MIRA INFORM REPORT

Report No. :	499744
Report Date :	24.03.2018

IDENTIFICATION DETAILS

Name :	GAJANAND UDYOG PRIVATE LIMITED
Registered Office :	309 B B, Ganguly Street, 2nd Floor, Kolkata – 700012, West Bengal
Tel. No.:	91-657-2201394 / 2200914
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	15.03.1995
Com. Reg. No.:	21-069397
Capital Investment / Paid-up Capital :	INR 13.274 Million
CIN No.: [Company Identification No.]	U51909WB1995PTC069397
IEC No.: [Import-Export Code No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
PAN No.: [Permanent Account No.]	AAACG9498H
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of Fabrication Job. (Registered activity)
No. of Employees :	Information declined by the management

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 :	Gajanand Udyog Private Limited was incorporated in the year 1995. For the financial year 2017, the company has achieved 18.52% growth in its revenue as compared to previous year revenue along with low profit margin of 0.23%. The satisfactory financial profile of the company is marked by comfortable networth base along with strong debt coverage indicators due to low debt balance sheet profile. The rating takes into consideration the subject’s long established track record of business operations along with extensive experience of its promoters. Business is active. Payment seems to be usually correct. In view 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 24.03.2018

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 DENIED

MANAGEMENT NON-COOPERATIVE: Tel. No.: 91-657-2201394 / 2200914

Tel. No.: 91-657-6575940 – Not Working

LOCATIONS

Registered Office :	309 B B, Ganguly Street, 2nd Floor, Kolkata – 700012, West Bengal, India
Tel. No.:	91-657-2201394 / 2200914
Fax No.:	Not Available
E-Mail :	gupl_rbs@rediffmail.com
Factory :	NS-4, Phase IV, Industrial Area, Gamaharia, Adityapur, Saraikela Kharswan, Jharkhand, India

DIRECTORS

As on 31.03.2017

Name :	Mr. Pradeep Kumar Pandey
Designation :	Additional Director
Address :	Road No.11 Jagannathpur Po Gamharia District Saraikela Kharsawan – 832108, Jharkhand, India
Date of Appointment :	15.03.2016
DIN No.:	07471509
Name :	Mr. Arun Kumar Agarwal
Designation :	Director
Address :	68, East Ghosh Para Road, Kankinara, Bhatpara, Jagaddal, North 24, Parganas Kolkata – 743126, West Bengal, India
Date of Appointment :	07.10.2016
DIN No.:	07640754

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares
Brijlata Singhania	68600
Giriraj Singhania	45750
Anju Singhania	65200
Anjana Singhania	92530
G Raj Financial Consultancy Limited	30000
Madhu Agarwal	49000
Sarita Devi Singhania	80000
P S Singhania (HUF)	50000
M M Singhahania (HUF)	27500
H P Singhania (HUF)	25650
Mina Chourdhary	37900
Hari Prasad Sighania	9750
Narayani Singhania	10000
Santosh Devi Singhania	9000
Sashi Prabha Agarwal	10000
Sudha Agarwal	10000
Usha Agarwal	30000
Kusum Goel	13000
Hanuman Prasad Agarwal	27000
Shyam Kumar Agarwal	13000
Harshita Singhania	36000
Kiran Singhania	4000
Alpha Projects Private Limited	75000
Parmeshwar Tradelink Private Limited	65000
Shankar Barter Private Limited	50000
Murari Mohan Singhania	2600
Darsh Coke Trading Private Limited	130020
Darkwell Commodities Private Limited	260900
Total	1327400

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2017

Category	Percentage
Promoter – (Individual/ Hindu Undivided Family – Indian)	53.98
Promoter - Bodies corporate	46.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Fabrication Job. (Registered activity)

Products :

Item Code No.	Product Description
28910	Fabricated Metal Products

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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 :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Centurion Bank of Punjab Limited
Branch	Chowringhee Road Branch, 88, Chowringhee Road, Kolkata – 700020, West Bengal, India
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)	--

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
ICICI Bank Limited	0.024	0.024
(a. The term loans are secured by way of hypothecation of Fixed Assets out of Bank Finance. b. The facility is further secured by way of hypothecation charge over company entire fixed assets and Plant and machinery c. The facility is further secured by way of Personal Guarantee of Directors of the company. d. The Home Loan is secured by way of Home Financed.)
Short-term borrowings
Cash Credit from State Bank of India, Jamshedpur	(0.012)	18.365
(The cash credit is secured by way of hypothecation of Raw Material, Stock in Progress, Finished Goods, Stock in Transit and all miscellaneous Current assets and receivables. The facility is further secured by way of Equipment Mortgage of Factory Land, Shed and Building thereon allotted by AIADA at Plot No. 22(P), 24(P), Door N. NS-4, 4^th Phase,, Adityapur, Jamshedpur The facility is further secured by way of Persona; Guarantee of Directors of the company.)
Total	0.012	18.389

Auditors :
Name :	S D Y and Company Chartered Accountants
Address :	Jharkhand State Co-Operative Bank Building, 1st Floor, Bistupur - 831001, Jamshedpur, India
Tel. No.:	91-657-2317108
Fax No.:	91-657-2317196
E-Mail :	sdy.jsr@gmail.com
Website :	www.sdyca.com
PAN N Income-tax PAN of auditor or auditor's firm :	ACEFS8874Q
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Techno Fab Manufacturing Limited

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	INR 10/- each	INR 15.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1327400	Equity Shares	INR 10/- each	INR 13.274 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	13.274	13.274	13.274
(b) Reserves & Surplus	20.448	20.308	19.219
(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)	33.722	33.582	32.493
(3) Non-Current Liabilities
(a) long-term borrowings	12.532	2.680	6.546
(b) Deferred tax liabilities (Net)	0.000	0.000	0.348
(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)	12.532	2.680	6.894
(4) Current Liabilities
(a) Short term borrowings	(0.012)	18.365	18.214
(b) Trade payables	38.349	56.340	81.579
(c) Other current liabilities	10.840	7.704	25.364
(d) Short-term provisions	0.199	0.147	0.135
Total Current Liabilities (4)	49.376	82.556	125.292
TOTAL	95.630	118.818	164.679
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.679	10.559	13.249
(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	0.700	0.700	0.700
(c) Deferred tax assets (net)	0.135	0.116	0.000
(d) Long-term Loan and Advances	0.447	0.402	0.402
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	10.961	11.777	14.351
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	30.797	48.592	43.286
(c) Trade receivables	39.488	26.395	45.001
(d) Cash and cash equivalents	1.685	12.091	13.722
(e) Short-term loans and advances	4.210	12.353	17.264
(f) Other current assets	8.489	7.610	31.055
Total Current Assets	84.669	107.041	150.328
TOTAL	95.630	118.818	164.679

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	60.264	50.846	86.217
	Other Income	1.130	1.450	1.208
	TOTAL	61.394	52.296	87.425
Less	EXPENSES
	Cost of Materials Consumed	30.043	18.323	59.041
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	12.852	16.574	3.439
	Employees benefits expense	2.675	1.972	1.929
	Other expenses	11.463	10.859	15.191
	TOTAL	57.033	47.728	79.600
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	4.361	4.568	7.825
Less	FINANCIAL EXPENSES	2.982	3.992	5.717
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1.379	0.576	2.108
Less/ Add	DEPRECIATION/ AMORTISATION	1.147	1.507	1.844
	PROFIT/ (LOSS) BEFORE TAX	0.232	(0.931)	0.264
Less	TAX	0.093	(2.021)	0.083
	PROFIT/ (LOSS) AFTER TAX	0.139	1.090	0.181
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	15.509	14.419	14.238
	Balance Carried to the B/S	15.648	15.509	14.419
	Earnings / (Loss) Per Share (INR)	0.1	0.82	0.14

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	(20.965)	0.262	3.130
Net cash flow from operating activity	(21.076)	0.114	9.499

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	239.17	189.48	190.51
Account Receivables Turnover (Income / Sundry Debtors)	1.53	1.93	1.92
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	465.91	1122.31	504.33
Inventory Turnover (Operating Income / Inventories)	0.14	0.09	0.18
Asset Turnover (Operating Income / Net Fixed Assets)	0.45	0.43	0.59

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.65	0.72	0.80
Debt Equity Ratio (Total Liability / Networth)	0.37	0.63	0.76
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.46	2.46	3.86
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.29	0.31	0.41
Interest Coverage Ratio (PBIT / Financial Charges)	1.46	1.14	1.37

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	0.23	2.14	0.21
Return on Total Assets ((PAT / Total Assets) * 100)	%	0.15	0.92	0.11
Return on Investment (ROI) ((PAT / Networth) * 100)	%	0.41	3.25	0.56

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.71	1.30	1.20
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.09	0.71	0.85
G-Score Ratio Financial (Networth / Total Assets)	0.35	0.28	0.20
G-Score Ratio Debt (Debts / Equity Capital)	0.94	1.59	1.87
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.71	1.30	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	13.274	13.274	13.274
Reserves & Surplus	19.219	20.308	20.448
Share Application money pending allotment	0.000	0.000	0.000
Net worth	32.493	33.582	33.722
Long Term borrowings	6.546	2.680	12.532
Short Term borrowings	18.214	18.365	(0.012)
Total borrowings	24.760	21.045	12.520
Debt/Equity ratio	0.762	0.627	0.371

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	86.217	50.846	60.264
		(41.026)	18.523

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	86.217	50.846	60.264
Profit	0.181	1.090	0.139
	0.21%	2.14%	0.23%

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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
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	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	No
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION:

Subject is a company registered under the erstwhile Companies Act, 1956 engaged in the business of fabrication job.

REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS:

The Directors are optimistic about company’s business and hopeful of better performance with increased revenue in next year. There was no change in the nature of business of company.

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Loans and Advances from Body Corporate	12.508	2.656
Total	12.508	2.656

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	A78115441	10198456	L & T FINANCE LIMITED	21/01/2010	-	-	1100000.0	L&T HOUSE, BALLARD ESTATE, MUMBAI – 400001, MAHARASHTRA, INDIA
2	A16297038	10055750	CENTURION BANK OF PUNJAB LIMITED	25/05/2007	-	-	20000000.0	CHOWRINGHEE ROAD BRANCH, 88, CHOWRINGHEE ROAD, KOLKATA – 700020, WEST BENGAL, INDIA
3	Y10355081	90247444	ICICI BANK LIMITED	18/12/2004	-	-	255000.0	LANDMARK RACE COURSE CIRCLE, VADODARA – 390007, GUJARAT, INDIA
4	Y10354708	90247071	BANK OF INDIA	11/09/2001	-	-	6000000.0	SSI BRANCH ADITYAPUR, JAMSHEDPUR, BRIN
5	G43158864	10018813	STATE BANK OF INDIA	26/07/2006	16/01/2008	03/05/2017	58205000.0	COMMERCIAL BRANCH, BISTUPUR, JAMSHEDPUR – 831001, JHARKHAND, INDIA
6	A05236708	90246203	BANK OF INDIA	22/01/2004	-	20/09/2006	14000000.0	JAMSHEDPUR BRANCH, JAMSHEDPUR, BRIN
7	A05236435	90244750	BANK OF INDIA	05/02/2004	-	20/09/2006	14000000.0	JAMSHEDPUR BRANCH, JAMSHEDPUR, BRIN

FIXED ASSETS

• Shed and Building
• Office Building
• Electricity Installation
• Furniture and Fixture
• Land
• Plant and Machinery
• D.G. Set
• Cycle
• Air Conditioner
• Weighing Machine
• Computer
• Car
• Fax Machine
• Hydra Mobile Crane
• Van
• Motor Cycle

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 65.06
UK Pound	1	INR 92.06
Euro	1	INR 80.37

INFORMATION DETAILS

Information Gathered by :	SPR
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	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.