MIRA INFORM REPORT

Report Date :

01.08.2014

IDENTIFICATION DETAILS

Name :	VK BUILDING SERVICES PRIVATE LIMITED
Registered Office :	No. M-137, 9^th A Main, LIC Colony, J B Nagar, HAL III Stage, Bangalore – 560075, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.10.2009
Com. Reg. No.:	08-051150
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U74900KA2009PTC051150
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is in the business of Mechanical, Electrical Public Health Engineering (MEP), Contracting Services, AMC Services and Building Management /Facility Services.
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 139000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. As per registrar of companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2013 but the documents related to the financials of 2013 are not available from any source. As per financials of 2012, overall financial position of the company is decent. Trade relations are reported to be fair. Business is active. Payments are reported to be 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loan: “BBB”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	June, 2014

Rating Agency Name	ICRA
Rating	Non Fund Based Limits : “A3+”
Rating Explanation	Moderate degree of safety and high credit risk.
Date	June, 2014

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 31-03-2014.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-80-42424646)

LOCATIONS

Registered Office :	No. M-137, 9^th A Main, LIC Colony, J B Nagar, HAL III Stage, Bangalore – 560075, Karnataka, India
Tel. No. :	91-80-42424646
Fax No. :	91-80-42424619
E-Mail :	infoblr@vkbs.in

DIRECTORS

As on 28.09.2013

Name :

Mr. Vivekananda Lakka

Designation :

Director

Address :

No.73, 1^st Cross, 1^st Floor, 3^rd Main, Indiranagar, Defence Colony, HAL 2^nd Stage, Bangalore – 560008, Karnataka, India

Date of Birth/Age :

29.07.1972

Date of Appointment :

09.10.2009

DIN No. :

02411489

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	U74900KA2009PTC051150	VK BUILDING SERVICES PRIVATE LIMITED	Director	09-10-2009	09-10-2009	Active	NO
2	U74999KA2009PTC050658	HANDY101 SOLUTIONS AND SERVICES PRIVATE LIMITED	Additional director	05-05-2010	05-05-2010	Active	NO
3	U31900DL2010PTC203541	VK HVAC SYSTEMS NORTH INDIA PRIVATE LIMITED	Director	02-06-2010	02-06-2010	Strike off	NO
4	U67120KA2013PTC070831	VKBS HOLDINGS INDIA PRIVATE LIMITED	Director	03-09-2013	03-09-2013	Active	NO
5	U24239MH2007PTC173380	IVY BIOTECH PRIVATE LIMITED	Additional director	26-12-2013	26-12-2013	Active	NO
6	U74900KA2014PTC072833	VKBS PROJECTS PRIVATE LIMITED	Director	02-01-2014	02-01-2014	Active	NO

Name :

Lakka Rajani

Designation :

Director

Address :

No.73, 1^st Cross, 1^st Floor, 3^rd Main, Indiranagar, Defence Colony, HAL 2^nd Stage, Bangalore – 560008, Karnataka, India

Date of Birth/Age :

21.08.1978

Date of Appointment :

09.10.2009

DIN No. :

02790664

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	U74900KA2009PTC051150	VK BUILDING SERVICES PRIVATE LIMITED	Director	09-10-2009	09-10-2009	Active	NO
2	U67120KA2013PTC070831	VKBS HOLDINGS INDIA PRIVATE LIMITED	Director	03-09-2013	03-09-2013	Active	NO
3	U74900KA2014PTC072833	VKBS PROJECTS PRIVATE LIMITED	Director	02-01-2014	02-01-2014	Active	NO

Name :

Jagarlapudi Purushothama Kirankumar

Designation :

Director

Address :

G-16, Gitanjali Icon, Nagavarapalya, CV Raman Nagar, Bangalore – 560093, Karnataka, India

Date of Birth/Age :

08.06.1971

Date of Appointment :

30.12.2011

DIN No. :

05117258

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
L. Rajani	10000	20.00
L. Vivekananda	40000	80.00
Total	50000	100.00

As on 28.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is in the business of Mechanical, Electrical Public Health Engineering (MEP), Contracting Services, AMC Services and Building Management /Facility Services.

GENERAL INFORMATION

Customers :

· ITC Limited

Kaveri Agri Care

Brigade Enterprises Limited

Hongkong and Shanghai Banking Corporation Limited

JMC Projects India Private Limited

Milestone Buildcon Private Limited

Columbia Asia Hospitals Private Limited

National Public School

Prestige Group

EIH Limited

No. of Employees :

Not Divulged

Bankers :

· IDBI Bank Limited, IDBI Complex Opposite Municipal Staff Quarters, Lal Bunglow C.G Road, Ahmedabad - 380006, Gujarat, India

UCO Bank, UCO Bank MID Corporate Branch, 14-17 Earth Complex Akshar Chowk, Vadodara - 390020, Gujarat, India

Indusind Bank Limited, 2401, Gen Thimmayya Road, Contonment, Pune – 411001, Maharashtra, India

· ING Vysya Bank Limited, Chamber of Commerce Building, Kempegowda Road, Bangalore – 560009, Karnataka, India

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG TERM BORROWINGS
From Banks	16.523	4.405
Total	16.523	4.405

Banking Relations :	--
Auditors :
Name :	BV Swami and Company Chartered Accountants
Address :	No 6 First Floor Commanders Place, Raja Ram Mohan Roy Road, Richmond Circle, Bangalore – 560025, Karnataka, India
Tel. No. :	91-80-65957360/ 22114837
E-Mail :	caamaranath@yahoo.com
Website :	www.bvswamiandco.in
Income-tax PAN of auditor or auditor's firm :	AAEFB9828R

CAPITAL STRUCTURE

After 28.09.2013

Authorised Capital : Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 100.000 Milions

As on 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

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	0.500	0.500
(b) Reserves & Surplus	34.389	3.115
(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)	34.889	3.615
(3) Non-Current Liabilities
(a) long-term borrowings	16.523	4.405
(b) Deferred tax liabilities (Net)	0.299	0.129
(c) Other long term liabilities	1.173	1.049
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	17.995	5.583
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	185.950	12.205
(c) Other current liabilities	1.422	0.000
(d) Short-term provisions	57.192	5.988
Total Current Liabilities (4)	244.564	18.193
TOTAL	297.448	27.391
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	25.853	6.268
(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	0.000
(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	25.853	6.268
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	5.800	0.000
(c) Trade receivables	166.799	1.535
(d) Cash and cash equivalents	33.360	12.083
(e) Short-term loans and advances	65.636	7.453
(f) Other current assets	0.000	0.052
Total Current Assets	271.595	21.123
TOTAL	297.448	27.391

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.500
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		0.500
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		0.500
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.660
	Other Current Assets	3.469
	Loans & Advances	1.375
Total Current Assets		5.504
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	5.262
	Provisions	0.000
Total Current Liabilities		5.262
Net Current Assets		0.242
MISCELLANEOUS EXPENSES		0.258
TOTAL		0.500

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	551.400	33.535	0.000
		Other Income	0.992	0.007	0.000
		TOTAL (A)	552.392	33.542	0.000
Less	EXPENSES
		Cost of Materials Consumed	435.428	20.224	0.000
		Changes in Inventories (WIP)	-5.800	0.000	0.000
		Employees benefits expenses	32.420	2.400	0.000
		Other expenses	40.205	6.352	0.000
		TOTAL (B)	502.253	28.976	0.000
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		50.139	4.566	0.000
Less	FINANCIAL EXPENSES (D)		1.520	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		48.619	4.566	0.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.302	0.058	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		46.317	4.508	0.000
Less	TAX (H)		15.043	1.393	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		31.274	3.115	0.000
	Earnings / (Loss) Per Share (Rs.)		625.54	62.29	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.66	9.29	0.00
Net Profit Margin (PBT/Sales)	(%)	8.40	13.44	0.00
Return on Total Assets (PBT/Total Assets}	(%)	15.57	16.46	0.00
Return on Investment (ROI) (PBT/Networth)		1.33	1.25	0.00
Debt Equity Ratio (Total Debt/Networth)		0.47	1.22	0.00
Current Ratio (Current Asset/Current Liability)		1.11	1.16	1.05

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.500	0.500
Reserves & Surplus	3.115	34.389
Net worth	3.615	34.889
long-term borrowings	4.405	16.523
Short term borrowings	0.000	0.000
Total borrowings	4.405	16.523
Debt/Equity ratio	1.219	0.474

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Sales	33.535	551.400
		1,544.252

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Sales	33.535	551.400
Profit	3.115	31.274
	9.29%	5.67%

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	No
17]	Major suppliers	No
18]	Major customers	Yes
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10448746	26/11/2013 *	600,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	B94015906
2	10300690	18/11/2011 *	155,000,000.00	ING VYSYA BANK LIMITED	CHAMBER OF COMMERCE BUILDING, KEMPEGOWDA ROAD,  BANGALORE, KARNATAKA - 560009, INDIA	B27679398

* Date of charge modification

CHANGE OF ADDRESS

The registered office of the company has been shifted from No. 73, 1st Floor, 1st Cross, 3rd Main, Defence Colony, Indiranagar, II Stage Bangalore – 560038, Karnataka, India to the present address w.e. 11.04.2011.

FIXED ASSETS

· Blackberry

Computers

Land Rover-Car

SWH System Solar

Samsung 3201 Printer

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.60.25
UK Pound	1	Rs.101.92
Euro	1	Rs.80.70

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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.