MIRA INFORM REPORT

Report Date :

11.10.2014

IDENTIFICATION DETAILS

Name :	STAUNCH NATURAL RESOURCES PRIVATE LIMITED
Registered Office :	701/702, Nestor Court, ADJ to Vinayak Co-operative Housing Society, CTS-985, Baji Prabhu Deshpande Marg, Vile Parle (West), Mumbai – 400056, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.06.2010
Com. Reg. No.:	11-228076
Capital Investment / Paid-up Capital :	Rs.6.947 Millions
CIN No.: [Company Identification No.]	U51432MH2010PTC228076
PAN No.: [Permanent Account No.]	BAOPM5638K
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, exporter and importer of Mill Scale, Iron Ore Fines, HMS Scrap, Aluminium Scrap.
No. of Employees :	17 (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. The company possesses a moderate financial profile marked by small Networth, highly working capital intensity of operations and modest debt protection metrics. Management has witnessed a favourable revenue but has reported a low profit margin as a result of trading nature of business operations. The ratings also take into consideration the extensive experience of the promoters and their timely support in terms of equity infusion of funds during FY14. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of the subject being in embryonic stage, it 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 regarding timely servicing of financial obligations.
Date	14.05.2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Rajkumar Khatod
Designation :	Accounts Manager
Contact No.:	91-9320039933
Date :	10.10.2014

LOCATIONS

Registered Office :	701/702, Nestor Court, ADJ to Vinayak Co-operative Housing Society, CTS-985, Baji Prabhu Deshpande Marg, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Tel. No.:	91-22-26238811
Mobile No.:	91-9320039933 (Mr. Rajkumar Khatod)
Fax No.:	Not Available
E-Mail :	info@staunchresources.com
Location :	Owned
Branch :	Kailash Manas Building, Office No.5, 2^nd Floor, Plot No.340, Ward No.12/B, Gandhidham – 370201, Kachchh, Gujarat, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Aditya Golechha

Designation :

Director

Address :

Usha-Kiran, 225, malviya Nagar, Durg – 491001, Chhattisgarh, India

Date of Birth/Age :

26 Years

Date of Appointment :

20.05.2012

Qualification :

Masters

Experience :

3 Years

DIN No.:

01831358

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	U45201CT1991PTC006593	HIMALAYA COMMERCIAL COMPLEX PRIVATE LIMITED	Director	19/07/2006	19/07/2006	-	Active	NO
2	U45201CT1999PTC013579	GOLECHHA INFRASTRUCTURE PRIVATE LIMITED	Director	24/02/2007	24/02/2007	-	Active	NO
3	U23201CT1991PLC006594	GOLECHHA PETRO CHEMICALS LIMITED	Director	25/02/2007	25/02/2007	-	Active	NO
4	U01122CT1985PTC003017	GOLECHHA AGRO PRODUCTS PVT LTD	Director	26/02/2007	26/02/2007	-	Active	NO
5	U45200CT2010PTC021562	TOTAL LIFE INFRAVENTURES PRIVATE LIMITED	Director	18/01/2010	18/01/2010	-	Active	NO
6	U51432MH2010PTC228076	STAUNCH NATURAL RESOURCES PRIVATE LIMITED	Director	20/05/2012	20/05/2012	-	Active	NO
7	U74999MH2013PTC245878	Solitaire Steels Private Limited	Director	19/07/2013	19/07/2013	-	Active	NO

Name :

Mr. Nandish Rameshchandra Parekh

Designation :

Director

Address :

Plot 22/B/2 Vidhyanagar, Behind Central Salt, Bhavnagar – 364002, Gujarat, India

Date of Birth/Age :

41 Years

Date of Appointment :

30.01.2012

Qualification :

Diploma in Mechanical Engineering

Experience :

17 Years

DIN No.:

03321203

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	U51900GJ2010PTC063215	AURUM EXIM PRIVATE LIMITED	Director	09/12/2010	09/12/2010	-	Active	NO
2	U51432MH2010PTC228076	STAUNCH NATURAL RESOURCES PRIVATE LIMITED	Director	30/01/2012	30/01/2012	-	Active	NO
3	U74120MH2012PTC230928	STAUNCH TRADELINK PRIVATE LIMITED	Director	11/05/2012	11/05/2012	-	Active	NO
4	U74999MH2013PTC245878	Solitaire Steels Private Limited	Director	19/07/2013	19/07/2013	-	Active	NO

Name :

Mr. Shwetang Girdharbhai Jivani

Designation :

Director

Address :

202, Trishala, Flat No.152C, S. V. Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

31 Years

Date of Appointment :

15.07.2013

Qualification :

BMS

Experience :

6 Years

DIN No.:

06440031

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	U74120MH2012PTC230750	HIVVE LIFESTYLE PRIVATE LIMITED	Director	01/12/2012	01/12/2012	05/07/2013	Active	NO
2	U51432MH2010PTC228076	STAUNCH NATURAL RESOURCES PRIVATE LIMITED	Director	15/07/2013	15/07/2013	-	Active	NO
3	U74999MH2013PTC245878	Solitaire Steels Private Limited	Director	19/07/2013	19/07/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajkumar Khatod
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Printage Offset	4375
Urjita Commercial Private Limited	2500
Jatadhari Marketing Private Limited	3750
Sanskriti Vincom Private Limited	6250
Shivling Mercantile Private Limited	2500
Shivratri Tradelink Private Limited	6250
Trump Traders Private Limited	6250
Nandish Parekh	360000
Munjal Sudhir Varalya	2000
Aditya Golecha	15000
Shwetang Jivani	1800
Total	410675

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Bodies corporate	6.70
Directors or relatives of Directors	91.80
Other top fifty shareholders	1.50
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, exporter and importer of Mill Scale, Iron Ore Fines, HMS Scrap, Aluminium Scrap.
Exports :
Products :	Mill Scale Irone Ore Fines
Countries :	China
Imports :
Products :	HMS Scrap
Countries :	Aluminium Scrap Angola UK Morocco
Terms :
Selling :	L/C, Cash, Credit
Purchasing :	L/C, Cash, Credit

GENERAL INFORMATION

Customers :	Wholesalers
No. of Employees :	17 (Approximately)
Bankers :	Union Bank of India, Shri Sadan, Shantiben Estate, Goregaon (East), Mumbai – 400063, Maharshtra, India

Banking Relations :	--
Auditors :
Name :	Ashok Srivastava and Company Chartered Accountants
Address :	608-609, Manish Chambers, Sonavala Lane, Goregaon (East), Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-40214937
PAN No.:	APTPS0148B
Subsidiaries :	Staunch Tradelink Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital : Not Divulged

Issued, Subscribed & Paid-up Capital : Rs.6.947 Millions

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
410675	Equity Shares	Rs.10/- each	Rs.4.107 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	6.947	4.107	4.000
(b) Reserves & Surplus	127.630	54.886	41.913
(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)	134.577	58.993	45.913
(3) Non-Current Liabilities
(a) long-term borrowings	15.786	34.293	9.788
(b) Deferred tax liabilities (Net)	0.691	0.243	0.137
(c) Other long term liabilities	94.050	94.050	94.050
(d) long-term provisions	5.517	0.000	0.000
Total Non-current Liabilities (3)	116.044	128.586	103.975
(4) Current Liabilities
(a) Short term borrowings	149.981	44.496	0.612
(b) Trade payables	142.003	70.043	140.755
(c) Other current liabilities	312.740	309.732	223.280
(d) Short-term provisions	14.425	13.825	8.166
Total Current Liabilities (4)	619.149	438.096	372.813
TOTAL	869.770	625.675	522.701
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	35.700	37.807	4.099
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	53.568	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.600	2.600	2.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	91.868	40.407	6.099
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	506.155	239.672	134.724
(c) Trade receivables	47.308	169.980	279.577
(d) Cash and cash equivalents	42.963	23.036	8.897
(e) Short-term loans and advances	178.408	152.563	93.383
(f) Other current assets	3.068	0.017	0.021
Total Current Assets	777.902	585.268	516.602
TOTAL	869.770	625.675	522.701

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1425.303	1424.348
		Other Income	17.175	9.738
		TOTAL (A)	1442.478	1434.086	1184.560
Less	EXPENSES
		Purchase of Stock-in-trade	1399.338	1270.145
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(266.483)	(104.948)
		Employee Benefits Expenses	5.212	4.980
		Other Expenses	259.145	241.332
		Exceptional Items	0.000	(0.023)
		TOTAL (B)	1397.212	1411.486	1167.422
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		45.266	22.600
Less	FINANCIAL EXPENSES (D)		14.901	4.980
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		30.365	17.620	17.138
Less	DEPRECIATION/ AMORTISATION (F)		2.792	0.448	0.163
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		27.573	17.172	16.975
Less	TAX (H)		3.109	5.592	5.508
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		24.464	11.580	11.467
	Earnings Per Share (Rs.)		65.00	29.00	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	1.70	0.81	0.97
Net Profit Margin (PBT/Sales)	(%)	1.93	1.21	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.39	2.76	3.26
Return on Investment (ROI) (PBT/Networth)		0.20	0.29	0.37
Debt Equity Ratio (Total Debt /Networth)		1.23	1.34	0.23
Current Ratio (Current Asset/Current Liability)		1.26	1.34	1.39

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	4.000	4.107	6.947
Reserves & Surplus	41.913	54.886	127.630
Net worth	45.913	58.993	134.577
long-term borrowings	9.788	34.293	15.786
Short term borrowings	0.612	44.496	149.981
Total borrowings	10.400	78.789	165.767
Debt/Equity ratio	0.227	1.336	1.232

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	1184.560	1434.086	1442.478
		21.065	0.585

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	1184.560	1434.086	1442.478
Profit	11.467	11.580	24.464
	0.97%	0.81%	1.70%

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

TRADE REFERENCES

Ø Shreeji Enterprise, Gujarat

Ø Emerald Industries, Madhya Pradesh

Ø DR Trading, Rajasthan

Ø Panchmukhi Exim, Madhya Pradesh

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10454576	23/09/2013	37,100,000.00	BANK OF INDIA	ANDHERI HSG & PERS. FINANCE BR(ANDHERI RETAIL, BUSINESS CENTRE) BOI BUILDING,1ST FL, 28, S.V. RD., MUMBAI, MAHARASHTRA - 400058, INDIA	B87339529
2	10388603	20/09/2014 *	180,000,000.00	UNION BANK OF INDIA	SHRI SADAN, SHANTABEN ESTATE, GOREGAON EAST, MUMBAI, MAHARASHTRA - 400063, INDIA	C24813644
3	10388225	27/10/2012	21,500,000.00	TATA CAPITAL HOUSING FINANCE LIMITED	ONE FORBES, DR V B GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B62676960

*Date of modification Charges

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 records 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.61.04
UK Pound	1	Rs.98.64
Euro	1	Rs.77.74

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUB
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--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.