MIRA INFORM REPORT

Report Date :

19.06.2013

IDENTIFICATION DETAILS

Name :	STRUCTURAL INSULATION AND GLAZING COMPANY PRIVATE LIMITED
Registered Office :	Ground Floor, Shalimar Square, B.N. Road, Lalbagh, Lucknow - 226001, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.04.2006
Com. Reg. No.:	20-031633
Capital Investment / Paid-up Capital :	Rs.22.000 Millions
CIN No.: [Company Identification No.]	U25206UP2006PTC031633
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Insulated, Toughened, Bend Toughened Glass, Architectural Glass.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 130000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The external borrowing seems to be huge which act as a threat to the liquidity position. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. 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.

LOCATIONS

Registered Office :	Ground Floor, Shalimar Square, B.N. Road, Lalbagh, Lucknow - 226001, Uttar Pradesh, India
Tel. No.:	91-522-2202691 / 92 / 93 / 94
Fax No.:	91-522-2627836
E-Mail :	sigtuff@gtuff.com cfclko@gmail.com
Website:	www.sigtuff.com
Factory :	E-3 to E-6, Up SIDC Industrial Area, Deva Road, Chinhat, Lucknow, Uttar Pradesh, India
Tel. No.:	91-522-2818673 / 2818731 / 2818732
E-Mail :	sigtuff@gtuff.com
Branch Office :	Located at · Uttaranchal · Bihar · Jharkhand · Orissa · Nepal

DIRECTORS

As on 29.09.2012

Name :

Mohd Abdullah Masood

Designation :

Director

Address :

196/4, R.L.C.Road, Golaganj, Lucknow-226018, Uttar Pradesh, India

Date of Birth/Age :

19.08.1980

Date of Appointment :

30.09.2011

DIN No.:

00157623

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	U26101UP1999PTC024621	BANARAS GLASSES PRIVATE LIMITED	Director	20-07-99	20-07-99	-	Active	NO
2	U74899MH1994PTC211063	CONSORTIUM MOTORS PRIVATE LIMITED	Director	30-09-03	30-09-03	-	Amalgamated	NO
3	U26106UP2003PTC027990	M A HOLDINGS PRIVATE LIMITED	Director	15-10-03	15-10-03	-	Active	NO
4	U26106UP2003PTC027989	M A K SALES PRIVATE LIMITED	Director	15-10-03	15-10-03	28-02-08	Active	NO
5	U70109UP2003PTC027987	BANARAS PROPERTIES PRIVATE LIMITED	Director	15-10-03	15-10-03	-	Active	NO
6	U67190UP1996PTC019521	A SQUARE CAPITAL CONSULTANCY SERVICES PRIVATE LIMITED	Director	04-11-04	04-11-04	15-03-11	Active	NO
7	U25206UP2006PTC031633	STRUCTURAL INSULATION AND GLAZING COMPANY PRIVATE LIMITED	Director	30-09-11	06-05-06	-	Active	NO
8	U45203MH2009PTC192679	PRESTIGE URBAN INFRATECH PRIVATE LIMITED	Director	26-05-09	26-05-09	-	Active	NO
9	U26100MH2010PLC209449	SHALIMAR VENTURES LIMITED	Director	26-10-10	26-10-10	-	Active	NO

Name :

Ms. Aysha Khalid Masood

Designation :

Director

Address :

196/4, Golaganj, R.L.C. Road, Lucknow-226018, Uttar Pradesh, India

Date of Birth/Age :

21.11.1977

Date of Appointment :

30.09.2010

DIN No.:

00238664

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	U26101UP1999PTC024621	BANARAS GLASSES PRIVATE LIMITED	Director	17-06-02	17-06-02	-	Active	NO
2	U70109UP2003PTC027987	BANARAS PROPERTIES PRIVATE LIMITED	Director	15-10-03	15-10-03	-	Active	NO
3	U26106UP2003PTC027989	M A K SALES PRIVATE LIMITED	Director	15-10-03	15-10-03	10-02-09	Active	NO
4	U26106UP2003PTC027990	M A HOLDINGS PRIVATE LIMITED	Director	15-10-03	15-10-03	-	Active	NO
5	U25206UP2006PTC031633	STRUCTURAL INSULATION AND GLAZING COMPANY PRIVATE LIMITED	Director	30-09-10	09-08-10	-	Active	NO
6	U67190UP1996PTC019521	A SQUARE CAPITAL CONSULTANCY SERVICES PRIVATE LIMITED	Director	29-08-11	09-03-11	-	Active	NO

Name :

Mr. Mohammed Ahmad

Designation :

Director

Address :

S-20/56-G, Canady Road, Mushran Compound, Sikhraul, Varanasi-221001, Uttar Pradesh, India

Date of Birth/Age :

02.05.1967

Date of Appointment :

06.05.2006

DIN No.:

00787074

Name :

Mr. Shoeb Ahmad

Designation :

Director

Address :

Cantonment Sikhraul, Varanasi-221001, Uttar Pradesh, India

Date of Birth/Age :

11.06.1962

Date of Appointment :

06.05.2006

DIN No.:

00787122

Name :

Mr. Obaid Ahmad

Designation :

Director

Address :

520/56-G, Cantonment Sikhraul, Varanasi-221001, Uttar Pradesh, India

Date of Birth/Age :

19.08.1960

Date of Appointment :

06.05.2006

DIN No.:

00787197

Name :

Nooreen Ahmad

Designation :

Director

Address :

S 20/56-G-KHA, Kaneddy Road, Barunapu, Varanasi-221001, Uttar Pradesh, India

Date of Birth/Age :

24.11.1972

Date of Appointment :

09.08.2010

DIN No.:

03134062

Name :

Mariam Masood

Designation :

Director

Address :

8-2-624/B/1/1 P41, Road No. 10, Banjara Hills, Hyderabad-500034, Andhra Pradesh, India

Date of Birth/Age :

22.07.1984

Date of Appointment :

30.09.2010

DIN No.:

03134091

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	U25206UP2006PTC031633	STRUCTURAL INSULATION AND GLAZING COMPANY PRIVATE LIMITED	Director	30-09-10	09-08-10	-	Active	NO
2	U67190UP1996PTC019521	A SQUARE CAPITAL CONSULTANCY SERVICES PRIVATE LIMITED	Director	29-08-11	09-03-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Masood Ahmed	250000
Obaid Ahmad	262500
Shoeb Ahmad	262500
Mohd. Ahmad	350000
Khalid Masood	227500
Mohd. Abdullah Masood	327500
Seema Zaheer	72500
Shaheen Khanam	72500
Aysha Khalid Masood	147500
Mariam Masood	147500
Noreen Ahmad	80000
Total	2200000

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 :

Manufacturer and Exporter of Insulated, Toughened, Bend Toughened Glass, Architectural Glass.

GENERAL INFORMATION

Suppliers :

· Adarsh Steels

· Bharat Machinery Company

· D K Traders

· DPS Sales Corporation

· Flame India

· Glass and Glazing Technologies (India) Private Limited

· Gold Plus Glasses India Limited

· Mohan Hotel

· Radha Madhav Corporation Limited

· S.G. Computers

Customers :

· Gujarat Guardia Limited (Modi Guard)

· Saint Gobain Glass Limited

· Jai Mata Glass Limited

· Triveni Glass Limited

· Asahi india Glass Limited

· Gopal Glass Works

No. of Employees :

Not Available

Bankers :

· Oriental Bank of Commerce, Sadar Bazar Branch, 40, Sadar Bazar, Lucknow-226002, Uttar Pradesh, India

· Punjab National Bank, Lalbagh Branch, Lucknow - 226001, Uttar Pradesh, India

· Allahabad Bank

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long Term Borrowings
Term Loan – From Bank	40.452	28.390
Short Term Borrowings
Loan Repayable on Demand
From Bank	41.110	36.223
From Other Parties	23.864	22.855
Total	105.426	87.468

Banking Relations :	--
Auditors :
Name :	Sandeep Tandon and Company Chartered Accountants
Address :	Commerce House, 1^st Floor, Habibullah Estate, Hazratganj, Lucknow-226001, Uttar Pradesh, India.
PAN No.:	AAKPT6740L

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2200000	Equity Shares	Rs.10/- each	Rs.22.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2200000	Equity Shares	Rs.10/- each	Rs.22.000 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	22.000	20.000
(b) Reserves & Surplus	11.578	8.083
(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	59.779	37.741
(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	64.974	59.077
(b) Trade payables	16.168	7.029
(c) Other current liabilities	1.786	2.217
(d) Short-term provisions	3.730	3.537
TOTAL	180.016	137.684
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	87.884	53.050
(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	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(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	6.246	4.361
(b) Inventories	54.943	31.725
(c) Trade receivables	26.040	31.025
(d) Cash and cash equivalents	1.272	0.878
(e) Short-term loans and advances	3.631	16.645
(f) Other current assets	0.000	0.000
TOTAL	180.016	137.684

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		15.000
2] Share Application Money		0.000
3] Reserves & Surplus		4.744
4] (Accumulated Losses)		0.000
NETWORTH		19.744
LOAN FUNDS
1] Secured Loans		71.868
2] Unsecured Loans		8.027
TOTAL BORROWING		79.895
DEFERRED TAX LIABILITIES		0.000
TOTAL		99.639
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		41.506
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.312
	Sundry Debtors	27.034
	Cash & Bank Balances	0.993
	Other Current Assets	0.000
	Loans & Advances	11.691
Total Current Assets		69.030
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	9.690
	Provisions	1.317
Total Current Liabilities		11.007
Net Current Assets		58.023
MISCELLANEOUS EXPENSES		0.110
TOTAL		99.639

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	184.062	152.149	158.743
		Other Income	2.385	2.803	1.197
		TOTAL (A)	186.447	154.952	159.940
Less	EXPENSES
		Cost of Materials consumed	164.601	122.064
		Employee Benefit Expense	8.548	6.413
		Other Administrative Expenses	12.630	9.329
		Changes in inventories of finished goods, work-in-progress and stock-in-Trade	(23.810)	(1.898)
		TOTAL (B)	161.969	135.908	150.584
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		24.478	19.044	(Including financial expenses)
Less	FINANCIAL EXPENSES (D)		12.722	9.594
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11.756	9.450	9.356
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.798	4.905	5.444
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		4.958	4.545	3.912
Less	TAX (H)		1.464	1.205	1.345
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		3.494	3.340	2.567
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.084	4.744	2.177
	BALANCE CARRIED TO THE B/S		11.578	8.084	4.744
	Earnings / (Loss) Per Share (Rs.)		1.59	1.67	1.71

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.87	2.16	1.60
Net Profit Margin (PBT/Sales)	(%)	2.69	2.99	2.46
Return on Total Assets (PBT/Total Assets}	(%)	2.75	3.30	3.54
Return on Investment (ROI) (PBT/Networth)		0.15	0.16	0.20
Debt Equity Ratio (Total Debt/Networth)		5.67	4.84	4.05
Current Ratio (Current Asset/Current Liability)		1.06	1.18	6.27

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

UNSECURED LOANS

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
Long Term Borrowings
Loans and advances from Related Parties	3.250	3.373
Loans from Directors	8.227	0.627
Other Loans and Advances	7.850	5.350
Total	19.327	9.350

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25206UP2006PTC031633
Name of the company	STRUCTURAL INSULATION AND GLAZING COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Ground Floor, Shalimar Square, B.N. Road, Lalbagh, Lucknow, Uttar Pradesh, India E-mail: bgpl@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10114002
Type of charge	Book debts Movable property (not being pledge) Others
Particular of charge holder	Oriental Bank of Commerce, Sadar Bazar Branch, 40, Sadar Bazar, Lucknow-226002, Uttar Pradesh, India E-mail: bm1004@obc.co.in
Nature of instrument creating charge	1. Loan Docs-13_Supplemental Agreement To Secure Credit/Loan Facilities 2. LTR.22/18.2 Revised-2004 3.Sanction Letter i.e. Adhoc Limit of Rs 9.000 millions.
Date of instrument Creating the charge	12.02.2013
Amount secured by the charge	Rs. 9.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest The bank shall be entitled to charge additional/penal interest at the rate 2% p.a over and above the normal rate of interest with agreed rest. Terms of Repayment Repayable on demand. Margin N.A. Extent and Operation of the charge Stock and book debts. Others Factory Land and building situated at E-3 to E-6 UPSIDC, Industrial Area, Deva Road Chinahat, Lucknow.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Factory Land and Building Situated at E-3 to E-6 UPSIDC, Industrial Area, Deva Road Chinahat, Lucknow.
Date of instrument modifying the charge	13.06.2012
Particulars of the present modification	The Bank has enhanced the ADHOC limit to RS. 9.000 millions.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Vehicles

· Motor Cycle

· Air Conditioner

· Computer and Accessries

· Mobile Phones

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.58.45
UK Pound	1	Rs.91.60
Euro	1	Rs.77.91

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		33

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.