MIRA INFORM REPORT

Report Date :

13.02.2014

IDENTIFICATION DETAILS

Name :	OASIS IRRIGATION EQUIPMENT COMPANY LIMITED
Registered Office :	P-6, Scheme VI, M(S) CIT, Kolkata – 700054, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.08.1982
Com. Reg. No.:	21-035178
Capital Investment / Paid-up Capital :	Rs. 2.400 Millions
CIN No.: [Company Identification No.]	U45201WB1982PLC035178
TAN No.: [Tax Deduction & Collection Account No.]	CALO00014A
PAN No.: [Permanent Account No.]	AAACO3414H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Water Saving Rain Gun, Sprinklers, Dust Suppression System, Water Irrigation Systems, Drip Irrigation System etc.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 30000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has taken huge external borrowing which acts as threatening to the liquidity position of the company. However, trade relations 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 – 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 worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

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 PARTED BY

Name :	Mr. Narendra
Designation :	Director
Contact No.:	91-9831163019
Date :	10.02.2014

LOCATIONS

Registered Office :	P-6, Scheme VI, M(S) CIT, Kolkata – 700054, West Bengal, India
Tel. No.:	91-33-32591970/ 23648812/ 23628215
Mobile No.:	91-9831163019 [Mr. Narendra]
Fax No.:	91-33-23648812
E-Mail :	info@oasisirrigation.in oasi_821509@bsnl.in oasis@parsan.in k_sripal@hotmail.com
Website :	http://www.oasisirrigation.in
Area :	1600 Sq. ft
Location :	Owned
Factory :	22-B, Ramachandra Dey Street, Jagaddal, Sonarpur, Kolkata, West Bengal, India
Area :	30000 Sq. ft
Location :	Owned

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Surendra Kumar Parsan

Designation :

Director

Address :

43, Justice Chandra Madhav Road, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

01.08.1948

Qualification :

B. Com

Date of Appointment :

03.03.1989

PAN No.:

AJSPP9910H

Voter ID No.:

WB/22/146/258352

DIN No.:

01490123

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	U27204OR1970PTC000541	PAREMON CHEMICALS PRIVATE LIMITED	Director	22/05/1971	22/05/1971	-	Active	NO
2	U45201WB1982PLC035178	OASIS IRRIGATION EQUIPMENT COMPANY LIMITED	Director	03/03/1989	03/03/1989	-	Active	NO
3	U70109WB1989PTC046371	OASIS ESTATE DEVELOPERS PRIVATE LIMITED	Director	08/03/1989	08/03/1989	11/02/2011	Active	NO
4	U15530MH2004PTC145895	ACE BEVERAGEZ PRIVATE LIMITED	Director	01/11/2004	01/11/2004	01/04/2010	Active	NO

Name :

Mr. Govind Das Mohta

Designation :

Director

Address :

20B, Nimtolla Ghat Street, Kolkata – 700006, West Bengal, India

Date of Birth/Age :

20.04.1954

Qualification :

B. Com

Date of Appointment :

21.04.1983

Voter ID No.:

DPD2740461

DIN No.:

01334574

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	U45201WB1982PLC035178	OASIS IRRIGATION EQUIPMENT COMPANY LIMITED	Director	21/04/1983	21/04/1983	Active	NO
2	U70109WB1997PTC084620	J P ABASAN PRIVATE LIMITED	Director	12/06/1997	12/06/1997	Active	NO

Name :

Mr. Narendra Kumar Parsan

Designation :

Director

Address :

P-6, Scheme VI, M(S) CIT, Kolkata – 700054, West Bengal, India

Date of Birth/Age :

23.03.1959

Qualification :

B. Com

Date of Appointment :

16.08.1982

PAN No.:

AFNPP5374A

Voter ID No.:

WB/22/155/228736

DIN No.:

01490158

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	U45201WB1982PLC035178	OASIS IRRIGATION EQUIPMENT COMPANY LIMITED	Director	16/08/1982	16/08/1982	-	Active	NO
2	U45201WB1983PTC036022	SARVOTTAM PROPERTIES PRIVATE LIMITED	Director	04/09/1989	04/09/1989	-	Active	NO
3	U15530MH2004PTC145895	ACE BEVERAGEZ PRIVATE LIMITED	Director	01/11/2004	01/11/2004	01/04/2010	Active	NO

Name :

Mr. Suresh Jain Chandra

Designation :

Director

Address :

Flat – 1A 9/2B, Talbagan Lane, Circus Avenue, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

04.12.1943

Date of Appointment :

01.07.2013

PAN No.:

ACEPJ3813G

DIN No.:

06607955

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Name of Shareholders	No. of Shares
Narendra Kumar Parsan	11800
Surendra Kumar Parsan	19700
Nilima Parsan	10900
Birendra Parsan	13000
Parsan Kumari Shobhagya	6000
Nirmal Kumar Parsan	5800
Parsan Kumar Raj	9000
Parsan Suchitra	3800
Gobind Das Mohta	100
Gouranga Pramanik	100
Jyoti Parsan	5500
Saroj Parsan	5700
Kochar Kumar Sukhraj	1000
Kochar Kumar Kirti	1000
Suresh Chandra Jain	1000
Roop Chandra Jain	1500
Anita Shah	50
Ansuya Bhatt	50
Anjali Bose	50
Bimal Kumar Jain	50
Daulat Singh Jain	50

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	46.85
Other top fifty shareholders	33.27
Others	19.88
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Water Saving Rain Gun, Sprinklers, Dust Suppression System, Water Irrigation Equipment, Drip Irrigation Equipment etc.

Products/ Services :

ITC Code No.	Product Descriptions
99532341	Sprinkler Irrigation System

Exports :

Products :

Finished Goods

Countries :

· Bhutan

Bangladesh

Nepal

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

OEM’s and Consumer

· Aakansha Farms

Aarti Steel Limited, Orissa

Aditya Birla Nuvo Limited, Veraval

Bhatia Coal Washery

Bihar Sponge

Cental Industrial Security Force, CISF (W.B.)

Century Plywood Limited, West Bengal

Chamurchi Agro (India) Limited

Concast Steel and Power Limited

Daftari Tea Estate Private Limited

Electro Steel Casting Limited

Electro Steel Limited, Jharkhand

Essar Oil Limited, Vadinar

Gallant Ispat Limited, Gorakhpur

Grasim Industries Limited, Haveri

IFB Agro

IIT Kharagpur

Jai Balaji Industries Limited

Kohinoor Paper and Newsprint Private Limited

Kohinoor Steel Private Limited, Kharsawan

No. of Employees :

50 (Approximately)

Bankers :

· HDFC Bank Limited

Kolkata, West Bengal, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Other loans and Advances [Secured loan has been secured against hypothecation of Vehicle]	0.374	0.000
Total	0.374	0.000

Banking Relations :	--
Auditors :
Name :	Bhalotia And Company Chartered Accountants
Address :	Dream Residency, Flat 1D, Block 7, Rajarhat Main Road, Salua, Kolkata – 700136, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AFUPB3313C
Associates :	· Oasis Polypipes Private Limited [U27202WB1989PTC046006] Sarvottam Properties Private Limited KR Mercantiles Private Limited Prime Drugs Private Limited Pawanputra Mercantiles Private Limited Oasis Irrigation Equipment Company

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
250,000	Equity Shares	Rs. 10/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
240,000	Equity Shares	Rs. 10/- each	Rs. 2.400 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	2.400	2.400	2.400
(b) Reserves & Surplus	5.169	3.920	3.306
(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)	7.569	6.320	5.706
(3) Non-Current Liabilities
(a) long-term borrowings	0.374	0.000	0.000
(b) Deferred tax liabilities (Net)	0.019	0.022	0.030
(c) Other long term liabilities	8.872	2.227	1.859
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	9.265	2.249	1.889
(4) Current Liabilities
(a) Short term borrowings	28.937	25.836	22.844
(b) Trade payables	9.962	15.816	16.094
(c) Other current liabilities	2.702	2.635	1.623
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	41.601	44.287	40.561
TOTAL	58.435	52.856	48.156
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.051	2.657	2.743
(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	0.295	0.295	0.295
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.293	2.701	2.483
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	6.639	5.653	5.521
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	15.986	11.908	13.509
(c) Trade receivables	26.208	25.761	24.884
(d) Cash and cash equivalents	8.939	9.227	4.242
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.663	0.307	0.000
Total Current Assets	51.796	47.203	42.635
TOTAL	58.435	52.856	48.156

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	48.876	37.840	35.250
		Other Income	0.826	0.579	0.314
		TOTAL (A)	49.702	38.419	35.564
Less	EXPENSES
		Cost of materials consumed	32.589	23.843	25.465
		Purchase of stock in trade	0.000	0.000	0.138
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(1.293)	0.899	(2.523)
		Employee benefit expense	2.922	2.625	2.549
		Other expenses	11.357	8.517	7.659
		TOTAL (B)	45.575	35.884	33.288
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.127	2.535	2.276
Less	FINANCIAL EXPENSES (D)		1.814	1.178	1.117
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.313	1.357	1.159
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.470	0.453	0.459
	PROFIT BEFORE TAX (E-F) (G)		1.843	0.904	0.700
Less	TAX (H)		0.594	0.290	0.219
	PROFIT AFTER TAX (G-H) (I)		1.249	0.614	0.481
	Earnings Per Share (Rs.)		5.20	2.56	2.00

Expected Sales (2013-2014): Rs. 80.000 Millions

The above information has been parted by Mr. Narendra (Director)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.51	1.60	1.35
Net Profit Margin (PBT/Sales)	(%)	3.77	2.39	1.99
Return on Total Assets (PBT/Total Assets}	(%)	3.17	1.72	1.46
Return on Investment (ROI) (PBT/Networth)		0.24	0.14	0.12
Debt Equity Ratio (Total Debt/Networth)		3.87	4.09	4.00
Current Ratio (Current Asset/Current Liability)		1.25	1.07	1.05

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	2.400	2.400	2.400
Reserves & Surplus	3.306	3.920	5.169
Net worth	5.706	6.320	7.569
long-term borrowings	0.000	0.000	0.374
Short term borrowings	22.844	25.836	28.937
Total borrowings	22.844	25.836	29.311
Debt/Equity ratio	4.004	4.088	3.873

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. in Millions)	(Rs. in Millions)	(Rs. in Millions)
SALES	35.250	37.840	48.876
		7.348	29.165

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. in Millions)	(Rs. in Millions)	(Rs. in Millions)
Sales	35.250	37.840	48.876
Profit	0.481	0.614	1.249
	1.36%	1.62%	2.56%

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	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans and advances from others	23.897	23.442
Other loans and advances, others	5.040	2.394
Total	28.937	25.836

FIXED ASSETS:

· Land

Buildings

Factory building

Plant and equipment

Other plant and equipment

Furniture and fixtures

Vehicles

Motor 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. 62.13
UK Pound	1	Rs. 102.25
Euro	1	Rs. 84.72

INFORMATION DETAILS

Information Gathered by :	PRT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.