MIRA INFORM REPORT

Report Date :

01.10.2012

IDENTIFICATION DETAILS

Name :	METAL POWER ANALYTICAL (INDIA) PRIVATE LIMITED
Registered Office :	B 48, Raj Industrial Complex, Military Road, Marol, Andheri (East), Mumbai 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.09.1990
Com. Reg. No.:	11-058251
Capital Investment / Paid-up Capital :	Rs.1.500 Millions
CIN No.: [Company Identification No.]	U51909MH1990PTC058251
TAN No.: [Tax Deduction & Collection Account No.]	MUMM08615F
PAN No.: [Permanent Account No.]	AACCM4836D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Spectrometers for Metals, High-tech Analytical and Metallurgical Products.
No. of Employees :	55 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 150000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established and reputed company with satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings under 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.

INFORMATION DENIED BY

Name :	Ms. Sneha
Designation :	HR Executive
Contact No.:	91-22-29203753
Date :	22.09.2012

LOCATIONS

Registered Office / Factory 1 :	B 48, Raj Industrial Complex, Military Road, Marol, Andheri (East), Mumbai 400059, Maharashtra, India
Tel. No.:	91-22-29203753 / 29203756 / 67830505 / 29250321 / 29251399 / 28526281 91-22-67830525 (Service Department)
Mobile No.:	91-9930736909 (Mr. Nagendra Rawat)
Fax No.:	91-22-29251373
E-Mail :	metpower@vsnl.com info@metpower.co.in
Website :	http://www.metpowerin.com
Area :	4500 sq ft
Location :	Owned
Factory 2 :	C-35, 36, 37 and 40, Raj Industrial Complex, Military Road, Marol, Andheri (East), Mumbai – 400 059, Maharashtra, India
Branch Office :	Located at: Kolkata Chennai Delhi

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Priyadarshan Divyadarshan Pant

Designation :

Director

Address :

11/10, Blossom Society, Marol, Andheri (East), Mumbai – 400059, Maharashtra, India

Date of Birth/Age :

26.07.1949

Qualification :

B. Tech ( I.I.T./ Kanpur ) and P.G.D.B.M. ( I.I.M./ Calcutta )

Voter ID :

UEE0156752

Date of Appointment :

21.09.1990

DIN No.:

00062216

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	Company/ LLP Status	Defaulting status
1	U27200MH1990PTC056146	METAL POWER (INDIA) PRIVATE LIMITED	Director	11/04/1990	11/04/1990	Active	NO
2	U51909MH1990PTC058251	METAL POWER ANALYTICAL (INDIA) PRIVATE LIMITED	Director	21/09/1990	21/09/1990	Active	NO

Name :

Mr. Anant Vithal Kulkarni

Designation :

Director

Address :

Flat No.304, B/2 Wing, Sai Ashish, Bal Rajeshwar Road, Mulund (West), Mumbai – 400 080, Maharashtra, India

Date of Birth/Age :

27.12.1948

Qualification :

B.E (Met/ Gold Medalist) and M. Tech ( Physical Metallurgy)

Date of Appointment :

21.09.1990

DIN No.:

00062250

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	Company/ LLP Status	Defaulting status
1	U27200MH1990PTC056146	METAL POWER (INDIA) PRIVATE LIMITED	Director	11/04/1990	11/04/1990	Active	NO
2	U51909MH1990PTC058251	METAL POWER ANALYTICAL (INDIA) PRIVATE LIMITED	Director	21/09/1990	21/09/1990	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Pant Darshan Priya	60
Anant Vithal Kulkarni	10
Mandalik Hari Shashank	14
Priolkar H. Swapna	14
R. Parmeshwaran	24
N. Sampathkumar	20
Negandhai Haren	14
Pant Darshan Priya Joint with Shobha Pant	698
Kulkarni Vithal Anant Joint with Anuradha Kulkarni	654
Mrs. Anuradha Anant Kulkarni joint with Anant Kulkarni	500
Mukund Pant joint with Priya D Pant	464
Shobha P Pant Joint with Priya Darshan Pant	300
Aditi Anant Kulkarni Joint with Anant Kulkarni	228
Total	3000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	97.00
Other top fifty shareholders	3.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Spectrometers for Metals, High-tech Analytical and Metallurgical Products.

Products :

Ø Spectrometers for Metals Ø Analytical Standards Ø 3 -in-1 Machine Ø Hydrogen in Molten Aluminium Ø Metallurgical Image Analyser Ø Microscopes                                                     Ø Laboratory Metallographic Equipment Ø Portable Vickers Hardness Tester Ø Gas Analysis using QUAD 'MASS' SPECTROMETERS Ø Intelligent Gravimetric Analysers Ø SIMS- (Secondary Ion Mass Spectrometers) Ø Plasma Probes Analysis Ø Ion Miling Probes for Thin Film Etching Ø Moisture Sorption Analysis Ø Bomb Calorimeter Ø Professional software and Instrumentation for behavioral studies

GENERAL INFORMATION

No. of Employees :

55 [Approximately]

Bankers :

Ø I.C.I.C.I Bank Limited

Ø State Bank of India, Marol Branch, Silver Arcade, Marol Maroshi Road, Andheri (East), Mumbai – 400059, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Term loan from Banks ( Secured against Hypothecation of Galas)	15.474	8.822
Car Loan from I.C.I.C.I (Against Security of Cars)	0.000	0.318
O/D with State Bank of India (Against Security of Stock in Trade	15.899	7.456
Total	31.373	16.596
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors	4.269	3.525
From Share Holders	3.121	3.040
Total	7.390	6.565

Banking Relations :	--
Auditors :
Name :	J J Mehra and Company Chartered Accountants
Address :	11, Laxmi Building, Off Turner Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Tel. No.:	91-22-26553920
Income-tax PAN of auditor or auditor's firm :	AABPM4738L
Memberships :	Ø Institute of Indian Foundrymen Ø Aluminium Association of India Ø Engineering Export Promotion Council Ø National Small Industries Corporation Ø Indian Analytical Instruments Association

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000	Equity Shares	Rs. 500/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,000	Equity Share	Rs. 500/- each	Rs. 1.500 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		1.500	1.500	0.748
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		35.931	28.048	21.478
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		37.431	29.548	22.226
LOAN FUNDS
1] Secured Loans		31.373	16.596	6.888
2] Unsecured Loans		7.390	6.565	6.985
TOTAL BORROWING		38.763	23.161	13.873
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		76.194	52.709	36.099
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		47.091	30.650	16.796
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.878	0.386	0.534
DEFERREX TAX ASSETS		0.000	0.000	0.528
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	26.710	24.238	19.484
	Sundry Debtors	10.693	6.131	3.241
	Cash & Bank Balances	1.401	2.136	1.001
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	14.617	10.778	11.458
Total Current Assets		53.421	43.283	35.184
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.267	14.131	10.048
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	11.805	8.475	7.125
Total Current Liabilities		26.072	22.606	17.173
Net Current Assets		27.349	20.677	18.011
MISCELLANEOUS EXPENSES		0.876	0.996	0.230
TOTAL		76.194	52.709	36.099

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL (A)	112.210	90.685	80.516
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	92.312	74.342	67.370
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.898	16.343	13.146
Less	FINANCIAL EXPENSES (D)		3.673	1.940	1.838
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		16.225	14.403	11.308
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.895	4.805	3.014
	PROFIT BEFORE TAX (E-F) (G)		11.330	9.598	8.294
Less	TAX (H)		3.330	3.225	3.150
	PROFIT AFTER TAX (G-H) (I)		8.000	6.373	5.144
	Deferred Tax Asset / (Liability)		0.117	0.237	0.229
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		28.048	21.478	16.105
	BALANCE CARRIED TO THE B/S		35.931	28.048	21.478
	EARNINGS IN FOREIGN CURRENCY
		Commission / Reimbursement of Expenses	6.388	5.142	6.653
	CIF VALUE OF IMPORTS
		Machines & Spares / consumables	11.898	19.320	14.214
	Earnings Per Share (Rs.)		2666.67	2124.33	3438.50

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.13	7.03	6.39
Return on Total Assets (PBT/Total Assets}	(%)	11.27	12.98	15.96
Return on Investment (ROI) (PBT/Networth)		0.30	0.32	0.37
Debt Equity Ratio (Total Liability/Networth)		1.73	1.55	1.40
Current Ratio (Current Asset/Current Liability)		2.05	1.91	2.05

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	Yes
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	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	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	Yes
34]	External Agency Rating, if available	No

Note: The registered address of the company has been shifted from C 46/47 1st Floor Raj Industrial complex Military Road, Marol, Mumbai - 400059, Maharashtra, India to the present w.e.f. 01.06.2011

PERFORMANCE

The year recorded significant growth in turnover. The turnover of the Company increased to Rs. 112.210 Millions during the year as against Rs. 90.685 Millions in the previous year. The Company earned profit after tax of Rs. 8.000 Millions during the year as against Rs. 6.374 Millions in the previous year. The directors have decided to plough back the entire profit in to the business and do not recommend payment of any dividend. The Directors also hope to achieve better results in the current year.

BUSINESS OUTLOOK

The Company has become one of the major suppliers of Analytical and Metallurgical Laboratory Equipment and their spares/accessories. It also prides itself on the high level of specialised Applications and Service Support it provides for all the products it manufactures/ sells. The Company is expecting a favourable market situation in current fiscal year too and hopes to achieve a higher turnover along with better profitability during the current year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51909MH1990PTC058251
Name of the company	METAL POWER ANALYTICAL (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C 46/47 1st Floor Raj Industrial complex Military Road, Marol, Mumbai - 400059, Maharashtra, India Email ID: metalpower@vsnl.com
This form is for	Modification of charge
Charge identification number of the modified	10060818
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Marol Branch, Silver Arcade, Marol Maroshi Road, Mumbai – 400059, Maharashtra, India Email ID: mohan.joshi@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Memorandum for recording extension of mortgage [SME 7] Memorandum for recording creation of mortgage by deposit of title deeds [SME 5]
Date of instrument Creating the charge	23.11.2010
Amount secured by the charge	Rs. 37.680 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Bank Rate. Terms of Repayment CC: Repayable on Demand. TL: As per Sanction. Margin Raw Materials: Imported - 25% Raw Materials: Indigenous - 25% Semi-finished Goods - 40% Finished Goods - 33.33% Domestic Receivables - 40% Term Loan - 25% Bank Guarantee - 10% Extent and Operation of the charge Extension of Mortgage of immovable properties at Gala nos C-35, 36, 37, 40, 46, 47 & 47A, B-48, 48A, 49 & 50 of Raj Industrial Complex, Marol, Andheri (East), Mumbai and creation of mortgage of immovable properties at Gala nos A-1, 2, 62, & 63 of Raj Industrial Complex, Marol, Andheri (East), Mumbai as collateral security........Ref Memorandum of Title Deed for Description of properties mortgaged. Others Total Limits of Rs. 37.680 Millions comprising of CC: Rs. 20.000 Millions TL II: Rs. 7.480 Millions TL III: Rs. 9.000 Millions BG: 1.200 Millions
Short particulars of the property charged	Extension of Mortgage of immovable properties at Gala nos C-35, 36, 37, 40, 46, 47 & 47A, B-48, 48A, 49 & 50 of Raj Industrial Complex, Marol, Andheri (East), Mumbai and creation of mortgage of immovable properties at Gala nos A-1, 2, 62, & 63 of Raj Industrial Complex, Marol, Andheri (E), Mumbai as collateral security. Ref Memorandum of Title Deed for Description of properties mortgaged.
Particulars of the present modification	By present modification, credit facilities renewed / revised / enhanced to Rs. 37.680 Millions are collaterally secured by mortgage of immovable properties [Various Galas] at Raj Industrial Area, Military Road, Marol, Andheri (E)..........Ref Memorandum of Title Deed for Description of properties mortgaged.

FIXED ASSETS:

Ø Air Conditioner

Ø Computers

Ø Furniture and Fixture

Ø Motor Car

Ø Office Equipments

Ø Office Premises at Mumbai

Ø Plant and Machinery

Ø Work Shop C 40

Ø Work Shop C 39

Ø Guest House

Ø Lab A-1

Ø OFFICE 48/48A/49/50

Ø GALA A2-A3-A62-A63 Gr

Ø GALA A47 - 2nd floor

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. 52.70
UK Pound	1	Rs. 85.71
Euro	1	Rs. 68.15

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	BVA

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	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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

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.