MIRA INFORM REPORT

Report Date :

20.06.2014

IDENTIFICATION DETAILS

Name :	DHL EXPRESS (INDIA) PRIVATE LIMITED (w.e.f. 08.09.2004)
Formerly Known As :	DHL WORLDWIDE EXPRESS (INDIA) PRIVATE LIMITED
Registered Office :	8^th Floor, HDIL Towers, A.K. Marg, Bandra (East), Mumbai – 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.04.2001
Com. Reg. No.:	11-131743
Capital Investment / Paid-up Capital :	Rs.28.635 Millions
CIN No.: [Company Identification No.]	U64120MH2001PTC131743
PAN No.: [Permanent Account No.]	AABCD3611O
Legal Form :	Private Limited Liability Company.
Line of Business :	Subject offers express, air and ocean freight, overland transport, contract logistics solutions as well as international mail services.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 10438000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. Financial position of the company is sound. Fundamentals are strong. No borrowings recorded by the company. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. 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.

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 DENIED

MANAGEMENT NON CO-OPERATIVE (91-22-66789000)

LOCATIONS

Registered Office :	8th Floor, HDIL Towers, A.K. Marg, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-66789000 / 30300345
Mobile No.:	91-9833452918 (Mr. Parag Ashar)
Fax No.:	91-22-66789230
E-Mail :	tapos.moitra@dhl.com paragashar@dhl.com
Website :	http://www.dhl.com
Branch Office :	Located At: · Vashi · Thane · Bendra · Kandivali · Andheri · Prabhadevi · Mumbai · Kalbadevi · Lower Parel · Santacruz · Borivali · Chembur · Ghatkopar · Bhiwandi · Vasai · Vile Parle · Malad · Jogeshwari

DIRECTORS

As on 18.09.2012

Name :	Mr. Chandrashekhar Bhaskar Pitre
Designation :	Director
Address :	A/ 1902, Chaitanya Towers, Appaasaheb Marathe Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India
Date of Birth/Age :	24.05.1968
Date of Appointment :	29.09.2009
PAN No.:	AGVPP0701C
DIN No.:	02788230
Name :	Mr. Ramachandran Sivarama Subramanian
Designation :	Director
Address :	Flat No.502, 5th Floor, RNA Classic, S.V. Road, Santacruz (West), Mumbai – 400054, Maharashtra, India
Date of Birth/Age :	25.05.1965
Date of Appointment :	16.02.2010
PAN No.:	AAZPS3129D
DIN No.:	02946608
Name :	Mrs. Anjali Rahul Bhadhade
Designation :	Director
Address :	A-1002, Lotus Heights Co-operative Housing Society Limited, 15th No. Road, Opposite, Gandhi Maidan, Chembur, Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	09.03.1971
Date of Appointment :	17.06.2011
PAN No.:	ACRPB4711A
DIN No.:	03553415

KEY EXECUTIVES

Name :	Mr. Srinivas Parmeshwaran Iyer
Designation :	Secretary
Address :	A-603, Mayuresh Srishti, LBS Road Bhandup (West), Mumbai - 400078, Maharashtra, India
Date of Birth/Age :	21.11.1969
Date of Appointment :	01.04.2007
PAN No. :	AAAPI3795A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 18.09.2012

Names of Shareholders	No. of Shares
Deutsche Post Beteiligungen Holding GmbH, Germany	2863469
Deutsche Post International BV, Netherlands	1
Total	2863470

As on 18.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject offers express, air and ocean freight, overland transport, contract logistics solutions as well as international mail services.

GENERAL INFORMATION

No. of Employees :	Information denied by management
Bankers :	· State Bank of India, Bandra East Branch, Mumbai, Maharashtra, India · Deutsche Bank, Bandra Branch, Mumbai, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	252, Veer Sarvarkar Marg, Shivaji Park, Dadar (West), Mumbai, Maharashtra, India
PAN No. :	AABCP9181H
Ultimate Holding Company:	¨ Deutsche Post AG (DPAG)
Holding Company :	¨ Deutsche Post Beteiligungen Holding Gmbh (DPBH)
Subsidiary :	¨ Skyline Air Logistics Limited
Fellow Subsidiaries :	¨ DHL Trade Fairs and Events GmbH ¨ DHL Express (UK) Limited ¨ DHL Express (Poland) Sp. z o.o. ¨ DHL Express Germany GmbH ¨ DHL Solutions GmbH ¨ DHL Asia Pacific Shared Services Sdn. Bhd. ¨ DHL International B.S.C ¨ DHL International N.V./ S.A. ¨ DHL Logistics Private Limited ¨ DHL Express Singapore PTE Limited ¨ Sky Courier, Inc. ¨ DHL Express (Nepal) Private Limited ¨ DHL Keells (Private) Limited ¨ DHL International GmbH ¨ Blue Dart Express Limited ¨ SSC Human Resources Development ¨ Blue Dart Aviation Limited ¨ Williams Lea India Private Limited ¨ DHL International Express (France) SAS

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2863470	Equity Shares	Rs.10/- each	Rs.28.635 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	28.600	28.600	28.600
(b) Reserves & Surplus	2580.800	2056.500	1647.600
(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)	2609.400	2085.100	1676.200
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	5.700	3.100	3.600
(d) long-term provisions	101.700	55.800	31.900
Total Non-current Liabilities (3)	107.400	58.900	35.500
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	51.100
(b) Trade payables	2557.000	1640.400	1682.700
(c) Other current liabilities	422.100	270.800	289.200
(d) Short-term provisions	60.100	53.900	39.600
Total Current Liabilities (4)	3039.200	1965.100	2062.600
TOTAL	5756.000	4109.100	3774.300
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	250.500	204.500	185.200
(ii) Intangible Assets	10.400	15.000	8.200
(iii) Capital work-in-progress	3.400	24.200	2.800
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	4.400	4.400	4.400
(c) Deferred tax assets (net)	233.400	202.000	167.600
(d) Long-term Loan and Advances	581.600	472.200	195.500
(e) Other Non-current assets	55.600	50.800	47.100
Total Non-Current Assets	1139.300	973.100	610.800
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	2207.200	1890.200	1748.900
(d) Cash and cash equivalents	1796.200	689.100	885.600
(e) Short-term loans and advances	613.300	556.700	529.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	4616.700	3136.000	3163.500
TOTAL	5756.000	4109.100	3774.300

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	14831.700	12574.800	10464.010
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	13912.700	11853.900	9821.470
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		919.000	720.900	642.540
Less	FINANCIAL EXPENSES		12.700	11.900	13.141
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		906.300	709.000	629.399
Less/ Add	DEPRECIATION/ AMORTISATION		113.400	104.500	130.479
	PROFIT/ (LOSS) BEFORE TAX		792.900	604.500	498.920
Less	TAX		268.600	195.600	221.482
	PROFIT/ (LOSS) AFTER TAX		524.300	408.900	277.438
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1981.729	1572.829	1295.391
	BALANCE CARRIED TO THE B/S		2506.029	1981.729	1572.829
	Earnings / (Loss) Per Share (Rs.)		183.10	142.80	96.89

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.53	3.25	2.65
Return on Total Assets (PBT/Total Assets}	(%)	14.38	15.59	13.86
Return on Investment (ROI) (PBT/Networth)		0.30	0.29	0.30
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.03
Current Ratio (Current Asset/Current Liability)		1.52	1.60	1.53

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	28.600	28.600	28.600
Reserves & Surplus	1647.600	2056.500	2580.800
Net worth	1676.200	2085.100	2609.400
long-term borrowings	0.000	0.000	0.000
Short term borrowings	51.100	0.000	0.000
Total borrowings	51.100	0.000	0.000
Debt/Equity ratio	0.030	0.000	0.000

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)
Sales	10464.010	12574.800	14831.700
		20.172	17.948

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	10464.010	12574.800	14831.700
Profit	277.438	408.900	524.300
	2.65%	3.25%	3.53%

LOCAL AGENCY FURTHER INFORMATION

NOTE: Current Maturities of Long Term Debts is Not Available.

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	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	No

NOTE:

The registered address of the company has been shifted from 8^th floor, Dheeraj Armaa K Marg, Bandra (East), Mumbai – 400051, Maharashtra, India to the present address w.e.f 06.04.2010

INDEX OF CHARGES

No Charges Exist for Company

OPERATIONS

Revenue (excluding other Income) for the financial year was Rs. 14831.700 millions as against Rs. 12574.800 millions for previous financial period. The Company is planning to strengthen its infrastructure by investing in Service Centers, applying for tenders for international courier business from government and private entities, enhancing and revamping fleet capability, entering into agreements with other organizations for provision of international courier services, express Handling Units in major cities as well as remote locations and in IT equipment’s.

OUTLOOK FOR THE FUTURE

The Company is well placed in the Indian market, with a trained and committed work force, latest state of the art technology, infrastructure, wide geographical coverage to support growth and development.

The Company plans to enhance capacities within the network by inductions of carriage capacities and increasing retail sales counters over a period, to capitalize on the future growth of the express industry.

The Directors look forward to improved performance over the coming years.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
(a) Claims against the company not acknowledged as debts
Customer claims*	11.100	127.500
Service tax#	959.900	127.500
Income tax#	120.400	134.600
Industrial Disputes Act@	176.700	145.000
Karnataka Stamp Act:	Not Ascertainable	Not Ascertainable
(b) Bank Gurantee	3.600	3.600
(c) Arbitral award referred	55.000	50.800

NOTES:

* In the case of DHL Worldwide (Express division of AFL) vs Bharthi Knitting Company, the Honourable Supreme Court has ruled that the maximum liability of the Company to consumers for service deficiencies is restricted to USD 100. The Company has disclosed the contingent liabilities based on that judgement.

# Future cash outflows are determinable only on receipt of judgments/decisions pending with various authorities/forums and/or final outcome of the matters.

@ The AFL-DHL Employees? Union had put forth Charter of Demands to the Company on June 16, 2004 demanding increase in compensation and had also filed the same with the Industrial court, Mumbai.

The Company had received an Interim order dated February 23, 2010 from the Industrial Tribunal towards the case filed by the AFL-DHL Employees? Union, for increase in compensation retrospectively from January 2004. As per the Interim order, Industrial Tribunal had directed the Company to accept the demand of the union and make the necessary payments along with interest @ 9% till the date of payment. The Company has filed a writ petition in the High court towards the same, the case is yet to be heard.

** The District Registrar and Deputy Commissioner of Stamps, Bangalore, had issued a letter dated 19th January 2012 stating that the Company (like any other courier companies) is liable to pay stamp duty on airway bills issued from Karnataka State, from 1st April 1995 onwards and have requested details of annual statement of accounts from 1995 onwards. The authorities have asserted that the airway bill is an 'acknowledgement', which is chargeable to stamp duty under the Karnataka Stamp Act, 1957 ("Act"). The Company, through its external counsel, has replied on March 13, 2012 to the notice denying that an airway bill is an 'acknowledgement' chargeable to stamp duty under the Act, due to various reasons. Since similar notices have been received by most of express service providers, the Express Industry Council of India is also taking up the matter with the Karnataka stamp duty authorities.

FIXED ASSETS

œ Plant and Equipment

œ Furniture and Fixtures

œ Office Equipment

œ Computer Equipments

œ Leasehold Improvements

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 records 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] 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.60.00
UK Pound	1	Rs.102.05
Euro	1	Rs.81.71

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	DIV
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		64

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.