514
(2) Current assets
(a) Current investments	0.000
(b) Inventories	55.524
(c) Trade receivables	35.335
(d) Cash and cash equivalents	2.615
(e) Short-term loans and advances	0.141
(f) Other current assets	0.000
Total Current Assets	93.615
TOTAL	228.129

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015 (Provisional)
	SALES
	Income	1910.179
	Other Income	16.549
	TOTAL	1926.728
Less	EXPENSES
	Cost of Materials Consumed	1903.359
	Bank Commission	0.305
	Conveyance Expenses	0.060
	Exchange Difference	12.881
	Foreign Commission Expenses	0.200
	foreign Tours Expenses	1.266
	Import Expenses	0.928
	Legal Expenses	0.029
	Office Expenses	0.073
	Preliminary Expenses	0.005
	Printing and Stationary	0.020
	Rent Expenses	0.096
	Salary Expenses	0.372
	Telephone Expenses	0.053
	Travelling Expenses	0.076
	Import Duty	3.206
	TOTAL	1922.929
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	3.799
Less/ Add	DEPRECIATION/ AMORTISATION	0.004
	NET PROFIT	3.795
	EARNINGS IN FOREIGN CURRENCY	N.A

	PARTICULARS	31.03.2014
	SALES
	Income	291.414
	Other Income	2.057
	TOTAL	293.471
Less	EXPENSES
	Purchases of Stock-in-Trade	346.655
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(55.524)
	Employees benefits expense	0.272
	Other expenses	1.561
	TOTAL	292.964
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	0.507
Less	FINANCIAL EXPENSES	0.047
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	0.460
Less/ Add	DEPRECIATION/ AMORTISATION	0.009
	PROFIT/ (LOSS) BEFORE TAX	0.451
Less	TAX	0.139
	PROFIT/ (LOSS) AFTER TAX	0.312
	Earnings / (Loss) Per Share (Rs.)	31.21

Expected Sales (2015-2016): Rs. 2090.000 Million

The above information has been parted by Mr. Paresh Sheth (Director)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015 (Provisional)	31.03.2014
Current Maturities of Long term debt	N.A	N.A
Cash generated from operations	N.A	N.A
Net cash flow operating activity	N.A	N.A

KEY RATIOS

PARTICULARS		31.03.2015 (Provisional)	31.03.2014
Net Profit Margin (PAT / Sales)	(%)	0.20	0.11
Operating Profit Margin (PBIDT/Sales)	(%)	N.A	0.17
Return on Total Assets (PBT/Total Assets}	(%)	0.99	0.20
Return on Investment (ROI) (PBT/Networth)		0.90	1.09
Debt Equity Ratio (Total Debt /Networth)		0.00	5.83
Current Ratio (Current Asset/Current Liability)		1.01	0.42

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	0.412
Reserves & Surplus	0.312	3.795
Money received against share warrants	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	0.412	4.207
long-term borrowings	2.400	0.000
Short term borrowings	0.000	0.000
Total borrowings	2.400	0.000
Debt/Equity ratio	5.825	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015 (Provisional)
	(Rs. In Million)	(Rs. In Million)
Sales	291.414	1910.179
		555.486

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015 (Provisional)
	(Rs. In Million)	(Rs. In Million)
Sales	291.414	1910.179
Profit	0.312	3.795
	0.11%	0.20%

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	Yes
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	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	No
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 two year about one year and seven months	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last two year about one year and seven months	No
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

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

- Gem and Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

UNSECURED LOAN

PARTICULAR	31.03.2015 (Rs.In Million)		31.03.2014 (Rs. In Million)
LONG TERM BORROWINGS
From Related Parties
from Others			2.400
Total		N.A	2.400

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

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 records 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.64.78
UK Pound	1	Rs.99.54
Euro	1	Rs.73.08

INFORMATION DETAILS

Information Gathered by :	GYA
Analysis Done by :	KSH
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		27

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.