MIRA INFORM REPORT

Report Date :

02.06.2014

IDENTIFICATION DETAILS

Name :	RATNA SAGAR PRIVATE LIMITED
Registered Office :	Virat Bhawandr Mukherjee Nagar, Commercial Complex, Delhi - 110009
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.03.1986
Com. Reg. No.:	55-023532
Capital Investment / Paid-up Capital :	Rs. 20.000 Millions
CIN No.: [Company Identification No.]	U74899DL1986PTC023532
TAN No.: [Tax Deduction & Collection Account No.]	DELR08921D
PAN No.: [Permanent Account No.]	AAACR1294C
Legal Form :	Private Limited Liability Company
Line of Business :	Book Publishers.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 2500000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Financial position of the company seems to be decent. Trade relations are reported to be fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealing 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 – 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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = BBB+
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	28.04.2014

Rating Agency Name	CRISIL
Rating	Short term rating = A2
Rating Explanation	Have strong degree of safety and carry low credit risk.
Date	28.04.2014

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 DENIED BY

Name :	Mr. Pankaj
Designation :	Accounts Manager
Contact No.:	91-11-47038000
Date :	31.05.2014

LOCATIONS

Registered Office :	Virat Bhawandr Mukherjee Nagar, Commercial Complex, Delhi – 110009, India
Tel. No.:	91-11-47038000 (90 Lines)
Fax No.:	91-11-47038099, / 27650787
E-Mail :	rsagar@ratnasagar.com   rsagar.agra@ratnasagar.com rsagar.blr@ratnasagar.com rsagar.bhopal@ratnasagar.com rsagar.ahm@ratnasagar.com rsagar.mumbai@ratnasagar.com sagar@ratnasagar.com
Website :	http://www.ratnasagar.com
Showroom:	4808/24, Bharat Ram Road, Darya Ganj, New Delhi – 110002, India
Tel. No.:	91-11-43028000
Fax No.:	91-11-45166099
Branches and Offices:	Located At : Uttar Pradesh Gujarat Karnataka Madhya Pradesh Tamilnadu Uttarakhand Assam Andhra Pradesh Rajasthan Kerala Maharashtra Jharkhand Bihar

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Dhanesh Kumar Jain

Designation :

Managing Director

Address :

24, Flag Staff, Road, Civil Lines, Delhi - 110054, India

Date of Birth/Age :

18.10.1939

Date of Appointment :

04.03.1986

PAN No.:

AAGPJ0821N

DIN No. :

01109024

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	U74899DL1986PTC023532	RATNA SAGAR PRIVATE LIMITED	Managing director	04/03/1986	04/03/1986	-	Active	NO
2	U74899DL1989PTC037115	KALABINDU ENTERPRISES PRIVATE LIMITED	Director	27/07/1989	27/07/1989	-	Active	NO
3	U22122DL2003PTC119137	BYWORD BOOKS PRIVATE LIMITED	Nominee director	05/06/2007	05/06/2007	-	Active	NO

Name :

Mr. Rajender Jain

Designation :

Director

Address :

82, Vir Nagar, Jain, Colony, Delhi – 110007, India

Date of Birth/Age :

04.09.1950

Date of Appointment :

04.03.1986

PAN No.:

AADPJ6702F

DIN No. :

01061602

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	U74899DL1986PTC023532	RATNA SAGAR PRIVATE LIMITED	Director	04/03/1986	04/03/1986	-	Active	NO
2	U74899DL1989PTC037115	KALABINDU ENTERPRISES PRIVATE LIMITED	Director	27/07/1989	27/07/1989	-	Active	NO
3	U92120RJ1981PTC002207	ADINI PICTURES PRIVATE LIMITED	Director	25/01/2007	25/01/2007	-	Active	NO

Name :

Mrs. Kusum Jain

Designation :

Director

Address :

24, Flag Staff, Road, Civil Lines, Delhi - 110054, India

Date of Birth/Age :

09.05.1940

Date of Appointment :

04.01.1999

PAN No.:

ADWPJ4900D

DIN No. :

01384377

Name :

Mr. Sugat Jain

Designation :

Director

Address :

24, Flag Staff, Road, Civil Lines, Delhi - 110054, India

Date of Birth/Age :

29.02.1976

Date of Appointment :

30.09.2008

PAN No.:

AADPJ6704D

DIN No. :

02144901

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	U74899DL1986PTC023532	RATNA SAGAR PRIVATE LIMITED	Director	30/09/2008	01/04/2008	-	Active	NO
2	U74899DL1989PTC037115	KALABINDU ENTERPRISES PRIVATE LIMITED	Director	30/09/2010	01/06/2010	-	Active	NO

Name :

Mr. Ashok Mohan Zutshi

Designation :

Director

Address :

F - 3 1 5 , Model Town, Delhi - 110009, India

Date of Birth/Age :

06.03.1946

Date of Appointment :

04.03.1986

DIN No. :

01061606

PAN No.:

AAAPZ1983H

KEY EXECUTIVES

Name :	Mr. Pankaj
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Name of Shareholders	No. of Shares
Dhanesh Kumar Jain	40,968
Rajender Jain	67,160
Kusum Jain	8,880
SugatJain	48,800
Amit Jain	10,080
Rahul Jain	16,080
Aruna Jain	8,000
Sidhartha Gupta	4
Kamlesh Nigam	4
Geeta Gupta	4
Kanmal Surana	4
Sudershan Jain	4
Anil Kumar Khanna	4
Sanjay Kumar Jain	4
Dhanesh Kumar Jain HUF	4
Total	200,000

AS ON 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	99.00
Other top fifty shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Service Provider of Management and Educational Books, English Books, Science Books, Social Science Books and Maths Books etc.

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

Oriental Bank of Commerce, 108 - 110, Mall Road, Kingsway Camp, Delhi - 110009, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks [Further the loan has been personally guaranteed by the Directors of the company.]	0.798	0.650
SHORT TERM BORROWINGS
Working capital loans from banks [Further the loan has been personally guaranteed by the Directors of the company.]	243.699	1.444
Total	244.497	2.094

Banking Relations :
Auditors :
Name :	Gupta and Gupta Chartered Accountant
Address :	4/8, Asaf Ali Road, New Delhi, India
PAN No.:	AAAFG2045F
Associate :	Byword Books Private Limited [U22122DL2003PTC119137] Kalabindu Enterprises Private Limited [U74899DL1989PTC037115] A E R O Enterprises

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 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	20.000	5.000	5.000
(b) Reserves & Surplus	600.169	461.229	330.499
(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)	620.169	466.229	335.499
(3) Non-Current Liabilities
(a) long-term borrowings	42.437	82.738	115.497
(b) Deferred tax liabilities (Net)	1.861	1.482	1.749
(c) Other long term liabilities	44.491	39.562	33.193
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	88.789	123.782	150.439
(4) Current Liabilities
(a) Short term borrowings	243.699	1.444	0.000
(b) Trade payables	392.203	441.668	359.093
(c) Other current liabilities	106.820	86.275	28.713
(d) Short-term provisions	63.244	39.532	28.604
Total Current Liabilities (4)	805.966	568.919	416.410
TOTAL	1,514.924	1,158.930	902.348
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	44.135	35.273	28.480
(ii) Intangible Assets	10.253	4.364	5.117
(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	0.100	0.100	0.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.167	0.167	0.157
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	54.655	39.904	33.854
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	258.602	234.752	151.631
(c) Trade receivables	947.420	736.799	623.967
(d) Cash and cash equivalents	237.148	132.866	81.050
(e) Short-term loans and advances	17.099	14.609	11.846
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1,460.269	1,119.026	868.494
TOTAL	1,514.924	1,158.930	902.348

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	revenue from operations	1,391.156	1,121.802	901.124
	Other Income	1.145	0.783	0.000
	TOTAL (A)	1,392.301	1,122.585	901.124
Less	EXPENSES
	Cost of Materials Consumed	1,159.743	883.385	743.889
	Purchases of Stock-in-Trade
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade
	Employees benefits expense
	Other expenses
	TOTAL (B)	1,159.743	883.385	743.889
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		239.200	157.235
Less	FINANCIAL EXPENSES (D)		31.976	29.017
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		207.224	128.218
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.481	9.162
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	232.558	196.743	119.056
Less	TAX (I)	76.279	65.432	39.565
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	156.279	131.311	79.491
Add	Earlier year excess proposed dividend and dividend distribution tax (L)	2.000	0.500	0.500
Less	APPROPRIATIONS
	Tax on Dividend	0.339	0.081	0.083
	Balance Carried to the B/S	157.940	131.730	79.908
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1.275	1.305	0.453
	TOTAL EARNINGS	1.275	1.305	0.453
	Earnings / (Loss) Per Share (Rs.)	781.39	--	--

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	11.22	11.70	8.82
Net Profit Margin (PBT/Sales)	(%)	16.72	17.54	13.21
Return on Total Assets (PBT/Total Assets}	(%)	15.35	16.98	13.20
Return on Investment (ROI) (PBT/Networth)		0.37	0.42	0.35
Debt Equity Ratio (Total Debt /Networth)		243.76	1.62	0.34
Current Ratio (Current Asset/Current Liability)		1.81	1.97	2.09

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	5.000	5.000	20.000
Reserves & Surplus	330.499	461.229	600.169
Net worth	335.499	466.229	620.169
long-term borrowings	115.497	82.738	42.437
Short term borrowings	0.000	1.444	243.699
Total borrowings	115.497	84.182	286.136
Debt/Equity ratio	0.344	0.181	0.461

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	901.124	1121.802	1391.156
		24.489	24.011

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	901.124	1121.802	1391.156
Profit After Tax	79.491	131.311	156.279
	8.82%	11.71%	11.23%

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	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	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	Yes

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from others	1.173	1.613
Deposits from shareholders	1.100	35.043
Intercorporate deposits	1.500	20.030
Loans and advances from directors	37.865	25.402
Total	41.638	82.088

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90052964	31/01/2014 *	400,000,000.00	Oriental Bank of Commerce	108 - 110, Mall Road, Kingsway Camp, Delhi, Delhi  - 110009, INDIA	B97242523

* Date of charge modification

FIXED ASSETS

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Computer

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.59.03
UK Pound	1	Rs.98.91
Euro	1	Rs.80.34

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		49

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.