MIRA INFORM REPORT

Report Date :

28.11.2012

IDENTIFICATION DETAILS

Name :	TRANZLEASE HOLDINGS (INDIA) PRIVATE LIMITED
Registered Office :	Casabalnca Unit No.4, Ground Floor, Plot No.45, Sector – 11, C.B.D Belapur, Navi Mumbai- 400614, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.06.2006
Com. Reg. No.:	11-162528
Capital Investment / Paid-up Capital :	Rs.67.500 millions
CIN No.: [Company Identification No.]	U65910MH2006PTC162528
PAN No.: [Permanent Account No.]	AABCE6340D
Legal Form :	Private Limited Liability Company
Line of Business :	Subject provides automobile leasing services. It offers operating lease, custom leasing, auto desk solutions, and fleet management services. The company also provides surplus cash or investment lease, package lease, collaborative lease, profit sharing lease, and sale and leaseback services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 770000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Reserve of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small business dealing 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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.

LOCATIONS

Registered Office :	Casabalnca Unit No.4, Ground Floor, Plot No.45, Sector – 11, C.B.D Belapur, Navi Mumbai- 400614, Maharashtra, India
Tel. No.:	91- 22-27583705 / 27583703 / 41030555
Fax No.:	91-22-27573587 / 41030567
E-Mail :	anindya@tranzlease.com
Website :	http://www.tranzlease.com

DIRECTORS

As on: 30.09.2011

Name :

Mr. Anindya Kalyal Chakraborty

Designation :

Managing director

Address :

1501, Ixora, Hiranandani Meadows, Off Pokhran Road # 2, Thane- West - 400602, Maharashtra, India

Qualification:

Charted Accountant

Date of Appointment :

06.06.2006

DIN No.:

00247877

Other Directorship :

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	U65910MH2006PTC162528	TRANZLEASE HOLDINGS (INDIA) PRIVATE LIMITED	Managing director	18/08/2007	06/06/2006	-	Active	NO
2	U65999MH2009PTC189421	ASSETS LOANS & INSURANCE ADVISORY SOLUTIONS (INDIA) PRIVATE LIMITED	Director	07/01/2009	07/01/2009	-	Active	NO
3	U74990MH2009PTC193912	INDIA FLEET CAR RENTAL PRIVATE LIMITED	Director	08/07/2009	08/07/2009	-	Active	NO
4	U67190DL2009PTC195384	TRANZ CAP SERVICES INDIA PRIVATE LIMITED	Director	21/10/2009	21/10/2009	-	Active	NO
5	U67190MH2010PTC200907	TRANZLEASE AUTOMOBILE MANAGEMENT SOLUTIONS PRIVATE LIMITED	Director	15/03/2010	15/03/2010	-	Active	NO
6	U72300MH2012PTC226963	ICOGNAC CONSULTING SERVICES PRIVATE LIMITED	Director	15/02/2012	15/02/2012	-	Active	NO

Name :

Mr. Rajesh Bhalchandra Dhume

Designation :

Director

Address :

1303 Raheja Empress, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Appointment :

18.08.2011

DIN No.:

03599704

Name :

Mr. Dinesh Bhalchandra Dhume

Designation :

Additional director

Address :

305 Sea Breeze Yari Road, Versova Andheri (West), Mumbai – 400601, Maharashtra, India

Date of Appointment :

03.03.2010

DIN No.:

02852206

Other Directorship :

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	U65999MH2009PTC189421	ASSETS LOANS & INSURANCE ADVISORY SOLUTIONS (INDIA) PRIVATE LIMITED	Additional director	10/12/2009	10/12/2009	-	Active	NO
2	U65910MH2006PTC162528	TRANZLEASE HOLDINGS (INDIA) PRIVATE LIMITED	Additional director	03/03/2010	03/03/2010	-	Active	NO
3	U67190MH2010PTC200907	TRANZLEASE AUTOMOBILE MANAGEMENT SOLUTIONS PRIVATE LIMITED	Director	15/03/2010	15/03/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Kalyal Chakraborty	1536975
Ichharam Madhukar	270000
Dishaa Investment Limited, India	675000
Bhalchandra Rajesh	202500
Prakash Hari	67500
Asia Lease Holding Company, Mauritius	3998025
Tranzlease capital investment Private Limited, India	6125000
Total	12875000

As on: 26.06.2012 (List of Allotees)

Names of Shareholders	No. of Shares
United International Transportation, Saudi Arabia	7844136
Total	7844136

As on: 15.12.2011 (List of Allotees)

Names of Shareholders	No. of Shares
Tranzlease Holding Private Limited, India	3416667
Total	3416667

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	36.00
Bodies corporate	47.00
Directors or relatives of directors	14.00
Other top fifty shareholders	3.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject provides automobile leasing services. It offers operating lease, custom leasing, auto desk solutions, and fleet management services. The company also provides surplus cash or investment lease, package lease, collaborative lease, profit sharing lease, and sale and leaseback services.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The Zoroastrian Co-Operative Bank Limited, Andheri Branch, Shop Nos.2 and 3, Parsian Co-Op. Hsg. Soc., V. P. Road, Andheri (W), Mumbai - 400058, Maharashtra, India

· Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

· Dhanlaxmi Bank Limited, Dhanalakshmi Bank Buildingnaickanal, Naickanal, Trichur - 680001, Kerala, India

· Axis Bank, Limited, Credit Management Centre Corporate Park, Unit – 6, Sion Trombay Road, Chembur, Mumbai – 400071, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	212.183	220.424
Working capital loans banks secured	92.825	41.873
Total	305.008	262.297
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Foreign currency loans others unsecured	0.000	0.565
Other debt unsecured	0.000	1.615
Total	0.000	2.180

Banking Relations :	--
Auditors :
Name :	B Bhushan and Associates Chartered Accountants
Address :	B-3, Gandhi Mansion, Bomji Master Lane, Kalbadevi, Mumbai – 400002, Maharashtra, India
PAN No.:	AHYPB2105N

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24135803	Equity Shares	Rs.10/- each	Rs.241.358 millions

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	Rs.75.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6750000	Equity Shares	Rs.10/- each	Rs.67.500 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		67.500	67.500	67.500
2] Share Application Money pending allotment		80.500	31.500	0.000
3] Reserves & Surplus		45.307	23.599	8.899
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		193.307	122.599	76.399
LOAN FUNDS
1] Secured Loans		305.008	262.297	242.947
2] Unsecured Loans		0.000	2.180	0.000
TOTAL BORROWING		305.008	264.477	242.947
DEFERRED TAX LIABILITIES		1.523	0.501	(0.380)
TOTAL		499.838	387.577	318.966
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		385.072	320.140	252.269
Capital work-in-progress		3.099	1.804	3.654
INVESTMENT		0.604	0.604	2.105
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	14.328	7.185	5.011
	Cash & Bank Balances	84.698	31.163	26.713
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	64.615	53.783	48.783
Total Current Assets		163.641	92.131	80.507
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	23.163	12.769	8.882
	Other Current Liabilities	23.561	11.143	9.462
	Provisions	5.854	3.190	1.843
Total Current Liabilities		52.578	27.102	20.187
Net Current Assets		111.063	65.029	60.320
MISCELLANEOUS EXPENSES		0.000	0.000	0.618
TOTAL		499.838	387.577	318.966

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		130.268	90.298
		Other Income		3.048	1.805
		TOTAL	175.100	133.316	92.103
Less	EXPENSES
		Cost of Goods sold		24.235	17.048
		Employee Cost		7.137	7.251
		Managerial Remuneration		3.888	1.275
		G and A Expenses		10.937	9.243
		Interest on short term loans and overdraft facilities		5.869	2.400
		TOTAL	NA	52.066	37.217
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		NA	81.250	54.886
Less	FINANCIAL EXPENSES		NA	30.708	21.943
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	50.542	32.943
Less/ Add	DEPRECIATION/ AMORTISATION		NA	31.774	19.131
	PROFIT BEFORE TAX		NA	18.771	13.812
Less	TAX		NA	4.071	1.978
	PROFIT AFTER TAX		NA	14.700	11.834
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	9.899	(1.935)
	BALANCE CARRIED TO THE B/S		NA	24.599	9.899
	Earnings Per Share (Rs.)		NA	2.18	1.75

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	11.03	12.48
Net Profit Margin (PBT/Sales)	(%)	NA	14.41	15.30
Return on Total Assets (PBT/Total Assets}	(%)	NA	4.55	4.15
Return on Investment (ROI) (PBT/Networth)		NA	0.15	0.18
Debt Equity Ratio (Total Liability/Networth)		NA	2.37	3.44
Current Ratio (Current Asset/Current Liability)		NA	3.39	3.98

LOCAL AGENCY FURTHER INFORMATION

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last two 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 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	No
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

Operational and Financial Results

As in previous years, in the current year also the Company has shown an increase in revenues and profitability. Since the inception of the Company in June 2006 (with commercial operations commencing from December 2006) till date the Company has consistently grown in terms of revenue volumes as well as profitability. This has been achieved as a result of sustained efforts in providing innovative operating lease solutions to top MNC and top Indian Corporate houses in India who have appreciated such products and have shown their faith in the company by providing continuous business. Currently the company has established a niche position in the corporate lease market space in India largely contributable to the policy of regularly introducing innovative products and transparent approach in product pricing and delivery.

The company has also undertaken substantial efforts in the current year to broaden the product base and strengthen the IT infrastructure along with increasing the human resource base to enable itself to be prepared for the high demand and high future growth. The company also increased the share capital base through injection of fresh share application money for enabling the substantial growth in asset base in current and future years and also to maintain a conservative leverage policy. A snapshot of the financial performance of the company in the current and previous financial years is as below

Note: That the total income of the company increased from INR Rs.133.300 millions to INR Rs.175.100 millions representing over 30% growth; the total cost increased from INR 32.200 millions to INR 53.800 millions representing an increase of around 67% resulting mainly from increase in payroll cost reflecting the increased employee base and also an increase in COGS (representing mainly the cost of pass through services and thus not impacting ultimate profitability). The Net Income or PAT (Profit After Tax) increased by 49% - a major contributor to this increase in profitability is the relative decrease in interest cost as compared to revenue volume achieved resulting from a conservative debt policy note that this is further reflected in lowering of the debt equity ratio from 1.80 in previous year to only 1.10 in the current fiscal year. In essence, the Companys overall performance in financial terms has improved substantially over the last fiscal year.

Future prospects

Operating lease in India is gaining increasing popularity resulting from the fact that the under this method the overall cost of automobile usage reduces substantially as compared to any other mode of procurement of such automobiles. Currently around 2 million units of vehicles (new passenger vehicles) are sold in India per annum out of which 75% is financed representing a market asset size of over INR 70,0000.000 millions out of the same less than 1% of automobile purchases are through the operating lease route reflecting the vast potential of the future. With the current demand trend for the companys offerings in the market it is expected that future prospects of the company is bright and in lieu of the same the Directors are building the growth platform through a structured developmental approach focussing on various kinds of resource base like human capital, money capital and technology capital. Various discussions with probable strategic partners in areas of financing the growth have also been undertaken and are expected to yield results in the near future.

Bankers Charges Report as per Registry

Corporate identity number of the company	U65910MH2006PTC162528
Name of the company	TRANZLEASE HOLDINGS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Casabalnca Unit No.4, Ground Floor, Plot No.45, C.B.D Belapur, Navi Mumbai- 400614, Maharashtra, India anindya@tranzlease.com
This form is for	Creation of charge
Type of charge	(Other) Vehicles
Particular of charge holder	The Zoroastrian Co-Operative Bank Limited, Andheri Branch, Shop Nos.2 And 3, Parsian Co-Op. Hsg. Soc., V. P. Road, Andheri (W), Mumbai - 400058, Maharashtra, India zcblco@mtnl.net.in
Nature of instrument creating charge	Agreement hypothecation of vehicles
Date of instrument Creating the charge	17.10.2012
Amount secured by the charge	Rs. 41.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at 2% below bank rate with a minimum of 12% per annum with monthly rests or at such rate as may be revised by the bank from time to time. Terms of Repayment Term loan repayable in 60 equal monthly instalments. Margin MARGIN: 15%. Extent and Operation of the charge To secure the term loan of Rs.41.500 millions granted by the bank to the company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of various vehicles as per invoices submitted to the bank.

Fixed Assets:

· Free hold land

· Lease hold land

· Office building

· Computer equipments

· Furniture fixtures

· Vehicles

· Livestock

· Intangible assets (Computer software)

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 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.55.70
UK Pound	1	Rs.89.34
Euro	1	Rs.72.35

INFORMATION DETAILS

Report Prepared by :

DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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		30

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.