MIRA INFORM REPORT

Report Date :

03.10.2011

IDENTIFICATION DETAILS

Name :	SOCIEDADE DE FOMENTO INDUSTRIAL PRIVATE LIMITED
Registered Office :	Villa Flores Da Silva, Erasmo Carvalho Street Post Box No. 31, Margao, Goa – 403 601, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	23.08.1967
Com. Reg. No.:	11-000075
Capital Investment / Paid-up Capital :	Rs.2.500 millions
CIN No.: [Company Identification No.]	U31200GA1967PTC000075
TAN No.: [Tax Deduction & Collection Account No.]	BLRS08606D
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Iron Ore, Ferro manganese Ore.
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (69)

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 52000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as 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.

INFORMATION DECLINED BY

Name :	Mr. Bhatt
Designation :	Finances
Contact No.:	91-832-2720700/ 2441000
Date :	03.10.2011

LOCATIONS

Registered Office :	Villa Flores Da Silva, Erasmo Carvalho Street Post Box No. 31, Margao, Goa – 403 601, India
Tel. No.:	91-832-2732346 - 49 /2512856 / 2730651 / 2731573
Mobile No.:	91- 9822487570 (Ms. Shilpa K Dhulapkar)
Fax No.:	91-832-2730651
E-Mail :	fomento@fomento.com accounts@fomento.com shiplap.acs@gmail.com
Website :	www.fomento.com
Location :	Owned

DIRECTORS

AS ON 30.06.2010

Name :

Mr. Auduth Modu Timblo

Designation :

Chairman

Address :

La Marvel Colony, Dona Paula, North Goa-403004, Maharashtra, India

Date of Birth/Age :

01.03.1949

Date of Appointment :

01.02.1993

DIN No.:

00181589

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	U73100GA1971PTC000121	FOMENTO ENGINEERING AND CONSTRUCTIONS PRIVATE LIMITED	Director	12-08-74	12-08-74	Active	NO
2	L55101GA1971PLC000113	FOMENTO RESORTS AND HOTELS LIMITED	Director	20-07-76	20-07-76	Active	NO
3	U31200GA1967PTC000075	SOCIEDADE DE FOMENTO INDUSTRIAL PRIVATE LIMITED	Managing director	01-02-93	01-02-93	Active	NO
4	U35111GA1971PTC000107	FOMENTO BARGES PRIVATE LIMITED	Director	27-09-94	27-09-94	Active	NO
5	U31200GA1957PLC000127	MORMUGAO MARITIMA LIMITED	Director	02-02-01	02-02-01	Active	NO
6	U63023GA2000PLC002903	SHELVONA RIVERSIDE RAILWAY TERMINAL LIMITED	Director	02-02-01	02-02-01	Active	NO
7	U70109GA1997PTC002282	FOMAR PRIVATE LIMITED.	Director	02-08-02	02-08-02	Active	NO
8	U90001GA2009PTC006241	FOMENTO GREEN AND WASTE MANAGEMENT SERVICES PRIVATE LIMITED	Director	18-12-09	18-12-09	Active	NO

Name :

Mr. Prashant Modu Timblo

Designation :

Director

Address :

29, Parijat, 95 Marine Drive, Nariman Point, Mumbai-400020, Maharashtra, India

Date of Birth/Age :

16.05.1955

Date of Appointment :

13.09.1994

DIN No.:

00563621

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	U31200GA1967PTC000075	SOCIEDADE DE FOMENTO INDUSTRIAL PRIVATE LIMITED	Director	30-09-94	30-09-94	Active	NO
2	U65990MH1997PTC107948	SHUBHARAMBH INCON PRIVATE LIMITED	Director	05-12-02	05-12-02	Active	YES
3	U51900MH2004PTC149418	FOMENTO TRADING PRIVATE LIMITED	Director	08-11-04	08-11-04	Active	YES

Name :

Mr. Francisco Pereira Lume

Designation :

Director

Address :

33, Senaulim, Verna, South Goa-403722, Maharashtra, India

Date of Birth/Age :

04.02.1950

Date of Appointment :

23.05.2005

DIN No.:

00347874

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	U31200GA1957PLC000127	MORMUGAO MARITIMA LIMITED	Director	19-09-91	19-09-91	Active	NO
2	U17119GA1973PTC000158	CRYSTAL TEXTILES PRIVATE LIMITED	Director	16-09-93	16-09-93	Active	NO
3	U17111GA1972PTC000155	PRATIMA TEXTILES PRIVATE LIMITED	Director	16-09-93	16-09-93	Active	NO
4	U73100GA1971PTC000122	CIMLA LABORATORIES PRIVATE LIMITED	Director	29-09-93	29-09-93	Active	NO
5	U17100MH1966PTC013536	SUSHMA FABRICS PRIVATE LIMITED	Director	26-09-94	26-09-94	Active	NO
6	U35111GA1971PTC000107	FOMENTO BARGES PRIVATE LIMITED	Director	27-09-94	27-09-94	Active	NO
7	U73100GA1971PTC000121	FOMENTO ENGINEERING AND CONSTRUCTIONS PRIVATE LIMITED	Director	19-09-96	19-09-96	Active	NO
8	U13207GA1999PTC002691	FOMENTO (KARNATAKA) MINING COMPANY PRIVATE LIMITED	Director	21-05-99	21-05-99	Active	NO
9	U63023GA2000PLC002903	SHELVONA RIVERSIDE RAILWAY TERMINAL LIMITED	Director	02-02-01	02-02-01	Active	NO
10	U13209GA1967PTC000074	M S TALAULICAR AND SONS PRIVATE LIMITED	Director	25-09-03	25-09-03	Active	NO
11	U14299GA1971PTC000110	HARDESH ORES PRIVATE LIMITED	Director	27-09-04	27-09-04	Active	NO
12	U31200GA1967PTC000075	SOCIEDADE DE FOMENTO INDUSTRIAL PRIVATE LIMITED	Director	23-05-05	23-05-05	Active	NO
13	U14299GA1972PTC000152	RAINBOW MINERALS PRIVATE LIMITED	Director	29-09-05	29-09-05	Active	NO
14	U25206GA2006PTC004355	PERNEM MOULDERS PRIVATE LIMITED	Director	18-01-06	18-01-06	Strike off	NO
15	U65923GA1991PTC001151	FOMENTO FINANCE AND INVESTMENTS PRIVATE LIMITED	Nominee director	30-09-06	30-09-06	Active	NO
16	U13209GA2010PTC006440	FOMENTO RESOURCES PRIVATE LIMITED	Director	08-07-10	08-07-10	Active	NO
17	U90001GA2009PTC006241	FOMENTO GREEN AND WASTE MANAGEMENT SERVICES PRIVATE LIMITED	Additional director	19-02-11	19-02-11	Active	NO

Name :

Mr. Yeluri Srinivas Reddy

Designation :

Director

Address :

H No.318/3, Sasanmoddi, Cacoda, Curchorem, South Goa-403706, Maharashtra, India

Date of Birth/Age :

10.05.1942

Date of Appointment :

23.05.2005

DIN No.:

00349657

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	U70109GA1997PTC002282	FOMAR PRIVATE LIMITED.	Director	21-02-97	21-02-97	Active	NO
2	U65923GA1991PTC001151	FOMENTO FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	29-09-04	29-09-04	Active	NO
3	U31200GA1967PTC000075	SOCIEDADE DE FOMENTO INDUSTRIAL PRIVATE LIMITED	Director	23-05-05	23-05-05	Active	NO
4	U90001GA2009PTC006241	FOMENTO GREEN AND WASTE MANAGEMENT SERVICES PRIVATE LIMITED	Director	18-12-09	18-12-09	Active	NO

KEY EXECUTIVES

Name :	Mr. Dilip M Timblo
Designation :	Economic Adviser
Name :	Ms. Shilpa K Dhulapkar
Designation :	Company Secretary
Address :	327, Dhulapi, Corllm, Jlhas, Goa-403110, Maharashtra, India
Name :	Mr. Bhatt
Designation :	Finances

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2010

Names of Shareholders	No. of Shares
Auduth Modu Timblo	18334
Dilip Modu Timblo	6666
Total	25000

AS ON 30.06.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Iron Ore, Ferro manganese Ore.

Products :

ITC CODE	PRODUCTS
26011101	Iron Ore Lumps
26011103	Iron Ore Fines
26011105	Iron Ore Concentrates

GENERAL INFORMATION

No. of Employees :	600 (Approximately)
Bankers :	· State Bank of India, Commercial Branch, Shri Vidyadhiraj Bhavan, Francisco Luis Gomes Road, Vasco Da Gama, Goa-403802, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	H K Aparanji Chartered Accountant
Address :	2^nd Floor, Corporation Building, Chitaguppi Park, Lamington Road, Hubli-580020, Karnataka, India
Tel No.:	91-836-2210650 / 2210850
Subsidiaries :	· Fomento Finance and Investments Private Limited CIN No.: U65923GA1991PTC001151
Associates :	· Foento Barges Private Limited · M. S. Talaulikar and Sons Private Limited · Foment Resorts and Hotels Limited · Cimla Laboratories Private Limited · Fomento Finance and Investments Company Private Limited · Mina Ore Transport Private Limited · Hardesh Ores Private Limited · Mormugao Maritima · Fomento Karnataka Private Limited · Marine Infrastructure (Goa) Private Limited · Infrastructure Logistics Private Limited · Fomento Green and Waste Management’s Company Private Limited

CAPITAL STRUCTURE)

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions
50000	Unclassified Shares	Rs.100/- each	Rs.5.000 Millions
	Total		Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 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		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		13235.508	8901.995	5555.346
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		13238.008	8904.495	5557.846
LOAN FUNDS
1] Secured Loans		0.000	0.000	18.660
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	18.660
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
Deferred Payment Liabilities		8.177	8.099	8.645
TOTAL		13246.185	8912.594	5585.151
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		894.555	832.274	577.968
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		569.414	4097.002	3536.418
DEFERREX TAX ASSETS		49.897	34.642	17.689
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	580.394	529.130	498.127
	Sundry Debtors	567.734	243.531	415.403
	Cash & Bank Balances	9746.784	3674.051	379.382
	Other Current Assets	1067.986	80.182	48.875
	Loans & Advances	780.651	596.203	523.895
Total Current Assets		12743.549	5123.097	1865.682
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	569.567	281.754	227.467
	Other Current Liabilities	111.663	52.167	45.139
	Provisions	330.000	840.500	140.000
Total Current Liabilities		1011.230	1174.421	412.606
Net Current Assets		11732.319	3948.676	1453.076
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		13246.185	8912.594	5585.151

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	TURNOVER		NA	7425.112	5108.708
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA
		Advertising Expenses
		TOTAL	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		6110.198
				2445.160	2353.961
Less	FINANCIAL EXPENSES		0.288
				[including	[including
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		6109.910	Financial and Deprecation	Financial and Deprecation
				Expenses]	Expenses]
Less/ Add	DEPRECIATION/ AMORTISATION		154.671
	PROFIT BEFORE TAX		5955.239	4979.952	2754.747
Less	TAX		1621.725	1633.303	317.619
	PROFIT AFTER TAX		4333.514	3346.649	2437.128
	EXPORT VALUE		6367.705	6990.851	4854.031
	IMPORTS
		Stores & Spares	32.347	20.109	17.175
		Capital Goods	2.777	136.931	116.947
	TOTAL IMPORTS		35.124	157.040	134.122
	Earnings Per Share (Rs.)		--	133865.97	97485.11

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	43.51	83.14	111.92
Return on Investment (ROI) (PBT/Networth)		0.45	0.56	0.50
Debt Equity Ratio (Total Liability/Networth)		0.08	0.13	0.08
Current Ratio (Current Asset/Current Liability)		12.60	4.36	4.52

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2010	31.03.2009	31.03.2008
	(Rs. In Millions)
Sundry Creditors for suppliers and Services	569.567	281.754	227.467
Total	569.567	569.5670	1139.134

PERFORMANCE OF THE COMPANY

During the year the Company has made a net profit of Rs.4333.513 millions against the net profit of Rs.3346.649 millions in the previous year. Net profit of the year is carried over in the Profit and Loss Account to subsequent year.

The aggregate value of iron Ore exported by the company during the year was Rs.6367.705 millions as against Rs.6990.852 millions in the previous year.

Company has exported during the year 2910500 W.M.T. of Iron Ore as against 2421925 W. M. T. in the previous year.

CONTINGENT LIABILITIES:

a. Guarantees amounting to Rs.898.016 millions given by bankers to various Government Departments, against which the company has kept fixed deposits amounting to Rs.919.175 millions also includes guarantees given by bankers in the name of Hardesh Ores Private Limited, Margao (an associate Company) amounting to Rs.6.000 millions.

b. With the application of the Goa, Daman and Diu mining concession (abolition and declaration of mining leases) Act, 1987 with effect from 23.05.1987 dead rent becomes payable with retrospective effect from 20.12.1961. Approximate liability on this account for he period up to 31.03.1990 is Rs. 1.028 millions. No provision for the recovery of dead rent with retrospective effect and stay has been granted by Bombay High Court Bench, Panjim, not to enforce the recovery.

c. Estimated amount of contracts (including net of advances) remaining to be executed on capital account Rs. Nil.

d. Disputed Income Tax Liability for the Assessment year 2003-04 to 2006-07 amounting to Rs.890.400 millions including interest of Rs.323.500 millions. The Company has debited a sum of Rs.689.600 millions till 31.03.2010 (paid under protest)

e. Letter of Credits issued in favour of suppliers Rs.2.709 millions.

FORM 8

Corporate identity number of the company	U31200GA1967PTC000075
Name of the company	SOCIEDADE DE FOMENTO INDUSTRIAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Villa Flores Da Silva, Erasmo Carvalho Street Post Box No. 31, Margao, Goa – 403 601, Maharashtra, India
This form is for	Creation of charge
Type of charge	Others Hypothecation on Iron Ore, Spares
Particular of charge holder	State Bank of India, Commercial Branch, Shri Vidyadhiraj Bhavan, Francisco Luis Gomes Road, Vasco Da Gama, Goa-403802, Maharashtra, India
Nature of instrument creating charge	1. Sanction of working capital facilities of state bank of India vide their letter no. Agreement/ CBV/KES/08-09/026 dated 12.08.2008 2. Agreement of loan cum hypothecation dated 30.10.2008
Date of instrument Creating the charge	30.10.2008
Amount secured by the charge	Rs.396.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As per sanction of working capital facilities by state bank of India vide their letter no. AGM/CBV/KES/08-09/026 dated 12.08.2008 Enclosed thereto under SBI exporters gold card scheme under multiple banking Terms of repayment As per sanction of working capital facilities by state bank of India vide their letter no. AGM/CBV/KES/08-09/026 dated 12.08.2008 Enclosed thereto under SBI exporters gold card scheme under multiple banking Margin As per sanction of working capital facilities by state bank of India vide their letter no. AGM/CBV/KES/08-09/026 dated 12.08.2008 Enclosed thereto under SBI exporters gold card scheme under multiple banking Extent and operation of the charge As per sanction of working capital facilities by state bank of India vide their letter no. AGM/CBV/KES/08-09/026 dated 12.08.2008 Enclosed thereto under SBI exporters gold card scheme under multiple banking and agreement of loan cum hypothecation dated 30.10.2008
Short particulars of the property charged (Including location of the property)	Hypothecation On Iron Ore, Spares (150% Of The Limits) As per sanction of working capital facilities by state bank of India vide their letter no. AGM/CBV/KES/08-09/026 Dated 12.08.2008 enclosed thereto under SBI exporters gold card scheme under multiple banking and agreement of loan cum hypothecation dated 30.10.2008

FIXED ASSETS

· Land

· Building

· Jetties

· Barges

· Plant and Machinery

· Aerial Camera System

· Railway Siding

· Truck and Mini Bus

· Garage Equipment

· Mining Equipment

· Furniture and Fixtures

· Computers

· Office Equipment

· Laboratory Equipment

· Electrical Equipment

· Canteen 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.48.93
UK Pound	1	Rs.76.52
Euro	1	Rs.66.65

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		69

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.