MIRA INFORM REPORT

Report Date :

30.06.2014

IDENTIFICATION DETAILS

Name :	WELTECH INDIA PRIVATE LIMITED
Registered Office :	A 22/70, Najafgarh, Rama Road, Moti Nagar, Industrial Area, New Delhi - 110015
Country :	India
Financials (as on) :	31.03.2014 (Provisional Balance Sheet and Profit & Loss Account)
Date of Incorporation :	06.12.1994
Com. Reg. No.:	55-063223
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U74899DL1994PTC063223
PAN No.: [Permanent Account No.]	AAACW0723B
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of processing, tanning, welding, buttoning, dying and printing of shoe uppers and shoe accessories.
No. of Employees :	70 (In Office 10 + In factory 60) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Status :	Small company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. As per financials of 2013, company has incurred loss from its operation. Ratings also takes into consideration the subject being OEM to all major and reputed brand. Further the management has decided to transform the business activity from OEM to establishing an owned manufacturing unit for shoe components which has resulted into reduction of turnover in component trade for temporary period of 2 years. However, Rajesh Vig, Director confirmed that the management has projected decent turnover for the financial year 2014-15. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution. Mr. Rajesh Vig, Director has provided provisional financial statement for the year ending 31.03.2013

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

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

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

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

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

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

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

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

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

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

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

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Rajesh Vig
Designation :	Director
Contact No.:	91-9811032434
Date :	16.06.2014

LOCATIONS

Registered Office / Factory :	A 22/70, Najafgarh, Rama Road, Moti Nagar, Industrial Area, New Delhi – 110015, India
Tel. No. :	91-11-45089157
Mobile No. :	91-9811032434 (Mr. Rajesh Vig)
Fax No. :	Not Available
E-Mail :	viginternational@hotmail.com weltechindia@hotmail.com
Area :	Rented

DIRECTORS

As on 30.09.2013

Name :

Mr. Rajesh Vig

Designation :

Director

Address :

B-1/5, Model Town, Delhi – 110009, India

Date of Birth/Age :

14.12.1964

Qualification :

B.A Hons. Economics

Experience :

24 Years

Date of Appointment :

28.12.1995

DIN No. :

00218706

Name :

Ms. Dolly Vig

Designation :

Director

Address :

PP – 114, Pitampura, New Delhi - 110034, India

Date of Birth/Age :

04.12.1957

Date of Appointment :

01.02.1995

DIN No. :

00218728

Name :

Mr. Sushil Kumar Mehta

Designation :

Additional Director

Address :

21/28, Ground Floor Shakti Nagar, New Delhi – 110007, India

Date of Birth/Age :

02.01.1946

Date of Appointment :

24.06.2013

DIN No. :

06616231

Name :

Ms. Ritu Vig

Designation :

Director

Address :

B-1/5, Model Town, Delhi – 110009, India

Date of Birth/Age :

01.10.1971

Qualification :

B.A Hons. English

Experience :

10 Years

Date of Appointment :

30.05.2014

DIN No. :

00218678

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	U74899DL1994PTC063223	WELTECH INDIA PRIVATE LIMITED	Director	30/05/2014	06/12/1994	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	%age
Ritu Vig	156000	31.20
Dolly Vig	6000	1.20
Rajesh Vig	156005	31.20
Sushila Vig	6000	1.20
Rajesh Vig HUF	171475	34.30
Vinod Vig	2010	0.40
Vinod Vig HUF	2510	0.50
Total	500000	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

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

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of processing, tanning, welding, buttoning, dying and printing of shoe uppers and shoe accessories.
Imports :
Products :	Raw Material
Countries :	Ø China Ø Taiwan
Terms :
Selling :	Credit
Purchasing :	Credit

PRODUCTION STATUS AS ON (31.03.2014)

Particulars	Installed Capacity	Actual Production
Shoe, Slippers, Sandals	150000	65000

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and OEM’s

No. of Employees :

70 (In Office 10 + In factory 60) (Approximately)

Bankers :

Punjab National Bank, G.T. Karnal Road, Azadpur, Delhi - 110033, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
PNB-CC Limit- Azad pur	12.667	11.010
PNB-Term Loan	3.771	3.481
Indus Ind. Bank Car Loan	0.000	0.174
Total	16.438	14.665

Banking Relations :	--
Auditors :
Name :	Deepak Gulati and Associates Chartered Accountants
Address :	23, Hanuman Road, Connaught Place, New Delhi – 110001, India
Tel No.:	91-11-23367142 / 23346616
Fax No.:	91-11-23346616
Email :	dga@dga.in
PAN No. :	AAGFD4650H

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 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	5.000	5.000	5.000
(b) Reserves & Surplus	2.454	1.633	0.877
(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)	7.454	6.633	5.877
(3) Non-Current Liabilities
(a) long-term borrowings	20.742	18.031	14.849
(b) Deferred tax liabilities (Net)	0.058	0.044	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)	20.800	18.075	14.849
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	6.592	11.001	4.117
(c) Other current liabilities	2.063	0.888	1.023
(d) Short-term provisions	0.389	0.256	0.048
Total Current Liabilities (4)	9.044	12.145	5.188
TOTAL	37.298	36.853	25.914
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.640	8.857	3.875
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.047
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	9.640	8.857	3.922
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	17.460	16.950	17.148
(c) Trade receivables	8.838	9.455	3.480
(d) Cash and cash equivalents	0.000	0.000	0.000
(e) Short-term loans and advances	0.242	0.426	0.486
(f) Other current assets	1.118	1.165	0.878
Total Current Assets	27.658	27.996	21.992
TOTAL	37.298	36.853	25.914

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	23.800 (Approximately)	NA	20.006
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	17.128
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION				2.878
Less	FINANCIAL EXPENSES		NA	NA	2.002
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION				0.876
Less/ Add	DEPRECIATION/ AMORTISATION				0.816
	PROFIT/ (LOSS) BEFORE TAX		(1.243)	0.245	0.060
Less	TAX		NA	NA	0.019
	PROFIT/ (LOSS) AFTER TAX		NA	NA	0.041
	Earnings / (Loss) Per Share (Rs.)		1.64	1.51	0.08

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	NA	0.20
Return on Total Assets (PBT/Total Assets}	(%)	(3.33)	0.66	0.23
Return on Investment (ROI) (PBT/Networth)		(0.17)	0.04	0.01
Debt Equity Ratio (Total Debt/Networth)		2.78	2.72	2.53
Current Ratio (Current Asset/Current Liability)		3.06	2.31	4.24

PROVISIONAL ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014
SHAREHOLDERS FUNDS
1] Share Capital		5.000
2] Share Application Money		0.000
3] Reserves & Surplus		3.369
4] (Accumulated Losses)		0.000
NETWORTH		8.369
LOAN FUNDS
1] Secured Loans		15.155
2] Unsecured Loans		4.304
TOTAL BORROWING		19.459
DEFERRED TAX LIABILITIES		0.000
TOTAL		27.828
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.269
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18.210
	Sundry Debtors	4.892
	Cash & Bank Balances	0.432
	Other Current Assets	0.426
	Loans & Advances	0.692
Total Current Assets		24.652
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.444
	Other Current Liabilities	1.241
	Provisions	0.408
Total Current Liabilities		5.093
Net Current Assets		19.559
MISCELLANEOUS EXPENSES		0.000
TOTAL		27.828

PROVISIONAL PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014
	SALES
		Income	28.143
		Other Income	0.000
		TOTAL	28.143
Less	EXPENSES
		Cost of goods sold	14.468
		Bank Charges and Interest	2.849
		Business Promotion Expenses	0.002
		Bonus	0.215
		Cartage Outward	0.048
		Computer repair Maintenance	0.043
		Conveyance Expenses	0.048
		Director remunerations	0.990
		Employers contribution to ESI and PF	0.214
		Interest on loan	0.005
		Insurance Expenses	0.097
		Legal and professional Charges	0.185
		Printing and Stationery	0.006
		Repairs & Maintenance	0.076
		Staff Welfare Expenses	0.060
		Telephone Charges	0.079
		VAT Surrender	0.206
		Water Charges	0.004
		Other Expenses	6.214
		TOTAL	25.809
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		2.334
Less/ Add	DEPRECIATION/ AMORTISATION		1.419
	NET PROFIT		0.915

KEY RATIOS

PARTICULARS		31.03.2014
PAT / Total Income	(%)	3.25
Net Profit Margin (PBT/Sales)	(%)	3.25
Return on Total Assets (PBT/Total Assets}	(%)	2.78
Return on Investment (ROI) (PBT/Networth)		0.03
Debt Equity Ratio (Total Debt/Networth)		2.32
Current Ratio (Current Asset/Current Liability)		4.84

The above information has been parted by Mr. Rajesh Vigs

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	5.000
Reserves & Surplus	0.877	1.633	2.454
Net worth	5.877	6.633	7.454
long-term borrowings	14.849	18.031	20.742
Short term borrowings	0.000	0.000	0.000
Total borrowings	14.849	18.031	20.742
Debt/Equity ratio	2.527	2.718	2.783

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four years	Yes
12]	Profitability for last four 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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Anita Garg	0.100	0.000
Dolly Vig	0.039	0.039
Rajesh Vig- Director	1.227	1.314
Rajesh Vig- HUF	0.833	0.833
Ritu vig- Director	1.175	0.408
Sushil Kumar	0.165	0.000
Sushila Vig	0.000	0.007
Vinod Vig- HUF	0.765	0.765
Total	4.304	3.366

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10320536	12/11/2011	5,000,000.00	Punjab National Bank	G.T. Road, Azadpur, Delhi, Delhi - 110033, INDIA	B26570648
2	10102952	31/05/2012 *	12,500,000.00	Punjab National Bank	G.T. Karnal Road, Azadpur, Delhi, Delhi - 110033, INDIA	B43630870
3	10060301	16/10/2009 *	22,070,000.00	PUNJAB NATIONAL BANK	G.T.ROAD, AZADPUR, SHARP BHAWAN, COMMERCIAL COMPLEX, NEW DELHI, Delhi - 110033, INDIA	A74018557

* Date of charge modification

FIXED ASSETS

œ Plant and Machinery

œ Furniture

œ Air Conditioner

œ Electric Fitting

œ Computer

œ Generator

œ Office Equipment

œ Car

œ Scooter

œ Fire Equipment

œ U.P.S

œ T V Camera

œ Cellular Phone

œ Cycle

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] 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.60.09
UK Pound	1	Rs.102.40
Euro	1	Rs.81.88

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUM
Report Prepared by :	ANK

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	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.