MIRA INFORM REPORT

Report Date :

12.10.2012

IDENTIFICATION DETAILS

Name :	MARCO CABLES PRIVATE LIMITED
Registered Office :	1st Floor, Geeta Griha Building, Picket Road, Lohar Chawl,  Mumbai – 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.04.1989
Com. Reg. No.:	11-051376
Capital Investment / Paid-up Capital :	Rs.16.941 Millions
CIN No.: [Company Identification No.]	U31300MH1989PTC051376
TAN No.: [Tax Deduction & Collection Account No.]	PNEM08693G
PAN No.: [Permanent Account No.]	AABCM1540K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of XLPE Cables, PVC Power Cables, Control Cables, Flexibles and Arial Bunched Cables
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations 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 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.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BB+
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	January 2012

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 :	1st Floor, Geeta Griha Building, Picket Road, Lohar Chawl,  Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-22052462 / 22052872 / 22004154 / 251-520331
Fax No.:	91-22-22004652
E-Mail :	hmtcable@vsnl.net hmtcable@yahoo.co.in hmtcable@gmail.com
Website :	www.hmtcables.com
Factory :	Plot No.A-55-56, Stice, Sinnar Shirdi Road, Sinnar – 422103, Nasik, Maharashtra, India
Tel. No.:	91-2551-240200 / 240400
Fax No.:	91-2551-240540

DIRECTORS

As on 30.09.2011

Name :

Mr. Dolan Manghandas Kukreja

Designation :

Director

Address :

304, Vishal Tower, O.T. Selection, Ulhasnagar, Thane – 421005, Maharashtra, India

Date of Birth/Age :

28.10.1968

Date of Appointment :

30.09.2009

DIN No.:

00251035

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	U31300MH1996PTC097604	LAXMI POWER CABLES PRIVATE LIMITED	Director	15/11/2000	15/11/2000	10/6/2009	Active	NO
2	U31300MH1989PTC051376	MARCO CABLES PRIVATE LIMITED	Director	30/09/2009	12/6/2009	-	Active	NO

Name :

Mr. Naraindas Mangandas Kukreja

Designation :

Managing director

Address :

201, Vishal Tower, O.T. Selection, Ulhasnagar, Thane – 421005, Maharashtra, India

Date of Birth/Age :

12.02.1956

Date of Appointment :

13.04.1989

DIN No.:

00251114

Name :

Mr. Sugnomal Mangandas Kukreja

Designation :

Director

Address :

303, Vishal Tower, O.T. Selection, Ulhasnagar, Thane – 421005, Maharashtra, India

Date of Birth/Age :

15.04.1960

Date of Appointment :

13.04.1989

DIN No.:

00254773

Name :

Mr. Manish Sugnomal Kukreja

Designation :

Director

Address :

303, Vishal Tower, O.T. Selection, Ulhasnagar, Thane – 421005, Maharashtra, India

Date of Birth/Age :

04.08.1989

Date of Appointment :

01.10.2007

DIN No.:

02092188

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Narain. M. Kukreja	45125
Sugno. M. Kukreja	39580
Dunichand. M. Kukreja	5727
Sunita M. Kukreja	110
Kanchan D. Kukreja	770
Damodar .S. Kukreja	200
Asha D. Kukreja	200
Chander Raghani	200
Sumit S. Kukreja	7260
Manish S. Kukreja	7260
Geeta N. Kukreja	8760
Dinesh N. Kukreja	20310
Dhiraj N. Kukreja	10
Navin D. Kukreja	10
Mangandas D. Kukreja (HUF)	310
Dhanwanti M. Kukreja	1010
Shanker D. Raghani	1310
Narain M. Kukreja (HUF)	5350
Sugno Kukreja (HUF)	4450
Manju S. Kukreja	11050
Mangandas D. Kukreja	650
Sushil D. Kukreja	50
Pankaj D. Kukreja	50
Suman S. Kukreja	7300
Shanker D. Raghani (HUF)	50
Reshma Kukreja	50
Ganeshbhai	50
Dolan M. Kukreja	1708
Seema D. Kukreja	500
Total	169410

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of XLPE Cables, PVC Power Cables, Control Cables, Flexibles and Arial Bunched Cables

GENERAL INFORMATION

Suppliers :

· Kalpana India Limited

· Jugraj Tejraj Agency Private Limited

· Rachna Plasticcizers

· Koteshwar Enterprises

· Makwell Plasticizers Private Limited

· Bedmutha Wire Company Limited

· Hind Alluminum

· Swapana Trading Company

· Vaibhav Plastics

· Rewa Stablizers and Lubricants Private Limited

· Videsh Plasto Chem

· Synoprene Polymers Private Limited

· M. K. Industries

· Signet Overseas Limited

· Sarthak International

· Zenith Wire Industries

Customers :

· T.N.E.B. (1)

· T.N.E.B. (P.O. 331)

· P.G.V.C.L (Rajkot)

· U.G.V.C.L.

· D.G.V.C.L

· M.G.V.C.L.

· B.E.S. and T 3005-2004-05

· Pravin Corporation (Ambernath)

· Indian Cables and Electricals Private Limited

· Cablex Trading Company

· Godrej and Boyce Mfg. Company Limited

· G.S. Trading Company

· Ashoka Buildcon Limited

· Hi-Tech Electricals (Pune)

· Gujarat Power Corp. Limited

· Hi-Tech Electrification Engg. Private Limited

· Nashik Suppliers

· Gujarat State Elec. Corp. Limited

· Mohiniraj Enterprises

No. of Employees :

Not Available

Bankers :

Syndicate Bank, Colaba Branch, 4 and 5, Kartar Bhavan, Arthur Bunder Road, Colaba, Mumbai – 400005, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Cash credit limit form Bank (Against stock and book debts)	89.272	87.696
NSIC (Secured against BG)	14.264	0.000
Car loan from Syndicate Bank	0.071	0.468
Total	103.607	88.164
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Form Shareholders	20.077	20.138
Sales Tax Loan	22.761	24.403
Total	42.838	44.541

Banking Relations :	--
Auditors :
Name :	M.K. Panjabi and Company Chartered Accountants
Address :	Flat No.301, Shiva Tower, Near Yatri Niwas, Khemani, Ulhasnagar, Thane – 421002, Maharashtra, India
Tel. No.:	91-22-2701070 / 2708070
Mobile No.:	91-9850183778
E-Mail :	mahekpanjabi@rediffmail.com
PAN.:	AHPPP7872F

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
190000	Equity Shares	Rs.100/- each	Rs.19.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
169410	Equity Shares	Rs.100/- each	Rs.16.941 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		16.941	16.941	16.941
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		27.421	25.392	23.290
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		44.362	42.333	40.231
LOAN FUNDS
1] Secured Loans		103.607	88.164	86.455
2] Unsecured Loans		42.838	44.541	44.516
TOTAL BORROWING		146.445	132.705	130.971
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		190.807	175.038	171.202
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		28.921	27.042	27.968
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	104.210	75.926	65.842
	Sundry Debtors	76.102	110.402	104.247
	Cash & Bank Balances	3.153	4.486	2.189
	Other Current Assets	13.204	8.412	14.261
	Loans & Advances	2.720	1.509	1.472
Total Current Assets		199.389	200.735	188.011
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	33.006	34.385	43.519
	Other Current Liabilities	4.508	18.365	1.269
	Provisions	0.000	0.000	0.000
Total Current Liabilities		37.514	52.750	44.788
Net Current Assets		161.875	147.985	143.223
MISCELLANEOUS EXPENSES		0.011	0.011	0.011
TOTAL		190.807	175.038	171.202

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	293.642	306.515	250.250
		Other Income	6.726	2.433
		TOTAL (A)	300.368	308.948	250.250
Less	EXPENSES
		Cost of Good Sold	237.516	249.573
		Legal and Prof. Fees	0.420	0.221
		Printing and Stationary	0.298	0.407
		Transport and Octroi	6.915	8.256
		Postage and Courier	0.135	0.151	230.689
		Travelling Expenses	1.599	1.052
		Packing Expanses	10.876	8.400
		Loading and Unloading	1.035	1.419
		Directors Remu.	2.400	1.800
		Other Expenses	16.728	18.623
		TOTAL (B)	277.922	289.902	230.689
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		22.446	19.046	19.561
Less	FINANCIAL EXPENSES (D)		17.296	14.287	15.530
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.150	4.759	4.031
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.006	1.921	1.913
	PROFIT BEFORE TAX (E-F) (G)		3.144	2.838	2.118
Less	TAX (H)		1.115	0.736	0.732
	PROFIT AFTER TAX (G-H) (I)		2.029	2.102	1.386
	Earnings Per Share (Rs.)		11.98	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.68	0.68	0.55
Net Profit Margin (PBT/Sales)	(%)	1.07	0.93	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.38	1.25	0.98
Return on Investment (ROI) (PBT/Networth)		0.07	0.07	0.05
Debt Equity Ratio (Total Liability/Networth)		4.15	4.38	4.37
Current Ratio (Current Asset/Current Liability)		5.32	3.81	4.20

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 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	Yes
18]	Major customers	Yes
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	Yes

OPERATIONS:

The Company's improvements and consistent R and D in the areas of production and Quality have helped the company in managing goods return and rejection due to quality to its minimal.

However such exercise is ongoing and further developments are being made to conserve energy and improve its qualities and schedule of delivery.

In the year the company managed to achieve following:

a. The Company has continued to seek the positive response from various State Electricity Boards (SEB's).

b. The Company had gone further for Job work process as this will help to maintain its GP ration from constant fluctuation in the price's of raw material.

c. The Gross Profit of the company increased by 5.86% with achieving nearby the same turnover as compare to the last year.

d. The Net Profit (pre- Tax) of the Company increased by 11% and Return on Capital employed increased by 5%.

e. The Company has been lately facing stiff competition from the competitors and hence company has matched the prices for standing in the competition without affecting the quality of products.

Apart from the above objectives, the company had successfully completed modernization of its plant to meet the growing demand. Such modernization now achieve dual objective in the coming year i.e. a) increase in production capacity b) reducing in processing time. The optimum use of such modernization shall be taken in next financial year i.e. 2011-12

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U31300MH1989PTC051376
Name of the company	MARCO CABLES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1st Floor, Geeta Griha Building, Picket Road, Lohar Chawl,  Mumbai – 400002, Maharashtra, India hmtcable@vsnl.net
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80026560
Type of charge	Immovable property
Particular of charge holder	Syndicate Bank, Colaba Branch, 4 and 5, Kartar Bhavan, Arthur Bunder Road, Colaba, Mumbai - 400005, Maharashtra, India mh.5014mumcolaba@syndicatebank.co.in
Nature of instrument creating charge	Confirmation of creation of second/ subsequent equitable mortgage dated. 19.07.2011 Extension of Memorandum of Equitable Mortgage ( All collectively constitute a single charge for Rs. 170.000 millions)
Date of instrument Creating the charge	19.07.2011
Amount secured by the charge	Rs.170.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest The security provided for the facility sanctioned to M/s. Laxmi Power Cables Private Limited As per sanction letter and as specified in the earlier agreements registered with ROC. Terms of Repayment The security provided for the facility sanctioned to M/s. Laxmi Power Cables Private Limited As per sanction letter and as specified in the earlier agreements registered with ROC. Margin The security provided for the facility sanctioned to M/s. Laxmi Power Cables Private Limited As per sanction letter and as specified in the earlier agreements registered with ROC. Extent and Operation of the charge The Bank shall have first charge on all the assets secured.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1) Land bearing Plot No.A-55/56, admeasuring 4000 Sq. Mtrs. and Factory Building constructed thereon in Sinnar Taluka Industrial Co Operative Estate Limited, situated at Gat no.914 of village Sinnar, Sinnar-Shirdi Road, Sinnar - 422103, District Nasik, owned by M/s Marco Cables Private Limited. Flat No.GE-2 on ground floor, admeasuring area 871 Sq. Ft. in the Building known as Vishal Tower situated and constructed on Plot No.1256, O.T. Section, Ulhasnagar - 421005 of M/s Marco Cables Private Limited
Particulars of the present modification	By the present modification the bank has increased the limit sanctioned to Laxmi Power Cables Private Limited to Rs.170.000 Millions. The company's assets are extended for the facilities sanctioned to Laxmi Power Cables Private Limited by the bank as securities

Fixed Assets

· Land

· Building

· Machinery

· Electrification

· Furniture

· Flat

· Motor Car

· Lab Equipments

· Computer

· EPBX

· Mobile Phone

· Television Sets

· Two Wheeler

· Battery and Inventor

· Office Equipment

· Air Conditioner

· Generator

· CCTV

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.53.07
UK Pound	1	Rs.84.95
Euro	1	Rs.68.24

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		43

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.