MIRA INFORM REPORT

Report No. :	348002
Report Date :	05.11.2015

IDENTIFICATION DETAILS

Name :	VIKAS ALTECH PRIVATE LIMITED
Registered Office :	12-A, Shivaji Marg, New Delhi - 110015
Tel. No.:	91-11-42070707
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.07.2012
Com. Reg. No.:	55-238732
Capital Investment / Paid-up Capital :	Rs. 158.874 Million
CIN No.: [Company Identification No.]	U35990DL2012PTC238732
IEC No.:	0512041709
TAN No.: [Tax Deduction & Collection Account No.]	DELV11712B
PAN No.: [Permanent Account No.]	AAECV1193Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Micro Tubes.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject was incorporated in the year 2012. It is a manufacturer, exporter and importer of micro tubes. Mrs. Rakesh (Accounts Manager) provided general information and also confirmed that the activity has started from April 2014. From the financial filed for the year 2014, the company possesses fair networth base. Trade relations are fair. Business is active. Payments are slow. 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 – 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 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Rakesh
Designation :	Accounts Manager
Contact No.:	91-8600922290
Date :	04.11.2015

LOCATIONS

Registered Office :	12-A, Shivaji Marg, New Delhi – 110015, India
Tel. No.:	Not Available
Mobile No.:	91-8600922290 [Mr. Rakesh]
Fax No.:	Not Available
E-Mail :	dnjain@vikasgroup.in amit@vikasgroup.in info@vikasaltech.com rakesh.dhopte@vikasaltech.com anand.chinta@vikasaltech.com
Website :	http://www.vikasaltech.com http://www.vikasgroup.in
Location :	Rented
Locality :	Commercial
Factory :	Plot No. E-85, Industrial Area, MIDC, Ranjangaon, Pune – 412220, Maharashtra, India
Tel. No.:	91-2138-611600
Area :	5000 Sq. ft.
Location :	Rented
Locality :	Industrial

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Abhimanyu Sharaff

Designation :

Director

Address :

House No. 2, Block-D, Westend Colony, New Delhi – 110021, India

Date of Birth/Age :

31.10.1981

Date of Appointment :

12.07.2012

PAN No.:

AUBPS6576L

DIN No.:

00215487

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	U27310DL2004PTC131667	RPS VIKAS CASTINGS PRIVATE LIMITED	Director	14-05-2014	29-12-2004	-	Amalgamated	NO
2	U74899DL1998PTC091512	KENMORE VIKAS (INDIA) PRIVATE LIMITED	Managing director	01-04-2006	01-04-2006	15-03-2015	Active	NO
3	U45200WB2007PTC207160	SALASAR PROPBUILD PRIVATE LIMITED	Director	05-02-2007	05-02-2007	-	Active	NO
4	U28910DL2007PTC158761	BORGWARNER EMISSIONS SYSTEMS INDIA PRIVATE LIMITED	Director	08-02-2007	08-02-2007	05-08-2011	Active	NO
5	U27300DL2007PTC165006	SATA VIKAS INDIA PRIVATE LIMITED	Director	01-07-2011	20-06-2007	-	Active	NO
6	U27203MH2005PLC151845	PACIFIC ALLOYS LIMITED	Director	30-09-2008	08-02-2008	16-07-2013	Active	NO
7	U74999DL2007PTC212859	DAYCO ENGINE SYSTEMS PRIVATE LIMITED	Director	21-07-2011	29-10-2008	15-11-2013	Active	NO
8	U34100DL2009PTC188549	SYSTEMES MOTEURS INDIA PRIVATE LIMITED	Director	18-03-2009	18-03-2009	15-10-2010	Amalgamated	NO
9	U74899DL1991PTC044234	ECOCAT (INDIA) PRIVATE LIMITED.	Managing director	01-04-2015	18-03-2009	-	Active	NO
10	U35300DL2010PTC206230	DAYCO POWER TRANSMISSION PRIVATE LIMITED	Director	23-07-2010	23-07-2010	15-11-2013	Active	NO
11	U35999DL2011PTC226494	SANDEN VIKAS PRECISION PARTS PRIVATE LIMITED	Director	19-10-2011	19-10-2011	-	Active	NO
12	U27310DL2005PTC239416	HNV CASTINGS PRIVATE LIMITED	Director	28-11-2012	09-01-2012	-	Active	NO
13	U35990DL2012PTC238732	VIKAS ALTECH PRIVATE LIMITED	Director	12-07-2012	12-07-2012	-	Active	NO
14	U34300DL1998PTC093446	AUTOVIKAS SALES AND SERVICE PRIVATE LIMITED	Director	30-09-2014	09-12-2013	-	Active	NO
15	U45202DL1982PTC014381	SANDEN VIKAS (INDIA) PRIVATE LIMITED	Director	23-03-2015	30-01-2015	-	Active	NO

Name :

Mrs. Puja Agarwal

Designation :

Director

Address :

89, Sunder Nagar, New Delhi – 110003, India

Date of Birth/Age :

17.02.1957

Date of Appointment :

30.11.2013

DIN No.:

01147894

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	U74899DL1989PTC034640	SUMEDHA IMPEX PRIVATE LIMITED	Director	12-01-1989	12-01-1989	-	Active	NO
2	U24290DL1987PTC028569	PRANAV VIKAS (INDIA ) PRIVATE LIMITED	Whole-time director	01-10-2010	09-04-1991	31-03-2012	Active	NO
3	U45202DL1982PTC014381	SANDEN VIKAS (INDIA) Private Limited	Director	12-06-2002	12-06-2002	30-01-2015	Active	NO
4	U74899DL1987PTC029261	LIVVEL PRODUCTS PRIVATE LIMITED	Director	14-09-2002	14-09-2002	04-06-2007	Active	NO
5	U34300DL1998PTC093446	AUTOVIKAS SALES AND SERVICE PRIVATE LIMITED	Director	30-09-2003	30-09-2003	04-06-2007	Active	NO
6	U74899DL1993PTC051618	RISPANA LEASING FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	26-09-2005	26-09-2005	-	Active	NO
7	U29306DL1981PTC012616	S. S. N. INTERNATIONAL PRIVATE LIMITED	Director	27-09-2011	28-09-2010	-	Active	NO
8	U74899DL1998PTC091512	KENMORE VIKAS (INDIA) PRIVATE LIMITED	Whole-time director	07-09-2012	02-04-2012	-	Active	NO
9	U35990DL2012PTC238732	VIKAS ALTECH PRIVATE LIMITED	Director	30-11-2013	16-07-2013	-	Active	NO

Name :

Eui Choon Lee

Designation :

Director

Address :

Gyoha Dongmun Winslecounty 801,77 Chaekhyanggisup-Gil, Paju-Si, Gyeonggido, Korea 413100

Date of Birth/Age :

11.02.1954

Date of Appointment :

30.11.2013

DIN No.:

06667512

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	Company/ LLP Status	Defaulting status
1	U35990DL2012PTC238732	VIKAS ALTECH PRIVATE LIMITED	Director	30-11-2013	14-09-2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Rakesh
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Abhimanyu Sharaff	5000
Puja Agarwal	5000
Kenmore Vikas (India) Private Limited, India	12699900
Shinwon World Trading Co. Limited, Korea	3177475
Total	15887375

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	20.00
Bodies corporate	79.94
Directors or relatives of directors	0.06
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Micro Tubes.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Micro Tubes
Countries :	· Iran · Korea
Imports :
Products :	Raw Material
Countries :	Korea
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Wholesalers, Retailers and End Users

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

100 (Approximately)

Bankers :

Bank Name:	Yes Bank Limited
Branch:	Galaxy Society, Phule Patil Road, Bundgarden, New Wadia College, Pune – 411001, Maharashtra, India
Person Name (with Designation):	Mr. Ranchit Singha (Manager)
Contact Number:	91-8860988961
Name of Account Holder:	Vikas Altech Private Limited
Account Number:	--
Account Since (Date/ Year of A/c Opening):	2 Years
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	Cash Credit = Rs. 30.000 Million Term Loan = Rs. 220.000 Million LC = Rs. 10.000 Million
Account Operation:	Satisfactory
Remarks:	Banker gave us positive response about subject company they are satisfied with their banking transaction.

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term loans from banks	196.206	0.000
Total	196.206	0.000

Auditors :
Name :	N Narasimhan and Associates Chartered Accountants
Address :	211, Hans Bhawan, Bahadurshah Zafar Marg, New Delhi, India
Income-tax PAN of auditor or auditor's firm :	AABPN5851B
Memberships :	--
Collaborators :	--
Holding Company :	Kenmore Vikas India Private Limited
Enterprises with significant influence of Directors :	Shinwon World Trading Co
Group Companies :	· Sanden Vikas (India) · Pranav Vikas (India) Limited · Ecocat (India) Private Limited · RPS Vikas Casting Private Limited · Garima Vikas Metals Private Limited · SATA Vikas (India) Private Limited · Sanden Vikas Precision Parts Private Limited · Autovikas Sales and Service

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
17,500,000	Equity Shares	Rs. 10/- each	Rs. 175.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15,887,375	Equity Shares	Rs. 10/- each	Rs. 158.874 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	158.874	0.100
(b) Reserves & Surplus	0.000	0.000
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	48.720
Total Shareholders’ Funds (1) + (2)	158.874	48.820
(3) Non-Current Liabilities
(a) Long-term borrowings	196.206	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.364	0.000
Total Non-current Liabilities (3)	196.570	0.000
(4) Current Liabilities
(a) Short term borrowings	45.000	0.000
(b) Trade payables	36.228	1.890
(c) Other current liabilities	2.908	0.020
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	84.136	1.910
TOTAL	439.580	50.730
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.414	0.000
(ii) Intangible Assets	0.707	0.000
(iii) Capital work-in-progress	368.409	2.710
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	7.308	1.259
Total Non-Current Assets	378.838	3.969
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	15.076	0.000
(c) Trade receivables	0.000	0.000
(d) Cash and cash equivalents	33.663	1.312
(e) Short-term loans and advances	12.003	45.449
(f) Other current assets	0.000	0.000
Total Current Assets	60.742	46.761
TOTAL	439.580	50.730

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA
Cash generated from operations	NA	NA
Net Cash flow from (used in) Operations	44.539	(44.761)

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013
Debt Equity Ratio (Total Liability/Networth)	1.52	0.00
Current Ratio (Current Asset/Current Liability)	0.72	24.48

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	158.874
Reserves & Surplus	0.000	0.000
Money received against share warrants	0.000	0.000
Share Application money pending allotment	48.720	0.000
Net worth	48.820	158.874
Long-term borrowings	0.000	196.206
Short term borrowings	0.000	45.000
Total borrowings	0.000	241.206
Debt/Equity ratio	0.000	1.518

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	Yes
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	Yes
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	Yes
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	No
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	No
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	10538420	09/12/2014	50,000,000.00	YES BANK LIMITED	NEHRU CENTRE, 9TH FLOOR, DISCOVERY OF INDIA,, DR. A.B. ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	C37887320
2	10524527	21/08/2014	50,000,000.00	YES BANK LIMITED	NEHRU CENTRE, 9TH FLOOR, DISCOVERY OF INDIA,, DR.  A.B. ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018,  INDIA	C27543008
3	10512379	25/07/2014	50,000,000.00	YES BANK LIMITED	NEHRU CENTRE, 9TH FLOOR, DISCOVERY OF INDIA,, DR.  A.B. ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, I  NDIA	C14709141
4	10441717	29/07/2013	220,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA -  400018, INDIA	B81530727

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Intercorporate borrowings	45.000	0.000
Total	45.000	0.000

REVIEW OF BUSINESS OPERATION:

During the year, the Company continued to engage in the project implementation for the manufacturing of multivoid extruded tubes at its plant located at Pune, Maharashtra. As such, no revenues were generated by the Company during the FY 2013-14. Moving ahead with such implementation, the Company has successfully completed the Trial Run of the said project in February 2014 and subsequently, started the commercial production from May 2014 onwards in line with the plans formulated by the management. With successful commencement of production activities and continuous support of its stakeholders, the Directors are hopeful that the Company will generate adequate business in the years to come once the ongoing business developments are finalized.

FIXED ASSETS:

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer software

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. 65.57
UK Pound	1	Rs. 101.13
Euro	1	Rs. 71.80

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	AMR
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		26

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.