MIRA INFORM REPORT

Report No. :	349515
Report Date :	14.11.2015

IDENTIFICATION DETAILS

Name :	AQUILA ORGANICS PRIVATE LIMITED
Registered Office :	Plot No.B-68, Shop No.101 to 104, Sunrise Business Park, Road No.16, Wagle Industrial Estate, Thane (West), Thane – 400 604, Maharashtra
Tel. No.:	91-22-25368013/ 25362012
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	13.09.2007
Com. Reg. No.:	11-174095
Capital Investment / Paid-up Capital :	Rs.10.000 Million
CIN No.: [Company Identification No.]	U24119MH2007PTC174095
IEC No.:	0307083454
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAGCA6642K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Specialty and Aroma Chemicals.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (16)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject was incorporated on 13^th September, 2007. It is engaged into business of manufacturing of specialty and aroma chemicals. It has moderate track record. The company has incurred a huge accumulated loss which has eroded the networth of the company. Business is active. Payment terms are slow. The company can be considered for business dealings on safe and secured 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

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Sandip Shrungarpur
Designation :	Assistant General Manager
Contact No.:	91-22-25368013
Date :	09.11.2015

LOCATIONS

Registered Office :	Plot No.B-68, Shop No.101 to 104, Sunrise Business Park, Road No.16, Wagle Industrial Estate, Thane (West), Thane – 400 604, Maharashtra, India
Tel. No.:	91-22-25368013 /25362012 / 25820212/ 25830213
Mobile No.:	91-9819586444 (Mr. Borude)
Fax No.:	91-22-25368013
E-Mail :	accounts@aquilaorganics.com sales@aquilaorganics.com sandeep@aquilaorganics.com gvaze@hotmail.com
Website :	http://www.aquilaorganics.com
Factory :	Located at: · Wada, Thane, Maharashtra, India

DIRECTORS

AS ON 29.09.2014

Name :

Gurudeo Sangappa Hattali

Designation :

Director

Address :

Room No.202, Ekveera Building, Kopar 'X' Road, Dombivli (West), Dombivli – 421 202, Maharashtra, India

Date of Birth/Age :

01.07.1976

Date of Appointment :

30.09.2013

DIN No.:

06637404

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	U24119MH2007PTC174095	AQUILA ORGANICS PRIVATE LIMITED	Director	30/09/2013	21/07/2013	-	Active	NO

Name :

Mr. Girish Suresh Vaze

Designation :

Director

Address :

S H Kelkar Company Private Limited, L.B.S. Marg, Mulund (West), Mumbai – 400 080, Maharashtra, India

Date of Birth/Age :

20.06.1975

Date of Appointment :

13.09.2007

DIN No.:

00509928

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	U15134MH1980PTC023361	KEVA FLAVOURS PRIVATE LIMITED	Director	26/08/1999	26/08/1999	23/08/2010	Active	NO
2	U01117MH1999PTC120240	KEVA BIOTECH PRIVATE LIMITED	Director	10/10/2000	10/10/2000	23/08/2010	Active	NO
3	U24110MH1978PTC020545	K V AROCHEM PRIVATE LIMITED	Director	19/09/2001	19/09/2001	26/02/2007	Active	NO
4	U24119MH2007PTC174095	AQUILA ORGANICS PRIVATE LIMITED	Director	13/09/2007	13/09/2007	-	Active	NO
5	U01403MH2011PTC222443	SHIVANJALI BIOTECH PRIVATE LIMITED	Director	27/09/2011	27/09/2011	-	Active	NO
6	U52390MH2006PTC161856	UNICORN VERITA BLENDS AND FRAGRANCES PRIVATE LIMITED	Director	30/11/2013	30/11/2013	-	Active	NO

Name :

Ms. Anagha Girish Vaze

Designation :

Director

Address :

S H Kelkar Company, L B S Marg, Mulund (West), Mumbai – 400 080, Maharashtra, India

Date of Birth/Age :

29.10.1974

Date of Appointment :

13.09.2007

DIN No.:

01610565

KEY EXECUTIVES

Name :	Mr. Sandip Shrungarpur
Designation :	Assistant General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares
Suresh Girish Vaze	499999
Anagha Girish Vaze	500000
Girish Vaze HUF	1
Total	1000000

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2014

Category	Percentage
Directors or relatives of Directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Specialty and Aroma Chemicals.
Products :	Specialty and Aroma Chemicals
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	· Bangladesh · Spain
Imports :
Products :	Raw Material
Countries :	· Brazil · China
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

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 :

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

Wholesalers, Retailers and Manufacturer

No. of Employees :

50 (Approximately)

Bankers :

Bank Name	Kotak Mahindra Bank Limited
Branch	Mulund, Mumbai, Maharashtra, 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 (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
LONG-TERM BORROWINGS
From Banks
Foreign Currency Term Loan	16.123	0.000
Term Loan	11.727	14.784
SHORT-TERM BORROWINGS
From Banks
Cash Credit – Kotak Mahindra Bank	16.075	16.356
Foreign Currency Short Term Loan	3.579	0.000
Term Loan – Short Term	3.057	2.716
Total	50.561	33.856

Notes:

1. The Cash Credit Working Capital Loan are secured against Entire current and movable assets. Directors Personal Assets and Personal guarantee.

2. Term Loan is secured against plant and machinery and land and building.

3. Rate of Interest on both the loans and Cash Credit is 11.85% p.a. whereas Foreign Currency Loan is at 6.50% p.a.

4. Foreign Currency Loan is in $ terms and is restated as per the conversion rate prevailing on the Balance sheet date.

Auditors :
Name :	C. Shah and Company Chartered Accountants
Address :	B-201, Pankaj Building, Kamal Apartments, Shankar Lane, Kandivali (West), Mumbai – 400067, Maharashtra, India.
Tel. No.:	91-22-42758040 /65683179
Mobile No.:	91-9819764475
Email :	chintan.shah@cshah.in
Website :	www.cshah.in
PAN No :	BEYPS4004P
Memberships :	---
Collaborators :	---
Enterprise under which Key Managerial Personnel is able to exercise significant influence	Girish Vaze (HUF) – Girish Vaze as Karta Aarav Fragrance and Flavors Private Limited (Ajit Vaze – Director) Alcos International (Proprietary Concern of Girish Vaze)

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	10.000	10.000	10.000
(b) Reserves & Surplus	(81.649)	(41.425)	(24.865)
(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)	(71.649)	(31.425)	(14.865)
(3) Non-Current Liabilities
(a) Long-term borrowings	234.580	188.745	147.498
(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)	234.580	188.745	147.498
(4) Current Liabilities
(a) Short term borrowings	22.711	19.072	20.622
(b) Trade payables	27.514	12.102	14.503
(c) Other current liabilities	0.295	0.253	0.686
(d) Short-term provisions	1.940	1.466	1.264
Total Current Liabilities (4)	52.460	32.893	37.075
TOTAL	215.391	190.213	169.708
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	153.782	105.260	106.377
(ii) Intangible Assets	0.100	0.840	1.120
(iii) Capital work-in-progress	0.000	7.351	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.500	0.500	0.500
(c) Deferred tax assets (net)	14.272	14.272	14.272
(d) Long-term Loan and Advances	1.175	0.538	0.477
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	169.829	128.761	122.746
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	19.758	18.073	18.399
(c) Trade receivables	16.739	20.930	14.580
(d) Cash and cash equivalents	0.181	0.289	0.585
(e) Short-term loans and advances	0.239	0.238	0.206
(f) Other current assets	8.645	21.922	13.192
Total Current Assets	45.562	61.452	46.962
TOTAL	215.391	190.213	169.708

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Operations	83.520	90.491	58.385
		Other Income	1.751	0.489	0.993
		TOTAL (A)	85.271	90.980	59.378
			(Due to Market Fluctuation)
Less	EXPENSES
		Costs of Materials Consumed	64.641	62.432
		Employee Benefit Cost	13.742	11.877
		Other Expenses	20.716	16.145
		TOTAL (B)	99.099	90.454	66.483
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(13.828)	0.526	(7.105)
Less	FINANCIAL EXPENSES (D)		5.009	3.010	1.335
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(18.837)	(2.484)	(8.440)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		21.386	14.077	14.069
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(40.223)	(16.561)	(22.509)
Less	TAX (H)		0.000	0.000	(9.322)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(40.223)	(16.561)	(13.187)
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	5.816	1.840	NA
	TOTAL EARNINGS		5.816	1.840	NA
	IMPORTS
		Raw Materials	3.187	1.574	NA
	TOTAL IMPORTS		3.187	1.574	NA
	Earnings/ (Loss) Per Share (Rs.)		(40.22)	(16.56)	NA

Expected Sales (2015-2016): Rs.150.000 Million

The above information has been parted by Mr. Sandip Shrungarpur (Assistant General Manager).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from/ (used in) operations	31.596	(5.061)	(0.180)
Net Cash Flow from (used in) operating activities	17.584	(4.633)	(7.411)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(48.16)	(18.30)	(22.59)
Operating Profit Margin (PBIDT/Sales)	(%)	(16.56)	0.58	(12.17)
Return on Total Assets (PBT/Total Assets}	(%)	(20.05)	(9.85)	(14.53)
Return on Investment (ROI) (PBT/Networth)		0.56	0.53	1.51
Debt Equity Ratio (Total Debt /Networth)		(3.59)	(6.61)	(11.31)
Current Ratio (Current Asset/Current Liability)		0.87	1.87	1.27

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	10.000	10.000	10.000
Reserves & Surplus	(24.865)	(41.425)	(81.649)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(14.865)	(31.425)	(71.649)
Long-term borrowings	147.498	188.745	234.580
Short term borrowings	20.622	19.072	22.711
Total borrowings	168.120	207.817	257.291
Debt/Equity ratio	(11.310)	(6.613)	(3.591)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Revenue from operations	58.385	90.491	83.520
		54.990	(7.704)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Revenue from operations	58.385	90.491	83.520
Profit/ (Loss)	(13.187)	(16.561)	(40.223)
	(22.59%)	(18.30%)	(48.16%)

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%	Yes
28	Estimation for coming financial year	Yes
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

NOTE:

The registered office of the company has been shifted from Office No.M-2, 1^st Floor, Konark Tower, Opposite Saibaba Temple, Ghantali Road, Ghantali, Maharashtra to the present address w.e.f. 01.10.2014.

COMPANY INFORMATION:

The Company is engaged in the business of manufacturing of Specialty Chemicals used in fragrance industry.

GENERAL REVIEW

The Company’s performance was not satisfactory during the year. The Directors are hopeful that the company shall be able to achieve its target of Net Profit in the year to come. The future of the company seems to be bright.

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
LONG-TERM BORROWINGS
Loans and advances from related parties Unsecured but considered good
Anagha Vaze	21.416	20.816
Girish Suresh Vaze	106.514	97.645
Girish Vaze [HUF]	78.800	55.500
Total	206.730	173.961

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY 

CONTINGENT LIABILITIES (AS ON 31.03.2015)

Contingent Liabilities is respect of is:

i) Central Sales Tax Liability (Pending C Forms) – Rs.1.202 million (Previous Year 0.744 million)

ii) Late filing fees of Rs.0.030 million pertaining to Late filing of TDS return has not been acknowledges as debt due to Company in View of the legal consultation that late filing fee is not leviable.

FIXED ASSETS:

Tangible Assets

· Free Hold Land

· Lease Hold Land

· Office Premises

· Factory Building

· Computer

· Electric Installation

· Plant and Machinery

· Storage Tank

· Thermal Fluid Heater

· Furniture and Fixtures

· Vehicles

· Office Equipments

Intangible Assets

· Technical Know how

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. 66.14
UK Pound	1	Rs.100.55
Euro	1	Rs.71.26

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	RAS
Report Prepared by :	ASN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	1
--CREDIT LINES	1~10	2
--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		16

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.