MIRA INFORM REPORT

Report No. :	504332
Report Date :	24.04.2018

IDENTIFICATION DETAILS

Name :	SAFAR POLYFIBRE PRIVATE LIMITED
Registered Office :	Flat-101, Vertical Corporation Behind Raj Shrungar, Near Ringal CRNR, Rajkot – 360005, Gujarat
Mobile No.:	91-9998720700 (Mr. Renish Bhalodiya)
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	11.02.2016
Com. Reg. No.:	04-086059
Capital Investment / Paid-up Capital :	INR 90.000 Million
CIN No.: [Company Identification No.]	U17297GJ2016PTC086059
TIN No.:	Not Available
IEC No.: [Import-Export Code No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAWCS7427C
GSTN : [Goods & Service Tax Registration No.]	24AAWCS7427C1Z3
Legal Form :	Private Limited Liability Company
Line of Business :	· Manufacturer and Exporter of Metallized yarns and Textile yarns. (Confirmed by management) · Manufacture, produce, assemble, process, purchase, sale, import, export, trade of all types of Polyethylene Terephthalate (PET) material washed chips and Polyester Staple Fibre (PSF). (Registered Activity) · Manufacturer of textiles. (Registered Activity)
No. of Employees :	200 (Approximately)

RATING & COMMENTS

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

MIRA’s Rating :

C

Credit Rating	Explanation	Rating Comments
C	Medium High Risk	Business dealings permissible preferably on secured basis

Status :	Yet to commence its business operations
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject was incorporated in the year 2016 and it is a manufacturer, trader, importer and exporter of polyethylene terephthalate (PET) material washed chips and polyester staple fibre (PSF). As per financials of March 2017, the company is yet to commence its business operation. Rating takes into consideration the company’s limited track record of business operation along with average liquidity position and its presence in highly competitive technical textile industry. However, rating weakness is partially offset by sound capital base of the company. Payments seems to be unknown. In view of aforesaid, the company can be considered for business dealings at 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

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	ICRA
Rating	Long term rating – B
Rating Explanation	Risk-prone-credit-quality and carries very high credit risk
Date	15.11.2017
Rating Agency Name	ICRA
Rating	Short term rating - A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	15.11.2017

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 31-03-2018.

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 24.04.2018.

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

Name :	Mr. Manish Chetiya
Designation :	Chartered Accountant
Contact No.:	91-9537662232
Date :	21.04.2017

LOCATIONS

Registered Office :	Flat-101, Vertical Corporation Bh.Raj Shrungar, Near Ringal CRNR, Rajkot – 360005, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9998720700 (Mr. Renish Bhalodiya) 91-9537662232 (Mr. Manish Chetiya)
Fax No.:	Not Available
E-Mail :	safarpolyfibre@gmail.com
Website :	www.safarpolyfibre.com
Location :	Owned
Locality :	Residential
Factory 1 :	NH 27, Opposite J. K. Hotel, New Kuvadva GIDC, Kuchiyadad, District. Rajkot – 360023, Gujarat, India
Factory 2 :	Palace Hotel, N.H. 8, Near Kuvadva Gidc, At Kuchiyadad, Rajkot, Gujarat, india

DIRECTORS

As on 31.03.2017

Name :

Mr. Nileshkumar Jamnadas Bhalodia

Designation :

Director

Address :

'Shiv Ashish', 2, Gulab Vatika Soceity, Amin Marg, Rajkot – 360005, Gujarat, India

Date of Birth/Age :

22.08.1977

Date of Appointment :

11.02.2016

PAN No:

AAMPB5209N

DIN No.:

03339515

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U26914GJ2010PTC063247	REDSTONE GRANITO PRIVATE LIMITED	14/12/2010	-

Name :

Mr. Hiteshkumar Ramniklal Bhalodia

Designation :

Director

Address :

'Shiv Ashish', 2, Gulab Vatika Soceity, Amin Marg, Rajkot – 360005, Gujarat, India

Date of Birth/Age :

18.01.1976

Date of Appointment :

11.02.2016

PAN No:

AAMPB5205A

DIN No.:

03539962

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U26914GJ2010PTC063247	REDSTONE GRANITO PRIVATE LIMITED	10/06/2011	-
U52100GJ2012PTC070895	BANSURI EXPORT PRIVATE LIMITED	18/01/2016	-

Name :

Mr. Hardik Parshotambhai Bhalodiya

Designation :

Director

Address :

'Shiv Ashish', 2, Gulab Vatika Soceity, Amin Marg, Rajkot – 360005, Gujarat, India

Date of Birth/Age :

28.08.1989

Date of Appointment :

11.02.2016

PAN No:

AQHPB8754F

DIN No.:

03539972

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U26914GJ2010PTC063247	REDSTONE GRANITO PRIVATE LIMITED	10/06/2011	-

Name :

Mr. Samirbhai Nanjibhai Bhe Sdadia

Designation :

Director

Address :

Amrut Nivash, Patel Street, Lalpur, Jamanagar – 361170, Gujarat, India

Date of Birth/Age :

25.12.1974

Date of Appointment :

11.02.2016

PAN No:

AMEPB4070B

DIN No.:

07428752

Name :

Mr. Pareshkumar Ramniklal Bhalodia

Designation :

Director

Address :

Shiv Ashish, Gulab Vatika , ,Street No 2,B/H Astron Society, Kalawad Road, Rajkot - 360005, Gujarat, India

Date of Birth/Age :

22.11.1973

Date of Appointment :

11.02.2016

PAN No.:

AAMPB4492P

DIN No.:

07428910

Name :

Mr. Jignesh Parsottambhai Bhalodia

Designation :

Director

Address :

Shiv Ashish, Gulab Vatika , ,Street No 2,B/H Astron Society, Kalawad Road, Rajkot - 360005, Gujarat, India

Date of Birth/Age :

01.11.1979

Date of Appointment :

11.02.2016

PAN No:

ADRPB1110A

DIN No.:

07430558

Name :

Mr. Rishit Girishbhai Chapla

Designation :

Director

Address :

21 Housing Coloni, Paliyad Road, Botad, Bhavnagar - 364710, Gujarat, India

Date of Birth/Age :

26.04.1994

Date of Appointment :

11.02.2016

PAN No:

AWXPC4819L

DIN No.:

07431134

Name :

Mr. Chandulal Khimjibhai Bhalodiya

Designation :

Director

Address :

Bhagat Plot, Main Road , Lalpur, Jamnagar - 361170, Gujarat, India

Date of Birth/Age :

17.09.1953

Date of Appointment :

11.02.2016

PAN No:

ABTPB9267A

DIN No.:

07431178

Name :

Mr. Renish Chandulal Bhalodiya

Designation :

Director

Address :

Bhagat Plot, Main Road , Lalpur, Jamnagar - 361170, Gujarat, India

Date of Birth/Age :

02.05.1980

Date of Appointment :

11.02.2016

PAN No:

AELPB6287P

DIN No.:

07431317

KEY EXECUTIVES

Name :	Mr. Manish Chetiya
Designation :	Chartered Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

SHAREHOLDERS DETAILS FILE ATTACHED

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 and Exporter of Metallized yarns and Textile yarns. (Confirmed by management)

· Manufacture, produce, assemble, process, purchase, sale, import, export, trade of all types of Polyethylene Terephthalate (PET) material washed chips and Polyester Staple Fibre (PSF). (Registered Activity)

Products/ Services :

Item Code No.	Product/ Services Description
99884270	Polyster Staple Fibre.

NIC Code No.	Product/ Services Description
2030	Manufacture, produce, assemble, process, purchase, sale, import, export, trade of all types of Polyethylene Terephthalate (PET) material washed chips and Polyester Staple Fibre (PSF).

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

United States of America

Imports :

Products :

Machines

Countries :

China

Terms :

Selling :

Advance Payment, Cheque, NEFT and RTGS

Purchasing :

Advance Payment, Cheque, NEFT and RTGS

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

Textiles Mills

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

No. of Employees :

200 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Lalpar Branch, Near Om Petrolium, NH No. 8A, Taluka and District Morbi – 363642, Gujarat, India
Person Name (With Designation)	--
Contact Number	91-7600042054 (ringing)
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)	--

· ICICI Bank Limited

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
LONG-TERM BORROWINGS
Rupees Term Loan from Banks	149.593	0.000
Total	149.593	0.000

Auditors :
Name :	Ghetiya M.C. and company Chartered Accountants
Address :	116, Amrut Commercial Complex, Above Poojara Telecome, Near Astron Chowk, Sardarnagar Main Road, Rajkot – 360002, Gujarat, India
E-mail:	ghetiyamc@gmail.com
Income-tax PAN of auditor or auditor’s firm :	AAMFG8203B
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
9000000	Equity Shares	INR 10/- each	INR 90.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	INR 10/- each	INR 90.000 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016
I. EQUITY AND LIABILITIES
(1)Shareholders’ Funds
(a) Share Capital	90.000	0.500
(b) Reserves & Surplus	0.000	0.000
€ Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	9.458
Total Shareholders’ Funds (1) + (2)	90.000	9.958
(3) Non-Current Liabilities
(a) Long-term borrowings	229.937	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
€ Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	229.937	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	18.021	0.493
€ Other current liabilities	0.028	0.000
(d) Short-term provisions	0.164	0.075
Total Current Liabilities (4)	18.213	0.568
TOTAL	338.150	10.524
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	277.902	4.308
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	30.400	0.000
€ Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.020	0.000
€ Other Non-current assets	0.000	0.000
Total Non-Current Assets	308.322	4.307
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
€ Trade receivables	0.000	0.000
(d) Cash and cash equivalents	2.540	6.106
€ Short-term loans and advances	14.854	0.010
(f) Other current assets	12.434	0.101
Total Current Assets	29.828	6.217
TOTAL	338.150	10.524

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Revenue from Operations	0.000	0.000
	Other Income	0.000	0.000
	TOTAL	0.000	0.000
Less	EXPENSES
	Cost of Material Consumed	0.000	0.000
	Purchases of Stock-in-Trade	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	0.000
	Employees benefits expense	0.000	0.000
	Other expenses	0.000	0.000
	TOTAL	0.000	0.000
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	0.000	0.000
Less	FINANCIAL EXPENSES	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	0.000	0.000
Less/ Add	DEPRECIATION/ AMORTISATION	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX	0.000	0.000
Less	TAX	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	0.000	0.000

Particulars	31.03.2018
Sales Turnover (Approximately)	1000.000
	(Due to Business Growth)

The above information has been parted by Mr. Manish Chetiya (Chartered Accountant).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016
Current Maturities of Long term debt	0.000	0.000
Net cash flows from (used in) operations	3.033	6.106
Net cash flow from operating activity	3.033	6.106

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016
Average Collection Days (Sundry Debtors / Income * 365 Days)	0.00	0.00
Account Receivables Turnover ( Income / Sundry Debtors)	0.00	0.00
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	0.00	0.00
Inventory Turnover (Operating Income / Inventories)	0.00	0.00
Asset Turnover (Operating Income / Net Fixed Assets)	0.00	0.00

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.73	0.05
Debt Equity Ratio (Total Liability / Networth)	2.55	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.20	0.06
Fixed Assets to Networth (Net Fixed Assets / Networth)	3.09	0.43
Interest Coverage Ratio (PBIT / Financial Charges)	0.00	0.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016
Net Profit Margin [(PAT / Sales) * 100]	%	0.00	0.00
Return on Total Assets ((PAT / Total Assets) * 100)	%	0.00	0.00
Return on Investment (ROI) ((PAT / Networth) * 100)	%	0.00	0.00

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016
Current Ratio (Current Assets / Current Liabilities)	1.64	10.98
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.64	10.98
G-Score Ratio Financial (Networth / Total Assets)	0.27	0.95
G-Score Ratio Debt (Debts / Equity Capital)	2.55	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.64	10.98

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	31.03.2016	31.03.2017
	INR In Million	INR In Million
Share Capital	0.500	90.000
Reserves & Surplus	0.000	0.000
Share Application money pending allotment	9.458	0.000
Net worth	9.958	90.000
long-term borrowings	0.000	229.937
Short term borrowings	0.000	0.000
Total borrowings	0.000	229.937
Debt/Equity ratio	0.000	2.555

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	No
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 one years	Yes
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	Yes
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

RESULTS OF OPERATIONS AND STATE OF COMPANY’S AFFAIRS

Company was incorporated as on 11^th February 2016. Company have acquired the Land, and started construction of Factory building during the year.

UNSECURED LOAN

PARTICULARS	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Loans and oAdvances from others	80.344	0.000
Total	80.344	0.000

INDEX OF CHARGES

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G48381735	100054878	STATE BANK OF INDIA	23/09/2016	26/05/2017	-	400400000.0	LALPAR BRANCH, NEAR OM PETROLIUM, NH NO. 8A, TALUKA AND DISTRICT MORBI LALPAR MORBI – 363642, GUJARAT, INDIA

FIXED ASSETS

· Factory Land

· Building Construction

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	INR
US Dollar	1	INR 66.22
UK Pound	1	INR 92.84
Euro	1	INR 81.27

INFORMATION DETAILS

Information Gathered by :	SRY
Analysis Done by :	VIV
Report Prepared by :	PVG

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.