MIRA INFORM REPORT

Report Date :

16.02.2011

IDENTIFICATION DETAILS

Name :	KIMBERLY-CLARK LEVER PRIVATE LIMITED
Registered Office :	Gat No. 934-937, Village Sanaswadi, Taluka - Shirur, Pune – 412 208, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.09.1994
Com. Reg. No.:	11-081290
CIN No.: [Company Identification No.]	U74999MH1994PTC081290
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers, Dealers, Distributors, Importers and Exporters of product of Paper Pulp, Tissue and any Synthetic Material.

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 3388000
Status :	Moderate
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a 50:50 Joint Venture between of Hindustan Lever Limited and Kimberly – Clark Corporation USA. The company is an established company with moderate track. Trade relations are reported as fair. Business is active. Payments are usually correct. Company can be considered for normal business dealings under 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 deCLINed BY

Management non-cooperative

LOCATIONS

Registered Office/ Factory :	Gate No. 934-937, Village Sansawadi, Taluka Shirur, District Pune – 412 208, Maharashtra, India
Tel. No.:	91-2137-252545 to 49 / 252156
Fax No.:	91-2137-252533
E-Mail :	sunil_adhiya@vsnl.net
Website :	www.kimberly-clark.com
Corporate Office :	165/ 166 Backbay Reclamation, Churchgate, Mumbai – 400 020, Maharashtra
Tel. No.:	91-22-22876222
Fax No.:	91-22-22041920 / 3117

DIRECTORS

As on 15.06.2010

Name :	Mr. Rajeev Somdatt Mohan
Designation :	Managing Director
Address :	Bungalow No. 25, Samrat Society, Kalyani Nagar, Pune – 411 007, Maharashtra, India
Date of Birth/Age :	09.05.1954
Qualification :	Masters in Chemical Engineering
Experience :	28 Years
Date of Appointment :	02.11.1998
Previous Employment :	Associate Consultant Non – woven Engineering - Kimberly – Clark Corporation, Rosewell, USA
Name :	Mr. Douglas Anderson Baillie
Designation :	Director
Address :	5, Allhambra, 3 Carmichael Road, Mumbai – 400 026, Maharashtra, India
Date of Birth/Age :	19.11.1955
Date of Appointment :	13.04.2006
Name :	Mr. Raghunathan Srinivasan
Designation :	Nominee Director
Address :	108-A, Dariya Mahal, 80, Napean Sea Road, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	15.12.1962
Date of Appointment :	15.10.2007
Name :	Mr. Nitin Keshav Paranjpe
Designation :	Director
Address :	2204, B-Wing, Chaitanya Towers, Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400 025, Maharashtra, India
Date of Birth/Age :	04.03.1963
Date of Appointment :	13.04.2006
Name :	Mr. Peter Clifton Bennett
Designation :	Director
Address :	2, Campbell Avenue, Lane Cove, Australia - 2066
Date of Birth/Age :	30.06.1951
Date of Appointment :	17.02.2004
Date of Cessation :	28.02.2010
Name :	Mr. Mark Douglas Wynne
Designation :	Chairman
Address :	Unit 2A, 22 Ross St., Woll Stone Craft, New South Wales, Australia - 2065
Date of Birth/Age :	28.12.1961
Date of Appointment :	01.10.2007
Name :	Mr. Gopal Vittal
Designation :	Nominee Director
Address :	4, Alhambra, Carmichael Road, Mumbai – 400 026, Maharashtra, India
Date of Birth/Age :	18.06.1966
Date of Appointment :	25.07.2008
Name :	Mr. Pathamdai Balachandran Balaji
Designation :	Nominee Director
Address :	Flat No. 3901, Godrej Planet Tower I, Terra 30 Keshavrao Khadye Marg, Sant Gadge Maharaj Chowk, Mumbai – 400011, Maharashtra, India
Date of Birth/Age :	09.09.1969
Date of Appointment :	03.07.2009
Name :	Mr. Prakash K Iyer
Designation :	Director
Address :	1402, Chaitanya Towers, C Wing, Appasaheb Marathe Marg, Prabbhadevi, Mumbai-400025, Maharashtra, India
Date of Birth/Age :	15.03.1962
Date of Appointment :	01.01.2010
Name :	Mr. Jason Peter Monaco
Designation :	Director
Address :	38 Wolseley Road, Mosman Nsw, Australia-2088
Date of Birth/Age :	30.08.1976
Date of Appointment :	28.02.2010

KEY EXECUTIVES

Name :	Mrs. Bharat H Jani
Designation :	Company Secretary
Address :	403, Shreeji Appat, L M Road, Navagaon Next To Kadam Hospital, Dahisar(W), Mumbai-400068, Maharashtra, India
Date of Birth/Age :	12.07.1965
Date of Appointment :	19.05.2010
Name :	Ms. Ashwini Nagpal
Designation :	Technical Head
Age :	41 Years
Qualification :	BE (Production)
Experience :	20 Years
Date of Appointment :	01.02.2003
Previous Employment :	Technical Head – Hindustan Lever Limited
Name :	Mr. Nikhil Morche
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.06.2010

Names of Shareholders	No. of Shares
Kimberly Clark Corporation, USA	36249997
Hindustan Lever Limited, India	36249997
Unilever Exports Private Limited, India	1
Ponds Exports Limited, India	1
Suhas Parasuram Apte	1
John Larkin	1
Thomas Brown	1
Srithar Jointly with Unilever India Exports Private Limited, India	1
Total	72500000

Equity share breakup

as on 15.06.2010

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	49.99
Bodies corporate	49.99
Other top fifty (50) shareholders	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers, Dealers, Distributors, Importers and Exporters of product of Paper Pulp, Tissue and any Synthetic Material.

Products :

Item Code No.	Product Description
48181000	Napkin and Napkin Liners for Babies
48181000	Sanitary Towels

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Disposable Diapers	Nos.	162000000	261000000	190231000
Sanitary Napkins	Nos.	29435200	171465984	72591000

GENERAL INFORMATION

No. of Employees :	550 (Approximately)
Bankers :	· State Bank of India , Pune, Maharashtra · ABN Amro Bank, 14 Veer Nariman Road, Mumbai – 400 023, Maharashtra, India · ICICI Bank Limited
Banking Relations :	--
Auditors :
Name :	N. M. Raiji and Company Chartered Accountants
Address :	Universal Insurance Building, Pherozeshah Mehta Road, Mumbai - 411 001, Maharashtra, India
Tel. No.:	91-22-22870068/22873463/22837482
Fax No.:	91-22-22828646/22650578
E-Mail :	nmraiji@bol.net.in
Related Parties (where control exists) :	Hindustan Unilever Limited Kimberly Clark Corporation
Related Parties (company under common control) :	Kimberly Clark Hygiene Products Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs.10/- each	Rs.800.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
72500000	Equity Shares	Rs.10/- each	Rs.725.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009 (15 Months)	31.12.2007 (12 Months)
SHAREHOLDERS FUNDS
1] Share Capital		725.000	725.000	725.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		122.058	144.077	115.999
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		847.058	869.077	840.999
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		25.819	27.633	32.193
TOTAL		872.877	896.710	873.192
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		360.281	264.219	218.969
Capital work-in-progress		11.333	106.576	35.629
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	339.983	433.202	222.883
	Sundry Debtors	78.299	90.209	59.390
	Cash & Bank Balances	711.780	535.478	896.164
	Other Current Assets	18.622	4.414	52.542
	Loans & Advances	98.060	90.892	377.680
Total Current Assets		1246.744	1154.195	1608.659
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	676.999	553.063	503.219
	Other Current Liabilities	65.820	15.840	22.904
	Provisions	0.000	59.377	463.942
Total Current Liabilities		745.481	628.280	990.065
Net Current Assets		501.263	525.915	618.594
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		872.877	896.710	873.192

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009 (15 Months)	31.12.2007 (12 Months)
	SALES
		Income	1924.500	2153.260	1407.564
		Other Income			81.052
		TOTAL	1924.500	2153.260	1488.616
Less	EXPENSES
		Total expenditure	1945.400	2062.753	1298.222
	PROFIT BEFORE TAX		(20.900)	90.507	190.394
Less	TAX		3.364	3.052	70.213
	PROFIT AFTER TAX		(22.019)	87.455	120.181
	Export Value		0.000	8.100	NA
	IMPORTS
		Raw Materials & Packing Materials	348.782	348.206	405.579
		Semi Finished Products	0.000	494.076
		Components, Stores and Spare Parts	16.822	82.525
	TOTAL IMPORTS		365.604	924.807	405.579
	Earnings Per Share (Rs.)		(0.30)	1.21	1.66

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009 (15 Months)	31.12.2007 (12 Months)
PAT / Total Income	(%)	(1.14)	4.20	8.07
Net Profit Margin (PBT/Sales)	(%)	NA	NA	13.53
Return on Total Assets (PBT/Total Assets}	(%)	(1.31)	6.38	10.42
Return on Investment (ROI) (PBT/Networth)		0.02	0.14	0.23
Debt Equity Ratio (Total Liability/Networth)		0.88	1.10	1.18
Current Ratio (Current Asset/Current Liability)		1.67	1.55	1.62

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	676.999	553.063	503.219

Year 2010 in retrospect:

Turnover of subject, a joint venture between Hindustan Unilever Limited and Kimberly Clark Corporation, for the twelve month period grew by 16%. This was largely contributed by the growth in the Infant care category, which grew turnover by 21% driven by a robust 28% volume growth. The FemCare category declined in value by 8% and volumes by 8%. The business faced severe competitive pressures in both its categories, with lowering of the price table across segments. The Infant Care category inspite of the robust volume growth lost market leadership position to Pampers. The business has put plans in place to regain market leadership by driving distribution to a new level through low price packs.

Competitive pressures in both the categories resulted in lower realization in comparison to last year apart from higher trade and advertising spends. The Company slipped into the red with a net loss of 20.900 millions. The business has put in place, plans for significant profitable growth in both the categories going forward.

Form 8

Name of the company

KIMBERLY - CLARK LEVER PRIVATE LIMITED

Presented By

ABN Amro Bank N.V.

1) Date and description of instrument creating the change

Joint deed of hypothecation for entire current assets

Dated 18^th November, 1997

2) Amount secured by the charge/amount owing on the securities of charge

Rs.7.000 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

The whole of Current assets of the borrower namely, stocks of raw material, work in progress, semi finished and finished goods, stores and spares, bills receivable, book debts and all other movables, both present and future.

4) Gist of the terms and conditions and extent and operation of the charge.

First charge on all the borrower’s current assets to secure all the credit facilities granted to the company.

CC : Prime Lending Rate + Interest Tax

5) Name and Address and description of the person entitled to the charge.

(Rs. in millions)

ABN Amro Bank N.V. 327. M G Road, Pune Camp, Pune – 411 001, Maharashtra, India	30.000
Citibank N.A. Sakhar Bhavan, 7^th Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India	20.000
Banque Nationale De Paris CG3, Konark Estate, Opp. Pune Club, Connaught Road, Pune - 411 001, Maharashtra, India	20.000
Total	70.000

Fixed Assets

· Land – Freehold

· Building

· Plant and Machinery

· Computers

· Furniture, Fixtures and Office Equipments

· Motor Vehicles

WEBSITE DETAILS:

BACKGROUND

Kimberly-Clark Corporation (KCC, a Fortune 500 company), incorporated in 1872, is engaged in manufacturing and marketing a range of health and hygiene products around the world. Most of these products are made from natural or synthetic fibres using advanced technologies in fibres, non-wovens and absorbency. Kimberly-Clark Corporation manufactures and markets facial and bathroom tissues, paper towels, wipers and napkins for away-from-home use, healthcare products, respiratory products, other disposable medical products, printing and correspondence papers. It has manufacturing facilities in 42 countries and its products are sold in more than 150 countries. Its products are sold under brands such as Kleenex®, Scott®, Huggies®, Pull-Ups®, Kotex® and Depend®. With over 60,000 employees, it had revenues of US$ 14.3 billion in 2003-04.

Kimberly-Clark Lever Limited (KCLL) is a 50:50 joint venture formed in September 1994 between Kimberly-Clark Corporation, of USA and Hindustan Lever Limited the plant and the registered office of the company are located at Sanaswadi, 30 km from Pune. KCLL markets feminine pads under the brand Kotex® and manufactures and markets diapers under the brand Huggies® in India.

A leading baby hygiene product manufacturer

The US$ 14.5 million Indian disposable diaper market has exhibited steady growth as manufacturers are correcting the price-value equation and have been offering customers superior technology products. KCLL’s Huggies® diaper brand is the market leader in its category with a market share of around 70 per cent.

The following were the key challenges, which KCLL faced in India:

• Absence of market for diapers

• Value and price-sensitiveness of the product

Factors for success

Understanding the Indian market

Kimberly-Clark Lever has introduced products in both diaper and the feminine pad segments that cater to consumers’ everyday needs.

The diaper category in India is in its nascent stage and is marked by poor penetration. This is predominately due to high attitudinal barriers towards disposable products and high ‘perceived price’ of diapers vis-à-vis cloth nappies. KCLL has addressed both these areas and has diligently built this category singularly in India. The company has combined its in-depth consumer understanding with technology driven innovation to deliver consumer relevant products and propositions. Quite uniquely to India KCLL has introduced a product called Nappi-PadTM, which is in line with the local usage and habits and is priced 60 per cent lower than diapers.

In the feminine care category, KCLL has introduced consumer-relevant products in the economy segment by offering “a good quality product that protects consumers at an accessible price”. The latest national launch is a product called Kotex® Style, which has a “film cover” offering superior dryness at a very affordable pack price of US$ 0.4.

Consumer education and support

Media such as television is the main channel of communication and KCLL continues to use the same for increasing brand awareness and product information. Additionally, both in infant care and feminine care, supporting local activities are carried out targeting the consumer, which help them experience the benefits of the products. KCLL has a strong programme across India to communicate to consumers and paediatricians the benefits of “dry and healthy skin” ensured by usage of diapers.

KCLL also continues to engage in supporting activities educating the consumers and addressing the concerns of mothers. One such example is the “Huggies® Happy Baby” book. The book addresses the concerns of young mothers and provides guidelines for dayto- day baby care. KCLL is fully committed to providing the best possible diapering solutions. In the feminine care segment, KCLL undertakes a lot of one-to-one consumer contacts at colleges, homes and stores to explain the benefits of its products.

Technology leadership

KCLL uses contemporary technology based on global research and engineering of the parent Kimberly-Clark Corporation (KCC) to satisfy local consumer needs with specifically designed products suited for the Indian markets in both, feminine pads and diaper categories. It also effectively leverages the state-of-the- art wide-reaching distribution system of Hindustan Lever and makes its products available to all consumers throughout India.

The Huggies® Dry Diaper currently manufactured in India is a product specifically designed by KCC for inducting new users in emerging markets. The product relies on high technology super absorbent materials (SAM) to deliver superior absorbency and dryness to the user, which results in “dry and healthy skin” for the baby. The super absorbent materials can absorb fluid up to 100 times their weight. In addition to SAM, the product relies on special “high-leg cut design” customised for the hot climate of India.

KCLL pioneered the peripheral seal design pads in the Indian market under the Kotex® brand name in

1996. Since then, KCLL has extensively relied on the technical capabilities of global KCC resources (pioneers in the feminine care category in the world) to offer products with leading edge features like the Blue Safety zone based on BFDL (bi-component fluid distribution layer) and all around channels to deliver consumer benefits at an affordable price point.

Leveraging the India Advantage

Kimberly-Clark has a positive outlook towards India due to its vast consumer market potential. The Indian diaper (KCLL’s main product) market is currently valued at nearly US$ 14.5 million and is estimated to grow by 5-10 per cent.

Kimberly-Clark is spending heavily on advertising to create a bigger market for diapers in India. KCLL understands that India has a significant market potential for future growth and is well poised and prepared to invest in these categories for long-term growth.

Future plans

India’s vast consumer market offers lot of challenges to KCLL. The company will continue to harness KCC’s technology edge and local consumer understanding to offer consumer-relevant products in both categories.

KCLL is committed to bringing additional categories from the KCC stable, based on their relevance to the Indian consumer.

KCLL is planning to invest in both technology and market to further increase its consumer understanding and grow current categories. It is also planning to introduce new categories by leveraging KCC’s core technologies, as and when viable, and develop key competencies as a regional (SAARC) centre.

COMPANY:

AT A GLANCE

• Huggies: Leading diaper brand with 70 per cent market share

• Factors for success: Understanding the Indian market. Consumer education and support.

Technology leadership

• For Kimberly-Clark, India is: A vast consumer market with immense potential

• Future plans, India: Harness KCC technology edge and local consumer understanding. Bring more KCC brands into India. Invest in both, technology and understanding markets to grow market share. Introduce new products leveraging KCC’s core technologies

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.45.45
UK Pound	1	Rs.72.91
Euro	1	Rs.61.43

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.