MIRA INFORM REPORT

Report No. :	508301
Report Date :	15.05.2018

IDENTIFICATION DETAILS

Name :	IMCO OFFICE PRODUCTS INTERNATIONAL PRIVATE LIMITED [w.e.f.25.02.2015]
Formerly Known As :	SABER OFFICE AND SCHOOL PRODUCTS PRIVATE LIMITED [w.e.f.13.08.2008] A.G.M.PRECISION TOOLS PRIVATE LIMITED
Registered Office :	No. 7A, IIT Colony, 2nd Main Road, Narayanapuram, Pallikaranai, Chennai 600100, Tamilnadu
Tel. No.:	91-44-22463191
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	09.07.1998
Com. Reg. No.:	18-040790
Capital Investment / Paid-up Capital :	INR 40.002 Million
CIN No.: [Company Identification No.]	U25209TN1998PTC040790
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
IEC No.: [Import-Export Code No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCA4313P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pens, Refills for Pens, Pencils, Pencil Leads, etc. [Registered Activity and also Confirmed by Management]
No. of Employees :	Not Divulged

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 68300
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1998 and it is engaged as Manufacturer of Pens, Refills for Pens, Pencils, Pencil Leads, etc. For the financial year 2017, the company has reported a dip in its revenue as compared to previous year along with thin profit margin during the year. The company possesses moderate financial risk profile marked by negative reserve level and average debt protection metrics. Rating further gets constrained on account of its presence in highly competitive industry. Payment seems 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 (30.09.2017)	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 15.05.2018

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 DECLINED BY

Name :	Mr. A. Mahendran
Designation :	Not Divulged
Contact No.:	91-7550081232
Date :	13.05.2018

[91-44-22463191] Number is continuously ringing

LOCATIONS

Registered Office :	No. 7A, IIT Colony, 2nd Main Road, Narayanapuram, Pallikaranai, Chennai 600100, Tamilnadu, India
Tel. No.:	91-44-22463191
Mobile No.:	91-7550081232 [Mr. A. Mahendran]
Fax No.:	Not Available
E-Mail :	saber_chn@dataone.in
Website :	http://www.imcooffice.co.in/

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Ravi Shankar

Designation :

Director

Address :

Sai Manickam, Plot No. 11, F-1 III Main Road, Rajalakshmi Nagar, Velachery, Chennai 600042, Tamilnadu, India

Date of Appointment :

22.02.2001

DIN No.:

00314904

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U51101TN1992PTC022711	PARK LLOYD MARKETING PRIVATE LIMITED	26/09/2013	-

Name :

Mr. Chandrasekar Govindarajulu

Designation :

Whole-time Director

Address :

Plot No.11, Lakshmi Street, VGP Shanthi Nagar Part - IV, Pallikkaranai, Chennai 601302, Tamilnadu, India

Date of Birth/Age :

01.09.1960

Date of Appointment :

25.07.2008

DIN No.:

00460785

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U36991TN1995PTC042089	SABER PENS PRIVATE LIMITED	09/07/1997	-
U51100TN1997PTC037838	MAZRAA GLOBAL TRADE LINKS PRIVATE LIMITED	25/12/1997	-
U55209TN2016PTC111897	HAKICO FOODS PRIVATE LIMITED	11/08/2016	-
U67120TN1999PTC042197	PEACOCK CHENNAI FINVEST PRIVATE LIMITED	30/04/2004	-

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2017

Names of Equity Shareholders	No. of Shares
V. Ravi Shankar	100
M.G. Mohammed Akmal	100
Peacock Chennai Finvest Private Limited, India	391000
Isada Holdings Limited, UAE	1000000
Najma Meeran	609000
Total	2000200

Names of Preference Shareholder	No. of Shares
G.M. Pends International Private Limited, India	200000
Total	200000

AS ON 27.09.2017

Equity Share Breakup	Percentage of Holding
Category
Promoters – Individual/ Hindu Undivided Family – Indian	30.46
Promoters – Body Corporate	69.54
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pens, Refills for Pens, Pencils, Pencil Leads, etc. [Registered Activity and also Confirmed by Management]

Products :

ITC Code No.	Product Descriptions
96081099	Ball Point Pens and Gel Pens

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

Not Divulged

Bankers :

· Bharat Overseas Bank

Nungambakkam Branch, 25 and 26 College Road, Chennai - 600006, Tamilnadu, India

· Indian Overseas Bank

Facilities :

SECURED LOANS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
From Banks
Term Loan I	4.700	4.352
Term Loan II	3.388	0.000
Less: Current Maturities falling due in next 12 months	2.550	1.200
Finance lease obligations
From Others
Vehicle Loan I	0.623	0.900
Less: Current Maturities falling due in next 12 months	0.299	0.277
Vehicle Loan II	0.365	0.000
Less: Current Maturities falling due in next 12 months	0.132	0.000
SHORT TERM BORROWINGS
From Banks
Cash Credit	9.527	1.255
Packing Credit	5.107	12.500
Total	20.729	17.530

Financial Institution :	Volkswagen Finance Private Limited
Auditors :
Name :	N.C. Rajagopal and Company Chartered Accountants
Address :	22, V. Krishnaswamy Avenue, Luz Church Road, Mylapore, Chennai – 600004, Tamilnadu, India
PAN No.:	AAAFN0572A
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which have significant influences :	· Peacock Chennai Finvest Private Limited · Isada Holdings Limited

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
2200000	Equity Shares	INR 10/- each	INR 22.000 Million
200000	10% Non-Cumulative Preference Shares	INR 100/- each	INR 20.000 Million
	Total		INR 42.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000200	Equity Shares	INR 10/- each	INR 20.002 Million
200000	10% Non-Cumulative Preference Shares	INR 100/- each	INR 20.000 Million
	Total		INR 40.002 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	40.002	40.002	40.002
(b) Reserves & Surplus	(16.093)	(17.199)	(21.078)
(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)	23.909	22.803	18.924
(3) Non-Current Liabilities
(a) Long-term borrowings	14.316	13.196	13.292
(b) Deferred tax liabilities (Net)	3.061	2.493	0.758
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.937	0.946	0.920
Total Non-current Liabilities (3)	18.314	16.635	14.970
(4) Current Liabilities
(a) Short term borrowings	14.634	13.755	16.679
(b) Trade payables	24.021	22.706	30.149
(c) Other current liabilities	14.097	14.040	11.707
(d) Short-term provisions	0.578	0.404	0.424
Total Current Liabilities (4)	53.330	50.905	58.959
TOTAL	95.553	90.343	92.853
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	41.371	35.957	27.358
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.152	0.817	0.175
(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	0.000	0.000
(d) Long-term Loan and Advances	1.508	1.507	1.527
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	43.031	38.281	29.060
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	26.458	29.466	37.493
(c) Trade receivables	13.575	15.543	17.321
(d) Cash and cash equivalents	0.413	1.133	0.224
(e) Short-term loans and advances	9.200	2.691	2.420
(f) Other current assets	2.876	3.229	6.335
Total Current Assets	52.522	52.062	63.793
TOTAL	95.553	90.343	92.853

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016	31.03.2015
	SALES
		Revenue from Operations	140.761	171.539	170.024
		Other Income	10.959	12.892	13.655
		TOTAL (A)	151.720	184.431	183.679
Less	EXPENSES
		Cost of Materials Consumed	77.014	97.403	106.537
		Changes in Inventories of finished goods	1.000	0.665	(3.920)
		Employees benefits expense	24.574	25.212	20.485
		Prior Year adjustments	0.164	0.000	0.000
		Other expenses	36.633	47.060	47.610
		TOTAL (B)	139.385	170.340	170.712
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		12.335	14.091	12.967
Less	FINANCIAL EXPENSES (D)		2.106	1.896	2.635
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.229	12.195	10.332
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.556	6.583	7.652
	PROFIT BEFORE TAX (E-F) (G)		1.673	5.612	2.680
Less	TAX (H)		0.567	1.733	0.832
	PROFIT AFTER TAX (G-H) (I)		1.106	3.879	1.848
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings [FOB Value]	78.274	94.823	95.498
	Earnings Per Share (INR)		0.55	1.94	0.92

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt
Current Maturities of Unsecured Loan from Members	2.250	2.250	2.250
Current Maturities of Unsecured Loan from Directors	3.000	2.100	0.000
Current Maturities of Term Loan / Working Capital Term Loan – falling due in next 12 months	2.550	1.200	2.900
Total	7.800	5.550	5.150
Cash generated from operations	13.100	21.658	13.024
Net Cash flow from / (used in) Operating activities	13.100	21.658	13.024

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	35.20	33.07	37.18
Account Receivables Turnover (Income / Sundry Debtors)	10.37	11.04	9.82
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	113.85	85.09	103.29
Inventory Turnover (Operating Income / Inventories)	0.47	0.48	0.35
Asset Turnover (Operating Income / Net Fixed Assets)	0.30	0.38	0.47

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.79	0.77	0.83
Debt Equity Ratio (Total Liability / Networth)	1.54	1.43	1.86
Current Liabilities to Networth (Current Liabilities / Net Worth)	2.23	2.23	3.12
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.74	1.61	1.45
Interest Coverage Ratio (PBIT / Financial Charges)	5.86	7.43	4.92

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	0.79	2.26	1.09
Return on Total Assets ((PAT / Total Assets) * 100)	%	1.16	4.29	1.99
Return on Investment (ROI) ((PAT / Networth) * 100)	%	4.63	17.01	9.77

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.98	1.02	1.08
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.49	0.44	0.45
G-Score Ratio Financial (Networth / Total Assets)	0.25	0.25	0.20
G-Score Ratio Debt (Debts / Equity Capital)	0.92	0.81	0.88
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.98	1.02	1.08

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

Particulars	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	40.002	40.002	40.002
Reserves & Surplus	(21.078)	(17.199)	(16.093)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	18.924	22.803	23.909
Long-term borrowings	13.292	13.196	14.316
Short term borrowings	16.679	13.755	14.634
Current Maturities of Long term debt	5.150	5.550	7.800
Total borrowings	35.121	32.501	36.750
Debt/Equity ratio	1.856	1.425	1.537

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	170.024	171.539	140.761
		0.891	-17.942

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	170.024	171.539	140.761
Profit	1.848	3.879	1.106
	1.09%	2.26%	0.79%

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	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	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

INDEX OF CHARGES

CHARGES REGISTERED
SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G03412210	100026293	VOLKSWAGEN FINANCE PRIVATE LIMITED	17/03/2016	-	-	900000.0	3RD FLOOR, WING - A, SILVER UTOPIACARDINAL GRACIOUS ROAD, CHAKALA, ANDHERIMUMBAIMA400099IN
2	G80035645	90287372	INDIAN OVERSEAS BANK	13/07/1995	20/02/2018	-	42200000.0	HADDOWS ROAD BRANCH"PRINCE TOWERS", NO.53, COLLEGE ROAD, NUNGAMBAKKAMCHENNAITN600006IN
3	A17932674	80031607	BHARAT OVERSEAS BANK LIMITED	19/07/2002	-	22/06/2007	2500000.0	NUNGAMBAKKAM BRANCH25& 26 COLLEGE ROADCHENNAITN600006IN

UNSECURED LOANS

PARTICULARS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
From Members	10.471	11.671
Less: Current Maturities of long term debts	2.250	2.250
Total	8.221	9.421

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from 3 / 36, Velachery Main Road, (2nd Floor), Medavakkam, Chennai 600100, Tamilnadu India to the present address w.e.f.25.06.2010

OPERATIONS

During the year, the gross income has reduced by about 18% compared to last year in view of disruption in business in wholesale and retail markets in the second half of the FY post de-monetization period.

The situation has since improved considerably. However owing to implementation of GST effective from 01.07.2017, the growth in business in the current year is continued to be affected adversely and is expected to improve from second half of the current financial year.

FIXED ASSETS:

· Plant and Machinery

· Electrical Installation

· Office Equipment

· Furniture and Fixture

· Vehicle

· Computers

· Moulds

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	Indian Rupees
US Dollar	1	INR 67.32
UK Pound	1	INR 91.25
Euro	1	INR 80.51

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	NIS
Report Prepared by :	BVA

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.