MIRA INFORM REPORT

Report Date :

31.12.2013

IDENTIFICATION DETAILS

Name :	ALLANASONS LIMITED
Registered Office :	Allana House, 4, Allana Road, Colaba, Mumbai – 400 001, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.02.1973
Com. Reg. No.:	11-016285
Capital Investment / Paid-up Capital :	Rs.19.099 millions
CIN No.: [Company Identification No.]	U51990MH1973PLC016285
TAN No.: [Tax Deduction & Collection Account No.]	MUMA21423D
PAN No.: [Permanent Account No.]	AAACA4533D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in manufacturing and distribution of processed food products and agro commodities and also engaged in exporting of coffee, cereals and frozen marine products.
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 12614000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject belongs to the Allana Group. It has been designated as the Five Star Trading House by the Government of India. It is a well-established and reputed company having fine track record. Financial position of the company appears to be strong. Directors are well experienced and knowledgeable businessmen. Trade relations are reported as praiseworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	26.12.2012

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 :	Allana House, 4, Allana Road, Colaba, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-22874455/ 22856474/ 22811000
Fax No.:	91-22-22044821/ 22047002/ 22797742
E-Mail :	allanabb@bom2.vsnl.net.in allana@vsnl.com allanahouse@allana.com ankhan@allana.com allanasons@allana.com
Website :	www.allana.com
Location :	Owned
Corporate Office :	Allana Centre, A.R.J. Allana Marg, 113/115, M.G. Road, Fort, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-66569140/ 66569000/ 66569080/ 66569197/ 22040161/ 22628000/ 66569130
Fax No.:	91-22-22695700/ 22695701/ 22843243
E-Mail :	allanacentre@allana.com info@allana.com
Branch Office :	Located at: · Bangalore · New Delhi · Hyderabad · Kochi · Mangalore · Hassan · Aurangabad · Zaheerabad · Unnao · Vashi · Taloja · Sahibabad · Agra · Veraval · Dwarka · Kalwa · New Mumbai · Mourigram

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Rashid Sohrab Kadimi

Designation :

Director appointed in casual vacancy

Address :

4C-14, Versova View, 4, Bunglow Road, Andheri (West), Mumbai – 400 053, Maharashtra, India

Date of Birth/Age :

17.07.1948

Qualification :

Post Graduate

Date of Appointment :

09.05.2011

DIN No.:

00212790

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	U74999MH1989PLC051140	FRIGERIO CONSERVA ALLANA LIMITED	Director	14/02/2001	14/02/2001	-	Active	NO
2	U29190MH1971PLC048613	ANJANEYA COLD STORAGE LIMITED	Director	12/06/2007	12/06/2007	30/06/2011	Active	NO
3	U51990MH1973PLC016285	ALLANASONS LIMITED	Director appointed in casual vacancy	09/05/2011	09/05/2011	-	Active	NO

Name :

Mr. Shakil Khalil Shaikh

Designation :

Additional director

Address :

Flat No. C-110, 1^st Floor, Liberty Camp, Vashi, Navi Mumbai – 400 705, Maharashtra, India

Date of Birth/Age :

19.08.1969

Date of Appointment :

01.09.2012

DIN No.:

01205080

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	U63020MH1973PLC016807	ALLANA COLD STORAGE LIMITED	Director	11/12/2006	11/12/2006	-	Active	NO
2	U65923MH1979PLC021050	ALLANA INVESTMENTS AND TRADING COMPANY LIMITED	Director	11/12/2006	11/12/2006	-	Active	NO
3	U51990MH1973PLC016285	ALLANASONS LIMITED	Additional director	01/09/2012	01/09/2012	-	Active	NO
4	U74999MH1980PLC022460	ALLANA SERVICES LIMITED	Additional director	15/10/2013	15/10/2013	-	Active	NO
5	U01100MH1992PLC069978	ALLANA COFFEE LIMITED	Additional director	15/10/2013	15/10/2013	-	Active	NO
6	U15130MH1994PTC078317	TIFFANY PROCESSED FOODS PRIVATE LIMITED	Director appointed in casual vacancy	15/10/2013	15/10/2013	-	Active	NO

Name :

Mr. Fauzan Mustafa Alavi

Designation :

Additional Director

Address :

603, Carlton Court, Perry Cross Road, Bandra (West), Mumbai – 400 050, Maharashtra, India

Date of Birth/Age :

16.12.1969

Qualification :

Post Graduate

Date of Appointment :

14.06.2011

DIN No.:

03552053

Name :

Mr. Nagaraja Keshavamurthy Agrahara

Designation :

Additional director

Address :

OPG Housing Limited, Flat No.17A, Plot No.1, Sector-2, Sanpada, Navi Mumbai – 400 705, Maharashtra, India

Date of Birth/Age :

02.09.1959

Qualification :

Post Graduate

Date of Appointment :

18.10.2012

DIN No.:

06401578

Name :

Mr. Parag Pandurang Page

Designation :

Director appointed in casual vacancy

Address :

Girnar, R/601, Gokhale Road, 17A, Mulund (East), Mumbai – 400 081, Maharashtra, India

Date of Birth/Age :

26.06.1969

Date of Appointment :

12.06.2013

DIN No.:

06600972

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Phoenicia Shipping Company Limited, India	159628
Allana Investments and Trading Company Limited, India	31355
Soeb Nooruddin Bhatri (Holding as a nominee for Allana Investments and Trading Company Limited)	1
Anwar Yasin Chauhan (Holding as a nominee for Allana Investments and Trading Company Limited)	1
Mulky Krishna Haridas (Holding as a nominee for Allana Investments and Trading Company Limited)	1
Rashid Sohrab Kadimi (Holding jointly with Iqbal Abdulgani Soorya as a nominee for Allana Investments and Trading Company Limited)	1
Iqbal Abdulgani Soorya (Holding jointly with Rashid Sohrab Kadimi as a nominee for Allana Investments and Trading Company Limited)	1
Total	190988

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing and distribution of processed food products and agro commodities and also engaged in exporting of coffee, cereals and frozen marine products.

Products :

Item Code No	Product Description
020130.00	Meat
090111.21	Coffee
151190.10	RBD Palmolein
100110	Wheat
030329.00	Fish
08045040	Mango Pulp
020130	Frozen Foodstuffs

GENERAL INFORMATION

No. of Employees :

2000 (Approximately)

Bankers :

· Union Bank of India, Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Mumbai – 400 023, Maharashtra, India

· Vijaya Bank, Overseas Branch, Nariman Point, Mumbai – 400 021, Maharashtra, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
Other loans and advances	500.000	550.000
Total	500.000	550.000

Banking Relations :	--
Auditors :
Name :	Rajendra and Company Chartered Accountants
Address :	1311, Dalamal Towers, 211, Nariman Point, Mumbai - 400 021, Maharashtra, India
Tel. No.:	91-22-22855770
Fax No.:	91-22-22834243
E-Mail :	rajendraco@vsnl.com
PAN No.:	AAAFB6405G
Holding Company :	Phoenicia Shipping Company Limited, India CIN No.: U35110MH1976PLC019187
Subsidiary Company :	Allana Pharmachem Limited, India CIN No.: U65990MH1984PLC032824
Associates :	· Indagro Foods Limited, India (CIN No.: U15100MH1992PLC068160) · Alagro Trading Limited, India (CIN No.: U51900MH1984PLC033754) · Allana Cold Storage Limited, India (CIN No.: U63020MH1973PLC016807)

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital

No. of Shares	Type	Value	Amount
190988	Equity Shares	Rs.100/- each	Rs.19.099 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	19.099	19.600	19.600
(b) Reserves & Surplus	3134.307	2491.685	2167.492
(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)	3153.406	2511.285	2187.092
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	3.640	3.150	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	802.551	358.430	13.775
Total Non-current Liabilities (3)	806.191	361.580	13.775
(4) Current Liabilities
(a) Short term borrowings	500.000	550.000	245.245
(b) Trade payables	13647.532	12556.985	8546.843
(c) Other current liabilities	33.517	175.582	666.866
(d) Short-term provisions	24.057	121.033	115.193
Total Current Liabilities (4)	14205.106	13403.600	9574.147
TOTAL	18164.703	16276.465	11775.014
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	226.473	197.813	152.406
(ii) Intangible Assets	30.409	31.422	13.834
(iii) Capital work-in-progress	11.268	25.979	36.595
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	817.035	817.034	818.430
(c) Deferred tax assets (net)	0.000	0.000	3.274
(d) Long-term Loan and Advances	15.610	15.042	20.953
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1100.795	1087.290	1045.492
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5791.436	5552.992	4722.576
(c) Trade receivables	5694.929	5473.734	3373.721
(d) Cash and cash equivalents	4094.636	3193.290	2215.161
(e) Short-term loans and advances	279.182	366.785	274.817
(f) Other current assets	1203.725	602.374	143.247
Total Current Assets	17063.908	15189.175	10729.522
TOTAL	18164.703	16276.465	11775.014

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	77549.800	59402.282	47895.790
		Other Income	9.509	3.052	5.034
		TOTAL (A)	77559.309	59405.334	47900.824
Less	EXPENSES
		Cost of materials consumed	1936.222	1455.629	1156.911
		Purchases of stock-in-trade	68570.652	52929.656	43011.308
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(51.492)	(312.711)	(625.828)
		Employee benefit expense	187.423	129.426	106.117
		Other Expenses	5543.323	4328.038	3622.567
		TOTAL (B)	76186.128	58530.038	47271.075
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1373.181	875.296	629.749
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1373.181	875.296	629.749
Less/ Add	DEPRECIATION/ AMORTISATION (F)		44.921	35.947	32.106
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		1328.260	839.349	597.643
Less	TAX (H)		448.129	287.361	206.653
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		880.131	551.988	390.990
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2233.558	1964.565	1573.575
Less	APPROPRIATIONS
		Transfer to Capital Redemption Reserve	0.501	0.000	0.000
		Transfer to General Reserve	88.013	55.199	0.000
		Interim Dividend	204.357	196.000	0.000
		Corporate Dividend Tax	33.152	31.796	0.000
	BALANCE CARRIED TO THE B/S		2787.666	2233.558	1964.565
	EARNINGS IN FOREIGN CURRENCY		72314.300	54581.500	42417.300
	CIF VALUE OF IMPORTS		283.300	85.000	1550.900
	Earnings/ (Loss) Per Share (Rs.)		4580.81	2816.27	1994.85

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.13	0.93	0.82
Net Profit Margin (PBT/Sales)	(%)	1.71	1.41	1.25
Return on Total Assets (PBT/Total Assets}	(%)	7.66	5.44	5.47
Return on Investment (ROI) (PBT/Networth)		0.42	0.33	0.27
Debt Equity Ratio (Total Debt/Networth)		0.16	0.22	0.11
Current Ratio (Current Asset/Current Liability)		1.20	1.13	1.12

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	Yes
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	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	10362020	19/06/2012	2,400,000,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG BRANCH, 66/80 MUMBAI SAMACHAR MARG, MUMBAI, MAHARASHTRA - 400023, INDIA	B42190124
2	10341799	14/03/2012	1,600,000,000.00	VIJAYA BANK	OVERSEAS BRANCH, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B34868836

* Date of charge modification

REVIEW IN OPERATIONS:

During the year the Company achieved a turnover of Rs.77549.700 millions as compared to Rs.59402.200 millions in the previous year, showing a growth of 30%. The profit after tax for the current year is Rs.880.100 millions compared to Rs.551.900 millions for the previous year.

Fixed Assets:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

Intangible Assets

· 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.62.05
UK Pound	1	Rs.102.03
Euro	1	Rs.85.27

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	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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		63

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.