MIRA INFORM REPORT

Report No. :	311336
Report Date :	09.03.2015

IDENTIFICATION DETAILS

Name :	FORMULATED POLYMERS LIMITED
Formerly Known As :	FORMULATED POLYMERS PRIVATE LIMITED
Registered Office :	59, SIDCO Industrial Estate, Thirumazhisai, Chennai – 600107, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.07.1991
Com. Reg. No.:	18-021129
Capital Investment / Paid-up Capital :	Rs.36.000 Million
CIN No.: [Company Identification No.]	U52599TN1991PLC021129
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CHEF02104E
PAN No.: [Permanent Account No.]	AAACF1350R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Design and Manufacture a comprehensive range of Thermoplastic Compounds, specializes in Engineering Plastics.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 563000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and loss that company has incurred from its operational activities during 2014. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 31-03-2014.

LOCATIONS

Registered Office / Factory / Head Office :	59, SIDCO Industrial Estate, Thirumazhisai, Chennai – 600107, Tamilnadu, India
Tel. No.:	91-44-26280171 / 26811236 / 1237 / 1238
Fax No.:	91-44-26280174 / 26811275
E-Mail :	finance@formulatedpolymers.com formpoly@vsnl.com marketing@formulatedpolymers.com
Website :	http://www.formulatedpolymers.com
Marketing Office:	AH No. AH-135, 4^th Street, Shanthi Colony, Anna Nagar, Chennai – 600040, Tamilnadu, India
Tel. No.:	91-44-26280171/0171
Fax No.:	91-44-26280174
Network Office 1 :	144/1 Patilvasti, Jambulkar Nagar Hinjgwadi, Pune - 411057, Maharashtra, India
Network Office 2 :	Rao Market, Plot No. 5, 2nd Gali, Sarhaul Village, Sector 18, Gurgaon -122001, India
Network Office 3 :	No.67/49, 4th Cross, Begur Road, Bommanhalli, Bangalore - 560068, Karnataka, India

DIRECTORS

As on 26.09.2014

Name :

Mr. Sekar Suganthi

Designation :

Whole Time Director

Address :

29, VV Giri Street, Sathya Garden, Saligramam, Chennai - 600093, Tamilnadu, India

Date of Appointment :

01.02.2008

DIN No.:

00870267

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	U52599TN1991PLC021129	FORMULATED POLYMERS LIMITED	Whole-time director	01/02/2008	02/06/2000	-	Active	NO
2	U24294TN2008PTC066824	FORMULATED PETROCHEM PRIVATE LIMITED	Director	14/03/2008	14/03/2008	-	Active	NO
3	U50102TN2014PTC095912	FPL Automobiles Private Limited	Director	10/10/2014	10/10/2014	-	Active	NO

Name :

Mr. Ramasamy Padma

Designation :

Whole Time Director

Address :

65 II, East Cross Street, Amaravathi Nagar, Arumbakkam, Chennai - 600106, Tamilnadu, India

Date of Appointment :

01.02.2008

DIN No.:

01294917

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	U52599TN1991PLC021129	FORMULATED POLYMERS LIMITED	Whole-time director	01/02/2008	02/06/2000	-	Active	NO
2	U50102TN2014PTC095912	FPL Automobiles Private Limited	Director	10/10/2014	10/10/2014	-	Active	NO

Name :

Mr. Venkateswaran Sekar

Designation :

Whole Time Director

Address :

29, VV Giri Street, Sathya Garden, Saligramam, Chennai - 600093, Tamilnadu, India

Date of Appointment :

01.02.2008

DIN No.:

01772085

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	U52599TN1991PLC021129	FORMULATED POLYMERS LIMITED	Whole-time director	01/02/2008	15/07/1991	-	Active	NO
2	U50102TN2014PTC095912	FPL Automobiles Private Limited	Director	19/05/2014	19/05/2014	-	Active	NO

Name :

Mr. Narayanasamy Mohan

Designation :

Whole Time Director

Address :

65 II, East Cross Street, Amaravathi Nagar, Arumbakkam, Chennai - 600106, Tamilnadu, India

Date of Appointment :

01.02.2008

DIN No.:

01772098

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	U52599TN1991PLC021129	FORMULATED POLYMERS LIMITED	Whole-time director	01/02/2008	15/07/1991	-	Active	NO
2	U91990TN2005NPL057693	THIRUMAZHISAI INDUSTRIAL ESTATE MANUFACTURERS ASSOCIATION	Director	28/09/2005	28/09/2005	-	Active	NO
3	U24294TN2008PTC066824	FORMULATED PETROCHEM PRIVATE LIMITED	Director	14/03/2008	14/03/2008	-	Active	NO
4	U50102TN2014PTC095912	FPL Automobiles Private Limited	Director	19/05/2014	19/05/2014	-	Active	NO

MAJOR SHAREHOLDERS

As on 26.09.2014

Names of Shareholders	No. of Shares
Venkateswaran Sekar	78150
Narayanasamy Mohan	53750
S Suganthi	38800
M Padma	38300
M Vaidya	7250
T N Ramaswamy	650
Nyanammal	600
Indira	2300
M S Venkateshwaran	3050
T S Mahadevan	700
Venkateswaran Sekar HUF	22750
S Surthi	12400
S Saikrishna	15200
Narayanasamy Mohan HUF	19950
Vinaymohan	38150
S Subbiah	1250
Meenakshi	1450
Meenakshi / Suganthi	4000
T S Mahadevan / Suganthi	5000

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 :	Design and Manufacture a comprehensive range of Thermoplastic Compounds, specializes in Engineering Plastics.
Products :	Thermoplastic Compounds
Brand Names :	“FORMPOLY®”
Agencies Held :	--
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
Experience :	Not Available
Maximum Limit Dealt :	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
Experience :	Not Available
Maximum Limit Dealt :	Not Available
Remark :	Not Available

No. of Employees :

Not Available

Bankers :

ICICI Bank Limited, A-78, Plot No 3211, 3rd Avenue, Anna Nagar, Chennai - 600040, Tamilnadu , India

State Bank of India, Siruthozhil Branch, Chennai, Tamilnadu , India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Term loan from bank	27.946	0.000
From Financial Institution and others	30.378	49.073
SHORT TERM BORROWINGS
Loans repayable on demand from bank	148.024	140.465
Total	206.348	189.538

Financial Institution :	Tamilnadu Industrial Investment Corporation Limited, Ambattur Industrial Estate, Ambattur Industrial Estate, Chennai, Tamilnadu, India
Auditors :
Name :	M Kuppuswamy PSG and Company LLP Chartered Accountants
Address :	54/3, C P Ramaswamy Road, Abhiramapuram, Chennai – 600018, Tamilnadu, India
PAN No.:	AALFM3067E
Memberships :	--
Collaborators :	--
Associates :	Formulated Petrochem Private Limited

CAPITAL STRUCTURE

As on 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.100/- each	Rs.40.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
360000	Equity Shares	Rs.100/- each	Rs.36.000 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	36.000	28.500	26.000
(b) Reserves & Surplus	160.995	101.447	94.752
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.800
Total Shareholders’ Funds (1) + (2)	196.995	129.947	121.552
(3) Non-Current Liabilities
(a) long-term borrowings	58.324	49.073	53.067
(b) Deferred tax liabilities (Net)	0.000	0.000	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)	58.324	49.073	53.067
(4) Current Liabilities
(a) Short term borrowings	148.024	140.465	144.781
(b) Trade payables	38.517	34.284	32.111
(c) Other current liabilities	21.299	25.816	19.204
(d) Short-term provisions	2.172	2.887	2.790
Total Current Liabilities (4)	210.012	203.452	198.886
TOTAL	465.331	382.472	373.505
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	224.967	167.514	174.339
(ii) Intangible Assets	0.696	0.829	0.869
(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	0.040	0.040	0.040
(c) Deferred tax assets (net)	12.002	4.074	3.439
(d) Long-term Loan and Advances	3.762	4.106	3.222
(e) Other Non-current assets	3.974	0.868	1.755
Total Non-Current Assets	245.441	177.431	183.664
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	62.697	62.959	57.912
(c) Trade receivables	126.078	126.967	107.840
(d) Cash and cash equivalents	18.480	9.842	14.867
(e) Short-term loans and advances	7.582	3.655	7.257
(f) Other current assets	5.053	1.618	1.965
Total Current Assets	219.890	205.041	189.841
TOTAL	465.331	382.472	373.505

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		465.584	543.819	487.697
		Other Income		2.490	1.860	2.364
		TOTAL (A)		468.074	545.679	490.061
Less	EXPENSES
		Cost of Materials Consumed		346.380	410.711	388.649
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		4.877	(0.644)	(9.104)
		Employee Benefits Expenses		24.704	24.251	23.954
		Other Expenses		56.247	56.838	47.052
		Exceptional Items		0.000	(0.127)	(0.037)
		TOTAL (B)		432.208	491.029	450.514
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			35.866	54.650	39.547
Less	FINANCIAL EXPENSES (D)			31.988	31.613	27.589
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			3.878	23.037	11.958
Less	DEPRECIATION/ AMORTISATION (F)			15.148	16.734	11.686
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			(11.270)	6.303	0.272
Less	TAX (H)			(7.928)	(0.583)	(6.152)
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			(3.342)	6.886	6.424
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	59.897	15.582	5.521
	TOTAL EARNINGS			59.897	15.582	5.521
	Earnings / (Loss) Per Share (Rs.)			(9.28)	25.47	24.71

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(0.72)	1.27	1.32
Operating Profit Margin (PBDIT/Sales)	(%)	7.70	10.05	8.11
Return on Total Assets (PBT/Total Assets}	(%)	(2.49)	1.67	0.07
Return on Investment (ROI) (PBT/Networth)		(0.06)	0.05	0.00
Debt Equity Ratio (Total Debt /Networth)		1.05	1.46	1.63
Current Ratio (Current Asset/Current Liability)		1.05	1.01	0.95

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	26.000	28.500	36.000
Reserves & Surplus	94.752	101.447	160.995
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.800	0.000	0.000
Net worth	121.552	129.947	196.995
Long Term borrowings	53.067	49.073	58.324
Short Term borrowings	144.781	140.465	148.024
Total borrowings	197.848	189.538	206.348
Debt/Equity ratio	1.628	1.459	1.047

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	487.697	543.819	465.584
		11.508	(14.386)

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	487.697	543.819	465.584
Profit	6.424	6.886	-3.342
	1.32%	1.27%	-0.72%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

COMPANY INFORMATION

Subject is professionally managed company established in 1993 with an objective to design and manufacture a comprehensive range of Thermoplastic Compounds, specializes in Engineering Plastics under the brand name FORMPOLY®. Over the years, FPL has established over 400 grades in 10 engineering polymers, mostly focusing on niche compounds. FPL has approvals from various OEMs serving large sectors of industries with an international product reach

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10483191	04/03/2014	14,000,000.00	Tamilnadu Industrial Investment Corporation Limited	86 C & D Ii Main Road , Ambattur Industrial Estate, Chennai, Tamilnadu - 600058, India	B98737497
2	10478904	10/03/2014 *	67,870,000.00	ICICI Bank Limited	A-78, Plot No 3211, 3rd Avenue, Anna Nagar, Chennai, Tamilnadu - 600040, India	C00429217
3	10195544	19/01/2010	22,500,000.00	Tamilnadu Industrial Investment Corporation Limited	Tiruvallur Branch, 86 C & D Ii Main Road , Ambattur Industrial Estate, Chennai, Tamilnadu - 600058  , India	A77057149
4	90287643	17/06/2014 *	214,300,000.00	State Bank Of India	Siruthozhil Branch, No.1 KRM Towers,, V Floor, Chetpet, Chennai, Tamilnadu - 600031, INDIA	C36738292
5	90307854	04/09/2004 *	14,000,000.00	State Bank Of India	Siruthozhil Branch, Numgambakkam, Chennai, Tamil  Nadu - 600034, India	-
6	90307373	27/01/1998 *	900,000.00	State Bank Of India	Aminjikarai Branch, Madras, Tamilnadu - 600029, India	-
7	90304616	04/03/1992	1,950,000.00	Tamilnadu Industrial Investments Corporation Limited	Chengleput Mgr, C-48 2nd Avenue ; Anna Nagar, MADRAS, Tamilnadu - 600040, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.62.20
UK Pound	1	Rs.94.71
Euro	1	Rs.68.60

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		32

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.