MIRA INFORM REPORT

Report No. :	318231
Report Date :	23.04.2015

IDENTIFICATION DETAILS

Name :	GALAXY CONVEYARS PRIVATE LIMITED
Registered Office :	Shapar Industrial Zone, N.H. 8-B, Opposite Field Marshal High School, Shapar (Veraval), Rajkot- 360024, Gujarat
Tel. No.:	91-2827-252217/ 252218
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.06.1990
Com. Reg. No.:	04-013882
Capital Investment / Paid-up Capital :	Rs. 2.751 Million
CIN No.: [Company Identification No.]	U31100GJ1990PTC013882
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 :	Subject is engaged in the manufacturing and selling of industrial roller chains and conveyor belts.
No. of Employees :	70-80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Status :	Small company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field. It scale of activities are limited. There seems dip in the sales turnover as well as profit of the company during 2014. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for small and mediocre business dealings with some cautions.

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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. Kashyap
Designation :	Assistant Manager Commercial
Contact No.:	91- 9099932799
Date :	22.04.2015

LOCATIONS

Registered Office/ Factory :	Shapar Industrial Zone, N.H. 8-B, Opposite Field Marshal High School, Shapar (Veraval), Rajkot- 360024, Gujarat, India
Tel. No.:	91-2827-252217/ 252218
Mobile No.:	91- 9099932799 (Mr. Kashyap)
Fax No.:	91-2827-254095
E-Mail :	audit@kalaria-sampat.com galaxyconveyors@hotmail.com galaxy@galaxyconveyors.com synergy1@rediffmail.com
Website :	http://www.galaxyconveyors.com
Location:	Owned

DIRECTORS

As on: 30.09.2014

Name :

Mr. Jaydeep Gopaldas Govani

Designation :

Director

Address :

31 Ami Apartment, Opposite Girnar Cinema, Rajkot-360001, Gujarat, India

Date of Appointment :

05.03.2015

DIN No.:

00058373

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	U29199GJ1990PTC013473	GALAXY CHAINS PRIVATE LIMITED	Director	07/03/1990	07/03/1990	-	Active	NO
2	U31100GJ1990PTC013882	GALAXY CONVEYARS PRIVATE LIMITED	Director	05/03/2015	05/03/2015	-	Active	NO

Name :

Mr. Sureshkumar Keshavjibhai Santoki

Designation :

Director

Address :

A/61, 6th Floor, Raghukul Appartment, Shroof Road, Near Sardar Baug, Rajkot - 360001, Gujarat, India

Date of Appointment :

03.05.2003

DIN No.:

00132139

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	U14101GJ1995PTC026118	AMUL INDUSTRIES PRIVATE LIMITED	Director	30/05/1995	30/05/1995	-	Active	NO
2	U29224GJ1996PTC028793	ADICO SPARES PRIVATE LIMITED	Director	12/02/1996	12/02/1996	-	Active	NO
3	U51500GJ1999PTC036332	ADVANCE TECHNOMECH PRIVATE LIMITED	Director	23/07/1999	23/07/1999	-	Active	NO
4	U31100GJ1990PTC013882	GALAXY CONVEYARS PVT LTD	Director	03/05/2003	03/05/2003	-	Active	NO
5	U51909PN2003PTC018403	AVICO EXIM PRIVATE LIMITED	Director	30/09/2003	30/09/2003	-	Active	NO
6	U27109PN2004PTC019295	ADICO FORGE PRIVATE LIMITED	Director	21/05/2004	21/05/2004	-	Active	NO
7	U29299PN2005PTC020915	AMUL CRANKSHAFT PRIVATE LIMITED	Director	22/06/2005	22/06/2005	-	Active	NO
8	U28910GJ2006PTC047476	AMUL CRANKCASE PRIVATE LIMITED	Director	09/01/2006	09/01/2006	-	Active	NO
9	U34106GJ2006PTC048345	AMUL AUTO COMPONENTS PRIVATE LIMITED	Director	29/05/2006	29/05/2006	-	Active	NO
10	U74900GJ2007PTC052272	AMUL AIR SOLUTIONS PRIVATE LIMITED	Director	05/12/2007	05/12/2007	-	Active	NO
11	U74900GJ2008PTC053954	AMULTEK SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	22/05/2008	22/05/2008	-	Active	NO
12	U51900GJ2009PTC057809	K. SANTOKI & SONS MARKETING PRIVATE LIMITED	Director	17/08/2009	17/08/2009	-	Converted to LLP	NO
13	U29219GJ2011PTC064457	ADICO AGROTECH PRIVATE LIMITED	Director	16/03/2011	16/03/2011	-	Under Process of Striking off	NO
14	U29211GJ2011PTC065867	ADICO ESCORTS AGRI EQUIPMENTS PRIVATE LIMITED	Director	13/06/2011	13/06/2011	-	Active	NO
15	AAD-7019	K. SANTOKI & SONS MARKETING LLP	Designated Partner	01/04/2015	01/04/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Kashyap
Designation :	Assistant Manager Commercial

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders	No. of Shares
Jaydeep Gopaldas Patel	14318
Seemaben Jaydeep Patel	8580
Gopaldas Gordhandas Patel	14345
Shantaben Gopaldas Patel	8719
Chandrakant Gopaldas Patel	8590
Jasumati Chandrakant Patel	11470
Nilesh Kumar Damodarbhai Patel	13755
Jasvantiben Shantilal Jagani	8253
Dharmisthaben Rameshkumar Kantesaria	8253
Manishbhai Vallabhdas Manvar	2751
Chandulal Keshavlal Santoki	33012
Sureshkumar Keshavlal Santoki	33012
Nitinkumar Keshavlal Santoki	31766
Rajeshbhai Valjibhai Patel	22424
Rasmibhai Valjibhai Patel	22423
Rajnibhai Mohanbhai Bhalodiya	22423
Naynaben Bharatkumar Ghodasara	2751
Hansagauri Dineshkumar Ghodasara	2751
Seemaben Dilipkumar Ghodasara	2751
Sanjuben Mukeshkumar Ghodasara	2751
Star Forging Private Limited, India	1
Galaxy Chains Private Limited, India	1
Total	275100

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the manufacturing and selling of industrial roller chains and conveyor belts.
Products :	Industrial Roller Chains Conveyor Belts.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Germany Turkey
Imports :	Not Divulged
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Ahmedabad Strips Private Limited – Ahmedabad
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Wholesalers, Retailers and Manufacturer

Reference :	Ammann Apollo India Private Limited – Mehsana
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

70-80 (Approximately)

Bankers :

The Corporation Bank, Rajkot, Rajkot, Gujarat, India

Bank Name	State Bank of India
Branch	SME Branch, Gondal Road, Rajkot - 360001, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loan from Banks
State Bank of India	2.581	6.774
Total	2.581	6.774

Auditors :
Name :	Kalaria and Sampat Chartered Accountants
Address :	302 - 305, Star Avenue, Dr. Radhakrishnan Road, Opposite Rajkumar College, Rajkot-360001, Gujarat, India
Tel. No.:	91- 281-2468164/ 2464391
Fax No.:	91-281-2463078
E-Mail :	audit@kalaria-sampat.com incometax@kalaria-sampat.com
PAN N Income-tax PAN of auditor or auditor's firm :	AACFK2045A
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 30.09.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
300,000	Equity Shares	Rs.10/- each	Rs. 3.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
275,100	Equity Shares	Rs.10/- each	Rs. 2.751 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	2.751	2.751	2.751
(b) Reserves & Surplus	46.545	42.347	35.221
(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)	49.296	45.098	37.972
(3) Non-Current Liabilities
(a) long-term borrowings	7.040	4.575	28.305
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	7.040	4.575	28.305
(4) Current Liabilities
(a) Short term borrowings	2.581	6.831	1.254
(b) Trade payables	3.313	3.808	6.261
(c) Other current liabilities	1.247	1.097	1.175
(d) Short-term provisions	0.089	0.342	1.438
Total Current Liabilities (4)	7.230	12.078	10.128
TOTAL	63.566	61.751	76.405
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.640	6.138	5.767
(ii) Intangible Assets	0.034	0.045	0.000
(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	0.003	0.003	0.003
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	17.736	10.310	14.322
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	25.413	16.496	20.092
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	16.318	17.107	22.990
(c) Trade receivables	8.154	7.075	32.092
(d) Cash and cash equivalents	0.151	0.481	0.169
(e) Short-term loans and advances	13.525	20.584	0.897
(f) Other current assets	0.005	0.008	0.165
Total Current Assets	38.153	45.255	56.313
TOTAL	63.566	61.751	76.405

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	39.906	68.155	77.352
		Other Income	3.591	2.178	1.570
		TOTAL (A)	43.497	70.333	78.922
Less	EXPENSES
		Cost of Materials Consumed	15.759	24.385
		Purchases of Stock-in-Trade	0.239	3.321
		Employees benefits expense	2.977	2.824
		Other expenses	14.973	24.492
		TOTAL (B)	33.948	55.022	67.663
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.549	15.311	14.580
Less	FINANCIAL EXPENSES (D)		1.399	2.049	2.540
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.150	13.262	12.040
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.691	0.982	0.936
	PROFIT BEFORE TAX (E-F) (G)		7.459	12.280	12.674
Less	TAX (H)		2.295	4.195	4.535
	PROFIT AFTER TAX (G-H) (I)		5.164	8.085	8.139
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		38.810	32.492	24.353
Less	APPROPRIATIONS
		Interim Dividend	0.966	0.959	0.000
		General Reserve	0.516	0.808	0.000
	BALANCE CARRIED TO THE B/S		42.492	38.810	32.492
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.726	0.000	0.000
	Earnings Per Share (Rs.)		18.77	29.39	29.59

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	12.94	11.86	10.52
Operating Profit Margin (PBIDT/Sales)	(%)	23.93	22.46	18.85
Return on Total Assets (PBT/Total Assets}	(%)	11.73	19.89	16.59
Return on Investment (ROI) (PBT/Networth)		0.15	0.27	0.33
Debt Equity Ratio (Total Debt /Networth)		0.20	0.25	0.78
Current Ratio (Current Asset/Current Liability)		5.28	3.75	5.56

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	2.751	2.751	2.751
Reserves & Surplus	35.221	42.347	46.545
Net worth	37.972	45.098	49.296
long-term borrowings	28.305	4.575	7.040
Short term borrowings	1.254	6.831	2.581
Total borrowings	29.559	11.406	9.621
Debt/Equity ratio	0.778	0.253	0.195

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	77.352	68.155	39.906
		(11.890)	(41.448)

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	77.352	68.155	39.906
Profit	8.139	8.085	5.164
	10.52%	11.86%	12.94%

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	No
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

OPERATION:

The company reported lower revenues of Rs. 39.906 Million against Rs. 68.155 Million in the previous year leading to lower profits of Rs. 5.164 Million against Rs. 8.085 Million in the previous year.

UNSECURED LOAN

Particular	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advance from related parties	7.040	4.575
Short-term borrowings
Galaxy Chains Private Limited	0.000	0.057
Total	7.040	4.632

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10062487	25/01/2010 *	20,000,000.00	STATE BANK OF INDIA	SME BRANCH, GONDAL ROAD, RAJKOT 360001, Gujarat , INDIA	A78653144

* Date of charge modification

FIXED ASSETS:

• Land
• Office Equipment
• Plant and Machinery
• Computers
• Vehicles
• Furniture and Fixture
• Computers Software
• Factory 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 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.62.82
UK Pound	1	Rs.93.85
Euro	1	Rs.67.59

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	RSM
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.