MIRA INFORM REPORT

Report No. :	501179
Report Date :	03.04.2018

IDENTIFICATION DETAILS

Name :	BLS ECOTECH LIMITED
Formerly Known As :	BLS ETHANOL LIMITED (w.e.f 29.10.2010) BLS INFOTECH PRIVATE LIMITED
Registered Office :	910, Indraprakash Building, 21, Barakhamba Road, New Delhi-110001
Tel. No.:	91-11-23918066
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	21.01.1999
Com. Reg. No.:	55-098024
Capital Investment / Paid-up Capital :	INR 210.840 Million
CIN No.: [Company Identification No.]	U74899DL1999PLC098024
IEC No.: [Import-Export Code No.]	Not Divulged
GSTIN : [Goods & Service Tax Registration No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	DELB06913E
PAN No.: [Permanent Account No.]	AABC1732A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Sale of Recycle Polyester Staple Fibre. (Registered Activity)
No. of Employees :	Information denied by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	USD 217000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1999 having fine track. For the financial year ended 2017, the company has witnessed a healthy growth in its revenue and has achieved fair profit margin at 2.08% (approx.). The company possesses robust financial profile marked by decent net worth base along with fair debt level and favorable gap between trade payables to its trade receivables. The company also derives strength from its established track record of business operations. Trade relations are reported as fair. Business is active. Payment terms are seems to be regular and as per commitments. In view of the aforesaid, 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 03.04.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DECLINED

Management non-cooperative (Tel No.: 91-11-23765017/23765018)

LOCATIONS

Registered Office :	910, Indraprakash Building, 21, Barakhamba Road, New Delhi-110001
Tel. No.:	91-11-23918066/ 23765017/ 23989652
Fax No.:	91-11- 23755264/ 23993096
E-Mail :	csdharm@gmail.com mkagga@gmail.com info@blsecotech.com madhukar@blsecotech.com
Website :	http://www.blsecotech.com

DIRECTORS

As on 31.03.2017

Name :

Mr. Madhukar Aggarwal

Designation :

Managing Director

Address :

04 Shankaracharya Marg, Civil Lines, New Delhi - 110054, India

Date of Birth/Age :

13.03.1961

Qualification :

Graduate

Date of Appointment :

21.01.2003

DIN No :

00183975

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U45400DL1993PTC052277	HILLMAN PROPERTIES PRIVATE LIMITED	29/09/2001	-
U74899DL1994PTC057140	ALPHA PLUS CREDIT AND SECURITIES PRIVATE LIMITED	07/11/1996	-
U74899DL1995PTC073844	GOVIND FINVEST PRIVATE LIMITED	29/09/2012	-
U74899DL1995PTC073996	GRB FINVEST PRIVATE LIMITED	29/09/2017	-
U74899DL1995PLC073710	B. L. & SONS LIMITED	09/11/1995	-

Name :

Mr. Sushil Aggarwal

Designation :

Director

Address :

04 Shankaracharya Marg, Civil Lines, New Delhi- 110054, Delhi, India

Date of Birth/Age :

09.03.1957

Qualification :

Graduate

Date of Appointment :

21.01.1999

DIN No :

00144736

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U74899DL1989PTC035684	V S ESTATES PRIVATE LIMITED	29/09/2001	-
U65921DL1993PTC052459	INTIME FINANCE AND INVESTMENT PRIVATE LIMITED	29/09/2017	-
L51909DL1985PLC021396	BASANT INDIA LIMITED	26/02/2016	-
U70102DL1994PLC059337	VINSUL MAKARDI LIMITED	01/06/1994	-
U74899DL1995PTC073844	GOVIND FINVEST PRIVATE LIMITED	29/09/2012	-
U74899DL1995PTC073855	JLB FINVEST PRIVATE LIMITED	29/09/2017	-
U74899DL1995PLC073710	B. L. & SONS LIMITED	09/11/1995	-
U67190DL1996PLC076567	BLS FINVEST LIMITED	29/09/2017	-
U65910DL2006PTC153893	BLS DIGITAL CINEMATICS PRIVATE LIMITED	16/09/2006	-
U70200DL2016PTC306210	S2 METROPOLITAN DEVELOPERS PRIVATE LIMITED	21/09/2016	-

Name :

Mr. Nimit Aggarwal

Designation :

Director

Address :

04 Shankaracharya Marg, Civil Lines, New Delhi- 110054, Delhi, India

Date of Birth/Age :

30.12.1991

Qualification :

MBA

Date of Appointment :

30.09.2013

DIN No :

06713604

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U74899DL1995PTC073996	GRB FINVEST PRIVATE LIMITED	29/09/2017	-

KEY EXECUTIVES

Name :	Mr. Nimit Aggarwal
Designation :	Chief Finance Officer
Address :	04 Shankaracharya Marg, Civil Lines, New Delhi- 110054, Delhi, India
Date of Birth/Age :	30.12.1991
Qualification :	MBA
PAN No :	AUBPA6791P
Date of Appointment :	09.12.2015
Name :	Ms. Smriti Dubey
Designation :	Company Secretary
Address :	185-A G.K.-4, Indirapuram Ghaziabad – 201014, Uttar Pradesh, India
Date of Birth/Age :	04.10.1992
PAN No :	BJTPD6016L
Date of Appointment :	01.09.2017

MAJOR SHAREHOLDERS

As on 31.03.2017

LIST OF SHAREHOLDER FILL ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 31.03.2017

Category	Percentage
Promoters (Individual/Hindu Undivided Family – Indian)	19.68
Promoters (Body corporate)	78.74
Public/Other than promoters (Individual/Hindu Undivided Family – Indian)	1.58
Total	100.00

BUSINESS DETAILS

Line of Business :

Sale of Recycle Polyester Staple Fibre. (Registered Activity)

Products / Services :

Item Code No.	Products/Services Description
55032000	Recycled Polyester Staple Fiber

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 :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

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

No. of Employees :

Information denied by the management

Bankers :

Banker Name :	Not Divulged
Branch :	Not Divulged
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Rupee term loans from banks	618.675	752.643
Short-term borrowings
Working capital loans from banks	410.552	298.694
Other loans and advances	156.734	81.169
Total	1185.961	1132.506

Auditors :
Name :	Gupta Jalan and Associates Chartered Accountants
Address :	405, Crown heights, Plot No-3B/1, Twin District Centre, Sector-10, Rohini, Delhi-110085, India
Income-tax PAN of auditor or auditor's firm :	AAAFG5993N
Memberships :	Not Available
Collaborators :	Not Available
Related Party :	BLS Institute of Management
Ultimate Holding company :	Kairos Textile Industries Limited, United Arab Emirates

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
22,000,000	Equity Shares	INR 10/- each	INR 220.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21,084,036	Equity Shares	INR 10/- each	INR 210.840 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	210.840	196.898	170.000
(b) Reserves and Surplus	551.966	434.137	299.986
(c) Money received against share warrants	0.000	0.000	0.000
(d) Minority interest	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	762.806	631.035	469.986
(3) Non-Current Liabilities
(a) long-term borrowings	618.674	752.643	266.289
(b) Deferred tax liabilities (Net)	43.632	43.405	23.350
(c) Other long-term liabilities	0.000	1.531	55.986
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	662.306	797.579	345.625
(4) Current Liabilities
(a) Short-term borrowings	567.286	379.863	242.408
(b) Trade payables	115.106	94.579	84.634
(c) Other current liabilities	65.625	42.935	41.480
(d) Short-term provisions	18.361	9.855	20.759
Total Current Liabilities (4)	766.378	527.232	389.281
TOTAL	2191.490	1955.846	1204.892
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1217.932	1377.538	757.297
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Tangible assets capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	20.902	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term loans and advances	12.371	17.197	21.396
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1251.205	1394.735	778.693
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	637.433	388.910	267.788
(c) Trade receivables	177.531	68.531	51.459
(d) Cash and bank balances	39.537	40.233	19.186
(e) Short-term loans and advances	85.784	63.437	87.766
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	940.285	561.111	426.199
TOTAL	2191.490	1955.846	1204.892

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	2845.785	1531.857	1942.186
	Other Income	4.641	3.930	2.125
	TOTAL	2850.426	1535.787	1944.311
Less	EXPENSES
	Cost of Materials Consumed	2062.044	1187.054	1451.662
	Purchases of Stock-in-Trade	2.663	0.505	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(155.028)	(148.047)	(40.583)
	Employee benefit expense	60.589	40.523	50.146
	Other expenses	498.449	257.996	268.923
	TOTAL	2468.717	1338.031	1730.148
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	381.709	197.756	214.163
Less	FINANCIAL EXPENSES	107.643	72.396	75.692
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	274.066	125.360	138.471
Less	DEPRECIATION/ AMORTISATION	200.044	84.125	98.262
	PROFIT/ (LOSS) BEFORE TAX	74.022	41.235	40.209
Less	TAX	14.751	20.055	12.055
	PROFIT/ (LOSS) AFTER TAX	59.271	21.180	28.154
	Earnings / (Loss) Per Share (INR)	2.811	1.076	1.430

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	48.921	80.293	289.894
Net cash flows from (used in) operating activity	34.396	80.293	276.122

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	22.77	16.33	9.67
Account Receivables Turnover (Income / Sundry Debtors)	16.03	22.35	37.74
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	20.35	29.07	21.28
Inventory Turnover (Operating Income / Inventories)	0.60	0.51	0.80
Asset Turnover (Operating Income / Net Fixed Assets)	0.31	0.14	0.28

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.63	0.65	0.54
Debt Equity Ratio (Total Liability / Networth)	1.55	1.79	1.08
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.00	0.84	0.83
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.60	2.18	1.61
Interest Coverage Ratio (PBIT / Financial Charges)	3.55	2.73	2.83

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	2.08	1.38	1.45
Return on Total Assets ((PAT / Total Assets) * 100)	%	2.70	1.08	2.34
Return on Investment (ROI) ((PAT / Networth) * 100)	%	7.77	3.36	5.99

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.23	1.06	1.09
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.40	0.33	0.41
G-Score Ratio Financial (Networth / Total Assets)	0.35	0.32	0.39
G-Score Ratio Debt (Debts / Equity Capital)	5.62	5.75	2.99
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.23	1.06	1.09

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	170.000	196.898	210.840
Reserves & Surplus	299.986	434.137	551.966
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	469.986	631.035	762.806
long-term borrowings	266.289	752.643	618.674
Short term borrowings	242.408	379.863	567.286
Total borrowings	508.697	1132.506	1185.960
Debt/Equity ratio	1.082	1.795	1.555

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	(INR in Million)	(INR in Million)	(INR in Million)
Sales	1942.186	1531.857	2845.785
		(21.127)	85.774

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	(INR in Million)	(INR in Million)	(INR in Million)
Sales	1942.186	1531.857	2845.785
Profit	28.154	21.180	59.271
	1.45 %	1.38 %	2.08 %

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	Yes
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	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 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]	Litigations that the firm/promoter involved in	--
32]	Market information	--
33]	Payments terms	No
34]	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Amount	Address
1	G48729230	100110718	YES BANK LIMITED	28/06/2017	-	100000000.0	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIADR. A.B. ROAD, WORLI MUMBAI-400018, MAHARASHTRA, INDIA
2	G77864791	100068467	STATE BANK LIMITED	15/12/2016	30/01/2018	1427000000.0	OVERSEAS BRANCH, NEW DELHI9TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1-TOLSTOY MARGNEW DELHI-110001, INDIA
3	G23783327	100061557	HDFC BANK LIMITED	28/10/2016	-	11898000.0	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI -400013, MAHARASHTRA, INDIA
5	C67408278	10597421	HDFC BANK LIMITED	23/07/2015	-	4455900.0	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI -400013, MAHARASHTRA, INDIA
6	G36210961	10247466	STATE BANK LIMITED	13/10/2010	25/04/2015	1280000000.0	OVERSEAS BRANCHJAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARGNEW DELHIDL110001IN

CONTINGENT LIABILITIES:

(INR in Million)

PARTICULARS	31.03.2017	31.03.2016
Claims against company not acknowledged as debt	109.205	110.082

FIXED ASSETS

• Land
• Building
• Furniture and Fixture
• Plant and Machinery
• Vehicle

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 records 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	INR
US Dollar	1	INR 65.04
UK Pound	1	INR 92.28
Euro	1	INR 80.62

INFORMATION DETAILS

Information Gathered by :	AKS
Analysis Done by :	DIV
Report Prepared by :	TRUP

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.