MIRA INFORM REPORT

Report Date :

30.05.2013

IDENTIFICATION DETAILS

Name :	FAIRDEAL SUPPLIES LIMITED
Registered Office :	4, B.B.D. Bag (East), 1^st Floor, Stephen House, Room no. 5, Kolkata - 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.07.1987
Com. Reg. No.:	21-097552
Capital Investment / Paid-up Capital :	Rs. 20.000 Millions
CIN No.: [Company Identification No.]	U51909WB1987PLC097552
TAN No.: [Tax Deduction & Collection Account No.]	AHMF00087D
PAN No.: [Permanent Account No.]	AAACF2878C
Legal Form :	A Closely held Public Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Hard Coke and Steam Coal, Thermal Coal etc.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Exist
Comments :	Subject is a company having a moderate track record. The management of the company has failed to file its financials with the government department after 2010. Mr. Vincent from Administrative Department has provided general information but denied to disclose any financial details to us. As per old [2010], the company has recorded huge external borrowings. The turnover showed a down trend past some years. However, the status of the company appears to be active in the registrar of companies. Payment terms are unknown. The company can be considered for business dealings on a safe and secured 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.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term Bank facilities : D (Suspended)
Rating Explanation	Default
Date	January 21, 2013

Rating Agency Name	CARE
Rating	Short term Bank facilities : D (Suspended)
Rating Explanation	Default
Date	January 21, 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 [GENERAL DETAILS]

Name :	Mr. Vincent
Designation :	Administrative Department
Contact No.:	91-79-26578201
Date :	30.05.2013

LOCATIONS

Registered Office :	4, B.B.D. Bag (East), 1^st Floor, Stephen House, Room no. 5, Kolkata - 700001, West Bengal, India
Tel. No.:	91-33-22201153/ 22206825
Fax No.:	91-33-22436124
E-Mail :	ftl@cal3.vsnl.net.in fdspl43@gmail.com frontlinecorp@eth.net
Website :	www.fairdealsupplies.com
Head/Corporate Office :	4^th, Floor, “Shalin”, Near Nehru Bridge Corner, Ashram Road, Ahmedabad 380009, Gujarat, India
Tel. No.:	91-79-26578201/ 26578863/ 26579750
Fax No.:	91-79-26576619
E-Mail :	fdspl43@gmail.com fdspl@dataone.in
Pipavav Plant :	Plot No. 17/26, Rampara Village – II, Pipavav Port Road, Taluka Rajula, District Amreli, Gujarat, India
Tel. No.:	91-2794-286246/ 286399
Fax No.:	91-2794-286534
E-Mail :	fairdealpipavav@yahoo.com
Gandhidham Plant :	Village and Post Chopadava, Taluka – Bhachchau , Kutch, Gujarat, India
Tel. No.:	91-2836-228508
Fax No.:	91-2836-228508
E-Mail :	fair_@sancharnet.in
Branch Office/ Coimbatore Plant :	854, Avanashi Road, (Near India Card Clothing) Peelamedu Post, Coimbatore – 641004, Tamilnadu, India
Tel. No.:	91-422-256866/ 2568667
Fax No.:	91-422-2568667
Plant :	Shiv Shakti Steel Private Limited Sponge Iron Plant MIG – 6, Housing Board Colony, Chakradhan Nagar, Raigarh, Chhattisgarh, India
Tel. No.:	91-7762-222854

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Ram Prasad Agarwal
Designation :	Chairman Cum Managing Director
Address :	140/4B , N.S.C. Bose Road, Tollygunj Kolkata - 700040, West Bengal, India
Date of Birth/Age :	25.05.1954
Date of Appointment :	21.07.1987
DIN No.:	00060359
Voter ID No.:	WB23150543039
Name :	Mr. Pawan Kumar Agarwal
Designation :	Managing Director
Address :	40 Hindu Colony, Stadium Circle, Vipul Dudhia Navrangpura, Ahmedabad – 380009, Gujarat, India
Date of Birth/Age :	12.09.1960
Qualification :	Graduate
Date of Appointment :	21.07.1987
DIN No.:	00060418
Name :	Mr. Narayan Prasad Agarwal
Designation :	Director
Address :	140/4B , N.S.C. Bose Road, Tollygunj Kolkata - 700040, West Bengal, India
Date of Birth/Age :	12.05.1958
Date of Appointment :	21.07.1987
DIN No.:	00060384
Voter ID No.:	WB23150543040
Name :	Mr. Saurabh Jhunjhunwala
Designation :	Director
Address :	140/4B , N.S.C. Bose Road, Tollygunj Kolkata - 700040, West Bengal, India
Date of Birth/Age :	12.12.1976
Date of Appointment :	20.07.1994
DIN No.:	00060432
Name :	Mr. Mukund Jhunjhunwala
Designation :	Additional Director
Address :	140/4B , N.S.C. Bose Road, Tollygunj Kolkata - 700040, West Bengal, India
Date of Birth/Age :	11.12.1986
Date of Appointment :	06.07.2009
DIN No.:	02770666

KEY EXECUTIVES

Name :	Mrs. Veenita Gehlot
Designation :	Secretary
Address :	352, Sector 4 B, Gandhinagar – 380004, Gujarat, India
Date of Birth/Age :	24.08.1971
Date of Appointment :	25.08.2008
PAN NO :	AIWPG4477H
Name :	Mr. Vincent
Designation :	Administrative Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Pawan Kumar Agarwal	171660
Ramprasad Agarwal	175990
Narayan Prasad Agarwal	60100
Saurav Jhunjunwala	60400
Gaurav Junjhunwala	100500
Bhagwanidevi Agarwal	100
Revadevi Jhunjunwsala	256000
Shilpi Jhunjunwala	2500
Mukund Jhunjhunwala	274250
Baijnath Agarwal and Sons (HUF)	110500
Hansa Agarwal	215000
Renudevi Jhunjhunwala	281000
Narayan Prasad Agarwal and Son (HUF)	30000
Raja Jhunjhunwala	180500
Ram Prasad Agarwal and Sons (HUF)	75000
Madan Mohan Maity	4000
Kajal Trading Limited, Paharganj, India	1500
Starlite Mercentile Limited, Paharganj, India	1000
Total	2000000

AS ON 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	0.13
Directors or relatives of directors	99.87
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Hard Coke and Steam Coal, Thermal Coal etc.

Products :

ITC Code	Product Descriptions
270400.03	Hard Coke
270119.09	Steeming Coal

Exports :

Products :

· Hard Coke

· Steam Coal

· Thermal Coal etc

Countries :

China

Imports :

Products :

Raw Material

Countries :

· China

· Australia

· America

· Latin America

· Mexico

· Indonesia

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Martallurgical Coke	M.T	125000.000	18671.35
Wind Energy	KW	27860	4668.00

Note:

Production Includes 0.00 MT (Previous year 27879.056 MT) of production on job work form outsiders. Installed capacities being technical matter, are taken as certified by technical experts.

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

40 (Approximately)

Bankers :

· Dena Bank, Overseas Business Branch, 2^nd Floor, Dena Laxmi Building, 188/A, Ashiram Road, Ahmedabad – 380009, Gujarat, India

· UCO Bank , 3 Netaji Subash Road Kolkata West Bengal, India

· The Jammu and Kashmir Bank Limited, Kolkata Main Branch, 6D, R.N. Mukherjee Road, Kolkata – 700001, West Bengal, India

· State Bank of India, Credit Appraisaf Ceff; Commercial Branch, Paramsiddhi Complex, Opposite V.S. Hospital Ellisbridge, Ahmedabad – 380006, Gujarat, India

· Indian Overseas Bank

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Hire Purchase Obligations	1.057	2.311
Loan from Banks
Long term Loan	851.228	310.046
Working Capital Loan	2987.503	1280.800
Total	3839.788	1593.157
Notes: 1. The hire purchase obligations are secured by the hypothecation of vehicles of the company, the lender is also holding personal guarantee of some of the director’s of the company for repayment of above hire purchase obligations. 2. Lon term loan form Banks are secured by hypothecation of some of the Wind Power turbine of the company, Mortgage of the land of the wind farm in favour of the bank and personal guarantees of directors of the company and company’s land. Building, Plant and Machineries, Equipments, Movable Assets etc relating to Rajula plant and Chopacive plant respectively. 3. Amount due within one year Rs. 383.737 Millions (Previous year Rs. 270.967 Millions) 4. Other Loans from bank are secured by pledge of fixed deposit of the company.

Banking Relations :	--
Auditors :
Name :	VPC and Associates Chartered Accountants
Address :	Mercantile Building, 9/12, Lal Bazar Street, E Block, 4^th Floor, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22486879
E-Mail :	vpe_vpc@yahoo.co.in
Income-tax PAN of auditor or auditor's firm :	AAIFR1123P
Associates :	· Frontline Corporation Limited · Falgun Export Private Limited · Falgun Financial Services Limited · Centre for Advanced studies in Engineering · Nova Impex Private Limited · Fair Chemical and Marketing · Fairdeal (Partnership firm) · Scientific Weighbridge (Partnership Firm) · Frontline Industries Limited · Deepak Road Carriers (Proprietorship) · Prime Financial Services Limited · Kajal Trading Limited · Shiv Shakti Steels Private Limited · Trimurti Auto Finance Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital:

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital:

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		20.000	20.000	20.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		584.624	549.974	534.664
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		604.624	569.974	554.664
LOAN FUNDS
1] Secured Loans		3839.788	1593.158	725.653
2] Unsecured Loans		204.810	54.293	27.270
TOTAL BORROWING		4044.598	1647.451	752.923
DEFERRED TAX LIABILITIES		235.865	254.043	209.542
TOTAL		4885.087	2471.468	1517.129
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		922.171	998.926	1083.890
Capital work-in-progress		22.200	0.710	51.211
INVESTMENT		2.334	2.366	2.108
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5535.844	5689.981	861.764
	Sundry Debtors	450.277	897.270	712.365
	Cash & Bank Balances	374.412	636.097	501.293
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	652.182	948.207	955.475
Total Current Assets		7012.715	8171.555	3030.897
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	774.215	3018.848	60.360
	Other Current Liabilities	3069.068	3658.325	2582.749
	Provisions	5.465	25.217	8.268
Total Current Liabilities		3074.533	6702.390	2651.377
Net Current Assets		3938.182	1469.165	379.520
MISCELLANEOUS EXPENSES		0.200	0.301	0.400
TOTAL		4885.087	2471.468	1517.129

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income from Operations	4268.586	8600.729	8954.056
		Other Income	169.187	89.399	104.571
		TOTAL (A)	4437.773	8690.128	9058.627
Less	EXPENSES
		Material Cost	3466.477	6771.838	8096.627
		Manufacturing Administration and Selling Expenses	199.505	1268.375	254.863
		TOTAL (B)	3665.982	8040.213	8351.490
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		771.791	649.915	707.137
Less	FINANCIAL EXPENSES (D)		615.274	419.999	221.609
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		156.517	229.916	485.528
Less/ Add	DEPRECIATION/ AMORTISATION (F)		136.493	156.723	81.669
	PROFIT BEFORE TAX (E-F) (G)		20.024	73.193	403.859
Less	TAX (H)		(14.727)	58.592	155.791
	PROFIT AFTER TAX (G-H) (I)		34.751	14.601	248.068
Less	PRIOR PERIOD ADJUSTMENT		0.101	[0.708]	0.047
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		459.983	444.674	196.914
Less	APPROPRIATIONS
		Amount appropriated towards defined benefit obligations of earlier year	0.000	0.000	0.261
	BALANCE CARRIED TO THE B/S		494.633	459.983	444.674
	EARNINGS IN FOREIGN CURRENCY
		Claim / Dispatch	9.865	7.087	242.715
		Export sales on FOB basis	908.447	1195.522	1600.811
	TOTAL EARNINGS		918.312	1202.609	1843.526
	IMPORTS
		Import Value	462.025	5144.603	5118.461
	Earnings Per Share (Rs.)		17.32	7.65	124.01

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.78	0.17	2.74
Net Profit Margin (PBT/Sales)	(%)	0.47	0.85	4.51
Return on Total Assets (PBT/Total Assets}	(%)	0.25	0.80	9.81
Return on Investment (ROI) (PBT/Networth)		0.03	0.13	0.73
Debt Equity Ratio (Total Debt/Networth)		6.69	2.89	1.36
Current Ratio (Current Asset/Current Liability)		2.28	1.22	1.14

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	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	Yes
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	No
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

LITIGATION DETAILS:

CASE STATUS : P

Status of          APPEAL FROM ORDER (APO) 131 of 2011    

KRISHNA COKE (INDIA) PRIVATE LIMITED                 Vs.                  FAIRDEAL SUPPLIES PRIVATE LIMITED

Pet's Adv.       :   SANDIPAN BANERJEE                   

Res's Adv.      :       

Court No.       :  1     Last Listed On :     Monday, January 09, 2012     

Category        :   MONEY CLAIMS/COMPENSATION/DAMAGES/MESNE PROFITS

CONNECTED APPLICATION (S) No Connected Application.

CONNECTED MATTER (S) No Connected Cases.

Case Updated on:   Monday, January 09, 2012

UNSECURED LOANS

Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Intercorporate Loan	194.684	42.288
From Share Holders	7.171	6.961
From Directors	2.955	5.044
Total	204.810	54.293

OPERATIONS

The Company is facing impact of the economic slowdown which started in the previous year. However the expansion and diversification projects already undertaken earlier, has enabled the Company to offset unfavorable conditions to some extent. The Company feels that the process of economic revival has already started and in the coming years it shall be able to overcome the impact of recession with the motivated team of employees and support of their bankers, customers etc.

During the year the sales turn over of the Company has decreased from Rs. 8600.729 millions to Rs 4268.587 millions. The Profit before Depreciation, other Provisions and Taxes are 156.518 millions against Rs. 229.916 millions in the previous year registering a decrease of 32% approximately. over the last year. The Profit after making Provision for income Tax, Deferred Income Tax - Current Year and Previous Year and Prior Period Adjustments stood at Rs. 34.752 millions as against Rs. 14.601 millions in the previous year.

CONTINGENT LIABILITIES:

Particulars	31.03.2010	31.03.2009
	(Rs. in Millions)
Bank Guarantee issued	8.200	5.345
Suit Filed against the company	7.900	7.900
Anti Dumpint Duty	27.114	27.115
Disputed Income Tax Demands	Nil	1.170

FIXED ASSETS:

· Freehold Land

· Building

· Plant and Machinery

· Vehicles

· Furniture and Fixtures

· Ship

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. 56.24
UK Pound	1	Rs. 84.54
Euro	1	Rs. 72.32

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		14

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.