MIRA INFORM REPORT

Report Date :

05.02.2014

IDENTIFICATION DETAILS

Name :	OSHIYA INDUSTRIES PRIVATE LIMITED (w.e.f 17.03.2012)
Formerly Known As :	KUBER STEEL TRADERS PRIVATE LIMITED
Registered Office :	510, 5th Floor, Loha Bhavan, 93, P.D'mello Road, Carnac Bunder, Masjid Bunder (East), Mumbai – 400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.06.2007
Com. Reg. No.:	11-171471
Capital Investment / Paid-up Capital :	Rs.40.000 Millions
CIN No.: [Company Identification No.]	U27106MH2007PTC171471
Legal Form :	Private Limited Liability Company
Line of Business :	Trading in Iron and Steel.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 340000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The rating reflects drastic fall in profitability of the company, modest financial profile marked by low value add nature of business and stretched liquidity position. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based limits: BB-
Rating Explanation	Moderate risk of default and high credit risk.
Date	January 2013

Rating Agency Name	ICRA
Rating	Non fund based limits: A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	January 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 31-03-2012.

LOCATIONS

Registered Office :	510, 5th Floor, Loha Bhavan, 93, P.D'mello Road, Carnac Bunder, Masjid Bunder (East), Mumbai – 400009, Maharashtra, Indai
Tel. No.:	91-22-23484422
Fax No.:	Not Available
E-Mail :	kubersteelpvtltd@gmail.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Vijendra Vijayraj Ranka

Designation :

Director

Address :

2659, Main Raod, Gorakhpur, Jabalpur – 482002, Madhya Pradesh, India

Date of Birth/Age :

29.09.1979

Date of Appointment :

09.06.2007

DIN No.:

00164359

PAN No.:

AGHPR2877H

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	U27106AP2003PTC040783	ROYALOAK STEELS PRIVATE LIMITED	Director	10/02/2004	10/02/2004	05/03/2012	Active	NO
2	U51909MH2001PTC133370	NETRA MERCANTILE PRIVATE LIMITED	Director	25/02/2013	18/03/2005	-	Active	NO
3	U27100MH1997PTC104947	TRIBOS STEEL PRIVATE LIMITED	Director	01/05/2005	01/05/2005	-	Amalgamated	NO
4	U70102MH2005PTC150548	AKSHATA REALTORS PRIVATE LIMITED	Director	01/06/2005	01/06/2005	31/12/2009	Active	NO
5	U50103MH2004PTC145563	PHEONIX AUTO PRIVATE LIMITED	Director	03/09/2005	03/09/2005	31/03/2008	Active	NO
6	U99999MH1996PTC103123	SUPERWAYS INVESTMENT AND FINANCE PRIVATE LIMITED	Director	22/05/2006	22/05/2006	26/06/2010	Active	NO
7	U51909MH2006PTC163344	ROYALWAYS TRADING & INVESTMENT SERVICES PRIVATE LIMITED	Director	27/07/2006	27/07/2006	18/03/2010	Amalgamated	NO
8	U27106MH2007PTC171471	OSHIYA INDUSTRIES PRIVATE LIMITED	Director	09/06/2007	09/06/2007	-	Active	NO
9	U45202MH2008PTC182224	SHREE OSHIYA CONSTRUCTIONS PRIVATE LIMITED	Director	15/05/2008	15/05/2008	-	Active	NO
10	U14200MH2008PTC183979	KANAK MINES AND MINERALS PRIVATE LIMITED	Director	25/06/2008	25/06/2008	20/02/2013	Active	NO
11	U45202MH2009PTC197216	TEEVRA CONSTRUCTIONS PRIVATE LIMITED	Director	23/11/2009	23/11/2009	31/08/2010	Active	NO
12	U01400MH2010PTC198901	SHREE OSHIYA AGRO PRIVATE LIMITED	Director	14/01/2010	14/01/2010	-	Active	NO
13	U51909MH2003PTC141769	VIBRANT GLOBAL TRADING PRIVATE LIMITED	Additional director	20/04/2010	20/04/2010	24/06/2010	Active	NO
14	U29199MH2011PTC213310	DECATEX ENGINEERING PRIVATE LIMITED	Director	11/02/2011	11/02/2011	22/02/2013	Active	NO
15	U27100MH2007PTC167978	BALLARD STEELS PRIVATE LIMITED	Additional director	14/03/2011	14/03/2011	15/12/2011	Active	NO
16	U40200MH2011PLC218200	SHREE OSHIYA ENERGY LIMITED	Director	01/06/2011	01/06/2011	-	Active	NO
17	U70101MH2011PTC219149	SHREE OSHIYA REALTORS PRIVATE LIMITED	Director	27/06/2011	27/06/2011	-	Active	NO
18	U27107MH2010PTC208315	SHREE OSHIYA STEELS PRIVATE LIMITED	Additional director	15/07/2011	15/07/2011	-	Active	NO
19	U52100MH2012PTC225753	SHREE OSHIYA FERRO ALLOYS PRIVATE LIMITED	Director	05/01/2012	05/01/2012	-	Active	NO
20	U27205MH2010PTC202214	SHREE OSHIYA STRIPS IMPEX PRIVATE LIMITED	Additional director	22/03/2012	22/03/2012	-	Active	NO
21	U45400MH2013PTC241808	SHREE OSHIYA INFRA PRIVATE LIMITED	Director	09/04/2013	09/04/2013	-	Active	NO

Name :

Mr. Satish Kumar Ranka

Designation :

Director

Address :

369, Banarsi Das Ward, Jabalpur – 482002, Madhya Pradesh, India

Date of Birth/Age :

29.07.1964

Date of Appointment :

30.09.2009

DIN No.:

01593820

PAN No.:

AEUPR4365M

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	U45203MP1996PTC011076	SHRIMAL CONSTRUCTION COMPANY PRIVATE LIMITED	Director	07/02/2013	11/10/2001	-	Active	NO
2	U45202MH2008PTC182224	SHREE OSHIYA CONSTRUCTIONS PRIVATE LIMITED	Director	15/05/2008	15/05/2008	-	Active	NO
3	U51909WB2008PTC129657	CLASSIC TRADECOMM PRIVATE LIMITED	Director	09/12/2008	09/12/2008	16/02/2013	Active	NO
4	U45400WB2008PTC128096	CAMELLIA REALESTATES PRIVATE LIMITED.	Director	12/02/2013	29/12/2008	-	Active	NO
5	U27106MH2007PTC171471	OSHIYA INDUSTRIES PRIVATE LIMITED	Director	30/09/2009	01/09/2009	-	Active	NO
6	U45202MH2009PTC197216	TEEVRA CONSTRUCTIONS PRIVATE LIMITED	Director	23/11/2009	23/11/2009	05/02/2013	Active	NO
7	U01400MH2010PTC198901	SHREE OSHIYA AGRO PRIVATE LIMITED	Director	14/01/2010	14/01/2010	-	Active	NO
8	U27205MH2010PTC202214	SHREE OSHIYA STRIPS IMPEX PRIVATE LIMITED	Director	20/04/2010	20/04/2010	-	Active	NO
9	U45200MH2007PTC169559	SANTUARY HOUSING PRIVATE LIMITED	Director	30/09/2010	12/05/2010	23/02/2013	Active	NO
10	U27107MH2010PTC208315	SHREE OSHIYA STEELS PRIVATE LIMITED	Additional director	01/09/2012	01/09/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

SHAREHOLDING DETAIL FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading in Iron and Steel.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Baroda, Fort University, Mumbai - 400023, Maharashtra, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Loans taken for fixed assets	0.000	0.433
Short-term borrowings
Working capital loans from banks	90.753	60.234
Total	90.753	60.667

Banking Relations :	--
Auditors :
Name :	Bhatter and Paliwal Chartered Accountants
Address :	212, 2nd Floor, Kimatrai Building, M.K. Marg, Marine Lines, Mumbai-400002 Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAMFB1780A
Associates:	· Shree Oshiya Strip Impex Private Limited · Teevra Construction Private Limited · Shree Oshiya Steels Private Limited · Shree Oshiya Construction Private Limited · Shree Oshiya Agro Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs. 40.000 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	40.000	40.000	40.000
(b) Reserves & Surplus	44.950	44.872	44.233
(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)	84.950	84.872	84.233
(3) Non-Current Liabilities
(a) long-term borrowings	52.444	52.777	52.344
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	2.755	1.329	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	55.199	54.106	52.344
(4) Current Liabilities
(a) Short term borrowings	90.753	60.234	60.950
(b) Trade payables	437.471	403.820	448.201
(c) Other current liabilities	0.000	0.000	4.548
(d) Short-term provisions	1.502	5.048	1.863
Total Current Liabilities (4)	529.726	469.102	515.562
TOTAL	669.875	608.080	652.139
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.180	1.433	2.856
(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	1.001	1.001	1.000
(c) Deferred tax assets (net)	0.485	0.506	0.000
(d) Long-term Loan and Advances	0.942	10.729	22.835
(e) Other Non-current assets	182.474	215.338	0.000
Total Non-Current Assets	186.082	229.007	26.691
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	414.635	370.811	390.123
(c) Trade receivables	0.000	0.000	225.222
(d) Cash and cash equivalents	30.145	0.576	0.502
(e) Short-term loans and advances	29.875	0.996	0.369
(f) Other current assets	9.138	6.690	9.232
Total Current Assets	483.793	379.073	625.448
TOTAL	669.875	608.080	652.139

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1148.975 (Gross Receipts)	738.571	246.757
		Other Income	NA	1.241	1.284
		TOTAL (A)	NA	739.812	248.041
Less	EXPENSES
		Cost of materials consumed		714.657	225.540
		Employee benefits expense		3.598	4.020
		Other expenses		7.867	5.849
		TOTAL (B)		726.122	235.409
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			13.690	12.632
Less	FINANCIAL EXPENSES (D)		NA	12.987	10.017
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			0.703	2.615
Less/ Add	DEPRECIATION/ AMORTISATION (F)			0.592	0.847
	PROFIT BEFORE TAX (E-F) (G)		0.077	0.111	1.768
Less	TAX (H)		0.000	(0.529)	0.938
	PROFIT AFTER TAX (G-H) (I)		0.077	0.640	0.830
	Earnings Per Share (Rs.)		0.02	0.16	0.21

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	0.09	0.33
Net Profit Margin (PBT/Sales)	(%)	NA	0.02	0.71
Return on Total Assets (PBT/Total Assets}	(%)	0.01	0.02	0.27
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.02
Debt Equity Ratio (Total Debt /Networth)		1.69	1.33	1.35
Current Ratio (Current Asset/Current Liability)		0.92	0.81	1.21

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	Yes

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Other loans and advances	52.444	52.344
Total	52.444	52.344

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10464736	20/11/2013	320,000,000.00	UNION BANK OF INDIA	MID-CORPORATE BRANCH, BORIVALI (EAST) BRANCH, 7TH CARTER ROAD BEHIND SANJOG HOTEL,BORIVALI(EAST), MUMBAI, MAHARASHTRA - 400066, INDIA	B91359802
2	10388550	16/10/2012	270,000,000.00	BANK OF BARODA	FORT UNIVERSITY BRANCH, 119, MAHATAMA GANDHI MARG, AGRA BUILDING, MUMBAI, MAHARASHTRA - 400001, INDIA	B62804794

FIXED ASSETS

Tangible assets

· Furniture and fixtures

· 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.62.68
UK Pound	1	Rs.101.98
Euro	1	Rs.84.78

INFORMATION DETAILS

Report Prepared by :

KVT

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	4
--PROFITABILIRY	1~10	3
--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		29

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.