MIRA INFORM REPORT

Report Date :

04.01.2012

IDENTIFICATION DETAILS

Name :	GROWEL FEEDS PRIVATE LIMITED
Registered Office :	82, SBI Officers colony, Moosaramagh, Hyderabad-500036, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	07.01.2008
Com. Reg. No.:	01-057027
Capital Investment / Paid-up Capital :	Rs. 0.700 Million
CIN No.: [Company Identification No.]	U01119AP2008PTC057027
TAN No.: [Tax Deduction & Collection Account No.]	HYDG08837D
PAN No.: [Permanent Account No.]	AADCG0564F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Fish Feeds.

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 320000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company improved its performance in the year 2010-11. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. 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 :	82, SBI Officers colony, Moosaramagh, Hyderabad-500036, Andhra Pradesh
Tel. No.:	91-40-27201344
Fax No.:	Not Available
E-Mail :	growwlfeeds@gmail.com finance@growlfeeds.com
Factory :	Survey No. 57, Chevuru Village, Srinaripuram Pachayat, Mudinepalli Mandal, District Krishna, Andhra Pradesh, India
Tel. No.:	91-8677-283761
Fax No.:	91-8677-283717

DIRECTORS

AS ON 21.09.2011

Name :	Mr. Sriranga Chary Mudumbi
Designation :	Director
Address :	16-11-405/82, SBI Officers Colony, Hyderabad-500036, Andhra Pradesh, India
Date of Birth/Age :	13.03.1935
Date of Appointment :	07.01.2008
DIN No.:	00863502

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	U24239AP1993PTC015700	GROWEL FORMULATIONS PRIVATE LIMITED	Managing director	11-10-93	11-10-93	-	Active	NO
2	U01119AP2005PTC047841	ARESEN BIO-TECH AND FARMS (INDIA) PRIVATE LIMITED	Director	20-10-05	20-10-05	21-07-08	Active	YES
3	U01119AP2008PTC057027	GROWEL FEEDS PRIVATE LIMITED	Director	07-01-08	07-01-08	-	Active	NO
4	U05004AP2010PTC070174	GROWEL PROCESSORS PRIVATE LIMITED	Director	26-08-10	26-08-10	-	Active	NO

Name :	Mr. Vedadri Narasimha Sesha Chary Madumbi
Designation :	Director
Address :	16-11-405/82, SBI Officers Colony, Hyderabad-500036, Andhra Pradesh, India
Date of Birth/Age :	03.08.1959
Date of Appointment :	07.01.2008
DIN No.:	00863606

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	U24239AP1993PTC015700	GROWEL FORMULATIONS PRIVATE LIMITED	Whole-time director	28-12-01	28-12-01	-	Active	NO
2	U01119AP2005PTC047841	ARESEN BIO-TECH AND FARMS (INDIA) PRIVATE LIMITED	Director	20-10-05	20-10-05	21-07-08	Active	YES
3	U01119AP2008PTC057027	GROWEL FEEDS PRIVATE LIMITED	Director	07-01-08	07-01-08	-	Active	NO
4	U05004AP2010PTC070174	GROWEL PROCESSORS PRIVATE LIMITED	Director	26-08-10	26-08-10	-	Active	NO
5	U01400AP2010PTC070276	GROWING VENTURES PRIVATE LIMITED	Director	02-09-10	02-09-10	-	Active	NO

Name :	Mr. Narendra Srinivasa Potluri
Designation :	Director
Address :	10/164-H14, Rajendra Nagar, Gudivada, Krishna-521301, Andhra Pradesh, India
Date of Birth/Age :	24.05.1969
Date of Appointment :	07.01.2008
DIN No.:	01948012

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U01119AP2005PTC047841	ARESEN BIO-TECH AND FARMS (INDIA) PRIVATE LIMITED	Director	20-10-05	20-10-05	Active	YES
2	U01119AP2008PTC057027	GROWEL FEEDS PRIVATE LIMITED	Director	07-01-08	07-01-08	Active	NO
3	U01119AP2008PTC059008	INDIAN NATURALS AND GRANULES PRIVATE LIMITED	Director	06-05-08	06-05-08	Active	NO
4	U05004AP2010PTC070174	GROWEL PROCESSORS PRIVATE LIMITED	Director	26-08-10	26-08-10	Active	NO
5	U01400AP2010PTC070276	GROWING VENTURES PRIVATE LIMITED	Director	02-09-10	02-09-10	Active	NO

Name :	Mr. Chintapalli Sudheer
Designation :	Director
Address :	10/154-D4-5A, Shantinagar, Gudivada, Krishna-521301, Andhra Pradesh, India
Date of Birth/Age :	08.08.1969
Date of Appointment :	20.03.2008
DIN No.:	01480150

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U70102AP2006PTC048811	SUBHALAKSHMI PROJECTS PRIVATE LIMITED	Director	18-01-06	18-01-06	Active	NO
2	U85195AP1986PTC006665	SUSHMITHA MEDICAL CENTRE PRIVATE LIMITED	Director	29-09-07	30-04-07	Active	NO
3	U01119AP2008PTC057027	GROWEL FEEDS PRIVATE LIMITED	Director	20-03-08	20-03-08	Active	NO
4	U01119AP2008PTC059008	INDIAN NATURALS AND GRANULES PRIVATE LIMITED	Director	06-05-08	06-05-08	Active	NO
5	U05004AP2010PTC070174	GROWEL PROCESSORS PRIVATE LIMITED	Director	26-08-10	26-08-10	Active	NO
6	U01400AP2010PTC070276	GROWING VENTURES PRIVATE LIMITED	Director	02-09-10	02-09-10	Active	NO

Name :	Mr. Janardhan Polavarapu
Designation :	Director
Address :	20/8-10C, K.D.G.O. Colony, Patamata, Vijayawada-520008, Andhra Pradesh, India
Date of Birth/Age :	30.08.1961
Date of Appointment :	20.03.2008
DIN No.:	01954125

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74140AP1994PTC018836	DRUCKER VENTURES PRIVATE LIMITED	Director	30-12-01	30-12-01	Active	NO
2	U01119AP2008PTC057027	GROWEL FEEDS PRIVATE LIMITED	Director	20-03-08	20-03-08	Active	NO
3	U01119AP2005PTC047841	ARESEN BIO-TECH AND FARMS (INDIA) PRIVATE LIMITED	Director	18-07-08	18-07-08	Active	YES

Name :	Mr. Srinivas Potluri
Designation :	Director
Address :	11/171, Beside TTD Kalayana Mandapam, Station Road, Krishna-521333, Andhra Pradesh, India
Date of Birth/Age :	17.07.1975
Date of Appointment :	20.03.2008
DIN No.:	02116273
Name :	Ms. Ravella Satish
Designation :	Director
Address :	33-12-10, Boyapati Van Street, Suryaraopet, Vijayawada-520002, Andhra Pradesh, India
Date of Birth/Age :	29.10.1967
Date of Appointment :	20.02.2009
DIN No.:	00237557

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	U34103AP2005PTC047814	SUBHALAKSHMI MOTORS PRIVATE LIMITED	Director	18-10-05	18-10-05	01-12-08	Active	NO
2	U85195AP1986PTC006665	SUSHMITHA MEDICAL CENTRE PRIVATE LIMITED	Director	10-05-06	10-05-06	-	Active	NO
3	U01119AP2008PTC059008	INDIAN NATURALS & GRANULES PRIVATE LIMITED	Director	06-05-08	06-05-08	-	Active	NO
4	U50100AP2009PTC062728	ARUNA MOTORS PRIVATE LIMITED	Director	05-02-09	05-02-09	-	Active	NO
5	U01119AP2008PTC057027	GROWEL FEEDS PRIVATE LIMITED	Director	20-02-09	20-02-09	-	Active	NO

Name :	Mr. Arul Victor Suresh
Designation :	Additional Director
Address :	63/241, Gnanammai Road, David Nagar, Padappa-601301, Tamilnadu, India
Date of Birth/Age :	16.05.1967
Date of Appointment :	21.07.2011
DIN No.:	03217498

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74300TN2003PTC052059	JOVIKA MEDIA PRIVATE LIMITED	Managing director	03-12-03	03-12-03	Active	YES
2	U01119AP2008PTC057027	GROWEL FEEDS PRIVATE LIMITED	Director	21-09-11	21-07-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 21.09.2011

Names of Shareholders	No. of Shares
M.S. Ranga Chary	10000
M.V.N. Sesha Chary	20000
P.S. Narendra	10000
P. Janardhan	10000
Ch. Sudheer	10000
P. Srinivas	10000
Total	70000

AS ON 21.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Fish Feeds.

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity
Feeds	M. Tonnes	60000	60000

GENERAL INFORMATION

Bankers :

· Indian Bank, Suryarao Pet Branch, 29-19-78, Kaleshwara Rao Road, Suryaraopet, Vijayawada-520002, Andhra Pradesh, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Schedule Bank
Cash Credit from Indian Bank	44.996	0.000
Term Loan from Indian Bank	103.607	39.842
Total	148.603	39.842
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Security Deposited from Customers	10.000	0.000
Total	10.000	0.000

Banking Relations :	--
Auditors :
Name :	Praturi and Sriram Chartered Accountant
Address :	202, Sapthagiri Residency, 1-10-98/A, Chikoti Gardens, Begumpet, Hyderabad-500016, Andhra Pradesh, India
Pan No.:	AACSP2644M

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
70000	Equity Shares	Rs.10/- each	Rs. 0.700 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.700	0.700
2] Share Application Money		81.278	50.000
3] Reserves & Surplus		(0.436)	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		81.542	50.700
LOAN FUNDS
1] Secured Loans		148.603	39.842
2] Unsecured Loans		10.000	0.000
TOTAL BORROWING		158.603	39.842
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		240.145	90.542
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		208.977	7.933
Capital work-in-progress		5.095	57.225
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.747	0.000
	Sundry Debtors	21.223	0.000
	Cash & Bank Balances	3.996	13.580
	Other Current Assets	0.000	0.000
	Loans & Advances	13.306	14.796
Total Current Assets		56.272	28.376
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.877	3.270
	Other Current Liabilities	5.322	0.000
	Provisions	0.000	0.000
Total Current Liabilities		30.199	3.270
Net Current Assets		26.073	25.106
MISCELLANEOUS EXPENSES		0.000	0.278
TOTAL		240.145	90.542

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010
	SALES
		Income	74.677
		Other Income
		TOTAL (A)	74.677
Less	EXPENSES
		Office Expenses	69.718
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	69.718
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.959
			1.779
Less	FINANCIAL EXPENSES (D)
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.180
Less	DEPRECIATION/ AMORTISATION (F)		3.618
	PROFIT BEFORE TAX (E-F) (G)		(0.438)
Less	TAX (H)		(0.002)
	PROFIT AFTER TAX (G-H) (I)		(0.436)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	(0.58)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(0.17)	NA
Return on Investment (ROI) (PBT/Networth)		(0.01)	NA
Debt Equity Ratio (Total Liability/Networth)		2.32	0.85
Current Ratio (Current Asset/Current Liability)		1.86	8.68

LOCAL AGENCY FURTHER INFORMATION

COMMERCIAL PRODUCTION:

The company commenced commercial production effective 01.03.2010, and the entire assets of the company at time on completed features are capitalized effective that date. During the months till February, they had put in place a marketing and distribution network and engaged their staff in creating awareness of the products to be launched in the nearby territories and fish producing areas.

The efforts, coupled with product quality and innovativeness of their floating fish feed products, and the marketing effort was a big success. They could get orders in hand well in advance and the plant was operating on three shift basis in the month of March 2010, which was the first month of operations.

The effort and hard works put in by their support staff and vendors, suppliers and service providers is commendable.

FUTURE OUTLOOK:

There has been a steady demand for their products and they are looking forward to see a highly successful period ending with March 2011. The current outlook has far exceeded their expectations. The directors proposed that a suitable expansion be set in place, and accordingly, they will be considering expansion to their machinery and product lines in the near future. At the same time, they propose that a suitable marketing and distribution effort beyond the local area also be initiated to expand the market reach of the company’s products.

The company needs to set up suitable upgraded laboratory facilities, since no diagnostic services are available in the vicinity of the factory. It is also facing problems in getting the right quality of manpower to cater to its operations. it is also facing some practical problems with the lack of adequate banking facilities in the area of its staff and education facilities for their families in the nearby townships.

Inflation in food and commodities prices are a source of worry in view o increasing costs of raw materials and also of services, and this could be a factor that will undermine any reasonable expectations should it not be curtailed suitable economic action by the authorities.

OPERATIONS

The year under consideration has been better than expected. In the first month of operations itself, the company could achieve a sales turnover of 74.700 millions. with a single line of machinery, it is becoming difficult to cater to the existing demand for the company’s innovative product of floating fish feed. They consider that the demand was high initially for the product novelty which has the effect of reducing the wastage incurred on mash feed hitherto existing in the market by almost 200%, thus resulting in cost savings for a fish farmer. They anticipate that with the entry of other players in this market, the initial success will be replaced by reality, and the company has to gear itself for a future competitive environment. The company has the advantage of being a pioneer in India of floating fish feed on a large scale, and there are smaller players exiting in the market for quite some time now.

They could produce and sell almost 3732 tons of finished product in the market in the initial month itself.

FORM 8

Corporate identity number of the company	U01119AP2008PTC057027
Name of the company	GROWEL FEEDS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	82, SBI Officers colony, Moosaramagh, Hyderabad-500036, Andhra Pradesh, India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	Indian Bank, Suryarao Pet Branch, 29-19-78, Kaleshwara Rao Road, Suryaraopet, Vijayawada-520002, Andhra Pradesh, India
Nature of instrument creating charge	Memorandum of creation / Extension of security interest
Date of instrument Creating the charge	18.08.2011
Amount secured by the charge	Rs. 452.750 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest OCC: Base rate +TP of 0.5% + spread of 3% Terms of repayment Repayable on demand Margin OCC : 25% Extent and operation of the charge EM of factory land and buildings 11.04 acres situated at Survey No.57, Chevuru Village, Mudinepalli SRO, Krishna District
Short particulars of the property charged (Including location of the property)	Equitable Mortgage of 2.00 acres of land belongs to company at Survey No.57, Chevuru Village, Mudinepalli SRO, Krishna District, Registered Sale deed No.214/2011 Equitable Mortgage of 1.00 acres of land belongs to company at Survey No.57, Chevuru Village, Mudinepalli SRO, Krishna District, Registered Sale Deed No.213/2011 Equitable mortgage of 2.04 acres of land belongs to company at Survey No.57, Chevuru Village, Mudinepalli SRO, Krishna District, Registered Sale deed No.222/2011 Equitable mortgage of 3.00 acres of land belongs to company at Survey No.57, Chevuru Village, Mudinepalli SRO, Krishna District, Registered Sale Deed No.126/2008 Equitable mortgage of 1.00 acres of land belongs to company at Survey No.57, Chevuru Village, Mudinepalli SRO, Krishna District, Registered Sale deed No.127/2008 Equitable mortgage of 2.00 acres of land belongs to company at Survey No.57, Chevuru Village, Mudinepalli SRO, Krishna District, Registered Sale Deed No.345/2008
Charge identification number of the charge to be modified	10125773
Date of instrument modifying the charge	13.08.2011
Particulars of the present modification	There is no change in the existing limits

FIXED ASSETS

v Land

v Building

v Plant and Machinery

v Air Conditioners

v Lab Equipment

v Works Equipments

v Computers

v Furniture and Fixtures

v Vehicles

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. 53.22
UK Pound	1	Rs. 82.86
Euro	1	Rs. 69.12

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	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		42

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.