Report Date :

11.08.2014

IDENTIFICATION DETAILS

Name :	MIKI WIRE WORKS PRIVATE LIMITED
Registered Office :	J.S. Lane, Gandhi Chowk, Upper Bazar, Ranchi, P.S.- Kotwali, Ranchi – 834001, Jharkhand
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.11.1987
Com. Reg. No.:	03-002782
Capital Investment / Paid-up Capital :	Rs.12.442 Millions
CIN No.: [Company Identification No.]	U27104JH1987PTC002782
PAN No.:	AABCM2858E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Exporting of Steel Wire, Miki, Wire, Rope, PC Stand, Spring Steel Wire, Rolling Shutter Wire, Rib Wire, Pre Stress Concrete Wire, Tiller, Spring Wire, Irpc Stand, Indented Wire.
No. of Employees :	Information declined by the Management

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 730000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions. Note : Profit and loss a/c for the year 2013 is not available.

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	SME 2
Rating Explanation	High credit worthiness
Date	12.08.2013

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 DENIED

Management Non Cooperative

Tel No. : 91-651-2213625

LOCATIONS

Registered Office :	J.S. Lane, Gandhi Chowk, Upper Bazar, Ranchi, P.S.- Kotwali, Ranchi – 834001, Jharkhand, India
Tel. No.:	91-651-2213625, 3292898, 3290214
Fax No.:	91-651-2212175
E-Mail :	ranchi@mikiwire.co.in works@mikiwire.co.in
Website :	http://www.mikiwire.co.in
Manufacturing Unit :	Located at : · Nagpur · Ranchi · Vishakhapatnam · Bangalore

DIRECTORS

As on: 16.09.2013

Name :

Mr. Mahesh Poddar

Designation :

Director

Address :

J.S. Lane, Gandhi Chowk, Upper Bazar, Ranchi – 834001, Jharkhand, India

Date of Birth/Age :

14.11.1949

Date of Appointment :

12.01.2007

DIN No.:

00098071

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	U27104JH1987PTC002782	MIKI WIRE WORKS PRIVATE LIMITED	Director	12-01-07	25-11-87	-	Active	NO
2	U27109KA1991PTC011583	MIKI STEEL WORKS PRIVATE LIMITED	Managing director	17-02-91	17-02-91	-	Active	NO
3	U00330JH1991PTC004528	VIKA MANUFACTURING COMPANY PRIVATE LIMITED	Managing director	29-06-07	01-03-93	-	Active	NO
4	U30300KA1995PTC018154	SHILPI WIRE ROPE PRIVATE LIMITED	Director	27-06-95	27-06-95	-	Active	NO
5	U31300AP1977PLC002151	VISAKHA WIRE ROPES LIMITED	Director	04-08-05	04-08-05	-	Active	NO
6	U27106JH2005PTC011721	SHRI RAM WIRE PRODUCTS PRIVATE LIMITED	Whole-time director	07-11-05	07-11-05	-	Active	NO
7	U29130WB1970NPL027659	STEEL WIRE MANUFACTURERS 'ASSOCIATION OF INDIA	Director	28-09-06	28-09-06	-	Active	NO
8	U27200JH2011PTC014619	SHRI RAM STEELWIRE NAGPUR PRIVATE LIMITED	Director	19-01-11	19-01-11	-	Active	NO

Name :

Ms. Nirmala Poddar

Designation :

Director

Address :

J.S. Lane, Gandhi Chowk, Upper Bazar, Ranchi – 834001, Jharkhand, India

Date of Birth/Age :

15.07.1953

Date of Appointment :

25.11.1987

DIN No.:

00370769

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	U27104JH1987PTC002782	MIKI WIRE WORKS PRIVATE LIMITED	Director	25-11-87	25-11-87	-	Active	NO
2	U27109KA1991PTC011583	MIKI STEEL WORKS PRIVATE LIMITED	Director	17-01-91	17-01-91	-	Active	NO

Name :

Mr. Pawan Kumar Pacheriwala

Designation :

Managing Director

Address :

07.10.1963

Date of Birth/Age :

J.S. Lane, Gandhi Chowk, Upper Bazar, Ranchi – 834001, Jharkhand, India

Date of Appointment :

12.01.2007

DIN No.:

00370830

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	U00330JH1991PTC004528	VIKA MANUFACTURING COMPANY PVT. LTD.	Director	16-07-91	16-07-91	-	Active	NO
2	U27104JH1987PTC002782	MIKI WIRE WORKS PRIVATE LIMITED	Managing director	12-01-07	15-12-03	-	Active	NO
3	U26921JH2004PTC010824	BAJRANG PRESTRESSED PRODUCTS PRIVATE LIMITED	Whole-time director	07-07-04	07-07-04	-	Active	NO
4	U27209WB1984PLC037484	MUVA INDUSTRIES LIMITED	Director	29-09-12	11-08-08	-	Active	NO

Name :

Mr. Kailash Chand Sharma

Designation :

Director

Address :

J.S. Lane, Gandhi Chowk, Upper Bazar, Ranchi – 834001, Jharkhand, India

Date of Birth/Age :

23.04.1962

Date of Appointment :

12.01.2007

DIN No.:

01348976

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	U27104JH1987PTC002782	MIKI WIRE WORKS PRIVATE LIMITED	Director	12-01-07	12-01-07	-	Active	NO
2	U27106JH2005PTC011721	SHRI RAM WIRE PRODUCTS PRIVATE LIMITED	Director	15-01-07	15-01-07	-	Active	NO
3	U27200JH2011PTC014619	SHRI RAM STEELWIRE NAGPUR PRIVATE LIMITED	Director	19-01-11	19-01-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 16.09.2013

Names of Shareholders	No. of Shares
Mahesh Poddar	82375
Nirmala Poddar	37560
Shilpi Poddar	20
Malvika Poddar	3705
Krishna Kumar Sahu	50
Gauri Shankar Bharatia	10
Manish Khanrelwal	10
Geeta Devi Sharma	660
Sanwarmal Tibrewal	10
Sunil Kumar Tiberiwal	10
Chiranji Lal Agarwal	10
Total	124420

As on: 16.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	99.00
Other top fifty (50) shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Exporting of Steel Wire, Miki, Wire, Rope, PC Stand, Spring Steel Wire, Rolling Shutter Wire, Rib Wire, Pre Stress Concrete Wire, Tiller, Spring Wire, Irpc Stand, Indented Wire.

PRODUCTION STATUS

Particulars	Unit	Quantity
HTS Wire	MT	5614.07
N. A. S. Wire	MT	9329.56
Rope	MT	--
Scrap	MT	188.34

GENERAL INFORMATION

No. of Employees :	Information Decline by Management
Bankers :	· Axis Bank Limited, Ranchi Branch, MCMC Ranchi Centre, Main Road Near Albert Ekka Chowk, H B Road, Ranchi – 834001, Jharkhand, India · The Federal Bank Limited, Federal Towers, Building No. 103, Alwaye, Eranakulam-683101, Kerala, India · State Bank of India, Commercial Branch, Ranchi, Jharkhand, India

Banking Relations :	--
Auditors :
Name :	R.K. Garodia and Company Chartered Accountant
Address :	202, Sai Appartment, Kutchery Road, Ranchi – 834001, Jharkhand, India
Tel. No.:	91-651-2203343 / 2207744
Mobile No.:	91-9835168852 / 9334439690
PAN No. :	AADFR6274J
Name :	M/s R. K. Agrawal and Company Cost Auditor
Address :	H. B. Raod, Kokar, Ranchi-834001, Jharkhand, India
Tel. No.:	91-651-2543331
Mobile No.:	91-9431063147

CAPITAL STRUCTURE

As on: 16.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
124420	Equity Shares	Rs.100/- each	Rs.12.442 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	12.442	12.442	12.442
(b) Reserves & Surplus	170.287	167.303	161.935
(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)	182.729	179.745	174.377
(3) Non-Current Liabilities
(a) long-term borrowings	19.473	23.638	18.337
(b) Deferred tax liabilities (Net)	2.943	3.114	3.368
(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)	22.416	26.752	21.705
(4) Current Liabilities
(a) Short term borrowings	12.971	107.547	132.905
(b) Trade payables	130.237	29.253	5.370
(c) Other current liabilities	2.677	6.032	6.223
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	145.885	142.832	144.498
TOTAL	351.030	349.329	340.580
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	53.032	54.398	57.829
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.826
(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	6.292	8.980	8.968
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	59.324	63.378	67.623
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	113.771	77.764	105.818
(c) Trade receivables	111.402	120.026	82.163
(d) Cash and cash equivalents	16.873	41.142	38.096
(e) Short-term loans and advances	11.238	21.434	30.091
(f) Other current assets	38.422	25.585	16.789
Total Current Assets	291.706	285.951	272.957
TOTAL	351.030	349.329	340.580

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Turnover (Including Given all Expenditure)	906.338	1112.263
		Other Income	10.364	3.059
		TOTAL	916.702	1115.322
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	900.918	1063.791
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		15.784	51.531
Less/ Add	DEPRECIATION/ AMORTISATION		8.060	7.167
	PROFIT BEFORE TAX		7.724	44.364
Less	TAX		2.356	14.960
	PROFIT AFTER TAX		5.368	29.404
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		29.404	31.214
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	31.214
	BALANCE CARRIED TO THE B/S		34.772	29.404
	Earnings Per Share (Rs.)		43.14	236.32

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	0.59	2.64
Net Profit Margin (PBT/Sales)	(%)	NA	0.85	3.99
Return on Total Assets (PBT/Total Assets}	(%)	NA	2.21	13.06
Return on Investment (ROI) (PBT/Networth)		NA	0.04	0.25
Debt Equity Ratio (Total Debt/Networth)		0.18	0.73	0.87
Current Ratio (Current Asset/Current Liability)		2.00	2.00	1.89

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	12.442	12.442	12.442
Reserves & Surplus	161.935	167.303	170.287
Net worth	174.377	179.745	182.729
long-term borrowings	18.337	23.638	19.473
Short term borrowings	132.905	107.547	12.971
Total borrowings	151.242	131.185	32.444
Debt/Equity ratio	0.867	0.730	0.178

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Sales	1112.263	906.338
		(18.514)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Sales	1112.263	906.338
Profit	29.404	5.368
	2.64%	0.59%

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 two years	Yes
12]	Profitability for last two 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	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	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10258027	10/07/2014 *	244,900,000.00	Axis Bank Limited	MCMC Centre, Ranchi Branch, Near Albert Ekka Chowk , H B Road, Ranchi, Jharkhand - 834001, INDIA	C12707444

* Date of charge modification

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. 61.55
UK Pound	1	Rs.103.50
Euro	1	Rs. 82.41

INFORMATION DETAILS

Information Gathered by :	SUB
Analysis Done by :	PLK
Report Prepared by :	ASH

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	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	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		46

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.