MIRA INFORM REPORT

Report Date :

26.05.2014

IDENTIFICATION DETAILS

Name :	FLOUR TECH ENGINEERS PRIVATE LIMITED
Registered Office :	Plot No. 182, Sector -24, Industrial Area, Faridabad – 121002, Haryana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.03.1998
Com. Reg. No.:	55-092803
Capital Investment / Paid-up Capital :	Rs.4.424 Millions
CIN No.: [Company Identification No.]	U29224DL1998PTC092803
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Food Processing Machinery, Flour Mills, Rice Mills.
No. of Employees :	250 (Approximately) (Office 40 + Factory 210)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 160000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred a loss from its operations during 2013. However, trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing with some cautions.

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.

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 (GENRAL DETAILS)

Name :	Mr. Suman Gupta
Designation :	Chief Executive Officer
Contact No.:	91-9810462578
Date :	20.05.2014

LOCATIONS

Registered Office / Factory :	Plot No. 182, Sector -24, Industrial Area, Faridabad – 121002, Haryana, India
Tel. No.:	91-129-4043399 / 4043388
Mobile No.:	91-9810462578 (Mr. Suman Gupta)
Fax No.:	91-129-4042942
E-Mail :	flourtech@rediffmail.com

DIRECTORS

As on: 30.09.2013

Name :

Mr. Sanjay Gupta

Designation :

Director

Address :

House No.1793, Sector – 16, Near Sagar Cinema Road, Near Jain Mandir and Police Chowki, Faridabad – 121001, Haryana, India

Date of Birth/Age :

21.09.1963

Date of Appointment :

19.03.1998

PAN No.:

ACRPG5267C

DIN No.:

00222119

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	U29224DL1998PTC092803	FLOUR TECH ENGINEERS PRIVATE LIMITED	Director	19/03/1998	19/03/1998	-	Active	NO
2	U25209DL2002PTC118136	SHREERADHEY POLY FAB PRIVATE LIMITED	Director	22/01/2008	22/01/2008	01/02/2012	Active	NO
3	U15494HR2009PTC039247	AQC CHEMLAB PRIVATE LIMITED	Director	02/07/2009	02/07/2009	-	Active	NO
4	U74899DL1991PTC044501	RAJ IMPEX PRIVATE LIMITED	Director	30/09/2011	21/02/2011	-	Active	NO
5	U29220HR2012PTC045385	SBS AGROTECH PRIVATE LIMITED	Director	14/03/2012	14/03/2012	-	Active	NO

Name :

Mrs. Sangeeta Gupta

Designation :

Director

Address :

H.No.341, Sector - 16A, Faridabad – 121001, Haryana, India

Date of Birth/Age :

27.07.1966

Date of Appointment :

19.03.1998

PAN No.:

ACRPG5266D

DIN No.:

00222072

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	U29224DL1998PTC092803	FLOUR TECH ENGINEERS PRIVATE LIMITED	Director	19/03/1998	19/03/1998	-	Active	NO
2	U25209DL2002PTC118136	SHREERADHEY POLY FAB PRIVATE LIMITED	Director	30/09/2011	15/04/2008	01/02/2012	Active	NO
3	U15494HR2009PTC039247	AQC CHEMLAB PRIVATE LIMITED	Director	02/07/2009	02/07/2009	-	Active	NO
4	U74899DL1991PTC044501	RAJ IMPEX PRIVATE LIMITED	Director	30/09/2011	23/02/2011	-	Active	NO
5	U29220HR2012PTC045385	SBS AGROTECH PRIVATE LIMITED	Director	14/03/2012	14/03/2012	-	Active	NO
6	U70200DL2010PTC206009	CMT BUILDERS PRIVATE LIMITED	Director	21/08/2013	20/09/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Suman Gupta
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Sanjay Gupta (HUF)	42000
Sanjay Gupta	240900
Sangeeta Gupta	84300
P K Aggaral	11120
Bhagwanti Devi	9440
Suman Gupta	7800
Vijay Gupta	5000
Neetu Sehgal	800
Balkishan Goyal	1
Subhash Goel	1
Anita Goyal	1
Kalakriti Infra Trade Private Limited, India	14000
CMT Real Estate Private Limited, India	17000
SBS Agrotech Private Limited, India	10000
Total	442363

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Bodies corporate	9.27
Directors or relatives of directors	90.55
Other top fifty shareholders	0.18
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Food Processing Machinery, Flour Mills, Rice Mills.
Products :	· Flour Mills · Rice Mills · Dall Mills · Maize Plants · Maize Grit Plant and Cornflakes Plants · Other Food Processing Machinery
Exports :
Countries :	· Europe · Nepal · Bangladesh
Terms :
Selling :	Cash and Credit
Purchasing :	Cash, L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

250 (Approximately) (Office 40 + Factory 210)

Bankers :

· Oriental Bank of Commerce, SCO 88, Shopping Complex, Daultabad Branch, Huda Market, Sector 16, Faridabad – 121002, Haryana, India

· State Bank of Hyderabad

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long Term Borrowings
Term loans from Banks
-Oriental Bank of Commerce Car Loan	0.000	0.134
-IOB Singapore	12.403	0.000
Short Term Borrowings
Oriental Bank of Commerce (Cash Credit) (Secured By Hypothecation of stock colletral security factory building)	0.000	10.835
Total	12.403	10.969

Banking Relations :	--
Auditors :
Name :	Khem Shiv and Associates Chartered Accountants
Address :	103/B Adarsh Nagar, Malerna Road, Near Shyam Ji Mandir, Ballabhgarh, Faridabad – 121004, Haryana, India
PAN No.:	AALFK0633N

CAPITAL STRUCTURE

As on: 30.09.2013

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
442363	Equity Shares	Rs.10/- each	Rs.4.424 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	4.424	4.424	4.154
(b) Reserves & Surplus	36.459	36.504	25.050
(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)	40.883	40.928	29.204
(3) Non-Current Liabilities
(a) long-term borrowings	16.516	7.885	6.830
(b) Deferred tax liabilities (Net)	1.431	0.574	0.055
(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)	17.947	8.459	6.885
(4) Current Liabilities
(a) Short term borrowings	0.000	10.835	17.999
(b) Trade payables	22.685	43.292	26.916
(c) Other current liabilities	29.243	29.105	12.540
(d) Short-term provisions	3.382	0.331	0.150
Total Current Liabilities (4)	55.310	83.563	57.605
TOTAL	114.140	132.950	93.694
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	36.152	35.230	21.553
(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	11.341	8.968	15.920
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.411	0.564	0.250
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	47.904	44.762	37.723
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	7.296	22.445	14.228
(c) Trade receivables	29.057	41.070	31.765
(d) Cash and cash equivalents	9.850	0.704	0.408
(e) Short-term loans and advances	20.033	23.969	9.570
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	66.236	88.188	55.971
TOTAL	114.140	132.950	93.694

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	200.938	189.105	154.988
	Other Income	1.450	1.114	0.080
	TOTAL	202.388	190.219	155.068
Less	EXPENSES
	Cost of Materials Consumed	134.096	147.589	121.104
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	11.889	(7.221)	(4.927)
	Employees benefits expense	18.523	13.193	10.001
	Other expenses	29.312	28.801	23.190
	TOTAL	193.820	182.362	149.368
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	8.568	7.857	5.700
Less	FINANCIAL EXPENSES	2.224	3.091	2.237
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	6.344	4.766	3.463
Less/ Add	DEPRECIATION/ AMORTISATION	5.065	3.642	2.664
	PROFIT/ (LOSS) BEFORE TAX	1.279	1.124	0.799
Less	TAX	1.323	0.850	0.357
	PROFIT/ (LOSS) AFTER TAX	(0.044)	0.274	0.442
	EARNINGS IN FOREIGN CURRENCY
	Export Earnings	13.539	51.208	NA
	Earnings / (Loss) Per Share (Rs.)	(0.10)	0.52	1.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(0.02)	0.14	0.29
Net Profit Margin (PBT/Sales)	(%)	0.64	0.59	0.52
Return on Total Assets (PBT/Total Assets}	(%)	1.24	0.91	1.03
Return on Investment (ROI) (PBT/Networth)		0.03	0.03	0.03
Debt Equity Ratio (Total Debt/Networth)		0.40	0.46	0.85
Current Ratio (Current Asset/Current Liability)		1.20	1.06	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	4.154	4.424	4.424
Reserves & Surplus	25.050	36.504	36.459
Net worth	29.204	40.928	40.883
long-term borrowings	6.830	7.885	16.516
Short term borrowings	17.999	10.835	0.000
Total borrowings	24.829	18.720	16.516
Debt/Equity ratio	0.850	0.457	0.404

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	154.988	189.105	200.938
		22.013	6.257

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	154.988	189.105	200.938
Profit	0.442	0.274	(0.044)
	0.29%	0.14%	(0.02%)

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 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)	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE: The Registered office of the company has been shifted from 4/9, Bhola Nath Nagar, Shahdra, Delhi – 110032, India to present address (as confirmed by the management).

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Long Term Borrowings
Other Loans and Advances
-Equipment Online Dotcom Private Limited	0.000	1.000
-Anita Goyal	0.238	0.891
-Balkishan Goyal	0.680	0.613
-Subash Goel	0.172	0.156
-USG Tech Solutions	3.023	5.091
Total	4.113	7.751

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10426106	12/04/2013	300,000.00	ORIENTAL BANK OF COMMERCE	SCO 88, SHOPPING COMPLEX, HUDA MARKET, SECTOR 16,  FARIDABAD - 121002, HARYANA, INDIA	B75255737
2	10275010	17/03/2011	15,000,000.00	ORIENTAL BANK OF COMMERCE	DAULTABAD BRANCH, SECTOR 16, HUDA MAKET, FARIDABAD - 121002, HARYANA INDIA	B08998320
3	10250723	01/11/2010	700,000.00	ORIENTAL BANK OF COMMERCE	SECTOR 16, DAULTABAD, FARIDABAD - 121002 , HARYANA, INDIA	A98940844
4	10093317	18/03/2011 *	37,200,000.00	ORIENTAL BANK OF COMMERCE	DAULTABAD BRANCH, SECTOR 16, HUDA MAKET, FARIDABAD - 121002, HARYANA INDIA	B08997975
5	10093308	17/03/2011 *	18,000,000.00	ORIENTAL BANK OF COMMERCE	DAULTABAD BRANCH, SECTOR 16, HUDA MAKET, FARIDABAD - 121002, HARYANA INDIA	B08997660
6	90047272	10/05/2007 *	2,000,000.00	STATE BANK OF HYDERABAD	1ST FLOOR, 27, NEELAM BATA ROAD, FARIDABAD, HARYANA - 121001, INDIA	A17661034

* Date of charge modification

FIXED ASSETS

· Air Conditioner

· Land and Building

· Land

· Car

· Computer

· Computer Software

· Crane

· Electrical Fittings

· Furniture and Fixture

· Generator Set

· Motor Bike

· Paint Booth

· Office Equipment

· Plant and Machinery

· Tools and Patter

· Water Cooler

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.58.48
UK Pound	1	Rs.98.67
Euro	1	Rs.79.81

INFORMATION DETAILS

Information Gathered by :	GYA
Analysis Done by :	RA
Report Prepared by :	VNK

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	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		30

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.