MIRA INFORM REPORT

Report No. :	356696
Report Date :	29.12.2015

IDENTIFICATION DETAILS

Name :	IGP ENGINEERS PRIVATE LIMITED
Registered Office :	Old No. 134, New No. 252/134, Angappa Naicken Street, Chennai-600001, Tamilnadu
Tel. No.:	91-44-25341547/ 25340655/ 24420608
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.06.1979
Com. Reg. No.:	18-007868
Capital Investment / Paid-up Capital :	Rs.10.680 Million
CIN No.: [Company Identification No.]	U27200TN1979PTC007868
IEC No.:	0488002460
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACI0920Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Industrial Gasket Products. (Registered Activity)
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 3484000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 1979 having satisfactory track. Management has failed to file its financials for FY 15 with Registrar of Companies. The company possesses good networth base, fair profit margin and decent cash accruals. Rating further takes into consideration into low borrowings and favourable gap between trade payables and receivables. Trade relations are fair. Business is active. Payments are regular and as per commitments. In view of long business track, 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.

LOCATIONS

Registered / Corporate Office :	Old No. 134, New No. 252/134, Angappa Naicken Street, Chennai-600001, Tamilnadu, India
Tel. No.:	91-44-25341547/ 25340655/ 24420608
Fax No.:	91-44-25340655/ 24405152
E-Mail :	igphariharan@yahoo.co.in insap@md3.vsnl.net.in
Website :	http://www.igp.group.com
Head Office :	# 79 (Old 29/9), Valmiki Street, Thiruvanmiyur, Chennai 600041, Tamilnadu, India
Tel. No.:	91-44-24420608
Fax No.:	91-44-24405152
Factory 1 :	No. 277/2, Old Mahabalipuram Road, Kottivakkam Chennai – 600041, Tamilnadu, India
Tel. No.:	91-44-24483508
Fax No.:	91-44-24483663
E-Mail :	igp@vsnl.com
Factory 2 :	No. 85, Old Mahabalipuram Road, Sholinganallur, Chennai – 600119, Tamilnadu, India
Tel. No.:	91-44-24501224
Fax No.:	91-44-24501731
E-Mail :	igp@vsnl.com
Factory 3 :	No. 2/127, Elim Nagar, Perungudi, Chennai – 600096, Tamilnadu, India
Tel. No.:	91-44-2496043
Fax No.:	91-44-24962356
E-Mail :	igp@vsnl.com

DIRECTORS

As on 31.03.2015

Name :

Mr. Narayanaswamy Srinivasan

Designation :

Director

Address :

263 TTK Road, Teynampet, Chennai - 600018, Tamilnadu, India

Date of Birth/Age :

24.09.1963

Date of Appointment :

01.02.1991

Qualification :

B. Com.

PAN No.:

ABCDE1234G

Experience :

24 years

DIN No.:

00271730

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	U27200TN1979PTC007868	IGP ENGINEERS PRIVATE LIMITED	Director	01/02/1991	01/02/1991	-	Active	NO
2	U31990TN1979PTC008060	INSAP ENGINEERS PRIVATE LIMITED	Director	01/02/1991	01/02/1991	-	Active	NO
3	U36990TN2014PTC097320	VK Fasteners Private Limited	Managing director	12/09/2014	12/09/2014	-	Active	NO

Name :

Mr. Achutha Krishnamurthi

Designation :

Director

Address :

Old No.9 New No.17, Indiranagar 13th Cross Street, Adayar, Chennai - 600020, Tamilnadu, India

Date of Birth/Age :

02.11.1937

Qualification :

L.M.E.

Date of Appointment :

27.07.1984

PAN No.:

ABCDE1234D

DIN No.:

00271923

Name :

Mr. Venugopalaiyer Lakshmanan

Designation :

Director

Address :

11A Sarangapani Street, T. Nagar, Chennai - 600017, Tamilnadu, India

Date of Birth/Age :

08.07.1939

Qualification :

S. S. L. C.

Date of Appointment :

21.06.1979

DIN No.:

00272052

Name :

Mr. Ganesan Umamagesh

Designation :

Director

Address :

11 - 13th Cross Street, Indira Nagar, Adayar Chennai - 600020, Tamilnadu, India

Date of Birth/Age :

21.09.1965

Qualification :

B. E. (Mechanical)

Date of Appointment :

01.04.1994

PAN No.:

ABCDE1234F

DIN No.:

00272117

Other Directorship:

Top of Form

Bottom of Form

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	U25199TN1981PTC009130	CORI ENGINEERS PRIVATE LIMITED	Director	01/02/1991	01/02/1991	-	Active	NO
2	U27200TN1979PTC007868	IGP ENGINEERS PRIVATE LIMITED	Director	01/04/1994	01/04/1994	-	Active	NO
3	U36990TN2014PTC097320	VK Fasteners Private Limited	Director	12/09/2014	12/09/2014	-	Active	NO

Name :

Mr. Gopalaiyer Ganesan

Designation :

Director

Address :

11 13th Cross Street, Indira Nagar, Adayar, Chennai - 600020, Tamilnadu, India

Date of Birth/Age :

27.12.1936

Qualification :

L.M.E.

Date of Appointment :

21.06.1979

PAN No.:

ABCDE1234E

DIN No.:

00272205

Name :

Mr. Venugopalan Balasubramanian

Designation :

Director

Address :

17a Third Seaward Road,, Valmiki Nagar, Thiruvanmiyur, Chennai - 600041, Tamilnadu, India

Date of Birth/Age :

10.07.1947

Qualification :

B. Sc.

Date of Appointment :

27.07.1984

DIN No.:

00272334

Name :

Mr. Krishnaswamy Shyamsundar

Designation :

Director

Address :

Old No.3, New No.5 South Bank, Canal II Street, Mandavelipakkam, Chennai - 600028, Tamilnadu, India

Date of Birth/Age :

24.10.1952

Qualification :

B.E.

Date of Appointment :

27.07.1984

PAN No.:

ABCDE1234C

DIN No.:

00272413

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	U24110TN1980PTC008068	ARUDRA ENGINEERS PRIVATE LIMITED	Director	04/01/1980	04/01/1980	-	Active	NO
2	U25199TN1981PTC009130	CORI ENGINEERS PRIVATE LIMITED	Director	14/12/1981	14/12/1981	-	Active	NO
3	U27200TN1979PTC007868	IGP ENGINEERS PRIVATE LIMITED	Director	27/07/1984	27/07/1984	-	Active	NO
4	U31990TN1979PTC008060	INSAP ENGINEERS PRIVATE LIMITED	Director	31/12/1988	31/12/1988	-	Active	NO
5	U65191TN1984PTC010908	PATHAKUDI TRADING COMPANY PRIVATE LIMITED	Director	01/04/1989	01/04/1989	-	Active	YES
6	U65191TN1984PTC010762	KARAIKAL MARKETING PRIVATE LIMITED	Director	23/03/2007	23/03/2007	-	Active	YES

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2014

Names of Shareholders	No. of Shares
Karaikal Marketing Private Limited, India	375
Pathakudi Trading Company Private Limited, India	375
Venugopalan Balasubramanian	6390
Gopalaiyer Ganesan	21075
Venugopalaiyer Lakshmanan	10540
R. Natraj	5255
Saraswathi Narayanswamy	31950
Shobana Jagdish	2640
Krishnaswamy Shyamsundar	6390
R. Sumathi	2640
R K Swamy	6390
Krishnaswamy Shyamsundar (Trustee of V. Krishnaswamy)	12780
Total	106800

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2014

Category	Percentage
Bodies corporate	0.70
Directors or relatives of Directors	99.30
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Industrial Gasket Products. (Registered Activity)

Products :

Item Code No.	Product Description
84841000	Gaskets

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Bank Name	UCO Bank
Branch	MID Corporate Branch, 328 Tambu Chety Street, 3^rd Floor, Parrys, Chennai – 600001, Tamilnadu, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee Term loans from Banks	114.113	130.342
Total	114.113	130.342

Note:

Secured Loans

Term Loans are secured by a first charge on the fixed assets of the company and second charge on the entire current assets of the company both present and future.

Cash Credit facility is secured by first charge of hypothecation of stock of Raw Materials, Work in progress and entire book debts and other current assets of the company both present and future and a second charge on the fixed assets of the company

Auditors :
Name :	D. Rangaswamy and Company Chartered Accountants
Address :	RC Towers, 2^nd Floor, Josier Street, Nunganabakkam, Chennai – 600034, Tamilnadu, India
Tel. No.:	91-44-28215168
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFD0365P
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 27.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
106800	Equity Shares	Rs.100/- each	Rs.10.680 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	10.680	10.680	10.680
(b) Reserves & Surplus	1208.832	1068.167	939.233
(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)	1219.512	1078.847	949.913
(3) Non-Current Liabilities
(a) long-term borrowings	168.112	179.341	127.287
(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	11.919	10.078	11.696
Total Non-current Liabilities (3)	180.031	189.419	138.983
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	115.408	148.683	182.883
(c) Other current liabilities	14.796	13.853	12.882
(d) Short-term provisions	18.743	16.244	16.136
Total Current Liabilities (4)	148.947	178.780	211.901
TOTAL	1548.490	1447.046	1300.797
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	286.262	260.974	253.611
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	38.526	50.191
(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)	1.515	1.191	1.634
(d) Long-term Loan and Advances	41.761	36.434	33.866
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	329.538	337.125	339.302
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	359.120	389.586	390.754
(c) Trade receivables	548.204	564.275	524.650
(d) Cash and cash equivalents	278.651	133.446	12.949
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	32.977	22.614	33.142
Total Current Assets	1218.952	1109.921	961.495
TOTAL	1548.490	1447.046	1300.797

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	NA	NA	NA
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	306.076	278.146	280.156
Less/ Add	DEPRECIATION/ AMORTISATION	32.851	31.223	30.327
	PROFIT/ (LOSS) BEFORE TAX	273.225	246.923	249.829
Less	TAX	92.575	80.644	81.446
	PROFIT/ (LOSS) AFTER TAX	180.650	166.279	168.383
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1221.999	1268.944	1010.836
	TOTAL EARNINGS	1221.999	1268.944	1010.836
	IMPORTS
	Raw Materials	NA	290.063	248.462
	TOTAL IMPORTS	NA	290.063	248.462
	Earnings / (Loss) Per Share (Rs.)	1691.48	1556.92	1576.62

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	303.570	234.702	199.339
Net cash flow from operating activity	153.302	153.302	118.234

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	17.66	17.55	20.00
Return on Investment (ROI) (PBT/Networth)		0.22	0.23	0.26
Debt Equity Ratio (Total Debt /Networth)		0.14	0.17	0.13
Current Ratio (Current Asset/Current Liability)		8.18	6.21	4.54

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	10.680	10.680	10.680
Reserves & Surplus	939.233	1068.167	1208.832
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	949.913	1078.847	1219.512
long-term borrowings	127.287	179.341	168.112
Short term borrowings	0.000	0.000	0.000
Total borrowings	127.287	179.341	168.112
Debt/Equity ratio	0.134	0.166	0.138

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	No
8	Designation of contact person	No
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)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
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	No
26	Turnover of firm for last three years	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Deposits from Directors	42.655	37.655
Deposits from Others	11.344	11.344
Total	53.999	48.999

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90299157	14/09/2012 *	404,000,000.00	UCO BANK	INTERNATIONAL BANKING BRANCH, NO.328, THAMBCHET  TY STREET, CHENNAI, Tamil Nadu - 600001, INDIA	B61721536

FIXED ASSETS

• Land
• Buildings
• Other building
• Plant and equipment
• Other plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments
• Other equipments

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.66.13
UK Pound	1	Rs.98.69
Euro	1	Rs.72.55

INFORMATION DETAILS

Analysis Done by :	AMT
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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		48

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.