Report Date :

11.08.2014

IDENTIFICATION DETAILS

Name :	PRIME COTTEX PRIVATE LIMITED
Registered Office :	C/4, First Floor, Nikumbh, Behind Handloom House, Off C. G. Road, Ellisbridge, Ahmedabad – 380006, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.11.2006
Com. Reg. No.:	04-049489
Capital Investment / Paid-up Capital :	Rs.30.000 Millions
CIN No.: [Company Identification No.]	U01514GJ2006PTC049489
TAN No.: [Tax Deduction & Collection Account No.]	AHMP06652C
PAN No.: [Permanent Account No.]	AAECP9583A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Cotton Ginning and Pressing.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The rating takes into consideration company’s weak financial risk profile and accumulated losses incurred by the company over a year. However, trade relations are fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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

NEWS

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 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 that 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

Name :	Mr. Arvind
Designation :	Accounts Manager
Contact No.:	91-9820391632
Date :	08.08.2014

LOCATIONS

Registered/ Head Office :	C/4, First Floor, Nikumbh Complex, Behind Handloom House, Off C. G. Road, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26564921-22/ 26420791
Mobile No.:	91-9820391632 (Mr. Arvind) 91-9930365675 (Mr. Amit)
Fax No.:	91-79-26420792
E-Mail :	pandhi77@rediffmail.com accounts@abccotspin.com
Factory 1:	Survey No.102/1 Aurangabad – Jalna Highway, Opposite Hotel Ekant, Badnapur, District Jalna, Maharashtra, India
Tell No.:	91-2842-261632
Fax No.:	91-2482-261633
Factory 2:	Located at: · Gujarat, India
Corporate Office :	Cotton Green, Cotton Bnchange Building, Cotton Green East, Mumbai – 400033, Maharashtra, India

DIRECTORS

(AS ON 30.09.2013)

Name :

Mr. Ashish Suresh Jobanputra

Designation :

Director

Address :

Flat No.8, Parmeshwar Krupa, 95, Tilak Road, Ghatkopar (East), Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

03.02.1979

Date of Appointment :

30.11.2006

DIN No.:

02016955

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	U17121GJ2006PTC049132	ABC COTSPIN PVT. LTD.	Director	21-09-06	21-09-06	Active	NO
2	U01514GJ2006PTC049489	PRIME COTTEX PRIVATE LIMITED	Director	30-11-06	30-11-06	Active	NO

Name :

Mr. Dineshkumar Dhirajlal Selani

Designation :

Director

Address :

Mahalaxmi Compound, G.F Shop 202, Kala Road, Rajkot -360002, Gujarat, India

Date of Birth/Age :

01.04.1965

Date of Appointment :

01.07.2008

DIN No.:

01601752

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	U17110GJ2006PTC047456	RAGHUVANSHI COTTON GINNING AND PPRESSING PRIVATE LIMITED	Director	06-01-06	06-01-06	Active	NO
2	U01514GJ2006PTC049489	PRIME COTTEX PRIVATE LIMITED	Director	01-07-08	01-07-08	Active	NO

Name :

Mr. Bhavesh Hari Dass Thakkar

Designation :

Director

Address :

C –117, Upper Ground Floor, New Rajinder Nagar, Delhi -110060, India

Date of Birth/Age :

12.08.1962

Date of Appointment :

01.07.2008

DIN No.:

02205258

KEY EXECUTIVES

Name :	Mr. Arvind
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2013)

Name of Shareholders	No of Shares
Ashish Sureshbhai Jobanpulra	1755000
Dinesh kumar Dhirajlal Selani	1125000
Shaikh Sabbir Shaikh Nasear	15000
Kayumkhan Usmankhan	10000
Saffikkhan Abdul Raijakkhan	20000
Asilkhan Abdul Rajjakkhan	5000
Mirza Rafibeig Gulabnabi	5000
Bhavsaheb Namdev Dabhade	5000
Shaikh Issak Shaikh Hasan Patel	5000
Mirza Rahimbeig Mirza Gulambeig	5000
Shaikh Aziz Shaikh Ulalmohmad	5000
Shaikh Gaffar Shaikh Ulalmohmad	5000
Shaikh lmran Shaikh Nassir	5000
Jabbar Shah Taiyab Shah	5000
Abdul Rehman Taiyab Shah	5000
Dilipchand Dulipchand Shrimal	5000
Kayummirza Kayumbag	5000
Ramkishan Dhondiba Kidve	5000
Shamrao Dagaduba Bachate	5000
Iqbalbhai ishabhaiDeraiya	5000
Total	3000000

(AS ON 30.09.2013)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	96.00
Others	4.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Cotton Ginning and Pressing.

Products :

Products Description	Item Code No.
Cotton, Cottonseeds etc. Cotton Ginning and Pressing	41909

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

No. of Employees :

20 (Approximately)

Bankers :

· Corporation Bank

Industrial Finance Branch, Opposite V. S. Hospital, Ellisbridge, Ahmedabad - 380006, Gujarat, India

· Bank of Baroda

Mid Corporate Branch, Near Shyamal Cross Road, Satellite, Ahmedabad – 380015, Gujarat, India

Facilities :

Secured Loans	31.03.2013	31.03.2012
	(Rs. In Millions)
Long Term Borrowings
Term Loan from Banks Corporation Bank Limited – Term Loan (Secured against hypothecation Plant and machinery second charge on land and building and personal guarantee of directors	6.262	11.317
Total	6.262	11.317

Banking Relations :	--
Auditors :
Name :	A. R Pandhi and Associates Chartered Accountant
Address :	405, Kalash –II, Near Jain Temple, Behind Navrangpura, Ahmedabad -380009, Gujarat, India
Tel. No.:	91-79-26568800
Pan No.:	AGWPP8124C
E-Mail :	pandhi77@rediffmail.com
Other Related Party :	· Prasham Enterprises · ABS Costspin Private Limited

CAPITAL STRUCTURE

(AS ON 30.09.2013)

Authorised Capital:

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 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	30.000	30.000	30.000
(b) Reserves & Surplus	0.000	0.000	0.000
(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)	30.000	30.000	30.000
(3) Non-Current Liabilities
(a) long-term borrowings	27.547	13.867	19.848
(b) Deferred tax liabilities (Net)	0.727	0.727	0.727
(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)	28.274	14.594	20.575
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	59.861
(b) Trade payables	78.731	103.026	39.356
(c) Other current liabilities	0.015	2.107	3.356
(d) Short-term provisions	0.000	0.000	0.186
Total Current Liabilities (4)	78.746	105.133	102.759
TOTAL	137.020	149.727	153.334
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	43.395	49.094	53.027
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.576	0.532	0.533
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	43.971	49.626	53.560
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	12.039	14.897	15.920
(c) Trade receivables	3.417	9.060	11.774
(d) Cash and cash equivalents	25.224	25.486	31.030
(e) Short-term loans and advances	36.650	37.546	32.682
(f) Other current assets	15.719	13.112	8.368
Total Current Assets	93.049	100.101	99.774
TOTAL	137.020	149.727	153.334

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	86.003	194.690	291.720
		Other Income	0.558	12.048	0.278
		TOTAL (A)	86.561	206.738	291.998
Less	EXPENSES
		Purchase of stock in trade	64.584	188.482	189.196
		Direct Expenses	8.284	3.214	4.984
		Employee benefit expenses	1.378	1.252	1.608
		Other Expense	4.724	4.991	6.120
		Changes in inventories of finished goods work in progress and stock in trade	2.858	1.024	78.321
		TOTAL (B)	81.828	198.963	280.229
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.733	7.755	11.769
Less	FINANCIAL EXPENSES (D)		1.543	7.648	8.949
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.190	0.127	2.820
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.839	4.897	6.623
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(2.649)	(4.770)	(3.803)
Less	TAX (H)		0.000	0.017	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(2.649)	(4.787)	(3.803)
	Earnings Per Share (Rs.)		(0.88)	(1.60)	(1.27)

Particulars	31.03.2014
Sales Turnover (Approximately)	600.000

The above information has been parted by Mr. Arvind.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(3.06)	(2.32)	(1.30)
Net Profit Margin (PBT/Sales)	(%)	(3.08)	(2.45)	(1.30)
Return on Total Assets (PBT/Total Assets}	(%)	(1.94)	(3.20	(2.49)
Return on Investment (ROI) (PBT/Networth)		(0.09)	(0.16)	(0.13)
Debt Equity Ratio (Total Debt/Networth)		0.92	0.46	2.66
Current Ratio (Current Asset/Current Liability)		1.18	0.95	0.97

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	30.000	30.000	30.000
Reserves & Surplus	0.000	0.000	0.000
Net worth	30.000	30.000	30.000
long-term borrowings	19.848	13.867	27.547
Short term borrowings	59.861	0.000	0.000
Total borrowings	79.709	13.867	27.547
Debt/Equity ratio	2.657	0.462	0.918

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	291.720	194.690	86.003
		(33.261)	(55.826)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	291.720	194.690	86.003
Profit	(3.803)	(4.787)	(2.649)
	(1.30%)	(2.46%)	(3.08%)

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	Yes
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 LOANS

PARTICULARS	31.03.2013	31.03.2012
	(Rs. In Millions)
Long Term Borrowings
Loans and Advance from related parties	21.285	2.550
Total	21.285	2.550

FINANCIAL RESULTS

Due to Minimum Support Price (MSP) declared by the Government of India, it was not viable (profitable) for the Ginners to purchase, process and sale cotton in the Domestic as well international market. However, the company achieved a turnover of Rs.85.160 Millions during the year 2012-2013. Further, due to high fluctuation in Cotton Prices, the business of the company was badly affected. The company therefore did Jobwork of other parties.

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/ Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10461547	07/11/2013	1,370,000,000.00	BANK OF BARODA	Mid Corporate Branch, Near Shyamal Cross Road, Satellite, Ahmedabad, Gujarat - 380015, India	B90063520
2	10159547	15/05/2009	85,000,000.00	CORPORATION BANK	Industrial Finance Branch, Opposite V. S. Hospital, Ellisbridge, Ahmedabad, Gujarat - 380006, India	A63052138
3	10159553	14/05/2009	85,000,000.00	CORPORATION BANK	Industrial Finance Branch, Opposite V. S. Hospital, Ellisbridge, Ahmedabad, Gujarat - 380006, India	A63051742

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· Tubewell

· Electric Installations

· Fire Extinguisher

· Fire System

· Computer

· Freeze

· Mobile Instrument

· Furniture

· Tata Safari

· Bike

· Cycle

· Air Conditioner

· Bike Hunk

· Fax

· Tractor

· Indica Car

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 records 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.82.42

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		26

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.