MIRA INFORM REPORT

Report Date :

04.09.2014

IDENTIFICATION DETAILS

Name :	SPARKONIX INDIA PRIVATE LIMITED
Registered Office :	B - 4, MIDC, Pimpri, Pune – 411018, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.09.1983
Com. Reg. No.:	11-030924
Capital Investment / Paid-up Capital :	Rs.0.550 Million
CIN No.: [Company Identification No.]	U31909MH1983PTC030924
TAN No.: [Tax Deduction & Collection Account No.]	PNES02260G
PAN No.: [Permanent Account No.]	AACCS5838B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture of EDM Machines.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (40)

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

Maximum Credit Limit :	USD 910000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There seems some dip in the company turnover and profit during 2013 however, general financial position of the company is good. Reserves of the company are decent. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal for business dealings 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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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. Sanes Kumar
Designation :	Account Assistant
Contact No.:	91-120-27476452
Date :	30.08.2014

LOCATIONS

Registered Office / Factory :	B-4, H Block, M.I.D.C, Pimpri, Pune – 411 018, Maharashtra, India
Tel. No.:	91-20-27470643 / 27476452
Fax No.:	91-20-27476452 / 27464736
E-Mail :	sparkedm@vsnl.net cspunde@hotmail.com
Website :	www.sparkonix.com
Location:	Owned
Locality :	Commercial

DIRECTORS

As on 30.09.2013

Name :

Mr. Ramesh Anant Patwardhan

Designation :

Whole-time director

Address :

9, Sind Colony, Baner Road, Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

18.05.1970

Date of Appointment :

30.09.2002

DIN No. :

01764404

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	U31909MH1983PTC030924	SPARKONIX INDIA PVT LTD	Whole-time director	30/09/02	30/09/02	-	Active	NO
2	U29299PN2003PTC017759	ARTECH WELDERS PRIVATE LIMITED	Whole-time director	07/03/07	07/03/07	-	Active	NO

Name :

Mr. Subhash Vijay Patwardhan

Designation :

Whole-time Director

Address :

9/478, Sind Colony, Baner Road, Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

11.10.1968

Date of Appointment :

30.09.2002

DIN No. :

01764425

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	U31909MH1983PTC030924	SPARKONIX INDIA PVT LTD	Whole-time director	30/09/02	30/09/02	-	Active	NO
2	U29299PN2003PTC017759	ARTECH WELDERS PRIVATE LIMITED	Whole-time director	07/03/03	07/03/03	-	Active	NO

Name :

Gautam Shriniwas Khare

Designation :

Whole-time Director

Address :

1212 (B), Apte Road, Deccan Gymkhana, Shivajinagar, Pune – 411004, Maharashtra, India

Date of Birth/Age :

03.09.1971

Date of Appointment :

30.09.2002

DIN No. :

01764509

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	U31909MH1983PTC030924	SPARKONIX INDIA PVT LTD	Whole-time director	30/09/02	30/09/02	-	Active	NO
2	U29299PN2003PTC017759	ARTECH WELDERS PRIVATE LIMITED	Whole-time director	07/03/03	07/03/03	-	Active	NO

Name :

Mr. Vinayak Anant Patwardhan

Designation :

Whole-time Director

Address :

Baner Road, Aundh, Ganesh Khind, Chatur Shiringi, Pune – 411007, Maharashtra, India

Date of Birth/Age :

01.04.1973

Date of Appointment :

30.09.2002

DIN No. :

01764590

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	U31909MH1983PTC030924	SPARKONIX INDIA PVT LTD	Whole-time director	30/09/02	30/09/02	-	Active	NO
2	U29299PN2003PTC017759	ARTECH WELDERS PRIVATE LIMITED	Whole-time director	07/03/03	07/03/03	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanes Kumar
Designation :	Account Assistant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	%age
Patwardhan Vijay	1100	20.00
Khare Shriniwas Jointly With Khare Gauri	1100	20.00
Patwardhan Anant Urmila Jointy with, Patwardhan Anant Ramesh Jointly with, Patwardhan Anant Vinayak	1100	20.00
Patwardhan Anuradha	400	7.27
Khare Gauri Jointly with Khare Shriniwas	400	7.27
Patwardhan Anant Urmila Jointly with Patwardhan Anant Ramesh Jointly with Patwardhan Anant Vinayak	400	7.27
Patwardhan Subhash Jointy with Patwardhan Neeta	250	4.55
Khare Gautam Jointy with Khare Saloni	250	4.55
Patwardhan Ramesh Jointly Patwardhan Urmila	250	4.55
Patwardhan Vinayak Jointy with Patwardhan Urmila	250	4.55
Total	5500	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture of EDM Machines.
Exports :
Products :	EDM Machines
Countries :	Ø Australia Ø Nepal
Imports :
Products :	EDM Machines
Countries :	China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :	End Users
No. of Employees :	100 (Approximately)
Bankers :	Ø State Bank of India, Pimpri Branch, Pune, Maharashtra, India Ø HDFC Bank, Pimpri Branch, Pune, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	M. R. Bhatkhnade and Company Chartered Accountants
Address :	106, Bharat Bhavan, A - 1360, Shukravar Peth, Off Bajirao Road, Pune – 411 002, Maharashtra, India
Tel. No. :	91-20-24477168
E-Mail :	mrbco@vsnl.net
PAN No. :	ABGPB3696L
Enterprise over which key management personnel is able to exercise significant influence :	Ø Sparknoix (India) Ø Artech Welders Private Limited Ø Forms and Decks

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5500	Equity Shares	Rs.100/- each	Rs.0.550 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	0.550	0.550	0.550
(b) Reserves & Surplus	227.035	198.114	157.520
(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)	227.585	198.664	158.070
(3) Non-Current Liabilities
(a) long-term borrowings	0.955	0.955	0.955
(b) Deferred tax liabilities (Net)	1.429	1.450	1.839
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	2.384	2.405	2.794
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	33.183	35.522	36.455
(c) Other current liabilities	16.872	17.005	13.377
(d) Short-term provisions	41.132	40.878	38.189
Total Current Liabilities (4)	91.187	93.405	88.021
TOTAL	321.156	294.474	248.885
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	61.785	61.203	64.545
(ii) Intangible Assets	1.039	1.041	0.900
(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	16.858	15.068	5.669
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.746	3.639	0.000
(e) Other Non-current assets	0.000	0.000	2.288
Total Non-Current Assets	81.428	80.951	73.402
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	42.152	38.879	32.913
(c) Trade receivables	41.150	30.885	21.077
(d) Cash and cash equivalents	114.354	104.588	82.687
(e) Short-term loans and advances	42.072	39.171	38.806
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	239.728	213.523	175.483
TOTAL	321.156	294.474	248.885

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	308.405	319.446	251.173
		Other Income	13.149	19.298	7.293
		TOTAL	321.554	338.744	258.466
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	267.124	267.664	203.868
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		54.431	71.080	54.597
Less/ Add	DEPRECIATION/ AMORTISATION		5.545	5.893	6.523
	PROFIT/ (LOSS) BEFORE TAX		48.886	65.187	48.074
Less	TAX		16.104	20.758	15.982
	PROFIT/ (LOSS) AFTER TAX		32.782	44.429	32.092
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		177.238	141.087	116.039
Less	APPROPRIATIONS
		Transfer to General Reserve	3.278	4.443	3.209
		Dividend	3.300	3.300	3.300
		Tax on Dividend	0.561	0.535	0.535
	BALANCE CARRIED TO THE B/S		202.881	177.238	141.087
	EARNINGS IN FOREIGN CURRENCY
		Export of goods on FOB basis	42.212	51.870	30.414
		Other income, indicating the nature thereof	3.075	9.590	0.000
	TOTAL EARNINGS		45.287	61.460	30.414
	IMPORTS
		Raw Materials	116.741	110.949	76.616
	TOTAL IMPORTS		116.741	110.949	76.615
	Earnings / (Loss) Per Share (Rs.)		5960.36	8078.00	5834.91

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	10.19	13.12	12.42
Net Profit Margin (PBT/Sales)	(%)	15.85	20.41	19.14
Return on Total Assets (PBT/Total Assets}	(%)	16.07	23.33	19.77
Return on Investment (ROI) (PBT/Networth)		0.21	0.33	0.30
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.01
Current Ratio (Current Asset/Current Liability)		2.63	2.29	1.99

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	0.550	0.550	0.550
Reserves & Surplus	157.520	198.114	227.035
Net worth	158.070	198.664	227.585
long-term borrowings	0.955	0.955	0.955
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.955	0.955	0.955
Debt/Equity ratio	0.006	0.005	0.004

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	251.173	319.446	308.405
		27.182	(3.456)

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	251.173	319.446	308.405
Profit	32.092	44.429	32.782
	12.78%	13.91%	10.63%

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	No

NOTE:

The registered address of the company has been shifted from Pune – 411 018, Maharashtra, India to the present address w.e.f 16.09.2007

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advance from related parties	0.955	0.955
Total	0.955	0.955

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90092366	29/11/2003	900,000.00	STATE BANK OF INDIA	PIMPRI BRANCH, PUNE, Maharashtra, INDIA	-
2	90092131	29/11/2003 *	1,700,000.00	STATE BANK OF INDIA	PIMPRI BRANCH, PUNE, Maharashtra - 411034, INDIA	-
3	90089861	02/08/1993	3,150,000.00	STATE BANK OF INDIA	PIMPRI BRANCH, SASARWADI; POST BAG NO.1, PUNE, Maharashtra - 411034, INDIA	-
4	90089547	17/10/1990 *	1,657,000.00	STATE BANK OF INDIA	PIMPRI BRANCH, BOMBAY PUNE ROAD; KASARWADI, PUNE, Maharashtra - 411034, INDIA	-

* Date of charge modification

FIXED ASSETS

œ Land Factory Building

œ Plant and Equipment

œ Furniture and Fixture

œ Vehicles

œ Office Equipment

œ Computers

œ Computer Software

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.60.54
UK Pound	1	Rs.99.73
Euro	1	Rs.79.54

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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	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		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.