MIRA INFORM REPORT

Report Date :

25.08.2012

IDENTIFICATION DETAILS

Name :	JET LITE (INDIA) LIMITED [w.e.f. 15.05.2007]
Formerly Known As :	SAHARA AIRLINES LIMITED [w.e.f. 28.05.1998] SAHARA INTERNATIONAL AIRWAYS LIMITED
Registered Office :	Siroya Centre, Sahar Airport Road, Andheri - (East), Mumbai – 400099, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.09.1991
Com. Reg. No.:	11-177728
Capital Investment / Paid-up Capital :	Rs. 7961.154 Millions
CIN No.: [Company Identification No.]	U62100MH1991PLC177728
PAN No.: [Permanent Account No.]	AADCS4480L
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Air Transportation
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (37)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Jet Airways India Limited. It is an established company having moderate track record. There appears huge accumulated losses recorded by the company. However, trade relation are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term [ICRA] BB
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk.
Date	November 2011

Rating Agency Name	ICRA
Rating	Short Term [ICRA] A4
Rating Explanation	Having minimal degree of safety regarding timely payment of financial obligation it carry very high credit risk and susceptible of default.
Date	November 2011

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Siroya Centre, Sahar Airport Road, Andheri - (East), Mumbai – 400099, Maharashtra, India
Tel. No.:	91-22-61211000
Fax No.:	91-22-61211950
E-Mail :	corporate@jetlite.com
Website :	http://www.jetlite.com

DIRECTORS

AS ON 21.07.2011

Name :

Mr. Naresh Kumar Goyal

Designation :

Director

Address :

72, Jupiter Apartments, Anstey Road, Off Altamount Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

08.03.1949

Qualification :

B.Com

Date of Appointment :

28.09.2007

DIN No.:

01180386

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1974PTC007361	JETAIR PRIVATE LIMITED	Director	09/08/1974	09/08/1974	-	Active	NO
2	U74899DL1974PTC007414	INTERNATIONAL CARGO CARRIERS PRIVATE LIMITED	Director	22/08/1974	22/08/1974	-	Active	NO
3	U74899DL1986PTC024706	VIMPAL HOLDINGS PRIVATE LIMITED	Director	09/04/1988	09/04/1988	-	Strike off	NO
4	U65990MH1990PTC059268	JET ENTERPRISES PRIVATE LIMITED	Director	04/12/1990	04/12/1990	-	Active	NO
5	U63040MH1990PTC059439	JETAIR TOURS PRIVATE LIMITED	Director	28/12/1990	28/12/1990	-	Active	NO
6	L99999MH1992PLC066213	JET AIRWAYS (INDIA) LIMITED	Director	01/04/1992	01/04/1992	-	Active	NO
7	U62100MH1992PTC066284	JET AVIATION PRIVATE LIMITED	Director	09/04/1992	09/04/1992	-	Strike off	NO
8	U63040MH2006PTC160418	NATIONAL TRAVEL SERVICE PRIVATE LIMITED	Director	09/03/2006	09/03/2006	13/08/2011	Strike off	NO
9	U62100MH1991PLC177728	JET LITE (INDIA) LIMITED	Director	28/09/2007	28/09/2007	-	Active	NO

Name :

Mr. Sudheer Raghavan

Designation :

Director

Address :

Flat No. 1603, Torino Hiranandani Gardens Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

21.11.1953

Qualification :

B. Tech Masters Degree in Air Transport Engineering

Date of Appointment :

20.05.2010

DIN No.:

02829155

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U62100MH1991PLC177728	JET LITE (INDIA) LIMITED	Director	23/07/2010	20/05/2010	Active	NO

Name :

Mr. Gaurang Ananda Shetty

Designation :

Director

Address :

103, B Wing, Red Rose, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

08.10.1956

Qualification :

B. Sc

Date of Appointment :

20.05.2010

DIN No.:

01293134

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999MH2000PTC128519	UPS JETAIR EXPRESS PRIVATE LIMITED	Director	08/06/2005	08/06/2005	22/09/2011	Active	NO
2	U62100MH1991PLC177728	JET LITE (INDIA) LIMITED	Director	23/07/2010	20/05/2010	-	Active	NO
3	U55200MH1981PTC025317	JET HOTELS PRIVATE LIMITED	Additional director	09/01/2012	09/01/2012	-	Active	NO
4	U74899DL1974PTC007361	JETAIR PRIVATE LIMITED	Additional director	19/01/2012	19/01/2012	-	Active	NO
5	U65990MH1990PTC059268	JET ENTERPRISES PRIVATE LIMITED	Additional director	24/01/2012	24/01/2012	-	Active	NO
6	U63040MH1990PTC059439	JETAIR TOURS PRIVATE LIMITED	Additional director	24/01/2012	24/01/2012	-	Active	NO
7	L99999MH1992PLC066213	JET AIRWAYS (INDIA) LIMITED	Director	03/08/2012	24/05/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 21.07.2011

Names of Shareholders	No. of Shares
Jet Airways (India) Limited, India	506115403
Saroj Kumar Datta	1
Farazad Patrawala jointly with Jet Airways (India) Limited	1
Jennifer D’Silva	1
Mahiyar Sadri	1
Manjula Mani	1
Javed Akhtar jointly with Jet Airways (India) Limited	1
Total	506115409

Names of Preference Shareholders	No. of Shares
Jet Airways (India) Limited, India	290000000
Total	290000000

AS ON 21.07.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Air Transportation

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of India, Overseas Branch, World Trade Centre, Cuffe Parade, Mumbai - 400005, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	1500.000	1515.900
Other debt secured	0.000	3187.900
Total	1500.000	4703.800
Note: Including Interest Accrued and Due Rs. Nil [Secured by hypothecation of Spares, Book Debts, receivables, collateral of Ground Support Vehicles (excluding trucks, jeeps, air craft etc) and Corporate Guarantee of Jet Airways (India) Limited, the Holding Company.]
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks unsecured	500.000	505.300
Rupee term loans others unsecured	15295.100	6820.700
Total	15795.100	7326.000
Note: From Banks (Corporate Guarantee given by the Holding Company) 5,000 [Including Interest Accrued and Due Rs. Nil] From Holding Company 152,951

Banking Relations :	--
Auditors :
Name :	Chaturvedi and Shah Chartered Accountants
Address :	714-715, Tulsiani Chambers, 212, Nariman Point, Fort, Mumbai – 400021, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFC0662N
Holding Company :	Jet Airways (India) Limited [L99999MH1992PLC066213]
Ultimate Holding Company:	Tail Winds Limited
Enterprise over which controlling shareholder of Ultimate Holding Company and his relatives are able to exercise significant influence directly or indirectly:	Ø Jetair Private Limited [U74899DL1974PTC007361] Ø Trans Continental e Services Private Limited [U72900MH2005PTC157457]

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
650,000,000	Equity Shares	Rs. 10/- each	Rs. 6500.000 Millions
350,000,000	Preference Shares	Rs. 10/- each	Rs. 3500.000 Millions
	Total		Rs. 10000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
506,115,409	Equity Share	Rs.10/- each	Rs. 5061.154 Millions
290,000,000	Preference Shares	Rs. 10/- each	Rs. 2900.000 Millions
	Total		Rs. 7961.154 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		7961.200	7961.200	7961.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		446.600	446.600	446.600
4] (Accumulated Losses)		(20761.100)	(19686.400)	(20148.300)
NETWORTH		(12353.300)	(11278.600)	(11740.500)
LOAN FUNDS
1] Secured Loans		1500.000	4703.800	5354.700
2] Unsecured Loans		15795.100	7326.000	6731.400
TOTAL BORROWING		17295.100	12029.800	12086.100
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4941.800	751.200	345.600
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		214.100	372.400	460.900
Capital work-in-progress		338.500	338.500	739.200
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1140.100	1127.300	1006.400
	Sundry Debtors	596.500	657.200	752.800
	Cash & Bank Balances	895.100	535.700	717.000
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6910.200	5741.700	3191.000
Total Current Assets		9541.900	8061.900	5667.200
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3225.000	4551.800	3503.300
	Other Current Liabilities	1590.600	3045.800	2598.600
	Provisions	337.100	424.000	419.800
Total Current Liabilities		5152.700	8021.600	6521.700
Net Current Assets		4389.200	40.300	(854.500)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4941.800	751.200	345.600

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	17514.600	15183.800	16009.200
		Other Income	346.900	610.900	646.900
		TOTAL	17861.500	15794.700	16656.100
Less	EXPENSES
		Manufacturing service costs	11014.300	9340.900
		Employee related expenses	1683.400	1504.200
		Administrative selling other expenses	5579.500	4879.000
		TOTAL	18277.200	15724.100	21599.200
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(415.700)	70.600	(4943.100)
Less	FINANCIAL EXPENSES		574.800	543.600	642.200
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(990.500)	(473.000)	(5585.300)
Less/ Add	DEPRECIATION/ AMORTISATION		79.500	83.800	77.700
	NET PROFIT/ (LOSS) BEFORE TAX, PRIOR PERIOD AND EXTRAORDINARY ITEMS		(1070.000)	(556.800)	(5663.000)
Less/ Add	EXTRAORDINARY ITEMS BEFORE TAX		0.000	1121.400	0.000
	PROFIT/ (LOSS) BEFORE TAX		(1070.000)	564.600	(5663.000)
Less	TAX		4.700	102.700	641.300
	PROFIT/ (LOSS) AFTER TAX		(1074.700)	461.900	(6304.300)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(19686.400)	(20148.300)	(13844.000)
	BALANCE CARRIED TO THE B/S		(20761.100)	(19686.400)	(20148.300)
	EARNINGS IN FOREIGN CURRENCY
		Passenger and Cargo Revenue	425.200	493.500	212.900
		Other Revenue	19.400	20.700	0.000
	TOTAL EARNINGS		444.600	514.200	212.900
	IMPORTS
		Components and Spares	320.000	392.500	340.300
		Capital Goods	0.000	0.000	94.00
	TOTAL IMPORTS		320.000	392.500	434.300
	Earnings/ Loss Per Share (Rs.)
	Basic		(2.15)	1.01	(15.86)
	Diluted		(2.15)	0.91	(15.86)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(6.02)	3.57	(37.85)
Net Profit Margin (PBT/Sales)	(%)	(6.11)	3.72	(35.37)
Return on Total Assets (PBT/Total Assets}	(%)	(10.97)	6.69	(92.41)
Return on Investment (ROI) (PBT/Networth)		(0.09)	(0.05)	(0.48)
Debt Equity Ratio (Total Liability/Networth)		1.82	1.78	(1.58)
Current Ratio (Current Asset/Current Liability)		1.85	1.00	0.87

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
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 (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note: The registered address of the company has been shifted from S.M. Centre, Andheri - Kurla Road , Andheri (East), Mumbai – 400059, Maharashtra, India to the present w.e.f. 22.07.2011

OPERATIONAL PERFORMANCE:

The Company follows the low-cost, no- frills business model. For the financial year ended 31st March, 2011, the Company posted a total income of Rs.17861.500 Millions (2009-10: Rs.15794.700 Millions) and a Net Loss of Rs. 1074.700 Millions (2009-10: Net profit of Rs.461.900 Millions).

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U62100MH1991PLC177728
Name of the company	JET LITE (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	S.M. Centre, Andheri - Kurla Road , Andheri (East), Mumbai – 400059, Maharashtra, India
This form is for	Modification of charge
Charge identification number of the modified	10106420
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	State Bank of India, Overseas Branch, World Trade Centre, Cuffe Parade, Mumbai - 400005, Maharashtra, India Email ID: ravi.r@sbi.co.in
Nature of description of the instrument creating or modifying the charge	First Supplemental Joint Deed of Hypothecation
Date of instrument Creating the charge	29.01.2011
Amount secured by the charge	Rs. 3000.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As stipulated by the said banks in their respective Sanction Letter/s and as advised from time to time Plus Service Charges as are applicable to the said facility from time to time. Terms of Repayment On Demand Margin Stores & Spares - 20% Debtors : 10% Ground Support Vehicles : 20% Extent and Operation of the charge Hypothecation of goods namely, spares as well as book debts and receivables and collateral first charge on ground support vehicles (excluding trucks, jeeps, air crafts, etc.)
Short particulars of the property charged	Hypothecation of goods namely, spares as well as book debts and receivables. Collateral first charge on ground support vehicles (excluding trucks, jeeps, air crafts, etc.)
Date of latest modification prior to the present modification	15/01/2008
Particulars of the present modification	Re-constitution of participating banks consisting of State Bank of India and ICICI Bank with facilities offered of Rs. 1500.000 Millions each.

CONTINGENT LIABILITIES:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010
Income Tax demands in Appeals	663.200	8431.900
Fringe Benefit Tax demands in Appeals	107.300	Nil
Claims against the Company, pending Civil and Consumer Suits	177.300	224.500
Wealth Tax Demands in Appeals	2.100	Nil
Service Tax Demands	933.800	3513.600
Letters of Credit Outstanding	1228.200	742.800
Bank Guarantees Outstanding	1106.200	967.900
Corporate Guarantee on behalf of Holding Company	31769.000	31986.300

The Company is a party to various legal proceedings in the normal course of business and does not expect the outcome of these proceedings to have any adverse effect on its financial conditions, results of operations or cash flows.

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 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. 55.38
UK Pound	1	Rs. 87.80
Euro	1	Rs. 69.48

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		37

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

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.