MIRA INFORM REPORT

Report Date :

24.07.2013

IDENTIFICATION DETAILS

Name :	PERFECT COLOURANTS AND PLASTICS PRIVATE LIMITED
Registered Office :	C-1B/85, GIDC, Waghodia, District Vadodara-391760, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.10.1986
Com. Reg. No.:	04-009087
Capital Investment / Paid-up Capital :	Rs. 12.500 Millions
CIN No.: [Company Identification No.]	U25209GJ1986PTC009087
TAN No.: [Tax Deduction & Collection Account No.]	BRDP01025D
PAN No.: [Permanent Account No.]	AABCP2646M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Concentra Colour and Additive Master Batches.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 430000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Exist
Comments :	Subject is an established company having a moderate track record. The management has failed to file its financial for the year 2012 with the government department. As per the previous year’s, the company seems to be performing well. Trade relations are reported to be fair. Business is active. Payments are reported to be unknown. 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 – 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

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 (GENERAL DETAILS)

Name :	Mr. Karan Desai
Designation :	Executive Commercial
Contact No.:	91-9227125551
Date :	22.07.2013

LOCATIONS

Registered Office / Factory :	C-1B/85, GIDC, Waghodia, District Vadodara-391760, Gujarat, India
Tel. No.:	91-2668-26332
Fax No.:	Not Available
E-Mail :	office@perfectcolourants.com
Website :	www.perfectcolourants.com
Location :	Owned
Branch Office :	303, PG Square, Near Tube Company, Old Padra Road, Vadodara-390020, Gujarat, India
Tel. No.:	91-265-6507399 / 6457499
Fax No.:	91-265-2357208
E-Mail :	info@perfectcolourants.com
Factory:	Plot No.4, Daman Industrial Estate (Somnath Industrial Estate), Somnath Road, Daman, Daman and Diu, India

DIRECTORS

As on 29.09.2011

Name :	Mr. Madanmohan Siremal Humad
Designation :	Director
Address :	27, Chinarwood Society, Rkoja Road, Vadodara-390018, Gujarat, India
Date of Appointment :	16.10.1986
DIN No.:	00028925

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25209GJ1986PTC009087	PERFECT COLOURANTS AND PLASTICS PRIVATE LIMITED	Director	16-10-86	16-10-86	Active	NO
2	U24221MH2000PTC129645	SUN SPECTRATECH PRIVATE LIMITED	Director	17-11-00	17-11-00	Active	NO

Name :	Mr. Bhupendrakumar Siremal Humad
Designation :	Director
Address :	801, Prakash, 66, Swastic Society, 5^th Road, JVPD, Vile Parel, Mumbai-400056, Maharashtra, India
Date of Appointment :	04.01.1995
DIN No.:	00786033

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U25209GJ1986PTC009087	PERFECT COLOURANTS AND PLASTICS PRIVATE LIMITED	Director	04-01-95	04-01-95	-	Active	NO
2	U27300MH1989PTC052155	PRAFUL METAL WORKS PRIVATE LIMITED	Director	10-05-00	10-05-00	16-03-09	Active	NO
3	U24221MH2000PTC129645	SUN SPECTRATECH PRIVATE LIMITED	Director	17-11-00	17-11-00	-	Active	NO
4	U27101GJ1990PTC014654	PREMIUM POLYALLOYS PRIVATE LIMITED	Director	15-06-05	15-06-05	-	Active	NO
5	U36990AS2009PTC008956	PREMIUM GRANULES PRIVATE LIMITED	Director	16-02-09	16-02-09	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Karan Desai
Designation :	Executive Commercial

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Madanmohan Siremal Humad	22375
Rekha Humad	44050
M S Humad HUF	33390
Saroj Humad	1400
Rikta Sethi	5720
Rupen Humad	18065
Total	125000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Concentra Colour and Additive Master Batches.

Products :

ITC CODE	PRODUCTS
32061900	Colour Concentrate based on Inorganic Pigments Preparation
32041900	Colour Concentrate based on Organic Pigments Preparation

Exports :

Products :

Finished Goods

Countries :

· USA

· UK

· Africa

Imports :

Products :

Raw Material

Countries :

· China

· Singapore

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	31.03.2011
Installed Capacity	MT	3000.00
Actual Production	MT	2703.567

GENERAL INFORMATION

Customers :

OEMs

No. of Employees :

50 (Approximately)

Bankers :

HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

(Tel No: 91-265-3926566)

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
1. Working Capital Loan from a Bank (Both loans are secured by way of hypothecation of Stock Book debts and Plant and Machinery it is further secured by way First and second charge over entire Fixed Assets of the Company including land, Building and office premises and by personal guarantee of the Directors)	19.677	25.705
2. From Bank against hypothecation of a car	0.495	0.826
Byers Credit	5.198	0.000
Total	25.370	26.531

Banking Relations :
Auditors :
Name :	Lalit R Mehta and Associates Chartered Accountants
Address :	Prasana House, Akota, Vadodara-390015, Gujarat, India
Tel. No.:	91-265-2335107
Fax No.:	91-265-2354630
E-Mail :	admin@lrmca.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAUPM0018Q
Subsidiaries :	· Premium Ployalloys(SA) Pty Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
125000	Equity Shares	Rs.100/- each	Rs. 12.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		12.500	12.500	12.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		94.044	86.107	82.289
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		106.544	98.607	94.789
LOAN FUNDS
1] Secured Loans		25.370	26.531	26.907
2] Unsecured Loans		4.324	5.942	5.143
TOTAL BORROWING		29.694	32.473	32.050
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		136.238	131.080	126.839
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.761	23.088	10.108
Capital work-in-progress		2.133	0.103	0.926
INVESTMENT		8.323	8.310	8.310
DEFERREX TAX ASSETS		0.309	0.476	0.240
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	71.695	62.089	69.659
	Sundry Debtors	62.180	59.027	53.248
	Cash & Bank Balances	4.416	3.239	3.818
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	30.138	17.965	20.079
Total Current Assets		168.429	142.320	146.804
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	53.140	34.151	45.291
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	8.577	9.066	0.259
Total Current Liabilities		61.717	43.217	45.549
Net Current Assets		106.712	99.103	101.255
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		136.238	131.080	120.839

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	357.388	352.952	268.043
		Other Income
		TOTAL	357.388	352.952	268.043
Less	EXPENSES
		Office Expenses
		Administrative Expenses	340.822	336.668	253.293
		Advertising Expenses
		TOTAL	340.822	336.668	253.293
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		16.566	16.284	14.750
	DEPRECIATION/ AMORTISATION		4.719	4.244	2.950
Less	Provision for Investment Written Off		0.000	4.562	0.000
	Provision for Bad Debts		0.690	0.987	0.000
	PROFIT BEFORE TAX		11.157	6.491	11.745
Less	TAX		3.220	2.674	2.510
	PROFIT AFTER TAX		7.937	3.817	9.235
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		84.607	80.789	75.248
	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	1.500
		Dividend	0.000	0.000	1.875
		Tax on Dividend	0.000	0.000	0.318
	BALANCE CARRIED TO THE B/S		92.544	84.607	80.790
	FOB VALUE OF EXPORTS		6.348	6.463	4.140
	IMPORTS
		Raw Materials	69.006	41.250	16.691
		Plant and Machinery	0.000	5.303	1.715
	TOTAL IMPORTS		69.006	46.553	18.406
	Earnings Per Share (Rs.)		63.50	30.54	73.88

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.22	1.08	3.45
Return on Total Assets (PBT/Total Assets}	(%)	6.62	3.91	7.47
Return on Investment (ROI) (PBT/Networth)		0.10	0.07	0.12
Debt Equity Ratio (Total Debt /Networth)		0.28	0.33	0.34
Current Ratio (Current Asset/Current Liability)		2.72	3.29	3.22

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	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	Yes7
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

LITIGATION DETAILS

HIGH COURT OF GUJARAT

TAX APPEAL No. 221 of 2007

Status : Pending

( Converted from : ST/4098/2006 )

CCIN No : 001092200700221

Last Listing Date:

25/07/2008

Coram

Honourable Mr. Justice K.A.Puj Honourable Mr. Justice Bankim.N.Mehta

S.NO.

Name of the Petitioner

Advocate On Record

1

Asstt. Commissioner of Income Tax, Circle-4

Mr KM Parikh for: Appellant(s) 1

S.NO.	Name of the Respondant		Advocate On Record
1	Perfect Colourants and Plastics Private Limited		Served By Affix.-(R) for :Opponent(s) 1
Presented On	: 07/12/2006	Registered On	: 07/12/2006
Bench Category	: Division Bench	District	: Vadodara
Case Originated From	: Through Advocate	Listed	: 16 times
Stage Name	: For Final Hearing - Tax Matters

Act	Income-Tax Act, 1961

Office Details

---

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	07/12/2006	Certified Copy	MR KM Parikh Advocate for Petitioner(s) 1	6	MR KM PARIKH:1
2	07/12/2006	Memo OF Appeal/Petition/Suit	MR KM Parikh Advocate for PETITIONER(s) 1	20	MR KM PARIKH:1
3	15/08/2007	DOCUMENT	Served By Affix.-(R) for Respondent(s) 1	-	SERVED BY AFFIX.-(R):1
Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	20/02/2007	12	-	For Office Objection	Next Date	REGISTRAR (JUDICIAL)
2	25/07/2008	12	-	For Final Hearing - Tax Matters	RULE/ADMIT	Honourable Mr. Justice K.A.Puj Honourable Mr. Justice BANKIM.N.Mehta
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement
1	TAX APPEAL/221/2007	Honourable The Chief Justice Y.R.Meena Honourable Mr. Justice Akil Kureshi	17/09/2007	N	N
2	TAX APPEAL/221/2007	Honourable the Chief Justice Y.R.Meena Honourable Mr. Justice J.C.Upadhyaya	05/12/2007	N	N
3	TAX APPEAL/221/2007	Honourable The Chief Justice Y.R.Meena Honourable Smt. Justice Abhilasha Kumari	30/10/2007	N	N
4	TAX APPEAL/221/2007	Honourable The Chief Justice Y.R.Meena Honourable MR.Justice J.C.Upadhyaya	08/04/2008	N	N
5	TAX APPEAL/221/2007	Honourable The Chief Justice Y.R.Meena Honourable Mr. Justice J.C.Upadhyaya	02/05/2008	N	N
6	TAX APPEAL/221/2007	Honourable The Chief Justice Y.R.Meena Honourable Mr. Justice J.C.Upadhyaya	25/06/2008	N	N
7	TAX APPEAL/221/2007	Honourable The Chief Justice Y.R.Meena Honourable Mr. Justice J.C.Upadhyaya	15/02/2008	N	N
8	TAX APPEAL/221/2007	Honourable The Chief Justice Y.R.Meena Honourable Mr. Justice J.C.Upadhyaya	12/02/2008	N	N
9	TAX APPEAL/221/2007	Honourable Mr. Justice K.A.Puj Honourable Mr. Justice Bankim.N.Mehta	24/07/2008	N	N
10	TAX APPEAL/221/2007	Honourable The Chief Justice Y.R.Meena Honourable MR.Justice J.C.Upadhyaya	03/03/2008	N	N

S. No.	ApplicantName	ApplicationType	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	Mr KM Parikh		28/07/2008	U/9199/2008	24/07/2008	30/07/2008	31/07/2008	Delivered	-

UNSECURED LOAN

PARTICULARS	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors	1.405	1.289
From Shareholders	2.919	4.653
Total	4.324	5.942

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90112985	23/04/2012 *	78,000,000.00	HDFC Bank Limited	HDFC Bank House Senapati Bapat Marg, Lower Parel W , Mumbai, Maharashtra - 400013, India	B39548383
2	90112615	11/08/2004 *	24,800,000.00	Corporation Bank	Dendia Bazar Branch, Vadodara, Gujarat - 390001, India	-
3	90107811	26/04/2000	4,500,000.00	Maharashtra state financial corporation	New Excelsior Building, 5th; 7th; 8th and 9th Floors; Amrit Keshav Nayak, Gujarat, Gujarat, India	-
4	90112584	24/03/2000	8,000,000.00	SBI Factors and Commercial Services	B. B. C. Towers, 1st Floor; Fsayajigunj, Vadodara , Gujarat - 390005, India	-
5	90112548	01/12/1999	Canara Bank	Canara Bank	Raopura Branch, Baroda, Gujarat - 390001, India	-
6	90112541	14/10/1999	333,300.00	Canara Bank	Raopura Branch, Vadodara, Gujarat - 390001, India	-
7	90112526	29/07/1999	208,000.00	Canara Bank	Raopura Branch, Baroda, Gujarat - 390001, India	-
8	90112510	28/05/1999	225,000.00	Canara Bank	Raopura Branch, Baroda, Gujarat - 390001, India	-
9	90112499	21/04/1999	285,000.00	Canara Bank	Raopura Branch, Baroda, Gujarat - 390001, India	-
10	90112384	19/02/1998 *	2,000,000.00	Canara Bank	Raopura Branch, Baroda, Gujarat - 390001, India	-

CONTINGENT LIABILITIES

(Rs. In Millions)

Particular	31.03.2011	31.03.2010
Letters of Credit	13.592	4.529
Bank Guarantee	0.600	0.600
Services Tax Disputed	0.171	0.171

FIXED ASSETS

· Land

· Factory Building

· Office Premises

· Plant and Machinery

· Vehicles

· Residential Building

· Office Equipments

· Computer

· Air Conditioner

· Electrical Installations

· Furniture and Fixture

· Testing 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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.69
UK Pound	1	Rs.91.66
Euro	1	Rs.78.69

INFORMATION DETAILS

Information Gathered by :	PLV
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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.