MIRA INFORM REPORT

Report Date :

04.12.2012

IDENTIFICATION DETAILS

Name :	KGF COTTONS PRIVATE LIMITED
Registered Office :	Niral Road, Bhainsa – 504103, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.07.1997
Com. Reg. No.:	01-027584
Capital Investment / Paid-up Capital :	Rs. 39.000 millions
CIN No.: [Company Identification No.]	U18100AP1997PTC027584
TAN No.: [Tax Deduction & Collection Account No.]	HYDK01149B
PAN No.: [Permanent Account No.]	AAACK8379D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Edible Oil.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 536000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears sharp fall in the profitability of the company in the year 2010-2011. However, trade relation are reported to be fair. Business is active. Payment are reported to be usually correct and as per commitment. The company can be considered for business dealing at usual trade terms and condition.

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB+ (Term Loan)
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation
Date	August, 2012

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 / Factory:	Niral Road, Bhainsa – 504103, Andhra Pradesh, India
Tel. No.:	91-8752-231078
Fax No.:	91-8752-231681
E-Mail :	l.d.reddy@gmail.com info@goodhealthgroup.com
Corporate Office :	1-8-663, , Azamabad, Azamabad Industrial Area, Hyderabad-500020, Andhra Pradesh, India
Tel. No.:	91-40-23222834 / 23260277
Fax No.:	91-40-39168888

DIRECTORS

As on 30.09.2011

Name :

Mr. Kailash Agarwal

Designation :

Director

Address :

1-2-A12/12, Gaganmahal Colony, Domalguda, Hyderabad-500029, Andhra Pradesh, India

Date of Birth/Age :

27.04.1963

Date of Appointment :

21.07.1997

DIN No.:

01625271

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	U74999AP1993PTC016732	GOOD-HEALTH AGROTECH PVT LTD	Director	14/12/1993	14/12/1993	-	Active	NO
2	U01711AP1996PTC024091	AMIT COTTONS PRIVATE LIMITED	Director	15/05/1996	15/05/1996	-	Active	NO
3	U18100AP1997PTC027584	KGF COTTONS PRIVATE LIMITED	Director	21/07/1997	21/07/1997	-	Active	NO
4	U99999AP1934PLC000578	THE HYDERABAD CONSTRUCTION COMPANY LIMITED	Director	15/05/2003	15/05/2003	-	Active	YES
5	U85110GJ1995PLC067038	RAJSHRI PACKAGERS LIMITED	Director	18/04/2005	18/04/2005	-	Amalgamated	NO

Name :

Mr. Subhash Chandra Agarwal

Designation :

Director

Address :

1-2-A12/12, Gaganmahal Colony, Domalguda, Hyderabad-500029, Andhra Pradesh, India

Date of Birth/Age :

27.03.1961

Date of Appointment :

21.07.1997

DIN No.:

02299878

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	U74999AP1993PTC016732	GOOD-HEALTH AGROTECH PVT LTD	Director	14/12/1993	14/12/1993	-	Active	NO
2	U01711AP1996PTC024091	AMIT COTTONS PRIVATE LIMITED	Director	15/05/1996	15/05/1996	-	Active	NO
3	U18100AP1997PTC027584	KGF COTTONS PRIVATE LIMITED	Director	21/07/1997	21/07/1997	-	Active	NO
4	U85110GJ1995PLC067038	RAJSHRI PACKAGERS LIMITED	Director	18/04/2005	18/04/2005	08/05/2009	Amalgamated	NO

Name :

Mr. Vinod Kumar Agarwal

Designation :

Director

Address :

Plot No. 266A/B, MLA Colony, Road No. 12, Banjara Hills, Hyderabad-500034, Andhra Pradesh, India

Date of Birth/Age :

17.01.1951

Date of Appointment :

21.07.1997

DIN No.:

01985482

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	U74999AP1993PTC016732	GOOD-HEALTH AGROTECH PVT LTD	Director	14/12/1993	14/12/1993	-	Active	NO
2	U01711AP1996PTC024091	AMIT COTTONS PRIVATE LIMITED	Managing director	15/05/1996	15/05/1996	-	Active	NO
3	U18100AP1997PTC027584	KGF COTTONS PRIVATE LIMITED	Director	21/07/1997	21/07/1997	-	Active	NO
4	U85110GJ1995PLC067038	RAJSHRI PACKAGERS LIMITED	Director	18/04/2005	18/04/2005	08/05/2009	Amalgamated	NO
5	U17121AP2006PTC051660	JAGADAMBHA COTTON INDUSTRIES PRIVATE LIMITED	Director	07/08/2008	07/08/2008	-	Active	NO
6	U17110MH2002PTC136843	MAHESH COTTON PRESSING PRIVATE LIMITED	Director	01/10/2009	01/10/2009	-	Active	NO
7	U01405MH2001PTC134006	MAHESH AGRO PROCESSING (INDIA ) PRIVATE LIMITED	Director	01/10/2009	01/10/2009	-	Active	NO
8	U17200AP2011PTC075172	VAS FLORA COTTONS & YARNS PRIVATE LIMITED	Director	24/06/2011	24/06/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Vinod Kumar Agarwal	388500
Subhash Chandra Agarwal	313500
Kailash Chandra Agarwal	323500
Banwarilal Agarwal	287500
Bhanwaribai Agarwal	437500
Kusum Devi Agarwal	272500
Lata Devi Agarwal	441000
Komal Devi Agarwal	372500
Amit Kumar Agarwal	90000
Akash Kumar Agarwal	107000
Sandeep Kumar Agarwal	263000
Akshay Kumar Agarwal	146000
Nikhil Agarwal	129000
Sagar Agarwal	159500
Megha Agarwal	103000
Banwarilal Agarwal HUF	28000
Vinod Kumar Agarwal HUF	20000
Subhash Chandra Agarwal	18000
Total	3900000

List of Allottees

As on 05.03.2012

Names of Allottees	No. of Shares
Ramnik Commodities Private Limited, India	250000
Total	250000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Edible Oil.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of Mysore

Industrial Finance Branch, 2^nd Floor, My Home Jupally, Ameerpet, Hyderabad - 500016, Andhra Pradesh, India

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	56.410	0.000
Working capital loans banks secured	66.491	225.976
Loans taken for vehicles secured	0.411	1.090
Total	123.312	227.066
Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Fixed deposits unsecured	10.300	0.300
Total	10.300	0.300

Banking Relations :	--
Auditors :
Name :	Prabha Shanker Rander Chartered Accountant
Address :	1-4-34, Dwaraka Nagar, Nizambad-503001, Andhra Pradesh, India
PAN No.:	AABFP9373Q

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs. 60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3900000	Equity Shares	Rs.10/- each	Rs. 39.000 Millions

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs. 60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4150000	Equity Shares	Rs.10/- each	Rs. 41.500 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		39.000	27.000	27.000
2] Share Application Money		13.526	1.826	3.195
3] Reserves & Surplus		81.547	66.715	24.446
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		134.073	95.541	54.641
LOAN FUNDS
1] Secured Loans		123.312	227.066	108.025
2] Unsecured Loans		10.300	0.300	0.300
TOTAL BORROWING		133.612	227.366	108.325
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		267.685	322.907	162.966
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		142.294	56.509	16.666
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.500	1.500	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	165.145	278.431	82.592
	Sundry Debtors	119.813	335.110	273.502
	Cash & Bank Balances	32.611	76.966	38.906
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	56.399	79.687	128.224
Total Current Assets		373.968	770.194	523.224
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	243.643	496.317	371.777
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	6.590	8.979	5.147
Total Current Liabilities		250.233	505.296	376.924
Net Current Assets		123.735	264.898	146.300
MISCELLANEOUS EXPENSES		0.156	0.000	0.000
TOTAL		267.685	322.907	162.966

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2168.996	2596.807	3274.163
		Stock at the end		276.651	79.200
		Other Income		5.500	3.317
		TOTAL (A)	2168.996	2878.958	3356.680
Less	EXPENSES
		Stock at the Beginning	2154.184 (Including Finance Expenses, Depreciation and Tax)	79.200	29.953
		Purchases		2576.641	3255.764
		Processing or Manufacturing		58.787	22.640
		Personnel		6.673	4.757
		Administrative		5.924	1.420
		Selling		92.797	16.118
		Prior Period Adjustments		29.718	(0.138)
		TOTAL (B)		2849.740	3330.514
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			29.218	26.166
Less	FINANCIAL EXPENSES (D)			23.704	19.770
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			5.514	6.396
Less/ Add	DEPRECIATION/ AMORTISATION (F)			0.944	0.954
	PROFIT BEFORE TAX (E-F) (G)			4.570	5.442
Less	TAX (H)			2.653	2.915
	PROFIT AFTER TAX (G-H) (I)		14.812	1.917	2.527
	Earnings Per Share (Rs.)		3.80	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.68	0.07	0.08
Net Profit Margin (PBT/Sales)	(%)	NA	0.18	0.17
Return on Total Assets (PBT/Total Assets}	(%)	NA	0.55	1.01
Return on Investment (ROI) (PBT/Net worth)		NA	0.05	0.10
Debt Equity Ratio (Total Liability/Net worth)		2.86	7.67	8.88
Current Ratio (Current Asset/Current Liability)		1.49	1.52	1.39

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	No
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	No
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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U18100AP1997PTC027584
Name of the company	KGF COTTONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Niral Road, Bhainsa – 504103, Andhra Pradesh, India Email: l.d.reddy@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90128461
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	State Bank of Mysore Industrial Finance Branch, 2^nd Floor, My Home Jupally, Ameerpet, Hyderabad - 500016, Andhra Pradesh, India Email: srinighat@rediffmail.com
Nature of instrument creating charge	1. Joint Deed Of Hypothecation - Form CF 2 2. Inter Se Agreement - Form CF 3 3. Sharing Pattern Among the Consortium Member Banks
Date of instrument Creating the charge	13.03.2012
Amount secured by the charge	Rs. 584.600 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest On Cash Credit - State Bank of Mysore - 4.75% above Base Rate, presently 15.25% p.a., with monthly rests and - State Bank of India - 6.75% above Base Rate, presently 16.75% p.a., with monthly rests. Terms of Repayment Validity of sanction - 12 months from the date of respective sanctions, being Working Capital limits Margin For Cash Credit and Export Packing Credit - On Stocks - 25% } For Cash Credit - On Book-Debts - 50%} Common to both the banks in the Consortium For L/Cs - 15% Upfront Cash margin} Extent and Operation of the charge 1. Hypothecation 1st charge, on Pari Passu basis, on the entire current assets of the company comprising Stocks of Raw Materials, Semi finished goods, Finished goods and Consumable Stores and Spares and Receivables, with State Bank of India 2. Pari passu charge on the Fixed Assets of the company comprising Buildings, Plant and Machinery etc., with State Bank of India.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Stocks of Raw Materials, Semi finished goods, Finished goods, Consumable Stores and Spares etc., stored at Company's office, factory premises at Sy.Nos.216/2/4, 218/1/3 and 219/1/3, at Bhainsa Stocks of Raw materials, Semi finished goods, Finished goods, Consumable stores and spares stored with Job workers, or in transit, lying in sea/airport, bonded ware house etc. Fixed Assets of the company comprising Buildings, Plant and Machinery, Elec installations etc., at Sy.Nos.216/2/4 and 219/1/3, Bhainsa, Adilabad Dist.
Date of instrument modifying the charge	30.10.2009
Particulars of the present modification	The consortium working capital limits of the company are reduced from the earlier Rs.1096.000 millions To Rs.584.600 millions, consequent to a correction in the exposure level of forward contract limit.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Vehicles

· Office Equipment

· Furniture

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 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.54.56
UK Pound	1	Rs.87.46
Euro	1	Rs.71.08

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.