MIRA INFORM REPORT

Report No. :	351870
Report Date :	27.11.2015

IDENTIFICATION DETAILS

Name :	SREE RENGARAJ ISPAT INDUSTRIES PRIVATE LIMITED (w.e.f. 01.02.2010)
Formerly Known As :	SREE RENGARAAJ ISPAT PRIVATE LIMITED
Registered Office :	99, Sankagiri Main Road, Nethimedu, Salem – 636016, Tamilnadu
Tel. No.:	Not Available
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.05.2003
Com. Reg. No.:	18-010573
Capital Investment / Paid-up Capital :	Rs. 600.000 Million
CIN No.: [Company Identification No.]	U27104TZ2003PTC010573
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAHCS3288E
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the manufacturer of sponge iron and billets and also operates a coal based power plant
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 1700000
Status :	Moderate
Payment Behavior :	Slow but correct
Litigation :	Clear
Comments :	Subject was established in the year 2003 and it is engaged in the manufacturer of sponge iron and billets and also operates a coal based power plant. For the financial year ended 2014, the company possesses average operational performance but failed to maintained profit margins and reported low margins at 0.16% during the year under a review. Rating takes into consideration company’s moderate financial profile marked by its modest networth base along with weak debt coverage indicators and susceptibility of its revenue profile to cyclicality in steel demand. However, rating weakness is partially offset by extensive experience of SRIIPL’s promoters in the steel business and the continued financial support that it receives from them. Trade relations are reported as fair. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealing with some cation.

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	CRISIL
Rating	Long Term Rating = BB
Rating Explanation	Inadequate-credit-quality and high credit risk.
Date	September, 2015
Rating Agency Name	CRISIL
Rating	Short Term Rating = A4+
Rating Explanation	Minimal degree of safety and carry very high credit risk.
Date	September, 2015

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.

LOCATIONS

Registered Office :	99, Sankagiri Main Road, Nethimedu, Salem – 636016, Tamilnadu, India
Tel. No.:	91-427-2270235 to 38
Fax No.:	91-427-2274000
E-Mail :	kumar@sriipl.com office@tnramadossco.com
Website :	www.sriipl.com
Factory :	Plot No. MM 1, Sipcot Industrial Growth Centre, Perunturai, District Erode – 638052, Tamilnadu, India

DIRECTORS

AS ON 30.09.2014

Name :

Pondurangan Sampathkumar

Designation :

Managing director

Address :

74, New Fairlands, Salem, 636016, Tamil Nadu, India

Date of Birth/Age :

15.19.1654

Date of Appointment :

05.05.2003

PAN No.:

ADDPS3997C

DIN No.:

00033124

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	U27310TZ1991PTC003199	SREE RENGARAAJ STEEL AND ALLOYS PRIVATE LIMITED	Managing director	22/03/1991	22/03/1991	-	Active	NO
2	U27104TZ2003PTC010573	SREE RENGARAJ ISPAT INDUSTRIES PRIVATE LIMITED	Managing director	05/05/2003	05/05/2003	-	Active	NO
3	U04010TZ2003PTC010580	SREE RENGARAAJ POWER INDIA PRIVATE LIMITED	Managing director	08/05/2003	08/05/2003	-	Amalgamated	NO

Name :

Pondurangan Sivakumar

Designation :

Director

Address :

191/1, Thoppukkadu,, Fairlands, Salem, 636016, Tamil Nadu, India

Date of Birth/Age :

11.09.1958

Date of Appointment :

05.05.2003

PAN No.:

ADDPS3999N

DIN No.:

00033202

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	U27310TZ1991PTC003199	SREE RENGARAAJ STEEL AND ALLOYS PRIVATE LIMITED	Managing director	22/03/1991	22/03/1991	-	Active	NO
2	U27104TZ2003PTC010573	SREE RENGARAJ ISPAT INDUSTRIES PRIVATE LIMITED	Managing director	05/05/2003	05/05/2003	-	Active	NO
3	U04010TZ2003PTC010580	SREE RENGARAAJ POWER INDIA PRIVATE LIMITED	Managing director	08/05/2003	08/05/2003	-	Amalgamated	NO

Name :

Pradeepkumar Sampathkumar

Designation :

Director

Address :

74, New Fairlands, Salem, 636016, Tamil Nadu, India

Date of Birth/Age :

18.07.1979

Date of Appointment :

07.11.2003

PAN No.:

AEAPP2590J

DIN No.:

00034322

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	U27104TZ2003PTC010573	SREE RENGARAJ ISPAT INDUSTRIES PRIVATE LIMITED	Director	07/11/2003	07/11/2003	-	Active	NO
2	U04010TZ2003PTC010580	SREE RENGARAAJ POWER INDIA PRIVATE LIMITED	Director	07/11/2003	07/11/2003	-	Amalgamated	NO

Name :

Sampath Kumar Harish

Designation :

Director

Address :

74, New Fairlands, Salem, 636016, Tamil Nadu, India

Date of Birth/Age :

08.04.1982

Date of Appointment :

07.11.2003

PAN No.:

ABJPH8938E

DIN No.:

00034332

Name :

Kumaran Srinivasan

Designation :

Director

Address :

No-17/1 EVK Koil Strret, Shivaya Nagar New Fairlands, Salem, 636016, Tamil Nadu, India

Date of Birth/Age :

08.11.1982

Date of Appointment :

07.11.2003

PAN No.:

ALWPK0219N

DIN No.:

01726212

Name :

Pondurangan Srinivasan

Designation :

Director

Address :

17/1 E.V.K Koil Street, Shevaya Nagar, Salem, 636016, Tamil Nadu, India

Date of Birth/Age :

19.06.1960

Date of Appointment :

05.05.2003

PAN No.:

ADDPS3998P

DIN No.:

01728501

Name :

Vijaysundar Sivakumar

Designation :

Director

Address :

1/59, 3RD Cross, Brindavan Road, Thopu Kadu, Fairlands, Salem, 636016, Tamil Nadu, India

Date of Birth/Age :

25.03.1985

Date of Appointment :

07.11.2003

PAN No.:

ADIPV2887K

DIN No.:

01728510

Name :

Shyam Sundar Sivakumar

Designation :

Director

Address :

1/59, 3RD Cross, Brindavan Road, Thopu Kadu, Fairlands, Salem, 636016, Tamil Nadu, India

Date of Birth/Age :

26.03.1983

Date of Appointment :

07.11.2003

PAN No.:

AWHPS3292B

DIN No.:

01731879

Name :

Badhri Prasad Srinivasan

Designation :

Director

Address :

New No.17/1 E,V K Koil Street, Shivya Nagar New Fairlands, Salem, 636016, Tamil Nadu, India

Date of Birth/Age :

27.04.1988

Date of Appointment :

01.10.2008

PAN No.:

AKQPB1260R

DIN No.:

02789500

MAJOR SHAREHOLDERS

AS ON 30.09.2014

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	26.18
Directors or relatives of Directors	73.82
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacturer of sponge iron and billets and also operates a coal based power plant

Products :

Item Code No.	Product Description
73071110	Sponge Iron
72071920	Ms Billets
98010013	Power

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	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
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

No. of Employees :

Not Available

Bankers :

• The South Indian Bank Limited, 13-16, Light House Complex, Four Road, Salem - 636009, TamilNadu, India

• State Bank Of India, 78/79, Park Road, C D Building, Erode - 638003, Tamilnadu, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	869.436	1052.159
Short-term borrowings
Working capital loans from banks	178.031	189.454
Total	1047.467	1241.613

Auditors :
Name :	T N Ramadoss and Company Chartered Accountants
Address :	5 4 , Town Railwaystation Road, Salem, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFT9046R
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Sree Rengaraj Steels (Karaikal), India Sree Rengaraj Steel and Alloys, India

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.100/- each	Rs.600.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.100/- each	Rs.600.000 Million

ABRIDGED BALANCE SHEET

FINANCIAL DATA

[all figures are in Rupees Million]

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	600.000	600.000	562.865
(b) Reserves & Surplus	17.629	11.739	5.243
(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)	617.629	611.739	568.108
(3) Non-Current Liabilities
(a) long-term borrowings	1207.559	1352.308	1500.695
(b) Deferred tax liabilities (Net)	4.701	1.338	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)	1212.260	1353.646	1500.695
(4) Current Liabilities
(a) Short term borrowings	187.275	194.817	196.987
(b) Trade payables	785.050	731.729	608.882
(c) Other current liabilities	278.188	313.135	274.469
(d) Short-term provisions	0.637	0.000	0.000
Total Current Liabilities (4)	1251.150	1239.681	1080.338
TOTAL	3081.039	3205.066	3149.141
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2024.950	2161.276	2262.094
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	41.197	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	1.599
(d) Long-term Loan and Advances	8.915	15.914	21.329
(e) Other Non-current assets	51.416	64.888	93.685
Total Non-Current Assets	2126.478	2242.078	2378.707
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	301.982	318.441	272.616
(c) Trade receivables	497.652	479.435	286.397
(d) Cash and cash equivalents	63.404	63.538	67.318
(e) Short-term loans and advances	71.693	81.196	138.116
(f) Other current assets	19.830	20.378	5.987
Total Current Assets	954.561	962.988	770.434
TOTAL	3081.039	3205.066	3149.141

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	3666.597	3729.312	1801.728
		Other Income	48.394	49.378	15.537
		TOTAL	3714.991	3778.690	1817.265
Less	EXPENSES		3267.872	3324.687	1686.002
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		447.119	454.003	131.263
Less	FINANCIAL EXPENSES		283.099	290.338	110.191
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		164.020	163.665	21.072
Less	DEPRECIATION/ AMORTISATION		154.041	153.434	51.090
	PROFIT BEFORE TAX		9.979	10.231	(30.018)
Less	TAX		4.089	3.735	(9.004)
	PROFIT AFTER TAX		5.890	6.496	(21.014)
	Earnings Per Share (Rs.)		0.98	1.08	(3.50)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	193.818	171.147	140.624
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	220.326	119.995	119.995

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	0.16	0.17	(1.17)
Net Profit Margin (PBT/Sales)	(%)	12.19	12.17	7.29
Return on Total Assets (PBT/Total Assets}	(%)	0.33	0.32	(0.95)
Return on Investment (ROI) (PBT/Networth)		0.02	0.02	(0.05)
Debt Equity Ratio (Total Debt /Networth)		2.57	2.81	3.24
Current Ratio (Current Asset/Current Liability)		0.76	0.78	0.71

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	562.865	600.000	600.000
Reserves & Surplus	5.243	11.739	17.629
Net worth	568.108	611.739	617.629
Long-term borrowings	1500.695	1352.308	1207.559
Short term borrowings	196.987	194.817	187.275
Current maturities of long-term debts	140.624	171.147	193.818
Total borrowings	1838.306	1718.272	1588.652
Debt/Equity ratio	3.236	2.809	2.572

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	1801.728	3729.312	3666.597
		106.985	-1.682

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	1801.728	3729.312	3666.597
Profit/ (Loss)	(21.014)	6.496	5.89
	(1.17%)	0.17%	0.16%

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	No
8	Designation of contact person	No
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	Yes
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
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%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

FUTURE PROSPECTS:

Effective steps have been taken to put all the machineries to optimum utilization and to increase the turnover of the Company.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advances from related parties	338.123	300.149
Short-term borrowings
Deposits	4.505	4.125
Loans and advances from related parties	4.738	1.238
Total	347.366	305.512

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10220154	01/06/2011 *	1,150,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 78/79, PARK ROAD, C D BUILDING, ERODE- 638003, TAMILNADU, INDIA	B16458069
2	90004281	27/10/2014 *	1,680,481,000.00	THE SOUTH INDIAN BANK LIMITED	13-16, LIGHT HOUSE COMPLEX, FOUR ROAD, SALEM- 636009, TAMILNADU, INDIA	C61017018
3	90004277	21/10/2004 *	53,538,000.00	THE SOUTH INDIAN BANK LIMITED	SALEM MAIN, SHEVAPET, SALEM - 636002, TAMILNADU,  INDIA	-

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments

Intangible assets

• Goodwill

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.66.55
UK Pound	1	Rs.100.64
Euro	1	Rs.70.70

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	GEET

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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	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		30

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 unfavorable 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.