MIRA INFORM REPORT

Report Date :

15.06.2013

IDENTIFICATION DETAILS

Name :	ESDEE PAINTS LIMITED
Registered Office :	203, Navketan Building, 2nd Floor, Chembur, Mumbai – 400071, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.09.1979
Com. Reg. No.:	11- 021670
Capital Investment / Paid-up Capital :	Rs. 9.997 Millions
CIN No.: [Company Identification No.]	U24222MH1979PLC021670
TAN No.: [Tax Deduction & Collection Account No.]	MUME04963A
PAN No.: [Permanent Account No.]	AAACE1378A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Paints and Allied Products.
No. of Employees :	Not Available

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 4110000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a fine track record. The company has achieved better increase in its sales turnover and profitability during 2012. The financial position of the company appears to be sound and healthy. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitment. The company 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	(CASH CREDIT) A -
Rating Explanation	Adequate degree of safety and low credit risk.
Date	01.07.2012

Rating Agency Name	CRISIL
Rating	(Term Loan) A -
Rating Explanation	Adequate degree of safety and low credit risk.
Date	01.07.2012

Rating Agency Name	CRISIL
Rating	(BANK GUARANTEE) P2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	01.07.2012

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.

LOCATIONS

Registered Office :	203, Navketan Building, 2nd Floor, Chembur, Mumbai – 400071, Maharashtra, India
Tel. No.:	91-22-25217982
Fax No.:	91-22-25212988
E-Mail :	tkfj49@hotmail.com info@esdeepaints.com
Website :	http://www.esdeepaints.com
Factory :	Plot No-5, Survey No. 407/P, Sarkej – Bawla Road, Morya, Taluka Sanand, Ahmedabad, Gujarat, India
Branch Office :	Located at : North Zone: · Punjab · Chandigarh · Haryana · New Delhi · Uttar Pradesh · Uttarakhand · Rajasthan West Zone: · Gujrat · Maharashtra South Zone: · Karnataka · Kerala · Tamilnadu · Andhra Pradesh Central Zone: · Orissa · Jharkhand · West Bengal

DIRECTORS

As on ; 29.09.2012

Name :

Mr. Mahavir Ganeshlal Dawra

Designation :

Director

Address :

8.Railview, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

02.09.1951

Qualification :

Graduate

Date of Appointment :

12.09.1979

PAN No.:

AABPD5974D

DIN No.:

00215028

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	U24222MH1979PLC021670	ESDEE PAINTS LIMITED	Director	12-09-79	12-09-79	-	Active	NO
2	U24110MH1984PTC032976	GANESH CHEMICAL PRIVATE LIMITED	Director	25-05-84	25-05-84	-	Active	NO

Name :

Mr. Sharad Ganeshlal Dawra

Designation :

Director

Address :

8.Railview, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

01.10.1957

Qualification :

Graduate

Date of Appointment :

12.09.1979

DIN No.:

00215060

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	U24222MH1979PLC021670	ESDEE PAINTS LIMITED	Director	12-09-79	12-09-79	-	Active	NO
2	U24110MH1984PTC032976	GANESH CHEMICAL PRIVATE LIMITED	Director	25-05-84	25-05-84	-	Active	NO

Name :

Mr. Rahul Sharad Dawra

Designation :

Director

Address :

8.Railview, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

19.05.1980

Date of Appointment :

06.03.2009

PAN No.:

AGSPD0549P

DIN No.:

02569598

Name :

Mr. Shekhar Ganeshlal Dawra

Designation :

Director

Address :

8.Railview, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

13.03.1954

Qualification :

Graduate

Date of Appointment :

12.09.1979

DIN No.:

02415586

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2012

Names of Shareholders	No. of Shares
Mahavir G. Dawra	17574
Shekhar G. Dawra	14803
Sharad G. Dawra	17108
Rekha S Doshi	160
Ganesh Chemicals Private Limited, India	130
Mitto M. Dawra	725
Malini M. Dawra	725
Varsha M Dawra	660
Rahul S. Dawra	1125
Bela S. Dawra	4100
Sharad G. Dawra (HUF)	465
Swarnalata M. Dawra	3065
Mahavir G. Dawra (HUF)	465
G G Dawra (HUF)	465
Ketki S Dawra	885
Ganesh Industries, India	18000
Ganesh Warehousing and Transport Agency, India	19530
Total	99965

Equity Share Break up (Percentage of Total Equity)

As on : 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Paints and Allied Products.
Products :	· Poly Urethane · Epoxy Hi-performance · Plastic coating · General Industrial · Wood Coating · Decorative · Enamel · Lacquer · Thinner

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of India, Thane MID Corporate Branch, G - 5, Akruti SMC Building, Near Khopat Junction, B.S. Marg, Thane West - 400601, Maharashtra, India

· Canara Bank

· IDBI .Muncipal Co-op Bank

· State bank of Bikaner and Jaipur

· ICICI Bank

· Bank of Baroda (Vatwa)

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2012	31.03.2011
Term Loans from Bank (Secured by mortgage of Property)	38.442	42.286
Loans repayable on demand from Banks	148.836	122.177
Total	187.278	164.463

Auditors 1 :
Name :	K F Jetsey and Company Chartered Accountants
Address :	104, Sandeep Building, Opposite Hotel Vaishali, Chembur, Mumbai – 400071, Maharashtra, India
PAN No.:	AATPJ1658C
Auditors 2 :
Name :	Chandulal M Shah and Company Chartered Accountants
Address :	304, Maker Bhavan No. 3, 21 New Marine Lines, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-2331980 / 81
PAN No.:	AACPS7005F

CAPITAL STRUCTURE

As on : 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs. 100/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99965	Equity Shares	Rs. 100/- each	Rs. 9.997 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	9.997	9.997
(b) Reserves & Surplus	1017.821	843.175
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	38.442	42.286
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
(4) Current liabilities
(a) Short term borrowings	165.050	160.011
(b) Trade payables	243.139	159.139
(c) Other current liabilities	66.437	60.232
(d) Short-term provisions	238.172	146.821
TOTAL	1779.058	1421.661
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	313.941	244.093
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	18.009	24.430
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.001	0.001
(c) Deferred tax assets (net)	7.932	5.053
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	594.704	430.138
(c) Trade receivables	529.516	458.712
(d) Cash and cash equivalents	31.371	24.894
(e) Short-term loans and advances	283.584	234.340
(f) Other current assets	0.000	0.000
TOTAL	1779.058	1421.661

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.996
2] Share Application Money		0.000
3] Reserves & Surplus		700.671
4] (Accumulated Losses)		0.000
NETWORTH		710.667
LOAN FUNDS
1] Secured Loans		132.841
2] Unsecured Loans		30.156
TOTAL BORROWING		162.997
DEFERRED TAX LIABILITIES		0.000
TOTAL		873.664
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		142.931
Capital work-in-progress		82.226
INVESTMENT		0.001
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	348.819
	Sundry Debtors	403.692
	Cash & Bank Balances	28.787
	Other Current Assets	5.703
	Loans & Advances	219.749
Total Current Assets		1006.750
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	140.792
	Other Current Liabilities	41.457
	Provisions	175.995
Total Current Liabilities		358.244
Net Current Assets		648.506
MISCELLANEOUS EXPENSES		0.000
TOTAL		873.664

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3188.112	2565.899	2158.161
		Other Income	0.379	0.843	15.331
		TOTAL	3188.491	2566.742	2173.492
Less	EXPENSES
		Cost of Materials Consumed	2440.167	1929.224
		Changes in Inventories of Finished Goods	(58.315)	(44.628)
		Employees Benefits Expenses	49.664	42.407
		Other Expenses	421.419	363.742
		TOTAL	2852.935	2290.745	1939.094
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		335.556	275.997	234.398
Less	FINANCIAL EXPENSES		34.829	25.244	20.521
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		300.727	250.753	213.877
Less/ Add	DEPRECIATION/ AMORTISATION		40.620	32.378	20.387
Less	PRIOR PERIOD ITEMS BEFORE TAX		0.020	0.315	(0.055)
Add	EXCEPTIONAL ITEMS BEFORE TAX		1.971	0.565	0.000
	PROFIT BEFORE TAX		262.058	218.625	193.545
Less	TAX		87.411	76.121	67.247
	PROFIT AFTER TAX		174.647	142.504	126.298
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	26.634	0.000
	TOTAL EARNINGS		NA	26.634	0.000
	Earnings Per Share (Rs.)		1747.00	1426.00	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.48	5.55	5.81
Net Profit Margin (PBT/Sales)	(%)	39.59	8.52	8.97
Return on Total Assets (PBT/Total Assets}	(%)	14.95	15.70	16.83
Return on Investment (ROI) (PBT/Networth)		0.25	0.26	0.27
Debt Equity Ratio (Total Debt /Networth)		0.20	0.20	4.36
Current Ratio (Current Asset/Current Liability)		0.50	0.46	2.81

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
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 LOAN :

Rs in Millions

Particular	31.03.2012	31.03.2011
Loans repayable on demand	1.500	4.500
Loans and advance from related parties	14.714	33.334
Total	16.214	37.834

BANKERS CHARGES REPORT AS PER REGISTRY :

Corporate identity number of the company	U24222MH1979PLC021670
Name of the company	ESDEE PAINTS LIMITED
Address of the registered office or of the principal place of business in India of the company	203, Navketan Building, 2nd Floor, Chembur, Mumbai – 400071, Maharashtra, India E-mail Id : tkfj49@hotmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80019699
Type of charge	· Immovable Property · Any interest in immovable property
Particular of charge holder	Bank of India, Thane MID Corporate Branch, G - 5, Akruti SMC Building, Near Khopat Junction, B.S. Marg, Thane West - 400601, Maharashtra, India E-mail Id : ThaneMCB.RaigadThane@bankofindia.co.in
Nature of instrument creating charge	Extension of Equitable Mortgage (An oral assent to the Bank to continue to hold the title deeds of immovable properties upon the terms in all respects set out in Memo of Deposit vide EQM No.4321 on 18-10-2011)
Date of instrument Creating the charge	12.11.2012
Amount secured by the charge	Rs. 241.900 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : 3% over Base Rate presently 13.75% p.a. on Working Capital Fund Based and New and Existing Terms Loans. Commission on L/C and Bank Guarantee as applicable from time to time. Terms of Repayment : 3% over Base Rate presently 13.75% p.a. on Working Capital Fund Based and New and Existing Terms Loans. Commission on L/C and Bank Guarantee as applicable from time to time. Margin : Term Loan III 28%. Stocks 25% and Book Debts up to 90 days 40%. L/C and Bank Guarantee 10% in the Form of TDR. Extent and Operation of the charge : Charge of equitable mortgage extended by oral assent to continue to hold title deeds of immovable properties described in col. no. 15, as collateral security for Rs. 241.900 Millions i.e. A + B thus : A) Fund Based: 1. Working Capital a) Cash Credit (Stock and Book Debts) Rs 200.000 Millions + b) Term Loan III Rs. 35.900 Millions = Rs. 235.900 Millions. B) Non Fund Based: a) Bank Guarantee Rs. 1.000 Millions + b) L/C (I/F) DP / DA 180 days Rs. 5.000 Millions = Rs. 6.000 Millions. Property at Plot 5, at Moriya District Ahmedabad prime security for TL III Rs359 Millions Others : Particulars of equitable mortgage extended in respect of various properties at Mahape, MIDC, Navi Mumbai (M.S.) are being separately filed under charge ID 10015405.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Factory, Land and Buildings at Plot no.2013, Phase IV, GIDC Estate, Vatwa, Ahmedabad, Gujarat, India Factory, Land and Buildings at Plot No. 103 to 108, 153 to 158, Maha Gujarat Industrial Estate, Moriya, Ahmedabad.3) Factory, Land and Buildings at S No.132/1(P), 135/6(P) and 135/1/2/5/1 at Village Balkum. Taluka and District Thane. 4) Land and Building at Plot no. 5, Survey No. 407 Paikee 4 Paikee 8 Paikee near B/s Waterman Industry, B A Highway, admeasuring 13151 sq mtrs at Moriya, Taluka Sanand,
Date of instrument modifying the charge	18.10.2011
Particulars of the present modification	I) Collateral equitable mortgage earlier securing credit limits of Rs. 233.300 Millions extended to secure FB and NFB limits totalling Rs. 2419 Millions i.e. A + B THUS IN Rs NIL: A) FB limits 2359 - WC C/C (Stock and Book Debts) Rs. 200.000 Millions (revised from 1800 Millions) ii)Term Loan III 359 (reduced from 473) B) NFB limits 60 - i) B/G 10 ii) L/C (I/F) DA/DP 180 Days 50. II) Equitable mortgage of plot no. 5 S No. 407, at Moriya, District Ahmedabad EXCLUSIVE PRIME SECURITY for Term Loan III of Rs. 35.900 Millions.

FIXED ASSETS:

· Lab Equipments

· Weighing Scale

· Electric Installation

· Car and Scooters

· Computers

· Generators

· Air Conditioner

· Factory Building

· Fire Equipments

· Furniture and Fixtures

· Air-Pollution Control Equipments

· Office Equipments

· Truck

· Plant and Machinery

· Godown

· Office Building

· Residential Building

· Land

· Staff Quarters

· Staff Bus

· Factory Equipments

· Fire Hydrant Systems

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. 57.74
UK Pound	1	Rs. 90.64
Euro	1	Rs. 77.02

INFORMATION DETAILS

Report Prepared by :

NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		55

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.