MIRA INFORM REPORT

Report Date :

05.12.2011

IDENTIFICATION DETAILS

Name :	VARDHMAN PHARMA DISTRIBUTORS PRIVATE LIMITED
Registered Office :	No.38, K.H. Circle, Opposite Lalbagh Gate, Hosur Road, Bangalore – 560027, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.12.1992
Com. Reg. No.:	08-13757
Capital Investment / Paid-up Capital :	Rs.15.000 Millions
CIN No.: [Company Identification No.]	U85110KA1992PTC013757
Legal Form :	Private Limited Liability Company
Line of Business :	The company engaged in the business of Wholesale Distribution of Pharma Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 280000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	No.38, K.H. Circle, Opposite Lalbagh Gate, Hosur Road, Bangalore – 560027, Karnataka, India
Tel. No.:	91-80-41363232/ 3210
Fax No.:	91-80-41363200
E-Mail :	admin@sandh.in vardhman@groupunnati.com bala@karra.in
Website :	http://www.groupunnati.com/vardhman http://www.vardhmanpharma.com

DIRECTORS

(AS ON 28.08.2009)

Name :

Mr. Mahendra Bhoomal Chowhan

Designation :

Director

Address :

No.96/7, Unnati, 1^st Cross, South End Road, Basavanagudi, Bangalore – 560004, Karnataka, India

Date of Birth/Age :

19.03.1956

Date of Appointment :

15.05.1998

DIN No.:

00092275

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U85110KA1992PTC013757	VARDHMAN PHARMA DISTRIBUTORS PRIVATE LIMITED	Director	15/05/1998	15/05/1998	Active	NO
2	U24232KA2006PTC040347	PROSERVE HEALTHLINES (INDIA) PRIVATE LIMITED	Director	30/08/2006	30/08/2006	Active	NO
3	U65192KA2008PTC045032	UNNATI HEALTH SERVICES PRIVATE LIMITED	Director	23/01/2008	23/01/2008	Active	NO
4	U04231KA1999PTC025000	FOCUS MEDISALES PRIVATE LIMITED	Director	20/12/2008	20/12/2008	Active	NO
5	U33111KA2008PTC045022	SRINIVASA MEDISALES PRIVATE LIMITED	Director	22/07/2009	22/07/2009	Active	NO

Name :

Mrs. Usha Mahendra Chowhan

Designation :

Director

Address :

No.96/7, Unnati, 1^st Cross, South End Road, Basavanagudi, Bangalore – 560004, Karnataka, India

Date of Birth/Age :

29.12.1962

Date of Appointment :

17.05.2004

DIN No.:

00393175

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U85110KA1992PTC013757	VARDHMAN PHARMA DISTRIBUTORS PRIVATE LIMITED	Director	17/05/2004	17/05/2004	Active	NO
2	U65192KA2008PTC045032	UNNATI HEALTH SERVICES PRIVATE LIMITED	Director	23/01/2008	23/01/2008	Active	NO

Name :

Mr. Arvind Kumar Venkat

Designation :

Nominee Director

Address :

Flat No.107, Aparna Chandradeep Apartments, Road No.7, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

15.10.1959

Date of Appointment :

23.10.2008

DIN No.:

02304618

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24232DL2008PTC181486	LUCKY PHARMACEUTICALS PRIVATE LIMITED	Director	20/10/2008	20/10/2008	Active	NO
2	U24230TN2007PTC064220	PALEPU PHARMA PRIVATE LIMITED	Additional director	22/10/2008	22/10/2008	Active	NO
3	U85110KA1992PTC013757	VARDHMAN PHARMA DISTRIBUTORS PRIVATE LIMITED	Nominee director	23/10/2008	23/10/2008	Active	NO
4	U24239MH2001PTC130423	MEHER DISTRIBUTORS PRIVATE LIMITED	Nominee director	29/09/2010	2/12/2009	Active	NO
5	U24233TN2009PTC073062	MEDIHAUXE INTERNATIONAL PRIVATE LIMITED	Director	16/09/2010	5/2/2010	Active	NO
6	U24232KA2006PTC040347	PROSERVE HEALTHLINES (INDIA) PRIVATE LIMITED	Nominee director	15/11/2010	15/11/2010	Active	NO
7	U24239AP2003PTC041637	INDIAN HOSPITEX PRIVATE LIMITED	Additional director	22/02/2011	22/02/2011	Active	NO
8	U24233DL1999PTC099355	NEELKANTH DRUGS PRIVATE LIMITED	Director	29/06/2011	29/06/2011	Active	NO

Name :

Mr. Premkumar Dakshinamurti Karra

Designation :

Nominee Director

Address :

Horizon Apartment, No.29 (Old no.15), Bawa Road, Abhiramapuram, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

12.01.1952

Date of Appointment :

03.09.2010

Nominee Company :

KEIMED Limited

DIN No.:

00803203

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65993TN1993PTC024838	LORVEN MANAGEMENT SERVICES PRIVATE LIMITED	Director	16/04/1993	16/04/1993	-	Active	NO
2	U74140MH1998PTC116442	DFK CONSULTING SERVICES (INDIA) PRIVATE LIMITED	Nominee director	4/9/1998	4/9/1998	-	Active	NO
3	U99000TN1989NPL016779	INDO-AUSTRALIAN CHAMBER OF COMMERCE	Director	2/9/2005	2/9/2005	28/09/2007	Active	NO
4	U93090TN1956NPL001393	MADRAS CRICKET CLUB	Director	28/09/2006	28/09/2006	-	Active	NO
5	U85110KA1992PTC013757	VARDHMAN PHARMA DISTRIBUTORS PRIVATE LIMITED	Nominee director	2/9/2011	26/11/2009	-	Active	NO
6	U74990TN2010PTC074934	AUTO PACIFICA (INDIA) PRIVATE LIMITED	Director	15/03/2010	15/03/2010	1/4/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 28.08.2009)

Names of Shareholders	Address	No. of Shares
Mahendra Bhoomal Chowhan	No.96/7, Unnati, 1^st Cross, South End Road, Basavanagudi, Bangalore – 560004, Karnataka, India	6070
Usha Mahendra Chowhan	No.96/7, Unnati, 1^st Cross, South End Road, Basavanagudi, Bangalore – 560004, Karnataka, India	11780
Vinitha Chowhan	No.96/7, Unnati, 1^st Cross, South End Road, Basavanagudi, Bangalore – 560004, Karnataka, India	4110
KEIMED Limited	KEI Chambers, 10-3-316/A, Masab Tank, Hyderabad – 500028, Andhra Pradesh, India	22857
Total		44817

(AS ON 08.03.2011)

Names of Allottees	Address	No. of Shares Allotted
Mahendra Bhoomal Chowhan	No.96/7, Unnati, 1^st Cross, South End Road, Basavanagudi, Bangalore – 560004, Karnataka, India	142460
Usha Mahendra Chowhan	No.96/7, Unnati, 1^st Cross, South End Road, Basavanagudi, Bangalore – 560004, Karnataka, India	276470
Vinitha Chowhan	No.96/7, Unnati, 1^st Cross, South End Road, Basavanagudi, Bangalore – 560004, Karnataka, India	96450
KEIMED Limited	No. 10-3-316/A, Masab Tank, Hyderabad – 500028, Andhra Pradesh, India	515400
Shobana Kamineni	No. 10-3-316/A, Masab Tank, Hyderabad – 500028, Andhra Pradesh, India	21050
Total		1051830

(AS ON 30.09.2009)

Equity Shares Break – Up

Category	Percentage
Bodies corporate	51.00
Directors or relatives of directors	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company engaged in the business of Wholesale Distribution of Pharma Products.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· HDFC Bank Limited

HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee Term Loans Bank Secured	0.000	66.198
Rupee Term Loans Financial Institution Secured	115.000	40.000
Rupee Term Loans Others	13.688	0.000
Total	128.688	106.198
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors	0.000	10.000
From Others	0.000	10.000
Total	0.000	20.000

Banking Relations :	--
Auditors :
Name :	Sundarajan and Harish Chartered Accountants
Address :	No.13/2, 4^th Cross, Nagappa Street, Palace Nagar, Bangalore – 560003, Karnataka, India
PAN No.:	AADFS9027Q
Subsidiaries :	· Focus Medisales Private Limited CIN No.: U04231KA1999PTC025000 · Srinivasa Medisales Private Limited CIN No.: U33111KA2008PTC045022

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Share	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Share	Rs.10/- each	Rs.15.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		15.000	4.482	4.482
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		55.339	39.188	29.832
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		70.339	43.670	34.314
LOAN FUNDS
1] Secured Loans		128.688	106.198	66.463
2] Unsecured Loans		0.000	20.000	45.000
TOTAL BORROWING		128.688	126.198	111.463
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		199.027	169.868	145.777
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.503	15.696	12.058
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		10.000	0.200	0.200
DEFERREX TAX ASSETS		1.480	0.877	0.812
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	93.264	75.467	63.173
	Sundry Debtors	95.546	75.625	57.359
	Cash & Bank Balances	0.850	5.202	0.844
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	13.547	28.396	28.982
Total Current Assets		203.207	184.690	150.358
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	15.498	21.649	6.460
	Other Current Liabilities	2.815	3.971	7.566
	Provisions	10.850	5.975	3.625
Total Current Liabilities		29.163	31.595	17.651
Net Current Assets		174.044	153.095	132.707
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		199.027	169.868	145.777

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2010
	TOTAL INCOME		1256.755	1104.258	860.117
Less	EXPENSES
		TOTAL	1217.078	1071.722	834.729
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		39.677	32.536	25.388
Less	FINANCIAL EXPENSES		9.793	12.540	13.546
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		29.884	19.996	11.842
Less/ Add	DEPRECIATION/ AMORTISATION		3.519	4.275	3.701
	PROFIT BEFORE TAX		26.365	15.721	8.141
Less	TAX		8.552	6.365	3.107
	PROFIT AFTER TAX		17.813	9.356	5.034
	Earnings Per Share (Rs.)		4.24	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2010
PAT / Total Income	(%)	1.42	0.85	0.59
Return on Total Assets (PBT/Total Assets}	(%)	12.17	7.85	5.01
Return on Investment (ROI) (PBT/Networth)		0.37	0.36	0.24
Debt Equity Ratio (Total Liability/Networth)		2.24	3.61	3.76
Current Ratio (Current Asset/Current Liability)		6.97	5.85	8.52

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

Corporate identity number of the company	U85110KA1992PTC013757
Name of the company	VARDHMAN PHARMA DISTRIBUTORS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No.38, K H Circle, Hosur Road, Bangalore – 560027, Karnataka, India admin@sandh.in
This form is for	Creation of charge
Type of charge	Movable property (not being pledge) Book debts Floating charge
Particular of charge holder	HDFC Bank Limited HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India shivapriya.shenoy@hdfcbank.com
Nature of instrument creating charge	Letter of Hypothecation of Stocks and Bookdebts Memorandum relating to Hypothecation of Machinery (both the above pertain to the same charge)
Date of instrument Creating the charge	12.08.2011
Amount secured by the charge	Rs.10.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: As may be prescribed by the bank from time to time Terms of repayment: CC - running account repayable on demand WCDL - As per bank sanction terms Margin: CC - 25% on stocks and book debts (excluding debtors above 90 days) Extent and Operations of the charge: Exclusive charge by way of hypothecation on all the stocks, book debts and movable Plant and Machinery of the company both present and future. Others: CC/WCDL - Rs.147.500 Millions (existing limit Rs.137.500 Millions and fresh Rs.10.000 Millions now sanctioned)
Particulars of the property charged	First exclusive charge on all the stock in trade both present and future consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise, all the present and future book debts, outstanding, monies, receivable, claims and bills, all the movable plant and machinery present and future consisting of furniture and fixtures, computers and accessories and plant and equipments now stored/installed at company premises at No.38, K H Circle, Hosur Road, Bangalore 560027 or at any other place.

FIXED ASSETS:

· Computers and Accessories

· Furniture and Fixtures

· Leasehold Improvement

· Plant and Machinery

· Vehicles

· Goodwill

WEBSITE DETAILS:

PROFILE:

Company is a renowned player in the pharmaceutical distribution field with its operations marked out exclusively for the south Indian state of Karnataka. Being the flagship of the multi-dimensional Unnati Group, they have carved a niche in the regional pharmaceutical distribution scenario. With unmatched Customer Service, Professionalism and Innovation, which are also their key performance drivers, they have established a benchmark for service and operations in the regional Pharma Distribution industry.

Customer Base

At Company, they offer distribution service to more than 4000 retailers across Karnataka, which is an ever-growing phenomenon. Also covered under this umbrella are reputed semi/corporate hospitals, organized retail chain and Govt. institutions. They offer the best of services to their customers at all times and their tech-savvy approach equips them to service the rising customer base with ease and efficiency.

Futuristic Outlook and Role of IT

The management team of Company has always looked ahead of its times. This revolutionary outlook made the company envisage the role of technology in pharmaceutical distribution at times when the idea was unheard of. Mahendra Chowhan and his team looked at the disorganized pharmaceutical distribution industry which had a chaotic operational network. In order to adopt the use of Information Technology to smoothen the company’s day–to-day operations, Company entered into a Joint Venture with Nationwide Pharma-assist distributors in 1996. This JV has the distinction of being the first of its kind in the history of Indian pharmaceutical distribution. Operations were computerized and all transactions were compulsorily made through the IT route. Efficient use of Information Technology has revolutionized the entire working style at Company with all activities from product procuring to final distribution being computerized, using the latest software “PHARM ASSIST”, developed by one of the leading Software company, C-Square Info Solutions Private Limited Bangalore, who has in-depth knowledge in Pharma distribution. The same package was developed exclusively for VPDPL and later being used widely in India.

As a part of the company’s initiative to adopt the latest technology, Vardhman regularly invests in software up gradation. The company switched from a DOS-based system to customized software based on Microsoft Windows. The streamlined operations at Company has not only impressed the distribution industry, but also major financial institutions who are more than eager to offer financing options. Over the years, Company has become a trend-setter in the pharma distribution industry.

HISTORY:

Company traces its past to the enterprising and futuristic outlook of one of its founders, Mahendra Chowhan whose hands-on experience and foresight has brought the company to its current established status.

Over the last 2 decades they have been improving their operations, bringing in professionalism to imbibe system controls, updating their business and obtaining reports everyday to know where they stand.

The Beginning

Having migrated from Rajasthan, Mahendra Chowhan joined a Pharmaceutical distribution firm managed by his relative. His twelve years in this firm provided him a rich experience and above all a personal rapport with the numerous retailers he dealt with in the course of his assignment.

Eventually with an ambition to own a personal business, Mahendra Chowhan and his elder brother Jayanthilal Chowhan established subject in July 1988. The firm had a small beginning with an initial investment of two lakhs and an employee base of five staff members.

The Present

Hard work and dedication has ensured that the company stands tall with Rs.500 million in annual turnover and a 140-member strong employee base. The dedication and commitment of the employees has converted the enterprise from an individual-run to a corporation. The entire team works as a family, a regular training session to upgrade the skills and maximizing the potential in a better environment perks up the motive of an employees, the attrition rate is very negligible.

Application of technology in all its operations has made company a path- breaker in the industry. It has revolutionized the manner in which the entire pharmaceutical distribution is done and has brought sophistication to its operations.

In a short span company has gained market attention and is now recognized as Best and No.1 distributor amongst their peers in the industry.

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	Rs.51.35
UK Pound	1	Rs.80.51
Euro	1	Rs.69.14

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
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
TOTAL		45

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

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.