Report Date :

11.08.2014

IDENTIFICATION DETAILS

Name :	BEL OPTRONIC DEVICES LIMITED
Registered Office :	EL-30, 'J' Block, MIDC, Bhosari Industrial Area, Pune – 411026, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.09.1190
Com. Reg. No.:	11-058096
Capital Investment / Paid-up Capital :	Rs. 183.229 Millions
CIN No.: [Company Identification No.]	U31909PN1990GOI058096
PAN No.: [Permanent Account No.]	AABCB3642B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Provides Research, Development and Manufacture of Image Intensifier Tubes and Associated High Voltage Power Supply Units for use in Military, Security and Commercial Systems.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 7620000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company is sound and healthy. Trade relations are reported to be fair. Business is active. Payment are reported to be regular and as per commitments. 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.

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 BY

Name :	Mr. Deepak
Designation :	Finance Head
Contact No.:	91-20-27130095
Date :	09.08.2014

LOCATIONS

Registered Office :	EL-30, 'J' Block, MIDC, Bhosari Industrial Area, Pune – 411026, Maharashtra, India
Tel. No. :	91-20-27130981/ 27130095
Fax No. :	91-20-27130589
E-Mail :	belop@vsnl.net

DIRECTORS

As on 27.09.2013

Name :

Mr. Muchinamane Lingappa Shanmukh

Designation :

Nominee Director

Address :

Flat No. 1B-501, Akme Harmony, Ambalipura Village, Varthur, Hubli, Bangalore – 560037, Karnataka, India

Date of Birth/Age :

04.10.1956

Qualification :

Graduate

Date of Appointment :

08.05.2009

DIN No. :

00058949

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	L32309KA1954GOI000787	BHARAT ELECTRONICS LIMITED	Whole-time director	18-08-2004	18-08-2004	Active	NO
2	U31909PN1990GOI058096	BEL OPTRONIC DEVICES LIMITED	Nominee director	22-09-2009	08-05-2009	Active	NO

Name :

Mr. Ajit Tavanappa Kalghatgi

Designation :

Nominee Director

Address :

D-13, Bel Officers Qtrs, Bel Colony, Jalahalli, Bangalore – 560013, Karnataka, India

Date of Birth/Age :

03.05.1958

Qualification :

Post Graduate

Date of Appointment :

01.09.2012

DIN No. :

05300252

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	U32109KA1997PTC022695	BEL MULTITONE Private LIMITED	Nominee director	01-09-2012	01-09-2012	Under liquidation	NO
2	U31909PN1990GOI058096	BEL OPTRONIC DEVICES LIMITED	Nominee director	01-09-2012	01-09-2012	Active	NO
3	L32309KA1954GOI000787	BHARAT ELECTRONICS LIMITED	Whole-time director	01-09-2012	01-09-2012	Active	NO

Name :

Mr. Prabhat Ranjan Acharya

Designation :

Nominee Director

Address :

No. D-1/101, MS Flats, Bapudham San Martin Marg, Chanakyapur, New Delhi – 110021, India

Date of Birth/Age :

11.07.1958

Date of Appointment :

27.09.2013

DIN No. :

06683267

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	L32309KA1954GOI000787	BHARAT ELECTRONICS LIMITED	Additional director	02-09-2013	02-09-2013	Active	NO
2	U31909KA1996PTC020482	GE BE PRIVATE LIMITED	Nominee director	10-09-2013	10-09-2013	Active	NO
3	U31909PN1990GOI058096	BEL OPTRONIC DEVICES LIMITED	Nominee director	27-09-2013	27-09-2013	Active	NO

KEY EXECUTIVES

Name :	Priya Srikantan Iyer
Designation :	Secretary
Address :	A-8/3, Aaykar Co-op Housing Society, 137/2 Paud Road, Pune – 411038, Maharashtra, India
Date of Birth/Age :	15.06.1973
Date of Appointment :	21.09.2004
PAN No. :	AABPI7302L
Name :	Mr. Deepak
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2013

Names of Shareholders	No. of Shares
Bharat Electronics Limited, India	1700223
Administrator of Specified Undertaking of Unit Trust of India, India	132000
Ajay Ramkrishna Vaidya	20
Amaranth Kundu	10
Ajit Tavanappa Kalghatgi	10
Sunil Shiwajirao Kulkarni	10
Priya Srikantan Iyer	10
Anand Krishan Khasbag	10
Total	1832293

As on 27.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Government companies	92.79
Public financial companies	7.21
Total	100.00

BUSINESS DETAILS

Line of Business :

Provides Research, Development and Manufacture of Image Intensifier Tubes and Associated High Voltage Power Supply Units for use in Military, Security and Commercial Systems.

Products :

Item Code No. (ITC Code)	Product Description
85402000	Image Intensifier Tube

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· State Bank of India, Industrial Finance Branch, 2nd Floor, Tara Chambers, Near Mariaaipolice Chowky, Old Pune Mumbai Highway, Wakdewadi, Pune - 411003, Maharashtra, India

· Axis Bank Limited

Canara Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Long-term maturities of finance lease obligations	0.000	0.045
Total	0.000	0.045

Banking Relations :	--
Auditors :
Name :	D V Sathe and Company Chartered Accountants
Address :	Flat 19, Shirine, Garden ITI garden, Opposite ITI, Aundh, Pune, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABFD3293M
Holding Company :	Bharat Electronics Limited, India CIN No.: L32309KA1954GOI000787

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3,500,000	Equity Shares	Rs.100/- each	Rs. 350.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
1,974,370	Equity Shares	Rs.100/- each	Rs. 197.437 Millions

Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount
1,832,293	Equity Shares	Rs.100/- each	Rs. 183.229 Millions

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	183.229	183.229	183.229
(b) Reserves & Surplus	312.269	254.687	173.117
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
(3) Deferred government grants	1408.861	1022.216	9.367
Total Shareholders’ Funds (1) + (2)	1904.359	1460.132	365.713
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.045	0.155
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	324.545	3.919	0.534
(d) long-term provisions	5.531	4.204	3.161
Total Non-current Liabilities (3)	330.076	8.168	3.850
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	412.341	199.683	32.210
(c) Other current liabilities	393.862	748.268	22.279
(d) Short-term provisions	25.738	10.866	8.062
Total Current Liabilities (4)	831.941	958.817	62.551
TOTAL	3066.376	2427.117	432.114
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	74.757	61.478	67.015
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	730.040	13.482	0.000
(iv) Intangible assets under development	912.911	290.726	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	2.727	0.653	0.079
(d) Long-term Loan and Advances	5.005	3.832	5.514
(e) Other Non-current assets	236.965	216.521	14.024
Total Non-Current Assets	1962.405	586.692	86.632
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	458.517	445.739	54.770
(c) Trade receivables	267.647	341.481	143.224
(d) Cash and cash equivalents	212.012	429.635	137.819
(e) Short-term loans and advances	148.664	590.510	0.112
(f) Other current assets	17.131	33.060	9.557
Total Current Assets	1103.971	1840.425	345.482
TOTAL	3066.376	2427.117	432.114

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1466.466	620.479	507.301
		Other Income	188.287	108.562	13.682
		TOTAL (A)	1654.753	729.041	520.983
Less	EXPENSES
		Cost of Materials Consumed	1584.762	610.107
		Purchases of Stock-in-Trade	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(198.729)	(176.761)
		Employees benefits expense	63.340	52.345
		Other expenses	136.280	116.095
		TOTAL (B)	1585.653	601.786	440.288
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		69.100	127.255	80.695
Less	FINANCIAL EXPENSES (D)		0.018	0.353	0.052
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		69.082	126.902	80.643
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.267	9.588	13.776
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		59.815	117.314	66.867
Less	TAX (H)		2.232	35.745	22.344
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		57.583	81.569	44.523
	EARNINGS IN FOREIGN CURRENCY		0.000	0.000	35.163
	Earnings / (Loss) Per Share (Rs.)		31.43	44.52	24.30

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.48	11.19	8.55
Net Profit Margin (PBT/Sales)	(%)	4.08	18.91	13.18
Return on Total Assets (PBT/Total Assets}	(%)	4.21	5.53	15.48
Return on Investment (ROI) (PBT/Networth)		0.03	0.08	0.18
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.33	1.92	5.52

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	183.229	183.229	183.229
Reserves & Surplus	173.117	254.687	312.269
Deferred government grants	9.367	1022.216	1408.861
Net worth	365.713	1460.132	1904.359
long-term borrowings	0.155	0.045	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.155	0.045	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	507.301	620.479	1466.466
		22.310	136.344

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	507.301	620.479	1466.466
Profit	44.523	81.569	57.583
	8.78%	13.15%	3.93%

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90090331	30/01/2013 *	202,300,000.00	STATE BANK OF INDIA INDUSTRIAL FINANCE BRANCH	2ND FLOOR,TARA CHAMBERS,NEAR MARIAAIPOLICE CHOWKY, OLD PUNE MUMBAI HIGHWAY, WAKDEWADI, PUNE, MAHARASHTRA - 411003, INDIA	B71293187

* Date of charge modification

FINANCIAL HIGHLIGHTS

The company has achieved turnover (Gross) of Rs 1470.437 Millions and has made a profit after tax of Rs 57.583 Millions during the year. The turnover is the highest ever for the company.

FUTURE OUTLOOK

The facility for In-depth Manufacture (IM) of 8,000 XD-4 Performance I.I. Tubes p.a. is expected to be ready by January 2014 and the company would be meeting the customer requirements of XD-4 Performance I.I. Tubes through in-depth manufacturing from February 2014 onwards.

The Company is pursuing its plan for acquisition ToT for manufacturing critical components of I.I. Tubes, viz., 6m Pore Micro Channel Plates (MCPs) and Alkali Dispensers.

FINANCE

During the financial year 2012-13, the company has met its fund requirements towards incremental working capital and additional investments on upgradation of infrastructure and capital equipments from internal resources. Borrowing has been avoided through close monitoring of cash flows and efficient cash management.

FIXED ASSETS

Tangible Assets

· Land

Buildings

Plant and Equipment

Furniture and Fixtures

Factory Equipments

Vehicles

Motor Vehicles

Office Equipment

Computer Equipments

Other 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.61.56
UK Pound	1	Rs.103.50
Euro	1	Rs.82.41

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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
TOTAL		50

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.