MIRA INFORM REPORT

Report Date :

14.12.2011

IDENTIFICATION DETAILS

Name :	WILLIAM GOODACRE AND SONS PRIVATE LIMITED
Registered Office :	XVIII/1146, P B No. 4606, South Wadai, Canal Road, Allerppey-688012, Kerala
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.10.1972
Com. Reg. No.:	09-002453
Capital Investment/ Paid-up Capital:	Rs.0.841 million
CIN No.: [Company Identification No.]	U17214KL1972PTC002453
TAN No.: [Tax Deduction & Collection Account No.]	TVDW00047F
PAN No.: [Permanent Account No.]	AAACW2943D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Floor Coverings
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 890000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office/Factory :	XVIII/1146, P B No. 4606, South Wadai, Canal Road, Allerppey-688012, Kerala, India
Tel. No.:	91-477-2243662
Fax No.:	91-477-2243124
E-Mail :	goodacre@vsnl.com
Website :	www.karan-group.com
Export Oriented Unit :	Kalavoor, Mannancherry P. O., Alleppey – 688538, Kerala, India

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Appukuttan Karunkaran Nair

Designation :

Director

Address :

Devika, M10/50, Changampuzha Nagar, Add, Ernakullam, Kerala, India

Date of Birth/Age :

27.08.1943

Date of Appointment :

19.06.2006

DIN No :

00009148

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L24299KL1975PLC002691	Nitta Gelatin India Limited	Director	28/06/2008	1/4/1998	-	Active	NO
2	U24231KL1997PLC011971	Bamni Proteins Limited	Director	20/04/1998	20/04/1998	27/06/2008	Active	NO
3	U29299KL1995PLC009664	Cii Guardian International Limited	Director	1/10/1999	1/10/1999	-	Active	NO
4	U24299KL1994PLC007681	Merchem Limited	Director	26/02/2001	26/02/2001	-	Active	NO
5	U24299KL1951SGC001237	The Travancore Cochin Chemicals Limited	Nominee director	8/6/2001	8/6/2001	16/09/2009	Active	NO
6	U31102KL1996PTC010715	Noratel India Power Components Private Limited	Director	29/03/2003	29/03/2003	5/12/2009	Active	NO
7	U51505KL1997PTC011450	Toroid Asia Private Limited	Director	30/09/2005	30/09/2005	26/04/2007	Active	NO
8	L24230MH1990PLC057062	Strides Arcolab Limited	Director	27/10/2005	27/10/2005	-	Active	NO
9	U65910KL1991PTC006106	Geojit Credits Private Limited	Director	8/7/2011	2/11/2005	-	Active	NO
10	U52201KL1927PLC000005	The Alleppey Company Limited	Director	19/06/2006	19/06/2006	-	Active	NO
11	U17214KL1972PTC002453	William Goodacre And Sons India Private Limited	Director	19/06/2006	19/06/2006	-	Active	NO
12	U51494KL1948PTC000582	Kerala Balers Private Limited	Director	19/06/2006	19/06/2006	-	Active	NO
13	U30008KL1985PLC004225	Guardian Controls Limited	Director	17/05/2008	17/05/2008	-	Active	NO
14	L31200KL1996PLC010010	V Guard Industries Limited	Director	27/07/2009	27/05/2009	-	Active	NO

Name :

Mr. Vivek Venugopal

Designation :

Managing Director

Address :

Saras Arattuvazhy, A S Road, Alleppy-688007, Kerala. Idnia

Date of Birth/Age :

11.12.1969

Date of Appointment :

05.08.1997

DIN No :

00310138

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U17214KL1972PTC002453	William Goodacre And Sons India Private Limited	Managing director	5/8/1997	5/8/1997	-	Active	NO
2	U17115KL1997PTC011434	Karinos Weave Private Limited	Director	29/10/1997	29/10/1997	-	Active	NO
3	U52201KL1927PLC000005	The Alleppey Company Limited	Director	2/12/2003	2/12/2003	-	Active	NO
4	U17239KL2001PTC014523	Karan And Ueda Carpet Private Limited	Director	5/2/2004	5/2/2004	-	Active	NO
5	U51494KL1948PTC000582	Kerala Balers Private Limited	Director	6/1/2006	6/1/2006	-	Active	NO
6	U91200KL1939NPL000034	Associated Cottage Industries And Shippers Union	Director	30/09/2010	30/09/2010	-	Active	NO

Name :

Mr. Ashok Venugopal

Designation :

Director

Address :

Saras Arattuvazhy, A S Road, Alleppy-688007, Kerala. Idnia

Date of Birth/Age :

01.06.1965

Date of Appointment :

21.11.2000

DIN No :

00310276

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U17214KL1972PTC002453	William Goodacre And Sons India Private Limited	Director	21/11/2000	21/11/2000	-	Active	NO
2	U51494KL1948PTC000582	Kerala Balers Private Limited	Managing director	21/11/2000	21/11/2000	-	Active	NO
3	U52201KL1927PLC000005	The Alleppey Company Limited	Managing director	1/1/2011	21/11/2000	-	Active	NO
4	U36104KL1940NPL001180	The Travancore Coir Mats And Matting Manufacturers Association.	Director	26/11/2008	26/11/2008	-	Active	NO

Name :

Mrs. Subhadra Revi Karunakaran

Designation :

Chairman and Managing Director

Address :

Shanti Bhavan, Alleppey-682001, Kerala, Idnia

Date of Birth/Age :

27.11.1937

Date of Appointment :

30.11.1989

DIN No :

00310351

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U52201KL1927PLC000005	The Alleppey Company Limited	Director	28/06/1978	28/06/1978	-	Active	NO
2	U17214KL1972PTC002453	William Goodacre And Sons India Private Limited	Director	28/04/1980	28/04/1980	-	Active	NO
3	U51494KL1948PTC000582	Kerala Balers Private Limited	Director	18/05/1991	18/05/1991	-	Active	NO
4	U17239KL2001PTC014523	Karan And Ueda Carpet Private Limited	Director	6/2/2001	6/2/2001	-	Active	NO
5	U17115KL1997PTC011434	Karinos Weave Private Limited	Director	9/5/2007	9/5/2007	-	Active	NO

Name :

Mr. Sugunendran Kesavan

Designation :

Director

Address :

Sushanth, V C N B Road, Alleppey-688001, Kerala, India.

Date of Birth/Age :

19.05.1930

Date of Appointment :

31.03.1997

DIN No :

00310415

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U52201KL1927PLC000005	The Alleppey Company Limited	Director	31/03/1982	31/03/1982	-	Active	NO
2	U36104KL1940NPL001180	The Travancore Coir Mats And Matting Manufacturers Association.	Director	30/09/1993	30/09/1993	-	Active	NO
3	U17214KL1972PTC002453	William Goodacre And Sons India Private Limited	Director	31/03/1997	31/03/1997	-	Active	NO
4	U17115KL1997PTC011434	Karinos Weave Private Limited	Director	14/05/1997	14/05/1997	-	Active	NO
5	U55101KL2010PTC026602	Camelot Cordiality Hotels Private Limited	Director	26/08/2010	26/08/2010	-	Active	NO

Name :

Mr. Narayanan Venugopal

Designation :

Whole Time Director

Address :

Saras Arattuvazhy, A S Road, Alleppy-688007, Kerala. Idnia

Date of Birth/Age :

23.05.1932

Date of Appointment :

02.12.2003

DIN No :

00310381

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U36104KL1940NPL001180	The Travancore Coir Mats And Matting Manufacturers Association.	Director	29/11/1988	29/11/1988	26/11/2008	Active	NO
2	U17239KL2001PTC014523	Karan And Ueda Carpet Private Limited	Director	6/2/2001	6/2/2001	-	Active	NO
3	U51494KL1948PTC000582	Kerala Balers Private Limited	Director	2/12/2003	2/12/2003	-	Active	NO
4	U17214KL1972PTC002453	William Goodacre And Sons India Private Limited	Director	2/12/2003	2/12/2003	-	Active	NO
5	U17119KL2005PTC018518	Alappuzha Natural Fibre Infrastructure Development Company Private Limited	Director	30/03/2006	30/03/2006	-	Active	YES
6	U52201KL1927PLC000005	The Alleppey Company Limited	Director	30/06/2007	30/06/2007	-	Active	NO
7	U91200KL1939NPL000034	Associated Cottage Industries And Shippers Union	Director	29/09/2007	29/09/2007	30/09/2010	Active	NO
8	U91900KL2009NPL024281	Federation Of Indian Coir Exporters' Associations	Nominee director	8/6/2009	8/6/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Subhadra Revi Karunakaran	51647
Coir Produced Limited, Great Britain	32468
Vivek Venugopal	01
Total	84116

Equity Share Breakup

(AS ON 30.09.2011)

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	39.00
Directors or relatives of directors	61.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Floor Coverings
Products :	· Ac2 Fancy · Bc1 Blchd · Bc1 Blchd. Hm · Entrance Mats · Machine Wovwb · Spc · Vinyl Backed Entrance AMtting · Coir – Corridor and Door Mats-Hand0Woven · Jute Marvel · Honey Comb Hexagon Mat · Super Hexagon Mat · Rubber Mat · Coir Rugs and Carpet · Sisal Rugs

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Indian Overseas Bank Limited, V S V Building, C C N B Road, Alappuzha-688011, Kerala, India

Facilities :

(Rs. in millions)

Secured Loans	As on 31.03.2011	As on 31.03.2010
Loans and Advances from Banks:
Working Capital Loans
i) Packing Credit [Secured by Hypothecation of stock of raw materials, finished goods, stores and spares and collateral security of fixed deposits of the company]	189.300	150.219
ii) Loan against Fixed deposits [Secured by a charge over the fixed deposits of the company]	44.200	35.000
	233.500	185.219

Banking Relations :	--
Auditors :
Name :	Mr. R. Rajasekharan Chartered Accountant
Address :	Varma and Varma, Srinikethan, Nettipadam Road, Ernakulam-682016, Kerala, India
Income-tax PAN of auditor or auditor’s firm :	AABFV9555E
Subsidiary :	Karinos Weave Private Limited CIN No. : U17115KL1997PTC011434

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Share	Rs.10/- each	Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
84116	Equity Share	Rs.10/- each	Rs.0.841 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.841	0.841	0.841
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		223.283	208.480	133.458
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		224.124	209.321	134.299
LOAN FUNDS
1] Secured Loans		233.500	185.219	211.531
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		233.500	185.219	211.531
DEFERRED TAX LIABILITIES		0.000	0.723	0.000
TOTAL		457.624	395.263	345.830
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		64.400	65.283	64.584
Capital work-in-progress		53.790	27.281	16.819
INVESTMENT		4.525	4.469	4.412
DEFERREX TAX ASSETS		0.000	0.000	2.353
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	86.767	75.540	61.214
	Sundry Debtors	53.947	46.779	54.990
	Cash & Bank Balances	209.018	208.929	183.821
	Other Current Assets	25.236	3.876	2.058
	Loans & Advances	54.458	40.822	70.084
Total Current Assets		429.426	375.946	372.167
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	87.588	69.352	50.576
	Other Current Liabilities	5.491	5.770
	Provisions	1.438	2.594	63.929
Total Current Liabilities		94.517	77.716	114.505
Net Current Assets		334.909	298.230	257.662
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		457.624	295.263	345.830

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	TURNOVER		NA	724.043	749.169
	EXPENDITURE		NA	701.533	753.862
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		27.044	28.401	1.213
Less/ Add	DEPRECIATION/ AMORTISATION		8.533	5.891	5.912
	PROFIT BEFORE TAX		18.511	22.509	(4.698)
Less	TAX		5.787	7.909	14.687
	PROFIT AFTER TAX		12.724	14.600	9.989
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		12.113	(2.487)	(12.476)
	BALANCE CARRIED TO THE B/S		24.835	12.113	(2.487)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	616.002	617.319
	TOTAL EARNINGS		0.000	616.002	1233.321
	IMPORTS
		Raw Materials	0.000	50.102	61.497
		Stores & Spares	0.000	3.902	3.409
	TOTAL IMPORTS		0.000	54.004	64.906
	Earnings Per Share (Rs.)		NA	173.57	118.75

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	NA	3.11	(0.63)
Return on Total Assets (PBT/Total Assets}	(%)	3.75	5.10	(1.07)
Return on Investment (ROI) (PBT/Networth)		0.08	0.11	0.03
Debt Equity Ratio (Total Liability/Networth)		1.46	1.26	3.49
Current Ratio (Current Asset/Current Liability)		4.54	4.84	3.25

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

The working of the Company resulted in a net Profit of Rs.18.511 millions during the year as against a Profit of Rs. 22.509 millions during the previous year after providing for depreciation. The Company expects turnover of Rs.800.000 millions in the forthcoming financial year on the grounds of favourable trends.

Working of Mis. Karinos Weave Private Limited -a Subsidiary Company jointly promoted by their Company and Mis. Rinos B.V., Netherlands, had resulted in a Net Profit of Rs.1.032 millions.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

a. Disputed Service Tax demands pending on appeal Rs.0.877 millions (Rs. Nil)

b.Bills discounted with banks Rs.45.102 millions (Rs. 81.566 millions)

c. Bank guarantees outstanding Rs.10.120 millions (Rs.17.320 millions)

d. Export obligation to be fulfilled against concessional duty on imports Rs. 35.562 millions (Rs. 52.101 millions)

FORM 8:

Corporate identity number of the company	U17214KL1972PTC002453
Name of the company	WILLIAM GOODACRE AND SONS INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	XVIII/1146, P B No.. 4606, South Wadai, Canal Road, Allerppey-688012, Kerala, India E-Mail Id: goodacre@vsnl.com
This form is for	Modification of charge
Charge identification number of the charge to be modified	90022519
Type of charge	Book Debts Movable property
Particular of charge holder	Indian Overseas Bank Limited, V S V Building, C C N B Road, Alappuzha-688011, Kerala, India E-Mail Id: nxtgen19@gmail.com
Nature of instrument creating charge	1. Sanction Letter 2. Letter Of Hypothecation
Date of instrument Creating the charge	09.04.2011
Amount secured by the charge	Rs.10.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	a) Rate of Interest Commission As Per Rules b) Terms of Repayment As Per Agreement c) Margin As Per Agreement d) Extent and operation of the charge Hypothecation Of Machineries / Vehicles / Goods / Book Debts.
Short Particulars of the property charged	Machineries / Vehicles / Goods / Book Debts of the company.
Particulars of the present modification	The letter of guarantee limit modified to Rs 10.000 millions.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fittings

· Vehicle

WEBSITE DETAILS:

Group Profile:

Backed with more than 100 years of experience in the Coir industry, Karan group has been recognized as the indisputable industry leader. Starting as Coir yarn spinners in the late 1800s, we presently own the largest integrated factory in Asia for weaving natural fiber floor coverings. Their factories are equipped with the latest yarn preparation and dyeing equipment, imported automatic shaft/jacquard looms and finishing equipment. We recruit and train the best weaving talent available. Their collection of woven Coir, Sisal and Jute floor coverings is exported to more than l00 countries. We are also the pioneers in Asia for the manufacture of Vinyl backed Coir mats/rolls. We have successfully maintained the balance between traditional craftsmanship and latest technology throughout their journey. We still have the best craftsmen in the handloom industry working for us. That helps us to be the largest exporters of traditional, hand-woven coir mats, mattings and rugs from India.

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.53.40
UK Pound	1	Rs.83.32
Euro	1	Rs.70.44

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	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.