MIRA INFORM REPORT

Report Date :

09.04.2011

Note: Correct name of the company is Arex Industries Limited

IDENTIFICATION DETAILS

Name :	AREX INDUSTRIES LIMITED
Formerly Known As :	AREX NARROW FABRICS LIMITED
Registered Office :	612, GIDC Industrial Estate, Chhatral, Taluka Kalol, Gandhinagar-382729, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.05.1989
Com. Reg. No.:	04-012213
CIN No.: [Company Identification No.]	L99999GJ1989PLC012213
Legal Form :	Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges.
Line of Business :	Manufacturer of all types of Garment and Woven Labels.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 450000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Dinesh A. Bilgi
Designation :	Director
Contact No.:	91-9725506793
Date :	08.04.2011

LOCATIONS

Registered Office / Factory:	612, GIDC Industrial Estate, Chhatral, Taluka Kalol, Gandhinagar-382729, Gujarat, India
Tel. No.:	91-2764-233636
Mobile No.:	91-9725506793 (Mr. Dinesh A. Bilgi)
Fax No.:	91-2764-233635
E-Mail :	arex@arex.co.in accounts@arex.co.in
Website :	http://www.arex.co.in
Area :	5000 Sq. Ft. (Owned)

DIRECTORS

As on 23.09.2010

Name :	Mr. Apparac Dinesh Bilgi
Designation :	Chairman and Managing Director
Address :	37, Neel Deep Row House, Opposite Vishramnagar, Gurukul Road, Memnagar, Ahmedabad-380052, Gujarat, India
Date of Birth/Age :	12.01.1952
Date of Appointment :	10.05.1989
Din No.:	00096099
Name :	Mr. Dinesh Neel Bilgi
Designation :	Whole Time Director
Address :	37, Neel Deep Row House, Opposite Vishramnagar, Gurukul Road, Memnagar, Ahmedabad-380052, Gujarat, India
Date of Birth/Age :	06.10.1978
Date of Appointment :	01.08.2005
Din No.:	00096180
Name :	Mr. Dinesh Chirag Bilgi
Designation :	Whole Time Director
Address :	37, Neel Deep Row House, Opposite Vishramnagar, Gurukul Road, Memnagar, Ahmedabad-380052, Gujarat, India
Date of Birth/Age :	17.03.1983
Date of Appointment :	01.08.2010
Din No.:	02094790
Name :	Mr. Pragnesh Shah
Designation :	Whole Time Direcor
Address :	10, Jaymahal, 4^th Floor, Raghav Wadi, French Bridge, Chowpathy, Mumbai-400007, Maharashtra, India
Date of Birth/Age :	23.04.1953
Date of Appointment :	14.12.1990
Din No.:	00228223
Name :	Mr. Rajiv Vasant Shah
Designation :	Director
Address :	57-C, Siddhkunj, Gokhale Road, Amar Hind Mandal, Dadar (West), Mumbai-400028, Maharashtra, India
Date of Birth/Age :	12.08.1945
Date of Appointment :	11.07.1994
Din No.:	003721634
Name :	Mr. C Laxman Tilani
Designation :	Director
Address :	9, Bamboo House, Laxmi Road, Saraswati Colony, Santacruz (West), Mumbai-400054, Maharashtra, India
Date of Birth/Age :	25.04.1952
Date of Appointment :	14.12.1990
Din No.:	00532516
Name :	Mr. I Balkrishna Makwana
Designation :	Director
Address :	1, Somnath Apartments, University Road, Rajkot-360001, Gujarat, India
Date of Birth/Age :	21.07.1947
Date of Appointment :	01.02.2003
Din No.:	00287931
Name :	Mr. H Dinesh Pande
Designation :	Director
Address :	A-204, Devpril Apartment, Bodakdev, Taluka Daskroi, Ahmedabad-380059, Gujarat, India
Date of Birth/Age :	15.05.1950
Date of Appointment :	01.08.2010
Din No.:	03147549

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2010

Names of Shareholders	Total No. of Shares	Total Shareholding as a % of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2134180	53.91
Sub Total	2134180	5391
(2) Foreign
Individuals (Non Residence Individuals / Foreign Individuals)	520900	13.16
Sub Total	520900	13.16
Total shareholding of Promoter and Promoter Group (A)	2655080	67.07
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	144360	3.65
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	922200	23.30
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	237060	5.99
Total	1303620	32.93
Total Public shareholding (B)	1303620	32.93
Total (A)+(B)	3958700	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of all types of Garment and Woven Labels.

Products :

Product Description	Item Code
Other Textile Material	58071009

Exports :

Products :

Woven Labels, Plain Tape, Flow Tape

Countries :

• USA
• Egypt
• UK
• Nigeria
• Bahrain
• United States

Imports :

Products :

Raw Material

Countries :

• Germany

Terms :

Selling :

L/C / Cash / Credit (30 days / 60 days / 90 days)

Purchasing :

L/C / Cash / Credit (30 days / 60 days / 90 days)

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Installed Capacity (Million Picks in MIs)	Actual Production (Million Picks in MIs)
Labels	12870	9383

GENERAL INFORMATION

Customers :

Wholesalers, Retailers, End Users and OEM’s

No. of Employees :

50 (Approximately)

Bankers :

• The Bhagyodaya Co-Operative Bank Limited, Nava Madhupura, Ahmedabad-380004, Gujarat, India
• ICICI Bank Limited
• State Bank of India, Commercial Branch, Ellis Bridge

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term loan from scheduled bank (Installment payable in next 12 months Rs.37.500 millions Previous year Rs.24.600 millions)	153.476	110.793
Cash credit account	14.285	13.655
From Life Insurance Corporation of India (Secured against policies)	15.233	13.299
From ICICI Bank Limited (Secured against vehicles)	0.404	0.726
From The Bhagyodaya Co-Operative Bank Limited (Secured against vehicles)	1.393	1.723
Total	184.791	140.196
Unsecured Loan
From directors	9.900	0.000
Total	9.900	0.000

Note:

• Term loans are secured by first charge over fixed assets of the company securely of secured charge on entire current assets of the company, pledge of shareholding of promoters and assignment of keyman insurance policy. Loan is also guaranteed by personal guarantee of managing directors.
• The working capital facilities of bank are secured by first charge on the stocks and book debts of the company and by a second charge over the immovable and other movable properties of the company. The loans are also secured by pledge of shareholding of promoter and personal guarantee of managing directors and assignment of keyman insurance policy.

Banking Relations :	--
Auditors :
Name :	C R Sharedalal and Company Chartered Accountant
Address :	101-102, Parishram, 5B, Rashmi Society, Mithakhali Six Road, Navrangpura, Ahmedabad-380009, Gujarat, India

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3958700	Equity Shares	Rs.10/- each	Rs.39.587 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		39.587	39.587	39.587
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		73.378	67.907	66.375
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		112.965	107.494	105.962
LOAN FUNDS
1] Secured Loans		184.791	140.196	137.980
2] Unsecured Loans		9.900	0.000	0.000
TOTAL BORROWING		194.691	140.196	137.980
DEFERRED TAX LIABILITIES		30.400	24.000	24.100
TOTAL		338.056	271.690	268.042
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		269.636	201.873	197.738
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.116	0.116	0.082
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.696	24.681	21.390
	Sundry Debtors	46.645	43.601	42.109
	Cash & Bank Balances	2.428	2.138	4.354
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9.728	14.206	17.314
Total Current Assets		84.497	84.626	85.167
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.572	5.120	5.263
	Other Current Liabilities	6.453	5.637	5.514
	Provisions	4.168	4.168	4.168
Total Current Liabilities		16.193	14.925	14.945
Net Current Assets		68.304	69.701	70.222
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		338.056	271.690	268.042

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	214.258	165.374	161.596
		Other Income	0.367	0.830	1.024
		TOTAL (A)	214.625	166.204	162.620
Less	EXPENSES
		Material Consumed	60.266	46.000	43.630
		Trading Purchase	1.559	0.846	0.000
		Employees Remuneration and Benefits	34.352	29.181	26.603
		Manufacturing and Other Expenses	21.338	21.102	17.223
		Administrative, Selling and Other Expenses	22.681	20.463	20.859
		Increase / Decrease in Stocks	0.965	(2.840)	(2.547)
		TOTAL (B)	141.161	114.752	105.768
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		73.464	51.452	56.852
Less	FINANCIAL EXPENSES (D)		13.240	11.177	11.640
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		60.224	40.275	45.212
Less/ Add	DEPRECIATION/ AMORTISATION (F)		40.944	31.355	31.493
	PROFIT BEFORE TAX (E-F) (G)		19.280	8.920	13.719
Less	TAX (H)		9.700	3.220	5.425
	PROFIT AFTER TAX (G-H) (I)		9.580	5.700	8.294
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		64.515	62.983	58.927
Add / Less	TAX PREVIOUS YEAR		0.060	0.000	0.070
Less	APPROPRIATIONS
		Dividend	3.563	3.563	3.563
		Tax on Dividend	0.605	0.605	0.605
	BALANCE CARRIED TO THE B/S		69.987	64.515	62.983
	EARNINGS IN FOREIGN CURRENCY		5.411	4.565	4.098
	IMPORTS
		Raw Materials	1.525	2.098	2.380
		Stores & Spares	0.861	3.286	1.212
		Capital Goods	10.167	17.450	17.326
	TOTAL IMPORTS		12.553	22.834	20.918
	Earnings Per Share (Rs.)		2.42	1.44	2.10

Expected Sales (2010-2011): Rs.350.000 Millions.

QUARTERLY RESULTS

PARTICULARS	30.06.2010	30.09.2010	31.12.2010
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	58.070	67.640	67.310
Total Expenditure	38.060	42.040	39.380
PBIDT (Excl OI)	20.010	25.600	27.930
Other Income	0.110	0.010	0.010
Operating Profit	20.120	25.610	27.940
Interest	4.850	4.590	4.980
PBDT	15.270	21.020	22.960
Depreciation	14.000	14.000	14.100
Profit Before Tax	1.280	7.020	8.860
Tax	0.830	1.560	2.850
Profit After Tax	0.450	5.460	6.030
Net Profit	0.450	5.460	6.030

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.46	3.43	5.10
Net Profit Margin (PBT/Sales)	(%)	9.00	5.39	8.49
Return on Total Assets (PBT/Total Assets}	(%)	5.44	10.94	4.85
Return on Investment (ROI) (PBT/Networth)		0.17	0.08	0.13
Debt Equity Ratio (Total Liability/Networth)		1.87	1.44	1.44
Current Ratio (Current Asset/Current Liability)		5.22	5.67	5.70

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors
Sundry Creditors for goods	2.457	2.408	1.968
Sundry Creditors for expenses	1.805	2.712	3.241
Sundry Creditors for capital goods	1.310	0.000	0.054
Total	5.572	5.120	5.263

Operation:

The company has made a turnaround in its performance during the year. The company has secured sales of Rs.214.258 millions i.e. an increase of 29.56%. Over the previous years sales of Rs.165.374 millions. Export of the company has seen a boost up. The company has made major capital expenditure for installation of WTG for captive consumption and plant and machineries for expansion on hand. The manufacturing and other overheads were also increased. The company has earned profit of Rs.60.224 millions, i.e. an increase of 49.53% over the previous year profits before providing depreciation and taxes.

Finance:

The company’s expansion projects has been financed partly out of borrowings from the company’s bankers, namely the State Bank of India.

Overview:

The company is engaged in the manufacturing of all types of garments labels. Labels are important for the garments manufacturers as they are brand symbol for any company. The company is supplying its labels to the garment manufacturers with in India and Abroad.

Outlook:

The future prospect of the company will be driven by its ability to leverage upon its strangely vice versa its competitors with respect to its large processing capacity and customer produce manufacturing capability, the company will maintain overall growth by utilizing its ability by consistently upgrading its technology and controlling the solvency position along with improving the asset utilization.

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	L99999GJ1989PLC012213
Name of the company	AREX INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	612, GIDC Industrial Estate, Chhatral, Taluka Kalol, Gandhinagar-382729, Gujarat, India
Type of charge	Movable Property (not being pledge)
Particular of charge holder	The Bhagyodaya Co-Operative Bank Limited, Nava Madhupura, Ahmedabad-380004, Gujarat, India
Email	tbcbl@dataone.in
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation of Vehicle dtd. 31.01.2011 for Term Loan of Rs.10,00,000/-
Date of instrument Creating the charge	31.01.2011
Amount secured by the charge	Rs.1.000 Million
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 9.75% Terms of Repayment Repayable in 60 installments Margin 20% Extent and Operation of the charge The Fresh Term Loan of Rs.1.000 million is secured against Hypothecation of Vehicle, i.e. Innova 2.5 V Diesel (8 Seat) Car
Short particulars of the property charged	The Fresh Term Loan of Rs.1.000 million is secured against Hypothecation of Vehicle, i.e. Innova 2.5 V Diesel Car situated at 612, GIDC, Chhatral, Dist. Gandhinagar 382729.

Fixed Assets:

• Leasehold Land
• Factory Building
• Other Building
• Plant and Machinery
• Wind Mills
• Electrification
• Furniture and Fixtures
• Computer
• Office Equipments
• Vehicles

Trade References:

• Abhinav Corporation, Gujarat

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31^ST DECEMBER, 2010

PARTICULAR	UNAUDITED FOR THE QUARTER ENDED	UNAUDITED FOR THE MONTHS ENDED
	31.12.2010	31.12.2010
(a) Net Sales / Income from operations	67.312	193.012
(b) Other Operating Income	0.000	0.000
Expenditure
a) (Increase) / Decrease in stock in trade and work in progress	(0.150)	1.065
b) Consumption of raw materials	18.309	63.995
c) Purchase of traded goods	0.168	0.399
d) Employees cost	8.318	28.036
e) Depreciation	14.100	42.100
f) Other expenditure	12.747	36.970
Total	53.492	161.565
Profit from operations before other income, interest and exceptional Items	13.630	31.447
Other income	0.013	0.129
Profit before interest and exceptional Items	13.843	31.576
Interest	4.964	14.402
Profit after Interest but before Exceptional Items	8.879	17.174
Exceptional Items	0.000	0.000
Profit (+)/Loss(-) from Ordinary Activities before tax	8.879	17.174
Tax expense	2.845	6.235
Net Profit (+)/Loss(-) from Ordinary Activities after tax	6.034	11.939
Extra ordinary items	0.000	0.000
Net Profit (+) / Loss (-) for the year period	6.034	11.939
Paid up equity share capital (Face value of Rs.10/- per share)	39.587	39.587
Reserves excluding revaluation reserves as per balance sheet of previous accounting year	--	--
Earning per share (EPS)
(a) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not to be annualised)	1.52	3.02
(a) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not to be annualised)	1.52	3.02
Public shareholding
Number of shares	1303620	1303620
Percentage of shareholding	32.93	32.93
Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	1180500	1180500
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	44.46	44.46
Percentage of shares (as a % of total share capital of the company)	29.82	29.82
b) Non Encumbered
Number of shares	1474580	1474580
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	66.64	66.64
Percentage of shares (as a % of total share capital of the company)	37.25	37.25

Note:

• The above results were taken on record by the board of directors in their meeting held on 31.01.2011.
• The company does not have more than one reportable segment accordingly, segmental information is not required to be provided.
• The above results is subject to a limited review by auditors of the company.
• Status of complaints.

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	Indian Rupees
US Dollar	1	Rs.44.04
UK Pound	1	Rs.72.20
Euro	1	Rs.63.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.