MIRA INFORM REPORT

Report Date :

15.09.2011

IDENTIFICATION DETAILS

Name :	LIFECARE INSTITUTE OF MEDICAL SCIENCES AND RESEARCH PRIVATE LIMITED (w.e.f. 06.07.2006)
Formerly Known As :	LIFECARE CARDIAC CENTRE PRIVATE LIMITED
Registered Office :	Lifecare Emergency Centre, 1, Nathalal Colony, Sardar Patel Colony, Opposite Sardar Patel Statue, Stadium Road, Naranpura, Ahmedabad – 380 014, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	09.06.2005
Com. Reg. No.:	04-046228
Capital Investment / Paid-up Capital :	Rs.0.110 million
CIN No.: [Company Identification No.]	U85110GJ2005PTC046228
TAN No.: [Tax Deduction & Collection Account No.]	AHML00849C
PAN No.: [Permanent Account No.]	AABCL0926E
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is a primarily a diagnostic and treatment center providing medical care boarding and lodging, and nursing for cure of disease, illness, or injury to inpatients and may be, outpatients and emergency patients, health care, hospitals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 32000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financial position of the company is improving. The company has successful in wiping off the accumulated losses of previous years. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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 :	Lifecare Emergency Centre, 1, Nathalal Colony, Sardar Patel Colony, Opposite Sardar Patel Statue, Stadium Road, Naranpura, Ahmedabad – 380 014, Gujarat, India
Tel. No.:	91-79-26464334/ 26460322/ 26464343/ 26420292
Fax No.:	91-79-26405210/ 26444090
E-Mail :	kashiparekh@hotmail.com info@lifecare.co.in lifecare@ad1.vsnl.net.in
Website :	http://www.lifecare.co.in
Life Care Emergency Centre :	Near Jain Derasar, Borsalli Apartment Road, Near Cama Hotel, Khanpur, Ahmedabad, Gujarat, India
Tel. No.:	91-79-25509800
Fax No.:	91-79-25504554

DIRECTORS

As on 30.09.2010

Name :

Dr. Deepak Natvarlal Vora

Designation :

Director

Address :

Lifecare Emergency Centre, Opposite Borsalli Apartment, Khanpur,
Ahmedabad – 380 001, Gujarat, India

Date of Appointment :

09.06.2005

DIN No.:

00071180

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	U29922GJ1995PTC026622	Sun-Star Hospital Private Limited	Managing director	06-07-95	06-07-95	-	Active	NO
2	U65910GJ1995PTC026681	Krupanidhi Hospital Private Limited	Director	12-07-95	12-07-95	-	Active	NO
3	U67120GJ1995PTC027798	Lifecare Emergency Centre Private Limited	Managing director	16-11-97	16-11-97	-	Active	NO
4	U85110GJ2000PTC038003	Nulife Criticare Associates Private Limited	Director	05-10-01	05-10-01	-	Active	NO
5	U85110GJ2005PTC046228	Lifecare Institute of Medical Sciences and Research Private Limited	Director	09-06-05	09-06-05	-	Active	NO
6	U85110GJ2010PTC063051	Lifecare Express Ecg Private Limited	Director	29-11-10	29-11-10	-	Active	NO
7	U85110GJ2010PTC063074	Lifecare Surgi Centre Private Limited	Director	30-11-10	30-11-10	-	Active	NO
8	U85110GJ2010PTC063075	Lifecare Hospisoft Private Limited	Director	30-11-10	30-11-10	-	Active	NO
9	U85110GJ2011PTC063834	Lifecare Hospicare Private Limited	Director	27-01-11	27-01-11	-	Active	NO
10	U33110GJ2011PTC063899	Lifecare Hospitronics Private Limited	Director	01-02-11	01-02-11	-	Active	NO
11	U85110GJ2011PTC063900	Lifecare Hospiserve Private Limited	Director	01-02-11	01-02-11	-	Active	NO
12	U85110GJ2011PTC063901	Lifecare Medi-Ventures Private Limited	Director	01-02-11	01-02-11	-	Active	NO
13	U85110GJ2011PTC063902	Lifecare Enterprises Private Limited	Director	01-02-11	01-02-11	-	Active	NO

Name :

Dr. Sameerbhai Indravadan Dani

Designation :

Director

Address :

Bunglow No.1, Premakutir, Near Sarthi Hotel, Near Sandesh Vastrapur, Ahmedabad – 380 054, Gujarat, India

Qualification :

M.B.B.S.
M.D.(Medicine)
D.M.(Cardiology)

Date of Appointment :

09.06.2005

DIN No.:

00077140

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	U85110GJ2005PTC045702	Advanced Cardiovascular Care Private Limited	Director	17-03-05	17-03-05	-	Active	NO
2	U85110GJ2005PTC046228	Lifecare Institute of Medical Sciences and Research Private Limited	Director	09-06-05	09-06-05	-	Active	NO
3	U67120GJ1995PTC027798	Lifecare Emergency Centre Private Limited	Managing director	09-06-05	09-06-05	01-04-08	Active	NO

Name :

Dr. Surendrabhai Sitasharan Dwivedi

Designation :

Director

Address :

Plot No.52/2, Sector-3A, New Gandhinagar, Gujarat, India

Date of Appointment :

09.06.2005

DIN No.:

00077263

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	U85110GJ2000PTC038003	Nulife Criticare Associates Private Limited	Director	05-10-01	05-10-01	-	Active	NO
2	U85110GJ2005PTC046228	Lifecare Institute of Medical Sciences and Research Private Limited	Director	09-06-05	09-06-05	-	Active	NO
3	U67120GJ1995PTC027798	Lifecare Emergency Centre Private Limited	Director	09-06-05	09-06-05	01-04-08	Active	NO

Name :

Dr. Darshan Chandulal Shah

Designation :

Director

Address :

1/4, Nirav Complex, Near Navrang High School, Narangpura, Ahmedabad – 380 014, Gujarat, India

Date of Appointment :

09.06.2005

DIN No.:

00077105

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	U85110GJ2000PTC038003	Nulife Criticare Associates Private Limited	Director	05-10-01	05-10-01	-	Active	NO
2	U85110GJ2005PTC046228	Lifecare Institute of Medical Sciences and Research Private Limited	Director	09-06-05	09-06-05	-	Active	NO
3	U67120GJ1995PTC027798	Lifecare Emergency Centre Private Limited	Director	09-06-05	09-06-05	01-04-08	Active	NO
4	U93000GJ2008PTC053416	Multispeciality Care Consultants Private Limited	Director	25-11-09	25-11-09	-	Active	NO

Name :

Dr. Sunil Shrikumar Thanvi

Designation :

Director

Address :

Bunglow-2, Tejdhara Bunglows, Scheme-2, Behind Rahul Tower, 100 Feet Road, Off Shyamal Crossing, Ahmedabad – 380 015, Gujarat, India

Qualification :

M.B.B.S.
M.D.(Medicine)
D.M.(Cardiology)

Date of Appointment :

24.05.2006

DIN No.:

00536982

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	U85110GJ2005PTC046228	Lifecare Institute of Medical Sciences and Research Private Limited	Director	24-05-06	24-05-06	-	Active	NO
2	U67120GJ1995PTC027798	Lifecare Emergency Centre Private Limited	Director	24-05-06	24-05-06	01-04-08	Active	NO

Name :

Dr. Rashmit Govindbhai Pandya

Designation :

Director

Address :

Block – O, 204, Abhishek Apartment, Opposite Ganesh High School, Near Vyas Vadi, Nava Vadaj, Ahmedabad – 380 013, Gujarat, India

Qualification :

M.B.B.S.
M.D.(Medicine)
D.M.(Cardiology)
D.N.B.(Cardiology)

Date of Appointment :

24.05.2006

DIN No.:

00267881

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	U85110GJ2005PTC046228	Lifecare Institute of Medical Sciences And Research Private Limited	Director	24-05-06	24-05-06	-	Active	NO
2	U67120GJ1995PTC027798	Lifecare Emergency Centre Private Limited	Director	24-05-06	24-05-06	01-04-08	Active	NO
3	U85110GJ2005PTC045702	Advanced Cardiovascular Care Private Limited	Additional director	08-07-10	08-07-10	-	Active	NO

Name :

Dr. Dushyant Himmatbhai Balat

Designation :

Director

Address :

B/17, Indraprashtha Apartment, B/H Chief Justice Bunglow, Opposite Prestige Tower, Ahmedabad – 380 054, Gujarat, India

Qualification :

M.B.B.S.
M.D.(Medicine)

Date of Appointment :

24.05.2006

DIN No.:

00268320

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	U85110GJ2005PTC046228	Lifecare Institute of Medical Sciences And Research Private Limited	Director	24-05-06	24-05-06	-	Active	NO
2	U67120GJ1995PTC027798	Lifecare Emergency Centre Private Limited	Director	24-05-06	24-05-06	01-04-08	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders (Equity Shares)	No. of Shares
Deepak N. Vora	2500
Sameer I. Dani	2500
Surendra Dwivedi	2500
Darshan C. Shah	2500
Total	10000

Names of Shareholders (Preference Shares - Redeemable Non Cumulative)	No. of Shares
Pravinbhai Gajjar	1000
Total	1000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Subject is a primarily a diagnostic and treatment center providing medical care boarding and lodging, and nursing for cure of disease, illness, or injury to inpatients and may be, outpatients and emergency patients, health care, hospitals.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v ABN Amro Bank NV, 3^rd Floor, Hansalaya Building, 15, Barakhamba Road, New Delhi – 110 001, India

v ICICI Bank Limited

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
A) Term Loan from GE Capital Services India Limited (Against security of some equipments and personal guarantee of some directors and an associate company)	8.936	0.699
B) Term Loan from ICICI Bank Limited (Against security of CathLab Machine and personal guarantee of some directors)		14.230
C) Term Loan from ABN Amro Bank (Against security of CathLab Machine and personal guarantee of some directors)		0.400
Total	8.936	15.329

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
A) Unsecured term loan from ICICI Bank against purchase of Equipment	9.894
- RAPG Machine		0.256
- IABP Machine		0.390
- X-Ray Machine		0.061
B) Unsecured Personal loan to Directors form Bank and NBFC’s (Repayment of Principal and interest re-imb on actuals to Directors/ Doctors)		15.073
C) Intercorporate Deposits		1.700
D) Unsecured loan from a Director		0.100
Total	9.894	17.580

Banking Relations :	--
Auditors :
Name :	Kashiparekh and Associates Chartered Accountants
Address :	Ground Floor, Akshay Apartment, Old High Court Lane, Ashram Road, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-26586770/ 26585770
Fax No.:	91-79-26585770
E-Mail :	kashiparekh@hotmail.com
Income-tax PAN of auditor or auditor's firm :	AADFK5903H

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
99000	Equity Shares	Rs.10/- each	Rs.0.990 million
1000	Preference Shares	Rs.10/- each	Rs.0.010 million
	Total		Rs.1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million
1000	Preference Shares	Rs.10/- each	Rs.0.010 million
	Total		Rs.0.110 million

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		0.110	0.110	0.110
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		7.940	0.000	0.000
4] (Accumulated Losses)		0.000	(1.433)	(1.092)
NETWORTH		8.050	(1.323)	(0.982)
LOAN FUNDS
1] Secured Loans		8.936	15.329	21.661
2] Unsecured Loans		9.894	17.580	23.867
TOTAL BORROWING		18.830	32.909	45.528
DEFERRED TAX LIABILITIES		5.991	6.316	5.136
TOTAL		32.871	37.902	49.682
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.841	42.294	47.576
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	6.810	7.118	3.207
	Cash & Bank Balances	2.151	1.490	2.469
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	11.901	8.084	7.128
Total Current Assets		20.862	16.692	12.804
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.517	17.375	8.617
	Other Current Liabilities		2.997	1.522
	Provisions	1.317	0.717	0.567
Total Current Liabilities		25.834	21.089	10.706
Net Current Assets		(4.972)	(4.397)	2.098
MISCELLANEOUS EXPENSES		0.002	0.005	0.008
TOTAL		32.871	37.902	49.682

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Hospitalisation, Investigation and Treatment Charges	144.228	141.726	127.084
		Interest		0.000	0.234
		Miscellaneous Income		0.112	0.308
		Foreign Exchange Fluctuation Gain		0.000	0.338
		TOTAL (A)	144.228	141.838	127.964
Less	EXPENSES
		Operating Expenses	135.705	98.852	88.427
		Salaries and Other Expenses		30.618	27.811
		Preliminary Expenses Written off		0.002	0.002
		TOTAL (B)	135.705 (including interest and depreciation)	129.472	116.240
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			12.366	11.724
				4.377	4.020
Less	INTEREST EXPENSES (D)
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			7.989	7.704
Less/ Add	DEPRECIATION/ AMORTISATION (F)			7.000	5.092
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		8.523	0.989	2.612
Less	TAX (H)		(0.851)	1.330	3.979
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		9.374	(0.341)	(1.367)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1.433)	(1.092)	0.275
	BALANCE CARRIED TO THE B/S		7.941	(1.433)	(1.092)
	Earnings Per Share (Rs.)		937.00	(34.00)	(137.00)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	6.50	(0.24)	(1.07)
Net Profit Margin (PBT/Sales)	(%)	NA	0.70	0.02
Return on Total Assets (PBT/Total Assets}	(%)	14.52	1.68	4.33
Return on Investment (ROI) (PBT/Networth)		1.06	(0.75)	(2.66)
Debt Equity Ratio (Total Liability/Networth)		5.55	(40.81)	(57.26)
Current Ratio (Current Asset/Current Liability)		0.81	0.79	1.20

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U85110GJ2005PTC046228
Name of the company	LIFECARE INSTITUTE OF MEDICAL SCIENCES AND RESEARCH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Lifecare Emergency Centre, 1, Nathalal Colony, Sardar Patel Colony, Naranpura, Ahmedabad – 380 014, Gujarat, India
Type of charge	Movable Property Other (Medical Equipment)
Particular of charge holder	ABN Amro Bank NV, 3^rd Floor, Hansalaya Building, 15, Barakhamba Road, New Delhi – 110 001, India E-Mail: ncn.roc@in.abnamro.com
Nature of description of the instrument creating or modifying the charge	Facility cum Hypothecation Agreement
Date of instrument Creating the charge	02.04.2008
Amount secured by the charge	Rs.0.800 million
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Interest @ 0.22% p.a. Terms of Repayment: Repayable in 24 Installments of Rs.0.033 million each Margin: Margin Money of Rs.0.500 million contributed by the Customer Extent and Operation of the charge: First and Exclusive charge on the assets financed by the way of Facility cum Hypothecation Agreement.
Short particulars of the property charged	1 NOS. ESAOTE COLOR DOPPLER MY LAB 20/30 (DETAILS AS PER MFR INVOICES) LOAN NO. 9467170 [Location of Asset: Same as registered address]

FIXED ASSETS:

v Medical Equipments and Machinery

v Air Conditioners

v Office Equipments

v Computers

v Furniture and Fixtures

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.47.80
UK Pound	1	Rs.75.16
Euro	1	Rs.65.11

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
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	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.