MIRA INFORM REPORT

Report Date :

23.02.2013

IDENTIFICATION DETAILS

Name :	NAMDHARI SEEDS PRIVATE LIMITED
Registered Office :	#119, 9^th Main Road, Ideal Homes Township, Rajarajeshwari Nagar, Bangalore – 560 098, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.11.1985
Com. Reg. No.:	08-007270
Capital Investment / Paid-up Capital :	Rs.50.000 millions
CIN No.: [Company Identification No.]	U01119KA1985PTC007270
TAN No.: [Tax Deduction & Collection Account No.]	BLRN00606E
PAN No.: [Permanent Account No.]	AAACN6725E
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is Producing and Processing in Vegetable, Flower and Field Crop Seeds.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 4506000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. General financial position of the company is good. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. Profit and loss account of the company for the year 2011 is not available.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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 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	CRISIL
Rating	A- (Cash Credit)
Rating Explanation	Adequate degree of safety it carry low credit risk.
Date	August 24, 2012

Rating Agency Name	CRISIL
Rating	A2+ (Packing Credit)
Rating Explanation	Strong degree of safety it carry low credit risk.
Date	August 24, 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 :	#119, 9^th Main Road, Ideal Homes Township, Rajarajeshwari Nagar, Bangalore – 560 098, Karnataka, India
Tel. No.:	91-80-28602167
Fax No.:	91-80-28602168
E-Mail :	info@namdhariseeds.com aswath@namdhariseeds.com
Website :	www.namdhariseeds.com
Head Office :	Bidadi, Bangalore – 562 109, Karnataka, India
E-Mail :	namdhariseeds@namdhariseeds.com

DIRECTORS

As on 30.09.2011

Name :	Mr. Uday Singh Thakur
Designation :	Chairman and Managing Director
Address :	Bidadi Post, Bangalore – 562 109, Karnataka, India
Date of Birth/Age :	05.07.1958
Qualification :	Graduate
Date of Appointment :	08.11.1985
DIN No.:	00032091
Name :	Dr. Narasimhan Anand
Designation :	Whole Time Director
Address :	B-3, 114, SFS 208, Yelahanka New Town, Bangalore – 560 065, Karnataka, India
Date of Birth/Age :	04.05.1950
Qualification :	Ph D
Date of Appointment :	01.07.2003
DIN No.:	00030162
Name :	Mr. Buta Singh Kanwal
Designation :	Whole Time Director
Address :	639/37, 6^th Main, Vijay Nagar, Bangalore – 560 040, Karnataka, India
Date of Birth/Age :	11.07.1953
Qualification :	Graduate
Date of Appointment :	20.06.1994
DIN No.:	01444195
Name :	Dr. Om Prakash Dutta
Designation :	Whole Time Director
Address :	4, Gokula, Near Kupuswamy Garden, Anand Nagar, Bangalore – 560 032, Karnataka, India
Date of Birth/Age :	19.06.1947
Qualification :	Ph D
Date of Appointment :	01.07.2003
DIN No.:	00266817

KEY EXECUTIVES

Name :	Mr. T. Manjunath
Designation :	General Manager - Bidadi, Bangalore
Address :	No: G6,Swastik Manandi Arcade,401/2, S.C Road, Bangalore – 560 020, Karnataka, India
Name :	Mr. Rashpal Singh
Designation :	General Manager – North
Address :	C/O Pratap Trading Co., Hira Nagar, Opposite Transport Nagar, Sherpur Byepass, Ludhiana – 141 001, Punjab, India
Name :	Mr. Vishwanath Aithal
Designation :	General Manager – Bidadi, Bangalore
Address :	Bidadi, Bangalore – 562 109, Karnataka, India
Name :	Mr. Mukesh Patel
Designation :	Branch Manager – Ahmedabad
Address :	# 15, Bhumi Complex,Sarkhej-Sanand Highway, Near Shahil Hotel, Sarkhej, Ahmedabad – 382 210, Gujarat, India
Name :	Mr. Shakeel Ahmed
Designation :	Assistant Manager – Siliguri
Address :	No. 4, Sarat Bose Road, Dakshini Apartment Hakimpara, Siliguri – 734 401, West Bengal, India
Name :	Mr. Sunil Kumar Singh
Designation :	Branch Manager
Address :	Karishma Kunj, Sh 8/3 K-1, Ramjanakidham Colony, Shivpur - 221 003, Varansai, India
Name :	Mr. Pavan Kumar
Designation :	Assistant General Manager – Tamilnadu And Mysore
Address :	MIG 58, 4th Main, A & B Block,Ramakrishna Nagar, Mysore – 570 020, Karnataka, India
Name :	Mr. Yeshwant Singh
Designation :	Branch Manager
Address :	Street - 6, H-8, V.V. Vihar (Near Prem Nagar) Mova, Raipur – 492 007, Chhattisgarh, India
Name :	Mr. Deepak Kumar Singh
Designation :	Country Manager – Bangladesh
Address :	149, DIT Extension Road, Bangladesh – 10000, Naya Paltan, India
Name :	Mr. Avijit Jana
Designation :	Assistant Manager
Address :	# 269/7, Dr. A.K. Paul Road, Behala – 700 031, West Bengal, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Uday Singh Thakur	162000
Gursharan Kaur	78000
Jai Singh Sandhu	10000
Total	250000

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :	The Company is Producing and Processing in Vegetable, Flower and Field Crop Seeds.
Products :	Vegetable Seeds

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	31.03.2011 (Qty. in MT)
Purchases/ Seeds Products	1666.87

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v Canara Bank, Bidadi, Bangalore – 562 109, Karnataka, India

v HDFC Bank Limited, Ludhiana, Punjab, India

v ICICI Bank Limited, Bidadi, Bangalore, Karnataka, India

v Corporation Bank, Bidadi, Bangalore, Karnataka, India

v Canara Bank, Nalligudda Tank Road, Bidadi, Bangalore – 562 109, Karnataka, India

v Axis Bank Limited, Bidadi, Bangalore, Karnataka, India

v State Bank of India, Bidadi, Bangalore, Karnataka, India

v State Bank of Mysore, Bidadi, Bangalore, Karnataka, India

v State Bank of Mysore (Madugiri)

v Canara Bank (Ahmedabad)

v Canara Bank (Ooty)

v Canara Bank (Hospet)

v Canara Bank (Kushalnagar)

v Canara Bank (Ludhiana)

v Canara Bank (Ranebennur)

v Canara Bank (Seshadripuram)

v Canara Bank (Siliguri)

v Canara Bank (Sira)

v Canara Bank (Chikkamagalur)

v Canara Bank (Kadur)

v Canara Bank (Koppal)

v Canara Bank (Sirsa)

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Rupee term loans banks secured	140.129	65.578
Loans taken for vehicles secured	4.627	5.843
Total	144.756	71.421

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Working capital loans banks unsecured	0.771	0.520
Working capital loans financial institutions unsecured	0.000	0.092
Total	0.771	0.612

Banking Relations :	--
Auditors :
Name :	Mohan and Narayan Chartered Accountants
Address :	1/4, P.R. Layout, 1^st Main Road, Seshadripuram, Bangalore – 560 020, Karnataka, India
Tel. No.:	91-80-23311631/ 23315933
Tele Fax No.:	91-80-23440455
E-Mail :	mahonnnarayan@rediffmail.com
Income-tax PAN of auditor or auditor's firm :	ABQPC5273Q
Subsidiaries :	Namdhari Farm Fresh Private Limited, India CIN No.: U01121KA2006PTC038469

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.200/- each	Rs.60.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.200/- each	Rs.50.000 millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.200/- each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.200/- each	Rs.50.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		50.000	50.000	50.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1076.391	963.379	822.259
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1126.391	1013.379	872.259
LOAN FUNDS
1] Secured Loans		144.756	71.421	143.122
2] Unsecured Loans		0.771	0.612	1.329
TOTAL BORROWING		145.527	72.033	144.451
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1271.918	1085.412	1016.710
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		192.899	184.864	171.033
Capital work-in-progress		8.979	0.000	0.000
INVESTMENT		430.859	396.682	380.202
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	378.987	232.647	230.639
	Sundry Debtors	131.013	102.254	73.142
	Cash & Bank Balances	92.933	99.324	143.870
	Other Current Assets	0.000	0.000	0.000
	Deposits, Loans & Advances	304.076	255.975	230.693
Total Current Assets		907.009	690.200	678.344
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	64.347	32.611	48.840
	Other Current Liabilities	155.414	107.285	123.478
	Provisions	48.067	46.438	40.551
Total Current Liabilities		267.828	186.334	212.869
Net Current Assets		639.181	503.866	465.475
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1271.918	1085.412	1016.710

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA	901.629	754.413
		Other Income	NA	0.933	10.847
		TOTAL	NA	902.562	765.260
	EXPENSES
		Office Expenses	NA	745.075	679.022
		Administrative Expenses
		Advertising Expenses
		Financial Expenses
		TOTAL	NA	745.075	679.022
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	165.887	86.239
Less/ Add	DEPRECIATION/ AMORTISATION		NA	20.846	21.406
	PROFIT BEFORE TAX		NA	145.041	64.833
Less	TAX		NA	3.700	2.056
	PROFIT AFTER TAX		NA	141.341	62.777
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	822.259	759.049
	APPROPRIATIONS
		Provision for Dividends	NA	0.000	5.000
		Tax on Dividend	NA	0.000	0.850
	BALANCE CARRIED TO THE B/S		NA	963.379	822.259
	EARNINGS IN FOREIGN CURRENCY		63.662	14.862	21.489
	Earnings Per Share (Rs.)		427.00	564.00	251.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	15.66	8.20
Net Profit Margin (PBT/Sales)	(%)	NA	16.09	8.59
Return on Total Assets (PBT/Total Assets}	(%)	NA	16.57	7.63
Return on Investment (ROI) (PBT/Networth)		NA	0.14	0.07
Debt Equity Ratio (Total Liability/Networth)		0.37	0.25	0.41
Current Ratio (Current Asset/Current Liability)		3.39	3.70	3.19

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last two years	Yes
12) Profitability for last two 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	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

Note:

The registered office of the company has been shifted from Sri Sai Arcade, No.8, 12^th Cross, 1^st Phase, Ideal Homes Town Ship, Rajarajeshwari Nagar, Bangalore – 560 098, Karnataka to the present address w.e.f. 01.07.2011.

Bankers Charges Report as per Registry

Corporate identity number of the company	U01119KA1985PTC007270
Name of the company	NAMDHARI SEEDS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	#119, 9^th Main Road, Ideal Homes Township, Rajarajeshwari Nagar, Bangalore – 560 098, Karnataka, India E-Mail: info@namdhariseeds.com
This form is for	Creation of charge
Type of charge	Movable Property (not being pledge)
Particular of charge holder	Canara Bank, Bidadi, Bangalore – 562 109, Karnataka, India E-Mail: blrr0426@canbank.co.in
Nature of description of the instrument creating or modifying the charge	Hypothecation Deed
Date of instrument Creating the charge	02.03.2012
Amount secured by the charge	Rs.0.737 million
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 12.75% Terms of Repayment: 60 monthly installments Margin: Rs.0.083 million Extent and Operation of the charge: First charge
Short particulars of the property charged	Mahindra Bolero Refresh M2 DICR ZLX valued at Rs.0.820 million.

FIXED ASSETS

v Land

v Building

v Plant and Machinery

v Electrical Fittings

v Furniture and Fixture

v Motor Vehicles

v Equipments

v Computers

v Solar Lighting

WEBSITE DETAILS

PROFILE:

Founded in 1985, Subject initially concentrated on contract seed production for exports.  In first decade, it emerged as one of the largest contract seed producer of vegetables and flowers.  Simultaneously breeding programs were started to develop suitable hybrids for the Indian market in important vegetable crops.  There first hybrids were released in the Indian market in 1992 which were very successful. Inspired by the success of there hybrids there was an increased emphasis and investment in breeding which resulted into the position of leadership in Indian vegetable seed industry. 

Presently, Subject is one of the largest vegetable seed companies in India. They offer more than 500 hybrids and varieties in 20 different crops globally.  There research team strives to develop suitable hybrids for diverse market requirements. Major emphasis is on regional preferences, adaptability, disease resistance, yield, taste and shelf life.  The product development team acts in close co-ordination with R and D and marketing and conducts trials, extensively in the farmer’s fields before releasing to the market.  Close interaction of marketing and product development team with the farmers ensures that best products reach the farmer. Although the major concentration of there production is in India, to overcome seasonal limitations, capabilities have been developed to produce seeds in different locations worldwide.

With successes achieved in the domestic scenario, Subject has also expanded its activities to S.E. Asian countries (Bangladesh, Thailand, Vietnam and Indonesia) and Middle East (Egypt, Jordan, Syria and Saudi) besides Turkey. There hybrids have been accepted in many of these markets. The company has now diversified into field crops and developed cotton and rice hybrids.

They at Subject understand the importance of the seeds in relation to livelihood and prosperity of the farmer.  They have also diversified into production, export and domestic retailing of fresh vegetables through there subsidiaries Namdhari Farm fresh and Namdhari Agro fresh. This has helped them to understand the difficulties of grower and the needs of end customer.

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 records 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. 54.43
UK Pound	1	Rs. 83.20
Euro	1	Rs. 71.91

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		51

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.