MIRA INFORM REPORT

Report Date :

03.01.2013

IDENTIFICATION DETAILS

Name :	JAIDEEP GLASS WORKS PRIVATE LIMITED
Registered Office :	134-136 First Floor, Zaveri Bazar, Mumbai – 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	31.10.1980
Com. Reg. No.:	11-023388
Capital Investment / Paid-up Capital :	Rs. 19.000 Millions
CIN No.: [Company Identification No.]	U26100MH1980PTC023388
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ08664F
PAN No.: [Permanent Account No.]	AAACJ0938P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Yarns Threads.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 300000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears huge loss during the current year recorded by the company. However, the networth of the company seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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	BBB- Cash Credit
Rating Explanation	Has been suspended due to lack of information.
Date	October, 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 :	134-136 First Floor, Zaveri Bazar, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-22408834/ 22408261
Fax No.:	91-22-22401372
E-Mail :	jaideep@sancharnet.in jaideep.india@vsnl.com
Website :	http://www.jaideepindia.com
Indore Office :	327-328, Starlite Tower, 3^rd Floor, 29, Y. N. Road, Indore – 452003, Madhya Pradesh, India
Tel. No.:	91-731-2434148/ 2536206/ 5022382/ 83
Fax No.:	91-731-2431357
E-Mail :	jaideep@sancharnet.in
Factory:	Plot No. 418-419, Sector – III, Pithampur, District Dhar, Madhya Pradesh, India
Tel. No.:	91-7292-256129/ 256577/ 256747
Fax No.:	91-7292-256108

DIRECTORS

As on: 29.09.2012

Name :

Mr. Vinay Kumar Agrawal

Designation :

Director

Address :

5, Harsh Nagar, Indore – 452003, Madhya Pradesh, India

Date of Birth/Age :

15.12.1976

Date of Appointment :

30.09.2009

DIN No.:

00102634

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	U52590MP2008PTC020275	JAI BHAWANI TRADING COMPANY PRIVATE LIMITED	Director	31-01-08	31-01-08	-	Active	NO
2	U26100MH1980PTC023388	JAIDEEP GLASS WORKS PRIVATE LIMITED	Director	30-09-09	10-02-09	-	Active	NO

Name :

Mr. Narendra Kumar Agrawal

Designation :

Director

Address :

5, Harsh Nagar, Indore – 452003, Madhya Pradesh, India

Date of Birth/Age :

10.06.1952

Date of Appointment :

28.09.1989

DIN No.:

00102688

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	U74899DL1985PTC020902	STAR FINANCE COMPANY PRIVATE LIMITED	Director	13-05-85	13-05-85	20-12-08	Active	NO
2	U26100MH1980PTC023388	JAIDEEP GLASS WORKS PRIVATE LIMITED	Director	28-09-89	28-09-89	-	Active	NO

Name :

Mr. Tarun Aggarwal

Designation :

Director

Address :

62/ 64, Zaveri House, 2^nd Floor, Mumbai – 400002, Maharashtra, India

Date of Birth/Age :

02.02.1987

Date of Appointment :

30.09.2008

DIN No.:

02039431

Name :

Mr. Varun Ashok Agarwal

Designation :

Director

Address :

134/ 136, Zaveri House, 1^st Floor,. Mumbai – 400002, Maharashtra, India

Date of Birth/Age :

21.02.1984

Date of Appointment :

30.09.2008

DIN No.:

02039467

Name :

Mrs. Shweta Agarwal

Designation :

Director

Address :

5, Harsh Nagar, Indore – 452003, Madhya Pradesh, India

Date of Birth/Age :

19.02.1980

Date of Appointment :

30.09.2009

DIN No.:

02525363

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
M. K. Agrawal HUF	8830
Mamta Agrawal	19420
R. K. Agarwal HUF	9000
R. K. Agarwal	9150
Amita K. Agarwal	5000
Hariharnath Agrawal	13500
Pushpa Agarwal	5000
Narendra Agarwal	755800
Narendra Agarwal HUF	12000
Vijaya Agarwal	133000
Surendra Agarwal	5000
Asha S. Agarwal	12000
Ashok Agarwal	5000
Arvind Agarwal	5000
Gopal N. Agarwal	189100
Ajay Agarwal	100
Reena Agarwal	9100
Rajani Agarwal	100
Anjali Agarwal	100
Vinay N. Agarwal	253400
Geetika Agrawal	70000
Shewta Agrawal	68000
Tarun Agrawal	1200
Varun Agrawal	1200
Gopal Agrawal	50000
Vinay Agrawal	30000
Jai Bhawani Trading Company Private Limited, India	100000
Hari Har Nath Agrawal Charitable Trust	130000
Total	1900000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	5.26
Directors or relatives of directors	87.90
Other top fifty shareholders	6.84
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Yarns Threads.

PRODUCTION STATUS As on 31.03.2012

Particulars	Unit	Licensed Capacity	Installed Capacity
Sinning (Unit I)		25200 Spindles	25200 Spindles
Sinning (Unit II)		42048 Spindles	10800 Spindles

GENERAL INFORMATION

Suppliers :

· Agarwal Textiles Agency

· Ashok and Company

· Asiatic Marketing Company

· Balwant Tools and Company

· M. Kumar Industries

· Mahalaxmi Mill Store Company

· Rashmi Traders

· Rogress Techno Private Limited

· Satnam Industries

· Saturn

· V. S. Enterprises

· Venkat Udyog

· K. Bohra

· Aashita Textiles

· AArun Kumar Gaya

· Aswa and Associates

· Ask India Private Limited

· Capital Road Lines

· Fair Deals

· Geeta Textiles

· Keetex

· Rahul Impex

· Savitt Universal Limited

· Statex Electronics

· Uma Birla

· R. K. Trading Company

Customers :

· Ajay Syntex Limited

· Arnav Sales

· Devi Enterprises

· Ghanshyam Textiles

· Ginni International Limited

· Jagat Surana

· Mahalakshmi Traders

· Neelam Yarn Agency

· S. R. Collection

· R. S. Spuntex Private Limited

· Sayonara Suiz

· Shivam Marketing

· Top Range Collection

No. of Employees :

Not Available

Bankers :

· Punjab National Bank, 24-GG Tower, M. G. Road, Indore – 452001, Madhya Pradesh, India

· Canara Bank, Indore, Madhya Pradesh, India

· Bank of Baroda

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Canara Bank Indore (CC A/C)	60.786	26.857
Canara Bank Indore (Term Loan A/C)	150.383	153.098
Punjab National Bank (CC A/C)	94.077	63.485
Punjab National Bank (Term Loan A/C)	219.884	212.494
Punjab National Bank Hong Kong	35.750	35.750
Bank of Baroda London	25.675	10.075
Security Deposits (Sales Agent and Worker)	4.373	4.666
Total	590.928	506.425
Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Loan and Advances from related parties	35.223	14.337
Total	35.223	14.337

Banking Relations :	--
Auditors :
Name :	Chandra Prakash Rawka and Company Chartered Accountants
Address :	403, Arcade Silver 56, 1, New Palasia, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-2541132/ 2431244
Fax No.:	91-731-4215397
E-Mail :	cp_rawka@yahoo.co.in
PAN No.:	ABTPR3380C

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1900000	Equity Shares	Rs.10/- each	Rs. 19.000 Millions

The reconciliation of the Number of Equity Shares Outstanding

Particulars	31.03.2012
Shares Issued during the year	19000000
Shares redemption during the year	-
Shares outstanding at the end of the year	19000000

Name of Shareholders (holding share more than 5%)

Name of Shareholder	Number of Shares	% of holding
Jai Bhawani Trading Company Private Limited	100000	5.26
Hari Har Nath Agrawal Charitable Trust	130000	7
Vijaya Agrawal	133000	7
Gopal N. Agrawal	189100	10
Viany N. Agrawal	253400	13
Narendra Agrawal	755800	40

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		19.000	19.000	12.380
2] Share Application Money		24.100	24.100	16.200
3] Reserves & Surplus		36.087	118.595	141.116
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		79.187	161.695	169.696
LOAN FUNDS
1] Secured Loans		590.928	506.425	275.890
2] Unsecured Loans		35.223	14.337	18.794
TOTAL BORROWING		626.151	520.762	294.684
DEFERRED TAX LIABILITIES		0.000	0.438	0.000
TOTAL		705.338	682.895	464.380
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		381.109	446.928	333.203
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		13.569	13.928	12.682
DEFERREX TAX ASSETS		9.965	0.000	1.894
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	148.209	112.218	47.141
	Sundry Debtors	30.436	15.650	6.981
	Cash & Bank Balances	53.203	38.941	4.648
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	81.973	72.975	95.561
Total Current Assets		313.821	239.784	154.331
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.841	10.948	10.948
	Other Current Liabilities	2.057	1.486	13.083
	Provisions	3.228	5.311	13.699
Total Current Liabilities		13.126	17.745	37.730
Net Current Assets		300.695	222.039	116.601
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		705.338	682.895	464.380

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	709.874	724.955	576.085
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	705.758	658.724	514.205
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		4.116	66.231	61.880
Less/ Add	DEPRECIATION/ AMORTISATION		97.026	86.421	79.773
	PROFIT/ (LOSS) BEFORE TAX		(92.910)	(20.190)	(17.893)
Less	TAX		(10.402)	2.332	(7.277)
	PROFIT/ (LOSS) AFTER TAX		(82.508)	(22.522)	(10.616)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(11.62)	(3.11)	(1.84)
Return on Total Assets (PBT/Total Assets}	(%)	(13.37)	(2.94)	(3.67)
Return on Investment (ROI) (PBT/Networth)		(1.17)	(0.12)	(0.11)
Debt Equity Ratio (Total Liability/Networth)		8.07	3.33	1.96
Current Ratio (Current Asset/Current Liability)		1.04	13.51	4.09

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U26100MH1980PTC023388
Name of the company	JAIDEEP GLASS WORKS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	134-136 First Floor, Zaveri Bazar, Mumbai - 400002, Maharashtra, India jaideep@sancharnet.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80043085
Type of charge	· Immovable property · Book debts · Movable property (not being pledge)
Particular of charge holder	Punjab National Bank, 24-GG Tower, M. G. Road, Indore – 452001, Madhya Pradesh, India bo0213@pnb.co.in
Nature of instrument creating charge	Hypothecation of moveable assets forming part of Fixed/Block assets Working Capital Consortium agreement between Jaideep Glass and Punjab National Bank and Canara Bank Joint Deed of Hypothecation Inter Se agreement between Punjab national bank and Canara Bank letter of authority given by Canara Bank to Punjab National Bank to act as a lead bank Packing credit agreement (hypothecation)
Date of instrument Creating the charge	05.07.2012
Amount secured by the charge	Rs. 165.000 Millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest BR+4.25%(-)2.00% i.e. AT PRESENT 12.75% Terms of repayment As per agreement Margin 25% on stocks 40% on book debts Extent and operation of the charge First pari-passu charge with other consortium member by way of hypothecation on Raw-materials, stock in process, finished goods, stores and spares etc along with other current assets lying the factory premises or other place approved by the bank from time to time including goods in transit/shipment. 2nd Charge on Pari Passu basis with other consortium members on entire block assets of the company. Other terms and conditions as per attached agreements and letter.
Short particulars of the property or assets charged (including complete address and location of the property)	hypothecation of raw materials, stocks in process, finished goods, stores and spares etc along with other current assets lying in the factory, premises, godowns situated at Pithampur district Dhar other details of assets as mentioned in agreement.
Date of last modification prior to the present modification	11.01.2012
Particulars of the present modification	Overall limit enhanced from Rs. 137.000 Millions to Rs. 165.000 Millions including following sublimit CC (stocks and book debts) limit enhanced from Rs. 93.000 Millions to Rs. 155.000 Millions. (fund based) Punjab National bank Rs. 93.000 Millions Canara Bank Rs. 62.000 Millions (enhanced from Rs. 34.000 Millions to Rs. 62.000 Millions) bank guarantee of Rs. 10.000 Millions (non fund based limit )

OPERATIONS

During the year company has suffered huge losses due to high depreciation, increase in price of raw materials and frequent changes in government policies During the year Company has total income of Rs. 709.874 Millions and incurred net loss of RS.82.508 Millions in comparison to previous year company has total income of Rs.724.955 Millions and incurred net loss of RS. 22.522 Millions

FIXED ASSETS

· Factory Land

· Factory Building

· Plant and Machinery

· Furniture and Fixtures

· Motor Car and Scooter

· Office Equipments

· Computer and Faxes

· Cycle

· Typewriter

· A.C. Machine

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. 54.39
UK Pound	1	Rs. 88.76
Euro	1	Rs. 72.18

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.