MIRA INFORM REPORT

Report Date :

05.07.2013

IDENTIFICATION DETAILS

Name :	RIYA TRAVEL AND TOURS (INDIA) PRIVATE LIMITED
Registered Office :	Gulab Building, 237, P.D Mello Road, Fort, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.05.1992
Com. Reg. No.:	11-066873
Capital Investment / Paid-up Capital :	Rs. 456.975 millions
CIN No.: [Company Identification No.]	U99999MH1992PTC066873
TAN No.: [Tax Deduction & Collection Account No.]	MUMR09065A
PAN No.: [Permanent Account No.]	AAACR3178B
Legal Form :	Private Limited Liability Company
Line of Business :	Provide Tours and Travels Services,
No. of Employees :	250 (Approximately) [In registered office]

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 4200000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having a satisfactory track record. The overall financial position of the company is good. The company has recorded better growth in its turnover during 2012. Trade relations are reported as decent. Business is active. Payment terms are regular and as per commitment. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based limits: “BBB-”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	June 6, 2013

Rating Agency Name	ICRA
Rating	Non fund based limits: “A3”
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	June 6, 2013

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 :	Mr. Jiju
Designation :	Accounts Department
Contact No.:	91-22-66594949
Date :	05.07.2013

LOCATIONS

Registered Office :	Gulab Building, 237, P.D Mello Road, Fort, Mumbai – 400001, Maharashtra, India
Tel. No. :	91-22-66294949 / 66294863
Fax No. :	91-22-22625378 / 22631891
E-Mail :	info@riya.travel
Website :	www.riya.travel
Location :	Owned
Corporate Office :	M/1, Leela Business Park, Andheri Kurla road, Andheri (East), Mumbai - 400059, Maharashtra, India
Tel. No. :	91-22-67772300

DIRECTORS

As on 29.09.2012

Name :	Gracy George
Designation :	Director
Address :	23, Eden Bunglow, Hiranandani Garden, A.D.S. Marg, Powai, Mumbai – 400076, Maharashtra, India
Date of Birth/Age :	13.04.1983
Qualification :	B.Sc.
Experience :	24 Years
Date of Appointment :	21.05.1992
PAN No.:	AAMPG2666C
DIN No. :	00971540
Name :	Mr. George Maniyattu John
Designation :	Director
Address :	23, Eden Bunglow, Hiranandani Garden, A.D.S. Marg, Powai, Mumbai – 400076, Maharashtra, India
Date of Birth/Age :	27.11.1954
Qualification :	Under Graduate
Experience :	29 Years
Date of Appointment :	21.05.1992
PAN No. :	AADPJ2644Q
DIN No. :	00971584
Name :	Mr. Nitin George John
Designation :	Director
Address :	23, Eden Bunglow, Hiranandani Garden, A.D.S. Marg, Powai, Mumbai – 400076, Maharashtra, India
Date of Birth/Age :	13.04.1983
Qualification :	B.Com, MBA
Experience :	8 Years
Date of Appointment :	01.04.2007
PAN No. :	AEHPJ5162M
DIN No. :	00988426
Name :	Mr. Benson Samuel
Designation :	Director
Address :	604, GH-7, Suncity, Orchid Garden, Sector-54, Gurgaon, Delhi, India
Date of Birth/Age :	18.10.1972
Qualification :	B.A.
Experience :	14 Years
Date of Appointment :	01.07.2008
PAN No. :	BAUPS9502A
DIN No. :	02174907
Name :	Mr. Thomas Samuel
Designation :	Director
Address :	Lovedale, Kodamalikunnu Road, Nellikode, Calicut – 673016, Kerala, India
Date of Birth/Age :	17.08.1947
Qualification :	B.Tech
Experience :	24 Years
Date of Appointment :	01.07.2008
PAN No. :	ABPPT6432R
DIN No. :	02175157
Name :	Mr. Manoj Samuel
Designation :	Director
Address :	301, Ganesh Prerna, Plot No.143, Sector-10, New Panvel, Navi Mumbai – 410206, Maharashtra, India
Date of Birth/Age :	05.06.1974
Qualification :	B.Com
Experience :	6 Years
Date of Appointment :	01.07.2008
PAN No. :	AYMPS4550P
DIN No. :	02175164
Name :	Mr. Thomas Mathai
Designation :	Director
Address :	Kunnummel House, Periyapuram, Pampakuda, Ernakulam - 686667, Kerala, India
Date of Birth/Age :	06.04.1968
Date of Appointment :	01.07.2008
PAN No. :	ADQPM3064K
DIN No. :	02202230
Name :	Mr. Jacob Varughese
Designation :	Director
Address :	306, Aeroview C.H.S. Road, No.2, Church Pakhadi, Sahar, Andheri (East), Mumbai – 400099, Maharashtra, India
Date of Birth/Age :	10.11.1953
Date of Appointment :	01.07.2008
PAN No. :	ABQPV9526R
DIN No. :	02206842
Name :	Mr. Jayan Madhavan Nair
Designation :	Director
Address :	B-5, Flat No.601, Janaki Blog, Cosmopol, Itan, C.H.S., 19/A, Nerul, Navi Mumbai – 400706, Maharashtra, India
Date of Birth/Age :	13.09.1954
Qualification :	B.Com
Experience :	32 Years
Date of Appointment :	01.07.2008
PAN No. :	AAAPN5313N
DIN No. :	02210670

KEY EXECUTIVES

Name :	Mr. Jiju
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
George Maniyattu John	4480776
Gracy George	88974
Total	4569750

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Provide Tours and Travels Services,

Products / Services :

Item Code No. (ITC Code)	Product / Services Description
99855110	Air Travel Agents

Terms :

Selling :

Depend

Purchasing :

Depend

GENERAL INFORMATION

Customers :

Others (Corporate)

No. of Employees :

250 (Approximately) [In registered office]

Bankers :

· The Federal Bank Limited, Corporate Banking Branch, 32, Mumbai Samachar Marg, Fort, Mumbai - 400001, Maharashtra, India

· Karnataka Bank Limited, Gateway Plaza, Central Avenue, Hiranandani Gardens, Iit, Powai, Mumbai - 400076, Maharashtra, India

· Citibank N. A. Trent House, 2^nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long term borrowings
Rupee term loans from banks	1.757	3.758
Short term borrowings
Working capital loans from banks	238.468	59.314
Total	240.225	63.072

Banking Relations :	--
Auditors 1 :
Name :	Kailash Chand Jain and Company Chartered Accountants
Address :	1^st Floor, Edena Building, 97-M K Road, Near Income Tax Office, New Marine Lines, Churchgate, Mumbai-400020, Maharashtra, India
PAN No. :	AAAFK3998D
Auditors 2 :
Name :	P S Sanghvi and Company
Address :	8, Datta Nivas, 210, Shivaji Park Road, No. 5, Pandurang Naik Road, Mumbai-400016, Maharashtra, India
PAN No. :	AAHPS5608P
Subsidiary Company :	Riya Travels And Tours Inc, United States
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Riya Holidays Private Limited, India U63040MH2007PTC169657 · Riya Resorts and Properties Private Limited, India U55100MH2002PTC137922
Group Companies :	· Riya Holidays · Riya Travels · Riya Institute of Hospital · Riya Connect · Riya Marine Travel

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5200000	Equity Shares	Rs.100/- each	Rs. 520.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4569750	Equity Shares	Rs.100/- each	Rs. 456.975 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	456.975	456.975
(b) Reserves & Surplus	584.234	417.232
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1041.209	874.207
(3) Non-Current Liabilities
(a) long-term borrowings	1.757	3.758
(b) Deferred tax liabilities (Net)	5.422	4.959
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	7.179	8.717
(4) Current Liabilities
(a) Short term borrowings	758.987	637.811
(b) Trade payables	3768.964	2384.886
(c) Other current liabilities	355.317	152.010
(d) Short-term provisions	0.135	0.040
Total Current Liabilities (4)	4883.403	3174.747
TOTAL	5931.791	4057.671
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	203.779	164.224
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	22.906	16.219
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	109.979	101.824
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	336.664	282.267
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	4217.120	2978.667
(d) Cash and cash equivalents	430.658	233.968
(e) Short-term loans and advances	947.349	562.769
(f) Other current assets	0.000	0.000
Total Current Assets	5595.127	3775.404
TOTAL	5931.791	4057.671

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		456.975
2] Share Application Money		0.000
3] Reserves & Surplus		257.440
4] (Accumulated Losses)		0.000
NETWORTH		714.415
LOAN FUNDS
1] Secured Loans		568.913
2] Unsecured Loans		0.000
TOTAL BORROWING		568.913
DEFERRED TAX LIABILITIES		4.237
TOTAL		1287.565
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		157.133
Capital work-in-progress		0.000
INVESTMENT		8.756
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	2442.391
	Cash & Bank Balances	110.225
	Other Current Assets	240.093
	Loans & Advances	115.170
Total Current Assets		2907.879
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1726.707
	Other Current Liabilities	37.345
	Provisions	23.633
Total Current Liabilities		1787.685
Net Current Assets		1120.194
MISCELLANEOUS EXPENSES		1.482
TOTAL		1287.565

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	962.428	810.425	562.928
		Other Income	45.426	6.876	63.237
		TOTAL	1007.854	817.301	626.165
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	730.406	550.180	402.561
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		277.448	267.121	223.604
Less/ Add	DEPRECIATION/ AMORTISATION		31.226	24.416	20.972
	PROFIT BEFORE TAX		246.222	242.705	202.632
Less	TAX		79.606	81.655	67.755
	PROFIT AFTER TAX		166.616	161.050	134.877
Less	Short Provision of Tax of Earlier year		0.001	0.164	0.080
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		374.136	213.250	78.453
	BALANCE CARRIED TO THE B/S		540.751	374.136	213.250
	Earnings Per Share (Rs.)		36.46	35.24	29.52

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	16.53	19.71	21.54
Net Profit Margin (PBT/Sales)	(%)	25.58	29.95	36.00
Return on Total Assets (PBT/Total Assets}	(%)	4.17	6.01	6.61
Return on Investment (ROI) (PBT/Networth)		0.24	0.28	0.28
Debt Equity Ratio (Total Debt/Networth)		0.73	0.73	0.80
Current Ratio (Current Asset/Current Liability)		1.15	1.19	1.63

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditors	3768.964	2384.886	1726.707

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	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)	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

FINANCIAL RESULTS

The total turnover of the company for the year stood at Rs. 1007.854 millions (previous year Rs. 817.301 millions) an increase of 23.31% over the previous year. Profit after tax stood at Rs. 166.616 millions (previous year Rs. 161.050 millions). It is the result of better co-operation and representation of good management skill that they achieved the target and we hope the same for the next coming years also.

OPERATION

The members that all the branches are working properly and they expect the same in the coming years also.

UNSECURED LOANS

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
Short term borrowings
Working capital loans from banks	520.519	578.497
Total	520.519	578.497

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U99999MH1992PTC066873
Name of the company	RIYA TRAVEL AND TOURS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Gulab Building, 237, P.D Mello Road, Fort, Mumbai – 400001, Maharashtra, India E-mail: info@riyagroup.travel
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80015906
Type of charge	Immovable property Book debts Movable property (not being pledge) Others (Current And Fixed Assets)
Particular of charge holder	The Federal Bank Limited, Corporate Banking Branch, 32, Mumbai Samachar Marg, Fort, Mumbai - 400001, Maharashtra, India E-mail: adlalwani@rediffmail.com
Nature of instrument creating charge	1.Agreement for hypothecation of fixed assets as additional security 2.Counter guarantee 3.EMG by way of redposit of title deeds in favour of federal bank for enhanced limit 4.EMG by way of redposit of title deeds in favour of federal bank for enhanced limit 5.EMG by way of redposit of title deeds in favour of federal bank for enhanced limit 6.EMG by way of redposit of title deeds in favour of federal bank for enhanced limit (all the above agreement constitute a single charge)
Date of instrument Creating the charge	30.06.2012
Amount secured by the charge	Rs. 1051.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As stipulated by bank from time to time Terms of Repayment As stipulated by bank from time to time Margin As stipulated by bank from time to time Extent and Operation of the charge First charge (present and future):- Total Limit Rs. 1051.000 millions (limit given to Riya Travles and Tours (India) Private Limited = cash credit/overdraft = Rs.600.000 millions, B.G.= Rs.450.000 millions) and B.G. facility of Rs. 1.000 million to Riya Travels from mumbai fort branch of the bank) and/or as stipulated by bank from time to time Others As stipualted by bank from time to time
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge (present and future) contiuned security as given by original charge and as well as by modification are as follows :- (1) Hypothecation of all stock/goods/inventories kept at borrower place or in transit or whereeverelse (2)Hypothecation of all book debts and receivbales (3) Continued security of all emg created for various assets/properties charged by original charge as well as by modifications 4)Hypothecaton of all current,movable and fixed assets of the company (5) Hypothecation of all computer, furntiure and fixtures,air conditioners, telephone systems, xerox machine,fax machine, ups system, safe, sign board,generator
Particulars of the present modification	By this modification bank has enhanced bg limit from Rs.400.000 millions to Rs.450.000 millions, total charge stadns to Rs.1051.000 millions (limit given to riya travles and tours (india) Private Limited = CC/OD= Rs.600.000 millions, B.G.=Rs.450.000 millions) and B.G. facility of Rs.1.000 million to Riya Travels from mumbai fort br),by this modification hyp charge is increased to enhanced limit and securities are continued as given by original charge as well as by modifications,terms and conditions as per agreement attached and as per sanction letter of bank

FIXED ASSETS

· Buildings

· Office building

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

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.60.09
UK Pound	1	Rs.91.58
Euro	1	Rs.78.08

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		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

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.