MIRA INFORM REPORT

Report Date :

04.11.2014

IDENTIFICATION DETAILS

Name :	CIL TEXTILES PRIVATE LIMITED (w.e.f. 28.02.1997)
Formerly Known As :	DAKSHINESHWARI FABRICS PRIVATE LIMITED
Registered Office :	302, Oasis Trade Centre, Yeshwant Niwas Road, Indore - 452 003, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.02.1997
Com. Reg. No.:	10-011693
Capital Investment / Paid-up Capital :	Rs. 18.800 Millions
CIN No.: [Company Identification No.]	U51109MP1997PTC011693
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Fabrics and Textiles.
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 140000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. External borrowing of the company seems to be huge during 2013. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = B
Rating Explanation	Have High Risk of Default
Date	25.06.2014

Rating Agency Name	CRISIL
Rating	Short term rating = A4
Rating Explanation	Have Minimal Degree of Safety and Carry Very High Credit Risk.
Date	25.06.2014

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Ashutosh
Designation :	Vice President Finance
Contact No.:	91-8966907307
Date :	31.10.2014

LOCATIONS

Registered Office :	302, Oasis Trade Centre, Yeshwant Niwas Road, Indore - 452 003, Madhya Pradesh, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	ashutosh@ciltextiles.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Krishna Kumar Maheshwari

Designation :

Director

Address :

10-4-1/1A, Behind Chacha Nehru Park, Lower Masab Tank, Humayun Nagar, Hyderabad – 500028, Andhra Pradesh, India

Date of Birth/Age :

30.06.1962

Date of Appointment :

30.09.2011

DIN No.:

00223241

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	L67120TG1989PLC010188	CIL SECURITIES LIMITED	Managing director	31/07/2014	29/06/1989	-	Active	NO
2	U27109TG1991PTC013072	HIFLEX HOSES PRIVATE LIMITED	Director	14/08/1991	14/08/1991	-	Amalgamated	NO
3	U65920WB1995PLC201735	CIL FINANCIAL SERVICES LIMITED	Director	31/05/1995	31/05/1995	13/04/2012	Active	NO
4	U65923AP1995PLC021282	CIL INDUSTRIES LIMITED	Director	01/08/1995	01/08/1995	-	Active	NO
5	U65990TG1996PTC024528	CIL FINSTOCKS PRIVATE LIMITED	Director	03/07/1996	03/07/1996	-	Amalgamated	NO
6	U01119TG1996PTC025222	CIL COMMODITIES PRIVATE LIMITED	Director	15/01/2001	15/01/2001	-	Active	NO
7	L17110MH1997PLC106945	MUDRA LIFESTYLE LIMITED	Director	27/11/2006	16/09/2006	27/01/2008	Active	NO
8	U45201RJ1995PLC009997	JOHARI DIGITAL HEALTHCARE LIMITED	Director	15/06/2007	15/06/2007	18/05/2012	Active	NO
9	U18101MP1989PTC005102	INDUSTRIAL FILTERS & FABRICS PRIVATE LIMITED	Director	30/09/2008	04/06/2008	-	Active	NO
10	U55101TG2006PLC051454	MPM HOTELS LIMITED	Director	25/09/2009	01/02/2009	-	Active	NO
11	U51109MP1997PTC011693	C I L TEXTILES PRIVATE LIMITED	Director	30/09/2011	06/04/2011	13/08/2014	Active	NO
12	U80101TG1994PLC017887	MAHESH VIDYA BHAVAN LIMITED	Director	29/09/2011	29/09/2011	-	Active	NO

Name :

Ms. Kalpana Somani

Designation :

Whole Time Director

Address :

10-11/13, Dr. R.s. Bhandari Marg, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

27.03.1969

Date of Appointment :

10.08.2012

DIN No.:

00106982

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	U51494MP2006PTC018630	PRAKALP TEXTILES PRIVATE LIMITED	Director	22/05/2008	22/05/2008	27/01/2010	Active	NO
2	U51109MP1997PTC011693	C I L TEXTILES PRIVATE LIMITED	Whole-time director	10/08/2012	20/08/2009	-	Active	NO

Name :

Mr. Suryansh Somani

Designation :

Whole Time Director

Address :

307, Oasis Trade Centre, 22/20, Yashwant Niwas Road, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

18.03.1990

Date of Appointment :

10.08.2012

DIN No.:

03543315

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Kalpana Somani	68200
Suryansh Somani	25800
Maheshwari and Others	6400
Gita Devi Maheshwari	25000
Krishna Kumar Maheshwari	11000
Pramila Maheshwari	5000
Vidhi Maheshwari	1600
CanaraSecurities Limited, India	17000
Gita Finvest Private Limited, India	16000
CIL Industries Limited,India	12000
Total	188000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	23.94
Directors or relatives of Directors	76.06
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Fabrics and Textiles.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

• Bank of Baroda, Industrial Estate Branch, 61/1, Snehlataganj, Indore – 452003, Madhya Pradesh, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Term Loan from Bank of Baroda (Repayable in22 equal quarterly installments, as at installments falling due on 30 June 2019 Interest Rate as at 31.03.2013- 12.84% p.a. i.e. net of 5% interest subsidy on loan amount eligible for subside under TUF scheme)	86.552	73.907
Term Loan from Bank of Baroda (Repayable in 21 equal quarterly installments, last installments falling due on 31 March 2019 interest rates as at 31.03.2013 – 14.25%)	17.273	0.000
SHORT TERM BORROWING
From Bank of Baroda (Working capital loans)	141.720	76.696
Total	245.545	150.604

Banking Relations :	---
Auditors :
Name :	S.P. Moondra and company Chartered Accountant
Address :	53/8, Kanchan Bagh, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-2513817/4066330
PAN No.:	AFCPM4048K
Entities where control exist :	CIL Securities Limited M/S CIL Finstock Private Limited Gita Finvest Private Limited SIL Industries Limited

CAPITAL STRUCTURE

As on 30.09.2013

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
188000	Equity Shares	Rs.100/- each	Rs.18.800 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	18.800	18.800	9.400
(b) Reserves & Surplus	29.030	29.326	5.844
(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)	47.830	48.126	15.244
(3) Non-Current Liabilities
(a) long-term borrowings	105.809	74.981	0.000
(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)	105.809	74.981	0.000
(4) Current Liabilities
(a) Short term borrowings	165.161	82.430	99.755
(b) Trade payables	70.467	43.758	50.723
(c) Other current liabilities	7.749	40.107	12.350
(d) Short-term provisions	1.299	1.177	0.908
Total Current Liabilities (4)	244.676	167.472	163.736
TOTAL	398.315	290.579	178.980
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	22.238	17.918	10.984
(ii) Intangible Assets	0.030	0.050	0.000
(iii) Capital work-in-progress	184.934	127.117	9.866
(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)	0.139	0.055
(d) Long-term Loan and Advances	2.216	6.272	13.929
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	209.557	151.412	34.779
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	60.647	38.286	35.345
(c) Trade receivables	109.619	81.140	95.589
(d) Cash and cash equivalents	2.594	0.973	0.202
(e) Short-term loans and advances	15.780	18.678	12.952
(f) Other current assets	0.118	0.090	0.113
Total Current Assets	188.758	139.167	144.201
TOTAL	398.315	290.579	178.980

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	399.072	481.749	396.076
	Other Income	0.624	0.170
	TOTAL (A)	399.696	481.919	396.076
Less	EXPENSES
	Cost of Materials Consumed	159.755	139.665
	Purchases of Stock-in-Trade	148.026	248.065
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2.426)	(1.674)	NA
	Employees benefits expense	25.619	25.487
	Exceptional Item	0.000	(0.959)
	Other expenses	54.878	52.842
	TOTAL (B)	385.852	463.426
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	13.844	18.493	NA
Less	FINANCIAL EXPENSES (D)	11.011	12.823	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	2.833	5.670	4.331
Less/ Add	DEPRECIATION/ AMORTISATION (F)	3.159	2.009	1.627
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(0.326)	3.661	2.704
Less	TAX (I)	(0.031)	3.381	0.907
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	(0.295)	0.280	1.797
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	366.190	431.738	343.936
	TOTAL EARNINGS	366.190	431.738	343.936
	IMPORTS
	Raw Materials	25.342	14.368	22.028
	Capital Goods	0.000	6.305	0.000
	TOTAL IMPORTS	25.342	20.673	22.028
	Earnings / (Loss) Per Share (Rs.)	(1.57)	15.00	46.75

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	(0.07)	0.06	0.45
Operating Profit Margin (PBDIT / Sales)	(%)	3.47	3.84	100.00
Return on Total Assets (PBT/Total Assets}	(%)	(0.15)	2.24	1.60
Return on Investment (ROI) (PBT/Networth)		(0.01)	0.08	0.18
Debt Equity Ratio (Total Debt /Networth)		5.67	3.27	6.54
Current Ratio (Current Asset/Current Liability)		0.77	0.83	0.88

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	9.400	18.800	18.800
Reserves & Surplus	5.844	29.326	29.030
Net worth	15.244	48.126	47.830
long-term borrowings	0.000	74.981	105.809
Short term borrowings	99.755	82.430	165.161
Total borrowings	99.755	157.411	270.970
Debt/Equity ratio	6.544	3.271	5.665

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	396.076	481.749	399.072
		21.630	(17.162)

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	396.076	481.749	399.072
Profit	1.797	0.280	(0.295)
	0.45%	0.06%	(0.07%)

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	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

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
From Banks
From HDFC Bank (Repayable in 60 equal monthly installments last installments falling due in June 2016. Interest rate applicable is 11.52% p.a.)	0.470	0.643
From ICICI Bank (Repayable in 36 monthly installments last installments falling due in July 2015. Interest rate applicable is 12.01%p.a.)	0.466	0.000
From Others
From Magma Shrachi Finance Limited (Repayable in 42 monthly installments, last installments falling due in Feb, 2015 Interest rate applicable is 13.38%p.a.)	0.220	0.432
From Magma Shrachi Finance Limited (Repayable in 48 monthly installments, last installments falling due in Feb, 2016 Interest rate applicable is 17.77%p.a.)	0.343	0.000
From Magma Shrachi Finance limited (Repayable in 44 monthly installments last installments falling due in Nov 2015 Interest rate applicable is 14.03% p.a.)	0.484	0.000
SHORT TERM BORROWING
From related parties	21.378	0.832
From others	2.063	4.900
Total	25.424	6.806

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80031257	06/09/2013 *	290,797,000.00	BANK OF BARODA	Industrial Estate Branch,, 61/1, Snehlataganj,, I NDORE, Madhya Pradesh - 452003, INDIA	B85418689

* Date of charge modification

FIXED ASSETS

• Land
• Factory Shed
• Office Equipment
• Plant and Machinery
• Office Equipment
• Furniture and Fixture
• Computer
• Vehicle

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.61.41
UK Pound	1	Rs.98.06
Euro	1	Rs.76.67

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RSM
Report Prepared by :	ART

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	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	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		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.