MIRA INFORM REPORT

Report Date :

24.04.2012

IDENTIFICATION DETAILS

Name :	SONAL ADHESIVES LIMITED
Registered Office :	2^nd Laxmi Industrial Estate, New Link Road, Andheri 9West0, Mumbai – 400053, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.11.1991
Com. Reg. No.:	11-064045
Capital Investment / Paid-up Capital :	Rs.60.610 Millions
CIN No.: [Company Identification No.]	L02004MH1991PLC064045
TAN No.: [Tax Deduction & Collection Account No.]	MUMS15824E MUMS39375A
PAN No.: [Permanent Account No.]	AAAACS6289A
Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.
Line of Business :	Manufacturer and Distributor of BOPP self – adhesive tape
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 320000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported usually correct and as per commitments. The company can be considered for business dealings with some cautions.

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 :	Ms. Geta
Designation :	Purchases Manager
Date :	23.04.2012

LOCATIONS

Registered Office :	2^nd Laxmi Industrial Estate, New Link Road, Andheri 9West0, Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-61316131 / 65702305
Fax No.:	91-22-61316132 / 65702305
E-Mail :	info@sonal.co.in magha2012@gmail.com
Website :	www.sonal.co.in
Area :
Location :	Owned
Factory :	Plot No. 28/1A Village – Dheku Takai Adosi Road, off Khopoli Pen Road, Kaiapur, Raigad – 400004, Maharashtra, India
Tel. No.:	91-2192-262620 / 22
Fax No.:	91-2192-268617

DIRECTORS

As on 30.09.2011

Name :	Mr. Sandeep Mohanlal Arora
Designation :	Managing Director
Address :	4, Abhishek Bunglows Four Bunglows Andheri - West Mumbai 400053 Maharashtra, India
Date of Birth/Age :	23.09.1969
Date of Appointment :	14.09.2006
DIN No.:	00176939
Name :	Mr. Kamal Mohanlal Arora
Designation :	Director
Address :	4, Abhishek Bunglows Four Bunglows Andheri - West Mumbai 400053 Maharashtra, India
Date of Birth/Age :	10.05.1946
Date of Appointment :	13.12.1910
DIN No.:	00177001
Name :	Mr. Jaspalsingh Bhasin
Designation :	Director
Address :	115 Sbs Colony J B Nagar Andheri - East Mumbai 400059 Maharashtra, India
Date of Birth/Age :	08.07.1943
Date of Appointment :	01.10.1994
DIN No.:	02367138
Name :	Mr. Manish Surendrakumar Nanda
Designation :	Director
Address :	Flat No 16 Neel Gagan 7^th Road Santacruz (East) Mumbai 400055 Mahrashhtra, India
Date of Birth/Age :	16.04.1970
Date of Appointment :	01.09.2010
DIN No.:	03245943

KEY EXECUTIVES

Name :	Ms. Geta
Designation :	Purchases Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2012

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	699,400	11.54
Bodies Corporate	3,101,500	51.17
Sub Total	3,800,900	62.71
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	3,800,900	62.71
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	145,200	2.40
Sub Total	145,200	2.40
(2) Non-Institutions
Bodies Corporate	275,500	4.55
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1,146,800	18.92
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	424,800	7.01
Any Others (Specify)	267,800	4.42
Non Resident Indians	161,800	2.67
Overseas Corporate Bodies	54,800	0.90
Foreign Corporate Bodies	51,200	0.84
Sub Total	2,114,900	34.89
Total Public shareholding (B)	2,260,100	37.29
Total (A)+(B)	6,061,000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	6,061,000	-

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category “Promoter and Promoter Group”

Name of the Shareholder	Details of Shares held
	No. of Shares	Percentage of Holding
Kamal Mohan Arora	62,400	1.03
Kamal Mohanlal Arora	413,000	6.81
Megha Mohanlal Arora	142,000	2.34
Mona Mohanlal Arora	82,000	1.35
Sonal Impex Ltd	2,822,700	46.57
Sonal Ropes Ltd	278,800	4.60
Total	3,800,900	62.71

(*) The term “encumbrance” has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category “Public” and holding more than 1% of the total number of shares

Name of the Shareholder	Details of Shares held
	No. of Shares	Percentage of Holding
Piramal Polymers Limited	171,200	2.82
CRB Trustee Limited A/c CRB Mutual Fund	120,000	1.98
Sajjan Kumar Makharia	66,600	1.10
Satyanarayan Khandelwal	113,700	1.88
Mita Dipak Shah	92,000	1.52
Ajay G Piramal	100,000	1.65
Total	663,500	10.95

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

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	4.99
Bodies corporate	55.77
Directors or relatives of Directors	11.53
Other top fifty shareholders	9.30
Others	16.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Distributor of BOPP self – adhesive tape

Products :

• Box Strapping Plastic
• Nylon

Description of product or service	ITC Code
Bopp Self Adhesive Tape	39.19.00
Plastic Ropes and Twines	56.07.90
Acrylic Polymer Emsion	56.07.41

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
BOPP Tapes	Lakhs sqm	1,300	488
Ropes	Lakhs kgs	12	8

Notes:

1. The installed capacity is as certified by the Management and not verified by the auditors, this being a technical matter.

2. Actual production includes production of goods captively consumed.

3. Production figures do not include quantity of product outsourced for production.

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

50 (Approximately)

Bankers :

Sate Bank of India, Andheri (West)

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans banks secured	88.027	72.614
Loans taken for vehicles secured	0.462	0.196
Total	88.489	72.810
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Deferred sales tax loan unsecured	6.635	9.195
Other debt unsecured	0.756	0.756
Total	7.391	9.951

Banking Relations :	--
Auditors :
Name :	K S Sanghavi and Company Chartered Accountants
Address :	A-218/219, Kanara Business Centre, Laxmi Nagar, Ghatkopar Andheri Link Road, Ghatkopar East Mumbai, Maharashtra, India
PAN.:	AAAFK1819R
Sister Concern :	Sonal Impex India
Collaborators :
Associates/Subsidiaries :

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6061000	Equity Shares	Rs.10/- each	Rs.60.610 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		60.610	60.610	60.610
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		20.565	19.284	18.711
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		81.175	79.894	79.321
LOAN FUNDS
1] Secured Loans		88.489	72.810	65.438
2] Unsecured Loans		7.391	9.951	12.164
TOTAL BORROWING		95.880	82.761	77.602
DEFERRED TAX LIABILITIES		4.399	4.461	4.145
TOTAL		181.454	167.116	161.068
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		30.508	29.396	30.776
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	115.844	104.350	94.525
	Sundry Debtors	70.423	55.707	40.325
	Cash & Bank Balances	9.764	8.403	5.472
	Other Current Assets	18.300	43.214	43.331
	Loans & Advances	19.907	18.615	14.329
Total Current Assets		234.238	230.289	197.982
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	60.008	48.431	58.413
	Other Current Liabilities	4.997	27.445	0.813
	Provisions	18.287	16.693	8.464
Total Current Liabilities		83.292	92.569	67.690
Net Current Assets		150.946	137.720	130.292
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		181.454	167.116	161.068

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	412.826	329.910	301.082
		Other Income	2.391	5.575	0.402
		TOTAL (A)	415.217	335.485	301.484
Less	EXPENSES
		Consumption materials changes inventories	358.787	279.914
		Manufacturing service costs	24.603	30.625	287.677
		Employee related expenses	5.085	2.931
		Administrative selling other expense	9.239	8.892
		TOTAL (B)	397.714	322.362	287.677
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.503	13.123	13.807
Less	FINANCIAL EXPENSES (D)		8.027	5.168	6.193
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.476	7.955	7.614
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.411	2.020	2.423
	PROFIT BEFORE TAX (E-F) (G)		7.065	5.935	5.191
	Prior Period and Extraordinary Items		0.000	0.000	0.001
Less	TAX (H)		2.262	1.817	1.821
	PROFIT AFTER TAX (G-H) (I)		4.803	4.118	3.369
Less	APPROPRIATIONS		3.522	3.545	0.000
	BALANCE CARRIED TO THE B/S		1.281	0.573	3.369
	Earnings Per Share (Rs.)		0.79	0.68	0.56

Particulars	31.03.2012
Sales Turnover (Approximately)	430.000

Expected Sales (2012-13 ) : Rs.500.000 Millions

The above information has been parted by Ms. Geeta

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	30.06.2011 [1^st Quarter]	30.09.2011 [2^nd Quarter]	31.12.2011 [3^rd Quarter]
Audited / UnAudited	UnAudited	UnAudited	UnAudited
Net Sales	105.1200	119.410	141.640
Total Expenditure	98.280	116.880	135.890
PBIDT (Excl OI)	6.840	2.530	5.750
Other Income	0.000	0.000	0.000
Operating Profit	6.840	2.530	5.750
Interest	2.320	2.700	2.790
Exceptional Items	0.000	0.000	0.000
PBDT	4.320	[0.170]	2.960
Depreciation	0.500	0.500	0.500
Profit Before Tax	3.820	[0.670]	2.460
Tax	0.200	0.300	0.700
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	3.620	[0.970]	1.760
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	3.620	[0.970]	1.760

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.16	1.23	1.12
Net Profit Margin (PBT/Sales)	(%)	1.71	1.80	1.72
Return on Total Assets (PBT/Total Assets}	(%)	2.67	2.29	2.27
Return on Investment (ROI) (PBT/Networth)		0.09	0.07	0.07
Debt Equity Ratio (Total Liability/Networth)		2.21	2.19	1.83
Current Ratio (Current Asset/Current Liability)		2.81	2.49	2.92

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Details of Sundry Creditors

Rs. In Millions

Particular	31.03.2011	31.03.2010	31.30.2009
Creditors due others	60.008	48.431	58.413
Total	60.008	48.431	58.413

MANAGEMENT DISCUSSION AND ANALYSIS

SEGMENT-WISE OR PRODUCT-WISE PERFORMANCE

The Company has only one business segment i.e. plastic products and the only geographical segment is India. The figures of production and sales for plastic products are furnished in the Notes on Accounts.

OUTLOOK

The Company is proactively responding to the changing business environment and is confident of sustaining its market share by improving competitive position in the market. The overall business outlook for the Company is promising with improvement in overall economic environment. Efforts towards higher operational efficiencies shall continue. The Company continues to examine the possibilities of expansion and will make the necessary investments when attractive opportunities arise.

FINANCIAL PERFORMANCE AND ANALYSIS

The net sales increased from Rs.329.910 Millions in the previous year to Rs.412.826 Millions in the year registering a growth of about 20.08%. The profit before tax increased from Rs.5.935 Millions in the previous year to Rs.7.065 Millions in the year.

CONTINGENT LIABILITIES

The following are the contingent liabilities outstanding as at the balance sheet date.

· Income Tax demand for Rs.0.564 Millions has been raised by the Assessing officer for the AY 1995 - 96. The Company has disputed the demand and preferred an appeal before Income Tax (Tribunal) and final judgment is awaited.

UNAUDITED STANDALONE FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2011

Rs. In Millions

Particulars	Quarter Ended		Nine Months Ended
	Unaudited 31.12.2011	Unaudited 30.09.2011	Unaudited 31.12.2011
Income from Operation	151.728	127.045	382.135
Other Operating Income	1.304	1.393	3.618
Total Income	153.032	128.438	385.753
Expenditure
(a) (lncrease)/Decrease in stock-in-trade and work in progress	(7.893)	16.267	(30.257)
(b) Consumption of Raw materials	131.540	91.127	341.961
(c) Purchase of Traded goods	--	0.000	0.000
(f) Employee cost	2.151	2.308	6.555
(g) Depreciation	0.500	0.500	1.500
(h) Other expenditure	10.090	7.133	22.330
Excise	11.392	9.033	30.234
Total Expenditure	147.780	126.413	372.323
Profit from operations before Other Income, Interest & Exceptional Items	5.252	2.025	13.430
Other Income	--	0.000	0.000
Profit before Interest & Exceptional items	5.252	2.025	13.430
Interest (net)	2.787	2.695	7.805
Profit/floss) after interest but before Exceptional items	2.465	(0.670)	5.625
Exceptional items - Gain/ (Loss) - Refer note no 2 & 5 (ii)	--	0.000	0.000
Profit /(loss) from Ordinary Activities before tax	2.465	(0.670)	5.625
Tax Expense:	0.700	0.300	1.200
Net profit / (loss) from Ordinary Activities after tax	1.765	(0.970)	4.425
Paid-up Equity Share Capital (face value of Rs. 21- each)	60.610	60.601	60.601
Reserves excluding revaluation reserve as per balance sheet of previous	--	--	--
accounting year
Earning per share (EPS) before Extraordinary items:
- Basic (Rs.)	0.29	(0.16)	0.73
- Diluted (Rs.)	0.29	(0.16)	0.73
EPS for the quarter & nine months (not annualised)
Public Shareholding
- Number of Shares	2260100	2260100	2260100
- Percentage of Shareholding	37.29%	37.29%	37.29%
Promoters and promoter group shareholding
(a) Pledged / Encumbered: -
No. of shares*	Nil	Nil	Nil
% of shares (as a % of the total shareholding of promoter and promoter group)	--	--	--
% of shares (as a % of the total share capital* of the company)	--	--	--
(b) Non -encumbered: -
No. of shares	3800900	3800900	3800900
% of shares (as a % of the total shareholding of promoter and promoter group)	100%	100%	100%
% of shares (as a % of the total share capital* of the company)	62.71%	62.71%	62.71%

Notes:

1) The above Quarterly Results (Provisional) have been reviewed by the Audit Committee & taken on record by the Board of Directors at its meeting held on 08.08.2011

2) In the opinion of the Board Of Directors, there is only one Major segment, hence, no separate segments are reported as per Accounting Standard - 17.

3) The quarterly result for the quarter ended 31.03.2011 is subject to Limited Review by the auditors

4) As intimated by the company's Registrars, the investors complaints pending as on 30.06.11 and as on 31.3.11 were Nil.

Fixed Assets

• Land
• Factory Building
• Office premises
• Machinery
• Electrical installation
• Lab Equipments
• Motor Vehicle
• Motor Car
• Bicycle
• Air – Conditioner
• Computer
• Generating Set
• Office Equipment
• Furniture and Fixture

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.52.23
UK Pound	1	Rs.84.16
Euro	1	Rs.68.84

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.