MIRA INFORM REPORT

Report Date :

20.06.2013

IDENTIFICATION DETAILS

Name :	RUBBERKING TYRES INDIA PRIVATE LIMITED [w.e.f.24.01.2010]
Formerly Known As :	RUBBERKING TYERS INDIA PRIVATE LIMITED ASHA RUBBERS PRIVATE LIMITED
Registered Office :	103/104, Nendhara Apartment, Near GNFC Infotowes, S G Road, Bokadev, Ahmedabad – 380054, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.02.1988
Com. Reg. No.:	04-010340
Capital Investment / Paid-up Capital :	Rs. 9.600 Millions
CIN No.: [Company Identification No.]	U25110GJ1988PTC010340
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Butyl Rubber Inner Tubes and Curing Air Bags and Curing Bladders.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 836000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having a satisfactory track record. The financial position of the company is sound and healthy. There appears some dip in the profitability during 2012. Trade relations are decent. Business is active. Payment terms are regular and as per commitments. The company can be considered for 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	February 01, 2013

Rating Agency Name	CRISIL
Rating	Short term rating : A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	February 01, 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 DECLINED BY

Name :	Mr. Mahesh Shah
Designation :	Accounts Manager
Contact No.:	91-79-26850567
Date :	19.06.2013

LOCATIONS

Registered/ Head Office :	103/104, Nendhara Apartment, Near GNFC Infotowes, S G Road, Bokadev, Ahmedabad – 380054, Gujarat, India
Tel. No.:	91-79-26855619/ 26850567
Fax No.:	91-79-26853390/ 26751985
E-Mail :	account@rubberking.net mktg@rubberking.net
Website :	http://www.rubberking.net
Unit 1 :	411/2, GIDC, Phase - ll, Vatva, Ahmedabad – 382445, Gujarat, India
Unit 2 :	Plot No. 9, GIDC, Viramgam -382150, Gujarat, India
USA Liaison Office :	Waterford Business Park, 5201 Blue Lagoon Drive, Suite 839, Miami, FL 33126 USA
Tel. No.:	1-305-753-7068
E-Mail :	paula.guerrero@rubberking.net

DIRECTORS

AS ON 06.08.2012

Name :	Mr. Dineshchandra Ishwarlal Gawarvala
Designation :	Director
Address :	52-C, Goyal Park, Opposite Satellite Tower, Satellite Road, Near Premchandnagar, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	12.05.1942
Date of Appointment :	08.02.1988
DIN No.:	00984329
Name :	Mr. Samirkumar Dineshchanra Gawarvala
Designation :	Director
Address :	52-C, Goyal Park, Opposite Satellite Tower, Satellite Road, Near Premchandnagar, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	28.04.1967
Qualification :	B. Sc
Experience :	24 Years
Date of Appointment :	08.02.1988
DIN No.:	00985984
Name :	Mr. Niren Dineshchandra Gawarvala
Designation :	Director
Address :	52-C, Goyal Park, Opposite Satellite Tower, Satellite Road, Near Premchandnagar, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	01.02.1970
Qualification :	A.M.I.E., M.S. [London]
Experience :	20 Years
Date of Appointment :	01.04.1992
DIN No.:	00985931

KEY EXECUTIVES

Name :	Mr. Mahesh Shah
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 06.08.2012

Names of Shareholders	No. of Shares
Dineshchandra Ishwarlal Gawarwala	142500
Niren Dineshchandra Gawarwala	177000
Samir Dineshchandra Gawarwala	177000
Bhagawati Rubber Product Industries, India	129600
Asha Dineshchandra Gawarwala	129300
Anar Samir Gawarwala	51300
Anal Niren Gawarwala	51300
Samir D. Gawarwala as a Guardian of Minor Devin S. Gawarwala	51000
Niren D. Gawarwala as a Guardian of Minor Priyanshi N. Gawarwala	51000
Total	960000

AS ON 28.03.2013

Names of Allottees	No. of Shares
Dineshchandra Ishwarlal Gawarwala	140100
Asha Dineshchandra Gawarwala	128500
Bhagawati Rubber Product Industries, India	119400
Samir Dineshchandra Gawarwala	187700
Anar Samir Gawarwala	46700
Samir D. Gawarwala as a Guardian of Minor Devin S. Gawarwala	51600
Niren Dineshchandra Gawarwala	187700
Anal Niren Gawarwala	46900
Niren D. Gawarwala as a Guardian of Minor Priyanshi N. Gawarwala	51400
Total	960000

AS ON 06.08.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Butyl Rubber Inner Tubes and Curing Air Bags and Curing Bladders.

Products/ Services :

ITC Code No.	Product Descriptions
401310	Inner Tubes of Rubber for Tyres of Automobile vehicles (such as motor cars, buses, lorries, tractors, 2-3 wheelers etc.)

PRODUCTION STATUS (AS ON 31.03.2011)

PARTICULARS OF LICENSED CAPACITY:

Particulars	31.03.2011
Inner Tubes and Rubber Flaps for Tyres of Automobiles Vehicles	No Industrial License is required under Industrial (Development and Regulations) Act, 1951.

PARTICULARS OF INSTALLED CAPACITY:

Particulars	31.03.2011
(As certified by a Director, not verified by Auditor, being a technical matter)
Inner Tubes of Rubber for Tyres of Automobile vehicles (such as motor cars, buses, lorries, tractors, 2-3 wheelers etc.)	Nos.1800000 (on the basis of three shifts, 300 working days per year)

PARTICULARS OF PRODUCTION:

Particulars	31.03.2011
Inner Tubes for Heavy Duty and LCV Tyres	Nos. 774901

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

Bank of Baroda, Gandhi Road Branch, Ahmedabad - 380001, Gujarat, India

Punjab National Bank, International Banking Branch, Ground Floor, Neelkamal Building, Opposite Sales India, Ahmedabad – 380009, Gujarat, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Term Loan
From Banks	11.469	23.680
From Other Parties	0.000	0.057
SHORT-TERM BORROWINGS
Working capital loan from banks	90.737	75.112
Total	102.206	98.849
Note: LONG-TERM BORROWINGS Term loans from banks for purchase of fixed assets are secured by equitable mortgage of land and building and hypothecation of plant and machineries and personal guarantee of all directors. The Loans are repayable in monthly equated installments over 5 years. Loans from other parties for purchase of vehicles are secured by hypothecation of vehicles financed by them and which is repayable in monthly equated installments over 3 years SHORT-TERM BORROWINGS Loans taken for working capital from banks are secured by equitable mortgage of land and building and hypothecation of plant and machineries as well as hypothecation of stock, book debt and personal guarantee of all directors.

Banking Relations :	--
Auditors :
Name :	Manubhai and Company Chartered Accountants
Address :	2nd Floor, B Wing, Premium House, Near Gandhigram Railway Station, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26580956/ 26580966/ 26582484/ 26585064
Fax No.:	91-79-26583573
E-Mail :	info@manubhaico.com
Website :	www.manubhaico.com
Income-tax PAN of auditor or auditor's firm :	AAFFM2086H
Subsidiaries :	G8 International FZE
Enterprise over which key management personnel exercise significant influence :	Bhagawati Rubber Product Industries

CAPITAL STRUCTURE

AS ON 06.08.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,920,000	Equity Shares	Rs. 10/- each	Rs. 19.200 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
960,000	Equity Shares	Rs. 10/- each	Rs. 9.600 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	9.600	9.600
(b) Reserves & Surplus	199.320	194.340
(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	11.469	23.737
(b) Deferred tax liabilities (Net)	13.324	13.056
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
(4) Current liabilities
(a) Short term borrowings	90.737	75.112
(b) Trade payables	32.935	41.241
(c) Other current liabilities	12.615	27.034
(d) Short-term provisions	9.349	7.410
TOTAL	379.349	391.530
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	138.786	145.965
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.463
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.991	1.991
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	4.184	4.070
(e) Other Non-current assets	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	81.356	109.593
(c) Trade receivables	111.804	90.734
(d) Cash and cash equivalents	7.139	4.390
(e) Short-term loans and advances	34.089	34.324
(f) Other current assets	0.000	0.000
TOTAL	379.349	391.530

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.600
2] Share Application Money		0.000
3] Reserves & Surplus		157.523
4] (Accumulated Losses)		0.000
NETWORTH		167.123
LOAN FUNDS
1] Secured Loans		123.121
2] Unsecured Loans		2.331
TOTAL BORROWING		125.452
DEFERRED TAX LIABILITIES		11.221
DEFERRED PAYMENT CREDIT		1.487
TOTAL		305.283
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		137.796
Capital work-in-progress		1.553
INVESTMENT		1.991
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	119.340
	Sundry Debtors	78.445
	Cash & Bank Balances	3.613
	Other Current Assets	0.000
	Loans & Advances	36.932
Total Current Assets		238.330
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	27.263
	Other Current Liabilities	41.334
	Provisions	5.790
Total Current Liabilities		74.387
Net Current Assets		163.943
MISCELLANEOUS EXPENSES		0.000
TOTAL		305.283

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	564.453	453.898	722.234
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	534.066	375.497	582.438
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		30.387	78.401	139.796
Less/ Add	DEPRECIATION/ AMORTISATION		14.380	13.434	11.311
	PROFIT BEFORE TAX		16.007	64.967	128.485
Less	TAX		5.449	22.562	43.759
	PROFIT AFTER TAX		10.558	42.405	84.726
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	182.804	197.573	93.213
	IMPORTS
		Raw Materials	NA	67.935	215.499
	Earnings Per Share (Rs.)		11.00	44.17	88.26

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.87	9.34	11.73
Return on Total Assets (PBT/Total Assets}	(%)	4.24	16.70	34.16
Return on Investment (ROI) (PBT/Networth)		0.08	0.32	0.77
Debt Equity Ratio (Total Debt/Networth)		0.49	0.48	0.75
Current Ratio (Current Asset/Current Liability)		1.61	1.59	0.75

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Outstanding dues to small, micro and medium enterprises**
Outstanding dues to others	32.935	41.241	27.263
Note: The management is in the process of identifying enterprises which have provided goods and services to the company and which qualify under the definition of micro and small enterprises, as defined under Micro, Small 'and Medium enterprises development Act, 2006. Accordingly disclosure in respect of the amounts payable to such enterprises as at March 31, 2012 has been made on the basis of information available on company's.

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	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	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	Yes

OPERATIONS:

During the year, there has been a major decrease in the bottom-line figures of the company. The total income has increased from Rs. 453.898 Millions in 2010-11 to Rs. 564.453 Millions in 2011-12, which reflects a increase of 24% Approx. The Profit before Tax decreased from Rs. 64.966 Millions in 2010-11 to Rs. 16.007 Millions in 2011-12. Their margin has been affected due to increase in Raw Material Prices. Management is taking all the effective steps for cost control at all the levels of the business enterprise and expects to provide a better performance in the coming years.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25110GJ1988PTC010340
Name of the company	RUBBERKING TYRES INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	103/104, Nendhara Apartment, Near GNFC Infotowes, S G Road, Bokadev, Ahmedabad – 380054, Gujarat, India Email: account@rubberking.net
This form is for	Modification of charge
Charge identification number of the modified	10024655
Type of charge	Immovable property Book debts Movable property (not being pledge) Others [Goods]
Particular of charge holder	Punjab National Bank, International Banking Branch, Ground Floor, Neelkamal Building, Opposite Sales India, Ahmedabad – 380009, Gujarat, India Email: bo4042@pnb.co.in
Nature of description of the instrument creating or modifying the charge	(1) Sixth supplemental hypothecation agreement dated 28.12.2012. (2) Memorandum of entry for the modification of overall limit dated 28.12.2012.
Date of instrument Creating the charge	28.12.2012
Amount secured by the charge	Rs. 155.800 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per the first schedule attached to sixth supplemental hypothecation agreement dated 28.12.2012. Terms of Repayment As per agreement. Margin As per the first schedule attached to sixth supplemental hypothecation agreement dated 28.12.2012. Extent and Operation of the charge The charge is operational to the extent of Rs. 155.800 Millions plus interests, charges costs, expenses etc. Over the movable and immovable properties of the company to secure the overall credit limit of Rs. 155.800 Millions granted by the bank to the company.
Short particulars of the property charged	Hypothecation of stocks, raw materials, finished goods, present and future book debts, receivables and movable plant and machinery situated at Borrower's premises and godown at 9 and 10, GIDC, Viramgam, District Ahmedabad and at Village Irana, Taluka Kadi, District Mehsana. All that piece or Parcels of Leasehold land situate lying and being at GIDC Industrial Estate, Viramgam District Ahmedabad bearing Plot No.9 consisting of Survey No.93 of Mouje Hansalpur of Taluka Viramgam in the Registration District Ahmedabad and Sub-District of Viramgam admeasuring 4950.00 sq. mts. or thereabouts together with buildings thereon. All that piece or Parcels of Property being Leasehold Plot No.10, admeasuring 4050 sq. mts. in the Viramgam Industrial Estate of Gujarat Industrial Development Corporation, Situated on the land being at Village Hansalpur, Taluka Viramgam, Registration District Ahmedabad and Sub-District Viramgam, together with present/future construction thereon.
Date of Modification	23.01.2012
Particulars of the present modification	Bank has granted additional cash credit facility of Rs. 15.000 Millions making total credit facilities aggregating to Rs. 155.800 Millions more particularly mentioned in sixth supplemental hypothecation agreement dated 28.12.2012.

FIXED ASSETS:

Land

Buildings

Plant and Equipments

Electrical Installation

Furniture and Fixture

Vehicles

Computers

Office 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 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. 58.74
UK Pound	1	Rs. 91.99
Euro	1	Rs. 78.70

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		51

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.