MIRA INFORM REPORT

Report Date :

02.01.2012

IDENTIFICATION DETAILS

Name :	MEXUS EDUCATION PRIVATE LIMITED (w.e.f. 19.09.2009)
Formerly Known As :	MEEBA TECHNOLOGY PRIVATE LIMITED
Registered Office :	No. 135/2/A, Muktanand Marg, Chala, Vapi-396191, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.07.2006
Com. Reg. No.:	04-048747
Capital Investment / Paid-up Capital :	Rs.665.000 Millions
CIN No.: [Company Identification No.]	U73100GJ2006PTC048747
TAN No.: [Tax Deduction & Collection Account No.]	SRTA03443G
PAN No.: [Permanent Account No.]	AAFCM1445H
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Education, Training, Leasing of Educational Equipments and Trading of Education related Products.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. Profitability of the company is under sever pressure. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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.

INFORMATION DECLINED BY

Name :	Mr. Shail Solanki
Designation :	Senior Manager
Date :	31.12.2011

LOCATIONS

Registered Office :	No. 135/2/A, Muktanand Marg, Chala, Vapi-396191, Gujarat, India
Tel. No.:	91-260-3052100
Fax No.:	91-260-3052125
E-Mail :	himmat.lodha@m3investment.co.in
Website :	www.mexusedcuation.com
Administrative Office:	601-610 Midas, Sahar Plaza Corporate Park, Andheri-Kurla Road, J B Nagar, Andheri (East), Mumbai-400059 Maharashtra, India

DIRECTORS

As on 19.09.2011

Name :

Mr. Pramodkumar Mangalsain Minocha

Designation :

Director

Address :

108, Bhagyoday Society, Daman Road, Chala, Vapi – 396191, District Valsad, Gujarat, India

Date of Birth/Age :

20.10.1953

Date of Appointment :

21.07.2006

Din No.:

00090060

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	U24231GJ1993PTC038905	MITSU PRIVATE LIMITED	Whole-time director	01-11-07	18-06-99	-	Active	NO
2	U73100GJ2000PTC038179	BILAKHIA RESEARCH PRIVATE LIMITED	Director	19-07-00	19-07-00	-	Active	NO
3	U24119GJ2006PTC048361	MICRO LIFE SCIENCES PRIVATE LIMITED	Director	31-05-06	31-05-06	-	Active	NO
4	U73100GJ2006PTC048747	MEXUS EDUCATION PRIVATE LIMITED	Director	21-07-06	21-07-06	-	Active	NO
5	U33110GJ1999PTC060787	MERIL LIFE SCIENCES INDIA PRIVATE LIMITED	Director	01-09-06	01-09-06	-	Active	NO
6	U40109GJ2006PTC049225	MITSU ENERGY PRIVATE LIMITED	Additional director	14-05-07	14-05-07	01-08-07	Active	NO
7	U36900MH2007PTC171150	M GRAPH INDUSTRIES PRIVATE LIMITED	Director	24-05-07	24-05-07	-	Active	NO
8	U34203GJ2006PTC048639	MYLIFE PRIVATE LIMITED	Director	20-09-08	15-12-07	-	Active	NO
9	U24232GJ2008PTC052865	MERIL ORTHOPEDIC PRIVATE LIMITED	Director	08-02-08	08-02-08	-	Active	NO
10	U02001GJ2005PTC047077	MIPRO SOLUTION PRIVATE LIMITED	Director	20-09-08	09-05-08	-	Active	NO
11	U67120GJ2006PTC048276	M3 INVESTMENT MANAGERS PRIVATE LIMITED	Director	20-08-09	04-12-08	-	Active	NO
12	U45400MH2008PTC180804	MAPEL INFRASTRUCTURE PRIVATE LIMITED	Director	21-08-09	02-03-09	-	Active	NO
13	U65993GJ2009PTC058459	MOYAL INVESTMENT PRIVATE LIMITED	Director	29-10-09	29-10-09	31-12-09	Active	NO
14	U45201GJ2007PTC065729	MARCO INFRASTRUCTURE HOLDINGS PRIVATE LIMITED	Director	16-08-10	11-11-09	-	Active	NO
15	U33110GJ2009PTC058829	INTERVENTIONAL TECHNOLOGIES AND DEVICES PRIVATE LIMITED	Director	09-12-09	09-12-09	-	Active	NO
16	U80301GJ2010PTC059217	AXIOM EDUCATION AND SERVICES PRIVATE LIMITED	Director	13-01-10	13-01-10	-	Active	NO
17	U65990GJ1999PTC035882	MARCO PRIVATE LIMITED	Director	15-07-10	31-03-10	-	Active	NO
18	U65993GJ2005PTC045417	M3 INVESTMENT PRIVATE LIMITED	Director	15-07-10	31-03-10	-	Active	NO
19	U65990GJ1999PTC035945	MIXON HOLDINGS PRIVATE LIMITED	Director	15-07-10	31-03-10	-	Active	NO
20	U24239GJ2007PTC051137	MERIL LIFE SCIENCES PRIVATE LIMITED	Additional director	20-10-10	20-10-10	22-03-11	Active	NO
21	U65993GJ2005PTC046848	MARCO HOLDINGS PRIVATE LIMITED	Director	10-08-11	03-02-11	-	Active	NO
22	U33110GJ2011PTC064993	MERIL MEDICAL PRIVATE LIMITED	Director	18-04-11	18-04-11	-	Active	NO
23	U33110GJ2011PTC064994	MERIL DIAGNOSTICS PRIVATE LIMITED	Director	18-04-11	18-04-11	-	Active	NO
24	U24230GJ2011PTC065022	MERIL HEALTHCARE PRIVATE LIMITED	Director	19-04-11	19-04-11	-	Active	NO
25	U24100GJ2011PTC065363	MERIL PHARMACEUTICALS PRIVATE LIMITED	Director	10-05-11	10-05-11	-	Active	NO
26	U33110GJ2011PTC065364	MERIL THERAPEUTICS PRIVATE LIMITED	Director	10-05-11	10-05-11	-	Active	NO
27	U33110GJ2011PTC065366	MERIL ENDO SURGERY PRIVATE LIMITED	Director	10-05-11	10-05-11	-	Active	NO
28	U73200GJ2011PTC066526	MERIL RESEARCH PRIVATE LIMITED	Director	26-07-11	26-07-11	-	Active	NO
29	U33110GJ2011PTC066547	MERIL OPHTHALMIC PRIVATE LIMITED	Director	27-07-11	27-07-11	-	Active	NO
30	U73100GJ2011PTC066912	MERIL TECHNOLOGIES PRIVATE LIMITED	Director	27-08-11	27-08-11	-	Active	NO
31	U73100GJ2011PTC066927	MERIL INNOVATION PRIVATE LIMITED	Director	29-08-11	29-08-11	-	Active	NO
32	U33110GJ2011PTC068200	MERIL DENTAL PRIVATE LIMITED	Director	14-12-11	14-12-11	-	Active	NO
33	U33110GJ2011PTC068202	MERIL ENT PRIVATE LIMITED	Director	14-12-11	14-12-11	-	Active	NO
34	U33110GJ2011PTC068204	MERIL IMAGING PRIVATE LIMITED	Director	14-12-11	14-12-11	-	Active	NO

Name :

Mr. Rammohan Venkata Chari

Designation :

Director

Address :

403, Roayl Twins Apartment, Building No. 1, Daman Road, Chala, Vapi – 396191, Gujarat, India

Date of Birth/Age :

01.08.1964

Date of Appointment :

12.12.2007

Din No.:

00186939

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	U45201GJ1999PTC036443	MEXUS CORPORATION PRIVATE LIMITED	Director	29-09-07	17-09-07	-	Active	NO
2	U51909GJ1991PTC015340	MEXUS TECHNOLOGY PRIVATE LIMITED	Director	29-09-07	17-09-07	03-04-08	Active	NO
3	U73100GJ2006PTC048747	MEXUS EDUCATION PRIVATE LIMITED	Director	20-09-08	12-12-07	-	Active	NO
4	U34203GJ2006PTC048639	MYLIFE PRIVATE LIMITED	Director	20-09-08	15-12-07	-	Active	NO
5	U24232GJ2008PTC052865	MERIL ORTHOPEDIC PRIVATE LIMITED	Director	08-02-08	08-02-08	03-10-11	Active	NO
6	U65990GJ1999PTC035882	MARCO PRIVATE LIMITED	Director	20-09-08	24-04-08	-	Active	NO
7	U65993GJ2005PTC045417	M3 INVESTMENT PRIVATE LIMITED	Director	20-09-08	24-04-08	-	Active	NO
8	U02001GJ2005PTC047077	MIPRO SOLUTION PRIVATE LIMITED	Director	20-09-08	20-05-08	-	Active	NO
9	U65990GJ1999PTC035945	MIXON HOLDINGS PRIVATE LIMITED	Director	20-09-08	13-07-08	-	Active	NO
10	U67120GJ2006PTC048276	M3 INVESTMENT MANAGERS PRIVATE LIMITED	Director	20-08-09	24-03-09	-	Active	NO
11	U80301GJ2010PTC059217	AXIOM EDUCATION & SERVICES PRIVATE LIMITED	Director	13-01-10	13-01-10	-	Active	NO
12	U65990GJ1999PTC035944	MINIX HOLDINGS PRIVATE LIMITED	Director	17-08-11	04-01-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shail Solanki
Designation :	Senior Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 19.09.2011

Names of Shareholders	No. of Preferences Shares	No. of Equity Shares
Jakir Gafulbhai Bilakhia	4000000	--
Mylife Private Limited, India	--	26102499
Mylife Private Limited jointly with Anjum Bilakhia	--	1
Rohit Jambu Kumar Jain	--	132500
Kunal Vijaykumar Sharma	--	132500
Saurabh Satya Prakash Saxena	--	132500
Total	4000000	26500000

As on 19.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	98.50
Others	1.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Education, Training, Leasing of Educational Equipments and Trading of Education related Products.

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

Standard Chartered Bank, Abhijeet II, Ground Floor, Near Mithakali Six Road, Ahmedabad-380006, Gujarat, India

Facilities :

Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Other Debts	132.625	344.002
Total	132.625	344.002

Banking Relations :	--
Auditors :
Name :	Gopalakrishnan Aiyer and Company Chartered Accountant
Address :	206/207, 2^nd Floor, Panchratna Building, G.I.D.C, Char Rasta, Vapi – 396195, Gujarat, India
Pan N.:	ABDPA7449K
Holding Company:	Mylife Private Limited [w.e.f. 12^th February 2011]
Ultimate Holding Company:	Bilakhia Holdings Private Limited [w.e.f. 12^th February 2011]
Fellow Subsidiary of Holding Company:	· Milestone Holding and Infrastructure Private Limited [w.e.f. 12^th February 2011] · Mexus Corporation Private Limited [w.e.f. 12^th February 2011] · Minix Holding Private Limited [w.e.f. 12^th February 2011] · Mitsu Private Limited [w.e.f. 12^th February 2011] · Mexus Technology Private Limited [w.e.f. 12^th February 2011]
Companies having significant influences:	· Mylife Private Limited [till 11^th February 2011] · Bilakhia Holding Private Limited [till 11^th February 2011] · Milestone Holding and Infrastructure Private Limited [till 11^th February 2011] · Meeba Holdings PTE Limited · Mexus Corporation Private Limited [till 11^th February 2011] · Minix Holdings Private Limited [till 11^th February 2011] · Mexus Technology Private Limited [till 11^th February 2011]

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions
4000000	Preferences Shares	Rs.100/- each	Rs.400.000 Millions
	Total		Rs.700.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
26500000	Equity Shares	Rs.10/- each	Rs.265.000 Millions
4000000	Preferences Shares	Rs.100/- each	Rs.400.000 Millions
	Total		Rs.665.000 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		665.000	15.000	15.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(465.790)	(191.792)	(64.838)
NETWORTH		199.210	(176.792)	(49.838)
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		132.625	344.002	153.602
TOTAL BORROWING		132.625	344.002	153.602
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		331.835	167.210	103.764
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		150.865	93.229	27.908
Capital work-in-progress		152.260	70.234	48.529
INVESTMENT		0.000	0.000	9.723
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	35.280	11.998	7.204
	Sundry Debtors	29.321	5.973	2.605
	Cash & Bank Balances	25.017	7.169	3.198
	Other Current Assets	14.676	9.860	0.000
	Loans & Advances	46.173	34.565	33.128
Total Current Assets		150.467	69.565	46.135
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	98.505	39.859	8.340
	Other Current Liabilities	18.394	23.835	18.922
	Provisions	4.860	2.128	1.274
Total Current Liabilities		121.759	65.822	28.536
Net Current Assets		28.708	3.743	17.599
MISCELLANEOUS EXPENSES		0.002	0.004	0.005
TOTAL		331.835	161.210	103.764

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	48.714	10.897	3.788
Less	EXPENSES
		Office Expenses
		Administrative Expenses	322.669	137.804	63.106
		Advertising Expenses
		TOTAL	322.669	137.804	63.106
	PROFIT / (LOSS) BEFORE TAX		(273.955)	(126.907)	(59.318)
Less	TAX		0.043	0.047	0.479
	PROFIT / (LOSS) AFTER TAX		(273.998)	(126.954)	(59.797)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(191.792)	(64.838)	(5.041)
	BALANCE CARRIED TO THE B/S		(465.790)	(191.792)	(64.838)
	IMPORTS
		Raw Materials	7.364	5.138	1.089
		Capital Goods	1.907	4.211	5.304
	TOTAL IMPORTS		9.271	9.349	6.393
	Earnings / (Loss) Per Share (Rs.)		(57.23)	(84.64)	(39.87)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(562.46)	(1165.04)	(1578.59)
Return on Total Assets (PBT/Total Assets}	(%)	(90.91)	(77.95)	(80.11)
Return on Investment (ROI) (PBT/Networth)		(1.38)	0.72	1.20
Debt Equity Ratio (Total Liability/Networth)		1.28	(2.32)	(3.65)
Current Ratio (Current Asset/Current Liability)		1.23	1.06	1.62

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors	98.505	39.859	8.340

NOTE: The registered office of the company has been shifted from Bilakhia House, Muktanand Marg, Chala, Vapi-396191, Gujarat, India to the present address w.e.f. 25.09.2009.

BUSINESS OPERATIONS AND FUTURE OUTLOOK:

During the year, company is able to establish its products and services in the domestic market. The company hopes for better performance in the coming years.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U73100GJ2006PTC048747
Name of the company	MEXUS EDUCATION PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No. 135/ 2/ A, Muktanand Marg, Chala, Vapi - 396191, Gujarat, India
This form is for	Modification of charge
Type of charge	Book Debts Movable Property Floating Charge Stock
Particular of charge holder	Standard Chartered Bank, Abhijeet II, Ground Floor, Near Mithakali Six Road, Ahmedabad-380006, Gujarat, India
Email:	pandurang.shanbhag@sc.com
Nature of instrument creating charge	Supplemental to Unattested Memorandum of Hypothecation
Date of instrument Creating the charge	18.05.2011
Amount secured by the charge	Rs. 300.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - As agreed by and with the Bank from time to time. Terms of Repayment - As agreed by and with the Bank from time to time. Margin - As applicable, if any. Extent and Operation of the charge - The Bank is having first charge on the security given by the Company
Particulars of the property charged	Hypothecation by way of first charge on a) all present and future of movable properties of the borrower b) all present and future book debts, outstanding money receivables, claims and bills c) all present and future stock in trade consisting of raw materials, finished goods, goods in process of manufacturing.
Particulars of the present modification	The Bank granted to borrower an ECB facility upto USD 7 Million or INR equivalent to Rs.300.000 millions. The ECB facility is within the existing credit facility of Rs.300.000 millions. Henceforth, the clause of original unattested memorandum of hypothecation dated 06.05.2011 is modified / amended herewith. There is no change in the existing charge amount and security given by the borrower to the Bank.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Consideration for non compete obligations based on shareholders agreement dated January 24, 2008	1.500	1.500
Bank guarantee given to Gujarat Government	0.414	0.414
Total	1.914	1.914

FIXED ASSETS:

· Leasehold improvement

· Office equipments

· Computer and hardware

· Furniture and fixture

· Vehicles

· Software

· Intellectual property

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.53.27
UK Pound	1	Rs.82.10
Euro	1	Rs.68.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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		12

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.