MIRA INFORM REPORT

Report No. :	307714
Report Date :	20.02.2015

IDENTIFICATION DETAILS

Name :	MASH AGROFOODS LIMITED
Registered Office :	15/7-A, Civil Lines, Kanpur – 208 001, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.07.2010
Com. Reg. No.:	20-041515
Capital Investment / Paid-up Capital :	Rs.42.804 millions
CIN No.: [Company Identification No.]	U01210UP2010PLC041515
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	KNPM02293E
PAN No.: [Permanent Account No.]	AAGCM6849N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Producer and Supplier of Frozen Buffalo Meat.
No. of Employees :	100 (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 :	Recently commenced its full-fledged commercial operations
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in July 2010, but has recently commenced its full-fledged commercial operations in March 2013, by setting up an integrated facility for manufacturing of processed meat and allied products. Management has failed to file any latest financials of FY 14, with the statutory authorities. As per available, the company has reported an acceptable revenue base from its start-up phase of business operations during FY 13. Moreover, the information available from indirect source i.e. ICRA state that the company has reported healthy revenue and internal accrual generation during FY 14, in which the Management has commenced its full-fledged first complete year of commercial operations. Further, the management has witnessed high working capital requirements and recent debt funded capex, leading to high gearing levels, increasing reliance on debt. However, trade relations seems to be improving. Business is active. Payment terms are reported as slow but correct. In view of limited track record of operations backed by backward integration initiatives taken over by the Management, the company can be considered for business dealings with some caution.

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	ICRA
Rating	Working Capital Limits: BB+
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations.
Date	September, 2014

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 (GENERAL DETAILS)

Name :	Mr. Faraz
Designation :	Accounts Manager
Contact No.:	91-8400699997
Date :	12.02.2015

LOCATIONS

Registered Office :	15/7-A, Civil Lines, Kanpur – 208 001, Uttar Pradesh, India
Tel. No. :	91-512-3291357/ 30246277
Mobile No. :	91-8400699997 (Mr. Faraz)
Fax No. :	Not Available
E-Mail :	sachinpurwar_ca@yahoo.com info@mashagrofood.com maflunnao@gmail.com
Website :	www.mashfood.com
Works :	Village Bichpari, Pargana Ajgain, District Unnao, Uttar Pradesh, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Sajid Nadeem

Designation :

Director

Address :

15/7-A, Civil Lines, Kanpur – 208 001, Uttar Pradesh, India

Date of Birth/Age :

26.12.1962

Date of Appointment :

29.07.2010

DIN No. :

01923126

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	U18101UP1995PTC018636	MASH INTERNATIONAL PRIVATE LIMITED	Director	30/08/1995	30/08/1995	-	Active	NO
2	U51109UP2010PTC039890	SHAMIMSONS TRADES PRIVATE LIMITED	Director	16/03/2010	16/03/2010	-	Active	NO
3	U01210UP2010PLC041515	MASH AGROFOODS LIMITED	Director	29/07/2010	29/07/2010	-	Active	NO

Name :

Mr. Shahid Waseem

Designation :

Director

Address :

15/7-A, Civil Lines, Kanpur – 208 001, Uttar Pradesh, India

Date of Birth/Age :

03.07.1956

Date of Appointment :

29.07.2010

DIN No. :

01940197

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	U18101UP1995PTC018636	MASH INTERNATIONAL PRIVATE LIMITED	Director	30/08/1995	30/08/1995	-	Active	NO
2	U51109UP2010PTC039890	SHAMIMSONS TRADES PRIVATE LIMITED	Director	16/03/2010	16/03/2010	-	Active	NO
3	U01210UP2010PLC041515	MASH AGROFOODS LIMITED	Director	29/07/2010	29/07/2010	-	Active	NO

Name :

Mr. Anwar Shahid

Designation :

Director

Address :

15/7-A, Civil Lines, Kanpur – 208 001, Uttar Pradesh, India

Date of Birth/Age :

08.11.1976

Date of Appointment :

29.07.2010

DIN No. :

01923158

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	U18101UP1995PTC018636	MASH INTERNATIONAL PRIVATE LIMITED	Director	18/08/1997	18/08/1997	-	Active	NO
2	U01210UP2010PLC041515	MASH AGROFOODS LIMITED	Director	29/07/2010	29/07/2010	-	Active	NO

Name :

Mr. Adnan Aslam

Designation :

Additional Director

Address :

15/7-A, Civil Lines, Kanpur – 208 001, Uttar Pradesh, India

Date of Birth/Age :

03.12.1972

Date of Appointment :

27.06.2011

DIN No. :

01923225

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	U18101UP1995PTC018636	MASH INTERNATIONAL PRIVATE LIMITED	Director	18/08/1997	18/08/1997	-	Active	NO
2	U01210UP2010PLC041515	MASH AGROFOODS LIMITED	Additional director	27/06/2011	27/06/2011	-	Active	NO

Name :

Mr. Asad Aslam

Designation :

Additional Director

Address :

15/7-A, Civil Lines, Kanpur – 208 001, Uttar Pradesh, India

Date of Birth/Age :

13.07.1982

Date of Appointment :

27.06.2011

DIN No. :

03563567

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	U01210UP2010PLC041515	MASH AGROFOODS LIMITED	Additional director	27/06/2011	27/06/2011	-	Active	NO
2	U18101UP1995PTC018636	MASH INTERNATIONAL PRIVATE LIMITED	Director	06/02/2014	06/02/2014	-	Active	NO

Name :

Mr. Mujahid Aslam

Designation :

Additional Director

Address :

15/7-A, Civil Lines, Kanpur – 208 001, Uttar Pradesh, India

Date of Birth/Age :

19.01.1979

Date of Appointment :

27.06.2011

DIN No. :

02216421

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	U18101UP1995PTC018636	MASH INTERNATIONAL PRIVATE LIMITED	Director	13/03/2008	13/03/2008	-	Active	NO
2	U01210UP2010PLC041515	MASH AGROFOODS LIMITED	Additional director	27/06/2011	27/06/2011	-	Active	NO

Name :

Mr. Imran Shahid

Designation :

Additional Director

Address :

15/7-A, Civil Lines, Kanpur – 208 001, Uttar Pradesh, India

Date of Birth/Age :

20.10.1974

Date of Appointment :

27.06.2011

DIN No. :

02259995

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	U18101UP1995PTC018636	MASH INTERNATIONAL PRIVATE LIMITED	Director	13/03/2008	13/03/2008	-	Active	NO
2	U01210UP2010PLC041515	MASH AGROFOODS LIMITED	Additional director	27/06/2011	27/06/2011	-	Active	NO

Name :

Mr. Asif Shahid

Designation :

Additional Director

Address :

15/7-A, Civil Lines, Kanpur – 208 001, Uttar Pradesh, India

Date of Birth/Age :

27.08.1981

Date of Appointment :

27.06.2011

DIN No. :

03563585

Name :

Nausheen Sajid

Designation :

Additional Director

Address :

15/7-A, Civil Lines, Kanpur – 208 001, Uttar Pradesh, India

Date of Appointment :

31.01.2015

DIN No. :

07084884

KEY EXECUTIVES

Name :	Mr. Faraz
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

MAJOR SHAREHOLDERS – NOT AVAILABLE

AS ON 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	9.22
Directors or relatives of Directors	90.78
Total	100.00

BUSINESS DETAILS

Line of Business :	Producer and Supplier of Frozen Buffalo Meat.
Products :	Frozen Buffalo Meat
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Frozen Meat
Countries :	China
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 and 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 :

100 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Overseas Branch, 15/54-B, Virendra Smriti Complex, Civil Lines, Kanpur – 208 001, Uttar Pradesh, 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)	Cash Credit: Rs.390.000 millions
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banking Relations :	--
Auditors :
Name :	Bansal Gupta and Associates Chartered Accountants
Address :	112/351, Flat No.6, Navratra Apartments, Swaroop Nagar, Kanpur – 208 002, Uttar Pradesh, India
Tel. No. :	91-512-3254850
Mobile No. :	91-9415042910
PAN No.:	AAEFB9415E
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries (As confirmed by the Management) :	Mash International Private Limited Address: 15/7-A, Civil Lines, Kanpur – 208 001, Uttar Pradesh, India Line of business: Exporter of Finished Leather, Leather Goods and Accessories. Shamimsons International

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4280384	Equity Shares	Rs.10/- each	Rs.42.804 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	42.804	16.304	6.486
(b) Reserves & Surplus	47.362	47.272	8.000
(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)	90.166	63.576	14.486
(3) Non-Current Liabilities
(a) Long-term borrowings	184.827	71.435	0.000
(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)	184.827	71.435	0.000
(4) Current Liabilities
(a) Short term borrowings	24.000	3.000	0.000
(b) Trade payables	30.856	0.621	0.000
(c) Other current liabilities	0.000	0.000	1.068
(d) Short-term provisions	0.244	0.131	0.000
Total Current Liabilities (4)	55.100	3.752	1.068
TOTAL	330.093	138.763	15.554
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	147.552	97.467	4.405
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	126.379	26.572	9.591
(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	0.004	0.004	0.000
(e) Other Non-current assets	26.833	9.225	0.909
Total Non-Current Assets	300.768	133.268	14.905
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1.314	0.000	0.000
(c) Trade receivables	18.198	0.000	0.000
(d) Cash and cash equivalents	1.249	1.978	0.645
(e) Short-term loans and advances	8.564	3.517	0.004
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	29.325	5.495	0.649
TOTAL	330.093	138.763	15.554

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	18.025	0.000	0.000
		Other Income	0.000	0.000	0.000
		TOTAL	18.025	0.000	0.000
Less	EXPENSES
		Purchases of Stock-in-Trade	19.140	0.000	0.000
		Change in Inventories	(1.314)	0.000	0.000
		TOTAL	17.826	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.199	0.000	0.000
Less/ Add	DEPRECIATION/ AMORTISATION		0.109	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX		0.090	0.000	0.000
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		0.090	0.000	0.000
	Earnings / (Loss) Per Share (Rs.)		0.02	0.00	0.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	0.50	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.04	0.00	0.00
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Debt/Networth)		2.32	1.17	0.00
Current Ratio (Current Asset/Current Liability)		0.53	1.46	0.61

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	6.486	16.304	42.804
Reserves & Surplus	8.000	47.272	47.362
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	14.486	63.576	90.166
Long Term borrowings	0.000	71.435	184.827
Short Term borrowings	0.000	3.000	24.000
Total borrowings	0.000	74.435	208.827
Debt/Equity ratio	0.000	1.171	2.316

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	Yes
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	No
30]	Major Shareholders, if available	No
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	10306288	13/09/2014 *	548,900,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH (5346), 15/54-B, CIVIL LINES, VIRENDRA SMRATI COMPLEX, CIVIL COURT ROAD, KANPUR, UTTAR PRADESH - 208001, INDIA	C26705640

* Date of charge modification

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.62.25
UK Pound	1	Rs.95.57
Euro	1	Rs.71.01

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	SUB
Report Prepared by :	SMN

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	4
-- PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		33

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.