MIRA INFORM REPORT

Report No. :	329446
Report Date :	29.06.2015

IDENTIFICATION DETAILS

Name :	SPECTRUM SCAN PRIVATE LIMITED

Registered Office :	268/A/2, Shah and Nahar Industrial Estate, Lower Parel, Mumbai – 400013, Maharashtra
Tel. No.:	91-22-666046128

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	26.10.1995

Com. Reg. No.:	11-093945

Capital Investment / Paid-up Capital :	Rs. 2.500 Million

CIN No.: [Company Identification No.]	U22220MH1995PTC093945

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AACCS0837Q

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of POP, POS Material also engaged into printing services.

No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company incorporated during the year 1995. It is dealing in the business of manufacturing and exporting of POP, POP material and into printing services. It has a satisfactory track record. For the financial year 2014, the company has healthy business operations and it has achieved a top line growth of 28.2% and a good profitability margin of 5.1 %. The company possesses healthy financial base, having adequate net worth along with fine gap between trade payables and receivables. Trade relations are reported as fair. Business is active. Payments terms are slow but correct. In view of long operational activities and fair liquidity position, the company can be considered normal 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.

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 (GENERAL DETAILS)

Name :	Mr. Krishna
Designation :	Export – Import Executive
Contact No.:	91-250-2452111
Date :	26.06.2015

LOCATIONS

Registered Office :	268/A/2, Shah and Nahar Industrial Estate, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-666046128/66604613
Mobile No.:	91-9321452114 (Mr. Raj)
Fax No.:	Not Available
E-Mail :	accounts@spectrummail.com
Website :	www.spectrumscanindia.com

Factory :	Plot No-64/65, The Vasi Taluka Industrial Estate, Sector-1, Gaurai Para Vasi East, Thane – 401208, Maharashtra, India
Tel No.:	91-250-2452111/2452112
Fax No.:	91-250-2451377

DIRECTORS

As on 26.09.2014

Name :	Mr. Parmanand Amratlal Shah
Designation :	Director
Address :	C-7, Vireshwar Krupa, Tejpal Road, Vile Parle, Mumbai – 400057, Maharashtra, India
Date of Appointment :	26.10.1995
DIN No.:	00439735

Name :	Mr. Anil Parmanand Shah
Designation :	Director
Address :	C-8, Vireshwar Krupa, Tejpal Road, Vile Parle, Mumbai – 400057, Maharashtra, India
Date of Appointment :	26.10.1995
DIN No.:	00439753

Name :	Mr. Amit Parmanand Shah
Designation :	Director
Address :	401, Shashwat Building, S V Road, Irla, Vile Parle, Mumbai – 400056, Maharashtra, India
Date of Appointment :	26.10.1995
DIN No.:	00439765

Name :	Mrs. Mona Amit Shah
Designation :	Director
Address :	401, Shashwat Building, S V Road, Irla, Vile Parle, Mumbai – 400056, Maharashtra, India
Date of Appointment :	26.10.1995
DIN No.:	00439791

KEY EXECUTIVES

Name :	Mr. Krishna
Designation :	Export – Import Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2014

Names of Shareholders		No. of Shares
Paramanand Amratlal Shah		3650
Anil Parmanand Shah		7200
Amit Parmanand Shah		7950
Mona Amit Shah		4600
Sushila Parmanand Shah		400
Renu Anil Shah		350
Amit Parmanand Shah – HUF		200
Parmanand Amratlal Shah - HUF		100
Anil Parmanand Shah- HUF		200
Dhwani Anil Shah		100
Rutu Amit Shah		150
Karan Amit Shah		50
Filisha Amit Shah		50
Total		25000

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of POP, POS Material also engaged into printing services.

Products :	---

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :
Products :	Finished Good
Countries :	South Africa China Zimbabwe

Imports :
Products :	Machinery
Countries :	China Germany Singapore Hong Kong

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Avery Dennison India Limited, Mumbai, Maharashtra, India
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 :	ITC Limited, Karnataka
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 :

300 (Approximately)

Bankers :

Bank Name	The Saraswat Co-Operative Bank Limited
Branch	Small And Medium Enterprises Branch,, Popatlal Niwas, 1st Floor, Ranade Road, Dadar, Mumbai - 400028, 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

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

Machinery Loans

14.358

19.883

Vehicles Loans

3.120

0.245

Term loans

5.950

12.082

Total

23.428

32.210

Note:

Nature of security an term of repayment for Long term secured borrowings:

Nature of security

Term of repayment

Term loans from The Saraswat Co-Operative Bank Limited are against hypothecation of Pant and Machinery and Equitable Mortgage of factory Land and Buildings at Plot No. 64/65, Gauraipada, Vasai Thane and Gala Nos. 173, 282 at Shah and Nahar Industrial Est Lower Parel, Mumbai

All the above loans are additionally secured by personal guarantee of director

Repayable in equal monthly installments commencing as per bankers repayment schedules.

Car loans are against hypothecation of the respective vehicle for which the loan has been availed.

Repayable in equal monthly installments commencing as per bankers repayment schedules.

Auditors :
Name :	Gawande and Associates Chartered Accountants
Address :	801, Mahalaxmi Chambers, 22 Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADFG2763P

Memberships :	--

Collaborators :	--

Sister Concern :	Spectrum Graphics S P Graphics

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

25000	Equity Shares	Rs.100/- each	Rs. 2.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

25000	Equity Shares	Rs.100/- each	Rs. 2.500 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	2.500	2.500	2.500
(b) Reserves & Surplus	93.426	70.788	62.868
(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)	95.926	73.288	65.368

(3) Non-Current Liabilities
(a) long-term borrowings	36.960	45.981	33.196
(b) Deferred tax liabilities (Net)	2.840	1.875	0.219
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.218	0.000	0.514
Total Non-current Liabilities (3)	41.018	47.856	33.929

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	85.448	94.945	85.661
(c) Other current liabilities	41.924	35.497	25.235
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	127.372	130.442	110.896

TOTAL	264.316	251.586	210.193

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	95.067	98.939	59.510
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	21.197
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.125	0.025	0.025
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.270	3.274	2.363
(e) Other Non-current assets	1.800	1.440	1.080
Total Non-Current Assets	102.262	103.678	84.175

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	29.777	33.027	35.382
(c) Trade receivables	108.629	104.679	81.954
(d) Cash and cash equivalents	20.544	3.284	3.213
(e) Short-term loans and advances	2.190	6.222	5.032
(f) Other current assets	0.914	0.696	0.437
Total Current Assets	162.054	147.908	126.018

TOTAL	264.316	251.586	210.193

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	431.686	336.137	302.552
	Other Income
	TOTAL	431.686	336.137	302.552

Less	EXPENSES	400.845	323.778	285.482

	PROFIT/ (LOSS) BEFORE TAX	30.841	12.359	17.070

Less	TAX	8.264	4.506	4.911

	PROFIT/ (LOSS) AFTER TAX	22.577	7.853	12.159

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	23.079	0.130	6.639
	TOTAL EARNINGS	23.079	0.130	6.639

	IMPORTS
	Machinery, Components and Spare Parts	2.812	20.896	0.732
	TOTAL IMPORTS	2.812	20.896	0.732

	Earnings / (Loss) Per Share (Rs.)	903.08	314.11	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt
From banks
Machinery Loans	9.030	7.584
Vehicles Loan	0.933	0.476
Term Loans	6.036	6.036
Total	15.999	14.096	14.084

Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	11.67	4.91	9.03

Return on Investment (ROI) (PBT/Networth)		0.32	0.17	0.26

Debt Equity Ratio (Total Debt /Networth)		0.55	0.82	0.72

Current Ratio (Current Asset/Current Liability)		1.27	1.13	1.14

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	2.500	2.500	2.500
Reserves & Surplus	62.868	70.788	93.426
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	65.368	73.288	95.926

long-term borrowings	33.196	45.981	36.960
Short term borrowings	0.000	0.000	0.000
Current maturities of long-term debts	14.084	14.096	15.999
Total borrowings	47.280	60.077	52.959
Debt/Equity ratio	0.723	0.820	0.552

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)
Total Income	302.552	336.137	431.686
		11.101	28.426

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	302.552	336.137	431.686
Profit	12.159	7.853	22.577
	4.02%	2.34%	5.23%

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
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	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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans from directors	3.883	3.939
Loans from shareholders	9.649	9.832
Total	13.532	13.771
Note: There is no fixed repayment schedule and loans are repaid as and when there are surplus funds with the company. Installments filling due in respect of all the above loans upto 31.03.2015 have been grouped under current maturities of long term debts.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10566425	21/03/2015	6,000,000.00	THE SARASWAT CO-OP. BANK LIMITED	SMALL AND MEDIUM ENTERPRISES BRANCH- DADAR, POPA TLAL NIWAS,1ST FLOOR,RANADE ROAD, DADAR(W), MUMBAI, MAHARASHTRA - 400028, INDIA	C52169620
2	10547688	04/02/2015	9,000,000.00	THE SARASWAT CO-OPERATIVE BANK LTD.	SMALL AND MEDIUM ENTERPRISES BRANCH - DADAR, POPA TLAL NIWAS, 1ST FLOOR, RANADE ROAD, DADAR, MUMBAI, MAHARASHTRA - 400028, INDIA	C42828418
3	10528106	21/10/2014	3,000,000.00	THE SARASWAT CO-OPERATIVE BANK LTD.	SMALL AND MEDIUM ENTERPRISE BRANCH - DADAR,, POPA TLAL NIWAS, 1ST FLOOR, RANADE ROAD, DADAR (W),, MU MBAI, MAHARASHTRA - 400028, INDIA	C31497621
4	10514018	05/08/2014	5,600,000.00	THE SARASWAT CO-OPERATIVE BANK LTD.	SMALL AND MEDIUM ENTERPRISES BRANCH,, POPATLAL NI WAS, 1ST FLOOR, RANADE ROAD, DADAR,, MUMBAI, MAHAR ASHTRA - 400028, INDIA	C15709439
5	10504763	28/05/2014	240,000.00	THE SARASWAT CO-OPERATIVE BANK LTD	THE SARASWAT CO-OPERATIVE BANK LTD, RANADE ROAD, DADAR (WEST), MUMBAI, MAHARASHTRA - 400028, INDIA	C07918584
6	10495328	12/11/2014 *	5,600,000.00	THE SARASWAT CO-OP. BANK LIMITED	SMALL AND MEDIUM ENTERPRISES BRANCH,, POPATLAL NI WAS, 1ST FLOOR, RANADE ROAD, DADAR,, MUMBAI, MAHAR ASHTRA - 400028, INDIA	C34102228
7	10484538	14/03/2014	761,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	SMALL AND MEDIUM ENTERPRISES BRANCH, POPATLAL -, NIWAS, 1ST FLOOR, RANADE ROAD, DADAR, (WEST), MUMB AI, MAHARASHTRA - 400028, INDIA	C00281568
8	10424743	30/04/2013	5,300,000.00	THE SARASWAT CO-OPERATIVE BANK LTD.	SMALL AND MEDIUM ENTERPRISES BRANCH,, POPATLAL NI WAS, 1ST FLOOR, RANADE ROAD, DADAR,, MUMBAI, MAHAR ASHTRA - 400028, INDIA	B74761941
9	10424741	25/04/2013	1,400,000.00	THE SARASWAT CO-OPERATIVE BANK LTD.	SMALL AND MEDIUM ENTERPRISES BRANCH,, POPATLAL NI WAS, 1ST FLOOR, RANADE ROAD, DADAR,, MUMBAI, MAHAR ASHTRA - 400028, INDIA	B74761693
10	10424744	25/04/2013	7,600,000.00	THE SARASWAT CO-OPERATIVE BANK LTD.	SMALL AND MEDIUM ENTERPRISES BRANCH,, POPATLAL NI WAS, 1ST FLOOR, RANADE ROAD, DADAR,, MUMBAI, MAHAR ASHTRA - 400028, INDIA	B74762170

* Date of charge modification

FIXED ASSETS

Land
Building
Furniture and Fixtures
Electrical Furniture
Plant and Machinery
Machinery
Air Conditioner
Office equipment
Motor Car
Computer

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.63.60
UK Pound	1	Rs.100.09
Euro	1	Rs.71.23

INFORMATION DETAILS

Information Gathered by :	SUP

Analysis Done by :	TRI

Report Prepared by :	KVT

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	5
--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	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		45

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit