MIRA INFORM REPORT

Report Date :

29.10.2012

IDENTIFICATION DETAILS

Name :	ADLABS ENTERTAINMENT LIMITED (w.e.f 13.02.2010)
Formerly Known As :	ADLABS ENTERTAINMENT PRIVATE LIMITED
Registered Office :	9^th Floor, Lotus Business Park, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.02.2010
Com. Reg. No.:	11-199925
Capital Investment / Paid-up Capital :	Rs. 372.676 millions
CIN No.: [Company Identification No.]	U92490MH2010PLC199925
PAN No.: [Permanent Account No.]	AAICA2573P
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Subject is engaged into Building and Running of Amusement Park.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 9154000
Status :	Yet to commence business activity
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a 100% subsidiary of Trill Park Limited. Even though the subject was incorporated during February 2010, it is planning to commence its business activities from April 2013. It is developing a mega-theme park project around Mumbai and the project work has already started. Financial position of the company appears to be sound. Directors are reported to be well experienced and Knowledgeable businessmen. Payment terms are unknown. The company can be considered for business dealings with some caution.

NOTES :

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

INDIAN ECONOMIC OVERVIEW

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

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BB- (Long Term, Term Loans)
Rating Explanation	Moderate risk of default
Date	September 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. Deepak Agrawal
Designation :	AVP in Accounts and Finance
Contact No.:	91-22-40680000
Date :	27.10.2012

LOCATIONS

Registered Office :	9^th Floor, Lotus Business Park, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra, India
Tel. No.:	91-22-40680000 / 40680018
Fax No.:	91-22-40680088
E-Mail :	deepak.agarwal@walkwater.in ghanshyam.jhala@walkwater.in kapil.bagla@walkwater.in
Website :	http://www.walkwater.in

DIRECTORS

As on 05.09.2012

Name :	Mr. Manmohan Ramanna Shetty
Designation :	Director
Address :	21, Golden Beach, Ruia Park Road, Juhu, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	24.02.1948
Date of Appointment :	10.02.2012
DIN No.:	00013961
PAN No.:	AAIPS2569L
Name :	Mr. Kapil Vishnuprasad Bagla
Designation :	Whole-time Director
Address :	4A, 401-402, Himalaya Building, Asha Nagar, Off Western Express Highway, Kandivali (East), Mumbai – 400 101, Maharashtra, India
Date of Birth/Age :	09.10.1968
Qualification :	B.E., M.M.S.
Experience :	18 years
Date of Appointment :	01.04.2010
DIN No.:	00387814
PAN No.:	AABPB2274N
Name :	Ms. Aarti Manmohan Shetty
Designation :	Whole-time Director
Address :	21, Golden Beach, Ruia Park Road, Juhu, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	02.04.1981
Date of Appointment :	10.02.2012
DIN No.:	01798896
PAN No.:	AMYPS1839B

KEY EXECUTIVES

Name :	G S Jhala
Designation :	Secretary
Address :	Bari Sadri House, 18 Naiyon Ki Talai, Udaipur – 313 001, Rajasthan, India
Date of Birth/Age :	04.07.1959
Date of Appointment :	10.02.2012
PAN No.:	ABMPJ8628G
Name :	Mr. Rajeev Jalnapurkar
Designation :	Chief Operating Officer
Date of Birth/Age :	52 Years
Qualification :	PG (Leisure Management)
Experience :	25 Years
Date of Appointment :	01.08.2009
Name :	Mr. Colonel Jatinder Sahi
Designation :	General Manager – Admin (Projects)
Date of Birth/Age :	54 Years
Qualification :	32 Years
Experience :	B.A., M.Sc (Defence Studies)
Date of Appointment :	16.08.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 05.09.2012

Names of Shareholders	No. of Shares
Thrill Park Limited, India	43571341
Manmohan Shetty	1242
Shashikala Shetty	1775
Aarti Shetty	1775
Kapil Bagla	178
Chandir Gidwani	178
Deepak Agrawal	178
TOTAL	43576667

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	99.98
Directors or relatives of Directors	0.01
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged into Building and Running of Amusement Park.
Terms :
Selling :	L/C / Cash
Purchasing :	L/C / Cash

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

200 (Approximately)

Bankers :

· Union Bank, Andheri (West), Mumbai, Maharashtra, India

· Syndicate Bank, Nariman Point Branch, Nariman Bhavan, Ground Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Loans taken for other fixed assets secured	(A)201.905	0.000
Total	201.905	0.000

NOTES:

(A) Secured Loans-Bank of Baroda (Secured against deposit of Original Land Agreements) Rs.201904882/-

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans others unsecured	252.999	232.375
Total	252.999	232.375

Banking Relations :	--
Financial Institution:	IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17 R Kamani Marg, Ballard Estate, Mumbai – 400 001, Maharashtra, India
Auditors :
Name :	A. T. Jain and Company Chartered Accountants
Address :	212, Rewa Chambers, 31 New Marine Lines, Mumbai – 400020, Maharashtra, India
PAN No.:	AABFA2587P
Holding Company :	Thrill Park Limited, India [CIN No.: U92190MH2007PLC175250]
Entities controlled by directors :	Walkwater Media Limited

CAPITAL STRUCTURE

After 05.09.2012

Authorized Capital:

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs. 10/- each	Rs. 500.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
43576667	Equity Shares	Rs. 10/- each	(A)Rs. 435.767 millions

As on 31.03.2011

Authorized Capital:

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs. 10/- each	(A)Rs. 400.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
37267597	Equity Shares	Rs. 10/- each	(B)Rs. 372.676 millions

NOTES:

(A) 4,00,00,000 Equity Shares of Rs. 10/- each

(B) 3,72,67,597 Equity Shares of Rs. 10/- each, fully paid up (3,72,62,271 Equity shares of Rs 10/- each is held by "Thrill Park Limited", the holding company)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		372.676	313.842
2] Share Application Money		57.550	33.500
3] Reserves & Surplus		1858.380	1564.213
4] (Accumulated Losses)		0.000	0.000
NETWORTH		2288.606	1911.555
LOAN FUNDS
1] Secured Loans		201.905	0.000
2] Unsecured Loans		252.999	232.375
TOTAL BORROWING		454.904	232.375
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		2743.510	2143.930
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2258.587	2234.508
Capital work-in-progress		449.237	186.190
INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	65.305	5.746
	Other Current Assets	79.437	69.553
	Loans & Advances	0.000	0.000
Total Current Assets		144.742	75.299
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.813	13.749
	Other Current Liabilities	101.881	341.601
	Provisions	0.000	0.000
Total Current Liabilities		112.694	355.350
Net Current Assets		32.048	(280.051)
MISCELLANEOUS EXPENSES		3.638	3.283
TOTAL		2743.510	2143.930

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	0.000	0.000
		Other Income	0.000	0.000
		TOTAL	0.000	0.000
Less	EXPENSES
		Consumption materials changes inventories	0.000	0.000
		Manufacturing service costs	0.000	0.000
		Employee related expenses	0.000	0.000
		Administrative selling other expenses	0.000	0.000
		TOTAL	0.000	0.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		0.000	0.000
Less	FINANCIAL EXPENSES		0.000	0.000
	PROFIT BEFORE TAX		0.000	0.000
Less	TAX		0.000	0.000
	PROFIT AFTER TAX		0.000	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000	0.000
	BALANCE CARRIED TO THE B/S		0.000	0.000
	EARNINGS IN FOREIGN CURRENCY		Nil	0.000
	Earnings Per Share (Rs.)		0.00	0.00

SUBJECT IS GOING TO START BUSINESS ACTIVITY FROM APRIL 2013.

The above information has been parted by Mr. Deepak

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010
Debt Equity Ratio (Total Liability/Networth)	0.24	0.31
Current Ratio (Current Asset/Current Liability)	1.28	0.21

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars		31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry creditors
- Creditors due small micro enterprises		0.000	0.000
- Creditors due others		(A)10.813	(B)13.749
TOTAL		10.813	13.749

NOTES:

(A) Sundry Creditors 5409751/-( The company has not received any intimation from the "suppliers" regarding their status under the Micro, Small and Medium Enterprises Act, 2006 and hence disclosure, if any, relating to amounts unpaid as at year end together with interest paid / payable as required under the said Act has not been stated.) others Rs.5403554/-

(B) Sundry Creditors Rs.10201646/- (company has not received any intimation from the "suppliers" regarding their status under the Micro, Small and Medium Enterprises Act, 2006 and hence disclosure, if any, relating to amounts unpaid as at year end together with interest paid / payable as required under the said Act has not been stated.) others Rs.3547433/-

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 two 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	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATIONS:

The Company is developing a mega-theme park project around Mumbai and the project work is already started. The Company has completed acquisition for land for project of the project work and the operations are expected to commence in FY 2012-13 as planned.

During the year, The Company has initiated the process of securing project finance from banks through their merchant bankers. The proposal has met with positive response from many public sector banks and Indian Overseas Bank has agreed to be the lead banker for the project.

Financial tie up is substantially complete for the project cost, and the financial closure for the entire debt component of the project is expected to be achieved shortly.

FUTURE PROSPECTS:

Outdoor recreation industry is one of the most rapidly growing and exciting sectors of the tourism and hospitality space in India with a large upwardly mobile young population and increasing disposable incomes being the key drivers. Amusement parks / theme parks have emerged as an important component in the overall outdoor recreation space. There exists a gap in the kind of entertainment facilities offered by current Indian players as compared to international counterparts. The Indian consumers are looking forward to a world class experience in amusement park entertainment and The Company has taken the initiative in creating a high quality multi-use entertainment destination in the country.

Various State Governments, including the Government of Maharashtra, are encouraging development of tourism in their respective states and have identified amusement parks as one of the key areas to attract both tourists and investments. Their project has been awarded the ‘Mega Project’ Status from the Tourism Department of the Government of Maharashtra.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U92490MH2010PLC199925
Name of the company	ADLABS ENTERTAINMENT LIMITED
Address of the registered office or of the principal place of business in India of the company	9^th Floor, Lotus Business Park, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India e-mail : ghanshyam.jhala@walkwater.in
This form is for	Modification of charge
Charge identification number of the modified	10343713
Type of charge	· Uncalled share capital · Immovable property · Any interest in immovable property · Book debts · Movable property (not being pledge) · Floating charge · Calls made but not paid · Ship · Goodwill · Patent, license under a patent · Trademark · Copyright or license under a copyright · As per the Indenture of Mortgage dated 26.03.2012
Particular of charge holder	IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17 R Kamani Marg, Ballard Estate, Mumbai – 400 001, Maharashtra, India E-mail : itsl@idbitrustee.co.in
Nature of description of the instrument creating or modifying the charge	Indenture of mortgage dated 26.03.2012,executed in favour of IDBI Trusteeship Services Limited as the security Trustee for the benefit of (a) Union Bank of India (b)Indian Overseas bank (c)Bank of Baroda (d) Bank of India (e)Corporation Bank (f) The Jammu and kashmir Bank (g)Syndicate bank (h) Vjaya Bank (i) Centrum Financial Services Limited (j) Punjab and Sind Bank (k) Central bank of India (l) Life Insurance Corporation of India (m) Dena Bank (n) Tourism Finance Corporation of India Limited
Date of instrument Creating the charge	31.07.2012
Amount secured by the charge	Rs. 14748.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Terms of Repayment The repayment will be made in 108 installments .The first re-payment installment will be due on the April 30, 2014.The last re-payment installment shall be paid on March 31, 2023. Margin 2:1 Extent and Operation of the charge As per clause 3.1 of the Indenture of Mortgage dated 26.03.2102. Others As per clause 3.1 of the Indenture of Mortgage dated 26.03.2012.
Short particulars of the property charged	A first ranking charge on land admeasuring 250.09 Acres, buildings, located at the project site at Khopoli, Taluka, Khalapur, District Raigad(Maharashtra) A first ranking charge on tangible moveable assets (both present and future) including movable plant and machinery, machinery spares, equipment and other moveables of the Borrower. A first ranking charge on all project documents and approvals both present and future. A first charge on all Insurance Contracts (along with agreed bank clause) presents an future. A first charge on the trust and retention accounts together with permitted Investments, all moneys and securities lying to the credit of such accounts or liable to be credited to such accounts. A first charge on the book debts, operating cash flows, receivables, commissions, revenue and currents assets. Including any monies received under any letter of credit, guarantee and performance bond provided by any party to the project documents and other amounts owing to and received by the borrower. All intangible assets of the Borrower including but not limited to goodwill, trademarks and patents, present and future Other assets of the borrower, both present and future including the uncalled capital (in respect of any partly paid shares issued by the borrower) and cash in hand. Other assets as per the Indenture of Mortgage dated 26.03.2012.
Particulars of the present modification	Indenture of Additional Security executed on 31st July, 2012 between the Company and IDBI Trusteeship Services Limited for mortgaging additional land of 48.3250 Acres of land at Taluk Khalapur District Raigad in state of Maharashtra, in addition to 250.09 acres already mortgaged earlier in March, 2012.The total land mortgaged now aggregates to 298.4 Acres in compliance with the Loan documents.

FIXED ASSETS:

· Freehold land

· Office equipments

· Computer equipments

· Furniture fixtures

· Motor vehicles

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.53.63
UK Pound	1	Rs.86.18
Euro	1	Rs.69.75

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.