MIRA INFORM REPORT

Report Date :

20.12.2011

IDENTIFICATION DETAILS

Name :	AFTN 18 MEDIA PRIVATE LIMITED
Registered Office :	503,504 and 507, 5^th Floor, Mercantile House, 15, Kasturba Gandhi Marg, New Delhi – 110001
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.09.2010
Com. Reg. No.:	55- 207895
Capital Investment / Paid-up Capital :	Rs. 26.100 Millions
CIN No.: [Company Identification No.]	U74300DL2010PTC207895
Legal Form :	Private Limited Liability Company
Line of Business :	Engaged in the business of broadcasting telecasting, transmitting or airing or running entertainment television channel, infotainment television channel, news and current affairs channel, any audio, video or other programmes or software for television, radio, internet or any other media.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	New Company
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a subsidiary of M/s RVT Media Private Limited It is a relatively new company and yet to established itself gradually. Payments terms are unknown. The company can be considered for business dealings on a 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.

INFORMATION DECLINED BY

Name :	Mr. Rahul P.
Designation :	Accountant
Date :	19.12.2011

LOCATIONS

Registered Office :	503,504 and 507, 5^th Floor, Mercantile House, 15, Kasturba Gandhi Marg, New Delhi – 110001, India
Tel. No.:	91-11-41506112-14/49812600
Fax No.:	91-11-41506115
E-Mail :	hitesh.jain@network18online.com
Website :	www.network18online.com
Corporate office :	Television Eighteen India Limited, Express Trader Tower, Plot 15-16, Sector – 16A, Noida – 201201, Uttar Pradesh, India
Tel. No.:	91-120-4341818/3987777
Fax No.:	91-120-4324110/4324106
Mumbai Office :	Television Eighteen India Limited, Empire Complex, 414, 1^st Floor, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-66667777/40019000/40019444
Fax No.:	91-22-24968238

DIRECTORS

As on 26.09.2011

Name :

Mr. Raghav Bahl

Designation :

Director

Address :

E-36, Sector – 30, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

02.01.1961

Date of Appointment :

06.09.2010

DIN No.:

00015280

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	L74899DL1993PLC055351	Television Eighteen India Limited	Managing director	01-04-08	24-09-93	-	Amalgamated	NO
2	U99999DL2000PLC104757	E-Eighteen.Com Limited	Director	28-03-00	28-03-00	27-05-10	Active	NO
3	U00000DL2000PLC107460	Inews.Com Limited	Director	28-08-00	28-08-00	12-03-08	Amalgamated	NO
4	U67120MH1999PLC120771	Moneycontrol.Dot Com India Limited	Director	30-09-00	30-09-00	27-05-10	Active	NO
5	L65910DL1996PLC076419	Network18 Media and Investments Limited	Managing director	01-09-06	10-12-03	-	Active	NO
6	U74999DL2004PLC124116	SGA News Limited	Director	15-01-04	15-01-04	18-12-08	Amalgamated	NO
7	U74899DL1993PLC055410	Setpro18 Distribution Limited	Director	30-09-05	20-05-05	07-03-08	Active	NO
8	U65993DL2005PTC137195	SRH Broadcast News Holdings Private Limited	Director	07-06-05	07-06-05	-	Amalgamated	NO
9	L74300DL2005PLC137214	Tv18 Broadcast Limited	Director	15-07-06	07-06-05	-	Active	NO
10	U51909DL2003PTC123225	B K Media Private Limited	Additional director	21-10-10	18-06-05	-	Active	NO
11	U72200DL2005PTC140322	R B Software Private Limited	Director	02-09-05	02-09-05	-	Active	NO
12	U72200DL2005PTC140793	R B Softech Private Limited	Director	15-09-05	15-09-05	-	Amalgamated	NO
13	U72901DL2006PTC148757	RVT Softech Private Limited	Director	12-05-06	12-05-06	-	Active	NO
14	U93091DL2006PLC149705	Tv18 Home Shopping Network Limited	Director	13-06-06	13-06-06	-	Active	NO
15	U65923DL2006PTC149920	VT Investments Private Limited	Director	20-06-06	20-06-06	-	Amalgamated	NO
16	U65923DL2006PTC149918	RB Investments Private Limited.	Director	20-06-06	20-06-06	-	Active	NO
17	U65923DL2006PTC149919	India International Film Advisors Private Limited	Director	20-06-06	20-06-06	27-03-07	Active	NO
18	U65923DL2006PLC150020	Greycells18 Media Limited	Director	22-06-06	22-06-06	-	Active	NO
19	U65923DL2006PTC150657	Capital18 Fincap Private Limited	Additional director	21-10-10	07-07-06	-	Active	NO
20	U65923DL2006PTC150765	RRB Holdings Private Limited	Director	09-07-06	09-07-06	-	Amalgamated	NO
21	U65923DL2006PTC150773	RVT Investments Private Limited	Director	09-07-06	09-07-06	26-08-08	Amalgamated	NO
22	U72200DL2006PLC150812	Web18 Software Services Limited	Director	10-07-06	10-07-06	-	Active	NO
23	U92120MH2006PLC164692	Newswire18 Limited	Director	18-09-06	18-09-06	-	Active	NO
24	U67120DL2007PTC159247	RVT Holdings Private Limited	Director	13-02-07	13-02-07	01-05-07	Active	NO
25	U67110DL2007PTC159258	RRK Holdings Private Limited	Director	14-02-07	14-02-07	-	Active	NO
26	U72300DL2007PTC159435	IFC Distribution Private Limited	Director	20-02-07	20-02-07	04-07-11	Active	NO
27	U74899DL1995PTC068036	Keyman Financial Services Private Limited	Director	28-09-07	26-02-07	-	Active	NO
28	U72900MH2006PTC163087	Tangerine Digital Entertainment Private Limited	Nominee director	27-02-07	27-02-07	03-09-10	Active	NO
29	U22130DL2007PLC162067	Digital18 Media Limited	Director	16-04-07	16-04-07	-	Active	NO
30	U74140MH1997PTC107598	Ambit Capital Private Limited	Director	28-09-07	30-04-07	29-02-08	Active	NO
31	U65923DL2007PTC164599	RVT Fincap Private Limited	Director	11-06-07	11-06-07	-	Amalgamated	NO
32	U65923DL2007PTC164598	IBN Lokmat News Private Limited	Director	11-06-07	11-06-07	05-07-10	Active	NO
33	U65923DL2007PTC164630	Rrb Investments Private Limited	Director	12-06-07	12-06-07	-	Active	NO
34	U67120MH2006PTC165638	Web 18 Securities Private Limited	Director	28-09-07	09-07-07	14-05-08	Active	NO
35	U72300DL2007PLC165749	Network18 Publications Limited	Director	11-07-07	11-07-07	-	Active	NO
36	U72300DL2007PTC166934	VT Softech Private Limited	Director	13-08-07	13-08-07	-	Active	NO
37	U65100DL2007PTC166933	Network18 India Holdings Private Limited	Director	13-08-07	13-08-07	30-09-07	Amalgamated	NO
38	U65923DL2007PTC167515	RRK Finhold Private Limited	Director	30-08-07	30-08-07	-	Active	NO
39	U30007DL2007PTC167579	Rvt Media Private Limited	Director	31-08-07	31-08-07	26-08-08	Active	NO
40	L92490DL2007PLC165673	Den Networks Limited	Director	19-09-08	27-09-07	22-10-10	Active	NO
41	U92100MH1995PTC095508	Viacom 18 Media Private Limited	Director	06-11-07	06-11-07	-	Active	NO
42	U74120DL2007PTC170870	Colosceum Media Private Limited	Director	29-11-07	29-11-07	07-04-08	Active	NO
43	U65923DL2007PTC170954	RB Finhold Private Limited	Director	30-11-07	30-11-07	-	Amalgamated	NO
44	U67120DL2008PTC172740	RRK Media Private Limited	Director	16-01-08	16-01-08	-	Active	NO
45	U65923DL2008PTC172750	RVT Finhold Private Limited	Director	16-01-08	16-01-08	-	Active	NO
46	U45400DL2008PTC172779	RRB Fincap Private Limited	Director	17-01-08	17-01-08	-	Amalgamated	NO
47	U74994DL2008PTC173043	Stargaze Entertainment Private Limited	Director	23-01-08	23-01-08	-	Active	NO
48	U21012UP2008PLC034808	Jagran 18 Publications Limited	Director	10-03-08	10-03-08	27-05-10	Active	NO
49	U74300DL2008PTC177244	Sun18 Media Services North Private Limited	Director	25-04-08	25-04-08	25-08-10	Active	NO
50	U22300DL2008PTC177733	VT Media Private Limited	Director	06-05-08	06-05-08	-	Active	NO
51	U65993DL2008PTC178073	RB Holdings Private Limited	Director	13-05-08	13-05-08	-	Active	NO
52	U67190DL2008PTC178074	BK Finhold Private Limited	Director	13-05-08	13-05-08	-	Amalgamated	NO
53	U67120DL2008PTC178075	RRK Finvest Private Limited	Director	13-05-08	13-05-08	-	Amalgamated	NO
54	U74899DL1994PTC062384	BRR Securities Private Limited	Director	26-09-08	18-08-08	-	Active	NO
55	L22219DL1955PLC211606	Infomedia 18 Limited	Director	30-09-08	21-08-08	-	Active	NO
56	U74300DL2010PTC207895	Aetn18 Media Private Limited	Director	06-09-10	06-09-10	-	Active	NO
57	U74300DL2010PTC208242	RB Media Holdings Private Limited	Director	14-09-10	14-09-10	-	Active	NO
58	U93000DL2010PTC211768	Colorful Media Private Limited	Additional director	25-04-11	25-04-11	-	Active	NO
59	U70101DL2011PTC212179	Watermark Infratech Private Limited	Additional director	25-04-11	25-04-11	-	Active	NO
60	U74900DL2011PTC218428	Adventure Marketing Private Limited	Additional director	03-05-11	03-05-11	-	Active	NO
61	U74120MH2011PTC215810	Nilrab Media Private Limited	Additional director	15-11-11	15-11-11	-	Active	NO
62	U74300DL2011PTC227767	RB Mediasoft Private Limited	Director	22-11-11	22-11-11	-	Active	NO

Name :

Mr. Sanjay Ray Chaudhuri

Designation :

Director

Address :

LGG 110, The Laburnum Sushant Lok, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

30.01.1996

Date of Appointment :

06.09.2010

DIN No.:

00015365

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	L74899DL1993PLC055351	Television Eighteen India Limited	Whole-time director	01-04-06	24-09-93	-	Amalgamated	NO
2	U99999DL2000PLC104757	E-Eighteen.Com Limited	Director	28-03-00	28-03-00	10-06-11	Active	NO
3	U00000DL2000PLC107460	Inews.Com Limited	Director	28-08-00	28-08-00	-	Amalgamated	NO
4	U67120MH1999PLC120771	Moneycontrol.Dot Com India Limited	Director	30-09-00	30-09-00	-	Active	NO
5	U74999DL2004PLC124116	SGA News Limited	Director	01-04-06	15-01-04	-	Amalgamated	NO
6	L74300DL2005PLC137214	Tv18 Broadcast Limited	Director	15-07-06	07-06-05	-	Active	NO
7	U93091DL2006PLC149705	Tv18 Home Shopping Network Limited	Director	27-06-06	27-06-06	03-12-09	Active	NO
8	U72200DL2006PLC150812	Web18 Software Services Limited	Director	10-07-06	10-07-06	-	Active	NO
9	L65910DL1996PLC076419	Network18 Media & Investments Limited	Alternate director	27-08-10	04-09-06	-	Active	NO
10	U92120MH2006PLC164692	Newswire18 Limited	Director	18-09-06	18-09-06	-	Active	NO
11	U65923DL2006PTC149919	India International Film Advisors Private Limited	Director	29-09-07	27-03-07	-	Active	NO
12	U22130DL2007PLC162067	Digital18 Media Limited	Director	16-04-07	16-04-07	-	Active	NO
13	U65923DL2006PLC150020	Greycells18 Media Limited	Director	29-09-07	02-06-07	-	Active	NO
14	U74300DL2007PTC166436	Capital18 Media Advisors Private Limited	Director	30-07-07	30-07-07	08-04-08	Amalgamated	NO
15	U74899DL1993PLC055410	Setpro18 Distribution Limited	Director	12-09-08	07-03-08	-	Active	NO
16	U74120DL2007PTC170870	Colosceum Media Private Limited	Director	26-09-08	07-04-08	-	Active	NO
17	U30007DL2007PTC167579	RVT Media Private Limited	Director	18-08-09	26-08-08	-	Active	NO
18	U65923DL2006PTC150773	RVT Investments Private Limited	Additional director	06-12-10	26-08-08	-	Amalgamated	NO
19	U22300TN2009PTC071587	Ws Media Ventures Private Limited	Director	08-05-09	08-05-09	-	Active	NO
20	U74300DL2010PTC207895	Aetn18 Media Private Limited	Director	06-09-10	06-09-10	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Gauri Bhardwaj
Designation :	Secretary
Address :	28 – UCO Apartments, Plot No.34, Sector – 9, Rohini, New Delhi – 110085, India
Date of Birth/Age :	22.10.1985
Date of Appointment :	01.08.2011
Pan No.:	ANAPB1203H
Name :	Mr. Rahul P.
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2011

Names of Shareholders	No. of Shares
RVT Media Private Limited , India	2609994
Hitesh Kumar Jain	1
Anil Srivastava	1
Ramandeep Singh Bawa	1
Vidhi Kharbanda	1
Gurdeep Singh Puri	1
Predeep Tahiliani	1
A and E Television Networks, LLC New York	2507647
TOTAL	5117647

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	49.00
Bodies corporate	51.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Engaged in the business of broadcasting telecasting, transmitting or airing or running entertainment television channel, infotainment television channel, news and current affairs channel, any audio, video or other programmes or software for television, radio, internet or any other media.

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	ING Vysya Bank

Banking Relations :	--
Auditors :
Name :	Mohan L. Jain and Company Chartered Accountant
Address :	403, Prabhat Kiran, 17, Rajendra Place, New Delhi – 110008, India
PAN.:	AAOFM9506F
Holding Company :	RVT Media Private Limited Cin No. : U30007DL2007PTC167579
Ultimate Holding Company :	TV 18 Broadcast Limited Cin No.:L74300DL2005PLC137214

CAPITAL STRUCTURE

As on 26.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs. 300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5117647	Equity Shares	Rs.10/- each	Rs. 51.176 Millions

As on 31.03.2011

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
2610000	Equity Shares	Rs.10/- each	Rs. 26.100 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		26.100
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(8.257)
NETWORTH		17.843
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		17.843
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.793
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	25.569
	Other Current Assets	0.000
	Loans & Advances	0.771
Total Current Assets		26.340
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.540
	Other Current Liabilities	9.750
	Provisions	0.000
Total Current Liabilities		11.290
Net Current Assets		15.050
MISCELLANEOUS EXPENSES		0.000
TOTAL		17.843

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Income	0.000
		Other Income	0.000
		TOTAL	0.000
Less	EXPENSES
		Rent	0.314
		Traveling and Conveyance	0.205
		Postage, Telephone and Fax	0.314
		Distribution, Advertising and Business Promotion	0.011
		Legal and Professional Expenses	1.449
		Office Upkeep and Maintenance	0.062
		Audit Fees	0.020
		Miscellaneous Expenses	0.161
		Salary Wages Allowances and Bonus	5.678
		Staff Welfare Expenses	0.001
		Preliminary Expenses	0.042
		TOTAL	8.257
	PROFIT/(LOSS) BEFORE TAX		(8.257)
Less	TAX		0.000
	PROFIT/(LOSS) AFTER TAX		(8.257)
	Earnings Per Share (Rs.)		(1.61)

KEY RATIOS

PARTICULARS		31.03.2011
PAT / Total Income	(%)	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(28.35)
Return on Investment (ROI) (PBT/Networth)		(0.46)
Debt Equity Ratio (Total Liability/Networth)		0.63
Current Ratio (Current Asset/Current Liability)		2.33

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Particulars	31.03.2011
Sundry Creditors
Creditors due small, micro enterprise	0.000
Creditors due others	1.540
TOTAL	1.540

BACKGROUND

AETN 18 Media Private Limited (the company) incorporated on 6^th September 2010 in New Delhi to engage in the business of broadcasting telecasting, transmitting or airing or running entertainment television channel, infotainment television channel, news and current affairs channel, any audio, video or other programmes or software for television, radio, internet or any other media. The company is 100% subsidiary of RVT Media Private Limited.

Notes:

The registered office address has been changed from 403, Prabhat Kiran, 17, Rajendra Place, New Delhi – 110008, India to Present address w.e.f 02.11.2011

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	Indian Rupees
US Dollar	1	Rs.52.96
UK Pound	1	Rs.82.04
Euro	1	Rs.68.91

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		13

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.