MIRA INFORM REPORT

Report No. :	506839
Report Date :	02.05.2018

IDENTIFICATION DETAILS

Name :	SREE DAKSHA PROPERTY DEVELOPERS (INDIA) PRIVATE LIMITED
Registered Office :	# 1, Gandhi Layout, 1st Floor, Sri Veeras Towers, Maruthamalai Main Road, Coimbatore – 641046, Tamilnadu
Tel. No.:	91-422- 2427754 / 2427755
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	22.04.2010
Com. Reg. No.:	18-016018
Capital Investment / Paid-up Capital :	INR 3.000 Million
CIN No.: [Company Identification No.]	U45400TZ2010PTC016018
IEC No.: [Import-Export Code No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCS1220R
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in construction of buildings. [Registered activity and also confirmed by management]
No. of Employees :	75 (Approximately)

RATING & COMMENTS

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

MIRA’s Rating :

C

Credit Rating	Explanation	Rating Comments
C	Medium High Risk	Business dealings permissible preferably on secured basis

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject was incorporated in the year 2010 having moderate track record. Management of the company has not filed its financials with the government department for the year 2017. As per indirect source we could find that company has achieved revenue of INR 1349.500 and reported profit of INR 57.800 million during FY 2017 As per available financial of 2016, the company has witnessed a growth in its revenue and has achieved profit margin at 3.82% (approximately). However, rating remains constrained on account of company’s exposure to risks related to completion of ongoing projects, geographical concentration in revenue, and exposure to intense competition and to risks inherent in the Indian real estate industry. Further, as per indirect source we could also find that company has made delays in servicing debt because of stretched liquidity. Payments are slow. In view of the aforesaid, the company can be considered for business dealings on safe and secured 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating= D
Rating Explanation	The company is in default or expected to be in default soon.
Date	02.02.2018

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 31-03-2018.

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 02.05.2018

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 PARTED BY

Name :	Mr. Dinesh
Designation :	Manager
Contact No.:	91-9600911011
Date :	30.04.2018

LOCATIONS

Registered / Head Office :	# 1, Gandhi Layout, 1st Floor, Sri Veeras Towers, Maruthamalai Main Road, Coimbatore – 641046, Tamilnadu, India
Tel. No.:	91-422-2427754 / 2427755
Mobile No.:	91-9600911011 (Mr. Dinesh)
Fax No.:	91-422-2427754
E-Mail :	accounts@sreedaksha.com enquiry@sreedaksha.com
Website :	www.sreedaksha.com
Location :	Owned
Locality :	Commercial
Branch Office :	Sree Daksha's Kshiptha Apartment, Ground Floor – Mohan Business Centre, Thudiyalur to Saravanampatti Road, Opposite SNS Academy, Vellakinar Village, Coimbatore – 641029, Tamilnadu, India

DIRECTORS

AS ON 31.03.2018

Name :	Mr. Ramasubramanian Ramanarayanan
Designation :	Director
Address :	No:16/64, Aiswarya Nagar, P.N. Pudur, Coimbatore – 641041, Tamilnadu, India
Date of Appointment :	22.04.2010
DIN No.:	02835634
Name :	Mr. Natarajan Ganesan
Designation :	Director
Address :	Natarajan Nivas, No:18, Savithri Nagar Karuppanna Gounder Thottam, Salivan Street, Coimbatore – 641001, Tamilnadu, India
Date of Birth/Age :	16.05.1963
Date of Appointment :	22.04.2010
DIN No.:	02835691
Name :	Mr. Rangaraj Mohan
Designation :	Director
Address :	14/5, Curiogarden Avenue, Vadavalli, Coimbatore – 641046, Tamilnadu, India
Date of Birth/Age :	29.03.1972
Date of Appointment :	22.04.2010
DIN No.:	02905017
Name :	Mr. Sebastian Arul Antony
Designation :	Director
Address :	Old No. 117C, New No. 20 Rajeev Gandhi Street, Coimbatore – 641007, Tamilnadu, India
Date of Appointment :	22.04.2010
DIN No.:	02907767

KEY EXECUTIVES

Name :	Mr. Dinesh
Designation :	Manager

MAJOR SHAREHOLDERS

AS ON 31.03.2016

Names of Shareholders	No. of Shares
R. Mohan	10000
N. Nagesan	10000
Ramanarayanan	5000
S. Arul Antony	5000
Total	30000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2016

Category	Percentage
Promoters [Individual/Hindu Undivided Family (Indian)]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in construction of buildings. [Registered activity and also confirmed by management]

Products / Services :

Name and Description of main products / services	ITC Code
Constructions	99531129

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash and Cheque

Purchasing :

Cash and Cheque

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 :

Contractors, Builders

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

No. of Employees :

75 (Approximately)

Bankers :

Banker Name :	Canara Bank
Branch :	1 and 12, Bhargava Towers, Marudhamalai Road, Coimbatore – 641041, Tamilnadu, India
Person Name (With Designation) :	--
Contact Number :	91-422-2425757 (Continuously Ringing)
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 :	--

· Punjab National Bank, 1035, Crosscut Road, Coimbatore – 641012, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2016 INR In Million	31.03.2015 INR In Million
LONG TERM BORROWINGS
Borrowing from government semi-government	42.056	160.398
Total	42.056	160.398

Auditors :
Name :	K.S. Aiyar and Company Chartered Accountants
Address :	"Kalpatharu", 4^th Floor, New No. 57, East Sambandam, Road, R.S. Puram, Coimbatore – 641002, Tamilnadu, India
PAN No.:	AAAFK6843P
Memberships :	Not Available
Collaborators :	Not Available
Other related parties :	· Aavishkar · Daksha Property Developers · Sree Daksha Foundation · Janaki Traders · Sree Daksha Industries · Sree Daksha Innovation

CAPITAL STRUCTURE

AS ON 30.09.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	INR 100/- each	INR 30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	INR 100/- each	INR 3.000 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3.000	3.000	2.000
(b) Reserves & Surplus	275.217	228.063	154.640
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	1.000
Total Shareholders’ Funds (1) + (2)	278.217	231.063	157.640
(3) Non-Current Liabilities
(a) Long-term borrowings	42.056	160.398	115.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	14.332	8.682	1.888
(d) Long-term provisions	5.550	4.800	3.119
Total Non-current Liabilities (3)	61.938	173.880	120.007
(4) Current Liabilities
(a) Short term borrowings	20.764	31.640	2.357
(b) Trade payables	104.133	72.977	79.857
(c) Other current liabilities	3432.272	2158.152	1497.067
(d) Short-term provisions	63.708	58.735	75.051
Total Current Liabilities (4)	3620.877	2321.504	1654.332
TOTAL	3961.032	2726.447	1931.979
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	31.483	32.956	29.599
(ii) Intangible Assets	0.545	0.738	0.262
(iii) 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	0.000	0.000	0.000
(c) Deferred tax assets (net)	7.381	6.027	2.726
(d) Long-term Loan and Advances	62.367	156.264	50.150
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	101.776	195.985	82.737
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1156.768	957.837	466.895
(c) Trade receivables	31.965	31.965	31.965
(d) Cash and cash equivalents	26.224	10.968	120.417
(e) Short-term loans and advances	137.069	100.963	161.967
(f) Other current assets	2507.230	1428.729	1067.998
Total Current Assets	3859.256	2530.462	1849.242
TOTAL	3961.032	2726.447	1931.979

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Total Revenue from operations	1235.922	1190.867	998.087
	Other Income	5.449	1.549	1.386
	TOTAL	1241.371	1192.416	999.473
Less	EXPENSES
	Cost of Materials Consumed	1320.800	1319.026	1029.075
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(306.119)	(386.400)	(273.035)
	Employee benefit expense	45.523	46.158	24.069
	CSR expenditure	8.312	6.807	0.000
	Other expenses	36.966	49.976	85.745
	TOTAL	1105.482	1035.567	865.854
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	135.889	156.849	133.619
Less	FINANCIAL EXPENSES	27.402	25.186	0.898
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	108.487	131.663	132.721
Less/ Add	DEPRECIATION/ AMORTISATION	2.875	3.954	0.603
	PROFIT/ (LOSS) BEFORE TAX	105.612	127.709	132.118
Less	TAX	58.458	54.093	45.442
	PROFIT/ (LOSS) AFTER TAX	47.154	73.616	86.676
	IMPORTS
	Components and spare parts	0.000	2.690	1.763
	TOTAL IMPORTS	0.000	2.690	1.763
	Earnings / (Loss) Per Share (INR)	1572.00	2454.00	4334.00

Particulars	31.03.2017
Sales Turnover (Approximately)	1349.500
Profit/Loss for the year	57.800

The above information has been taken from indirect source

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	114.000	28.500	62.500
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	158.284	(123.231)	61.334
Net cash flows from (used in) operating activities	158.284	(123.231)	18.121

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	9.44	9.80	11.69
Account Receivables Turnover (Income / Sundry Debtors)	38.66	37.26	31.22
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	28.78	20.19	28.32
Inventory Turnover (Operating Income / Inventories)	0.12	0.16	0.29
Asset Turnover (Operating Income / Net Fixed Assets)	4.24	4.66	4.47

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.95	0.92	0.95
Debt Equity Ratio (Total Liability / Networth)	0.64	0.95	1.14
Current Liabilities to Networth (Current Liabilities / Net Worth)	13.01	10.05	10.49
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.12	0.15	0.19
Interest Coverage Ratio (PBIT / Financial Charges)	4.96	6.23	148.80

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
PAT to Sales ((PAT / Sales) * 100)	%	0.95	0.92	0.95
Return on Total Assets ((PAT / Total Assets) * 100)	%	0.64	0.95	1.14
Return on Investment (ROI) ((PAT / Networth) * 100)	%	13.01	10.05	10.49

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.07	1.09	1.12
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.75	0.68	0.84
G-Score Ratio Financial (Networth / Total Assets)	0.07	0.08	0.08
G-Score Ratio Debt (Debts / Equity Capital)	58.94	73.51	89.93
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.07	1.09	1.12

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	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	2.000	3.000	3.000
Reserves & Surplus	154.640	228.063	275.217
Share Application money pending allotment	1.000	0.000	0.000
Net worth	157.640	231.063	278.217
Long-term borrowings	115.000	160.398	42.056
Short term borrowings	2.357	31.640	20.764
Current maturities of long-term debts	62.500	28.500	114.000
Total borrowings	179.857	220.538	176.820
Debt/Equity ratio	1.141	0.954	0.636

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	998.087	1190.867	1235.922
		19.315	3.783

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	998.087	1190.867	1235.922
Profit/ (Loss)	86.676	73.616	47.154
	8.68 %	6.18 %	3.82 %

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	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	Yes
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	No
26	Turnover of firm for last four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last four years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
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

REVIEW OF OPERATIONS:

During the year, the Company achieved a total Income of INR 1230.000 million as against the income of INR 1190.000 million in the previous year. The Company has made a Net Profit of INR 47.100 million (after providing for Depreciation and Taxation) during the year as against a Net Profit of INR 73.600 million in the previous year.

UNSECURED LOANS:

PARTICULARS	31.03.2016 INR In Million	31.03.2015 INR In Million
SHORT TERM BORROWINGS
Loans repayable on demand from banks	14.115	30.283
Loans and advances from related parties	6.649	1.357
Total	20.764	31.640

INDEX OF CHARGES:

S No	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G55534002	100126324	PUNJAB NATIONAL BANK	31/08/2017	-	-	30000000.0	1035, CROSSCUT ROAD,COIMBATORETN641012IN
2	G20284352	100058489	STATE BANK OF INDIA	31/08/2016	-	-	150000000.0	718 - 719 OPANAKARA STREETCOIMBATORE CITY BRANCHCOIMBATORETN641001IN
3	G09162579	100043736	STATE BANK OF INDIA	30/06/2016	-	-	47500000.0	COIMBATORE CITY BRANCH AT NO.718,OPPANAKARA STREETCOIMBATORETN641001IN
4	G08090722	100041464	THE KARUR VYSYA BANK LIMITED	02/06/2016	-	-	15000000.0	R.K.COMPLEX,3/35A, MARUTHAMALAI MAIN ROADVADAVALLICOIMBATORETN641041IN
5	C03551918	10493383	LIC HOUSING FINANCE LTD	26/03/2014	-	-	200000000.0	HARRINGTON CHAMBERS, NO.30/1A, BLOCK C, 2ND FLOOR,ABDUL RAZACK 1ST STREET, SAIDAPET,CHENNAITN600015IN
6	G48924294	10385678	LIC HOUSING FINANCE LTD	22/10/2012	-	29/06/2017	50000000.0	BOMBAY LIFE BLDG., 2ND FLOOR,45/47, VEER NARIMAN ROAD,MUMBAI- 400 001.MH400001IN
7	G08090359	10417209	THE KARUR VYSYA BANK LIMITED	11/03/2013	-	16/07/2016	10000000.0	R K COMPLEX3/35-A, MARUTHAMALAI MAIN ROAD,VADAVALLICOIMBATORETN641041IN

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· Vehicles

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	INR
US Dollar	1	INR 66.78
UK Pound	1	INR 92.89
Euro	1	INR 80.74

INFORMATION DETAILS

Information Gathered by :	RUB
Analysis Done by :	DIV
Report Prepared by :	NKT

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.