MIRA INFORM REPORT

Report Date :

10.01.2012

IDENTIFICATION DETAILS

Name :	EAGLE BURGMANN INDIA PRIVATE LIMITED
Registered Office :	Plot No 64, Ramtekadi Industrial Area, Hadapsar, Pune, Maharashtra-411013
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	11.12.1973
Com. Reg. No.:	11-030296
Capital Investment / Paid-up Capital :	Rs. 29.201 Millions
CIN No.: [Company Identification No.]	U29299PN1973PTC030296
TAN No.: [Tax Deduction & Collection Account No.]	PNEE00631B
PAN No.: [Permanent Account No.]	AABUG5287P
Legal Form :	Private Limited Liability Company
Line of Business :	Mechanical Seal Dealers
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (58)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 7100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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 :	Plot No 64, Ramtekadi Industrial Area, Hadapsar, Pune, Maharashtra, India.
Tel. No.:	91-20-26812910
Fax No.:	91-20-26812915
E-Mail :	Animesh.bagchi@in.eagleburgmann.com

DIRECTORS

As on 20.06.2011

Name :

Mr. Jimmy Minoo Panthaki

Designation :

Managing Director

Address :

Wadia Building 6 Babulnath Road, Mumbai-400007, Maharashtra, India.

Date of Birth/Age :

11.11.1945

Date of Appointment :

03.09.1980

Din No.:

00055599

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	U29299PN1973PTC030296	EAGLEBURGMANN INDIA PRIVATE LIMITED	Managing director	1/4/2010	3/9/1980	-	Active	NO
2	U51503PN1990PTC057161	EAGLE SEALS AND SYSTEMS EXPORTS LIMITED	Director	9/7/1990	9/7/1990	-	Amalgamated	NO
3	U45200MH1993PTC071508	SAURABH VASTU NIRMAN PRIVATE LIMITED	Director	6/10/1994	6/10/1994	26/05/2010	Active	NO
4	U65993PN1999PTC014189	NOBLE TECHNOLOGIES PRIVATE LIMITED	Director	13/09/2003	13/09/2003	-	Active	NO
5	U72100MH2006PTC160827	FALCON DISASTER RECOVERY SERVICES PRIVATE LIMITED	Director	29/03/2006	29/03/2006	-	Active	NO
6	U65993PN1992PTC070112	TANAY LEASING AND FINANCE PRIVATE LIMITED	Director	24/09/2008	1/10/2007	-	Active	NO
7	U15130MH1989PTC052841	FALCON IT ENABLED SERVICES PRIVATE LIMITED	Director	24/09/2008	7/11/2007	-	Active	NO
8	U29299PN2008PTC132542	EKK EAGLE PRODUCTS INDIA PRIVATE LIMITED	Director	31/07/2008	31/07/2008	-	Active	NO

Name :

Mr. Kirit Natverlal Shah

Designation :

Director

Address :

701, Mount J P Road, Versova, Andheri (w) Mumbai-400061, Maharashtra, India.

Date of Birth/Age :

11.11.1949

Date of Appointment :

24.10.2007

Din No.:

00055824

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	U51500MH2005PTC154701	BKB TRADING AND CONSULTANTS PRIVATE LIMITED	Director	11/7/2005	11/7/2005	-	Active	NO
2	U51503PN1990PTC057161	EAGLE SEALS AND SYSTEMS EXPORTS LIMITED	Director	9/9/2006	6/6/2006	-	Amalgamated	NO
3	U29299PN1973PTC030296	EAGLEBURGMANN INDIA PRIVATE LIMITED	Director	17/07/2008	24/10/2007	-	Active	NO
4	U29299PN2008PTC132542	EKK EAGLE PRODUCTS INDIA PRIVATE LIMITED	Director	31/07/2008	31/07/2008	-	Active	NO

Name :

Mr. Yasunari Unemura

Designation :

Director

Address :

5-2-31-Hingashikaigan, Minami Chigasaki, Kangawa, Japan

Date of Birth/Age :

12.03.1950

Date of Appointment :

06.09.2005

Din No.:

00494161

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	U29299PN1973PTC030296	EAGLEBURGMANN INDIA PRIVATE LIMITED	Director	6/9/2005	6/9/2005	-	Active	NO
2	U51503PN1990PTC057161	EAGLE SEALS AND SYSTEMS EXPORTS LIMITED	Director	9/9/2006	6/6/2006	22/11/2008	Amalgamated	NO
3	U74999MH1993PTC074893	BURGMANN INDIA PRIVATE LIMITED	Director	13/06/2008	9/8/2007	-	Amalgamated	NO

Name :

Mr. Tetsuji Tsure

Designation :

Director

Address :

7-1-21-509, Minami Ayoma, Minato-Ku, Tokyo, Japan.

Date of Birth/Age :

16.08.1949

Date of Appointment :

21.01.1999

Name :

Mr. Takasumi Tsuchiya

Designation :

Director

Address :

1044-14,Hamanogo, Chigasaki Shi Kahagawa, Japan

Date of Birth/Age :

30.01.1957

Date of Appointment :

24.10.2008

Din No.:

02410798

Name :

Mr. Gurbax Singh

Designation :

Director

Address :

W 302, Sacred Heart, Town Wanowarie, Pune-411040, Maharashtra, India.

Date of Birth/Age :

10.06.1960

Date of Appointment :

29.10.2009

Din No.:

02831789

Name :

Mr. Atul Bivalkar

Designation :

Director

Address :

Suryaprabha Garden, Bibwewadi Kondhawa Road, Pune-411024, Maharashtra, India

Date of Birth/Age :

05.06.1970

Date of Appointment :

29.10.2009

Din No.:

02831794

Name :

Mr. Kazuyoshi Yoshihisa Kojima

Designation :

Director

Address :

Grevelia M 804, Magariattra City, Hadapsar, Pune-411028, Maharashtra, India

Date of Birth/Age :

21.10.1944

Date of Appointment :

22.02.2010

Din No.:

02994513

Name :

Mr. Kaveripattin Lokanathann

Designation :

Director

Address :

B-36 341 Migcolony, Betagaya Ku, Tokyo – 1560043, Japan

Date of Birth/Age :

15.12.1952

Date of Appointment :

03.08.2010

KEY EXECUTIVES

As on 20.06.2011

Name :	Ms. Bharti Vijay Gangwani
Designation :	Secretary
Address :	Iris A 401, Magarpatta, City, Hadapsar, Pune-411028, Maharashtra, India
Date of Birth/Age :	16.04.1982
Date of Appointment :	16.10.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.06.2011

Names of Shareholders	No. of Shares
Eagle Industry Company Limited (Japan)	112813
Gulati Ashish	1
Seth Nidhi	1
Gupta Nirvaankumar	1
Berry Rohit	1
Garg Saurabh	1
Sharma Shishir	1
Burgmann International GMBH (Germany)	112819
EBI Asia Pte Limited (Singapore)	66372
Total	292010

As on 20.06.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Mechanical Seal Dealers
Products :	Industrial Product

PRODUCTION STATUS : 31.12.2010

Licensed Capacity :

The products manufactured and sold by the company i.e., Mechanical Seals and Spares have not been include in the list of mandatory items, which require a license under the new industrial policy in terms of notification no. S.O. 477 (E) dated 25^th July, 1991 and hence, licensing requirements are not applicable to the products manufactured by the company.

Installed Capacity :

The installed capacities are not precisely ascertainable, given the nature of operations, changes in product mix and utilization of manufacturing facilities, and hence, have not been disclosed.

Production :

Particulars	Unit	31.12.2010
Mechanical Seals and Spares	Nos.	523,761

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Axis Bank Limited, Sterling Plaza, 1262/ B, J. M. Road, Pune-411004, Maharashtra, India HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg,Lower Parel (West) Mumbai-400013, Maharashtra, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountant
Address :	C-401, Fourth Floor, Panchshil Tech Park, Near Don Bosco School, Yerwada, Pune-411006, Maharashtra, India.
Pan No.:	AALFS0506L
Associates :	· Eagle Industry Company Limited, Japan · Burgmann International GmbH · EBI Asia Pte Limited
Other related parties where significant influence exists :	· Eagle Burgmann Germany Gmbh and Company KG · Eagle Burgmann Industries Limited USA · Eagle Burgmann Industries U.K. LP · Eagle Burgmann (Thailand) Company Limited · Eagle Burgmann Taiwan Company Limited · Eagle Burgmann Singapore Pte Limited · Eagle Burgmann Shanghai Limited · Eagle Burgmann Seals South Africa · Eagle Burgmann Philippines Inc · Eagle Burgmann New Zealand Limited · Eagle Burgmann Netherlands BV · Eagle Burgmann Industry Middle East, FZE · Eagle Burgmann Manufacturing, Malaysia · Eagle Burgmann Korea Company Limited · Eagle Burgmann Italia S.R.L. · Eagle Burgmann Indonesia · Eagle Burgmann Iberica S.A. · Eagle Burgmann S.A.S. France · Eagle Burgmann End, Sizd San. Ve Tie · Eagle Burgmann Japan Company Limited · Eagle Burgmann Canada Inc · Eagle Burgmann Belgium BVBA · Eagle Burgmann Productions-Austria · Eagle Burgmann Australia Pty. Limited · Eagle Burgmann Saudi Arabia Limited · Eagle Burgmann Do Brazil · Eagle Burgmann Victnam Company Limited · Eagle Burgmann Venezuela C.A.

CAPITAL STRUCTURE

As on : 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs.100/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
292010	Equity Shares	Rs.100/- each	Rs.29.201 Millions

Note :

Of the above 66372 Equity Shares allotted as fully paid up pursuant to scheme of amalgamation without payment being received in cash

237498 Equity Shares were allotted as fully paid bonus shares by capitalized of general reserves.

FINANCIAL DATA

[all figures are in Rupees Millions

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		29.201	29.201	25.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1756.423	1352.164	1336.718
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1785.624	1381.365	1361.718
LOAN FUNDS
1] Secured Loans		0.000	0.000	40.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	40.000
DEFERRED TAX LIABILITIES		14.298	21.462	19.091
EQUITY SHARE SUSPENSE		0.000	0.000	6.637
TOTAL		1799.922	1402.827	1427.446
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		602.664	516.078	221.731
Capital work-in-progress		5.638	22.131	206.090
INVESTMENT		363.773	141.492	186.119
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	341.553	292.695	305.945
	Sundry Debtors	512.203	492.511	451.738
	Cash & Bank Balances	189.632	95.054	44.008
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	63.049	81.798	271.331
Total Current Assets		1106.437	962.058	1073.022
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	170.993	174.232	187.609
	Other Current Liabilities	45.477	24.763	27.723
	Provisions	62.120	39.937	44.184
Total Current Liabilities		278.590	238.932	259.516
Net Current Assets		827.847	723.126	813.506
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1799.922	1402.827	1427.446

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Income	2160.570	1775.539	1305.525
		Other Income		64.912	31.290
		TOTAL (A)	2160.570	1840.451	1336.815
Less	EXPENSES
		Raw Material Consumed		688.152	504.523
		Decrease / (increase) in Inventories	1521.770	1.778	(7.227)
		Personnel Expenses		299.859	233.236
		Operating and Other Expenses		320.398	258.987
		TOTAL (B)	1521.770	1310.187	989.519
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		638.800	530.264	347.296
Less	FINANCIAL EXPENSES (D)		6.000	8.621	8.104
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		632.800	521.643	339.192
Less/ Add	DEPRECIATION/ AMORTISATION (F)		51.210	42.365	17.696
	PROFIT BEFORE TAX (E-F) (G)		581.590	479.278	321.496
Less	TAX (I)		177.330	159.036	115.803
	PROFIT AFTER TAX (G-I) (J)		404.260	320.242	205.693
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1049.850	1036.842	844.305
Less	APPROPRIATIONS		1454.110	1349.821	1036.842
	BALANCE CARRIED TO THE B/S		1454.110	1049.852	1036.842
	EARNINGS IN FOREIGN CURRENCY
	Export of goods on F.O.B. basic		119.255	121.539	96.027
	Commission Income		7.682	17.676	2.965
	TOTAL EARNINGS		126.937	139.215	98.993
	IMPORTS
		Raw Materials	164.335	91.044	63.467
		Spares parts and Components	1.728	65.389	55.941
		Capital Goods	20.848	11.866	11.824
	TOTAL IMPORTS		186.911	168.299	131.232
	Earnings Per Share (Rs.)		1384.40	1045	605

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	18.71	17.40	15.38
Net Profit Margin (PBT/Sales)	(%)	NA	26.99
Return on Total Assets (PBT/Total Assets}	(%)	34.02	38.67	31.05
Return on Investment (ROI) (PBT/Networth)		0.32	0.34	0.23
Debt Equity Ratio (Total Liability/Networth)		0.15	0.17	0.21
Current Ratio (Current Asset/Current Liability)		3.97	4.02	4.13

LOCAL AGENCY FURTHER INFORMATION

NATURE OF OPERATIONS :

Subject (“the Company”) was incorporated on June 27, 1983. The company is engaged in the business of manufacture of mechanical seals and also deals in supply system.

Note: The Registered office of the company has been shifted from S. No. 212/2 Pune Sholapur, RDHADAPSAR, Pune-411028, Maharashtra, India to the present address w.e.f. 24.03.2009

CONTINGENT LIABILITIES

(Rs. In Millions)

Contingent Liabilities	31.12.2010
Performance guarantee given by the Company	45.396
CST Liability against non submission of C Form	184.517

PERFORMANCE OF THE COMPANY

The Company has posted a healthy performance for the period. The Company has earned a profit after tax of Rs 404.26 Millions as compared to Rs 320.24 Millions in previous year. The total turnover of the Company was recorded Rs 2126.47 Millions as against Rs 1775.54 Millions during the previous year The Company’s continuous improvement program has made it a quality and price leader across its entire product range of seals and systems.

Form : 8

Corporate identity number of the company	U29299PN1973PTC030296
Name of the company	EAGLE BURGMANN INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No 64, Ramtekadi Industrial Area Hadapsar, Pune-411013, Maharashtra, India
This form is for	Modification of charge
Type of charge	Immovable property Book debts Movable property (not being pledge) Others
Particular of charge holder	Axis Bank Limited, Sterling Plaza,1262/B, J.M. Road, Deccan Gymkhana, Pune – 411004, Maharashtra, India
Nature of instrument creating charge	Amendment cum Link Agreement dated 03/08/2011
Date of instrument Creating the charge	03/08/2011
Amount secured by the charge	Rs. 65.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest CC :Base Rate + 3.25% p.a. payable monthly rest, BG: 1% + S.T., Letter of Credit : As per Bank/FED AI rules or the rate as may be prescribed by Bank from time to time. Terms of repayment As per Agreement with the Bank Margin As per Agreement with the Bank Extent and operation of the charge Details of Facilities (Rs. In Millions) - Cash Credit 200, Bank Guarantee 450, Letter of Credit (50), Total Rs.65.000 millions. The charge on hypothecated and mortgaged assets continues till full repayment of Loan. Other Nil
Short particulars of the property charged (Including location of the property)	Primary Security : Hypothecation charge on entire current assets of the company, both present and future, on pari passu basis with HDFC bank for their working capital facilities of Rs 60.000 millions. Collateral security: Exclusive Hypothecation Charge on entire movable fixed assets located at A.K. Industrial Estate, Veer Savarkar Flyover S.V. Road, Goregaon(W) Mumbai-400062, both present and future.
Date of instrument modifying the charge	14/12/2010
Particulars of the present modification	Previously the Rate of Interest was linked to BPLR i.e. BPLR-3% p.a. Now, as per the instructions of the Reserve Bank of India, the Rate of Interest is linked to Base Rate. The modified Rate of Interest are - Cash Credit : Base Rate plus 3.25% p.a. payable monthly rests, Bank Guarantee : 1% + S.T., Letter of Credit : As per Bank/FEDAI Rules or the rates as may be prescribed by the Bank from time.

FIXED ASSETS

• Leasehold Land
• Freehold Land
• Factory Building
• Office Premise
• Plant and Machinery
• Furniture Fixture and Office Equipments
• Computers and Computer Peripherals
• 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. 52.73
UK Pound	1	Rs. 81.33
Euro	1	Rs. 67.00

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		58

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.