MIRA INFORM REPORT

Report Date :

21.08.2013

IDENTIFICATION DETAILS

Name :	OSTERN PRIVATE LIMITED
Registered Office :	279, Rai Bahadur Road, Near CSEC Power House, Kolkata – 700053, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.06.1978
Com. Reg. No.:	21- 031535
Capital Investment / Paid-up Capital :	Rs. 6.975 Millions
CIN No.: [Company Identification No.]	U34102WB1978PTC031535
TAN No.: [Tax Deduction & Collection Account No.]	CALO00545G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Ball Pens
No. of Employees :	300 (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 570000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal for business dealing at usual trade terms and condition.

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 = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	03.10.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Basant Kumar
Designation :	General Manager
Contact No.:	91-33-64517898
Date :	13.08.2013

LOCATIONS

Registered Office :	279, Rai Bahadur Road, Near CSEC Power House, Kolkata – 700053, West Bengal, India
Tel. No.:	91-33-24489010/ 24037895
Fax No.:	91-33-24037895
E-Mail :	ostern@cal.vsnl.net.in info@ostern.co.in
Website :	http://www.ostern.co.in
Location :	Owned
Factory :	Bakrahat Road, Kolkata – 700104, West Bengal, India
Tel. No.:	91-33-64517895/ 97 / 98
Corporate Office :	Raj Veena, 2^nd Floor, 50A, Block –C, New Alipore, Kolkata – 700053, West Bengal, India
Tel. No.:	91-33-24883823 / 24883824
Fax No.:	91-33-24883824

DIRECTORS

As on 29.09.2012

Name :	Mr. Jagadish Prasad Agarwal
Designation :	Director
Address :	52/ 2B Hazra Road, Kolkata – 700019, West Bengal, India
Date of Birth/Age :	25.01.1955
Date of Appointment :	02.06.2003
DIN No.:	00863137
Name :	Mr. Lalit Agrawal
Designation :	Director
Address :	25/ 8 D.H. Road, Merlines Tates, Kolkata – 700008, West Bengal, India
Date of Birth/Age :	17.07.1958
Date of Appointment :	02.06.2003
DIN No.:	00571843

KEY EXECUTIVES

Name :	Mr. Basant Kumar
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Jagadish Prasad Agarwal	11418
Pushpa Agarwal	4030
Lata Agarwal	1750
Lalit Agarwal	13118
Devendra Kumar Gupta	10
Rohini Merchantile Private Limited, India	20062
Coral Infotech Private Limited, India	15536
Lalit Agarwal (HUF)	3545
Nikhil Agarwal	1200
Niyati Agarwal	449
P. K. Chamaria (HUF)	10
Vishesha Nirmaan Private Limited, India	4614
Nitin C. Mehta	10
Total	75752

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	53.00
Directors or relatives of Directors	47.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Ball Pens

Products :

ITC Code	Product Descriptions
960810	Ball Point Pens and Parts

Exports :

Products :

Ball Pens

Countries :

• USA
• UK
• Middle East

Imports :

Products :

Raw Material

Countries :

• China
• Japan

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

PRODUCTION STATUS AS ON (31.03.2011)

Particulars	Unit	Installed Capacity
Hanspukur Unit
Ball Pen	Million Pcs. Per Year	300.00
Dhulagarh Unit
Ball Pen	Million Pcs. Per Year	300.00

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

300 (Approximately)

Bankers :

• Vijaya Bank Limited, Netaji Subhas Road Branch, A-1, Gillander House, 8 N. S. Road, Ground Floor, Kolkata – 700001, West Bengal, India
• Axis Bank Limited, (Lead Bank), Corporate Banking Branch (CBB), 1, Shakespeare Sarani, AC Market, 3^rd Floor, Kolkata – 700071, West Bengal, India
• HDFC Bank Limited

Facilities :

Cash Credit Rs.75.000 Millions (from Vijaya Bank Limited)

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowing
Term Loans (From West Bengal Financial Corporation, secured by way of equitable mortgage of part land at Hanspurkur and hypothecation of Plant and Machineries at Hanspurkur Plant and personal guarantee of Directors)	2.320	5.400
Term Loans (From Vijaya Bank secured by way of equitable mortgage of part land at Hanspurkur and Land at Food park and hypothecation of Plant and Machineries at Food Park Plant and Personal guarantees of Directors)	108.889	99.752
Term Loans (From Axis Bank secured by way of equitable mortgage of Land at Food park land at Hanspurkur and hypothecation of Plant and Machineries at Food Park Plant and Personal guarantees of Directors)	0.026	0.000
Short Term Borrowing
Cash Credit (From Axis Bank, secured by way of hypothecation of stock including raw materials and finished goods, book debts and Personal Guarantee of Directors)	38.251	0.000
Cash Credit (From Vijaya Bank, secured by way of hypothecation of stock including raw materials and finished goods, book debts and Personal Guarantee of Directors)	74.635	54.693
Total	224.121	159.845

Banking Relations :	---
Auditors :
Name :	Agarwal Maheswari and Company Chartered Accountants
Address :	2B, Grant Lane 4^th Floor, Room No. 88, Kolkata – 700012, West Bengal, India
Tel. No.:	91-33-22436504/ 22257937
Fax No.:	91-33-22437688/ 22257937
E-Mail :	agarwalmaheshwari2006@yahoo.co.in
PAN No.:	AADFA8690B

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
75752	Equity Shares	Rs.100/- each	Rs.7.575 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs. 100/- each	Rs. 7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
69752	Equity Shares	Rs. 100/- each	Rs. 6.975 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	6.975	6.975
(b) Reserves & Surplus	137.411	125.968
(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)	144.386	132.943
(3) Non-Current Liabilities
(a) long-term borrowings	240.465	194.262
(b) Deferred tax liabilities (Net)	3.902	3.101
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	244.367	197.363
(4) Current Liabilities
(a) Short term borrowings	112.886	54.693
(b) Trade payables	51.047	42.616
(c) Other current liabilities	17.007	10.725
(d) Short-term provisions	2.698	4.200
Total Current Liabilities (4)	183.638	112.234
TOTAL	572.391	442.540
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	319.662	69.843
(ii) Intangible Assets	1.619	1.393
(iii) Capital work-in-progress	0.000	175.401
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.659	0.659
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.623	0.700
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	322.563	247.996
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	143.146	108.443
(c) Trade receivables	70.157	48.304
(d) Cash and cash equivalents	6.026	6.759
(e) Short-term loans and advances	16.939	19.293
(f) Other current assets	13.560	11.745
Total Current Assets	249.828	194.544
TOTAL	572.391	442.540

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		6.975
2] Share Application Money		0.000
3] Reserves & Surplus		114.156
4] (Accumulated Losses)		0.000
NETWORTH		121.131
LOAN FUNDS
1] Secured Loans		39.713
2] Unsecured Loans		22.927
TOTAL BORROWING		62.640
DEFERRED TAX LIABILITIES		2.756
TOTAL		186.527
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		133.074
Capital work-in-progress		0.000
INVESTMENT		0.659
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	57.328
	Sundry Debtors	27.465
	Cash & Bank Balances	3.769
	Other Current Assets	0.000
	Loans & Advances	13.713
Total Current Assets		102.275
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	43.078
	Other Current Liabilities	4.303
	Provisions	2.100
Total Current Liabilities		49.481
Net Current Assets		52.794
MISCELLANEOUS EXPENSES		0.000
TOTAL		186.527

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	409.493	319.032	218.340
		Other Income	12.861	10.088	7.236
		TOTAL (A)	422.354	329.120	225.576
Less	EXPENSES
		Office Expenses
		Administrative Expenses	379.485	30.628	24.155
		Advertising Expenses
		TOTAL (B)	379.485	30.628	24.155
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		42.869	30.628	24.155
Less	FINANCIAL EXPENSES (D)		16.280	7.545	5.670
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		26.589	23.083	18.485
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.431	8.542	4.753
	PROFIT BEFORE TAX (E-F) (G)		14.158	14.541	13.732
Less	TAX (H)		3.498	4.546	4.524
	PROFIT AFTER TAX (G-H) (I)		10.660	9.995	9.208
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.426	0.614	0.501
	Excess/ (Short) Tax Provision for earlier year		0.783	1.817	(0.095)
Less	APPROPRIATIONS
		Transfer to General Reserve	10.000	12.000	9.000
	BALANCE CARRIED TO THE B/S		1.869	0.426	0.614
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	170.339	114.596	73.056
	TOTAL EARNINGS		170.339	114.596	73.056
	IMPORTS
		CIF Value of Imports	139.398	107.347	25.794
	TOTAL IMPORTS		139.398	107.347	25.794
	Earnings Per Share (Rs.)		152.83	6.10	8.80

Particulars	31.03.2013
Sales Turnover (Approximately)	600.000

Expected Sales (2013-14) : Rs.800.000 Millions

The above information has been parted by Mr. Basant Kumar.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.52	3.04	4.08
Net Profit Margin (PBT/Sales)	(%)	3.46	4.56	6.29
Return on Total Assets (PBT/Total Assets}	(%)	2.48	5.46	5.83
Return on Investment (ROI) (PBT/Networth)		0.10	0.11	0.11
Debt Equity Ratio (Total Debt /Networth)		2.45	1.87	0.52
Current Ratio (Current Asset/Current Liability)		1.36	1.73	2.07

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	Yes
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	Yes

PERFORMANCE

The Company' a new project to manufacture ball pens at Food with 1.00 million pcs./day capacity has commenced production w.e.f.01.04.2011 and the thin well container project has also commenced commercial production. The product is receiving good response from the market.

Company’s own branded pens (Goldex) has been getting wide acceptability in the Indian market as well as in the overseas market. With the higher manufacturing capacity, company will be able to cater to these markets in a better way thus increasing its volume and price realization.

With the higher own branded sale in India and higher exports, the company’s turnover is expected to rise rapidly in the coming years.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long Term Borrowing
From Body Corporate	20.735	42.550
From Shareholders	103.694	34.168
Form Others	4.801	12.392
Total	129.230	89.110

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10426002	25/03/2013	720,000.00	Axis Bank Limited	RAC - Kolkata, Loards Building, 1st Floor, 7/1 Lord Sinha Road, Kolkata, West Bengal - 700071, INDIA	B75224154
2	10426478	25/03/2013	397,000.00	Axis Bank Limited	RAC - Kolkata, Loards Building, 1st Floor, 7/1 Lord Sinha Road, Kolkata, West Bengal - 700071, INDIA	B75396283
3	10407796	02/03/2013	98,500,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH (CBB), 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR, KOLKATA, West Bengal  - 700071, INDIA	B69535698
4	10351037	06/07/2013 *	349,992,000.00	AXIS BANK LIMITED (LEAD BANK)	CORPORATE BANKING BRANCH (CBB), 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR, KOLKATA, West Bengal  - 700071, INDIA	B80764079
5	90251990	22/03/2005 *	4,800,000.00	WEST BENGAL FINANCIAL CORPORATION	12-A, NATAJI SUBHASH ROAD, KOLKATA, West Bengal - 700001, INDIA	-
6	90251912	27/03/2008 *	11,000,000.00	WEST BENGAL FINANCIAL CORPORATION	12A, N. S. ROAD, 3RD and 4TH FLOOR, KOLKATA, West Bengal - 700001, INDIA	A35918184

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Building
• Furniture and Fixtures
• Office Equipments
• Vehicle-Motor Car
• Vehicle-Commercial
• Plant and Machinery
• Mould

Intangible Assets

• Patents
• Capital WIP

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 :	PLV
Report Prepared by :	NTH

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	6
--LIQUIDITY	1~10	4
--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.