MIRA INFORM REPORT

Report Date :

07.10.2014

IDENTIFICATION DETAILS

Name :	UNI-GEM INDIA PRIVATE LIMITED
Registered Office :	HW 6010, Tower “H”, 6^th Floor, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East ), Mumbai – 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.05.1973
Com. Reg. No.:	11-16542
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U36900MH1973PTC016542
PAN No.: [Permanent Account No.]	AAACU0081C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and processing of rough diamond.
No. of Employees :	1800 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered good for normal business dealing at usual trade terms and conditions.

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=A-
Rating Explanation	Have adequate degree of safety and carry low credit risk.
Date	12.12.2013

Rating Agency Name	CRISIL
Rating	Short term rating=A2+
Rating Explanation	Have strong degree of safety and carry low credit risk.
Date	12.12.2013

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 :	Mr. Jigar
Designation :	Accounts Department
Contact No.:	91-22-23633452
Date :	06.10.2014

LOCATIONS

Registered Office :	HW 6010, Tower “H”, 6^th Floor, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East ), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-23631351 / 23633452
Fax No.:	91-22-23631918
E-Mail :	jigar.shah@jasanigroup.com unigem@vsnl.com accounts@jasanigroup.com
Factory :	Located At: · Dahisar, Mumbai · Hyderabad

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Abhay Ratilal Jasani

Designation :

Director

Address :

Shanudeep 14 Floor 10, Altamount Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

22.10.1945

Date of Appointment :

11.05.1973

DIN No.:

00083721

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	U36900MH1973PTC016542	UNI-GEM INDIA PRIVATE LIMITED	Director	11/05/1973	11/05/1973	-	Active	NO
2	U74140MH1980PTC022915	Systsoft Systems & Software Private Limited	Director	30/07/1980	30/07/1980	12/09/2008	Active	NO
3	U51900MH1980PTC023502	DIA MAN EXPORTS PRIVATE LIMITED	Director	01/12/1980	01/12/1980	-	Active	NO
4	U14101MH1986PTC040402	RATILAL BECHARLAL DIAMONDS PVT LTD	Director	15/07/1986	15/07/1986	-	Active	NO
5	U65990MH1989PTC051204	JASANI DIAMONDS PRIVATE LIMITED	Director	29/05/1989	29/05/1989	-	Active	NO
6	U67120MH1989PTC051203	JASANI JEWELLERY PRIVATE LIMITED	Director	29/05/1989	29/05/1989	-	Active	NO

Name :

Mr. Shyam Abhay Jasani

Designation :

Director

Address :

Shanudeep 7 Floor 10, Altamount Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

22.03.1971

Date of Appointment :

16.11.1995

DIN No.:

00083679

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	U65990MH1989PTC051204	JASANI DIAMONDS PRIVATE LIMITED	Director	01/07/1995	01/07/1995	-	Active	NO
2	U67120MH1989PTC051203	JASANI JEWELLERY PRIVATE LIMITED	Director	01/07/1995	01/07/1995	-	Active	NO
3	U36900MH1973PTC016542	UNI-GEM INDIA PRIVATE LIMITED	Director	16/11/1995	16/11/1995	-	Active	NO
4	U14101MH1986PTC040402	RATILAL BECHARLAL DIAMONDS PVT LTD	Director	09/05/1996	09/05/1996	-	Active	NO
5	U51900MH1980PTC023502	DIA MAN EXPORTS PRIVATE LIMITED	Director	07/06/1996	07/06/1996	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Jigar
Designation :	Accounts Department

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Jasani R Abhay	3500	35.00
Jasani Abhay Shyam	600	6.00
Jasani Abhay Mridula	400	4.00
Jasani R Abhay (HUF)	50	0.50
Diaman Exports Private Limited	2450	24.50
Jasani R Abhay Jointly with Jasani A Mridula	1150	11.50
Jasani A Mridula Jointly with Jasani R Abhay	495	4.95
Shah K Mukesh	200	2.00
Jasani R Abhay	1155	11.55
Total	10000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Bodies corporate	25.00
Directors or relatives of Directors	75.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and processing of rough diamond.
Exports :
Countries :	· USA · Japan
Terms :
Selling :	Cash
Purchasing :	Cash

GENERAL INFORMATION

Customers :

Retailers

No. of Employees :

1800 (Approximately)

Bankers :

· Standard Chartered Bank, 90, Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India

· The Royal Bank of Scotland N V, 74, Sakhar Bhavan, 74^th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India

· State Bank of India, Diamond Branch, D-3, West Core, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

· ABN Amro Bank N V, 74, Sakhar Bhavan, 7^th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India

· ANTWERP Diamond Bank N.V, Opera House, Mumbai – 400007, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Other loans and advances	966.847	1206.818
Total	966.847	1206.818

Banking Relations :	--
Auditors :
Name :	Rajendra and Company Chartered Accountant
Address :	1311, Dalamal Tower, 211 Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22855770
Fax No.:	91-22-22834243
E-Mail :	contact@rajendraco.com
Related Parties :	· Ratilal Becharlal Diamonds Private Limited · Supreme Gems Private Limited · Jasani · Jasani Designs, USA (Jasani USA)

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 Million

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	1.000	1.000	1.000
(b) Reserves & Surplus	750.868	725.386	687.794
(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)	751.868	726.386	688.794
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	10.454	5.131	5.094
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	25.890	39.103	34.640
Total Non-current Liabilities (3)	36.344	44.234	39.734
(4) Current Liabilities
(a) Short term borrowings	966.847	1206.818	631.508
(b) Trade payables	161.786	200.141	314.205
(c) Other current liabilities	5.781	6.183	5.970
(d) Short-term provisions	36.243	36.703	26.713
Total Current Liabilities (4)	1170.657	1449.845	978.396
TOTAL	1958.869	2220.465	1706.924
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	87.974	70.277	78.504
(ii) Intangible Assets	0.013	0.021	0.036
(iii) Capital work-in-progress	40.083	62.933	33.576
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	10.435	10.530	10.530
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	28.528	44.397	110.181
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	167.033	188.158	232.827
(2) Current assets
(a) Current investments	0.000	0.000	7.600
(b) Inventories	1151.383	1195.799	774.067
(c) Trade receivables	592.428	710.141	614.301
(d) Cash and cash equivalents	46.453	121.492	76.670
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	1.572	4.875	1.459
Total Current Assets	1791.836	2032.307	1474.097
TOTAL	1958.869	2220.465	1706.924

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX	92.014	112.236	102.905
Less	TAX	31.433	39.778	34.013
	PROFIT/(LOSS) AFTER TAX	60.581	72.458	68.892
	Earnings Per Share (Rs.)	6058.10	--	--

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	4.82	5.23	6.19
Return on Investment (ROI) (PBT/Networth)		0.12	0.15	0.15
Debt Equity Ratio (Total Debt /Networth)		1.29	1.66	0.92
Current Ratio (Current Asset/Current Liability)		1.53	1.40	1.51

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	1.000	1.000	1.000
Reserves & Surplus	687.794	725.386	750.868
Net worth	688.794	726.386	751.868
long-term borrowings	0.000	0.000	0.000
Short term borrowings	631.508	1206.818	966.847
Total borrowings	631.508	1206.818	966.847
Debt/Equity ratio	0.917	1.661	1.286

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	No
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

NOTE: Registered office of the company has been shifted from 401-402 Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra, India to the present address w.e.f. 07.01.2014

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10447409	07/10/2013 *	102,200,000.00	STATE BANK OF INDIA	DIAMOND BRANCH, D/3, WEST CORE, 'G' BLOCK,, BHARAT DIAMOND BOURSE, B.K.C. BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	B89349187
2	10316356	29/09/2011	370,000,000.00	ANTWERP DIAMOND BANK N.V	ANTWERP DIAMOND BANK N.V, OPERA HOUSE, MUMBAI, MAHARASHTRA - 400007, INDIA	B24821241
3	10288658	02/05/2012 *	380,000,000.00	STANDARD CHARTERED BANK	CRESCENZO, 3A/F, PLOT NO. C-38 & 39, G BLOCK, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA	B40648677
4	10097268	28/05/2010 *	700,000,000.00	THE ROYAL BANK OF SCOTLAND N.V.	74, SAKHAR BHAVAN,, 7TH FLOOR, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA	A87906061

*Date of modification Charges

FIXED ASSETS:

· Freehold Land

· Buildings

· Plant and Machinery

· Air Conditioners

· Office Equipment

· Electric Installation

· Factory Equipment

· Vehicles

· Computers

· Furniture and Fixture

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.61.75
UK Pound	1	Rs.100.07
Euro	1	Rs.77.95

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RAS
Report Prepared by :	NKT

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	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		51

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.