MIRA INFORM REPORT

Report Date :

03.12.2014

IDENTIFICATION DETAILS

Name :	MEGAPLAST PACAGING PRIVATE LIMITED
Registered Office :	21- C, Mittal Tower, C- Wing, 2^nd Floor, Nariman Point, Mumbai-400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.05.2007
Com. Reg. No.:	11-170641
Capital Investment / Paid-up Capital :	Rs. 0.600 million
CIN No.: [Company Identification No.]	U25200MH2007PTC170641
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, exporter and importer of plastic carry bags
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 200000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Rating reflects moderate financial risk profile due to huge external borrowing recorded by the company. However, trade relation are fair. Business is active. Payment terms are slow but correct. 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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 :	Ms. Poonam
Designation :	Account Executive
Contact No.:	91-22-61066000
Date :	27.11.2014

LOCATIONS

Registered Office :	21- C, Mittal Tower, C- Wing, 2^nd Floor, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-61066000
Fax No.:	91-22-61066066
E-Mail :	Sampat.bhudeka@megaplast.in
Website :	http://www.megaplas.in
Factory :	Survey no. 168/16, village dabhel, daman-396210, India
Tel. No.:	91-260-2244479

DIRECTORS

As on 30.08.2014

Name :

Mr. Gaurav Jain

Designation :

Director

Address :

A -12, Sterling Apartments, 38, Peddar Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

13.09.1979

Date of Appointment :

29.09.2012

DIN No.:

00077770

Name :

Mr. Satyapal Jain

Designation :

Director

Address :

A -16, Sterling Apartments, 38, Peddar Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

14.02.1955

Date of Appointment :

01.05.2014

DIN No.:

00011774

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	U63011MH1990PTC055741	CHINCHWAD YATAYAT PRIVATE LIMITED	Director	13/03/1993	13/03/1993	-	Active	NO
2	L17120MH1985PLC036500	JAI CORP LIMITED	Director	04/01/2007	11/09/1995	04/06/2008	Active	NO
3	U65990MH1992PTC065181	NAVNETRA TRADING PRIVATE LIMITED	Director	15/09/1997	15/09/1997	-	Active	NO
4	U65990MH1984PTC032292	RICHMOND TRADERS PRIVATE LIMITED	Director	15/09/1997	15/09/1997	-	Active	NO
5	U28129MH1988PTC046918	KEY BUILDERS PRIVATE LIMITED	Director	01/01/2001	01/01/2001	-	Active	NO
6	U27109MH1999PTC215619	SREETECH AGGLOMERATE PRIVATE LIMITED	Director	05/09/2001	05/09/2001	-	Active	NO
7	U51109MH1995PTC215620	SUNRISE COMPUTERS PVT.LTD.	Director	05/09/2001	05/09/2001	-	Active	NO
8	U17120MH2003PLC140292	PRIME WOVENS LIMITED	Director	05/05/2003	05/05/2003	18/06/2008	Active	NO
9	U72900MH2001PTC132057	Adventity Global Services Private Limited	Director	19/12/2003	19/12/2003	24/02/2007	Active	NO
10	U45200MH1988PTC046482	AJINKYA CONSTRUCTION PRIVATE LIMITED	Director	07/02/2005	07/02/2005	-	Active	NO
11	U70100MH2005PTC154867	GAYLORD REALTORS PRIVATE LIMITED	Director	18/07/2005	18/07/2005	-	Active	NO
12	U70100MH2005PTC154868	ADVENTURE REALTORS AND PROPERTIES PRIVATE LIMITED	Director	18/07/2005	18/07/2005	-	Active	NO
13	U70100DL2005PTC223060	IIDL REALTORS PRIVATE LIMITED	Director	17/08/2005	17/08/2005	28/12/2010	Active	NO
14	U70100MH2005PTC155885	DYNAMIC REALTORS PRIVATE LIMITED	Director	05/09/2005	05/09/2005	-	Active	NO
15	U70100MH2005PTC155872	SUPERSONIC REALTORS PRIVATE LIMITED	Director	05/09/2005	05/09/2005	-	Active	NO
16	U70100MH2005PTC155884	ACE REAL ESTATE PRIVATE LIMITED	Director	05/09/2005	05/09/2005	-	Active	NO
17	U65991MH2005PLC158050	URBAN INFRASTRUCTURE TRUSTEES LIMITED	Director	30/09/2006	02/05/2006	28/03/2007	Active	NO
18	U74999MH1997PTC111196	SYNERGY INFOTECH PRIVATE LIMITED	Director	17/07/2006	17/07/2006	-	Active	NO
19	U45201MH2006PTC164819	URBAN ASSETS RECONSTRUCTION COMPANY PRIVATE LIMITED	Director	22/09/2006	22/09/2006	27/12/2011	Strike off	NO
20	U40101MH2006PTC164831	URBAN ENERGY TRANSMISSION PRIVATE LIMITED	Director	22/09/2006	22/09/2006	31/03/2012	Active	NO
21	U40101MH2006PTC164820	URBAN ENERGY DISTRIBUTION PRIVATE LIMITED	Director	22/09/2006	22/09/2006	31/03/2012	Active	NO
22	U40101MH2006PTC164818	URBAN ENERGY GENERATION PRIVATE LIMITED	Director	22/09/2006	22/09/2006	31/03/2012	Active	NO
23	U93090MH2006PTC165464	URBAN TELECOM PRIVATE LIMITED	Director	09/11/2006	09/11/2006	27/12/2011	Strike off	NO
24	U70101MH2006PTC166019	DEVELOPMENT AGRI REALTORS PRIVATE LTD	Director	05/12/2006	05/12/2006	-	Strike off	NO
25	U45200MH2007PLC167531	YUG DEVELOPERS LIMITED	Director	03/02/2007	03/02/2007	25/01/2008	Active	NO
26	U45200MH2007PTC168307	PRATIK LAND DEVELOPERS PRIVATE LIMITED	Director	02/03/2007	02/03/2007	-	Strike off	NO
27	U45200MH2007PTC168306	PALLAVI LAND DEVELOPERS PRIVATE LIMITED	Director	02/03/2007	02/03/2007	-	Strike off	NO
28	U45400MH2007PTC169183	MANTRA LAND DEVELOPERS PRIVATE LIMITED	Director	26/03/2007	26/03/2007	-	Active	NO
29	U92411MH1933PLC002813	THE CRICKET CLUB OF INDIA LIMITED	Director	27/12/2007	27/12/2007	21/09/2012	Active	NO
30	U45400MH2007PTC170094	MALHAR DEVELOPERS PRIVATE LIMITED	Director	18/09/2010	22/05/2010	-	Active	NO
31	U74999MH1985PLC037035	FREE PRESS HOUSE LTD	Director appointed in casual vacancy	20/08/2010	20/08/2010	-	Active	NO
32	U24300MH1996PTC098659	Polyfibre Industries Private Limited	Director	01/10/2010	01/10/2010	-	Active	NO
33	U17290MH2007PTC174110	ICON POLYMERS PRIVATE LIMITED	Director	08/10/2010	08/10/2010	-	Active	NO
34	U36912MH2012PTC234466	Geotech Lining Private Limited	Director	14/08/2012	14/08/2012	-	Active	NO
35	U25200MH2007PTC170641	MEGAPLAST PACKAGING PRIVATE LIMITED	Whole-time director	01/05/2014	28/08/2012	-	Active	NO
36	U85191MH2013NPL249689	JKSP SAMARPAN FOUNDATION	Director	30/10/2013	30/10/2013	-	Active	NO
37	AAC-6899	EVERGREEN HILLS KHANDALA LLP	Designated Partner	10/09/2014	10/09/2014	-	Active	NO

Name :

Mr. Sanjay Sharma

Designation :

Director

Address :

101/5, Patel Marg, Mansarover, Jaipur-302020, Maharashtra, India

Date of Birth/Age :

22.02.1969

Date of Appointment :

01.05.2014

DIN No.:

03429160

KEY EXECUTIVES

Name :	Ms. Poonam
Designation :	Account Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.08.2014

Names of Shareholders	No. of Shares	Percentage
Mr. Gaurav jain	40000	66.67
Mrs. Laxmi Jain	10000	16.67
Mrs. Rashi Jain	10000	16.67
Total	60000	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, exporter and importer of plastic carry bags
Exports :
Products :	Carry bags
Countries :	US UK
Imports :
Products :	Raw Material
Countries :	Gulf Contries
Terms :
Selling :	Cash, L/C, and Credit (30 ---- Days)
Purchasing :	Cash, L/C, and Credit (30 ---- Days)

GENERAL INFORMATION

Suppliers :	Not Divulged
Customers :	Wholesalers, Retailers, and Manufacturer
No. of Employees :	15 (Approximately)
Bankers :	HDFC Bank, Nariman Point, Mumbai, Maharashtra, India Bank of Baroda, opera House Branch, Modi chambers, pandit Paluskar Chowk, Mumbai-400004, Maharashtra, India
Facilities :	--

Auditors :
Name :	Jayantilal Thakkar and Company Chartered Accountant
Address :	111(A), Mahatma Gandhi Road, Fort, Mumbai-400023, Maharashtra, India
Tel. No.:	91-22-22658800/22658900
Fax No.:	91-22-22658989
E-Mail :	jtco@vsnl.net
PAN No.:	AAAFJ3459Q

CAPITAL STRUCTURE

As on 30.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 million
100000	1%non-cumulative Redeemable optionally convertible preference share	Rs.10/- each	Rs. 1.000 million
	Total		Rs. 2.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
60000	Equity Shares	Rs.10/- each	Rs. 0.600 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.600	0.600	1.269
(b) Reserves & Surplus	70.034	37.050	123.176
(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)	70.634	37.650	124.445
(3) Non-Current Liabilities
(a) long-term borrowings	720.000	242.500	0.000
(b) Deferred tax liabilities (Net)	0.000	1.342	2.507
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.270	0.095	0.000
Total Non-current Liabilities (3)	720.270	243.937	2.507
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	4.054
(b) Trade payables	13.204	25.157	14.666
(c) Other current liabilities	3.334	2.902	3.469
(d) Short-term provisions	2.775	6.142	5.298
Total Current Liabilities (4)	19.313	34.201	27.487
TOTAL	810.217	315.788	154.439
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	177.781	177.494	50.610
(ii) Intangible Assets	0.564	0.000	0.000
(iii) Capital work-in-progress	176.717	0.000	0.000
(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	2.826	0.000	0.000
(e) Other Non-current assets	61.428	0.000	0.000
Total Non-Current Assets	419.316	177.494	50.610
(2) Current assets
(a) Current investments	149.000	8.310	0.000
(b) Inventories	61.017	25.600	29.574
(c) Trade receivables	51.410	75.194	44.706
(d) Cash and cash equivalents	44.782	3.835	2.923
(e) Short-term loans and advances	84.692	25.355	26.626
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	390.901	138.294	103.829
TOTAL	810.217	315.788	154.439

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	PROFIT BEFORE TAX (E-F) (G)		49.810	26.130	9.974
Less	TAX (H)		16.826	8.924	0.000
	PROFIT AFTER TAX (G-H) (I)		32.984	17.206	9.974
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	110.921	0.614	55.974
		Commission Earnings	0.000	0.000	1.282
	TOTAL EARNINGS		110.921	0.614	57.256
	IMPORTS
		Raw Materials	282.425	65.555	60.945
		Stores & Spares	0.000	0.438	0.034
	TOTAL IMPORTS		282.425	65.993	60.979
	Earnings Per Share (Rs.)		549.73	286.78	166.24

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	7.86	8.27	6.46
Return on Investment (ROI) (PBT/Networth)		0.71	0.69	0.08
Debt Equity Ratio (Total Debt /Networth)		10.19	6.44	0.03
Current Ratio (Current Asset/Current Liability)		20.24	4.04	3.78

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1.269	0.600	0.600
Reserves & Surplus	123.176	37.050	70.034
Net worth	124.445	37.650	70.634
long-term borrowings	0.000	242.500	720.000
Short term borrowings	4.054	0.000	0.000
Total borrowings	4.054	242.500	720.000
Debt/Equity ratio	0.033	6.441	10.193

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
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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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)

UNSECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
0%Redeemable optionally convertible debentures	0.000	242.500
Loans from director and member	720.000	0.000
Total	720.000	242.500

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Buildings
• Plant and machinery
• Vehicles
• Computers
• Equipment
• Furniture and fixture
• Electronic installations

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.61.92
UK Pound	1	Rs.97.39
Euro	1	Rs.77.21

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	SUM
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.