MIRA INFORM REPORT

Report Date :

04.02.2013

IDENTIFICATION DETAILS

Name :	WEENER EMPIRE PLASTICS LIMITED
Formerly Known As :	EMPIRE PLASTICS LIMITED
Registered Office :	19-A, Mira Co-Operative Industrial Estate, Western Express Highway, Mira, Thane – 401104, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	17.07.1995
Com. Reg. No.:	11-090697
Capital Investment / Paid-up Capital :	Rs.63.811 Millions
CIN No.: [Company Identification No.]	U28129MH1995PLC090697
TAN No.: [Tax Deduction & Collection Account No.]	PNEE01879D
PAN No.: [Permanent Account No.]	AAACE5238K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Plastic Packaging Products and Bottle Caps.
No. of Employees :	Information denied by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1700000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established and reputed company having a satisfactory track record. Trade relations are decent. Business is active. Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealing 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.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A2 (Non – Fund Based Limit)
Rating Explanation	Strong degree of safety and low credit risk.
Date	April 17, 2012

Rating Agency Name	ICRA
Rating	BBB (Term Loan)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	April 17, 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.

INFORMATION DECLINED BY

Name :	Mr. Nilesh Vaidya
Designation :	Accounts Department
Contact No.:	91-22-28455391
Date :	02.02.2013

LOCATIONS

Registered Office :	19-A, Mira Co-Operative Industrial Estate, Western Express Highway, Mira, Thane – 401104, Maharashtra, India
Tel. No.:	91-22-28455391/ 28455027/ 28455525
Fax No.:	91-22-28456841
E-Mail :	arun.shukla@wepl.co.in arun@empirefirm.com

DIRECTORS

As on: 15.09.2012

Name :	Mr. Avinash Brijlal Gupta
Designation :	Chairman and Managing Director
Address :	Mahek Bunglow No.2, Krishna Regency, Sunder Nagar, Malad (West), Mumbai – 400064, Maharashtra, India
Date of Birth/Age :	29.11.1951
Qualification :	B.Com
Date of Appointment :	17.07.1995
PAN No.:	AACPG2211M
DIN No.:	00300127
Name :	Mr. Paresh Saralal Zaveri
Designation :	Whole Time Director
Address :	C-2, Mewawala Apartment, St Mary Road, Borivali (West), Mumbai – 400092, Maharashtra, India
Date of Birth/Age :	23.07.1945
Qualification :	B.S.C.
Date of Appointment :	17.07.1995
PAN No.:	AAAPZ1586A
DIN No.:	00314960
Name :	Mr. Vincent Pual Noronha
Designation :	Whole Time Director
Address :	B – 13, Parshwanath Apartmebnt, Desai and Seth Road, Borivali (West), Mumbai – 400092, Maharashtra, India
Date of Birth/Age :	12.07.1951
Qualification :	B.Com
Date of Appointment :	20.12.1995
PAN No.:	AAAPN6647A
DIN No.:	00217342
Name :	Mr. Kashyap Chandrakant Dalal
Designation :	Director
Address :	Alfardan Group of Companies, P O Box – 9948, Doha, Qatar
Date of Birth/Age :	03.06.1954
Qualification :	Graduate
Date of Appointment :	09.03.1996
DIN No.:	02456090
Name :	Mr. Kirit Kantilal Merchant
Designation :	Director
Address :	Flat No.4, India House No.4, August Kranti Marg, Kemps Corner, Mumbai – 400036, Maharashtra, India
Date of Birth/Age :	08.10.1948
Qualification :	Graduate
Date of Appointment :	15.11.2005
DIN No.:	01467822
Name :	Mr. Abhinav Gupta
Designation :	Whole Time Director
Address :	Mahek Bunglow No.2, Krishna Regency, Sunder Nagar, Malad (West), Mumbai – 400064, Maharashtra, India
Date of Birth/Age :	27.06.1985
Qualification :	Plastic Engineer
Date of Appointment :	07.11.2008
PAN No.:	AHDPG2268E
DIN No.:	02042048
Name :	Mr. Johann Jan Meinders
Designation :	Director
Address :	Ditzumer Hofstrasse 28, Jemgum, Germany-26844
Date of Birth/Age :	07.03.1961
Qualification :	Graduate
Date of Appointment :	07.11.2008
DIN No.:	02740212
Name :	Mrs. Neelam Avinash Gupta
Designation :	Director
Address :	Mahek Bunglow No.2, Krishna Regency, Sunder Nagar, Malad (West), Mumbai – 400064, Maharashtra, India
Date of Birth/Age :	21.05.1955
Date of Appointment :	15.11.2010
DIN No.:	00300042
Name :	Mr. Paul Abner Noronha
Designation :	Director
Address :	24, Tanay Sky Building Village, Saibaba Nagar, Kandivali (West), Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	24.12.1982
Qualification :	Graduate
Date of Appointment :	15.11.2010
DIN No.:	03294092

KEY EXECUTIVES

Name :	Mr. Nilesh Vaidya
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 15.09.2012

Names of Shareholders	No. of Shares
Agnes Vincent Noro	45
Anjana Agarwal	293000
Dalal Kashyap C.	120000
Dalal Kashyap C.	138081
Dalal Ketki K.	225183
Dave Usha Balkrishna	1500
Gupta Amit S.	134000
Gupta Avinash B	831910
Gupta Neelam A.	613194
Gupta Abhinav A.	1750
Gupta Sumit S.	130000
Gupta Sushil B.	44800
Gupta Kiran S	39400
Gupta Avinash B. Jointly with Gupta Abhinav A.	762063
Kamat Prakash Dattatray	3000
Karan P Zaveri	21300
Mehta Arti	3000
Mulji T. Shah	5546
Nambiar I.V.R.	1000
Noronha Vincent P.	841195
Noronha Abner	1750
Surrao Bonifa	8000
Surrao Hazel	2000
Sachin P Zaveri	21400
Weener Plastik AG	1974200
Zaveri Paresh S.	72748
Zaveri Jyoti Paresh	91045
Total	6381110

Equity Share Break up (Percentage of Total Equity)

As on: 15.09.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	30.94
Directors or relatives of directors	60.11
Other top fifty shareholders	8.95
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Plastic Packaging Products and Bottle Caps.

GENERAL INFORMATION

No. of Employees :

Information denied by the management

Bankers :

• Oriental Bank of Commerce, Vasundhara And Vijay Apartment, Annexe, S.V. Road, Borivali (West), Mumbai - 400092, Maharashtra, India
• ING Vysya Bank Limited, First Floor, "A" Wing, Shanti Commercial Complex, Near Mira Road Railway Station, Mira Road (East), Thane - 401107, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Loans taken for fixed assets	123.299	128.162
Loans repayable on demand from banks	187.709	150.411
Total	311.008	278.573

Banking Relations :	--
Auditors :
Name :	Ashok Jayesh and Associates Chartered Accountant
Address :	501, Dheeraj Arma, 5^th Floor, Anant Kanekar Marg, Bandra (East), Mumbai – 400051, Maharashtra, India
PAN No.:	AAAFA3904H
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Pristine Valley Apiculture Private Limited CIN No.: U15490MH2003PTC139934 Ace Plastics-Dun

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
6500000	Equity Shares	Rs.10/- each	Rs.65.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6381110	Equity Shares	Rs.10/- each	Rs.63.811 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		63.811	63.811	63.811
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		381.852	326.390	260.151
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		445.663	390.201	323.962
LOAN FUNDS
1] Secured Loans		311.008	278.573	264.270
2] Unsecured Loans		11.739	11.768	0.000
TOTAL BORROWING		322.747	290.341	264.270
DEFERRED TAX LIABILITIES		39.584	27.454	19.802
TOTAL		807.994	707.996	608.034
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		486.051	460.977	351.313
Capital work-in-progress		86.793	2.916	0.000
INVESTMENT		77.126	70.497	78.909
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	119.623	106.544	90.085
	Sundry Debtors	197.537	180.456	111.022
	Cash & Bank Balances	3.592	6.090	6.951
	Other Current Assets	0.000	0.000	12.904
	Loans & Advances	70.684	61.585	33.085
Total Current Assets		391.436	354.675	254.047
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	40.635	30.663	25.589
	Other Current Liabilities	140.949	107.134	27.182
	Provisions	51.828	43.272	23.464
Total Current Liabilities		233.412	181.069	76.235
Net Current Assets		158.024	173.606	177.812
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		807.994	707.996	608.034

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1038.658	883.602	628.669
		Other Income	9.968	16.324	26.401
		TOTAL (A)	1048.626	899.926	655.070
Less	EXPENSES
		Cost of materials consumed	580.649	491.598
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	2.561	(11.647)
		Employee benefit expense	50.162	39.590
		Exceptional items	(1.817)	(0.793)
		Extraordinary items	0.000	(15.057)
		Other expenses	227.383	208.980
		TOTAL (B)	858.938	712.671	517.834
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		189.688	187.255	137.236
Less	FINANCIAL EXPENSES (D)		42.318	33.408	21.276
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		147.370	153.847	115.960
Less/ Add	DEPRECIATION/ AMORTISATION (F)		57.126	56.592	38.616
	PROFIT BEFORE TAX (E-F) (G)		90.244	97.255	77.344
Less	TAX (H)		33.930	28.102	18.063
	PROFIT AFTER TAX (G-H) (I)		56.314	69.153	59.281
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		218.274	151.966	92.685
Less	PROVISION OF TAX OF EARLIER YEARS		0.782	(0.876)	0.000
Less	APPROPRIATIONS
		Proposed Dividend	0.000	3.191	0.000
		Distribution Tax	0.000	0.530	0.000
	BALANCE CARRIED TO THE B/S		273.806	218.274	151.966
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	13.541	4.723	2.758
	TOTAL EARNINGS		13.541	4.723	2.758
	Earnings Per Share (Rs.)		10.73	12.04	10.56

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.37	7.84	9.05
Net Profit Margin (PBT/Sales)	(%)	8.69	11.01	12.30
Return on Total Assets (PBT/Total Assets}	(%)	10.28	11.92	12.78
Return on Investment (ROI) (PBT/Networth)		0.20	0.25	0.24
Debt Equity Ratio (Total Debt/Networth)		0.72	0.74	0.82
Current Ratio (Current Asset/Current Liability)		1.68	1.96	3.33

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors	40.635	30.663	25.589
Total	40.635	30.663	25.589

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	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	Yes

UNSECURED LOAN

(Rs. In Millions)

Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Deferred sales tax loan	11.739	11.768
Total	11.739	11.768

OPERATIONS:

The Company has achieved turnover of Rs. 1038.658 Millions during the year as against turnover of Rs. 883.603 Millions during the previous year, which represents increase of about 17.55%. Profit for the year after tax during the year was Rs. 56.314 Millions as against Rs. 69.153 Millions during the previous year. Profit margins have reduced during the year due to increase in prices of raw materials, personnel expenses and interest. It will be endeavor of the Directors to give yet improved performance in the coming years.

Production at new units of the Company at Umargaon and Pune will commence from first week of August 2012 and it will enable the Company to achieve higher turnover and profitability.

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U28129MH1995PLC090697
Name of the company	WEENER EMPIRE PLASTICS LIMITED
Address of the registered office or of the principal place of business in India of the company	19-A, Mira Co-Operative Industrial Estate, Western Express Highway, Mira, Thane – 401104, Maharashtra, India E-mail: arun.shukla@wepl.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10340074
Type of charge	Movable property (not being pledge)
Particular of charge holder	Oriental Bank of Commerce, Vasundhara And Vijay Apartment, Annexe, S.V. Road, Borivali (West), Mumbai - 400092, Maharashtra, India E-mail: emailroc@rediffmail.com
Nature of instrument creating charge	Supplemental Agreement to Secure Credit/Loan Facilities
Date of instrument Creating the charge	29.08.2012
Amount secured by the charge	Rs.30.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest rates or such other rates as agreed between the borrower company and the Bank from time to time. Penal interest @ 2%p.a. in case of default. Terms of Repayment Repayment as agreed between the Borrower company and the Bank from time to time. Margin Margin rate, as agreed between the borrower company and the Bank from time to time. Extent and Operation of the charge At the request of the Borrower company, the Bank has enhanced the Cash Credit Limit upto Rs. 30.000 Millions against Hypothecation of goods along with the receivables are pari passu charge with ING-Vysya Bank Limited. The charge stands modified upto Rs. 30.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of goods along with the receivables are pari passu charge with ING-Vysya Bank Limited.
Particulars of the present modification	At the request of the Borrower company, the Bank has enhanced the Cash Credit Limit upto Rs. 30.000 Millions against Hypothecation of goods along with the receivables are pari passu charge with ING-Vysya Bank Limited. The charge stands modified upto Rs. 30.000 Millions

FIXED ASSETS:

Tangible Assets

• Land
• Buildings
• Office Building
• Factory Building
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Motor Vehicles
• Office Equipment
• Computer Equipments

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.53.32
UK Pound	1	Rs.84.60
Euro	1	Rs.72.63

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
TOTAL		49

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.