MIRA INFORM REPORT

Report Date :

21.08.2013

IDENTIFICATION DETAILS

Name :	DOLPHIN FOODS INDIA LIMITED (w.e.f. 23.06.2010)
Formerly Known As :	DOLPHIN BEVERAGES AND FOODS LIMITED
Registered Office :	Survey No.246 (Part), Bramhanapally, Near Saibaba Temple, X Road, Torrur Post, Ranga Reddy Dist. Hyderabad – 501511, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.09.1984
Com. Reg. No.:	01-004980
Capital Investment / Paid-up Capital :	Rs. 30.019 Millions
CIN No.: [Company Identification No.]	U15499AP1984PLC004980
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Confectioneries.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 46000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The company has achieved a better growth in its sales turnover as well as net profitability during 2012. Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of experienced promoters the concern can be considered 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BB-
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations.
Date	03.06.2013

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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. R. Balaji
Designation :	General Manager
Contact No.:	91-9912266433
Date :	14.08.2013

LOCATIONS

Registered Office / Factory :	Survey No.246 (Part), Bramhanapally, Near Saibaba Temple, X Road, Torrur Post, Ranga Reddy Dist. Hyderabad – 501511, Andhra Pradesh, India
Tel. No.:	91-8415-201505
Mobile No.:	91-9912266433 (Mr. R. Balaji)
Fax No.:	Not Available
E-Mail :	accounts@dolphinfoodsindia.com balaji.r@dolphinfoodsindia.com
Website :	www.dolphinfoodsindia.com

DIRECTORS

As on 28.09.2012

Name :	Mr. Arun Sahayam Jabamany
Designation :	Managing Director
Address :	H. No. 5-7-1/467 and 468, Hariharapuram Colony, SKD Nagar, Vanasthalipuram, Hyderabad – 500070, Andhra Pradesh, India
Date of Birth/Age :	31.10.1980
Date of Appointment :	30.09.2006
DIN No.:	01663200
Name :	Mrs. Periya Raj Sivaraman
Designation :	Whole-time Director
Address :	16-2-867/17, Saidabad, Hyderabad – 500059, Andhra Pradesh, India
Date of Birth/Age :	14.07.1977
Date of Appointment :	30.09.2009
DIN No.:	02425230
Name :	Mr. Sivaraman Suresh Balaji
Designation :	Whole-time Director
Address :	3/16A, Ayyanar Nagar, Paramnkurhi, Tiruchendur TK, Tutucorin – 628213, Tamilnadu, India
Date of Birth/Age :	11.06.1984
Date of Appointment :	01.04.2009
DIN No.:	02607381

KEY EXECUTIVES

Name :	Mr. R. Balaji
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Arun Sahayam Jabamany	1817300
Dev Shahyam Jabamany	384300
Jabamany Lelavathy	295000
A. Jancy Christy Bai	15295
Periya Raj Sivaraman	121329
R Kosalraj	75782
G. Augustine	80464
P. Nattarmuthu	108563
T. Albert	83119
Jeevarathinaraj	3000
W. Bemla Raja Kumari	5000
T. Immanuael Selvan	2500
M. Rajitha	2500
P. Siva Kumar	1500
Paneer Doss	1250
M. Vijayalakshmi	2500
Raja Joeseph	2500
Total	3001902

As on 28.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	87.72
Other top fifty shareholders	12.28
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Confectioneries.
Products :	Confectioneries Butter Fun Coconut Magic Coffee Star Green Apple Kaju Mango Blasto Mango Milkshake Orange Candy Strawberry Milkshake
Exports :
Products :	Confectioneries
Countries :	Sri Lanka Nepal US
Imports :
Products :	Raw Material
Countries :	China UK
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Suppliers :

• Yash Exim
• Venkateshwara Holo Graphic
• Trakshya Packaging
• Symrise Private Limited
• Sukhjit Starch Mills
• Shrinath Rotopack Private Limited
• Samarpan Services
• Robotic Packing Solutions
• Maheshwari Poly Sacks
• Dinesh Suhgar Agencies
• BSNL Hyderabad
• Bliss Packaging Private Limited

Customers :

End Users

• Vijay Marketing
• Veera Traders
• Shri Shrimal Traders
• Nooreen Agencies Private Limited
• Nakar Trading Company
• J.V. Marketing
• J.J. Traders
• Eagle Marketing
• Ajanta Marketing

No. of Employees :

150 (Approximately)

Bankers :

• State Bank of Hyderabad, Dilsukhnagar Branch, Moosarambagh, Hyderabad - 500036, Andhra Pradesh, India

• HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

• The Karur Vysya Bank Limited, D.No.2-2-1130/19/5/C, Shivam Road, Opposite Ati Campus, Iind Gate, New Nallakunta, Hyderabad - 500044, Andhra Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2012

As on

31.03.2011

Long-term borrowings

Term Loans from Banks

State Bank of Hyderabad MTL A/C - I – 62082933473

2.391

6.976

State Bank of Hyderabad MTL A/C - II -62147028417

17.937

31.179

State Bank of Hyderabad MTL A/C - III – 62197725861

18.634

0.000

HDFC Bank (Canter Vehicle Loan)

0.000

0.175

Karur Vysya Bank (Bus Loan)

0.000

0.200

Short-term borrowings

State Bank of Hyderabad CC A/c

9.737

4.368

Total

48.699

42.898

a Term loans from banks carry an interest rate of 11.75% at present arid are repayable in 57 unequal installments by December 2016.

b All the Term loans are primarily secured by Hypothecation/Pledge of Machinery and Buildings purchased out of Bank's finance. Collateral security Is Land and Building located in S.No.246 Brahmanapally village, Hyderabad

c. Directors have given personal security for the Term loans on their individual names and third party guarantee of M/s Waste-to-energies and its partners.

d. Break-up of current maturies of Long-term borrowings

Rs. In Millions

Particulars	Outstanding as on 31.03.2012	Repayable in the FY: 201213	Non-Current Portion
SBH MTL A/C - I - 62082933473	4.871	2.480	2.391
SBH MTL A/C - II -62147028417	24.681	6.744	17.937
SBH MTL A/C - III - 62197725861	23.052	4.418	18.634
	52.605	13.643	38.962

Banking Relations :	---
Auditors :
Name :	Manohar Murugesan and Rao Chartered Accountants
Address :	Plot No 21 H No 11-12-213, Road No 4 Income Tax, Colony, Sri Ramakrishnapuram, Hyderabad – 500035, Andhra Pradesh, India
Mobile No.:	91-9866076022
E-Mail :	murugesan_fca@yahoo.com
PAN No.:	AGKPP0157B

CAPITAL STRUCTURE

As on 28.09.2012

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
3001902	Equity Shares	Rs.10/- each	Rs.30.019 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	30.019	20.019
(b) Reserves & Surplus	27.639	14.050
(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)	57.658	34.069
(3) Non-Current Liabilities
(a) long-term borrowings	38.962	38.530
(b) Deferred tax liabilities (Net)	6.099	2.383
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	45.061	40.913
(4) Current Liabilities
(a) Short term borrowings	9.737	4.368
(b) Trade payables	6.329	7.829
(c) Other current liabilities	18.308	3.308
(d) Short-term provisions	5.339	2.848
Total Current Liabilities (4)	39.713	18.353
TOTAL	142.432	93.335
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	78.818	34.619
(ii) Intangible Assets	0.106	0.120
(iii) Capital work-in-progress	21.847	27.681
(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	1.804	9.937
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	102.575	72.357
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	12.312	9.199
(c) Trade receivables	17.987	5.611
(d) Cash and cash equivalents	1.057	0.119
(e) Short-term loans and advances	8.408	5.976
(f) Other current assets	0.093	0.073
Total Current Assets	39.857	20.978
TOTAL	142.432	93.335

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4.604
2] Share Application Money		0.600
3] Reserves & Surplus		6.467
4] (Accumulated Losses)		0.000
NETWORTH		11.671
LOAN FUNDS
1] Secured Loans		17.972
2] Unsecured Loans		0.000
TOTAL BORROWING		17.972
DEFERRED TAX LIABILITIES		1.426
TOTAL		31.069
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.777
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.737
	Sundry Debtors	4.272
	Cash & Bank Balances	0.397
	Other Current Assets	2.516
	Loans & Advances	0.291
Total Current Assets		13.213
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.606
	Other Current Liabilities	0.140
	Provisions	2.175
Total Current Liabilities		4.921
Net Current Assets		8.292
MISCELLANEOUS EXPENSES		0.000
TOTAL		31.069

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	160.173	112.171	67.856
		Other Income	0.070	0.045	1.546
		TOTAL (A)	160.243	112.216	69.402
Less	EXPENSES
		Cost of materials concern	112.919	83.804
		Manufacturing Expenses	8.505	5.488
		Employee Benefit Expenses	8.471	5.926	62.676
		Others Expenses	2.381	2.027
		Changes in Inventories of finished goods	(1.610)	(0.113)
		TOTAL (B)	130.666	97.132	62.676
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		29.577	15.084	6.726
Less	FINANCIAL EXPENSES (D)		6.344	2.791	1.344
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		32.233	12.293	5.382
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.947	1.605	1.097
	PROFIT BEFORE TAX (E-F) (G)		20.286	10.688	4.285
Less	TAX (H)		6.697	3.105	1.328
	PROFIT AFTER TAX (G-H) (I)		13.589	7.583	2.957
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		14.050	6.467	3.510
	BALANCE CARRIED TO THE B/S		27.639	14.050	6.467
	IMPORTS
		Components and Spares Parts	0.057	0.000	NA
		Capital Goods	1.151	9.307	NA
	TOTAL IMPORTS		1.208	9.307	NA
	Earnings Per Share (Rs.)		2.99	3.79	6.42

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	8.48	6.76	4.26
Net Profit Margin (PBT/Sales)	(%)	12.67	9.53	6.31
Return on Total Assets (PBT/Total Assets}	(%)	16.82	16.28	11.91
Return on Investment (ROI) (PBT/Networth)		0.35	0.31	0.37
Debt Equity Ratio (Total Debt /Networth)		0.84	1.26	1.54
Current Ratio (Current Asset/Current Liability)		1.00	1.14	2.69

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	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

Note:

The registered office of the company has been shifted from 16-2-866/1, Saidabad, Hyderabad – 500059, Andhra Pradesh, India to present address w.e.f. 01.10.2008

BUSINESS OPERATIONS

During the year company has achieved a Gross turnover of Rs. 160.243 Millions against previous year turnover of Rs. 112.216 Millions and made a profit of Rs.20.286 Millions (PBT) against previous year profit of Rs. 10.688 Millions (PBT).

During the year business performance of the company has been satisfactory. The Company expects for a bright future in the coming years.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U15499AP1984PLC004980
Name of the company	DOLPHIN FOODS INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	Survey No.246 (Part), Bramhanapally, Near Saibaba Temple, X Road, Torrur Post, Ranga Reddy Dist. Hyderabad – 501511, Andhra Pradesh, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	State Bank of Hyderabad, Dilsukhnagar Branch, Moosarambagh, Hyderabad - 500036, Andhra Pradesh, India dilsukhnagar@sbhyd.co.in
Nature of instrument creating charge	Agreement Of Loan-Cum-Hypothecation
Date of instrument Creating the charge	28.03.2013
Amount secured by the charge	Rs.1.471 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 11.20% Terms of Repayment 36 monthly installments of Rs.48300/- each with first instalment commencing from 30.04.2013. Margin 15% Extent and Operation of the charge As stated in the agreement
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of 1 no toyota innova 2.5L D4D engine (diesel)

FIXED ASSETS

• Building
• Plant and Machinery
• Office Equipment
• Lab Equipments
• Vehicles
• Furniture and Fittings

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.63.73.
UK Pound	1	Rs.99.79
Euro	1	Rs.85.07

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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

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.