MIRA INFORM REPORT

Report No. :	309395
Report Date :	25.02.2015

IDENTIFICATION DETAILS

Name :	ARTHANARI LOOM CENTRE TEXTILE PRIVATE LIMITED
Registered Office :	78, Sababathi Street, Kalarampatty, Erumapalayam, PO 636015, Salem - 636015, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.10.1991
Com. Reg. No.:	18-003485
Capital Investment / Paid-up Capital :	Rs. 179.980 Millions
CIN No.: [Company Identification No.]	U18101TZ1991PTC003485
TIN No.:	33662681051
TAN No.: [Tax Deduction & Collection Account No.]	CHEA08429B
PAN No.: [Permanent Account No.]	AABCA6496L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Yarn Dyed Woven Fabrics.
No. of Employees :	1700 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. As per registrar of companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2014 but the documents related to the financials are not available from any source. The company has reported rise in its profitability for the financial year 2012-13. However, borrowed funds seems to be more than owned funds. This may act as threat to liquidity position of the company. Trade relations are fair. Business is active. Payments are reported to be slow but correct. 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	CRISIL
Rating	Long term rating: “BB+”
Rating Explanation	Inadequate credit quality and high credit risk.
Date	June, 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 :	Ms. Sangeeta
Designation :	Exports Executive
Contact No.:	91-427-2469951
Date :	24.02.2015

LOCATIONS

Registered Office :	78, Sababathi Street, Kalarampatty, Erumapalayam Post, Salem - 636015, Tamilnadu, India
Tel. No.:	91-427-2469951 (8 Lines) / 2469956
Fax No.:	91-427-2465896
E-Mail :	accounts@alctex.com office@alctex.com sbi.07201@sbi.co.in
Website :	http://www.alctex.com
Area :	4000 Sq. ft.
Location :	Owned
Factory 1:	5/127, Erumapalayam Main Road, Erumapalayam Post, Salem - 636015, Tamilnadu, India
Tel. No.:	91-427-6542001 / 04
Fax No.:	91-427-2263435
Email :	factory@alctex.com
Factory 2:	4/52, Panagadu Road, Erumapalayam, P O, Salem – 636015, Tamilnadu, India
Tel No.:	91-427-6532670
Email :	process@alctex.com

DIRECTORS

As on 29.09.2014

Name :

Mr. Arthanari Alagarasan

Designation :

Managing Director

Address :

80-B, Sabapathi Kadu, Kalarampatti, Erumapalayam, Salem - 636015, Tamilnadu, India

Date of Birth/Age :

15.06.1958

Date of Appointment :

25.10.1991

Voter ID No. :

GMV2684272

DIN No.:

00003568

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	U18101TZ1991PTC003485	ARTHANARI LOOM CENTRE TEXTILE PRIVATE LIMITED	Managing director	25-10-1991	25-10-1991	-	Active	NO
2	U17111TZ2010PTC016112	ALAGARASAN SPINNING AND WEAVING MILLS PRIVATE LIMITED	Director	04-06-2010	04-06-2010	-	Active	NO
3	U74900TZ2010PTC016428	SALEM YARN COLORING PARK PRIVATE LIMITED	Director	07-10-2010	07-10-2010	-	Active	NO
4	U51311TZ2003PTC014963	ARTHANARI CLOTHING PRIVATE LIMITED	Director	11-03-2013	11-03-2013	18-12-2013	Active	NO

Name :

Mr. Alagarasan Pushpa

Designation :

Managing Director

Address :

80-B, Sabapathi Kadu, Kalarampatti, Erumapalayam, Salem - 636015, Tamilnadu, India

Date of Birth/Age :

22.07.1967

Date of Appointment :

01.04.2009

Voter ID No. :

GMV 2684264

DIN No.:

00003573

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	U18101TZ1991PTC003485	ARTHANARI LOOM CENTRE TEXTILE PRIVATE LIMITED	Managing director	01-04-2009	25-10-1991	-	Active	NO
2	U17111TZ2010PTC016112	ALAGARASAN SPINNING & WEAVING MILLS PRIVATE LIMITED	Director	04-06-2010	04-06-2010	-	Active	NO
3	U51311TZ2003PTC014963	ARTHANARI CLOTHING PRIVATE LIMITED	Additional director	10-04-2013	10-04-2013	18-12-2013	Active	NO

Name :

Mr. Alagarasan Aadhithya

Designation :

Managing Director

Address :

80-B, Sabapathi Kadu, Salem – 636015, Tamilnadu, India

Date of Birth/Age :

02.12.1992

Qualification :

B.Com

Date of Appointment :

04.10.2013

DIN No.:

06640299

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	U18101TZ1991PTC003485	ARTHANARI LOOM CENTRE TEXTILE PRIVATE LIMITED	Managing director	04-10-2013	19-07-2013	Active	NO

KEY EXECUTIVES

Name :	Ms. Sangeeta
Designation :	Exports Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares
M. Arthanari (HUF)	10
A. Alagarasan	1053160
A. Pushpa	569940
M. Arthanari	700
R. Panneerselvam	200
A. Adhithya (Minor)	686080
A. Aswathasree (Minor)	66075
Total	2376165

Allottees as on 03.12.2014

Names of Allottees	No. of Shares
A. Alagarasan	88644
A. Pushpa	47971
A. Adhithya (Minor)	57764
A. Aswathasree (Minor)	5561
M. Arthanari	60
Total	200000

As on 29.09.2014

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 :

Manufacturer and Exporter of Yarn Dyed Woven Fabrics.

Products :

Item Code No. (ITC Code)	Product Description
52084130	Fabrics

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

· Bangladesh

· Srilanka

Imports :

Products :

Machinery

Countries :

Gulf Countries

Terms :

Selling :

L/C, Cheque and Credit

Purchasing :

L/C, Cheque and Credit

PRODUCTION STATUS (AS ON 31.03.2013)

Particulars	Unit	Production
Manufactured Fabrics	mtrs	1,03,07,373
Electricity	in unit	2,17,34,860
Electricity consumed	per mtr of cloth	2.10
Coal (Specify Quantity)	in tonnes	9337
Coal consumed	per mtr of cloth	0.0009

GENERAL INFORMATION

Suppliers :

Reference:	Crown Wears Private Limited, Bangladesh
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Customers :

Wholesalers and Retailers

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

No. of Employees :

1700 (Approximately)

Bankers :

Bank Name:	State Bank of India
Branch:	Commercial Branch, Chinnayyan Towers, 120/2 and 120/3 Cherry Road, Salem - 636007, Tamilnadu, India
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

· Anz Grindlays Bank Plc, No.1 Haddows Road, Chennai - 600008, Tamilnadu, India

· Syndicate Bank, Salem Gugai Branch, 37, Whites Road, Chennai - 600014, Tamilnadu, India

· State Bank of India, Siruthozhil Branch, 68, Cherry Road, Salem – 636007, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	229.928	238.126
SHORT TERM BORROWINGS
Working capital loans from banks	427.073	412.415
Total	657.001	650.541

Banking Relations :	--
Financial institutions :	Lakshmi General Fincnce Limited, 8-H., Omalur Road, Salem - 636009, Tamilnadu, India
Auditors :
Name :	JSCV and Company Chartered Accountants
Address :	25, LIC Colony, Omalur Main Road, Salem – 636004, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AJCPS1203Q
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· A. P. Textiles · Pushpam Textiles · Aadithya Textiles

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs.100/- each	Rs. 300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,576,165	Equity Shares	Rs.100/- each	Rs. 257.617 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs.100/- each	Rs. 300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,799,800	Equity Shares	Rs.100/- each	Rs. 179.980 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	179.980	169.780	149.780
(b) Reserves & Surplus	169.067	127.065	96.866
(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)	349.047	296.845	246.646
(3) Non-Current Liabilities
(a) long-term borrowings	342.137	357.566	304.235
(b) Deferred tax liabilities (Net)	42.618	36.644	29.354
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	17.429	11.701	6.800
Total Non-current Liabilities (3)	402.184	405.911	340.389
(4) Current Liabilities
(a) Short term borrowings	427.073	412.415	467.072
(b) Trade payables	170.299	129.543	144.558
(c) Other current liabilities	97.942	79.535	28.283
(d) Short-term provisions	22.639	18.000	18.333
Total Current Liabilities (4)	717.953	639.493	658.246
TOTAL	1469.184	1342.249	1245.281
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	629.819	581.967	487.097
(ii) Intangible Assets	2.887	3.796	0.375
(iii) Capital work-in-progress	1.892	65.962	0.473
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	291.006	268.389	259.827
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	40.031	28.244	25.889
Total Non-Current Assets	965.635	948.358	773.661
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	206.181	158.264	208.292
(c) Trade receivables	240.761	174.858	230.768
(d) Cash and cash equivalents	11.130	24.182	17.541
(e) Short-term loans and advances	20.024	22.048	5.522
(f) Other current assets	25.453	14.539	9.497
Total Current Assets	503.549	393.891	471.620
TOTAL	1469.184	1342.249	1245.281

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		225.658	195.688	156.974
Less	FINANCIAL EXPENSES (D)		76.274	72.920	54.761
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		149.384	122.768	102.213
Less/ Add	DEPRECIATION/ AMORTISATION (F)		78.511	66.692	57.507
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		70.873	56.076	44.706
Less	TAX (H)		28.871	25.905	13.180
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		42.002	30.171	31.526
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		105.939	75.768	44.242
	BALANCE CARRIED TO THE B/S		147.941	105.939	75.768
	EARNINGS IN FOREIGN CURRENCY		469.776	216.995	106.200
	Earnings / (Loss) Per Share (Rs.)		23.34	17.77	21.05

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	6.03	5.56	4.54
Return on Investment (ROI) (PBT/Networth)		0.20	0.19	0.18
Debt Equity Ratio (Total Debt/Networth)		2.20	2.59	3.13
Current Ratio (Current Asset/Current Liability)		0.70	0.62	0.72

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	149.780	169.780	179.980
Reserves & Surplus	96.866	127.065	169.067
Net worth	246.646	296.845	349.047
long-term borrowings	304.235	357.566	342.137
Short term borrowings	467.072	412.415	427.073
Total borrowings	771.307	769.981	769.210
Debt/Equity ratio	3.127	2.594	2.204

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	No
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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
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	10002651	27/09/2013 *	831,300,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, CHINNAYYAN TOWERS, 120/2 AND 120/3 CHERRY ROAD, SALEM, TAMILNADU - 636007, INDIA	B86850930

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Deposits from shareholders	0.058	0.058
Loans and advances from directors	112.052	118.143
Loans taken for fixed assets	0.099	1.239
Total	112.209	119.440

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
a) Estimated amount of contracts remaining to be Executed on capital a/c & not provided for (net of Advances)	7.550	28.200
b). Counter Guarantees given to Bank	0.246	0.230
c). Sales Tax Liabilities on Dyeing Charges disputed and stayed by High Court, Chennai	Not Quantifiable	Not Quantifiable
d).Gratuity liability for employees of less than 5 years service	0.600	2.067
g)Duty liability under EPCG Scheme pending fulfillment of export obligation(without interest)	61.461	85.558

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

Intangible Assets

· Brands and Trade Marks

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 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.62.28
UK Pound	1	Rs.96.21
Euro	1	Rs.70.60

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUC
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	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	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		44

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.