MIRA INFORM REPORT

Report Date :

12.10.2013

IDENTIFICATION DETAILS

Name :	KALAMANDIR JEWELLERS LIMITED (w.e.f.14.05.2013)
Formerly Known As :	KALAMANDIR JEWELLERS PRIVATE LIMITED
Registered Office :	2287 Survey No.25/P, Choksi Bazar, Kosamba, Mangrol, Surat – 394 120, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.05.2009
Com. Reg. No.:	04-057024
Capital Investment / Paid-up Capital :	Rs.9.960 Millions
CIN No.: [Company Identification No.]	U36911GJ2009PLC057024
TAN No.: [Tax Deduction & Collection Account No.]	SRTK02819F
PAN No.: [Permanent Account No.]	AADCK6700F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Retailer and Trader of Diamond, Fashion, Gold and Calcutta Jewellery.
No. of Employees :	Not Divulged

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 973000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company appears to be decent. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered for business dealing 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term Rating=BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	03.07.2013

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 DENIED

Management Non Co-operative (91-2629-231666)

LOCATIONS

Registered Office :	2287 Survey No.25/P, Choksi Bazar, Kosamba, mangrol, Surat – 394 120, Gujarat, India
Tel. No.:	91-2629-231666
Fax No.:	91-2629-231666
E-Mail :	kalamandir_pvt_ltd@ymail.com kansariwala_chevi@hotmail.com
Showrooms :	Located at: Kosamba and Bharuch

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Milan Kumar Mohanlal Shah

Designation :

Additional Director

Address :

B1/2, Somnath Society At Tarsadi, Post: Kosamba, Tal-Mangrol, Surat – 394 210, Gujarat, India

Date of Birth/Age :

06.03.1977

Date of Appointment :

04.12.2010

DIN No.:

02109317

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	Company/ LLP Status	Defaulting status
1	U45201GJ2008PTC055608	CHAHAT DEVELOPERS PRIVATE LIMITED	Director	04-12-08	04-12-08	Active	NO
2	U36911GJ2009PLC057024	KALAMANDIR JEWELLERS LIMITED	Additional director	04-12-10	04-12-10	Active	NO

Name :

Mr. Sharad Kumar Mohanlal Shah

Designation :

Director

Address :

At Op Tarsadi, Kosamba, Mahavir Apartment, Mangrol, Surat – 394 210, Gujarat, India

Date of Birth/Age :

28.01.2071

Date of Appointment :

21.05.2009

DIN No.:

02604653

Name :

Mr. Rajesh Kumar Mohanlal Shah

Designation :

Director

Address :

B3/4, Mahavir Apartment, Tarsadi, Kosamba, Tal-Mangrol, Surat – 394 210, Gujarat, India

Date of Birth/Age :

20.02.1973

Date of Appointment :

21.05.2009

DIN No.:

02604727

Name :

Mr. Mohanlal Bhimraj Shah

Designation :

Director

Address :

32-B, Somnath Society, Hathura Road, At-Tarsadi, Po-Kosamba, City Light Road, Athwalies, Mangrol, Surat – 394 120, Gujarat, India

Date of Birth/Age :

14.10.1945

Date of Appointment :

15.10.2010

DIN No.:

02778049

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	Company/ LLP Status	Defaulting status
1	U36911GJ2009PLC057024	KALAMANDIR JEWELLERS LIMITED	Director	15-11-10	01-10-09	Active	NO

Name :

Mr. Dipesh Kumar Mohanlal Shah

Designation :

Director

Address :

B1/2, Mahavir Apartment, Tarsadi, Kosamba, Tal-Mangrol, Surat – 394 210, Gujarat, India

Date of Birth/Age :

18.05.1974

Date of Appointment :

15.11.2010

DIN No.:

02778123

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	Company/ LLP Status	Defaulting status
1	U36911GJ2009PLC057024	KALAMANDIR JEWELLERS LIMITED	Director	15-11-10	01-10-09	Active	NO

MAJOR SHAREHOLDERS

AS ON 29.09.2012

Note: Shareholding Details List Attached.

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2012

Category	Percentage
Directors or relatives of Directors	50.00
Others	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Retailer and Trader of Diamond, Fashion, Gold and Calcutta Jewellery.
Products and Services :	· Diamond Jewellery Ø Diamond Earring Ø Diamond Ring Ø Diamond Pendant Set · Fashion Jewellery Ø Fashion Ring Ø Fashion Pendant Ø Fashion Earring · Gold Jewellery Ø Gold Ring Ø Gold Earring Ø Gold Bracelet · Calcutta Jewellery Ø Jewellery Set Ø Gold Bangles

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Axis Bank Limited, Plot No. C-3-9, Opposite Asopalav Guest House, Near Railway Station, Old N.H. No.8, GIDC, Ankleshwar – 393 002, Gujarat, India

· HDFC Bank Limited, HDFC House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Term Loan from banks (Mortgage)	7.082	0.000
Term from Others (Hypothecation)	0.000	0.056
Short Term Borrowings
Working capital Loans from Banks	59.170	58.674
Total	66.252	58.730

NOTE:

Long Term Borrowings:

Term Loan from banks are Secured by way of mortgage of the personal properties of the directors and further secured by way of personally guaranteed by the directors.

Short Term Borrowings:

Hypothecation and Mortgage

Banking Relations :	--
Auditors :
Name :	Kansariwala and Chavli Chartered Accountants
Address :	2/1447, Utkarsh, 1^st Floor, Opposite Sanghvi Hospital, Sagrampura, Surat – 395 002, Gujarat, India
PAN No.:	AAFFK4329R

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
996000	Equity Shares	Rs. 10/- each	Rs.9.960 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	9.960	9.960
(b) Reserves & Surplus	233.443	149.997
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	243.403	159.957
(3) Non-Current Liabilities
(a) long-term borrowings	120.455	128.426
(b) Deferred tax liabilities (Net)	0.218	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	120.673	128.426
(4) Current Liabilities
(a) Short term borrowings	59.170	58.674
(b) Trade payables	26.139	3.383
(c) Other current liabilities	33.945	21.945
(d) Short-term provisions	31.301	19.290
Total Current Liabilities (4)	150.555	103.292
TOTAL	514.631	391.675
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	29.737	13.882
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.003	0.003
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.592	0.592
(e) Other Non-current assets	0.056	0.074
Total Non-Current Assets	30.388	14.551
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	408.910	332.384
(c) Trade receivables	29.109	11.879
(d) Cash and cash equivalents	41.341	28.791
(e) Short-term loans and advances	4.342	3.567
(f) Other current assets	0.541	0.503
Total Current Assets	484.243	377.124
TOTAL	514.631	391.675

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.600
2] Share Application Money		0.000
3] Reserves & Surplus		19.146
4] (Accumulated Losses)		0.000
NETWORTH		20.746
LOAN FUNDS
1] Secured Loans		11.635
2] Unsecured Loans		122.066
TOTAL BORROWING		133.701
DEFERRED TAX LIABILITIES		0.000
TOTAL		154.447
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.850
Capital work-in-progress		0..000
INVESTMENT		0.042
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	167.414
	Sundry Debtors	10.530
	Cash & Bank Balances	3.851
	Other Current Assets	0.000
	Loans & Advances	0.142
Total Current Assets		181.937
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	20.768
	Provisions	9.706
Total Current Liabilities		30.474
Net Current Assets		151.463
MISCELLANEOUS EXPENSES		0.092
TOTAL		154.447

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	58.558	NA
Less	DEPRECIATION/ AMORTISATION		NA	0.693	NA
	PROFIT/(LOSS) BEFORE TAX		NA	57.865	NA
Less	TAX		NA	22.110	NA
	PROFIT/(LOSS) AFTER TAX		NA	35.755	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	19.147	NA
	BALANCE CARRIED TO THE B/S		NA	54.902	NA
	Earnings Per Share (Rs.)		NA	35.90	119.67

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	NA	14.80	NA
Return on Investment (ROI) (PBT/Networth)		NA	0.36	NA
Debt Equity Ratio (Total Debt /Networth)		0.74	1.17	6.44
Current Ratio (Current Asset/Current Liability)		3.22	3.65	1.20

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	No
12]	Profitability for last one years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	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

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Loans and Advances from Directors	38.808	39.234
Loans and Advances from Others	74.565	89.136
Total	113.373	128.370

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10414033	11/03/2013	20,000,000.00	AXIS BANK LIMITED	PLOT NO. C-3-9, OPP. ASOPALAV GUEST HOUSE, NEAR RAILWAY STATION, OLD N.H. NO. 8, GIDC, ANKLESHWAR – 393 002, GUJARAT, INDIA	B71469027
2	10281578	27/11/2012 *	180,000,000.00	AXIS BANK LIMITED	PLOT NO. C-3-9, OPP. ASOPALAV GUEST HOUSE, NEAR RAILWAY STATION, OLD N.H. NO. 8, GIDC, ANKLESHWAR – 393 002, GUJARAT, INDIA	B64694508
3	10275660	09/11/2012 *	180,000,000.00	AXIS BANK LIMITED	PLOT NO. C-3-9, OPP. ASOPALAV GUEST HOUSE, NEAR RAILWAY STATION, OLD N.H. NO. 8, GIDC, ANKLESHWAR – 393 002, GUJARAT, INDIA	B63357818

* Date of charge modification

FIXED ASSETS:

· Computers

· Furniture and Fixture

· Vehicles

· Motor Vehicles

· 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 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.63.30
UK Pound	1	Rs.101.36
Euro	1	Rs.84.60

INFORMATION DETAILS

Information Gathered by :	NAY
Report Prepared by :	NKT

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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		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.