MIRA INFORM REPORT

Report Date :

21.07.2014

IDENTIFICATION DETAILS

Name :	LEVCON CONTROLS PRIVATE LIMITED
Registered Office :	Rajkamal 6^th Floor, 13 Camac Street, Kolkata – 700017, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.08.1986
Com. Reg. No.:	21-041051
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U51909WB1986PTC041051
TAN No.: [Tax Deduction & Collection Account No.]	CALL01630G
PAN No.: [Permanent Account No.]	AAACL4808N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and exporter of Electronic level measuring instrument
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 4500
Status :	Small Company
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scales of activities are limited. However, trade relations are reported to be fair. Business is active. payment terms are slow but correct The company can be considered for small 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 with 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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. B Jana
Designation :	Manager
Contact No.:	91- 9831826885
Date :	16.07.2014

LOCATIONS

Registered Office :	Rajkamal 6^th Floor, 13 Camac Street, Kolkata – 700017, West Bengal, India
Tel. No.:	91-33-22832766 / 22903924
Mobile No.:	91-9831826885 (Mr. Jaka)
Fax No.:	91-33-22832719 / 23442680 / 22809645
E-Mail :	info@levcongroup.com levoconh@vsnl.net
Website :	www.levcongroup.com
Location :	Owned
Factory :	138 K, Picnic Garden Road, Kolkata – 700 039, West Bengal, India
Tel. No.:	91-33-2343 4325 / 8528
Fax No.:	91-33-23442680
Location :	Owned
Branch:	301, Protoprima Chambers 1, Suren Road, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-2683 2127 / 2683 3015
Fax No.:	91-22-2683 3015
Representative Office (Hyderabad) :	House No. 23/6/121, Haribowli, Hyderabad – 500 265, India
Tel. No.:	91-40-2441 2024

DIRECTORS

As on: 30.09.2013

Name :

Mr. Satrajit Gupta

Designation :

Managing Director

Address :

11-Hindustan Road, Rashbehari, Kolkata – 700 029, West Bengal, India

Date of Birth/Age :

18.06.1935

Date of Appointment :

04.08.1986

DIN No.:

00884102

Voter ID No.:

WB / 23 / 149 / 399687

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	U51909WB1973PTC028955	LEVCON INSTRUMENTS PVT LTD	Managing director	20/08/1973	20/08/1973	-	Active	NO
2	U27101WB1979PTC031857	LEVCON VALVES PVT LTD	Director	29/01/1979	29/01/1979	-	Active	NO
3	U32109WB1986PTC041050	LEVCON ELECTRONICS PVT LTD	Director	04/08/1986	04/08/1986	-	Strike off	NO
4	U51909WB1986PTC041051	LEVCON CONTROLS PVT LTD	Director	04/08/1986	04/08/1986	-	Active	NO
5	U21011WB1995PTC075028	LEVCON JAYKAY MACHINERY PVT. LTD.	Director	19/11/1996	19/11/1996	-	Active	NO

Name :

Mr. Arun Kumar Ghosh

Designation :

Director

Address :

Aradhana Building, 29- Sadananda Road, Kolkata – 700 029, West Bengal, India

Date of Birth/Age :

18.11.1938

Date of Appointment :

08.08.1986

DIN No.:

00884131

Voter ID No.:

WB / 21 / 144 / 291135

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	U27101WB1979PTC031857	LEVCON VALVES PVT LTD	Director	29/01/1979	29/01/1979	-	Active	NO
2	U51909WB1986PTC041051	LEVCON CONTROLS PVT LTD	Director	08/08/1986	08/08/1986	-	Active	NO
3	U32109WB1986PTC041050	LEVCON ELECTRONICS PVT LTD	Director	30/09/1986	30/09/1986	-	Strike off	NO
4	U51909WB1973PTC028955	LEVCON INSTRUMENTS PVT LTD	Director	13/07/1987	13/07/1987	-	Active	NO

Name :

Mr. Shayak Gupta

Designation :

Director

Address :

Dr. Sarat Banerjee Road, Kolkata – 700 029, West Bengal, India

Date of Birth/Age :

09.08.1973

Date of Appointment :

20.11.2000

DIN No.:

01351719

PAN No. :

ADTPG5987E

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	U27101WB1979PTC031857	LEVCON VALVES PVT LTD	Director	08/05/2000	08/05/2000	-	Active	NO
2	U32109WB1986PTC041050	LEVCON ELECTRONICS PVT LTD	Director	20/11/2000	20/11/2000	-	Strike off	NO
3	U51909WB1986PTC041051	LEVCON CONTROLS PVT LTD	Director	20/11/2000	20/11/2000	-	Active	NO
4	U31402WB1990PTC049436	FTS ENGINEERING PVT.LTD.	Director	28/11/2002	28/11/2002	01/04/2013	Active	NO
5	U29191WB1997PTC086018	F T S ELECTRICALS PRIVATE LIMITED	Director	28/11/2002	28/11/2002	01/04/2013	Active	NO
6	U51909WB1973PTC028955	LEVCON INSTRUMENTS PVT LTD	Director	04/09/2004	04/09/2004	-	Active	NO
7	U60200WB1984PTC037774	FORK TRUCKS & SERVICES INDIA PVT LTD	Director	01/04/2013	01/04/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. B Jana
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Satrajit Gupta	850
Krishna Gupta	800
Arun Kumar Ghosh	1200
Jyotirmoyee Ghosh	2100
Ibha Lahiri	300
Usha Ghosh	100
Surabhi Bhattachary	200
Sudeshna Ghosh	200
Steel and Woodcrat	50
Shayak Gupta	1050
Arun Kumar Bhaduri	100
Shimonti Gupta	350
Sagnik Gupta	400
Reshmi Gupta	350
Monami Chowdhury	600
Surajit Ghosh	100
Indra Nath Lahiri	500
Dhanpat Brothers Company	50
Parbati Choudhury	700
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Directors or relatives of directors	83.00
Other top fifty shareholders	17.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Electronic Level Measuring Instruments.
Products :	· Level and Flow Measuring · Instruments · Measurement and Meter · Cast Steel and Forged · Steel Valves
Exports :
Products :	Finished Goods
Countries :	Middle East
Imports :
Products :	Raw Material
Countries :	Singapore
Terms :
Selling :	Depend
Purchasing :	Depend

GENERAL INFORMATION

Customers :	Others
No. of Employees :	40 (Approximately)
Bankers :	· State Bank of India, Kolkata Main Branch · State Bank of India, Ballygunge Branch
Facilities :	--

Banking Relations :	--
Auditors :
Name :	S Ghosh and Company Chartered Accountants
Address :	335, Block A, Lake Town, Kolkata – 700009, West Bengal, India
Tel. No.:	91-33-23521959
Mobile No.:	91-9830463126
Fax No.:	91-33-23521958
E-Mail :	www.ghoshauro@hotmail.com www.ghoshshyam@hotmail.com
PAN No.:	AAOSP3331G

CAPITAL STRUCTURE

As on: 31.03.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

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	0.100	0.100	0.100
(b) Reserves & Surplus	1.045	0.903	0.140
(c) Money received against share warrants	0.000	0.000	0.000
(d) Profit & Loss Account	0.000	0.000	0.584
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1.145	1.003	0.824
(3) Non-Current Liabilities
(a) long-term borrowings	0.706	0.846	1.387
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.706	0.846	1.387
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	5.914	5.889
(c) Other current liabilities	0.395	0.151
(d) Short-term provisions	0.101	0.133
Total Current Liabilities (4)	6.410	6.173	6.159
TOTAL	8.261	8.022	8.370
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.117	0.146	0.116
(ii) Intangible Assets	0.098	0.124	0.154
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.108	0.108	0.108
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.323	0.378	0.378
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1.536	2.035	2.010
(c) Trade receivables	5.846	4.475	4.812
(d) Cash and cash equivalents	0.271	0.879	0.378
(e) Short-term loans and advances	0.285	0.255	0.792
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	7.938	7.644	7.992
TOTAL	8.261	8.022	8.370

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	14.045	14.949
		Other Income	0.019	0.020
		TOTAL (A)	14.064	14.969	13.076
Less	EXPENSES
		Cost of Materials Consumed	7.473	8.690
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.294	(0.294)
		other direct expenses	1.145	1.373
		Employees benefits expense	3.141	2.960
		Other expenses	1.616	1.745
		TOTAL (B)	13.669	14.474	0.363
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.395	0.495	NA
Less	FINANCIAL EXPENSES (D)		0.120	0.118	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.275	0.377	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.030	0.033	NA
	PROFIT BEFORE TAX (E-F) (G)		0.245	0.344	0.363
Less	TAX (H)		0.078	0.106	NA
	PROFIT AFTER TAX (G-H) (I)		0.167	0.238	NA
	IMPORTS
		C.I.F. Value of Imports	0.883	0.376	0.704
	TOTAL IMPORTS		0.883	0.376	0.704
	Earnings Per Share (Rs.)		17.00	24.00	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.19	1.59	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.97	4.29	4.34
Return on Investment (ROI) (PBT/Networth)		0.21	0.34	0.44
Debt Equity Ratio (Total Debt/Networth)		0.62	0.84	1.68
Current Ratio (Current Asset/Current Liability)		1.24	1.24	1.30

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	0.100	0.100	0.100
Reserves & Surplus	0.140	0.903	1.045
Profit and Loss Account	0.584	0.000	0.000
Net worth	0.824	1.003	1.145
long-term borrowings	1.387	0.846	0.706
Short term borrowings	0.000	0.000	0.000
Total borrowings	1.387	0.846	0.706
Debt/Equity ratio	1.683	0.843	0.617

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)
Total Income	13.076	14.969	14.064
		14.477	(6.046)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	14.969	14.064
Profit	0.238	0.167
	1.59%	1.19%

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
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

UNSECURED LOAN

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Loan from Bodies Corporate	0.397	0.370
Loan from shareholders	0.125	0.125
Loan from financial institutions	0.184	0.351
Total	0.706	0.846

INDEX OF CHARGES:

NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

· Plant, Machinery And Testing Equipments

· Furniture And Fixtures

· Computer Machine

· Loose Tools And Implements

· Office Equipments

· Pattern, Dice And Fixture

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 judgment 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.60.33
UK Pound	1	Rs.103.18
Euro	1	Rs.81.58

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	KAR
Report Prepared by :	JAY

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	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	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		28

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.