MIRA INFORM REPORT

Report Date :

01.03.2014

IDENTIFICATION DETAILS

Name :	L COMPS AND IMPEX PRIVATE LIMITED
Formerly Known As :	L-CON COMPONENTS PRIVATE LIMITED
Registered Office :	182/63, Industrial Area, Phase I, Union Territory, Chandigarh – 160 002
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	31.10.1979
Com. Reg. No.:	05-004067
Capital Investment / Paid-up Capital :	Rs.10.000 millions
CIN No.: [Company Identification No.]	U31200CH1979PTC004067
TAN No.: [Tax Deduction & Collection Account No.]	PTLL10326B
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Food Products
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 370000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating reflects moderate financial risk profile marked by small scale of operations in a fragmented industry and dip in profit of the company during the financial year 2013. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some caution.

NOTES :

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

ECGC Country Risk Classification List – 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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National  Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled  Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BB-
Rating Explanation	Moderate risk of default and high credit risk
Date	31.12.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	31.12.2013

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 DECLINED

Management non Cooperative (91-172-2650026)

LOCATIONS

Registered Office / Head Office :	182/63, Industrial Area, Phase I, Union Territory, Chandigarh – 160 002, India
Tel. No.:	91-172-2650026/ 2640573
Fax No.:	91-172-2653861
E-Mail :	puneet@glide.net.in prabhabio@gmail.com garg_ca@hotmail.com ca_garg_it@hotmail.com info@lcomps.com
Website :	http://www.lcomps.com
Area :	2500 sq. yds.
Location :	Owned
Mumbai Office 1 :	14, Paper Box House, Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai – 400 069, Maharashtra, India
Tel. No.:	91-22-24914073
Mumbai Office 2 :	434, Mastermind – 1, Royal Palms, Aarey Milk Colony, Goregaon (East), Mumbai, 400 065, Maharashtra, India
Tel. No.:	91-22-32678131
Delhi Office :	809-A, 8^th Floor, International Trade Tower, Nehru Place, New Delhi. – 110 019, India
Tel. No.:	91-11-26811108/ 26364632/ 26420044/ 26287003/ 26287004
Bangalore Office :	No.5, Chamundi Krupa, 2^nd Floor, 4^th Main, 9^th Cross, Malawian, Bangalore – 560 003, Karnataka, India
Tel. No.:	91-80-32001919

DIRECTORS

As on 27.09.2013

Name :

Mr. Puneet Sat Prakash Gupta

Designation :

Director

Address :

# 610, Sector 18-B, Chandigarh – 160 018, India

Date of Birth/Age :

31.08.1971

Date of Appointment :

05.04.1993

DIN No.:

00210806

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	U31200CH1979PTC004067	L COMPS AND IMPEX PRIVATE LIMITED	Director	05/04/1993	05/04/1993	-	Active	NO
2	U74899DL1990PTC040513	INTEL GAS GADGETS PRIVATE LIMITED	Director	07/04/1993	07/04/1993	-	Active	NO
3	U17115PB1980PTC004217	AMAR SINGH AND SONS PRIVATE LIMITED	Director	02/12/1996	02/12/1996	-	Active	NO
4	U74899DL1987PTC027806	HIM GAS APPLIANCES PRIVATE LIMITED	Director	16/12/1999	16/12/1999	-	Strike off	NO
5	U74899DL1986PTC014312	NIPON INVESTMENTS PRIVATE LIMITED	Director	01/10/2000	01/10/2000	-	Active	NO
6	U31101CH1980PTC004194	MEGHA APPLIANCES PRIVATE LIMITED	Director	06/08/2002	06/08/2002	-	Active	NO
7	U15200CH2008PTC031297	EXITO GOURMET PRIVATE LIMITED	Director	02/07/2008	02/07/2008	-	Active	NO
8	U74140DL2010NPL211898	FORUM OF INDIAN FOOD IMPORTERS	Director	29/12/2010	29/12/2010	-	Active	NO
9	U74120MH2011PTC218008	COSMOPOLITAN DISTRIBUTION INDIA PRIVATE LIMITED	Director	27/05/2011	27/05/2011	-	Active	NO
10	U74900DL2012PTC245934	THIRD EYE BRANDS AND CONCEPTS PRIVATE LIMITED	Director	10/12/2012	10/12/2012	-	Active	NO
11	U55101CH2013PTC034511	MEDITERRANEO GOURMETS PRIVATE LIMITED	Director	24/05/2013	24/05/2013	-	Active	NO
12	AAB-4940	GPACKS FOODS LLP	Designated Partner	30/04/2013	30/04/2013	-	Active	NO

Name :

Mr. Sanjay Darshan Kumar Singla

Designation :

Director

Address :

House No.1229, Sector 18C, Chandigarh – 160 020, India

Date of Birth/Age :

17.12.1971

Date of Appointment :

31.07.2009

DIN No.:

02319860

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2013

Names of Shareholders	No. of Shares
Puneet Gupta	65200
Sat Prakash Gupta	500
Rattan Prabha	500
Akansha Gupta	33800
Total	100000

As on 31.12.2013

Names of Allottees	No. of Shares Allotted
Mithalanchal Investment and Finance Private Limited	750
Hare Krishna Garments Private Limited	250
Total	1000

As on 27.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Food Products
Products :	· Food and Beverages · Food Processing Equipment · Confectionery · Branded FMCG Products · Cheese · Meet Products

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· State Bank of India, Industrial Area, Phase - I, Chandigarh – 160 002, Punjab, India

· Kotak Mahindra Bank Limited

· HDFC Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG-TERM BORROWINGS
Term Loan from State Bank of India (Secured by hypothecation of machinery and personal guarantee of directors)	0.018	0.035
Loan From HDFC Bank Limited (Secured against the car financed)	0.000	0.163
SHORT-TERM BORROWINGS
Cash Credit From State Bank of India (Secured by hypothecation of stock, book-debt, and personal guarantee of directors)	78.062	42.087
Total	78.080	42.285

Banking Relations :	---
Auditors :
Name :	Garg Sanjeev and Associates Chartered Accountants
Address :	Quiet Office No.15, IInd Floor, Sector 35-A, Chandigarh – 160 035, India
Tel. No.:	91-172-2607931
PAN No.:	AAVFS8061J
Enterprise over which key Managerial personnel are able to exercise significant influence :	· Intel Gas Gadgets Private Limited · Intel Gasgards Private Limited · Essen Engg and Exim Private Limited

CAPITAL STRUCTURE

After 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
110000	Equity Shares	Rs.100/- each	Rs.11.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
101000	Equity Shares	Rs.100/- each	Rs.10.100 millions

As on 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 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	10.000	10.000	0.500
(b) Reserves & Surplus	74.561	67.777	66.666
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	10.000	10.000	0.000
Total Shareholders’ Funds (1) + (2)	94.561	87.777	67.166
(3) Non-Current Liabilities
(a) long-term borrowings	18.812	15.400	13.377
(b) Deferred tax liabilities (Net)	0.000	0.071	3.487
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.475	0.375	0.000
Total Non-current Liabilities (3)	19.287	15.846	16.864
(4) Current Liabilities
(a) Short term borrowings	78.062	42.087	37.038
(b) Trade payables	63.162	32.132	69.285
(c) Other current liabilities	65.655	90.806	11.265
(d) Short-term provisions	4.829	6.493	5.046
Total Current Liabilities (4)	211.708	171.518	122.634
TOTAL	325.556	275.141	206.664
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	39.443	34.039	30.776
(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	13.565	5.991	3.421
(c) Deferred tax assets (net)	0.041	0.000	0.000
(d) Long-term Loan and Advances	0.721	0.721	0.481
(e) Other Non-current assets	0.322	0.123	0.073
Total Non-Current Assets	54.092	40.874	34.751
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	112.974	100.869	40.221
(c) Trade receivables	81.544	65.882	70.228
(d) Cash and cash equivalents	7.774	4.451	5.576
(e) Short-term loans and advances	57.055	48.805	48.193
(f) Other current assets	12.117	14.260	7.695
Total Current Assets	271.464	234.267	171.913
TOTAL	325.556	275.141	206.664

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	391.080	366.938	304.560
		Other Income	5.318	3.037	1.171
		TOTAL (A)	396.398	369.975	305.731
Less	EXPENSES
		Cost of materials consumed	318.291	301.998	236.543
		Employee benefit expense	15.054	12.931	11.832
		Other expenses	42.226	31.850	40.274
		TOTAL (B)	375.571	346.779	288.649
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		20.827	23.196	17.082
Less	FINANCIAL EXPENSES (D)		9.706	8.757	5.522
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11.121	14.439	11.560
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.352	1.505	1.213
	PROFIT BEFORE TAX (E-F) (G)		9.769	12.934	10.347
Less	TAX (H)		2.800	1.084	2.965
	PROFIT AFTER TAX (G-H) (I)		6.969	11.850	7.382
	Earnings Per Share (Rs.)		6.97	11.85	1476.33

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.76	3.20	2.41
Net Profit Margin (PBT/Sales)	(%)	2.50	3.52	3.40
Return on Total Assets (PBT/Total Assets}	(%)	3.13	3.26	5.09
Return on Investment (ROI) (PBT/Networth)		0.10	0.15	0.15
Debt Equity Ratio (Total Debt /Networth)		78.26	42.26	37.24
Current Ratio (Current Asset/Current Liability)		1.28	1.37	1.40

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.500	10.000	10.000
Reserves & Surplus	66.666	67.777	74.561
Money received against share warrants	10.000	10.000	0.000
Net worth	77.166	87.777	84.561
long-term borrowings	13.377	15.400	18.812
Short term borrowings	37.038	42.087	78.062
Total borrowings	50.415	57.487	96.874
Debt/Equity ratio	0.653	0.655	1.146

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	304.560	366.938	391.080
		20.481	6.579

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	304.560	366.938	391.080
Profit	7.382	11.850	6.969
	2.42%	3.23%	1.78%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

PERFORMANCE:

The working of the Company has resulted into a net profit of Rs.9.769 millions after providing the depreciation of Rs.1.352 millions. The share of Profit/ (Loss) from partnership firm amounted to Rs.0.000. The Net profit after tax of Rs.6.969 millions has been added to brought forward profits and total profit has been transferred to Balance Sheet.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2013	As on 31.03.2012
LONG-TERM BORROWINGS
From Directors and Shareholders	1.030	0.287
From Corporate Bodies	17.764	14.915
Total	18.794	15.202

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90182912	10/12/2012 *	149,000,000.00	STATE BANK OF INDIA	SME, IE, PHASE-1, CHANDIGARH, CHANDIGARH - 160010, INDIA	B68976224
2	90180415	20/06/2001	10,100,000.00	STATE BANK OF INDIA	INDUSTRIAL ESTATE PHASE-I, CHANDIGARH, INDIA	-
3	90180401	09/04/2001	8,750,000.00	STATE BANK OF INDIA	INDUSTRIAL ESTATE PHASE-I, CHANDIGARH, INDIA	-
4	90182706	05/04/2000	7,280,000.00	STATE BANK OF INDIA	INDUSTRIAL ESTATE PHASE-I, CHANDIGARH, INDIA	-

* Date of charge modification

FIXED ASSETS

· Agricultural Land

· Air Conditioner

· Building

· Car

· Computer

· Electric Equipment and Installation

· Freezer at Pune

· Furniture and Fixture

· Machinery

· Office Equipment

· Scooter

· Truck, Tanks and Trailers

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.62.07
UK Pound	1	Rs.103.61
Euro	1	Rs.85.03

INFORMATION DETAILS

Information Gathered by :	HET
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.