MIRA INFORM REPORT

Report Date :

18.09.2014

IDENTIFICATION DETAILS

Name :	CHROMAPRINT INDIA PRIVATE LIMITED
Registered Office :	53 Ganesh Nagar, G N Mills MTB Post Road, Coimbatore – 641029, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	31.03.2005
Com. Reg. No.:	18-011692
Capital Investment / Paid-up Capital :	Rs.34.447 Millions
CIN No.: [Company Identification No.]	U00222TZ2005PTC011692
Legal Form :	Private Limited Liability Company
Line of Business :	Supplier and manufacturer of labels, cartons, pre-press, multi colour labels, hot foil stamping, pre-gummed labels, diecut labels, embossed label etc.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 770000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be slow but 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BB
Rating Explanation	Inadequate credit quality and high credit risk
Date	26.01.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4+
Rating Explanation	Minimal degree of safety and very high credit risk
Date	26.01.2014

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

Name :	Mr. Sukumar
Designation :	Not Divulged
Contact No.:	91-9887991262
Date :	16.09.2014

LOCATIONS

Registered Office :	53 Ganesh Nagar, G N Mills MTB Post Road, Coimbatore – 641029, Tamilnadu, India
Tel. No.:	91-422-4326100 / 2642738
Mobile No.:	91-9887991262 (Mr. Sukumar)
Fax No.:	91-422-2642213 / 2642213
E-Mail :	info@chromaprintindia.com chromaprint@eth.net materials@chromaprintindia.com
Website :	http://www.chromaprintindia.com
Factory :	SF No. 215/2, 216/3, N.G.G.O Colony, Idigarai Main Road, Coimbatore - 641022, Tamilnadu, India
Tel. No.:	91-422-2642213/738

DIRECTORS

As on 30.09.2013

Name :

Lakshminarayana Moorthy Rajagopal

Designation :

Managing Director

Address :

53 Ganesh Nagar, G N Mills MTB Post Road, Coimbatore – 641029, Tamilnadu, India

Date of Appointment :

31.03.2005

DIN No.:

01511925

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	U22219TZ2003PTC010764	PEGASUS INDUSTRIES PRIVATE LIMITED	Director	10/09/2003	10/09/2003	-	Active	NO
2	U72200TZ2000PTC009245	MIND WARE PRIVATE LIMITED	Director	31/12/2003	31/12/2003	-	Amalgamated	NO
3	U00222TZ2005PTC011692	CHROMAPRINT INDIA PRIVATE LIMITED	Managing director	31/03/2005	31/03/2005	-	Active	NO
4	U17121TZ2007PTC013845	TECHNIGRAPHIC TEXTILE TRANSFERS (INDIA) PRIVATE LIMITED	Director	30/07/2007	30/07/2007	12/08/2008	Active	NO
5	U22200TZ2007PTC014051	PRINTELIGENT MEDIA WORKS (INDIA) PRIVATE LIMITED	Director	28/11/2007	28/11/2007	-	Active	NO
6	U22200TZ2014PTC020345	PROMETHEAN MEDIA PRIVATE LIMITED	Director	13/03/2014	13/03/2014	-	Active	NO

Name :

Mrs. L Sundari

Designation :

Director

Address :

53 Ganesh Nagar, G N Mills MTB Post Road, Coimbatore – 641029, Tamilnadu, India

Date of Appointment :

31.03.2005

DIN No.:

01810260

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	U22219TZ2003PTC010764	PEGASUS INDUSTRIES PRIVATE LIMITED	Director	10/09/2003	10/09/2003	-	Active	NO
2	U00222TZ2005PTC011692	CHROMAPRINT INDIA PRIVATE LIMITED	Director	31/03/2005	31/03/2005	-	Active	NO
3	U22200TZ2014PTC020345	PROMETHEAN MEDIA PRIVATE LIMITED	Director	13/03/2014	13/03/2014	-	Active	NO

Name :

Lakshminarayana Moorthy Suryanarayana Moorthu

Designation :

Director

Address :

53 Ganesh Nagar, G N Mills MTB Post Road, Coimbatore – 641029, Tamilnadu, India

Date of Appointment :

31.03.2005

DIN No.:

01810270

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	U00222TZ2005PTC011692	CHROMAPRINT INDIA PRIVATE LIMITED	Director	31/03/2005	31/03/2005	-	Active	NO
2	U22200TZ2007PTC014051	PRINTELIGENT MEDIA WORKS (INDIA) PRIVATE LIMITED	Director	28/11/2007	28/11/2007	-	Active	NO

Name :

Lakshminarayana Moorthy Yoganarasimha Moorthy

Designation :

Director

Address :

53 Ganesh Nagar, G N Mills MTB Post Road, Coimbatore – 641029, Tamilnadu, India

Date of Appointment :

07.05.2012

DIN No.:

05205715

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	U00222TZ2005PTC011692	CHROMAPRINT INDIA PRIVATE LIMITED	Director	07/05/2012	07/05/2012	-	Active	NO
2	U22200TZ2014PTC020345	PROMETHEAN MEDIA PRIVATE LIMITED	Director	13/03/2014	13/03/2014	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Lakshminarayana Moorthy Rajagopal	1800596
L Sundari	375001
Lakshminarayana Moorthy Suryanarayana Moorthu	705301
S. Venkatesh	13705
Chitra Venkatesh	50
L. Toga Narshimha Moorthy	550000
Total	3444653

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	98.93
Other top fifty shareholders	1.07
Total	100.00

BUSINESS DETAILS

Line of Business :

Supplier and manufacturer of labels, cartons, pre-press, multi colour labels, hot foil stamping, pre-gummed labels, diecut labels, embossed label etc.

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

State Bank of India, Commercial Branch, 1443, Trichy Road, Coimbatore - 641018, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Term Loans
From Bank	116.859	24.551
From other parties	1.621	6.703
SHORT TERM BORROWINGS
Loans Repayable On Demand
From bank	80.219	52.455
From other parties	3.930	14.982
Total	202.629	98.691

Banking Relations :	--
Auditors :
Name :	KSG Subramanyam and Company Chartered Accountant
Address :	94-36 II Floor, United Shopping Complex, Dr. Nanjappa Road, Coimbatore – 641018, Tamilnadu, India
PAN No.:	AACFK3963E
Related Parties :	· Target Print · Printelligent Media Works Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3444653	Equity Shares	Rs.10/- each	Rs.34.447 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	34.447	14.847	12.847
(b) Reserves & Surplus	158.361	107.363	81.855
(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)	192.808	122.210	94.702
(3) Non-Current Liabilities
(a) long-term borrowings	118.480	31.254	16.205
(b) Deferred tax liabilities (Net)	20.923	20.923	5.458
(c) Other long term liabilities	70.408	96.098	1.931
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	209.811	148.275	23.594
(4) Current Liabilities
(a) Short term borrowings	84.149	67.437	21.562
(b) Trade payables	36.230	42.527	19.712
(c) Other current liabilities	21.348	20.222	13.514
(d) Short-term provisions	38.027	25.462	15.016
Total Current Liabilities (4)	179.754	155.648	69.804
TOTAL	582.373	426.133	188.100
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets
(ii) Intangible Assets	362.885	230.490	99.906
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	10.244	25.636	8.527
(e) Other Non-current assets	0.035	0.044	0.000
Total Non-Current Assets	373.164	256.170	108.433
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	38.199	26.390	16.309
(c) Trade receivables	113.158	73.698	47.978
(d) Cash and cash equivalents	9.779	12.909	2.661
(e) Short-term loans and advances	46.490	54.547	12.568
(f) Other current assets	1.783	0.419	0.151
Total Current Assets	209.409	167.963	79.667
TOTAL	582.573	424.133	188.100

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		361.396	304.494	203.055
		Other Income		NA	NA	15.376
		TOTAL (A)		NA	NA	218.431
Less	EXPENSES
		TOTAL (B)		NA	NA	NA
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			103.357	67.018	59.620
Less	FINANCIAL EXPENSES (D)			24.026	7.622	9.341
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			79.331	59.396	50.279
Less	DEPRECIATION/ AMORTISATION (F)			16.526	7.866	7.83
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			62.805	51.530	42.449
Less	TAX (H)			12.567	26.023	14.731
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			50.238	25.507	27.718
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			44.604	34.844	7.126
Less	APPROPRIATIONS
			Transfer to General Reserve	0.000	15.747	0.000
			Mat Credit u/s 115JAA	(0.760)	0.000	0.000
	BALANCE CARRIED TO THE B/S			95.602	44.604	34.844
	IMPORTS
			Machinery	79.424	128.360	0.000
			Raw Materials	36.608	22.486	18.712
			Components	2.028	0.712	1.085
			Capital Goods	0.000	0.000	8.228
	TOTAL IMPORTS			118.060	151.558	28.025
	Earnings / (Loss) Per Share (Rs.)					22.30

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	NA	12.69
Net Profit Margin (PBT/Sales)	(%)	17.38	16.92	20.91
Return on Total Assets (PBT/Total Assets}	(%)	10.78	12.15	22.57
Return on Investment (ROI) (PBT/Networth)		0.33	0.42	0.45
Debt Equity Ratio (Total Debt /Networth)		1.05	0.81	0.40
Current Ratio (Current Asset/Current Liability)		1.16	1.08	1.14

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	12.847	14.847	34.447
Reserves & Surplus	81.855	107.363	158.361
Net worth	94.702	122.210	192.808
long-term borrowings	16.205	31.254	118.480
Short term borrowings	21.562	67.437	84.149
Total borrowings	37.767	98.691	202.629
Debt/Equity ratio	0.399	0.808	1.051

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	203.055	304.494	361.396
		49.956	18.687

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	203.055	304.494	361.396
Profit	27.718	25.507	50.238
	13.65%	8.38%	13.90%

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	Yes
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	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

PERFORMANCE OF THE COMPANY:

The company was able to achieve a turnover of Rs.361.396 Millions during the year. The directors are happy to inform that the leading quality is highly appreciated and this has helped the company is expansion of market share. To meet the demand the directors propose to expand the operations in the forthcoming year with respect to printing division.

To augment resources for expansion the directors does not propose any dividend.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10517284	28/08/2014	50,000,000.00	Repco Bank Limited	33, North Usman Road, T. Nagar, Chennai, Tamil Nadu - 600017, India	C18648352
2	10081765	10/09/2007	2,000,000.00	Bank OF India	Coimbatore Main Branch, 324, Oppanakkara Street, Coimbatore, Tamil Nadu - 641001, India	A29254562
3	10000029	28/11/2011 *	236,200,000.00	State Bank of India	Sme Branch, 687/2-4 Trichy Road, Coimbatore, Tamil Nadu - 641045, India	B68912245
4	90004629	19/09/2009 *	11,300,000.00	Bank OF India	Coimbatore Main Branch, 324, Oppanakkara Street, Coimbatore, Tamil Nadu - 641001, India	A72884661

*Date of modification Charges

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.60.95
UK Pound	1	Rs.99.32
Euro	1	Rs.78.96

INFORMATION DETAILS

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

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		43

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.