MIRA INFORM REPORT

Report Date :

05.08.2013

IDENTIFICATION DETAILS

Name :	HEMA MILKLINE PRIVATE LIMITED
Registered Office :	641, Puttavari Palem, Santhamaguluru Mandal, District Prakasam - 524617, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.06.1995
Com. Reg. No.:	01-020564
Capital Investment / Paid-up Capital :	Rs. 1.500 Millions
CIN No.: [Company Identification No.]	U15201AP1995PTC020564
Legal Form :	Private Limited Liability Company
Line of Business :	Exporter and Dealer of Milk.
No. of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management].

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 15000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profit margin appears to be low. However, trade relations are reported as fair. Business is active. Payment terms are reported as slow but correct. 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.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 :	641, Puttavari Palem, Santhamaguluru Mandal, District Prakasam - 524617, Andhra Pradesh, India
Tel. No.:	91-8647-225200
Fax No.:	Not Available
E-Mail :	Dsc_director@rediffmail.com

DIRECTORS

As on : 29.09.2012

Name :

Mr. Satyanarayana Raveela

Designation :

Managing director

Address :

D.No.11-12-12, Ramireddypet, Narnsaraopet-522601,

Qualification :

B. Com

Experience :

28 Years

Date of Birth/Age :

27.04.1955

Date of Appointment :

27.05.2002

DIN No.:

00765033

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15209AP1995PTC020168	HYMA MILKLINE PRIVATE LIMITED	Director	28-04-95	28-04-95	-	Active	NO
2	U15201AP1995PTC020564	HEMA MILKLINE PRIVATE LIMITED	Managing director	27-05-02	27-05-02	-	Active	NO
3	U17291AP2009PTC066049	JYOTIRMAYE TEXTILES PRIVATE LIMITED	Director	01-12-09	01-12-09	-	Active	NO

Name :

Mr. Nalabothu Venkata Rao

Designation :

Director

Address :

D.No.12, Rajeswari Nagar, Narasaraopet – 522601,

Date of Birth/Age :

01.06.1957

Date of Appointment :

18.07.1995

DIN No.:

00310724

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15209AP1995PTC020168	HYMA MILKLINE PRIVATE LIMITED	Managing director	28-04-95	28-04-95	-	Active	NO
2	U15201AP1995PTC020564	HEMA MILKLINE PRIVATE LIMITED	Director	18-07-95	18-07-95	-	Active	NO
3	U15209AP1995PTC021034	TIRUMALA DAIRY PRIVATE LIMITED	Director	30-04-01	30-04-01	-	Amalgamated	NO
4	U63022AP1997PTC027529	TIRUMALA COLD STORAGE PRIVATE LIMITED	Director	30-04-01	30-04-01	-	Active	NO
5	U15209AP1998PTC030500	TIRUMALA MILK PRODUCTS PRIVATE LIMITED	Director	30-04-01	30-04-01	-	Active	NO
6	U15200AP1997PTC026539	PRAGATHI MILK PRODUCTS PRIVATE LIMITED	Director	01-01-04	01-01-04	-	Amalgamated	NO
7	U15209AP2002PTC039862	JANAKIRAMA DIARY PRIVATE LIMITED	Director	28-01-04	28-01-04	-	Amalgamated	NO
8	U15209AP1998PTC029065	BHAKTANJANEYA MILK FOODS PRIVATE LIMITED	Director	18-11-05	18-11-05	-	Amalgamated	NO
9	U65992AP2009PTC065664	VENKATA TIRUMALA CHIT FUND PRIVATE LIMITED	Managing director	03-11-09	03-11-09	-	Active	NO
10	U17291AP2009PTC066049	JYOTIRMAYE TEXTILES PRIVATE LIMITED	Director	01-12-09	01-12-09	-	Active	NO
11	U16000AP2010PTC069314	SRI BALAJI TOBACCOS PRIVATE LIMITED	Managing director	05-07-10	05-07-10	-	Active	NO
12	U16000AP2011PTC077540	SRI SAI BALAJI TOBACCOS PRIVATE LIMITED	Director	21-11-11	21-11-11	-	Active	NO

Name :

Mr. Chandkavathi Ravela

Designation :

Director

Address :

D. No.11-12-12, Ramireddypet, Narasaraopet – 522601,

Date of Birth/Age :

15.06.1969

Date of Appointment :

02.06.1995

DIN No.:

00764986

Name :

Mr. Nalabothu Parameswary

Designation :

Director

Address :

Rajeswari Nagar, Narasaraopet- 522601,

Date of Birth/Age :

17.08.1963

Date of Appointment :

02.06.1995

DIN No.:

01478871

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2012

Names of Shareholders	No. of Shares
N.Venkata Rao, No.13,Rajarajeswari Nagar Narasaraoper Guntur district, Andhra Pradesh, India	8750
R.Satyanarayana Door No 11-12-12, Ramireddy pet Narasaraopet Guntur district, Andhra Pradesh, India	39750
N.Parameswari No.13,Rajarajeswari nagar Narasaraoper Guntur district, Andhra Pradesh, India	5000
N.Venkata Lakshmi Saroja No. 13, Rajarajeswari Nagar Narasaraopet Guntur District, Andhra Pradesh, India30000	15000
Tirumala Milk Products(P)Ltd Prakash Nagar Narasaraopet	30000
R Chandravathi W/o R.Satyanarayana D No. 11-12-12, Ramireddy pet Narasaraopet Guntur district, Andhra Pradesh, India	13000
R.Madhavi D/o R.Satyanarayana D.No.11-12-12, Ramireddy pet Narasaraopet Guntur District, Andhra Pradesh, India	4500
R.Kalapana D.No.11-12-12, Ramireddy Pet Narasaraopet Guntur District, Andhra Pradesh, India	4500
R.Gnana Koteswara Rao D.No.11-12-12. Ramireddy pet Narasaraopet Guntur District, Andhra Pradesh, India	4500
Rayudi Sambasiva Rao Kandlagunta Nekarikallu Mandal Guntur District, Andhra Pradesh, India	4000
Rayudi Rama Lingeswara Rao Kandlagunta Nekarikallu Mandal Guntur District, Andhra Pradesh, India	4000
Rayudi Lakshmi Devamma Kandlagunta Nekarikallu Mandal Guntur District, Andhra Pradesh, India	4500
Tadapaneni Seethamma Karlakunta Rompicharla Mandal Guntur District, Andhra Pradesh, India	4000
Veeravaili Peramma Vadlamudivaripalem Rompicharla Mandal Guntur District, Andhra Pradesh, India	4000
Tadapaneni Kotaiah Karlakunta Rompicharla Mandal Guntur District, Andhra Pradesh, India	4500
Total	150000

Equity Share Break up (Percentage of Total Equity)

As on : 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Exporter and Dealer of Milk.

Products :

PRODUCTS DESCRIPTION	ITC CODE NO.
Whole Milk	040299.02

GENERAL INFORMATION

No. of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management].
Bankers :	v State Bank of India, Narasaraopet Branch, Old Police Station Road, Narasaraopet – 522601, Andhra Pradesh, India v Andhra Bank, Narasaraopet, Andhra Pradesh, India v Bank of India v State Bank of Hyderabad, Narasaraopet – 522601, Andhra Pradesh, India v State Bank of Hyderabad, Karumanchi v State Bank of India, Narasaraopet, Andhra Pradesh, India v Syndicate bank, Narasaraopet, Andhra Pradesh, India v Union Bank of India, Narasaraopet, Andhra Pradesh, India
Facilities :	--

Auditors :
Name :	Mastanaiah and Company Chartered Accountants
Address :	11/1, Arundelpet, Guntur – 522002, Andhra Pradesh, India
PAN No.:	AADFM5561H

CAPITAL STRUCTURE

As on : 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs. 10/- each	Rs. 1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs. 10/- each	Rs. 1.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.500	1.500
(b) Reserves & Surplus	2.294	2.206
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	3.794	3.706
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	1.027	0.027
(d) long-term provisions	0.270	0.257
Total Non-current Liabilities (3)	1.297	0.284
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	1.559	3.377
(c) Other current liabilities	0.249	0.283
(d) Short-term provisions	0.000	0.002
Total Current Liabilities (4)	1.808	3.662
TOTAL	6.899	7.652
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.571	3.103
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.069	0.064
(d) Long-term Loan and Advances	0.147	0.147
(e) Other Non-current assets	0.010	0.009
Total Non-Current Assets	2.797	3.323
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.311	0.312
(c) Trade receivables	0.428	0.000
(d) Cash and cash equivalents	2.306	2.855
(e) Short-term loans and advances	1.010	1.071
(f) Other current assets	0.047	0.091
Total Current Assets	4.102	4.329
TOTAL	6.899	7.652

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.500
2] Share Application Money		0.000
3] Reserves & Surplus		2.108
4] (Accumulated Losses)		0.000
NETWORTH		3.608
LOAN FUNDS
1] Secured Loans		0.345
2] Unsecured Loans		0.000
TOTAL BORROWING		0.345
DEFERRED TAX LIABILITIES		0.000
TOTAL		3.953
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.864
Capital work-in-progress		0.000
INVESTMENT		0.001
DEFERRED TAX ASSETS		0.010
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.417
	Sundry Debtors	1.297
	Cash & Bank Balances	2.025
	Other Current Assets	0.000
	Loans & Advances	1.546
Total Current Assets		5.285
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.089
	Other Current Liabilities	0.000
	Provisions	0.118
Total Current Liabilities		5.207
Net Current Assets		0.078
MISCELLANEOUS EXPENSES
TOTAL		3.953

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	82.233	82.696	91.503
		Other Income	0.010	0.010	0.185
		TOTAL (A)	82.243	82.706	91.688
Less	EXPENSES
		Purchase of Stock in Trade	75.168	74.903
		Changes in Inventories of Finished Goods	0.010	0.105
		Employees Benefits Expenses	4.475	5.325
		Other expenses	1.810	1.409
		TOTAL (B)	81.463	81.742	90.323
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.780	0.964	1.365
Less	FINANCIAL EXPENSES (D)		0.010	0.030	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.770	0.934	1.365
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.582	0.788	0.970
	PROFIT BEFORE TAX (E-F) (G)		0.188	0.146	0.395
Less	TAX (H)		0.100	0.049	0.130
	PROFIT AFTER TAX (G-H) (I)		0.088	0.097	0.265
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.206	2.108	1.843
	BALANCE CARRIED TO THE B/S		2.294	2.206	2.108
	Earnings Per Share (Rs.)
	Basic and Diluted		0.59	0.65	NA
	Nominal value of share		10.00	10.00	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.11	0.12	0.29
Net Profit Margin (PBT/Sales)	(%)	0.23	0.18	0.43
Return on Total Assets (PBT/Total Assets}	(%)	4.41	3.26	7.47
Return on Investment (ROI) (PBT/Networth)		0.05	0.40	0.11
Debt Equity Ratio (Total Debt /Networth)		0.34	0.08	0.10
Current Ratio (Current Asset/Current Liability)		2.36	1.22	1.01

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	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	No
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	No

FINANCILA REVIEW :

During the year, the company has achieved a turnover of Rs.82.233 Millions as against turnover of Rs. 82.996 Millions during previous year and earned a profit of Rs. 0.188 Million before tax during the year as against a profit of Rs. 0.146 Million earned in the previous year. The decrease in turnover was due to unfavourable climatic conditions.

INDEX OF CHARGE :

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10222436	28/05/2010	40,000,000.00	STATE BANK OF INDIA	MAIN BRANCH, MARKET CENTER, NARASARAOPET, Andhra Pradesh - 522601, INDIA	A87255196
2	10114507	07/07/2008	30,000,000.00	STATE BANK OF INDIA NARASARAOPET BRANCH	OLD POLICE STATION ROAD, NARASARAOPET, Andhra Pradesh - 522601, INDIA	A42728956
3	90115233	24/11/1995	2,000,000.00	A.P. STATE FINANCIAL CORPORATION	HYDERABAD, HYDERABAD, Andhra Pradesh, INDIA	-

FIXED ASSETS :

v Land

v Factory Buildings

v Plant and Equipments

v Furniture and Fixtures

v Plastic Milk Cans

v Cell Phone

v Data processing Equipment

v 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. 60.80
UK Pound	1	Rs. 91.95
Euro	1	Rs. 80.37

INFORMATION DETAILS

Report Prepared by :

NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.