MIRA INFORM REPORT

Report Date :

23.05.2014

IDENTIFICATION DETAILS

Name :	BABA VISHWAKARMA ENGINEERING CO. PRIVATE LIMITED
Registered Office :	G-3, Karam Pura, New Delhi - 110015
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.03.1999
Com. Reg. No.:	55-098964
Capital Investment / Paid-up Capital :	Rs. 16.399 Millions
CIN No.: [Company Identification No.]	U29254DL1999PTC098964
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Sugar Mill Machinery, Cane preparation, Conveyor
No. of Employees :	Not divulged

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 122000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management has failed to file its financial with government department for the year 2012 and 2013. As per previous financial of 2011, the rating reflects moderate financial risk profile marked by thin profitability margins and low reserves of the company. However, trade relations are fair. Business is active. Payment terms are unknown. 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 – 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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term ratings BB
Rating Explanation	Moderate risk of default and high credit risk
Date	11.02.2013
Rating Agency Name	CRISIL
Rating	Short term ratings A4+
Rating Explanation	Minimal degree of safety and very high credit risk
Date	11.02.2013

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 PARTED BY

Name :	Mr. Pramod
Designation :	Accountant
Contact No.:	91-9910373423
Date :	13.05.2014

LOCATIONS

Registered Office :	G-3, Karma Pura, New Delhi - 110015, India
Tel. No.:	Not available
Mobile No.:	91-9910373423 (Mr. Pramod)
Fax No.:	Not available
E-Mail :	anilvaishea@yahoo.co.in
Website :	www.babavishwakarmaengg.com
Factory 1 :	C-201, Industrial Area, Bulandshahr Road, Ghaziabad- 201009, Uttar Pradesh, India
Tel. No.:	91-120-2866451/ 52
Fax No.:	91-120-416976

DIRECTORS

As on: 30.09.2011

Name :

Mr. Sunder Lal

Designation :

Director

Address :

KF-27, Kavinagar, Ghaziabad- 201002, Uttar Pradesh, India

Date of Birth :

15.07.1925

Date of Appointment :

23.03.1999

DIN No.:

02415111

Name :

Mr. Jugal Kishore Kamboj

Designation :

Director

Address :

KF-27, Kavinagar, Ghaziabad- 201002, Uttar Pradesh, India

Date of Appointment :

23.03.1999

DIN No.:

00987289

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	U29254DL1999PTC098964	BABA VISHWAKARMA ENGINEERING COMPANY PRIVATE LIMITED	Director	23-03-99	23-03-99	26-11-13	Active	NO
2	U27101DL2006PTC154973	NINE ENGINEERS PRIVATE LIMITED	Director	25-10-06	25-10-06	23-03-11	Active	NO

Name :

Mr. Anupam Kamboj

Designation :

Director

Address :

KF-27, Kavinagar, Ghaziabad- 201002, Uttar Pradesh, India

Date of Appointment :

23.03.1999

DIN No.:

01072171

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	U29254DL1999PTC098964	BABA VISHWAKARMA ENGINEERING COMPANY PRIVATE LIMITED	Director	23-03-99	23-03-99	-	Active	NO
2	U27101DL2006PTC154973	NINE ENGINEERS PRIVATE LIMITED	Director	25-10-06	25-10-06	23-03-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.03.2011

Names of Shareholders	No. of Shares
Sunder Lal	18300
Jugal Kishore Kamboj	101823
Anupam Kamboj	108968
Savita Kamboj	13188
Priyanka Kamboj	1706
Loveena Arora	5000
Latika Sanger	5000
Total	253985

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 :

Manufacturer and Exporter of Sugar Mill Machinery, Cane preparation, Conveyor

Products :

Product	ITC Code
Sugar Mill Machinery Parts	8438
Wheel Shafts	8483

· Swing Hammer Fibrizor

· Head Stock for GRPF

· Horizontal Air Cooled Crystallizer

· Toothed Under Feed Roller

· Calandria for Pan

· Mill House Machines

· Boiling House Equipment

· Boiling House Installation

· Sugar Mills

Terms :

Selling :

Advance Payment and Credit

Purchasing :

Advance Payment and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

Not divulged

Bankers :

· Bank of India, BRIA Branch, GT Road Ghaziabad, Uttar Pradesh, India

· Centurion Bank of Punjab Limited, B222-223, Sector- 16, Noida-201301, Uttar Pradesh, India

· Lord Krishna Bank Limited, Ghaziabad Branch, Ghaziabad – 201009, Uttar Pradesh, India

· HDFC Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Bank of India (Previous year with HDFC Bank)	61.371	34.883
Car Loan	0.308	0.7520
Others	6.335	15.111
Total	68.014	50.746
Note: 1) Secured against hypothecation of Stocks and Book Debts and Machinery. Also collaterally secured by first charge on all fixed Assets of the company situated at C-201, B.S. Road Industrial Area, Ghaziabad and personal guarantee of all the directors of the company. 2) Secured Against hypothecation of Car. 3) Secured against personal guarantee of Directors.

Banking Relations :	---
Auditors :
Name :	Anil Vaish and Company Chartered Accountants
Address :	C-98, RDC, Raj Nagar, Ghaziabad- 201002, Uttar Pradesh , India
Tel. No.:	91-0120-2822234/ 2822235

CAPITAL STRUCTURE

As on: 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
253985	Equity Shares	Rs.100/- each	Rs.25.398 Millions

As on: 31.03.2011

Authorised Capital:

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
163985	Equity Shares	Rs.100/- each	Rs.16.399 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		16.399	10.399	10.399
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		14.344	13.986	13.442
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		30.743	24.385	23.841
LOAN FUNDS
1] Secured Loans		68.014	50.746	58.430
2] Unsecured Loans		0.299	0.963	1.426
TOTAL BORROWING		68.313	51.709	59.856
DEFERRED TAX LIABILITIES		0.308	0.435	0.646
TOTAL		99.364	76.529	84.343
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.438	22.300	25.195
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	70.609	40.623	10.900
	Sundry Debtors	59.757	44.953	84.228
	Cash & Bank Balances	2.704	0.329	2.168
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	18.737	22.145	21.048
Total Current Assets		151.807	108.501	118.344
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	54.138	34.852	54.880
	Other Current Liabilities	16.835	18.401	3.348
	Provisions	0.042	0.590	1.020
Total Current Liabilities		71.923	53.843	59.238
Net Current Assets		79.884	54.208	59.106
MISCELLANEOUS EXPENSES		0.042	0.021	0.042
TOTAL		99.364	76.529	84.343

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	160.328	89.919	214.907
		Other Income	5.336	3.828	3.065
		TOTAL (A)	165.664	93.747	217.971
Less	EXPENSES
		Cost of Materials Consumed	115.887	59.067	176.604
		Consumable Stores	8.191	3.907	5.597
		Manufacturing Expenses	14.879	7.864	9.672
		Employee Remuneration and Other Benefits	6.134	5.312	6.619
		Selling Expenses	1.809	0.274	0.757
		Other Expenses	3.859	2.963	4.228
		TOTAL (B)	150.759	79.387	203.477
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		14.905	14.360	14.494
Less	FINANCIAL EXPENSES (D)		9.839	9.403	9.924
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.066	4.957	4.570
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.435	4.042	4.465
	PROFIT BEFORE TAX (E-F) (G)		1.631	0.915	0.105
Less	TAX (H)		1.273	0.371	(0.150)
	PROFIT AFTER TAX (G-H) (I)		0.358	0.544	0.255
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		13.986	13.442	13.187
	BALANCE CARRIED TO THE B/S		14.344	13.442	13.442
	Earnings Per Share (Rs.)		2.18	5.23	2.45

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.22	0.58	0.12
Net Profit Margin (PBT/Sales)	(%)	1.02	1.02	0.05
Return on Total Assets (PBT/Total Assets}	(%)	0.95	0.70	0.07
Return on Investment (ROI) (PBT/Networth)		0.05	0.03	0.00
Debt Equity Ratio (Total Debt /Networth)		2.22	2.12	2.34
Current Ratio (Current Asset/Current Liability)		2.11	2.02	1.99

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	10.399	10.399	16.399
Reserves & Surplus	13.442	13.986	14.344
Net worth	23.841	24.385	30.743
long-term borrowings	58.430	50.746	63.014
Short term borrowings	1.426	0.963	0.299
Total borrowings	59.856	51.709	63.313
Debt/Equity ratio	2.511	2.121	2.059

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	214.907	89.919	160.328
		(58.159)	78.303

NET PROFIT MARGIN

Net Profit Margin	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	214.907	89.919	160.328
Profit	0.255	0.544	0.358
	0.12%	0.60%	0.22%

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	No
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

OPERATIONS:

During the year, the sales of the company have increased to Rs. 160.328 Millions as compared to Rs. 89.919 Millions in 2009-2010, showing an Increase of 78.30% p.a. However Net Profit after tax of the company have decreased to Rs. 0.357 million as compared to Rs. 0.544 Million in 2009-10 showing a decrease of 34.38% p.a. mainly due to increase in interest cost and higher provision for income tax.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10389146	19/10/2012	1,000,000.00	BANK OF INDIA	BRIA BRANCH, GT ROAD, GHAZIABAD, Uttar Pradesh - 201001, INDIA	B63037618
2	10320585	02/12/2011	15,000,000.00	BANK OF INDIA	B.R.I.A BRANCH, GT ROAD, GHAZIABAD, Uttar Pradesh  - 201001, INDIA	B26584029
3	10295332	17/06/2011	2,000,000.00	Bank Of India	BRIA Branch, GT Road, Ghaziabad, Uttar Pradesh -  201001, INDIA	B16234015
4	10296450	17/06/2011	2,000,000.00	Bank Of India	BRIA Branch, GT Road, Ghaziabad, Uttar Pradesh -  201001, INDIA	B16238800
5	10236622	06/07/2013 *	25,000,000.00	Bank of India	BRIA Branch, GT Road, Ghaziabad, Uttar Pradesh -  201001, INDIA	B82607508
6	10234317	06/07/2013 *	40,000,000.00	Bank of India	BRIA Branch, GT Road, Ghaziabad, Uttar Pradesh -  201001, INDIA	B82836529
7	10234313	06/07/2013 *	60,000,000.00	Bank of India	BRIA Branch, GT Road, Ghaziabad, Uttar Pradesh -  201001, INDIA	B82638305
8	10236777	06/07/2013 *	125,000,000.00	Bank of India	BRIA Branch, GT Road, Ghaziabad, Uttar Pradesh -  201001, INDIA	B82639345
9	10234320	09/08/2010	1,500,000.00	BANK OF INDIA	BRIA BRANCH, GT. ROAD,, GHAZIABAD, Uttar Pradesh - 201001, INDIA	A91949321
10	90050102	07/10/2003	2,500,000.00	STATE BANK OF INDIA	SIB BRANCH NAVYUG MARKET,GHAZIABAD, Uttar Pradesh , INDIA	-

* Date of charge modification

UNSECURED LOAN (Rs. In Millions)

Particulars	As on 31.03.2011	As on 31.03.2010ss
Loans from Directors and relatives	0.183	0.846
Loans from others	0.116	0.117
Total	0.299	0.963

FIXED ASSETS

· Leasehold Land

· Factory Building

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Motor Cars

· Computer

· Air Conditioner

· Scooter/ Motor Cycles

· Generator

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 records 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.58.57
UK Pound	1	Rs.98.87
Euro	1	Rs.80.05

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	SBN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.