MIRA INFORM REPORT

Report No. :	488554
Report Date :	27.01.2018

IDENTIFICATION DETAILS

Name :	MEGHAAARIKA IMPEX PRIVATE LIMITED (w.e.f. 30.07.2013)
Formerly Known As :	MEGHA AARIKA IMPEX PRIVATE LIMITED
Registered Office :	703, 7th Floor, DLF Tower-B, District Centre, Jasola, New Delhi - 110044
Tel. No.:	91-11-49900000
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	15.04.2011
Com. Reg. No.:	11-217605
Capital Investment / Paid-up Capital :	INR 100.000 Million
CIN No.: [Company Identification No.]	U51909DL2011PTC217605
IEC No.:	Not Available
GSTIN/UIN:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAHCM1351J
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of Chemicals namely 2EH, IBA, NBA, PNA and DOP etc. [Registered Activity]
No. of Employees :	Not Available

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 500000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2011. It is engaged in trading of chemicals. For the financial year 2017. The company has achieved revenue growth of 10.58% as compared to the previous year but has reported a low profit margin of 0.65%. The moderate financial risk profile of the company is marked by low reserves base as compared to its capital along with average debt balance sheet profile. Rating derives strength from the promoters groups established position in the domestic plasticizers market with an established customer base. Payments are reported to be slow but correct. 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 (30.06.2017)	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	CARE
Rating	Long term borrowing: BB-
Rating Explanation	Moderate risk of default.
Date	27.04.2017

Rating Agency Name	CARE
Rating	Short term borrowing: A4
Rating Explanation	Minima degree of safety and very high credit risk.
Date	27.04.2017

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 31-03-2016.

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 27.01.2018

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.

OCATIONS

Registered Office :	703, 7th Floor, DLF Tower-B, District Centre, Jasola, New Delhi – 110044, India
Tel. No.:	91-11-49900000
Fax No.:	Not Available
E-Mail :	hopclgroup@live.com

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Satish Kumar Sethi

Designation :

Director

Address :

B-342, New Friends Colony, New Delhi – 110025, India

Date of Birth/Age :

22.12.1952

Qualification:

Graduation

Date of Appointment :

12.04.2012

DIN No.:

00066187

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74899DL1970PTC005268	BURMAN FARMS PVT LTD	24/07/2002	-
L74899DL1986PLC023012	PCL ENTERPRISES LIMITED	08/01/1986	-
U70101DL1989PTC035708	SWAN ESTATES PRIVATE LIMITED	27/09/2001	-
U15142DL1992PLC048451	PCL OIL AND SOLVENTS LIMITED	24/04/1992	-
U74899DL1992PTC049344	PATRIDGE ENTERPRISES PRIVATE LIMITED	28/08/2002	-
U74899DL1992PTC049537	P C L AGRO PRIVATE LIMITED	13/07/1992	-
U25111DL1995PTC071678	ROSE ENTERPRISES PRIVATE LIMITED	25/06/2003	-
U74899DL1996PLC077599	PC L CONTAINERS LIMITED	27/03/1996	-
U45201DL1997PTC086919	NIKHIL UDYOG PRIVATE LIMITED	29/04/1997	-
U24299DL1997PTC088498	VISTAAR ENTERPRISES PRIVATE LIMITED	11/07/1997	-
U93091DL2006PLC148243	PCL EXPORT (INDIA) LIMITED	29/05/2006	-
U74999DL2007PTC161977	RITZY CHEMICALS PRIVATE LIMITED	12/04/2007	-
U74900DL2007PTC168151	MEGHAAARIKA INTERNATIONAL PRIVATE LIMITED	13/09/2007	-
U51909DL2011PTC222355	MEGHAAARIKA ENTERPRISES PRIVATE LIMITED	14/07/2011	-
U51909DL2014PTC270470	MEGHAAARIKA PETROCHEM PRIVATE LIMITED	14/08/2014	-

Name :

Mr. Nikhil Sethi

Designation :

Director

Address :

B-342, New Friends Colony, New Delhi – 110025, India

Date of Birth/Age :

14.09.1981

Qualification:

Graduation

Date of Appointment :

08.05.2012

DIN No.:

00066199

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U15142DL1992PLC048451	PCL OIL AND SOLVENTS LIMITED	08/12/2011	-
U74899DL1992PTC049344	PATRIDGE ENTERPRISES PRIVATE LIMITED	28/08/2002	-
U45201DL1997PTC086919	NIKHIL UDYOG PRIVATE LIMITED	26/03/2007	-
U74999DL2007PTC161977	RITZY CHEMICALS PRIVATE LIMITED	12/04/2007	-
U74900DL2007PTC168151	MEGHAAARIKA INTERNATIONAL PRIVATE LIMITED	13/09/2007	-
U51909DL2011PTC222355	MEGHAAARIKA ENTERPRISES PRIVATE LIMITED	14/07/2011	-
U51909DL2014PTC270470	MEGHAAARIKA PETROCHEM PRIVATE LIMITED	14/08/2014	-

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders	No. of Shares	% of Holding
Satish Kumar Sethi	4000000	40.00
Nikhil Sethi	4000000	40.00
Shivani Sethi	500000	5.00
Shivani Sethi	1000000	10.00
Megha Sethi	500000	5.00
Total	10000000	100.00100

Equity Share Break up (Percentage of Total Equity)

AS ON 21.09.2017

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

BUSINESS DETAILS

Line of Business :

Trading of Chemicals namely 2EH, IBA, NBA, PNA and DOP etc. [Registered Activity]

Products / Services :

Name and Description of main products / services	NIC Code of the Product/service
Trading of Chemicals	20297

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Banker Name :	Union Bank of India
Branch :	--
Person Name (With Designation) :	--
Contact Number :	--
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 :	--

Facilities :

(INR In Million)

SECURED LOAN	As on 31.03.2017	As on 31.03.2016
SHORT TERM BORROWING
Commercial paper	246.966	299.179
Other loans and advances, others	136.600	61.043
Total	383.566	360.222

Auditors :
Name :	Anil Gupta and Associates Chartered Accountants
Address :	819, Vishal Tower, District Centre, Janakpuri, New Delhi-110058, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAIPG8663K
Memberships :	Not Available
Collaborators :	Not Available
The 20 % or more of the holdings of following concern have been held by directors of the company and/or their relatives:	Ritzy Chemicals Private Limited, India [U74999DL2007PTC161977] PCL Oil AND Solvents Limited, India [U15142DL1992PLC048451] Ritzy Polymers Meghaaarika International Private Limited, India [U74900DL2007PTC168151]

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	INR 10/- each	INR 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	INR 10/- each	INR 100.000 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	100.000	100.000	100.000
(b) Reserves and Surplus	73.312	57.406	40.448
(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)	173.312	157.406	140.448
(3) Non-Current Liabilities
(a) long-term borrowings	80.000	59.998	59.998
(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)	80.000	59.998	59.998
(4) Current Liabilities
(a) Short-term borrowings	383.566	360.222	214.848
(b) Trade payables	799.668	427.299	702.069
(c) Other current liabilities	8.894	8.360	12.082
(d) Short-term provisions	0.149	0.116	0.070
Total Current Liabilities (4)	1192.277	795.997	929.069
TOTAL	1445.589	1013.401	1129.515
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17.607	17.729	16.915
(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)	0.035	0.015	0.013
(d) Long-term loans and advances	0.025	0.025	0.025
(e) Other Non-current assets	0.059	0.054	0.050
Total Non-Current Assets	17.726	17.823	17.003
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	34.836
(c) Trade receivables	1352.904	908.206	996.765
(d) Cash and bank balances	73.621	82.222	77.513
(e) Short-term loans and advances	1.049	0.781	0.860
(f) Other current assets	0.289	4.369	2.538
Total Current Assets	1427.863	995.578	1112.512
TOTAL	1445.589	1013.401	1129.515

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	2432.901	2200.133	2993.417
	Other Income	5.213	5.158	5.906
	TOTAL	2438.114	2205.291	2999.323
Less	EXPENSES
	Purchases of Stock-in-Trade	2384.210	2098.875	2930.600
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	34.836	(15.985)
	Employee benefit expense	2.449	2.459	1.783
	Other expenses	1.587	19.615	29.715
	Exceptional items	0.000	0.000	0.035
	TOTAL	2388.246	2155.785	2946.148
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	49.868	49.506	53.175
Less	FINANCIAL EXPENSES	24.249	23.210	17.196
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	25.619	26.296	35.979
Less/ Add	DEPRECIATION/ AMORTISATION	0.192	0.137	0.036
	PROFIT/ (LOSS) BEFORE TAX	25.427	26.159	35.943
Less	TAX	9.521	9.201	13.215
	PROFIT/ (LOSS) AFTER TAX	15.906	16.958	22.728
	Earnings / (Loss) Per Share (INR)	1.59	1.70	2.27

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	NA	NA	NA
Net cash flows from (used in) operations	(27.626)	(116.504)	(241.665)
Net cash flows from (used in) operating activities	(32.839)	(121.641)	(260.781)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	202.97	150.67	121.54
Account Receivables Turnover (Income / Sundry Debtors)	1.80	2.42	3.00
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	122.42	74.31	87.44
Inventory Turnover (Operating Income / Inventories)	0.00	0.00	1.53
Asset Turnover (Operating Income / Net Fixed Assets)	2.83	2.79	3.14

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.88	0.84	0.88
Debt Equity Ratio (Total Liability / Networth)	2.67	2.67	1.96
Current Liabilities to Networth (Current Liabilities / Net Worth)	6.88	5.06	6.62
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.10	0.11	0.12
Interest Coverage Ratio (PBIT / Financial Charges)	2.06	2.13	3.09

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	0.65	0.77	0.76
Return on Total Assets ((PAT / Total Assets) * 100)	%	1.10	1.67	2.01
Return on Investment (ROI) ((PAT / Networth) * 100)	%	9.18	10.77	16.18

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.20	1.25	1.20
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.20	1.25	1.16
G-Score Ratio Financial (Networth / Total Assets)	0.12	0.16	0.12
G-Score Ratio Debt (Debts / Equity Capital)	4.64	4.20	2.75
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.20	1.25	1.20

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	100.000	100.000	100.000
Reserves & Surplus	40.448	57.406	73.312
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	140.448	157.406	173.312
Long-term borrowings	59.998	59.998	80.000
Short term borrowings	214.848	360.222	383.566
Total borrowings	274.846	420.220	463.566
Debt/Equity ratio	1.957	2.670	2.675

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	2993.417	2200.133	2432.901
		(26.501)	10.580

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	2993.417	2200.133	2432.901
Profit/ (Loss)	22.728	16.958	15.906
	0.76 %	0.77 %	0.65 %

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	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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
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

OPERATIONAL REVIEW:

The Company in the business of trading of Chemicals namely 2EH, IBA, NBA, PNA and DOP etc. These products are used in the manufacturing of Plasticizers.

Gross receipts of the company is INR 2432.901 Million, increase of around 11 % against INR 2200.133 Million in the previous year. Profit before depreciation and taxation was INR 25.619 Million against INR 26.296 Million in the previous year. After providing depreciation and taxation of INR 0.192 Million and INR 9.521 Million respectively, the net profit of the company for the year under audit was placed at INR 15.906 Million as against INR 16.958 Million in the previous year. The Sales Volume of the company has been increased by reducing the profit margins. In absolute terms the profit of the company decreased by INR1051485/-. Due to environmental issues and competitive market the return on sales has reduced. Directors are hopeful for better results in absolute terms in future through further increase in volume of Sales.

UNSECURED LOANS:

(INR In Million)

Particulars	As on 31.03.2017	As on 31.03.2016
LONG TERM BORROWING
Loans and advances from directors	80.000	60.000
Total	80.000	60.000

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	AMOUNT	ADDRESS
1	B91250100	10462202	UNION BANK OF INDIA	14/10/2013	31/10/2013	950000000.0	INDUSTRIAL FINANCE BRANCHM-11, 1ST FLOOR, MIDDLE CIRCLE, CONNAUGHT CIRCUSNEW DELHIDL110001IN

FIXED ASSETS:

Tangible assets

• Land
• 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 63.50
UK Pound	1	INR 90.92
Euro	1	INR 79.07

INFORMATION DETAILS

Analysis Done by :	PRY
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.