MIRA INFORM REPORT

Report Date :

07.02.2012

IDENTIFICATION DETAILS

Name :	CREATION PUBLICITY PRIVATE LIMITED
Registered Office :	66 Nagindas Master Road, 1^st Floor, 4 Parekh Vora Chambers, Fort, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	12.02.1996
Com. Reg. No.:	11-097150
Capital Investment / Paid-up Capital :	Rs.3.104 Millions
CIN No.: [Company Identification No.]	U74300MH1996PTC097150
TAN No.: [Tax Deduction & Collection Account No.]	MUMC11921A / MUMC11865A / MUMC10510D
PAN No.: [Permanent Account No.]	AABCC2192B
Legal Form :	Private Limited Liability Company
Line of Business :	Outdoor Advertising
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 130000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small business dealings at usual trade terms and conditions. Profit and Loss of the company is not available.

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 :	66 Nagindas Master Road, 1^st Floor, 4 Parekh Vora Chambers, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-40784444 / 22676364 / 3610, 66359124 / 5
Fax No.:	91-22-22676389
E-Mail :	creationin@rediffmail.com creation.india@gmail.com creationin@vsnl.com accounts.creation@gmail.com
Website :	http://www.creationin.com
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :	Ms. Nalini Tulsidas Vora
Designation :	Director
Address :	Khatau Apartment 4^th Floor, 243, Walkeshwar Road, Mumbai – 400006
Date of Birth/Age :	26.09.1933
Date of Appointment :	12.02.1996
DIN No.:	00340837

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24295MH1993PTC075556	Stickwell Products (Bombay) Private Limited	Director	10-12-93	10-12-93	-	Active	NO
2	U74300MH1994PTC076370	Emvee Advertising Company (Bombay) Private Limited	Director	02-02-94	02-02-94	-	Active	NO
3	U74300MH1996PTC097150	Creation Publicity Private Limited	Director	12-02-96	12-02-96	-	Active	NO
4	U74300MH2000PTC126873	P R Advertising Private Limited	Director	31-05-00	31-05-00	-	Active	NO
5	U74300MH2000PTC128283	Anuraag Sites Advertising Private Limited	Director	17-08-00	17-08-00	-	Dormant	NO
6	U74300MH2003PTC139588	Ozone Multimedia Private Limited	Director	24-04-09	24-04-09	-	Active	NO

Name :	Mr. Paresh Tulsidas Vora
Designation :	Director
Address :	Khatau Apartment 4^th Floor, 243, Walkeshwar Road, Mumbai – 400006
Date of Birth/Age :	18.02.1957
Date of Appointment :	12.02.1996
DIN No.:	00340858

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65990MH1993PTC071342	Cornea Investment And Leasing Private Limited	Director	10-08-93	10-08-93	-	Active	NO
2	U24295MH1993PTC075556	Stickwell Products (Bombay) Private Limited	Director	10-12-93	10-12-93	-	Active	NO
3	U74300MH1994PTC076370	Emvee Advertising Company (Bombay) Private Limited	Whole-time director	02-02-94	02-02-94	-	Active	NO
4	U74300MH1994PTC082258	Vora Patel Advertising Private Limited	Director	21-10-94	21-10-94	-	Active	NO
5	U74300MH1996PTC096262	Vora Shah And Balsara Ads Private Limited	Director	15-01-96	15-01-96	-	Dormant	NO
6	U74300MH1996PTC097150	Creation Publicity Private Limited	Whole-time director	12-02-96	12-02-96	-	Active	NO
7	U74300MH2000PTC126873	P R Advertising Private Limited	Director	31-05-00	31-05-00	-	Active	NO
8	U70100MH2000PTC128184	Crayon Estates Private Limited	Director	10-08-00	10-08-00	18-09-10	Active	NO
9	U74300MH2000PTC128283	Anuraag Sites Advertising Private Limited	Managing director	17-08-00	17-08-00	-	Dormant	NO
10	U74300MH2003PTC139588	Ozone Multimedia Private Limited	Managing director	13-03-03	13-03-03	-	Active	NO
11	U74999MH2010PTC198531	Lime Kraft Media Private Limited	Managing director	05-01-10	05-01-10	-	Active	NO
12	U22222MH2011PTC214728	Outshine Advertising Private Limited	Managing director	14-03-11	14-03-11	-	Active	NO
13	U22222MH2011PTC220992	Outsmart Media Private Limited	Director	16-08-11	16-08-11	-	Active	NO

Name :	Mr. Ashok Tulsidas Vora
Designation :	Director
Address :	Khatau Apartment 4^th Floor, 243, Walkeshwar Road, Mumbai – 400006
Date of Birth/Age :	23.11.1958
Date of Appointment :	12.02.1996
DIN No.:	00460897

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24295MH1993PTC075556	Stickwell Products (Bombay) Private Limited	Managing director	10-12-93	10-12-93	-	Active	NO
2	U74300MH1994PTC076370	Emvee Advertising Company (Bombay) Private Limited	Director	02-02-94	02-02-94	-	Active	NO
3	U74300MH1994PTC082258	Vora Patel Advertising Private Limited	Director	19-05-95	19-05-95	09-02-10	Active	NO
4	U74300MH1996PTC096262	Vora Shah and Balsara Ads Private Limited	Director	15-01-96	15-01-96	-	Dormant	NO
5	U74300MH1996PTC097150	Creation Publicity Private Limited	Director	12-02-96	12-02-96	-	Active	NO
6	U70100MH2000PTC128184	Crayon Estates Private Limited	Director	10-08-00	10-08-00	09-02-10	Active	NO
7	U65990MH1993PTC071342	Cornea Investment And Leasing Private Limited	Director	01-04-09	01-04-09	-	Active	NO
8	U74300MH2003PTC139588	Ozone Multimedia Private Limited	Director	24-04-09	24-04-09	-	Active	NO

Name :	Mr. Sukesh Tulsidas Vora
Designation :	Director
Address :	Khatau Apartment 4^th Floor, 243, Walkeshwar Road, Mumbai – 400006
Date of Birth/Age :	27.11.1968
Date of Appointment :	15.02.2000
DIN No.:	00340916

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24295MH1993PTC075556	Stickwell Products (Bombay) Private Limited	Director	10-12-93	10-12-93	-	Active	NO
2	U74300MH1996PTC097150	Creation Publicity Private Limited	Director	15-02-00	15-02-00	-	Active	NO
3	U74300MH2000PTC126873	P R Advertising Private Limited	Director	31-05-00	31-05-00	-	Active	NO
4	U70100MH2000PTC128184	Crayon Estates Private Limited	Director	10-08-00	10-08-00	-	Active	NO
5	U74300MH2000PTC128283	Anuraag Sites Advertising Private Limited	Director	17-08-00	17-08-00	-	Dormant	NO
6	U65990MH1993PTC071342	Cornea Investment And Leasing Private Limited	Director	06-03-03	06-03-03	-	Active	NO
7	U74300MH2003PTC139588	Ozone Multimedia Private Limited	Director	13-03-03	13-03-03	-	Active	NO
8	U74300MH1994PTC076370	Emvee Advertising Company (Bombay) Private Limited	Director	24-04-09	24-04-09	-	Active	NO
9	U74999MH2010PTC198531	Lime Kraft Media Private Limited	Director	05-01-10	05-01-10	-	Active	NO
10	U22222MH2011PTC214728	Outshine Advertising Private Limited	Director	14-03-11	14-03-11	-	Active	NO
11	U22222MH2011PTC220992	Outsmart Media Private Limited	Director	16-08-11	16-08-11	-	Active	NO

Name :	Mr. Kalpesh Tulsidas Vora
Designation :	Director
Address :	Khatau Apartment 4^th Floor, 243, Walkeshwar Road, Mumbai – 400006
Date of Birth/Age :	10.05.1970
Date of Appointment :	15.02.2000
DIN No.:	00340946

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74300MH1996PTC097150	Creation Publicity Private Limited	Director	15-02-00	15-02-00	-	Active	NO
2	U74300MH2003PTC139588	Ozone Multimedia Private Limited	Director	13-03-03	13-03-03	-	Active	NO
3	U65990MH1993PTC071342	Cornea Investment And Leasing Private Limited	Director	01-04-09	01-04-09	-	Active	NO
4	U74300MH1994PTC076370	Emvee Advertising Company (Bombay) Private Limited	Director	24-04-09	24-04-09	-	Active	NO
5	U74999MH2010PTC198531	Lime Kraft Media Private Limited	Director	05-01-10	05-01-10	-	Active	NO
6	U22222MH2011PTC214728	Outshine Advertising Private Limited	Director	14-03-11	14-03-11	-	Active	NO
7	U22222MH2011PTC220992	Outsmart Media Private Limited	Director	16-08-11	16-08-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Equity Shares
Nalini Tulsidas Vora	58900
Paresh Tulsidas Vora	37200
Ashok Tulsidas Vora	31000
Alka Paresh Vora	37200
Madhvi Ashok Vora	15500
Kalpesh Tulsidas Vora	58900
Sukesh Tulsidas Vora	58900
Bhavik Ashok Vora	12400
Total	310000

Names of Shareholders	No. of Preference Shares
Skylark Trading Company	10
Jaydeep Trading Company	10
Bina Vijay Sshah	10
R. B. Family Trust	10
J. D. Family Trust	10
J. K. Trust	10
Hemant and Company	10
Kavita Trust	10
Arundhati Corporation	10
Dalpat Raj Jain	10
Rohit R. Vora	10
Dinesh Enterprises, India	10
Vyas Family Trust	10
J. C. Vora (HUF)	10
Jayesh R. Pandya (HUF)	10
Shubhangi S. Jog	10
Jay Foundation	10
Shah Foundation	10
S. J. Trust	10
Bunti Corporation	10
Paresh V. Shah	10
Maneklal H. Shah	10
Ramesh Chotelal Vyas (HUF)	10
Suvarna Family Trust	10
Nehal J. Shah	10
Kalpana Trust	10
Vijay Rasiklal Shah	10
B. R. Vyas (HUF)	10
C. M. Vyas (HUF)	10
Hiralal J. Shah	10
Chandrakant J. Shah (HUF)	10
Manisha R. Shah	10
Agnello Rebello	10
Devichand S. Mehta	10
Tulsidas Dharsibhai Vora	20
Total	360

As on 30.09.2010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Outdoor Advertising

GENERAL INFORMATION

Suppliers :

· Ad-Magic Advertising

· Anuraag Sites Advertisging Private Limited

· Asian Advertising

· Asian Displays

· Abhishek Enterprises

· Adlets

· Advantage Advertising Agency

· Alakh Advertising and Publicity

· Anuraag Agencies

· Autoramaa Private Limited

· Ajantaarts

· Asian Sky Shop Limited

· Apex Professional Services

· Adhunnik Mercantile Private Limited

· Adlabs Shringar Multiplex Cinemas Private Limited

· Alfa Properties and Investment Private Limited

· Ams Advertising

· Baba Publicity

· Brands and Beyonds

· Cosmos Marketing

Customers :

· 4 Track Production

· Adee Corporation

· Amir Park and Ambusement Private Limited

· Aristcrat Interior Shopee

· A and M Communication Private Limited

· Aaren Initative Outdoor Advertising Limited

· Advision Advertising and Marketing

· Accord Advertising Private Limited

· Ashwin Gidwani Production

· Bag. Films Limited

· Bates India Private Limited

· Bennet Coleman and Company Limited

· Beyond Infomedia

· Blue Sky Brandcomm Asia Private Limited

· Bright Outdoor Media Private Limited

· Broadview Mediacom Private Limited

· Converge Communications

· Coral Ads Private Limited

· Citywalk Shoes

· Dacunha Comm Private Limited

No. of Employees :

Not Available

Bankers :

• Bank of Baroda
• Dena Bank, Share Bazar Branch, Mumbai
• ICICI Bank Limited

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
ICICI Bank Limited – Optra	0.260	0.569
ICICI Bank Limited – Tavera	0.111	0.419
Total	0.371	0.988
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Ashok T Vora	0.006	0.123
Madhavi A. Vora	0.408	0.419
Kalpesh T Vora	9.468	1.451
Kalpesh T Vora Huf	0.077	0.071
Urvi K. Vora	0.341	0.302
Alka p. Vora	0.689	0.786
Paresh T. Vora	6.233	0.917
Paresh T. Vora Huf	1.276	0.549
Vinesh P. Vora	0.010	0.009
Shraddha S. Vora	0.124	0.054
Sukesh T. Vora	3.561	2.798
Nalini T. Vora	8.269	0.121
T.D.Vora Huf	1.711	0.741
Tulsidas D. Vora	0.000	5.326
Agnello Rebello	0.150	0.150
Ajay Traders	0.550	0.550
Arundhati Corporation	0.800	0.800
Bina Vijay Shah	1.090	0.740
B.R. International	1.140	0.790
B.R.Vyas Huf	0.800	0.800
Bunty Corporation	0.600	0.600
Chandrakant J.Shah Hu.F	0.275	0.200
C.M.Vyas Huf	0.960	0.810
Dalpatraj K. Jain	0.300	0.300
Devichand S.Mehta	0.150	0.150
Dinesh Enterprises	0.800	0.800
D,Kvora H.U.F	0.005	0.008
Hemant & Co,	0.800	0.800
Hiralal L.Shah	0.250	0.250
Jaydee Trading Corporation	0.800	0.800
Jayesh R Pandya Huf	0.800	0.500
Jay Foundation	1.050	0.800
J.C. Vora Huf	0.500	0.500
Kavita Enterprises	0.900	0.800
Kinjal Trading Co	1.050	0.800
Manisha R Shah	0.000	0.000
Nehal Jay Shah	1.145	0.795
Paresh V. Shah	0.500	0.500
Ramesh Chhotalal Vyas Huf	0.800	0.800
Rita Enterprises	0.500	0.500
Rohit .R.Vora	0.700	0.700
Shah Foundation	1.200	0.800
Shiv Shakti Enterprises	0.550	0.550
Shubhangi Jog	0.375	0.300
Skylark Trading Co	0.815	0.815
Sneha Enterprise	0.800	0.800
Snow White Enterprise	0.800	0.800
Sunpriy A Enterprise	0.800	0.800
Vijay Rasiklal Shah	1.000	0.700
Total	55.928	34.475

Banking Relations :
Auditors :
Name :	J. H. and Company Chartered Accountants
Address :	C/44, Padmanagar, Andheri Kurla Road, Andheri (East), Mumbai – 400099, Maharashtra, India
PAN.:	AAEFJ6618F

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 Millions
250000	Preference Shares	Rs.10/- each	Rs.2.500 Millions
	Total		Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
310000	Equity Shares	Rs.10/- each	Rs.3.100 Millions
360	Preference Shares	Rs.10/- each	Rs.0.004 Million
			Rs.3.104 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		3.104	1.629	1.629
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		29.505	29.133	28.966
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		32.609	30.762	30.595
LOAN FUNDS
1] Secured Loans		0.371	0.988	1.531
2] Unsecured Loans		55.928	34.475	40.919
TOTAL BORROWING		56.299	35.463	42.450
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		88.908	66.225	73.045
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.541	13.547	15.133
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	124.856	120.045	189.969
	Cash & Bank Balances	3.672	16.864	24.981
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	76.435	68.846	66.292
Total Current Assets		204.963	205.755	281.242
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	113.673	136.502	205.109
	Other Current Liabilities	1.564	3.284	6.691
	Provisions	13.359	13.291	11.530
Total Current Liabilities		128.596	153.077	223.330
Net Current Assets		76.367	52.678	57.912
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		88.908	66.225	73.045

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	5.67	6.13	8.69
Current Ratio (Current Asset/Current Liability)	1.59	1.34	1.26

LOCAL AGENCY FURTHER INFORMATION

Fixed Assets

• Computer
• Cooler
• Furniture
• Fixture
• Motor Car
• Camara
• Xerox Machine
• Air Conditioner
• Refrigerator
• Television
• Water Heater

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.48.68
UK Pound	1	Rs.76.52
Euro	1	Rs.63.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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		28

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.