MIRA INFORM REPORT

Report No. :	309643
Report Date :	26.02.2015

IDENTIFICATION DETAILS

Name :	HEMLA EMBROIDERY MILLS PRIVATE LIMITED
Registered Office :	14/6, Hemla Nagar, Mathura Road, Faridabad – 121003, Haryana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.08.1958
Com. Reg. No.:	05-002248
Capital Investment / Paid-up Capital :	Rs. 4.500 Millions
CIN No.: [Company Identification No.]	U74999HR1958PTC002248
TAN No.: [Tax Deduction & Collection Account No.]	RTKH01570C
PAN No.: [Permanent Account No.]	AAACH4302B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Fabrics and Garments.
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. Financial position of the company seems to be sound. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered for normal 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

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Dinesh Kumar
Designation :	Accounts Manager
Contact No.:	91-9810327323
Date :	26.02.2015

LOCATIONS

Registered Office :	14/6, Hemla Nagar, Mathura Road, Faridabad – 121003, Haryana, India
Tel. No.:	91-129-4096500 (30 Lines)
Mobile No.:	91-9810327323 [Mr. Dinesh]
Fax No.:	91-129-4096555
E-Mail :	corporatelaw21@yahoo.co.in info@hemlaembroidery.com dinesh@hemlaembroidery.com
Website :	http://www.hemlaembroidery.com
Showroom :	G-6 Vaikunth, 82-83, Nehru Place, New Delhi – 110019, India
Tel. No.:	91-11-26422101/ 02/ 26469369
Fax No.:	91-11-41306709
E-Mail :	showroom@hemlaembroidery.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Mohinder Singh Uppal

Designation :

Managing director

Address :

22, Feroze Gandhi Road, Lajpat Nagar - III, New Delhi - 110024, Delhi, India

Date of Birth/Age :

11.04.1930

Date of Appointment :

21.08.1958

DIN No.:

00253242

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	U74999HR1958PTC002248	HEMLA EMBROIDERY MILLS PRIVATE LIMITED	Managing director	21/08/1958	21/08/1958	Active	NO
2	U74899DL1980PTC010555	PEE EMPRO EXPORTS PRIVATE LIMITED	Managing director	01/08/1981	01/08/1981	Active	NO

Name :

Prit Mohinder Singh Uppal

Designation :

Director

Address :

22, Feroze Gandhi Road, Lajpat Nagar - III, New Delhi - 110024, Delhi, India

Date of Birth/Age :

19.01.1958

Date of Appointment :

15.10.1994

DIN No.:

00253279

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	U00000DL1978PTC009374	NARAIN ENTERPRISES PRIVATE LIMITED	Director	23/12/1978	23/12/1978	-	Amalgamated	NO
2	U74899DL1980PTC010555	PEE EMPRO EXPORTS PRIVATE LIMITED	Director	18/06/1980	18/06/1980	-	Active	NO
3	U17100DL1988PTC033074	CREATIVE DYEING AND PRINTING MILLS PRIVATE LIMITED	Director	07/09/1988	07/09/1988	-	Active	NO
4	U74899DL1987PTC027668	H J ENGINEERS PRIVATE LIMITED	Director	22/03/1990	22/03/1990	-	Active	NO
5	U74999HR1958PTC002248	HEMLA EMBROIDERY MILLS PRIVATE LIMITED	Director	15/10/1994	15/10/1994	-	Active	NO
6	U17302DL2007PTC159205	TM GARMENTS PRIVATE LIMITED	Director	13/02/2007	13/02/2007	-	Active	NO
7	U27310DL2007PTC167208	T. M. APPARELS PRIVATE LIMITED	Director	20/08/2007	20/08/2007	17/09/2012	Active	NO
8	U70101HR2010PLC041559	RAJASTHAN INTEGRATED APPAREL CITY LIMITED	Director	20/12/2011	09/12/2010	-	Active	NO

Name :

Perminder Singh Uppal

Designation :

Director

Address :

3, Southern Avenue, Maharani Bagh, New Delhi - 110065, Delhi, India

Date of Birth/Age :

19.03.1956

Date of Appointment :

01.10.1981

DIN No.:

00253329

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	U00000DL1978PTC009374	NARAIN ENTERPRISES PRIVATE LIMITED	Director	23/12/1978	23/12/1978	Amalgamated	NO
2	U74899DL1980PTC010555	PEE EMPRO EXPORTS PRIVATE LIMITED	Director	18/06/1980	18/06/1980	Active	NO
3	U74999HR1958PTC002248	HEMLA EMBROIDERY MILLS PRIVATE LIMITED	Director	01/10/1981	01/10/1981	Active	NO
4	U17100DL1988PTC033074	CREATIVE DYEING AND PRINTING MILLS PRIVATE LIMITED	Director	07/09/1988	07/09/1988	Active	NO
5	U74899DL1987PTC027668	H J ENGINEERS PRIVATE LIMITED	Director	22/03/1990	22/03/1990	Active	NO

KEY EXECUTIVES

Name :	Mr. Dinesh Kumar
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Mohinder Singh Uppal	100	0.22
Perminder Singh Uppal	1925	4.28
Prit Mohinder Singh Uppal	1925	4.28
Ginny Uppal	100	0.22
Pee Empro Exports Private Limited, India	40950	91.00
Total	45000	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	91.00
Directors or relatives of directors	9.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Fabrics and Garments.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	Machinery
Countries :	· Switzerland
Terms :
Selling :	Cash, Advance Payment and Credit
Purchasing :	Cash, Advance Payment and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Wholesalers, Retailers and End Users

Reference:	Pee Empro Exports Private Limited
Name of the Person (Designation):	Mr. Divakar [Banking and Finance Manager]
Contact Number:	91-11-26413249/ 9818267145
Since how long known:	Long time
Maximum limit dealt:	Not Divulged
Experience:	Product Quality = Excellent Delivery Behaviour = Excellent Overall = Excellent
Remark	They gave us positive response about subject they are satisfied with their product quality and delivery behavior.

No. of Employees :

600 (Approximately)

Bankers :

Bank Name:	Bank of Baroda
Branch:	55, Madhuvan, Nehru Place, New Delhi, 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 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

· The Karur Vysya Bank Limited

Central Processing Cell (Loans), 65/7, 1st Floor, New Rohtak Road, New Delhi - 110005, Delhi, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
HDFC Bank Limited [Car Loan]	1.100	1.783
Karur Vysya Bank Limited [Term Loans against hypothecation of Plant and Machinery]	16.815	21.525
Total	17.915	23.308

Banking Relations :	--
Auditors :
Name :	Krishan K. Gupta and Company Chartered Accountants
Address :	1/3-10196, Jhandewalan, Devi Mandir Lane, New Delhi – 110055, India
Tel. No.:	91-11-23678214/ 23520387/ 23559070
Fax No.:	91-11-23675377
E-Mail :	speedex3@gmail.com
Income-tax PAN of auditor or auditor's firm :	AACPG6006E
Holding Company :	Pee Empro Exports Private Limited [U74899DL1980PTC010555]
Related Party :	Creative Dyeing and Printing Mills Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
45,000	Equity Shares	Rs. 100/- each	Rs. 4.500 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	4.500	4.500	4.500
(b) Reserves & Surplus	182.545	153.421	121.927
(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)	187.045	157.921	126.427
(3) Non-Current Liabilities
(a) Long-term borrowings	42.915	53.308	51.086
(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)	42.915	53.308	51.086
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	35.182	24.506	19.097
(c) Other current liabilities	3.940	5.004	4.245
(d) Short-term provisions	0.598	0.221	0.642
Total Current Liabilities (4)	39.720	29.731	23.984
TOTAL	269.680	240.960	201.497
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	185.778	164.999	145.505
(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)	4.243	5.039	2.578
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	190.021	170.038	148.083
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	21.011	20.359	17.656
(c) Trade receivables	30.207	23.318	14.150
(d) Cash and cash equivalents	23.914	19.582	10.821
(e) Short-term loans and advances	2.527	5.427	8.593
(f) Other current assets	2.000	2.236	2.194
Total Current Assets	79.659	70.922	53.414
TOTAL	269.680	240.960	201.497

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Sales and Job Work	256.774	224.223	169.475
		Other Income	2.493	0.781	NA
		Deferred Tax Liability	0.000	2.461	NA
		TOTAL (A)	259.267	227.465	NA
Less	EXPENSES
		Cost of Materials Consumed	99.750	83.580
		Manufacturing Expenses	62.958	51.167
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	-1.808	0.740
		Establishment	12.859	11.999
		Other expenses	18.414	16.647
		Deferred Tax Liability	0.796	0.000
		TOTAL (B)	192.969	164.133	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		66.298	63.332	[Including Financial Expenses]
Less/ Add	DEPRECIATION/ AMORTISATION (F)		20.823	20.609
	PROFIT BEFORE TAX (E-F) (G)		45.475	42.723	17.854
Less	TAX (H)		16.262	11.129	NA
	PROFIT AFTER TAX (G-H) (I)		29.213	31.594	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		90.720	64.126	NA
Less	APPROPRIATIONS
		Transfer to General Reserve	5.000	5.000	NA
	BALANCE CARRIED TO THE B/S		114.933	90.720	NA
	Earnings Per Share (Rs.)		649.18	702.09	NA

Expected Sales (2014-2015): Rs. 300.000 Millions

The above information has been parted by Mr. Dinesh Kumar [Accounts Manager]

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	11.38	14.09	NA
Operating Profit Margin (PBDIT/Sales)	(%)	25.82	28.25	NA
Return on Total Assets (PBT/Total Assets}	(%)	17.13	18.11	8.98
Return on Investment (ROI) (PBT/Networth)		0.24	0.27	0.14
Debt Equity Ratio (Total Debt/Networth)		0.23	0.34	0.40
Current Ratio (Current Asset/Current Liability)		2.01	2.39	2.23

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	4.500	4.500	4.500
Reserves & Surplus	121.927	153.421	182.545
Net worth	126.427	157.921	187.045
Long-term borrowings	51.086	53.308	42.915
Short term borrowings	0.000	0.000	0.000
Total borrowings	51.086	53.308	42.915
Debt/Equity ratio	0.404	0.338	0.229

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	169.475	224.223	256.774
		32.304	14.517

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
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	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10373905	06/08/2012	54,500,000.00	THE KARUR VYSYA BANK LIMITED	CENTRAL PROCESSING CELL (LOANS), 65/7, 1ST FLOOR, NEW ROHTAK ROAD, NEW DELHI, DELHI - 110005, INDIA	B57006546
2	10240412	30/07/2010	14,000,000.00	THE KARUR VYSYA BANK LIMITED	EAST PARK ROAD, KAROL BAGH, NEW DELHI, DELHI - 110005, INDIA	A94870490
3	10208370	24/02/2010	34,070,000.00	THE KARUR VYSYA BANK LIMITED	KAROL BAGH, NEW DELHI, DELHI - 110005, INDIA	A81607921
4	90049898	29/06/2003	49,840,000.00	THE KARUR VYSYA BANK LIMITED	XVI/2645;POONA CHAMBERS BANK STREET, KAROL BAGH, NEW DELHI, DELHI - 110005, INDIA	-
5	90047983	29/06/2000	49,800,000.00	THE KARUR VYSYA BANK LIMITED	XVI/2645; POONAM CHAMBERS, BANK STREET;KAROL BAGH, NEW DELHI, DELHI - 110005, INDIA	-

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
From Corporate Bodies Pee Empro Exports Private Limited	25.000	30.000
Total	25.000	30.000

FIXED ASSETS:

· Air Conditioner

· Electrical Installation

· Land

· Building

· Furniture and Fixture

· Generator

· Office Equipment

· Vehicles

· 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 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. 62.05
UK Pound	1	Rs. 96.03
Euro	1	Rs. 70.43

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		54

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.