MIRA INFORM REPORT

Report Date :

31.07.2013

IDENTIFICATION DETAILS

Name :	CONDOR FOOTWEAR (INDIA) LIMITED
Registered Office :	A-1, 3503 3504, GIDC, Sachin, Surat – 395008, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.11.1995
Com. Reg. No.:	04-028221
Capital Investment / Paid-up Capital :	Rs.25.003 Millions
CIN No.: [Company Identification No.]	U19129GJ1995PLC028221
PAN No.: [Permanent Account No.]	AAACC9540N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Foot Wear
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 1990000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a fine track record. Financial position of the company appears to be sound. Performance capability is good. Trade relations are reported as trustworthy. Business is active. Payments are reported as regular and as per the commitment. The concern can be considered good 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.

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

Name :	Mr. Bhavesh
Designation :	Account Department
Contact No.:	91-261-3088700
Date :	27.07.2013

LOCATIONS

Registered Office/ Factory :	A-1, 3503 3504, GIDC, Sachin, Surat – 395008, Gujarat, India
Tel. No.:	91-261-3088700
Fax No.:	91-261-3088727
E-Mail :	rakeshadnani@condorinblu.com info@condorinblu.com mohan@condorinblu.com condorfootwearindia@drdcs.net
Website :	http://www.condorinblu.com
Location :	Owned

DIRECTORS

As on: 29.09.2012

Name :

Mr. Rakesh Bhagwandas Adnani

Designation :

Whole Time Director

Address :

Israil Apartment, Parel Point, Surat, Gujarat, India

Qualification :

B.com, CA and CWA

Date of Appointment :

01.04.2010

PAN No.:

ABLPA8023F

DIN No.:

00164785

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	U19129GJ1995PLC028221	CONDOR FOOTWEAR (INDIA) LIMITED	Whole-time director	01/04/2010	03/08/1998	-	Active	NO
2	U19115GJ2008PTC053853	AF FOOT-CARE PRIVATE LIMITED	Director	03/06/2008	03/06/2008	-	Active	NO

Name :

Mr. Jaikishan Adnani Sugnomal

Designation :

Whole Time Director

Address :

103/104, Shubham Apartment, Athwalimes, Surat, Gujarat, India

Qualification :

H.S.C.

Date of Appointment :

01.04.2011

PAN No.:

ACTPA8360N

DIN No.:

00164890

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	U19129GJ1995PLC028221	CONDOR FOOTWEAR (INDIA) LIMITED	Whole-time director	01/04/2011	24/11/1995	-	Active	NO
2	U19200GJ1999PTC036805	CHIRAG FOOTCARE PRIVATE LIMITED	Director	03/07/2001	03/07/2001	28/08/2008	Active	NO
3	U19201GJ2005PTC051287	CONDOR FOOTWEAR (U.P.) PRIVATE LIMITED	Director	09/10/2010	06/10/2005	-	Active	NO
4	U19100GJ2006PTC048042	AERO WALK INTERNATIONAL (INDIA) PRIVATE LIMITED	Director	10/04/2010	10/04/2010	09/08/2010	Active	NO
5	U19201GJ2012PTC070309	BLUFLEX INTERNATIONAL INDIA PRIVATE LIMITED	Director	14/05/2012	14/05/2012	-	Active	NO
6	U19201GJ2012PLC071717	LA BELLA INTERNATIONAL LIMITED	Director	28/08/2012	28/08/2012	-	Active	NO

Name :

Mr. Virginio Abbondio Fidanza

Designation :

Director

Address :

Via Lonbardia 16-25028, Verdlanuava – B, 9-Verolanuova, B S, Italy

Date of Appointment :

17.04.1997

DIN No.:

02544737

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	U19129GJ1995PLC028221	CONDOR FOOTWEAR (INDIA ) LIMITED	Director	17/04/1997	17/04/1997	-	Active	NO
2	U19201GJ2005PTC051287	CONDOR FOOTWEAR (U.P.) PRIVATE LIMITED	Director	01/03/2013	01/03/2013	-	Active	NO

Name :

Mr. Dipak Jaikishan Adnani

Designation :

Director

Address :

203 A, Subham Apartment, Sarjan Society, Athwalines, Surat - 395007 Gujarat, India

Date of Birth/Age :

05.07.1988

Qualification :

MBA

Date of Appointment :

01.10.2010

PAN No.:

AJTPA0660L

DIN No.:

02498627

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	U19129GJ1995PLC028221	CONDOR FOOTWEAR (INDIA) LIMITED	Whole-time director	01/10/2010	15/09/2008	-	Active	NO
2	U19201GJ2005PTC051287	CONDOR FOOTWEAR (U.P.) PRIVATE LIMITED	Director	01/01/2009	01/01/2009	10/08/2009	Active	NO
3	U19201GJ2012PTC070309	BLUFLEX INTERNATIONAL INDIA PRIVATE LIMITED	Director	14/05/2012	14/05/2012	-	Active	NO
4	U19201GJ2012PLC071717	LA BELLA INTERNATIONAL LIMITED	Director	28/08/2012	28/08/2012	-	Active	NO

Name :

Ruggero Abbiati

Designation :

Director

Address :

VIA BETTENGO 78 (ROAD), 25026 PONTEVICO (VILLAGE), BRESCIA (PROVINCE), 25026 ITALY

Date of Birth/Age :

15.05.1969

Date of Appointment :

21.01.2013

DIN No.:

06488056

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	U19129GJ1995PLC028221	CONDOR FOOTWEAR (INDIA) LIMITED	Whole-time director	21/01/2013	21/01/2013	-	Active	NO
2	U19201GJ2005PTC051287	CONDOR FOOTWEAR (U.P.) PRIVATE LIMITED	Director	01/03/2013	01/03/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Bhavesh
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Adnani Jaikishan Sugnomal	674977
S.R.L. Condor Trade, Italy	1225137
Sval SRL, Italy	50117
Adnani Divya Jaikishan	100
Adnani Rahul Murlidhar	274974
Adnani Nimita Nandkishor	137488
Adnani Minal Nandkishor	137486
TOTAL	2500279

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	49.00
Bodies corporate	2.00
Directors or relatives of directors	49.000
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Foot Wear.

Products :

Product Description	ITC Code
Footwear Manufacturing	64029990

Exports :

Products :

Finished Goods

Countries :

• Middle East
• Europe
• North America

Terms :

Selling :

L/C, Cash, Credit, Cheque and DD

Purchasing :

L/C, Cash, Credit, Cheque and DD

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity
Injection Machines	Pairs/day	30000

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

80 (Approximately)

Bankers :

• Kotak Mahindra Bank Limited, 36-38a, Nariman Bhavan, 227,D, Nariman Point, Mumbai – 400021, Maharashtra, India
• HDFC Bank, House senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Loans taken for vehicles (Hypothecation of the said vehicle.)	5.317	0.770
SHORT TERM BORROWINGS
Working capital loans from banks	17.857	50.541
Other loans and advances (First charge against the amount of receivables and hypothication of stocks of raw materials, finished goods, stores and spares and by machineries, factory building and plot of land.)	10.018	0.000
Total	33.192	51.311

Banking Relations :	--
Auditors :
Name :	S. Gandhi and Associates Chartered Accountants
Address :	3005, World Trade Centre, Ring Road, Surat – 395002, Gujarat, India
Tel. No.:	91-261-2310236/ 2338290
PAN No.:	ABPPG8411K
Subsidiary Company :	Condor Footwear (U.P.) Private Limited CIN No.: U19201GJ2005PTC051287
Associates :	Aero Walk International (India) Private Limited CIN No.: U19100GJ2006PTC048042 Chirag Footcare Private Limited CIN No.: U19200GJ1999PTC036805
Related Parties :	Inblu Trading Company (L.L.C) Condor Trade S.R.L Doles Trading Company (L.L.C)

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2500279	Equity Shares	Rs.10/- each	Rs.25.003 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	25.003	25.003
(b) Reserves & Surplus	473.776	350.637
(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)	498.779	375.640
(3) Non-Current Liabilities
(a) long-term borrowings	5.317	0.770
(b) Deferred tax liabilities (Net)	7.438	6.396
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	12.755	7.166
(4) Current Liabilities
(a) Short term borrowings	27.875	50.541
(b) Trade payables	125.077	160.975
(c) Other current liabilities	53.752	21.553
(d) Short-term provisions	135.654	121.884
Total Current Liabilities (4)	342.358	354.953
TOTAL	853.892	737.759
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	166.251	149.932
(ii) Intangible Assets	1.207	1.114
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	42.901	42.901
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	16.215	1.276
(e) Other Non-current assets	0.301	0.473
Total Non-Current Assets	226.875	195.696
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	268.644	263.208
(c) Trade receivables	153.610	112.985
(d) Cash and cash equivalents	3.341	2.161
(e) Short-term loans and advances	201.422	163.809
(f) Other current assets	0.000	0.000
Total Current Assets	627.017	542.163
TOTAL	853.892	737.759

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		25.003
2] Share Application Money		0.000
3] Reserves & Surplus		243.921
4] (Accumulated Losses)		0.000
NETWORTH		268.924
LOAN FUNDS
1] Secured Loans		1.823
2] Unsecured Loans		0.000
TOTAL BORROWING		1.823
DEFERRED TAX LIABILITIES		5.198
TOTAL		275.945
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		115.983
Capital work-in-progress		0.000
INVESTMENT		43.429
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	155.063
	Sundry Debtors	71.871
	Cash & Bank Balances	3.032
	Other Current Assets	4.892
	Loans & Advances	75.947
Total Current Assets		310.805
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	89.453
	Other Current Liabilities	17.527
	Provisions	87.292
Total Current Liabilities		194.272
Net Current Assets		116.533
MISCELLANEOUS EXPENSES		0.000
TOTAL		275.945

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1060.302	762.629	635.943
		Other Income	20.844	27.770	24.290
		TOTAL (A)	1081.146	790.399	660.233
Less	EXPENSES
		Cost of materials consumed	497.913	413.798
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	0.605	(68.601)
		Employee benefit expense	46.227	31.656
		Other expenses	285.055	210.095
		TOTAL (B)	829.800	586.948	460.271
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		251.346	203.451	199.962
Less	FINANCIAL EXPENSES (D)		4.735	5.862	3.224
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		246.611	197.589	196.738
Less/ Add	DEPRECIATION/ AMORTISATION (F)		26.148	19.655	16.151
	PROFIT BEFORE TAX (E-F) (G)		220.463	177.934	180.587
Less	TAX (H)		72.321	53.717	62.055
	PROFIT AFTER TAX (G-H) (I)		148.142	124.217	118.532
	Deferred Tax		1.042	1.199	0.119
	Dividend Deferred for Current Year		25.003	17.502	37.504
	Dividend Distribution Tax		0.000	0.000	4.187
	PROFIT AFTER TAX AND DIVIDEND		123.139	106.715	76.722
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		350.636	243.921	169.182
Less	APPROPRIATIONS
		Dividend	NA	0.000	1.983
	BALANCE CARRIED TO THE B/S		NA	350.636	243.921
	EARNINGS IN FOREIGN CURRENCY		335.681	184.317	202.552
	Earnings Per Share (Rs.)		59.25	59.68	47.41

Particulars	31.03.2013
Sales Turnover (Approximately)	840.000

The above information has been parted by Mr. Bhavesh

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	13.70	15.72	17.95
Net Profit Margin (PBT/Sales)	(%)	20.79	23.33	28.39
Return on Total Assets (PBT/Total Assets}	(%)	27.18	27.38	42.31
Return on Investment (ROI) (PBT/Networth)		0.44	0.47	0.67
Debt Equity Ratio (Total Debt/Networth)		0.07	0.14	0.01
Current Ratio (Current Asset/Current Liability)		1.83	1.53	1.59

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 four 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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10375694	28/08/2012	70,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B57778128
2	10347140	06/03/2012	70,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B36815496

FIXED ASSETS

Tangible Assets

• Buildings
• Plant and Equipment
• Factory Equipments
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Computer Equipments

Intangible Assets

• Trade Marks

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.59.83
UK Pound	1	Rs.91.76
Euro	1	Rs.79.35

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.