MIRA INFORM REPORT

Report No. :	327865
Report Date :	23.06.2015

IDENTIFICATION DETAILS

Name :	HALIDON LOGISTICS LIMITED (w.e.f 26.07.2012)
Formerly Known As :	HALIDON LOGISTICS PRIVATE LIMITED
Registered Office :	35, 5^thAvenue, Orur Alcott Road, Besant Nagar, Chennai – 600090, Tamilnadu
Tel. No.:	91-422-2440961
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.05.2010
Com. Reg. No.:	18-075696
Capital Investment / Paid-up Capital :	Rs. 0.650 Million
CIN No.: [Company Identification No.]	U63020TN2010PLC075696
TAN No.: [Tax Deduction & Collection Account No.]	CHEH04793F
PAN No.: [Permanent Account No.]	AACCH4422J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing Storage and Warehousing Transportation, Packing, Cargo handling and Business Auxiliary Service.
No. of Employees :	260 (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

Maximum Credit Limit :	USD 16000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be fair. Rating takes into consideration acceptable profit margin. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. Subject can be considered for business 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.

INFORMATION PARTED BY

Name :	Mr. Bala Krishnan
Designation :	Account Department
Contact No.:	91-422-2440961
Date :	18.06.2015

LOCATIONS

Registered Office :	35, 5^thAvenue, Orur Alcott Road, Besant Nagar, Chennai – 600090, Tamilnadu, India
Tel. No.:	91-422-2440961
Fax No.:	Not Available
E-Mail :	accounts@halidon.co.in
Administration Address:	No. 10, 2^nd Floor – A, Thachil Centre, Raja Annamalai Road, Saibaba Colony, Coimbatore – 6410011, Kerala, India
Tel. No.:	91-422-2440961
E-Mail :	info@halidon.co.in

DIRECTORS

As on 29.09.2014

Name :

Mr. Annmalai Palaniappan

Designation :

Director

Address :

35, 5^th Avenue, Besant Nagar, Chennai – 600090, Tamilnadu, India

Date of Birth/Age :

29.06.1968

Date of Appointment :

14.01.2011

DIN No.:

00044022

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	U01110TN1980PTC008119	KARTHIKEYA ESTATE PRIVATE LIMITED	Director	08/02/1980	08/02/1980	-	Active	NO
2	U01110TN1980PTC008116	KAIMABETTA ESTATES PRIVATE LIMITED	Director	08/02/1980	08/02/1980	-	Active	NO
3	U52609TN1996PTC035096	KWALITEIT FLORITECH PRIVATE LIMITED	Director	08/04/1996	08/04/1996	-	Active	NO
4	U74140TN1998PTC040510	CHESS MANAGEMENT SERVICES PRIVATE LIMITED	Director	18/05/1998	18/05/1998	-	Active	NO
5	U63031TN2000PLC044333	HALIDON MARKETING LIMITED	Managing director	16/11/2010	08/03/2000	-	Active	NO
6	U72900TN2000PTC045148	MYVAKIL.COM PRIVATE LIMITED	Director	08/06/2000	08/06/2000	06/08/2009	Strike off	NO
7	U74120TN2005PTC056024	CHESS GLOBAL ADVISORY SERVICES PRIVATE LIMITED	Director	20/04/2005	20/04/2005	-	Active	NO
8	L17111TN1956PLC003369	SREE KARPAGAMBAL MILLS LIMITED	Managing director	07/05/2010	07/05/2005	-	Active	NO
9	U18201TN2007PTC062474	AMANN SEWING & EMBROIDERY THREADS PRIVATE LIMITED	Director	08/03/2007	08/03/2007	07/11/2007	Active	NO
10	U63020TN2010PLC075696	HALIDON LOGISTICS LIMITED	Director	14/01/2011	13/05/2010	-	Active	NO
11	U01712TZ2005PLC012329	SIMA TEXTILE PROCESSING CENTRE LIMITED	Director	17/09/2012	02/09/2011	-	Active	NO
12	L31200TZ1981PLC001124	LAKSHMI ELECTRICAL CONTROL SYSTEMS LIMITED	Director	08/08/2014	28/01/2013	-	Active	NO

Name :

Mr. Umayal Annamalai

Designation :

Director

Address :

39, South Canal Bank Road, PB 2457, RA Puram, Chennai – 600028, Tamilnadu, India

Date of Appointment :

30.09.2013

DIN No.:

02846174

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	U01110TN1980PTC008119	KARTHIKEYA ESTATE PRIVATE LIMITED	Director	18/03/1994	18/03/1994	-	Active	NO
2	U01110TN1980PTC008116	KAIMABETTA ESTATES PRIVATE LIMITED	Director	28/09/1995	28/09/1995	-	Active	NO
3	U63031TN2000PLC044333	HALIDON MARKETING LIMITED	Director	30/09/2011	14/03/2011	-	Active	NO
4	U63020TN2010PLC075696	HALIDON LOGISTICS LIMITED	Director	30/09/2013	08/03/2013	-	Active	NO
5	L17111TN1956PLC003369	SREE KARPAGAMBAL MILLS LIMITED	Director	05/09/2014	12/08/2014	-	Active	NO

Name :

Mrs. Palaniappan Nandini

Designation :

Director

Address :

35, 5^th Avenue, Besant Nagar, Chennai – 600090, Tamilnadu, India

Date of Appointment :

28.09.2012

DIN No.:

05193895

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	U63020TN2010PLC075696	HALIDON LOGISTICS LIMITED	Director	28/09/2012	02/02/2012	-	Active	NO
2	U63031TN2000PLC044333	HALIDON MARKETING LIMITED	Director	18/03/2013	08/03/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Bala Krishnan
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares
Annmalai Palaniappan	64980
Palaniappan Nandini	10
A Vignesh Prabhu	10
S, Jayaprakesh	10
Master- Nandan Palaniappan	10
Master- Prahald Palaniappan	10
Umayal Palaniappan	10
Lakshmi Palaniappan	10
Total	65050

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Storage and Warehousing Transportation, Packing, Cargo handling and Business Auxiliary Service.
Products :	Not Available
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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
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 :

260 (Approximately)

Bankers :

Bank Name	ICICI Bank Limited
Branch	R S Puram Coimbatore
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)
Short-term borrowings
Bank Credit Balance
ICICI Bank A/C No. 24954	0.000	1.029
ICICI Bank A/C No. 24954	1.382	0.000
Total	1.382	1.029

Auditors :
Name :	Vikam and Associates Chartered Accountants
Address :	H.o: 9/1, B.K.R Nagar, Sathy Road, Gandhipuram, Coimbatore – 641012, Kerala, India
Tel. No.:	91-422-2527210/2527220/2523856
E-Mail :	panncer.mp@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAEFP9937F
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern :	Halidon Marketing Limited Sree Karpagambol Mills Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs. 2.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
65050	Equity Shares	Rs.10/- each	Rs. 0.650 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	0.650	0.650	0.650
(b) Reserves & Surplus	4.981	0.994	(0.915)
(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)	5.631	1.644	(0.265)
(3) Non-Current Liabilities
(a) long-term borrowings	15.504	10.260	1.700
(b) Deferred tax liabilities (Net)	0.039	0.027	0.014
(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)	15.543	10.287	1.714
(4) Current Liabilities
(a) Short term borrowings	1.455	6.949	0.041
(b) Trade payables	4.611	6.997	3.168
(c) Other current liabilities	5.029	4.362	0.655
(d) Short-term provisions	0.564	1.205	0.214
Total Current Liabilities (4)	11.659	19.513	4.078
TOTAL	32.833	31.444	5.527
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.502	1.583	0.474
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	10.229	8.101	1.640
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	11.731	9.684	2.114
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	15.750	20.525	3.360
(d) Cash and cash equivalents	4.165	0.143	0.011
(e) Short-term loans and advances	1.187	1.092	0.042
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	21.102	21.760	3.413
TOTAL	32.833	31.444	5.527

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue From Operation	80.787	57.242	21.638
		Other Income	1.104	0.327	0.018
		TOTAL	81.891	57.569	21.656
Less	EXPENSES
		Services Expenses	33.865	30.833	11.266
		Employees benefits expense	38.706	23.100	10.125
		Other expenses	3.606	1.373	1.097
		TOTAL (B)	76.177	55.306	22.488
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		5.714	2.263	(0.832)
Less	FINANCIAL EXPENSES		0.671	0.000	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		5.043	2.263	(0.832)
Less/ Add	DEPRECIATION/ AMORTISATION		0.409	0.340	0.098
	PROFIT/(LOSS) BEFORE TAX		4.634	1.923	(0.930)
Less	TAX		0.648	0.013	0.018
	PROFIT/(LOSS) AFTER TAX		3.986	1.910	(0.948)
	Earnings / (Loss) Per Share (Rs.)		61.29	29.36	(94.86)

Expected Sales (2015-2016): Rs. 100.000 Million

The above information has been parted by Mr. Bala Krishnan (Account Department)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

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

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	4.93	3.34	(4.38)
Operating Profit Margin (PBIDT/Sales)	(%)	7.07	3.95	(3.85)
Return on Total Assets (PBT/Total Assets}	(%)	14.11	6.12	(16.83)
Return on Investment (ROI) (PBT/Networth)		0.82	1.17	3.51
Debt Equity Ratio (Total Debt /Networth)		3.01	10.47	(6.57)
Current Ratio (Current Asset/Current Liability)		1.81	1.12	0.84

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	0.650	0.650	0.650
Reserves & Surplus	(0.915)	0.994	4.981
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(0.265)	1.644	5.631
long-term borrowings	1.700	10.260	15.504
Short term borrowings	0.041	6.949	1.455
Total borrowings	1.741	17.209	16.959
Debt/Equity ratio	(6.570)	10.468	3.012

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)
Sales	21.638	57.242	80.787
		164.544	41.132

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	21.638	57.242	80.787
Profit	(0.948)	1.910	3.986
	(4.38)%	3.34%	4.93%

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	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	Yes
17	Details of sister concerns	No
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 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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from 1A, Eldorado, 112, Nungambakkam High Road, Chennai – 600034, Tamilnadu, India to the present address w.e.f. 19.12.2013

CORPORATE INFORMATION:

• The company has become a public Limited Company with effect from 16^th July, 2012 vide the approval letter issued by the Register of companies, Chennai, Tamilnadu.

• The company was incorporated on 13^th may 2010. The Company is engaged in Providing Storage and Warehousing Transportation, Packing, Cargo handling and Business Auxiliary Service. The Company Takeover the C and F Division of Haildon Marketing Limited from October 2012.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and Advances From Related Parties
Mr. Palaniappan (Director)	3.801	7.950
Mr. Karthi P Chidambaram	0.000	0.550
Halidon Marketing limited	6.199	1.760
Halidon Marketing Limited -Transfer	5.506	0.000
Short-term borrowings
Loans and Advances From Related Parties
Halidon Marketing Limited	0.000	5.559
	0.071	0.361
Total	15.577	16.180

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Computer
• Furniture and Fixture
• Office Equipment
• Computer Printer
• Electrical and fitting
• Mobile
• Television Set
• UPS and Batteries
• Trolley
• Steel
• Rack

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.63.50
UK Pound	1	Rs.100.93
Euro	1	Rs.72.31

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	SAN
Report Prepared by :	PJA

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.