MIRA INFORM REPORT

Report Date :

19.08.2013

IDENTIFICATION DETAILS

Name :	CENTURY INFRAPOWER PRIVATE LIMITED
Formerly Known As :	CENTURY ENERGY EQUIPMENTS PRIVATE LIMITED
Registered Office :	S-23, Alankar Plaza, Central Spine, Vidhyadhar Nagar, Jaipur – 302 023, Rajasthan
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	26.06.2008
Com. Reg. No.:	17-026860
Capital Investment / Paid-up Capital :	Rs.40.000 millions
CIN No.: [Company Identification No.]	U31909RJ2008PTC026860
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacturing, erection, repair and selling of power and distribution transformer and parts thereof and also executes various turn-key projects on Engineering Procurement and Construction (EPC) basis.
No. of Employees :	Not Available

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 319000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The company has seen a better increase in the sales turnover but there appears a drastic fall in the net profitability during 2012. Profit margin seems to be low. External borrowings appear to be huge and increasing over years. However, trade relations are fair. Business is active. Payment terms are 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities: BB
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations.
Date	May 8, 2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities: A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	May 8, 2013

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 :	S-23, Alankar Plaza, Central Spine, Vidhyadhar Nagar, Jaipur – 302 023, Rajasthan, India
Tel. No.:	91-141-2230988/ 89
Fax No.:	91-141-2230980
E-Mail :	slgangwal@hotmail.com info@centuryinfrapower.com
Website :	http://www.centuryinfrapower.com
Factory 1 :	Khasara No.3109/2 and 3110/3743/2, Opposite Plot No.82 of RIICO Industrial Area, Village Kaladera, Tah. - Chomu, District Jaipur – 303 801, Rajasthan, India
Factory 2 :	Plot No.F-57, RIICO Industrial Area, Sikar, Rajasthan, India

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Sanjeev Kumar Saraf
Designation :	Director
Address :	833, Near District Industrial Centre, Vard No.17, Sikar – 332 001, Rajasthan, India
Date of Birth/Age :	06.09.1975
Date of Appointment :	26.06.2008
DIN No.:	02174746
Name :	Mr. Suresh Kumar Saraf
Designation :	Director
Address :	833, Near District Industrial Centre, Vard No.17, Sikar – 332 001, Rajasthan, India
Date of Birth/Age :	15.08.1950
Date of Appointment :	01.05.2012
DIN No.:	02174730

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Suresh Kumar Saraf	3000
Sanjeev Kumar Saraf	3583390
Arun Kumar Saraf	20200
Sangeeta Saraf	393410
Total	4000000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacturing, erection, repair and selling of power and distribution transformer and parts thereof and also executes various turn-key projects on Engineering Procurement and Construction (EPC) basis.
Products :	Industrial Transformers Electrical Cables Electrical Winding Wires Power Transmission Conductors

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Bank of Baroda, Central Spine, Vidhyadhar Nagar, Jaipur – 302 023, Rajasthan, India
• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India
• Allahabad Bank
• Central Co-Operative Bank Limited, Sirsa
• State Bank of Bikaner and Jaipur

Facilities :

Secured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan from Banks
Bank of Baroda (TL 1)	6.000	0.000
Less: Current Maturities	(4.000)	0.000
Bank of Baroda (TL 2)	2.322	0.000
SHORT TERM BORROWINGS
From banks
Bank of Baroda (Cash Credit) A/c	74.876	81.081
Bank of Baroda (Buyers Credit) A/c	8.399	0.000
From Others
NSIC Limited	9.023	0.000
Total	96.620	81.081

Notes:

SHORT TERM BORROWINGS

Cash Credit and Bank Credit Loans from Bank of Baroda are secured by hypothecation of stock, book debts, land and building, plant and machinery situated at Kaladera. It is repayable on demand and carries interest @ 14% p.a. Loan from NSIC Limited is been secured by a Bank Guarantee of Rs.10.000 millions.

Banking Relations :	--
Auditors :
Name :	S.L. Gangwal and Company Chartered Accountants
Address :	Arihant, S-23, Mangal Marg, Bapu Nagar, Jaipur – 302 015, Rajasthan, India
PAN No.:	AAEFS8375A
Enterprises over which Kay Management Personnel are able to exercise significant influence :	Aditya Cable and Conductors Electro Power Equipment Ganpati Enterprises

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 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	40.000	40.000
(b) Reserves & Surplus	39.855	31.835
(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)	79.855	71.835
(3) Non-Current Liabilities
(a) Long-term borrowings	333.883	213.165
(b) Deferred tax liabilities (Net)	2.326	2.025
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	336.209	215.190
(4) Current Liabilities
(a) Short term borrowings	92.298	81.081
(b) Trade payables	173.111	54.180
(c) Other current liabilities	13.431	6.300
(d) Short-term provisions	3.556	2.709
Total Current Liabilities (4)	282.396	144.270
TOTAL	698.460	431.295
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	143.633	136.862
(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)	0.000	0.000
(d) Long-term Loan and Advances	37.250	5.469
(e) Other Non-current assets	23.310	0.013
Total Non-Current Assets	204.193	142.344
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	108.287	86.635
(c) Trade receivables	343.725	138.031
(d) Cash and cash equivalents	1.490	24.251
(e) Short-term loans and advances	40.765	40.034
(f) Other current assets	0.000	0.000
Total Current Assets	494.267	288.951
TOTAL	698.460	431.295

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		0.100
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		63.300
TOTAL BORROWING		63.300
DEFERRED TAX LIABILITIES		0.000
TOTAL		63.400
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.118
Capital work-in-progress		38.206
Project and Preoperative Expenses		0.958
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.185
	Other Current Assets	0.000
	Loans & Advances	2.992
Total Current Assets		3.177
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors & Other Current Liabilities	1.075
	Provisions	0.000
Total Current Liabilities		1.075
Net Current Assets		3.060
MISCELLANEOUS EXPENSES		0.016
TOTAL		63.400

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operations	968.499	363.632	0.000
		Other Income	8.334	2.681	0.000
		TOTAL (A)	976.833	366.313	0.000
Less	EXPENSES
		Cost of materials consumed	717.365	214.442	0.000
		Changes in inventories of finished goods and stock-in-process	2.415	(25.930)	0.000
		Purchase of stock in trade	106.547	118.155	0.000
		Manufacturing and Other Direct Expenses	24.892	10.897	0.000
		Employee Benefits Expenses	35.181	6.775	0.000
		Other Expenses	39.540	10.222	0.000
		TOTAL (B)	925.940	334.561	0.000
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		50.893	31.752	0.000
Less	FINANCIAL EXPENSES (D)		23.098	10.291	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		27.795	21.461	0.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.919	6.143	0.000
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		11.876	15.318	0.000
Less	TAX (H)		3.856	4.733	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		8.020	10.585	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.585	0.000	0.000
	BALANCE CARRIED TO THE B/S		18.605	10.585	0.000
	Earnings / (Loss) Per Share (Rs.)		2.00	2.65	0.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.82	2.89	0.00
Net Profit Margin (PBT/Sales)	(%)	1.23	4.21	0.00
Return on Total Assets (PBT/Total Assets}	(%)	1.70	3.55	0.00
Return on Investment (ROI) (PBT/Networth)		0.15	0.21	0.00
Debt Equity Ratio (Total Debt/Networth)		5.34	4.10	633.00
Current Ratio (Current Asset/Current Liability)		1.75	2.00	2.96

LOCAL AGENCY FURTHER INFORMATION

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	Yes
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	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	Yes

Unsecured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and Advances from Related Parties
From Directors
Sanjeev Kumar Saraf	93.600	63.200
Arun Kumar Saraf	97.910	0.010
From Others
Suresh Kumar Saraf HUF	1.548	0.873
Sangeeta Saraf	1.877	1.075
Suresh Kumar Saraf	132.716	146.416
Sanjeev Kumar Saraf HUF	1.910	1.591
Total	138.051	213.165

Note:

The registered office of the company has been shifted from 407, Soni Paris Point, A-26-A, Sawai Jai Singh Highway, Banipark, Jaipur – 302 016, Rajasthan to the present address w.e.f. 24.02.2010.

Bankers Charges Report as per Registry

Corporate identity number of the company	U31909RJ2008PTC026860
Name of the company	CENTURY INFRAPOWER PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	S-23, Alankar Plaza, Central Spine, Vidhyadhar Nagar, Jaipur – 302 023, Rajasthan, India E-Mail: ashishbtp@yahoo.co.in
This form is for	Modification of charge
Charge identification number of the modified	10260310
Type of charge	Immovable property Any interest in immovable property Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Bank of Baroda, Central Spine, Vidhyadhar Nagar, Jaipur – 302 023, Rajasthan, India E-Mail: vidjai@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	Credit Facilities enhanced and sanctioned for Cash Credit (Hypothecation) 130.000 millions, Bank Guarantee 220.000 millions, One time Bank Guarantee 260.000 millions, ILC and FLC 100.000 millions and derivatives for forward contract 5.200 millions, Following Security Documents executed:- 1. DP Note signed by the company 2. Letter of continuing Security. 3. Letter of Guarantee (LDOC-33) 4. Supplemental Composite agreement of Hypothecation of Goods, Book Debts, Moveable Machinery and Vehicles LDOC-17C.
Date of instrument Creating the charge	27.04.2012
Amount secured by the charge	Rs.715.200 millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest: FOR Cash Credit : Base Rate + 4.00% i.e. 14.75% p.a. with monthly rest subject to change in base rate/credit rating/ bank's guidelines and Buyer Credit : As per applicable bank's guidelines Terms of Repayment: 12 Month Margin: Cash Credit Limit: 25% on stocks and book debts. LC and BG: 10% by way of FDRs to be kept under Bank's lien. Derivative and Forward Contract: 5% Cash Margin at the time of booking Forward Contract. Extent and Operation of the charge: Rs.715.200 millions
Short particulars of the property charged	Exclusive First Charge by way of Hypothecation on all Present and Future Current Assets including stock of raw material, stock in process, finished goods, Book Debts and Receivables, Cash and Bank Balances, related to the both the units, Unit Ist situated at Kaladera Jaipur and Unit IInd situated at RIICO Industrial Area, Sikar. Exclusive First Charge by way of Equitable mortgage on Company Owned Factory Land and Building (Unit Ist) situated at Khasara No. 3109/2 and 3110/3743/2 at Village Kaladera Tah.- Chomu, District - Jaipur and Company Owned Factory Land and Building (Unit IInd) situated at Plot No. F-57, RIICO Industrial Area (Land admeasuring 2000Sq mtrs., Sikar (Rajasthan) Personally guaranteed by Mr. Suresh Saraf, Mr. Sanjeen Saraf and Mr. Arun Saraf.
Date of latest modification prior to the present modification	27.04.2012
Particulars of the present modification	Existing Credit Facilities enhanced and sanctioned for Cash Credit (Hypothecation) 130.000 millions, Bank Guarantee 220.000 millions, One time Bank Guarantee 260.000 millions, ILC and FLC 100.000 millions and derivatives for forward contract 5.200 millions.

FIXED ASSETS:

· Air Conditioner

· Boring

· Building

· Cleaning Equipment

· Computer

· DG Set

· Dies and Parts

· EOT Crane

· M.S. Spool

· Printer and Faxes

· Roof Ventilators

· Storage Oil Tank

· Storage Rack

· Scooter and Moped

· Telephone and Instrument

· Testing and Equipment

· Water Cooling Equipment

· 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.61.82
UK Pound	1	Rs.96.57
Euro	1	Rs.82.45

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.