MIRA INFORM REPORT

Report No. :	302867
Report Date :	12.01.2015

IDENTIFICATION DETAILS

Name :	DMSON’S METAL PRIVATE LIMITED
Registered Office :	502, Peninsula Heights, Juhu Lane, Near BMW Showroom, CTS No.557 1/2/3, Andheri (West), Mumbai – 400 058, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.05.2007
Com. Reg. No.:	11-170928
Capital Investment / Paid-up Capital :	Rs.50.500 millions
CIN No.: [Company Identification No.]	U27109MH2007PTC170928
TAN No.: [Tax Deduction & Collection Account No.]	MUMD19823G
PAN No.: [Permanent Account No.]	AACCD6037D
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of boiler quality plates, special quality plates, high tensile plates, mild steel plates, hot rolled coils and alloy steel plates.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company seems to be low during 2014. However, trade relations are fair. Business is active. Payment terms are 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	Have inadequate credit quality and high credit risk.
Date	26.09.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating=A4+
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	26.09.2014

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

Name :	Mr. Drupal Shah
Designation :	Accounts Manager
Contact No.:	91-22-26702052
Date :	17.12.2014

LOCATIONS

Registered Office/ Warehouse :	502, Peninsula Heights, Juhu Lane, Near BMW Showroom, CTS No.557 1/2/3, Andheri (West), Mumbai – 400 058, Maharashtra, India
Tel. No.:	91-22-26702052/ 53/ 54
Fax No.:	91-22-26702051
E-Mail :	dm.dmsons@gmail.com
Area :	3000 sq. ft.
Location :	Owned
Locality :	Commercial

DIRECTORS

As on 30.09.2014

Name :

Mr. Deepak Kakubahi Mehta

Designation :

Director

Address :

7/A, Puspham K D Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

15.05.1966

Date of Appointment :

18.05.2007

PAN No.:

AAAPM7668Q

DIN No.:

00326874

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	U27100MH2004PLC149538	V. K. INDUSTRIAL CORPORATION LIMITED	Whole-time director	02-09-2005	02-09-2005	12-06-2012	Active	NO
2	U27109MH2007PTC170928	DMSON'S METAL PRIVATE LIMITED	Director	18-05-2007	18-05-2007	-	Active	NO
3	U51909MH2008PTC182940	RAJ RATAN COMMODITIES PRIVATE LIMITED	Director	08-03-2013	08-03-2013	14-03-2013	Active	NO

Name :

Mr. Kakubahi Purshottamdas Mehta

Designation :

Director

Address :

401, Manju Castle Building, Church Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

10.04.1935

Date of Appointment :

18.05.2007

PAN No.:

AABPM2224P

DIN No.:

01648156

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	U27100MH2004PLC149538	V. K. INDUSTRIAL CORPORATION LIMITED	Managing director	02-09-2005	02-09-2005	Active	NO
2	U27109MH2007PTC170928	DMSON'S METAL PRIVATE LIMITED	Director	18-05-2007	18-05-2007	Active	NO

Name :

Mr. Pranit Deepak Mehta

Designation :

Director

Address :

7/A, Puspham K D Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

30.11.1991

Date of Appointment :

01.07.2013

PAN No.:

BBKPM8868G

DIN No.:

03429066

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	U27109MH2007PTC170928	DMSON'S METAL PRIVATE LIMITED	Director	01-07-2013	03-10-2011	-	Active	NO
2	U45203MH2012PTC229248	DMSONS INFRASTRUCTURE PRIVATE LIMITED	Director	04-04-2012	04-04-2012	-	Active	NO
3	AAB-0665	SAY DEVELOPERS LLP	Body corporate as Designated Partner	14-08-2012	14-08-2012	-	Active	NO

Name :

Mr. Urvi Deepak Mehta

Designation :

Director

Address :

7/A, Puspham K D Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

04.02.1971

Date of Appointment :

03.10.2011

PAN No.:

AABPM3090K

DIN No.:

03464542

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	U27109MH2007PTC170928	DMSON' S METAL PRIVATE LIMITED	Director	03-10-2011	03-10-2011	-	Active	NO
2	U45203MH2012PTC229248	DMSONS INFRASTRUCTURE PRIVATE LIMITED	Director	04-04-2012	04-04-2012	-	Active	NO
3	U51909MH2008PTC182940	RAJ RATAN COMMODITIES PRIVATE LIMITED	Director	08-03-2013	08-03-2013	14-03-2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Drupal Shah
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Kakubahi Purshottamdas Mehta	5000	0.10
Deepak Kakubahi Mehta	3385000	67.03
Kakubahi Mehta (HUF)	5000	0.10
Deepak Mehta (HUF)	500000	9.90
Vasumati Kakubahi Mehta	5000	0.10
Urvi Deepak Mehta	900000	17.82
Pranit Deepak Mehta	5000	0.10
V. K. Industrial Corporation Limited, India	240000	4.75
Vidit Deepak Mehta	5000	0.10
Total	5050000	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	4.75
Directors or relatives of Directors	85.25
Other top fifty shareholders	10.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of boiler quality plates, special quality plates, high tensile plates, mild steel plates, hot rolled coils and alloy steel plates.
Products :	· Boiler Quality Plates · Special Quality Plates · High Tensile Plates · Mild Steel Plates · Hot Rolled Coils · Alloy Steel Plates
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :
Products :	Raw Materials
Countries :	· China · UK
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

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

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 :

20 (Approximately)

Bankers :

Banker Name	Standard Chartered Bank
Branch Address	Fort Branch, Mumbai, Maharashtra, 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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· The Hong Kong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai – 400 001, Maharashtra, India

· The Ratnakar Bank Limited, Shahupuri, Kolhapur – 416 001, Maharashtra, India

· ICICI Bank Limited, Fort Branch, Mumbai, Maharashtra, India

· The Ratnakar Bank Limited, Fort Branch, Mumbai, Maharashtra, India

· Bank of Maharashtra, Mittal Court, A Wing, Ground Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India

· ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Vadodara – 390 015, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Rupee Term Loans from Banks	13.561	85.203
Total	13.561	85.203

Auditors :
Name :	Nilesh P. Parikh and Company Chartered Accountants
Address :	501, Nain Krupa, 118-122, Kazi Sayed Street, Mumbai, Maharashtra, India
PAN No.:	ABIPP5585E
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	V.K. Industrial Corporation Limited, India

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5050000	Equity Shares	Rs.10/- each	Rs.50.500 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	50.500	50.500	50.500
(b) Reserves & Surplus	653.410	650.188	633.562
(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)	703.910	700.688	684.062
(3) Non-Current Liabilities
(a) Long-term borrowings	99.250	66.552	49.005
(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)	99.250	66.552	49.005
(4) Current Liabilities
(a) Short term borrowings	13.561	85.203	18.581
(b) Trade payables	366.900	732.028	558.766
(c) Other current liabilities	2.528	5.605	6.117
(d) Short-term provisions	2.531	8.524	4.772
Total Current Liabilities (4)	385.520	831.360	588.235
TOTAL	1188.680	1598.600	1321.302
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.034	7.321	2.539
(ii) Intangible Assets	0.023	0.041	0.055
(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	0.001	0.001	0.001
(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	0.000	0.000	0.000
Total Non-Current Assets	12.058	7.363	2.595
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	316.304	430.781	376.554
(c) Trade receivables	503.735	698.083	591.537
(d) Cash and cash equivalents	275.191	368.667	310.564
(e) Short-term loans and advances	81.007	93.269	36.882
(f) Other current assets	0.385	0.437	3.171
Total Current Assets	1176.622	1591.237	1318.707
TOTAL	1188.680	1598.600	1321.302

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2584.309	2995.130	NA
		Other Income
		TOTAL	2584.309	2995.130	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX		3.526	16.626	8.615
	Earnings / (Loss) Per Share (Rs.)		0.70	3.29	NA

Expected Sales (2014-2015): Rs.3250.000 millions

The above information has been parted by Mr. Mr. Drupal Shah (Accounts Manager).

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt/Networth)	0.16	0.22	0.10
Current Ratio (Current Asset/Current Liability)	3.05	1.91	2.24

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	50.500	50.500	50.500
Reserves & Surplus	633.562	650.188	653.410
Net worth	684.062	700.688	703.910
long-term borrowings	49.005	66.552	99.250
Short term borrowings	18.581	85.203	13.561
Total borrowings	67.586	151.755	112.811
Debt/Equity ratio	0.099	0.217	0.160

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	2995.130	2584.309
		-13.716

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	2995.130	2584.309
Profit	16.626	3.526
	0.56%	0.14%

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	Yes
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 two 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	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	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	10407068	25/02/2013	150,000,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI,KOLHAPUR,, KOLHAPUR, MAHARASHTRA - 416001, INDIA	B69198067
2	10399710	11/01/2013	250,000,000.00	BANK OF MAHARASHTRA	MITTAL COURT, A WING, GROUND FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B66698044
3	10273077	01/04/2013 *	350,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B76741438
4	10070577	03/09/2012 *	400,000,000.00	STANDARD CHARTERED BANK	SME CREDIT, CRESCENZO, 3A/F, PLOT NO. C-38 & 39, G BLOCK, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA	B58546490

* Date of charge modification

CHANGE OF ADDRESS

The Registered Office of the company has been shifted from 309/ Loha Bhavan, 93 P.D'mello Road, Carnac Bunder, Mumbai – 400 009, Maharashtra, India to the present address w.e.f. 01.08.2012

OPERATIONS

During the year the company earned total income of Rs.2584.309 millions by way of sales and other income as against Rs.2995.130 millions achieved during the corresponding period of previous year. After offsetting the expenses the Company made a profit (after tax) of Rs.3.526 millions as against profit of Rs.16.626 millions achieved during the corresponding period of the previous year. The directors are optimistic about the future of the company.

UNSECURED LOANS

Particulars	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and Advances from related parties	99.250	66.552
Total	99.250	66.552

FIXED ASSETS

Tangible Assets

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

Intangible Assets

· Computer Software

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.62.40
UK Pound	1	Rs.94.17
Euro	1	Rs.73.61

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	MRI

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	3
-- PROFITABILITY	1~10	2
--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		30

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.