MIRA INFORM REPORT

Report Date :

02.03.2013

IDENTIFICATION DETAILS

Name :	ARGUS INTEGRATED SYSTEMS PRIVATE LIMITED
Registered Office :	Suite 28, Aman New Delhi, Lodhi Road, New Delhi – 110003
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.01.2000
Com. Reg. No.:	55-103472
Capital Investment / Paid-up Capital :	Rs. 9.420 Millions
CIN No.: [Company Identification No.]	U74999DL2000PTC103472
TAN No.: [Tax Deduction & Collection Account No.]	DELA08707G
PAN No.: [Permanent Account No.]	AACCA3534G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and exporter of software telecom (Aerospace / aviation consultancy services)
No. of Employees :	21 (Approximately) (In Office)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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. S. Nandabalan
Designation :	Financial Controller
Contact No.:	91-9810032623
Date :	01.03.2013

LOCATIONS

Registered Office / Factory :	Suite 28, Aman New Delhi, Lodhi Road, New Delhi – 110003, India
Tel. No.:	91-11-24362424
Mobile No.:	91-9810032623 (Mr. S. Nandabalan)
Fax No.:	91-11-24362000
E-Mail :	sunder@argusindia.com info@argusindia.com sandhya@argusindia.com
Website :	http://www.argusindia.com
Area :	2550 sq. ft.
Location :	Rented

DIRECTORS

As on 29.09.2012

Name :

Mr. Sunder Mulchandani

Designation :

Director

Address :

No-8, Friends Colony (West), New Delhi – 110065, India

Date of Birth/Age :

29.01.1955

Qualification :

MBA

Experience :

28 Years

Date of Appointment :

28/01/2000

DIN No.:

00778917

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	U74999DL2000PTC103472	ARGUS INTEGRATED SYSTEMS PRIVATE LIMITED	Managing director	29-01-00	29-01-00	-	Active	NO
2	U74999DL2002PTC116208	WARRANTY ASIA PRIVATE LIMITED	Director	15-07-02	15-07-02	16-01-13	Active	NO
3	U24239MH2001PTC132122	STAR ORECHEM INTERNATIONAL PRIVATE LIMITED	Director	22-12-03	22-12-03	01-04-10	Active	NO
4	U74900UP2007PLC034078	JAYPEE SPORTS INTERNATIONAL LIMITED	Director	20-10-07	20-10-07	-	Active	NO
5	U51101DL2007PTC170237	TRAKWORK INTERNATIONAL PRIVATE LIMITED	Director	07-11-07	07-11-07	-	Active	NO
6	U74999DL2011PTC223906	HERMSLEY CAPITAL INVESTORS INDIA PRIVATE LIMITED	Director	18-08-11	18-08-11	-	Active	NO
7	U65910DL2012PTC237387	IXORA VENTURES PRIVATE LIMITED	Director	12-06-12	12-06-12	-	Active	NO

Name :

Mrs. Sandhya Mulchandani

Designation :

Director

Address :

No-8, Friends Colony (West), New Delhi – 110065, India

Date of Birth/Age :

17.03.1954

Qualification :

Journalist

Experience :

28 Years

Date of Appointment :

12.09.2000

DIN No.:

00778985

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	U74999DL2000PTC103472	ARGUS INTEGRATED SYSTEMS PRIVATE LIMITED	Whole-time director	12-09-00	12-09-00	-	Active	NO
2	U74999DL2002PTC116208	WARRANTY ASIA PRIVATE LIMITED	Director	22-07-02	22-07-02	16-01-13	Active	NO
3	U51101DL2007PTC170237	TRAKWORK INTERNATIONAL PRIVATE LIMITED	Director	07-11-07	07-11-07	-	Active	NO
4	U74900UP2007PLC034078	JAYPEE SPORTS INTERNATIONAL LIMITED	Director	18-04-09	19-05-08	03-12-09	Active	NO
5	U65910DL2012PTC237387	IXORA VENTURES PRIVATE LIMITED	Director	12-06-12	12-06-12	-	Active	NO

Name :

Mr. Nikhil Mulchandani

Designation :

Director

Address :

No-8, Friends Colony (West), New Delhi – 110065, India

Date of Birth/Age :

12.02.1987

Qualification :

MBA

Experience :

3 Years

Date of Appointment :

14.05.2012

DIN No.:

01961611

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	U74999DL2002PTC116208	WARRANTY ASIA PRIVATE LIMITED	Director	29-09-09	29-09-09	16-01-13	Active	NO
2	U74999DL2000PTC103472	ARGUS INTEGRATED SYSTEMS PRIVATE LIMITED	Whole-time director	14-05-12	14-05-12	-	Active	NO
3	U65910DL2012PTC237387	IXORA VENTURES PRIVATE LIMITED	Director	12-06-12	12-06-12	-	Active	NO

KEY EXECUTIVES

Name :	Mr. S. Nandabalan
Designation :	Financial Controller

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Sunder Mulchandani	742000
Sandhya Mulchandani	200000
Total	942000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers and exporter of software telecom (Aerospace / aviation consultancy services)
Products :	Telecom Services
Agencies Held :	· Pipavav Shipyard Limited · SAAB AB, Sweden · Sagem Defense Securite · EADS Deutschland GmbH · Nortrop Gumman ES · Mahindra Satyam · Gulfstream Aerospace
Exports :
Products :	Services
Countries :	· U.S.A · France · Germany · Sweden
Terms :
Selling :	Credit (60 Days)

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

21 (Approximately) (In Office)

Bankers :

· Bank of America, DCM Building, Sansad Marg, New Delhi – 110001, India

· ICICI Bank Limited

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400021, Maharashtra, India.

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowing
Term Loan
From Bank	6.126	5.445
Tata Capital Limited	0.399	0.000
Loans from Directors	7.000	8.626
Other Loans & Advances	2.930	0.650
Total	16.455	14.721

Banking Relations :	--
Auditors :
Name :	Aurn Bansal and Associates Chartered Accountants
Address :	411, Sector 40, Near National Law College, Gurgaon, 122001, Haryana, India
Tel. No.:	91-124-2380259
Fax No.:	91-124-4297399
E-Mail :	its@taxconindia.com
PAN.:	AANFA4907F
Sister Concern :	Trakwork International Private Limited Address : Suite No.28, Aman New Delhi, Lodhi Road, New Delhi - 110003, India Line of Business : Consulting Ixora Ventures Private Limited Address : Suite No.28, Aman New Delhi, Lodhi Road, New Delhi - 110003, India Line of Business : Financial Consultants

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10/- each	Rs. 20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
942000	Equity Shares	Rs. 10/-each	Rs. 9.420 millions

Details of shares held by each shareholder holding more than 5% shares

Name of Shareholders	No. of shares	%
Mr. Sunder Mulchandani	742,000	78.77%
Mrs. Sandhya Mulchandani	200,000	21.23%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.420	9.420	9.420
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		17.130	12.151	8.587
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		26.550	21.571	18.007
LOAN FUNDS
1] Secured Loans		16.455	14.721	68.910
2] Unsecured Loans		0.000	0.000	8.688
TOTAL BORROWING		16.455	14.721	77.598
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		43.005	36.292	95.605
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.773	17.527	12.798
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.750	0.750
DEFERREX TAX ASSETS		1.152	0.786	0.868
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	1.517	0.506	1.495
	Cash & Bank Balances	1.569	1.403	2.536
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	56.124	59.533	84.466
Total Current Assets		59.210	61.442	88.497
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	39.708	42.610	5.107
	Provisions	2.422	1.603	2.201
Total Current Liabilities		42.130	44.213	7.308
Net Current Assets		170.080	17.229	81.189
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		43.005	36.292	95.605

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	51.142	41.760	42.333
		Other Income	0.924	6.151	5.970
		TOTAL (A)	52.066	47.911	48.303
Less	EXPENSES
		Employee Benefit Expenses	24.917	24.014
		Other Administrative Expenses	16.996	15.284
		TOTAL (B)	41.913	39.298	39.815 (Including Financial Expenses)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		10.153	8.613
Less	FINANCIAL EXPENSES (D)		0.087	1.610
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.006	7.003	8.488
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.031	1.756	2.009
	PROFIT BEFORE TAX (E-F) (G)		7.035	5.247	6.479
Less	TAX (H)		2.055	1.684	2.022
	PROFIT AFTER TAX (G-H) (I)		4.980	3.563	4.457
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		12.150	8.587	4.130
	BALANCE CARRIED TO THE B/S		17.130	12.150	8.587
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	47.067	36.617	25.043
	TOTAL EARNINGS		47.067	36.617	25.043
	Earnings Per Share (Rs.)		5.29	3.78	4.73

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	9.56	7.44	9.23
Net Profit Margin (PBT/Sales)	(%)	13.76	12.56	13.41
Return on Total Assets (PBT/Total Assets}	(%)	8.38	6.64	6.39
Return on Investment (ROI) (PBT/Networth)		0.26	0.24	0.36
Debt Equity Ratio (Total Debt /Networth)		0.62	0.68	4.31
Current Ratio (Current Asset/Current Liability)		1.40	1.39	12.10

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	Yes
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	----------------------
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

BUSINESS PROSPECTS

While the organization did face a challenging period on account of the tentative business environment, it is firm in its resolve to be known as an organization committed to high standards of professional expertise. The year in review did see us collaborating with foreign enterprises for potential work. The coming year should be seen as one in which ARGUS strives to consolidate its position as a strong and stable organization with excellent capabilities and a highly professional approach to the assignments It undertakes.

TRADE REFERENCES

· Mr. Stefan Billep, Managing Director, Eurofighter India

Teri University Campus, 3^rd Floor, Plot #10, Vasant Kunj Inst. Area, Vasant Kunj, New Delhi – 110070, India

Tel. No.: 91-11-49809704

Fax No.: 91-11-49809799

Email: Stefan.billep2@cassidian.com

· Mr. Frederic Griraud, Managing Director, Sagem India

9^th Floor, Hindustan Times Building, K G Road, New Delhi – 1100001, India

Tel. No.: 91-11-23737701

Fax No.: 91-11-23737704

Email: Frederic.giraud@sagem.com

· Mr. CP Gurnani, Chief Executive Officer , Mahindra Satyam

5^th Floor, B-Wing, Unit-12, Plot #35 and 36, Hitech City Layout, Sy No. 64, Madhapur, Hyderabad – 500081, Andhra Pradesh, India

Tel. No.: 91-40-30636363

· Email: gurani@mahindrasatyam.com

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74999DL2000PTC103472
Name of the company	ARGUS INTEGRATED SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Suite 28, Aman New Delhi, Lodhi Road, New Delhi – 110003, India sunder@argusindia.com
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400021, Maharashtra, India. john.fernandes@kotak.com
Nature of instrument creating charge	Deed of Hypothecation.
Date of instrument Creating the charge	24.07.2012
Amount secured by the charge	Rs.50.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest WCDL - Floating over the tenure of the facility. Terms of Repayment WCDL - Loan shall be repaid by way of bullet repayment at the end of tenor of loan. Bullet repayment shall be done by ways of debit to current account of the Borrower with the bank. Or Bullet repayment shall be done by banking PDC on due dates. Extent and Operation of the charge First and exclusive charge by way of Hypothecation of Current assets and Movable assets including Movable fixed assets present & future of the Borrower, in favour of Kotak Mahindra bank as security for repayment of financial facilities granted by the Bank to the Borrower.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The whole of Borrower's Current assets and Movable assets including Movable fixed assets both present and future, as described in Schedule to the Deed of Hypothecation.

FIXED ASSETS:

· Furniture and Fixture

· Computers

· Air Conditioners

· Genset

· Office Equipments

· Other Equipments

· Vehicles

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.54.48
UK Pound	1	Rs.82.72
Euro	1	Rs.71.27

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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
TOTAL		45

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.