MIRA INFORM REPORT

Report Date :

16.05.2011

IDENTIFICATION DETAILS

Name :	KETAN PLASTIC INDUSTRIES PRIVATE LIMITED
Registered Office :	Survey No. 363 (1) (13), shree Ganesh Industrial Estate, Kachigaon, Daman and Diu, Goa - 396 210, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.06.1996
Com. Reg. No.:	11-2124
Capital Investment / Paid-up Capital :	Rs.9.625 millions
CIN No.: [Company Identification No.]	U25201DD1996PTC002124
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Polypropylene and polypropylene woven products.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 200000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION PARTED BY

Name :	Mr. Dhanesh Jhunjhunwala
Designation :	Director
Contact No.:	91-9324800017
Date :	13.05.2011

LOCATIONS

Registered Office :	Survey No. 363 (1) (13), shree Ganesh Industrial Estate, Kachigaon, Daman and Diu, Goa – 396 210, Maharashtra, India
Tel. No.:	91-260-2242231
Mobile No.:	91-9324800017 (Mr. Dhanesh Jhunjhunwala)
Fax No.:	91-260-2242231
E-Mail :	sales@ketanindia.com dhanesh@ketanindia.com
Website :	www.ketanindia.com
Area :	2000 Sq. ft.
Location :	Owned
Factory :	597/2 (4), village Dhabel, Daman, Maharashtra, India
Area :	70000 Sq.ft.
Location :	Owned
Administrative Office :	DS-2, Mathuradas mill compound, Lower Parel, Mumbai – 400012, Maharashtra, India
Tel. No.:	91-22-24929204
Fax No.:	91-22-24973466
E-Mail :	kpil@vsnl.com

DIRECTORS

As on : 29.09.2010

Name :	Mr. Dhanesh Jhunjhunwala
Designation :	Director
Address :	6/5 Bhagwati Apartments S V Road, Malad (West), Mumbai – 400 064, Maharashtra
Date of Birth/Age :	01.06.1968
Qualification :	B.Com
Date of Appointment :	20.06.1996
Name :	Mrs. Draupatidevi Banwarilal Jhunjhunwala
Designation :	Director
Address :	6/5 Bhagwati Apartments S V Road, Malad (West), Mumbai – 400 064, Maharashtra
Date of Birth/Age :	10.03.1941
Date of Appointment :	20.06.1996
Name :	Mr. Banwarilal Radheshyam Jhunjhunwala
Designation :	Director
Address :	6/5 Bhagwati Apartments S V Road, Malad (West), Mumbai – 400 064, Maharashtra
Date of Birth/Age :	10.11.1932
Qualification :	B.Com LLB
Date of Appointment :	01.10.2007
DIN No.:	00001024
Name :	Mr. Ramakant Banwarilal Jhunjhunwala
Designation :	Director
Address :	6/5 Bhagwati Apartments S V Road, Malad (West), Mumbai – 400 064, Maharashtra
Date of Birth/Age :	13.01.1962
Qualification :	B.E
Date of Appointment :	01.10.2007
DIN No.:	00001022

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2010

Names of Shareholders	No. of Shares
Ramakant Banwarilal Jhunjhunwala	53500
Draupatidevi Banwarilal Jhunjhunwala	241000
Jhunjhunwala Dhanesh Mona	53500
Banwarilal Radheshyam Jhunjhunwala	66125
Dhanesh Banwarilal Jhunjhunwala	216635
Madhu Ramakant Jhunjhunwala	139125
Kavita Naresh Jhunjhunwala	26625
Naresh Banwarilala Jhunjhunwala	26010
Ketan Plastic Industries Private Limited, Mumbai	75000
Ramakant Ketan Jhunjhunwala	65000
TOTAL	962520

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	7.79
Directors or relatives of directors	92.21
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Polypropylene and polypropylene woven products.

Products :

Item Code No. (ITC Code)	3926.90
Product Description	HDPE/PP Woven Fabric
Item Code No. (ITC Code)	3923.90
Product Description	Plastic HDPE/PP/LDPE BAGS
Item Code No. (ITC Code)	3915.90
Product Description	Plastic Scrap

Exports :

Products :

Plastic Bags

Countries :

Far East, Europe, UK and Middle east

Imports :

Products :

Raw Material

Countries :

Far East, Europe, Singapore

Terms :

Selling :

Cash and Credit (30/60/90 days)

Purchasing :

Cash and Credit (30/60/90 days)

PRODUCTION STATUS (AS ON : 31.03.2010)

Class of Goods: - HDPE/PP tapes/fabrics/sacks laminated/ unlaminated

Installed capacity (In tones) :- 6840.00

Particulars	Units	Actual Production
HDPE/PP Plastic Sacks	Pcs	24676256
Plastic fabrics laminated	Kg	336110.400
Plastic fabrics unlaminated	Kg	2029858.400
Plastic bags	Pcs	2273619
Plastic Scrap	Kg	126579.100
Plastic Sheet Tubing	--	0.000

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

200 (Approximately)

Bankers :

· Bank of India, Malad (West) Branch, Opposite Nataraj Market, S V Road, Malad (West), Mumbai – 400 064, Maharashtra, India

· UCO Bank

· Dena Bank

Facilities :

Secured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
Term Loan 2845C (From the economic Development Corporation of Goa Daman and Diu Limited Secured by Charge on all Movable Plant And Machinery of the Company both Present and future and equitable mortgaged on freehold Land and Building). Installments due with in one year Rs. 2.000 millions.	5.598	7.598
Interest Accrued and due on Term Loan	0.145	0.194
Term Loan from Bank of India (W) 003170210000009 (From Bank of India Malad(w) secured by charge on all movable plant and machineries of the company both present and future and equitable mortgage on freehold Land and building situated at Somnath )	82.499	0.000
Foreign Currency Working capital Loan	25.441	28.583
Export Packing Credit	2.053	0.000
Cash Credit-003130100801150 From Bank of India Malad West secured by Hypothecation of Book Debts and finished goods, Raw materials, WIP) (Term loan and working capital loan are guaranteed by the directors of the company)	20.051	0.284
Total	135.790	36.659

Unsecured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
From Company Ketan Plastic Private Limited	0.756	2.132
Vazir Polymers Limited	0.000	6.500
Niranjan Shipping Agency Private Limited	7.000	0.000
From Shareholders and relatives	28.122	25.619
Total	35.878	34.251

Banking Relations :	--
Auditors :
Name :	B.C. Jain Chartered Accountants
Address :	601, Jolly Bhawan No. 2, 51, New Marine Lines, Mumbai - 400 020, Maharashtra, India
Tel. No.:	91-22-43408888
E-Mail :	cacisa@jainandjain.com
Associates :	· Ketan Plastics Private Limited. · Ketan Polypack Address : Survey No. 363 (1) (13), shree Ganesh Industrial Estate, Kachigaon, Daman and Diu, Goa – 396 210, Maharashtra, India · Saksham Plastics · Polymac Plastics Address : Survey No. 363 (1) (13), shree Ganesh Industrial Estate, Kachigaon, Daman and Diu, Goa – 396 210, Maharashtra, India · Ashok Plastics · N.B.Jhunjhunwala and Company · Spur Electronics

CAPITAL STRUCTURE

As on 31.03.2010

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
962520	Equity shares	Rs. 10/- each	Rs.9.625 millions

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		9.625	6.625	6.625
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		40.234	26.829	26.362
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		49.859	33.454	32.987
LOAN FUNDS
1] Secured Loans		135.790	36.659	33.648
2] Unsecured Loans		35.878	34.251	10.234
TOTAL BORROWING		171.668	70.91	43.882
DEFERRED TAX LIABILITIES		10.022	7.061	7.028
TOTAL		231.549	111.425	83.897
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		158.067	93.277	55.783
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.018	0.019	0.041
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	45.524	26.738	26.741
	Sundry Debtors	58.426	23.440	17.310
	Cash & Bank Balances	5.395	4.014	2.701
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	19.902	6.672	14.027
Total Current Assets		129.247	60.864	60.779
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	52.783	3.447	4.376
	Sundry Creditors		38.849	26.901
	Provisions	3.000	0.439	1.429
Total Current Liabilities		55.783	42.735	32.706
Net Current Assets		73.464	18.129	28.073
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		231.549	111.425	83.897

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	411.625	185.799	198.502
		Other Income	1.654	0.576	0.579
		TOTAL (A)	413.279	186.375	199.081
Less	EXPENSES
		Office Expenses
		Administrative Expenses	371.856	174.069	183.761
		Advertising Expenses
		TOTAL (B)	371.856	174.069	183.761
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		41.423	12.306	15.320
Less	FINANCIAL EXPENSES (D)		13.440	7.206	6.527
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		27.983	5.100	8.793
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.624	4.057	3.828
	PROFIT BEFORE TAX (E-F) (G)		16.359	1.043	4.965
Less	TAX (I)		5.960	0.472	1.598
	PROFIT AFTER TAX (G-I) (J)		10.399	0.571	3.367
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		26.129	25.662	22.566
	BALANCE CARRIED TO THE B/S		36.535	26.129	25.662
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	75.694	51.609	50.832
	TOTAL EARNINGS		75.694	51.609	50.832
	IMPORTS
		CIF Value of Imports	226.097	31.595	17.694
	TOTAL IMPORTS		226.097	31.595	17.694
	Earnings Per Share (Rs.)		10.93	3.22	5.08

Particulars	31.03.2011
Sales Turnover (Approximately)	600.000

Expected Sales ( 2011-2012 ) : Rs.1000.000 millions

The above information has been parted by Mr. Dhanesh Jhunjhunwala.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.51	0.31	1.69
Net Profit Margin (PBT/Sales)	(%)	3.97	0.56	2.50
Return on Total Assets (PBT/Total Assets}	(%)	5.69	0.68	4.25
Return on Investment (ROI) (PBT/Networth)		0.32	0.03	0.15
Debt Equity Ratio (Total Liability/Networth)		4.56	3.40	2.32
Current Ratio (Current Asset/Current Liability)		2.31	1.42	1.86

LOCAL AGENCY FURTHER INFORMATION

sundry creditors details:-

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry creditors	(Rs. in millions)
For goods	NA	27.882	23.447
For expenses and capital goods	NA	10.967	3.454
TOTAL	NA	38.849	26.901

OPERATIONS:-

During the year the company has achieved a sales of Rs.411.625 millions. The Directors are hopeful of better results during the current Financial Year

CONTINGENT LIABILITY NOT PROVIDED FOR:

Estimated amount of contracts remaining to be executed on capital account (Net of advance) Rs. 15.000 millisons (50.000 millions)

Outstanding Bank Guarantees Rs. 0.216 millions (Rs. 8.116 millions)

Letter of credit issued by bank Rs. 6.099 millions (Rs. 4.775 millions)

The Sales Tax Authorities have raised demand of Rs. 21323/- for the year ended 31st March 99 and Rs. 0.056 millions for the year ended 31st March 2000. The company has preferred appeal against the order and in appeal the order is remanded back to officer for recalculation.

FORM : 8

Bankers Charges Report as per Registry

Name of the company	KETAN PLASTIC INDUSTRIES PRIVATE LIMITED
Presented By	KETAN PLASTIC INDUSTRIES PRIVATE LIMITED
1) Date and description of instrument creating the change	Equitable Mortgage, term loan agreement deed of hypothecation and floating charge all dated 4th November 1996
2) Amount secured by the charge/amount owing on the securities of charge	Rs.17.300 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	1^st charge over the plot of land bearing survey no. 363(1)(I13) admeasuring 1141.25 Sq. Mts. In the Property known as Shree Ganesh Industrial Estate, Kachigam Village, Daman, more particularly described in the term loan agreement (copy attached herewith) alongwith Plant and Machinery , Furniture and fixture, Tools Accessories etc. more particularly described in the schedule annexed to the deed of hypothecation.
4) Gist of the terms and conditions and extent and operation of the charge.	The term loan is repayable in 24 quaterly installments with a moratorium of 1 ½ years, the 1^st 14 installments shall be 0.700 million and last 10 installments shall be of 0.750 million each. The rate of interest shall be 21.50%p.a. inclusive of interest tax or such higher rates as may be stipulated by the corporation from time to time. In the event of default penal interest at such rates as stipulated by the corporation in addition to the normal rate of interest charged by the corporation. Minimum margin of 25% to be maintained on fixed assets considered as security.
5) Name and Address and description of the person entitled to the charge.	The Economy Development Corporation of Goa, Daman and diu Limited. etc House Dr. A. B. Road, Panji- Goa, India
6) Date and brief description of instrument modifying the charge	Deed of hypothecation dated 28.12.2005 for additional term loan Rs.12.000 millions
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.	Original charges dated 04.11.1996 for Rs.17.300 millions First modification of charges dated 15.10.2001 raising the charge by Rs.28.970 millions Second modification of charges dated 30.09.2002 raising the charge by Rs.11.000 millions Third modification of charges dated 17.08.2004 reducing the charge by Rs.17.300 millions The present modification of charges dated 28.12.2005 increasing the charge by Rs.12.000 millions Making the total Charge to Rs.25.397 millions

Corporate identity number of the company	U25201DD1996PTC002124
Name of the company	KETAN PLASTIC INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Survey No.363(1)(13), Shree Ganesh Industrial Estate, Kachigaon, Daman, Daman and Diu – 396210, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Bank of India, Malad (West) Branch, Opp. Nataraj Market , S V Road , Malad (West), Mumbai – 400064, Maharashtra, INDIA
Nature of instrument creating charge	Supplemental Deed of Hypothecation
Date of instrument Creating the charge	08/04/2011
Amount secured by the charge	Rs. 90.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest CC(Stocks + Book Debts): 2.75% over BR presently 12.25% p.a. with monthly rests, LC (I/F 90 days): as per extant guidelines or at such other rate(s) as may be notified by the Bank from time to time. Terms of repayment On Demand Margin As may be required by the Bank from time to time Extent and operation of the charge Security 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 and also for due repayment Contd.. in (e) Others Other of all present and future indebtedness and 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 (between advocate and client) and expenses. Revised Facilities and Limits (Rs. in millions) : 1) CC(Stocks +Book Debts) Rs.55.000 millions, 2)EPC:Rs.10.000 millions, 3)FBP Rs.10.000 millions Max (1+2+3) Rs.55.000 millions, 4) LC (I/F 90 days) Rs.35.000 millions, 5) Comfort Letter (Buyer's Credit) Rs.35.000 millions Max (4+5) Rs.35.000 millions Total Rs.90.000 millions .
Short particulars of the property charged (Including location of the property)	a)All tangible movable machineries and plant both present and future, b) All tangible movable properties and assets and Stocks of Raw Material, Finished goods etc. of whatsoever nature of the Borrower bot b)(present and future) wheresoever situate at Daman or elsewhere, c)All present and future Book Debts, Outstanding, money receivables, claims, bills which are now due and owing or which may c) any time hereafter during continuance of this security become due and owing to Borrower. Details as per supplemental deed attached.
Date of instrument modifying the charge	15/04/2009
Particulars of the present modification	The principal amount of charge on the hypothecated assets is enhanced to Rs.90.000 millions. Revised Facilities and Limits: 1)CC(Stocks +Book Debts) Rs.55.000 millions, 2)EPC:Rs.10.000 millions, 3)FBP Rs.10.000 millions -Max (1+2+3) Rs.55.000 millions, 4)LC (I/F 90 days) Rs.35.000 millions, 5) Comfort Letter (Buyer's Credit) Rs.35.000 millions - Max (4+5) Rs.35.000 millions, Total Rs.90.000 million.

TRADE REFERENCES :

· Kerala Feeds Limited

· GAIL (India) Limited

· Hindalco

Fixed Assets:-

· Freehold Land

· Factory Building

· Plant and Machinery

· Vehicles

· Electrical Installation

· Flat at Vapi

· Office Equipments

· Furniture and Fixture

· Computers

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. 44.91
UK Pound	1	Rs. 73.05
Euro	1	Rs. 64.03

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.