MIRA INFORM REPORT

Report Date :

23.11.2012

IDENTIFICATION DETAILS

Name :	FLAIR PENS LIMITED
Registered Office :	63 B/C, Government Industrial Estate Charkop, Kandivali (West), Mumbai – 400067, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.11.1994
Com. Reg. No.:	11-083255
Capital Investment / Paid-up Capital :	Rs. 9.900 millions
CIN No.: [Company Identification No.]	U36991MH1994PLC083255
TAN No.: [Tax Deduction & Collection Account No.]	MUMF01459D
PAN No.: [Permanent Account No.]	AAACF7677B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Writing Instruments and Allieds.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 316000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track record. There is drastic fall in the profitability in the current year. However, general financial position is satisfactory. Trade relation are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealing at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Ravi
Designation :	Account Department
Contact No.:	91-22-28683084
Date :	22.11.2012

LOCATIONS

Registered Office :	63 B/C, Government Industrial Estate Charkop, Kandivali (West), Mumbai – 400067, Maharashtra, India
Tel. No.:	91-22-28683084 / 28683876
Fax No.:	91-22-28689318
E-Mail :	pradeep@flairpens.com exports@flairpens.com nppi@flairpens.com enquiry@flairpens.com
Website :	http://flairpens.com
Location :	Owned
Branch Office :	Located at Mumbai Gujarat Daman Uttaranchal

DIRECTORS

As on 28.09.2012

Name :	Mr. Khubilal Jugraj Rathod
Designation :	Managing director
Address :	101/3 Friends Chs, N. S. Road, No.5, Juhu, Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	10.07.1950
Date of Appointment :	01.06.1999
DIN No.:	00122867
Name :	Mr. Vimalchand Jugraj Rathod
Designation :	Whole-time director
Address :	Plot No.51, Flat No.601, Nutan Laxmi Chs, Vileparle (West), Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	09.08.1951
Date of Appointment :	01.06.1999
DIN No.:	00123007
Name :	Mr. Rajesh Khubilal Rathod
Designation :	Director
Address :	101/3 Friends Chs, N. S. Road, No.5, Juhu, Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	11.01.1972
Date of Appointment :	30.09.2003
DIN No.:	00122907
Name :	Mr. Mohit Khubilal Rathod
Designation :	Director
Address :	101/3 Friends Chs, N. S. Road, No.5, Juhu, Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	30.09.1978
Date of Appointment :	30.09.2003
DIN No.:	00122951
Name :	Mrs. Nirmala Khubilal Rathod
Designation :	Director
Address :	501 Joy Solitaire, Juhu Scheme, N. S. 5th Road, Vileparle (West), Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	04.08.1952
Date of Appointment :	01.04.2009
DIN No.:	02450804
Name :	Mrs. Sangita Rajesh Rathod
Designation :	Director
Address :	101/3 Friends CHS Joy Solitaire Building, N. S. Road, No.5, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	20.01.1972
Date of Appointment :	15.02.2010
DIN No.:	02928019
Name :	Mr. Sumitkumar Rathod Vimalchand
Designation :	Director
Address :	Nootan Laxmi Chs, Abhay Building Flat No.601, 6th Floor, 9th Road, JVPD Scheme, Vileparle (West), Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	15.08.1982
Date of Appointment :	17.03.2010
DIN No.:	02987687

KEY EXECUTIVES

Name :	Mr. Ravi
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Nirmala Khubilal Rathod	311500
Khubilal Jugraj Rathod	90100
Vimalchand Jugraj Rathod	11000
Rajesh Khubilal Rathod	90100
Sangita Rajesh Rathod	100
Manjula Vimalchand Rathod	10100
Vimalchand Rathod HUF	290000
Sumit Vimalchand Rathod	86100
Mohit Khubilal Rathod	81000
Khubilal Rathod (HUF)	20000
Total	990000

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Writing Instruments and Allieds.

Products :

Product Description	Item Code No.
Manufacturing of Writing Instruments and Allieds	9608

• Metal Pens
• Gel Pens
• Stationery
• Calculators
• Packaging
• Refills
• Display Stands
• Gift Sets

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

Citi Bank N.A, Trent House, 2^nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
From Bank – (Secured against Hypothecation of stock and receivable and personal Guarantee of Directors)	15.103	12.357
Cash Credit – (Secured against Hypothecation of stock and receivable and Personal Guarantee of Directors)	7.994	11.057
Citi Buyers Credit (Secured Against Hypothecation of Stock and receivable and Personal Guarantee of Directors)	22.039	3.966
Total	45.136	27.380
Unsecured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
From Directors	42.241	58.426
Total	42.241	58.426

Banking Relations :	--
Auditors :
Name :	Jeswani and Rathore Chartered Accountants
Address :	408/C, Niranjan, 99, Marine Drive, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-22834451 / 22816968
Fax No.:	91-22-22819435
E-Mail :	jeswani_rathore@vsnl.net
PAN No.:	AAEFJ3978L
Associates: (31.03.2011)	v Ajay Plastic Private Limited v Indo Japan Mfg. company Private Limited v Stypen Manufacturing Company India Private Limited v Renox Stainless steel India Private Limited
Partnership Firm: (As on 31.03.2011)	v Europa Metal Ind. v Flair Impex Corporation v Flair Pen and Plastic Industries v Flair Pen and Stationery Ind. v Flair Writing Aids v Flair Writing Instruments v National Pen and Plastic Ind. v National Pen and Plastci Ind. (UK) v Rathod and Rathod v Royal Pen and Plastic Industries v Trinity Developers

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4750000	Equity Shares	Rs.10/- each	Rs. 47.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
990000	Equity Shares	Rs.10/- each	Rs. 9.900 Millions

Note:

Details of Shareholders in the company

Name of Shareholders	31.03.2012
	No. of Equity Shared held	Percentage
Nirmala Khubilal Rathod	311500	31.47
Vimalchand Jugraj Rathod (HUF)	290000	29.29
Rajesh Khubilal Rathod	90100	9.10
Khubilal Jugraj Rathod	90100	9.10
Sumit Vimalchand Rathod	86100	8.70
Mohit Khubilal Rathod	81000	8.18
Sangil R Rathod	100	1.01
Manjula V Rathod	10100	1.02
Vimalchand Jugraj Rathod	11000	1.11
Khubilal Jugraj Rathod (HUF)	20000	2.02

Reconciliation of the shares outstanding

Particulars	31.03.2012
	No. of Share	Rs. in Millions
Outstanding at the beginning of the year	990000	9.900
Add: Issued during the year	0	0.000
Less: Bought back during the year	0	0.000
Outstanding at the end of the year	990000	9.900

Rights Preferences and reductions attached to Equity Shares:

The company has one class of Equity Shares with face value of Rs. 10 each. Each Shareholders has a voting right in proportion to his holding of the paid up Equity Share Capital of the company. Where dividend is proposed by the Board of Directors, it is subject to the approval of the shareholders in the Annual General Meeting (AGM) and in the case of interim dividend, it is ratified by the shareholders at the AGM

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.900	9.900	9.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		69.323	65.354	45.279
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		79.223	75.254	55.179
LOAN FUNDS
1] Secured Loans		45.136	27.380	10.355
2] Unsecured Loans		42.241	58.426	55.926
TOTAL BORROWING		87.377	85.806	66.281
DEFERRED TAX LIABILITIES		0.000	0.000	0.360
TOTAL		166.600	161.060	121.820
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		97.167	99.492	99.506
Capital work-in-progress		0.556	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		1.493	0.598	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	76.879	78.847	51.718
	Sundry Debtors	112.545	103.597	111.926
	Cash & Bank Balances	9.080	7.180	6.297
	Other Current Assets	0.513	0.119	0.000
	Loans & Advances	33.199	73.413	29.401
Total Current Assets		232.216	263.156	199.342
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	111.284	113.394	90.840
	Other Current Liabilities	44.619	55.449	68.113
	Provisions	8.929	33.343	18.075
Total Current Liabilities		164.832	202.186	177.028
Net Current Assets		67.384	60.970	22.314
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		166.600	161.060	121.820

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	715.230	759.837	655.957
		Other Income	1.479	5.318	5.692
		TOTAL (A)	716.709	765.155	661.649
Less	EXPENSES
		Packing Material Consumed	43.436	35.049	628.664
		Purchase of Stock-in-trade	508.598	594.102
		Changes in inventories	1.765	(26.993)
		Employee benefits expenses	53.702	47.165
		Other Expenses	90.229	79.322
		TOTAL (B)	697.730	728.645	628.664
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		18.979	36.510	32.985
Less	FINANCIAL EXPENSES (D)		8.232	1.988	1.095
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.747	34.522	31.890
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.687	4.545	3.552
	PROFIT BEFORE TAX (E-F) (G)		6.060	29.977	28.338
Less	TAX (H)		2.091	9.902	12.627
	PROFIT AFTER TAX (G-H) (I)		3.969	20.075	15.711
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		65.354	45.279	29.568
	BALANCE CARRIED TO THE B/S		69.323	65.354	45.279
	IMPORTS
		Purchase	NA	10.570	40.929
	TOTAL IMPORTS		NA	10.570	40.929
	Earnings Per Share (Rs.)		4.01	20.28	15.87

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.55	2.62	2.37
Net Profit Margin (PBT/Sales)	(%)	0.85	3.95	4.32
Return on Total Assets (PBT/Total Assets}	(%)	1.84	8.27	9.48
Return on Investment (ROI) (PBT/Net worth)		0.08	0.40	0.51
Debt Equity Ratio (Total Liability/Net worth)		3.18	3.83	4.41
Current Ratio (Current Asset/Current Liability)		1.41	1.30	1.13

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Micro, Small and Medium Enterprises	0.455	0.397	90.840
Others	110.829	112.997
	111.284	113.394	90.840

Sr. No.	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	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
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 involved in	------
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Operation:

During the year, the company achieved a turnover of Rs. 715.230 millions (Previous Year Rs. 759.837 million). The company has achieved a net profit of Rs. 3.969 millions (Previous Year Rs. 20.075 millions)

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U36991MH1994PLC083255
Name of the company	FLAIR PENS LIMITED
Address of the registered office or of the principal place of business in India of the company	63 B/C, Government Industrial Estate Charkop, Kandivali (West), Mumbai – 400067, Maharashtra, India Email: pradeep@flairpens.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80005606
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Citi Bank N.A, Trent House, 2^nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India Email: vlaxman@vsnl.com
Nature of instrument creating charge	Deed of Modification of Composite Hypothecation Agreement.
Date of instrument Creating the charge	17.08.2011
Amount secured by the charge	Rs. 350.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest as may be stipulated by Bank from time to time. Terms of Repayment Interest as may be stipulated by Bank from time to time. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge Hypothecated assets as described in Column No.15 as and by way of first exclusive charge as security for the repayment of Rs.35 crores granted to Flair Pens Ltd, M/s Flair Writing Aids, M/s National Pen and Plastic Inds, M/s National Pen and Plastic Inds.(UK) (NPUK), M/s Flair Pen and Plastic inds, M/s Flair Writing Instruments, M/s Flair Impex Corporation, M/s Flair Pen and Stationery Inds ("Borrowers"), together with all interest, costs, charges and other expenses payable by the borrower to the bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation by way of first exclusive charge over Stocks, Book Debts and Plant & machinery forming part of the Current Assets and Fixed Assets of the Borrower, both present and future.
Date of instrument modifying the charge	03.11.2009
Particulars of the present modification	The charge now stands increased from Rs.300.000 Millions to Rs. 350.000 Millions (comprising the facilities granted to Flair Pens Ltd and its associate concerns, viz Flair Writing Aids, National Pen and Plastic Inds, National Pen and Plastic Inds.(UK) (NPUK), Flair Pen and Plastic inds, Flair Writing Instruments, M/s Flair Impex Corporation, Flair Pen and Stationery Inds).

CONTINGENT LIABILITY

(Rs. in millions)

PARTICULARS	31.03.2012
Guarantees – Performance guarantees given to president	7.700
Total	7.700

FIXED ASSETS:

v Tangible Assets

· Land

· Building

· Computer

· Vehicles

· Die and Mould

· Office Equipment

· Electrical Equipment

· Furniture and Fixture

· Plant and Machinery

v Intangible Assets

· Trade Mark

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 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 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.55.16
UK Pound	1	Rs.88.03
Euro	1	Rs.70.86

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	MRI

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--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		44

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.