MIRA INFORM REPORT

Report Date :

17.01.2014

IDENTIFICATION DETAILS

Name :	P D SEKHSARIA TRADING COMPANY PRIVATE LIMITED
Registered Office :	Gurudwara Singh Sabha Street, Bathinda – 150001, Punjab
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.09.1987
Com. Reg. No.:	16-007679
Capital Investment / Paid-up Capital :	Rs.5.091 Millions
CIN No.: [Company Identification No.]	U51109PB1987PTC007679
PAN No.: [Permanent Account No.]	AABCP1720E
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of Cotton.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 696000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The financial as well as liquidity position of the company appears to be sound. Marked by decent networth reported during 2013. The ratings also take into consideration the working capital intensive nature of the business operations. However, trade relations are fair. Business is active. Payment terms are reported as usually correct. The company can be considered for business dealings at usual trade terms and conditions.

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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

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 :	Gurudwara Singh Sabha Street, Bathinda – 150001, Punjab, India
Tel. No.:	91-164-2250741
Fax No.:	Not Available
E-Mail :	acts@pdst.in
Website :	www.pdst.in
Corporate Office :	904, Tulsiani Chambers, Nariman Point, Mumbai - 400021, Maharashtra, India
Tel. No.:	91-22-40095000
Fax No.:	91-22-40095001
E-Mail :	export@pdst.in trade@pdst.in
Branch Office :	Located at: · Mumbai · Hyderabad

DIRECTORS

As on: 30.09.2013

Name :

Mr. Jagmohan Parmeshwarlal Sekhsaria

Designation :

Director

Address :

Sekhsaria House, 28, Babulnath, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

10.10.1944

Date of Appointment :

23.09.1987

PAN No.:

AAWPS1429D

DIN No.:

00184910

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	U51900MH1948PTC006625	DWARKADAS AND COMPANY PRIVATE LIMITED	Whole-time director	28/03/1963	28/03/1963	-	Under liquidation	NO
2	U51109PB1948PTC002054	DWARKA DASS AND CO PATIALA PRIVATE LIMITED	Director	10/10/1975	10/10/1975	-	Amalgamated	NO
3	U51109PB1987PTC007679	P D SEKHSARIA TRADING COMPANY PRIVATE LIMITED	Director	23/09/1987	23/09/1987	-	Active	NO
4	U51900MH1987PTC044772	SEKHSARIA POLYCOT PRIVATE LIMITED	Director	11/09/1989	11/09/1989	-	Active	NO
5	U72900MH2000PTC126445	SUVIDH COMMODITIES E COM PRIVATE LIMITED	Whole-time director	11/05/2000	11/05/2000	-	Active	NO
6	U51109MH2009PTC190828	MARVI COMMODITIES PRIVATE LIMITED	Director	19/07/2010	09/03/2009	-	Active	NO
7	U40300MH2009PTC195320	CORNER STONE ENERGY PRIVATE LIMITED	Director	30/06/2011	17/01/2011	-	Active	NO

Name :

Mr. Alok Jagmohan Sekhsaria

Designation :

Director

Address :

Sekhsaria House, 28, Babulnath, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

31.01.1972

Date of Appointment :

04.11.1996

PAN No.:

AAPPS8758Q

DIN No.:

00185081

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	U51109PB1948PTC002054	DWARKA DASS AND CO PATIALA PRIVATE LIMITED	Director	01/06/1993	01/06/1993	-	Amalgamated	NO
2	U51109PB1987PTC007679	P D SEKHSARIA TRADING COMPANY PRIVATE LIMITED	Whole-time director	04/11/1996	04/11/1996	-	Active	NO
3	U72900MH2000PTC126445	SUVIDH COMMODITIES E COM PRIVATE LIMITED	Managing director	11/05/2000	11/05/2000	-	Active	NO
4	U51900MH1987PTC044772	SEKHSARIA POLYCOT PRIVATE LIMITED	Director	07/06/2004	07/06/2004	-	Active	NO
5	U63023MH2005PTC156126	AGRIMANAGE INDIA PRIVATE LIMITED	Director	15/12/2008	15/12/2008	03/10/2011	Active	NO
6	U51109MH2009PTC190828	MARVI COMMODITIES PRIVATE LIMITED	Director	09/03/2009	09/03/2009	-	Active	NO
7	U40300MH2009PTC195320	CORNER STONE ENERGY PRIVATE LIMITED	Director	29/08/2009	29/08/2009	-	Active	NO
8	U40101MH2010PTC205494	ULTRA ENERGY PRIVATE LIMITED	Director	15/07/2010	15/07/2010	-	Strike off	NO
9	U40101MH2010PTC205519	HELIOS ENERGY PRIVATE LIMITED	Director	16/07/2010	16/07/2010	-	Strike off	NO
10	U40108MH2010PTC205507	RAY SOLAR POWER PRIVATE LIMITED	Director	16/07/2010	16/07/2010	-	Strike off	NO
11	U40300MH2010PTC205880	ROSHNI ENERGY PRIVATE LIMITED	Director	23/07/2010	23/07/2010	-	Strike off	NO
12	AAA-8477	HELIOS COMMODITIES LLP	Designated Partner	22/03/2012	22/03/2012	-	Active	NO

Name :

Mrs. Mayuri Alok Sekhsaria

Designation :

Director

Address :

Sekhsaria House, 28, Babulnath, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

10.08.1977

Date of Appointment :

20.05.1998

DIN No.:

00185121

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Jagmohan Sekhsaria	4090
Alok Sekhsaria	12270
J.P. Sekhsaria – HUF	4166
Vidya Sekhsaria	8110
Sekhsaria Polycot Private Limited, India	4090
Sekhsaria Vidya Jointly with Sekhsaria Alok	14090
Sekhsaria Jagmohan Jointly with Sekhsaria Alok	4090
Total	50906

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Bodies corporate	8.00
Directors or relatives of directors	92.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading of Cotton.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Union Bank of India, Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
SHORT-TERM BORROWINGS
Loans repayable on demand from banks (Hypo. of stock and Book Debts, Export documents under irrevocable LC)	642.707	31.133
Total	642.707	31.133

Banking Relations :	--
Auditors :
Name :	Phirodia Bafna and Associates Chartered Accountants
Address :	304, Sangam Arcade, Vallabhbhai Road, Opposite Railway Station, Vile Parle (West), Mumbai – 400 056, Maharashtra, India
Tel. No.:	91-22-26185962/ 63/ 64
Fax No.:	91-22-26185967
E-mail Id :	phirodiabafna@gmail.com
PAN No.:	AAAFP2683E
Enterprises over which key management personal / individuals owning directly or indirectly, an interest in the voting of the reporting enterprise that give them control or significant influence over the enterprise :	· Ashok Enterprises · J P Trading Company · Suvidh Commodities E-Com Private Limited CIN No.: U72900MH2000PTC126445 · Agrimanage India Private Limited CIN No.: U63023MH2005PTC156126 · Sekhsaria Polycot Private Limited

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50906	Equity Shares	Rs.100/- each	Rs.5.091 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.091	2.545	2.500
(b) Reserves & Surplus	168.928	129.714	99.764
(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)	174.019	132.259	102.264
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.348
(b) Deferred tax liabilities (Net)	0.431	0.585	0.080
(c) Other long term liabilities	40.489	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	40.920	0.585	0.428
(4) Current Liabilities
(a) Short term borrowings	642.707	31.133	125.000
(b) Trade payables	161.336	60.850	27.391
(c) Other current liabilities	80.478	190.567	118.264
(d) Short-term provisions	19.929	21.535	23.500
Total Current Liabilities (4)	904.450	304.085	294.155
TOTAL	1119.389	436.929	396.847
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.235	4.999	3.832
(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	20.058	18.671	7.036
(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	24.293	23.670	10.868
(2) Current assets
(a) Current investments	55.669	33.804	0.000
(b) Inventories	143.259	108.922	0.542
(c) Trade receivables	657.418	17.360	17.707
(d) Cash and cash equivalents	98.828	99.029	164.901
(e) Short-term loans and advances	139.922	154.144	202.829
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1095.096	413.259	385.979
TOTAL	1119.389	436.929	396.847

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		58.110	65.779	73.007
Less/ Add	DEPRECIATION/ AMORTISATION		1.004	1.170	0.061
	PROFIT BEFORE TAX		57.106	64.609	72.946
Less	TAX		16.940	15.669	20.891
	PROFIT AFTER TAX		40.166	48.940	52.055
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		81.214	56.264	8.894
Add/ Less	PRIOR YEAR ADJUSTMENT		1.593	0.000	0.315
Add/ Less	P&L of Dwarkadas and Company (Patiala Private Limited (Amalgamated)		0.000	(18.990)	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	5.000	5.000	5.000
	BALANCE CARRIED TO THE B/S		117.973	81.214	56.264
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1971.456	1210.014	NA
	TOTAL EARNINGS		1971.456	1210.014	NA
	Earnings Per Share (Rs.)		789.02	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	5.19	15.45	18.71
Return on Investment (ROI) (PBT/Networth)		0.33	0.49	0.71
Debt Equity Ratio (Total Debt/Networth)		3.69	0.24	1.23
Current Ratio (Current Asset/Current Liability)		1.21	1.36	1.31

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

NATURE OF OPERATIONS

Subject was incorporated under the Companies Act 1956 in the year 1987. The registered office of the company is situated in Bathinda, Punjab while it has branch Offices in Mumbai, Maharashtra and Hyderabad, Andhra Pradesh. The company is engaged in trading of Cotton with exports comprising majority of its Sales. The company is a Govt of India Recognised , Star Export Trading House.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10328929	21/12/2011 *	500,000,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B29851276
2	90178613	19/01/2005	5,000,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	-
3	90178420	15/12/2011 *	50,000,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B29161676
4	90178385	03/12/2002	2,500,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	-
5	90183048	15/12/2011 *	10,000,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B29162831
6	90177849	15/12/2011 *	500,000,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B29160314
7	90179952	16/12/2011 *	330,000,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B29279643
8	90179836	13/01/1997	16,000,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	-

* Date of charge modification

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer 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.61.53
UK Pound	1	Rs.100.73
Euro	1	Rs.83.84

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	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		46

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.