MIRA INFORM REPORT

Report No. :	319864
Report Date :	05.05.2015

IDENTIFICATION DETAILS

Name :	TIRUPATI MICROTECH PRIVATE LIMITED
Registered Office :	1604/1610, Village Thoor, Udaipur – 313001, Rajasthan
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.10.1994
Com. Reg. No.:	17-008949
Capital Investment / Paid-up Capital :	Rs. 16.380 Million
CIN No.: [Company Identification No.]	U14219RJ1994PTC008949
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACT5483D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Zirconium Silicate
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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is one of the leading manufacturer of Zirconium Silicate in India. It is an established company having satisfactory track record. For the financial year ended 2014, the company has reported decent topline growth of 32.06% and maintained profitability margin at 1.33%. Rating also takes into consideration company’s established track record of business operations supported by promoters extensive industry experience and sound financial base of the company. Trade relations are fair. Business is active. Payments are reported to be usually correct. 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 – 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

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 31-03-2014.

LOCATIONS

Registered Office :	1604/1610, Village Thoor, Udaipur – 313001, Rajasthan, India
Tel. No.:	91-294-3290559
Fax No.:	91-294-2453117
E-Mail :	SURANA_R@HOTMAIL.COM info@tirupatimicrotech.com tmplpondy@sify.com
Website :	www.tirupatimicrotech.com
Factory I :	16/11, Manglam – Uruvaiyar Road, Village Manglam, Villianur, U.T. of Pondicherry, India
Factory II :	301/4, Villae Bhimpore, Nanai Daman, U.T. of Daman and Diu, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Bachhraj Kothari

Designation :

Director

Address :

27, Shakespeare Sarani, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

10.10.1944

Date of Appointment :

01.02.1996

DIN No.:

01485614

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	U14219RJ1994PTC008949	TIRUPATI MICROTECH PRIVATE LIMITED	Director	01/02/1996	01/02/1996	-	Active	NO
2	U14102RJ1999PTC016033	SUNDER MARMO GRANI PRIVATE LIMITED	Director	02/12/1999	02/12/1999	-	Active	NO
3	U51109RJ2009PTC030189	TIRUPATI UNIVERSAL PRIVATE LIMITED	Director	06/11/2009	06/11/2009	-	Active	NO

Name :

Mr. Pawan Kumar Kothari

Designation :

Managing Director

Address :

509, Panchratan complex, Bedla Road,Udaipur – 313004, Rajastha, India

Date of Birth/Age :

13.02.1971

Date of Appointment :

04.10.1994

DIN No.:

01250880

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at currentdesignation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U14219RJ1994PTC008949	TIRUPATI MICROTECH PRIVATE LIMITED	Managing director	04/10/1994	04/10/1994	-	Active	NO
2	U14102RJ1999PTC016033	SUNDER MARMO GRANI PRIVATE LIMITED	Director	02/12/1999	02/12/1999	-	Active	NO
3	U51109RJ2009PTC030189	TIRUPATI UNIVERSAL PRIVATE LIMITED	Director	06/11/2009	06/11/2009	-	Active	NO
4	U45201RJ2010PTC033329	TIRUPATI DIVYABHOOMI PRIVATE LIMITED	Director	15/11/2010	15/11/2010	-	Active	NO
5	U45201RJ2009PTC029880	SUNMOON BUILDERS PRIVATE LIMITED	Director	22/07/2011	04/12/2010	-	Strike off	NO
6	U45201RJ2011PTC034217	TIRUPATI BUILDSQUARE PRIVATE LIMITED	Director	17/02/2011	17/02/2011	03/02/2012	Active	NO
7	U14200RJ2012PTC040028	CONSOLIDATED MINES PRIVATE LIMITED	Director	10/09/2012	10/09/2012	-	Active	NO
8	U14200RJ2012PTC040029	CONSOLIDATED EARTH MOVERS PRIVATE LIMITED	Director	10/09/2012	10/09/2012	-	Active	NO

Name :

Bimla Devi Kothari

Designation :

Director

Address :

27, Shakespeare Sarani, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

29.12.1945

Date of Appointment :

26.07.1999

DIN No.:

01250916

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ DesignatedPartner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U14219RJ1994PTC008949	TIRUPATI MICROTECH PRIVATE LIMITED	Director	26/07/1999	26/07/1999	-	Active	NO
2	U14102RJ1999PTC016033	SUNDER MARMO GRANI PRIVATE LIMITED	Director	02/12/1999	02/12/1999	-	Active	NO
3	U51109RJ2009PTC030189	TIRUPATI UNIVERSAL PRIVATE LIMITED	Director	06/11/2009	06/11/2009	-	Active	NO

Name :

Vinita Kothari

Designation :

Director

Address :

509, Panchratan complex, Bedla Road,Udaipur – 313004, Rajastha, India

Date of Birth/Age :

04.05.1975

Date of Appointment :

26.07.1999

DIN No.:

00066805

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	U14219RJ1994PTC008949	TIRUPATI MICROTECH PRIVATE LIMITED	Director	26/07/1999	26/07/1999	-	Active	NO
2	U14102RJ1999PTC016033	SUNDER MARMO GRANI PRIVATE LIMITED	Director	02/12/1999	02/12/1999	-	Active	NO
3	U24117TN1980PTC008536	SAI CHEM DYES PRIVATE LIMITED	Director	01/10/2003	01/10/2003	26/03/2009	Amalgamated	NO
4	U51109RJ2009PTC030189	TIRUPATI UNIVERSAL PRIVATE LIMITED	Director	06/11/2009	06/11/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age
Bachhraj Kothari	35000	21.37
Pawan Kumar Kothari	61800	37.73
Bimla Devi Kothari	35000	21.37
Vinita Kothari	8400	5.13
Bachhraj Kothari HUF	100	0.06
Tirupati Universal Private Limited, India	23500	14.35
Total	163800	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	14.35
Directors or relatives of Directors	85.65
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers of Zirconium Silicate
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	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

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

No. of Employees :

Not Available

Bankers :

• Kotak Mahindra Bank Limited, 36-38A, NAriman Bhavan, 227 D, Nariman Point, Mumbai – 400021, Maharashtra, India
• Oriental Bank of Commerce, Fatehpura, Udaipur – 313001, Rajasthan, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee term loan from banks	21.410	34.828
Term loan from others	34.868	49.498
SHORT TERM BORROWING
Working capital loan from banks	65.748	15.086
Total	122.026	99.412

Auditors :
Name :	R Surana and Company Chartered Accountants
Address :	32 Ahinsapuri, Fatehpura, Udaipur, Rajasthan, India
PAN No.:	ADGPS3347D
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Tirupati Universal Private Limited Consolidated Mines Private Limited Consolidated Earth Movers Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
194,000	Equity Shares	Rs.100/- each	Rs. 19.400 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
163,800	Equity Shares	Rs.100/- each	Rs. 16.380 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	16.380	16.380	16.380
(b) Reserves & Surplus	521.025	496.447	424.534
(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)	537.405	512.827	440.914
(3) Non-Current Liabilities
(a) long-term borrowings	56.278	84.326	109.450
(b) Deferred tax liabilities (Net)	16.367	13.634	15.770
(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)	72.645	97.960	125.220
(4) Current Liabilities
(a) Short term borrowings	124.931	80.126	148.930
(b) Trade payables	40.459	121.041	3.305
(c) Other current liabilities	33.015	34.732	25.780
(d) Short-term provisions	0.042	1.576	0.857
Total Current Liabilities (4)	198.447	237.475	178.872
TOTAL	808.497	848.262	745.006
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	275.810	247.190	282.354
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	2.157	0.518	0.518
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.004	0.004	0.004
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	11.250	23.035	33.555
(e) Other Non-current assets	3.725	2.784	2.744
Total Non-Current Assets	292.946	273.531	319.175
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	108.497	326.084	319.979
(c) Trade receivables	348.632	205.409	90.640
(d) Cash and cash equivalents	31.220	25.990	3.045
(e) Short-term loans and advances	24.054	13.179	9.972
(f) Other current assets	3.148	4.069	2.195
Total Current Assets	515.551	574.731	425.831
TOTAL	808.497	848.262	745.006

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1838.301	1386.557	935.617
	Other Income	NA	NA	NA
	TOTAL (A)	NA	NA	NA
Less	EXPENSES
	TOTAL (B)	NA	NA	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	100.597	174.118	303.766
Less	FINANCIAL EXPENSES (D)	30.492	26.414	112.982
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	70.105	147.704	190.784
Less/ Add	DEPRECIATION/ AMORTISATION (F)	31.864	35.814	37.917
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	38.241	111.890	152.867
Less	TAX (I)	13.663	39.977	27.430
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	24.578	71.913	125.437
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	490.548	418.635	293.198
	Balance Carried to the B/S (J+K+L-M)	515.126	490.548	418.635
	EARNINGS IN FOREIGN CURRENCY	678.802	492.137	180.500
	Earnings / (Loss) Per Share (Rs.)	150.05	439.03	765.79

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.34	5.19	13.41
Operating Profit Margin (PBDIT / Sales)	(%)	5.47	12.56	32.47
Return on Total Assets (PBT/Total Assets}	(%)	4.74	13.20	20.53
Return on Investment (ROI) (PBT/Networth)		0.07	0.22	0.35
Debt Equity Ratio (Total Debt /Networth)		0.34	0.32	0.59
Current Ratio (Current Asset/Current Liability)		2.60	2.42	2.38

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	16.380	16.380	16.380
Reserves & Surplus	424.534	496.447	521.025
Net worth	440.914	512.827	537.405
long-term borrowings	109.450	84.326	56.278
Short term borrowings	148.930	80.126	124.931
Total borrowings	258.380	164.452	181.209
Debt/Equity ratio	0.586	0.321	0.337

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	935.617	1386.557	1838.301
		48.197	32.580

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	935.617	1386.557	1838.301
Profit	125.437	71.913	24.578
	13.41%	5.19%	1.34%

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	Yes
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

OPERATION

The Company has achieved turnover of Rs. 183.86 crores against Rs. 1386.600 Million in previous year, registering a growth of 32 %. The Company has done trading activities of commodities which contribute 842.400 Million (previous year Rs.189.200 Million) to turnover. The Company has set up 1MW Solar Power Plant at Gajner, Distt Bikaner, Rajasthan. The total cost of project is Rs.5.15 Crore. The Company has entered Power Purchase Agreement for sale of power and the project is entitled for REC benefits.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Intercorporate deposits	23.711	34.921
Loan and advances from related parties	35.472	30.119
Total	59.183	65.040

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10303807	03/09/2011 *	458,400,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B20256079
2	10284469	15/04/2011	80,410,000.00	SREI Equipment Finance Private Limited	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, West Bengal - 700046, INDIA	B12218343
3	10182761	20/06/2011 *	458,400,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B18540427
4	90070145	10/11/2006 *	74,700,000.00	ORIENTAL BANK OF COMMERCE	FATEHPURA, UDAIPUR, Rajasthan - 313001, INDIA	A09003567

* Date of charge modification

FIXED ASSETS

• Land
• Office building
• Factory building
• Plant and equipment
• Vehicles
• Computer Equipment

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.623.58
UK Pound	1	Rs.97.99
Euro	1	Rs.70.53

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		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.