MIRA INFORM REPORT

Report Date :

23.12.2013

IDENTIFICATION DETAILS

Name :	JABS INTERNATIONAL PRIVATE LIMITED
Registered Office :	Plot No. A-350, TTC Industrial Area, MIDC, Mahape, Navi Mumbai – 400 708, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.09.1997
Com. Reg. No.:	11-110640
Capital Investment / Paid-up Capital :	Rs.17.815 Millions
CIN No.: [Company Identification No.]	U51900MH1997PTC110640
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ05398B
PAN No.: [Permanent Account No.]	AAACJ3768P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Spices and Agro Products.
No. of Employees :	70 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1349000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Management of the company has failed to file its financial for the year 2013 with Government Department. General position of the company appears to be satisfactory during 2012. The ratings reflect the established track record of the company and vast of experience of the promoters in the field of spice exports, diversified product portfolio, diversified client base of the company spread across the world and strong profitability indicators. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered normal 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

Uptick in agriculture and construction spread some cheer as the economy grew a higher-than-expected 4.8 % in the three months through September. Manufacturing rose an annual rate per cent during the quarter and mining fell by 0.4 %, government data showed while farm output rose 46%.

India has emerged as the most attractive investment destination, thanks to a relaxation in foreign direct investment norms, says a report. India is followed by Brazil and China in the ranking part of EY’s Capital Confidence Barometer report based on a survey across 70 nations. The US, France and Japan have emerged as the top three investors likely to invest in India.

India has been ranked 83^rd globally in terms of talent competitiveness of its human capital.  Switzerland, Singapore, Denmark, Sweden and Luxembourg are the top five in the list of 103 nations compiled by INSEAD business school.

Tax rates for companies in India are among the highest in the world and the number of payments is also more than the global average putting the country at low, 158^th rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the time taken for tax payments is relatively less in India which is rated ahead of China and Japan.

1 billion smartphone shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost computing in emerging markets. By 2017, total smartphone shipments are expected to approach 1.7 billion units, resulting in a compound annual growth rate of 18.4 % between 2013 and 2017, according to research from IDC.

20 % vacancy rate of office space in Mumbai and Delhi in the third quarter, the highest in Asia after Chengdu, in China. According to Cushman and Wakefield, six Indian cities are among the 10 office markets with the worst vacancies.

Foreign banks will not have to pay stamp duty and capital gains tax, if they convert their branch operations into a wholly owned subsidiary, according to the Reserve Bank of India.

The Reserve Bank of India is planning to launch CPI – indexed bonds aimed to protecting the savings of retail investors from the impact the price rise by December end.

Central Bureau of Investigation has booked State Bank of India, Deputy Managing Director Shyamal Acharya and others in a graft case related to distribution of a loan of over Rs 4000 mn. Gold and jewellery  worth Rs 6.7 mn have been recovered from the residence of Acharya.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loan : BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	October 2013

Rating Agency Name	ICRA
Rating	Short Term non fund based limits : A3
Rating Explanation	Moderate degree of safety and high credit risk.
Date	October 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 PARTED BY

Name :	Mr. Dharmik
Designation :	Senior Accounts Manager
Contact No.:	91-22-27784500

LOCATIONS

Registered / Administrative Office / Factory :	Plot No. A-350, TTC Industrial Area, MIDC, Mahape, Navi Mumbai – 400 708, Maharashtra, India
Tel. No.:	91-22-27784500/ 27781201-4/ 41412525
Mobile No.:	91-9833662605 [Mr. Dharmik]
Fax No.:	91-22-27782626/ 27781205/ 27781196
E-Mail :	dharmik.accounts@jabsintenational.com jabs@jabsinternational.com
Website :	http://www.jabsinternational.com
Area :	10000 sq. ft.
Location :	Owned
Branch Office :	Located at: · Mundra, Kutch, Gujarat, India · Unjha, Ahmedabad, Gujarat, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Bhaskar Bhanuvadan Shah

Designation :

Managing director

Address :

Flat No.1202, Raheja Residency, M.G. Complex, Sector 14, Vashi, Navi Mumbai – 400 703, Maharashtra, India

Date of Birth/Age :

18.07.1957

Qualification :

Graduate

Date of Appointment :

08.01.2000

DIN No.:

00684507

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	U17100MH1987PTC043701	JABS EXPORTS PRIVATE LIMITED	Director	10/02/1998	10/02/1998	-	Active	NO
2	U51900MH1997PTC110640	JABS INTERNATIONAL PRIVATE LIMITED	Managing director	08/01/2000	08/01/2000	-	Active	NO
3	U51220MH2003NPL140189	INDIAN SPICE AND FOODSTUFF EXPOTERS ASSOCIATION	Director	28/04/2003	28/04/2003	-	Active	NO

Name :

Mr. Shailesh Manordas Shah

Designation :

Director

Address :

Flat No. B-101, First Floor, Neel Siddhi Towers, Plot No. 195, Sector 12, Vashi, Navi Mumbai – 400 703, Maharashtra, India

Date of Birth/Age :

09.04.1964

Date of Appointment :

09.12.1997

DIN No.:

00684501

Name :

Mr. Jai Bhaskar Shah

Designation :

Additional Director

Address :

Flat No.1202, Raheja Residency, M.G. Complex, Sector 14, Vashi, Navi Mumbai – 400 703, Maharashtra India

Date of Birth/Age :

28.11.1984

Date of Appointment :

30.03.2013

DIN No.:

00684518

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	U74999MH2003PTC138524	BJAS EXPORTS PRIVATE LIMITED	Director	01/05/2006	01/05/2006	-	Strike off	NO
2	U51900MH1997PTC110640	JABS INTERNATIONAL PRIVATE LIMITED	Additional director	30/03/2013	30/03/2013	-	Active	NO

Name :

Mrs. Salomi Bhaskar Shah

Designation :

Additional Director

Address :

Raheja Residency, Flat No1202, Sector-14, M G Complex, Opposite Gavdevi Mandir, Vashi, Navi Mumbai – 400 703, Maharashtra, India

Date of Birth/Age :

31.07.1988

Date of Appointment :

30.03.2013

DIN No.:

06511688

KEY EXECUTIVES

Name :	Mr. Dharmik
Designation :	Senior Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Shah Bhaskar Sunita	1779250
Shah Manohar Shailesh	150
Parikh M Govindlal	150
Parikh Govindlal Indumatl	150
Shah B Bhanuvadhan	150
Shah B Padmaben	150
Shah Bhanuvadnan Bhaskar	205000
Jai Bhaskar Shah	5000
Salomi Bhaskar Shah	5000
Chaitali Jai Shah	5000
Total	2000000

AS ON 30.09.2013

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Spices and Agro Products.

Products/ Services :

ITC Code No.	Product Descriptions
09093029	Cumin Seeds
12074090	Hulled Sesame Seeds
09042010	Chilli
09070090	Cloves
12022010	Ground Nut

Exports :

Products :

Spices and Agro Products

Countries :

· Europe

· USA

· Middle East

· Far East Country

Imports :

Products :

Finished Goods

Countries :

· China

· Malaysia

· Turkey

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

· Sai Dattatreya Trading Company

Karani Spices, Andhra Pradesh

Customers :

Wholesalers, End Users and Others [Importer]

· A.A. Saiya and Comp., US

No. of Employees :

70 [Approximately]

Bankers :

· State Bank of Bikaner and Jaipur, 232-234, Samuel Street, Vadgadi, Mandvi, Mumbai – 400 003, Maharashtra, India

Tamilnad Mercantile Bank Limited, Goradia House; 1^st Floor; 101-104, Kazi Syed Street; Post Box No.3181, Mandvi, Mumbai – 400 003, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans repayable on demand from banks	519.045	445.624
Total	519.045	445.624

Banking Relations :	--
Auditors :
Name :	Kishor Pabari and Associates Chartered Accountants
Address :	J-4, Mangal Kunj, Opposite Indraprashtha Shopping Centre, S V Road, Borivali [West], Mumbai – 400 092, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AADPP8300R
Associates :	Jabs Export Private Limited [CIN No.: U17100MH1987PTC043701]

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1781500	Equity Shares	Rs.10/- each	Rs.17.815 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	17.815	12.815
(b) Reserves & Surplus	319.454	242.537
(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)	337.269	255.352
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	1.900	1.661
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	1.900	1.661
(4) Current Liabilities
(a) Short term borrowings	718.666	554.606
(b) Trade payables	327.905	58.607
(c) Other current liabilities	110.497	91.272
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	1157.068	704.485
TOTAL	1496.237	961.498
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	107.466	103.576
(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	18.500	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	110.500	91.850
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	236.466	195.426
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	186.677	224.232
(c) Trade receivables	927.827	387.022
(d) Cash and cash equivalents	131.392	137.952
(e) Short-term loans and advances	13.875	16.866
(f) Other current assets	0.000	0.000
Total Current Assets	1259.771	766.072
TOTAL	1496.237	961.498

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		7.815
2] Share Application Money		0.000
3] Reserves & Surplus		200.732
4] (Accumulated Losses)		0.000
NETWORTH		208.547
LOAN FUNDS
1] Secured Loans		478.542
2] Unsecured Loans		52.055
TOTAL BORROWING		530.597
DEFERRED TAX LIABILITIES		1.798
TOTAL		740.942
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		104.781
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	168.569
	Sundry Debtors	548.986
	Cash & Bank Balances	9.985
	Other Current Assets	118.179
	Loans & Advances	77.804
Total Current Assets		923.523
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	209.294
	Other Current Liabilities	2.115
	Provisions	75.953
Total Current Liabilities		287.362
Net Current Assets		636.161
MISCELLANEOUS EXPENSES		0.000
TOTAL		740.942

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Sales Turnover (Export and Domestic)	6156.319	4016.248	4381.402
		Other Income	13.239	60.615	38.587
		TOTAL (A)	6169.558	4076.863	4419.989
Less	EXPENSES
		TOTAL (B)	5977.288	3952.682	4308.150
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		192.270	124.181	111.839
Less	INTEREST (D)		55.597	35.558	23.638
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		136.673	88.623	88.201
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.294	11.542	8.425
	PROFIT BEFORE TAX (E-F) (G)		125.379	77.081	79.776
Less	TAX (H)		42.739	27.000	27.500
	PROFIT AFTER TAX (G-H) (I)		82.640	50.081	52.276
	EARNINGS IN FOREIGN CURRENCY		5587.051	3840.979	3902.386
	CIF VALUE OF IMPORT		338.546	299.729	222.296
	Earnings Per Share (Rs.)		46.39	38.36	29.34

Particulars	31.03.2013
Sales Turnover (Approximately)	5730.000

The above information has been parted by Mr. Dharmik (Senior Accounts Manager)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.34	1.23	1.18
Net Profit Margin (PBT/Sales)	(%)	2.04	1.92	1.82
Return on Total Assets (PBT/Total Assets}	(%)	8.48	8.02	7.76
Return on Investment (ROI) (PBT/Networth)		0.37	0.30	0.38
Debt Equity Ratio (Total Debt/Networth)		2.13	2.17	2.54
Current Ratio (Current Asset/Current Liability)		1.09	1.09	3.21

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	Yes
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	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	No
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	90157904	06/09/2012 *	830,800,000.00	STATE BANK OF BIKANER AND JAIPUR	232-234, SAMUEL STREET, VADGADI, MANDVI, MUMBAI - 400003, MAHARASHTRA, INDIA	B58795220

* Date of charge modification

UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans repayable on demand from banks	199.621	108.982
Total	199.621	108.982

OPERATIONS:

The Company has maintained its high performance during the year. The total turnover (Export and Domestic) amounted to Rs.6156.319 Millions as against Rs.4016.248 Millions in the previous year and the Net profit for the year amounted to Rs.125.379 Millions as against in the previous year of Rs.77.081 Millions.

FIXED ASSETS:

· Land

Buildings

Office Building

Factory Building

Plant and equipment

Factory Equipments

Furniture and Fixtures

Vehicles

Motor Vehicles

Office Equipment

Computer Equipments

Other Equipments

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.62.24
UK Pound	1	Rs.101.81
Euro	1	Rs.84.88

INFORMATION DETAILS

Report Prepared by :

SMN

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	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.