MIRA INFORM REPORT

Report Date :

07.07.2014

IDENTIFICATION DETAILS

Name :	PRINTLINE REPRODUCTIONS PRIVATE LIMITED
Registered Office :	134, Pragati Industrial Estate, N. M. Joshi Marg, Mumbai – 400011, Maharashtra India
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.06.1995
Com. Reg. No.:	11-089395
Capital Investment / Paid-up Capital :	Rs. 9.950 Millions
CIN No.: [Company Identification No.]	U22219MH1995PTC089395
TAN No.: [Tax Deduction & Collection Account No.]	MUMP08570C
PAN No.: [Permanent Account No.]	AAACP6291K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Printed Cartons, Boxes, etc.
No. of Employees :	40 (Approximately)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has filed its financials i.e. 2013 with the government department however due to some technical error 2013 financials are not available. As per available financial of 2012, there seems some dip in the profit of the company, borrowings of the company seems to be huge. However, trade relations are reported as fair. Business is active. Payment terms are reported to be 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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. Deepak
Designation :	Accounts Head
Contact No.:	91-22-23088860
Date :	05.07.2014

LOCATIONS

Registered Office :	134, Pragati Industrial Estate, N. M. Joshi Marg, Mumbai – 400011, Maharashtra, India
Tel. No. :	91-22-23080245/ 23088860
Fax No. :	91-22-23060619
E-Mail :	admin@printpoint.in lqbalk@printpoint.com
Website :	www.printpoint.in
Factory :	A-145/6B, TTC Industrial Area, MIDC Khairane, Thane-Belapur Road, Navi Mumbai – 400701, Maharashtra, India
Tel. No.:	91-22-27680547/ 0550/ 27680551
Fax No.:	91-22-27680551
E-Mail :	sales@printpoint.in

DIRECTORS

As on 29.09.2012

Name :

Mr. Iqbal Taher Kherodawala

Designation :

Director

Address :

RPPM No.252, 25^th Floor, Kalpataru Heights, Dr. A. L. Nair Road, Agripada, Mumbai – 400011, Maharashtra, India

Date of Birth/Age :

10.04.1965

Date of Appointment :

09.06.1995

DIN No. :

00334629

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	U22219MH1995PTC089395	PRINTLINE REPRODUCTIONS PRIVATE LIMITED	Director	09/06/1995	09/06/1995	Active	NO
2	U22200MH1971NPL015200	BOMBAY MASTER PRINTERS ASSOCIATION	Director	17/08/2006	17/08/2006	Active	NO

Name :

Mr. Shabbir Taher Kherodawala

Designation :

Director

Address :

13, Shephered Apartments, 3^rd Floor, Shephered Road, Byculla, Mumbai – 400008, Maharashtra, India

Date of Birth/Age :

28.07.1966

Date of Appointment :

09.06.1995

DIN No. :

00334742

KEY EXECUTIVES

Name :	Mr. Deepak
Designation :	Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares	Percentage of Holding
Iqbal Taher Kherodawala	29787	29.94
Shabbir Taher Kherodawala	42162	42.37
Hasina Iqbal Kherodawala and Iqbal Taher Kherodawala	14100	14.17
Sara T. Kherodawala	600	0.60
Fatema S. Kherodawala	12550	12.61
Tassaddug T. Kherodawala and Taher Kherodawala	200	0.20
Abbas Bhinderwala	50	0.05
Amina Bhinderwala	50	0.05
Kankroliwala Shabbir	1	0.00
Total	99500	100.00

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Printed Cartons, Boxes, etc.
Exports :
Products :	Finished Goods
Countries :	All over the world
Imports :
Products :	Machinery Parts
Countries :	Holland
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Manufacturer

· Siemens India Limited

J.B. Chemical and amp; Pharmaceuticals Limited

Monginis Foods Limited

Yardley Limited (UK)

Goldshield Healthcare Limited (UK)

Bajaj Electricals Limited

Tilaknagar Distilleries Limited

Surat Farsan, USA

No. of Employees :

40 (Approximately)

Bankers :

· The Shamrao Vithal Co-Op. Bank Limited, Matunga Branch, 5, Kanara House, Mogal Lane, Mahim (West), Mumbai - 400016, Maharashtra, India

HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG TERM BORROWINGS
The SVC Bank Limited A/c No. 1641	2.927	4.936
The SVC Bank Limited A/c No. 1688	0.769	1.204
The SVC Bank Limited A/c No. 1679	20.232	23.943
The SVC Bank Limited A/c No. 1746	3.353	4.137
The SVC Bank Limited A/c No. 1769	0.500	0.762
The SVC Bank Limited A/c No. 1775	6.470	0.000
SHORT TERM BORROWINGS
Cash Credit A/c No. 77	32.295	23.346
The SVC Bank Limited A/c No. 1659	0.000	0.114
Buyer’s Credit	24.693	0.000
Total	91.239	58.442

Banking Relations :	--
Auditors :
Name :	V.S Joshi and Company Chartered Accountants
Address :	2 Sahakar, Shivsena Bhavan Path, Dadar, Mumbai – 400028, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAPJ4882B

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
995,000	Equity Shares	Rs.10/- each	Rs. 9.950 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	9.950	9.950
(b) Reserves & Surplus	13.259	11.515
(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)	23.209	21.465
(3) Non-Current Liabilities
(a) long-term borrowings	50.181	51.070
(b) Deferred tax liabilities (Net)	10.644	9.176
(c) Other long term liabilities	1.265	1.649
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	62.090	61.895
(4) Current Liabilities
(a) Short term borrowings	56.988	23.460
(b) Trade payables	21.978	7.327
(c) Other current liabilities	1.621	0.989
(d) Short-term provisions	2.065	2.045
Total Current Liabilities (4)	82.652	33.821
TOTAL	167.951	117.181
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	97.554	68.279
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.439
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.502	0.502
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.698	2.872
(e) Other Non-current assets	0.806	0.806
Total Non-Current Assets	99.560	72.898
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	29.919	17.410
(c) Trade receivables	28.231	20.184
(d) Cash and cash equivalents	4.276	2.678
(e) Short-term loans and advances	5.711	3.854
(f) Other current assets	0.254	0.157
Total Current Assets	68.391	44.283
TOTAL	167.951	117.181

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.950
2] Share Application Money		0.000
3] Reserves & Surplus		6.855
4] (Accumulated Losses)		0.000
NETWORTH		16.805
LOAN FUNDS
1] Secured Loans		59.462
2] Unsecured Loans		13.680
TOTAL BORROWING		73.142
DEFERRED TAX LIABILITIES		8.155
TOTAL		98.102
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		73.811
Capital work-in-progress		0.000
INVESTMENT		0.502
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.115
	Sundry Debtors	12.236
	Cash & Bank Balances	1.801
	Other Current Assets	1.337
	Loans & Advances	2.835
Total Current Assets		35.324
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.008
	Other Current Liabilities	2.777
	Provisions	0.750
Total Current Liabilities		11.535
Net Current Assets		23.789
MISCELLANEOUS EXPENSES		0.000
TOTAL		98.102

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	128.894	120.992
		Other Income	1.072	2.205
		TOTAL (A)	129.966	123.197	NA
Less	EXPENSES
		Cost of Materials Consumed	80.404	61.378
		Purchases of Packing Materials	1.442	2.148
		Changes in Inventories of Packing	(0.486)	(0.662)
		Other Manufacturing Expenses	12.672	26.313
		Employees benefits expense	7.905	6.622
		Other expenses	9.161	9.186
		TOTAL (B)	111.098	104.985	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		18.868	18.212
Less	FINANCIAL EXPENSES (D)		9.639	7.211
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.229	11.001	8.336
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.227	4.019	4.091
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		4.002	6.982	4.245
Less	TAX (H)		2.259	2.322	2.653
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		1.743	4.660	1.592
	Earnings Per Share (Rs.)		17.52	46.83	1.60

Particulars	31.03.2014
Sales Turnover (Approximately)	120.000

Expected Sales (2014-2015): Rs. 140.000 Millions

The above information has been parted by Mr. Deepak (Accounts Head).

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.34	3.78	NA
Net Profit Margin (PBT/Sales)	(%)	3.10	5.77	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.39	6.01	3.89
Return on Investment (ROI) (PBT/Networth)		0.17	0.33	0.25
Debt Equity Ratio (Total Debt/Networth)		4.62	3.47	4.35
Current Ratio (Current Asset/Current Liability)		0.83	1.31	3.06

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	9.950	9.950
Reserves & Surplus	11.515	13.259
Net worth	21.465	23.209
long-term borrowings	51.070	50.181
Short term borrowings	23.460	56.988
Total borrowings	74.530	107.169
Debt/Equity ratio	3.472	4.618

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Sales	120.992	128.894
		6.531

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Sales	120.992	128.894
Profit	4.660	1.743
	3.85%	1.35%

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10484633	22/02/2014	35,400,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	C00418681

UNSECURED LOANS

PARTICULAR	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG TERM BORROWINGS
From Directors
Hasina Kherodawala	0.000	3.420
Iqbal Kherodawala	2.705	2.863
Shabbier Kherodawala	2.484	2.484
From Shareholders
Fatema Kherodawala	6.375	6.375
Hasina Kherodawala	3.420	0.000
Shabbier Kankroliwala	0.449	0.449
Husaina S. Kanorwala	0.340	0.340
Amina Bhinderwala	0.100	0.100
Sara Kherodawala (Taher Kherodawala)	0.057	0.057
Total	15.930	16.088

CHANGE OF ADDRESS

The registered office of the company has been shifted from 133, Pragati Industrial Estate, N M Joshi Marg, Lower Parel, Mumbai – 400011, Maharashtra, India to the present address w.e.f. 01.08.2008.

COMPANY INFORMATION

The company was incorporated on 9th June, 1995. The main objective of the company is to carry on the business as printers, photo-offset printers, letter press printers; polythene, polypropylene, PVC and plastic printers, etc. In addition to this, the company also desires to carry out other activities which are incidental or ancillary to the attainment of the main objectives from time-to-time.

FIXED ASSETS

· Land

Building

Plant and Equipment

Furniture and Fixtures

Office Equipments

Computers

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.59.79
UK Pound	1	Rs.102.66
Euro	1	Rs.81.32

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	DIV
Report Prepared by :	MRI

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	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	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		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.