MIRA INFORM REPORT

Report Date :

07.11.2011

IDENTIFICATION DETAILS

Name :	LASER SHAVING (INDIA) PRIVATE LIMITED (w.e.f. 16.06.2011)
Formerly Known As :	MALHOTRA SHAVING PRODUCTS PRIVATE LIMITED (w.e.f. 17.04.2001) MALHOTRA SHAVING PRODUCTS LIMITED (w.e.f. 30.03.2001) INDO SWING PRIVATE LIMITED (w.ef. 30.03.2001)
Registered Office :	Malhotra House, 6–3–1186, Begumpet, Hyderabad – 500016, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.05.1960
Com. Reg. No.:	01-1926
Capital Investment / Paid-up Capital :	Rs.5.962 Millions
CIN No.: [Company Identification No.]	U93020AP1960PTC001926
TAN No.: [Tax Deduction & Collection Account No.]	HYDM01413G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Razor Blades.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 2180000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an old and established company having satisfactory track.l 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	Malhotra House, 6-3-1186, Begumpet, Hyderabad - 500 016, Andhra Pradesh, India
Tel. No.:	91-23720091/ 23720094/ 23720095
Fax No.:	91-40-23402458/ 23402468/ 23720097
E-Mail :	info@malhotra.com, malhotrahyd@sancharnet.in
Website :	http://www.malhotra.com
Factory :	Plot No. 30, Narsapur Road, Balanagar, Hyderabad - 500 037, Andhra Pradesh, India
Administration Office :	P – 12, New C.I.T. Road, Kolkata – 700073, West Bengal, India
Tel. No.:	91-33-22346430 - 7 (8 Lines)
Fax No.:	91-33-22255328
E-Mail :	malhotra@cal2.vsnl.net.in
Branch Office :	5^th Floor, Malhotra House, Opp. G.P.O. Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-22697581
Fax No.:	91-22-22616739
E-Mail :	info@malhotra.com
Overseas Office :	Laser Shaving (U. K.) Limited Atlantic House, Alperton Lane, Middlesex Wembley HAO 1JJ, United Kingdom
Tel. No. :	00-44-208-5668762
Fax No. :	00-44-208-5668763

DIRECTORS

As on 26.09.2011

Name :

Mr. Manohar Mulchand Khemani

Designation :

Director

Address :

11-B, BHEL Enclave, Akbar Road, Near Tadbund Secunderabad – 500 003, Andhra Pradesh, India

Date of Birth/Age :

09.01.1939

Date of Appointment :

02.01.1995

DIN No. :

00090467

Name :

Mr. Mukesh Arora

Designation :

Director

Address :

1E/9, Jhandewalan Extension , New Delhi – 110 060, India

Date of Birth/Age :

04.02.1956

Date of Appointment :

02.09.2000

Date of Ceasing :

24.02.2009

PAN No :

ACOPA5460A

DIN No. :

00366031

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U93020AP1960PTC001926	Laser Shaving (India) Private Limited	Director	29/09/2009	2/09/2000	-	Active	NO
U74140WB1945PTC012705	Harbanslal Malhotra and Sons Private Limited	Additional director	3/10/2008	3/10/2008	24/02/2009	Active	NO

Name :

Mr. Rajeswar Prosad Varma

Designation :

Director

Address :

GD 45, Rajdanga Main Road, Kasba, Kolkata – 700 107, West Bengal, India

Date of Birth/Age :

14.11.1946

Date of Appointment :

07.08.2006

Date of Ceasing :

20.11.2007

Pan No :

ABQPV8370B

DIN No :

00384923

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U67120WB1984PTC037949	Modest Investment Company Private Limited	Director	2/05/1989	2/05/1989	20/11/2007	Active	NO
U67120WB1984PTC037950	Talent Investment Company Private Limited	Director	1/06/1989	1/06/1989	20/11/2007	Active	YES
U01300WB1963PTC025797	Malhotra Fincon Private Limited	Director	26/03/1992	26/03/1992	-	Active	NO
U28939WB1961PTC025177	Malhotra Spear Jackson Saws Mfg. Company Private Limited	Director	3/12/2003	3/12/2003	20/11/2007	Active	NO
U93020AP1960PTC001926	Laser Shaving (India) Private Limited	Director	29/09/2006	7/08/2006	-	Active	NO

Name :

Mr. Raman Khurana

Designation :

Additional Director

Address :

7/1A, Acharya Jagdish Bose Road, 2^nd floor, Kolkata-700017, West Bengal, India

Date of Birth/Age :

08.03.1950

Date of Appointment :

01.07.2008

Date of Ceasing :

23.06.2008

DIN No. :

00360021

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U51109WB1984PTC037232	Malhotra Marketing Private Limited	Director	30/03/1988	30/03/1988	23/06/2008	Active	NO
U65993WB1979PTC032435	Malhotra Global Eximp Private Limited	Director	2/05/1989	2/05/1989	23/06/2008	Active	NO
U51109WB1981PTC086870	N.V. Exports Private Limited	Director	31/07/2006	31/07/2006	23/06/2008	Active	NO
U65993WB1977PTC098241	Ks Investment Company Private Limited	Director	31/07/2006	31/07/2006	23/06/2008	Active	NO
U93020AP1960PTC001926	Laser Shaving (India) Private Limited	Director	30/09/2008	1/07/2008	-	Active	NO

Name :

Mr. Ajay Kumar

Designation :

Director

Address :

J – 111, First Floor, Sihi Ward No. 21, Sector – 10, DLF, Ballabgarh (Sihi), Faridabad – 121006, Haryana, India

Date of Birth/Age :

05.02.1956

Date of Appointment :

21.04.2008

DIN No. :

00423419

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U32309DL1993PTC053001	Sri Venketeswara Industrial Combine Private Limited	Director	31/03/2000	31/03/2000	-	Active	NO
U93020AP1960PTC001926	Laser Shaving (India) Private Limited	Director	30/09/2008	21/04/2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. V Venkatachalam
Designation :	Company Secretary
Address :	Flat No.302, Stepling Court Apartments, Balamrai, Secunderabad, Andhra Pradesh
Date of Birth/Age :	10.09.1962
Date of Appointment :	23.03.1992

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2011

Names of Shareholders	No. of Shares
Surinder Nath Malhotra	1000
Ved Prakash Malhotra	2358
Soni Malhotra	2000
Lajja Malhotra	2026
Navin Prakash Malhotra	5180
Seema Malhotra	3004
Navin Prakash Malhotra as Karta of M/s. N P. Malhotra (HUF)	100
Laser Shaving Products Private Limited, India	5683
Dominion Engineering Private Limited, India	17076
Deccan Fasteners Private Limited, India	17076
Surinder Nath Malhotra as Karta of M/s. S. N. Malhotra (HUF)	112
Ved Prakash Malhotra as Karta of M/s. V.P. Malhotra (HUF)	3506
Ved Prakash Malhotra and Mr. Surinder Nath Malhotra, C/o. Ved Charity Trust, India	500
Total	59621

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	15.57
Bodies corporate	66.81
Other top fifty shareholders	17.62
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Razor Blades.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO (ITC CODE)
Safety Razor Blades	82122001
Twin Track Shaving System	82121001
Cold Rolled Strips	7220.20

· Triple Blade Systems

· Triple Blade Disposables

· Firm Grip Disposables

· Smoothstrip Disposables

· Long Handle Disposables

· Twin Blade Disposables

· Premium Shaving System

· Twin Blade Systems

· Double edge Blades

· D/ E Razors and Brushes

· Shaving Gel

· Shaving Cream

· Shaving Foam

· After Shave Lotion

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
a.) (i) Safety Razor Blades/	in Millions	NA	2500	2203
(ii) Razors	in Millions	NA	500	Nil
b.) S. S.Razors Semi Finished	in Nos.	NA	3520000	0
c.) Safety Razor Strips	in MT	NA	2100	1894
d.) Machinery	Nos	NA	NA	1
e.) Components	Nos	NA	NA	79
f.) For Captive consumption and sale
(i) Concast Slab	in MT	NA	35000	5484
(ii) Hot Rolled Strips	in MT	NA	33600	Nil
(iii) Cold Rolled Strips	in MT	NA	9000	944
(iv) Normahzmg Capacity	in MT	NA	3600	3525

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Punjab National Bank, International Banking Branch, Barakhamba Road, New Delhi – 110001, India

· HDFC Bank Limited, Central Plaza, Kolkata, West Bengal, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Punjab National Bank – Cash Credit Account (From Bank against hypothecation of raw materials, Stores and Spares, Consumable, Book Debts, Stock in Process, Finished Goods, Stock in Transit, Goods in Warehouses or Godowns of the Company, the same may be both present and future)	48.903	80.768
Total	48.903	80.768
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Shareholders	57.576	90.631
From Bodies Corporate	66.844	107.942
Total	124.420	198.573

Banking Relations :	--
Auditors :
Name :	M. Mukerjee and Company Chartered Accountant
Address :	24, Netaji Subhas Road, Kolkata – 700001, West Bengal, India
PAN.:	AAFFM3769H

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1025000	Equity Shares	Rs.100/- each	Rs.102.500 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
68196	Equity Shares	Rs.100/- each	Rs.6.820 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
59621	Equity Shares	Rs.100/- each	Rs.5.962 Millions

Of the above :

a) 1000 Equity Shares of Rs.100/- each have been allotted pursuant to a contract for a consideration other than cash as fully paid up.

b) 3499 Equity Shares of Rs.100/- each have been allotted as fully paid up by way of Bonus Shares by Capitalisation of General Reserve.

c) 2601 Equity Shares of Rs.100/- each fully paid up issued during the year 2007-08 pursuant to the Scheme of Merger for consideration other than cash.

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		5.962	5.962	3.410
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		541.431	519.898	463.408
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		547.393	525.860	466.818
LOAN FUNDS
1] Secured Loans		48.903	80.768	45.848
2] Unsecured Loans		124.420	198.573	148.448
TOTAL BORROWING		173.323	279.341	194.296
DEFERRED TAX LIABILITIES		33.010	10.194	24.613
TOTAL		753.726	815.395	685.727
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		716.682	657.065	559.241
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.450	2.450	2.454
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	257.976	255.524	290.233
	Sundry Debtors	61.479	83.868	162.531
	Cash & Bank Balances	31.569	29.455	82.196
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	410.037	426.691	527.581
Total Current Assets		761.061	795.538	1062.541
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	311.985	222.397	378.522
	Other Current Liabilities	347.471	351.746	482.545
	Provisions	67.046	65.558	77.492
Total Current Liabilities		726.502	639.701	938.559
Net Current Assets		34.559	155.837	123.982
MISCELLANEOUS EXPENSES		0.035	0.043	0.050
TOTAL		753.726	815.395	685.727

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	2080.047	1564.571	1288.954
		Other Income		44.424	83.570
		TOTAL (A)	2080.047	1608.995	1372.524
Less	EXPENSES
		Purchase of Allied Products		22.889	32.191
		Purchase of Trading Goods		0.010	0.000
		Cost of Material Consumed	1903.836	772.533	707.391
		Manufacturing Expenses		151.594	123.151
		Increase/ Decrease in stock		41.394	(0.858)
		Payments to and Provisions for Employees		198.297	176.838
		Scientific Research and Development Expenses		1.669	1.636
		Selling Administration and Other Expenses		267.563	233.942
		TOTAL (B)	1903.836	1455.949	1274.291
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		176.211	153.046	98.233
Less	FINANCIAL EXPENSES (D)		18.786	22.304	44.299
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		157.425	130.742	53.934
Less/ Add	DEPRECIATION/ AMORTISATION (F)		75.169	73.815	33.578
	PROFIT BEFORE TAX (E-F) (G)		82.256	56.927	20.356
Less	TAX (H)		55.441	(2.091)	12.751
	PROFIT AFTER TAX (G-H) (I)		26.815	59.018	7.605
Add	(SHORT)/ EXCESS PROVISION OF INCOME TAX OF EARLIER YEARS		(1.806)	(0.530)	0.000
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		479.349	428.761	426.791
	APPROPRIATIONS
		Transfer to General Reserve	2.681	5.902	0.761
		Proposed Dividend	2.981	1.708	0.852
		Tax on Proposed Dividend	0.495	0.290	0.145
	BALANCE CARRIED TO THE B/S		498.201	479.349	432.639
	EARNINGS IN FOREIGN CURRENCY
		FOB of Exports	270.582	364.343	176.606
	TOTAL EARNINGS		270.582	364.343	176.606
	IMPORTS
		Steel	13.479	13.512	NA
		Raw Materials	77.672	106.979	NA
		Packing Materials	3.982	1.347	NA
		Components and Spare Parts	32.582	25.477	NA
	TOTAL IMPORTS		127.985	147.315	NA
	Earnings Per Share (Rs.)		419.47	1711.79	240.06

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.29	3.66	0.55
Net Profit Margin (PBT/Sales)	(%)	NA	3.64	1.58
Return on Total Assets (PBT/Total Assets}	(%)	5.57	3.92	1.26
Return on Investment (ROI) (PBT/Networth)		0.15	0.11	0.04
Debt Equity Ratio (Total Liability/Networth)		1.64	1.75	2.43
Current Ratio (Current Asset/Current Liability)		1.05	1.24	1.13

LOCAL AGENCY FURTHER INFORMATION

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	90344593
Corporate identity number of the company	U93020AP1960PTC001926
Name of the company	LASER SHAVING (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Malhotra House, 6-3-1186, Begumpet, Hyderabad - 500 016, Andhra Pradesh, India Email Id : info@malhotra.com
Type of charge	Movable Property (not being pledge)
Particular of charge holder	Punjab National Bank, International Banking Branch, Barakhamba Road, New Delhi – 110001, India Email Id : pnbibbnd@yahoo.co.in
Nature of description of the instrument creating or modifying the charge	Packing Credit Agreement (Hypothecation) General Indemnity
Date of instrument Creating the charge	26.11.2007
Amount secured by the charge	Rs.190.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 9.75 % per annum Terms of Repayment Payable on Demand Margin 25% Extent and Operation of the charge First charge on Stock of raw material, work-in-progress finished goods, packing materials, consumable stores and spares etc. Others Nil
Short particulars of the property charged	Hypothecation of stock of raw material, work-in process, finished goods, packing materials, Consumable stores and spares, whether lying in the party’s godown/ warehouse of the Company or otherwise and receivables on first charge basis. Deposit of confirmed orders and/ or original irrevocable LCs of approved foreign banks
Date of latest modification prior to the present modification	23.08.2007
Particulars of the present modification	Out of existing Cash Credit Limits of Rs.70.000 Millions, a sum of Rs.50.000 Millions has been converted into Packing Credit by way of execution of Packing Credit Agreement (Hypothecation) and General Indemnity, dated 26.011.2007. The overall total limits of Rs.190.000 Millions remains same

FIXED ASSETS

· Land

· Compound wall at Gommadidala

· Staff Quarters

· Building (Ownership Flats)

· Factory Building

· Tube well

· Plant and Machinery

· Energy Saving / Air Pollution Device

· Furniture, Fixture and Office Equipment

· Electrical Installation

· Air Conditioner and Refrigerator

· Patents and Trademarks

· Vehicle

· Computer

· Weighing Scale

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.49.08
UK Pound	1	Rs.78.65
Euro	1	Rs.67.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--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		48

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.