MIRA INFORM REPORT

Report Date :

16.12.2013

IDENTIFICATION DETAILS

Name :	INDO COLCHEM PRIVATE LIMITED (w.e.f.25.11.2013)
Formerly Known As :	INDO COLCHEM LIMITED M.S. PAPERS PRIVATE LIMITED
Registered Office :	Plot No. 36, Phase II, G.I.D.C. Estate, Vatva, Ahmedabad - 382445, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.09.1986
Com. Reg. No.:	04-009016
Capital Investment / Paid-up Capital :	Rs. 50.000 Millions
CIN No.: [Company Identification No.]	U24231GJ1986PTC009016
TAN No.: [Tax Deduction & Collection Account No.]	AHMI00232B
PAN No.: [Permanent Account No.]	AAACI4393K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Dyes and Dyes Intermediates.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 780000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The rating reflect ICL’s healthy financial risk profile, marked by healthy debt protection metrics, and its strong track record in the dyes and dye intermediates industry. Trade relations are fair. Business is active. Payment terms are 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 : 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	November 01, 2013

Rating Agency Name	CRISIL
Rating	Short term rating : A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	November 01, 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 DECLINED BY

Name :	Mr. Satish Shah
Designation :	Director
Contact No.:	91-79-25835251
Date :	13.12.2013

LOCATIONS

Registered/ Corporate Office/ Factory :	Plot No. 36, Phase II, G.I.D.C. Estate, Vatva, Ahmedabad - 382445, Gujarat, India
Tel. No.:	91-79-40083217/ 40083218/ 40083219/ 40083220/ 40083221
Fax No.:	91-79-40083222/ 26610071
E-Mail :	accounts@indocol.com satishshah@indocol.com export@indocol.com
Website :	www.indocol.com

DIRECTORS

AS ON 25.07.2013

Name :

Mr. Satish Sampatraj Shah

Designation :

Managing director

Address :

284, Manekbag Society, Ambawadi, Ahmedabad, Gujarat, India

Date of Birth/Age :

08.11.1952

Qualification :

B.SC, LLB

Date of Appointment :

01.08.2011

PAN No.:

AGDPS3253J

DIN No.:

00257121

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	U24231GJ1986PTC009016	INDO COLCHEM PRIVATE LIMITED	Managing director	01/08/2011	26/09/1986	Active	NO
2	U24110GJ1992PTC017532	THE RANG UDHYOG PRIVATE LIMITED	Director	12/05/1992	12/05/1992	Active	NO

Name :

Mrs. Kusumdevi Satishchand Shah

Designation :

Whole-time director

Address :

07, Sugam Bunglows, Prahladnagar Tekra, Anadnagar, Ahmedabad - 380059, Gujarat, India

Date of Birth/Age :

18.08.1985

Qualification :

BA

Date of Appointment :

01.07.2011

PAN No.:

AGDPS4250R

DIN No.:

03276576

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	U24231GJ1986PTC009016	INDO COLCHEM PRIVATE LIMITED	Whole-time director	01/07/2011	30/09/2010	Active	NO

Name :

Mr. Chirag Satish Shah

Designation :

Whole-time director

Address :

07, Sugam Bunglows, Prahladnagar Tekra, Anadnagar, Ahmedabad - 380059, Gujarat, India

Date of Birth/Age :

17.02.1991

Qualification :

BBA

Date of Appointment :

04.06.2012

PAN No.:

CFQPS1639E

DIN No.:

02642152

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	U24231GJ1986PTC009016	INDO COLCHEM PRIVATE LIMITED	Whole-time director	04/06/2012	30/05/2009	Active	NO
2	U24110GJ1992PTC017532	THE RANG UDHYOG PRIVATE LIMITED	Director	01/12/2012	01/12/2012	Active	NO

Name :

Mr. Anil Kumar Saraf

Designation :

Director

Address :

157, Veer Durgadas Nagar, Pali, Marwar - 306401, Rajasthan, India

Date of Birth/Age :

02.11.1957

Qualification :

B.COM

Date of Appointment :

11.06.2011

DIN No.:

00507464

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	U14102RJ1992PTC006931	RATNAM GRANITES AND MARBLES PRIVATE LIMITED	Director	04/09/1992	04/09/1992	Active	NO
2	U24231GJ1986PTC009016	INDO COLCHEM PRIVATE LIMITED	Director	11/06/2011	11/06/2011	Active	NO

Name :

Mr. Dineshkumar Chhogalal Hundia

Designation :

Director

Address :

285/B, Manekbag Society, B/h. Manekbag Hall, Ambawadi, Ahmedabad, Gujarat, India

Date of Birth/Age :

03.04.1950

Qualification :

B.SC, BTECH - Plastic

Date of Appointment :

30.06.2007

DIN No.:

01754948

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	U24231GJ1986PTC009016	INDO COLCHEM PRIVATE LIMITED	Director	30/06/2007	30/06/2007	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.07.2013

Names of Shareholders	No. of Shares
Kusumdevi Satishchand Shah	738800
Sampatraj Shah (HUF)	59133
Satish Sampatraj Shah	1697733
Satish Sampatraj Shah jointly with Kusumdevi Satishchand Shah	1923334
Chirag Satish Shah	580000
Anil Saraf	500
Dineshkumar Chhogalal Hundia	500
Total	5000000

AS ON 25.07.2013

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

BUSINESS DETAILS

Line of Business :

Manufacturing of Dyes and Dyes Intermediates.

Products/ Services :

ITC Code No.	Product Descriptions
32041630	Reactive Red 195
32041680	Reactive Black HFGR
32041610	Reactive Yellow 145
29222109	Others

Exports :

Not Divulged

Imports :

Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Not Divulged

Bankers :

State Bank of India, Overseas Branch, 3rd Floor, Amrit Jayanti Bhavan, Navjivan Trust Complex, Navjivan P.O., Ahmedabad - 380014, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks [The facility is secured by way of Plant and machinery and equitable mortgage of land and building of the company and collaterally secured by current assets]	3.594	0.000
Loans taken for fixed assets [Secured against hypothecation of vehicle]	0.704	0.767
SHORT TERM BORROWINGS
Working capital loans from banks	235.744	159.797
Total	240.042	160.564

Banking Relations :	--
Auditors :
Name :	Kishan M Mehta and Company Chartered Accountants
Address :	6th Floor, Premchand House, Annexe Ashram Road, Ahmedabad 380009, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AABFK8431G

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
6,000,000	Equity Shares	Rs. 10/- each	Rs. 60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 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	50.000	50.000	50.000
(b) Reserves & Surplus	146.477	159.827	139.068
(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)	196.477	209.827	189.068
(3) Non-Current Liabilities
(a) long-term borrowings	61.394	0.767	3.040
(b) Deferred tax liabilities (Net)	15.526	16.055	17.030
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.504	0.421	0.516
Total Non-current Liabilities (3)	77.424	17.243	20.586
(4) Current Liabilities
(a) Short term borrowings	238.544	159.949	94.755
(b) Trade payables	315.815	199.718	87.720
(c) Other current liabilities	34.811	11.879	14.358
(d) Short-term provisions	18.865	11.821	20.017
Total Current Liabilities (4)	608.035	383.367	216.850
TOTAL	881.936	610.437	426.504
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	125.899	116.678	100.414
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	6.311	1.214	1.254
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.145	0.145	0.148
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.090	1.764	1.442
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	137.445	119.801	103.258
(2) Current assets
(a) Current investments	10.000	27.176	0.000
(b) Inventories	226.894	147.780	100.656
(c) Trade receivables	331.366	217.948	131.065
(d) Cash and cash equivalents	34.470	20.768	46.687
(e) Short-term loans and advances	107.533	53.100	26.814
(f) Other current assets	34.228	23.864	18.024
Total Current Assets	744.491	490.636	323.246
TOTAL	881.936	610.437	426.504

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	1205.415	788.716	645.596
		Other Income	3.274	3.724	0.849
		TOTAL (A)	1208.689	792.440	646.445
Less	EXPENSES
		Cost of materials consumed	911.729	535.733	378.874
		Purchases of stock-in-trade	43.988	60.964	97.084
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(39.777)	(16.306)	(0.318)
		Employee benefit expense	23.638	20.040	13.568
		Other expenses	187.178	133.540	116.318
		TOTAL (B)	1126.756	733.971	605.526
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		81.933	58.469	40.919
Less	FINANCIAL EXPENSES (D)		12.572	13.685	7.389
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		69.361	44.784	33.530
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.540	12.768	12.649
	PROFIT BEFORE TAX (E-F) (G)		55.821	32.016	20.881
Less	TAX (H)		19.171	11.256	10.998
	PROFIT AFTER TAX (G-H) (I)		36.650	20.760	9.883
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	681.411	425.728	415.342
	IMPORTS
		Raw Materials	234.838	110.573	91.450
	Earnings Per Share (Rs.)		6.26	3.32	1.98

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.03	2.62	1.53
Net Profit Margin (PBT/Sales)	(%)	4.63	4.06	3.23
Return on Total Assets (PBT/Total Assets}	(%)	6.38	5.26	4.91
Return on Investment (ROI) (PBT/Networth)		0.28	0.15	0.11
Debt Equity Ratio (Total Debt/Networth)		1.53	0.77	0.52
Current Ratio (Current Asset/Current Liability)		1.22	1.28	1.49

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	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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90109551	25/01/1997	635,000.00	ANZ GRINDLAYS BANK LIMITED	270; D. N. ROAD, POST BOX 48; FORT, BOMBAY - 400001, MAHARASHTRA, INDIA	-
2	90109528	12/12/1996	350,000.00	ANZ GRINDLAYS BANK LIMITED	270; D. N. ROAD, POST BOX 48; FORT, BOMBAY - 400001, MAHARASHTRA, INDIA	-
3	90112192	11/06/2013 *	598,100,000.00	STATE BANK OF INDIA OVERSEAS BRANCH	3RD FLOOR, AMRIT JAYANTI BHAVAN, NAVJIVAN TRUST COMPLEX, NAVJIVAN P.O., AHMEDABAD - 380014, GUJARAT, INDIA	B77667707

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks	48.459	0.000
Loans and advances from related parties	8.637	0.000
SHORT TERM BORROWINGS
Loans and advances from directors	2.800	0.152
Total	59.896	0.152

BUY BACK OF SHARES:

During the year, the Company has bought back 12,50,000 (25% of total Issued and Paid up Capital) equity shares at the price of Rs.40/- per equity shares out of Security Premium and General Reserve. Total amount utilized under the buyback is Rs. 50.000 Millions. Under the buyback Rs. 37.500 Millions was utilized from Security Premium account. Further, Rs. 12.500 Millions was also transferred to Capital Redemption Reserve.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Bank Guarantees	3.377	1.614
Letter of Credit	15.118	86.812
Income Tax Disputed in appeal	6.570	6.197
Total	25.065	94.623

FIXED ASSETS:

· Land

Buildings

Factory building

Plant and equipment

Other plant and equipment

Furniture and fixtures

Vehicles

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

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.