MIRA INFORM REPORT

Report Date :

25.06.2012

IDENTIFICATION DETAILS

Name :	RADIANT PLASTRUDERS (INIDA) PRIVATE LIMITED
Registered Office :	6, Juhu Sea View, Juhu Koliwada, Juhu Tara Road, Santacruz (west), Mumbai-400044, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.08.1994
Com. Reg. No.:	11-080499
Capital Investment/ Paid-up Capital:	Rs.4.425 Millions
CIN No.: [Company Identification No.]	U25209MH1994PTC080499
TAN No.: [Tax Deduction & Collection Account No.]	MUMR14644A
PAN No.: [Permanent Account No.]	AAACR2137G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Plastic Bags and Polythene Bags
No. of Employees:	70 (Approximately)

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 184000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears a slight dip in the profitability of the company during the current year. Trade relations are reported to be usually correct and as per commitments. The company can be considered 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

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Kinjal Ajmera
Designation :	Account Manager
Date :	21.06.2012

LOCATIONS

Registered Office :	6, Juhu Sea View, Juhu Koliwada, Juhu Tara Road, Santacruz (west), Mumbai-400044, Maharashtra, India
Tel. No.:	91-22-26604645/ 26604685/ 26601448
Mobile No.:	91-9821289565 (Mr. Sanjay Anandpara)
Fax No.:	91-22-26606882
E-Mail :	ajmera@radiantorg.com vaidyajn@hotmail.com radtcorp@bom5.vsnl.net.in
Factory :	175, Dabhel Industrial Co-operative Estate Limited, Dabhel, Daman – 396210, U.T, India

DIRECTORS

As on: 29.09.2011

Name :

Mr. Jiten Hasmukhrai Anandpara

Designation :

Director

Address :

31,Gautam Apartment, Tagore Road, Off S V Road, Santacruz (West), Mumbai - 400054, Maharashtra, India

Date of Birth/Age :

06.07.1974

Date of Appointment :

02.05.2011

DIN No.:

01001271

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999MH1994PTC079151	RADIANT ORGANICS PRIVATE LIMITED	Director	24-06-94	24-06-94	-	Active	NO
2	U24210MH2002PTC135611	CONEPT TRADELINKS PRIVATE LIMITED	Director	31-08-02	31-08-02	-	Active	NO
3	U24299GJ1974PTC002551	KLINE CHEMICALS PRIVATE LIMITED	Director	25-04-05	25-04-05	28-04-08	Strike off	NO
4	U25209MH1994PTC080499	RADIANT PLASTRUDERS (INDIA) PRIVATE LIMITED	Director	02-05-11	02-05-11	-	Active	NO

Name :

Mr. Shailesh Anantrai Anandpara

Designation :

Director

Address :

16, Saidarshan Apartment, S.V. Road, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

13.11.1956

Date of Appointment :

02.05.2011

DIN No.:

01001418

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999MH1994PTC079151	RADIANT ORGANICS PRIVATE LIMITED	Director	24-06-94	24-06-94	-	Active	NO
2	U24299GJ1974PTC002551	KLINE CHEMICALS PRIVATE LIMITED	Director	15-01-06	15-01-06	28-04-08	Strike off	NO
3	U25209MH1994PTC080499	RADIANT PLASTRUDERS (INDIA) PRIVATE LIMITED	Director	02-05-11	02-05-11	-	Active	NO

Name :

Mr. Pankaj Anantrai Anandpara

Designation :

Director

Address :

15/16, Saidarshan Apartment, S.V. Road, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

29.01.1959

Date of Appointment :

19.08.1994

DIN No.:

01001536

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25209MH1994PTC080499	RADIANT PLASTRUDERS (INDIA) PRIVATE LIMITED	Director	19-08-94	19-08-94	-	Active	NO
2	U74999MH1994PTC079151	RADIANT ORGANICS PRIVATE LIMITED	Director	01-10-96	01-10-96	-	Active	NO
3	U24210MH2002PTC135611	CONEPT TRADELINKS PRIVATE LIMITED	Director	08-05-07	08-05-07	-	Active	NO

Name :

Mr. Anandpara Parag Amilal

Designation :

Director

Address :

A/4, Laxmi Narayan Apartment, 39, Tagore Road, Santacruz (West), Mumbai-400054, Maharashtra, India

Date of Birth/Age :

09.02.1966

Date of Appointment :

06.09.1999

DIN No.:

01882056

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999MH1994PTC079151	RADIANT ORGANICS PRIVATE LIMITED	Director	24-06-94	24-06-94	-	Active	NO
2	U25209MH1994PTC080499	RADIANT PLASTRUDERS (INDIA) PRIVATE LIMITED	Director	06-09-99	06-09-99	-	Active	NO

Name :

Mr. Sanjay Hasmukh Anandpara

Designation :

Director

Address :

Gautam CHS., Flat No.31, Juhu Road, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

21.06.1973

Date of Appointment :

31.05.1997

DIN No.:

02698721

KEY EXECUTIVES

Name :	Mr. Kinjal Ajmera
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2011

Names of Shareholders	No. of Shares
Hasmukhrai Anandpara	2600
Pankaj Anandpara	4000
Parag Anandpara	5200
Kokila Anandpara	1500
Anantrai Anandpara	2400
Shailesh Anandpara	4000
Sanjay Anandpara	3150
Jiten Anandpara	3150
Radiant Organics Private Limited, India	54250
Total	80250

As on: 16.01.2012

Names of Allottees	No. of Shares
Santosh Shantilal Vora	1100
Shanti Shivji Vora jointly with Kanchan Shantilal Vora	1200
Kanchan Shantilal Vora jointly with Shantilal Shivji Vora	1100
Hemchand Lalji Gala	1700
Manubhai Premjibhai Bambhrolia	3400
Dipkanti Investment and Financing Private Limited, India	1000
Total	9500

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2011

Category	Percentage
Bodies corporate	67.60
Directors or relatives of directors	32.40
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Plastic Bags and Polythene Bags
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (As on: 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Plastic Bags	M.T	NA	NA	849.43

Note:

1. There is no licensed capacity since there is no requirement to obtain licence for manufacturing plastic bags.

2. Installed capacity cannot be ascertained since it varies for different sizes of plastic bags manufactured.

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

· Avenue Super Marts Private Limited

· Arzoo Plastics Private Limited

· Align Super Marts Private Limited

· Bisleri International Private Limited

· Excel Industries Limited

· Exon Laboratories Limited

· Embauch Retailers

· Garden Industries

· Halewood Laboratories Private Limited

· Ipca Laboratories Limited

· Kingfisher Airlines Limited

· Paschim Chemicals Private Limited

· Pantallon food Products (India) Limited

No. of Employees :

70 (Approximately)

Bankers :

Union Bank of India, Juhu Tara Road Branch, 27, Maneck Mahal, Juhu Tara Road, Santacruz (West),, Mumbai - 400049, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
From Union Bank of India
Term Loan secured by charge by way of hypothecation of movable assets (Motor Car) of the Company	0.000	0.086
Short Term Overdraft facility - against lien of FDRs of Sister Concern in which Directors of the Company are interested as partners	0.000	0.694
Cash Credit Facility against hypothecation of stocks / book debts , and Equitable Mortgage of Office Premises of the Holding Company M/s Radiant Organics Private Limited, and Equitable mortgage of Office Premises of the firm in which Directors of the company are interested as Partners	0.000	1.183
Total	0.000	1.963
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Shareholders	0.000	4.200
Total	0.000	4.200

Banking Relations :	--
Auditors :
Name :	Mukesh M Lotia and Company Chartered Accountants
Address :	23, Second Floor, 105, Bombay Samachar Marg, Fort, Mumbai-400023, Maharashtra, India
Tel. No.:	91-22-22665712/ 28642013
PAN No.:	AAAPL2815Q
Holding Company :	Radiant Organics Private Limited CIN No.: U74999MH1994PTC079151

CAPITAL STRUCTURE

After: 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
89750	Equity Shares	Rs.100/- each	Rs.8.975 Millions

As on: 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
80250	Equity Shares	Rs.100/- each	Rs.8.025 Millions

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
44250	Equity Shares	Rs.10/- each	Rs4.425 Millions

Note:

(Of the above 23250 Equity Shares of Rs100/- each are held by Radiant Organics Private Limited holding company)

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		4.425	4.425	4.425
2] Share Application Money		19.800	0.000	0.000
3] Reserves & Surplus		21.800	19.989	18.163
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		46.025	24.414	22.588
LOAN FUNDS
1] Secured Loans		0.000	1.963	9.340
2] Unsecured Loans		0.000	4.200	4.200
TOTAL BORROWING		0.000	6.163	13.540
DEFERRED TAX LIABILITIES		0.368	0.411	0.462
TOTAL		46.393	30.988	36.590
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.963	18.070	20.693
Capital work-in-progress		1.159	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.788	2.574	3.087
	Sundry Debtors	12.363	10.789	9.509
	Cash & Bank Balances	8.202	1.502	3.343
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.718	6.205	5.422
Total Current Assets		33.071	21.070	21.361
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	2.090	1.247	2.304
	Other Current Liabilities	0.000	5.428	1.501
	Provisions	1.710	1.477	1.659
Total Current Liabilities		3.800	8.152	5.464
Net Current Assets		29.271	12.918	15.897
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		46.393	30.988	36.590

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
SALES
	Turnover	76.000	74.800	68.100
	Other Income	NA	NA	NA
	TOTAL INCOME	NA	NA	NA
EXPENSES
	Office Expenses
	Administrative Expenses
	Advertising Expenses
	TOTAL	NA	NA	NA
PROFIT BEFORE TAX		2.635	2.519	1.774
TAX		0.816	0.798	0.567
PROFIT AFTER TAX		1.819	1.721	1.207
Income Tax Adjustment for earlier year		0.005	0.105	0.000
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		19.989	18.163	16.956
BALANCE CARRIED TO THE B/S		21.799	19.989	18.963
Earnings Per Share (Rs.)		41.11	38.89	27.28

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	5.38	5.14	4.22
Return on Investment (ROI) (PBT/Networth)		0.06	0.10	0.08
Debt Equity Ratio (Total Liability/Networth)		0.08	0.59	0.84
Current Ratio (Current Asset/Current Liability)		8.70	2.58	3.91

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	Yes
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

OPERATIONS:

The company has achieved turnover of Rs. 76.000 Millions (net of excise) and net profit 1.811 Millions (after tax) as against Rs.74.800 Millions and Rs.1.826 Millions in the previous year respectively.

FUTURE EXPANSION:

The Directors have undertaken an expansion into Lamination products and are in the process of implementation of the same. Total capital outgo on Plant and Machinery, to be set up at the existing factory at Daman, is estimated to be Rs.40.000 Millions. The initial requirement of working capital will also be substantial and the Directors have approached various banks for financial assistance. The parent Company, Radiant Organics Private Limited have invested a sum of Rs. 17.000 Millions towards Equity Share capital (Including Share Premium and along with Promoter Directors who have invested Rs.2.750 Millions towards eqity share capital.

The Directors are also exploring other avenues to shore up the equity share capital so as to reduce the burden of bank loans.

The proposed project, once installed and fully operational, will have the capacity to produce 2000 MT of Lamination films per annum.

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U25209MH1994PTC080499
Name of the company	RADIANT PLASTRUDERS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	6, Juhu Sea View, Juhu Koliwada, Juhu Tara Road, Santacruz (west), Mumbai-400044, Maharashtra, India E-mail: vaidyajn@hotmail.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Union Bank Of India, Juhu Tara Road Branch, 27, Maneck Mahal, Juhu Tara Road, Santacruz (West),, Mumbai - 400049, Maharashtra, India E-mail: cbsjuhutara@unionbankofindia.com
Nature of instrument creating charge	Term loan agreement (sd-19) (hypothecation of movables)
Date of instrument Creating the charge	07.12.2011
Amount secured by the charge	Rs.15.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at base rate + 3.50% per annum with monthly rests or at such other rate/s as may be prescribed by the bank from time to time. Terms of Repayment Number of installments : 36 Amount of installments : Rs.0.417+ interest Tenure : 36 months Repayment of loan: installments commencing from July 2012. Margin As per sanction terms. Extent and Operation of the charge To secure the term loan of Rs.15.000 Millions granted by the bank to the company. Others NIL
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The borrower hypothecates in favour of the bank :- (1) 1000 mm. 08 color rotogravure printing press (mls), model - solomark 3250 mls (spl) 08 cl 1000. (2) all the tangible movable machinery and plant of the borrower together with spares, tools and accessories and other movables, both present and future, whether lying loose or in cases which are now lying or stored in or about or shall be brought into or be stored or be in or upon or about the borrower's premises and godowns or wherever else the same may be or be held by any party to the order or DISPOSITION OF the borrower relating to or pertaining to the borrower's works at 175, Dabhel Industrial Co-Operative Estate Limited, Dabhel, Daman - 396210.

FIXED ASSETS:

· Freehold land

· Factory Building

· Office Premises

· Plant and Machinery

· Electrical Installations

· Furniture and Fixtures

· Motor Car

· Fax Machine

· Telephone System

· Vehicles (Tempo)

· Scooter

· Computers

AS PER WEBSITE DETAILS:

PROFILE

Subject experience dates back to the mid 60's, when the Anandpara family started packaging material, subsequently diversified in to the core area of supplying the raw materials for textile industries. Before 30 years, the growth in chemical industries was envisaged and the division to market the inorganic chemicals was started. Experienced for more than 20 years, Radiant Plastruders is one of the major players in the domain of plastics. There plastics bags and polythene bags are very popular products due to there consistent stress on workmanship, after sales service and reliability.

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.56.99
UK Pound	1	Rs.88.97
Euro	1	Rs.71.57

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	VRN

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	YES
--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.