MIRA INFORM REPORT

Report Date :

09.06.2014

IDENTIFICATION DETAILS

Name :	SAI DEEPA ROCK DRILLS PRIVATE LIMITED
Registered Office :	Plot. No 106, Phase II, IDA Cherlapalli, Hyderabad-500051, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.01.2000
Com. Reg. No.:	01-033310
Capital Investment / Paid-up Capital :	Rs.13.055 Millions
CIN No.: [Company Identification No.]	U29150TG2000PTC033310
TAN No.: [Tax Deduction & Collection Account No.]	HYDS05110A
PAN No.: [Permanent Account No.]	AAFCS6791L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of DTH Hammers and DTH Button Bits.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 648044
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profit margin of the company is good. General financial position of the company is sound. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. The company can be considered normal 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 – 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

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ 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. Sunil
Designation :	Chief Executive Officer
Contact No.:	91-9703188114
Date :	07.06.2014

LOCATIONS

Registered Office / Factory :	Plot No. 106, IDA Phase II, Cherlapally, Hyderabad-500051, Andhra Pradesh, India
Tel. No.:	91-40-27260217 / 27260438 / 27260439
Fax No.:	91-40-27260434 / 27261231
E-Mail :	info@saideep.com padmaja271@rediffmail.com sales@saideepa.com
Website :	http://www.saideep.com
Location :	Owned
Plants 1:	Plot No. 33 and 34, IDA Phase V, Cherlapally, Hyderabad-500051, Andhra Pradesh, India
Plants 2 :	Plot No. 164 and 165, IDA Phase III, IP Pashamailaram, Medak District - 502307, India

DIRECTORS

As on : 28.09.2013

Name :

Mrs. Uma Rani Nutakki

Designation :

Managing Director

Address :

Plot.No.187, Hasthinapuri Colony, Sainikpuri, Hyderabad-500094, Andhra Pradesh, India

Date of Birth/Age :

02.08.1959

Date of Appointment :

01.03.2013

Din No.:

01311510

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designa tion of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29150TG2000PTC033310	SAI DEEPA ROCK DRILLS PRIVATE LIMITED	Managing director	01-05-13	01-01-01	-	Active	NO
2	U14290TG2006PTC048803	DRILL SYSTEMS (INDIA)PVT LTD	Director	20-01-06	20-01-06	-	Active	NO
3	U29253TG2009PTC062752	CENERG GLOBAL TOOLS PRIVATE LIMITED	Director	10-02-09	10-02-09	-	Active	NO

Name :

Mr. Suresh Palle

Designation :

Director

Address :

Plot.No.27 and 28, Javaharnagar Colony, Moula – Ali, Hyderabad- 500040, Andhra Pradesh, India

Date of Birth/Age :

08.07.1962

Date of Appointment :

01.01.2001

Din No.:

01858600

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	U29120TG1996PTC023580	JAYA FORGINGS PRIVATE LIMITED	Director	21-03-96	21-03-96	-	Active	NO
2	U29150TG2000PTC033310	SAI DEEPA ROCK DRILLS PRIVATE LIMITED	Director	01-01-01	01-01-01	-	Active	NO
3	U29253TG2009PTC062752	CENERG GLOBAL TOOLS PRIVATE LIMITED	Additional director	18-05-11	18-05-11	-	Active	NO

Name :

Mr. Ranga Rao Nutakki

Designation :

Additional Director

Address :

Plot No.187, D.No.3-187, Hasthinapuri Colony Sainikpuri Hyderabad – 500094, Andhra Pradesh, India

Date of Birth/Age :

15.12.1954

Date of Appointment :

01.05.2013

DIN No. :

01841382

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 28.09.2013

Names of Shareholders	No. of Shares
N Ranga Rao	391668
N Uma Rani	509927
P Suresh	130556
N Venkatratnam	35300
N Jyotsna	20000
K Eshwara Rao	7800
N Koteshwara Rao	110309
Sri Samhitha Systems Private Limited, India	100000
Total	1305560

As on : 28.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	92.34
Other top fifty shareholders	7.66
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of DTH Hammers and DTH Button Bits.
Products :	DTH Hammers DTH Bits Drifter Bits Retrac Bits Shank Adaptors Coupling Sleeves Down The Hole Hammers

PRODUCTION STATUS [AS ON 31.03.2012]

Installed Capacity	480 MT
Actual Production	85444 Nos.

GENERAL INFORMATION

Suppliers :

Kispo Steel Private Limited, India

Customers :

PRD Private Limited, India

No. of Employees :

Not Available

Bankers :

• Canara Bank, R.P. Road, Secunderabad-500003, Andhra Pradesh, India
• Canara Bank, First Floor, Vamsi Estate, Ameerpet, Hyderabad-500016, Andhra Pradesh, India

• ICICI Bank
• Axis Bank Limited, Secunderabad, India

• HDFC Bank Limited, Sainikpuri, Hyderabad, Andhra Pradesh, India

• Kotak Mahindra Bank
• SIDBI Bank

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans from Bank
- From Canara Bank	11.540	17.888
- From SIDBI	1.866	3.005
From Banks/NBFC for the purchase of vehicles
Tata Capital Limited – Captiva	0.046	0.584
Tata Capital Limited- Santro	0.019	0.117
Tata Capital Limited – Verna	0.231	0.515
ICIC Bank – Swift	0.003	0.024
HDFC Bank - Verna	0.377	0.000
SHORT TERM BORROWINGS
Loans repayable on demand from Banks	80.798	73.610
Total	94.880	95.743

Banking Relations :	--
Financial Institution :	A.P. Estate Financial Corporation, Ramachandra Puram, Hyderabad-502032, Andhra Pradesh, India
Auditors :
Name :	K.S. Ramakrishna and Company Chartered Accountants
Address :	285 and 286, Chenoy Trade Centre, Park Lane, Secunderabad-500003, Andhra Pradesh, India
Tel. No.:	91-40-27845499
Mobile No.:	91-9391013575
E-Mail :	sanagapally@yahoo.com
PAN No:	AABFK9781B

CAPITAL STRUCTURE

As on : 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1305560	Equity Shares	Rs.10/- each	Rs.13.055 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	13.055	13.055	13.055
(b) Reserves & Surplus	140.956	95.133	73.624
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	8.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	162.011	108.188	86.679
(3) Non-Current Liabilities
(a) long-term borrowings	59.588	37.877	38.697
(b) Deferred tax liabilities (Net)	12.865	10.778	7.340
(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)	72.453	48.655	46.037
(4) Current Liabilities
(a) Short term borrowings	80.798	73.610	59.005
(b) Trade payables	79.366	33.507	26.992
(c) Other current liabilities	34.617	33.583	17.555
(d) Short-term provisions	1.331	0.518	0.075
Total Current Liabilities (4)	196.112	141.218	103.627
TOTAL	430.576	298.061	236.343
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	127.993	124.591	101.806
(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	40.589	11.766	2.882
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	13.616	10.999	0.000
(e) Other Non-current assets	0.000	0.000	4.147
Total Non-Current Assets	182.198	147.356	108.835
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	56.078	51.101	32.579
(c) Trade receivables	164.069	88.447	76.473
(d) Cash and cash equivalents	2.088	1.058	0.420
(e) Short-term loans and advances	26.143	10.099	14.031
(f) Other current assets	0.000	0.000	4.005
Total Current Assets	248.378	150.705	127.508
TOTAL	430.576	298.061	236.343

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	609.266	388.419	372.437
		Other Income	20.767	4.002	3.326
		TOTAL (A)	630.033	392.421	375.763
Less	EXPENSES
		Cost of materials consumed	362.534	253.530	217.721
		Changes in Inventories	1.866	(33.416)	12.047
		Employees Benefits	15.062	11.014	8.739
		Other Expenses	163.961	109.989	93.537
		TOTAL (B)	543.423	341.117	332.044
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		86.610	51.304	43.719
Less	FINANCIAL EXPENSES (D)		14.611	12.700	9.519
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		71.999	36.604	34.200
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.336	6.481	4.690
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		64.663	32.123	29.510
Less	TAX (H)		18.839	10.872	10.116
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		45.824	21.251	19.394
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	251.401	137.525	125.080
	TOTAL EARNINGS		251.401	137.525	125.080
	IMPORTS
		Raw Materials	82.333	22.060	42.373
		Capital Goods	6.987	0.000	0.000
	TOTAL IMPORTS		89.320	22.060	42.373
	Earnings / (Loss) Per Share (Rs.)		35.10	16.28	14.86

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	7.27	5.41	5.16
Net Profit Margin (PBT/Sales)	(%)	10.61	8.27	7.92
Return on Total Assets (PBT/Total Assets}	(%)	11.30	11.22	12.64
Return on Investment (ROI) (PBT/Networth)		0.40	0.30	0.34
Debt Equity Ratio (Total Debt/Networth)		0.87	1.03	1.13
Current Ratio (Current Asset/Current Liability)		1.27	1.07	1.23

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	13.055	13.055	13.055
Reserves & Surplus	73.624	95.133	140.956
Net worth	86.679	108.188	154.011
long-term borrowings	38.697	37.877	59.588
Short term borrowings	59.005	73.61	80.798
Total borrowings	97.702	111.487	140.386
Debt/Equity ratio	1.127	1.030	0.912

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)
Sales	372.437	388.419	609.266
		4.291	56.858

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	372.437	388.419	609.266
Profit	19.374	21.251	45.824
	5.20%	5.47%	7.52%

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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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	No
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	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	10414489	30/03/2013	23,000,000.00	A.P.STATE FINANCIAL CORPORATION	RAMACHANDRA PURAM, HYDERABAD - 502032, ANDHRA PRADESH, INDIA	B71694434
2	10388397	04/12/2013 *	55,000,000.00	CANARA BANK	FIRST FLOOR, VAMSI ESTATE,, AMIRPET, HYDERABAD - 500016, ANDHRA PRADESH, INDIA	B92959931
3	10345524	04/04/2012	56,000,000.00	A.P. STATE FINANCIAL CORPORATION	RAMACHANDRA PURAM, HYDERABAD - 502032, ANDHRA PRADESH, INDIA	B36268084
4	10206661	16/05/2013 *	129,600,000.00	CANARA BANK	FIRST FLOOR, VAMSI ESTATE,, AMIRPET, HYDERABAD - 500016, ANDHRA PRADESH, INDIA	B76992379
5	10186838	22/12/2010 *	7,200,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	101, HERMITAGE OFFICE COMPLEX, 1ST FLOOR, SAIFABAD, HYDERABAD - 500004, ANDHRA PRADESH, INDIA	B02410165

UNSECURED LOANS

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advances from related parties	3.500	--
Loans and advances from other	42.006	15.744
Total	45.506	15.744

FIXED ASSETS:

• Land
• Buildings
• Plant and Machinery
• Office Equipments
• Scooter
• Car
• Computers
• Furniture and Fixtures
• Building under construction

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.59.20
UK Pound	1	Rs.99.52
Euro	1	Rs.80.83

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	DIV
Report Prepared by :	NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.