MIRA INFORM REPORT

Report Date :

30.08.2013

IDENTIFICATION DETAILS

Name :	JUMAC MANUFACTURING PRIVATE LIMITED
Registered Office :	21, Chittaranjan Avenue, White House, 2nd Floor, Kolkata – 700072, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.05.1996
Com. Reg. No.:	21-079777
Capital Investment / Paid-up Capital :	Rs.7.265 Millions
CIN No.: [Company Identification No.]	U29268WB1996PTC079777
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Spinning Card Cans, High Speed Springs and Castors.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 38000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The company has recorded modest scale of business operation. Profit margin seems to be low. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

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

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

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

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office :	21, Chittaranjan Avenue, White House, 2nd Floor, Kolkata – 700072, West Bengal, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	jumac@foglagroup.com

DIRECTORS

As on: 29.09.2012

Name :

Mr. Shyam Sunder Fogla

Designation :

Director

Address :

78/8, Block E, New Alipore, Kolkata – 700053, West Bengal, India

Date of Birth/Age :

01.08.1942

Date of Appointment :

21.05.1996

PAN No.:

AAEPF4399M

DIN No.:

00585440

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	L18101WB1983PLC036702	KAMAKHYA (INDIA) LIMITED	Director	01/02/1984	01/02/1984	28/04/2012	Active	NO
2	U21010JH1989PTC003419	KAMAKHYA PACKAGING PRIVATE LIMITED	Director	01/02/1993	01/02/1993	-	Active	NO
3	U29268WB1996PTC079777	JUMAC MANUFACTURING PRIVATE LIMITED	Director	21/05/1996	21/05/1996	-	Active	NO
4	U29130WB1981PTC034249	SAI JUTE MILLS PRIVATE LIMITED	Director	21/05/1996	21/05/1996	15/05/2008	Active	NO
5	U74140WB1994PTC061869	STARLITE VYAPAAR PRIVATE LIMITED	Director	10/01/2000	10/01/2000	-	Active	NO
6	U24119WB1987PTC043183	SAI SULPHONATES PRIVATE LIMITED	Director	01/01/2007	01/01/2007	26/09/2012	Active	NO

Name :

Mr. Anand Jeloka

Designation :

Director

Address :

4, Lake View, Kolkata – 700029, West Bengal, India

Date of Birth/Age :

16.02.1975

Date of Appointment :

01.04.2007

PAN No.:

ADBPJ2656F

DIN No.:

00498028

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	U24241WB1993PTC061113	SAI FERTILIZERS PRIVATE LIMITED	Director	15/12/1993	15/12/1993	31/01/2007	Active	NO
2	U24241WB1989PTC047923	SAI SURFACTANTS PRIVATE LIMITED	Director	01/04/1995	01/04/1995	-	Active	NO
3	U25202WB2003PTC095997	SAI INDUSTRIES PRIVATE LIMITED	Director	01/04/2003	01/04/2003	-	Active	NO
4	U29268WB1996PTC079777	JUMAC MANUFACTURING PVT LTD	Director	01/04/2007	01/04/2007	-	Active	NO
5	U17222WB1994PTC061850	RISHI SECURITIES AND FINANCE PRIVATE LIMITED	Director	03/04/2007	03/04/2007	-	Active	NO
6	U51109WB2007PTC117732	HAPPY SUPPLIERS PRIVATE LIMITED	Director	19/09/2007	19/09/2007	-	Active	NO
7	U29130WB1981PTC034249	SAI JUTE MILLS PRIVATE LIMITED	Director	10/05/2008	10/05/2008	-	Active	NO
8	U52601WB2008PTC128338	SAI BULK BAGS PRIVATE LIMITED	Director	08/08/2008	08/08/2008	-	Active	NO
9	U17232WB1993PTC060533	RAMINDIA EXPORTS PRIVATE LIMITED	Director	04/12/2012	04/12/2012	-	Active	NO

Name :

Mr. Himanshu Fogla

Designation :

Director

Address :

74, Topsia Road Tower, Flat 9C, Kolkata – 700046, West Bengal, India

Date of Birth/Age :

29.10.1982

Date of Appointment :

19.12.2011

DIN No.:

02431531

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	L25200GJ1993PLC020181	GURUKRUPA POLYPLAST LIMITED	Director	31/12/2005	31/12/2005	-	Active	NO
2	U51909WB2003PTC095824	DEEPJYOTI COMMODITIES PRIVATE LIMITED	Director	18/06/2007	18/06/2007	-	Active	NO
3	U29268WB1996PTC079777	JUMAC MANUFACTURING PRIVATE LIMITED	Director	19/12/2011	19/12/2011	-	Active	NO
4	U29296WB2001PTC093082	RAMA SPARES MANUFACTURING PRIVATE LIMITED	Director	01/11/2012	01/11/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Shyam Sunder Fogla	7811
Panchmukhi India Private Limited, India	8010
Tirupati Stock Broking and Security Private Limited, India	4000
Uma Devi Fogla	16879
Amita Khaitan	10
Govind Ram Parasrampuria	10
Anand Parasrampuria	10
Ramesh Kumar Jhunjhunwala	10
Kamal Seth and Sons, India	1310
Chemical and Packing Product, India	10
Indo Burma Trades Corporation, India	10
Manu Devi Jhunjhunwala	10
Nashnal Timber Syndicate, India	10
S S Jhunwala HUF	10
Santosh Benefit Trust	10
Estate Bhaggwati Devi	10
Starlite Vyapaar Private Limited, India	10000
Sai Surfactants Private Limited, India	24500
Calcutta Trades and Pack India Private Limited, India	10
Rama Spears Manufacturing Private Limited, India	10
Sima Fogla	10
Total	72650

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	64.00
Directors or relatives of directors	29.00
Other top fifty shareholders	7.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Spinning Card Cans, High Speed Springs and Castors.

PRODUCTION STATUS (As on: 31.03.2011)

Particulars	Unit	Licensed and Installed Capacity	Actual Production
Sliver Can	Pcs.	60,000	26,140
Component Parts	Pcs.	480,000	212,571
Pressed Steel Beam flanges	Pcs.	14,400	--
Crank and Picking Staff	Pcs.	1,200	--
Wooden Car of Frances & fittings	Pcs.	9,600	--
Felt Frication BOI	Pcs.	200,000	--
Wire Heald	Pcs.	12,000	--

GENERAL INFORMATION

Suppliers :

• Sathguru Sales
• Vishal Jain
• Anirban Enterprise
• Atul Enterprisers
• Bobsons Wheels India
• Castor Wheels Industries
• Dey Group
• Golden Udyog
• Indo-Burma Trades Corporation
• Alok Fibre-Tech Private Limited

No. of Employees :

Not Available

Bankers :

Canara Bank, Princep Street Branch, 25, Princep Street, Kolkata - 700072, West Bengal, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
SHORT TERM BORROWINGS
Loan from Banks
Cash Credit Facilities	0.000	1.216
Total	0.000	1.216

Banking Relations :	--
Auditors :
Name :	G.P. Agarwal and Company Chartered Accountants
Address :	7A, Kiran Shankar Roy Road, Kolkata – 700001, West Bengal, India
PAN No.:	AACFG8964G

CAPITAL STRUCTURE

As on: 31.03.2012

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
72650	Equity Shares	Rs.100/- each	Rs.7.265 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7.265	7.265
(b) Reserves & Surplus	2.335	2.184
(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)	9.600	9.449
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.702	0.698
Total Non-current Liabilities (3)	0.702	0.698
(4) Current Liabilities
(a) Short term borrowings	0.567	3.124
(b) Trade payables	6.504	6.087
(c) Other current liabilities	1.501	0.859
(d) Short-term provisions	0.144	0.139
Total Current Liabilities (4)	8.716	10.209
TOTAL	19.018	20.356
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.435	1.632
(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	2.868	2.868
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.124	0.126
(e) Other Non-current assets	0.240	0.249
Total Non-Current Assets	4.667	4.875
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	6.292	7.753
(c) Trade receivables	4.246	3.056
(d) Cash and cash equivalents	1.383	0.694
(e) Short-term loans and advances	1.096	2.008
(f) Other current assets	1.334	1.970
Total Current Assets	14.351	15.481
TOTAL	19.018	20.356

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		7.265
2] Share Application Money		0.000
3] Reserves & Surplus		1.966
4] (Accumulated Losses)		0.000
NETWORTH		9.231
LOAN FUNDS
1] Secured Loans		0.999
2] Unsecured Loans		2.370
TOTAL BORROWING		3.369
DEFERRED TAX LIABILITIES		0.000
TOTAL		12.600
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.851
Capital work-in-progress		0.000
INVESTMENT		2.168
DEFERREX TAX ASSETS		0.206
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.510
	Sundry Debtors	1.790
	Cash & Bank Balances	0.333
	Other Current Assets	0.000
	Loans & Advances	3.482
Total Current Assets		17.115
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.436
	Other Current Liabilities	1.884
	Provisions	0.420
Total Current Liabilities		8.740
Net Current Assets		8.375
MISCELLANEOUS EXPENSES		0.000
TOTAL		12.600

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	29.992	48.479	21.928
		Other Income	0.552	0.455	1.781
		TOTAL (A)	30.544	48.934	23.709
Less	EXPENSES
		Cost of materials consumed	20.759	39.490
		Purchase of stock-in-trade	0.477	0.750
		Changes in Inventories	1.097	(0.848)
		Employee benefit expenses	1.622	2.194
		Other Expenses	5.963	6.485
		TOTAL (B)	29.918	48.071	23.109
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.626	0.863	0.600
Less	FINANCIAL EXPENSES (D)		0.209	0.356	0.064
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.417	0.507	0.536
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.197	0.225	0.345
	PROFIT BEFORE TAX (E-F) (G)		0.220	0.282	0.191
Less	TAX (H)		0.069	0.063	0.139
	PROFIT AFTER TAX (G-H) (I)		0.151	0.219	0.052
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.919	1.700	1.648
	BALANCE CARRIED TO THE B/S		2.070	1.919	1.700
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	23.926	7.286
	TOTAL EARNINGS		NA	23.926	7.286
	Earnings Per Share (Rs.)		2.08	3.01	0.72

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.49	0.45	0.22
Net Profit Margin (PBT/Sales)	(%)	0.73	0.58	0.87
Return on Total Assets (PBT/Total Assets}	(%)	1.36	1.61	1.01
Return on Investment (ROI) (PBT/Networth)		0.02	0.03	0.02
Debt Equity Ratio (Total Debt/Networth)		0.06	0.33	0.36
Current Ratio (Current Asset/Current Liability)		1.65	1.52	1.96

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
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	No

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
SHORT TERM BORROWINGS
Loan from other Parties	0.030	0.271
Loans and advances from related parties	0.537	1.637
Total	0.567	1.908

CONTINGENT LIABILITIES

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Sales tax demand under appeal	0.627	0.627
Excise duty demand under appeal	2.065	2.065

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80061972	30/03/2011 *	4,500,000.00	CANARA BANK	PRINCEP STREET BRANCH, 25, PRINCEP STREET, KOLKATA, West Bengal - 700072, INDIA	B11630035

FIXED ASSETS

• Building
• Plants Equipments
• Weighing Machine
• Furniture and Fittings
• Office Equipment
• Mobile Phone
• Electric Fan
• Air Conditioners
• Electric Installation
• Bi-cycle
• Tubewell Installation
• Refrigerators
• PBX Board
• Generator
• Computer
• Factory 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.67.71
UK Pound	1	Rs.105.14
Euro	1	Rs.90.03

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.