MIRA INFORM REPORT

Report Date :

06.10.2014

IDENTIFICATION DETAILS

Name :	PALAK AGENCY PRIVATE LIMITED
Registered Office :	509-510, Navratan Premises Cooperative Society, 69, P D Mello Road, Carnac Bunder, Mumbai – 400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.06.1998
Com. Reg. No.:	11-115425
Capital Investment / Paid-up Capital :	Rs. 2.602 Millions
CIN No.: [Company Identification No.]	U51100MH1998PTC115425
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Steel. Subject is engaged in the Business of Real Estate including Development, Purchase, Sale, Lease, Financing and Investment activities. (Upto 2013 as confirmed by Management.)
No. of Employees :	2 (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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There seems huge growth in the turnover during 2013, however the company has incurred a loss. Trade relations are reported as 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.

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 :	Ms. Priyanka Devra
Designation :	Manager
Contact No.:	91-22-66172219
Date :	29.09.2014

LOCATIONS

Registered Office :	509-510, Navratan Premises Cooperative Society, 69, P D Mello Road, Carnac Bunder, Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-66172219 / 66361316
Fax No.:	91-22-66361317
E-Mail :	sanjug1984@gmail.com
Correspondence Address :	402 – D, Steel Chamber, Carnac Bunder Masjid, Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-66172219

DIRECTORS

As on 30.09.2013

Name :

Mr. Jitendra Chunilal Bhanasali

Designation :

Director

Address :

E- 203, Dawarkesh L.T. road, Borivali, Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

03.02.1943

Date of Appointment :

30.09.2013

DIN No.:

00382662

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	U67120MH1995PTC095602	GUNJAR INVESTMENT AND TRADING PRIVATE LIMITED	Director	01/03/1998	01/03/1996	10/05/2013	Active	NO
2	U67120MH1996PTC096366	KASTURI HOLDINGS PRIVATE LIMITED	Director	02/04/1996	02/04/1996	10/05/2013	Active	NO
3	U65910MH1996PTC095837	RAGINI CREDIT CAP PRIVATE LIMITED	Director	22/08/1996	22/08/1996	10/05/2013	Active	NO
4	U67120MH1995PTC095416	GOPESH FINANCE AND INVESTMENT PRIVATE LIMITED	Director	22/08/1996	22/08/1996	10/05/2013	Active	NO
5	U51311HR1971PTC051172	SAINATH TRADING COMPANY PRIVATE LIMITED	Director	30/09/2006	22/06/2006	03/02/2014	Active	NO
6	U72300MH2007PTC170301	HB.COM PRIVATE LIMITED	Director	25/04/2007	25/04/2007	-	Active	NO
7	U99999MH1991PTC062711	POPULAR CHOOSY INVESTMENTS PRIVATE LIMITED	Director	30/09/2010	02/07/2007	27/07/2013	Active	NO
8	U67120MH1991PTC062713	POPULAR CONSCIOUS INVESTMENTS PRIVATE LIMITED	Director	30/09/2010	02/07/2007	27/07/2013	Active	NO
9	U99999MH1991PTC062709	POPULAR BUFFER INVESTMENTS PRIVATE LIMITED	Director	30/09/2010	02/07/2007	27/07/2013	Active	NO
10	U67120MH1991PTC062708	POPULAR RESOLUTE INVESTMENTS PRIVATE LIMITED	Director	30/09/2010	02/07/2007	27/07/2013	Active	NO
11	U51100MH1998PTC115425	PALAK AGENCY PRIVATE LIMITED	Director	30/09/2013	01/04/2008	-	Active	NO
12	U25200MH2006PTC165366	MASTERPLAST INDIA PRIVATE LIMITED	Director	30/09/2009	19/06/2009	17/12/2013	Active	NO
13	U27310MH2006PLC165173	SHREE UTTAM STEEL AND POWER LIMITED	Director	30/09/2010	20/02/2010	-	Active	NO
14	U51900MH1989PTC051001	KARISHMA TRADING COMPANY PRIVATE LIMITED	Director	30/09/2010	16/08/2010	-	Active	NO
15	U65990GJ1992PTC018048	MOUNT TRADING AND INVESTMENTS PVT LTD	Director	31/08/2010	31/08/2010	-	Active	NO
16	U51110GJ1992PTC018050	EKAGRA TRADING AND INVESTMENTS PVT LTD	Director	31/08/2010	31/08/2010	-	Active	NO
17	U45201MH2006PTC165166	VAIKUNTH TOWNSHIPS PRIVATE LIMITED	Director	30/09/2011	11/09/2010	-	Active	NO
18	U45200MH1997PTC112493	VAIDEHI-AKASH HOUSING PRIVATE LIMITED	Additional director	23/11/2010	23/11/2010	24/11/2010	Active	NO
19	U51900HR1997PLC047058	GROW WELL MERCANTILE LIMITED	Director	30/09/2011	15/04/2011	-	Active	NO
20	U51909MH2005PTC151831	EVERGREEN TRADEPLACE PRIVATE LIMITED	Director	29/09/2012	25/04/2012	-	Active	NO
21	U45200MH1994PTC081267	INDRAJIT POWER PRIVATE LIMITED	Director	30/09/2013	23/04/2013	-	Active	NO
22	U51900MH1982PTC028710	UTTAM EXPORTS PRIVATE LIMITED	Director	05/08/2013	05/08/2013	-	Active	NO

Name :

Rakeshkumar Shrikishan Khandelwal

Designation :

Director

Address :

605/B, Usha Nagar, Service Road, Bhandup West, Mumbai – 400078, Maharashtra, india

Date of Birth/Age :

09.08.1948

Date of Appointment :

30.09.2013

DIN No.:

02531139

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	U45202MH1994PTC081286	PARITOSA PROPERTIES PRIVATE LIMITED	Director	17/04/1997	17/04/1997	04/02/2014	Active	NO
2	U70101MH1994PTC081160	OPASA STEELS PRIVATE LIMITED	Director	17/04/1997	17/04/1997	18/09/2012	Active	NO
3	U45202MH1994PTC081324	BAKURA PROPERTIES PRIVATE LIMITED	Director	17/04/1997	17/04/1997	-	Active	NO
4	U70101MH1994PTC081366	HELI PROPERTIES PRIVATE LIMITED	Director	17/04/1997	17/04/1997	-	Active	NO
5	U51100MH1998PTC115425	PALAK AGENCY PRIVATE LIMITED	Director	30/09/2013	22/07/2013	-	Active	NO
6	U51909MH2005PTC151831	EVERGREEN TRADEPLACE PRIVATE LIMITED	Director	30/09/2013	24/07/2013	-	Active	NO
7	U45201MH2006PTC165166	VAIKUNTH TOWNSHIPS PRIVATE LIMITED	Additional director	01/06/2014	01/06/2014	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Priyanka Devra
Designation :	Manager

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
B.B. Handa	9880
Kishore Tita	10
Grow Well Mercantile Limited	100
Falguni Tita	10
Total	10000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	1.00
Other top fifty shareholders	99.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Steel. Subject is engaged in the Business of Real Estate including Development, Purchase, Sale, Lease, Financing and Investment activities. (Upto 2013 as confirmed by Management.)
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

GENERAL INFORMATION

Customers :

Others

No. of Employees :

2 (Approximately)

Bankers :

Punjab and Maharashtra Cooperative Bank, CCarnac Bunder, Mumbai, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
SHORT TERM BORROWING
Loans repayable on demand	410.971	272.281
Total	410.971	272.281

Banking Relations :	---
Auditors :
Name :	Sonal V. Desai Chartered Accountant
Address :	104, Tuscon, Trikal Cooperative Housing Society, Plot No 310, 90 Feet Road, Ghatkopar (East), Mumbai – 400075, Maharashtra, India
PAN No :	AAMPD9246M

CAPITAL STRUCTURE

After 30.09.2013

Authorised Capital : Rs.

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions
4000000	Preference Shares	Rs.10/- each	Rs. 40.000 Millions
	Total		Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17784	Equity Shares	Rs.10/- each	Rs. 0.177 Million
250175	Preference Shares	Rs.10/- each	Rs. 2.502 Millions
	Total		Rs.2.679 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions
3000000	Preference Shares	Rs.10/- each	Rs. 30.000 Millions
	Total		Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.1000 Million
250175	Preference Shares	Rs.10/- each	Rs. 2.502 Millions
	Total		Rs. 2.602 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	2.601	2.601	2.602
(b) Reserves & Surplus	136.172	136.303	132.789
(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)	138.773	138.904	135.391
(3) Non-Current Liabilities
(a) long-term borrowings	197.500	472.000	699.000
(b) Deferred tax liabilities (Net)	0.014	0.014	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.002	0.000
Total Non-current Liabilities (3)	197.514	472.016	699.000
(4) Current Liabilities
(a) Short term borrowings	410.971	272.281	0.000
(b) Trade payables	226.479	15.188	11.110
(c) Other current liabilities	0.060	0.007	0.004
(d) Short-term provisions	0.000	0.000	5.104
Total Current Liabilities (4)	637.510	287.476	16.218
TOTAL	973.797	898.396	850.609
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.077	0.127	0.000
(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	136.793	86.793	86.783
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	549.026	599.319	312.660
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	685.896	686.239	399.443
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	126.021	123.546	78.786
(c) Trade receivables	0.000	3.625	136.425
(d) Cash and cash equivalents	0.050	0.051	57.331
(e) Short-term loans and advances	161.830	84.935	178.353
(f) Other current assets	0.000	0.000	0.271
Total Current Assets	287.901	212.157	451.166
TOTAL	973.797	898.396	850.609

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	50.653	10.848	393.613
Less	EXPENSES		50.784	5.318	347.394
	PROFIT / LOSS BEFORE TAX		(0.131)	5.530	46.219
Less	TAX		0.000	2.074	16.600
	PROFIT / LOSS AFTER TAX		(0.131)	(2.074)	(16.600)
	Earnings Per Share (Rs.)		0.50	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(0.26)	(19.12)	(4.22)
Return on Total Assets (PBT/Total Assets}	(%)	(0.02)	0.68	6.05
Return on Investment (ROI) (PBT/Networth)		(0.094)	3.98	34.14
Debt Equity Ratio (Total Debt /Networth)		4.38	5.36	5.16
Current Ratio (Current Asset/Current Liability)		0.45	0.74	27.82

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	2.602	2.601	2.601
Reserves & Surplus	132.789	136.303	136.172
Net worth	135.391	138.904	138.773
long-term borrowings	699.000	472.000	197.500
Short term borrowings	0.000	272.281	410.971
Total borrowings	699.000	744.281	608.471
Debt/Equity ratio	5.163	5.358	4.385

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)
Total Income	393.613	10.848	50.653
		(97.244)	366.934

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	393.613	10.848	50.653
Profit	(16.600)	(2.074)	(0.131)
	(4.22)%	(19.12)%	(0.26)%

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)	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	No

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Inter Corporate Loans and Advances	197.500	472.000
Total	197.500	472.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10356057	14/05/2012	500,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	One Forbes,, Dr. V. B. Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, INDIA	B39723879

* Date of charge modification

FIXED ASSETS

· Computer

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.61.42
UK Pound	1	Rs.99.72
Euro	1	Rs.77.93

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	DIV
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	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	NO
--AFFILIATION	YES/NO	NO
--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.