MIRA INFORM REPORT

Report Date :

04.08.2014

IDENTIFICATION DETAILS

Name :	INDO CHAINS (RAIPUR) PRIVATE LIMITED
Registered Office :	126, Mahatma Gandhi Road, Ground Floor, Kolkata – 700007, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.10.2009
Com. Reg. No.:	21-139030
Capital Investment / Paid-up Capital :	Rs. 27.728 Million
CIN No.: [Company Identification No.]	U28112WB2009PTC139030
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Engineering Glass Chains.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 250000
Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. 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 – 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.

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Mohit Selot
Designation :	General Manager Marketing
Contact No.:	91-9977285200
Date :	31.07.2014

LOCATIONS

Registered Office :	126, Mahatma Gandhi Road, Ground Floor, Kolkata – 700007, West Bengal, India
Mobile No.:	91-7043330367(Mr. Manoj Parasrampuria) 91-9977285200 (Mr. Mohit Selot)
Fax No.:	Not Available
E-Mail :	mohit@indochains.com
Website :	www.indichainsgroup.com
Location :	Owned
Factory :	Industrial Estate, Bhanpuri, Post Office Birgaon, Raipur – 493221, Chhattisgarh, India

DIRECTORS

As on 30.09.2013

Name :

Krishna Devi Parasrampuria

Designation :

Director

Address :

4, Jalvihar Colony, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

13.10.1949

Date of Appointment :

26.10.2009

DIN No.:

02472839

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	U27200WB2004PTC100705	ARP COMPLEX PRIVATE LIMITED	Director	13/04/2009	13/04/2009	-	Active	NO
2	U28112WB2009PTC139030	INDO CHAINS (RAIPUR) PRIVATE LIMITED	Director	26/10/2009	26/10/2009	-	Active	NO

Name :

Manish Parasrampuria

Designation :

Director

Address :

4, Jalvihar Colony, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

19.01.1972

Date of Appointment :

06.12.2010

DIN No.:

00469033

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	U27109WB2003PLC096152	SHRI HARE-KRISHNA SPONGE IRON LIMITED	Director	06/12/2010	02/05/2003	-	Active	NO
2	U51109WB1995PTC075560	ANITA TRADELINKS PVT LTD	Director	06/04/2006	06/04/2006	-	Active	NO
3	U27200WB2004PTC100705	ARP COMPLEX PRIVATE LIMITED	Director	13/04/2009	13/04/2009	-	Active	NO
4	U28112WB2009PTC139030	INDO CHAINS (RAIPUR) PRIVATE LIMITED	Director	26/10/2009	26/10/2009	-	Active	NO
5	U13100WB2011PTC160038	SPECIAL MINES & MINERALS PRIVATE LIMITED	Director	01/03/2011	01/03/2011	-	Active	NO

Name :

Manoj Parasrampuria

Designation :

Director

Address :

4, Jalvihar Colony, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

28.07.1968

Date of Appointment :

01.10.2010

DIN No.:

00469018

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	U27109WB2003PLC096152	SHRI HARE-KRISHNA SPONGE IRON LIMITED	Managing director	01/10/2010	02/05/2003	-	Active	NO
2	U63011CT2004PTC016906	RAIPUR HANDLING AND INFRASTRUCTURE PRIVATE LIMITED	Director	02/09/2004	02/09/2004	-	Active	NO
3	U01010CT2005PTC017876	C.G. SPONGE MANUFACTURERS CONSORTIUM COAL FIELDS PRIVATE LIMITED	Director	31/03/2007	31/03/2007	-	Active	NO
4	U51109WB1994PTC063843	BUXOM TREXIM PRIVATE LIMITED	Director	20/12/2008	20/12/2008	-	Active	NO
5	U28112WB2009PTC139030	INDO CHAINS (RAIPUR) PRIVATE LIMITED	Director	26/10/2009	26/10/2009	-	Active	NO
6	U27200WB2004PTC100705	ARP COMPLEX PRIVATE LIMITED	Director	29/09/2010	31/10/2009	-	Active	NO
7	U13100WB2011PTC160038	SPECIAL MINES & MINERALS PRIVATE LIMITED	Director	01/03/2011	01/03/2011	-	Active	NO
8	U10101CT2011PTC022631	DEAVNARA COAL FIELDS PRIVATE LIMITED	Director	19/08/2011	19/08/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mohit Selot
Designation :	General Manager Marketing
Mob No :	91-9977285200

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Manoj Parasrampuria	1500
Manish Parasrampuria	2300
Krishna Devi Parasrampuria	3050
Aditya Financial Consultants Private Limited	2500
Amaranta Finvest Private Limited	2300
ARP Commercial Services Private Limited	2500
Beagle Vyapaar Private Limited	4050
Blue Water Mercantile Private Limited	5000
Dayanidhi Tradelink Private Limited	3400
Duplex Vinimay Private Limited	2500
Ekdant Financial Consultancy Private Limited	8500
Fairdeal Vincom Private Limited	6400
Hole Finance and Leasing Private Limited	1900
Jhilmil Suppliers Private Limited	1800
Arham Agencies Private Limited	2500

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	97.46
Directors or relatives of Directors	2.54
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Engineering Glass Chains
Products :	· Bucket Elevator Chains · Deep Pan Conveyor Chains · Stacker Reclaimer Chains · Deep Bucket Conveyor Chains · Roller Brush Pin Chains · Apron Feeder Chains · Wet Scraper Chains · Drag Conveyor Chains · Flow Conveyor Chains · Curtain Chains · Tyre Protection Chains · Pans for DPC · Bucket for DBC · Steel Shots · Steel Grits
Terms :
Selling :	Cash and Credit (30 days)
Purchasing :	Cash and Credit (30 days)

PRODUCTION STATUS (As on 30.09.2013)

Particulars	Qty.	Production
Chain Links and Accessories	MT	612.618
Scrap	MT	64.533

GENERAL INFORMATION

No. of Employees :

50 (Approximately)

Bankers :

Andhra Bank, Fafadih, Fafadih Chowk, Raipur – 492001, Chhattisgarh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Term loan from Andhra Bank	29.561	38.832
Less : Current maturity of long term borrowing	(7.417)	7.417
SHORT TERM BORROWING
Cash Credit from Andhra Bank	6.433	0.000
Total	28.577	31.415

Banking Relations :	---
Auditors :
Name :	Bhandari B.C. and Company Chartered Accountant
Address :	1/1A, Biplabi Ankul Chandra Street, 4A Electronic Centre, 4^th Floor, Kolkata-700072. India
Tel. No.:	91-22126135/6104
Mobile No.:
Fax No.:	91-33-30220182
E-Mail :	bhandaribc@gmail.com
PAN No.:	AACFB3313K

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs. 30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
277280	Equity Shares	Rs.100/- each	Rs. 27.728 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	27.728	27.728	23.728
(b) Reserves & Surplus	35.799	31.563	20.937
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	63.527	59.291	44.665
(3) Non-Current Liabilities
(a) long-term borrowings	22.145	31.415	14.953
(b) Deferred tax liabilities (Net)	1.088	1.097	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	23.233	32.512	14.953
(4) Current Liabilities
(a) Short term borrowings	17.248	9.840	9.352
(b) Trade payables	24.964	16.703	0.000
(c) Other current liabilities	14.673	9.933	0.595
(d) Short-term provisions	1.100	0.000	0.092
Total Current Liabilities (4)	57.985	36.476	10.039
TOTAL	144.745	128.279	69.657
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	0.000	0.000	0.000
(i) Tangible assets	76.422	79.963	0.021
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.384	5.888	38.719
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.354	1.154	0.636
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	78.160	87.005	39.376
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	16.464	27.779	0.000
(c) Trade receivables	32.210	3.757	0.000
(d) Cash and cash equivalents	9.666	1.699	26.229
(e) Short-term loans and advances	8.245	8.039	3.777
(f) Other current assets	0.000	0.000	0.275
Total Current Assets	66.585	41.274	30.281
TOTAL	144.745	128.279	69.657

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	100.642	6.993	NA
		Other Income
		TOTAL	100.642	6.993	NA
Less	TOTAL EXPENSES		95.316	11.270	NA
	PROFIT BEFORE TAX		5.326	(4.277)	0.287
Less	TAX		1.090	1.096	0.092
	PROFIT AFTER TAX		4.236	(5.373)	0.195
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(5.178)	0.195	0.000
	BALANCE CARRIED TO THE B/S		(0.942)	(5.178)	0.195
	EARNINGS IN FOREIGN CURRENCY
	FOB Value of Exports		5.835	Nil	NA
	TOTAL EARNING		5.835	Nil	NA
	Earnings Per Share (Rs.)		15.2	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.21	(76.83)	NA
Net Profit Margin (PBT/Sales)	(%)	5.29	(61.16)	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.69	(3.49)	0.93
Return on Investment (ROI) (PBT/Networth)		0.08	(0.07)	0.01
Debt Equity Ratio (Total Debt /Networth)		0.62	0.70	0.54
Current Ratio (Current Asset/Current Liability)		1.15	1.13	3.02

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	23.728	27.728	27.728
Reserves & Surplus	20.937	31.563	35.799
Net worth	44.665	59.291	63.527
long-term borrowings	14.953	31.415	22.145
Short term borrowings	9.352	9.840	17.248
Total borrowings	24.305	41.255	39.393
Debt/Equity ratio	0.544	0.696	0.620

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	6.993	100.642
	0.000	1,339.182

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	6.993	100.642
Profit	(5.373)	4.236
	(76.83)%	4.21%

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)	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	No

UNSECURED LOAN (Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
SHORT TERM BORROWING
Loans repayable on demand
From Directors	0.000	0.277
From Shareholders	2.624	2.343
From Bodies Corporate	8.191	7.221
Total	10.815	9.841

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10338335	06/01/2012	135,000,000.00	Andhra Bank	Raipur Branch, Fafadih Chowk, Raipur, Chhattisgar  h - 492001, INDIA	B33310459
2	10256991	22/10/2012 *	59,500,000.00	Andhra Bank	Fafadih, Fafadih Chowk, Raipur, Chhattisgarh - 49  2001, INDIA	B62110366

* Date of charge modification

FIXED ASSETS

· Land

· Building and Shed

· Plant and Machinery

· Electrical Installations

· Forklift Truck

· Furniture Truck

· Air Conditioners

· Motor Car

· Office Equipments

· 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.60.85
UK Pound	1	Rs.102.68
Euro	1	Rs.81.46

INFORMATION DETAILS

Information Gathered by :	PAL
Analysis Done by :	DIV
Report Prepared by :	ARI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		41

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.