MIRA INFORM REPORT

Report No. :	506492
Report Date :	30.04.2018

IDENTIFICATION DETAILS

Name :	KUMAR BUILDCON PRIVATE LIMITED
Registered Office :	201, N.P. Centre, New Dak Bunglow Road, Patna – 800001, Bihar
Mobile No.:	91-9931884079 (Mr. Subodh Kumar)
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	17.12.1987
Com. Reg. No.:	03- 002803
Capital Investment / Paid-up Capital :	INR 50.000 Million
CIN No.: [Company Identification No.]	U74200BR1987PTC002803
IEC No.: [Import-Export Code No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	10AAACK9902G1ZY
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACK9902G
Legal Form :	Private Limited Liability Company
Line of Business :	Construction activity. [Registered activity and also confirmed by management]
No. of Employees :	50 (Approximately)

RATING & COMMENTS

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

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Maximum Credit Limit :	USD 370000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject was incorporated in the year 1987. It is engaged in real estate development business. For the financial year 2017, the revenue of the company has decreased by 87.26% but has managed to maintain fair profit margin of 31.70%. The overall financial position of the company seems to be satisfactory marked by comfortable networth base along with average debt coverage indicators. However, rating is constrained on account of highly competitive real estate industry. Payment seems to be slow. In view of aforesaid, 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

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

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 31-03-2018.

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 30.04.2018

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. Subodh Kumar
Designation :	Accountant
Contact No.:	91-9931884079
Date :	28.04.2018

LOCATIONS

Registered Office :	201, N.P. Centre, New Dak Bunglow Road, Patna – 800001, Bihar, India
Tel. No.:	91-612-2216359
Mobile No.:	91-9931884079 (Mr. Subodh Kumar)
Fax No.:	91-612-2220341
E-Mail :	narendra09@gmail.com kumarbuildcon@gmail.com info@kumarbuildcon.com
Website :	http://kumarbuildcon.com
Location :	Owned
Locality :	Commercial

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Punita Kumar

Designation :

Director

Address :

C/o M.P.Sinha, Road No.-12, Rajendra Nagar, Patna – 800016, Bihar, India

Date of Birth/Age :

20.10.1964

Qualification:

Graduate

Date of Appointment :

17.12.1987

DIN No.:

01003142

PAN No.:

AGXPK2760N

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U00500BR2000PTC009163	APARNA DEVELOPERS (INDIA) PRIVATE LIMITED	09/02/2000	-

Name :

Mr. Narendra Kumar

Designation :

Director

Address :

Sukhdeo Bhawan, Opposite.-A/84, P.C. Colony, Kankarbagh, Patna – 800020, Bihar, India

Date of Birth/Age :

30.12.1966

Qualification:

Graduate

Date of Appointment :

17.12.1987

DIN No.:

01746552

PAN No.:

ABXPK3151C

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U91200BR1947NPL000317	BIHAR INDUSTRIES ASSOCIATION	23/09/2013	-
U65922BR1994PTC005862	INDRAPRASTHA HOUSING & ENTERPRISES PRIVATE LIMITED	26/04/1994	-
U51397BR1994PLC006099	PLUTUS INFRASTRUCTURE LIMITED	20/09/1994	-
U00265BR1997PTC007881	PATLIPUTRA FASHION PRIVATE LIMITED	17/03/2000	-
U45200BR1996PTC007438	PURU DEVELOPERS PRIVATE LIMITED	27/08/1996	-
U55204BR2011PTC017410	MERIDIAN BUDHA HOTELS PRIVATE LIMITED	02/09/2011	-
U55204BR2013PTC020208	ROYAL KINGDOM HOTELS PRIVATE LIMITED	02/05/2013	-
U36993BR2013PTC020192	SHIPRA AEROCRETE PRIVATE LIMITED	01/05/2013	-
U70102DL2013PTC255169	VASCODA HOUSING & REALTECH PRIVATE LIMITED	12/02/2015	-
U45200BR2013PTC020182	SHIPRA ENGICON PRIVATE LIMITED	01/05/2013	-

Name :

Mr. Prakash Kumar

Designation :

Director

Address :

House No.11E, Road No-12, Rajendra Nagar, Patna-800016, Bihar, India

Date of Birth/Age :

16.10.1961

Qualification:

Graduate

Date of Appointment :

12.11.2003

DIN No.:

01746830

PAN No.:

AFPPK0555A

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45200BR1991PTC004655	HEM DEVELOPERS PRIVATE LIMITED	16/02/1993	-
U00265BR1997PTC007881	PATLIPUTRA FASHION PRIVATE LIMITED	17/03/2000	-
U55204BR2011PTC017410	MERIDIAN BUDHA HOTELS PRIVATE LIMITED	02/09/2011	-

KEY EXECUTIVES

Name :	Mr. Subodh Kumar
Designation :	Accountant

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders	No. of Shares	% Holding
Narendra Kumar	250000	50.00
Punita Kumar	250000	50.00
Total	500000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2017

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

BUSINESS DETAILS

Line of Business :

Construction activity. [Registered activity and also confirmed by management]

Products / Services :

Name and Description of main products / services	NIC Code of the Product/service
Building and Construction works	4418

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Advance Payment and Cheque

Purchasing :

Advance Payment and Cheque

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 :

Builders

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

No. of Employees :

50 (Approximately)

Bankers :

Banker Name :	Bank of Baroda
Branch :	Main Branch, Fraser Road, Patna - 800001, Bihar, India
Person Name (With Designation) :	--
Contact Number :	91-612-2637530 (Continuously ringing)
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

• IDBI Bank Limited, Retail Asset Centre, Uma Complex, Ground Floor, Fraser Road, Post Box No.183, Patna - 800001, Bihar, India

Facilities :

(INR In Million)

SECURED LOAN	As on 31.03.2017	As on 31.03.2016
LONG TERM BORROWING
Term loans from banks	1.361	0.000
SHORT TERM BORROWING
Rupee term loans from banks
Loans repayable on demand	0.000	29.028
Total	29.416	29.028

Auditors :
Name :	B. Gupta and Company Chartered Accountants
Address :	4th Floor, Sukirt I Complex, S.P. Verma Road, Patna, Bihar, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFG2208A
Memberships :	Not Available
Collaborators :	Not Available
Entity Holding Substantial Interest:	Hotel Windsor Patliputra Fashion Private Limited, India [U00265BR1997PTC007881]

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	INR 100/- each	INR 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	INR 100/- each	INR 50.000 Million

FINANCIAL DATA

[all figures are 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	50.000	50.000	50.000
(b) Reserves and Surplus	80.999	76.314	59.357
(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)	130.999	126.314	109.357
(3) Non-Current Liabilities
(a) long-term borrowings	7.281	3.338	3.305
(b) Deferred tax liabilities (Net)	0.456	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)	7.737	3.338	3.305
(4) Current Liabilities
(a) Short-term borrowings	28.055	29.028	23.666
(b) Trade payables	9.209	1.758	1.710
(c) Other current liabilities	29.562	26.926	75.382
(d) Short-term provisions	25.701	24.173	16.608
Total Current Liabilities (4)	92.527	81.885	117.366
TOTAL	231.263	211.537	230.028
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	24.603	24.166	23.765
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Tangible assets 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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.131	0.006
(d) Long-term loans and advances	6.282	6.282	6.282
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	30.885	30.579	30.053
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	150.427	113.880	3.305
(c) Trade receivables	4.359	6.942	3.195
(d) Cash and bank balances	0.353	0.676	1.770
(e) Short-term loans and advances	5.366	10.036	132.671
(f) Other current assets	39.873	49.424	59.034
Total Current Assets	200.378	180.958	199.975
TOTAL	231.263	211.537	230.028

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016		31.03.2015
	SALES
	Income	14.777	115.963		123.907
	Other Income	0.332	0.407		1.069
	TOTAL	15.109	116.370		124.976
Less	EXPENSES
	Cost of Materials Consumed	0.000	79.115		91.740
	Employee benefit expense	0.911	3.148		3.840
	Other expenses	4.873	6.082		2.317
	Exceptional items	0.000	0.350		0.000
	TOTAL	5.784	88.695		97.897
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	9.325	27.675		27.079
Less	FINANCIAL EXPENSES	0.000	0.605		2.278
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	9.325	27.070		24.801
Less/ Add	DEPRECIATION/ AMORTISATION	2.500	2.329		0.400
	PROFIT/ (LOSS) BEFORE TAX	6.825	24.741		24.401
Less	TAX	2.141	7.526		6.937
	PROFIT/ (LOSS) AFTER TAX	4.684	17.215		17.464
	Earnings / (Loss) Per Share (INR)	9.37	34.43		34.93
Particulars				31.03.2018
Sales Turnover (Approximately)				20.000

The above information has been parted by Mr. Subodh Kumar (Accountant)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	0.717	0.000	0.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	1.199	4.150	0.517
Net cash flows from (used in) operating activities	(0.356)	(3.501)	(6.403)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	107.67	21.85	9.41
Account Receivables Turnover (Income / Sundry Debtors)	3.39	16.70	38.78
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	0.00	8.11	6.80
Inventory Turnover (Operating Income / Inventories)	0.06	0.24	8.19
Asset Turnover (Operating Income / Net Fixed Assets)	0.38	1.15	1.14

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.43	0.40	0.52
Debt Equity Ratio (Total Liability / Networth)	0.28	0.26	0.25
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.71	0.65	1.07
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.19	0.19	0.22
Interest Coverage Ratio (PBIT / Financial Charges)	0.00	45.74	11.89

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	31.70	14.85	14.09
Return on Total Assets ((PAT / Total Assets) * 100)	%	2.03	8.14	7.59
Return on Investment (ROI) ((PAT / Networth) * 100)	%	3.58	13.63	15.97

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	2.17	2.21	1.70
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.54	0.82	1.68
G-Score Ratio Financial (Networth / Total Assets)	0.57	0.60	0.48
G-Score Ratio Debt (Debts / Equity Capital)	0.72	0.65	0.54
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.17	2.21	1.70

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

FINANCIAL ANALYSIS

[all figures are 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	50.000	50.000	50.000
Reserves & Surplus	59.357	76.314	80.999
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	109.357	126.314	130.999
Long-term borrowings	3.305	3.338	7.281
Short term borrowings	23.666	29.028	28.055
Current maturities of long-term debts	0.000	0.000	0.717
Total borrowings	26.971	32.366	36.053
Debt/Equity ratio	0.247	0.256	0.275

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	123.907	115.963	14.777
		(6.411)	(87.257)

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	123.907	115.963	14.777
Profit/ (Loss)	17.464	17.215	4.684
	14.09 %	14.85 %	31.70 %

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	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)	No
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 four years	Yes
27	Reasons for variation <> 20%	Yes
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

UNSECURED LOANS:

(INR In Million)

Particulars	As on 31.03.2017	As on 31.03.2016
LONG TERM BORROWING
Rupee term loans from others	5.920	0.000
Loans and advances from related parties	0.000	3.338
Total	5.920	3.338

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G62404355	100135704	IDBI BANK LIMITED	26/09/2017	-	-	50000000.0	RETAIL ASSET CENTRE,UMA COMPLEX,GROUND FLOOR,FRASER ROAD,POST BOX NO.183PATNABR800001IN
2	G42036962	100092661	BANK OF BARODA	28/03/2017	-	-	728000.0	MAIN BRANCHFRASER ROAD, PATNAPATNABR800001IN
3	G06179139	100034509	AXIS BANK LIMITED	16/06/2016	-	-	1684488.0	"TRISHUL', 3RD FLOOR, OPP TO SAMARTHESHWAR TEMPLELAW GARDEN, ELLIS BRIDGEAHMEDABADGJ380006IN
4	B75201459	10110803	BANK OF BARODA	14/05/2008	08/05/2013	-	30000000.0	MAIN BRANCH,FRASER ROAD,PATNABR800001IN
5	G41975079	10146641	BANK OF BARODA	20/01/2009	-	13/04/2017	1500000.0	PATNA MAIN BRANCHFRAZER ROADPATNABR800001IN

FIXED ASSETS:

Tangible assets

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

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 66.78
UK Pound	1	INR 92.89
Euro	1	INR 80.74

INFORMATION DETAILS

Information Gathered by :	ARC
Analysis Done by :	VAR
Report Prepared by :	KVT

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	NO
--AFFILIATION	YES/NO	YES
--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.