MIRA INFORM REPORT

Report Date :

18.10.2014

IDENTIFICATION DETAILS

Name :	HBE AVIOSEC PRIVATE LIMITED
Registered Office :	W-77, Greater Kailash Part-II, New Delhi - 110048
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.06.2002
Com. Reg. No.:	55-115897
Capital Investment / Paid-up Capital :	Rs.0.200 Million
CIN No.: [Company Identification No.]	U74999DL2002PTC115897
Legal Form :	Private Limited Liability Company
Line of Business :	Service and Supply of Airport Modernising Equipments.
No. of Employees :	22 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 86000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. 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 slowly 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 :	Mr. Satish
Designation :	Finance Manager
Contact No.:	91-124-6163900
Date :	13.10.2014

LOCATIONS

Registered Office :	W-77, Greater Kailash Part-II, New Delhi – 110048, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	satish@hbeindia.com gauravsingh@hbeindia.com sales-met@hbeindia.com sales-defence@hbeindia.com dvmittalca@yahoo.co.in
Website :	http://www.hbeindia.com
Corporate Office :	1107 - 1115, Tower A - I, Spaze I - Tech Park, Sector 49, Sohna Road, Gurgaon – 122002, Haryana, India
Tel. No.:	91-124-6163900
Fax No.:	91-124-4115688
Factory :	Located At Rajokri, Delhi, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Kuldeep Kaul

Designation :

Director

Address :

302, Block 22, Unitech Heritage City, M.G. Road, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

23.10.1961

Date of Appointment :

20.06.2002

DIN No.:

00356445

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	U51109DL1999PTC102035	HORIZON BROADCAST ELECTRONICS PRIVATE LIMITED	Director	20/10/1999	20/10/1999	-	Active	NO
2	U74999DL2002PTC115897	HBE AVIOSEC PRIVATE LIMITED	Director	20/06/2002	20/06/2002	-	Active	NO
3	U32204DL2004PTC124698	NEXTGEN TECHSOLUTIONS PRIVATE LIMITED	Director	17/02/2004	17/02/2004	-	Active	NO
4	U72213DL2007PLC160949	THREE D INTEGRATED SOLUTIONS LIMITED	Director	30/09/2010	22/03/2007	-	Active	NO
5	U74120DL2007PLC166605	GLOBAL AVIANAUTICS LIMITED	Director	03/08/2007	03/08/2007	20/08/2010	Active	NO
6	U52393DL2006PTC145131	GOVIND JEWELS PRIVATE LIMITED	Director	30/09/2010	16/03/2010	-	Active	NO
7	U29253KA2011PTC059508	V S PROTO FABS PRIVATE LIMITED	Director	07/07/2011	07/07/2011	21/09/2012	Active	NO

Name :

Mrs. Romella Kaul

Designation :

Director

Address :

302, Block 22, Unitech Heritage City, M.G. Road, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

09.10.1965

Date of Appointment :

25.03.2003

DIN No.:

00398464

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	U51109DL1999PTC102035	HORIZON BROADCAST ELECTRONICS PRIVATE LIMITED	Director	27/12/1999	27/12/1999	-	Active	NO
2	U74999DL2002PTC115897	HBE AVIOSEC PRIVATE LIMITED	Director	25/03/2003	25/03/2003	-	Active	NO

Name :

Mr. Nand Lal Bhatia

Designation :

Director

Address :

E-55, Greater Kailash-I, New Delhi – 110048, NCT of Delhi, India

Date of Birth/Age :

15.08.1948

Date of Appointment :

20.06.2002

DIN No.:

00398530

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	U51109DL1999PTC102035	HORIZON BROADCAST ELECTRONICS PRIVATE LIMITED	Director	27/12/1999	27/12/1999	-	Active	NO
2	U74999DL2002PTC115897	HBE AVIOSEC PRIVATE LIMITED	Director	20/06/2002	20/06/2002	-	Active	NO
3	U32204DL2004PTC124698	NEXTGEN TECHSOLUTIONS PRIVATE LIMITED	Director	17/02/2004	17/02/2004	-	Active	NO
4	U72213DL2007PLC160949	THREE D INTEGRATED SOLUTIONS LIMITED	Director	30/09/2010	22/03/2007	-	Active	NO
5	U74120DL2007PLC166605	GLOBAL AVIANAUTICS LIMITED	Director	03/08/2007	03/08/2007	20/08/2010	Active	NO
6	U52393DL2006PTC145131	GOVIND JEWELS PRIVATE LIMITED	Director	30/09/2010	16/03/2010	-	Active	NO
7	U74140DL2010PTC206760	OmniTech Transport Systems Private Limited	Director	06/08/2010	06/08/2010	-	Active	NO

Name :

Mr. Rukmani Bhatia

Designation :

Director

Address :

E-55, Greater Kailash-I, New Delhi – 110048, NCT of Delhi, India

Date of Birth/Age :

08.05.1951

Date of Appointment :

25.03.2003

DIN No.:

00398571

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	U51109DL1999PTC102035	HORIZON BROADCAST ELECTRONICS PRIVATE LIMITED	Director	20/10/1999	20/10/1999	-	Active	NO
2	U74999DL2002PTC115897	HBE AVIOSEC PRIVATE LIMITED	Director	25/03/2003	25/03/2003	-	Active	NO
3	U74140DL2010PTC206760	OmniTech Transport Systems Private Limited	Director	06/08/2010	06/08/2010	-	Active	NO
4	U32204DL2004PTC124698	NEXTGEN TECHSOLUTIONS PRIVATE LIMITED	Director	30/09/2011	24/01/2011	-	Active	NO
5	U29253KA2011PTC059508	V S PROTO FABS PRIVATE LIMITED	Director	07/07/2011	07/07/2011	21/09/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Satish
Designation :	Finance Manager

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Rukmani Bhatia	9800	49.00
Kuldeep Kaul	9800	49.00
Nand Lal Bhatia	200	1.00
Romella Kaul	200	1.00
Total	20000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Service and Supply of Airport Modernising Equipments
Imports :
Products :	Finished Goods
Countries :	· USA · Belgium
Terms :
Selling :	Credit (30 Days)
Purchasing :	Credit (30 Days)

GENERAL INFORMATION

Suppliers :

ADB Solutions

Customers :

· Doordarshan

· Airtel

· Star TV

· Aaj Tak

· Dish TV

· Jindal Steel

· ONGC

· HIAL

· HAL

· BEL

· DRDO

No. of Employees :

22 (Approximately)

Bankers :

HDFC Bank Limited, Greater Kailash Part-I, New Delhi, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
HDFC Bank Car Loan- Audi (Secured against hypothecation of Vehicle)	1.724	0.000
SHORT TERM BORROWINGS
HDFC Bank Car Loan- Audi (Payable within 12 months)	0.637	0.146
Total	2.361	0.146

Banking Relations :	--
Auditors :
Name :	D. V. Mittal and Company Chartered Accountants
Address :	101, Time House, 5, Community Center, Wazirpur Commercial Complex, New Delhi – 110052, India
PAN No.:	AAAFD5458K
Subsidiaries :	· HBE Aviosec FZE
Entities in which KMP / Relatives of KMP can exercise significant influence :	· Horizon Broadcast Electronics Private Limited · Three D Integrated Solutions Limited · Govind Jewels Private Limited · Nextgen Techsolutions Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.10/- each	Rs.0.200 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	0.200	0.200	0.200
(b) Reserves & Surplus	21.244	20.484	19.875
(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)	21.444	20.684	20.075
(3) Non-Current Liabilities
(a) long-term borrowings	63.497	45.829	24.026
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2.293	1.670	1.261
Total Non-current Liabilities (3)	65.790	47.499	25.287
(4) Current Liabilities
(a) Short term borrowings	0.637	0.146	0.841
(b) Trade payables	1.933	0.151	5.434
(c) Other current liabilities	0.535	0.390	0.562
(d) Short-term provisions	0.028	0.037	0.440
Total Current Liabilities (4)	3.133	0.724	7.277
TOTAL	90.367	68.907	52.639
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.189	7.831	8.717
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.542	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.080	2.080	0.000
(c) Deferred tax assets (net)	0.683	0.541	0.354
(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	16.494	10.452	9.071
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3.944	4.159	4.629
(c) Trade receivables	40.092	30.374	12.640
(d) Cash and cash equivalents	7.924	2.159	3.239
(e) Short-term loans and advances	21.913	21.763	23.060
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	73.873	58.455	43.568
TOTAL	90.367	68.907	52.639

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL		48.629	44.168	40.498
Less	EXPENSES			46.785	42.111	38.343
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			1.844	2.057	2.155
Less	DEPRECIATION/ AMORTISATION			1.027	1.168	1.403
	PROFIT/(LOSS) BEFORE TAX			0.817	0.889	0.752
Less	TAX			0.057	0.280	0.276
	PROFIT/(LOSS) AFTER TAX			0.760	0.609	0.476
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			20.484	19.875	19.399
	BALANCE CARRIED TO THE B/S			21.244	20.484	19.875
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	27.560	32.939	40.352
	TOTAL EARNINGS			27.560	32.939	40.352
	IMPORTS VALUE ON CIF BASIS			2.522	0.000	0.000
	Earnings / (Loss) Per Share (Rs.)			38.00	30.45	NA

Particulars	31.03.2014
Sales Turnover (Approximately)	45.000

Expected Sales (2014-2015): Rs.55.000 Millions

The above information has been parted by Mr. Satish

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.56	1.38	1.18
Return on Total Assets (PBT/Total Assets}	(%)	0.95	1.34	1.44
Return on Investment (ROI) (PBT/Networth)		0.04	0.04	0.04
Debt Equity Ratio (Total Debt /Networth)		2.99	2.22	1.24
Current Ratio (Current Asset/Current Liability)		23.58	80.74	5.99

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	0.200	0.200	0.200
Reserves & Surplus	19.875	20.484	21.244
Net worth	20.075	20.684	21.444
long-term borrowings	24.026	45.829	63.497
Short term borrowings	0.841	0.146	0.637
Total borrowings	24.867	45.975	64.134
Debt/Equity ratio	1.239	2.223	2.991

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	40.498	44.168	48.629
		9.062	10.100

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	40.498	44.168	48.629
Profit	0.476	0.609	0.760
	1.18%	1.38%	1.56%

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 four years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	Yes
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	----------
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 LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Loans and advances from Related parties
Director	0.000	0.370
Other (Entities in which Key Management Personnel(KMP)/ Relatives of KMP can exercise significant influence)	61.773	45.459
Total	61.773	45.829

CORPORATE INFORMATION

Subject is a lead player in the area of Service and Supply of Airport Modernising Equipment’s.

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· 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.61.48
UK Pound	1	Rs.98.24
Euro	1	Rs.78.66

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	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		46

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.