MIRA INFORM REPORT

Report Date :

05.12.2013

IDENTIFICATION DETAILS

Name :	SAWARIA PIPES PRIVATE LIMITED
Registered Office :	Survey No. 323, 12^th KM Stonenarsingh Village, Gandipet, R R District – 500075, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.06.1999
Com. Reg. No.:	01-031919
Capital Investment / Paid-up Capital :	Rs. 36.395 Millions
CIN No.: [Company Identification No.]	U92200AP1999PTC031919
TAN No.: [Tax Deduction & Collection Account No.]	HYDS04164G
PAN No.: [Permanent Account No.]	AAFCS3155C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of MS Pipes, MS Tubes, Galvanized Tubes, etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 860000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Management of the company has not filed its latest financials with the government department. As per previous year financial (i.e. 2012). The company seems normal for business dealings. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company 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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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

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

INFORMATION DECLINED BY

Name :	Mr. Krishna Mohan
Designation :	Finance Department
Contact No.:	91-40-66486544
Date :	03.12.2013

LOCATIONS

Registered Office :	Survey No. 323, 12^th KM Stonenarsingh Village, Gandipet, R R District – 500075, Andhra Pradesh, India
Tel. No.:	91-40-65506544/ 65546544 91-8413-233061/ 233371
Fax No.:	91-8413-233372
E-Mail :	nandigama@sawariapipes.com sujitswaria@sawariapipes.com
Website :	www.sawariapipes.com
Corporate Office :	5-2-196/2A, Distillery Road, Ranigunj, Secundrabad – 500003, Andhra Pradesh, India
Tel. No.:	91-40-65547544/ 66486544
Fax No.:	91-40-27540829
Factory :	Sy. No. 257, Sankarpally Road, Nandigama, Patan Cheru Mandai, Medak, Andhra Pradesh, India
Tel. No.:	91-8455-200508/ 200514
Fax No.:	91-8455-227887

DIRECTORS

As on 28.09.2012

Name :

Mr. Sujit Agarwal

Designation :

Managing Director

Address :

9-4-86/204, Salarjung Colony, Hyderabad – 500008, Andhra Pradesh, India

Date of Birth/Age :

19.01.1971

Date of Appointment :

30.07.2009

PAN No.:

ACLPA3197P

DIN No.:

00788493

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	U28112AP1985PTC005272	SUPER STRUCTURAL STEELS (INDIA) PRIVATE LIMITED	Director	3/1/1996	3/1/1996	-	Active	NO
2	U92200AP1999PTC031919	SAWARIA PIPES PRIVATE LIMITED	Managing director	30/07/2009	16/06/1999	-	Active	NO

Name :

Mr. Shatrughan Agarwal

Designation :

Director

Address :

9-4-86/204, Salarjung Colony, Hyderabad – 500008, Andhra Pradesh, India

Date of Birth/Age :

11.04.1949

Date of Appointment :

30.07.2009

PAN No.:

ACZPA8319F

DIN No.:

00788490

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	U28112AP1985PTC005272	SUPER STRUCTURAL STEELS (INDIA) PRIVATE LIMITED	Managing director	25/01/1985	25/01/1985	-	Active	NO
2	U92200AP1999PTC031919	SAWARIA PIPES PRIVATE LIMITED	Director	30/07/2009	16/06/1999	-	Active	NO

Name :

Mrs. Uma Agarwal

Designation :

Director

Address :

9-4-86/204, Salarjung Colony, Hyderabad – 500008, Andhra Pradesh, India

Date of Birth/Age :

12.03.1972

Date of Appointment :

16.06.1999

PAN No.:

ACLPA3304N

DIN No.:

02670936

Name :

Mrs. Shakuntala Agarwal

Designation :

Director

Address :

9-4-86/204, Salarjung Colony, Hyderabad – 500008, Andhra Pradesh, India

Date of Birth/Age :

21.04.1954

Date of Appointment :

16.06.1999

PAN No.:

ACAPA0469P

DIN No.:

02670744

KEY EXECUTIVES

Name :	Mr. Krishna Mohan
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Note: Shareholding Details file attached

As on 28.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of MS Pipes, MS Tubes, Galvanized Tubes, etc.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Punjab National Bank, Second Lancer Branch, Kakathiya Nagar, Hyderabad – 500008, Andhra Pradesh, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	0.000	0.089
Other loans and advances	137.859	122.987
SHORT TERM BORROWINGS
Other loans and advances, others	425.815	373.965
Total	563.674	497.041

Banking Relations :	--
Financial Institution :	Andhra Pradesh State Financial Corporation, Chirag Ali Lane Abids, Hyderabad – 500001, Andhra Pradesh, India
Auditors :
Name :	N Vijaya Kumar Chartered Accountant
Address :	15-1-91/4/A/1, 2^nd Floor, Papalal Plaza, Feelkhana, Hyderabad – 500012, Andhra Pradesh, India.
Income-tax PAN of auditor or auditor's firm :	ABVPN3520G

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,639,500	Equity Shares	Rs.10/- each	Rs. 36.395 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	36.395	35.425
(b) Reserves & Surplus	179.652	141.659
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	9.700
Total Shareholders’ Funds (1) + (2)	216.047	186.784
(3) Non-Current Liabilities
(a) long-term borrowings	234.488	191.352
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	44.642	49.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	279.130	240.352
(4) Current Liabilities
(a) Short term borrowings	425.815	373.964
(b) Trade payables	217.384	143.093
(c) Other current liabilities	6.637	1.729
(d) Short-term provisions	16.811	17.492
Total Current Liabilities (4)	666.647	536.278
TOTAL	1161.824	963.414
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	289.147	257.406
(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	0.000	0.000
(e) Other Non-current assets	36.188	29.720
Total Non-Current Assets	325.335	287.126
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	537.530	519.479
(c) Trade receivables	280.158	126.944
(d) Cash and cash equivalents	2.422	2.766
(e) Short-term loans and advances	2.787	1.215
(f) Other current assets	13.592	25.884
Total Current Assets	836.489	676.288
TOTAL	1161.824	963.414

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		34.825
2] Share Application Money		0.600
3] Reserves & Surplus		115.552
4] (Accumulated Losses)		0.000
NETWORTH		150.977
LOAN FUNDS
1] Secured Loans		521.767
2] Unsecured Loans		12.714
TOTAL BORROWING		534.481
DEFERRED TAX LIABILITIES		0.000
TOTAL		685.458
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		233.190
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	357.248
	Sundry Debtors	174.162
	Cash & Bank Balances	1.261
	Other Current Assets	16.947
	Loans & Advances	0.000
Total Current Assets		549.618
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	89.573
	Provisions	10.092
Total Current Liabilities		99.665
Net Current Assets		449.953
MISCELLANEOUS EXPENSES		2.315
TOTAL		685.458

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2529.100	2001.100	1705.400
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		54.226	46.582	48.571
Less/ Add	DEPRECIATION/ AMORTISATION		15.327	12.427	11.165
	PROFIT BEFORE TAX		38.899	34.155	37.406
Less	TAX		9.290	8.050	10.093
	PROFIT AFTER TAX		29.609	26.105	27.313
	EARNINGS IN FOREIGN CURRENCY
		Exports of Structural steels	32.433	0.000	NA
	TOTAL EARNINGS		32.433	0.000	NA
	Earnings Per Share (Rs.)		8.14	7.37	7.84

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	3.35	3.55	4.78
Return on Investment (ROI) (PBT/Networth)		0.18	0.18	0.25
Debt Equity Ratio (Total Debt/Networth)		3.06	3.03	3.54
Current Ratio (Current Asset/Current Liability)		1.25	1.26	5.51

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	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	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	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10340370	20/02/2013 *	48,000,000.00	ANDHRA PRADESH STATE FINANCIAL CORPORATION	CHIRAG ALI LANE,HYDERABAD, HYDERABAD - 500001, ANDHRA PRADESH, INDIA	B68575232
2	10321728	24/11/2011	30,000,000.00	ANDHRA PRADESH STATE FINANCIAL CORPORATION	CHIRAG ALI LANE,HYDERABAD, HYDERABAD - 500001, ANDHRA PRADESH, INDIA	B27183383
3	10248564	05/10/2010	25,000,000.00	ANDHRA PRADESH STATE FINANCIAL CORPORATION	5-9-194, CHIRAG ALI LANE, HYDERABAD - 500001, ANDHRA PRADESH, INDIA	A98004765
4	10248575	05/10/2010	27,500,000.00	ANDHRA PRADESH STATE FINANCIAL CORPORATION	5-9-194, CHIRAG ALI LANE, HYDERABAD - 500001, ANDHRA PRADESH, INDIA	A98014848
5	10119174	08/08/2008	20,000,000.00	ANDHRA PRADESH STATE FINANCIAL CORPORATION	CHIRAG ALI LANE,HYDERABAD, HYDERABAD - 500001, ANDHRA PRADESH, INDIA	A44432797
6	10108153	09/01/2008	125,000,000.00	ANDHRA PRADESH STATE FINANCIAL CORPORATION	5-9-194, CHIRAG ALI LANE, HYDERABAD - 500001, ANDHRA PRADESH, INDIA	A40668980
7	10020172	28/09/2006	50,000,000.00	ANDHRA PRADESH STATE FINANCIAL CORPORATION	5-9-194, CHIRAG ALI LANE, HYDERABAD - 500001, ANDHRA PRADESH, INDIA	A04942090
8	90136329	08/07/2004	19,840,000.00	A.P. STATE FINANCIAL CORPORATION	RANGA REDDY BRANCH, CHIRAG ALI LANE, HYDERABAD, ANDHRA PRADESH, INDIA	-
9	90136283	21/04/2004 *	7,050,000.00	A.P. STATE FINANCIAL CORPORATION	RANGA REDDY BRANCH, CHIRAG ALI LANE, HYDERABAD, ANDHRA PRADESH, INDIA	-
10	90136043	29/03/2001	14,000,000.00	PUNJAB NATIONAL BANK	SECOUND LANCER, HYDERABAD, ANDHRA PRADESH, INDIA	-
11	90135993	28/08/2000	334,000.00	PUNJAB NATIONAL BANK	SECOUND LANCER, HYDERABAD, ANDHRA PRADESH, INDIA	-
12	90135943	18/03/2013 *	930,000,000.00	PANJAB NATIONAL BANK	SECOND LANCER, KAKATIYA NAGAR, HYDERABAD - 500008, ANDHRA PRADESH, INDIA	B72757222

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from others	34.070	32.180
Foreign currency term loans from others	62.559	36.095
Total	96.629	68.275

MARKETING

During the year, the company received from PGCIL for tower division and also approved by APCPDCL, KPTCL, TNEL, Maha Transco and supplied 5813.90 Mts transmission line towers to Tata Projects Limited, Power Grid Corporation of India Limited and to A.P Transco Limited and procured 80 Crores worth orders to be executed during the ensuring year 2012-2013 and expecting some more orders from the said companies in ensuring years. They have also entered into export segment and exported 493.49 Mts to Ramco engineering and consulting services, UAE and earned foreign exchange of Rs. 32.400 Millions. The company also installed the imported CNC machines and commenced the production.

YEAR IN RETROSPECT

The sales for the financial year under review were Rs. 2529.100 Millions as against Rs.2001.100 Millions for the previous Financial Year, During the year sales increased by Rs.528.000 Millions. This is due to sale and erection of communication towers of big companies like Tata Projected Limited, L&T , A.P Transco , Aaster Private Limited, etc.,

FIXED ASSETS

Land

Building

Plant and Machinery

Computer Equipments

Furniture Fixtures

Motor 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.62.33
UK Pound	1	Rs.102.18
Euro	1	Rs.84.68

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	MRI

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.