MIRA INFORM REPORT

Report Date :

21.09.2013

IDENTIFICATION DETAILS

Name :	RUBY MICA COMPANY LIMITED (w.e.f.24.05.2010)
Formerly Known As :	RUBY MICA COMPANY PRIVATE LIMITED
Registered Office :	B.B. C Road. P.S. Giridih-815301, Jharkhand
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.06.1988
Com. Reg. No.:	35-003019
Capital Investment / Paid-up Capital :	Rs. 20.765 Millions
CIN No.: [Company Identification No.]	U14293JH1988PTC003019
TAN No.: [Tax Deduction & Collection Account No.]	RCHR00504A
PAN No.: [Permanent Account No.]	AAACR9090C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Mica Insulating Materials.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 370000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered for 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 – 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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. Subhash
Designation :	Accountant
Contact No.:	91-9934195290
Date :	18.09.2013

LOCATIONS

Registered Office/ Factory :	B.B. C Road. P.S. Giridih-815301, Jharkhand, India
Tel. No.:	91-6532-222957 / 222357
Mobile No.:	91-9934195290 (Mr. Subhash)
Fax No.:	91-6532-222857 / 250903
E-Mail :	info@rubymica.com rubymica@rubymica.com sales2@rubymica.com
Website :	www.rubymica.com
Location :	Owned

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Rajendra Kumar Bagaria
Designation :	Director
Address :	B.B.C. Road, Giridih-815301, Jharkhand, India
Date of Birth/Age :	31.01.1960
Qualification :	MBA
Date of Appointment :	01.06.1988
DIN No.:	00466005

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	U14293JH1988PLC003019	RUBY MICA COMPANY LIMITED	Director	01/06/1988	01/06/1988	-	Active	NO
2	U27100JH2004PTC010932	RUBY OXYGEN PRIVATE LIMITED	Director	07/09/2004	07/09/2004	12/08/2011	Active	NO
3	U27102WB2005PTC103293	VENKATESHWARA SPONGE AND IRON COMPANY PRIVATE LIMITED	Director	25/05/2005	25/05/2005	05/06/2012	Active	NO
4	U45400WB2007PTC118468	VENKATESHWARA RESIDENCY PRIVATE LIMITED	Director	10/09/2007	10/09/2007	12/07/2011	Active	NO

Name :	Mr. Ankit Bagaria
Designation :	Director
Address :	P.O. Pachamba, Giridih-815301, Jharkhand, India
Date of Birth/Age :	12.01.1987
Date of Appointment :	01.03.2010
DIN No.:	03010432
Name :	Mrs. Anita Bagaria
Designation :	Director
Address :	Marwari Mohalla, P.O. Pachamba, Giridih-815316, Jharkhand, India
Date of Birth/Age :	01.01.1965
Date of Appointment :	20.08.2011
DIN No.:	03625531

KEY EXECUTIVES

Name :	Mr. Subhash
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Chandan Kumar Bagaria	12020
Madhu Bagaria	5500
Rajendra Kumar Bagaria	18020
Jyoti Bagaria	9600
Anita Bagaria	14700
Murarilal Bagaria	91350
Deepak Kumar Bagaria	6170
Sarla Jhunjhunwala	87
Ankit Bagaria	1200
Anshul Bagaria	1500
Avishek Bagaria	1100
Ayush Bagaria	1000
Parul Bagaria	450
Priyansha Bagaria	950
Govind Prasad Bagaria	5000
Kamal Prasad Bagaria	10000
Chandan Kumar Bagaria (HUF)	2000
Rajendra Kumar Bagaria (HUF)	2000
Ruby Oxygen Private Limited, Jharkhand, India	25000
TOTAL	207647

AS ON 28.09.2012

Equity Shares Break Up	Percentage of Holding
Bodies corporate	12.04
Directors or relatives of Directors	87.96
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Mica Insulating Materials.
Products :	Uncalcined Muscovite/Phlogopite Mica Paper in Basic Weights, 80-270 g/m2, Deckle Width (Standard) 1040 mm in Rolls Silicone Bonded Mica Sheet-Flexible and Rigid, Size 1200 x 1000 mm or 1000 x 600 mm, Thickness 0.1-50.0 mm Punched/Machined Mica Parts like Plates, Circles, Washers, Strips, etc. to any given dimensions/drawings/specifications Silicone or Epoxy Bonded Mica Paper tape Reinforced with Fiberglass Fabric/Polyester Film/Nomex Paper/Kapton Film, etc., Width 10-1000 mm, Length 25-500 meter Silicone Bonded Mica Paper Tube in ID 6 mm to 200 mm, 1 meter Length Mica Heating Elements in all Designs, Wattage, and Voltage for use in Ironing Appliances, Toasters, Kettles, Rice Cookers, Hair Dryers, etc. Natural Mica in all Forms, Sizes and Qualities like Mica Blocks, Mica Splittings, Mica Waste/Scrap, etc. Dry Ground Mica Powder and Flakes in Mesh Sizes from 2-325 Nickel Chromium Resistance Wire and Ribbon in SWG 20-44 and size 0.635-1.587 Epoxy Bonded Fiberglass Products as per customers' specifications.
Exports :
Products :	Mica insulating materials
Countries :	Europe Gulf Countries USA Japan
Imports :
Products :	Raw Materials
Countries :	Europe Germany
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

200 (Approximately)

Bankers :

• State Bank of India, SME Branch, Giridih, Whitty Bazar, Giridih- 815301, Jharkhand, India
• Indian Overseas Bank, Giridih Branch, Makatpur, Shanti Bhawan Road, Giridih-815301, Jharkhand, India

Facilities :

Secured Loan

Rs. In Millions

31.03.2012

Rs. In Millions

31.03.2011

Long Term Borrowings

Term Loans

From Banks

15.093

22.147

Short Term Borrowings

Working Capital Loans from Banks

53.966

35.973

TOTAL

69.059

58.120

NOTES

LONG TERM BORROWINGS

Details of terms of repayment for the long term borrowing and security provided in respect of the secured long term borrowings

Particulars	Terms of repayment and Security
Term Loan from State Bank of India	Secured by a first charge on the entire immovable assets of the Company at Chatro, Giridih. Term Loan amounting to Rs.15.093 Millions (previous year: Rs. 22.147 Millions) repayable in quarterly installment f Rs.1.750 Millions starting from Dec, 2009 and last installment in Sept, 2014. Rate of Interest 1 5.00% p.a. at the year end.

SHORT TERM BORROWINGS

Details of terms of repayment for the short term borrowing and security provided in respect of the secured long term borrowings

Particulars	Terms of repayment and Security
Working Capital Loan from State Bank of India	Secured by hypothecation of inventories, book debts and other current assets of the company and are repayable on demand

Banking Relations :	--
Auditors :
Name :	Kedia Agarwal and Associates Chartered Accountants
Address :	Tah Complex, Gandhi Chowk, Giridih – 815 301, Jharkhand, India
Tel No.:	91-6532- 222639
Mobile No.:	91-9431144160/ 9304105111
Fax No.:	91-6532-222639
E Mail:	sk_kaagrd@yahoo.co.in
Pan No.:	AACFK6368H

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
207647	Equity Shares	Rs.100/- each	Rs. 20.765 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	20.765	19.765
(b) Reserves & Surplus	66.196	58.840
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	7.600	0.000
Total Shareholders’ Funds (1) + (2)	94.561	78.605
(3) Non-Current Liabilities
(a) long-term borrowings	15.093	22.147
(b) Deferred tax liabilities (Net)	2.417	2.688
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	17.510	24.835
(4) Current Liabilities
(a) Short term borrowings	53.966	35.973
(b) Trade payables	6.256	4.907
(c) Other current liabilities	7.035	3.659
(d) Short-term provisions	0.925	0.615
Total Current Liabilities (4)	68.182	45.154
TOTAL	180.253	148.594
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	75.862	70.178
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(b) Non-current Investments	3.900	3.900
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	79.762	74.078
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	42.729	24.095
(c) Trade receivables	25.195	24.642
(d) Cash and cash equivalents	5.736	2.642
(e) Short-term loans and advances	26.831	23.137
(f) Other current assets	0.000	0.000
Total Current Assets	100.491	74.516
TOTAL	180.253	148.594

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		19.765
2] Share Application Money		0.000
3] Reserves & Surplus		56.128
4] (Accumulated Losses)		0.000
NETWORTH		75.893
LOAN FUNDS
1] Secured Loans		57.402
2] Unsecured Loans		0.000
TOTAL BORROWING		57.402
DEFERRED TAX LIABILITIES		2.976
TOTAL		136.271
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		74.074
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.551
	Sundry Debtors	15.318
	Cash & Bank Balances	2.818
	Other Current Assets	0.000
	Loans & Advances	22.324
Total Current Assets		66.011
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.651
	Other Current Liabilities	0.134
	Provisions	0.029
Total Current Liabilities		3.814
Net Current Assets		62.197
MISCELLANEOUS EXPENSES		0.000
TOTAL		136.271

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	114.777	92.332	72.559
		Other Income	1.446	0.663	0.905
		TOTAL (A)	116.223	92.995	73.464
Less	EXPENSES
		Cost of Material Consumed	58.482	46.911	55.369
		Manufacturing and Operating Expenses	16.874	15.156
		Employee benefits expenses	3.921	4.205
		Other Expenses	9.514	7.654
		Changes in inventories of Finished goods, work in progress and stock in trade	5.407	(1.472)
		TOTAL (B)	94.198	72.454	55.369
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		22.025	20.541	18.095
Less	FINANCIAL EXPENSES (D)		8.873	7.538	6.085
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.152	13.003	12.010
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.131	8.953	9.493
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		5.021	4.050	2.517
Less	TAX (H)		1.665	1.338	0.469
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		3.356	2.712	2.048
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		27.036	24.324	22.276
	BALANCE CARRIED TO THE B/S		30.392	27.036	24.324
	Earnings / (Loss) Per Share (Rs.)		16.98	13.72	10.63

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.89	2.92	2.79
Net Profit Margin (PBT/Sales)	(%)	4.37	4.39	3.47
Return on Total Assets (PBT/Total Assets}	(%)	2.85	2.80	1.80
Return on Investment (ROI) (PBT/Networth)		0.05	0.05	0.03
Debt Equity Ratio (Total Debt /Networth)		0.73	0.74	0.76
Current Ratio (Current Asset/Current Liability)		1.47	1.65	17.31

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	No
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

VIEW INDEX OF CHARGES

S. No	Charge ID	Date of Charge Creation /Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN
1	10308937	30/08/2011	12,000,000.00	Indian Overseas Bank	Giridih Branch, Makatpur, Shanti Bhawan Road, Giridih, Jharkhand - 815301, India	B22008452
2	10287804	31/03/2011	7,600,000.00	Indian Overseas Bank	Giridih Branch, Makatpur Chowk, Shanti Bhawan Road, Giridih, Bihar - 815301, India	B13168653
3	10264438	13/01/2011	12,000,000.00	Indian Overseas Bank	Giridih Branch, Makatpur, Shanti Bhawan Road, Giridih, Jharkhand - 815301, India	B05440706
4	80046247	22/11/2010 *	174,400,000.00	Indian Overseas Bank	Giridih Branch, Makatpur, Shanti Bhawan Road, Giridih, Jharkhand - 815301, India	B01224641
5	90263899	14/11/2011 *	84,600,000.00	STATE BANK OF INDIA	Sme Branch Giridih, Whitty Bazar, Giridih, Jharkhand - 815301, India	B27151422
Date of charge modification

FIXED ASSETS

• Land
• Factory Sited and Building
• Land and Building 
• Plant and Machinery
• Furniture and Fixture
• Boiler
• Generator
• EPBX Systems
• Xerox Machine
• Pumps
• Diesel Tank
• Weighing Scale
• Welding Machine
• Water Tank
• Air conditioner
• Television
• Mobile Phone
• Testing Equipments
• Fax Machine
• Electrical Installation
• Electrical goods
• Vehicle
• Computer

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. 62.24
UK Pound	1	Rs. 99.89
Euro	1	Rs. 84.22

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.