MIRA INFORM REPORT

Report Date :

14.01.2012

IDENTIFICATION DETAILS

Name :	MERCHEM LIMITED [w.e.f. 21.04.1995]
Formerly Known As :	GROVE CHEMICALS PRIVATE LIMITED
Registered Office :	2^nd Floor, Malankara Centre, M. G. Road, Ernakulam-682035, Kerala
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.01.1994
Com. Reg. No.:	09-007681
Capital Investment / Paid-up Capital :	Rs.67.014 Millions
CIN No.: [Company Identification No.]	U24299KL1994PLC007681
TAN No.: [Tax Deduction & Collection Account No.]	CHNM00556D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Chemicals and Auxiliaries for the Rubber Industry.
No. of Employees :	80 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 1700000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as 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 :	2^nd Floor, Malankara Centre, M. G. Road, Ernakulam-682035, Kerala, India
Tel. No.:	91-484-2381617/2374120/2382285/4089300
Fax No.:	91-484-2380199/2348809/4089310
E-Mail :	merchem@vsnl.com mail@merchem.com
Website :	http://www.merchem.com
Corporate Office :	Grove Centre, 44, Development Plot, Kalamssery, Cochin-683109, Kerala, India
Tel. No.:	91-484-4089300
Fax No.:	91-484-4089310/2532877
Factory 1 :	45 A Development Plot, Kalamassery, Ernakulam-683104, Kerala, India (Established in 1981 - A Public Limited Company)
Tel. No.:	91-484-532877
Location:	Owned
Factory 2 :	Muthinagam Road, Eloor North, Udyogamandal-683501, Enakulam-683501, Kerala, India
Tel. No.:	91-484-559457/ 2546526
Location:	Owned
Factory 3 :	4/1 C Development Area, Edayar, P. O. Muppathadam, Ernakulam-603102, Kerala, India
Tel. No.:	91-484-232334/
Location:	Owned
Branch Office :	Located At: · Ghaziabad · Bharuch

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Thomas Ettan Pulinat

Designation :

Managing Director

Address :

Pulinat, 50/934, A, Bank Juction, Edappally, Ernakulam - 682 024, Kerala, India.

Date of Birth/Age :

25.04.1949

Date of Appointment :

01.11.1995

Din No.:

0040825

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	L15311WB1974PLC029690	CFM DEVELOPERS LIMITED	Director	18-09-98	18-09-98	-	Active	NO
2	U65999WB1993PTC058907	UTTAM RESOURCES PRIVATE LIMITED	Director	26-05-99	26-05-99	11-01-10	Active	NO
3	U35111WB1999PTC088742	JALAN SHIPPING AGENCIES PRIVATE LIMITED	Director	20-01-00	20-01-00	16-08-07	Active	NO
4	U06599WB1983PLC036561	MANDPAM COMERCIAL LIMITED	Director	08-11-06	08-11-06	28-01-09	Active	NO
5	U74200WB2007PTC118399	VERMILION ART PRIVATE LIMITED	Director	07-09-07	07-09-07	-	Active	NO

Name :

Mr. Raju Mathai Pulinat

Designation :

Whole Time Director

Address :

Pulinat, House No. M. 10/6, Changampuzha Nagar, Ernakulam - 682 033, Kerala, India.

Date of Birth/Age :

20.02.1960

Date of Appointment :

31.01.1994

Din No.:

01671784

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	U24299KL1994PLC007681	MERCHEM LIMITED	Whole-time director	01-08-08	31-01-94	Active	NO

Name :

Mr. Natarajan Sunderesan

Designation :

Director

Address :

Plot No. 14, Rajiv Gandhi Nagar, Sowripalayam, Coimbatore – 641 028, Tamilnadu, India.

Date of Birth/Age :

13.10.1931

Date of Appointment :

05.08.1996

Din No.:

00870581

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	U24231TN1990PTC018867	SVISS LABSS PRIVATE LIMITED	Director	15-07-92	15-07-92	Active	NO
2	U24299KL1994PLC007681	MERCHEM LIMITED	Director	05-08-96	05-08-96	Active	NO

Name :

Mr. Appukuttanpillai Karunakaran Nair

Designation :

Director

Address :

M-10/15, Changampuzha Nagar, Kalamassery Cochin, Ernakulam – 682 033, Kerala, India.

Date of Birth/Age :

27.08.1943

Date of Appointment :

26.02.2001

Din No.:

00009148

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	L24299KL1975PLC002691	NITTA GELATIN INDIA LIMITED	Director	28-06-08	01-04-98	-	Active	NO
2	U24231KL1997PLC011971	BAMNI PROTEINS LIMITED	Director	20-04-98	20-04-98	27-06-08	Active	NO
3	U29299KL1995PLC009664	CII GUARDIAN INTERNATIONAL LIMITED	Director	01-10-99	01-10-99	-	Active	NO
4	U24299KL1994PLC007681	MERCHEM LIMITED	Director	26-02-01	26-02-01	-	Active	NO
5	U24299KL1951SGC001237	THE TRAVANCORE COCHIN CHEMICALS LIMITED	Nominee director	08-06-01	08-06-01	16-09-09	Active	NO
6	U31102KL1996PTC010715	NORATEL INDIA POWER COMPONENTS PRIVATE LIMITED	Director	29-03-03	29-03-03	05-12-09	Active	NO
7	U51505KL1997PTC011450	TOROID ASIA PRIVATE LIMITED	Director	30-09-05	30-09-05	26-04-07	Active	NO
8	L24230MH1990PLC057062	STRIDES ARCOLAB LIMITED	Director	27-10-05	27-10-05	-	Active	NO
9	U65910KL1991PTC006106	GEOJIT CREDITS PRIVATE LIMITED	Director	08-07-11	02-11-05	-	Active	NO
10	U52201KL1927PLC000005	THE ALLEPPEY COMPANY LIMITED	Director	19-06-06	19-06-06	-	Active	NO
11	U17214KL1972PTC002453	WILLIAM GOODACRE AND SONS INDIA PRIVATE LIMITED	Director	19-06-06	19-06-06	-	Active	NO
12	U51494KL1948PTC000582	KERALA BALERS PRIVATE LIMITED	Director	19-06-06	19-06-06	-	Active	NO
13	U30008KL1985PLC004225	GUARDIAN CONTROLS LIMITED	Director	17-05-08	17-05-08	-	Active	NO
14	L31200KL1996PLC010010	V GUARD INDUSTRIES LIMITED	Director	27-07-09	27-05-09	-	Active	NO

Name :

Mr. Senthilarumugam Thiruvadi

Designation :

Director

Address :

A-3/313, Sneha Apartments, Godavary Block, National Games Villa, GE, Koramangala, Bangalore, Karnataka, India

Date of Birth/Age :

23.02.1956

Date of Appointment :

24.02.2011

Din No.:

03431263

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	U85110KA1995PLC017248	CANBANK VENTURE CAPITAL FUND LIMITED	Managing director	18-02-11	18-02-11	Active	NO
2	U27200MH2000PLC126598	COLOUR ROOF (INDIA) LIMITED	Nominee director	24-02-11	24-02-11	Active	NO
3	U24299KL1994PLC007681	MERCHEM LIMITED	Nominee director	24-02-11	24-02-11	Active	NO
4	U31108DL2006PTC152517	ASIATIC ELECTRICAL AND SWITCHGEAR PRIVATE LIMITED	Nominee director	24-02-11	24-02-11	Active	NO
5	U72200KA2001PTC028959	VINYAS INNOVATIVE TECHNOLOGIES PRIVATE LIMITED	Nominee director	20-08-11	20-08-11	Active	NO
6	U27100GJ1990PTC013398	RAVI TECHNOFORGE PRIVATE LIMITED	Nominee director	27-12-11	27-12-11	Active	NO

KEY EXECUTIVES

Name :	Joby Mathew
Designation :	Secretary
Address :	Ulloppillichalil, Puthupariyaram, Thodupuzha, Idukki-685584, Kerala, India
Date of Birth/Age :	15.05.1974
Date of Appointment :	25.11.2009
Pan No.:	AMQPJ6308L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Joby Mathew	150000
Raju Mathai Pulinat	20900
K George	8650
Thomas Ettan Pulinat	4402450
Grove Limited, India	358000
Merchem India Private Limited, India	250000
Annamma George	5000
Lilu Mathew	2500
Varghese Mathew	2500
Canbank Venture Capital Fund Limited, India	1501375
Total	6701375

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Venture Capital	22.00
Bodies corporate	9.00
Directors or relatives of directors	69.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Chemicals and Auxiliaries for the Rubber Industry.

Products :

Product Description	Item Code
Rubber Accelarators	38121000
Antioxidents-Rubber	38123010

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Rubber Chemicals	MT	13940	10582.94

GENERAL INFORMATION

No. of Employees :

80 [Approximately]

Bankers :

IDBI Bank Limited, Panampilly Nagar, Ernakulam, Kochi-682036, Kerala, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loan	496.211	344.337
Working capital loans	600.250	457.006
Hire purchase installment payable	6.235	2.457
Total	1102.696	803.800
Unsecured Loans
Loans form directors	16.713	5.297
Other debts	2.850	58.044
Total	19.563	63.341

Banking Relations :	--
Financial Institution:	SBI Global Factors Limited, 6^th Floor, Metropolitan Building, Bandra-Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India
Auditors :
Name :	K. V. Varghese and Company Chartered Accountants
Address :	Ernakulam-682035, Kerala, India
Pan No.:	AAAFK9688G
Associates/Subsidiaries :	· Grove Limited · Merchem India Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Millions
2800000	Preferences Shares	Rs.100/- each	Rs.280.000 Millions
	Total		Rs.400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6701375	Equity Shares	Rs.10/- each	Rs.67.014 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		67.014	67.014	141.370
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		366.715	291.988	145.152
4] (Accumulated Losses)		0.000	0.000	0.000
5] Shares Premium		0.000	0.000	0.630
NETWORTH		433.729	359.002	287.152
LOAN FUNDS
1] Secured Loans		1102.696	803.800	673.271
2] Unsecured Loans		19.563	63.341	35.990
TOTAL BORROWING		1122.259	867.141	709.261
DEFERRED TAX LIABILITIES		40.249	32.264	20.073
TOTAL		1596.237	1258.407	1016.486
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		646.525	616.074	587.038
Capital work-in-progress		287.805	117.442	64.696
INVESTMENT		4.237	4.237	4.037
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	558.125	389.308	309.864
	Sundry Debtors	376.745	317.198	192.039
	Cash & Bank Balances	38.548	39.370	24.918
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	74.015	62.030	60.229
Total Current Assets		1047.433	807.906	587.050
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	333.639	223.815	182.855
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	56.124	63.437	43.480
Total Current Liabilities		389.763	287.252	226.335
Net Current Assets		657.670	520.654	360.715
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1596.237	1258.407	1016.486

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1834.078	1523.356	1005.082
		Other Income	3.455	2.929	5.640
		TOTAL (A)	1837.533	1526.285	1010.722
Less	EXPENSES
		Consumption materials changes inventories	1055.719	835.988
		Manufacturing Service Costs	142.357	125.799
		Employee Related Expenses	116.498	91.847	814.817
		Administrative, Selling and Other Expenses	200.780	166.707
		Prior Period Items	1.382	0.000
		Research Development Expenses	4.565	3.203
		TOTAL (B)	1521.301	1223.544	814.817
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		316.232	302.741	195.905
Less	FINANCIAL EXPENSES (D)		115.278	107.531	73.434
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		200.954	195.210	122.471
Less/ Add	DEPRECIATION/ AMORTISATION (F)		67.788	58.096	44.542
	PROFIT BEFORE TAX (E-F) (G)		133.166	137.114	77.929
Less	TAX (H)		50.624	46.740	23.739
	PROFIT AFTER TAX (G-H) (I)		82.542	90.374	54.190
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		213.438	141.589	107.056
Less	APPROPRIATIONS
		Proposed Dividend	0.000	15.834	16.802
		Tax on Dividend	7.814	2.691	2.855
	BALANCE CARRIED TO THE B/S		288.166	213.438	141.589
	EARNINGS IN FOREIGN CURRENCY		398.300	293.508	229.559
	Earnings Per Share (Rs.)		12.32	14.50	7.74

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.49	5.92	5.36
Net Profit Margin (PBT/Sales)	(%)	7.26	9.00	7.75
Return on Total Assets (PBT/Total Assets}	(%)	7.86	9.63	6.64
Return on Investment (ROI) (PBT/Networth)		0.31	0.38	0.27
Debt Equity Ratio (Total Liability/Networth)		3.49	3.22	3.26
Current Ratio (Current Asset/Current Liability)		2.69	2.81	2.59

LOCAL AGENCY FURTHER INFORMATION

CONTINGENT LIABILITIES:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Bank guarantees issued by banks on behalf of the company. These are covered by the charge created in favour of company bankers by way of hypothecation of stocks and debtors	9.845	24.549
Claims made against the company not acknowledged as debts
Excise and customs mattes	0.587	0.587
Employee state insurances	1.774	1.774
Total	12.206	26.910

FIXED ASSETS:

· Land and Land Development

· Building

· Plant and Machinery

· Electrical and Lab Equipments

· Furniture and Fixtures

· Computers

· Software

· Vehicles

WEBSITE DETAILS:

PROFILE:

Subject is manufacturers of chemicals and auxiliaries for the rubber industry. The company's product range include accelerators, antioxidants, rubber processing aids, agrochemicals, water treatment chemicals and specialty chemicals. It caters to premier tyre companies and industries in other sectors such as health, transport and consumer goods. Subject enjoys a trans-continental clientele with bulk exports to the South East Asian and European markets. Over twenty percentage of the turnover is through exports. The company is recognized as a Star Export House by Government of India.

‘Commitment to Excellence’ is the premise of the company’s operations. This is reflected in high-tech technology employed at its factories, state-of-the-art R and D facilities, stringent Quality Control systems, sustainable investment in society and employees. This commitment has held in good stead with the major automobile tyre companies and other customers as indicated in their audits. The Quality and Environmental Management Systems at Subject comply with the ISO 9001: 2008 and the ISO 14001:2004 standards.

Head quartered in Cochin, Kerala, Subject has offices in all major cities of India with the Administrative and Sales stationed at Cochin. The company has three factories, two in Kerala and one in Gujarat. The centralized R and D centre is located at Kalamassery, in Cochin. Senior professionals, technocrats and researchers along with skilled labour form the dedicated workforce.

Milestones

The milestones achieved by the company on the path of success are:

1981 - Merchem launched Rubber Processing Chemicals in Indian Market.

1995 - Started Export to South East Asia.

1997 - Quality Management System accreditation in line with ISO 9001:2000 standards.

1997 - Eloor unit commissioned with initial installed capacity of 3000 MT/annum for Manufacturing Thiazole, Sulfonamide type of accelerators and TQ antioxidant.

2000 - Eloor unit doubled the capacity of Sodium Mercaptobenzothiazole and Quinoline based Antioxidant 

2004 - Best Performer award received from Hindustan Organic Chemicals. 

2004 - Merchem starts export to Europe.

2005 -Commissioned the first Zero Discharge System in the state of Kerala for Effluent Disposal by installing Reverse Osmosis and Multistage Evaporator systems.

2006 - Environment Management System in line with ISO 14001:2006 standards.

2006 - An exclusive R&D section set up for upgrading the existing technology and to develop new products.

2008 - Merchem R&D section recognized by the Department of Scientific and Industrial Research (DSIR), Ministry of Science and Technology, Government of India.

2008 - Merchem starts exporting to Latin America.

2009 - Merchem wins Government of India's award for Export Excellence.

2010- We got certified with BS OHSAS 18001:2007

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.51.43
UK Pound	1	Rs.79.10
Euro	1	Rs.66.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.