MIRA INFORM REPORT

Report Date :

23.10.2012

IDENTIFICATION DETAILS

Name :	BLEND COLOURS PRIVATE LIMITED
Registered Office :	Plot No. 35, IDA Kattedan, R. R. District, Hyderabad-500 077, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.10.2003
Com. Reg. No.:	01-041900
Capital Investment / Paid-up Capital :	Rs.20.000 Millions
CIN No.: [Company Identification No.]	U25209AP2003PTC041900
TAN No.: [Tax Deduction & Collection Account No.]	HYDB01771A
PAN No.: [Permanent Account No.]	AACCB2492A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Plastic Master Batch.
No. of Employees :	150 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 355000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BB [Fund Based Facilities]
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	June 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.

INFORMATION PARTED BY

Name :	Mr. Shailesh Lahoti
Designation :	Director
Contact No.:	91-9885011883
Date :	22.10.2012

LOCATIONS

Registered Office/ Factory :	Plot No. 35, IDA Kattedan, R. R. District, Hyderabad-500 077, Andhra Pradesh, India
Tel. No.:	91-40-24361499 / 30913085 / 24360887
Mobile No.:	91-988501183 (Mr. Shailesh Lahoti)
Fax No.:	91-40-24360894
E-Mail :	sailesh@blendcolours.com racoauditors@yahoo.com
Website :	www.blendcolours.com
Location :	Rented

DIRECTORS

AS ON 25.08.2012

Name :

Mr. Sudhir Kumar Rathi

Designation :

Director

Address :

15-7-297, Begum Bazar, Hyderabad-500 012, Andhra Pradesh, India

Date of Birth/Age :

22.11.1975

Date of Appointment :

24.08.2005

Din No.:

01821712

Name :

Mr. Shailesh Lahoti

Designation :

Director

Address :

8-3-167, Kalyan Nagar, Hyderabad-500 038, Andhra Pradesh, India

Date of Birth/Age :

18.03.1979

Date of Appointment :

20.10.2003

Din No.:

01822627

Name :

Mr. Sharad Kumar Rathi

Designation :

Director

Address :

15-7-297, Begum Bazar, Hyderabad-500 012, Andhra Pradesh, India

Date of Birth/Age :

15.07.1969

Date of Appointment :

20.10.2003

Din No.:

01848277

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U67120AP1997PTC028426	SURENDRA STOCK BROKERS PRIVATE LIMITED	Director	24/11/1997	24/11/1997	Active	NO
2	U67120AP1997PTC028427	RAHUL STOCKS PRIVATE LIMITED	Director	24/11/1997	24/11/1997	Active	NO
3	U25209AP2003PTC041900	BLEND COLOURS PRIVATE LIMITED	Director	21/10/2003	21/10/2003	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.08.2012

Names of Shareholders	No. of Shares
Madhu Rathi	2000
Manju Devi Lahoti	10000
Vandana Lahoti	60000
Sarla B Rathi	2000
Sheetal Lahoti	3000
Sushila Devi Rathi	12000
Gopallal Rathi HUF	50000
Manish Rathi	118900
Naresh Rathi	13000
Rahul Stocks Private Limited	10000
Rohiti Rathi	4000
Sarvesh Lahoti	2000
Saurabh Lahoti	3000
Shailesh Lahoti	205000
Shailesh Lahoti HUF	4000
Sharad Kumar Rathi	503100
Jawaharlal Rathi	10000
Sudhir Rathi	9000
Sunil Rathi	1000
Surendra Kumar Rathi	2000
Surendra Stock Brokers Private Limited	10000
Suresh Chandra Lahoti	3000
Suresh Chandra Lahoti HUF	70000
Umesh Rathi	53000
Shwetha Lahoti	20000
Sarvesh Lahoti HUF	10000
Saurabh Lahoti HUF	10000
Madhushree Enterprises Private Limited	800000
TOTAL	2000000

AS ON 25.08.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	41.00
Directors or relatives of directors	59.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Plastic Master Batch.
Products :	· Master Batches:- Pearl Scent, Metallic, Marble, Fluorescent, White, Black, Additive, Color, PET, Conductive, UV Master Batch, Flame Retardant, etc. · Compounds:- FR Compound/155, PP/CX/120, PP/GFN/40, PP/GFN/60CC, Silicon Compound, etc.  Fillers:- 3FM/2T, Blue Filler-1049, Blue Tone Filler, Filler 754, Fillers 854, Filler NGF, Filler-11, PP Filler, Green Filler, PP/CX/120, Transparent Filler, Yellow Filler, etc. Blue Tone:- Asian White BT -5, Milk White - 250, Ultra White BT, White 71 Extra BT, White BT 229/1, etc
Exports :
Products :	Plastic Master Batches
Countries :	· African County · Middle East · Europe · Sri Lanka · Bangladesh
Imports :
Products :	Raw Materials
Countries :	· China · Malaysia · USA · Europe
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Sudarshan Chemical Industries

Customers :

Retailers

· Godawari Polymers

No. of Employees :

150 [Approximately]

Bankers :

· Axis Bank Limited, 6-3-879/B, 1^st Floor, G Pullareddy Buildings, Green Lands, Begumpet, Hyderabad-500016, Andhra Pradesh, India

· ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda-390015, Gujarat, India

Facilities :

SECURED LOAN	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Term Loans 16.710
Axis Term Loan I		14.697
Axis Term Loan II		1.790
HDFC Car Loan		0.224
Working Capital Loans
Letter of credits form Bank		23.019
IDBI Bank		(0.036)
Axis Bank Current Account		0.108
Axis CC I		44.099
Axis CC II	128.711	39.170
HSBC		(0.010)
TOTAL		123.061
UNSECURED LOAN	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Aarti Rathi		1.444
Sudhir Rathi		3.349
Jag dish Rathi		0.000
Nsrest! Kumar Rami		0.005
Saris B Rathi		1.723
Shaitesh Lahoti		2.615
Suarad Kumar Rathi		5.145
Sushila Rathi		1.424
Saurabh Lflhoii	128.711	0.000
SauiaCh Lahoti ( HUF )		0.218
Aycdhyadevi Rathi		0.725
Manjit Devi Lahoti		0.472
Rajssh Rathi		0.518
Shwala Lahott		0.186
Sarvssfi Laholi		0.000
SflrveshLal.nlKHUF )		1.018
Govifidla! Ralhi ( HUF )		0.318
Jawatiarlal Rathi ( HUF)		0.315
Gopalal Rath ( HUF )		0.316
Salkishan Rathi ( HUF ]		0.298
Surendra Kumar Rathi ( HUF ]		0.316
Vandana Lahoti		0.900
Shared Kumar Rathi (HUF]		0.298
Shailefh Lahoti (HUF)		1.820
Premkanta Baheti		0.242
Sonali Rathi		0.518
Suva Devi Rath)		0.435
Rsjnl Rathi		0.518
Sales Tax Differmant		3.475
Shrinath Trading Company	128.711	0.000
Rajesh Kumar Mundfa		2.300
Vonu Gopal Mundra		2.200
AshoK Kumar Kadra HUF		1.038
Sn Vsnkateswara Coir Products Private Limited		5.000
Sunil Kumnar Rathi		2.167
TOTAL	128.711	41.316

Banking Relations :	--
Auditors :
Name :	S A Thakkar Associates Chartered Accountant
Address :	Flat No. 401, 1-10-1/12, Manbhum Prestige, Ashok Nagar, Hyderabad-500020, Andhra Pradesh, India
PAN No:	AATPT4533A

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

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		20.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		68.997	49.631	36.308
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		88.997	59.631	46.308
LOAN FUNDS
1] Secured Loans			123.061	121.039
2] Unsecured Loans			41.316	36.510
TOTAL BORROWING		128.711	164.377	157.549
DEFERRED TAX LIABILITIES		1.723	1.873	1.941
TOTAL		219.431	225.881	205.798
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		56.356	58.891	56.814
Capital work-in-progress		1.132	0.000	2.625
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	84.549	63.698	54.812
	Sundry Debtors	191.860	160.646	126.637
	Cash & Bank Balances	5.652	5.215	6.654
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	17.449	12.985	12.412
Total Current Assets		299.510	242.544	200.515
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	100.845	67.437	50.369
	Other Current Liabilities	29.844	0.000	0.000
	Provisions	6.878	8.117	3.787
Total Current Liabilities		137.567	75.554	54.156
Net Current Assets		161.943	166.990	146.359
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		219.431	225.881	205.798

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	727.675	536.962	463.776
		Other Income	NA	0.767	0.205
		TOTAL (A)	NA	537.729	463.981
Less	EXPENSES
		Raw Material Consumed		428.367	380.450
		Payment to and For Employees		14.347	9.394
		Manufacturing Expense	NA	21.015	14.522
		Administrative and Selling Expense		30.646	20.828
		Increase/(Decrease) in Finished Goods		(6.491)	(5.996)
		TOTAL (B)	NA	487.884	419.198
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			49.845	44.783
Less	FINANCIAL EXPENSES (D)			21.370	19.551
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	28.475	25.232
Less/ Add	DEPRECIATION/ AMORTISATION (F)			7.970	8.333
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)			20.505	16.899
Less	TAX (H)			7.183	3.814
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		19.366	13.322	13.085
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		49.630	36.308	23.223
	BALANCE CARRIED TO THE B/S		68.996	49.630	36.308
	Earnings / (Loss) Per Share (Rs.)			13.32	13.09

Expected Sales (2012-13) : Rs.950.000 Millions.

The above information has been parted by Mr. Shailesh Lahoti.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	2.48	2.82
Net Profit Margin (PBT/Sales)	(%)	NA	3.82	3.64
Return on Total Assets (PBT/Total Assets}	(%)	NA	6.50	6.50
Return on Investment (ROI) (PBT/Networth)		NA	0.34	0.36
Debt Equity Ratio (Total Liability/Networth)		2.99	4.02	4.57
Current Ratio (Current Asset/Current Liability)		2.17	3.21	3.70

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

FINANCIAL RESULTS:

The company has achieved a remarkable turnover of Rs.727.675 Millions as compared with previous year turnover of Rs.536.962 Millions. profit after tax for the period stood at Rs.19.366 Millions compared with previous year figure of Rs.13.322 Millions.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U25209AP2003PTC041900
Name of the company	BLEND COLOURS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 35, IDA Kattedan, R. R. District, Hyderabad-500 077, Andhra Pradesh, India
Type of charge	Book Debts Movable Property [not being pledge] Others
Particular of charge holder	ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda-390015, Gujarat, India
Email	g.vijay@icicibank.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation dated 10-09-2012
Date of instrument Creating the charge	10.09.2012
Amount secured by the charge	Rs.75.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit: I-Base +3.5%. EPC: I-Base + 2.25%, FUBD/FBP: I-Base+2.25%. PSCFC, FCNR(B)-1 and PCFC - ROI will be stipulated at the time of disbursement Terms of Repayment Validity of the facility :12 months (29-06-2013) Margin EPC and PCFC : 25% against all components of inventory CC and FCNR(B)-1 : 25% against all components of inventory and 25% on book debts with cover period of 90 days Letter of Credit1-25%,Letter of Credit2-10%,BUYER'S CREDIT2-10% Extent and Operation of the charge Pari-Passu First Charge on all current assets of the company, present and future under multiple banking arrangement and Pari-Passu Second Charge on the unencumbered moveable fixed assets of the company at Mankhal, present and future Others Draw down charges for EPC and FUBD/FBP are 0.50%. In case the EPC is not liquidated in a manner approved by RBI, the company shall be charged interest @ I-base+ 10 %. Interest for Buyer's Credit will be as per the internal guidelines of ICICI Bank
Short particulars of the property charged	Pari-Passu First Charge on all current assets of the company, present and future under multiple banking arrangement Pari-Passu Second Charge on the unencumbered moveable fixed assets of the company at Mankhal, present and future

FIXED ASSETS:

· Land

· Machinery

· Machinery Panel

· Building – Godown

· Building

· Computer

· Weighing Machines

· Fax Machine

· Fire Extinguisher

· Furniture and Fitting

· Vehicles

· Air Conditioner

· Lab Equipments

· Trollies

· Generator

· Car

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.53.67
UK Pound	1	Rs.86.05
Euro	1	Rs.70.07

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

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	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.