MIRA INFORM REPORT

Report No. :	497152
Report Date :	10.03.2018

IDENTIFICATION DETAILS

Name :	H.B.FULLER INDIA ADHESIVES PRIVATE LIMITED

Registered Office :	Plot 1E, Sr. 1129(P), 1140, 1295,1122(P) Mauje - Shirwal, Taluka- Khandala Shirwal, Satara – 412801, Maharashtra
Tel. No.:	91-22-39170502 / 61450500

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	05.11.2008

Com. Reg. No.:	11-158367

Capital Investment / Paid-up Capital :	INR 498.953 Million

CIN No.: [Company Identification No.]	U74999PN2008PTC158367

IEC No.: [Import-Export Code No.]	Not Divulged

TAN No.: [Tax Deduction & Collection Account No.]	MUMH11947F

GSTN : [Goods & Service Tax Registration No.]	Not Divulged

PAN No.: [Permanent Account No.]	AACCH1671D

Legal Form :	Private Limited Liability Company

Line of Business :	The Subject is engaged in the manufacturing and sale of industrial adhesives. (Registered activity)

No. of Employees :	Information declined 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 3500000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a subsidiary of “H.B. Fuller Benelux BV, Netherlands” and was incorporated in the year 2008. It is a manufacturer of Industrial adhesives. For the financial year 2017, the company has achieved revenue growth of 8.14% as compared to the previous year along with a decent profit margin of 10.08%. The sound financial risk profile of the company is marked by adequate net worth base along with strong coverage indicators due to debt free balance sheet profile. Rating takes into consideration the subject’s healthy Earnings Per Share of INR 71.06 against the Face Value of INR 10. Payments seems to be regular. In view of 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

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 10.03.2018

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 DENIED BY

Name :	Mr. Dhananjay Patil
Designation :	Not Divulged
Contact No.:	91-9820163818

MANAGEMENT NON-COOPERATIVE: Tel. No.: 91-22-39170502 / 61450500

LOCATIONS

Registered Office :	Plot 1E, Sr. 1129(P), 1140, 1295,1122(P) Mauje - Shirwal, Taluka- Khandala Shirwal, Satara – 412801, Maharashtra
Tel. No.:	91-22-39170502 / 61450500 / 67120100
Mobile No.:	91-9820163818 (Mr. Dhananjay Patil)
Fax No.:	Not Available
E-Mail :	kavita.jagtap@hbfuller.com

DIRECTORS

As on 31.03.2017

Name :	Mr. Malcolm Dominic Anthony Grey
Designation :	Director
Address :	Mohrhaldenstrasse 166 4125 Riehen NA CH
Date of Appointment :	30.09.2014
DIN No.:	01254202

Name :	Mr. Steven Kenny
Designation :	Director
Address :	The Elms, The Green Tysoe, Cv35 Osn Warwick NA GB
Date of Appointment :	30.09.2014
DIN No.:	06798192

Name :	Mr. Tabrez Hanif Habib
Designation :	Wholetime Director
Address :	Flat No. 1551, Clover Highlands NIBM Road, Sr. No. 25/1 to 4, Kondhwa Khurd, Pune - 411048, Maharashtra, India
Date of Birth/Age :	28.09.1977
Qualification :	CA
Date of Appointment :	04.07.2016
DIN No.:	07306727

Name :	Mr. Harsh Gupta
Designation :	Director
Address :	E401, Landmark Garden, Kalyaninagar, Pune - 411006, Maharashtra, India
Date of Birth/Age :	24.08.1976
Qualification :	MBA
Date of Appointment :	01.09.2016
DIN No.:	07467153

KEY EXECUTIVES

Name :	Mrs. Kavita Nilesh Jagtap
Designation :	Company Secretary
Address :	Flat No. 203, Building No. C 3, Shivranjan Towers, Someshwar Wadi, Near Rajwada Hotel, Pashan, Pune – 411008, Maharashtra, India
Date of Appointment :	21.02.2008
PAN No.:	ALCPJ9244N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Equity Shareholders		No. of Shares
H.B. Fuller Benelux B.V, Netherlands		2420500
H.B. Fuller Company		9000
H.B. Fuller International INC		1000
Total		2430500

Names of Preference Shareholders		No. of Shares
H.B. Fuller Benelux B.V, Netherlands		38464821
H.B. Fuller Company		9000000
Total		47464821

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2017

Category	Percentage
Promoter - Bodies corporate	99.59
Public - Bodies corporate	0.41
Total	100.00

BUSINESS DETAILS

Line of Business :

The Subject is engaged in the manufacturing and sale of industrial adhesives. (Registered activity)

Products :

Item Code No.	Product Description
35069999	Industrial Adhesives

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

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 declined by the management

Bankers :

Bank Name	Not Divulged
Branch	--
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Auditors :
Name :	DKV and Associates Chartered Accountants
Address :	Hall, Karve Road, Erandawane, Pune - 411004, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAFFD9165L

Memberships :	Not Available

Collaborators :	Not Available

Holding company:	H. B. Fuller Benelux B V, Netherlands

Fellow Subsidiary Company :	H. B. Fuller Europe Gmbh, Germany H. B. Fuller Kimya, Turkey H. B. Fuller Deutschland GmbH, Germany H. B.Fuller (China) Adhesives Limited., China H. B. Fuller (Philippines), Inc., Philippines H. B. Fuller North American Adhesives Group, United States H. B. Fuller (Nanjing) Chemical Co., Limited, China H. B. Fuller Taiwan Co. Limited, Taiwan, Province Of China H. B. Fuller Adhesives Malaysia Sdn. Bhd., Malaysia H. B. Fuller (Shanghai) Consulting Limited, China H. B. Fuller Italia S.r.l., Italy H. B. Ful ler Adhesives Limited, United Kingdom H. B. Fuller Austria GesmbH, Austria H. B. Fuller UK Limited, United Kingdom H. B. Fuller (Guangzhou) Adhesives Co. Limited, China H. B. Fuller (Shanghai) Adhesives Co. Limited, China H. B. Fuller Adhesives France SAS, France H. B. Fuller Adhes ives Deutschland Gmbh, Germany H. B. Fuller Company, United States H. B. Fuller Isar Rakoll S.A, Portugal H. B. Fuller Egymelt LLC, Egypt H. B. Fuller International Inc., United States Forbo Adhesives Deutschland Gmbh, Germany H. B. Fuller Company ( North American Adhesives Group), United States H. B. Fuller Adhesives Spain, S.L.U., Spain H. B. Fuller Adhesives Italia SPA, Italy H. B. Fuller Portugal, Portugal H. B. Fuller UK Manufacturing Limited, United Kingdom H. B. Fuller Europe LLC, Switzerland H. B. Fuller Deutschland Produktions Gmbh, Germany Sekisui Fuller Co. Ltd, Japan H. B. Ful ler Adhesives Italia S.R. L., Italy H. B. Fuller Indonesia, INDONESIA H. B. Fuller Korea, Korea, Republic OF H. B. Fuller Adhesives Deutschland Gmbh,, Netherlands H. B. Fuller Itaia Produ, Italy H. B. Fuller (Yantai) Advanced Materials Co. Limited, Singapore H.B. Fuller (Thailand) Co. Limited, Thailand OY HB Fuller Nordic AB, Norway Hb Fuller Middle East FZE, United Arab Emirates

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

2500000	Equity Shares	INR 10/- each	INR 25.000 Million
89000000	Preference Shares	INR 10/- each	INR 890.000 Million
	Total		INR 915.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2430500	Equity Shares	INR 10/- each	INR 24.305 Million
47464821	Preference Shares	INR 10/- each	INR 474.648 Million
	Total		INR 498.953 Million

FINANCIAL DATA

[all figures are in 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	498.953	426.705	426.705
(b) Reserves and Surplus	744.848	270.629	220.424
(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)	1243.801	697.334	647.129

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	222.351
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long-term liabilities	0.000	0.000	0.000
(d) long-term provisions	7.990	4.126	2.946
Total Non-current Liabilities (3)	7.990	4.126	225.297

(4) Current Liabilities
(a) Short-term borrowings	0.000	0.000	58.775
(b) Trade payables	575.653	760.633	577.599
(c) Other current liabilities	27.988	255.929	28.331
(d) Short-term provisions	76.995	12.791	2.003
Total Current Liabilities (4)	680.636	1029.353	666.708

TOTAL	1932.427	1730.813	1539.134

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	421.086	430.678	460.552
(ii) Intangible Assets	0.012	0.044	0.890
(iii) Tangible assets capital work-in-progress	47.295	2.830	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	30.831	0.000	0.000
(d) Long-term loans and advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	499.224	433.552	461.442

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	433.205	489.917	492.904
(c) Trade receivables	557.189	400.060	341.397
(d) Cash and bank balances	126.072	166.745	107.793
(e) Short-term loans and advances	316.737	240.539	135.598
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1433.203	1297.261	1077.692

TOTAL	1932.427	1730.813	1539.134

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	2509.942	2320.874	1717.398
	Other Income	3.652	1.233	5.293
	TOTAL	2513.594	2322.107	1722.691

Less	EXPENSES
	Cost of Materials Consumed	1653.109	1664.357	1401.837
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	27.660	(3.496)	(27.794)
	Employee benefit expense	139.529	106.048	79.092
	Other expenses	356.949	427.643	293.014
	Prior period items before tax	0.000	(10.847)	5.572
	TOTAL	2177.247	2183.705	1751.721

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	336.347	138.402	(29.030)

Less	FINANCIAL EXPENSES	4.616	9.182	6.608

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	331.731	129.220	(35.638)

Less/ Add	DEPRECIATION/ AMORTISATION	44.872	77.714	14.480

	PROFIT/ (LOSS) BEFORE TAX	286.859	51.506	(50.118)

Less	TAX	33.792	1.300	0.000

	PROFIT/ (LOSS) AFTER TAX	253.067	50.206	(50.118)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(216.971)	(267.177)	(217.059)

	Balance Carried to the B/S	36.096	(216.971)	(267.177)

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	165.443	161.385	164.941
	TOTAL EARNINGS	165.443	161.385	164.941

	Earnings / (Loss) Per Share (INR)	71.06	20.66	(1.17)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	0.000	224.294	0.000
Net cash flows from (used in) operations	39.150	396.407	(260.721)
Net cash flows from (used in) operating activities	(30.851)	395.107	(260.721)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	81.03	62.92	72.56

Account Receivables Turnover (Income / Sundry Debtors)	4.50	5.80	5.03

Average Payment Days (Sundry Creditors / Purchases * 365 Days)	127.10	166.81	150.39

Inventory Turnover (Operating Income / Inventories)	0.78	0.28	(0.06)

Asset Turnover (Operating Income / Net Fixed Assets)	0.72	0.32	(0.06)

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.35	0.72	0.58

Debt Equity Ratio (Total Liability / Networth)	0.00	0.32	0.43

Current Liabilities to Networth (Current Liabilities / Net Worth)	0.55	1.48	1.03

Fixed Assets to Networth (Net Fixed Assets / Networth)	0.38	0.62	0.71

Interest Coverage Ratio (PBIT / Financial Charges)	72.87	15.07	(4.39)

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	10.08	2.16	(2.92)

Return on Total Assets ((PAT / Total Assets) * 100)	%	13.10	2.90	(3.26)

Return on Investment (ROI) ((PAT / Networth) * 100)	%	20.35	7.20	(7.74)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	2.11	1.26	1.62

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.47	0.78	0.88

G-Score Ratio Financial (Networth / Total Assets)	0.64	0.40	0.42

G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.53	0.66

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.11	1.26	1.62

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

FINANCIAL ANALYSIS

[all figures are 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	426.705	426.705	498.953
Reserves & Surplus	220.424	270.629	744.848
Net worth	647.129	697.334	1243.801

Long-term borrowings	222.351	0.000	0.000
Short term borrowings	58.775	0.000	0.000
Current maturities of long-term debts	0.000	224.294	0.000
Total borrowings	281.126	224.294	0.000
Debt/Equity ratio	0.434	0.322	0.000

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	1717.398	2320.874	2509.942
	0.000	35.139	8.146

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	1717.398	2320.874	2509.942
Profit/ (Loss)	(50.118)	50.206	253.067
	(2.92 %)	2.16 %	10.08 %

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	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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
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

BACKGROUND

Subject ('the company') was incorporated on November 5, 2008 and registered under Indian Companies Act, 1956. The Company is a subsidiary of H. B. Fuller Benelux B V (The Holding company). The Company is engaged in the manufacturing and sale of industrial adhesives. The Company has started its commercial operations during financial year 2008-09.

FINANCIAL RESULTS

The Company is carrying on the business of Manufacturing and selling of Industrial adhesives. During the year under review, the turnover of the Company has increased to INR 2509.942 Million as compared to INR 2320.874 Million in the financial year 2015-16.

The net profit of the company, after taxation has increased to INR 253.067 Million in the current financial year as compared to INR 50.206 Million in the financial year 2015-16

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

Land
Buildings
Office building
Plant and equipment
Furniture and fixtures
Office equipment
Computer equipments

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 64.66
UK Pound	1	INR 90.65
Euro	1	INR 79.69

INFORMATION DETAILS

Information Gathered by :	SWT

Analysis Done by :	PRY

Report Prepared by :	SUJ

SCORE FACTORS

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	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.