MIRA INFORM REPORT

Report No. :	322055
Report Date :	16.05.2015

IDENTIFICATION DETAILS

Name :	TAYAL SONS LIMITED
Registered Office :	Kath Mandi Road, Hisar – 125001, Haryana
Tel. No.:	91-1662-231546
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.04.1998
Com. Reg. No.:	05-033932
Capital Investment / Paid-up Capital :	Rs.13.547 Million
CIN No.: [Company Identification No.]	U52190HR1998PLC033932
IEC No.:	3304002693
TAN No.: [Tax Deduction & Collection Account No.]	RTKT00826A / RTKT01730B
PAN No.: [Permanent Account No.]	AABCT6693E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader and dealer of chemical, paper, leather and petroleum products and cotton.
No. of Employees :	Not Divulged

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company has reported a better increase in its sales volume during FY2014, but net profitability is low given that it’s trading nature of operations. The rating also takes note of fair liquidity position marked by favorable gap between trade receivables and payables. Trade relations reported to be fair. Business is active. Payments are reported to be usually correct. In the view of extensive experience of the promoters in cotton industry, subject 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

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.

INFORMATION PARTED BY

Name :	Mr. Mukul Tayal
Designation :	Director
Contact No.:	91-9812032875
Date :	13.05.2015

LOCATIONS

Registered Office :	Kath Mandi Road, Hisar – 125001, Haryana, India
Tel. No.:	91-1662-231546
Mobile No.:	91-9812032875 (Mr. Mukul)
Fax No.:	91-1662-232454 / 231546
E-Mail :	info@tayalsons.com
Website :	www.tayalsons.com
Location :	Owned
Warehouse :	65, C-Block, Opposite UCO Bank, Sri Ganganagar, Rajasthan, India
Tel. No.:	91-154-2484875
Fax No.:	91-154-2480875
Branch :	5026, 1^st Floor, Sirki Bazar, Bhatinda, Punjab, India
Tel. No.:	91-164-5011903
Fax No.:	91-164-5011903

DIRECTORS

Name :

Mr. Neeraj Seth

Designation :

Director

Address :

412A, Hamilton Court, DLF-4, Gurgaon – 122002, Haryana, India

Date of Appointment :

28.02.2015

DIN No.:

00084258

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	U29191HR2004PTC037804	ZEBRA INNOVATIONS PRIVATE LIMITED	Managing director	01/06/2004	01/06/2004	-	Active	NO
2	U74996DL2006PTC149350	ICEPORT REFRIGERATION PVT. LTD.	Director	31/05/2006	31/05/2006	19/03/2015	Active	NO
3	U74300HR2007PTC037104	GOKUL COMMUNICATIONS PRIVATE LIMITED	Director	13/08/2007	13/08/2007	18/09/2009	Active	NO
4	U30005HR2007PTC037249	KOLDSTONE REFRIGERATION PRIVATE LIMITED	Director	26/08/2009	25/09/2007	18/09/2009	Active	NO
5	U31103HR2007PTC037261	MICROFROST REFRIGERATION PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Active	NO
6	U74999MH2013PTC251178	GRANDMASTER INNOVATIONS PRIVATE LIMITED	Director	18/12/2013	18/12/2013	-	Active	NO
7	U52190HR1998PLC033932	TAYAL SONS LIMITED	Director	28/02/2015	28/02/2015	-	Active	NO

Name :

Mr. Mukul Dev Tayal Gyan

Designation :

Whole-time Director

Address :

Kathmandia Road, Hissar – 125001, Haryana, India

Date of Birth/Age :

05.02.1963

Date of Appointment :

01.08.2013

DIN No.:

00197046

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	U17115HR1992PTC031804	NORTH COTT GINNING AND TRADING COMPANY PRIVATE LIMITED	Director	08/10/1992	08/10/1992	-	Active	NO
2	U52190HR1998PLC033932	TAYAL SONS LIMITED	Whole-time director	01/08/2013	29/04/1998	-	Active	NO
3	U67120MH1982PLC027423	BURTON DISTRIBUTORS LIMITED	Director	16/03/1999	16/03/1999	-	Under liquidation	NO
4	U45202PB1954NPL000616	NORTHERN INDIA COTTON ASSOCIATION LIMITED	Director	21/09/2005	21/09/2005	-	Strike off	NO
5	U17115PB1965PLC002589	INDIAN COTTON ASSOCIATION LIMITED	Director	21/09/2005	21/09/2005	-	Active	NO
6	U91110MH1921NPL000940	COTTON ASSOCIATION OF INDIA	Director	31/12/2010	31/12/2010	20/12/2013	Active	NO

Name :

Mr. Gyan Deva Tayal

Designation :

Whole-time Director

Address :

Chhoti Kothi, Hisar Cotton Mills, Hisar – 125001, Haryana, India

Date of Birth/Age :

24.12.1935

Date of Appointment :

01.08.2013

DIN No.:

00423332

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	U52190HR1998PLC033932	TAYAL SONS LIMITED	Whole-time director	01/08/2013	29/04/1998	-	Active	NO
2	U99999HR2001PTC034653	HISAR AGRO ENGINEERING WORKS PRIVATE LIMITED	Director	28/03/2001	28/03/2001	-	Active	NO

Name :

Mrs. Sumita Tayal

Designation :

Whole-time Director

Address :

House No 681/1, Sector 1, Hisar – 125001, Haryana, India

Date of Birth/Age :

25.03.1934

Date of Appointment :

01.08.2013

DIN No.:

01627532

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	U52190HR1998PLC033932	TAYAL SONS LIMITED	Whole-time director	01/08/2013	01/04/1999	-	Active	NO
2	U17115HR1992PTC031804	NORTH COTT GINNING AND TRADING COMPANY PRIVATE LIMITED	Director	10/08/2006	10/08/2006	-	Active	NO

Name :

Mr. Girish Tayal

Designation :

Director

Address :

House No 681/1, Sector 1, Hisar – 125001, Haryana, India

Date of Birth/Age :

05.01.1937

Date of Appointment :

01.04.1999

DIN No.:

01632625

Name :

Mr. Rajender Kumar Leekha

Designation :

Director

Address :

H.No.1671,Ue-Ii, Hisar – 125005, Haryana, India

Date of Appointment :

28.02.2015

DIN No.:

03597751

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	U17115HR1992PTC031804	NORTH COTT GINNING AND TRADING COMPANY PRIVATE LIMITED	Director	12/08/2011	12/08/2011	-	Active	NO
2	U52190HR1998PLC033932	TAYAL SONS LIMITED	Director	28/02/2015	28/02/2015	-	Active	NO

MAJOR SHAREHOLDERS

AS ON 14.08.2014

Names of Shareholders	No. of Shares
Gyan Dev Tayal	277700
Mukul Tayal	427750
Girish Tayal	152200
Charu Tayal	100
Sumita Tayal	59500
Mukul Dev Tayal and Sons	153950
Eeshan Tayal	7625
Gyan Dev Tayal and Sons	263400
Bharat Machinery Store	2750
Roshan Lal Satish Kumar	5600
Trade Ways Distributors	1300
Atul Dev Tayal	2775
Total	1354650

Equity Share Break up (Percentage of Total Equity)

AS ON 14.08.2014

Category	Percentage
Directors or relatives of Directors	99.29
Other top fifty shareholders	0.71
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and dealer of chemical, paper, leather and petroleum products and cotton.
Products :	Chemical Paper Leather Petroleum Products Cotton
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Cotton
Countries :	Pakistan Indonesia
Imports :	Not Divulged
Terms :
Selling :	L/C, Cash
Purchasing :	L/C, Cash

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	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 :

Company Name :	Dewan Khalid Textiles Mills Limited
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 :

Not Divulged

Bankers :

Banker Name :	State Bank of Patiala
Branch :	Main Branch, Railway Road, Hisar – 125001, Haryana, 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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Rupee term loans from banks	2.551	5.003
Short Term Borrowings
Loans repayable on demand from banks	252.096	397.842
Total	254.647	402.845

Auditors :
Name :	Gupta and Kalra Chartered Accountants
Address :	SCF 130, Green, Square Market, Hisar, Haryana, India
PAN No.:	AFPPG6307N
Collaborators :	Not Divulged
Membership :	Not Divulged
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 14.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1354650	Equity Shares	Rs.10/- each	Rs.13.547 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	13.547	9.964	9.964
(b) Reserves & Surplus	156.451	87.418	70.608
(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)	169.998	97.382	80.572
(3) Non-Current Liabilities
(a) long-term borrowings	2.551	5.003	3.675
(b) Deferred tax liabilities (Net)	0.000	0.000	47.260
(c) Other long term liabilities	29.929	79.698	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	32.480	84.701	50.935
(4) Current Liabilities
(a) Short term borrowings	252.096	397.842	245.950
(b) Trade payables	87.102	134.828	67.821
(c) Other current liabilities	25.965	89.561	42.415
(d) Short-term provisions	9.000	6.957	4.950
Total Current Liabilities (4)	374.163	629.188	361.136
TOTAL	576.641	811.271	492.643
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15.672	14.657	9.687
(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	7.679	6.077	7.656
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	23.351	20.734	17.343
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	197.669	468.112	234.391
(c) Trade receivables	315.453	272.486	172.678
(d) Cash and cash equivalents	5.845	1.550	0.391
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	34.323	48.389	67.840
Total Current Assets	553.290	790.537	475.300
TOTAL	576.641	811.271	492.643

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	6054.849	4985.246	4222.436
		Other Income	84.606	73.542	52.580
		TOTAL (A)	6139.455	5058.788	4275.016
Less	EXPENSES
		Purchase of Stock-in-trade	5784.683	5216.317	4458.333
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	270.444	(233.721)	(234.391)
		Employee Benefits Expenses	10.564	8.204	6.028
		Other Expenses	21.929	18.009	16.001
		TOTAL (B)	6087.620	5008.809	4245.971
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		51.835	49.979	29.045
Less	FINANCIAL EXPENSES (D)		21.940	24.293	13.630
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		29.895	25.686	15.415
Less	DEPRECIATION/ AMORTISATION (F)		3.536	2.177	0.822
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		26.359	23.509	14.593
Less	TAX (H)		9.000	6.700	4.950
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		17.359	16.809	9.643
	Earnings Per Share (Rs.)		12.81	16.87	9.68

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	0.29	0.34	0.23
Operating Profit Margin (PBDIT/Sales)	(%)	0.86	1.00	0.69
Return on Total Assets (PBT/Total Assets)	(%)	4.63	2.92	3.01
Return on Investment (ROI) (PBT/Networth)		0.16	0.24	0.18
Debt Equity Ratio (Total Debt /Networth)		1.50	4.14	3.10
Current Ratio (Current Asset/Current Liability)		1.48	1.26	1.32

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	9.964	9.964	13.547
Reserves & Surplus	70.608	87.418	156.451
Share Application money pending allotment	0.000	0.000	0.000
Net worth	80.572	97.382	169.998
long-term borrowings	3.675	5.003	2.551
Short term borrowings	245.950	397.842	252.096
Total borrowings	249.625	402.845	254.647
Debt/Equity ratio	3.098	4.137	1.498

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	4222.436	4985.246	6054.849
		18.066	21.455

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	4222.436	4985.246	6054.849
Profit	9.643	16.809	17.359
	0.23%	0.34%	0.29%

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	Yes
10]	Designation of contact person	Yes
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	No
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90049446	31/12/2014 *	287,500,000.00	State Bank of Patiala	Main Branch, Railway Road, Hisar, Haryana - 125001, India	C40423402

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Computer

· Vehicles

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 records 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.63.58
UK Pound	1	Rs.100.30
Euro	1	Rs.72.38

INFORMATION DETAILS

Information Gathered by :	SPR
Analysis Done by :	SUM
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	YES
--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.