MIRA INFORM REPORT

Report Date :

27.01.2011

IDENTIFICATION DETAILS

Name :	SHAH PRECICAST PRIVATE LIMITED
Registered Office :	E-35, MIDC Kupwad Block, Bamani Road, Sangli – 416 436, Maharashtra
Country :	India
Financials (as on) :	31.03.2009
Date of Incorporation :	16.06.1997
Com. Reg. No.:	11-108807
CIN No.: [Company Identification No.]	U28910MH1997PTC108807
TAN No.: [Tax Deduction & Collection Account No.]	KLPS05500F
PAN No.: [Permanent Account No.]	AAECS8077J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Valve Pump.

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 334000
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 DECLINED BY

Name :	Mr. Nitin Shah
Designation :	Director
Date :	25.01.2011

LOCATIONS

Registered Office/Factory:	E-35, MIDC Kupwad Block, Bamani Road, Sangli – 416 436, Maharashtra, India
Tel. No.:	91-233-2264484 / 2644845 / 2645611 / 2643932
Mobile No :	91-9922588399 (Mr. Sanjeev Prasanna) 91-9822066557 (Mr. Nitin Shah)
Fax No.:	91-233-2645612
E-Mail :	milikul@rediffmail.com info@shahprecicast.com nshah@shahprecicast.com
Website :	c
Area :	3000 Sq. mtr.
Location :	Owned

DIRECTORS

As on 30.09.2009

Name :	Mr. Shirish Rasiklal Shah
Designation :	Director
Address :	R.L. 7, G Block, Behind Bajaj School, Chinchwad, Pune – 19, Maharashtra, India
Date of Appointment :	02.02.2005
Name :	Mr. Ashok Moreshwar Phadke
Designation :	Director
Address :	1047/B/6, Topaz Society, Behind Mafatlal Bunglow, Shivaji Nagar, Pune – 411 016, Maharashtra, India
Date of Birth/Age :	14.07.1942
Qualification :	BE
Date of Appointment :	02.02.2005
Name :	Mrs. Sunita Nitin Shah
Designation :	Director
Address :	Flat No.2, Venkatesh Tulsi Apartments, Opposite Trikoni Bag, Sangli – 416 416, Maharashtra, India
Date of Birth/Age :	19.05.1967
Qualification :	Post Graduate
Date of Appointment :	02.02.2005
Name :	Mr. Nitin Rasiklal Shah
Designation :	Director
Address :	Flat No. 2, Venkatesh Tulsi Apartments, Opposite Trikoni Baug, Civil Hospital Road, Sangli – 416 416, Maharashtra, India
Date of Birth/Age :	30.03.1961
Qualification :	Post Graduate
Date of Appointment :	12.02.2007
Pan No :	ACZPS9035J
Name :	Mr. Thippanna Oblapura
Designation :	Director
Address :	Flat No.2, First Flooe Anurag Balaji, Arcade, Vishrambag, Sangli, Maharashtra, India
Date of Birth/Age :	01.08.1962
Date of Appointment :	25.10.2005

KEY EXECUTIVES

Name :	Mr. Sanjeev Prasanna
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON (30.09.2009)

Names of Shareholders	No. of Shares
Nitin Shah	343500
Rasiklal Shah (HUF)	25850
Nitin Rasiklal Shah (HUF)	10000
Kumudin Shah	3100
Sunita Shah	12250
Subhash K. Vakhariya	7000
Shashikala S. Vakhariya	1800
Shilpa R. Shah	2500
Pradip M. Shah	3000
Nilesh M. Shah	3000
Ravindra P. Shah	3000
Total	415000

Equity shares Breakup (percentage of total equity)

AS ON (30.09.2009)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Valve Pump.
Export:
Products :	Non Alloy Steel, Stainless Steel
Countries :	European Countries, Germany

PRODUCTION STATUS (AS ON 31.03.2009)

Particulars	Unit	Actual Production
Steel, ST. Steel, Slag	M.T.	1404.14

GENERAL INFORMATION

Customers :

· Petro Chemical

· Food Processing

· Klaus Union GMBH and Company KG. Germany

· Klaus Union Engineering Private Limited India

· Copes Vulcan – U. K.

· KSB Pumps Limited

· Virgo Engineers Limited

· Crane Process Flow Technologies (I) Limited

· Nirmal Industries

· Uni Klinger Limited

· Flowserve Microfinish Pumps Private Limited

· CSI Group of Companies

· Flowserve Microfinish Valves Private Limited

· Swing Check / Globe / SSG / Gate / Valve Casting and Pump Casting

· Swing Check / Globe / SSG / Gate / Valve Casting and Pump Casting

· Valve Casting

· Pump Casting

· Ball Valve Casting

· Butterfly and Gate Valve Casting

· Breather, Control Valve Casting

· Control Valve Casting

· Pump Casting

· Banglore and USA - Fully Machined Components

· Ball Valve Castin

No. of Employees :

20 (Approximately)

Bankers :

• Axis Bank Limited, Trishul 3^rd Floor, Opposite Samartheshwar Temple, Law Garden, Ellisbridge, Ahmedabad – 380 006, Gujarat, India
• Axis Bank Limited, Azad Chowk, Amrai Road, Opposite Collector’s Bunglow, Sangli – 416 416, Maharashtra, India
• HDFC Bank
• The Shamrao Vitthal Co-Operative Bank Limited
• Canara Bank
• The Saraswat Co-Operative Bank
• Bank of Baroda, Miraj Branch, P B No.20, High School Road, Miraj – 416410, Maharashtra, India

Secured Loans	31.03.2009 Rs. In Millions	31.03.2008 Rs. In Millions
Axis Bank C.C. Hypothecation 1090	54.783	66.616
Axis Bank EPC 02	5.279	0.000
Axis Bank Term Loan	25.538	14.879
Axis Bank B/D A/C 268	28.589	0.000
ICICI Bank Car Loan (Wagon-R, Zen)	0.000	0.185
Total	114.189	81.680

Unsecured Loans	31.03.2009 Rs. In Millions	31.03.2008 Rs. In Millions
Sales Tax Deferral Loan and Vat D. Loan	7.067	7.067
Total	7.067	7.067

Banking Relations :	--
Auditors :
Name :	P.V. Kulkarni and Company Chartered Accountants
Address :	Shri Vasudeo Chintan, Vishrambag, Sangli – 416 415, Maharashtra, India
Tel No.:	91-233-2300302
Fax No.:	91-233-2300302
Pan No :	ABIPK8416B

CAPITAL STRUCTURE

AS ON (31.03.2009)

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
415000	Equity Shares	Rs.10/- each	Rs.4.150 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		4.150	4.150	4.145
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		79.425	59.999	23.971
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		83.575	64.149	28.116
LOAN FUNDS
1] Secured Loans		114.189	81.680	35.044
2] Unsecured Loans		7.067	7.067	10.067
TOTAL BORROWING		121.255	88.747	45.111
DEFERRED TAX LIABILITIES		1.755	1.819	0.721
TOTAL		206.586	154.715	73.948
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		43.193	33.709	13.358
Capital work-in-progress		9.562	0.701	0.000
INVESTMENT		0.101	0.101	0.101
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	76.409	101.340	49.898
	Sundry Debtors	87.545	84.965	40.533
	Cash & Bank Balances	23.537	2.399	6.193
	Other Current Assets	0.050	0.041	0.028
	Loans & Advances	43.955	28.291	26.466
Total Current Assets		231.496	217.036	123.118
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	42.576	66.523	47.251
	Other Current Liabilities	1.221	2.187	0.604
	Provisions	34.001	28.179	14.850
Total Current Liabilities		77.798	96.889	62.705
Net Current Assets		153.698	120.147	60.413
MISCELLANEOUS EXPENSES		0.032	0.057	0.076
TOTAL		206.586	154.715	73.948

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008	31.03.2007
	SALES
		Income	409.245	480.686	289.761
		Other Income
		TOTAL	409.245	480.686	289.761
Less	EXPENSES
		Office Expenses	375.432	423.199	259.398
		Administrative Expenses
		Advertising Expenses
		TOTAL	375.432	423.199	259.398
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		33.813	57.487	30.363
Less/ Add	DEPRECIATION/ AMORTISATION		4.285	2.895	1.529
	PROFIT BEFORE TAX		29.528	54.592	28.834
Less	TAX		10.102	18.564	9.806
	PROFIT AFTER TAX		19.426	36.028	19.028
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		59.999	23.971	NA
	BALANCE CARRIED TO THE B/S		79.425	59.999	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	60.715	54.087	NA
	TOTAL EARNINGS		60.715	54.087	NA
	IMPORTS
		Import	39.845	86.636	NA
		Highseas	Nil	2.786	NA
	TOTAL IMPORTS		39.845	89.422	NA
	Earnings Per Share (Rs.)		46.81	NA	NA

Particulars	31.03.2010
Sales Turnover (Approximately)	450.000

Expected Sales (2010-2011) Rs. 500.000 millions

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	4.75	7.71	6.57
Return on Total Assets (PBT/Total Assets}	(%)	10.75	21.77	21.13
Return on Investment (ROI) (PBT/Networth)		0.35	0.85	1.03
Debt Equity Ratio (Total Liability/Networth)		2.38	1.51	3.83
Current Ratio (Current Asset/Current Liability)		2.97	2.24	1.96

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)	31.03.2007 (Rs. in millions)
Creditors for Goods	37.299	62.885	45.553
Creditors for Expenses	4.307	3.164	1.566
Creditors for Fixed Assets	0.970	0.474	0.132
	42.576	66.523	47.251

NOTE

The Registered Address of the company has been shifted from A-22, Shri Ram Apartment Opposite Ram Mandir, Nadives Road, Ichalkaranji – 416 115, Maharashtra, India to the present address w.e.f. 22.01.2007.

FUTURE OUTLOOK AND MARKET CONDITIONS:

Despite recessionary conditions in the economy and general slowdown in the global markets; the company has earned good profit during the year. The management is hopeful that on an improved general economic scenario company could witness further increase in the turnover of the company in the coming future.

Form No. 8

Corporate identity number of the company	U28910MH1997PTC108807
Name of the company	SHAH PRECICAST PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	E-35, MIDC Kupwad Block, Bamani Road, Sangli – 416 436, Maharashtra, India
This form is for	Modification of charge
Type of charge	· Immovable property · Any interest in immovable property · Book debts · Movable property (not being pledge) · Others
Particular of charge holder	Axis Bank Limited Trishul 3^rd Floor, Opp. Samartheshwar Temple, Law Garden, Ellisbridge, Ahmedabad – 380 006, Gujarat, India
Nature of instrument creating charge	1. Letter of Agreement – Cash Credit Advances 2. Agreement cum Indemnity for Export Credit 3. Composite Hypothecation Deed 4. Deed of Hypothecation of current assets (Stock and Book Debts) 5. Deed of Hypothecation of Book Debts All Agreements constituting single charge.
Date of instrument Creating the charge	30.08.2007
Amount secured by the charge	Rs.70.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	· Rate of interest 1. For CC : BPLR – 2.50% i.e. presently 12.50% p.a. payable monthly 2. For EPC: Upto 120 days: BPLR – 4.50% i.e. presently 10.50% p.a. payable monthly. For 120 days: BPLR presently 15.00% p.a. payable monthly 3. For FBD: Upto 180 days: BPLR – 4.50% i.e. presently 10.50% p.a. payable upfront. For more than 180 days overdues BPLR + 2% i.e. 17% p.a. payable upfront. RBI/Bank guidelines shall be followed for overdue bills. · Terms of repayment Period of CC: 12 months payable on demand. In case of EPC tenor of each transaction shall be 120 days and the tenor of facility is 12 months. In case of FBD: Tenor of each transaction shall be 180 days and the tenor of facility is 12 months. · Margin In case of CC : 25% In case of EPC : 10% · Extent and operation of the charge The charge shall remain in operation until the full satisfaction of principle loan amount, interest thereon, other charges and costs.
Particulars of the property charged	1. All Current Assets including stocks and book debts both present and future 2. All the fixed assets of the company both present and future and including present land and building.
Particulars of the present modification	Cash credit facility has been increased from Rs.35.000 millions to Rs.70.000 millions i.e. an enhancement of Rs.35.000 millions. Export packing credit (EPC/PSC) facility has been increased from Rs.15.000 millions to Rs.20.000 millions i.e. an enhancement of Rs.5.000 millions

Corporate identity number of the company	U28910MH1997PTC108807
Name of the company	SHAH PRECICAST PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	E-35, MIDC Kupwad Block, Bamani Road, Sangli – 416 436, Maharashtra, India
This form is for	Creation of charge
Type of charge	Immovable property Movable property (not being pledge)
Particular of charge holder	Axis Bank Limited, Azad Chowk, Amrai Road, Opposite Collector’s Bunglow, Sangli – 416 416, Maharashtra, India CIN No: L65110GJ1993PLC020769 E-Mail: sangli.branchead@axisbank.com
Nature of instrument creating charge	Term Loan Agreement Supplemental deed of hypothecation Both documents constituting single charge
Date of instrument Creating the charge	05.03.2009
Amount secured by the charge	Rs.27.100 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest BPLR – 2.75% i.e. presently 13.00% p.a. with monthly rests (present banks BPLR being 15.75% p.a.) Terms of repayment Tenure of loan 36 months Repayment in 29 monthly installments of Rs.0.900 million and last installments being Rs.1.000 million Margin 0% Extent and operation of the charge The charge shall remain in operation until the full satisfaction of principle loan amount, interest thereon, other charges and costs.
Particulars of the property charged	Assets created out of the proposed capex and extension of exclusive first charge on entire fixed assets of the company both present and future including hypothecation of moveable fixed assets and extension of EM on immovable properties of the company including fixed assets and extension of EM on immovable properties of the company including land situated at Plot No.E-35, Plot No.J-6, and Plot No.E-36, MIDC Kupwad, Sangli and Gat No.490/1 and 496/1 behind indane gas sangli and extension of exclusive hypothecation charge on entire current assets both present and future.

Corporate identity number of the company	U28910MH1997PTC108807
Name of the company	SHAH PRECICAST PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	E - 35, MIDC Kupwad Block, Bamani Road, Sangli – 416436, Maharashtra, India
This form is for	Modification of charge
Type of charge	Immovable Property Any interest in Immovable Property
Particular of charge holder	BANK OF BARODA
Nature of instrument creating charge	Memorandum of Entry for Extention of Equitable Mortgage.
Date of instrument Creating the charge	10/02/2010
Amount secured by the charge	Rs.25.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 0.25% Below BPLR i.e. 11.75% p.a. Terms of Repayment Term of Facility 12 Months. Margin 25% On Stock and Book Debts. Extent and Operation of the charge The Charge Shall Remain In Operation Till The Satisfaction Of Principle, Interest, Charges And Other Costs Accrued Thereon.
Short particulars of the property charged	Land Situated At Plot No. E-35, Sangli-Miraj Industrial Area, Village: Kupwad, Taluka: Miraj, District: Sangli Admeasuring About 2,580 Sq. Mtrs. Land Situated At Plot No. E-36, Sangli-Miraj Industrial Area, Village: Kupwad, Taluka: Miraj, District: Sangli Admeasuring About 3,383 Sq. Mtrs. Land Situated At Plot No. J-6, Sangli-Miraj Industrial Area, Village: Kupwad, Taluka: Miraj, District: Sangli Admeasuring About 4,050 Sq. Mtrs. Land Situated At S. No. 490/1, Sangli-Miraj Industrial Area, Village: Kupwad, Taluka: Miraj, District: Sangli Admeasuring About 8,200 Sq. Mtrs.
Particulars of the present modification	Additional Security was provided by way of an Extension of Equitable Mortgage.

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Furniture
• Office Equipment
• Computer
• Car
• Motor Cycle

WEBSITE DETAILS:

PROFILE:

Subject is a jobbing steel casting foundry was started in Feb 1998 on the foundation of commitment to supply quality castings at competitive price. Though young in age, it uses the long experience of its Promoters and Directors.

Strategically located at 400km south of Mumbai, the financial capital of India. It is easily accessible by Road, Rail and Air. The dedication of our team drove them to develop complicated and critical castings in various steel / Alloy Steel / Corrosion resistant Stainless Steel grades including super duplex and high nickel alloys. Their success lies in their strong belief that Customer Comes First and it is their prime job to keep him competitive.

They cater mainly to OEM's in Valve and Pump Industry.

With a installed capacity of 900 tonnes of casting per annum, they supply castings from 5 kgs to 250 kgs single piece as per all international specifications like ASTM, DIN, BS, JIS etc and to customers specification.

They endeavour to have a close rapport and excellent relationship with our valued customers and our goal is to respond quickly and professionally to all enquiries and requirements.

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.45.53
UK Pound	1	Rs.72.78
Euro	1	Rs.62.14

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	YES
--AFFILIATION	YES/NO	NO
--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.