MIRA INFORM REPORT

Report No. :	334231
Report Date :	31.07.2015

IDENTIFICATION DETAILS

Name :	BRICKWORK INDIA PRIVATE LIMITED (w.e.f. 26.06.2006)
Formerly Known As :	BRICKWORKS CONSULTANCY SERVICES PRIVATE LIMITED
Registered Office :	No.29/3 and 32/2, 3^rd Floor, Raj Alkaa Park, Kalena Agrahara, Bannerghatta Road, Bangalore – 560 076, Karnataka
Tel. No.:	91-80-40409999
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.11.2005
Com. Reg. No.:	08-037675
Capital Investment / Paid-up Capital :	Rs.5.625 million
CIN No.: [Company Identification No.]	U72200KA2005PTC037675
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRB05689F
PAN No.: [Permanent Account No.]	AACCB7333E
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged into providing IT, Research and Consulting Services and also engaged in providing sales support, basic internet research, management of social networking sites, creating blogs, and e-newsletters, remote executive assistance services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 698000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record, incorporated during the year 2005. In the view of financials of the FY-2014, the company has strong financial position marked by decent sales turnover along with good profitability margin. Further, the company has healthy financial risk profile marked by impressive networth position and no borrowings taken by the company during the year. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. In view of strong financial base, the company can be considered 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 – 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.

LOCATIONS

Registered Office/ Headquarters :	No.29/3 and 32/2, 3^rd Floor, Raj Alkaa Park, Kalena Agrahara, Bannerghatta Road, Bangalore – 560 076, Karnataka, India
Tel. No.:	91-80-40409999
Fax No.:	91-80-40409990
E-Mail :	sharada.shivram@brickworkindia.com info@brickworkindia.com
Website :	http://www.brickworkindia.com
Branches/ Centers :	Located at: · Boston

DIRECTORS

AS ON 29.09.2014

Name :

Mr. Vivek Vasant Rao Kulkarni

Designation :

Director

Address :

No.14, 5^th ‘C’ Cross, 16^th Main, IAS Colony, BTM Layout, 2^nd Stage, Bangalore – 560 076, Karnataka, India

Date of Birth/Age :

21.07.1957

Date of Appointment :

15.02.2012

DIN No.:

00191251

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	U74140KA2005PTC037674	B2K SERVICES PRIVATE LIMITED	Director	16/11/2005	16/11/2005	-	Active	NO
2	U72200KA2005PTC037675	BRICKWORK INDIA PRIVATE LIMITED	Director	15/02/2012	20/12/2005	-	Active	NO
3	U72900KA2006PTC040360	KNOWLEDGE ECONOMIC ZONE (BANGALORE) PRIVATE LIMITED	Director	30/08/2006	30/08/2006	-	Active	NO
4	U67120MH2005PLC155188	BSE LIMITED	Director	14/09/2007	26/09/2006	15/10/2010	Active	NO
5	U67190KA2007PTC043591	BRICKWORK RATINGS INDIA PRIVATE LIMITED	Managing director	14/01/2008	13/08/2007	-	Active	NO
6	L74210MH2004PLC144367	GTL INFRASTRUCTURE LIMITED	Director	13/06/2008	08/10/2007	27/09/2012	Active	NO
7	U93090KA2008NPL045150	COMMON PURPOSE INDIA	Additional director	23/02/2008	23/02/2008	10/03/2009	Active	NO
8	U85100KA2008PTC045674	BRICKWORKHEALTH SERVICES PRIVATE LIMITED	Director	19/03/2008	19/03/2008	-	Active	NO
9	L72200MH1986PLC039341	TRIGYN TECHNOLOGIES LIMITED	Director	23/12/2008	30/07/2008	30/07/2013	Active	NO
10	U85100KA2011PTC060098	LILY WHITE HEALTH CONSORTIUM PRIVATE LIMITED	Director	23/08/2011	23/08/2011	-	Active	NO
11	U74900KA2015PTC081521	BRICKWORK RISK AND INVESTMENT MANAGEMENT SOLUTIONS PRIVATE LIMITED	Director	10/07/2015	10/07/2015	-	Active	NO

Name :

Ms. Sangeeta Vivek Kulkarni

Designation :

Managing Director

Address :

No.14, 5^th ‘C’ Cross, 18^th Main, IAS Colony, BTM Layout, Bangalore – 560 078, Karnataka, India

Date of Birth/Age :

22.12.1962

Date of Appointment :

15.02.2012

DIN No.:

01690333

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	U72200KA2005PTC037675	BRICKWORK INDIA PRIVATE LIMITED	Managing director	15/02/2012	16/11/2005	-	Active	NO
2	U74140KA2005PTC037674	B2K SERVICES PRIVATE LIMITED	Director	16/11/2005	16/11/2005	-	Active	NO
3	U67190KA2007PTC043591	BRICKWORK RATINGS INDIA PRIVATE LIMITED	Director	13/08/2007	13/08/2007	-	Active	NO
4	U85100KA2008PTC045674	BRICKWORKHEALTH SERVICES PRIVATE LIMITED	Director	19/03/2008	19/03/2008	-	Active	NO
5	U74900KA2015PTC081521	BRICKWORK RISK AND INVESTMENT MANAGEMENT SOLUTIONS PRIVATE LIMITED	Director	10/07/2015	10/07/2015	-	Active	NO

Name :

Sharada Shivram

Designation :

Additional Director

Address :

No.153-1, Sai Charan Apartments, Ground Floor, 9^th Cross, 7^th Main, Opposite Indira Eye Clinic, Bangalore – 560 003, Karnataka, India

Date of Appointment :

19.06.2015

DIN No.:

07216765

DIRECTORS

Name :	Lokesha K.G.
Designation :	Company Secretary in Practice
Address :	‘Aasare’, Sy. No.218, 11^th Main, Prasanna Layout, Mahadeshwara Nagar Main Road, Vishwaneedam P.O., Bangalore – 560 091, Karnataka, India
E-Mail :	kglokesha@gmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Sangeeta Vivek Kulkarni	286875	51.00
Vivek Vasant Rao Kulkarni	275625	49.00
Total	562500	100.00

AS ON 29.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged into providing IT, Research and Consulting Services and also engaged in providing sales support, basic internet research, management of social networking sites, creating blogs, and e-newsletters, remote executive assistance services.

Products/ Services :

Item Code No.	Product/ Service Description
8524	IT, Research and Consulting Services

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Maximum Limit Dealt :

Not Available

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Available	Not Available	Not Available

Remark:

Not Available

Customers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Maximum Limit Dealt :

Not Available

Experience :

Product Quality	Delivery Behaviour	Overall
Not Available	Not Available	Not Available

Remark:

Not Available

No. of Employees :

Not Available

Bankers :

Banker Name	Canara Bank
Branch Address	Cantonment Branch, No.88 M.G. Road, Bangalore – 560 001, Karnataka, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

Secured Loans	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG-TERM BORROWINGS
Term Loans
- From Banks	0.000	80.474
Total	0.000	80.474

Notes:

Details of security provided (also details of guarantee provided by directors)

The term loan is secured by hypothecation of land, building and the Fixed Assets. The loan is guaranteed by the Directors.

The term loan is payable on EMI basis upto December 2018. However, the company has repaid the entire amount of loan i.e. 107.600 million during the FY 2013-14. The interest rate for the said loan was at 6 months LIBOR + 675 bps.

Auditors :
Name :	B.P. Rao and Company Chartered Accountants
Address :	No.5, Poorna Prasad Road, High Grounds, Bangalore – 560 001, Karnataka, India
Tel. No.:	91-80-22200200/ 22200201
Fax No.:	91-80-22205030
E-Mail :	bprao@satyam.net.in
Income-tax PAN of auditor or auditor's firm :	AAAFB0643G
Memberships :	Not Available
Collaborators :	Not Available
Enterprises owned or significantly influenced by key management personnel/ directors of their relatives :	· Brickwork Ratings India Private Limited · Brickworks Services Inc.

CAPITAL STRUCTURE

AS ON 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs.6.000 million
140000	Preference Shares	Rs.100/- each	Rs.14.000 million
	Total		Rs.20.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
562500	Equity Shares	Rs.10/- each	Rs.5.625 million

FINANCIAL DATA

[all figures are in Rupees Million]

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	5.625	5.625	5.625
(b) Reserves & Surplus	238.788	148.272	92.957
(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)	244.413	153.897	98.582
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	80.474	111.399
(b) Deferred tax liabilities (Net)	4.263	5.800	1.980
(c) Other long term liabilities	5.157	5.133	5.133
(d) Long-term provisions	3.150	2.902	1.770
Total Non-current Liabilities (3)	12.570	94.309	120.282
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	21.411	32.922	32.314
(d) Short-term provisions	4.407	0.356	3.685
Total Current Liabilities (4)	25.818	33.278	35.999
TOTAL	282.801	281.484	254.863
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	191.748	198.639	203.256
(ii) Intangible Assets	2.109	1.203	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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.848	0.848	1.775
Total Non-Current Assets	194.705	200.690	205.031
(2) Current assets
(a) Current investments	0.000	15.000	10.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	67.342	44.579	27.258
(d) Cash and cash equivalents	12.055	17.204	7.291
(e) Short-term loans and advances	0.576	0.779	0.619
(f) Other current assets	8.123	3.232	4.664
Total Current Assets	88.096	80.794	49.832
TOTAL	282.801	281.484	254.863

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	280.838	210.349	125.986
		Other Income	12.269	12.551	9.401
		TOTAL	293.107	222.900	135.387
Less	EXPENSES
		TOTAL	165.087	134.509	120.229
	PROFIT/ (LOSS) BEFORE TAX		128.020	88.391	15.158
Less	TAX		42.080	22.900	4.780
	PROFIT/ (LOSS) AFTER TAX		85.940	65.491	10.378
	EARNINGS IN FOREIGN CURRENCY
		Income from Services	249.229	195.633	121.558
	TOTAL EARNINGS		249.229	195.633	121.558
	Earnings/ (Loss) Per Share (Rs.)		152.78	116.43	18.45

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current maturities of long-term debt	0.000	16.942	19.374
Net cash from operating activities	127.711	84.192	53.219
Net cash generated from operating activities	84.093	65.112	49.828

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	30.60	31.13	8.24
Return on Total Assets (PBT/Total Assets}	(%)	45.27	31.40	5.95
Return on Investment (ROI) (PBT/Networth)		0.52	0.57	0.15
Debt Equity Ratio (Total Debt /Networth)		0.00	0.63	1.33
Current Ratio (Current Asset/Current Liability)		3.41	2.43	1.38

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	5.625	5.625	5.625
Reserves & Surplus	92.957	148.272	238.788
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	98.582	153.897	244.413
Long-term borrowings	111.399	80.474	0.000
Short term borrowings	0.000	0.000	0.000
Current maturities of long-term debts	19.374	16.942	0.000
Total borrowings	130.773	97.416	0.000
Debt/Equity ratio	1.327	0.633	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	125.986	210.349	280.838
		66.962	33.510

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	125.986	210.349	280.838
Profit	10.378	65.491	85.940
	8.24%	31.13%	30.60%

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
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	No
29	Profitability for last three 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	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE:

The registered office of the company has been shifted from No.55, 2^nd Floor, 1^st Main Road, 3^rd Phase, J. P. Nagar, Bangalore – 560 078, Karnataka to the present address w.e.f. 28.03.2011.

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10315667	31/10/2011 *	180,000,000.00	CANARA BANK	CANTONMENT BRANCH, NO.88, M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA	B25846965

* Date of charge modification

FIXED ASSETS:

· Land

· Building

· Computers and Software

· Electrical Installation

· Office Equipment

· Furniture and Fixtures

· Plant and Machinery

· Vehicle

WEBSITE DETAILS:

PROFILE:

Subject provides outsourcing and consulting services. The company offers Internet search, database maintenance, outlook management, meeting scheduling, PowerPoint presentation, accounting, and book keeping services. Additionally, it provides business research, market analysis, business plan preparation, healthcare research, procurement consulting, legal, and IT services. The company also offers mergers and acquisitions advisory, due diligence, financial modeling and valuation, credit assessment, and economic research services. It caters to financial services, entertainment, agriculture, manufacturing, telecom, healthcare, IT, and real estate sectors.

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.64.01
UK Pound	1	Rs.99.83
Euro	1	Rs.70.07

INFORMATION DETAILS

Analysis Done by :	TRI
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		50

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.