MIRA INFORM REPORT

Report Date :

29.01.2013

IDENTIFICATION DETAILS

Name :	KETAN PLASTIC INDUSTRIES PRIVATE LIMITED
Registered Office :	Survey No. 363, (1) (13), Shree Ganesh Industrial Estate, Kachigaon, Daman and Diu – 396210
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.06.1996
Com. Reg. No.:	56-002124
Capital Investment/ Paid-up Capital:	Rs.9.625 Millions
CIN No.: [Company Identification No.]	U25201DD1996PTC002124
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Polypropylene and Polypropylene Woven Products
No. of Employees:	250 ( Approximately) (In Office + In Factory)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 210000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears continues dip in the profitability of the company from last two years of operations. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. 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.

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	NON FUND BASED LIMIT A4
Rating Explanation	The risk prone credit quality it carry high credit risk
Date	19.04.2012

Rating Agency Name	ICRA
Rating	TERM LOAN BB
Rating Explanation	The inadequate credit quality it carry high credit risk.
Date	19.04.2012

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 PARTED BY

Name :	Ms. Madhuri
Designation :	Finance Executive
Contact No.:	91-22-24929204
Date :	25.01.2013

LOCATIONS

Registered Office/ Factory :	Survey No. 363, (1) (13), Shree Ganesh Industrial Estate, Kachigaon, Daman and Diu – 396210, India
Tel. No.:	91-260-2242231 / 3097292
Mobile No.:	91-9324800017 – (Mr. Dhanesh)
Fax No.:	91-260-2242231 / 24929204
E-Mail :	sales@ketanindia.com dhanesh@ketanindia.com
Website :	http://www.ketanindia.com
Area :	2000 Sq. ft (Approximately)
Location :	Owned
Factory :	597/2 (4), village Dhabel, Daman, Maharashtra, India
Area :	70000 Sq. ft.
Location :	Owned
Administrative Office :	DS-2, Mathuradas mill compound, Lower Parel, Mumbai – 400012, Maharashtra, India
Tel. No.:	91-22-24929204
Fax No.:	91-22-24973466
E-Mail :	kpil@vsnl.com sales@ketanindia.com

DIRECTORS

(AS ON 29.09.2012)

Name :	Mr. Dhanesh Banwarilal Jhunjhunwala
Designation :	Director
Address :	6/5 Bhagwati Apartments S V Road, Malad (West), Mumbai – 400 064, Maharashtra
Date of Birth/Age :	01.06.1968
Qualification :	B.Com
Date of Appointment :	20.06.1996
Din No.:	00001013
Name :	Mrs. Draupatidevi Banwarilal Jhunjhunwala
Designation :	Director
Address :	6/5 Bhagwati Apartments S V Road, Malad (West), Mumbai – 400 064, Maharashtra
Date of Birth/Age :	10.03.1941
Date of Appointment :	20.06.1996
DIN No.:	00001025
Name :	Mr. Banwarilal Radheshyam Jhunjhunwala
Designation :	Chairman
Address :	6/5 Bhagwati Apartments S V Road, Malad (West), Mumbai – 400 064, Maharashtra
Date of Birth/Age :	10.11.1932
Qualification :	B.Com LLB
Date of Appointment :	29.09.2008
DIN No.:	00001024
Name :	Mr. Ramakant Banwarilal Jhunjhunwala
Designation :	Director
Address :	6/5 Bhagwati Apartments S V Road, Malad (West), Mumbai – 400 064, Maharashtra
Date of Birth/Age :	13.01.1962
Qualification :	B.E Management
Date of Appointment :	29.09.2008
DIN No.:	00001022

KEY EXECUTIVES

Name :	Ms. Madhuri
Designation :	Finance Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2012)

Names of Shareholders	No. of Shares
Ramakant Banwarilal Jhunjhunwala	53500
Draupatidevi Banwarilal Jhunjhunwala	241000
Mona Dhanesh Jhunjhunwala	53500
Banwarilal Radheshyam Jhunjhunwala	66125
Dhanesh Banwarilal Jhunjhunwala	216635
Madhu Ramakant Jhunjhunwala	139125
Kavita Naresh Jhunjhunwala	26625
Naresh Banwarilala Jhunjhunwala	26010
Ketan Plastic Industries Private Limited, Mumbai, India	75000
Ketan Ramakant Jhunjhunwala	65000
Total	962520

Equity Share Break up (Percentage of Total Equity)

(AS ON 29.09.2012)

Category	Percentage
Bodies corporate	7.79
Directors or relatives of directors	92.21
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Polypropylene and Polypropylene Woven Products

Products :

• HDPE / PP Woven Bags / Sacks
• HDPE / PP Bags and Sacks
• PP Woven Laminated Gusseted Bags
• Tarpaulins
• PP Woven Valve Type Bags
• Sand bags

Item Code No. (ITC Code)	3926.90
Product Description	HDPE/PP Woven Fabric
Item Code No. (ITC Code)	3923.90
Product Description	Plastic HDPE/PP/LDPE BAGS
Item Code No. (ITC Code)	3915.90
Product Description	Plastic Scrap

Exports :

Products :

Polypropylene and Polypropylene Woven Products

Countries :

• Middle east
• Europe
• America

Imports :

Products :

Raw Material

Countries :

• Saudi Arabia
• Thailand
• Singapore
• Europe

Terms :

Selling :

Cash and Credit (30 Days)

Purchasing :

Cash and Credit (30 Days)

PRODUCTION STATUS (AS ON : 31.03.2011)

Class of Goods: - HDPE/PP tapes/fabrics/sacks laminated/ unlaminated

Installed capacity (In tonnes) : 6840.00

Particulars	Units	Actual Production
HDPE/PP Plastic Sacks	Pcs	24809351
Plastic fabrics laminated	Kg	709481.480
Plastic fabrics unlaminated	Kg	2266701.500
Plastic bags	Pcs	3195194
Plastic Scrap	Kg	156225.200
Plastic Sheet Tubing	--	589490.000

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

250 ( Approximately) (In Office + In Factory)

Bankers :

• Bank of India , Malad (West) Branch, Swami Vivekanand Road, Opposite Natraj Market, Malad (West), Mumbai – 400064, Maharashtra , India

Contact No.: 91-22-28823818

• UCO Bank

Facilities :

Cash and Credit :– Rs.180.000 Millions (From Bank of India)

(Rs. In Millions)

Secured Loans	31.03.2012
TERM LOAN
Term Loan 2845C ( From The Economic Development Corporation of Goa Daman & Diu Ltd secured by charge on all movable plant & machineries of the company both present & future and equitable mortgage on freehold Land and building ) i. Interest rate 10.50% on monthly reducing balance ii. Repayable by qtr instalments of Rs. 0.500 Million iii. There is no default in repayment of loan	0.000
Term Loan from Bank of India Malad (W) -003170210000009 ( From Bank of India Malad (w) secured by charge on all movable plant & machineries of the company both present & future and equitable mortgage on freehold Land and building situated at Somnath ) i. Interest rate 14.75% p.a. with monthly rest ii. Repayable by qtr instalments of Rs. 3.750 Millions( Rs. 3.750 Millions) iii. There is no default in repayment of loan	45.000
LOANS REPAYABLE ON DEMAND
Export Packing credit	0.000
Cash Credit (From Bank Of India, Malad(W) (Secured against hypothecation of book debts & stocks & Guaranteed by directors) (Interest Rate charged by the Bank on Packing Credit, Bills discounting were between 6% to 14% p.a. and there is no default in terms of repayment of principal and interest.)	1.817
Foreign Currency Working Capital Loan (Interest Rate charged by the Bank on Packing Credit, Bills discounting were between 8% to 10% p.a. and there is no default in terms of repayment of principal and interest.)	46.952
Total	93.769

(Rs. In Millions)

Secured Loans	31.03.2011
Term Loan 2845C (From the economic Development Corporation of Goa Daman and Diu Limited Secured by Charge on all Movable Plant And Machinery of the Company both Present and future and equitable mortgaged on freehold Land and Building). Installments due with in one year Rs.2.000 millions.	3.598
Interest Accrued and due on Term Loan	0.095
Term Loan from Bank of India (W) 003170210000009 (From Bank of India Malad(w) secured by charge on all movable plant and machineries of the company both present and future and equitable mortgage on freehold Land and building situated at Somnath)	74.999
Foreign Currency Working capital Loan	25.196
Export Packing Credit	1.400
Cash Credit-003130100801150 From Bank of India Malad West secured by Hypothecation of Book Debts and finished goods, Raw materials, WIP) (Term loan and working capital loan are guaranteed by the directors of the company)	14.092
Total	119.381

Banking Relations :	--
Auditors :
Name :	B.C. Jain and Company Chartered Accountants
Address :	601, Jolly Bhawan No. 2, 51, New Marine Lines, Mumbai - 400 020, Maharashtra, India
Tel. No.:	91-22-43408888
E-Mail :	cacisa@jainandjain.com
PAN No:	AAAFJ1726A
Associates :	Ketan Plastics Private Limited Ketan Polypack Saksham Plastics Polymac Plastics Ashok Plastics N. B. Jhunjhunwala and Company Spur Electronics

CAPITAL STRUCTURE

(As on 31.03.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Share	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
962520	Equity Share	Rs.10/- each	Rs.9.625 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		9.625	9.625	9.625
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		43.489	42.902	40.234
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		53.114	52.527	49.859
LOAN FUNDS
1] Secured Loans		93.769	119.381	135.790
2] Unsecured Loans		52.077	37.271	35.878
TOTAL BORROWING		145.846	156.652	171.668
DEFERRED TAX LIABILITIES		11.791	11.810	10.022
TOTAL		210.751	220.989	231.549
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		154.690	157.762	158.067
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.018	0.018	0.018
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	69.965	84.724	45.524
	Sundry Debtors	43.098	23.687	58.426
	Cash & Bank Balances	3.940	7.985	5.395
	Other Non-Current Assets	7.030
	Other Current Assets	24.451	0.000	0.000
	Loans & Advances	17.481	19.455	19.902
Total Current Assets		165.965	135.851	129.247
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	89.231	67.298	50.541
	Other Current Liabilities	20.556	4.323	2.243
	Provisions	0.135	1.021	3.000
Total Current Liabilities		109.922	72.642	55.783
Net Current Assets		56.043	63.209	73.464
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		210.751	220.989	231.549

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	481.779	430.234	411.625
		Other Income	0.499	0.484	1.654
		TOTAL (A)	482.278	430.718	413.279
Less	EXPENSES
		Office Expenses	443.876	396.611	371.856
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	443.876	396.611	371.856
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		38.402	34.107	41.423
Less	FINANCIAL EXPENSES (D)		27.844	19.052	13.440
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.558	15.055	27.983
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.850	9.543	11.624
	PROFIT BEFORE TAX (E-F) (G)		0.708	5.512	16.359
Less	TAX (H)		0.116	2.810	5.960
	PROFIT AFTER TAX (G-H) (I)		0.592	2.702	10.399
Add	Excess / (Less) IT Provision written back		(0.005)	(0.034)	0.007
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		39.202	36.534	26.129
	BALANCE CARRIED TO THE B/S		39.789	39.202	36.535
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	209.215	119.808	75.694
	TOTAL EARNINGS		209.215	119.808	75.694
	IMPORTS
		Raw Materials	143.112	238.120	226.097
	TOTAL IMPORTS		143.112	238.120	226.097
	Earnings Per Share (Rs.)		0.62	2.81	10.93

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.12	0.63	2.51
Net Profit Margin (PBT/Sales)	(%)	0.15	1.28	3.97
Return on Total Assets (PBT/Total Assets}	(%)	0.22	1.88	5.69
Return on Investment (ROI) (PBT/Networth)		0.01	0.10	0.32
Debt Equity Ratio (Total Liability/Networth)		4.82	4.37	4.56
Current Ratio (Current Asset/Current Liability)		1.51	1.87	2.31

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditors
For Goods	78.480	55.359	37.157
For Expenses / Capital Goods	10.751	11.939	13.384
Total	89.231	67.298	50.541

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	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

UNSECURED LOANS DETAILS

(Rs. In Millions)

Particulars	31.03.2012
From Shareholders & Director's Relatives (Interest rate 15% p.a.)	49.622
From Companies
Everest Medical Technologies Private Limited (Interest Free loans)	1.500
Ketan Plastics Private Limited (Interest rate 15% p.a.)	0.955
Total	52.077

(Rs. In Millions)

Particulars	31.03.2011
From Company Ketan Plastic Private Limited	0.863
Vazir Polymers Limited	1.500
Niranjan Shipping Agency Private Limited	0.000
Govardhan Polyplast Private Limited	2.029
From Shareholders and relatives	32.879
Total	37.271

OPERATIONS:-

During the year the company has achieved sales of Rs. 481.779 Millions (Rs.430.234 Millions). The Directors are hopeful of better results during the current Financial Year.

CONTINGENT LIABILITY NOT PROVIDED FOR:

Estimated amount of contracts remaining to be executed on capital account (Net of advance) Rs.0.000 millions (15.000 millions)

Outstanding Bank Guarantees Rs.1.216 Millions (Rs.0.216 Millions)

Letter of credit issued by bank Rs.18.729 Millions (Rs.6.099 Millions)

The Sales Tax Authorities have raised demand of Rs.0.021 Million for the year ended 31st March 99 and Rs.0.056 Million for the year ended 31st March 2000. The company has preferred appeal against the order and in appeal the order is remanded back to officer for recalculation.

Fixed Assets:-

· Freehold Land

· Factory Building

· Plant and Machinery

· Vehicles

· Electrical Installation

· Flat at Vapi

· Office Equipments

· Furniture and Fixture

· Computers

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.53.89
UK Pound	1	Rs.84.93
Euro	1	Rs.72.51

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	4
--CREDIT LINES	1~10	2
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.