MIRA INFORM REPORT

Report Date :

09.08.2013

IDENTIFICATION DETAILS

Name :	NOIDA FABCON MACHINES PRIVATE LIMITED
Registered Office :	W – 132, Greater Kailash Part -1, New Delhi – 110048
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.12.2003
Com. Reg. No.:	55-123282
Capital Investment / Paid-up Capital :	Rs.4.515 Millions
CIN No.: [Company Identification No.]	U29199DL2003PTC123282
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Conveying Equipments and Food Process Equipments.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 54000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Eventhough the company has seen a slight dip in the sales turnover there appears a marginal increase in the net profitability during 2012. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered normal for business dealings 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 – 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.

INFORMATION PARTED BY

Name :	Ms. Rashi
Designation :	Account Department
Contact No.:	91-120-4225550
Date :	07.08.2013

LOCATIONS

Registered Office :	W – 132, Greater Kailash Part -1, New Delhi, India
Tel. No.:	Not Available
Mobile No.:	91-9811209769 (Mr. Ashish)
Fax No.:	Not Available
E-Mail :	sales.nfm@fabcon.co.in roc.rkgovil@gmail.com contact.nfm@fabcon.co.in chitresh_gupta6065@yahoo.com
Website :	http://www.fabcon-india.com
Location :	Owned
Administrative Office Factory 1 :	C-150, Sector-63, Guatam Budh Nagar, Noida – 201307, Uttar Pradesh, India
Tel. No.:	91-120-4225550/422551/4225552/4225553
Fax No.:	91-120-4225551
E-Mail :	nishantb@fabcon-india.com nishantb@fabcon.co.in info@fabcon.co.in
Factory 2 :	D- 30, Sector- 173, Kavi Nagar Industrial Area, Ghaziabad - 201002, Uttar Pradesh, India
Tel. No.:	91-120-4167689
E-Mail :	rakeshb@fabcon-india.com

DIRECTORS

As on 25.09.2012

Name :

Mr. Nishant Bansal

Designation :

Director

Address :

KL-15, Kavi Nagar, Ghaziabad – 201002, Uttar Pradesh, India

Date of Birth/Age :

01.11.1977

Date of Appointment :

02.12.2003

DIN No.:

00063041

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	U29199DL2003PTC123282	NOIDA FABCON MACHINES PRIVATE LIMITED	Director	02/12/2003	02/12/2003	-	Active	NO
2	U72900DL2006PTC151816	BNJ INFOTECH PRIVATE LIMITED	Director	09/08/2006	09/08/2006	15/07/2011	Active	NO
3	U74120DL2008PTC184485	SILVER SHINE APPARELS PRIVATE LIMITED	Director	24/10/2008	24/10/2008	-	Active	NO
4	U29263DL2011PTC220562	SAINATH FABTECH PRIVATE LIMITED	Director	08/06/2011	08/06/2011	-	Active	NO
5	U29292DL2011PTC221991	SPIROFLOW FABCON CONVEYOR SYSTEMS PRIVATE LIMITED	Director	06/07/2011	06/07/2011	-	Active	NO

Name :

Mrs. Madhulika Bansal

Designation :

Director

Address :

KL-15, Kavi Nagar, Ghaziabad – 201002, Uttar Pradesh, India

Date of Birth/Age :

11.09.1977

Date of Appointment :

02.12.2003

DIN No.:

00083364

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	U29199DL2003PTC123282	NOIDA FABCON MACHINES PRIVATE LIMITED	Director	02/12/2003	02/12/2003	-	Active	NO
2	U17126DL2006PTC152848	VAANYA TEXFAB PRIVATE LIMITED	Director	31/08/2006	31/08/2006	16/06/2008	Active	NO

KEY EXECUTIVES

Name :	Ms. Rashi
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2012

Names of Shareholders	No. of Shares
Nishant Bansal	190000
Madhulika Bansal	120000
Rakesh Bansal	29910
Jyoti Bansal	70900
Rakesh Bansal (HUF)	10000
Shri Ganesh Ji Trust, India	100
Shri Ganpati Ji Trust, India	100
Shri Laxmi Ji Trust, India	100
Maa Saraswati Trust, India	100
Maa Vindhyachal Trust, India	100
Maa Jwala Ji Trust, India	100
Silver Shine Apparels Private Limited, India	30000
Deepak Mittal	30
Deepak Mittal (HUF)	50
Anju Rani	10
Total	451500

Equity Share Break up (Percentage of Total Equity)

As on 25.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Conveying Equipments and Food Process Equipments.

Products :

• Complete Snack Food Processing Systems
• Material Handling Systems: Solid, Powder and Granule Type
• Conveying Systems for Food and Warehouse Handling
• Special Purpose Systems
• Packaging Lines Distribution Systems
• Ancillary/Supplementary Equipment for Main Plant
• Process and Storage Equipments 

Product Description	Item Code No.
Machinery and Mechanical appliance and part thereof	8474.10
Article of Iron Steel	7309.00
Machinery and Mechanical appliance and part thereof	8485.90
Melting Scrap	7204.90
Electrical Machinery and part thereof	8503.00

Exports :

Products :

Finished Goods

Countries :

Middle East

Imports :

Products :

Raw Material

Countries :

• UK
• Japan

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS

As on 31.03.2011

Particulars	31.03.2011
Licensed Capacity	1200.00
Installed Capacity	1200.00
Actual Production (In M. T.)	415.796

GENERAL INFORMATION

Customers :

• Wholesalers
• Retailers

No. of Employees :

150 (Approximately)

Bankers :

• State Bank of India, Rasmeccc Branch, Industrial Area, B. S. Road, Ghaziabad – 201001, Uttar Pradesh, India
• Tel No.: 91-120-2512505
• HDFC Bank

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
From Banks Vehicle loan from State Bank of India	0.000	0.019
Short-term borrowings
Working capital loans are repayable on demand from bank * Cash credit from State Bank if India	7.273	2.369
Total	7.273	2.369
Note: Secured against first exclusive charge on stock and Book debts and personal Gurantee of director

Banking Relations :	--
Auditors :
Name :	Chitresh Gupta and Associates Chartered Accountants
Address :	U-119 A, Shakarpur, New Delhi - 110092, India
Mobile No.:	91-9910367918
PAN N Income-tax PAN of auditor or auditor's firm :	AAHFC5236B

CAPITAL STRUCTURE

After 25.09.2012

Authorised Capital : Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 8.015 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
451500	Equity Shares	Rs.10/- each	Rs.4.515 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	4.515	4.515
(b) Reserves & Surplus	8.724	7.481
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.300	1.800
Total Shareholders’ Funds (1) + (2)	13.539	13.796
(3) Non-Current Liabilities
(a) long-term borrowings	1.444	0.019
(b) Deferred tax liabilities (Net)	0.284	0.319
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	1.728	0.338
(4) Current Liabilities
(a) Short term borrowings	17.418	12.310
(b) Trade payables	38.502	24.325
(c) Other current liabilities	11.241	12.513
(d) Short-term provisions	0.714	0.734
Total Current Liabilities (4)	67.875	49.882
TOTAL	83.142	64.016
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13.775	11.008
(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	0.300
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.280	0.371
(e) Other Non-current assets	0.000	0.240
Total Non-Current Assets	14.055	11.919
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	50.419	30.349
(c) Trade receivables	14.749	16.282
(d) Cash and cash equivalents	0.410	3.015
(e) Short-term loans and advances	3.509	2.451
(f) Other current assets	0.000	0.000
Total Current Assets	69.087	52.097
TOTAL	83.142	64.016

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4.515
2] Share Application Money		0.000
3] Reserves & Surplus		6.448
4] (Accumulated Losses)		0.000
NETWORTH		10.963
LOAN FUNDS
1] Secured Loans		4.562
2] Unsecured Loans		4.639
TOTAL BORROWING		9.201
DEFERRED TAX LIABILITIES		0.124
TOTAL		20.288
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.243
Capital work-in-progress		0.000
INVESTMENT		0.300
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	23.094
	Sundry Debtors	12.074
	Cash & Bank Balances	0.771
	Other Current Assets	2.690
	Loans & Advances	3.355
Total Current Assets		41.984
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.709
	Other Current Liabilities	8.342
	Provisions	0.442
Total Current Liabilities		33.493
Net Current Assets		8.491
MISCELLANEOUS EXPENSES		0.254
TOTAL		20.288

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		112.952	90.947
		Other Income		0.666	0.480
		Profit on Sale of Car A/C		0.055	0.000
		TOTAL (A)	98.972	113.673	91.427
Less	EXPENSES
		Cost of Goods Sold		79.430	64.523
		Manufacturing Expenses		20.270	16.518
		Personnel Expenses		2.941	2.779
		Administrative Expenses		2.875	1.982
		Selling and Distribution Expenses		4.186	2.328
		Misc Exp. Written off		0.074	0.062
		TOTAL (B)	94.256	109.776	88.192
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.716	3.897	3.235
Less	FINANCIAL EXPENSES (D)		1.336	1.031	0.805
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.380	2.866	2.430
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.545	0.993	1.062
	PROFIT BEFORE TAX (E-F) (G)		1.835	1.873	1.368
Less	TAX (I)		0.592	0.647	0.442
	PROFIT AFTER TAX (G-I) (J)		1.243	1.226	0.926
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.281	0.748	0.800
Add	EXCESS PROVISION W/BACK		NA	0.023	0.028
Add/ (Less)	DEFERRED TAX ASSETS/(LIABILITY)		NA	(0.195)	0.005
Add/ Less	PRIOR YEAR ADJUSTMENT		NA	(0.021)	(0.011)
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	0.500	1.000
	BALANCE CARRIED TO THE B/S		NA	1.281	0.748
	IMPORTS
	Raw Material and Components		3.769	1.055	NA
	Earnings Per Share (Rs.)		2.75	2.67	2.20

Particulars	31.03.2013
Sales Turnover (Approximately)	130.000

The above information has been parted by Ms. Rashi (Account Department)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.26	1.08	1.01
Net Profit Margin (PBT/Sales)	(%)	NA	1.66	1.50
Return on Total Assets (PBT/Total Assets}	(%)	2.21	2.94	2.57
Return on Investment (ROI) (PBT/Networth)		0.14	0.14	0.12
Debt Equity Ratio (Total Debt /Networth)		1.39	0.89	0.42
Current Ratio (Current Asset/Current Liability)		1.02	1.04	1.25

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 four 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	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]	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10132656	19/11/2008	600,000.00	STATE BANK OF INDIA	RASMECCC BRANCH, INDUSTRIAL AREA, B.S. ROAD, GHAZ IABAD, UTTAR PRADESH - 201001, INDIA	A52253689
2	80014683	18/09/2006 *	3,800,000.00	STATE BANK OF INDIA	SECTOR-2, NOIDA, UTTAR PRADESH - 201301, INDIA	-
3	80014681	14/03/2008 *	4,800,000.00	STATE BANK OF INDIA	SECTOR-18, NOIDA, UTTAR PRADESH - 201301, INDIA	A37735115
4	80014680	16/02/2005	1,400,000.00	STATE BANK OF INDIA	SECTOR-2, NOIDA, UTTAR PRADESH - 201301, INDIA	-

Note: * Date of charge modification

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
From Others Vehicle loan from BMW Financial Services	1.444	0.000
Short-term borrowings
Unsecured loans from Director **	1.349	1.549
Unsecured loans from Shareholders and others**	8.796	8.392
Total	11.589	9.941
Note: Unsecured loans from director, shareholders and other are repayable on demand and carries a interest rate of 12% per annum

FIXED ASSETS

• Land
• Shed and Building
• Plant and Machinery
• Furniture and Fixture
• Electrical Fitting
• Office Equipment
• Computer
• Car
• Scooter
• Cycle
• Fire Fighting Equipment
• Testing Equipment

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.61.12
UK Pound	1	Rs.94.77
Euro	1	Rs.81.54

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.