MIRA INFORM REPORT

Report Date :

13.10.2014

IDENTIFICATION DETAILS

Name :	LAKME LEVER PRIVATE LIMITED
Registered Office :	Shriniwas House, 1^st Floor, H Somani Marg, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.12.2008
Com. Reg. No.:	11-188539
Capital Investment / Paid-up Capital :	Rs.200.000 Millions
CIN No.: [Company Identification No.]	U24247MH2008PTC188539
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in providing beauty care services through own salons and franchisees.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (28)

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 a subsidiary of Hindustan Unilever Limited. It is an established company having a moderate track record. Net worth of the company has been eroded due to accumulated loss incurred from its operations. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of strong holding, the company can be considered for business dealings with slight 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

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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 rakashy 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 DECLINED

MANAGEMENT NON – COOPERATIVE (91-22-39832117)

LOCATIONS

Registered Office :	Shriniwas House, 1^st Floor, H Somani Marg, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-39832117
Fax No.:	Not Available
E-Mail :	comsec.hul@unilever.com care@lakmelever.com
Website:	www.lakmesalon.com

DIRECTORS

As on 27.06.2014

Name :

Mr. Pushkaraj rakash shenai

Designation :

Whole-time director

Address :

12, Irani Mansion Gokhale Society Lane, Parel, Mumbai – 400012, Maharashtra, India

Date of Birth/Age :

14.01.1974

Date of Appointment :

25.07.2013

DIN No.:

03518297

PAN No.:

AOPPS4280R

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	U45201MH2006PTC165659	NEPTUNE REALTORS PRIVATE LIMITED	Director	14/09/2011	09/05/2011	23/01/2012	Active	NO
2	U70102MH2011PTC219815	AASAN DEVELOPERS & CONSTRUCTIONS PRIVATE LIMITED	Director	14/07/2011	14/07/2011	16/10/2012	Active	NO
3	U70102MH2011PTC221503	THOUGHTFUL REALTORS PRIVATE LIMITED	Director	05/09/2011	05/09/2011	16/10/2012	Active	NO
4	U70101MH2011PTC220201	FLOAT DEVELOPERS PRIVATE LIMITED	Director	22/03/2012	22/03/2012	16/10/2012	Active	NO
5	U70102MH2011PTC220085	GERBE DEVELOPERS PRIVATE LIMITED	Director	22/03/2012	22/03/2012	16/10/2012	Active	NO
6	U70102MH2011PTC220137	NIVAL DEVELOPERS PRIVATE LIMITED	Director	22/03/2012	22/03/2012	16/10/2012	Active	NO
7	U24247MH2008PTC188539	LAKME LEVER PRIVATE LIMITED	Whole-time director	25/07/2013	26/04/2013	-	Active	NO

Name :

Mr. Devopam Narendra Bajpai

Designation :

Director

Address :

Meghdoot Tower, A Lokhandwala Back Road, Lokhandwala, Andheri West, Mumbai – 400058, Maharashtra, India

Date of Birth/Age :

14.11.1965

Date of Appointment :

27.07.2011

DIN No.:

00050516

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	U65910MH1977PLC019873	TIFCO HOLDINGS LIMITED	Director	10/03/2006	10/03/2006	14/12/2007	Active	NO
2	U55101GA1986PLC001980	ASIA PACIFIC HOTELS LIMITED	Director	16/03/2006	16/03/2006	-	Amalgamated	NO
3	U55101MH1979PLC021967	TAJ LANDS END LIMITED	Director	24/03/2006	24/03/2006	-	Amalgamated	NO
4	L55101UP1971PLC003480	BENARES HOTELS LIMITED	Director	23/05/2006	23/05/2006	14/11/2007	Active	NO
5	U51909KL1989PLC005465	INNOVATIVE FOODS LIMITED	Additional director	29/01/2007	29/01/2007	21/01/2008	Active	NO
6	U85110KA1995PLC017192	TAJ KARNATAKA HOTELS AND RESORTS LIMITED	Nominee director	27/09/2007	12/06/2007	20/12/2007	Active	NO
7	U74140WB2003PTC121076	MEDICA SYNERGIE PRIVATE LIMITED	Nominee director	16/07/2008	16/07/2008	25/06/2010	Active	NO
8	U70100MH2003PLC143211	I-VEN REALTY LIMITED	Additional director	25/03/2009	25/03/2009	27/05/2010	Active	NO
9	U45400TG2007PTC053720	TELLAPUR TECHNOCITY PRIVATE LIMITED	Director	23/11/2009	27/08/2009	03/05/2010	Active	NO
10	U24247MH2008PTC188539	LAKME LEVER PRIVATE LIMITED	Director	27/07/2011	30/03/2011	-	Active	NO
11	U67120MH1994PTC082045	DIGITAL SECURITIES PRIVATE LIMITED	Director	29/09/2011	27/07/2011	-	Amalgamated	NO
12	U24246TN1981PLC008785	PONDS EXPORTS LIMITED	Director	20/07/2012	27/07/2011	-	Active	NO
13	U65990MH1958PLC011060	HINDLEVER TRUST LIMITED	Director	20/07/2012	27/07/2011	-	Active	NO
14	U74999MH1946PLC005403	LEVERS ASSOCIATED TRUST LIMITED	Director	20/07/2012	22/08/2011	-	Active	NO
15	U51900MH1963PLC012667	UNILEVER INDIA EXPORTS LIMITED	Director	23/07/2012	22/08/2011	-	Active	NO
16	U24110MH1994PTC081672	UNILEVER INDUSTRIES PRIVATE LIMITED	Director	28/09/2012	30/09/2011	-	Active	NO
17	U74120MH2012FTC228937	UNILEVER VENTURES INDIA ADVISORY PRIVATE LIMITED	Director	29/03/2012	29/03/2012	-	Active	NO
18	U24110MH1990PTC254953	AQUAGEL CHEMICALS PRIVATE LIMITED	Director	23/08/2013	26/03/2013	-	Active	NO

Name :

Anita Sandeep Zutshi

Designation :

Director

Address :

2301, Oberoi Splndor Grane, Jvlr, Oppsoite Majas Depot, Andheri (East), Mumbai – 400060, Maharashtra, India

Date of Birth/Age :

24.07.1971

Date of Appointment :

27.06.2014

DIN No.:

03534695

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	U51900MH2007PTC176788	HINDUSTAN FIELD SERVICES PRIVATE LIMITED	Director	28/09/2011	27/01/2011	-	Active	NO
2	U24247MH2008PTC188539	LAKME LEVER PRIVATE LIMITED	Director	27/06/2014	23/04/2014	-	Active	NO
3	U74999PN1994PTC081290	KIMBERLY-CLARK LEVER PRIVATE LIMITED	Additional director	17/07/2014	17/07/2014	-	Active	NO

Key executive

Name :	Mr. Amit Bhasin
Designation :	Secretary
Address :	Flat No. B601, 6^th Floor, Sai Sthaan, Plot No. 456, Sector 29, Nerul, Navi Mumbai – 400706, Maharashtra, India
Date of Birth/Age :	17.08.1980
Date of Appointment :	24.05.2010
PAN No.:	AHDPB2984J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.06.2014

Names of Shareholders	No. of Shares
Hindustan Unilever Limited, India	19999999
R Sridhar Hindustan Unilever Limited, India	1
Total	20000000

Equity Share Break up (Percentage of Total Equity)

As on 27.06.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in providing beauty care services through own salons and franchisees.

GENERAL INFORMATION

No. of Employees :	Information declined by the management
Bankers :	Not Divulged
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Lovelock and Lewes Chartered Accountants
Address :	2 5 2 Veer Savarkar Marg, Shivaji Park, Dadar West, Mumbai-400028, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFL5878L
Holding company:	Hindustan Unilever Limited, India [L15140MH1933PLC002030]
Ultimate Holding Company:	Unilever PLC
Fellow Subsidiary Company:	TIGI Linea, LP

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
70000000	Equity Shares	Rs.10/- each	Rs. 700.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 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	200.000	200.000	200.000
(b) Reserves & Surplus	(754.139)	(591.415)	(360.586)
(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)	(554.139)	(391.415)	(160.586)
(3) Non-Current Liabilities
(a) long-term borrowings	700.000	511.000	297.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	16.243	0.000	0.000
(d) long-term provisions	0.255	0.232	0.018
Total Non-current Liabilities (3)	716.498	511.232	297.018
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	143.352	142.160	97.141
(c) Other current liabilities	71.072	58.605	43.076
(d) Short-term provisions	0.000	0.000	0.020
Total Current Liabilities (4)	214.424	200.765	140.237
TOTAL	376.783	320.582	276.669
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	127.413	86.561	97.527
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.352	12.753	4.850
(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	99.083	95.646	69.795
(e) Other Non-current assets	0.699	0.720	0.700
Total Non-Current Assets	228.547	195.680	172.872
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	69.638	48.550	44.047
(c) Trade receivables	46.548	51.697	34.836
(d) Cash and cash equivalents	25.453	17.232	15.522
(e) Short-term loans and advances	6.412	7.330	9.392
(f) Other current assets	0.185	0.093	0.000
Total Current Assets	148.236	124.902	103.797
TOTAL	376.783	320.582	276.669

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from Operations	815.947	590.676	446.625
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	(162.724)	(230.829)	(132.458)
Less	TAX	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	(162.724)	(230.829)	(132.458)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(591.415)	(360.586)	(228.128)
	Balance Carried to the B/S	(754.139)	(591.415)	(360.586)
	Earnings / (Loss) Per Share (Rs.)	(8.14)	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PBT/Sales)	(%)	(19.94)	(39.08)	(29.66)
Return on Total Assets (PBT/Total Assets}	(%)	(43.34)	(74.99)	(48.73)
Return on Investment (ROI) (PBT/Networth)		0.29	0.59	0.82
Debt Equity Ratio (Total Debt /Networth)		(1.26)	(1.31)	(1.85)
Current Ratio (Current Asset/Current Liability)		0.69	0.62	0.74

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	200.000	200.000	200.000
Reserves & Surplus	(360.586)	(591.415)	(754.139)
Net worth	(160.586)	(391.415)	(554.139)
long-term borrowings	297.000	511.000	700.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	297.000	511.000	700.000
Debt/Equity ratio	(1.849)	(1.306)	(1.263)

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)
Revenue from Operations	446.625	590.676	815.947
		32.253	38.138

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from Operations	446.625	590.676	815.947
Profit	(132.458)	(230.829)	(162.724)
	(29.66%)	(39.08%)	(19.94%)

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	No
24]	Banking facility details	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

OPERATIONAL REVIEW

The Company has 225 Lakmé Salons, of which 57 are Company owned / managed and 168 are franchisee salons. The Company delivered double digit salon growth for the fourth consecutive year although the market slowed down by consumers pulling back on discretionary spends. Net expansion improved from 8 salons in the previous year to 36 salons in this financial year. Innovations like Perfect Radiance and Youth Infinity facial rituals have delighted consumers and driven growth. The flagship Lakme Absolute Salon which magnifies the back stage

experience with professional styling expertise and bespoke beauty rituals, was launched in Mumbai. The Company is investing in improving customer service and building delightful imagery to support the Lakme PROstylist proposition. Overall revenue from operations grew by 38% during the year. The Company continued to invest in building the business for the future. The Company will continue to receive support from the holding Company, Hindustan Unilever Limited, to drive growth in the beauty business.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Loans and advance from others	700.000	511.000
Total	700.000	511.000

FIXED ASSETS

Tangible assets

• Plant and equipment
• Furniture and fixtures
• Office equipment
• Leasehold improvements

Intangible assets

• Goodwill

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.61.16
UK Pound	1	Rs.98.62
Euro	1	Rs.77.67

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	KVT

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	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.