MIRA INFORM REPORT

Report No. :	353500
Report Date :	18.12.2015

IDENTIFICATION DETAILS

Name :	SIMTA CLEAR COATS PRIVATE LIMITED
Registered Office :	SF No.683-A, Railway Feeder Road, Ravuthur Post, Sulur (Via), Coimbatore – 641103, Tamilnadu
Tel. No.:	91-422-2689621
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	12.04.2006
Com. Reg. No.:	18-012708
Capital Investment / Paid-up Capital :	Rs.10.432 Million
CIN No.: [Company Identification No.]	U29268TZ2006PTC012708
IEC No.:	Not Divulged
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, Exporter of Textile machine parts and v PVC Products. (Confirmed by management)
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 62000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2006, having satisfactory track. For the FY 2015, the company has achieved decent sales turnover which has increased as compared to previous year and reported satisfactory profitability margin. It has been successful in wiping off its previous year loss. The company possesses adequate net worth base, however, reported unfavourable gap between trade payables and receivables and small cash accruals. Trade relations are fair. Business is active. Payments are slow but correct. The company 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 – 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

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. D Sampath Kumar
Designation :	Manager
Contact No.:	91-9842283430
Date :	08.12.2015

LOCATIONS

Registered Office :	SF No.683-A, Railway Feeder Road, Ravuthur Post, Sulur (Via), Coimbatore – 641103, Tamilnadu, India
Tel. No.:	91-422-2689621/2680705
Mobile No.:	91-9842283430 (Mr. D Sampath Kumar) 91-9789521215 (Mr. Krishna Murthy) 91-9842245524 (Mr. Narendra)
Fax No.:	Not Available
E-Mail :	simtaclear@gmail.com info@simta.com
Website :	www.simta.com
Factory :	4/56, Somanur Road, Muthugoundenpudur Post, Sulur, Coimbatore – 641406, Tamilnadu, India

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Murugesan M P
Designation :	Managing director
Address :	18/142-E, (1-19) Trichy Road, Sulur Post, Coimbatore - 641402, Tamilnadu, India
Date of Birth/Age :	21.07.1967
Date of Appointment :	12.04.2006
DIN No.:	00005579
Name :	Mr. Chinnammal Palaniappan Ganesh
Designation :	Director
Address :	Muthugoundanpudur, Palladam, Palladam - 641406, Tamilnadu, India
Date of Birth/Age :	07.06.1965
Date of Appointment :	12.04.2006
DIN No.:	00017820
Name :	Mr. Arumugam Ranganathan
Designation :	Director
Address :	Fok, 1st Block, Jains Cambrae East, Avinashi Road, Peelamedu, Coimbatore - 641004, Tamilnadu, India
Date of Birth/Age :	20.10.1966
Date of Appointment :	01.09.2010
DIN No.:	00022162
Name :	Mr. Duraisamy Sadhasivam
Designation :	Director
Address :	4/41, Muthu Gounden Pudur (Po), Sulur Via, Coimbatore – 641406, Tamilnadu, India
Date of Birth/Age :	23.02.1973
Date of Appointment :	12.04.2006
DIN No.:	00052176
Name :	Mr. Rasidalayam Narayanasamy Kanagaraj
Designation :	Director
Address :	Erangattu Thottam, Rasi Palayam, Sulur Via, Coimbatore – 641406, Tamilnadu, India
Date of Birth/Age :	10.05.1972
Date of Appointment :	12.04.2006
DIN No.:	00052199
Name :	Maniyan Kavitha
Designation :	Director
Address :	Door No.53b, T. Nagar, Coimbatore (East), Coimbatore, 641045, Tamilnadu, India
Date of Birth/Age :	30.08.1974
Date of Appointment :	04.05.2006
DIN No.:	02385413
Name :	Mr. Gopal Premalatha
Designation :	Director
Address :	W/O Sampath Kumar, 4/41a, Muthugounderpudur, Sulur, Coimbatore – 641402, Tamilnadu, India
Date of Birth/Age :	06.01.1979
Date of Appointment :	12.04.2006
DIN No.:	02466632
Name :	Mr. Kumarasamy Selvaraj
Designation :	Director
Address :	New No 3/89, Muthugoundenpudur,Palladam Taluk, Coimbatore – 641406, Tamilnadu, India
Date of Birth/Age :	21.11.1960
Date of Appointment :	01.10.2009
DIN No.:	02823627

KEY EXECUTIVES

Name :	Mr. D Sampath Kumar
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Names of Shareholders (Equity Shares)	No. of Shares
Murugesan M P	8670
Chinnammal Palaniappan Ganesh	11394
Duraisamy Sadhasivam	11394
Gopal Premalatha	11124
Rasidalayam Narayanasamy Kanagaraj	11394
Manlyan Kavitha	9724
Arumugam Ranganathan	9894
Kumarasamy Selvaraj	10224
R Srimanjari	1500
M Parimala	1500
S Senthilkumar	1500
Total	88318

Names of Shareholders (Preference Shares)	No. of Shares
P.Parimala	1500
C.Palanisamy	500
M.Swaminathan	2000
R.Doraisamy	2000
A.Ranganathan	1500
R.Srimanjari	500
V.Kanagalakshmi	2000
S.Bhuvaneshwari	2000
K.Parimala	2000
S.Jayanthi	2000
Total	16000

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 :	Manufacturer, Exporter of Textile machine parts and v PVC Products. (Confirmed by management)
Products :	Textile machine parts and v PVC Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	European Countries South East Asian Countries
Imports :	Not Available
Terms :
Selling :	Cash (30,60,90 Days)
Purchasing :	Cash (30,60,90 Days)

PRODUCTION STATUS: (AS ON 31.03.2015)

LICENSED CAPACITY: Not Applicable since the industry is delicensed

GENERAL INFORMATION

Suppliers :

• Air Cell
• Alpha Industries
• Arrow Trans
• Balaji Electrics
• Booming Plastic
• BSNL
• CKS Electricals
• Cashtec Systems
• Daina Hardwares
• Delta Power System
• Ecoplast Limited
• Everest Refrigeration

Reference :	ABT Info Net
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 :

End Users

• AB Industries
• Adwarth Textile Limited
• Alfa Decors
• Anand Textiles
• Ansari Traders
• Auro SPG Mills
• Balaji Spinners Unit II
• Best Cotton Mills Private Limited
• DElle fabb
• Devesh Enterprises
• Divya Prabha Spinning Mills

Reference :	A B Corporation
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 :

50 (Approximately)

Bankers :

• Axis Bank Limited, No. 1133,1135 and 1136, Avinashi Road,, Papanaickenpalayam,, Coimbatore - 641037, Tamilnadu, India
• Bank of India, R N Puram Branch, 1493 Trichy Road, Ramanathapuram, Coimbatore - 641045, Tamilnadu, India

Banker Name	Indian Bank
Branch Address	Coimbatore Main Branch, 31 Variety Hall Road, Coimbatore – 641001, ilnadu, India
Person Name (With Designation)	Not Divulged
Contact Number	91-422-2397758
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)	Banker non Cooperative

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
From banks	25.043	29.325
SHORT TERM BORROWING
Indian Bank OD A/c	(0.817)	10.138
Axis Bank Limited C/A 914020057010384	(3.449)	0.000
Axis Bank Limited C/C 915030000731586	15.738	0.000
Total	36.515	39.463

Auditors :
Name :	A.S. Jayalakshmi and Associates Chartered Accountants
Address :	1A, Krishna Vihar, 4th Street, Tatabad, Coimbatore – 641012, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFA3355Q
Memberships :	Not Available
Collaborators :	Not Available
Related party :	Simta Machinery Private Limited Sira Machinery Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
105000	Equity Shares	Rs.100/- each	Rs. 10.500 Million
20000	Preference Shares	Rs.100/- each	Rs. 2.000 Million
	Total		Rs. 12.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
88318	Equity Shares	Rs.100/- each	Rs. 8.832 Million
16000	Preference Shares	Rs.100/- each	Rs.1.600 Million
	Total		Rs. 10.432 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.432	7.975	4.700
(b) Reserves & Surplus	11.336	7.888	12.129
(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)	21.768	15.863	16.829
(3) Non-Current Liabilities
(a) long-term borrowings	26.393	30.675	11.330
(b) Deferred tax liabilities (Net)	2.251	2.609	0.138
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.933	3.957	3.957
Total Non-current Liabilities (3)	30.577	37.241	15.425
(4) Current Liabilities
(a) Short term borrowings	11.472	10.138	2.713
(b) Trade payables	22.637	18.620	10.724
(c) Other current liabilities	2.739	1.290	1.224
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	36.848	30.048	14.661
TOTAL	89.193	83.152	46.915
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	50.335	49.958	22.220
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.262	0.573	0.672
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	52.597	50.531	22.892
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	13.946	11.240	7.448
(c) Trade receivables	18.260	15.077	11.849
(d) Cash and cash equivalents	0.200	0.489	0.236
(e) Short-term loans and advances	4.190	5.815	4.490
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	36.596	32.621	24.023
TOTAL	89.193	83.152	46.915

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	115.215	77.201	64.669
	Other Income	1.523	1.068
	TOTAL (A)	116.738	78.269	64.669
Less	EXPENSES
	Cost of Materials Consumed	64.925	43.375
	Stores Consumed	1.999	2.075
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.450)	(2.541)
	Employees benefits expense	17.195	15.007
	Other expenses	15.101	11.794
	TOTAL (B)	98.770	69.710	57.705
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	17.968	8.559	6.964
Less	FINANCIAL EXPENSES (D)	6.595	4.844	1.659
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	11.373	3.715	5.305
Less/ Add	DEPRECIATION/ AMORTISATION (F)	9.125	4.939	2.238
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	2.248	(1.224)	3.067
Less	TAX (H)	0.030	3.017	1.951
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	2.218	(4.241)	1.116
	Earnings / (Loss) Per Share (Rs.)	21.26	NA	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	MA
Net cash flows from/used in operating activities	15.541	8.266	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.93	(5.49)	NA
Operating Profit Margin (PBIDT/Sales)	(%)	15.60	11.09	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.52	(1.47)	6.54
Return on Investment (ROI) (PBT/Networth)		0.10	-0.08	0.18
Debt Equity Ratio (Total Debt /Networth)		1.74	2.57	0.83
Current Ratio (Current Asset/Current Liability)		0.99	1.09	1.64

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	4.700	7.975	10.432
Reserves & Surplus	12.129	7.888	11.336
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	16.829	15.863	21.768
long-term borrowings	11.330	30.675	26.393
Short term borrowings	2.713	10.138	11.472
Total borrowings	14.043	40.813	37.865
Debt/Equity ratio	0.834	2.573	1.739

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	64.669	78.269	116.738
		21.030	49.150

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	64.669	78.269	116.738
Profit	1.116	-3.173	3.741
	1.73%	-4.05%	3.20%

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	No
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	--
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%	Yes
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

REVIEW OF OPERATIONS AND FUTURE PLANS

The Sales and other income for the financial year were Rs.116.738 Million as against Rs.78.269 Million for the previous financial year registering an increased of Rs.38.470 Million. The Board of Directors is Confident of better business growth in the year to come.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
From banks	1.350	1.350
Total	1.350	1.350

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10546167	26/06/2015 *	48,333,000.00	AXIS BANK LIMITED	NO. 1133,1135 &1136, AVINASHI ROAD,, PAPANAICKENP ALAYAM,, COIMBATORE, TAMIL NADU - 641037, INDIA	C72531130

* Date of charge modification

FIXED ASSETS

• Air Conditioner
• Generator
• Computer
• Furniture
• Printer
• Office Equipment’s
• Software
• Machinery
• Battery
• Motor

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.66.65
UK Pound	1	Rs.99.61
Euro	1	Rs.72.33

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	AMR
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--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	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		46

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.