MIRA INFORM REPORT

Report Date :

06.02.2014

IDENTIFICATION DETAILS

Name :	NEELKANTH REALTY PRIVATE LIMITED
Registered Office :	508, Dalamal House, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.06.2006
Com. Reg. No.:	11-162881
Capital Investment / Paid-up Capital :	Rs. 196.800 Millions
CIN No.: [Company Identification No.]	U70102MH2006PTC162881
PAN No.: [Permanent Account No.]	AACCN3323L
Legal Form :	Private Limited Liability Company
Line of Business :	Development of Land. (Primary Stages)
No. of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

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 1500000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management has failed to file the latest financials of 2013 with the government department. As per available financials of 2012, the management has reported an accumulated loss during 2012. However, trade relations are fair. Business is active. Payment terms are reported as 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 – 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.

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.

INFORMATION DECLINED

Management non-cooperative (Tel. No.: 91-22-40813000)

LOCATIONS

Registered Office :	508, Dalamal House, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-40813000
Fax No.:	Not Available
E-Mail :	headoffice@neelkanthrealty.com

DIRECTORS

As on: 28.12.2012

Name :

Mr. Bhavik Rashmi Bhimjyani

Designation :

Director

Address :

13, Jeevan Villa, Nepeansea Road, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

21.06.1978

Date of Appointment :

27.12.2006

PAN No.:

AABPB4736F

DIN No.:

00160121

Other Directorship :

.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	U45202MH1985PTC037025	NEELKANTH MANSIONS AND INFRASTRUCTURE PRIVATE LIMITED	Director	29/09/2003	29/09/2003	21/11/2007	Active	NO
2	U01100MH1987PTC042508	TIGER WAREHOUSING COLD CHAIN PRIVATE LIMITED	Director	21/06/2004	21/06/2004	-	Active	NO
3	U67120MH1994PTC077672	PEGASUS ADVISORY SERVICES PRIVATE LIMITED	Director	24/09/2004	24/09/2004	07/04/2011	Active	NO
4	U51900MH1991PTC059811	BADRINATH TRADING PRIVATE LIMITED	Director	05/03/2005	05/03/2005	-	Active	NO
5	U15310MH2005PTC154409	R TULSIDAS AGROPRODUCTS PRIVATE LIMITED	Director	01/07/2005	01/07/2005	-	Active	NO
6	L51900MH1980PLC022582	R T EXPORTS LIMITED	Director	30/09/2011	01/07/2005	-	Active	NO
7	U65990MH1983PTC029487	HARSHDIP INVESTMENTS PVT LTD	Director	30/09/2005	30/09/2005	-	Active	NO
8	U01110MH1994PTC078830	SHREEJI AGRO ESTATE PRIVATE LIMITED	Director	30/09/2005	30/09/2005	15/12/2009	Active	NO
9	U01100MH1987PTC043583	BHARAT FOAMCAST PRIVATE LIMITED	Director	20/12/2005	20/12/2005	07/04/2011	Active	NO
10	U74140MH2006PTC160158	LIGHTHOUSE ADVISORS (INDIA) PRIVATE LIMITED	Director	31/07/2007	03/04/2006	30/07/2010	Active	NO
11	U45200MH1994PTC079536	NEELKANTH REALTORS PRIVATE LIMITED	Director	29/09/2012	30/09/2006	-	Active	NO
12	U70101MH2006PTC166216	NEELKANTH PALM REALTY PRIVATE LIMITED	Director	14/12/2006	14/12/2006	-	Active	NO
13	U70102MH2006PTC166336	PARKWAY REALTY PRIVATE LIMITED	Director	19/12/2006	19/12/2006	30/03/2010	Active	NO
14	U45201MH2006PTC166469	LIGHTHOUSE DEVELOPERS PRIVATE LIMITED	Director	02/12/2013	26/12/2006	-	Active	NO
15	U70102MH2006PTC162881	NEELKANTH REALTY PRIVATE LIMITED	Director	27/12/2006	27/12/2006	-	Active	NO
16	U70200MH2007PTC166799	NEELKANTH LIFE STYLE PRIVATE LIMITED	Director	30/01/2007	30/01/2007	-	Active	NO

Name :

Mr. Yogesh Thakersey Dawda

Designation :

Director

Address :

1206, Shatrunjay, Neelkanth Valley, Ghatkopar (East), Mumbai - 400077, Maharashtra, India

Date of Birth/Age :

02.12.1956

Date of Appointment :

22.07.2011

DIN No.:

01767642

Other Directorship :

.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	U45200MH1994PTC079536	NEELKANTH REALTORS PRIVATE LIMITED	Director	30/09/2011	02/06/2011	-	Active	NO
2	U70102MH2006PTC162881	NEELKANTH REALTY PRIVATE LIMITED	Director	22/07/2011	22/07/2011	-	Active	NO
3	L51900MH1980PLC022582	R T EXPORTS LIMITED	Director	30/09/2011	24/08/2011	-	Active	NO
4	U70102MH2006PTC164030	NEELKANTH TOWNSHIP AND CONSTRUCTION PRIVATE LIMITED	Director	30/09/2011	17/09/2011	-	Active	NO
5	U45200MH2007PTC168283	URBAN RUPI INFRASTRUCTURE PRIVATE LIMITED	Additional director	01/10/2012	01/10/2012	-	Active	NO
6	U45201MH2006PTC166469	LIGHTHOUSE DEVELOPERS PRIVATE LIMITED	Director	28/12/2012	01/10/2012	-	Active	NO
7	U51101DL2014PTC263217	JAGANNATH AGRI TRADING PRIVATE LIMITED	Director	08/01/2014	08/01/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vishnu Singh
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.12.2012

Names of Shareholders	No. of Shares
Rashmi Bhimjyani	7980000
Rekha Bhimjyani	1980000
Bhavik Bhimjyani	2040000
Jai Corp	213333
Urban Infrastructure Real Estate Fund, India	4800000
Urban Infrastructure Opportunity Fund, India	2666667
Total	19680000

Equity Share Break up (Percentage of Total Equity)

As on: 28.12.2012

Category	Percentage
Bodies corporate	39.03
Directors or relatives of directors	60.97
Total	100.00

BUSINESS DETAILS

Line of Business :

Development of Land. (Primary Stages)

GENERAL INFORMATION

No. of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]
Bankers :	State Bank of India, Nariman Point Branch, Dalamal House, Jamnalal Bajaj Marg, Nariman Point, Mumbai - 400021, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Chaturvedi and Shah Chartered Accountants
Address :	714/715, Tulsiani Chambers, 212, Nariman Point, Mumbai, Maharashtra, India
PAN No.:	AAAFC0662N
Other Related Parties:	· R Tulsidas Exports Private Limited CIN No.:U51900MH1982PTC029014 · Century Agro Farms Land Private Limited CIN No.:U45400MH2007PTC171907 · Neelkanth Land Developers Private Limited CIN No.:U70109MH2006PTC160795 · Neelkanth Woods And Construction Private Limited CIN No.:U45200MH2006PTC160753 · R Tulsidas Agro Exports Private Limited CIN No.:U51220MH2005PTC153608 · R Tulsidas Agroproducts Private Limited CIN No.:U15310MH2005PTC154409 · Titan Agri Developers Private Limited CIN No.:U45200MH2007PTC169385 · Urban Infrastructure Real Estate Fund · Mountain View Agri Estates Private Limited CIN No.:U45202MH2007PTC176876 · Neelkanth Agri Villas Private Limited CIN No.:U45202MH2007PTC176878 · Rose Land Infrastructure Private Limited CIN No.:U45203MH2008PTC178120

CAPITAL STRUCTURE

As on: 28.12.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19680000	Equity Shares	Rs.10/- each	Rs. 196.800 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	196.800	196.800
(b) Reserves & Surplus	200.531	200.258
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	397.331	397.058
(3) Non-Current Liabilities
(a) long-term borrowings	337.660	337.660
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.461	0.325
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	338.121	337.985
(4) Current Liabilities
(a) Short term borrowings	58.100	78.100
(b) Trade payables	0.000	0.000
(c) Other current liabilities	76.612	92.873
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	134.712	170.973
TOTAL	870.164	906.016
I. ASSETS
(1) Non-current assets
(a) Fixed Assets	0.265	0.534
(i) Tangible assets	0.000	0.000
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.016	0.011
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	0.281	0.545
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	196.973	174.651
(c) Trade receivables	0.000	0.000
(d) Cash and cash equivalents	0.607	5.572
(e) Short-term loans and advances	672.303	725.248
(f) Other current assets	0.000	0.000
Total Current Assets	869.883	905.471
TOTAL	870.164	906.016

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		196.800
2] Share Application Money		0.000
3] Reserves & Surplus		201.600
4] (Accumulated Losses)		(2.312)
NETWORTH		396.088
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		489.846
TOTAL BORROWING		489.846
DEFERRED TAX LIABILITIES		0.000
TOTAL		885.934
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.688
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	173.628
	Sundry Debtors	0.000
	Cash & Bank Balances	5.489
	Other Current Assets	0.000
	Loans & Advances	707.001
Total Current Assets		886.118
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.731
	Other Current Liabilities	0.141
	Provisions	0.000
Total Current Liabilities		0.872
Net Current Assets		885.246
MISCELLANEOUS EXPENSES		0.000
TOTAL		885.934

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2.791	5.566	10.794
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.716	1.841
Less	FINANCIAL EXPENSES (D)		0.126	0.717
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.590	1.124
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.101	0.154
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		0.489	0.970	(0.578)
Less	TAX (H)		0.217	0.000	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		0.272	0.970	(0.578)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1.342)	(2.312)	(1.734)
	BALANCE CARRIED TO THE B/S		(1.070)	(1.342)	(2.312)
	Earnings / (Loss) Per Share (Rs.)		0.01	0.05	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	17.52	17.42	(5.36)
Return on Total Assets (PBT/Total Assets}	(%)	0.06	0.11	(0.07)
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Debt/Networth)		0.99	1.05	1.23
Current Ratio (Current Asset/Current Liability)		6.46	5.30	1016.20

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

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Long term borrowings
Fully convertible debentures banks	157.660	157.660
Fully convertible debentures government semi-government	180.000	180.000
Short term borrowings
Loans and advances from directors	49.750	69.750
Loans and advances from others	8.350	8.350
Total	395.760	415.760

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10360321	21/04/2012	500,000.00	STATE BANK OF INDIA	NARIMAN POINT BRANCH,DALAMAL HOUSE, JAMNALAL BAJAJ MARG,NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B41506338

REVIEW OF OPERATIONS

During the year, the Company has earned Rs.2.790 millions as compared to Rs. 5.566 millions in the last year. The net profit after tax for the year has been Rs. 0.272 million as against net profit after tax of Rs. 0.970 million during the previous financial year. The Directors are continuously looking for avenues for future growth of the Company.

FIXED ASSETS

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipment’s

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. 62.45
UK Pound	1	Rs. 102.01
Euro	1	Rs. 84.35

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--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	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.