MIRA INFORM REPORT

Report Date :

13.01.2011

IDENTIFICATION DETAILS

Name :	TARA JEWELS LIMITED
Formerly Known As :	TARA ULTIMO PRIVATE LIMITED TARA JEWELS PRIVATE LIMITED
Registered Office :	Plot No.122, 15^th Road, Near IDBI Bank, M.I.D.C., Andheri (East), Mumbai-400 093, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.03.2001
Com. Reg. No.:	11-131252
CIN No.: [Company Identification No.]	U52393MH2001PTC131252
TAN No.: [Tax Deduction & Collection Account No.]	MUMT07364A
PAN No.: [Permanent Account No.]	AABCT3846M
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer of Diamond Studded Gold Jewellery.

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 7100000
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 dealing 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. Vikram Raizada
Designation :	Director
Date :	12.01.2011

LOCATIONS

Registered Office/ Factory :	Plot No.122, 15^th Road, Near IDBI Bank, M.I.D.C., Andheri (East), Mumbai-400 093, Maharashtra, India
Tel. No.:	91-22-66417888/805/9
E maili:	amol.raje@tarajewels.co.in
Website :	www.taratail.com
Area :	1000 sq.ft
Location :	Owned
Branches / Factory :	29-30, Sub Plot A, Seepz, Mumbai – 400096, Maharashtra, India
Branch Office :	Located at: Pune Mumbai Goa

DIRECTORS

As On 09.09.2010

Name :	Mr. Rajeev Vasant Sheth
Designation :	Director
Address :	3 Villa Ramona, 37A, Nepeansea Road, Mumbai-400 036, Maharashtra, India
Date of Birth/Age :	16.11.1958
Date of Appointment :	16.03.2001
DIN No. :	00266460
Name :	Mrs. Alpana Aniruddh Deo
Designation :	Director
Address :	Flat No.60, Apritam Royal Palms Buglow, Aarey Milk Colony, Goregaon (East), Mumbai-400 064, Maharashtra, India
Date of Birth/Age :	20.12.1974
Date of Appointment :	16.03.2001
DIN No. :	00266523
Name :	Mr. Anirudh Padmakar Deo
Designation :	Director
Address :	401, Blue Heaven Raheja Vihar, Chandivali Road, Andheri (East), Mumbai, Maharashtra, India
Date of Birth/Age :	02.08.1945
Date of Appointment :	03.09.2002
Date of Cessation :	03.09.2010
DIN No. :	00224063
Name :	Ms. Aarti Rajeev Sheth
Designation :	Director
Address :	3 Villa Ramona, 37A, Nepeansea Road, Mumbai-400 036, Maharashtra, India
Date of Birth/Age :	11.10.1984
Date of Appointment :	14.02.2006
DIN No. :	00737920
Name :	Mr. Vikram Raizada
Designation :	Director
Address :	6, Loral Reef, 55, Chimbai Road, Bandra (W), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	08.05.1966
Date of Appointment :	03.09.2010
DIN No. :	03196436
Name :	Ms. Nalini Varadarajan
Designation :	Director
Address :	A/6-3, Shree Ram Nagar, S.V Road, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	29.08.1964
Date of Appointment :	06.10.2009
DIN No. :	02922199
Name :	Shanti Saroop Khindria
Designation :	Additional Director
Address :	2 Parson Green Lane, Fulham SW64HS, London
Date of Birth/Age :	12.08.1954
Date of Appointment :	20.09.2010
DIN No. :	03271292
Name :	Fern Joy Mallis
Designation :	Additional Director
Address :	40 E 68 ST 5B, New York NY 10021
Date of Birth/Age :	26.03.1948
Date of Appointment :	20.09.2010
DIN No. :	03270532

KEY EXECUTIVES

Name :	Mr. Amol Arvind Raje
Designation :	Company Secretary
Address :	A-503, Urvi Park, Opposite Oswal Park, Pokharan Road No. 2, Thane – 400601, Maharashtra, India
Date of Birth/Age :	08.03.1981
Date of Appointment :	10.05.2010
DIN No. :	AHGPR5072G
Name :	Forum Kaushik Gandhi
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 09.09.2010

Names of Shareholders	No. of Shares
Rajeev Sheth	14482893
Purnima Sheth	14625
Fabrikant H.K. Trading Limited – Hongkong	3239999
Alpana Deo	3
Divya Jewels International Private Limited – India	33600
Aarti Sheth	114440
Divya Sheth	114440
Total	18000000

As on 09.09.2010

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	18.00
Bodies corporate	0.19
Directors or relatives of Directors	81.81
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Diamond Studded Gold Jewellery.
Products :	Diamond Studded Gold Jewellery
Terms :
Selling :	Cash, Credit: 30/60/90 Days
Purchasing :	Cash, Credit: 30/60/90 Days

GENERAL INFORMATION

Customers :

• Wholesalers and Retailers
• End Users and OEM’s

No. of Employees :

50 (approximately)

Bankers :

• Bank of India – Seepz Branch, Behind Seepz Service Centre Building, Marol Industrial Area, Seepz, Mumbai – 400096, Maharashtra, India
• Bank of Bahrain and Kuwait B.S.C - Jolly Maker Chambers II, Nariman Point, Mumbai – 400021, Maharashtra, India

Facilities:

Cash Credit: Rs. 42.500 Millions

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Working Capital Loan from Banks:
Export Packing Credit	1451.882	1886.470
Post Shipment Credit	1017.820	1095.650
Note: Export Packing Credit and Post Shipment Credit facilities taken from consortium of banks led by State Bank of India, are secured by hypothecation of inventories, book debts, plant and machinery, other Fixed Assets, fixed deposits, other current assets and equitable mortgage of the Company's Immovable Property at Seepz and MIDC, Andheri, Three Flats at Royal Palms Goregaon and Flat No.502/401 in Pushpanjali Apartment located at Prabhadevi belonging to Divya Real Estate Private Limited The above facilities are further secured by Personal Guarantee of Director, Mr. Rajeev Sheth and Corporate Guarantee of Divya Real Estate Private Limited.
Hire Purchase Finance Vehicle Loan:
From Banks	2.768	4.874
From Financial Institutions (Secured by Hypothecation of Vehicles)	1.218	4.427
Total	2473.688	2991.421

Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Divya Jewels International Private Limited	77.438	77.438
Total	77.438	77.438

Banking Relations :	--
Auditors :
Name :	C. B. Chhajed and Company Chartered Accountants
Address :	DGP House, Ground Floor, 88-C, Old Prabhadevi Road, Mumbai – 400025, Maharashtra, India
Pan No. :	AAAFC3565E
Holding Company :	Tara Jewels Holding Inc.
Subsidiaries :	Quatro Jewellery Private Limited CIN: U36911MH1999PTC122261 Address: Plot No.122, 15^th Road, Near IDBI Bank, M.I.D.C., Andheri (East), Mumbai-400 093, Maharashtra, India

CAPITAL STRUCTURE

As on 01.09.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity shares	Rs.10/- Each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11847413	Equity shares	Rs.10/- Each	Rs.118.474 Millions

NOTE:

Out of above, 2,500,000 Equity Shares are issued for consideration other than cash as Bonus Shares

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		118.474	118.474	88.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1674.313	1423.708	751.407
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1792.787	1542.182	840.007
LOAN FUNDS
1] Secured Loans		2473.688	2991.421	1581.088
2] Unsecured Loans		77.438	77.438	0.000
TOTAL BORROWING		2551.126	3068.859	1581.088
DEFERRED TAX LIABILITIES		13.944	17.921	15.970
		0
TOTAL		4357.857	4628.962	2437.065
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		608.143	539.250	273.574
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		7.516	7.466	24.724
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2879.914	2737.827	1595.293
	Sundry Debtors	2218.283	3366.388	2060.719
	Cash & Bank Balances	248.447	217.345	85.695
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	155.630	147.113	37.697
Total Current Assets		5502.274	6468.673	3779.404
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1701.198	2316.644
	Other Current Liabilities	40.680	69.783	1640.912
	Provisions	18.198	0.000	0.000
Total Current Liabilities		1760.076	2386.427	1640.912
Net Current Assets		3742.198	4082.246	2138.492
MISCELLANEOUS EXPENSES		0.000	0.000	0.275
TOTAL		4357.857	4628.962	2437.065

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	7859.549	7458.856	6115.987
		Other Income	17.451	17.812	0.000
		Closing Stock	2879.915	2737.827	0.000
		TOTAL (A)	10756.915	10214.495	6115.987
Less	EXPENSES
		Opening stock	2737.827	1595.293
		Opening stock of amalgamate companies	0.000	920.409
		purchases	6649.942	6502.316
		Manufacturing expenses	251.915	256.636
		Employee’s remuneration and benefits	174.143	176.347
		Selling, administration and other expenses	289.516	221.651
		TOTAL (B)	10103.343	9672.652	5860.102
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		653.572	541.843
Less	FINANCIAL EXPENSES (D)		248.510	358.343	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		405.062	183.500	255.885
Less/ Add	DEPRECIATION/ AMORTISATION (F)		107.180	62.635	31.108
	PROFIT BEFORE TAX (E-F) (G)		297.882	120.865	224.777
Less	TAX (I)		52.575	223.982	44.770
	PROFIT AFTER TAX (G-I) (J)		245.307	96.883	180.007
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		970.679	530.107
Add	PROFIT AND LOSS ACCOUNT BALANCE BROUGHT FORWARD OF AMALGAMATING COMPANIES		0.000	345.231	NA
Less	ADJUSTMENT IN ACCORDANCE WITH TRANSITIONAL PROVISION IN ACCOUNTING STANDARD 15 (REVISED)		0.000	14.323
Less	PRIOR PERIOD EXPENSES – BONUS		0.000	6.799
Less	AMALGAMATION EXPENSES		0.000	3.520	NA
Add	AVAILMENT OF MAT CRIEDT OF EARLIER YEAR		5.298	23.100
	BALANCE CARRIED TO THE B/S		1221.284	970.679
	Earnings Per Share (Rs.)		20.71	8.18	20.32

Expected Sales (2010-2011): Rs. 850.000 Millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.28	0.95	2.94
Net Profit Margin (PBT/Sales)	(%)	3.79	1.62	3.68
Return on Total Assets (PBT/Total Assets}	(%)	4.87	1.72	5.55
Return on Investment (ROI) (PBT/Networth)		0.17	0.08	0.27
Debt Equity Ratio (Total Liability/Networth)		2.40	3.54	3.84
Current Ratio (Current Asset/Current Liability)		3.13	2.71	2.30

LOCAL AGENCY FURTHER INFORMATION

The Details of Sundry Creditors:

Rs. In Millions

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors for goods	1678.411	2304.647	NA
Sundry Creditors for expenses	22.787	11.997	NA
Total	1701.198	2316.644	NA

Note:

The Registered office of the company has been shifted from Plot No.29 (P) and 30 (P) Sub, Andheri (East), Mumbai-400 096, Maharashtra, India to the present address w.e.f.28.03.2009.

Bankers Charges Report as per Registry

Name of the company	TARA ULTIMO PRIVATE LIMITED
Presented By	Bank of Bahrain and Kuwait BSC and Tara Ultimo Private Limited
1) Date and description of instrument creating the change	Dated 04.12.2002 Agreement of Hypothecation of Goods and Assets.
2) Amount secured by the charge/amount owing on the securities of charge	US, Dollars 0.829 million (Rupee equivalent approx. Rs.40.000 millions (Rupees Forty Millions Only)
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	All the present & future goods, book debts & all other movable assets of the Borrower including documents of title to the goods, outstanding moneys, receivables including receivable by way of cash assistance and/or Cash Incentive Scheme or any other Scheme claims including claims by under the Duty Drawback Credit Scheme or any other way of refund of customs/excise duties Scheme, bills, invoices, documents, contracts, insurance policies, guarantees, engagements. securities, investment and rights and the present machinery listed in the Schedule to the Agreement and all future machinery belonging to or in the possession or under the control of the Borrower wherever lying stored and kept and whether in possession of the Borrower or of the Bank or of any third Party whether in India or elsewhere throughout the world (including all such goods, other movable assets as may be in course of shipment transit or delivery).
4) Gist of the terms and conditions and extent and operation of the charge.	i) Interest shall be charged on the outstanding(s) in the accounts opened in respect of the aforesaid credit facilities at such rate(s) as may be determined by the Bank from time to time at the Bank’s sole discretion. ii) The Borrower will at all times maintain a sufficient quantity, and market value of the said goods and assets to provide the margins of security required by the bank from time to time. iii) This agreemtn shall operate as a continuing security for all moneys indebtedness and liabilities aforesaid not with standing the existence of a credit balance in the account or accounts at any time or any partial payments or fluctuations of accounts.
5) Name and Address and description of the person entitled to the charge.	Bank of Bahrain and Kuwait B.S.C Jolly Maker Chambers II, Nariman Point, Mumbai – 400021
6) Date and brief description of instrument modifying the charge	NA
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA

Corporate identity number of the company

U52393MH2001PTC131252

Name of the company

TARA ULTIMO PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

Plot No.122, 15^th Road, Near IDBI Bank, M.I.D.C., Andheri (East), Mumbai-400 093, Maharashtra, India

This form is for

Creation of charge

Type of charge

Book Debts

Movable property

Particular of charge holder

Name :	Bank of India
Address :	Seepz Branch, Behind Seepz Service Centre Building, Marol Industrial Area, Seepz, Mumbai – 400096, Maharashtra, India
Email :	Seepz.MumbaiNorth@bankofindia.co.in

Nature of instrument creating charge

Agreement of Hypothecation of Plant and Machinery, Stocks and Book debts

Date of instrument Creating the charge

27.10.2010

Amount secured by the charge

Rs. 42.500 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest - Pre-shipment PC: At present 9.75% p.a. with monthly rests;BLSE(GL): At present rate of interest with monthly rests or at such other rate/s of interest as may be notified by the bank from time to time.

Terms of Repayment - On Demand.

Margin - 25% against Raw Materials, Finished goods, stores, goods in process, 10% against book debts, No lending against book debts outstanding for more than 3 months to less than 6 months.

Extent and Operation of the charge - Security and charge hereby created shall be by way of first charge on all the said hypothecated assets for due payment as provided in the deed of all monies including the principal sums, interest/commission costs charges and expenses and all other monies whatsoever due owing and payable by the Borrower to the Bank under or in respect of or in connection with or in any wise concerning or relating to the said facilities agreed to be granted and/or granted by the Bank to the borrower& also Contd. in (e)

Others - for due repayment of all present and future indebtedness & liabilities of the borrower to the Bank of any kind in any manner whether solely or jointly primary or collateral accrued or accruing with all relative interest/commission,charges,costs and expenses.

Facilities and Limits: Pre shipment Packing Credit Rs.30.000 millions, BLSE Gold Loan Rs.12.500 millions Total Rs.42.500 millions

Particulars of the property charged

a) All tangible movable machineries and plant, both present & future situate at Seepz, Andheri (East), Mumbai - 400096 or wherever else b)All tangible movable properties and assets of whatsoever nature of the Borrower both present and future wheresoever situate at Seepz, Andheri (East), Mumbai - 400096 or wherever else. c) All present and future book debts, outstanding, money receivables, claims, bills which are now due and owing or which may any time hereafter during the continuance of this security become due and owing to the Borrower.

Fixed Assets:

• Building
• Vehicles
• Air conditioners
• Computers
• Electric installations
• Silver models
• Furniture and fixtures
• Office equipments
• Plant and machinery
• Factory equipments
• Flat
• Ship
• Goodwill

AS PER WEBSITE

Profile:

Tara Retail is the retail arm of subject. Subject is one of the largest Jewellery exporters from SEEPZ. It has repeatedly won the SUPPLIER OF CHOICE award from Wal Mart and has very prestigious accounts like Zales, JC Penney among many others. Tara has grown exponentially, from a modest turnover of $19 million at inception in 1994 to a substantial $243 million turnover.

Tara is now set to enter the Indian market and has started by setting up stores in Pune and Goa, and also operates an outlet at its Andheri MIDC factory in Mumbai.

Tara is the brainchild of Mr Rajeev Sheth, who is a qualified gemologist accredited by GIA California.

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.45.16
UK Pound	1	Rs.70.64
Euro	1	Rs.58.68

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.