MIRA INFORM REPORT

Report Date :

28.05.2012

IDENTIFICATION DETAILS

Name :	RENFRO INDIA PRIVATE LIMITED
Formerly Known As :	KARNIKA HRWITS INTERSOCK PRIVATE LIMITED
Registered Office :	Gat No. 1231 (Part), Sanaswadi, Taluka Shirur Pune – 412 208, Maharashtra.
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.10.1995
Com. Reg. No.:	25-018285
Capital Investment / Paid-up Capital :	Rs.276.441 Millions
CIN No.: [Company Identification No.]	U17118PN1995PTC018285
TAN No.: [Tax Deduction & Collection Account No.]	MUMR13250G
PAN No.: [Permanent Account No.]	AAACK2518C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Hosiery and Socks
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 710000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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 :	Gat No. 1231 (Part), Sanaswadi, Taluka Shirur Pune – 412 208, Maharashtra, India
Tel. No.:	91-2137-391600
Fax No.:	91-2137-391666
E-Mail :	vinayak.bapat@renfroindia.com finance@renfroindia.com customercar@renfroindia.com
Website :	www.renfroindia.com
Head Office :	307, Gateway Plaza Hiranandani Garden Adishankaracharya Road Powai Mumbai – 400076, Maharashtra, India
Tel. No.:	91-22-25700448
Fax No.:	91-22-25770485
Area :	Owned
Factory :	Gat No.350, Village Wadivarh, Taluka Igatpuri, Nashik-422 403, Maharashtra, India
Corporate Office :	609, Mahalaxmi Chembers, 22 Bhulabhai Road, Mumbai – 400026, Maharashtra, India
Tel. No.:	91-22-23517185 / 23510499
Fax No.:	91-22-23526067

DIRECTORS

As on 30.09.2011

Name :

Mr. Yoginder Chugh Ramachand Pal

Designation :

Chairman cum Managing Director

Address :

6 Bournvelle Apartments 19, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

06.03.1937

Date of Appointment :

06.10.1995

DIN No.:

00106536

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	U92410MH1946PLC004878	INDURI FARM LTD	Director	28/05/1979	28/05/1979	-	Active	NO
2	U17118PN1995PTC018285	RENFRO INDIA PRIVATE LIMITED	Director	6/10/1995	6/10/1995	-	Active	NO
3	U17303MH1995PTC093343	RENFRO INDIA PRIVATE LIMITED	Director	6/10/1995	6/10/1995	-	Dormant	NO
4	U15430MH1948PLC006457	CADBURY INDIA LIMITED	Director	1/4/1997	1/4/1997	-	Active	NO
5	U74999MH2000NPL127870	FRANCHISING ASSOCIATION OF INDIA	Director	21/07/2000	21/07/2000	-	Active	NO
6	L29112DL1963PLC004084	SHRIRAM PISTONS AND RINGS LIMITED	Director	16/05/2003	16/05/2003	-	Active	NO
7	L72900MH2000PLC123841	APTECH LIMITED	Director	5/1/2004	5/1/2004	-	Active	NO
8	L36999KA1999PLC025195	UNITED BREWERIES LIMITED	Director	29/04/2005	29/04/2005	-	Active	NO
9	U92100MH1989PLC051768	MAYA ENTERTAINMENT LIMITED	Director	19/08/2011	30/05/2011	-	Active	NO

Name :

Mr. Andrew Lomax Kilby Jr

Designation :

Director

Address :

216, Howard Street, Mount Airy, North Carolina, USA

Date of Birth/Age :

24.01.1951

Date of Appointment :

24.09.2002

DIN No.:

02365929

Name :

Mr. George Michael Bowman

Designation :

Director

Address :

117, Hunting Hill Drive, Mount Airy, North Carolina, USA

Date of Birth/Age :

09.01.1951

Date of Appointment :

24.09.2002

DIN No.:

02365964

Name :

Mr. Rohit Yogindar Pal

Designation :

Director

Address :

6 Bournvelle Apartments 19, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

08.10.1968

Qualification :

• B Sc Finance and Economics, Clarkson University:
• MBA Entrepreneurship, Clarkson University:

Experience :

12 Years

Date of Appointment :

24.06.2004

DIN No.:

01799567

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	U51900MH1995PTC084782	KARNIK OVERSEAS PRIVATE LIMITED	Director	19/01/1995	19/01/1995	-	Active	NO
2	U17118PN1995PTC018285	RENFRO INDIA PRIVATE LIMITED	Managing director	24/06/2004	24/06/2004	-	Active	NO

Name :

Mr. Sreenivas Nagppa

Designation :

Director

Address :

41, Blue Haven, Mount Pleasant Road, Malabar Hill, Mumbai-400 006, Maharashtra, India

Date of Birth/Age :

07.07.1960

Date of Appointment :

21.04.2008

DIN No.:

02077477

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	U36991MH1999PTC119874	OFFICE DEPOT RELIANCE SUPPLY SOLUTIONS PRIVATE LIMITED	Managing director	18/11/2008	19/04/2008	31/12/2010	Active	NO
2	U17118PN1995PTC018285	RENFRO INDIA PRIVATE LIMITED	Director	30/09/2008	21/04/2008	-	Active	NO

Name :

Mr. Blakrishna Radhakrishnan Menon

Designation :

Director

Address :

5, Bournville Apartment, Cadbury House, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

23.02.1955

Date of Appointment :

26.08.2010

DIN No.:

01473781

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	U74999AP2007PTC054200	LBW CONSULTING PRIVATE LIMITED	Managing director	1/9/2007	30/05/2007	-	Active	NO
2	U17118PN1995PTC018285	RENFRO INDIA PRIVATE LIMITED	Director	30/09/2010	26/08/2010	-	Active	NO

Name :

Mr. David Harold Dinkins

Designation :

Director

Address :

1256, Greenhull Road, Mount Airy NC, North Carolina – 28272, USA

Date of Birth/Age :

23.08.1960

Date of Appointment :

04.03.2010

DIN No.:

03040156

Name :

Mr. Susan Connors Bevard

Designation :

Director

Address :

2015, Margaret, Dr. Mount Airy NC, North Carolina – 27030, USA

Date of Birth/Age :

16.09.1965

Date of Appointment :

17.07.2010

DIN No.:

03320994

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders (Equity Shares)	No. of Shares
Carely Holdings Private Limited, Mauritius	304388
Aekta Trust, India	103381
Ashok Murlidhar Wadhwa	685218
Simi Khanna	50000
Rohit Yogindar Pal	10
Renfro Corporation USA, USA	2968743
Yoginder Chugh Ramachand Pal	1825746
Total	5937486

Names of Shareholders (Preferences Share)	No. of Shares
Ranfro and Cary holding Limited, Mauritius	22214113
Total	22214113

As on 05.01.2012

Names of Allottes (Preferences Share)	No. of Allotte
Ranfro and Cary holding Limited, Mauritius	1381716
Total	1381716

As on 05.01.2012

Names of Allottes (Preferences Share)	No. of Allotte
Ranfro and Cary holding Limited, Mauritius	798027
Total	798027

Equity Share Break up (Percentage of Total Equity)

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	55.00
Directors or relatives of Directors	45.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Hosiery and Socks

Products :

· Socks

· Synthetics and Man-Made Fibers

· Wool

· Jute

· Silk Coir

· Hemp

· Flax

· Yarn and Synthetic Fibre Yarn

Description of product or services	ITC number of product
Knitted Cotton Socks	260

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Class of goods	Pairs		34784090	23927573

Note:

1. The products manufactured by the Company are not subject to licensing requirements. Accordingly, no disclosures in respect of licensed capacity have been made.

2. The installed capacities in respect of socks have been certified by the management and it is not verified by the auditors.

3. The details of actual production have been taken from the daily stock register maintained as required under the excise rules.

4. The production figures reported above are in respect of first quality.

GENERAL INFORMATION

No. of Employees :

150 (Approximately)

Bankers :

Indusind Bank Limited, 2401 Gen Thimmayya Road, Contonment, Pune - 411001, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	20.095	29.355
Foreign currency loans banks secured	28.620	37.691
Working capital loans banks secured	60.498	47.982
Loans taken for vehicles secured	3.480	4.226
Total	112.693	119.254
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans others unsecured	7.733	7.733
Total	7.733	7.733

Banking Relations :	--
Auditors :
Name :	S R Batliboi and Company Chartered Accountants
Address :	C-401, Fourth Floor, Panchshil Tech Park, Yerawada, Pune-411 006, Maharashtra, India
PAN.:	AALFS0506L

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital : Rs.307.500 Millions

Issued, Subscribed & Paid-up Capital : Rs.77.605 Millions

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions
24750000	Preference Shares	Es.10/- each	Rs.247.500 Millions
	Total		Rs.307.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5937486	Equity Shares	Rs.10/- each	Rs.59.375 Millions
22214113	Preference Shares	Rs.10/- each	Rs.222.141 Millions
	Total		Rs.281.516 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions
22250000	Preference Shares	Es.10/- each	Rs.222.500 Millions
	Total		Rs.82.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5937486	Equity Shares	Rs.10/- each	Rs.59.375 Millions
21706660	Preference Shares	Rs.10/- each	Rs.217.066 Millions
	Total		Rs.276.441 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		276.441	244.630	187.459
2] Share Application Money		0.000	27.626	14.756
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(98.849)	(106.614)	(112.658)
NETWORTH		177.592	165.642	89.557
LOAN FUNDS
1] Secured Loans		112.693	119.254	142.072
2] Unsecured Loans		7.733	7.733	7.664
TOTAL BORROWING		120.426	126.987	149.736
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		298.018	292.629	239.293
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		263.728	272.782	338.875
Capital work-in-progress		8.963	1.351	43.945
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	183.544	103.564	57.677
	Sundry Debtors	29.318	11.806	0.370
	Cash & Bank Balances	29.467	18.923	9.089
	Other Current Assets	9.187	9.952	6.217
	Loans & Advances	46.401	50.018	31.153
Total Current Assets		297.917	194.263	104.506
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	146.679	80.116	81.822
	Other Current Liabilities	112.906	84.940	52.522
	Provisions	13.005	10.711	9.183
Total Current Liabilities		272.590	175.767	143.527
Net Current Assets		25.327	18.496	(39.021)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		298.018	292.629	239.293

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
		TOTAL INCOME	750.752	592.918	397.467
Less		TOTAL EXPENSES	705.144	553.917	418.125
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		45.608	39.001	(20.658)
Less/ Add	DEPRECIATION/ AMORTISATION		37.748	32.896	27.986
	PROFIT BEFORE TAX		7.860	6.105	(48.644)
Less	TAX		0.095	0.060	0.830
	PROFIT AFTER TAX		7.765	6.045	(49.474)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(106.614)	(112.659)	(63.184)
	BALANCE CARRIED TO THE B/S		(98.849)	(106.614)	(112.658)
	TOTAL EARNINGS		601.312	560.777	NA
	Earnings Per Share (Rs.)		0.28	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.03	1.02	(12.45)
Return on Total Assets (PBT/Total Assets}	(%)	1.40	1.31	(10.97)
Return on Investment (ROI) (PBT/Networth)		0.04	0.04	(0.54)
Debt Equity Ratio (Total Liability/Networth)		2.21	1.83	3.27
Current Ratio (Current Asset/Current Liability)		1.09	1.11	0.73

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

OUTLOOK

The company foresees strong growth during FY12. Exports are expected to continue with steady grow rate and investment is being planned for domestic market. Company is working closely with its large export customers to grow share of business. There is increasing focus on gaining domestic market share with pan India distributor network & building up Selling and Marketing team.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Rs. In Millions

Particular	31.03.2011	31.03.2010
Claims against the Company not acknowledged as debts for the following: Income Tax (Amount unpaid under dispute with the Commissioner of IT for the assessment year 2001-02)	0.094	0.094
Arrears of dividend on cumulative preference shares	28.911	21.077

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U17118PN1995PTC018285
Name of the company	RENFRO INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Gat No. 1231 (Part), Sanaswadi, Taluka Shirur Pune – 412 208, Maharashtra, India finance@renfroindia.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10173294
Type of charge	Book Debts Movable property (not being pledge) Other (Stocks)
Particular of charge holder	Indusind Bank Limited, 2401 Gen Thimmayya Road, Contonment, Pune - 411001, Maharashtra, India manish.samant@indusind.com
Nature of instrument creating charge	Sipplemental Deed of Hypothecation by the borrower
Date of instrument Creating the charge	02.05.2012
Amount secured by the charge	Rs.232.600 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per the Supplemental Deed of Hypothecation dated 02.05.2012 & Sanctioned Letter dated 03.02.2012 Terms of Repayment As per the Supplemental Deed of Hypothecation dated 02.05.2012 & Sanctioned Letter dated 03.02.2012 Margin As per the Supplemental Deed of Hypothecation dated 02.05.2012 & Sanctioned Letter dated 03.02.2012 Extent and Operation of the charge First Charge on entire Current Assets of the Company and Second Charge on the entire Fixed Assets of the Company
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All present and future Movable properties of the Company including machinery, furniture and fittings, equipments, computers, software, machinery spares, tools and accessories and other movables. All present and future book debts, outstandings money receivable, claims and bill whcih are now due and owing at any time during continuous of these security. All present and future stock in trade consisting of raw material, finished goods in process of manufacturing and other merchandise, being movable properties, now or at any time after this deed belonging to the borrower or at the borrowers disposal.
Date of instrument modifying the charge	20.01.2011
Particulars of the present modification	By way of this modification, the credit facilities enhanced by Rs.65.600 Millions from Rs.167.000 Millions to Rs.232.600 Millions

Fixed Assets:

· Land

· Factory Building

· Plant and Machinery

· Computers and Software

· Furniture and Fitting

· 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.55.73
UK Pound	1	Rs.87.26
Euro	1	Rs.69.89

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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		26

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.