MIRA INFORM REPORT

Report Date :

06.07.2013

IDENTIFICATION DETAILS

Name :	KANODIA TECHNOPLAST LIMITED [w.e.f. 16.12.2009]
Formerly Known As :	KANODIA TECHNOPLAST PRIVATE LIMITED
Registered Office :	A- 54, Wazirpur Industrial Area, New Delhi-110052
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.04.1995
Com. Reg. No.:	55-067544
Capital Investment / Paid-up Capital :	Rs. 279.455 Millions
CIN No.: [Company Identification No.]	U74899DL1995PLC067544
TAN No.: [Tax Deduction & Collection Account No.]	DELK03431B
PAN No.: [Permanent Account No.]	AAACK3668F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Packing Material and Distribution of Electricity.
No. of Employees :	500 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 2880000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The company has performed well during 2012. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term loan : BBB
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk.
Date	May 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. Pradeep Gupta
Designation :	Assistant Manager
Contact No.:	91-9313959832
Date :	05.07.2013

LOCATIONS

Registered Office/ Factory :	A-54, Wazirpur Industrial Area, New Delhi-110052, India
Tel. No.:	91-11-27373071/43274274 (20 Lines)
Mobile No.:	91-9313959832 (Mr. Pradeep Gupta)
Fax No.:	91-11-27373072/43274275
E-Mail :	vivek@kanodiaindia.com
Website:	http://kanodiaindia.com
Location :	Owned

DIRECTORS

As on : 04.09.2012

Name :

Mr. Chetan Keshav Dev Kanodia

Designation :

Managing Director

Address :

A-213, Kewal Park, Azadpur, Delhi-110033, India

Date of Birth/Age :

24.12.1952

Date of Appointment :

24.05.2011

PAN No :

AIHPK1457C

Din No.:

00713513

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	U74899DL1995PLC067544	KANODIA TECHNOPLAST LIMITED	Managing director	24-05-11	20-04-95	-	Active	NO
2	U25203DL2007PTC168297	DLK DESIGNS PRIVATE LIMITED	Additional director	04-06-12	07-01-11	-	Active	NO

Name :

Mrs. Meenu Chetan Kanodia

Designation :

Whole - Time Director

Address :

A-213, Kewal Park, Azadpur, Delhi-110033, India

Date of Birth/Age :

20.07.1955

Date of Appointment :

01.07.2011

PAN No :

AALPK5236H

Din No.:

00688289

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	U74899DL1995PLC067544	KANODIA TECHNOPLAST LIMITED	Whole-time director	01-07-11	20-04-95	-	Active	NO

Name :

Mr. Subhash Chand Gupta

Designation :

Director

Address :

1203-4, Gurusmruddhi Heights, Palm Beach Road, Sanpada, Navi Mumbai – 400705, Maharashtra, India

Date of Appointment :

25.08.2011

DIN No.:

00072816

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	U51100MH1997PTC107560	AKRUTI TRADVEST PRIVATE LIMITED	Director	19-01-98	19-01-98	-	Active	NO
2	U99999MH2005PTC158064	ESPRY SOFTECH (INDIA) PRIVATE LIMITED	Director	08-09-05	08-09-05	-	Active	NO
3	U74900MH2008PTC178927	ANTHURIUM CORPORATE ADVISORS PRIVATE LIMITED	Director	30-01-10	30-01-10	-	Active	NO
4	U74899DL1995PLC067544	KANODIA TECHNOPLAST LIMITED	Director	25-08-11	01-08-11	-	Active	NO

Name :

Mr. Ashok Kumar

Designation :

Director

Address :

366, Sector 15A, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

12.12.1940

Date of Appointment :

19.09.2009

Din No.:

02788486

KEY EXECUTIVES

Name :	Mr. Virendra Kumar Jain
Designation :	Secretary
Address :	115, Bank Enclave, Delhi – 110092, India
PAN No :	AHGPJ5680G
Date of Appointment :	16.03.2012

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 04.09.2012

Names of Shareholders	No. of Shares
Chetan Keshav Dev Kanodia	9279200
Meenu Chetan Kanodia	5215630
Chetan Keshav Dev Kanodia and Sons HUF	4306226
Keshav Dev Kanodia	70
Dhruv Chetan Kanodia	770000
Kavita Rakesh Gupta	70
K D Kanodia and Sons HUF	804
Arudhra Finvest (India) Limited	3335000
Subhra Plantations (India) Limited	3538500
Agali Chemicals Private Limited	1500000
Total	27945500

Equity Share Break up (Percentage of Total Equity)

As on : 04.09.2012

Category	Percentage
Directors or relatives of Directors	70.04
Other top fifty shareholders	29.96
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Packing Material and Distribution of Electricity.
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Actual Production (Qty. KG)
Pouches of Plastic	707419.000
Laminated Film (Ptd Paper with Aluminium Foil)	32806.000
Waste and Scrap – Plastic	676648.335
Printing Cylinder	7413.000
Wastage Copper Mix	2975.700
Packaging Films	7429348.610

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

500 (Approximately)

Bankers :

· State Bank of India, Commercial Branch, N-3, South Extension Part – 1, New Delhi – 110049, India

· ING Vysya Bank Limited, 13 Main Road, West Patel Nagar, New Delhi – 110008, India

Facilities :

(Rs in Millions)

SECURED LOANS	31.03.2012	31.03.2011
Term Loans from Banks	236.490	171.946
Loans repayable on demand	326.631	266.727
Total	563.121	438.673

Auditors :
Name :	Raj Kumar and Associates Chartered Accountants
Address :	4435/7, Ansari Road, Darya Ganj, New Delhi-110002, India
Tel. No.:	91-11-41563091/ 94
Fax No :	91-11-41563095
E-Mail :	rajkumarg_ca@yahoo.co.in
PAN No.:	AAAFR9008B
Financial Institution:	Tata Capital Limited, One Forbes, Dr. V.B. Gandhi Marg, Fort, Mumbai-400001, Maharashtra, India

CAPITAL STRUCTURE

As on : 04.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs.400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
27945500	Equity Shares	Rs.10/- each	Rs. 279.455 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	279.455	97.860
(b) Reserves & Surplus	440.981	300.812
(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)	720.436	398.672
(3) Non-Current Liabilities
(a) long-term borrowings	267.990	173.446
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	18.628	1.893
(d) long-term provisions	0.000	1.341
Total Non-current Liabilities (3)	286.618	176.680
(4) Current Liabilities
(a) Short term borrowings	326.631	266.727
(b) Trade payables	79.846	43.998
(c) Other current liabilities	7.263	224.780
(d) Short-term provisions	34.518	26.367
Total Current Liabilities (4)	448.258	561.872
TOTAL	1455.312	1137.224
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	536.080	449.682
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	185.336	96.176
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.100	0.100
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	105.187	62.179
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	826.703	608.137
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	82.185	122.184
(c) Trade receivables	355.243	315.657
(d) Cash and cash equivalents	8.292	4.364
(e) Short-term loans and advances	157.463	50.912
(f) Other current assets	25.426	35.970
Total Current Assets	628.609	529.087
TOTAL	1455.312	1137.224

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		97.860
2] Share Application Money		0.000
3] Reserves & Surplus		250.546
4] (Accumulated Losses)		0.000
NETWORTH		348.406
LOAN FUNDS
1] Secured Loans		372.312
2] Unsecured Loans		45.194
TOTAL BORROWING		417.506
DEFERRED TAX LIABILITIES		0.000
TOTAL		765.912
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		454.765
Capital work-in-progress		48.927
INVESTMENT		0.100
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	91.907
	Sundry Debtors	241.876
	Cash & Bank Balances	2.545
	Other Current Assets	0.000
	Loans & Advances	29.877
Total Current Assets		366.205
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	82.490
	Other Current Liabilities	5.479
	Provisions	16.480
Total Current Liabilities		104.449
Net Current Assets		261.756
MISCELLANEOUS EXPENSES		0.364
TOTAL		765.912

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1556.059	1439.973	1237.797
		Other Income	4.471	1.008	18.529
		TOTAL	1560.530	1440.981	1256.326
Less	EXPENSES
		Cost of Materials Consumed	1151.048	1166.302
		Changes in Inventories of Finished Goods	13.859	(7.959)
		Employees Benefits Expenses	33.751	28.857
		Other expenses	139.088	91.253
		TOTAL	1337.746	1278.453	1098.184
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		222.784	162.528	158.142
Less	FINANCIAL EXPENSES		67.948	53.996	46.458
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		154.836	108.532	111.684
Less/ Add	DEPRECIATION/ AMORTISATION		26.893	26.786	24.891
	EXTRAORDINARY ITEMS		3.376	10.489	0.000
	PROFIT BEFORE TAX		124.567	71.257	86.793
Less	TAX		24.076	20.420	15.159
	PROFIT AFTER TAX		100.491	50.837	71.634
	EARNINGS IN FOREIGN CURRENCY		139.802	163.214	69.386
	IMPORTS
		Raw Materials and Stores	198.237	156.759	46.636
		Capital Goods	174.310	88.195	0.000
	TOTAL IMPORTS		372.547	244.954	46.636
	Earnings Per Share (Rs.)		3.60	5.19	7.32

Particulars	31.03.2013	31.03.2012
Sales Turnover (Approximately)	1620.000	1550.000

The above information has been parted by Mr. Pradeep Gupta (Assistant Manager)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	6.44	3.53	5.71
Net Profit Margin (PBT/Sales)	(%)	8.01	4.95	7.01
Return on Total Assets (PBT/Total Assets}	(%)	9.81	6.85	10.57
Return on Investment (ROI) (PBT/Networth)		0.17	0.18	0.25
Debt Equity Ratio (Total Debt /Networth)		0.83	1.10	1.20
Current Ratio (Current Asset/Current Liability)		1.40	0.94	3.51

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	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	No
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	No

UNSECURED LOANS :

(Rs in Millions)

PARTICULARS	31.03.2012	31.03.2011
Loans and advances from related parties	1.500	1.500
Other Loans and advances	30.000	0.000
Total	31.500	1.500

REVIEW OF OPERATION :

The accounts of the Company reveal that the total turnover (net of excise) of the Company during the financial year 2011 to 2012 is Rs. 1556.059 Millions as compared to the total turnover of Rs. 1439.973 Millions in year 2010 to 2011. During the year 2011 to 2012, the net profit before provision for taxation of the Company increased to Rs. 124.567 Millions from Rs. 71.257 Millions of Net Profit before provision taxation earned during the previous year 2010 to 2011. The Directors are hopeful of better results in future

BANKERS CHARGES REPORT AS PER REGISTRY :

Corporate identity number of the company	U74899DL1995PLC067544
Name of the company	KANODIA TECHNOPLAST LIMITED
Address of the registered office or of the principal place of business in India of the company	A-54, Wazirpur Industrial Area, New Delhi-110052, India Email : vivek@kanodiaindia.com
This form is for	Modification of charge
Charge identification number of the modified	10239574
Type of charge	Movable Property [not being pledge]
Particular of charge holder	TATA CAPITAL FINANCIAL SERVICES LIMITED, One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai – 400001, Maharashtra, India Email : avan.doomasia@tatacapital.com CIN : U67100MH2010PLC210201
Nature of description of the instrument creating or modifying the charge	DEED OF MODIFICATION DATED 28.01.2013
Date of instrument Creating the charge	28.01.2013
Amount secured by the charge	Rs. 70.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest : Long Term Lending Rate (LTLR) @ 17.50% p.a Rate of Interest @ 2.75 % below LTLR. Terms of Repayment : Principal & Interest amount to be repaid in 60 months Extent and Operation of the charge : The charge extends to the due repayment of the loan of Rs.70.000 Millions including the interest, additional interest, costs, charges, expenses and all other monies payable by the Borrower to Tata Capital Financial Services Limited In the event of default in payment of interest or repayment of principal amount of the Loan the Borrower shall pay to the Lender further interest @ 4% p.a. as penal interest.
Short particulars of the property charged	1. 1 NOS. Duplex Slitter Rewinder Machine-1350 1 NOS. Duplex Slitter Rewinder Machine-1350 2. 1 NOS. Wet Lamination and Coating Machine 1 NOS. Wet Lamination and Coating Machine 3. 3 NOS. Coating Roller 1 NOS. Mwm Gas Genset Model TCG2020 V12 K Along With Standard Accessories 4. 1 NOS. Motorized 3 Way Diverter Damper 1 NOS. Gas Conversion Kit 5. 1 NOS. Electronic Beam Accelerator System 1 NOS. Duplex Slitter Rewinder Machine-MODEL NO Nuzen S 737 6. 1 NOS. NH32/2000 ST Bed Induction Hardened. 1 NOS. A2-8/80MM SPINDLE NOSE 7. 1 NOS. Wet Lamination and Coating Machine 1 NOS. BIEFFBI Mounting Machine Model Unica 343 VM.135 TYPE 3 8. 1 NOS. Nitrogen Gas Generator
Particulars of the present modification	Charge dated 19.08.2011 was created by hypothecation of all Machine / equipments appearing in the Schedule shall stands deleted and replaced by Machine/ equipments more particularly described in Schedule 2 of Deed of Modification dated 28.01.2013.

FIXED ASSETS:

· Factory Land and Building

· Fire Fighting Equipments

· Lab Equipments

· Plant and Machinery

· Office Equipments

· Commuters

· Furniture and Fixture

· Vehicles

· Printing Cylinder

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. 60.34
UK Pound	1	Rs. 90.79
Euro	1	Rs. 77.81

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.