MIRA INFORM REPORT

Report No. :	486160
Report Date :	17.01.2018

IDENTIFICATION DETAILS

Name :	GOLDIN (INDIA) EQUIPMENT PRIVATE LIMITED
Registered Office :	F-29, BIDC Industrial Estate, Gorwa, Near Amarkar Maruti Showroom, Vadodara – 390016, Gujarat
Tel. No.:	91-265-2280168
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	02.08.1991
Com. Reg. No.:	04-016056
Capital Investment / Paid-up Capital :	INR 0.500 Million
CIN No.: [Company Identification No.]	U32209GJ1991PTC016056
IEC No.:	3499001756
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
GSTIN :	24AAACG6847N1Z8
PAN No.: [Permanent Account No.]	AAACG6847N
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in the business is manufacturing, selling and Supplying of machineries and equipments related to agriculture sector. (Registered activity and also Confirmed by management)
No. of Employees :	45 (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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1991. It is a manufacturer, supplier and exporter of Seed Cleaning, and Grading Plant, Seed Grading and Cleaning Machine, Granty Separator and Air Classifier. For the financial year 2017, the revenue of the company has increased by 1.73% along with fair profit margin of 8.63%. The satisfactory financial profile of the company is marked by sufficient networth base and favourable gap between trade payables and trade receivables along with negligible debt level. The company has decent earning per share (EPS) of INR 90.71 against the face value (FV) of INR 10. The rating takes into consideration the subject’s long track record of business operations along with extensive experience of its promoters. Business is active. Payments are reported to be usually correct. In view of 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 (30.06.2017)	Current Rating (30.09.2017)
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 17.01.2018

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. Satish Kumar
Designation :	Director
Contact No.:	91-9825061427
Date :	14.01.2018

LOCATIONS

Registered Office / Factory 1 :	F-29, BIDC Industrial Estate, Gorwa, Near Amarkar Maruti Showroom, Vadodara – 390016, Gujarat, India
Tel. No.:	91-265-2280168
Mobile No.:	91-9825061427 (Mr. Satish Kumar)
Fax No.:	91-265-2280168
E-Mail :	sales@goldinequip.com
Website :	http://www.goldinequip.com
Area :	5000 sq. ft.
Location :	Owned
Locality :	Commercial / Industrial
Factory 2:	F – 15, B.I.D.C. Estate, Gorwa, Vadodara – 390016, Gujarat, India
Area :	10000sq ft
Location :	Owned

DIRECTORS

As on 31.03.2017

Name :	Manibhai Dhanjibhai Patel
Designation :	Director
Address :	5, Aarti Society, Atma Jyoti Ashram Road, Opposite Hari Om Nagar Bus Stop, Vadodara – 390007, Gujarat, India
Date of Birth/Age :	12.05.1946
Qualification :	Graduate
Date of Appointment :	02.08.1991
DIN No.:	00326094
Name :	Mr. Satishkumar M. Patel
Designation :	Director
Address :	5, Near Arti Society, Near Hariom Nagar, Baroda – 390023, Gujarat, India
Date of Birth/Age :	05.02.1973
Qualification :	Graduate
Date of Appointment :	01.09.2007
DIN No.:	01771107

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares
Manibhai D. Patel	8600
Champaben M. Patel	4500
Satishbhai M. Patel	5000
Nishaben M. Patel	1000
Mayuriben M. Patel	1000
Jayantibhai S. Patel	5100
Prabhakarbhai S. Patel	5500
Dineshbhai S. Patel	2800
Manibhai D. Patel	5000
Patel Yogesh J	2500
Shaileshbhai P. Patel	2000
Sitaben P. Patel	1500
Kamlaben J. Patel	1500
Vipulbhai P. Patel	2000
Asmitbhai J. Patel	2000
Total	50000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2017

Category	Percentage
Promoter – (Individual/ Hindu Undivided Family – Indian)	27.20
Public – (Individual/ Hindu Undivided Family – Indian)	72.80
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the business is manufacturing, selling and Supplying of machineries and equipments related to agriculture sector. (Registered activity and also Confirmed by management)

Products :

Item Code No.	Product Description
2821	Manufacturer of Agricultural and Forestry Machinery

• Seed Cleaning and Grading Plant
• Seed Grading and Cleaning Machine
• Gantry Separater and Air Classifier
• Impact Huller

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Finished Goods

Countries :

• Africa
• Bangladesh
• Afghanistan
• Ethiopia
• Turkey

Imports :

Not Divulged

Terms :

Selling :

Cash, Cheque and Credit (30 / 60 Days)

Purchasing :

Cash, Cheque and Credit (30 / 60 Days)

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 :

Wholesalers

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

No. of Employees :

45 (Approximately)

Bankers :

Bank Name	Bank of Baroda
Branch	BIDC Industrial Estate, Vadodara, Gujarat, India
Person Name (With Designation)	--
Contact Number	91-265-2280564 (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)	--

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Term loan from Banks :	:
Car Loan*	0.255	0.242
Loan from Syndicate Bank**	0.754	1.087
Short-term borrowings
Loan repayable on demand from Banks :
Working Capital Loans*	1.397	1.565
Car Loan**	1.181	0.158
Machinery Loan from Syndicate Banks***	0.322	0.286
Total	3.909	3.338

Long-term Borrowings

• *Car Loan secured against hypothecation of car and personal guarantee of directors. Repayable Terms 60 equal installments off INR 0.031 Million each from 15.01.2017. Rate of interest of this loan is 10% p.a.

• ** Machinery Loan is secured against hypothecation of machinery. Repayment Terms 60 equal installments of INR 0.036 Million each from 30.04.2015. Rate of interest of this loan is 11.75%.

Short-term borrowings

• *Working Capital loan secured against FDR, Rate of Interest is between 9.50% p.a.
• ** Car loan secured against hypothecation of car and personal guarantee of directors. Repayment Terms 60 equal installment of INR 0.031 Million each from 15.01.2017. Rate of interest of this loan is 09.10% p.a.
• ***Machinery loan is secured against hypothecation of machinery. Repayment Terms 60 equal installments of INR 0.036 Million each from 30.04.2015, Rate of Interest of this loan is 11.75% p.a.

There is no significant default in the repayment of loans or interest thereon as on date.

Auditors :
Name :	F.R. Sharma and Company Chartered Accountants
Address :	1 Avishkar Appartment, 2, Suvarnpuri Society, Chikoovadi, Jetalpur Road, Vadodara- 390007, Gujarat, India
Tel. No.:	91-265-2333672 / 2344206
Mobile No.:	91-9427591436 / 9974399980
PAN N Income-tax PAN of auditor or auditor's firm :	AAEFF4361K
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	INR 10/- each	INR 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	INR 10/- each	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	20.816	16.281	12.912
(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)	21.316	16.781	13.412
(3) Non-Current Liabilities
(a) long-term borrowings	1.009	1.329	1.604
(b) Deferred tax liabilities (Net)	0.040	0.013	0.084
(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)	1.049	1.342	1.688
(4) Current Liabilities
(a) Short term borrowings	2.900	2.009	4.138
(b) Trade payables	6.281	1.893	7.459
(c) Other current liabilities	11.121	8.215	6.464
(d) Short-term provisions	0.974	0.828	0.770
Total Current Liabilities (4)	21.276	12.945	18.831
TOTAL	43.641	31.068	33.931
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.123	5.030	5.909
(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	0.016	0.016	0.016
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.644	5.358	4.939
(e) Other Non-current assets	0.158	0.058	0.058
Total Non-Current Assets	11.941	10.462	10.922
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3.268	3.509	5.530
(c) Trade receivables	7.672	3.008	3.151
(d) Cash and cash equivalents	19.486	11.902	13.546
(e) Short-term loans and advances	1.274	2.187	0.782
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	31.700	20.606	23.009
TOTAL	43.641	31.068	33.931

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	52.719	51.823	49.316
	Other Income	1.301	0.970	1.053
	TOTAL	54.020	52.793	50.369
Less	EXPENSES
	Cost of Materials Consumed	35.932	37.933	37.367
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.810	0.182	-1.183
	Employees benefits expense	3.945	3.384	2.832
	Other expenses	5.423	4.830	6.029
	TOTAL	46.110	46.329	45.045
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	7.910	6.464	5.324
Less	FINANCIAL EXPENSES	0.272	0.513	0.262
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	7.638	5.951	5.062
Less/ Add	DEPRECIATION/ AMORTISATION	0.948	1.037	0.857
	PROFIT/ (LOSS) BEFORE TAX	6.690	4.914	4.205
Less	TAX	2.155	1.545	1.304
	PROFIT/ (LOSS) AFTER TAX	4.535	3.369	2.901
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	16.281	12.912	10.011
	Balance Carried to the B/S	20.816	16.281	12.912
	Earnings / (Loss) Per Share (INR)	90.71	67.38	58.03

Expected Sales (2017-2018) : INR 60.000 Million (Due to business growth)

The above information has been parted by Mr. Satish Kumar (Director)

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	9.526	3.427	3.414
Net cash flow from operating activity	7.397	1.811	2.172

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	53.12	21.19	23.32
Account Receivables Turnover (Income / Sundry Debtors)	6.87	17.23	15.65
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	63.80	18.21	72.86
Inventory Turnover (Operating Income / Inventories)	2.42	1.84	0.96
Asset Turnover (Operating Income / Net Fixed Assets)	1.29	1.29	0.90

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.51	0.46	0.60
Debt Equity Ratio (Total Liability / Networth)	0.18	0.20	0.43
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.00	0.77	1.40
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.29	0.30	0.44
Interest Coverage Ratio (PBIT / Financial Charges)	29.08	12.60	20.32

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	8.60	6.50	5.88
Return on Total Assets ((PAT / Total Assets) * 100)	%	10.39	10.84	8.55
Return on Investment (ROI) ((PAT / Networth) * 100)	%	21.28	20.08	21.63

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.49	1.59	1.22
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.34	1.32	0.93
G-Score Ratio Financial (Networth / Total Assets)	0.49	0.54	0.40
G-Score Ratio Debt (Debts / Equity Capital)	7.82	6.68	11.48
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.49	1.59	1.22

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	0.500	0.500	0.500
Reserves & Surplus	12.912	16.281	20.816
Net worth	13.412	16.781	21.316
Long Term borrowings	1.604	1.329	1.009
Short Term borrowings	4.138	2.009	2.900
Total borrowings	5.742	3.338	3.909
Debt/Equity ratio	0.428	0.199	0.183

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	49.316	51.823	52.719
		5.084	1.729

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	49.316	51.823	52.719
Profit	2.901	3.369	4.535
	5.88%	6.50%	8.60%

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 three years	Yes
27	Reasons for variation <> 20%	--
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

CORPORATION INFORMATION:

Subject is a private limited company domiciled in India and incorporated under the provisions of the companies act, 1956 on 2nd August 1991 with companies identity U32209GJ1991PTC016056 having its registered office at F-29 B.I.D.C Industrial Estate, Gotwa, Vadodara – 390 016, Gujarat, India

The company is engaged in the business is manufacturing and selling machineries and equipments related to agriculture sector.

REVIEW OF OPERATIONS:

The total revenue from operation during the year is INR 52.719 Million (Previous year INR 51.823 Million) the Profit before tax is INR 6.690 Million (Previous year INR 4.914 Million)

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	C51306710	10564716	SYNDICATE BANK	30/03/2015	-	-	1600000.0	1ST FLOOR, BEHIND NIHARIKA BLDG II, OPPOSITE BANK OF BARODA, ALKAPURI, VADODARA – 390005, GUJARAT, INDIA

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Bank Guarantee	1.781	0.397

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Electric Installation Factory
• Furniture and Fixture
• Computer
• Office Equipment
• Vehicle
• Borewell

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 63.41
UK Pound	1	INR 87.17
Euro	1	INR 77.44

INFORMATION DETAILS

Information Gathered by :	SLK
Analysis Done by :	VRS
Report Prepared by :	SUJ

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.