MIRA INFORM REPORT

Report Date :

07.12.2012

IDENTIFICATION DETAILS

Name :	USHA MULTIPACK PRIVATE LIMITED
Registered Office :	Saharsh, Plot No.27-A, Paras Society, Opposite Nirmala Convent School, Rajkot – 360005, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.07.2001
Com. Reg. No.:	04-039785
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U74950GJ2001PTC039785
TAN No.: [Tax Deduction & Collection Account No.]	RKTU00004E
PAN No.: [Permanent Account No.]	AAACU5031C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Plastic Laminate Film.
No. of Employees :	25 (Approximately)

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 89000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for business dealing 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.

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

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.

INFORMATION PARTED BY

Name :	Mr. Sachin
Designation :	Accounts Department
Contact No.:	91-9898622508
Date :	06.12.2012

LOCATIONS

Registered Office :	Saharsh, Plot No.27-A, Paras Society, Opposite Nirmala Convent School, Rajkot – 360005, Gujarat, India
Tel. No.:	91-2827-254202/ 254203
Mobile No.:	91-9898622508 (Mr. Sachin)
Fax No.:	91-2827-254203
E-Mail :	mnmanvarca@rediffmail.com ushamultipack@yahoo.co.in
Website :	www.ushamultipack.com
Location :	Owned
Factory :	Survey No. 164, Plot No. 1 and 2, SIDC Road, Veraval (Shapar), Rajkot – 360024, Gujarat, India

DIRECTORS

As on: 30.09.2011

Name :	Mr. Piyush Jerambhai Patel
Designation :	Director
Address :	Saharsh, Plot No.27-A, Paras Society, Opposite Nirmala Convent School, Rajkot – 360005, Gujarat, India
Date of Birth/Age :	31.01.1975
Date of Appointment :	16.07.2001
DIN No.:	00037536
Name :	Mr. Jerambhai Popatbhai Patel
Designation :	Director
Address :	Saharsh, Plot No.27-A, Paras Society, Opposite Nirmala Convent School, Rajkot – 360005, Gujarat, India
Date of Birth/Age :	03.4.1950
Date of Appointment :	16.07.2001
DIN No.:	00029699
Name :	Mr. Nimesh Jerambhai Patel
Designation :	Director
Address :	Saharsh, Plot No.27-A, Paras Society, Opposite Nirmala Convent School, Rajkot – 360005, Gujarat, India
Date of Birth/Age :	04.08.1979
Date of Appointment :	16.07.2001
DIN No.:	00037530

KEY EXECUTIVES

Name :	Mr. Sachin
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Piyush Patel	90000
Nimesh Patel	90000
Jerambhai Patel	135000
Savitaben Patel	90000
Seemaben Patel	22500
Alpaben Patel	22500
Piyushbhai J. Patel (HUF)	10000
Nimeshbhai J. Patel (HUF)	10000
Jerambhai P. Patel (HUF)	30000
Total	500000

As on: 05.07.2012

Names of Allottee	No. of Shares
Alpaben N Khut	93500
Jerambhai P. Patel	68000
Nimeshbhai J. Patel	192000
Piyushbhai J. Patel	66500
Savitaben J Patel	28250
Seemaben P Patel	51750
Total	500000

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 of Plastic Laminate Film.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (As on: 31.03.2011)

Particulars	Units	Actual Production
Multi-Layer Co-Ex. Film	M.T.	2219.15

GENERAL INFORMATION

Customers :

Manufacturing Company

No. of Employees :

25 (Approximately)

Bankers :

· Punjab National Bank, Kalawad Road, Rajkot - 360005, Gujarat, India

· Rajkot Commercial Co-Operative Bank Limited, "Suvidha", Chandulal Buch Marg, Rajkot - 360001, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term Loans
From Bank
Punjab National Bank (Secured against Equitable mortgage of factory land and Building and hypothecation of Plant and Machinery as well as movable assets of the company) Terms of Repayment 1. Repayable in monthly installment of Rs.0.230 Million 2. Rate of Interest 15% Rs.2.760 Millions 3. Installment due within 12 months	6.155	8.915
Loans repayable on demand
Working Capital Finance (Secured against hypo of Goods and Hook Debts and second charge over the Land, Building and Machinery of the Company)	39.856	47.510
HDFC Bank Limited
Vehicle Finance (Secured against Vehicles)	0.460	0.960
Total	46.471	57.385
Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Deposits Loan
Suppliers Security Deposits	70.734	35.000
Loan and Advances from Related Parties
From Bank	0.000	4.289
From Directors and Shareholders	0.082	0.817
Loans repayable on demand
From Bank	3.138	0.000
Total	73.954	40.106

Banking Relations :	--
Auditors :
Name :	M.N. Manvar and Company Chartered Accountants
Address :	504-Star Plaza, Phulchhab Chowk, Rajkot – 360001, Gujarat, India
Tel. No.:	91-281-2455750/ 6627070
PAN No.:	ABSPM6534E
Sister Concern :	Usha Plastipack

CAPITAL STRUCTURE

After: 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Notes:

a. Par value per share

b. Reconciliation of number of shares

Particulars	Equity Shares
	Number	Rs. In Millions
Shares outstanding as on 01.04,2011	500000	5.000
Add : Shares Issued during the year	-	-
Less: Shares bought back during the year	-	-
Shares outstanding as on 31.03.2012	500000	5.000

c. Details of share holding more than 5% by each share holders

Name of the share holders	2011-12
	No. of share held	% to total no, of share
Piyush Jerambhai Patel	90000	18.00%
Nimesh Jerambhai Patel	90000	18.00%
Jerambhai Popatbhai Palel	135000	27.00%
Savutaben Jerambhai Patel	90000	18.00%
Jerambhai P. Patel (HUF)	30000	6.00%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		5.000	5.000	1.000
2] Share Application Money		6.400	0.000	0.000
3] Reserves & Surplus		11.026	7.628	6.855
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		22.426	12.628	7.855
LOAN FUNDS
1] Secured Loans		46.471	57.385	29.658
2] Unsecured Loans		73.954	40.106	24.803
TOTAL BORROWING		120.425	97.491	54.461
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		142.851	110.119	62.316
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		42.207	41.870	27.928
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.002	0.002	0.002
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.165	15.443	6.509
	Sundry Debtors	70.748	44.364	19.020
	Cash & Bank Balances	10.234	2.708	3.501
	Other Current Assets	0.401	0.782	0.000
	Loans & Advances	18.084	20.190	18.223
Total Current Assets		115.632	83.487	47.253
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.412	10.251	10.980
	Other Current Liabilities	3.936	4.219	0.938
	Provisions	0.642	0.770	0.949
Total Current Liabilities		14.990	15.240	12.867
Net Current Assets		100.642	68.247	34.386
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		142.851	110.119	62.316

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	237.738	195.499	120.758
		Other Income	3.445	0.654	1.406
		TOTAL (A)	241.183	196.153	122.164
Less	EXPENSES
		Cost of Material Consumed	194.346	156.929
		Purchases of Stock-in-trade	0.570	0.602
		Changes in Inventories of Finished Goods, work-in-progress and stock-in-trade	4.075	(4.487)
		Employee benefit Expense	5.113	4.124
		Extraordinary items	0.007	0.072
		Other Expense	15.649	22.724
		TOTAL (B)	219.760	179.964	110.936
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		21.423	16.189	11.228
Less	FINANCIAL EXPENSES (D)		15.735	12.481	6.625
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.688	3.708	4.603
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.907	2.744	1.804
	PROFIT BEFORE TAX (E-F) (G)		2.781	0.964	2.799
Less	TAX (H)		0.553	0.191	0.506
	PROFIT AFTER TAX (G-H) (I)		2.228	0.773	2.293
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.628	6.855	4.562
	BALANCE CARRIED TO THE B/S		9.856	7.628	6.855
	IMPORTS
		Raw Materials	2.530	NA	NA
	TOTAL IMPORTS		2.530	NA	NA
	Earnings Per Share (Rs.)		4.46	1.55	22.93

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.92	0.39	1.88
Net Profit Margin (PBT/Sales)	(%)	1.17	0.49	2.32
Return on Total Assets (PBT/Total Assets}	(%)	1.76	0.77	3.72
Return on Investment (ROI) (PBT/Networth)		0.12	0.08	0.36
Debt Equity Ratio (Total Liability/Networth)		6.04	8.93	8.57
Current Ratio (Current Asset/Current Liability)		7.71	5.48	3.67

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors
For Goods	7.985	6.235	3.500
For Expenses	2.247	3.675	2.256
For Capital Goods	0.180	0.341	5.224
Total	10.412	10.251	10.980

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
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	No

Note:

The Registered Office of the company has been shifted from Magan Nivas, 7-Gundanwadi, Rajkot – 360001, Gujarat, India to the present address w.e.f. 21.09.2007

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U74950GJ2001PTC039785
Name of the company	USHA MULTIPACK PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Saharsh, Plot No.27-A, Paras Society, Opposite Nirmala Convent School, Rajkot – 360005, Gujarat, India E-mail: ushamultipack@yahoo.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10078353
Type of charge	Immovable property
Particular of charge holder	Punjab National Bank, Kalawad Road, Rajkot - 360005, Gujarat, India E-mail: bo3766@pnb.co.in
Nature of instrument creating charge	Memorandum of Extension of the Deposit of Title Deeds
Date of instrument Creating the charge	06.10.2012
Amount secured by the charge	Rs.198.579 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit: Basic + 4.25% i.e. 14.75% p. a. Term Loan : (Fresh) : Basic + 4.25% + 0.50% TP i.e. 15.25% p. a. and Term Loan : (Existing) Base Rate +4.50%+TP Terms of Repayment Cash Credit : On Demand Term Loan (Existing) : As per Bank Schedule Term Loan (fresh): Repayable in 48 monthly installments of Rs.1.313 Millions each after one month of maturity period. Letter Of Credit : 90 days FLC Cum Buyers Credit : 90 days Margin Cash Credit : 25% (Stocks 40% (Book Debts) Term Loan (Fresh) : 25% Term Loan (Existing): : 20% ILC : 20% FLC cum Buyers Credit : 20% Extent and Operation of the charge The charge shall be in operation till the entire amount of charge including interest, if any, is repaid.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	NA Land admeasuring 987.22 Sq. Mts. of Plot No. 5 of Revenue Survey No. 212 of Village Veraval belonging to Usha Multipack Private Limited Industrial Land admeasuring 1797.08 Sq. Yards corresponding to 1503.25 Sq. Mts. of Plot No. 1 and Land admeasuring 1513.60 Sq. Yards corresponding to 1265.63 Sq. Mts. of Plot No. 2 total land admeasuring 2768.88 Sq. Mts. of revenue survey No. 164 paiki of village Veraval situated at Veraval, Taluka Kotda Snagani District Rajkot belonging to Usha Multipack Private Limited. House on Land admeasuring 246.37 Sq. Mts. of Sub-Plot No. 27/A of Survey No. 132/1 of Village Raiya brlonging to Shri Jerambhai Popatbhai Khunt Flat N0.303 built up area admeasuring 110.75 Sq. Mts. on 3rd Floor from the building known as Ram Krishna Apartment constructed on the land admeasuring Sq Mts.1489.4 of Plot No. 27 and 28 of Survey No. 88/1 of Village Raiya T. P. Scheme No. 1, Raiya F.P. No. 16 and 17 within the limits of Rajkot Muncipal Corporation belonging to Shri Gordhanbhai Kalabhai Patel. Together with all buildings, super structure, plant and machinery constructed or to be constructed, installed or to be installed, present and future and all accretion thereto
Date of instrument modifying the charge	08.06.2012
Particulars of the present modification	Enhancement of Existing Limit from Rs.91.378 Millions to Rs.198.579 Millions in following manner Cash Credit From Rs.40.000 Millions to Rs.87.500 Millions NFB ILC/FLC limit unchanged to Rs.40.000 Millions Term Loan (Existing) decreased from Rs.13.800 Millions to Rs.8.979 Millions Term Loan (Fresh) of Rs.63.000 Millions

FIXED ASSETS:

· Land

· Suney No. 164

· Buildings

· factory Building

· factory Building II

· Plant and Equipment

· Electrification

· Electrification II

· Digital Tester

· Weighing Scale

· Misc. Machineries

· Furniture and Fixture

· Vehicle-Activa

· Vehicle-Splendor

· Vehicle-Car Office

· Office Equipment

· Mobile

· Computer

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.54.47
UK Pound	1	Rs.87.63
Euro	1	Rs.71.12

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		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.