MIRA INFORM REPORT

Report Date :

04.09.2014

IDENTIFICATION DETAILS

Name :	CHHAJED FOODS PRIVATE LIMITED (w.e.f.15.02.2007)
Formerly Known As :	CHHAJER FOODS PRIVATE LIMITED
Registered Office :	2, Suraj Estate, NR. Plot No 3757, G.I.D.C. Phase-IV, Vatva, Ahmedabad - 382445, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.12.1996
Com. Reg. No.:	04-031332
Capital Investment / Paid-up Capital :	Rs.29.800 Millions
CIN No.: [Company Identification No.]	U45209GJ1996PTC031332
IEC No.:	0803008350
TAN No.: [Tax Deduction & Collection Account No.]	AHMC00323B
PAN No.: [Permanent Account No.]	AAACC7802K
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturers, Exporter, Supplier of premium quality Ready – To –Fry snack pellets and Ready – To – Boil Pasras
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 240000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating reflects moderate financial risk profile marked by thin profit margin and increased in the borrowings of the company during 2013. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company 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

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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB- (Long Term Rating)
Rating Explanation	Moderate risk of default
Date	25 July 2014
Rating Agency Name	CRISIL
Rating	A4+ (Short Term Rating)
Rating Explanation	Minimal degree of safety if carry very high credit risk
Date	25 July 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 DENIED BY

Management non Co- Operative (91-79-40084334)

LOCATIONS

Registered Office :	2, Suraj Estate, NR. Plot No 3757, G.I.D.C. Phase-IV, Vatva, Ahmedabad-382445, Gujarat, India
Tel. No.:	91-79-40084334/40084335
Mobile No.:	91-8587028883/9662036955/9879007940 (Mr.Sandeep Chhajed)
Fax No.:	Not Available
E-Mail :	contact@chhajedfoods.com

DIRECTORS

As on: 30.09.2013

Name :

Mr. Shubhkaran Chhajed

Designation :

Director

Address :

A/2, Vijay Tower, Opposite Kankaria Police Chowky, Kankaria, Ahmedabad – 380 022, Gujarat, India.

Date of Birth:

05.05.1947

Qualification :

S.S.C.

Date of Appointment:

19.12.1996

DIN:

00450643

Name :

Mr. Rajesh Chhajed

Designation :

Director

Address :

A/2, Vijay Tower, Opposite Kankaria Police Chowky, Kankaria, Ahmedabad – 380 022, Gujarat, India

Date of Birth:

07.06.1971

Qualification :

B. Com.

Date of Appointment:

19.12.1996

DIN:

00450954

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	U45209GJ1996PTC031332	CHHAJED FOODS PRIVATE LIMITED	Managing director	30/01/2014	19/12/1996	-	Active	NO

Name :

Mr. Nikunj Chhajed

Designation :

Director

Address :

A/2, Vijay Tower, Opposite Kankaria Police Chowky, Kankaria, Ahmedabad – 380 022, Gujarat, India

Date of Birth:

21.03.1976

Qualification :

B. Com.

Date of Appointment:

01.04.2000

DIN:

00451013

Name :

Mr. Sandip Chhajed

Designation :

Director

Address :

A/2, Vijay Tower, Opposite Kankaria Police Chowky, Kankaria, Ahmedabad – 380 022, Gujarat, India.

Date of Birth:

13.05.1978

Qualification :

B. Com.

Date of Appointment:

01.04.2000

DIN:

01674196

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Mr. Shubhakaran Surajmal Chhajed	284840
Mr. Rajesh Shubhakaran Chhajed	285694
Mr. Nikunj Chhajed	290240
Mr. Sandeep Chhajed	290956
Mr. Shubhakaran Chhajed	85500
Mrs. Sangeeta Inderchand Sethia	54400
Mrs. Seema Nikunj Chajed	283800
Mrs. Brijilatta Shubhakaran Chhajed	340014
Mrs. Ruchika Sandeep Chajed	273034
Mr. Suraj Ramlal Bucha Jointly	34
Mrs. Sudha Surajmal Bucha	34
Mr. Sumit Kumar Maloo	34
Mrs. Rita R Chhajed	323000
Mr. Wisnom Professionals Private L:imited	258400
Mr. Shubhakaran S. Chhajed - HUF	150000
Mr. Rajesh Chhajed Jt. With Rita R Chhajed	60000
Mr. Arvindbhai Patel	10
Mr. Tapasvi Arvindhabhai Patel	10
Total	2980000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Bodies corporate	8.67
Directors or relatives of directors	91.32
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers, Exporter, Supplier of premium quality Ready – To –Fry snack pellets and Ready – To – Boil Pasras
Products :	· Basket Shaped Snack Pellets · Big Stick Snack Pellets · Big Ring Snack Pellets · Small Riffile Snack Pellets · Big Riffile Snack Pellets · Medium Ring Snack Pellets · Mix Toys Snack Pellets · Katori Shaped Snack Pellets · Small Wheel Snack Pellets · Medium Piper Snack Pellets · Baby Square Wavy Chips Pellets · Big star Snack Pellets · Button Snack Pellets · Button Snack Pellets · Small Alphabets Snack Pellets
Terms :
Selling :	Cash, L/C, T/T (Wire Transfer) and Advance Payment (15 to 30 Days)
Purchasing :	Cash, L/C, T/T (Wire Transfer) and Advance Payment (15 to 30 Days)

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Bank of Baroda- Bhadra Branch, Opposite Dinbai Tower, lal Darwaja, Ahmedabad- 380001, Gujarat, India.

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long -Term Borrowing
Loan from Bank	96.168	82.561
Short -Term Borrowing
Cash Credit	64.479	34.969
Buyer’s Credit	15.574	0.000
Total	176.221	117.530

Banking Relations :	--
Auditors :
Name :	Bhanwar Jain and Company Chartered Accountant
Address :	302, Kaling Complex, Near Mount Carmel School, Ashram Road, Ahmedabad- 380009, Gujarat, India.
Tel. No.:	91-79-26583107
Mobile No.:	91-9998804450
E-Mail :	bmjain2001@yahoo.co.in

CAPITAL STRUCTURE

As on: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,980,000	Equity Shares	Rs.10/- each	Rs.29.800 Millions

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	29.800	29.800	5.816
(b) Reserves & Surplus	29.519	27.504	17.267
(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)	59.319	57.304	23.083
(3) Non-Current Liabilities
(a) long-term borrowings	155.306	103.998	13.787
(b) Deferred tax liabilities (Net)	1.583	0.560	0.710
(c) Other long term liabilities	0.961	0.305	0.127
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	157.850	104.863	14.624
(4) Current Liabilities
(a) Short term borrowings	80.053	34.969	31.950
(b) Trade payables	44.013	15.221	10.304
(c) Other current liabilities	33.661	1.494	0.722
(d) Short-term provisions	0.615	2.079	1.230
Total Current Liabilities (4)	158.342	53.763	44.206
TOTAL	375.511	215.930	81.913
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	211.409	20.915	20.861
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	16.740	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.047	0.047	0.047
(c) Deferred tax assets (net)
(d) Long-term Loan and Advances	2.062	89.159	11.298
(e) Other Non-current assets	0.000	0.000	0.006
Total Non-Current Assets	213.518	126.861	32.212
(2) Current assets
(a) Current investments
(b) Inventories	49.148	18.414	13.856
(c) Trade receivables	61.804	43.896	34.838
(d) Cash and cash equivalents	44.971	20.013	0.540
(e) Short-term loans and advances	3.995	5.880	0.413
(f) Other current assets	2.075	0.866	0.054
Total Current Assets	161.993	89.069	49.701
TOTAL	375.511	215.930	81.913

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	124.814	110.961	101.901
		Other Income	0.010	0.011
		TOTAL (A)	124.824	110.972	101.901
Less	EXPENSES
		Cost of Materials Consumed	65.540	55.402
		Purchases of Stock-in-Trade	1.372	0.757
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1.199	3.256	88.033
		Employees benefits expense	15.545	10.913
		Other expenses	107.267	92.612
		TOTAL (B)	190.923	162.940	88.033
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.557	18.360	13.868
Less	FINANCIAL EXPENSES (D)		4.871	8.703	5.389
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.686	9.657	8.479
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.459	3.476	3.250
	PROFIT BEFORE TAX (E-F) (G)		3.227	6.181	5.229
Less	TAX (H)		1.023	1.931	1.085
	PROFIT AFTER TAX (G-H) (I)		2.204	4.250	4.144
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (J)		7.453	14.003	9.951
Less	APPROPRIATIONS
		Income tax earlier	0.189	0.109	0.092
		Capitalised for Bonus Share	0.000	10.694	0.000
		Total (M)	0.189	10.803	0.092
	BALANCE CARRIED TO THE B/S		9.468	7.450	14.003
	EARNINGS IN FOREIGN CURRENCY		20.700	13.050	8.050
	IMPORTS
		Raw Materials	46.503	5.102	0.510
		Machinery	122.255	0.000	0.000
	TOTAL IMPORTS		168.758	5.102	0.510
	Earnings Per Share (Rs.)		0.74	1.46	7.12

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.77	3.83	4.07
Net Profit Margin (PBT/Sales)	(%)	2.59	5.57	5.13
Return on Total Assets (PBT/Total Assets}	(%)	0.86	3.10	6.39
Return on Investment (ROI) (PBT/Networth)		0.05	0.11	0.23
Debt Equity Ratio (Total Debt/Networth)		3.97	2.43	1.98
Current Ratio (Current Asset/Current Liability)		1.02	1.66	1.12

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	5.816	29.800	29.800
Reserves & Surplus	17.267	27.504	29.519
Net worth	23.083	57.304	59.319
long-term borrowings	13.787	103.998	155.306
Short term borrowings	31.950	34.969	80.053
Total borrowings	45.737	138.967	235.359
Debt/Equity ratio	1.981	2.425	3.968

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)
Sales	101.901	110.961	124.814
		8.891	12.485

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	101.901	110.961	124.814
Profit	4.144	4.250	2.204
	4.07%	3.83%	1.77%

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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
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

OPERATION PERFORMANCE:-

During the year company has achieved total revenue of Rs. 110.972Millions compared to Rs. 101.901Millions in the previous year. The net profit of the Company was Rs. 4.250 Millions. In spite of inflationary market, your Company has maintained its growth momentum and competitive edge, as could be seen from the above figures.

UNSECURED LOAN (Rs. In Millions)

	As on 31.03.2013	As on 31.03.20123
Long -Term Borrowing
Loan from Relatives parties	28.105	15.837
Loan from Other	31.033	5.600
Total	59.138	21.437

CONTINGENT LIABILITIES;-

· Bank Guarantee

· Letter of Credit

· Capital Contacts to be Executed

 INDEX OF CHARGES:-

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90107331	08/08/2014 *	428,600,000.00	BANK OF BARODA	BHADRA BRANCH,, OPP. DINBAI TOWER, LAL DARWAJA, A  HMEDABAD, GUJARAT - 380001, INDIA	C16167470
2	90105310	11/12/2003	10,500,000.00	BANK OF BARODA	BHADRA BRANCH ; LAL DARWANA, AHMEDABAD, MAHARASHTR  A, INDIA	-

Date of charge modification

FIXED ASSTES:-

· Land

· Building

· Plant and Machinery

· Electric Installation

· Furniture Fixtures

· Office Equipment

· Vehicles

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 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.99.72
Euro	1	Rs.79.54

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.