1. Summary Information

		Country	India
Company Name	THE WEST BENGAL POWER DEVELOPMENT CORPORATION LIMITED	Principal Name 1	Mr. Krishna Gupta
Status	Satisfactory	Principal Name 2	Mr. Ashis Kumar Ghoshal
		Registration #	21-39154
Street Address	3/C, LA-Block, Sector – III, Bidhannagar, Kolkata – 700098, West Bengal
Established Date	05.07.1985	SIC Code	--
Telephone#	91-33-23393100	Business Style 1	Power Generation
Fax #	91-33-23393186	Business Style 2	--
Homepage	http://www.wbpdcl.co.in	Product Name 1	--
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.39,613,255,000/-	Product Name 3	--
Shareholders	Government [Central and State] 100.00%	Banking	IDBI Bank
Public Limited Corp.	No	Business Period	26 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	A (68)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	33,418,486,000	Current Liabilities	16,675,192,000
Inventories	4,004,875,000	Long-term Liabilities	65,531,989,000
Fixed Assets	84,586,597,000	Other Liabilities	3,937,354,000
Deferred Assets	000	Total Liabilities	86,144,535,000
Invest& other Assets	10,352,791,000	Retained Earnings	6,604,959,000
		Net Worth	46,218,214,000
Total Assets	132,362,749,000	Total Liab. & Equity	132,362,749,000
Total Assets (Previous Year)	117,552,054,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	51,329,089,000	Net Profit	233,535,000
Sales(Previous yr)	34,249,727,000	Net Profit(Prev.yr)	1,167,928,000

MIRA INFORM REPORT

Report Date :

28.11.2011

IDENTIFICATION DETAILS

Name :	THE WEST BENGAL POWER DEVELOPMENT CORPORATION LIMITED
Registered Office :	3/C, LA-Block, Sector – III, Bidhannagar, Kolkata – 700098, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	05.07.1985
Com. Reg. No.:	21-39154
Capital Investment / Paid-up Capital :	Rs.39613.255 Millions
CIN No.: [Company Identification No.]	U40104WB1985SGC039154
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in Power Generation.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (68)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 180000000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a State Government Company. It is a well established company having satisfactory track. The creditors and the lenders can be confident of their exposures in the company. Since it a government run company. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 / Corporate Office :	3/C, LA-Block, Sector – III, Bidhannagar, Kolkata – 700 098, West Bengal, India
Tel. No.:	91-33-23393100 / 3200 / 23350571
Fax No.:	91-33-23393186 / 3286 / 23350516
E-Mail :	wbpdcl@wbpdcl.co.in
Website :	http://www.wbpdcl.co.in

DIRECTORS

As on 22.09.2010

Name :

Mr. Krishna Gupta

Designation :

Managing Director

Address :

44, Irons De Road, Flat C/1, Kolkata-700019, West Bengal, India

Date of Birth/Age :

22.06.1966

Date of Appointment :

31.03.2010

Name :

Mr. Ashis Kumar Ghoshal

Designation :

Whole Time Director

Address :

2C, Dr. Panchanan Mitra Lane, Kolkata-700085, West Bengal, India

Date of Birth/Age :

09.08.1950

Date of Appointment :

01.11.2009

Election Commission Identity Card No.:

WB/22/155/237731

Name :

Mr. Monotoshi Raychaudhuri

Designation :

Director

Address :

Natural Green BD 37, Rabindra Pally, Flat No. 4A, Block 7, Kolkata – 700 059, West Bengal, India

Date of Birth/Age :

27.12.1951

Date of Appointment :

08.11.2004

Din No.:

00105266

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U40104WB1985SGC039154	THE WEST BENGAL POWER DEVELOPMENT CORPORATION LIMITED	Director	08-11-04	08-11-04	Active	NO
2	U70101WB1999SGC089276	WEST BENGAL HOUSING INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED	Director	05-08-11	05-08-11	Active	NO

Name :

Mr. Malay Kumar De

Designation :

Director

Address :

Flat No. 11, EE 188, Sector 11, Bidhannagar, Kolkata – 700 091, West Bengal, India

Date of Birth/Age :

22.09.1959

Date of Appointment :

07.12.2004

Din No.:

00117655

Other Directorship:

S. No.	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
1	U40108WB1998SGC087731	WEST BENGAL RURAL ENERGY DEVELOPMENT CORPORATION LIMITED	Director	30-11-04	30-11-04	06-07-11	Amalgamated	NO
2	U40104WB1985SGC039154	THE WEST BENGAL POWER DEVELOPMENT CORPORATION LIMITED	Director	01-06-10	07-12-04	-	Active	NO
3	U40109WB2003PLC096966	NEW TOWN ELECTRIC SUPPLY COMPANY LIMITED	Director	17-12-04	17-12-04	06-07-11	Active	NO
4	U40101WB2007SGC113474	WEST BENGALSTATE ELECTRICITY TRANSMISSION COMPANY LIMITED	Director	14-12-10	16-02-07	-	Active	NO
5	U40109WB2007SGC113473	WEST BENGALSTATE ELECTRICITY DISTRIBUTION COMPANY LIMITED	Director	01-07-11	26-02-07	-	Active	NO
6	U51211WB1973SGC028732	WEST BENGAL AGRO TEXTILE CORPORATION LIMITED	Director	20-04-07	20-04-07	20-04-07	Active	NO
7	U40108WB2007SGC121189	WEST BENGAL GREEN ENERGY DEVELOPMENT CORPORATION LIMITED	Director	25-06-09	26-12-07	-	Active	NO
8	U74140WB1997SGC084422	WEST BENGAL INFRASTRUCTURE DEVELOPMENT FINANCE CORPN LIMITED (WBGOVT COMPANY)	Director	26-10-10	26-10-10	-	Active	NO
9	U10102WB1996PLC076986	BENGAL EMTA COAL MINES LIMITED	Director	16-08-11	03-11-10	-	Active	NO
10	U70101WB1999SGC089276	WEST BENGAL HOUSING INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED	Director	05-08-11	05-08-11	-	Active	NO

Name :

Mr. Chanchalmal Bachhawat

Designation :

Director

Address :

E/3, 44, Iron Side Road, Kolkata-700019, West Bengal, India

Date of Birth/Age :

07.06.1956

Date of Appointment :

01.08.2009

Din No.:

02302769

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U15520WB1986SGC040530	EASTERN DISTILLERIES AND CHEMICALS LIMITED	Director	03-07-08	03-07-08	Active	YES
2	U40101WB2007SGC113474	WEST BENGALSTATE ELECTRICITY TRANSMISSION COMPANY LIMITED	Director	01-08-09	01-08-09	Active	NO
3	U40109WB2007SGC113473	WEST BENGALSTATE ELECTRICITY DISTRIBUTION COMPANY LIMITED	Director	01-08-09	01-08-09	Active	NO
4	U40104WB1985SGC039154	THE WEST BENGAL POWER DEVELOPMENT CORPORATION LIMITED	Director	01-08-09	01-08-09	Active	NO
5	U74140WB1997SGC084422	WEST BENGAL INFRASTRUCTURE DEVELOPMENT FINANCE CORPN LIMITED (WB GOVERNMENT COMPANY)	Director	24-06-11	17-08-09	Active	NO
6	U60100WB2008SGC127338	KOLKATA METRO RAIL CORPORATION LIMITED	Director	27-08-09	27-08-09	Active	NO
7	U70109WB1993SGC058358	WEST BENGAL STATE POLICE HOUSING CORPORATION LIMITED	Director	28-09-10	03-09-09	Active	NO
8	U75142WB1967SGC026988	WEST BENGAL INDUSTRIAL DEVELOPMENT CORPN LIMITED	Director	08-09-09	08-09-09	Active	NO
9	U93000WB2009SGC139803	WEST BENGAL SWAROJGAR CORPORATION LIMITED	Director	27-11-09	27-11-09	Active	NO

KEY EXECUTIVES

Name :	Mr. Amit Bhattacharyya
Designation :	Secretary
Address :	13, Sen Para Garfa Main Road, Jadavpur, Kolkata – 700 075, South 24 Parganas, West Bengal, India
Date of Birth/Age :	01.09.1955
Date of Appointment :	29.07.2004

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 22.09.2010

Names of Shareholders	No. of Shares
Governor of West Bengal, India	39613145
Gyan Gautama Dutt	90
Chanchalmal Bachhawat	10
Krishna Gupta	2
Sujit Dasgupta	2
Bhar Kalipada	2
Piyali Sengupta	2
Tapas Chaudhruikanti	2
Total	39613255

As on 22.09.2010

Equity Share Breakup	Percentage of Holding
Category
Government [Central and State]	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Power Generation.

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity
Kolaghat	MW	1260
Bakreswar	MW	1050
Bandel	MW	450
Santaldih	MW	490
Sangardighi	MW	600

GENERAL INFORMATION

Bankers :

· Indian Bank, Dharamtala Branch, 154 Lenin Sarani, Kolkata-700013, West Bengal, India

· Allahabad Bank

· Canara Bank

· IDBI Bank

Facilities :

SECURED LOANS	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Term Loans
Rural Electrification Corporation Limited	9068.924	9021.050
Power Finance Corporation	15422.856	16447.423
Consortium Loan for STPS 6^th Unit
From Allahabad Bank (Lead Banker)	1448.227	1035.842
From Canara Bank	1085.918	776.692
From IDBI Bank	854.583	611.231
From HFCL	724.113	517.913
From Indian Bank	905.266	647.482
Interest Accrued and Due	35.011	26.222
Allahabad Bank
Principal Balance	3500.000	0.000
Interest Accrued and due	15.128	0.000
Working Capital Loan
Bank of India	847.920	670.040
From Bank	1487.243	0.000
Total	35395.189	29753.895
UNSECURED LOAN
Government of West Bengal:
For Operation and Maintenance	3200.000	0.000
For Bakreshwar Project (JBIC)
For Unit Nos. I, II, and III	10984.844	15798.361
For Unit Nos. IV and V	13205.938	15165.745
Interest Accrued and Due for Bakreshwar Units IV and V	2705.081	1150.866
Power Finance Corporation	0.000	10.905
Power Finance Corporation (R and M KTPS)	40.937	95.520
Total	30136.800	32221.397

NOTE:

1. Secured against hypothecation of fixed assets of KTPS and BTPS and future assets at Santaldih Unit No. 5 to be created out of the loan sanctioned by Rural Electrification Corporation Limited

2. Secured against hypothecation of fixed assets at Sagardighi to be created out of the loan sanctioned by Power Finance Corporation Limited

3. Secured against hypothecation of movable assets at Santaldih and future assets to be created at Santaldih Unit No. 6 out of the Consortium Loan

4. Secured against hypothecation of Receivables.

Banking Relations :	--
Auditors :
Name :	N. Chaudhuri and Company Chartered Accountants
Address :	10, Old Post Office Street, 2^nd Floor, Room No. 61, Kolkata-700001, West Bengal, India
Tel. No.:	91-33-22485991/9899
Fax No.:	91-33-22489899
E-Mail :	nchaudhuri@dataone.in
Pan No.:	AADFN5325Q

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.1000/- each	Rs.50000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
39613255	Equity Shares	Rs.1000/- each	Rs.39613.255 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		39613.255	33226.023	31226.023
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6604.959	6348.452	5167.390
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		46218.214	39574.475	36393.413
LOAN FUNDS
1] Secured Loans		35395.189	29753.895	23520.237
2] Unsecured Loans		30136.800	32221.397	29599.857
TOTAL BORROWING		65531.989	61975.292	53120.094
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		111750.203	101549.767	89513.507
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		84586.597	64498.586	24930.729
Capital work-in-progress		10058.860	25872.683	50768.619
INVESTMENT		293.931	296.931	274.431
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4004.875	4725.425	4043.279
	Sundry Debtors	11253.946	7364.429	2423.114
	Cash & Bank Balances	5167.050	8028.277	14452.004
	Other Current Assets	12880.745	3484.815	1809.169
	Loans & Advances	4116.745	3280.908	2506.068
Total Current Assets		37423.361	26883.854	25233.634
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4761.632	2917.093	2355.729
	Other Current Liabilities	11913.560	9978.121	7105.072
	Provisions	3937.354	3107.073	2233.105
Total Current Liabilities		20612.546	16002.287	11693.906
Net Current Assets		16810.815	10881.567	13539.728
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		111750.203	101549.767	89513.507

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	51329.089	34249.727	27008.828
		Other Income	997.176	1233.494	1364.586
		TOTAL (A)	52326.265	35483.221	28373.414
Less	EXPENSES
		Generation, administration and other expenses	43479.612	31183.379	24070.918
		TOTAL (B)	43479.612	31183.379	24070.918
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8846.653	4299.842	4302.496
Less	FINANCIAL EXPENSES (D)		4683.845	1619.717	844.650
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4162.808	2680.125	3457.846
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3881.458	1357.844	1390.647
	PROFIT BEFORE TAX (E-F) (G)		281.350	1322.281	2067.199
Less	TAX (H)		47.815	154.353	238.623
	PROFIT AFTER TAX (G-H) (I)		233.535	1167.928	1828.576
Less	TRANSFER TO RESERVE FOR UNFORESEEN EXIGENCIES		125.645	125.645	250.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5776.472	4734.189	4153.265
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	50.000
		Dividend	0.000	0.000	8.497
		Tax on Dividend	0.000	0.000	939.155
	BALANCE CARRIED TO THE B/S		5884.362	5776.472	4734.189
	IMPORTS
		Stores & Spares	129.480	104.496	82.677
	TOTAL IMPORTS		129.480	104.496	82.677
	Earnings Per Share (Rs.)		7.01	37.06	70.09

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.45	3.29	6.44
Net Profit Margin (PBT/Sales)	(%)	0.55	3.86	7.65
Return on Total Assets (PBT/Total Assets}	(%)	0.23	1.45	4.12
Return on Investment (ROI) (PBT/Networth)		0.01	0.03	0.06
Debt Equity Ratio (Total Liability/Networth)		1.86	1.97	1.78
Current Ratio (Current Asset/Current Liability)		1.82	1.68	2.16

LOCAL AGENCY FURTHER INFORMATION

REVIEW OF OPERATIONS:

Gross Revenue during the year is Rs.52326.300 millions against Rs.35483.200 millions in the previous year 2008-09. The Company earned a Net Profit for the year of Rs.281.400 millions compared to net profit of Rs.1322.300 millions during the previous year. The net profit during the year has reduced compared to previous year. The net profit during the year has reduced compared to previous year. The net profit for the year 2009-10 is after consideration of Rs.7757.700 millions receivable against claim for Fuel Cost Adjustment and Rs.4900.600 millions receivable against claim for fixed cost adjustment as per WBERC regulation. The corresponding expenditure during 2009-10 and 2008-09 are Rs.52044.900 millions and Rs.34160.900 millions respectively.

During the year there were, six units of 210 MW each at Kolaghat Thermal Power Station, Five Units of 210 MW each (one Unit w.e.f. 27.06.2009) at Bakreswar Thermal Power Project, Four Units of 60 MW each and 1 Unit of 210 MW at Bandel Thermal Power Station, Two Units of 120 MW each and One Unit of 250 MW at Santaldih Thermal Power Station and Two Units of 300 MW each at Sagardighi Thermal Power Station, in operation.

FIXED ASSETS

· Land

· Building

· Water Supply Drainage and Sewerage

· Reservoir and Dam

· Transmission System

· Railway Siding

· Plat and Machinery

· Communication System

· Electrical Installation

· Air Conditioning System

· Furniture and Fixture

· Office Equipment

· Vehicles

· Guest House

· Hospital Equipment

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.52.17
UK Pound	1	Rs.80.64
Euro	1	Rs.69.43

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	7
--CREDIT LINES	1~10	8
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		68

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.