MIRA INFORM REPORT

Report No. :	329262
Report Date :	30.06.2015

IDENTIFICATION DETAILS

Name :	JNANA MANDAL LIMITED
Registered Office :	A J Bhawan Sant Kabir Road, Varanasi – 221001, Uttar Pradesh
Tel. No.:	91-542-2393981
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.01.1940
Com. Reg. No.:	20-000931
Capital Investment / Paid-up Capital :	Rs. 9.990 Million
CIN No.: [Company Identification No.]	U24231UP1940PLC000931
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is Engaged into Printing and Publishing of Newspapers.
No. of Employees :	200 (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 150000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject was incorporated on 20^th January 1940, it is established company having satisfactory track record. The rating assigned to Jnana Mandal Limited, drives strength from the promoters experience and established track record and fair growth in the operation during FY 14, decent capital structure backed by its zero debt balance sheet. The rating are constrained, on the relatively low and volatile profitability margins and competition faces from its peer groups of companies. However, trade relations are fair. Business is active. Payments are reported to be usually correct. In view of sound operational backed by its established track record, 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

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. Shiv Pujan Singh
Designation :	Company Secretary
Contact No.:	91-9415225479
Date :	27.06.2015

LOCATIONS

Registered Office :	A J Bhawan Sant Kabir Road, Varanasi – 221001, Uttar Pradesh, India
Tel. No.:	91-542-2393981
Mobile No.:	91-9415225479 (Shiv Pujan)
Fax No.:	91-542-2393989
E-Mail :	ajhindi@gmail.com
Website :	http://www.ajsamachar.com
Location :	Owned

DIRECTORS

AS ON: 26.09.2014

Name :

Mr. Shardul Vikram Gupta

Designation :

Managing Director

Address :

Seva Upawan Nagwa, Lanka, Varanasi – 221005, Uttar Pradesh, India

Date of Birth/Age :

23.09.1953

Date of Appointment :

01.10.2014

DIN No. :

00162392

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	U24231UP1940PLC000931	JNANA MANDAL LIMITED	Managing director	01/10/2014	07/02/1972	-	Active	NO
2	U22121UP1977PTC004450	AJ PRAKASHAN PRIVATE LIMITED	Director	13/07/1977	13/07/1977	-	Active	NO
3	U22190UP1982PTC005641	SHASHWAT PRINTERS PRIVATE LIMITED	Director	30/04/1982	30/04/1982	-	Active	NO
4	U22121UP1944PLC000785	NEWS PAPERS LIMITED	Director	30/12/1985	30/12/1985	-	Active	NO
5	U65910UP1988PTC010113	SHVETABH INVESTMENT PRIVATE LIMITED	Director	07/10/1988	07/10/1988	-	Active	NO
6	U22111UP1990PTC011969	GOMTI PRAKASHAN PRIVATE LIMITED	Director	06/06/1990	06/06/1990	03/09/2012	Active	NO
7	U92200UP1990PTC011968	BIHAR SAMACHAR PATRA PRIVATE LIMITED	Director	06/06/1990	06/06/1990	03/09/2012	Active	NO
8	U74300UP1990PTC012269	ACE MEDIA ADVERTISERS PRIVATE LIMITED	Director	08/10/1990	08/10/1990	-	Strike off	NO
9	U15133UP1993PTC015671	SHRI S.K. FARMS AND GREENLAND PRIVATE LIMITED	Director	02/09/1993	02/09/1993	-	Under liquidation	NO
10	U45203UP2005PLC030481	KALPADRRUM LIMITED	Director	10/08/2005	10/08/2005	15/02/2012	Active	NO

Name :

Mr. Satya Narayan Prasad Keshari

Designation :

Director

Address :

A 2 / 7, Kameshwar, Mahadeo, Varanasi – 221001, Uttar Pradesh, India

Date of Birth/Age :

01.07.1941

Date of Appointment :

28.09.1996

DIN No. :

00208759

Name :

Mr. Shashikant Tripathi

Designation :

Director

Address :

B 2 / 90, Bhadaini, Varanasi – 221005, Uttar Pradesh, India

Date of Birth/Age :

01.07.1952

Date of Appointment :

30.09.2005

DIN No. :

00208755

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	U24231UP1940PLC000931	JNANA MANDAL LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO
2	U70109WB1998PTC087521	SUN CITY PROPERTIES PRIVATE LIMITED	Director	03/10/2006	03/10/2006	15/06/2010	Active	NO

Name :

Bal Krishna Dixit

Designation :

Director

Address :

K - 16/22, Hathi Gali Varanasi - 221001, Uttar Pradesh, India

Date of Birth/Age :

07.07.1956

Date of Appointment :

26.09.2014

DIN No.:

02469153

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	U22111UP1990PTC011969	GOMTI PRAKASHAN PRIVATE LIMITED	Director	26/09/2009	27/11/2008	03/09/2012	Active	NO
2	U24231UP1940PLC000931	JNANA MANDAL LIMITED	Director	26/09/2014	26/09/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shiv Pujan Singh
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 26.09.2014

Names of Shareholders	No. of Shares
Shardul Vikram Gupta	750040
Poonam Gupta	190880
Vidya Bhaskar	80
Lalit Prasad	80
Jyoti Bhushan Gupta	80
Satyanarain Prasad Agarwal	80
Satyadeo Upadyay	80
Shashwat Vikram Gupta	24000
Shwetabha Vikram Gupta	24000
Shardul Vikram Gupta (HUF)	9600
Shashikant Tripathi	10
Narendra Kumar	10
Vishwanath Prasad	40
Satya Narayan Prasad Keshari	20
Total	999000

Equity Share Break up (Percentage of Total Equity)

AS ON: 26.09.2014

Category	Percentage
Directors or relatives of Directors	99.94
Other top fifty shareholders	0.06
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is Engaged into Printing and Publishing of Newspapers.
Products :	Not Divulged
Brand Names :	“AJ” HINDI DAILY NEWSPAPER
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	News Print
Countries :	Russia
Terms :
Selling :	Cash, Cheque and Credit (60/90 Days)
Purchasing :	Cash, Cheque and Credit (60/90 Days)

PRODUCTION STATUS

Particulars	31.03.2014
Licensed Capacity	NA
Installed Capacity
Varanasi	30000 Copies per Hours
Gorakhpur	30000 Copies per Hours
Allahabad	15000 Copies per Hours
Actual Production (In Copies)
News Papers	171878639
Publication	7037

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 :

Others

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 :

200 (Approximately)

Bankers :

Banker Name	Indian Overseas Bank
Branch Address	C-7/34 Laurabir Main Crossing, Lahurabir, Varansi - 221001, Uttar Pradesh, India
Person Name (With Designation)	Mr. Praveen (Branch Manager)
Contact Number	91-542-2414126
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)	We had a word with Mr. Praveen (Branch Manager). He declined to provide his opinion about the subject company.
Andhra Bank, John Son Ganj, Allahabad, Uttar Pradesh, India (91-532-2400091) (The Number is Continuously Ringing)

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Indian Overseas Bank, Liquirent A/C	0.000	0.840
Total	0.000	0.840

Auditors :
Name :	Chatterjee and Chatterjee Chartered Accountants
Address :	B-21/1, First Floor, Rathyatra Market, Rathyatra Crossing, Varansi – 221010, Uttar Pradesh, India
Tel. No:	91-0542-245602 / 245603
E-Mail:	ca.ccvns@gmail.com
PAN No.:	AADFC4125F
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern:	Aaj Prakashan (Private) Limited, Kanpur Shashwat Printers (Private) Limited

CAPITAL STRUCTURE

AS ON: 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
999000	Equity Shares	Rs.10/- each	Rs. 9.990 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	9.990	9.990	9.990
(b) Reserves & Surplus	44.507	43.915	42.295
(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)	54.497	53.905	52.285
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.840	0.546
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	5.271	7.296	3.662
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	5.271	8.136	4.208
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	160.733	117.149	79.186
(c) Other current liabilities	175.045	181.396	154.908
(d) Short-term provisions	2.180	2.017	1.657
Total Current Liabilities (4)	337.958	300.562	235.751
TOTAL	397.726	362.603	292.244
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	76.084	77.496	77.182
(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	2.066	2.066	2.066
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	10.429	7.979	8.310
(e) Other Non-current assets	0.139	0.238	0.012
Total Non-Current Assets	88.718	87.779	87.570
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	19.730	62.796	7.927
(c) Trade receivables	188.060	160.571	134.391
(d) Cash and cash equivalents	10.050	9.513	9.128
(e) Short-term loans and advances	91.168	41.944	53.228
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	309.008	274.824	204.674
TOTAL	397.726	362.603	292.244

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue From Operations	390.700	323.165	205.183
	Other Income	8.367	7.717	10.695
	TOTAL (A)	399.067	330.882	215.878
Less:	EXPENSES
	Cost of Materials Consumed	318.004	264.037	162.142
	Employees benefits expense	16.828	13.400	10.655
	Other expenses	60.670	48.454	40.226
	TOTAL (B)	395.502	325.891	213.023
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)	3.565	4.991	2.855
Less:	FINANCIAL EXPENSES (D)	0.780	0.848	0.788
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	2.785	4.143	2.067
Less/ Add	DEPRECIATION/ AMORTISATION (F)	2.030	2.163	2.272
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	0.755	1.980	(0.205)
Less	TAX (H)	0.163	0.360	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	0.592	1.620	(0.205)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (J)	(21.166)	(22.786)	(22.808)
	Balance Carried to the B/S (I+J) (K)	(20.574)	(21.166)	NA
	Earnings / (Loss) Per Share (Rs.)	0.59	1.62	(0.21)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	5.339	4.838	14.723
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.15	0.50	(0.10)
Operating Profit Margin (PBIDT/Sales)	(%)	0.91	1.54	1.39
Return on Total Assets (PBT/Total Assets}	(%)	0.19	0.55	(0.07)
Return on Investment (ROI) (PBT/Networth)		0.01	0.04	0.00
Debt Equity Ratio (Total Debt /Networth)		0.10	0.11	0.29
Current Ratio (Current Asset/Current Liability)		0.91	0.91	0.87

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	9.990	9.990	9.990
Reserves & Surplus	42.295	43.915	44.507
Net worth	52.285	53.905	54.497
long-term borrowings	0.546	0.840	0.000
Short term borrowings	0.000	0.000	0.000
Current maturities of long-term debts	14.723	4.838	5.339
Total borrowings	15.269	5.678	5.339
Debt/Equity ratio	0.292	0.105	0.098

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	205.183	323.165	390.700
		57.501	20.898

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	205.183	323.165	390.700
Profit	(0.205)	1.620	0.592
	(0.10%)	0.50%	0.15%

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	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	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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10549224	22/01/2015	11,000,000.00	Bank of India	LOHTIYA BRANCH, NEAR AAJ PRESS KABIR CHAURA ROAD,  VARANASI, UTTAR PRADESH - 221001, INDIA	C43685429
2	10288510	31/01/2012 *	3,800,000.00	Indian Overseas Bank	C-7/34 LAURABIR MAIN CROSSING, LAHURABIR, VARANASI, UTTAR PRADESH - 221001, INDIA	B33325242

FIXED ASSETS:

• Factory Building
• Building
• Other Building
• Furniture and Fixtures
• Plant and machinery
• Computers

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. 63.92
UK Pound	1	Rs. 100.40
Euro	1	Rs. 70.41

INFORMATION DETAILS

Information Gathered by :	MNU
Analysis Done by :	KAS
Report Prepared by :	THR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--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.