MIRA INFORM REPORT

Report No. :	318520
Report Date :	22.04.2015

IDENTIFICATION DETAILS

Name :	SIMPLEX ENGINEERING AND FOUNDRY WORKS PRIVATE LIMITED
Registered Office :	1503- Hemkunt Tower, 98-Nehru Place, New Delhi-110019, Delhi
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.11.1980
Com. Reg. No.:	55-181945
Capital Investment / Paid-up Capital :	Rs. 129.813 Million
CIN No.: [Company Identification No.]	U99999DL1980PTC181945
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of drilling and boring equipments, building structures and machines, steel products, power products.
No. of Employees :	1500 (Approximately)

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 4500000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an old and well-established company having satisfactory track. The management has witnessed deterioration in the company’s performance over last few years which has resulted in declined turnover and profitability. However, the company has decent capital structure marked by good net worth and liquidity position during FY2014. In the view of experienced promoters, subject can be considered 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	04.03.2015

Rating Agency Name	CARE
Rating	Short term bank facilities A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	04.03.2015

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. K.M. John
Designation :	Finance head
Contact No.:	91-788-6535813
Date :	21.04.2015

LOCATIONS

Registered Office :	1503- Hemkunt Tower, 98-Nehru Place, New Delhi-110019, Delhi, India
Tel. No.:	91-11-26414846/26411347
Fax No.:	91-11-26466303
E-Mail :	simplex@simplexengg.in km.john@simplexengg.in
Website :	www.simplexengg.in
Factory :	65, Industrial Estate, Bhilal-490026, Chhattisgarh, India
Tel. No.:	91-788-2283054/55/56
E-Mail :	91-788-2283058/59

DIRECTORS

As on 25.09.2013

Name :	Mr. Hiralal Bhanji Shah
Designation :	Director
Address :	Simplex Colony Ge Road, Malviya Nagar, Durg – 491 002, Chhattisgarh, India
Date of Birth/Age :	12.04.1935
Date of Appointment :	07.02.1983
DIN No.:	00080924
Name :	Mr. Vijay Hiralal Shah
Designation :	Managing director
Address :	Simplex Colony Ge Road, Malviya Nagar, Durg – 491 002, Chhattisgarh, India
Date of Birth/Age :	21.10.1959
Date of Appointment :	01.06.1988
DIN No.:	00460669
Name :	Mr. Ketan Ratilal Shah
Designation :	Director
Address :	MIG-71, Vaishali Nagar, Bhilai-490023, Chhattisgarh, India
Date of Birth/Age :	06.12.1968
Date of Appointment :	26.02.2013
DIN No.:	05154131
Name :	Mr. Ravi Shah
Designation :	Additional director
Address :	W - 67, Greater Kailash, Part - 2,, Delhi, 110048, Delhi, India
Date of Birth/Age :	06.09.1989
Date of Appointment :	01.07.2012
DIN No.:	02113586
Name :	Ms. Lata V Shah
Designation :	Director
Address :	Simplex Colony Ge Road, Malviya Nagar, Durg – 491 002, Chhattisgarh, India
Date of Birth/Age :	05.01.1963
Date of Appointment :	2.04.2006
DIN No.:	00337884
Name :	Mr. Shivji Ravji Shah
Designation :	Director
Address :	47 A Bhagwaghar Layout Dharampet, Nagpur – 440010, Maharashtra, India
Date of Birth/Age :	05.03.1927
Date of Appointment :	25.09.2004
DIN No.:	00158480
Name :	Mr. Pankaj Dhanki Goshar
Designation :	Director
Address :	Plot 550 Mount Blanc Jamve Jamshed Road, Matunga, Mumbai – 400 019, Maharashtra, India
Date of Birth/Age :	24.10.1965
Date of Appointment :	25.09.2004
DIN No.:	00790486
Name :	Mr. vinod Champs Shah
Designation :	Director
Address :	LIG 100 Vaishali Nagar, Bhilai – 4590 023, Chhattisgarh, India
Date of Birth/Age :	17.09.1946
Date of Appointment :	22.04.2003
DIN No.:	00167985

KEY EXECUTIVES

Name :	Mr. K.M. John
Designation :	Finance head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2013

Names of Shareholders	No. of Shares
Hiralal B. Shah	460000
Chandanbala H. Shah	2126872
Vijay H. Shah	3065004
Lata V. Shah	1643200
Nehal V. Shah	180000
Ravi V. Shah	914820
Hemlataben S. Shah	372288
Shivji R. Shah	2000
Vijay H. Shah (HUF)	1334532
Vijay and Sons (HUF)	236000
Hirachand (HUF)	448748
Hiralal B. Shah (HUF)	910000
Hiralal Family Trust	16000
Shiv Investments	2000
Chandan Estate and Trading Company Private Limited	361784
Simplex Fabricators Private Limited	908056
Total	12981304

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	9.91
Directors or relatives of Directors	90.09
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of drilling and boring equipments, building structures and machines, steel products, power products.

Products :

Item Code No. (ITC Code)	Product Description
99611925	engineering industry

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished goods

Countries :

• Saudi Arabia
• Germany
• US

Imports :

Products :

Raw Material

Countries :

• Germany
• Italy

Terms :

Selling :

Cash and Credit (30/60/90 Days)

Purchasing :

Cash and Credit (30/60/90 Days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

End Users, OEM’s

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

1500 (Approximately)

Bankers :

Banker Name :	State Bank of India
Branch Address :	Commercial Branch, Sector 1, Bhilai - 490001, Chhattisgarh, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Rs.150.000 million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banker Name :	IDBI Bank
Branch Address :	Corporate Finance Branch, Raipur, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Rs.150.000 million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• Standard Chartered Bank, Crescenzo, 3A/F, Plot No. C-38 & 39, G Block, Bandra Kurla Complex, Bandra, Mumbai - 400051, Maharashtra, INDIA

• Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli,, Mumbai - 400018, Maharashtra, India

Auditors :
Name :	Taunk and Srikanth Chartered Accountants
Address :	11 Commercial Complex, Nehru Nagar (East), Bhilai – 490 020, Chhattisgarh, India
PAN No.:	AHDPB3906G
Memberships :	Not Available
Collaborators :	Not Available
Associates/ Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs.129.813 million

As on 25.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity Shares	Rs.10/- each	Rs.150.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12,981,304	Equity Shares	Rs.10/- each	Rs.129.813 million

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	129.813	129.813	129.813
(b) Reserves & Surplus	1435.002	1426.219	1354.638
(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)	1564.815	1556.032	1484.451
(3) Non-Current Liabilities
(a) long-term borrowings	381.212	286.998	92.131
(b) Deferred tax liabilities (Net)	128.138	117.033	82.109
(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)	509.350	404.031	174.240
(4) Current Liabilities
(a) Short term borrowings	343.783	535.126	635.077
(b) Trade payables	100.245	75.493	339.004
(c) Other current liabilities	186.269	121.946	237.122
(d) Short-term provisions	3.460	0.034	48.381
Total Current Liabilities (4)	633.757	732.599	1259.584
TOTAL	2707.922	2692.662	2918.275
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1087.127	1131.790	889.545
(ii) Intangible Assets	7.200	2.978	1.005
(iii) Capital work-in-progress	71.949	33.697	68.596
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.528	2.528	2.540
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	52.492	51.401	64.971
(e) Other Non-current assets	178.151	73.048	81.737
Total Non-Current Assets	1399.447	1295.442	1108.394
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	802.323	732.401	549.312
(c) Trade receivables	358.242	524.318	1142.569
(d) Cash and cash equivalents	4.598	54.138	29.343
(e) Short-term loans and advances	142.542	81.091	78.717
(f) Other current assets	0.770	5.272	9.940
Total Current Assets	1308.475	1397.220	1809.881
TOTAL	2707.922	2692.662	2918.275

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1242.711	1524.085	3219.330
	Other Income	38.876	16.637	12.217
	TOTAL	1281.587	1540.722	3231.547
Less	EXPENSES
	Cost of Materials Consumed	496.020	591.104	1757.111
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(23.108)	3.045	49.351
	Employees benefits expense	376.220	410.813	455.100
	Other expenses	240.639	306.327	471.895
	TOTAL	1089.771	1311.289	2733.457
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	191.816	229.433	498.090
Less	FINANCIAL EXPENSES	94.160	85.442	96.139
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	97.656	143.991	401.951
Less/ Add	DEPRECIATION/ AMORTISATION	69.482	59.245	49.385
	PROFIT/ (LOSS) BEFORE TAX	28.174	84.746	352.566
Less	TAX	17.119	51.958	130.193
	PROFIT/ (LOSS) AFTER TAX	11.055	32.788	222.373
	Earnings / (Loss) Per Share (Rs.)	0.85	2.53	17.13

Expected Sales (2014-15) : Rs. 1120.000 million (Due to Market Down)

The above information has been parted by Mr. K. M. John (Finance Head)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.89	2.15	6.91
Operating Profit Margin (PBDIT/Sales)	(%)	15.44	15.05	15.47
Return on Total Assets (PBT/Total Assets}	(%)	1.07	3.19	12.38
Return on Investment (ROI) (PBT/Networth)		0.02	0.05	0.24
Debt Equity Ratio (Total Debt /Networth)		0.46	0.53	0.49
Current Ratio (Current Asset/Current Liability)		2.06	1.91	1.44

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	129.813	129.813	129.813
Reserves & Surplus	1354.638	1426.219	1435.002
Net worth	1484.451	1556.032	1564.815
long-term borrowings	92.131	286.998	381.212
Short term borrowings	635.077	535.126	343.783
Total borrowings	727.208	822.124	724.995
Debt/Equity ratio	0.490	0.528	0.463

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3219.330	1524.085	1242.711
		(52.658)	(18.462)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3219.330	1524.085	1242.711
Profit	222.373	32.788	11.055
	6.91%	2.15%	0.89%

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%	Yes
14]	Estimation for coming financial year	Yes
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)	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	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10510825	28/06/2014	350,000,000.00	HDFC BANK LIMITED	Ground Floor,Jeevan Apartment,, Shankar Nagar Branch, Raipur, Chhattisgarh - 492007, INDIA	C12988838
2	10461788	20/12/2012	700,000,000.00	CENTRAL BANK OF INDIA	CIVIC CENTRE, BHILAI, Chhattisgarh - 490006, INDIA	B69978443
3	10246077	21/04/2011 *	500,000,000.00	Standard Chartered Bank	Crescenzo, 3A/F, Plot no. C-38 & 39, G Block, Ban  dra Kurla Complex, Bandra, Mumbai, Maharashtra - 400051, INDIA	B19992999
4	10080287	16/12/2014 *	500,000,000.00	IDBI Bank Limited	1ST FLOOR, SIMRAN TOWERS, LIC MAIN BUILIDNG, PAND  RI, RAUPUR, Chhattisgarh - 492004, INDIA	C39398490
5	10057184	21/04/2011 *	725,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH,, MPHB COLONY, INDUSTRIAL ESTAT  E, BHILAI, Chhattisgarh - 490026, INDIA	B12578829
6	90357682	22/10/2003	50,000,000.00	STATE BANK OF PATIALA	ADITYA BUILDING; 1ST FLOOR NARIMAN POINT, MUBAI, Maharashtra, INDIA	-
7	90357572	10/05/2000	2,000,000.00	SYNDICATE BANK	BACKBAY RECLAMATION BRANCH, MUMBAI, Maharashtra, INDIA	-
8	90357495	15/04/1999	100,000,000.00	INDUSTRIAL DEV. BANK OF INDIA	IDBI TOWER; CUFFE PARADE, MUMBAI, Maharashtra, INDIA	-
9	90356699	26/04/1991 *	19,800,000.00	THE INDUSTRIAL CREIT & INVESTMNT CORPORATION OF INDIA LTD.	163; BACKBAY RECLAMATION, BOMBAY, Maharashtra, INDIA	-

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment

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.62.92
UK Pound	1	Rs.93.57
Euro	1	Rs.67.34

INFORMATION DETAILS

Information Gathered by :	PRP
Analysis Done by :	SUM
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--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	NO
--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.