MIRA INFORM REPORT

Report Date :

28.02.2012

IDENTIFICATION DETAILS

Name :	ENCORE NATURAL POLYMERS PRIVATE LIMITED
Registered Office :	405 – 408 Navbharat Estate, Zakaria Bunder Road, Sewree West, Mumbai – 400015, Maharashtra, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.10.1991
Com. Reg. No.:	11-063720
Capital Investment/ Paid-up Capital:	Rs. 16.742 Millions
CIN No.: [Company Identification No.]	U24230MH1991PTC063720
TAN No.: [Tax Deduction & Collection Account No.]	MUME04802A
PAN No.: [Permanent Account No.]	AAACE9121B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Guar Gum and Tamarind Kernil Powder and its Derivatives
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 525000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 :	405 – 408 Navbharat Estate, Zakaria Bunder Road, Sewree West, Mumbai – 400015, Maharashtra, India
Tel. No.:	91-22-24158860 / 1 / 2
Fax No.:	91-22-24158862
E-Mail :	vdeven@encoregroup.net encore@encoregroup.net
Website :	http://www.encorenaturalpolymers.com http://www.encoregroup.com
Factory 1 :	227 / 233 Gidc Industrial Estate Naroda, Ahmedabad – 382330, Gujarat, India
Tel. No.:	91-79-22822559 / 22822548
Fax No.:	91-79-22822393
E-Mail :	ahmedabad@encoregroup.net marketing@encoregroup.net

DIRECTORS

(As On 30.09.2011)

Name :

Mr. Sudhir Ajitkumar Merchant

Designation :

Managing Director

Address :

84, Suvas Apartment, 68F L Jagmohandas Marg, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

20.04.1928

Date of Appointment :

27.11.1998

DIN No:

00033406

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	L29261PN1955PLC009579	THE INDIAN CARD CLOTHING COMPANY LIMITED	Director	29/12/1980	29/12/1980	-	Active	NO
2	U67120MH1981PTC025769	SAIDARSHAN BUSINESS CENTRES PRIVATE LIMITED	Director	26/12/1981	26/12/1981	-	Active	NO
3	U24230MH1987PTC044312	ZYG PHARMA PRIVATE LIMITED	Director	17/08/1987	17/08/1987	-	Active	NO
4	U02004MH1993GAP070383	GUM MANUFACTURERES' ASSOCIATION OF INDIA	Director	14/01/1993	14/01/1993	-	Active	NO
5	U51900MH1982PTC027754	ANSA PACKAGING PRODUCTS PRIVATE LIMITED	Director	18/04/1995	18/04/1995	11/8/2009	Amalgamated	NO
6	U99999MH1994PLC083006	SHREELEKHA GLOBAL FINANCE LIMITED	Director	23/06/1995	23/06/1995	23/05/2008	Active	NO
7	U24230MH1991PTC063720	ENCORE NATURAL POLYMERS PRIVATE LIMITED	Managing director	27/11/1998	27/11/1998	-	Active	NO
8	U65990MH1998PTC117497	ALPEX HOLDINGS PRIVATE LIMITED	Director	21/12/1998	21/12/1998	19/11/2007	Active	NO
9	U65990MH1999PTC117937	CAVAAL FININVEST PRIVATE LIMITED	Director	25/01/1999	25/01/1999	19/11/2007	Active	NO
10	U85110MH2002PTC134732	ENCORE HEALTHCARE PRIVATE LIMITED	Director	30/01/2002	30/01/2002	-	Active	NO
11	U17100MH1999PTC122652	Piramal Estates Private Limited	Director	26/08/2002	26/08/2002	-	Active	NO
12	U70100MH2005PTC155914	PROPIEDADES REALTIES PRIVATE LIMITED	Director	6/9/2005	6/9/2005	14/02/2009	Active	NO
13	U15429PN2006PTC022160	SHIVRAJ SUGAR AND ALLIED PRODUCTS PRIVATE LIMITED	Director	15/03/2007	15/03/2007	-	Active	NO
14	U74900GJ2007PTC051585	ENCORE BUSINESS CENTRE PRIVATE LIMITED	Director	23/08/2007	23/08/2007	-	Active	NO
15	U65990MH2007PTC173575	YUGA FINVEST PRIVATE LIMITED	Director	28/08/2007	28/08/2007	-	Amalgamated	NO
16	U91110WB1957NPL023474	SHELLAC AND FOREST PRODUCTS EXPORT PROMOTION COUNCIL	Director	2/6/2009	2/6/2009	-	Active	NO
17	L22210MH1987PLC044505	TCPL Packaging Limited	Director	21/09/2010	30/10/2009	-	Active	NO
18	U24110GJ2005PLC045564	RUDOLF ATUL CHEMICALS LIMITED	Additional director	18/08/2011	18/08/2011	-	Active	NO
19	U70102MH2011PTC222315	Begonia Constructions Private Limited	Director	23/09/2011	23/09/2011	-	Active	NO
20	U51101MH2011PTC224184	Yuvak Ventures Private Limited	Director	21/11/2011	21/11/2011	-	Active	NO

Name :

Mr. Viren Ajitkumar Merchant

Designation :

Director

Address :

84, Suvas Apartment, 68F L Jagmohandas Marg, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

15.10.1965

Date of Appointment :

27.11.1998

DIN No:

00033464

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	U67120MH1981PTC025769	SAIDARSHAN BUSINESS CENTRES PRIVATE LIMITED	Director	12/10/1988	12/10/1988	-	Active	NO
2	U24230MH1987PTC044312	ZYG PHARMA PRIVATE LIMITED	Managing director	21/09/1989	21/09/1989	-	Active	NO
3	U24230MH1991PTC063720	ENCORE NATURAL POLYMERS PRIVATE LIMITED	Director	27/11/1998	27/11/1998	-	Active	NO
4	U65990MH1998PTC117497	ALPEX HOLDINGS PRIVATE LIMITED	Director	21/12/1998	21/12/1998	19/11/2007	Active	NO
5	U65990MH1999PTC117937	CAVAAL FININVEST PRIVATE LIMITED	Director	25/01/1999	25/01/1999	19/11/2007	Active	NO
6	U85110MH2002PTC134732	ENCORE HEALTHCARE PRIVATE LIMITED	Director	30/01/2002	30/01/2002	-	Active	NO
7	U17100MH1999PTC122652	Piramal Estates Private Limited	Director	26/08/2002	26/08/2002	19/11/2007	Active	NO
8	U70100MH2005PTC155914	PROPIEDADES REALTIES PRIVATE LIMITED	Director	6/9/2005	6/9/2005	22/01/2009	Active	NO
9	L15400GJ1990PLC014265	ADF FOODS LIMITED	Director	3/11/2005	3/11/2005	-	Active	NO
10	U74900GJ2007PTC051585	ENCORE BUSINESS CENTRE PRIVATE LIMITED	Director	23/08/2007	23/08/2007	-	Active	NO
11	U65990MH2007PTC173575	YUGA FINVEST PRIVATE LIMITED	Director	28/08/2007	28/08/2007	-	Amalgamated	NO
12	U70102MH2011PTC222285	Delphinium Realtors Private Limited	Director	22/09/2011	22/09/2011	-	Active	NO

Name :

Mr. Bharat Ratilal Joshi

Designation :

Whole-time Director

Address :

6 Nishant Bunglows II, Near Someshwar Complex I, 132 Ft. Road, Satellite, Ahmedabad - 380015, Gujarat, India

Date of Birth/Age :

10.02.1953

Date of Appointment :

01.08.2006

DIN No:

00093822

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	U74999MH1995PTC094588	INDUSTRIAL UTILITIES COMPANY PRIVATE LIMITED	Director	25/05/2001	25/05/2001	-	Active	NO
2	U24230MH1991PTC063720	ENCORE NATURAL POLYMERS PRIVATE LIMITED	Whole-time director	1/8/2006	1/8/2006	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Rupa S Merchant	10,556
Sudhir A Merchant	165,500
Viren A Merchant	160,798
Indu A Merchant	60,510
Shaila V Merchant	36,010
Aditya S Merchant	156,410
Indu A Merchant and Ajitkumar G Merchant	12,288
Sudhir A Merchant and Rupa S Merchant	161,485
Shaila V Merchant and Viren A Merchant	130,000
Nandini S Merchant	156,400
Anjali V Mrerchant	160,400
Viren A Merchant and Shaila V Merchant	153,114
Radhika V Merchant (minor)	160,400

(AS ON 30.09.2011)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Guar Gum and Tamarind Kernil Powder and its Derivatives

Products :

ITEM CODE (ITC CODE)	PRODUCT DESCRIPTION
30232.02	Refined Guar Splits
130232.03	Guar Gum Treated/ Pulvarised in Powder Form/Treated Tamarind Powder

PRODUCTION STATUS

(Quantity in Meters)

Particulars	31.03.2011
Licensed Capacity: Under the amended Industries (Development & Regulation) Act, the question of licensed capacity does not arise.	Not Applicable
Installed Capacity: (As certified by the Directors but not verified by Auditors). Guar Gum & Derivatives Tamarind Powder & Derivatives	10,000
Actual Production: Guar Gum & Derivatives	5603.061

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Citibank N.A. Trent House, 2^nd Floor, G Block , Plot No. C60, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

· Bank of Baroda, Nariman Point Branch, Foreshore Building, Gen Bhosale Marg, Nariman Point, Mumbai - 400021

Facilities :

SECURED LOAN	31.03.2011	31.03.2010
	(Rs. In Millions)
Term Loans from Bank of Baroda (Secured by Hypothecation of Machinery acquired out of the loan, Stocks and Book Debts)	0.000	0.000
Cash Credit including Packing Credit Loan Borrowings from Bank of Baroda (Secured by Hypothecation of Stocks, Book Debts and Machinery )	124.111	16.108
Vehicle Loans (Secured by Hypothecation of Vehicles)	1.717	1.406
Total	125.828	17.514

Banking Relations :	--
Auditors :
Name :	A.P. Asher and Company Chartered Accountant
Address :	Vela Kutir, Plot No. 25, Navyug Society, V M Road, JVPD Scheme, Vile Parle West, Mumbai – 400056, Maharashtra, India
PAN No.:	AACPA5226E
Group Companies :	Halcyon Labs Private Limited, located at Ahmedabad, Gujarat, India Http://www.halcyonlabs.com Zyg Pharma Limited, located at Indore, Madhya Pradesh, India http://www.zygpharma.com Encore Health Care Private Limited, at Aurangabad, Maharashtra, India

CAPITAL STRUCTURE

(As On 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Share	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,674,242	Equity Share	Rs.10/- each	Rs.16.742 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		16.742	16.742	16.742
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		114.593	100.515	98.106
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		131.335	117.257	114.848
LOAN FUNDS
1] Secured Loans		125.828	17.514	28.741
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		125.828	17.514	28.741
DEFERRED TAX LIABILITIES		0.148	0.522	0.775
TOTAL		257.311	135.293	144.364
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		52.247	43.216	41.435
Capital work-in-progress		1.820	1.203	1.203
INVESTMENT		14.904	14.904	14.904
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	73.125	38.104	29.729
	Sundry Debtors	101.905	24.281	44.861
	Cash & Bank Balances	0.000	3.780	1.483
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	58.136	36.571	37.304
Total Current Assets		233.166	102.736	113.377
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	19.740	10.987	8.607
	Other Current Liabilities	9.151	6.344	9.013
	Provisions	15.935	9.435	8.935
Total Current Liabilities		44.826	26.766	26.555
Net Current Assets		188.340	75.970	86.822
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		257.311	135.293	144.364

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	455.968	253.027	284.218
		Other Income	22.316	6.666	9.853
		TOTAL (A)	478.284	259.693	294.071
Less	EXPENSES
		TOTAL (B)	450.392	250.448	285.437
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		27.892	9.245	8.634
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.776	6.590	5.912
	PROFIT BEFORE TAX (E-F) (G)		20.116	2.655	2.722
Less	TAX (H)		6.126	0.247	0.710
	PROFIT AFTER TAX (G-H) (I)		13.990	2.408	2.012
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		22.314	19.905	17.893
	BALANCE CARRIED TO THE B/S		36.304	22.314	19.905
	EARNINGS IN FOREIGN CURRENCY
	TOTAL EARNINGS		399.952	210.831	234.602
	IMPORTS
		Raw Materials	4.686	8.119	6.351
	TOTAL IMPORTS		4.686	8.119	6.351
	Earnings Per Share (Rs.)		8.36	1.44	1.20

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.93	0.93	0.68
Net Profit Margin (PBT/Sales)	(%)	4.41	1.05	0.96
Return on Total Assets (PBT/Total Assets}	(%)	7.05	1.82	1.76
Return on Investment (ROI) (PBT/Networth)		0.15	0.02	0.02
Debt Equity Ratio (Total Liability/Networth)		1.30	0.38	0.48
Current Ratio (Current Asset/Current Liability)		5.20	3.84	4.27

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

Corporate identity number of the company	U24230MH1991PTC063720
Name of the company	ENCORE NATURAL POLYMERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	405 – 408 Navbharat Estate, Zakaria Bunder Road, Sewree West, Mumbai – 400015, Maharashtra, India
This form is for	Modification of Charge
Charge identification number of the charge to be modified	10300267
Type of charge	· Immovable Property · Book Debts · Movable Property(not being pledge) · Floating Charge
Particular of charge holder	Citibank N.A. Trent House, 2^nd Floor, G Block , Plot No. C60, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Nature of instrument creating charge	a] Modification to Memorandum of Entry. b] Deed of Modification. [Collectively constitute a single charge for Rs.375.000 Millions].
Date of instrument Creating the charge	29.12.2011
Amount secured by the charge	Rs.375.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest to be charged at such rate/s as may be determined by the Bank from time to time. Terms of Repayment On demand. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge a] The hypothecated by way of first exclusive charge on Current Assets & Movable Fixed Assets to the Bank more particularly described in item No.15 below b] The Company accorded and gave oral consent to Bank to continue to hold and retain the title deeds described in item No.15 as security for repayment of credit facilities of Rs.375.000 Millions by the Company, with interest, liquidated damages, costs, charges and expenses and all other money whatsoever due and payable thereon. Others Nil
Short Particulars of the property charged	Equitable mortgage on factory land and building located at Plot No.227-233, Phase I, GIDC Estate, Naroda, Ahmedabad - 382 330, Gujarat. Hypothecation by way of first exclusive charge on Current Assets & Movable Fixed Assets of the Company both present and future.
Date of last modification prior to the present modification	26.12.2011
Particulars of the present modification	The charge shall now stand increased form Rs.300 Millions to Rs.375.000 Millions in favour of the Bank, against the security Current Assets and Movable Fixed Assets of the Company both present and future and Immovable property situated at Plot No.227-233, Phase I, GIDC Estate, Naroda, Ahmedabad - 382 330, Gujarat.

MARKETING OUTLOOK :

During the current year also, raw material prices continued to be volatile. The company is continuously attempting to upgrade the quality of its products to meet market demands local as well as international and to stay ahead of the competition by virtue of value addition.

CONTINGENT LIABILITIES :-

Particulars	31.03.2011
Guarantees issued	4.370
Export Bills Discounted with Bank	60.667
	65.037

Reimbursement expected in respect of expenditure required to settle a provision is recognized only when it is virtually certain that the reimbursement will be received.

i) a present obligation arising from past events, when it is not probable that an outflow of resources will be required to settle the obligation.

ii) a present obligation when no reliable estimate is possible and

iii) a possible obligation arising from past events where the probability of outflow of resource is not remote.

FIXED ASSETS :

· Leasehold Land

· Buildings

· Residential Buildings

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Computers and Peripherals

· Office Equipments

· Air Conditioners

· Refrigerators

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.49.05
UK Pound	1	Rs.77.78
Euro	1	Rs.65.89

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	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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.