MIRA INFORM REPORT

Report Date :

26.09.2013

IDENTIFICATION DETAILS

Name :	DIAMOND INDIA LIMITED
Registered Office :	306, Modi Chambers, French Bridge, Opera House, Mumbai – 400004, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.12.2002
Com. Reg. No.:	11-138275
Capital Investment / Paid-up Capital :	Rs. 113.614 Millions
CIN No.: [Company Identification No.]	U36911MH2002PLC138275
IEC No.:	0306062984
TAN No.: [Tax Deduction & Collection Account No.]	MUMD14256E
PAN No.: [Permanent Account No.]	AABCD8377R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers and Exporters of Diamond and Jewellery.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 5100000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profit margin is Low. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal 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.

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.

LOCATIONS

Registered Office :	306, Modi Chambers, French Bridge, Opera House, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-23875090
Fax No.:	91-22-23875095
E-Mail :	info@diamondindia.net pramal42@hotmail.com rough@diltd.in accounts@diamondindia.net
Website :	http://www.diamondindia.net
Area :	1506 sq. ft.
Location :	Rented
Corporate/ Surat Office :	Plot No.12/13/14 1^st Floor, Mira Nagar, Near Lok Samarpan, Blood Bank, Mini Bazar, Varachha Road. Surat – 395006, Gujarat, India
Tel. No.:	91-261-2567710
Fax No.:	91-261-2567709
E-Mail :	sdasurat@yahoo.co.in
Area :	1497.54 sq. ft.
Location :	Rented
Overseas Office :	Dubai Emirates Tower, Level 41, Sheikh Zyed Road, Dubai UAE
Branch Office:	81, Pariseema Complex, Nr Lal Bunglow, C.G. Road, Ahmedabad – 380006, India

DIRECTORS

As on: 28.09.2012

Name :	Mr. Vallabh Bhanshali
Designation :	Director
Address :	12, Laxmi Vilas, 87, Nepean Sea Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	04.03.1951
Date of Appointment :	28.09.2010
DIN No.:	00184775
Name :	Mr. Praveen Shankar Pratap Shankar Pandya
Designation :	Director
Address :	132/ 333,13^th Floor, Tahnee Heights, Petit Hall 66, Nepean Sea Road,, Mumbai – 400036, Maharashtra, India
Date of Birth/Age :	10.04.1950
Date of Appointment :	16.12.2002
PAN No.:	AAFPP4029B
DIN No.:	00316843
Name :	Mr. Rohan Pradeep Shah
Designation :	Director
Address :	E- I, Cuffe Castle, 5^th Floor, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	01.12.1963
Date of Appointment :	28.09.2010
DIN No.:	00088684
Name :	Mr. Sudhir Rasiklal Mehta
Designation :	Director
Address :	SU-Shilp, P-25, B-G Kher Marg, Malabar Hill, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	12.08.1948
Date of Appointment :	09.09.2006
PAN No.:	AABPM9701F
DIN No.:	00425037
Name :	Mr. Sanjay Jayantilal Bhansali
Designation :	Director
Address :	1502, Nepean House, 85- A, Nepean Sea Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	14.11.1962
Date of Appointment :	09.09.2006
DIN No.:	00773177
Name :	Mr. Dilipkumar Vishindas Lakhi
Designation :	Director
Address :	1101, Petit Tower, August Kranti Marg, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	05.12.1950
Date of Appointment :	09.09.2006
PAN No.:	AAGFD1262M
DIN No.:	00121790
Name :	Mr. Nilesh Navinchandra Shah
Designation :	Director
Address :	16-B, Lands End, 29-D, Dongershi Road, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	05.06.1956
Date of Appointment :	1612.2002
PAN No.:	ALCPS8522J
DIN No.:	00515643
Name :	Mr. Milan Tanvir Chokshi
Designation :	Director
Address :	112, Laxmi Villas Co-op Hosing Society Limited, 11^th Floor, 87, Nepean Sea Road, Mumbai- 400006, Maharashtra, India
Date of Birth/Age :	19.01.1976
Date of Appointment :	27.09.2008
DIN No.:	00139380
Name :	Mr. Suresh Chimanlal Shah
Designation :	Director
Address :	15-A,Ridge Road, South Wing, 2 /18, Bay View, Mumbai- 400006, Maharashtra, India
Date of Birth/Age :	18.10.1952
Date of Appointment :	27.09.2008
DIN No.:	00412576
Name :	Mr. Mehul Navinchandra Shah
Designation :	Director
Address :	121, Ashok Apartment, 68, Nepean Sea Road, Rungta Lane, Mumbai- 400006, Maharashtra, India
Date of Birth/Age :	05.07.1960
Date of Appointment :	27.09.2008
DIN No.:	00368819
Name :	Mr. Dilip Shah
Designation :	Director
Address :	902/A, Chandanbal, R. R. Thakkar Marg, Walkeshwar, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	06.01.1963
Date of Appointment :	28.09.2010
DIN No.:	00147262
Name :	Mr. Nikunj Bapalal Shah
Designation :	Director
Address :	501 Gitanjali Garden, Rungta Lane, 68E Nepean Sea Road, Mumbai -400006, Maharashtra, India
Date of Birth/Age :	11.08.1953
Date of Appointment :	29.09.2007
DIN No.:	01920826

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Shareholder Details File Attached

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Other	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Exporters of Diamond and Jewellery.

Products :

· Rough Diamonds

· Colored Gem Stones

· Polished Diamonds

ITC Code	Products or Services
71131930	Jewellery of Gold Set

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• The Royal Bank of Scotland N. V. (Lead Bank), 4, North Avenue, Level 3, Maker Maxity, Bandra Kurla Complex, Bandra East, Mumbai - 400051, Maharashtra, India
• Axis Bank Limited, Corporate Banking Branch,Barakhamba Road, Stateman House, 2nd Floor,, New Delhi - 110001, Delhi, INDIA
• ABN Amro Bank N.V, Hansalaya Building, 15, Barkhamba Road, New Delhi - 110001, Delhi, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Short term borrowings
Term loans from others	329.300	0.000
Working capital loans from banks	14.780	226.682
Total	344.080	226.682

Banking Relations :	--
Auditors :
Name :	Rajendra and Company Chartered Accountants
PAN No.:	AAAFR1878D
Associates :	Bulk Diamonds Private Limited CIN No.: U65999MH2006PTC163129
Subsidiaries :	Diamond India DMCC

CAPITAL STRUCTURE

As on: 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22711307	Equity Shares	Rs.5/- each	Rs. 113.556 Millions
54580	Equity Shares	Rs.10/- each	Rs. 0.546 Million
48828	Call Unpaid	Rs.10/- each	Rs. (0.488) Million
	Total		Rs. 133.614 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	113.614	91.391
(b) Reserves & Surplus	1181.261	970.956
(c) Money received against share warrants	0.000	0.000
		0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1294.875	1062.347
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.208
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.507	0.000
Total Non-current Liabilities (3)	0.507	0.208
(4) Current Liabilities
(a) Short term borrowings	344.080	226.682
(b) Trade payables	870.555	2.231
(c) Other current liabilities	37.708	3.399
(d) Short-term provisions	5.741	39.316
Total Current Liabilities (4)	1258.084	271.628
TOTAL	2553.466	1334.183
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.496	2.638
(ii) Intangible Assets	1.037	1.709
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	2.192	2.192
(c) Deferred tax assets (net)	0.048	0.000
(d) Long-term Loan and Advances	24.382	5.140
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	30.155	11.679
(2) Current assets
(a) Current investments	17.179	112.250
(b) Inventories	1040.486	693.026
(c) Trade receivables	855.065	2.096
(d) Cash and cash equivalents	531.603	435.487
(e) Short-term loans and advances	62.307	71.659
(f) Other current assets	16.671	7.986
Total Current Assets	2523.311	1322.504
TOTAL	2553.466	1334.183

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		64.187
2] Share Application Money		0.000
3] Reserves & Surplus		627.622
4] (Accumulated Losses)		0.000
NETWORTH		691.809
LOAN FUNDS
1] Secured Loans		549.900
2] Unsecured Loans		0.000
TOTAL BORROWING		549.900
DEFERRED TAX LIABILITIES		0.000
TOTAL		1241.709
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.017
Capital work-in-progress		0.000
INVESTMENT		18.886
DEFERREX TAX ASSETS		0.046
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	970.563
	Sundry Debtors	0.000
	Cash & Bank Balances	261.910
	Other Current Assets	5.321
	Loans & Advances	55.612
Total Current Assets		1293.406
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	2.970
	Other Current Liabilities	0.333
	Provisions	69.343
Total Current Liabilities		72.646
Net Current Assets		1220.760
MISCELLANEOUS EXPENSES		0.000
TOTAL		1241.709

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue From Operations	24449.213	6510.552	5519.649
		Other Income	37.024	25.893	21.267
		TOTAL (A)	24486.237	6536.445	5540.916
Less	EXPENSES
		Cost of materials consumed	0.334	2.067
		Purchases of stock-in-trade	24672.582	5962.670
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(347.459)	277.537
		Employee benefit expense	6.751	4.515
		Other expenses	19.157	24.202
		Prior period	0.601	0.000
		TOTAL (B)	24351.966	6270.991	5399.577
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		134.271	265.454	141.339
Less	FINANCIAL EXPENSES (D)		97.241	16.005	41.865
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		37.030	249.449	99.474
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.316	1.509	0.431
	PROFIT BEFORE TAX (E-F) (G)		35.714	247.940	99.043
Less	TAX (H)		11.915	80.235	33.426
	PROFIT AFTER TAX (G-H) (I)		13.799	167.705	65.617
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		158.790	47.171	14.398
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	16.771	6.561
		Dividend	5.296	33.827	22.465
		Tax on Dividend	0.777	5.488	3.818
	BALANCE CARRIED TO THE B/S		166.516	158.790	47.171
	EARNINGS IN FOREIGN CURRENCY		24604.572	5908.943	5971.361
	Earnings Per Share (Rs.)		2.48	21.97	10.22

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.06	2.57	1.18
Net Profit Margin (PBT/Sales)	(%)	0.15	3.81	1.80
Return on Total Assets (PBT/Total Assets}	(%)	1.40	18.61	7.65
Return on Investment (ROI) (PBT/Networth)		0.02	0.23	0.15
Debt Equity Ratio (Total Debt/Networth)		0.27	0.21	0.80
Current Ratio (Current Asset/Current Liability)		2.01	4.87	17.81

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	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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The registered office of the company has been shifted from 405, Modi Chambers, French Bridge, Opera House, Mumbai – 400 004, Maharashtra to the present address w.e.f. 16.11.2007.

OPERATIONS:

TheCompany achieved a Turnover of Rs. 24440.300 millions by selling 1583111.81 carats of Rough Diamonds, 6700 kgs. of gold bars, 298 kgs of metal loan, 6794 kgs of silver bars, 9.975 kgs. of gold coins, and 4578.18 carats of cut and polished diamonds.

Subject continued its operations with the working capital needs and other requirements met from the Consortium of Banks comprising The Royal Bank of Scotland N.V., State Bank of India, Union Bank of India and Antwerp Diamond Bank N.V.

During the full year Subject imported 1585596.73 carats of rough diamonds worth Rs. 6468.300 millions and sold 1583111.81 carats worth Rs. 6202.350 millions to shareholders and other diamond manufacturers.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10305551	02/08/2012 *	1,050,000,000.00	Axis Bank Limited	Corporate Banking Branch, Barakhamba Road, Stateman House, 2nd Floor, New Delhi, Delhi - 110001, INDIA	B58570706
2	10044291	28/01/2013 *	1,750,000,000.00	The Royal Bank of Scotland N. V. (Lead Bank)	4, North Avenue, Level 3, Maker Maxity, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051, INDIA	B68942739

* Date of charge modification

FIXED ASSETS:

· Computers

· Furniture and Fixtures

· Office 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. 62.70
UK Pound	1	Rs. 100.27
Euro	1	Rs. 84.46

INFORMATION DETAILS

Report Prepared by :

DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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

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.