MIRA INFORM REPORT

Report Date :

14.12.2013

IDENTIFICATION DETAILS

Name :	CARGO PLANNERS LIMITED (w.e.f.27.08.2008)
Formerly Known As :	CARGO PLANNERS PRIVATE LIMITED
Registered Office :	A-244, Mahipalpur Extension, National Highway 8, New Delhi – 110037
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.09.2000
Com. Reg. No.:	55-107868
Capital Investment / Paid-up Capital :	Rs. 64.370 Millions
CIN No.: [Company Identification No.]	U63013DL2000PLC107868
TAN No.: [Tax Deduction & Collection Account No.]	DELC05759F
PAN No.: [Permanent Account No.]	AABCC7003M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Service Provider of Cargo Shipping, Clearing Forwarding etc.
No. of Employees :	Not Available

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 990000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payment terms are reported to be usually 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

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/ Head Office :	A-244, Mahipalpur Extension, National Highway 8, New Delhi – 110037, India
Tel. No.:	91-11-46164100 / 46164103 / 46164199 / 46164253
Fax No.:	91-11-46164200 / 26787057
E-Mail :	compliance@cargoplannersindia.com shivi@cargoplannersindia.com info@cargoplannersindia.com sanjay.sharma@cargoplannersindia.com yashpal.yadav@cargoplannersindia.com uttam.chhettri@cargoplannersindia.com amit.arora@cargoplannersindia.com yogen.grover@cargoplannersindia.com sakshi.gupta@cargoplannersindia.com rukshana@cargoplannersindia.com pawandeep.kaur@cargoplannersindia.com raju.magdoom@cargoplannersindia.com
Website :	www.cplines.com
Branch Offices :	Located at: · Navi Mumbai Chennai Jaipur Kolkata Kanpur Bangalore Ludhiana Moradabad Bhadohi Kandla/ Mundra Vizag Chandigarh Agra
Overseas Offices :	Located at: · Dubai Hongkong

DIRECTORS

AS ON 26.09.2013

Name :

Mrs. Shachi Jain

Designation :

Managing director

Address :

D-109, Saket, New Delhi – 110017, India

Date of Birth/Age :

05.11.1980

Qualification :

M.B.A

Date of Appointment :

22.08.2008

PAN No.:

ACXPJ4478J

DIN No.:

00001169

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	Company/ LLP Status	Defaulting status
1	U63013DL2000PLC107868	CARGO PLANNERS LIMITED	Managing director	22/08/2008	22/01/2004	Active	NO
2	U67100DL2010PTC206602	PLG SECURITIES PRIVATE LIMITED	Director	03/08/2010	03/08/2010	Active	NO
3	U51109DL2007PLC171349	P. L. G. MARKETING LIMITED	Director	29/09/2012	26/05/2012	Active	NO
4	U45200DL2006PTC155135	GSA PROPERTIES MANAGEMENT PRIVATE LIMITED	Director	29/09/2012	29/09/2012	Active	NO
5	U74999DL2008PTC172415	P. L. G. INCUBATION SERVICES PRIVATE LIMITED	Director	30/09/2013	08/10/2012	Active	NO

Name :

Mr. Shikhar Chandra Jain

Designation :

Whole-time director

Address :

J-1149, Palam Vihar, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

12.11.1948

Qualification :

M.Com

Date of Appointment :

01.01.2011

PAN No.:

AADPJ2249L

DIN No.:

00001157

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	U74899DL1985PLC020410	TRAVEL PLANNERS LIMITED	Director	01/04/2011	12/03/1985	-	Active	NO
2	U60210DL2000PTC107891	TRANSPORT PLANNERS PRIVATE LIMITED	Director	27/09/2013	25/09/2000	-	Active	NO
3	U63012DL2007PTC168394	GLOBALOGIX (INDIA) PRIVATE LIMITED	Director	19/09/2007	19/09/2007	16/12/2010	Active	NO
4	U63013DL2000PLC107868	CARGO PLANNERS LIMITED	Whole-time director	01/01/2011	12/07/2008	-	Active	NO
5	U55101DL2010PTC203898	TPL HOLIDAYS & RESORTS PRIVATE LIMITED	Director	09/06/2010	09/06/2010	-	Active	NO
6	U63000DL2010PLC208157	ECO GREEN CABS LIMITED	Director	10/09/2010	10/09/2010	-	Active	NO
7	U74999DL2008PTC172415	P. L. G. INCUBATION SERVICES PRIVATE LIMITED	Director	30/09/2013	08/10/2012	-	Active	NO
8	U72200DL2008PTC182611	ARTHA INFRATECH PRIVATE LIMITED	Director	30/09/2013	14/03/2013	-	Active	NO
9	U63040HR2013PTC051201	TRAVENTURE INTERNATIONAL PRIVATE LIMITED	Director	06/12/2013	06/12/2013	-	Active	NO

Name :

Shivi Jain

Designation :

Whole-time director

Address :

J-1149, Palam Vihar, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

20.02.1975

Qualification :

M.B.A

Date of Appointment :

03.04.2012

PAN No.:

AAHPJ8504H

DIN No.:

00001168

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	Company/ LLP Status	Defaulting status
1	U63013DL2000PLC107868	CARGO PLANNERS LIMITED	Whole-time director	03/04/2012	02/04/2012	Active	NO
2	U63000DL2010PLC208157	ECO GREEN CABS LIMITED	Director	28/09/2012	14/05/2012	Active	NO

Name :

Mrs. Bina Jain

Designation :

Director

Address :

J-1149, Palam Vihar, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

16.10.1949

Date of Appointment :

22.09.2000

PAN No.:

AADPJ2249P

DIN No.:

00001156

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	Company/ LLP Status	Defaulting status
1	U63013DL2000PLC107868	CARGO PLANNERS LIMITED	Director	22/09/2000	22/09/2000	Active	NO
2	U60210DL2000PTC107891	TRANSPORT PLANNERS PRIVATE LIMITED	Director	27/09/2013	25/09/2000	Active	NO
3	U63012DL2007PTC168394	GLOBALOGIX (INDIA) PRIVATE LIMITED	Director	26/09/2013	19/09/2007	Active	NO
4	U55101DL2010PTC203898	TPL HOLIDAYS & RESORTS PRIVATE LIMITED	Director	09/06/2010	09/06/2010	Active	NO
5	U63000DL2010PLC208157	ECO GREEN CABS LIMITED	Director	10/09/2010	10/09/2010	Active	NO
6	U74899DL1985PLC020410	TRAVEL PLANNERS LIMITED	Whole-time director	01/04/2011	29/11/2010	Active	NO

KEY EXECUTIVES

Name :	Mrs. Rakhi Rani
Designation :	Secretary
Date of Appointment :	21.01.2013
PAN No.:	ANTPR6533K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2013

Names of Shareholders	No. of Shares
Shikhar Chandra Jain	1190800
Bina Jain	1190800
Shachi Jain	1190800
Shivi Jain	1198565
Jitendra Jain	457375
Sudeep Gupta	25000
Deepak Kumar Gupta	25000
Shikhar Chandra Jain (HUF)	1158660
Total	6437000

AS ON 26.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.61
Others	0.39
Total	100.00

BUSINESS DETAILS

Line of Business :

Service Provider of Cargo Shipping, Clearing Forwarding etc.

Products/ Services :

ITC Code No.	Product Descriptions
99670000	Cargo Handling Services

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India

Oriental Bank of Commerce, Harsha Bhawan, E-Block, Ground Floor, Connaught Place, New Delhi - 110001, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans taken for vehicles [Hypothecation of car]	2.013	3.651
SHORT TERM BORROWINGS
Working capital loans from banks [Hypothecation of property, book debts]	203.415	134.054
Total	205.428	137.705

Banking Relations :	--
Auditors :
Name :	Gupta Rautela and Company Chartered Accountants
Address :	A-10, MGS Chamber, Nehru Ground, NIT, Faridabad - 121001, Haryana, India
Tel No.:	91-129-4035759
Fax No.:	91-129-4035759
E-Mail :	caguptatarautelagroup@yahoo.co.in
Income-tax PAN of auditor or auditor's firm :	AAFFG3547D
Subsidiary Company :	HK Cargo Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity Shares	Rs. 10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6,437,000	Equity Shares	Rs. 10/- each	Rs. 64.370 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	64.370	61.380	61.380
(b) Reserves & Surplus	183.414	121.514	64.005
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	247.784	182.894	125.385
(3) Non-Current Liabilities
(a) long-term borrowings	2.013	3.651	3.308
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.128
(d) long-term provisions	3.432	3.257	1.990
Total Non-current Liabilities (3)	5.445	6.908	5.426
(4) Current Liabilities
(a) Short term borrowings	203.415	134.054	52.486
(b) Trade payables	52.376	79.666	71.183
(c) Other current liabilities	12.690	12.843	9.879
(d) Short-term provisions	30.787	29.174	28.965
Total Current Liabilities (4)	299.268	255.737	162.513
TOTAL	552.497	445.539	293.324
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	22.915	22.910	16.591
(ii) Intangible Assets	2.000	1.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	5.894	0.000	0.000
(b) Non-current Investments	0.071	0.000	0.000
(c) Deferred tax assets (net)	0.962	0.720	0.126
(d) Long-term Loan and Advances	28.480	7.849	4.987
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	60.322	32.479	21.704
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	431.893	355.552	233.554
(d) Cash and cash equivalents	5.464	5.427	5.727
(e) Short-term loans and advances	54.818	52.081	32.339
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	492.175	413.060	271.620
TOTAL	552.497	445.539	293.324

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	2278.508	2144.378	2040.489
		Other Income	0.030	0.053	0.055
		TOTAL (A)	2278.538	2144.431	2040.544
Less	EXPENSES
		Cost of materials consumed	2031.176	1945.072	1878.329
		Employee benefit expense	73.547	53.141	35.556
		Other expenses	44.824	38.129	29.887
		TOTAL (B)	2149.547	2036.342	1943.772
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		128.991	108.089	96.772
Less	FINANCIAL EXPENSES (D)		29.924	17.060	11.477
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		99.067	91.029	85.295
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.278	5.508	4.355
	PROFIT BEFORE TAX (E-F) (G)		91.789	85.521	80.940
Less	TAX (H)		29.890	28.001	27.776
	PROFIT AFTER TAX (G-H) (I)		61.899	57.520	53.164
	EARNINGS IN FOREIGN CURRENCY
		Other Earnings	100.721	33.783	46.847
	Earnings Per Share (Rs.)		9.62	9.37	8.66

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.72	2.68	2.61
Net Profit Margin (PBT/Sales)	(%)	4.03	3.99	3.97
Return on Total Assets (PBT/Total Assets}	(%)	16.82	19.23	27.61
Return on Investment (ROI) (PBT/Networth)		0.37	0.47	0.65
Debt Equity Ratio (Total Debt/Networth)		0.83	0.75	0.44
Current Ratio (Current Asset/Current Liability)		1.64	1.62	1.67

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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	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	10289689	11/06/2013 *	330,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	B78132065
2	10184461	29/12/2010 *	10,000,000.00	ORIENTAL BANK OF COMMERCE	GROUND FLOOR, HARSHA BHAWAN, E-BLOCK, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	B05278080

* Date of charge modification

CHANGE OF ADDRESS:

The registered office of the company has been shifted from B-16, Naraina Vihar, Delhi, India to the present w.e.f.08.05.2006

FIXED ASSETS:

· Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Computer equipments

Other equipments

Computer software

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. 62.13
UK Pound	1	Rs. 101.53
Euro	1	Rs. 85.41

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		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
--	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.