MIRA INFORM REPORT

Report Date :

24.04.2012

IDENTIFICATION DETAILS

Name :	TITAN INDUSTRIES LIMITED
Registered Office :	3, SIPCOT Industrial Complex, Hosur – 635 126, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.07.1984
Com. Reg. No.:	18-001456
Capital Investment / Paid-up Capital :	Rs. 443.893 millions
CIN No.: [Company Identification No.]	L74999TZ1984PLC001456
TAN No.: [Tax Deduction & Collection Account No.]	CHET08980G
PAN No.: [Permanent Account No.]	AAACT5131A
Legal Form :	Public Limited Liability Company Company’s Shares Are Listed On The Stock Exchange
Line of Business :	Manufacturers and Sellers of Watches, Jewellery Pieces, Table Clocks, etc.
No. of Employees :	4353 (out of which 2630 were in the factories, 800 in retail, about 578 in sales and marketing while the rest 345 were in support functions.) (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 41000000
Status :	Very Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. Financial position of the company appears to be good. Fundamentals are strong and healthy. Payments are reported to be regular and as per commitments. The company can be considered good 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 :	3, SIPCOT Industrial Complex, Hosur – 635 126, Tamilnadu, India
Tel. No.:	91-4344-664199
Fax No.:	91-4344-276037
E-Mail :	corpcomm@titan.co.in arrajaram@titan.co.in
Website :	http://titan.co.in
Corporate Office :	Golden Enclave, Tower A, HAL Airport Road, Bangalore – 560 017, Karnataka, India
Tel. No.:	91-80-66609000/ 66609027
Fax No.:	91-80-25269923/ 25263001
E-Mail :	webmaster@titan.co.in
Watch Plant 1 :	Plot Nos.3, 4 and 5, SIPCOT Industrial Complex, Hosur – 635 126, Tamilnadu, India
Watch Plant 2 :	Mohabewala Industrial Area, Dehradun - 248002, Uttaranchal, India (i) Unit 1 - Khasra No. 148D, 173B, 176A and 176B (ii) Unit 2 - Khasra No. 148B, 149B
Watch Plant 3 :	Plot No.59, EPIP, Jharmajary Phase I, Solen District, Baddi-173205 Himachal Pradesh, India
Watch Plant 4 :	Plot No. C1, C2, C3, Khasra No. 37, Village Bantakheri, Tehsil - Roorkee, District - Haridwar, Uttaranchal, India
Watch Plant 5 :	Plot No. 10B, Khasra Nos. 150, 151, 152, 153 Sector 2, Integrated Industrial Estate, SIDCUL, Pant Nagar 263 153, Udham Singh Nagar District, Uttarkhand, India
Precision Engineering Plants 1 :	No.15 B, Bommasandra Industrial Area, Hosur Road, Anekal Taluk, Bangalore - 562158, Karnataka, India
Precision Engineering Plants 2 :	Plot Nos. 27 and 28, SIPCOT Industrial Area, Hosur - 635 126, Tamilnadu, India
Jewellery and Clock Plants 1 :	29, SIPCOT Industrial Complex, Hosur - 635126, Tamilnadu, India
Jewellery and Clock Plants 2 :	Khasra No. 238, Kuanwala Dehradun - 248 001, Uttaranchal, India
Prescription Eyewear Lens Laboratory :	Plot No. 27, Survey No.125, KIADB Industrial Area, Chikaballapur - 562 101 Karnataka, India
Overseas Branch Office :	Unit No. 11 and 12, 20/F, Metro Loft No.38, Kwai Hei Street, Kwai Chung N T, Hong Kong

DIRECTORS

AS ON 31.03.2011

Name :	Mr. Rajeev Ranjan
Designation :	Director (up to 14.06.2011)
Name :	Mr. Susan Mathew
Designation :	Chairperson (up to 14.06.2011)
Name :	Mr. Bhaskar Bhat
Designation :	Managing Director
Name :	Mr. Sunil Paliwal
Designation :	Director (up to 06.12.2010)
Name :	Mr. Debendranath Sarangi
Designation :	Director (up to 14.06.2011)
Name :	Mr. V. Parthasarathy
Designation :	Director
Name :	Mr. Ishaat Hussain
Designation :	Director
Name :	Mr. N.N. Tata
Designation :	Director
Name :	Mr. T.K. Balaji
Designation :	Director
Name :	Mr. C.G. Krishnadas Nair
Designation :	Director
Name :	Mr. Nihal Kaviratne, CBE
Designation :	Director
Name :	Ms. Vinita Bali
Designation :	Director
Name :	Ms. Hema Ravichandar
Designation :	Director
Name :	Mr. R. Poornalingam
Designation :	Director
Name :	Mr. N. sundaradevan
Designation :	Director (from 14.06.2011)
Name :	Mr. Das Narayandas
Designation :	Director (from 29.04.2011)

KEY EXECUTIVES

Name :	A.R. Rajaram
Designation :	Head - Legal and Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2012

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Central Government / State Government(s)	247476720	27.88
Bodies Corporate	226592227	25.52
Sub Total	474068947	53.40
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	474068947	53.40
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	29129835	3.28
Financial Institutions / Banks	72911	0.01
Insurance Companies	10892578	1.23
Foreign Institutional Investors	132831113	14.96
Sub Total	172926437	19.48
(2) Non-Institutions
Bodies Corporate	21658146	2.44
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	112263664	12.65
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	106648017	12.01
Any Others (Specify)	220949	0.02
Trusts	211949	0.02
Overseas Corporate Bodies	9000	--
Sub Total	240790776	27.12
Total Public shareholding (B)	413717213	46.60
Total (A)+(B)	887,786,160	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)	887,786,160	-

BUSINESS DETAILS

Line of Business :

Manufacturers and Sellers of Watches, Jewellery Pieces, Table Clocks, etc.

Products :

Item Code No. (ITC Code)	Product Description
91.02	Watches
91.03	Clocks
71.13	Jewellery

GENERAL INFORMATION

No. of Employees :

4353 (out of which 2630 were in the factories, 800 in retail, about 578 in sales and marketing while the rest 345 were in support functions.) (Approximately)

Bankers :

· Canara Bank

· Bank of Baroda

· The Hongkong and Shanghai Banking Corporation Limited

· Standard Chartered Bank

· Oriental Bank of Commerce

· Union Bank of India

· Indian Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
6.75% non convertible debentures of Rs. 250 each, fully paid up	528.260	528.260
From a Bank
Foreign Currency loan	148.733	199.644
Total	676.993	727.904

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Promoters :	· Tamilnadu Industrial Development Corporation Limited · Tata Sons Limited
Subsidiaries :	· Titan TimeProducts Limited · Tanishq (India) Limited · Titan Properties Limited · Titan Mechatronics Limited (up to 30 March 2010)
Associates :	· TVS Wind Power Limited (from 22 March 2011)

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs.10/- each	Rs. 800.000 Millions
4000000	Redeemable Cumulative Preference Shares	Rs.100/- each	Rs. 400.000 Millions
	Total		Rs. 1200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
44389308	Equity Shares	Rs.10/- each	Rs. 443.893 Millions

AS ON 28.07.2011

Authorised Capital : Rs. 1600.000 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		443.893	443.893	443.893
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		9809.903	6799.940	5068.542
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10253.796	7243.833	5512.435
LOAN FUNDS
1] Secured Loans		676.993	727.904	1167.551
2] Unsecured Loans		0.000	0.000	586.500
TOTAL BORROWING		676.993	727.904	1754.051
DEFERRED TAX LIABILITIES		15.182	47.549	181.780
TOTAL		10945.971	8019.286	7448.266
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2830.685	2626.308	2744.785
Advances on capital account and Capital work-in-progress, at cost		193.563	122.867	195.249
INVESTMENT		91.276	76.289	76.644
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19938.287	13403.315	12026.917
	Sundry Debtors	1136.789	936.076	1062.216
	Cash & Bank Balances	10948.878	1867.184	546.910
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2200.023	1830.554	1141.290
Total Current Assets		34223.977	18037.129	14777.333
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17461.288	7221.721	6967.065
	Other Current Liabilities	6731.444	4274.176	2444.233
	Provisions	2200.798	1347.410	934.447
Total Current Liabilities		26393.530	12843.307	10345.745
Net Current Assets		7830.447	5193.822	4431.588
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		10945.971	8019.286	7448.266

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	65208.951	46744.217	38033.757
		Other Income	560.763	118.585	52.605
		TOTAL (A)	65769.714	46862.802	38086.362
Less	EXPENSES
		Operating and Other Expenses	59352.783	42794.643	35068.855
		TOTAL (B)	59352.783	42794.643	35068.855
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6416.931	4068.159	3017.507
Less	FINANCIAL EXPENSES (D)		82.097	254.188	294.339
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6334.834	3813.971	2723.168
Less/ Add	DEPRECIATION/ AMORTISATION (F)		344.825	600.801	417.606
	PROFIT BEFORE TAX (E-F) (G)		5990.009	3213.170	2305.562
Less	TAX (H)		1653.633	680.769	606.763
	PROFIT AFTER TAX (G-H) (I)		4336.376	2532.401	1698.799
Less	INCOME TAX OF EARLIER YEARS		32.226	29.165	109.164
	NET PROFIT		4304.150	2503.236	1589.635
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2729.161	2110.253	2185.451
Less	APPROPRIATIONS
		Transfer to debenture redemption reserve	52.800	52.800	52.800
		Proposed dividend on equity shares	1109.733	665.840	443.893
		Tax on dividends	180.026	110.588	75.440
		Transfer to general reserve	1364.600	1055.100	1092.700
	BALANCE CARRIED TO THE B/S		4326.152	2729.161	2110.253
	EARNINGS IN FOREIGN CURRENCY
		Export of goods on FOB basis	1268.990	1006.130	1301.121
		Others	2.504	9.376	24.490
	TOTAL EARNINGS		1271.494	1015.506	1325.611
	IMPORTS
		Raw Materials	29258.844	19816.351	10881.183
		Stores & Spares	58.171	88.794	104.670
		Capital Goods	41.257	115.685	77.093
	TOTAL IMPORTS		29358.272	20020.830	11062.946
	Earnings Per Share (Rs.)		96.96	56.39	35.81

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011	31.12.2011
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	20206.000	20965.000	24404.000
Total Expenditure	18360.500	18961.100	22272.200
PBIDT (Excl OI)	1845.500	2003.900	2131.800
Other Income	230.200	199.800	244.400
Operating Profit	2075.700	2203.700	2376.200
Interest	11.000	2.200	9.600
Exceptional Items	0.000	0.000	0.000
PBDT	2064.700	2201.500	2366.600
Depreciation	99.200	105.700	119.200
Profit Before Tax	1965.500	2095.800	2247.400
Tax	531.900	613.800	608.300
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	1433.600	1482.000	1639.100
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	1433.600	1482.000	1639.100

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.59	5.40	4.46
Net Profit Margin (PBT/Sales)	(%)	9.19	6.87	6.06
Return on Total Assets (PBT/Total Assets}	(%)	16.17	15.55	13.16
Return on Investment (ROI) (PBT/Networth)		0.58	0.44	0.42
Debt Equity Ratio (Total Liability/Networth)		2.64	1.87	2.20
Current Ratio (Current Asset/Current Liability)		1.30	1.40	1.43

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. Constructions of the firm	Yes
4. Premises details	No
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	No
8. No. of Employees	Yes
9. Name of person contacted	No
10. Designation of contact person	No
11. Turnover of firm for last three years	Yes
12. Profitability for last three years	Yes
13. Reasons for variation <> 20%	------
14. Estimation for coming financial year	No
15. Capital in the business	Yes
16. Details of sister concerns	Yes
17. Major suppliers	No
18. Major customers	No
19. Payments terms	No
20. Export / Import details	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
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	No

FINANCIAL RESULTS

Titan Industries Limited has delivered one of its best ever performances. Sales income for the year 2010-11 was Rs.65708.600 Millions, registering a growth of 39.7% over previous year’s sales of Rs.47031.200 Millions. This growth was attributable to the continued dynamism of the Indian economy resulting in high consumer confidence, favorable demographics of their primary market - India, the unique position Titan and its brands occupy in the consumers’ mind space and the talent and commitment exhibited by the Company’s employees and business associates.

Profit before tax for the Company grew by 86.4% to Rs.5990.000 Millions, while net profit grew by 71.9% over previous

year to Rs.4304.200 Millions.

Both Watches and Jewellery segments recorded excellent growth on the back of very good retail sales. Watch Business achieved breakthrough in several new consumer segments in the watch market – the sub Rs.500 economy segment, where Sonata Super-Fibre recorded handsome sales and the children’s segment, with Titan Zoop. The successful expansion of exclusive Fastrack stores net work has reinforced Fastrack’s position as India’s most exciting youth brand. The Company also took confi dent steps into accessories market with the national launch of Fastrack accessories (bags, belts, wallets, wrist-bands). The Jewellery Division aggressively pursued growth of diamond studded jewellery and was also able to improve the grammage growth of gold jewellery, despite the increase in gold prices. The Eyewear business witnessed rapid expansion of its retail network, with healthy sales growth in like-to-like stores. The B2B business of Precision Engineering which was hit last year due to global slowdown made good recovery and performed reasonably well compared to the previous year.

The Jewellery segment sales grew by 43.5% to Rs.50272.300 Millions and the Watch segment sales grew by 23.3% to Rs.12664.600 Millions. Sales of others including Eyewear, accessories and Precision Engineering rose by 60.7% to Rs.2438.700 Millions.

The year witnessed expansion of the Company’s retail network with a net addition of 122 stores (124503 sq. ft.) across Watches, Jewellery and Eyewear businesses. As on 31st March 2011, the Company has a total of 665 stores, with over 810000 sq. ft of retail space, delivering a retail turnover in excess of Rs.61500.000 Millions.

INTERNATIONAL OPERATIONS

The Company achieved an export turnover of Rs.1270.000 Millions during the year. Exports include sale of watches and precision engineered components.

The International Business Division of Watches made a splendid foray into Vietnam in 2009 and followed it up with an equally successful launch in South Africa in 2010-11, the initial results of which have been encouraging. While Far East Asian markets continued to do well, some Middle East markets reported sluggish economies and results during the year. The export of precision engineered components during the year showed improvement over the previous year.

FINANCE

During the year, borrowings of Rs.54.200 Millions were repaid during the year. The Company incurred Rs.662.400 Millions as capital expenditure in respect of refurbishment and expansion programmes at manufacturing facilities and retail outlets and in IT Hardware systems.

The Company’s continued effort at conserving cash and containing capital employed has enabled the company to

generate net cash inflow of Rs.9070.000 Millions.

During the year, the Company’s long term debt rating was upgraded by CRISIL to AA +/Stable (pronounced “double A plus with stable outlook) from AA/Stable, indicating high degree of safety. ICRA has reaffirmed the long term debt rating of LAA (pronounced as L Double A) with a positive outlook which indicates high credit quality.

The year 2010-11 witnessed smart growth by various sectors including agriculture, industry and service. However, high inflation has been a major concern which prompted the Reserve Bank of India to tighten the monetary policy by increasing the key interest rates.

SUBSIDIARIES

As at 31st March 2011, the Company has the following subsidiaries:

1) Titan Time Products Limited, Goa

2) Tanishq (India) Limited, Bangalore

3) Titan Properties Limited, Hosur

The performance highlights of these subsidiary companies for FY 2010-11 are as under:

Titan Time Products Limited. sold 8.52 million (2009-10: 6.27 million) Electronic Circuit Boards in 2010-11 and made a net profit of Rs.7.262 Millions (2009-10: Rs 3.443 Millions).

Tanishq (India) Limited made a net profit of Rs.3.256 Millions (2009-10:Rs.4.192 Millions) and Titan Properties Limited made a net profit of Rs.17.032 Millions (2009-10: Rs. 0.953 Million).

None of these companies has declared a dividend.

The annual accounts of the above three subsidiary Companies have been consolidated with the Accounts of Titan

Industries Ltd for the financial year 2010-11.

A Petition has been filed pursuant to sections 391 to 394 of the Companies Act, 1956 by the Company’s subsidiary company Tanishq (India) Limited as the Transferor Company seeking sanction to the Scheme of Amalgamation proposed to be made between itself and its holding company Titan Industries Ltd as the Transferee Company effective 1st April 2010 as the Appointed Date. No shares of the Transferee Company are to be issued pursuant to the Scheme. Based on an application made under section 391 of the Companies Act, 1956, by the Transferor Company, the Hon’ble High Court of Karnataka which has jurisdiction over the Transferor Company has granted dispensation of the meetings of shareholders and creditors of the Transferor Company.

MANAGEMENT DISCUSSION AND ANALYSIS

INDIA OVERVIEW

The Indian Economy in the year 2010-11 emerged with remarkable speed from the effects of the global financial

meltdown, with an impressive 8.5% growth last year and an expectation of 9% in the coming year. However, within this ambience of progress and optimism, there is the spectre and challenge of containing inflation which has been vacillating from above 20% to the below 9.5% level. In addition, structural challenges remain in the economy, of corporate governance, ethical efficiency in the delivery of subsidies and building up infrastructure.

In this context, it is important to note that the economy, over the last three years, has successfully withstood two shocks in rapid succession: a) a collapse in world economic growth and trade caused by the financial crisis during 2007-2009 which persisted into 2010-11; and b) experiencing a negative growth in the crucial sector in agriculture in 2008-09, resulting in a drought in 2009-10. Cautious optimism is reflected as a consequence of macro-economic measures aimed at moderating inflation to forecast sustained growth ahead.

BUSINESS OVERVIEW

The recovery in economic performance has led to a significant improvement in consumer and business confidence. Consequently, retail sales of all their products witnessed consistent and high growth.

The Company has fared exceedingly well as a result of this. Income grew by 40% from Rs.47030.000 Millions last year to Rs.65710.000 Millions this year while the net profit increased by 72% from Rs.2503.200 Millions last year to Rs.4340.200 Millions this year.

WATCHES AND ACCESSORIES

GLOBAL TRENDS IN THE WATCHES INDUSTRY

During 2010, global production of watches was estimated at around 1.2 billion timepieces, an increase of more than 20% compared to the previous year. Many global markets displayed a strong uptrend in sales volumes, after a sharp fall in demand during recession-hit 2009. Asian countries such as China, India and Singapore displayed rapid double digit growth. The USA and many European countries also resumed a growth trend, albeit at a slow pace.

The premium and luxury end of the global watches market saw vigorous recovery, with export sales of the Swiss watch industry growing by 22% in 2010, compared to the previous year. Asia has now become the largest market for Swiss watches, absorbing 53% of Swiss watch exports during the year. This is also the reason why many premium and luxury brands are now investing significant amounts in Asian markets.

The Swatch group, global market leader in wrist watches, recorded gross sales of 6.44 billion Swiss Francs during 2010, a growth of 22% over the previous year. The group also reported record operating profits during 2010.

In the midst of these positive developments in the watches industry, one dark cloud that has appeared on the horizon has been the recent catastrophe that struck Japan, a large producer and consumer of watches and watch components. They anticipate a slow recovery with some continuing disruptions in supply in the short-term.

THE INDIAN WATCHES MARKET

The Indian watches market continued to display good growth during 2010, with the premium watch market, in particular, recording a growth in excess of 25%. This is excellent news for the future of the industry, since global

brands will continue to invest strongly in this rapidly growing market.

During 2010, the Company increased its market share in multi-brand outlets (as measured by M/s. Francis Kanoi

Research) by a further 2% to 45%, in the face of competition from over 65 competitor brands. Their share in the total market including sales at exclusive stores and corporate clients stands at 47% by value.

The Company’s market leadership and consistent growth was achieved through a well crafted portfolio of sharply

defined brands, which dominate several consumer segments in the watches market – Titan for the mid-premium market, Raga for women, Fastrack for youth, Sonata for value-conscious consumers, Zoop for school children, and Xylys for connoisseurs of Swiss watches. Supplementing these brands is a wide and robust retail, distribution and service network which extends across the country.

In a significant development, the Company has also now entered the accessories market (sunglasses, bags, belts, wallets, wristbands) through the Fastrack brand. This will not only help the Company gain share in a large market but will further enhance the appeal of the brand.

Based on these strong foundations, the watches business of the Company achieved a record profit before interest and taxes of Rs.1860.000 Millions and a robust ROCE of 73% during 2010/11. Titan, their flagship brand was ranked amongst the ten most trusted brands in the country, among 16,000 brands studied by the Brand Trust Advisory during 2010. In the same study, Fastrack was ranked the most trusted fashion accessories brand.

JEWELLERY DIVISION

Globally, gold continued to strengthen its role as a store of value as well as a good financial investment. India continues to be the largest consumer of gold jewellery in the world estimated at 680 tonnes during the last year according to World Gold Council (WGC).

The Jewellery Division experienced the price of gold moving up by more than 20% during FY 2010-11 and breached the Rs.2000/gm mark for 22kt by the end of 2010-11. Record imports happened in 2010. WGC has reported that bullion and bar sales have done very well across the country.

Given the sentiments around most of the developed world, experts remain bullish on gold.

Prices of rough diamonds moved up by 20% in December 2010 and this resulted in polished diamond prices moving up by a similar extent. By Q4, the rough prices moved up twice again, and the prices of polished diamonds have already moved up another 70%. Consequently, their procurement prices of polished diamonds have increased by around 90% in April 2011, compared to December 2010. This put a tremendous pressure both on the overall market and on the competitive position of their brands as the difference between their prices and their competitors widen on account of these steep increases.

They have put in place multiple strategies to deal with this challenge: sacrificing some gross margin to remain competitive; improving their exchange policy for increasing their value for money and a sustained education campaign communicating the superiority of Tanishq diamonds. The last one features Amitabh and Jaya Bachchan in a memorable and effective advertising film.

March 2011 also saw Excise Duty being levied on branded jewellery, this time to the extent of 1%. From what they understood from the Finance Ministry, this is applicable only on brands like Tanishq and not on “house mark” shops, which means that any big and reputed independent jeweller can avoid this. While Tanishq is absorbing this impact, it puts considerable pressure on Gold Plus.

Some of the reputed local jewellers are getting very ambitious and are showing high levels of aggression and have opened large stores in many cities, invested considerably in marketing and have done very well. A couple of jewellery houses have also gone for IPOs, with a clear eye on national expansion, while they closed the year with 120 Tanishq stores, 29 Gold Plus stores and 2 Zoya stores. Their expansion plans for 2011-12 are quite aggressive and should deal with this challenge adequately.

Overall, the year has ended on an excellent note for the Division, with record performance on EBIT margin, sales growth, studded share, Return on Capital Employed (ROCE) and Free Cash Flow. The Division received industry recognition in marketing, retailing and sourcing/manufacturing by winning the following awards:

· The ET Innovative Retailer of the Year;

· GoldPlus - 2 individual awards and Tanishq -1 individual award

· Tanishq - Effies for the most effective Campaign of the Year

· GoldPlus - Many awards for its loyalty programme Ananta

· Zoya - the Best Store Launch of the Year Award

· Couture Jewellery of the Year Award.

· ISCM - CII Quality Award - the Golden Peacock Innovation Award.

It was also a great year for innovation in general. They took many new steps in the innovation area as a Company. One of the major steps was the Innovation Bazaar, which helped showcase more than 100 innovations across the Company, judged by an external jury. The second was the Vendor Partner Product Innovation Bazaar of the Jewellery Division, which was a new journey of strategic partnering with the vendors on product innovation.

The DSS (Double Studded Sales) programme of Tanishq was the highlight of the year. Under this umbrella programme, several initiatives such as increasing inventory of high value jewellery, improving exchange policy, conducting large exhibitions in many cities and an improved Queen of Diamonds promotion were successfully implemented. Two consumer activations were done for the first time in a year.

With these initiatives, the studded category grew by 50% (the highest in recent years, and on the largest base), which was quite exceptional. And this was achieved with very little increase in retail area. Gold jewellery also grew handsomely by 12% in grammage, despite the 20% price increase. The proportion of diamond studded jewellery sales to total sales (excluding coin sales) for Tanishq now stands at 34%.

The year also saw the launch of Taj collection and Glam Gold 2 in Tanishq; and Varnam, Pushpita, Diamantine™,

Wedding collection and Saptara in GoldPlus.

The competitive situation and the customer sentiments that GoldPlus faced, were rather different from that of Tanishq.

A few big jewellers set up large format stores in some GoldPlus markets, invested considerably in marketing and

discounts and penetrated into the GoldPlus franchise. However, the Company’s focus on profits through studded

sales was a major factor of their strategy. Focus on many collections in the diamond, diamantine and coloured stone categories gave GoldPlus substantial growth in the studded category and delivered the profits.

In GoldPlus, studded jewellery category grew by more than 135% during the year, even though the grammage of

gold jewellery declined by 14%.

They also started on their second big idea for Gold Plus (the first was the world’s largest bangle, launched in 2009). This was the Jewellery Nano, a Tata Nano car completely decked in jewellery, put together by technicians using various jewellery techniques. This Nano will be launched in June 2011.

Given the huge opportunity that the small town market offers in the gold Jewellery market, 2011-12 will see GoldPlus targeting 2 key objectives:

1. Brand Desire

a. Campaign on purity, price rationalization

2. Market Leadership

a. Big new stores, all in Andhra Pradesh, leading to consolidation in that State

b. Some larger current stores offering more choice to customers.

EYEWEAR

The eyewear industry continued to see intensive activity in 2010-11. Enhanced market activity and greater awareness and exposure to international eyewear trends of consumers in India is expected to grow the industry at a fast pace.

Titan Industries has now emerged as the leader in the eyewear industry both by way of network and turnover. It has focused on aggressively expanding its retail chain, developing superior products, perfecting store experience, increasing profitability and building brand awareness and appeal. UCP Turnover of the eyewear business grew 58% with same store growth being 33%.

The Company now has over 150 exclusive eyewear stores and is present in 45 towns as on March 2011. Brand awareness has significantly improved and consumers today recognize Titan Eye+ a preferred destination for eyewear.

The eyewear industry still is largely unorganized with few national/regional optical chains. Competitive activity has

increased and larger players are beginning to intensify their efforts to grow the market.

Titan Eye+ has taken a lead role in redefining the eyewear industry in India. During the year Titan Eye+ introduced many innovative and successful collections like Switchers Frames – with multiple temples, Manhattan frames for the Corporate consumer, Paolo Seminara – premium frames designed by a reputed Italian designer and Activ Lenses – tailor made to suit individual life styles of different consumers. Titan Eye+ heightened the style sensibility of consumers in eyewear through effective communication, setting up its own best-in-class lens manufacturing facility, and creating new standards in product quality while providing excellent customer oriented services.

Titan Eye+ will continue its thrust to expand operations and increase its retail network. It will also continue to focus on providing high quality and superior products and services across all its stores.

The Company sees eyewear as a high potential business and expects it to be a significant contributor to the bottomline in the years to come.

PRECISION ENGINEERING DIVISION

The year 2010–11 was the year of recovery for Precision Engineering Division. International customers in aerospace and oil and gas came out of recession, cleared their inventories and started with fresh enquiries and orders for new parts. Indian customers particularly in the automotive sector were buoyant and this reflected in several new orders for machine building and automation.

OUTLOOK FOR 2011-12

The Indian economy grew by about 8.5% in the year 2010-11. Notwithstanding the high inflation and the tightening of monitory policy by the Reserve Bank of India, consumer confidence in India continues to be very high which is reflected in the retail growth of various sectors.

The Watch Business will continue to pursue rapid and profitable growth through investment in brands, expansion of retail net work, new and nascent consumer segments, enhancing consumer happiness and build manufacturing and sourcing capabilities to support the future needs of the brands. The watch business will also scale up the ‘Helios’ retail format and consolidate the Fastrack accessories segment.

The Watch Business will also continue to build the brand in Vietnam and South Africa, besides extending intense

marketing focus to Saudi Arabia, Singapore and Malaysia.

The Jewellery Business will continue its growth path through various initiatives, including launching of new and innovative collections, expansion of retail net work especially with large format stores, increasing share of studded

jewellery by investing in marketing campaigns for diamonds. Initiatives have also been planned in the area of integrated supply chain and bullion management.

After navigating through a difficult period, the Precision Engineering Division of the Company will seek to enhance

its revenue in both their verticals – Machine Building and Automation and Precision Engineered Components and Subassembles (PECSA).

The Company’s Eyewear Business will continue to accelerate the pace of its retail network expansion. A host of new collections targeting different emerging and large segments of the middle class population will be launched. The Eyewear Division is keenly pursuing the task of being the most preferred optical store and consolidating its leadership position in the country.

Overall, the year 2011-12 will be a year where the Company would drive for strong and profitable growth in all its Indian consumer businesses, retain focus on elimination of wasteful costs, and skillfully navigate the international businesses which will continue to pose challenges due to sluggish demand in some of the geographies.

FIXED ASSETS:

• Land – Freehold
• Land – Leasehold
• Plant, Machinery and Equipment
• Furniture, Fixtures and Equipment
• Vehicles
• Intangible Assets – Trade Marks

UNAUDITED FINANCIAL RESULTS (STAND-ALONE) FOR THE PERIOD ENDED 31 DECEMBER 2011

(Rs. in millions)

Sr. No.	Particular	Quarter Ended		Nine Months Ended
		31.12.2011 (Unaudited)	30.09.2011 (Unaudited)	31.12.2011 (Unaudited)
1.	Net Sales/Income from Operations	24401.000	20963.400	65569.600
	Other operating income	3.000	1.600	5.500
2.	Expenditure
	Decrease / (increase) in stock in trade and work in progress	2660.800	(5622.800)	(6323.400)
	Consumption of raw materials	12934.900	17707.700	45665.100
	Purchase of traded goods	3080.100	3505.300	10011.100
	Employee cost	1070.400	987.300	3079.200
	Advertising	1205.100	907.200	3013.800
	Depreciation / Amortisation	119.200	105.700	324.100
	Other expenditure	1320.900	1476.400	4148.000
	Total expenditure	22391.400	19066.800	59917.900
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	2012.600	1898.200	5657.200
4.	Other Income	244.400	203.500	680.200
5.	Profit Before Interest and Exceptional Items (3+4)	2257.000	2101.700	6337.400
6.	Interest	9.600	2.200	22.900
7.	Profit After Interest but before Exceptional Items (5-6)	2247.400	2099.500	6314.500
8.	Exceptional Items	--	--	--
9.	Profit from Ordinary Activities before Tax (7+8)	2247.400	2099.500	6314.500
10.	Tax Expense
	a) Current tax	606.900	567.000	1705.200
	b) Deferred tax	1.400	1.200	3.800
11.	Net Profit from Ordinary Activities after Tax (9-10)	1639.100	1531.300	4605.500
12.	Income Tax earlier years	--	46.800	46.800
13.	Net Profit for the period (11-12)	1639.100	1484.500	4558.700
14.	Paid-up Equity Share Capital (Face Value of Rs.10/- Each)	887.800	887.800	887.800
15.	Reserves Excluding Revaluation Reserve	--	--	--
16.	Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised	1.85	1.67	5.13
17.	Public Shareholding
	-Number of Shares	413196612	413878019	413196612
	- Percentage of Shareholding	46.50%	46.60%	46.50%
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	--	--	--
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	--	--	--
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	--	--	--
	b) Non Encumbered
	- Number of Shares	474589548	473908141	474589548
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100%	100%	100%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	53.50%	53.40%	53.50%

SEGMENT RESULTS

(Rs. in millions)

Particulars	Quarter Ended		Nine Months Ended
	31/12/2011	30/09/2011	31/12/2011
	(Unaudited)	(Unaudited)	(Unaudited)
Net sales / Income from segments
Watches	3831.100	4174.200	11159.300
Jewellery	19858.700	16315.100	52644.900
Others	942.200	651.700	2368.400
Corporate(Unallocated)	16.400	27.500	82.700
Total	24648.400	21168.500	66255.300
Profit / (Loss) from segments before interest and taxes
Watches	480.400	672.400	1633.600
Jewellery	1784.600	1500.500	4870.000
Others	51.200	(13.900)	1.700
Total	2316.200	2159.000	6505.300
Less : Interest	9.600	2.200	22.900
Unallocable expenditure net of unallocable income	59.200	57.300	167.900
Profit before taxes	2247.400	2099.500	6314.500
Capital Employed
Watches	4864.700	4520.100	4864.700
Jewellery	7389.300	6345.200	7389.300
Others	1656.100	1342.500	1656.100
Corporate(Unallocated)	1170.700	1222.700	1170.700
Total	15080.800	13430.500	15080.800

NOTES:

1. Pursuant to the Scheme of Amalgamation of Tanishq (India) Limited (wholly owned subsidiary of the Company) with the Company as sanctioned by the High Court of Karnataka, and which came in to effect on 6 January 2012, all assets and liabilities have been transferred to and vested in the Company from the appointed date 1 April 2010. Accordingly, the figures reported for quarter ended 31 December 2011, 30 September 2011 and nine months ended 31 December 2011 are after considering the amalgamate and the figures reported for the quarter and nine months ended 31 December 2010 and year ended 31 March 2011 do not include the effect of amalgamation.

2. The Company's primary segments consist of Watches, Jewellery and Others, where the 'Others' include Eyewear, Precision Engineering, Machine Building, Clocks and Accessories. Capital employed in segments include all operating assets and liabilities. Segment results include all related income and expenditure.

3. There were 11 investor complaints pending at the beginning of the quarter. 30 complaints were received and 36 were resolved during the quarter. There were 5 complaints lying unresolved at the end of the quarter.

4. Pursuant to the approval of the Shareholders through Postal Ballot, the Board of Directors of the Company at its Meeting held on 14 June 2011 had approved the sub-division of its equity share of the face value of Rs.10 each in to 10 (ten) equity shares of Re.1 each and also for the capitalization of an amount of Rs. 443.893 Millions from General Reserve Account of the Company towards issue and allotment as fully paid-up Bonus Shares in the ratio of 1 (one) Equity Share for every existing Equity Share held by the Equity Shareholders on the Record Date i.e., 24 June 2011.

Consequently, the Earnings per Share (EPS) has been adjusted for all periods as required under AS-20 Earnings Per Share.

5. The figures of the previous period have been regrouped /recast, where necessary.

6. The financial results were reviewed by the Board Audit Committee and were approved by the Board of Directors at their meeting on 31 January 2012.

7. The Auditors have carried out a limited review of the financial results for the period ended on 31 December 2011, as required by the Listing Agreement.

WEB SITE DETAILS

COMPANY PROFILE

Subject is the organization that brought about a paradigm shift in the Indian watch market when it introduced its futuristic quartz technology, complemented by international styling. With India's two most recognized and loved brands Titan and Tanishq to its credit, Titan Industries is the fifth largest integrated watch manufacturer in the world.

The success story began in 1984 with a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation. Presenting Titan quartz watches that sported an international look, Titan Industries transformed the Indian watch market. After Sonata, a value brand of functionally styled watches at affordable prices, Titan Industries reached out to the youth segment with Fastrack, its third brand, trendy and chic. The company has sold 135million watches world over and manufactures 13 million watches every year.

With a license for premium fashion watches of global brands, Subject repeated its pioneering act and brought international brands into Indian market. Tommy Hilfiger and FCUK as well as the Swiss made watch – Xylys owe their presence in Indian market to Titan Industries.

Entering the largely fragmented Indian jewellery market with no known brands in 1995, Titan Industries launched Tanishq, India’s most trusted and fastest growing jewellery brand. Gold Plus, the later addition, focuses on the preferences of semi-urban and rural India. Completing the jewellery portfolio is Zoya, the latest retail chain in the luxury segment.

Subject has also made its foray into eyewear, launching Fastrack eyewear and sunglasses, as well as prescription eyewear. The organization has leveraged its manufacturing competencies and branched into precision engineering products and machine building.

With over 826 retail stores across a carpet area of over 10,08,083 sq. ft. Titan Industries has India’s largest retail network. The company has over 331exclusive ‘World of Titan' showrooms and over 83 Fastrack stores. It also has a large network of over 700 after-sales-service centers. Titan Industries is also the largest jewellery retailer in India with over 130 Tanishq boutiques and Zoya stores, over 31 Gold Plus stores. It also sports over 204 Titan Eye+ stores. The company has two exclusive design studios for watches and jewellery.

Backed by over 6,000 employees, two exclusive design studios for watches and jewellery, 9 manufacturing units, and innumerable admirers world over, Titan Industries continues to grow and sets new standards for innovation and quality. The organization is all geared to repeat the Titan and Tanishq success story with each new offering.

NEWS

PRESS REALEASE

Organisational Changes in Titan Industries Limited

The following organisational changes are being made at Titan.

Mr Harish Bhat, Chief Operating Officer (Watches) will be taking a sabbatical from work for a period of 9 months starting 1st April 2012 to pursue his passion for writing a book on the Tata Group. Consequently, Mr. H G Raghunath, currently the Chief Manufacturing Officer of the Watches Division and who has been with the Watches Division for 25 years, will succeed Mr. Harish Bhat as Chief Operating Officer for the Watches division.

Additionally, Mr. L. R. Natarajan, currently Chief Manufacturing Officer of the Jewellery division who has also been spearheading the innovation initiatives in the Company, will lead the business development function of the company as Chief Operating Officer.  Both the appointments are effective 1st April 2012.

Titan Industries LIMITED: Revenues up 37% over last year Q2

Titan Industries Limited: Revenues up 37% over last year Q2

After a record performance in the first quarter of 2011-12, Titan Industries Limited continued to record growth in top line and profits in Q2.   The overall income in the second quarter, July to September 2011, was Rs.21245.800 Millions, a growth of 37% over last year’s income of Rs.15512.200 Millions during the same period.  The income for April to September 2011, the first half of this financial year, stands at Rs.41725.100 Millions, registering a growth of 48.4% over last year.

The news on profits is also encouraging.  The net profit for Q2 is Rs.1482.000 Millions, up from Rs.1277.700 Millions last year – a growth of 16%.  The net profit for the six months ended September 2011 is Rs.2915.600 Millions, up 39.5% over last year.  The profit before tax is Rs.2095.800 Millions for Q2 and Rs.4061.300 Millions for the first half.  The Company and, in particular, the Watch business was affected by input cost increases and adverse currency fluctuations leading to pressure on margins.

All businesses of the Company have recorded good performance compared to last year due to good retail sales growth.  The income for watches was Rs.4174.100 Millions in Q2 as compared to Rs.3594.300 Millions last year, a growth of 16.1%.  On the other hand jewellery business recorded an income growth of 44.7% in Q2 over last year.  It had an income of Rs.16312.300 Millions this year in Q2 as compared to Rs.11273.600 Millions last year.  Other businesses of the Company comprising Precision Engineering, a B2B business, the Eyewear business and accessories grew by 16.3% in Q2.  The combined income of these businesses was Rs.651.700 Millions in Q2.  Their last year income for Q2 was Rs.560.300 Millions.  

The Titan Industries retail chain is 737 stores strong, as on 30th September 2011 with a retail area crossing 9.2 lac sq. ft. nationally for all its brands.

Mr. Bhaskar Bhat, Managing Director of the Company stated that “The second quarter has been a healthy quarter for us recording an income growth of 37% despite a slowdown being witnessed by the economy.  This performance was driven by good retail growth for most of our brands and various initiatives undertaken by all businesses to introduce exciting products and enhance customer satisfaction.  During the second quarter considered as an ‘off-season’   quarter, demand had to be stimulated through investment in advertising and in consumer offers.  This strategy has helped keep retail sales growing – such investment are likely to continue through Q3.”

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. 52.22
UK Pound	1	Rs. 84.16
Euro	1	Rs. 68.83

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
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	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	YES
--LISTED	YES/NO	YES
--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.