MIRA INFORM REPORT

Report Date :

25.09.2013

IDENTIFICATION DETAILS

Name :	SARKAR PLYWOOD PRIVATE LIMITED
Registered Office :	3/2940-48, Subhan Badshah Swadi, Chalamwad Rudtopura, Surat-395003, Gujarat.
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.10.1994
Com. Reg. No.:	04-23170
Capital Investment / Paid-up Capital :	Rs.4.613 Millions
CIN No.: [Company Identification No.]	U20291GJ1994PTC023170
TAN No.: [Tax Deduction & Collection Account No.]	SRTS00552G
PAN No.: [Permanent Account No.]	AADCS3414Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Plywood.
No. of Employees :	50 [Approximately]

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 89900
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has seen a better increase in its sales turnover as well as net profitability during 2012. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 :	Ms. Darshini
Designation :	Accounts Department
Contact No.:	91-261-3201352
Date :	20.09.2013

LOCATIONS

Registered Office :	3/2940-48, Subhan Badshah Swadi Chalamwad Rudtopura, Surat-395003, Gujarat, India
Tel. No.:	91-261-2326693/2325457/3201352
Mobile:	91-9824112110 (Mr. Iqbal Firoz Sarkar)
Fax No.:	91-261-2325457/2215786
E-Mail :	csjariwala@hotmail.com office@sarkarplywood.com
Website :	http://www.sarkarplywood.com
Location :	Owned
Corporate Office / Factory 1:	Shop No. 5, Shiv Pooja Complex, Above Bank of Baroda, City Light, Surat-395007, Gujarat, India
Tel. No.:	91-261-3201352 (9 Lines)
Fax No.:	91-261-2258466
Head Office/ Administrative Office:	302-303, SNS Square, Business Zone, Vesu Main Road, Vesu, Surat-395007, Gujarat, India
Tel. No.:	91-261-3201352/3201252
Fax No.:	91-261-2215786
Factory 2 :	Located at: Kochin

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Iqbal Firoz Sarkar

Designation :

Director

Address :

805, Sterling Apartment, Athwa Lines, Surat-395 007, Gujarat, India

Date of Birth/Age :

18.07.1947

Date of Appointment :

10.04.1994

Din No.:

00912293

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	U20291GJ1994PTC023170	SARKAR PLYWOOD PRIVATE LIMITED	Director	04/10/1994	04/10/1994	Active	NO
2	U65993GJ2008PTC055393	SARKAR HOLDINGS PRIVATE LIMITED	Director	10/11/2008	10/11/2008	Active	NO
3	U51109GJ2010PTC060012	SARKAR INDUSTRIES PRIVATE LIMITED	Director	26/03/2010	26/03/2010	Active	NO
4	U51101GJ2012PTC069217	SARKAR VENTURES PRIVATE LIMITED	Director	28/02/2012	28/02/2012	Active	NO
5	U51101GJ2012PTC069215	SARKAR COMMODITIES PRIVATE LIMITED	Director	28/02/2012	28/02/2012	Active	NO

Name :

Mr. Adnan Iqbal Sarkar

Designation :

Director

Address :

805, Sterling Apartment, Athwa Lines, Surat-395 007, Gujarat, India

Date of Birth/Age :

29.11.1976

Date of Appointment :

15.12.2000

Din No.:

00912247

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	U20291GJ1994PTC023170	SARKAR PLYWOOD PRIVATE LIMITED	Director	15/12/2000	15/12/2000	Active	NO
2	U65993GJ2008PTC055393	SARKAR HOLDINGS PRIVATE LIMITED	Director	10/11/2008	10/11/2008	Active	NO
3	U51109GJ2010PTC060012	SARKAR INDUSTRIES PRIVATE LIMITED	Director	26/03/2010	26/03/2010	Active	NO
4	U51101GJ2012PTC069217	SARKAR VENTURES PRIVATE LIMITED	Director	28/02/2012	28/02/2012	Active	NO
5	U51101GJ2012PTC069215	SARKAR COMMODITIES PRIVATE LIMITED	Director	28/02/2012	28/02/2012	Active	NO

Name :

Mr. Hussain Iqbal Sarkar

Designation :

Director

Address :

805, Sterling Apartment, Athwa Lines, Surat-395 007, Gujarat, India

Date of Birth/Age :

01.01.1979

Date of Appointment :

15.12.2000

Din No.:

00915427

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	U20291GJ1994PTC023170	SARKAR PLYWOOD PRIVATE LIMITED	Director	15/12/2000	15/12/2000	Active	NO
2	U65993GJ2008PTC055393	SARKAR HOLDINGS PRIVATE LIMITED	Director	10/11/2008	10/11/2008	Active	NO
3	U51109GJ2010PTC060012	SARKAR INDUSTRIES PRIVATE LIMITED	Director	26/03/2010	26/03/2010	Active	NO
4	U51101GJ2012PTC069217	SARKAR VENTURES PRIVATE LIMITED	Director	28/02/2012	28/02/2012	Active	NO
5	U51101GJ2012PTC069215	SARKAR COMMODITIES PRIVATE LIMITED	Director	28/02/2012	28/02/2012	Active	NO

KEY EXECUTIVES

Name :	Ms. Darshini
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Iqbal Firoz Sarkar	2260
Rukshana Iqbal Sarkar	459030
Adnan Iqbal Sarkar	10
Husain Iqbal Sarkar	10
Mufaddal Adnan Sarkar	5
Husain Adnan Sarkar	5
TOTAL	461320

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Plywood.

Products :

PRODUCT DESCRIPTION	ITEM CODE
Plywood	4404

Exports :

Products :

Finished Goods

Countries :

• Turkey
• Africa

Imports :

Products :

Raw Materials

Countries :

• Korea
• Indonesia

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

50 [Approximately]

Bankers :

• Citibank, NA, 14, Adarsh Society, Opposite Kakadia Complex, Ghod Dod Road, Surat-395007, Gujarat, India
• Oriental Bank of Commerce, Ring Road, Surat, Gujarat, India
• ICICI Bank Limited
• HDFC Bank Limited
• Axis Bank

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
From Banks
Term Loan - From HDFC Bank Limited (Current Portion of Debt -Rs 0.370 million - PY: Rs 0.333 million) (Secured by way of hypothecation of Motor Car Purchased out of)	0.412	0.783
Term Loan - From HDFC Bank Limited (Current Portion of Debt -Rs 0.100 million - PY: Rs 0) (Secured by way of hypothecation of Motor Car Purchased out of)	0.228	0.000
Short Term Borrowings
Form Bank – Working Capital Loan	13.320	0.000
TOTAL	13.960	0.783

Banking Relations :	--
Auditors :
Name :	C S Jariwala and Company Chartered Accountants
Address :	6^th Floor, C-Block, President Plaza, Ring Road, Athwagate, Surat – 395 002, Gujarat, India
Tel. No.:	91-261-3017171-72-73
PAN No:	AACFC2500R
Associates/ Subsidiaries :	Sarkar Industrial Private Limited Sarkar Holdings Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
461320	Equity Shares	Rs.10/- each	Rs.4.613 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	4.613	4.613
(b) Reserves & Surplus	17.872	14.309
(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)	22.485	18.922
(3) Non-Current Liabilities
(a) long-term borrowings	2.225	2.368
(b) Deferred tax liabilities (Net)	0.156	0.212
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	2.381	2.580
(4) Current Liabilities
(a) Short term borrowings	13.320	0.000
(b) Trade payables	11.035	3.703
(c) Other current liabilities	0.911	3.494
(d) Short-term provisions	0.554	0.000
Total Current Liabilities (4)	25.820	7.197
TOTAL	50.686	28.699
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.831	3.214
(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	0.000	0.050
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.170	0.697
(e) Other Non-current assets	0.391	0.048
Total Non-Current Assets	3.392	4.009
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	20.473	6.470
(d) Cash and cash equivalents	3.072	3.215
(e) Short-term loans and advances	23.749	15.005
(f) Other current assets	0.000	0.000
Total Current Assets	47.294	24.690
TOTAL	50.686	28.699

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4.613
2] Share Application Money		0.000
3] Reserves & Surplus		12.884
4] (Accumulated Losses)		0.000
NETWORTH		17.497
LOAN FUNDS
1] Secured Loans		1.640
2] Unsecured Loans		1.620
TOTAL BORROWING		3.260
DEFERRED TAX LIABILITIES		0.167
TOTAL		20.924
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.021
Capital work-in-progress		0.000
INVESTMENT		0.050
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	7.875
	Cash & Bank Balances	5.422
	Other Current Assets	0.000
	Loans & Advances	21.502
Total Current Assets		34.799
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.438
	Other Current Liabilities	3.718
	Provisions	1.802
Total Current Liabilities		16.958
Net Current Assets		17.841
MISCELLANEOUS EXPENSES		0.012
TOTAL		20.924

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	242.426	160.966	154.562
		Other Income	14.780	15.585	11.941
		TOTAL (A)	257.206	176.551	166.503
Less	EXPENSES
		Cost of material consumed	214.740	140.750	126.687
		Employee benefit expenses	7.266	4.219	0.000
		Sales and administration expenses	27.915	28.026	32.651
		Exceptional items and extraordinary items	0.044	(0.162)	(0.055)
		TOTAL (B)	249.965	172.833	159.283
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.241	3.718	7.220
Less	FINANCIAL EXPENSES (D)		1.187	0.669	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.054	3.049	7.220
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.727	0.937	1.001
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		5.327	2.112	6.219
Less	TAX (H)		1.763	0.688	1.932
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		3.564	1.424	4.287
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	12.884	8.597
	BALANCE CARRIED TO THE B/S		NA	14.308	12.884
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	223.312	140.753	0.000
		Plywood Exports	0.000	0.000	137.415
		Film-High Seas	0.000	0.000	13.112
		Faces-High Seas	0.000	0.000	3.366
	TOTAL EARNINGS		223.312	140.753	153.893
	IMPORTS
		Raw Materials	18.780	18.064	0.000
		Film-Import	0.000	0.000	12.154
		Faces-Import	0.000	0.000	3.684
		Wood-Import	0.000	0.000	0.404
	TOTAL IMPORTS		18.780	18.064	16.242
	Earnings / (Loss) Per Share (Rs.)		7.73	3.09	9.29

Particulars	31.03.2013
Sales Turnover [Approximately]	170.000 [Due to market fluctuation]

The above information has been parted by Ms. Darshini.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.39	0.81	2.57
Net Profit Margin (PBT/Sales)	(%)	2.20	1.31	4.02
Return on Total Assets (PBT/Total Assets}	(%)	10.51	7.37	16.44
Return on Investment (ROI) (PBT/Networth)		0.23	0.11	0.35
Debt Equity Ratio (Total Debt/Networth)		0.69	0.13	0.19
Current Ratio (Current Asset/Current Liability)		1.83	3.43	2.05

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%	Yes
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	--
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
From Related Parties (Current Portion of Debt - Rs 0 - PY: Rs 1.595 millions)	1.585	1.585
TOTAL	1.585	1.585

FIXED ASSETS:

• Plant and Machinery
• Office Equipments
• Computer
• Motor Car
• Furniture

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.62.65
UK Pound	1	Rs.100.46
Euro	1	Rs.84.60

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	TPT

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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--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.