MIRA INFORM REPORT

Report No. :	346042
Report Date :	19.10.2015

IDENTIFICATION DETAILS

Name :	THE PUNJAB BUSINESS AND SUPPLY COMPANY PRIVATE LIMITED
Registered Office :	E-4, Industrial Area, Yamuna Nagar – 135001, Haryana
Tel. No.:	91-1732-251467
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.07.1942
Com. Reg. No.:	05-000447
Capital Investment / Paid-up Capital :	Rs. 1.400 Million
CIN No.: [Company Identification No.]	U74999HR1942PTC000447
IEC No.:	Not Available
TIN No.:	06221601692
TAN No.: [Tax Deduction & Collection Account No.]	RTKT01063G
PAN No.: [Permanent Account No.]	AAACT5541J
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is involved in manufacturing and supplying a widespread array of Ferric Alum, Fortified Rosin, Neutralize Rosin and fabrication of all type of M.S. and S.S. Machine.
No. of Employees :	Not Divulged

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 :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1942, having satisfactory track record. For the FY 2014, the company has earned profit has earned of Rs.8.410 Million which has declined from Rs.24.020 Million as compared to previous year. However, the company possesses decent net worth base marked by low gearing adequate cash accruals and there is favourable gap between trade payables and receivables. Trade relations are fair. Business is active. Payments are slow but correct. In view of long track record, the company can be considered for 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.

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 DENIED BY

Name :	Mr. Sumeet Chhabra
Designation :	Director
Contact No.:	91-9896331992
Date :	19.10.2015

LOCATIONS

Registered Office :	E-4, Industrial Area, Yamuna Nagar – 135001, Haryana, India
Tel. No.:	91-1732-251467
Mobile No.:	91-9896331992 (Mr. Sumeet)
Fax No.:	Not Available
E-Mail :	viveni1@yahoo.com

DIRECTORS

As on 22.09.2014

Name :

Mr. Shashi Kant Mahajan

Designation :

Director

Address :

4a And B, 4th Floor, 28, S. R. Das Road, Kolkata-700026, West Bengal, India

Date of Birth/Age :

09.11.1943

Date of Appointment :

10.05.1977

PAN No.:

ANVPM3188K

DIN No.:

00069979

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	U74900HR1942PTC000443	THE DOABA INDUSTRIAL AND TRADING COMPANY PRIVATE LIMITED	Director	10/05/1977	10/05/1977	-	Active	NO
2	U74999HR1942PTC000447	THE PUNJAB BUSINESS AND SUPPLY COMPANY PRIVATE LIMITED	Director	10/05/1977	10/05/1977	-	Active	NO
3	U51109JK1941PTC000058	KARAM CHAND THAPAR AND BROS (JAMMU AND KASHMIR) PRIVATE LIMITED	Director	17/08/1977	17/08/1977	-	Active	NO
4	U67120WB1984PLC037223	CYNERA INVESTMENTS AND HOLDINGS LIMITED	Director	10/12/1985	10/12/1985	-	Amalgamated	NO
5	U45400WB2010PLC155945	THAPAR INFRA CONSTRUCTION INDIA LIMITED	Director	25/09/2012	25/11/2011	-	Active	NO
6	U05004TN2012PLC086634	PINNAE FEEDS LIMITED	Director	05/07/2012	05/07/2012	-	Active	NO

Name :

Mr. Sumeet Chhabra

Designation :

Director

Address :

1178, Sector: 17, Huda, Jagadhri-135003, Haryana, India

Date of Birth/Age :

05.11.1962

Date of Appointment :

20.11.2001

PAN No.:

AAHPC3642H

DIN No.:

00327441

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	U74900HR1942PTC000443	THE DOABA INDUSTRIAL & TRADING COMPANY PRIVATE LIMITED	Director	20/11/2001	20/11/2001	-	Active	NO
2	U74999HR1942PTC000447	THE PUNJAB BUSINESS & SUPPLY COMPANY PRIVATE LIMITED	Director	20/11/2001	20/11/2001	-	Active	NO

Name :

Mr. Ashok Narain Pathak

Designation :

Director

Address :

BV 368/16A, Professor Colony, Yamuna Nagar-135001, Haryana, India

Date of Birth/Age :

10.10.1939

Date of Appointment :

03.09.2002

PAN No.:

ABAPP4120B

DIN No.:

00370288

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	U74900HR1942PTC000443	THE DOABA INDUSTRIAL AND TRADING COMPANY PRIVATE LIMITED	Director	03/09/2002	03/09/2002	-	Active	NO
2	U74999HR1942PTC000447	THE PUNJAB BUSINESS AND SUPPLY COMPANY PRIVATE LIMITED	Director	03/09/2002	03/09/2002	-	Active	NO
3	U51109JK1941PTC000058	KARAM CHAND THAPAR AND BROS (JAMMU AND KASHMIR) PRIVATE LIMITED	Director	14/02/2005	14/02/2005	-	Active	NO
4	U51909WB1994PTC199874	CENTRAL INDIA AGENCIES PRIVATE LIMITED	Director	11/09/2006	11/09/2006	-	Amalgamated	NO

Name :

Mr. Virendra Arora Kumar

Designation :

Director

Address :

22, Navarang Building, 10/1, Alipore Park Place, Alipore, Kolkata-700027, West Bengal, India

Date of Birth/Age :

10.06.1940

Date of Appointment :

01.10.1979

PAN No.:

ACDPA6478M

DIN No.:

00419748

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	U74900HR1942PTC000443	THE DOABA INDUSTRIAL AND TRADING COMPANY PRIVATE LIMITED	Director	01/10/1979	01/10/1979	-	Active	NO
2	U74999HR1942PTC000447	THE PUNJAB BUSINESS AND SUPPLY COMPANY PRIVATE LIMITED	Director	01/10/1979	01/10/1979	-	Active	NO
3	U51109JK1941PTC000058	KARAM CHAND THAPAR AND BROS (JAMMU AND KASHMIR) PRIVATE LIMITED	Director	11/10/1983	11/10/1983	-	Active	NO
4	U70101WB1939PLC009551	INDIAN CITY PROPERTIES LIMITED	Additional director	20/06/2011	20/06/2011	07/03/2014	Active	NO
5	U45400WB2010PLC155945	THAPAR INFRA CONSTRUCTION INDIA LIMITED	Director	25/09/2012	25/11/2011	-	Active	NO
6	U05004TN2012PLC086634	PINNAE FEEDS LIMITED	Director	05/07/2012	05/07/2012	-	Active	NO
7	U70109WB2012PTC183737	HONEYBIRD REALCON PRIVATE LIMITED	Director	13/07/2012	13/07/2012	09/10/2012	Active	NO
8	U37100WB2014PTC202316	KCT RENEWABLE ENERGY PRIVATE LIMITED	Director	01/07/2014	01/07/2014	-	Active	NO
9	U74900AP2015PTC096600	Vasudha Sampada Vizag Private Limited	Director	01/05/2015	01/05/2015	-	Active	NO
10	U74900GJ2015PTC083154	Harit Shakti Baroda Private Limited	Director	08/05/2015	08/05/2015	-	Active	NO
11	U74900KA2015PTC080716	Saatatya Vistaar Oorja Bengaluru Private Limited	Director	04/06/2015	04/06/2015	-	Active	NO
12	U74900TG2015PTC100196	Nav Srijit Shakti Telangana Private Limited	Director	12/08/2015	12/08/2015	-	Active	NO
13	U40104RJ2015PTC048250	Naisargik Oorja Jaipur Private Limited	Director	14/09/2015	14/09/2015	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 22.09.2014

Names of Shareholders	No. of Shares
The Doaba industrial and trading company private limited	1578
A D. Singh	5
Pushpa Rani	8
Jognider Pal Sharma	10
Trilok Chand Sharma	10
Ramesh Kumar Sharma	10
Shashi Kant Mahajan	5
Ram Prakash Awal	5
Virendra Kumar Arora	5
Jyoti Thapar	410
Rajender Lal Dosaj	7
Sundershan Lal Dosaj	8
Payal Electronics Private Limited, India	6500
Karam Chand Thapar and Bros (Coal Sales) Limited, India	5439
Total	14000

Equity Share Break up (Percentage of Total Equity)

As on 22.09.2014

Category	Percentage
Bodies corporate	97.00
Directors or relatives of Directors	0.07
Other top fifty shareholders	2.93
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is involved in manufacturing and supplying a widespread array of Ferric Alum, Fortified Rosin, Neutralize Rosin and fabrication of all type of M.S. and S.S. Machine.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name	Oriental Bank of Commerce
Branch	Main Bazar, Yamuna Nagar - 135001, Haryana, 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

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
From Banks
Overdraft (Secured against of fixed Deposit)	0.746	2.561
Total	0.746	2.561

Auditors :
Name :	V. K. Thapar and Company Chartered Accountants
Address :	C-2/37, Safdarjung Development Area, New Delhi-110016, India
Tel. No.:	91-11-26565699/26510331
Fax No.:	91-11-26527249
E-Mail :	veni@vktco.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAFFV8112R
Memberships :	--
Collaborators :	--
Associates :	· Payal Electronics Private Limited · KCT and Bros (Coal Sales ) Limited · The Doaba Industrial and Trading Company Private Limited · Karamsheel Udyog Privtae Limited

CAPITAL STRUCTURE

As on 22.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25,000	Equity Shares	Rs.100/- each	Rs. 2.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14,000	Equity Shares	Rs.100/- each	Rs. 1.400 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	1.400	1.400	1.400
(b) Reserves & Surplus	96.187	87.772	63.742
(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)	97.587	89.172	65.142
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.020	0.020	0.020
(d) long-term provisions	3.239	2.936	2.806
Total Non-current Liabilities (3)	3.259	2.956	2.826
(4) Current Liabilities
(a) Short term borrowings	0.746	2.561	0.000
(b) Trade payables	13.566	14.663	7.690
(c) Other current liabilities	3.681	2.909	4.594
(d) Short-term provisions	2.100	6.566	1.982
Total Current Liabilities (4)	20.093	26.699	14.266
TOTAL	120.939	118.827	82.234
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.962	6.521	6.549
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	2.693	0.487	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6.470	6.451	6.555
(c) Deferred tax assets (net)	0.822	0.808	0.778
(d) Long-term Loan and Advances	0.534	0.502	0.059
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	17.481	14.769	13.941
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	11.597	10.745	2.552
(c) Trade receivables	18.251	21.129	16.254
(d) Cash and cash equivalents	66.310	65.321	44.543
(e) Short-term loans and advances	3.958	3.679	2.351
(f) Other current assets	3.342	3.184	2.593
Total Current Assets	103.458	104.058	68.293
TOTAL	120.939	118.827	82.234

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		10.501	30.522	15.036
Less	TAX		2.086	6.493	1.482
	PROFIT/ (LOSS) AFTER TAX		8.415	24.029	13.554
	Earnings / (Loss) Per Share (Rs.)		601.07	1716.35	968.14

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 flows from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	9.46	27.48	20.07
Return on Investment (ROI) (PBT/Networth)	0.11	0.34	0.23
Debt Equity Ratio (Total Debt /Networth)	0.01	0.03	0.00
Current Ratio (Current Asset/Current Liability)	5.15	3.90	4.79

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	1.400	1.400	1.400
Reserves & Surplus	63.742	87.772	96.187
Net worth	65.142	89.172	97.587
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	2.561	0.746
Total borrowings	0.000	2.561	0.746
Debt/Equity ratio	0.000	0.029	0.008

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)	No
16]	No. of employees	No
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 three years	No
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	No
35]	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80061284	09/11/2012 *	5,000,000.00	ORIENTAL BANK OF COMMERCE	MAIN BAZAR, YAMUNA NAGAR, Haryana - 135001, INDIA	B63086201
2	90044971	20/09/1978	350,000.00	THE STATE BANK OF INDIA	YAMUNA NAGAR, YAMUNANAGAR, Delhi, INDIA	-

* Date of charge modification

FIXED ASSETS

· Land

· Building

· Air Conditioner

· Cycle

· Plant and Machinery

· Computers

· Electrical Installation

· Furniture and Fixture

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.66.29
UK Pound	1	Rs.100.55
Euro	1	Rs.73.99

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	AMR
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
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.