MIRA INFORM REPORT

Report No. :	501364
Report Date :	02.04.2018

IDENTIFICATION DETAILS

Name :	SUHANS CHEMICALS PRIVATE LIMITED
Registered Office :	D-46/5, M.I.D.C. Area, Jalgaon – 425003, Maharashtra
Tel. No.:	91-257-2210379
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	24.06.1992
Com. Reg. No.:	11-067401
Capital Investment / Paid-up Capital :	INR 0.500 Million
CIN No.: [Company Identification No.]	U24110MH1992PTC067401
IEC No.: [Import-Export Code No.]	0301016615
CST/ TIN No.:	27980246953
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAICS6293G
GSTN : [Goods & Service Tax Registration No.]	27AAICS6293G1ZX
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader, Exporter and Supplier of Nickel Catalyst. (Confirmed by management) Manufacturing of Industrial Chemicals. (Registered Activity)
No. of Employees :	30 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 134000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1992 and it is having good track. For the financial year 2017, the company has marginal declined in its revenue from operations as compared to previous year but maintained decent profitability margin of 7.63%. Rating takes into consideration sound financial profile of the company marked by adequate networth base and low debt balance sheet. Further, rating also reflects from its established track record of business operations and improvement in the profitability profile during the year. Trade relations are reported as fair. Business is active. Payment terms are seems to be regular. In view of the aforesaid, 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 02.04.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Patil
Designation :	Purchase Department
Contact No.:	91-257-2210379
Date :	31.03.2018

LOCATIONS

Registered Office/ Factory :	D-46/5, M.I.D.C. Area, Jalgaon – 425003, Maharashtra, India
Tel. No.:	91-257-2210379/ 2210351
Fax No.:	91-257-2210351
E-Mail :	camnpc@gmail.com sales@suhans.com
Website :	http://www.suhanscatalyst.com
Location :	Owned
Locality :	Industrial

DIRECTORS

As on 31.03.2017

Name :

Mr. Sandeep Kishan Kabra

Designation :

Managing Director

Address :

Ankush, 31 Venkatesh Colony, Behind Collectors Bunglow, Jalgaon – 425002, Maharashtra, India

Date of Birth/Age :

23.11.1968

Date of Appointment :

01.04.2015

DIN No.:

01901162

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24229MH2003PTC141471	PRERANA BIO FUELS PRIVATE LIMITED	26/12/2007	-

Name :

Dr. Kishan Ragunnath Kabra

Designation :

Director

Address :

'Ankush', 31, Venkatesh Colony, Near Sane Guruji Colony, Jalgaon – 425002, Maharashtra, India

Date of Birth/Age :

16.06.1934

Date of Appointment :

01.04.2015

DIN No.:

00335494

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24100MH1986PTC039610	DEEB AGRO CHEMICALS PVT LTD	02/09/1993	-
U24229MH2003PTC141471	PRERANA BIO FUELS PRIVATE LIMITED	24/07/2003	-

Name :

Ms. Sonia Sandeep Kabra

Designation :

Additional Director

Address :

Ankush, 31, Venkatesh Colony, Behind Sane Guruji Colony, Jalgaon – 425002, Maharashtra, India

Date of Birth/Age :

24.11.1993

Date of Appointment :

01.08.2012

DIN No.:

05345241

KEY EXECUTIVES

Name :	Mr. Patil
Designation :	Purchase Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders (Equity Shares)	No. of Shares
Kishan Ragunnath Kabra	1925
Sapna Sandeep Kabra	2025
Suyansh Sandeep Kabra	100
Kishan Ragunnath Kabra HUF	100
Sonia Sandeep Kabra	100
Total	4250

Names of Shareholders (Preference Shares)	No. of Shares
Kishan Ragunnath Kabra	375
Sapna Sandeep Kabra	375
Total	750

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2017

Category	Percentage
Promoters (Individual/Hindu Undivided Family-Indian)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

• Manufacturer, Trader, Exporter and Supplier of Nickel Catalyst. (Confirmed by management)

• Manufacturing of Industrial Chemicals. (Registered Activity)

Products/ Services :

Item Code No.	Product/ Services Description
38249090	Industrial Chemicals

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Nickel Catalyst

Countries :

• China
• Iran
• Pakistan, etc.

Imports :

Not Available

Terms :

Selling :

Cheque and Credit, Others (NEFT)

Purchasing :

Cheque and Credit, Others (NEFT)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

• Anant Chemicals
• Fine Engineers Works
• DHL Express Private Limited
• Burner India
• Kishor Agencies
• Omsai Enterprises
• Rohan Engineering
• Yogeshwar Timbers
• Yash Metal Impex Private Limited
• Universal Gasket

Customers :

Wholesalers

• Hindustan Unilever (Khamgaon, Maharashtra)
• Bhatinda Chemicals (Bhatinda)
• Pioneer Agro (Pathankot)
• Kisan Fats (Jalalabad)
• A. P. Organics Dhuri (Punjab)
• Godrej Industries Limited
• Ruchi Soya Industries Limited
• VVF India Limited
• Vedant Limited
• Prerna Bio Fuels

No. of Employees :

30 (Approximately)

Bankers :

Bank Name	HDFC Bank Limited
Branch	Not Divulged
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

• State Bank of India
• UCO Bank
• Saraswat Bank

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Term loans from banks
HDFC Bank Term Loan 80918731	1.986	3.485
HDFC Bank Term Loan 80580050	0.000	0.000
HDFC Bank Car Loan Verna (21946553)	0.000	0.000
HDFC Bank Car Loan (Creta Car)	1.124	0.000
Saraswat Bank Car Loan 27870010000437	2.454	0.000
Short-term borrowings
Loans repayable on demand from banks
HDFC Bank Limited C.C. A/c No.01802790001034	2.294	1.129
Total	7.858	4.614

Auditors :
Name :	Magan N Patil and Company Chartered Accountants
Address :	26/2, Nutan Maratha Shopping Complex, Jilha Peth, Jalgaon – 425001, Maharashtra, India
Tel. No.:	91-257-2236129
Income-tax PAN of auditor or auditor's firm :	AAMFM5448A
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 30.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
4250	Equity Shares	INR 100/- each	INR 0.425 Million
750	Preference Shares	INR 100/- each	INR 0.075 Million
	Total		INR 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4250	Equity Shares	INR 100/- each	INR 0.425 Million
750	Preference Shares	INR 100/- each	INR 0.075 Million
	Total		INR 0.500 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500	0.500
(b) Reserves & Surplus	46.498	31.980	21.168
(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)	46.998	32.480	21.668
(3) Non-Current Liabilities
(a) Long-term borrowings	5.564	3.485	4.252
(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)	5.564	3.485	4.252
(4) Current Liabilities
(a) Short term borrowings	31.590	24.260	7.530
(b) Trade payables	30.397	25.216	23.132
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	3.603	2.381	1.117
Total Current Liabilities (4)	65.590	51.857	31.779
TOTAL	118.152	87.822	57.699
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	29.768	26.494	20.824
(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	0.413	0.373	0.570
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.308	0.308	0.127
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	30.489	27.175	21.521
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3.360	3.591	3.742
(c) Trade receivables	28.451	21.978	9.009
(d) Cash and cash equivalents	42.324	19.455	8.576
(e) Short-term loans and advances	0.404	0.584	1.361
(f) Other current assets	13.124	15.039	13.490
Total Current Assets	87.663	60.647	36.178
TOTAL	118.152	87.822	57.699

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	181.098	193.929	169.118
	Other Income	0.520	1.022	0.267
	TOTAL	181.618	194.951	169.385
Less	EXPENSES
	Cost of Materials Consumed	119.360	140.118	128.730
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.463	(0.427)	(0.006)
	Employees benefits expense	10.750	7.477	6.566
	Other expenses	20.125	24.776	19.242
	TOTAL	150.698	171.944	154.532
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	30.920	23.007	14.853
Less	FINANCIAL EXPENSES	3.804	2.058	1.839
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	27.116	20.949	13.014
Less/ Add	DEPRECIATION/ AMORTISATION	5.383	4.422	3.820
	PROFIT/ (LOSS) BEFORE TAX	21.733	16.527	9.194
Less	TAX	7.919	5.715	2.900
	PROFIT/ (LOSS) AFTER TAX	13.814	10.812	6.294
	Earnings / (Loss) Per Share (INR)	3250.32	2543.97	1480.95

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	29.895	9.930	23.456
Net cash flow from operating activity	21.976	4.215	20.556

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	57.34	41.37	19.44
Account Receivables Turnover ( Income / Sundry Debtors)	6.37	8.82	18.77
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	92.95	65.69	65.59
Inventory Turnover (Operating Income / Inventories)	9.20	6.41	3.97
Asset Turnover (Operating Income / Net Fixed Assets)	1.04	0.87	0.71

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.60	0.63	0.62
Debt Equity Ratio (Total Liability / Networth)	0.79	0.85	0.54
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.40	1.60	1.47
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.63	0.82	0.96
Interest Coverage Ratio (PBIT / Financial Charges)	8.13	11.18	8.08

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	%	7.63	5.58	3.72
Return on Total Assets ((PAT / Total Assets) * 100)	%	11.69	12.31	10.91
Return on Investment (ROI) ((PAT / Networth) * 100)	%	29.39	33.29	29.05

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.34	1.17	1.14
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.29	1.10	1.02
G-Score Ratio Financial (Networth / Total Assets)	0.40	0.37	0.38
G-Score Ratio Debt (Debts / Equity Capital)	74.31	55.49	23.56
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.34	1.17	1.14

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	0.500	0.500	0.500
Reserves & Surplus	21.168	31.980	46.498
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	21.668	32.480	46.998
long-term borrowings	4.252	3.485	5.564
Short term borrowings	7.530	24.260	31.590
Total borrowings	11.782	27.745	37.154
Debt/Equity ratio	0.544	0.854	0.791

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	169.118	193.929	181.098
		14.671	(6.616)

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	169.118	193.929	181.098
Profit/(Loss)	6.294	10.812	13.814
	3.72%	5.58%	7.63%

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	No
18	Major suppliers	Yes
19	Major customers	Yes
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	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

STATE OF COMPANY’S AFFAIRS AND FUTURE OUTLOOK

The company has performed satisfactorily during the financial year and Directors are confident of future growth of the company

UNSECURED LOAN

PARTICULARS	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Short-term borrowings
Loans and advances from related parties
Kishan Ragunnath Kabra	9.888	9.111
Sonia Sandeep Kabra	1.420	1.318
Sandeep K. Kabra	17.988	12.702
Total	29.296	23.131

INDEX OF CHARGES

Charges Registered
SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	C56358062	10406896	HDFC BANK LIMITED	26/02/2013	12/06/2015	-	23305000.0	HDFC BANK HOUSE SENAPATI BAPAT MARG LOWER PAREL WEST MUMBAI MH 400013 INDIA
2	B74686916	90164466	JALGAON JANTA SAHAKARI BANK LTD.	27/03/2004	-	06/05/2013	2275000.0	SEVA; 117/119; NAVIPATH JALGAON MAHARASHTRA 425001 INDIA
3	B74686460	90164102	JALGAON JANATA SAHAKARI BANK LIMITED	12/01/2001	03/03/2007	06/05/2013	750000.0	SEVA; 117/119; NAVIPATH JALGAON MAHARASHTRA 425001 INDIA
4	B74683335	10056306	JALGAON JANATA SAHAKARI BANK LIMITED	15/06/2007	-	06/05/2013	2000000.0	SEVA; 117/119; NAVIPATH JALGAON MAHARASHTRA 425001 INDIA
5	B74667338	10227239	JALGAON JANTA SAHAKARI BANK LIMITED	23/09/2008	13/09/2011	06/05/2013	12315000.0	117,119, NAVI PETH JALGAON MAHARASHTRA 425001 INDIA

FIXED ASSETS

• Air Conditioner
• Computer
• Mobile Handset
• Lab Equipment
• Plant and Machinery

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 records 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	INR
US Dollar	1	INR 65.04
UK Pound	1	INR 92.28
Euro	1	INR 80.62

INFORMATION DETAILS

Information Gathered by :	AKS
Analysis Done by :	PSD
Report Prepared by :	SUD

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.