MIRA INFORM REPORT

Report Date :

17.05.2013

IDENTIFICATION DETAILS

Name :	RAJHANS METALS PRIVATE LIMITED
Registered Office :	Gala No 3, Shiley Industrial Estate, Udyog Nagar, Goregaon (West), Mumbai 400062, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.04.1987
Com. Reg. No.:	11-043138
Capital Investment / Paid-up Capital :	Rs. 5.400 millions
CIN No.: [Company Identification No.]	U28910MH1987PTC043138
TAN No.: [Tax Deduction & Collection Account No.]	MUMR01969C
PAN No.: [Permanent Account No.]	AAACR5424Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Copper Alloy Extrusions.
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 998000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears drastic fall in profitability during 2011-2012. The external borrowing seems to be huge. The company fail to repay its debts. However, net worth appears to be good. 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: BB-
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	February, 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 PARTED BY

Name :	Mr. Bhavesh
Designation :	Accounts Department
Contact No.:	91-288-2560111
Date :	16.05.2013

LOCATIONS

Registered Office :	Gala No 3, Shiley Industrial Estate, Udyog Nagar, Goregaon (West), Mumbai 400062, Maharashtra, India
Tel. No.:	91-22-28751713/ 28752280
Mobile No.:	91-9824601421 (Mr. Bhavesh)
Fax No.:	91-22-28743477
E-Mail :	sales@rajhans.com (Domestic Sales) exports@rajhans.com (International Sales) imports@rajhans.com (Imports/Raw material) info@rajhans.com (Other/General) accounts@rajhans.com
Website :	http://www.rajhans.com
Location:	Owned
Factory :	21-3, G.I.D.C., Shanker Tekri, Udyognagar, Jamnagar – 361004, Gujarat, India
Tel. No.:	91-288-2560111/ 112/ 113
Fax No.:	91-288-2560114

DIRECTORS

As on 19.07.2012

Name :	Mrs. Jasmin Jayendra Dodhi
Designation :	Director
Address :	“Jasmin”, Opposite Jolly Bungalow, Summair Club Road, Jamnagar-361005, Gujarat
Date of Birth/Age :	06.05.1972
Qualification :	B. Com
Date of Appointment :	01.04.1994
PAN No.:	AFHPS5523C
DIN No.:	00158746
Name :	Mr. Kailashchandra Laxminarayan Mandawewala
Designation :	Director
Address :	Flat No.402, Ashutosh Appartment, Nirban Road, Opposite Guruduttatreya Temple, Jamnagar-361008, Gujarat, India
Date of Birth/Age :	04.08.1943
Qualification :	M. Com
Date of Appointment :	01.10.1998
PAN No.:	AAAPM8385N
DIN No.:	00660684
Name :	Mr. Mohanlal Nemchand Savla
Designation :	Director
Address :	B 16, Hindmata Cutpiece Merchants Coop Housing Society , Ambedkar Road, Tata Mill Compound, Dadar (East), Mumbai-400014, Maharashtra, India
Date of Birth/Age :	31.01.1939
Qualification :	SSC
Date of Appointment :	01.10.1998
PAN No.:	AAOPS5379Q
DIN No.:	00158758
Name :	Mr. Milan Chandulal Dodhia
Designation :	Director
Address :	Milan, Opposite Jolly Bungalow, Summair Club Road, Jamnagar – 361005, India
Date of Birth/Age :	12.08.1961
Qualification :	BBA
Date of Appointment :	03.04.2007
PAN No.:	AAXPD4459M
DIN No.:	00158730
Name :	Mr. Sonilkumar Ramniklal Shah
Designation :	Director
Address :	Sonil, Summair Club Road, Jamnagar – 361005, Gujarat, India
Date of Birth/Age :	09.12.1968
Qualification :	B. Com
Date of Appointment :	01.10.2012
PAN No.:	ABOPS5301D
DIN No.:	00182987

KEY EXECUTIVES

Name :	Mr. Bhavesh
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 19.07.2012

Note: Shareholding detail file attached

Allottees as on 16.02.2013

Note: Allottees detail file attached

As on 19.07.2012

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 of Copper Alloy Extrusions.

Products :

Item Code No.	Product Description
74072120	Brass Rods
74040012	Scrap of Copper

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Brass Rods	M.T	NA	12150.000	7528.410

GENERAL INFORMATION

No. of Employees :

60 (Approximately)

Bankers :

• State Bank of India, Digvijay Plot Branch,Digvijay Police Gate Jamnagar - 361005, Gujarat, India

• State Bank of Saurashtra, Digvijay Plot Branch, Jamnagar - 361005, Gujarat, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Rupee term loans from banks	11.810	16.304
Working capital loans from banks	339.196	327.134
Other loans and advances	2.063	0.832
Total	353.069	344.270

Banking Relations :	--
Auditors :
Name :	Pragada Rajnikant Vallabhbhai Chartered Accountants
Address :	102, Riddhi Siddhi Opposite, Axis Bank Park Colony, Main Road, Jamnagar 361008, Gujarat, India
PAN No.:	ANTPP0162A
Related Parties:	Rajhans Alloys Private Limited Rajhans Enterprise Rajlaxmi Metals Private Limited Shree Ambika Cloth Stores

CAPITAL STRUCTURE

After 19.07.2012

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
270000	Equity Shares	Rs.100/- each	Rs.27.000 Millions

As on 19.07.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
54000	Equity Shares	Rs.100/- each	Rs.5.400 Millions

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		5.400	5.400	5.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		244.156	231.577	170.772
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		249.556	236.977	176.172
LOAN FUNDS
1] Secured Loans		353.069	344.270	208.965
2] Unsecured Loans		181.645	161.395	124.205
TOTAL BORROWING		534.714	505.665	333.170
DEFERRED TAX LIABILITIES		5.203	7.276	7.720
TOTAL		789.473	749.918	517.062
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		73.435	80.510	103.896
Capital work-in-progress		0.356	0.000	0.000
INVESTMENT		0.001	0.001	0.001
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	238.459	270.059	130.930
	Sundry Debtors	304.260	355.226	237.980
	Cash & Bank Balances	11.338	22.723	11.430
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	221.608	102.191	110.197
Total Current Assets		775.665	750.199	490.537
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	45.674	40.684	30.782
	Other Current Liabilities	11.752	7.148	9.737
	Provisions	2.558	32.960	36.853
Total Current Liabilities		59.984	80.792	77.372
Net Current Assets		715.681	669.407	413.165
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		789.473	749.918	517.062

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2410.791	2297.884	1802.796
		Other Income
		TOTAL	2410.791	2297.884	1802.796
Less	EXPENSES
		Office Expenses	2384.105	2183.383	1620.987
		Administrative Expenses
		Advertising Expenses
		TOTAL	2384.105	2183.383	1620.987
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		26.675	114.501	181.809
Less/ Add	DEPRECIATION/ AMORTISATION		15.639	18.138	12.072
	PROFIT BEFORE TAX		11.036	96.363	169.736
Less	TAX		(2.180)	34.919	60.541
	PROFIT AFTER TAX		13.216	61.444	109.195
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	0.000
		Dividend	0.540	0.540	0.540
		Tax on Dividend	0.088	0.090	0.090
	BALANCE CARRIED TO THE B/S		12.588	60.814	108.566
	EARNINGS IN FOREIGN CURRENCY		476.553	325.019	54.588
	IMPORTS		NA	1963.374	1329.587
	Earnings Per Share (Rs.)		244.74	1137.85	2022.14

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.55	2.67	6.06
Return on Total Assets (PBT/Total Assets}	(%)	1.30	11.60	28.55
Return on Investment (ROI) (PBT/Networth)		0.04	0.41	0.96
Debt Equity Ratio (Total Debt/Networth)		2.14	2.13	1.89
Current Ratio (Current Asset/Current Liability)		12.93	9.29	6.34

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditor	45.674	40.684	30.782

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last 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)	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	Yes

OPERATIONS

Though the total income was lower compared to previous year, steep increase in manufacturing cost including raw-materials and higher provision for Depreciation affected the profitability of the Company. The total turnover for the year under review was Rs. 2410.791 millions as against Rs.2297.884 millions last year. Pre-tax profit for the year was Rs.11.036 millions as against Rs.96.363 millions a year ago.

Prices of non-ferrous scrap remained highly volatile throughout the year and the Company was not able to pass on full impact of price increase due to stiff resistance from buyers. The performance of wind farms remained encouraging.

FUTURE PROSPECTS

The Indian economy is effected due to slow down in U.S.A. and Europe. The industrial production in general is showing down ward trend since the fourth quarter of the financial year 2011-2012. Considering the huge demand and vast economy of their country, the revival of economy is imminent.

The Company has consolidated its position in both in domestic and overseas markets and the Company has become a preferred destination for brass extrusion products.

Considering the above, your Directors are optimist to face any challenge and are confident of better future of the Company.

CHARGES AGAINST THE COMPANY

12.03.2013

In terms of Recovery Certificate in O.A. No. 216 of 2011 issued Hon’ble Presiding Officer, a sum of Rs. 1.491 millions with interest and costs is due from Rajhans Metals Private Limited to HDFC Bank Limited.

The subject company is hereby called upon to deposit the above sum within 15 days of the receipts of the notice, failing which the Recovery shall be made in accordance with law.

In addition to the aforesaid sum, the subject company shall be liable to pay:-

s) Interest as per the order in the recovery certificate.

t) All costs, charges and expenses incurred in respect of the service of this notice and other process that may be taken for recovering the sum due.

UNSECURED LOAN

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
Deposits from directors	0.850	0.245
Deposits from shareholders	12.005	7.400
Deposits from others	168.790	153.750
Total	181.645	161.395

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U28910MH1987PTC043138
Name of the company	RAJHANS METALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Gala No 3, Shiley Industrial Estate, Udyog Nagar, Goregaon (West), Mumbai 400062, Maharashtra, India Email: info@rajhans.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90221502
Type of charge	Immovable property
Particular of charge holder	State Bank of India, Digvijay Plot Branch, Digvijay Police Gate, Jamnagar - 361005, Gujarat, India Email: sbi.60087@sbi.co.in
Nature of instrument creating charge	Memorandum relating to deposit of title deeds for creation of further charge for open term loan or overall limit where the initial charge was created by way of mortgage by deposit of title deeds.
Date of instrument Creating the charge	28.08.2012
Amount secured by the charge	Rs. 446.100 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Working Capital:Base rate+4.5% i.e. 14.50%, Open Term Loan:Base rate+4.6% i.e. 14.60%, Existing Term Loan:Base rate+4.6% i.e. 14.60%. Concessions subject to recommendation from sanctioning authority Terms of Repayment Working Capital : Repayable on Demand. Open Term Loan : 36 installments of Rs. 0.555 Millions each with the first installment commencing on succeeding month of disbursement and last installment falling due on 36th month from the date of disbursement. Existing medium term loan: as per existing repayment schedule. Margin Fund Based Limit: Raw Material : 20%, Stock in Process : 20%, Finished Goods : 20%, Receivables : 35%, EPC : 10% Open Term Loan : 25% Non Fund Based Limit: Letter of Credit / Buyer's Credit : 10% by way of Bank's TDR Bank Guarantees : 25% cash or TDR for normal cases. 100% in cases of guarantees issued for disputed cases / matters. Extent and Operation of the charge The Existing total loan facility increased from Rs. 351.600 millions to 446.100 millions 1. Working Capital facilities charges were increased to Rs. 280.000 millions 2. Stand by line of credit increased to Rs. 30.000 millions 3. Term Loan decreased to Rs. 10.600 millions 4. Open Term Loan increased to Rs. 20.000 millions 5. Letter of Credit / Buyer's Credit increased to Rs. 100.000 millions 6. PEF 2% on cel (forward contract limit) increased to Rs. 4.500 millions 7. PEF 0.50% on cel (forward contract limit) increased to Rs. 1.000 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Equitable mortgage of Industrial Plot No. 21/3 bearing Survey No. 1472/1-B in GIDC, Shanker Tekri Udhyognagar, Jamnagar, together with construction of shed / building thereon. Equitable mortgage of Industrial Plot No. 50 bearing Survey No.1472, City Survey No. 67, in GIDC, Village Jamnagar, together with construction of shed / building thereon. Equitable mortgage of residential land and building "MILAN" situated at Plot No. 107/A, C.S. No. 1624, Summair Club Road, Opp. Jolly Bunglow Shopping Centre, Jamnagar Equitable mortgage of commercial shop (Bharat Petroleum Company) City Survey No. 84/paiki of Sheet A/1, New Survey No. 912 of sheet No. 296 at Bhid Bhanjan Road, Near Bedi Gate, Super Market, Jamnagar Equitable mortgage of industrial land and building situated at Plot No. 6, Rev. Sur. No. 1488 paiki, at GIDC Industrial Estate, Shanker Tekri Jamnagar Equitable mortgage of Non Agricultural commercial plot at survey No. 19, village Navadra Taluka, Kalyanpur District, Jamnagar.
Whether any of the property or interest therein under reference is not registered in the name of the company	Yes
If yes, in whose name it is registered	Property at Sr. No. (iii) Shri Chandulal Raichand Shah (iv) Shri Harshil D. Dodhia (v) Rajlaxmi Metals Private Limited
Date of instrument modifying the charge	25.03.2011
Particulars of the present modification	THE existing total loan facility increased from Rs. 351.600 millions to Rs. 446.100 millions as under- 1. Working Capital facilities increased to Rs. 280.000 Millions. 2. Stand by line of credit increased to Rs. 30.000 Millions. 3. Term Loan decreased to Rs. 10.600 Millions. 4. Open Term Loan increased to Rs. 20.00 Millions. 5. Buyer's Credit increased to Rs. 100.000 Millions. 6. PEF 2% on CEL (Forward Contract Limit) increased to Rs. 4.500 Millions. 7. PEF 0.50% on CEL (Forward Contract Limit) increased to Rs. 1.000 Millions.

FIXED ASSETS

• Land
• Buildings
• Office building
• Factory building
• Plant and equipment
• Factory equipments
• Furniture and fixtures
• 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.54.77
UK Pound	1	Rs.83.31
Euro	1	Rs.70.46

INFORMATION DETAILS

Information Gathered by :	PLK
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	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.