MIRA INFORM REPORT

Report No. :	308376
Report Date :	21.02.2015

IDENTIFICATION DETAILS

Name :	TIKI TAR INDUSTRIES (BARODA) LIMITED
Registered Office :	8, 8^th Floor, Neptune Tower, Baroda Productivity Council Road, Alkapuri, Vadodara – 390005, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.04.2011
Com. Reg. No.:	04-064721
Capital Investment / Paid-up Capital :	Rs. 45.000 Millions
CIN No.: [Company Identification No.]	U23109GJ2011PLC064721
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in production of modified bitumen like bitumen emulsions, crumb rubber modified bitumen and other products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal 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 – 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	CRISIL
Rating	Long Term Rating = BBB-
Rating Explanation	Have moderate degree of safety and carry moderate credit risk
Date	October 30, 2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	October 30, 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.

LOCATIONS

Registered Office :	8, 8^th Floor, Neptune Tower, Baroda Productivity Council Road, Alkapuri, Vadodara – 390005, Gujarat, India
Tel. No.:	91-265-2337992
Fax No.:	91-265-2334339
E-Mail :	baroda@tikitar.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Rajesh Shah

Designation :

Managing Director

Address :

34, Hari Bhakti Garba Ground, Race Course, Vadodara – 390 007, Gujarat, India

Date of Birth/Age :

03.01.1959

Date of Appointment :

03.12.2012

PAN No.:

AAGPS0964F

DIN No.:

01118604

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	U23109GJ1985PTC008331	TIKI TAR INDUSTRIES PVT LTD	Director	17/12/1985	17/12/1985	-	Active	NO
2	U45102GJ1996PLC029466	TIKI ASPHALT LIMITED	Director	26/04/1996	26/04/1996	-	Active	NO
3	U24110GJ2005PLC076219	TIKITAR INDUSTRIES (INDIA) LIMITED	Director	15/02/2005	15/02/2005	-	Active	NO
4	U23109GJ2011PLC064721	TIKI TAR INDUSTRIES (BARODA) LIMITED	Managing director	03/12/2012	01/04/2011	-	Active	NO
5	U23209GJ2012PTC071647	TIKI TAR DANOSA (INDIA)PRIVATE LIMITED	Whole-time director	22/08/2012	22/08/2012	-	Active	NO

Name :

Mr. Hirendra K. Mota

Designation :

Managing Director

Address :

11, Laxmi Colony, Gokhli Baug, Near Urmi Society, Urmi Char Rasta, Race Course, Vadodara – 390007, Gujarat, India

Date of Birth/Age :

26.08.1961

Date of Appointment :

03.12.2012

PAN No.:

AAGPS0962D

DIN No.:

00294706

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	U23109GJ1985PTC008331	TIKI TAR INDUSTRIES PRIVATE LTD	Director	17/12/1985	17/12/1985	-	Active	NO
2	U45102GJ1996PLC029466	TIKI ASPHALT LIMITED	Director	26/04/1996	26/04/1996	-	Active	NO
3	U24110GJ2005PLC076219	TIKITAR INDUSTRIES (INDIA) LIMITED	Director	15/02/2006	15/02/2006	-	Active	NO
4	U23109GJ2011PLC064721	TIKI TAR INDUSTRIES (BARODA) LIMITED	Managing director	03/12/2012	01/04/2011	-	Active	NO
5	U23209GJ2012PTC071647	TIKI TAR DANOSA (INDIA)PRIVATE LIMITED	Whole-time director	22/08/2012	22/08/2012	-	Active	NO

Name :

Mr. Pratik R. Shah

Designation :

Whole Time Director

Address :

34, Hari Bhakti Garba Ground, Race Course, Vadodara – 390 007, Gujarat, India

Date of Birth/Age :

22.01.1987

Date of Appointment :

01.04.2011

DIN No.:

03337910

Name :

Mr. Rajendra K. Shah

Designation :

Managing Director

Address :

14-B, Jalaram Ashish, Devidayal Road, Mulund (West), Mumbai – 400080, Maharashtra, India

Date of Birth/Age :

05.06.1960

Date of Appointment :

03.12.2012

PAN No.:

AAGPS0963C

DIN No.:

00641378

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	U23109GJ1985PTC008331	TIKI TAR INDUSTRIES PVT LTD	Director	17/12/1985	17/12/1985	-	Active	NO
2	U45102GJ1996PLC029466	TIKI ASPHALT LIMITED	Director	26/04/1996	26/04/1996	-	Active	NO
3	U24110GJ2005PLC076219	TIKITAR INDUSTRIES (INDIA) LIMITED	Director	15/02/2006	15/02/2006	-	Active	NO
4	U23109GJ2011PLC064721	TIKI TAR INDUSTRIES (BARODA) LIMITED	Managing director	03/12/2012	01/04/2011	-	Active	NO
5	U23209GJ2012PTC071647	TIKI TAR DANOSA (INDIA)PRIVATE LIMITED	Whole-time director	22/08/2012	22/08/2012	-	Active	NO

Name :

Mr. Hardik R. Shah

Designation :

Whole Time Director

Address :

14-B, Jalaram Ashish, Devidayal Road, Mulund (West), Mumbai – 400080, Maharashtra, India

Date of Birth/Age :

29.12.1985

Date of Appointment :

03.12.2012

DIN No.:

00294770

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	U24110GJ2005PLC076219	TIKITAR INDUSTRIES (INDIA) LIMITED	Director	15/02/2005	15/02/2005	-	Active	NO
2	U23109GJ2011PLC064721	TIKI TAR INDUSTRIES (BARODA) LIMITED	Whole-time director	03/12/2012	01/04/2011	-	Active	NO

Name :

Bipinchandra R. Patel

Designation :

Director

Address :

4, Abhar Society, Opposite S.R. Petrol Pump, Nizampura, Vadodara – 390002, Gujarat, India

Date of Birth/Age :

10.10.1956

Date of Appointment :

01.04.2013

DIN No.:

06539202

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Hirendra K. Mota	1766250
Manisha Mota	33750
Hardik Shah	22500
Rajendra K. Shah	855000
Parul R. Shah	22500
Pratik R. Shah	33750
Rajesh Shah	1710000
Ashish Shah	22500
Varsha R. Shah	33750
Total	4500000

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in production of modified bitumen like bitumen emulsions, crumb rubber modified bitumen and other products.

Products :

Item Code No. (ITC Code)	Product Description
2713	Polymer modified Bitumin
4004	Catonic Emulsion
2713	Bitumin

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

• Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400021, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term loans from banks	0.074	0.960
Loans and advances from related parties	73.565	95.217
SHORT TERM BORROWINGS
Loans repayable on demand	295.716	197.120
Total	369.355	292.337

Auditors :
Name :	R.N. Shah and Associates Chartered Accountants
Address :	Vadodara, Gujarat, India
Memberships :	Not Available
Collaborators :	Not Available
Enterprises in which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Tiki Asphalt Limited (CIN No.: U45102GJ1996PLC029466) Tikitar Industries (India) Limited (CIN No.: U24110GJ2005PLC076219) Tiki Tar Industries Private Limited (CIN No.: U23109GJ1985PTC008331) Tiki Tar Danosa (India) Private Limited (CIN No.: U23209GJ2012PTC071647)

CAPITAL STRUCTURE

AS ON 30.09.2014

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
4500000	Equity Shares	Rs. 10/- each	Rs. 45.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	45.000	40.000	20.000
(b) Reserves & Surplus	217.420	143.365	22.873
(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)	262.420	183.365	42.873
(3) Non-Current Liabilities
(a) long-term borrowings	73.639	96.177	191.016
(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)	73.639	96.177	191.016
(4) Current Liabilities
(a) Short term borrowings	295.716	197.120	133.428
(b) Trade payables	237.011	157.197	164.481
(c) Other current liabilities	32.364	8.770	12.753
(d) Short-term provisions	30.113	21.156	16.197
Total Current Liabilities (4)	595.204	384.243	326.859
TOTAL	931.263	663.785	560.748
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	122.877	122.748	108.899
(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	54.999	30.600	0.000
(c) Deferred tax assets (net)	-1.616	0.658	0.386
(d) Long-term Loan and Advances	44.573	12.009	26.706
(e) Other Non-current assets	0.000	1.018	2.369
Total Non-Current Assets	220.833	167.033	138.360
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	171.354	160.924	88.180
(c) Trade receivables	425.517	263.842	248.405
(d) Cash and cash equivalents	45.789	46.588	53.190
(e) Short-term loans and advances	67.770	25.398	32.613
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	710.430	496.752	422.388
TOTAL	931.263	663.785	560.748

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2496.620	1612.967	1391.437
		Other Income	10.566	3.708	9.804
		TOTAL (A)	2507.186	1616.675	1401.241
Less	EXPENSES
		Cost of Materials Consumed	2107.674	1015.115	1100.203
		Purchases of Stock-in-Trade	56.743	355.193	103.289
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(3.523)	(13.852)	4.474
		Employees benefits expense	40.802	35.203	18.932
		Other expenses	156.539	127.570	104.911
		TOTAL (B)	2358.235	1519.229	1331.809
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		148.951	97.446	69.432
Less	FINANCIAL EXPENSES (D)		57.918	52.429	40.664
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		91.033	45.017	28.768
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.228	13.601	12.647
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		76.805	31.416	16.121
Less	TAX (H)		28.627	9.228	4.614
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		48.178	22.188	11.507
	Earnings / (Loss) Per Share (Rs.)		10.71	4.93	2.56

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	1.93	1.38	0.83
Operating Profit Margin (PBDIT/Sales)	(%)	5.97	6.04	4.99
Return on Total Assets (PBT/Total Assets}	(%)	8.75	4.97	2.88
Return on Investment (ROI) (PBT/Networth)		0.29	0.17	0.38
Debt Equity Ratio (Total Debt/Networth)		1.41	1.60	7.57
Current Ratio (Current Asset/Current Liability)		1.19	1.29	1.29

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	20.000	40.000	45.000
Reserves & Surplus	22.873	143.365	217.420
Net worth	42.873	183.365	262.420
long-term borrowings	191.016	96.177	73.639
Short term borrowings	133.428	197.120	295.716
Total borrowings	324.444	293.297	369.355
Debt/Equity ratio	7.568	1.600	1.407

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1391.437	1612.967	2496.620
		15.921	54.784

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1391.437	1612.967	2496.620
Profit	11.507	22.188	48.178
	0.83%	1.38%	1.93%

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
20]	Export / Import details (if applicable)	No
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	Yes
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	10483480	14/02/2014	215,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B98859028
2	10371232	21/09/2013 *	120,000,000.00	CITIBANK N. A.	Pelican, 2nd Floor, Opposite Race Course Towers, Gotri Road, Vadodara, Gujarat - 390007, INDIA	B89108401
3	10375163	11/09/2013 *	330,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, Maharashtra - 400013, INDIA	B86057841

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and Equipments
• Factory Equipments
• 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 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

Analysis Done by :	RAS
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.