MIRA INFORM REPORT

Report Date :

12.03.2014

IDENTIFICATION DETAILS

Name :	LINCOLN ELECTRIC COMPANY (INDIA) PRIVATE LIMITED
Registered Office :	P. 40, Central Avenue, Domestic Tariff Area, Mahindra World City, Natham Sub Post Office, Chengalpattu – 603002, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	02.01.1997
Com. Reg. No.:	18.064987
Capital Investment / Paid-up Capital :	Rs.1000.000 Millions
CIN No.: [Company Identification No.]	U31909TN1997PTC064987
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacture of welding wires.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 23000000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Lincoln Electric Cyprus Limited”. It is an established company having moderate track record. The financial year end which was considered for nine months from July 2012 to march 2012 has been changed to twelve months from April 2012 to March 2013. Eventhough the company has witnessed a better increase in its sales volume, the management has reported an accumulated loss from its operation during 2013. Further, the cash balance recorded in the books appears to be negative which may have an affect on its standalone liquidity position. However, he rating also take into consideration the infusion of funds as capital from the part of the promoters. Trade relations appear to be fair. Business is active. Payment terms are reported as slow but correct. In view of strong support from its holding company, the subject can be considered for business dealings 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

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

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 BY

Name :	Mr. Ganesh
Designation :	Company Secretary
Contact No.:	91-44-47424999
Date :	10.03.2014

LOCATIONS

Registered Office / Factory :	P. 40, Central Avenue, Domestic Tariff Area, Mahindra World City, Natham Sub Post Office, Chengalpattu – 603002, Tamilnadu
Tel. No.:	91- 44-47424901
Fax No.:	91-44-47424888
E-Mail :	ganesh@lincolnelectric.in info@lincolnelectric.in
Website :	www.lincolnelectric.com
Regional offices:	6321, Somdutt Chambers – II, 9, Bhikaji Cama Palace, New Delhi – 110066, India
Fax No.:	91-11-26161337

DIRECTORS

As on 30.09.2013

Name :

Mr. Sundarram Srinivasan

Designation :

Managing director

Address :

14, Mansarovar Apartment, No. 1, Khader Nawaz Khan Road, Greams Road, Chennai – 600006, Tamilnadu, India

Date of Birth/Age :

25.12.1956

Date of Appointment :

29.03.2012

DIN No.:

00009622

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	L29299TN1987PLC058738	ESAB INDIA LIMITED	Director	01/09/2006	01/03/2005	28/08/2008	Active	NO
2	U29299TN2006PLC060711	ESAB ENGINEERING SERVICES LIMITED	Director	27/07/2006	27/07/2006	29/08/2008	Amalgamated	NO
3	U31909TN1997PTC064987	LINCOLN ELECTRIC COMPANY (INDIA) PRIVATE LIMITED	Managing director	29/03/2012	18/04/2011	-	Active	NO

Name :

Mr. Leo Augustine Landers JR

Designation :

Managing director

Address :

31 MT Sinal Rise #20-05, Singapore – 738282

Date of Birth/Age :

06.01.1962

Date of Appointment :

29.03.2012

DIN No.:

01801975

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	L29299TN1987PLC058738	ESAB INDIA LIMITED	Director	01/09/2006	01/03/2005	28/08/2008	Active	NO
2	U29299TN2006PLC060711	ESAB ENGINEERING SERVICES LIMITED	Director	27/07/2006	27/07/2006	29/08/2008	Amalgamated	NO
3	U31909TN1997PTC064987	LINCOLN ELECTRIC COMPANY (INDIA) PRIVATE LIMITED	Managing director	29/03/2012	18/04/2011	-	Active	NO

Name :

Mr. Eric Phillip Rierson

Designation :

Director

Address :

5204 Tifton Dr, Edina, MN, 55439

Date of Birth/Age :

04.08.1963

Date of Appointment :

29.03.2012

DIN No.:

03509630

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	U31909TN1997PTC064987	LINCOLN ELECTRIC COMPANY (INDIA) PRIVATE LIMITED	Director	29/03/2012	01/04/2011	-	Active	NO

Name :

Mr. Thomas Anthony Flohn

Designation :

Additional director

Address :

2-112, Forest Marot No.588, Jin Feng Road, Hao Cao Town, Minhang District

Shanghai - 201107

Date of Birth/Age :

10.09.1960

Date of Appointment :

20.11.2013

DIN No.:

01870700

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	U31909TN1997PTC064987	LINCOLN ELECTRIC COMPANY (INDIA) PRIVATE LIMITED	Additional director	20/11/2013	07/09/2006	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ganesh K P
Designation :	Secretary
Address :	West Street, Keela Derisanamcope, Alagiyapandiyapuram Post, Kaniya Kumari - 629851
Date of Birth/Age :	30.06.1986
Date of Appointment :	12.09.2013
PAN No.:	BAYPG1861Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	% age
Lincoln Electric Cyprus Limited, Cyprus	99944014	99.94
Lincoln Electric Cyprus Holding LLC, USA	55986	0.06
Total	100000000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
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 is engaged in the business of manufacture of welding wires.

GENERAL INFORMATION

No. of Employees :	Information declined by the management
Bankers :	Not Divulged
Facilities :	--

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Associates Chartered Accountants
Address :	6th and 7^th Floor, A Block, Idel Park (Module 601,701 and 702), No.4, Rajiv Gandhi Salai, Taramani, Chennai - 600113, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFS3421N
Ultimate holding company:	· Lincoln Electric Holding Inc., USA
Holding company:	· Lincoln Electric Cyprus Limited
Fellow Subsidiary company:	· Lincoln Electric Cyprus Holdings, LLC · The Lincoln Electric Company (Asia Pacific) Pte. Limited., Singapore · The Lincoln Electric Company (Australia) Pty Limited, Australia · The Lincoln Electric Company, USA · Lincoln Electric France, S.A.S., France · The Shanghai Lincoln Electric Company Limited, China · The Nanjing Lincoln Electric Company Limited, China · Lincoln Electric Heli (Zhengzhou) Welding Materials Company Limited, China · Lincoln Electric (U.K.) Limited, UK · Lincoln Electric Harris Calorific SRL · Lincoln Electric Italia S.r.l · Lincoln Electric do Brasil Industria e Comercio Ltda., Brazil · Lincoln Smitweld B.V, The Netherlands · Lincoln Electric Bester Sp. Z O.O., Poland · Lincoln Electric (Jinzhou) Welding, China · Harris Product Group, USA · Techalloy Inc, USA · Metrode Products Limited, UK · Lincoln Electric CIFE, Italty · Lincoln Electric Electro Arco S A - Portugal · Kaliburn Inc

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs. 1000.0000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs. 1000.0000 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	1000.000	617.973	617.973
(b) Reserves & Surplus	(436.700)	(383.756)	(249.015)
(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)	563.300	234.217	368.958
(3) Non-Current Liabilities
(a) long-term borrowings	244.223	620.940	542.307
(b) Deferred tax liabilities (Net)	0.000	0.000	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)	244.223	620.940	542.307
(4) Current Liabilities
(a) Short term borrowings	170.000	120.000	0.000
(b) Trade payables	143.767	46.546	41.466
(c) Other current liabilities	131.592	93.265	97.824
(d) Short-term provisions	6.590	2.006	4.453
Total Current Liabilities (4)	451.949	261.817	143.743
TOTAL	1259.472	1116.974	1055.008
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	849.348	728.493	758.824
(ii) Intangible Assets	2.755	4.062	5.046
(iii) Capital work-in-progress	0.098	171.584	152.274
(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	0.000
(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	852.201	904.139	916.144
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	130.612	56.160	79.539
(c) Trade receivables	185.301	127.543	76.052
(d) Cash and cash equivalents	(2.014)	(69.882)	(146.081)
(e) Short-term loans and advances	93.372	99.014	129.354
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	407.271	212.835	138.864
TOTAL	1259.472	1116.974	1055.008

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	925.173	468.516	361.242
		Other Income	0.748	0.004	0.000
		TOTAL	925.921	468.520	361.242
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	892.320	537.669	412.820
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		33.601	(69.149)	(51.578)
Less	FINANCIAL EXPENSES		27.255	29.231	16.454
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		6.346	(98.380)	(68.032)
Less/ Add	DEPRECIATION/ AMORTISATION		59.290	36.361	45.083
	PRIOR PERIOD ITEMS		0.000	0.000	3.286
	PROFIT / (LOSS) BEFORE TAX		(52.944)	(134.741)	(109.829)
Less	TAX		0.000	0.000	0.000
	PROFIT / (LOSS) AFTER TAX		(52.944)	(134.741)	(109.829)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(383.756)	(249.015)	(139.186)
	BALANCE CARRIED TO THE B/S		(436.700)	(383.756)	(249.015)
	Earnings / (loss) Per Share (Rs.)		0.53	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(5.72)	(28.76)	(30.40)
Net Profit Margin (PBT/Sales)	(%)	(5.72)	(28.76)	(30.40)
Return on Total Assets (PBT/Total Assets}	(%)	(4.20)	(1.25)	(12.17)
Return on Investment (ROI) (PBT/Networth)		(0.09)	(0.58)	(0.30)
Debt Equity Ratio (Total Debt /Networth)		0.74	2.70	1.47
Current Ratio (Current Asset/Current Liability)		0.90	0.81	0.97

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	617.973	617.973	1000.000
Reserves & Surplus	(249.015)	(383.756)	(436.700)
Net worth	368.958	234.217	563.300
long-term borrowings	542.307	620.94	244.223
Short term borrowings	0.000	120.000	170.000
Total borrowings	542.307	740.940	414.223
Debt/Equity ratio	1.470	3.163	0.735

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	361.242	468.516	925.173
		29.696	97.469

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	361.242	468.516	925.173
Profit	(109.829)	(134.741)	(52.944)
	(30.40%)	(28.76%)	(5.72%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	No
24]	Banking facility details	No
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

NOTE: Registered office of the company has been shifted from No.1, 1st Floor, Sun Plaza, 19, G. N. Chetty Road, Chennai – 600006, Tamil Nadu, India to the present address w.e.f 11.05.2009

CORPORATE INFORMATION

Subject is a private limited company incorporated on January 2, 1997 under the provisions of the Companies Act, 1956 and domiciled in India. The Company is a wholly owned subsidiary of Lincoln Electric Cyprus Limited which is in turn a wholly-owned subsidiary of Lincoln Electric Holdings Inc., a public limited company incorporated in the United States and listed on the NASDAQ Stock Exchange.

Lincoln is primarily engaged in the business of manufacture of welding wires. The Company’s manufacturing facility for welding wires is located at Chengalpattu, Kancheepuram District in Tamil Nadu. The Company commenced its commercial production in May 2009. Lincoln Started its trading activites from April 2012. Trading warehouse is located at Chengalpattu, Kancheepuram District in Tamil Nadu. "

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Other external commercial borrowings	244.223	620.940
Short-term borrowings
Loans repayable on demand from banks	170.000	120.000
Total	414.223	740.940

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

Intangible assets

· Computer software

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.60.70
UK Pound	1	Rs.100.97
Euro	1	Rs.84.16

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.