MIRA INFORM REPORT

Report Date :

06.11.2014

IDENTIFICATION DETAILS

Name :	SUPERKING MANUFACTURERS (TYRE) PRIVATE LIMITED
Registered Office :	B-14/1, Jhilmil Indl.Area, New Delhi – 110002
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	15.03.1982
Com. Reg. No.:	55-013287
Capital Investment / Paid-up Capital :	Rs. 9.980 Millions
CIN No.: [Company Identification No.]	U74899DL1982PTC013287
TAN No.: [Tax Deduction & Collection Account No.]	DELS02800A
PAN No.: [Permanent Account No.]	AAACS0481J
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Tyres.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 1200000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating takes into consideration company moderate financial risk profile and low profit margin of the company. However, trade relations are reported as fair. Business is active. Payments terms are 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 = BB-
Rating Explanation	Moderate risk of default
Date	19.12.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4+
Rating Explanation	Minimal degree of safety. It carry very high credit risk
Date	19.12.2013

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mrs. Josef
Designation :	Personal Assistant to Managing Director
Contact No.:	91-11-22583435
Date :	31.10.2014

LOCATIONS

Registered Office :	B-14/1, Jhilmil Indl.Area, New Delhi – 110002, India
Tel. No.:	91-11-22583435/22582202/22585310/22587448/47772444
Fax No.:	91-11-22579090/22150178
E-Mail :	info@jpc.co.in skmt1982@gmail.com roc@jpc.co.in
Website :	http://www.superking-tyre.com
Location :	Owned
Factory :	Located at Sahibabad, Uttar Pradesh, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Madhusudan Lal Dhawan

Designation :

Managing Director

Address :

D-185, Vivek Vihar, Shahdara, Delhi – 110095, India

Date of Birth/Age :

17.04.1937

Date of Appointment :

15.03.1982

DIN No.:

00374491

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	U74899DL1982PTC013287	SUPERKING MANUFACTURERS (TYRE) PRIVATE LIMITED	Managing director	15-03-82	15-03-82	-	Active	NO
2	U74899DL1986PTC024272	ROHTAS AUTOWARE ENTERPRISES PRIVATE LIMITED	Director	20-05-86	20-05-86	-	Active	NO
3	U25190DL2007PTC166457	BHAVYA RUBBER RECLAIMATION PRIVATE LIMITED	Director	31-07-07	31-07-07	-	Active	NO
4	U17291DL2007PTC171245	REDSTONE INDUSTRIES (INDIA) PRIVATE LIMITED	Director	10-12-07	10-12-07	-	Active	NO

Name :

Mrs. Pushpa Dhawan

Designation :

Director

Address :

D-185, Vivek Vihar, Shahdara, Delhi – 110095, India

Date of Birth/Age :

10.10.1988

Date of Appointment :

15.03.1982

DIN No.:

00374507

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	U74899DL1982PTC013287	SUPERKING MANUFACTURERS (TYRE) PRIVATE LIMITED	Director	15-03-82	15-03-82	-	Active	NO
2	U74899DL1986PTC024586	PUNEET INDUSTRIAL COMPANY PRIVATE LIMITED	Managing director	23-06-86	23-06-86	-	Active	NO

Name :

Mr. Puneet Dhawan

Designation :

Director

Address :

D-185, Vivek Vihar, Shahdara, Delhi – 110095, India

Date of Birth/Age :

23.07.1980

Date of Appointment :

18.09.2006

DIN No.:

00374523

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	U74899DL1986PTC024586	PUNEET INDUSTRIAL COMPANY PRIVATE LIMITED	Director	01-04-98	01-04-98	-	Active	NO
2	U74899DL1982PTC013287	SUPERKING MANUFACTURERS (TYRE) PRIVATE LIMITED	Director	18-09-06	18-09-06	-	Active	NO
3	U17291DL2007PTC171245	REDSTONE INDUSTRIES (INDIA) PRIVATE LIMITED	Director	10-12-07	10-12-07	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Josef
Designation :	Personal Assistant to Managing Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Madhusudan Lal Dhawan	35490
Pushpa Dhawan	31690
Puneet Industry Company Private Limited, India	1620
M.L. Dhawan Sons, India	30000
Puneet Dhawan	1000
Total	99800

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	1.62
Directors or relatives of Directors	98.38
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Tyres
Products :	· Agricultural Tractor Drive Wheel Tyres · Agriculture Tractor Steering Wheel and Trailer Tyres · Agricultural Implement Tyres (I-1) and Non Traction-Traction · Flotation Tyres · Otr Tyres · Industrial, Skid Steer and Dumper Tyres · Truck Trailer And Bus Tyres · Light Commercial Vehicle Tyre · Jeep and Van Tyres · Passenger Tyres · Two, Three Wheeler and Motorcycle Tyres · Butyl Tubes
Exports :
Products :	Finish Goods
Countries :	USA UK European Countries, Middle East, Pakistan Bangladesh
Imports :
Products :	Raw Material
Countries :	China Malaysia Taiwan Korea
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

300 (Approximately)

Bankers :

Union Bank of India, Overseas Branch,26-28D, Connaught Circus, New Delhi - 110001, India

Tel. No.: 91-11-23354234

Facilities :

SECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Long Term Borrowings
Cash Credit form Bank Cash Credit facility from union Bank of India is repayable on demand. It carries an interest rate of Base rate plus 4.50% p.a. Cash credit facility is secured by first exclusive charge on the stock –in-trade, book debts both present and future, collateral security as immovable properties and personal guarantee of director	13.329	13.156
Packing Credit Packing Credit from union Bank of India is repayable on demand. It carries an interest rate. Packing credit facility is secured by first exclusive charge on the stock –in-trade, book debts both present and future, collateral security as immovable properties and personal guarantee of director	39.566	39.999
Export Bills Purchase Export Bills Purchase facility from union Bank of India is repayable on demand. It carries an Fluctuating interest rate. It is secured by first exclusive charge on the export bills, collateral security as immovable properties and personal guarantee of director	7.431	20.897
Total	60.326	74.052

Banking Relations :	---
Auditors :
Name :	J P Chawla and Company Chartered Accountants
Address :	43, Daryaganj, New Delhi – 110002, India
Tel. No.:	91-11-23243456 / 2361010 / 23276542
Fax No.:	91-11-23289314
E-Mail :	info@jpc.co.in
Website :	http://www.jpc.co.in
PAN No.:	AAAFJ2213J
Entitles Controlled by key management or their relatives :	Redstone Industrial Company Private Limited Puneet Industrial Company Private Limited Dhawan Engineering Works Redstone Industries (India) Superking Type Marketing Company

CAPITAL STRUCTURE

As on 30.09.2013

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
99800	Equity Shares	Rs.100/- each	Rs.9.980 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	9.980	9.980	9.980
(b) Reserves & Surplus	427.719	424.418	421.803
(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)	437.699	434.398	431.783
(3) Non-Current Liabilities
(a) long-term borrowings	21.042	15.724	15.921
(b) Deferred tax liabilities (Net)	0.705	1.061	1.341
(c) Other long term liabilities	42.721	42.073	29.542
(d) long-term provisions	2.806	2.657	2.380
Total Non-current Liabilities (3)	67.274	61.515	49.184
(4) Current Liabilities
(a) Short term borrowings	60.326	74.052	64.253
(b) Trade payables	68.773	49.783	43.664
(c) Other current liabilities	28.094	72.887	54.142
(d) Short-term provisions	2.059	1.724	0.747
Total Current Liabilities (4)	159.252	198.446	162.806
TOTAL	664.225	694.359	643.773
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	434.183	436.299	435.603
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.220	3.126	3.404
(e) Other Non-current assets	3.693	1.503	1.423
Total Non-Current Assets	441.096	440.928	440.430
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	127.809	135.863	109.694
(c) Trade receivables	46.214	53.622	35.918
(d) Cash and cash equivalents	12.351	14.537	11.791
(e) Short-term loans and advances	36.755	49.409	45.940
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	223.129	253.431	203.343
TOTAL	664.225	694.359	643.773

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	608.118	570.196	416.970
		Other Income
		TOTAL	608.118	570.196	416.970
Less	EXPENSES
		Office Expenses
		Administrative Expenses	594.579	557.206	406.379
		Advertising Expenses
		TOTAL	594.579	557.206	406.379
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		13.539	12.990	10.591
Less/ Add	DEPRECIATION/ AMORTISATION		8.536	8.771	8.703
	PROFIT BEFORE TAX		5.003	4.219	1.820
Less	TAX		1.703	1.455	0.633
	PROFIT AFTER TAX		3.300	2.764	1.187
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	397.953	371.068	202.440
	TOTAL EARNINGS		397.953	371.068	202.440
	IMPORTS
		Purchase	61.369	13.555	18.823
	TOTAL IMPORTS		61.369	13.555	18.823
	Earnings Per Share (Rs.)		33.07	27.70	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	0.54	0.48	0.30
Operating Profit Margin (PBIDT/Sales)	(%)	2.23	2.28	2.54
Return on Total Assets (PBT/Total Assets}	(%)	0.75	0.61	0.29
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.00
Debt Equity Ratio (Total Debt /Networth)		0.19	0.21	0.19
Current Ratio (Current Asset/Current Liability)		1.40	1.28	1.25

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	9.980	9.980	9.980
Reserves & Surplus	421.803	424.418	427.719
Net worth	431.783	434.398	437.699
long-term borrowings	15.921	15.724	21.042
Short term borrowings	64.253	74.052	60.326
Total borrowings	80.174	89.776	81.368
Debt/Equity ratio	0.186	0.207	0.186

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	416.970	570.196	608.118
		36.747	6.651

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	416.970	570.196	608.118
Profit	1.187	2.764	3.300
	0.28%	0.48%	0.54%

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

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2013	As on 31.03.2012
Long Term Borrowings
Term Loan The Indian rupee loan form Axis Bank Limited Carried a interest @10% p.a. It was repayable in 36 mouthy installments of Rs.64,535/- each along with interest from the date of loan	1.201	0.000
Term Loan The Indian rupee loan from HDFC Bank Limited carried a interest @18.5% repayable in equal monthly installments.	0.000	0.056
Term Loan The Indian rupee loan form Magma Fincorp Limited Carried a interest @18% p.a. It was repayable in 36 mouthy installments of Rs.42,304/- each along with interest from the date of loan	0.169	0.000
Other Loan The Indian rupee loan form Director / Director’s Interested Entities: They are repayable after 31.03.2013.	19.672	15.668
Total	21.042	15.724

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10428306	17/05/2013	207,500,000.00	STANDARD CHARTERED BANK	10, PARLIAMENT STREET, NEW DELHI, DELHI - 110001,  INDIA	B75950865
2	10104211	28/05/2008	715,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A39065693

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Furniture
• Vehicles
• Office Equipment
• Computer
• Moulds
• Cycle

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.62.34
UK Pound	1	Rs.102.06
Euro	1	Rs.84.46

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	ASH

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	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.