MIRA INFORM REPORT

Report Date :

14.11.2014

IDENTIFICATION DETAILS

Name :	ELMACH PACKAGES (INDIA) PRIVATE LIMITED
Registered Office :	410, Hill View Industrial Estate, Off LBS Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.12.1988
Com. Reg. No.:	11-049939
Capital Investment / Paid-up Capital :	Rs. 1.936 Millions
CIN No.: [Company Identification No.]	U28129MH1988PTC049939
TAN No.: [Tax Deduction & Collection Account No.]	MUMM19852A
PAN No.: [Permanent Account No.]	AAACE0940Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Blister Packing Machines and Lobe Pumps.
No. of Employees :	160 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 370000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflects company’s healthy operational risk profile marked by decent liquidity position and sound profitability levels of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 willfully 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.

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 :	Mr. Jaydev
Designation :	Accounts Manager
Contact No.:	91-252-2296127
Date :	12.11.2014

LOCATIONS

Registered/ Admin Office :	410, Hill View Industrial Estate, Off LBS Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra, India
Tel. No.:	91-22-25008007/ 25006658/ 25007966
Fax No.:	91-22-25008910
E-Mail :	corporatemail@elmach.com
Website :	http://www.elmach.com
Factory :	B/1 EL, Shree Rajlaxmi Textile and Industrial Park, Near Chavindra Ocroi, Pogaon, Bhowandi District Thane – 421302, Maharashtra, India
Tel. No.:	91-2522-296127-129/ 296131 to 133 (Landlines)
Fax No.:	91-2522-296115
Sales and Services :	Located at: · Ahmedabad · Bangalore · New Delhi · Chennai · Hyderabad · Kolkata

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Sukumaran Puthiyapurayil

Designation :

Director

Address :

Flat 401, 4th Floor, Plot No.349, Silvanto Central Avenue Road, Near OLPS Church, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

17.01.1943

Date of Appointment :

07.12.1988

DIN No.:

00846698

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	Company/ LLP Status	Defaulting status
1	U28129MH1988PTC049939	ELMACH PACKAGES (INDIA) PRIVATE LIMITED	Director	07/12/1988	07/12/1988	Active	NO
2	U67120MH1943PTC003911	ANIL PRIVATE LIMITED	Director	01/01/1996	01/01/1996	Active	NO
3	U45200MH2007PTC168478	IGP REALTORS PRIVATE LIMITED	Director	08/03/2007	08/03/2007	Active	NO
4	U29295MH2009PTC197742	ELMATIC PACKAGING SOLUTIONS (I) PRIVATE LIMITED	Director	09/12/2009	09/12/2009	Active	NO

Name :

Mrs. Sulochana Sukumaran

Designation :

Director

Address :

Flat 401, 4th Floor, Plot No.349, Silvanto Central Avenue Road, Near OLPS Church, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

28.03.1948

Date of Appointment :

07.12.1988

DIN No.:

00995936

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	Company/ LLP Status	Defaulting status
1	U28129MH1988PTC049939	ELMACH PACKAGES (INDIA) PRIVATE LIMITED	Director	07/12/1988	07/12/1988	Active	NO
2	U67120MH1943PTC003911	ANIL PRIVATE LIMITED	Director	01/01/1996	01/01/1996	Active	NO

KEY EXECUTIVES

Name :	Mr. Jaydev
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Puthiyapurayil Sukumaran	11600
Sukumaran Sulochana	7720
Premrajan K.K.	20
Sukumaran Sudish	20
Total	19360

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Blister Packing Machines and Lobe Pumps.
Exports :
Products :	Finished Goods
Countries :	· Nigeria · Ghana · Malaysia
Imports :
Products :	Raw Material
Countries :	· Germany · Italy
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

GENERAL INFORMATION

Suppliers :

· A. S. Consultancy Services

· Bhadra Tools Corporation

· C.K. Engineering Works

· D.C. Enterprises

· Electro Care (I) Private Limited

· G. K. Industries

· Global Engineering

· Hi Tech Enterprises

· ICM Plastics Private Limited

· Krishna Precision Tools

· Mahavir Textile Stores

· Mitsubishi Electric India Private Limited

· Omkar Enterprises

Customers :

Wholesalers, Retailers and End Users

· Alembic Pharmaceuticals Limited

· Ansa Printpack Private Limited

· Aurobindo Pharma Limited

· Centurian Laboratories

· Cosmas Pharmacls Limited

· Dr. Reddy`s Lab. Limited

· Emzor Pharmaceuticals

· Fisher Biopharma Services

· Gennovo Biopharmaceuticals Limited

· Immacule Lifescience Private Limited

· Mario A. Cricca S.A

· Sai Healthcare

No. of Employees :

160 (Approximately)

Bankers :

· Canara Bank

Fort Market Branch, Padhyan House, Ferre Road,, Mumbai - 400001, Maharashtra, India

Contact Person: Mr. Balakumar [AGM]

Contact No.: 91-22-22614735

Banker Report: Banker gave us positive feedback. The subject having very good track record for Banking transaction.

· Bank of India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Cholamandalam Investment and Finance Company Limited	0.000	0.877
Total	0.000	0.877

Auditors :
Name :	S.R. Ghedia and Company Chartered Accountants
Address :	B/202, Labh Ashish, Old Police Quarters Lane, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-26827755/ 56
Income-tax PAN of auditor or auditor's firm :	AABPG5844R
Company / Firm in which KMP / Relatives of KMP can exercise significant influence :	· Pharma Machinery Co. India Private Limited · Swapna Leather Works Private Limited · Elmach Engineering Co · Surabhi Engineering Works · Anil Private Limited · IGP Realtors Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19,360	Equity Shares	Rs. 100/- each	Rs. 1.936 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.936	1.936	1.936
(b) Reserves & Surplus	127.566	117.509	107.726
(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)	129.502	119.445	109.662
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	1.001	6.175
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	1.835	1.002	1.002
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1.835	2.003	7.177
(4) Current Liabilities
(a) Short term borrowings	0.413	4.312	3.283
(b) Trade payables	100.429	110.470	94.780
(c) Other current liabilities	42.706	33.089	25.938
(d) Short-term provisions	10.622	7.886	6.751
Total Current Liabilities (4)	154.170	155.757	130.752
TOTAL	285.507	277.205	247.591
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	91.935	104.417	110.512
(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	21.351	15.538	15.417
(c) Deferred tax assets (net)	0.947	0.445	0.191
(d) Long-term Loan and Advances	27.023	23.499	17.461
(e) Other Non-current assets	28.310	22.432	20.618
Total Non-Current Assets	169.566	166.331	164.199
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	55.189	63.428	48.618
(c) Trade receivables	57.882	66.954	37.845
(d) Cash and cash equivalents	(3.049)	(25.127)	(9.705)
(e) Short-term loans and advances	5.919	5.619	6.035
(f) Other current assets	0.000	0.000	0.599
Total Current Assets	115.941	110.874	83.392
TOTAL	285.507	277.205	247.591

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	438.315	388.082	341.327
		Other Income	21.884	17.556	13.029
		TOTAL (A)	460.199	405.638	354.356
Less	EXPENSES
		Cost of Materials Consumed	241.546	215.635	175.891
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	11.972	(17.297)	(4.850)
		Employees benefits expense	61.961	57.216	49.174
		Manufacturing expenses	65.436	72.565	60.567
		Sales, Administrative and Other expense	48.432	45.286	39.568
		TOTAL (B)	429.347	373.405	320.350
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		30.852	32.233	34.006
Less	FINANCIAL EXPENSES (D)		0.605	1.128	2.190
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		30.247	31.105	31.816
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.743	16.345	17.868
	PROFIT BEFORE TAX (E-F) (G)		15.504	14.760	13.948
Less	TAX (H)		5.447	4.977	5.090
	PROFIT AFTER TAX (G-H) (I)		10.057	9.783	8.858
	EARNINGS IN FOREIGN CURRENCY
		Export of goods on FOB basis	95.803	95.144	63.060
	IMPORTS
		Raw Materials	13.259	4.649	2.996
	Earnings Per Share (Rs.)		519.47	505.34	457.68

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.29	2.52	2.60
Operating Profit Margin (PBDIT/Sales)	(%)	7.04	8.31	9.96
Return on Total Assets (PBT/Total Assets}	(%)	5.89	5.65	6.01
Return on Investment (ROI) (PBT/Networth)		0.12	0.12	0.13
Debt Equity Ratio (Total Debt/Networth)		0.00	0.04	0.09
Current Ratio (Current Asset/Current Liability)		0.75	0.71	0.64

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1.936	1.936	1.936
Reserves & Surplus	107.726	117.509	127.566
Net worth	109.662	119.445	129.502
Long-term borrowings	6.175	1.001	0.000
Short term borrowings	3.283	4.312	0.413
Total borrowings	9.458	5.313	0.413
Debt/Equity ratio	0.086	0.044	0.003

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	341.327	388.082	438.315
		13.698	12.944

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	341.327	388.082	438.315
Profit	8.858	9.783	10.057
	2.60%	2.52%	2.29%

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	Yes
18]	Major customers	Yes
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	Yes
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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10308255	06/01/2011	2,200,000.00	CANARA BANK	FORT MARKET BRANCH, PADHYAN HOUSE, FERRE ROAD, MUMBAI, MAHARASHTRA - 400001, INDIA	B11716701
2	90225289	18/06/2007 *	4,000,000.00	CANARA BANK	FORT MARKET BRANCH, PADHYAN HOUSE, FERRE ROAD, MUMBAI, MAHARASHTRA - 400001, INDIA	A19062769

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans from related Parties P.P. Sukumaran	0.000	1.001
SHORT TERM BORROWINGS
Sulochana Sukumaran	0.413	0.718
P.P. Sukumaran	0.000	1.190
Rashmi Sudish	0.000	0.368
Sudish Sukumaran	0.000	0.615
Surabhi Engg. Works	0.000	0.544
Total	0.413	4.436

CORPORATE INFORMATION

BUSINESS ACTIVITY / OPERATIONS

To Carry on business of Manufacturing, producing, purchasing, selling, exporting, importing and dealing in whether as commission agent or otherwise of Pharmaceutical Packaging machines, special application machine, any other types of machines, electrical and electrical item such as igniter. Stabiliser, transformer, EST Emergency light and other allied items and the Engineering goods and their spare parts components.

OPERATION REVIEW

That was an all-round development in company’s performance during the current year. The Directors are hopeful of improving the working of the company still further. The company is also receiving enquiries from abroad and expecting export orders of sizeable amount.

FIXED ASSETS:

· Land

· Building

· Building at Kalyan

· Canteen Building

· Industrial Galas

· Plant and Machinery

· Office Equipments

· Furniture and Fixtures

· Computer

· Technical Knowhow (SLM)

· Vehicles

· Commercial Vehicle

· Electrical Installation

· Electrical Machinery

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. 61.56
UK Pound	1	Rs. 97.10
Euro	1	Rs. 76.61

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.