MIRA INFORM REPORT

Report No. :	329455
Report Date :	01.07.2015

IDENTIFICATION DETAILS

Name :	TIERRA FOOD INDIA PRIVATE LIMITED
Registered Office :	T4, Ansal River Dale, Eroor. P.O, Cochin - 682306, Kerala
Tel. No.:	91-484-2783028
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.11.2009
Com. Reg. No.:	09-024969
Capital Investment / Paid-up Capital :	Rs. 95.312 Million
CIN No.: [Company Identification No.]	U15499KL2009PTC024969
IEC No.:	1010010239
TAN No.: [Tax Deduction & Collection Account No.]	CHNT02799G
PAN No.: [Permanent Account No.]	AADCT3129P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of processed food and snacks, lite chips and snacks.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 110000
Status :	Moderate
Payment Behavior :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. The rating limits on accounts of company’s weak operational performance marked by moderate financial risk profile of the company. Further rating is constrained, company have incurred continuous losses from its operation results in negative reserves marked by its low net worth position. However, trade relations are reported to be fair. Business is active. Payments are slow but correct. The company can be considered for small business dealings with some cautions.

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Alex Thomas
Designation :	Chairman cum Managing Director
Contact No.:	91-8943347400
Date :	27.06.2015

LOCATIONS

Registered Office :	T4, Ansal River Dale, Eroor. P.O, Cochin - 682306, Kerala, India
Tel. No.:	91-484-2783028
Mobile No.:	91-8943347400 (Mr. Alex Thomas)
Fax No.:	Not Available
E-Mail :	alex@tierra.in alexthomas@satyam.net.in
Website :	http://www.tierra.in
Factory :	XIII/ 491, H Kinfra food park, Adoor (M), Enadi Mangalam Village, Pathanamthitta - 691524, Kerala, India

DIRECTORS

AS ON 04.08.2014

Name :

Mr. Alex Thomas

Designation :

Chairman cum Managing Director

Address :

Gnavallil, Thekkel, Flat No. 6 E, Golden Enclave, Kanji Kkuzhy, Kottayam - 686004, Kerala, India

Date of Birth/Age :

31.10.1961

Date of Appointment :

06.11.2009

DIN No.:

00004026

PAN No.:

ABIPT8155A

Name :

Mrs. Annie Alex

Designation :

Director

Address :

Gnavallil, Thekkel, Flat No. 6 E, Golden Enclave, Kanji Kkuzhy, Kottayam - 686004, Kerala, India

Date of Birth/Age :

07.05.1967

Date of Appointment :

06.11.2009

DIN No.:

00004035

PAN No.:

ACDPA7347R

Name :

Mr. Prasad Parackal Krishnankutty

Designation :

Director

Address :

Parackal House, N. Mazhuvannoor P.O, Ernakulam - 686689, Kerala, India

Date of Birth/Age :

25.05.1964

Date of Appointment :

02.09.2011

DIN No.:

02236121

PAN No.:

AFGPP5338B

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	U14102KL2008PTC022778	PARACKAL GRANITE KERALA PRIVATE LIMITED	Managing director	14/07/2008	14/07/2008	-	Active	NO
2	U14100KL2008PTC022780	PARACKAL ROCK PRODUCTS AND QUARRIES PRIVATE LIMITED	Managing director	14/07/2008	14/07/2008	-	Active	NO
3	U28112KL2009PTC024890	ACELLER STEELS PRIVATE LIMITED	Director	30/09/2011	05/02/2011	20/11/2014	Active	NO
4	U15499KL2009PTC024969	TIERRA FOOD INDIA PRIVATE LIMITED	Director	26/09/2012	02/09/2011	-	Active	NO
5	U14100KL2013PTC033583	Nila Metals Private Limited	Director	22/03/2013	22/03/2013	-	Active	NO
6	U14100KL2013PTC034052	MOTHER SAND PRIVATE LIMITED	Director	09/05/2013	09/05/2013	-	Active	NO
7	U14100KL2013PTC034060	PARACKAL SAND PRIVATE LIMITED	Managing director	09/05/2013	09/05/2013	-	Active	NO
8	U14102KL2013PTC034220	NILA QUARRIES PRIVATE LIMITED	Managing director	30/05/2013	30/05/2013	-	Active	NO
9	U14106KL2013PTC035352	NILA READYMIX CONCRETE PRIVATE LIMITED	Managing director	04/11/2013	04/11/2013	-	Active	NO
10	U14102KL2013PTC035781	NILA AGGREGATES (INDIA) PRIVATE LIMITED	Director	31/12/2013	31/12/2013	-	Active	NO

Name :

Mr. Karpaiah Satyaseelan Santanakumaran

Designation :

Director

Address :

Ward No. 12 -3, Portblair, South Andaman - 744104, Andaman Nicobar Islanads

Date of Birth/Age :

28.03.1978

Date of Appointment :

26.09.2012

DIN No.:

05318049

PAN No.:

ALCPS0140C

Name :

Mr. Sathar Fazil Abdul

Designation :

Director

Address :

49/ 1295 E, Dream Flower, Chuttupadukara, Ponekkara Road, Chochin, Ernakulam – 682024, Kerala, India

Date of Birth/Age :

31.05.1977

Date of Appointment :

26.09.2012

DIN No.:

00519943

PAN No.:

AEKPA1703N

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	U45201KL2006PTC019760	DREAM FLOWER HOUSING PROJECTS PRIVATE LIMITED	Director	01/10/2009	01/10/2009	-	Active	NO
2	U15499KL2009PTC024969	TIERRA FOOD INDIA PRIVATE LIMITED	Director	26/09/2012	26/09/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 04.08.2014

Names of Shareholders	No. of Shares
Alex Thomas	2705807
Annie Alex	377264
Jacob Thomas	1000
CJG Holdings India Private limited, India	250000
Karpaiah Satyaseelan Santanakumaran	575019
Chittilapilly Kochouseph	250000
Alex George	1000
Daisy Joseph	10000
Biji Roy	65004
KS Satyaseelan	500000
Dream flower project private limited, India	350000
Anoop Joseph John	50000
Rajeev Arawal	287509
Foncy P Skaria	30000
Tarun Tom Thekkel	10000
Xavier Ponnezhath	50000
Ponnezhath Jose	115004
Jose George	250000
Paul Joy	125000
Rajan Paul	125000
Robin Jose	72506
Bab Raj	20000
Bobby Thomas	130000
Roy George	50000
DSG Consumer Partners, Mauritius	430008
George Varghese	50000
DSG Consumer Partners, Mauritius	1741632
Essay Commercial Resources Private limited, India	872657
Manish Gupta	24547
Gaurav Gupta	12273
Total	9531230

Equity Share Break up (Percentage of Total Equity)

AS ON 04.08.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companies(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	6.00
Bodies corporate	9.00
Directors or relatives of Directors	60.00
Other top fifty shareholders	25.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of processed food and snacks, lite chips and snacks.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Middle East
Imports :	Not Available
Terms :
Selling :	Cash and Credit (30/ 60/ 90 Days)
Purchasing :	Cash and Credit (30/ 60/ 90 Days)

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

50 (Approximately)

Bankers :

Bank Name	Federal Bank
Branch	Marine Drive Branch, Ground Floor, Federal Towers, Building no. 2095 Ernakulam – 68203, Kerala, 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

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Borrowing from government semi-government bodies	48.638	59.445
Short-term borrowings
Term loans from banks	5.064	11.092
Total	53.702	70.537

Auditors :
Name :	K. Venkatachalam Aiyer and Company Chartered Accountants
Address :	Building No.41/3647B Province Road North End
PAN N Income-tax PAN of auditor or auditor's firm :	AABFV9555E
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	Dream Flower Housing Projects Private Limited [CIN No: U45201KL2006PTC019760], India DSG Consumer Partners, Mauritius

CAPITAL STRUCTURE

AFTER : 04.08.2014

Authorised Capital : Rs. 126.520 Million

Issued, Subscribed & Paid-up Capital : Rs. 104.046 Million

AS ON 04.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.10/- each	Rs. 100.000 Million
2,652,000	Preference Shares	Rs.10/- each	Rs. 26.520 Million
	Total		Rs. 126.520 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6,880,121	Equity Shares	Rs.10/- each	Rs. 68.801 Million
2,651,109	Preference Shares	Rs.10/- each	Rs. 26.511 Million
	Total		Rs. 95.312 Million

ABRIDGED BALANCE SHEET

FINANCIAL DATA

[all figures are in Rupees Million]

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	95.312	60.000	41.650
(b) Reserves & Surplus	(55.523)	(40.789)	0.000
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	3.700
Total Shareholders’ Funds (1) + (2)	39.789	19.211	45.350
(3) Non-Current Liabilities
(a) long-term borrowings	48.638	59.445	55.953
(b) Deferred tax liabilities (Net)	1.016	1.107	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)	49.654	60.552	55.953
(4) Current Liabilities
(a) Short term borrowings	5.164	17.242	10.827
(b) Trade payables	2.226	5.617	0.000
(c) Other current liabilities	16.295	10.937	4.449
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	23.685	33.796	15.276
TOTAL	113.128	113.559	116.579
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	94.320	106.757	0.683
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.189	0.189	100.452
(iv) Intangible assets under development	0.000	0.000	0.181
(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	0.435	0.393	1.377
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	94.944	107.339	102.693
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4.795	4.471	0.000
(c) Trade receivables	2.164	1.006	0.000
(d) Cash and cash equivalents	10.400	0.204	12.938
(e) Short-term loans and advances	0.625	0.295	0.404
(f) Other current assets	0.200	0.244	0.544
Total Current Assets	18.184	6.220	13.886
TOTAL	113.128	113.559	116.579

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
TOTAL REVENUE	51.089	41.342	NA
EXPENSES	NA	NA	NA
PROFIT BEFORE TAX	NA	NA	NA
PROFIT AFTER TAX	45.425	40.789	NA
EARNINGS IN FOREIGN CURRENCY	0.982	NA	NA
Earnings Per Share (Rs.)	6.60	5.93	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	10.808	5.404	NA
Cash generated from operations	NA	NA	NA

FINANCIAL DATA

[all figures are in Rupees Million]

Particulars	31.03.2015
Sales Turnover	600.000

Expected Sales (2015-16) : Rs. 70.000 Million

The above information has been parted by Mr. Alex Thomas (Director)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	88.91	98.66	----
Debt Equity Ratio (Total Liability/Networth)		1.62	4.27	1.47
Current Ratio (Current Asset/Current Liability)		0.77	0.18	0.91

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	41.650	60.000	95.312
Reserves & Surplus	0.000	(40.789)	(55.523)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	3.700	0.000	0.000
Net worth	45.350	19.211	39.789
long-term borrowings	55.953	59.445	48.638
Short term borrowings	10.827	17.242	5.164
CURRENT MATURITIES OF LONG-TERM DEBTS	0.000	5.404	10.808
Total borrowings	66.780	82.091	64.610
Debt/Equity ratio	1.473	4.273	1.624

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	41.342	51.089
	----	23.577

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	41.342	51.089
Profit	40.789	45.425
	98.66%	88.91%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last two years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

REPORT ON THE FINANCIAL STATEMENTS

They have audited the accompanying financial statements of Tierra Food India Private Limited, which comprise the Balance Sheet as at March 31, 2014 and the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans and advances from related parties	0.100	6.150
Total	0.100	6.150

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10352898	02/03/2015 *	5000000	FEDERAL BANK LIMITED	MARINE DRIVE BRANCH, GROUND FLOOR, FEDERAL TOWERS,  BUILDING NO. 2095,MARINE DRIVE, ERNAKULAM, Kerala -682031, INDIA	C47722632
2	10285468	03/05/2011	40000000	FEDERAL BANK LIMITED	MARINE DRIVE BRANCH, GROUND FLOOR, FEDERAL TOWERS,  BUILDING NO. 2095,MARINE DRIVE, ERNAKULAM, Kerala - 682031, INDIA	B12495693
3	10279222	11/12/2013 *	66000000	KERALA STATE INDUSTRIAL DEVELOPMENT CORPN LTD	T C 11/266 1KESTON ROAD, KOWDIAR, TRIVANDRUM, Kerala - 695003, INDIA	B91447375

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.63.75
UK Pound	1	Rs.100.12
Euro	1	Rs.70.20

INFORMATION DETAILS

Information Gathered by :	PRP
Analysis Done by :	KSP
Report Prepared by :	DDD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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 unfavorable 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.