MIRA INFORM REPORT

Report No. :	336946
Report Date :	27.08.2015

IDENTIFICATION DETAILS

Name :	SHRIANNAA MERCHANDISE PRIVATE LIMITED
Registered Office :	Gokul Tower, Door No.5, Ground Floor, 9/10 C.P. Ramasamy Road, Alwarpet, Chennai – 600018, Tamilnadu
Tel. No.:	91-44-42698833
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.01.1990
Com. Reg. No.:	18-050092
Capital Investment / Paid-up Capital :	Rs.12.417 Million
CIN No.: [Company Identification No.]	U51909TN1990PTC050092
IEC No.:	0404005713
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAGCS0795M
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, exporter and importer of ferrous non-ferrous scrap M.S. billets, TMT bars, structures, steel and solar cells.
No. of Employees :	12 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (20)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company incorporated during the year 1990. It has moderate track record. For the financial year 2014, the company has incurred accumulated losses due to volatile market conditions and fall in sale orders which has eroded networth position of the company. Where, the company has achieved decent sales turnover. Further, the rating is constrained on account of continuous decline in profit earnings. The directors of the company are respectable and well-experienced. Though, the company has capability to overcome its losses. However, trade relations are fair. Business is active. Payment terms are slow. In view of losses incurred during the year, the company can be considered for business dealings on fully safe and secure 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Sridhar
Designation :	Accounts Manager
Contact No.:	91-9940194234
Date :	26.08.2015

LOCATIONS

Registered Office :	Gokul Tower, Door No.5, Ground Floor, 9/10 C.P. Ramasamy Road, Alwarpet, Chennai – 600018, Tamilnadu, India
Tel. No.:	91-44-42698833 / 26611501
Mobile No.:	91-9940194234 (Mr. Sridhar)
Fax No.:	91-44-42698833
E-Mail :	sheetalandassociates@gmail.com alkeshgupta@shriannaa.com
Website :	www.shriannaa.com
Location :	Owned
Branch :	Godown: 77/2A, Kadapakkam Village, Vichur Village Road, Manali New Town, Chennai – 600103, Tamilnadu, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Alkesh Gupta

Designation :

Director

Address :

No.133 Santhome High Road, OPG Tower, Mylapore, Chennai – 600004, Tamilnadu, India

Date of Birth/Age :

29.06.1975

Date of Appointment :

02.06.1994

Qualification :

B. Com

Experience :

20 Years

DIN No.:

00538997

PAN No.:

ADJPA9509Q

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	U51909TN1990PTC050092	SHRIANNAA MERCHANDISE PRIVATE LIMITED	Director	02/06/1994	02/06/1994	-	Active	NO
2	U27105TN2010PTC078442	SRE LAXMI BALAJEE EXTRUSIONSS PRIVATE LIMITED	Director	14/12/2010	14/12/2010	31/12/2014	Active	NO
3	U36996TN2011PTC082847	SRE LAXMI BALAJEE BULLIONS PRIVATE LIMITED	Director	24/10/2011	24/10/2011	-	Active	NO

Name :

Mr. Tajinder Singh Kataria

Designation :

Director

Address :

No.12, Muthuram Street, Mylapore, Chennai – 600004, Tamilnadu, India

Date of Birth/Age :

24.11.1964

Date of Appointment :

27.03.2014

Qualification :

B. Com

Experience :

35 Years

DIN No.:

02232567

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	Company/ LLP Status	Defaulting status
1	U28910TN2000PTC045774	CSK FORGINGS PRIVATE LIMITED	Director	26/03/2015	01/12/2011	Active	NO
2	U51909TN1990PTC050092	SHRIANNAA MERCHANDISE PRIVATE LIMITED	Director	27/03/2014	27/03/2014	Active	NO
3	U51909WB2008PTC128878	JAGUAR MERCHANDISE PRIVATE LIMITED	Additional director	30/10/2014	30/10/2014	Active	NO
4	U51109WB2006PTC111899	JYOTISHMAN MERCHANTS PRIVATE LIMITED	Additional director	30/10/2014	30/10/2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Sridhar
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Alkesh Gupta	46835	37.72
Kushal Gupta	41465	33.39
Suchika Gupta	18320	14.75
Sarika Gupta	12950	10.43
Krishnanshoo Gupta	800	0.64
Gaurang Gupta	800	0.64
Alkesh Gupta HUF	1500	1.21
Kushal Gupta HUF	1500	1.21
Total	124170	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Trader, exporter and importer of ferrous non-ferrous scrap M.S. billets, TMT bars, structures, steel and solar cells.
Products :	· Ferrous Non-Ferrous Scrap M.S. Billets · TMT Bars · Structures · Steel Cells · Solar Cells
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished goods
Countries :	· USA · South Africa · Dubai
Imports :
Products :	Raw Material
Countries :	· Netherland · Germany
Terms :
Selling :	L/C, Cash
Purchasing :	L/C, Cash

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Ferromet Marketing Company Private Limited
Name of the Person :	Mr. Ambrish Damani (Director)
Contact No.:	91-9840026622
Since How Long Known :	15 Years
Maximum Limit Dealt :	--
Experience :	Payment Behaviour Market Goodwill Excellent Overall
Remark :	They gave us positive response about subject company they are satisfied with their Payment behaviour and market goodwill.

Customers :

Wholesalers, Retailers, End Users

Company Name :	Refex Energy Limited
Name of the Person :	Mr. Arun
Contact No.:	91-9962997903
Since How Long Known :	5 Years
Maximum Limit Dealt :	--
Experience :	--
Remark :	--

No. of Employees :

12 (Approximately)

Bankers :

Banker Name :	Punjab National Bank
Branch :	No.156, Linghi Chetty Street, Parrys, Chennai – 600001,Tamilnadu, India
Person Name (With Designation) :	Mr. Laxman (Manager)
Contact Number :	91-44-25224368
Name of Account Holder :	Shriannaa Merchandise Private Limited
Account Number :	3611002100355627
Account Since (Date/Year of Account Opening) :	26.10.2012
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	No
Account Operation :	Good
Remark :	Banker gave us positive response about subject company. They are satisfied with their banking transaction.

· Axis Bank Limited, CMC Centre, Karumuttu Nilayam, No.192, Anna Salai, Chennai - 600002, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Other Loans and Advances
Financial Lease obligations from Banks	0.000	0.660
Short Term Borrowings
Other Loans and advances
Cash Credit from banks	75.689	50.511
Buyers Credit from banks
For Operational use	0.000	2.411
Total	75.689	53.582

NOTES:

Long Term Borrowings

· Finance lease obligations are secured by hypothecation of the assets purchased their against and carries interest @10.45% p.a.

Short Term Borrowings

· Working Capital facilities (including buyers' credit) from Banks are secured/to be secured against Hypothecation of Stocks, Book Debts, Collateral security of Properties and Personal Guarantee of Directors

· The cash credit is repayable on demand and carries interest @ 13% p.a. to 14.75% p.a.

Auditors :
Name :	Sheetal and Associates Chartered Accountants
Address :	No.12A, Dr. Alagappa Road, Purusawalkam, Chennai – 600084, Tamilnadu, India
Tel. No.:	91-44-43539501 / 26611501
Mobile No.:	91-9962463111
E-Mail :	sheetalandassociates@gmail.com
PAN No.:	ABRFS9161L
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates :	· Sre Laxmi Balajee Extrusions Private Limited · Inder Traders · CSK Forging Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
124170	Equity Shares	Rs.100/- each	Rs.12.417 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	12.417	12.417	12.417
(b) Reserves & Surplus	(18.654)	8.542	7.708
(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)	(6.237)	20.959	20.125
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	10.660	1.881
(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)	0.000	10.660	1.881
(4) Current Liabilities
(a) Short term borrowings	75.689	52.922	51.057
(b) Trade payables	3.210	116.981	41.440
(c) Other current liabilities	6.245	1.985	3.614
(d) Short-term provisions	0.000	0.000	0.348
Total Current Liabilities (4)	85.144	171.888	96.459
TOTAL	78.907	203.507	118.465
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.453	10.695	12.180
(ii) Intangible Assets	0.000	0.000	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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.275	0.198	0.065
(d) Long-term Loan and Advances	0.957	0.842	0.844
(e) Other Non-current assets	0.009	0.012	0.015
Total Non-Current Assets	10.694	11.747	13.104
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	23.750	23.327	21.003
(c) Trade receivables	11.546	154.410	61.379
(d) Cash and cash equivalents	12.789	4.310	2.204
(e) Short-term loans and advances	20.125	9.710	20.772
(f) Other current assets	0.003	0.003	0.003
Total Current Assets	68.213	191.760	105.361
TOTAL	78.907	203.507	118.465

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	249.584	1039.404	741.320
		Other Income	0.718	0.625	0.601
		TOTAL (A)	250.302	1040.029	741.921
Less	EXPENSES
		Purchase of traded goods	263.610	1019.877	693.686
		(Increase) / decrease in inventories of traded goods	(0.424)	(2.323)	26.173
		Employee Benefits Expenses	1.158	1.656	1.624
		Other Expenses	2.227	10.256	9.340
		TOTAL (B)	266.571	1029.466	730.823
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(16.269)	10.563	11.098
Less	FINANCIAL EXPENSES (D)		9.878	7.882	7.199
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(26.147)	2.681	3.899
Less	DEPRECIATION/ AMORTISATION (F)		1.125	1.496	1.124
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(27.272)	1.185	2.775
Less	TAX (H)		(0.077)	0.352	0.877
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(27.195)	0.833	1.898
	IMPORTS – CIF VALUE OF GOODS		0.000	17.782	98.616
	Earnings / (Loss) Per Share (Rs.)		(219.02)	6.71	15.28

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	1.976	1.221	1.100
Cash generated from operations	NA	(0.234)	(0.644)
Net cash flow from (used in) operating activities	NA	(1.025)	(1.404)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	(10.90)	0.08	0.26
Operating Profit Margin (PBDIT/Sales)	(%)	(6.52)	1.02	1.50
Return on Total Assets (PBT/Total Assets)	(%)	(34.68)	0.58	2.34
Return on Investment (ROI) (PBT/Networth)		4.37	0.06	0.14
Debt Equity Ratio (Total Debt /Networth)		(12.45)	3.09	2.69
Current Ratio (Current Asset/Current Liability)		0.80	1.12	1.09

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	12.417	12.417	12.417
Reserves & Surplus	7.708	8.542	(18.654)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	20.125	20.959	(6.237)
long-term borrowings	1.881	10.660	0.000
Short term borrowings	51.057	52.922	75.689
Current Maturities of Long term debt	1.100	1.221	1.976
Total borrowings	54.038	64.803	77.665
Debt/Equity ratio	2.685	3.092	(12.452)

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	741.320	1039.404	249.584
		40.210	(75.988)

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	741.320	1039.404	249.584
Profit	1.898	0.833	(27.195)
	0.26%	0.08%	(10.90%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS:

There has been huge loss during the year due to volatile market conditions and fall in sale orders, but the management is hopeful that the business of the company may improve in the current financial year.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10423729	03/05/2013 *	75,000,000.00	IndusInd Bank Limited	Old No.115,116 New No.34,, G.N. Chetty Road, T. Nagar, Chennai, Tamilnadu - 600017, India	B76855345

*Date of modification Charges

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF TOTAL INCOME

ASSESSMENT YEAR 2014-2015

YEAR ENDED 31.03.2014

(RS. IN MILLION)

PARTICULARS	Amount
INCOME FROM BUSINESS AND PROFESSION
Net Loss as per Profit & Loss A/c		27.272
LESS: DISALLOWED / RECONSIDERED
Loss on sale of asset	0.020
TDS not deducted U/S 40a	0.372
Property tax	0.009
Depreciation as per companies act	1.125
		1.526
		25.746
ADD: ALLOWED / RECONSIDERED
Depreciation as per income tax	0.863
Rent receipts	0.272
		1.135
		26.881
INCOME FROM HOUSE PROPERTY
Rent receipts	0.272
Less: Property tax	0.010
	0.262
Less: 30% for repairs and maintenance	0.079
		0.183
TOTAL LOSS		26.698
Tax on above @30%
Less: TDS / TCS	0.042
BALANCE REFUNDABLE	(0.042)

------------------------------------------------------------------------------------------------------------------------------

FIXED ASSETS:

· Land

· Building

· Shed

· Plant and Machinery

· Furniture and Fixture

· Vehicles

· Computer

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.66.71
UK Pound	1	Rs.105.10
Euro	1	Rs.77.11

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	TRI
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		20

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.