MIRA INFORM REPORT

Report Date :

26.12.2011

IDENTIFICATION DETAILS

Name :	COMBAT DRUGS LIMITED [w.e.f. 01.02.2007]
Formerly Known As :	COMBAT DRUGS AND SOFTECH LIMITED
Registered Office :	185 and 186, Yellampet Madchal Mandal, R.R. District, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.09.1986
Com. Reg. No.:	01-006781
Capital Investment / Paid-up Capital :	Rs.32.314 Millions
CIN No.: [Company Identification No.]	L24230AP1986PLC006781
TAN No.: [Tax Deduction & Collection Account No.]	HYDC03450G
PAN No.: [Permanent Account No.]	AAACC8372L
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Pharmaceutical Formulations.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	--
Comments :	Subject is a company having moderate track. The company is passing through difficult times at present. There appears huge accumulated losses recorded by the company. However, business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured trade terms and conditions. Note: Company’s shares are listed but it is suspended due to procedural reasons.

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 :	185 and 186, Yellampet Madchal Mandal, R.R. District, Andhra Pradesh, India
Tel. No.:	91-40-66313363
Fax No.:	91-40-66313363
E-Mail :	info@combatdrugs.in investorinfo@combatdrugs.in careers@combatdrugs.in enquiry@combatdrugs.in
Corporate Office :	203, Kabra Complex, 61, M.G. Road, Secunderabad-500003, Andhra Pradesh, India

DIRECTORS

As on 30.09.2010

Name :

Mr. Suchit Mohan Lal

Designation :

Chairman cum Managing Director

Address :

126/2RT Sanjeeva Reddy Nagar, Hyderabad-500038, Andhra Pradesh, India

Date of Birth/Age :

21.03.1956

Date of Appointment :

17.09.1986

Din No.:

01227165

Name :

Mr. Sushant Mohal Lal

Designation :

Director

Address :

126/2RT Sanjeeva Reddy Nagar, Hyderabad-500038, Andhra Pradesh, India

Date of Birth/Age :

07.05.1980

Date of Appointment :

19.05.2006

Din No.:

01227151

Other Directorship:

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	L24230AP1986PLC006781	COMBAT DRUGS LIMITED	Director	19-05-06	19-05-06	-	Active	NO
2	L33100AP1991PLC013266	RUBRA MEDICAMENTS LIMITED	Director	30-09-09	18-09-08	17-06-11	Active	YES

Name :

Mr. Soma Sekhar Marthi

Designation :

Director

Address :

201, Moghal Semami Mansion, Khairtabad, Hyderabad-500004, Andhra Pradesh, India

Date of Birth/Age :

19.09.1956

Date of Appointment :

21.11.2005

Din No.:

01639585

Other Directorship:

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	U74999AP1995PTC019202	SRI PADMA CORPORATE SERVICES PRIVATE LIMITED	Director	12-01-95	12-01-95	Active	NO
2	L85195AP1990PLC011065	TRANSGENE BIOTEK LIMITED	Director	19-11-98	19-11-98	Active	NO
3	U74140AP1994PLC016062	KISTLER-MORSE AUTOMATION LIMITED	Director	27-09-01	27-09-01	Active	NO
4	L24230AP1986PLC006781	COMBAT DRUGS LIMITED	Director	29-09-06	21-11-05	Active	NO
5	L24231AP1995PLC019582	ZENTAL DRUGS LIMITED	Director	20-06-09	20-06-09	Active	NO

Name :

Ms. Anjani Kumar Agarwal

Designation :

Director

Address :

Plot No. 68, A.P. Text Book Colony, Gunrock, Kharkhana, Secunderabad, Andhra Pradesh, India

Date of Birth/Age :

11.02.1975

Date of Appointment :

17.01.2008

Din No.:

00006982

Other Directorship:

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	U63040AP1991PTC013178	DRS LOGISTICS PRIVATE LIMITED	Director	06-09-91	06-09-91	Active	YES
2	U60210AP2002PTC039418	DRS SHIPPING AND AIR CARGO PRIVATE LIMITED	Director	05-08-02	05-08-02	Active	YES
3	U24232AP2007PTC056660	DRS LABS (INDIA) PRIVATE LIMITED	Director	12-12-07	12-12-07	Active	YES
4	U80211AP2008PTC056959	DRS EDUCATION PRIVATE LIMITED	Director	03-01-08	03-01-08	Active	YES
5	L24230AP1986PLC006781	COMBAT DRUGS LIMITED	Director	30-09-08	17-01-08	Active	NO
6	U45400AP2009PTC063536	EDIFY INFRASTRUCTURE DEVELOPMENT PRIVATE LIMITED	Director	05-05-09	05-05-09	Active	NO
7	U80301AP2009PTC063649	MDN EDIFY EDUCATION PRIVATE LIMITED	Director	13-05-09	13-05-09	Active	NO
8	U80902AP2009PTC063755	M D N EDIFY MANAGEMENT PRIVATE LIMITED	Director	26-05-09	26-05-09	Active	NO
9	U60231AP2009PTC064326	DRS DILIP ROADLINES PRIVATE LIMITED	Director	10-07-09	10-07-09	Active	NO
10	U63000AP2009PTC064707	DRS WAREHOUSING (SOUTH) PRIVATE LIMITED	Director	10-08-09	10-08-09	Active	NO
11	U60231AP2009PTC065900	AGARWAL RELOCATORS PRIVATE LIMITED	Director	20-11-09	20-11-09	Active	NO

Name :

Mr. Sanjay Kumar Agarwal

Designation :

Director

Address :

Plot No. 68, A.P. Text Book Colony, Gunrock, Kharkhana, Secunderabad, Andhra Pradesh, India

Date of Birth/Age :

04.08.1978

Date of Appointment :

17.01.2008

Din No.:

00204750

Other Directorship:

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	U63040AP1991PTC013178	DRS LOGISTICS PRIVATE LIMITED	Director	06-09-91	06-09-91	-	Active	YES
2	U60210AP2002PTC039418	DRS SHIPPING AND AIR CARGO PRIVATE LIMITED	Director	05-08-02	05-08-02	-	Active	YES
3	U63013DL2004PTC124594	DRS TRANSPORT PRIVATE LIMITED	Director	11-02-04	11-02-04	16-06-08	Active	NO
4	U24232AP2007PTC056660	DRS LABS (INDIA) PRIVATE LIMITED	Director	12-12-07	12-12-07	-	Active	YES
5	U80211AP2008PTC056959	DRS EDUCATION PRIVATE LIMITED	Director	03-01-08	03-01-08	-	Active	YES
6	L24230AP1986PLC006781	COMBAT DRUGS LIMITED	Director	30-09-08	17-01-08	-	Active	NO
7	U45400AP2009PTC063536	EDIFY INFRASTRUCTURE DEVELOPMENT PRIVATE LIMITED	Director	05-05-09	05-05-09	-	Active	NO
8	U80301AP2009PTC063649	MDN EDIFY EDUCATION PRIVATE LIMITED	Director	13-05-09	13-05-09	-	Active	NO
9	U80902AP2009PTC063755	M D N EDIFY MANAGEMENT PRIVATE LIMITED	Director	26-05-09	26-05-09	-	Active	NO
10	U60231AP2009PTC064326	DRS DILIP ROADLINES PRIVATE LIMITED	Director	10-07-09	10-07-09	-	Active	NO
11	U63000AP2009PTC064707	DRS WAREHOUSING (SOUTH) PRIVATE LIMITED	Director	10-08-09	10-08-09	-	Active	NO
12	U60231AP2009PTC065900	AGARWAL RELOCATORS PRIVATE LIMITED	Director	20-11-09	20-11-09	-	Active	NO

Name :

Mr. Battula Narasimha Gnana Prakash

Designation :

Director

Address :

10-3-68/A/6, Humayun Nagar, Hyderabad-500028, Andhra Pradesh, India

Date of Birth/Age :

20.03.1945

Date of Appointment :

17.01.2008

Din No.:

02013478

Other Directorship:

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	L24230AP1986PLC006781	COMBAT DRUGS LIMITED	Director	30-09-08	17-01-08	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	3,215,928	40.20
Bodies Corporate	2,080,000	26.00
Sub Total	5,295,928	66.20
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	5,295,928	66.20
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	300	-
Sub Total	300	-
(2) Non-Institutions
Bodies Corporate	494,968	6.19
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	297,821	3.72
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	1,910,983	23.89
Sub Total	2,703,772	33.80
Total Public shareholding (B)	2,704,072	33.80
Total (A)+(B)	8,000,000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	8,000,000	-

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceutical Formulations.

Products :

Product Description	Item Code
Iburofeen	NPN001
Ciprofloxacin	CRB001
Amoxicillin	AMX001

PRODUCTION STATUS [AS ON 31.03.2010]

Particulars	Unit	Actual Production
Tablets	Qty.	34.58
Capsules	Qty.	3.38
Liquids	Qty.	1.18

GENERAL INFORMATION

Bankers :

· The Dhanlakshmi Bank Limited, Hyderabad, Andhra Pradesh, India

· HDFC Bank Limited, Secunderabad, Andhra Pradesh, India

· Central Bank of India, Secunderabad, Andhra Pradesh, India

Facilities :

Unsecured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
From Others	5.000	5.000
Sales Tax Deferment	1.280	1.595
Total	6.280	6.595

Banking Relations :	--
Auditors :
Name :	B R Mahesh Chartered Accountants
Address :	Ameerpet, Hyderabad-500016, Andhra Pradesh, India
Pan No.:	AACFM8813F

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3231400	Equity Shares	Rs.10/- each	Rs.32.314 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		32.314	32.314	32.314
2] Share Application Money		32.468	23.716	0.000
3] Reserves & Surplus		2.000	2.000	2.000
4] (Accumulated Losses)		(49.450)	(49.493)	(49.616)
NETWORTH		17.332	8.537	(15.302)
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		6.280	6.595	10.923
TOTAL BORROWING		6.280	6.595	10.923
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		23.612	15.132	(4.379)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		36.653	24.306	10.948
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.050	0.050	0.050
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.775	1.556	2.582
	Sundry Debtors	3.248	3.313	0.960
	Cash & Bank Balances	1.478	1.054	0.572
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.439	5.837	0.135
Total Current Assets		8.940	11.760	4.249
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	18.425	18.417	17.113
	Other Current Liabilities	3.606	2.567	2.513
	Provisions	0.000	0.000	0.000
Total Current Liabilities		22.031	20.984	19.626
Net Current Assets		(13.091)	(9.224)	(15.377)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		23.612	15.132	(4.379)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	3.924	3.850	3.839
		Other Income	0.000	0.110	0.783
		TOTAL (A)	3.924	3.960	4.622
Less	EXPENSES
		Manufacturing Expenses	1.395	1.569	2.070
		Payments and Benefits to Employees	0.766	0.715	0.608
		Administrative and Others Expenses	1.228	1.083	1.274
		TOTAL (B)	3.389	3.367	3.952
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.535	0.593	0.670
Less	FINANCIAL EXPENSES (D)		0.007	0.016	0.036
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.528	0.577	0.634
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.486	0.423	0.475
	PROFIT BEFORE TAX (E-F) (G)		0.042	0.154	0.159
Less	TAX (H)		0.000	0.031	0.014
	PROFIT AFTER TAX (G-H) (I)		0.042	0.123	0.145
	Earnings Per Share (Rs.)		0.01	0.04	--

QUARTERLY RESULTS

PARTICULARS	30.06.2010	30.09.2010	31.12.2010	31.03.2011	30.06.2011	30.09.2011
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter	5^th Quarter	6^th Quarter
Net Sales	0.700	2.560	1.030	1.090	3.510	6.590
Total Expenditure	0.590	1.470	0.920	2.000	3.350	6.190
PBIDT (Excl OI)	0.110	1.090	0.110	(0.910)	0.160	0.400
Other Income	0.000	0.000	0.000	0.100	0.000	0.000
Operating Profit	0.110	1.090	0.110	(0.810)	0.160	0.400
Interest	0.000	0.000	0.000	0.000	0.000	0.000
PBDT	0.110	1.090	0.110	(0.810)	0.160	0.400
Depreciation	0.100	0.100	0.100	0.100	0.100	0.250
Profit Before Tax	0.010	1.000	0.010	(0.900)	0.060	0.150
Profit After Tax	0.010	1.000	0.010	(0.900)	0.060	0.150
Net Profit	0.010	1.000	0.010	(0.900)	0.060	0.150

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.07	3.11	3.14
Net Profit Margin (PBT/Sales)	(%)	1.07	4.00	4.14
Return on Total Assets (PBT/Total Assets}	(%)	0.09	0.43	1.05
Return on Investment (ROI) (PBT/Networth)		0.00	0.02	(0.01)
Debt Equity Ratio (Total Liability/Networth)		1.63	3.23	2.00
Current Ratio (Current Asset/Current Liability)		0.41	0.56	0.22

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS and PROSPECTS FOR THE FUTURE:

During the year the company has successfully completed the envisaged and planned renovations to the buildings as required by the latest GMP standards and the necessary additions of Machineries and Quality Assurance equipment has been mostly completed. The Directors take pleasure in informing that the company’s manufacturing facilities were Audited by the Drugs Control Administration and a Certificate of GMP has been awarded to the unit. The company has commenced the manufacturing activities and the production in Betalactum section has already commenced. The company has also successfully completed the Non Beta Facilities and is awaiting the requisite GMP Licences for various sections. During the year the Company, concentrated on the upgradation of the unit which was successfully implemented and the process of appointing Distributors and Marketing Franchise Partners in most of the unrepresented areas has been successfully completed.

CORPORATE RESTRUCTURING:

The Directors have drawn up plans to restructure the equity and operations of the Company and to wipe of the entire accumulated losses of the company. In this regard a draft scheme of arrangement between the company, its shareholders and its unsecured creditors has been drawn up by the Board. In the due course of time, the Board shall finalize the same and complete the necessary formalities in this regard.

FIXED ASSETS:

· Leased Building

· Furniture

· Computers

· Plant and Machinery

· Lab Equipments

· Office Equipments

· Software

· Electrical Fittings

WEBSITE DETAILS:

Subject has been showing continuous growth in Sales and Profits by Marketing its Branded Formulations and entering into agreements with various companies for Custom Manufacturing. Built on a reputation of a quality provider, during the years of operations, the Products of the company have been well accepted by the Trade and Medical Fraternity across India.

Playing a key role in promoting and sustaining development in the vital field of Pharmaceuticals, Combat Drugs boasts of quality Fixed Dosage Formulations and a WHO cGMP manufacturing facility with a full fledged Quality Control Laboratory and a well designed Quality Assurance Program, approved by regulatory authorities in India.

Quality, Efficacy and Service are the three key words in the Company’s Motto in providing succor to the ailing Humanity by producing high quality medicines at an affordable cost for combating life threatening Diseases and improving the global standards of health. In order to achieve this objective, the Company lays emphasis on implementing total Quality Assurance of its formulations, (branded as well as custom manufactured), at all stages of production by inculcating the principles of Good Manufacturing Practices among its staff members at all levels.

The company has time and again strived to develop the products by way of improvement in the process as well as the packing aspects. Subject has and will continue to monitor the markets for any advancement in the packaging and look to improve internally and be open to suggestions from both the suppliers as well as the customers in order to improve.

Subject offers a unique mix of Quality, Technology, in terms of equipment and professional workforce, and Process Development along with ample logistics support combined with competitively priced solutions making it a preferred choice for the buyers.

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.52.72
UK Pound	1	Rs.82.70
Euro	1	Rs.68.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		15

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.