MIRA INFORM REPORT

Report Date :

21.04.2012

IDENTIFICATION DETAILS

Name :	UNIVERSAL CORPORATION BVBA
Registered Office :	Hoveniersstraat 53 Antwerpen 2018
Country :	Belgium
Financials (as on) :	30.09.2010
Date of Incorporation :	17.07.1998
Com. Reg. No.:	463862215
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	No Complaints
Litigation :	Clear

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)
Belgium	A1	A1

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

REGISTERED NAME & COMPANY SUMMARY

Business number	463862215	Company name	UNIVERSAL CORPORATION BVBA
Safe number	BE00396213	Telephone number	032132396
Address	HOVENIERSSTRAAT 53 ANTWERPEN	Fax number	022030137
Post code	2018	Number of staff	-
Date of establishment	17/07/1998
Business number	463862215	Company name	UNIVERSAL CORPORATION BVBA
Fax number	022030137	Date founded	17/07/1998
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	30/09/2010
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0463.862.215
Belgian Bullettin of Acts Publications	moniteur belge

DIRECTORS/MANAGEMENT

Current director details

Name	NIMISH MODY
Position	Principal Manager
Street	96 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Name	NIMISH MODY
Position	Non Statutory Partner
Street	96 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Former director details

NEGATIVE INFORMATION

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details

Business number	463862215
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Individual Shareholders

Shareholder Name
Forename	Sunil	Middle name	-
Surname	Shah
Shareholder Details
Start date	14/07/1998	End date	-
Percentage owned	-
Shareholder Address
Street name	Mechelsesteenweg	House number	195
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

Shareholder Name
Forename	Nimish	Middle name	-
Surname	Mody
Shareholder Details
Start date	14/07/1998	End date	-
Percentage owned	-
Shareholder Address
Street name	Belgiëlei	House number	96
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

PAYMENT INFORMATION

Payment expectations

Past payments		Payment expectation days	156.75
Industry average payment expectation days	187.77	Industry average day sales outstanding	143.20

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	156.75
Day sales outstanding	121.96

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	187.77
Industry average day sales outstanding	143.20

Industry quartile analysis

Payment expectations	View graph
Company result	156.75
Lower	134.01
Median	88.52
Upper	47.15
Day sales outstanding	View graph
Company result	121.96
Lower	115.33
Median	59.92
Upper	26.51

GROUP STRUCTURE & AFFILIATED COMPANIES

Summary

Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

Click the company to view / order a report.

No group structure for this company.

Ultimate holding company

Safe number	Company name	Company Number	View linked companies from outside this company's group structure
-	-	-	No linked companies have been found.

FINANCIAL INFORMATION

Profit & loss

Annual accounts	30-09-2010	%	30-09-2009	%	30-09-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	6,955,924	108	3,331,090	31.77	2,527,928	47,143,354	-85.25
Total operating expenses	6,927,120	109	3,311,319	31.65	2,515,209	46,543,265	-85.12
Operating result	28,804	45.68	19,771	55.45	12,719	208,616	-86.19
Total financial income	0	120	0	-	-	154,358	-99
Total financial expenses	10,484	21.34	8,640	87.95	4,597	304,031	-96.55
Results on ordinary operations before taxation	18,320	64.58	11,131	37.05	8,122	42,734	-57.13
Taxation	4,708	201	-2,340	-223	1,900	15,423	-69.47
Results on ordinary operations after taxation	13,611	1.04	13,471	116	6,222	32,266	-57.82
Extraordinary items	0	-	0	-	0	9,738	-100
Other appropriations	0.00	-	0.00	-	0	-	-
Net result	13,611	1.04	13,471	116	6,222	42,001	-67.59
other information
Dividends	-	-	-	-	-	326,298	-
Director remuneration	-	-	-	-	-	113,424	-
Employee costs	-	-	-	-	-	143,868	-
Wages and salary	-	-	-	-	-	126,514	-
Employee pension costs	-	-	-	-	-	7,164	-
Social security contributions	-	-	-	-	-	30,693	-
Other employee costs	0	-	0	-	0	3,189	-100
Amortization and depreciation	4,201	93.68	2,169	17.44	1,847	20,783	-79.79

BALANCE SHEET

Annual accounts	30-09-2010	%	30-09-2009	%	30-09-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	1,700	-100
Tangible fixed assets	6,972	37.32	5,077	-9.89	5,634	193,851	-96.40
Land & building	-	-	-	-	-	361,124	-
Plant & machinery	1,680	-33.33	2,520	-25.00	3,360	26,260	-93.60
Other tangible assets	5,292	106	2,557	12.43	2,274	27,427	-80.71
Financial fixed assets	800	0	800	0	800	308,794	-99
Total fixed assets	7,772	32.24	5,877	-8.66	6,434	404,451	-98.08
Inventories	1,194,931	14.19	1,046,480	-11.97	1,188,768	3,035,941	-60.64
Raw materials & consumables	-	-	-	-	-	2,393,499	-
Work in progress	0	-	0	-	0	2,088	-100
Finished goods	0	-	0	-	0	2,002,221	-100
Other stocks	1,194,931	14.19	1,046,480	-11.97	1,188,768	513,417	132
Trade debtors	2,324,152	100	1,157,111	-13.31	1,334,712	3,856,220	-39.73
Cash	268,447	67.49	160,279	11.04	144,338	267,764	0.26
other amounts receivable	2,578	88.64	1,367	-34.69	2,093	335,884	-99
Miscellaneous current assets	0	-	0	-100	1	40,485	-100
Total current assets	3,790,108	60.24	2,365,237	-11.41	2,669,912	7,035,231	-46.13
current liabilities
Trade creditors	2,974,955	94.67	1,528,221	-34.91	2,347,745	2,677,594	11.11
Short term group loans	-	-	-	-	-	-	-
Other short term loans	0	-	0	-	0	1,912,866	-100
Miscellaneous current liabilities	713,558	-4.49	747,138	203	246,317	777	- -
Total current liabilities	3,688,513	62.11	2,275,358	-12.29	2,594,062	4,389,699	-15.97
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	0	-	0	720,494	-100
Total long term debts	0	-	0	-	0	1,307,891	-100
shareholders equity
Issued share capital	18,592	0	18,592	0.00	18,592	966,109	-98.08
Share premium account	-	-	-	-	-	183,372	-
Reserves	90,774	17.64	77,163	21.15	63,692	713,412	-87.28
Revaluation reserve	-	-	-	-	-	715,893	-
Total shareholders equity	109,366	14.21	95,755	16.37	82,284	1,698,427	-93.56
Working capital	101,595	13.04	89,878	18.49	75,850	2,645,533	-96.16
Net worth	109,366	14.21	95,755	16.37	82,284	1,696,727	-93.55

ratio analysis

Annual accounts	30-09-2010	change(%)	30-09-2009	change(%)	30-09-2008	Industry average 2010	%
Trading performance
Profit Before Tax	0.26	-21.21	0.33	3.12	0.32	-1,00	26.00
Return on capital employed	16.75	44.15	11.62	17.73	9.87	17,00	-1.47
Return on total assets employed	0.48	2.13	0.47	56.67	0.30	-79,00	0.61
Return on net assets employed	16.75	44.15	11.62	17.73	9.87	18,00	-6.94
Sales / net working capital	68.47	84.75	37.06	11.19	33.33	36,00	-99
Stock turnover ratio	17.18	-45.32	31.42	-33.19	47.03	64,00	-73.16
Debtor days	121.96	-3.81	126.79	-34.21	192.72	162,00	-24.72
Creditor days	156.75	-6.95	168.45	-50.56	340.70	161,00	-2.64
short term stability
Current ratio	1.03	-0.96	1.04	0.97	1.03	8,00	-88.56
Liquidity ratio / acid ratio	0.70	20.69	0.58	1.75	0.57	5,00	-86.00
Current debt ratio	33.73	41.96	23.76	-24.64	31.53	9,00	274
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	-	-	-	-	-	150,00	-
Equity in percentage	2.88	-28.71	4.04	31.60	3.07	-1.515,00	0.19
Total debt ratio	33.73	41.96	23.76	-24.64	31.53	9,00	274

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
30/09/2010	6,955,924	18,320	109,366
30/09/2009	3,331,090	11,131	95,755
30/09/2008	2,527,928	8,122	82,284

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
30/09/2010	3,797,880	800	18,592	268,447	0
30/09/2009	2,371,113	800	18,592	160,279	0
30/09/2008	2,676,346	800	18,592	144,338	0

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Companies that match this address

Business number	Company name	Date of accounts
404925906	ADLER-FALLIK SCHREIBER-TRAU	-
404947977	DIAMOND CUTTERS ANTWERP BVBA	31/12/2010
404952234	ESPEKA BVBA	31/12/2010
404954313	SOCIÉTÉ DIAMANTAIRE FINKELSTEIN CH. & CO NV	31/12/2010
404955796	M. FRISCH EN CIE BVBA	-
406178590	B.I.B. DIAMONDS BVBA	31/12/2010
406291626	AMDIACOR BELGIUM	-
412623350	J WORMS EN ZOON BVBA	31/12/2010
412711145	H BIRNBAUM	-
413178230	ROSY BLUE NV	31/12/2010
413636110	INTERNATIONAL DIAMOND EXPORTERS BVBA	31/12/2010
414804068	HYGIENIC ELECTRIC SEAT COMPANY EN LIQUIDATION BVBA	-
414821290	FACETED GEARTS INC IN VEREFFENING BVBA	-
414852667	NIPUR BVBA	31/12/2010
417082875	YONIGEM	-
417174729	DIAMOND PREPARERS MANUFACTURERS IN VEREFFENING BVB	31/12/2002
417528580	ORIËNT GEM BVBA	31/12/2010
417528580	ORIËNT GEM BVBA	31/12/2010
419122251	BONJA IN VEREFFENING NV	-
419620317	COMABEL	-
419746021	SISO BVBA	31/12/2010
419896568	ANTWERP DIAMOND EXPORT IN VEREFFENING BVBA	31/12/2005
420170643	R O W DIAMOND MANUFACTURING CY IN VEREFFENING	-
420397505	MOHANKOR	-
420492228	GEM TRADING COMPANY BVBA	31/12/2010
420958917	GEM TRADING JEWELLERY CORPORATIO IN VEREFFENING BV	31/12/2008
421643063	DIAMAKOR BVBA	-
421691761	DIASTAR NV	31/12/2010
421691761	DIASTAR NV	31/12/2010
421691761	DIASTAR NV	31/12/2010
421997807	DAWNYDIAM	-
422846952	A. FEJBUSCH DIAMONDS BVBA	-
423032638	COMPAGNIE DIAMANTAIRE ANVERSOISE PVBA IN VEREFFENI	-
423119938	STELMAN INTERNATIONAL DIAMOND DEALERS NV	31/12/2008
423128153	CITY DIAMONDS IN VEREFFENING	-
423275831	PHIDIOR BVBA	31/12/2010
423306119	N. SHAH & CO BVBA	31/12/2010
424507434	EUROSTAR DIAMOND MANUFACTURING BVBA	31/12/2002
425534347	EUROSTAR DIAMOND POLISHERS BVBA	31/12/2005
426722695	EUROSTAR BEVEL BVBA	31/12/2003
426722695	EUROSTAR BEVEL BVBA	31/12/2003
429380002	COSMOPOLITAN DIAMONDS	-
429616463	FILDIAM BVBA	31/12/2010
430000010	ALMAZI INTERNATIONAL BVBA	31/12/2010
430693955	DIALAP ANTWERP BVBA	31/12/1998
431637033	RIO TINTO DIAMONDS NV	31/12/2010
435329169	DACAS B.V. BVBA	31/12/2010
435467147	INTERNATIONAL DIAMOND DEALERS NV	31/12/1998
435824166	R B DIAMANTSLIJPERIJ BVBA	31/12/2010
436120512	MICKEY WEINSTOCK & CO NV	31/12/2010
436120512	MICKEY WEINSTOCK & CO NV	31/12/2010
436310354	SHAH IMEXPORT BVBA	31/12/2010
436559782	DOCTOR DIAMOND NV	30/06/2011
436561564	DIAMONDAX BVBA	30/06/2011
437796236	VAN WAUWE DIAMONDS NV	31/12/2010
437796236	VAN WAUWE DIAMONDS NV	31/12/2010
439347444	MID BELGIUM BVBA	31/12/2010
439347444	MID BELGIUM BVBA	31/12/2010
439767910	ESPEKA JEWELS, IN VEREFFENING BVBA	-
440255680	WESTEL INTERNATIONAL NV	-
440709701	SANKET DIAMONDS BVBA	31/12/2010
440710095	DIAMSTONES BVBA	31/12/2010
441568051	DIAMOND CITY DEVELOPMENT COMPANY NV	-
442106796	REX MINING COMPANY NV	31/03/2011
442820440	PINK STAR BVBA	31/12/2010
443117279	EUROSTAR DIAMOND TRADERS NV	31/12/2010
444382041	GEMASIA BVBA	31/12/2010
447811485	SPORTS OF CLUB OF INDIA NV	14/11/2010
448349341	TRAU BROS NV	31/12/2010
448511865	PEGASUS DIAMONDS NV	31/12/2010
448511865	PEGASUS DIAMONDS NV	31/12/2010
448601046	SMOLENSK DIAMONDS NV	31/12/2010
449043286	KEDIAM BVBA	31/12/2010
449290637	RUSSDIAM NV	31/12/1998
450211543	UNIVERSAL TRADERS NV	30/09/2010
450425933	CH. FINKELSTEIN EN CO INDUSTRIAL DIVISION BVBA	31/12/2010
451015158	EXCELLENT SLIJPERIJ IN VEREFFENING NV	31/12/2002
451653279	ULTIMATE DIAMONDS BVBA	31/12/2010
452005152	EURO JEWELLERY BVBA	31/12/2010
452466891	ROSY BLUE SERVICES NV	31/12/2010
452540929	STELDIAM NV	31/12/2000
452844993	UBM DIAMONDS NV	31/12/2010
455286623	MYRANI DIAMOND COMPANY IN VEREFFENING BVBA	31/12/1998
455949785	PAME NV	31/12/2010
457542664	V.T.REST SPRL	31/12/2006
460132960	DRAGON DIAMOND TRADING IN VEREFFENING NV	31/12/2000
460618950	PRIMESTAR NV	31/12/2007
461038525	M 2 F JEWELRY COMPANY BVBA	31/12/2010
461765926	SAGAR DIAM IN VEREFFENING EBVBA	31/12/2005
463612686	D & L DIAMONDS BVBA	31/12/2003
465395310	MEGHDIAM BVBA	31/12/2010
467087266	SAM DIAMONDS NV	31/12/2010
467165064	CENTURY DIAMONDS BVBA	31/12/2006
467166351	REX DIAMONDS NV	31/03/2011
471702684	DIAMONDFLOOR.COM NV	31/07/2010
472005661	THE LOVE DIAMOND COMPANY NV	31/12/2010
472129187	N&S DIAMONDS BVBA	31/12/2010
472227375	EUROSTAR INVESTMENTS NV	31/12/2002
473008523	SHAILEY GEMS BVBA	31/12/2010
473201632	MAUBOUSSIN DIAMONDS IN VEREFFENING NV	31/12/2006
474070474	NATURAL DIAMOND CORPORATION NV	31/12/2010
474131743	PASSION JEWELS BVBA	31/12/2010
474451249	FACET DIAMONDS BVBA	31/12/2010
475260309	IMMO GEM INVEST NV	30/06/2011
475376709	DIAMOND INTERNATIONAL EBVBA	31/12/2010
475395713	KIMI INTERNATIONAL IN VEREFFENING BVBA	31/12/2010
477718466	A-STAR BELGIUM BVBA	31/12/2010
478124678	DHRUV STAR BVBA	31/12/2010
478160807	PUNTO BVBA	31/12/2010
479419827	SELECT JEWELLERY BVBA	31/12/2010
479736561	L.I.D.BELGIUM IN VEREFFENING BVBA	31/12/2006
480298468	ALHAMBRA NV	30/06/2011
480762385	STAR EXCEL BVBA	31/12/2009
503389616	COHEN FREDERIK	-
506243790	ZAIDMAN JACQUES EN JOZEF	-
506351183	UNGER DAVID	-
506401564	NISSIM AMOS	-
506465704	VAN GHELDER ANDRÉ CONSTANCE L	-
506485894	GOOVAERTS EMIEL HUBERT	-
506502029	LIBERMENSZ SERGE ALAIN	-
506506482	SUSSWEIN LÉON	-
506507967	KOHLEN TESSA SAMUEL	-
506511333	VAN GHELDER ANDRÉ CONSTANCE	-
509682639	HANDELSMAN NEUMIE	-
511075182	ZELDENRUST MAX	-
512773276	POLAKIEWICZ CHAIM	-
512775454	BLITS RONALD SAMUEL LEOPOLD	-
817289534	YDI (BELGIUM) BVBA	31/12/2010
817647147	FIRESTAR DIAMOND BVBA	31/03/2011
818155705	GM DIAMONDS BVBA	31/12/2010
819093239	BHAVYA BVBA	31/12/2010
820308709	CORDMAX TRADING (ANTWERP) BVBA	31/12/2010
824078247	TRILLION STAR BVBA	31/12/2010
825630445	THE BEAN COMPANY BVBA	-
826601930	AGNOLEX BVBA	30/06/2011
830908730	ARKOT DIAMONDS BVBA	-
831228137	PROJECT PELIKAANSTRAAT NV	-
861945958	TACHE ENTERPRISES CVA	31/12/2010
866044209	AGL PEARLS BVBA	31/12/2010
866347679	STELMAN JEWELRY BVBA	31/12/2010
874577041	INTERGOLD EUROPE NV	31/08/2010
874584266	DIMEXON ANTWERP NV	31/12/2010
875128060	DIAMONDS DREAMS BVBA	31/12/2010
884322769	OCARAT IN VEREFFENING BVBA	31/12/2007
887002246	ABB SUGAR FREE NV	-
887002741	BHANSALI EQUITIES BELGIUM IN VEREFFENING NV	31/12/2009
896896444	J & R JEWELLERY BVBA	31/12/2010
899795457	PRIVATE DIAMOND CLUB BVBA	31/07/2010

NOTES & COMMENTS

Na

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

- Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.00
UK Pound	1	Rs.83.54
Euro	1	Rs.68.40

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	--

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%)

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.