MIRA INFORM REPORT

Report Date :

03.08.2012

IDENTIFICATION DETAILS

Name :	LARS MEDICARE PRIVATE LIMITED
Registered Office :	40/52, West Punjabi Bagh, New Delhi-110026
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.11.2005
Com. Reg. No.:	55-142640
Capital Investment / Paid-up Capital :	Rs.27.466 Millions
CIN No.: [Company Identification No.]	U33112DL2005PTC142640
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Medical Disposables.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 210000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	D (Long Term)
Rating Explanation	This rating are in default or expected to be in default soon.
Date	24.04.2012

Rating Agency Name	CRISIL
Rating	D (Short Term)
Rating Explanation	This rating are in default or expected to be in default on maturity.
Date	24.04.2012

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered / Head Office :	40/52, West Punjabi Bagh, New Delhi-110026, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	accounts@larsmedicare.com
Website:	http://www.larsmedicare.com
Factory :	Killa 16 and 17, Sultanpur Village, 42 and 43 Mile Stone, NH-1, Bahalgarh Chowk, District Sonipat-131021, Haryana, India
Tel. No.:	91-130-2381184
Fax No.:	91-130-2381186
Email:	plant@larsmedicare.com
Marketing Office :	28, Central Market, 3rd Floor, West Punjabi Bagh, New Delhi-110026, India
Tel. No.:	91-11-25225541
Fax No.:	91-11-45652878
Email:	sales@larsmedicare.com mkt@larsmedicare.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Sanjay Goel

Designation :

Director

Address :

37/5, East Punjabi Bagh, New Delhi-110026, India

Date of Birth/Age :

13.06.1972

Date of Appointment :

17.11.2005

Din No.:

00039965

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1994PLC063407	MEDI PLUS (INDIA) LIMITED	Director	15/09/1998	15/09/1998	31/08/2009	Active	NO
2	U33112DL2005PTC142640	LARS MEDICARE PRIVATE LIMITED	Director	17/11/2005	17/11/2005	-	Active	NO
3	U74999DL2010PTC202423	S G MEDICARE PRIVATE LIMITED	Director	08/05/2010	08/05/2010	-	Active	NO
4	U51103DL2012PTC233801	G AND G PETROCHEM PRIVATE LIMITED	Director	31/03/2012	31/03/2012	-	Active	NO

Name :

Mrs. Shakshi Goel

Designation :

Director

Address :

37/5, East Punjabi Bagh, New Delhi-110026, India

Date of Birth/Age :

15.09.1975

Date of Appointment :

01.12.2009

Din No.:

02827570

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U33112DL2005PTC142640	LARS MEDICARE PRIVATE LIMITED	Additional director	01/12/2009	01/12/2009	Active	NO
2	U74999DL2010PTC202423	S G MEDICARE PRIVATE LIMITED	Director	08/05/2010	08/05/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Leelawati Goel	100
Daljeet Hingorani	20000
Avanta Goel	80200
Renu Gupta	200
S G Medicare Private Limited, India	654100
Sakshi Goel	480500
Sanjay Goel	528200
Sanjay Goel and Sons HUF	902700
Surmya Goel	80600
Total	2746600

As on 01.11.2011

Names of Allottees	No. of Shares
Sakshi Goel	36000
Sanjay Goel	51000
Sanjay Goel and Sons HUF	60000
S G Medicare Private Limited, India	280000
Total	427000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	56.68
Directors or relatives of directors	43.32
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Medical Disposables.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, SME Branch, Naraina Industrial Area, 59, Community Centre, Phase-1, Narayana, New Delhi-110028, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Working Capital Loan
State Bank of India Cash Credit	4.486	(2.724)
State Bank of India SLC	7.534	0.000
State Bank of India Preshipment	27.628	25.084
State Bank of India Bills Discount under Non L/C	4.026	3.194
State Bank of India Bills Discount under L/C	6.803	5.123
Term Loan
State Bank of India Term Loan I	0.813	0.845
State Bank of India Term Loan II	4.055	4.318
State Bank of India Term Loan III	5.690	0.661
State Bank of India Car Loan	0.652	0.000
State Bank of India FNCRB I	14.860	21.093
State Bank of India FNCRB II	5.377	7.941
Total	81.924	65.535
Unsecured Loan
Atulya Techplast Limited	1.500	0.000
Renu Gupta	0.000	0.930
Sleek Pharmaceutical Private Limited	1.635	1.500
Sanjay Goel	0.000	1.270
Sakshi Goel	0.000	1.600
Sanjay Goel and Sons HUF	0.000	1.500
Priya Bansal	1.000	0.000
S G Medicare Private Limited	1.000	0.000
Punit Bansal	1.000	0.000
Gopaljee Enterprises	1.500	0.000
Total	7.635	6.800

Banking Relations :	--
Auditors :
Name :	Anil Khatri and Company Chartered Accountants
Address :	V-2, Rajouri Garden, New Delhi-110027, India
Tel. No.:	91-11-25540320/25163422
E-Mail :	anil@anilkhatri.com
Pan No.:	AATPK7756J

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2746600	Equity Shares	Rs.10/- each	Rs.27.466 Millions

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3173600	Equity Shares	Rs.10/- each	Rs.31.736 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		27.466	25.236	22.327
2] Share Application Money		0.000	0.370	3.800
3] Reserves & Surplus		25.949	15.696	0.081
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		53.415	41.302	26.208
LOAN FUNDS
1] Secured Loans		81.924	65.535	63.011
2] Unsecured Loans		7.635	6.800	6.274
TOTAL BORROWING		89.559	72.335	69.285
DEFERRED TAX LIABILITIES		8.365	5.611	0.171
TOTAL		151.339	119.248	95.664
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		91.192	79.703	69.190
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	32.487	19.928	14.186
	Sundry Debtors	33.294	22.668	12.578
	Cash & Bank Balances	2.452	2.966	0.793
	Other Current Assets	0.768	0.728	0.607
	Loans & Advances	17.026	10.270	3.248
Total Current Assets		86.027	56.560	31.412
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.916	12.150	2.573
	Other Current Liabilities	8.166	1.898	2.180
	Provisions	2.934	3.175	0.361
Total Current Liabilities		26.016	17.223	5.114
Net Current Assets		60.011	39.337	26.298
MISCELLANEOUS EXPENSES		0.136	0.208	0.176
TOTAL		151.339	119.248	95.664

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	164.244	127.485	60.728
		Other Income	3.027	0.947	NA
		TOTAL (A)	167.271	128.432	NA
Less	EXPENSES
		Purchase	73.914	52.550
		Manufacturing Expenses	31.235	21.580
		Personnel Expenses	20.807	15.295	NA
		Administrative Expenses	8.259	5.024
		Selling and Distribution Expenses	4.279	3.772
		TOTAL (B)	138.494	98.221	NA
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		28.777	30.211	14.907
Less	FINANCIAL EXPENSES (D)		8.332	7.434	8.082
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		20.445	22.777	6.825
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.279	5.153	2.855
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		14.166	17.624	3.970
Less	TAX (H)		3.913	5.330	3.331
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		10.253	12.294	0.639
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		12.375	0.081	(0.558)
	BALANCE CARRIED TO THE B/S		22.628	12.375	0.081
	Earnings / (Loss) Per Share (Rs.)		3.73	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.13	9.57	NA
Net Profit Margin (PBT/Sales)	(%)	8.62	13.82	6.54
Return on Total Assets (PBT/Total Assets}	(%)	7.99	12.93	3.95
Return on Investment (ROI) (PBT/Networth)		0.27	0.43	0.15
Debt Equity Ratio (Total Liability/Networth)		2.16	2.17	2.84
Current Ratio (Current Asset/Current Liability)		3.31	3.28	6.14

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes
31) PAN of Proprietor/Partner/Director, if available	No
32) Passport No of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No

BUSINESS OPERATION AND FUTURE OUTLOOK:

Net sales of Rs. 164.200 Millions was achieved for the year ended 31^st March, 2011 (Rs. 127.500 Millions in last Financial Year), registering a growth of 29% during the year. In quantitative terms the Company manufactured 3.15 crores pcs of I V Cannula as against 2.60 crores manufactured in the corresponding previous financial year. However, due to the increase in Raw Material Cost (which was gradually passed to the customer) and overall competition in the Export market, the Company achieved EBITA of Rs. 28.800 Millions for the year as against Rs. 30.200 Millions for the preceding Financial Year.

The Company is committed to its tradition of being cost effective, by responding faster to the changing requirements of the market, by expanding its distribution network and by further strengthening its already strong capital base. The products of the company have received the quality acceptance from both the National and International customers. The Company is mainly manufacturing TV Cannula and its new variants, though had got the designs and samples approved for other products. The new products are expected to achieve good volume by the end of the next year and the future outlook of the Company is reasonably good. The directors are conscious to the need to maintain a healthy growth in future times to come. However, the profitability is closely linked to the competition in the export and domestic market, exchange rate fluctuations and overall economic recovery of the world/country.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10043686
Corporate identity number of the company	U33112DL2005PTC142640
Name of the company	LARS MEDICARE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	40/52, West Punjabi Bagh, New Delhi-110026, India
Type of charge	Book Debts Movable Property [not being pledge] Floating Charge Immovable Property
Particular of charge holder	State Bank of India, SME Branch, Naraina Industrial Area, 59, Community Centre, Phase-1, Narayana, New Delhi-110028, India
Email	suresh.gupta.kumar@gmail.com
Nature of description of the instrument creating or modifying the charge	Letter of Arrangement (SME-1) and Supplemental Agreement of Loan-Cum-Hypothecation (SME-4)
Date of instrument Creating the charge	29.10.2011
Amount secured by the charge	Rs.158.200 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Working Capital: Interest at rate of 1.50% margin above the base rate which is presently 10% p.a. presently effective rate 11.50% p.a. at monthly rests. Term Loan- 17.25% Terms of Repayment Working capital- Repayable on demand. Term Loan- As per Agreement. Margin Fund Based Limits:- a) Raw Materials: Imported- 25%, b) Raw Materials : Indigenous-25%, c) Semi-Finished Goods- 25%, d) Finished Goods- 25%, e) Components / Consumables / Spares- 25%, f) Domestic Receivables (Cover period 90 days)-40%, g) Export Receivables (Cover period 90 days)- 25%, h) Term Loan- 25%, Open term loan- 35% Corporate loan-NIL Non-Fund Based Limits:- a) Letter of Credit (Usance Period 150 days)- 10% b) Bank Guarantees - 10% Extent and Operation of the charge 100% Others The above is to secure Fund -based Limits of Rs. 124.600 Millions and Non Fund based Limits of Rs. 33.600 Millions. Total Limits- Rs. 158.200 Millions. Detail of Limits - As per Letter of Arrangement (SME-1)
Short particulars of the property charged	First charge on the entire current assets of the company. First charge on plant and machinery factory building and other fixed assets purchase out of bank loan. (1) EM of land and building at Kila 16/1/2 (6-10), 17/2 (3-18), 17/1/2 (3-16) and 17/1/1 (0-4) Sultanpur Distt. Sonipat Haryana. (2) Portion of basement at 40/52, Punjabi Bagh, (West) New Delhi in the name of Sakshi Goel. (3) Front site portion of ground floor at 40/52, Punjabi Bagh west, New Delhi owned by Sakshi Goel (1/3 share) Sanjay Goel (2/3 share)
Date of latest modification prior to the present modification	18.02.2011
Particulars of the present modification	Limits Enhanced from Rs. 156.100 Millions to Rs. 158.200 Millions.

CONTINGENT LIABILITIES:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Others	15.460	15.521
Total	15.460	15.521

FIXED ASSETS:

· Plant and Machinery

· Generator

· Air Conditioner

· Books

· Building

· Car

· Clean Room

· Computers and Printers

· Cycle

· Electric Fittings

· Furniture and Fixtures

· Scooter

· Washing Machine

· Laboratories

WEBSITE DETAILS:

PROFILE:

We at LARS Medicare, intend aiming our efforts in establishing ourselves as a leading manufacturer of I.V.

Subject, intend aiming their efforts in establishing their selves as a leading manufacturer of I.V. Cannulae branded "Provein", and a diverse range of medical devices. Their company caring for human lives, they are focused on creating benchmarks of excellence. In their existence in the industry, they continue developing special know-how in the design, development and manufacturing of their product range. The journey to excellence is continuous and they intend to carry forward the spirit and meet the requirements of the medical profession. Their growth approach and aim for large customer network, both domestic and international, as a result of their directed approach towards customer satisfaction through Quality Product, Industry Leading Cost and On-Schedule Deliveries. All of their activities are accredited with an ISO 9001: 2000 certification with CE mark for their growth.

When it comes to manufacturing, they follow well- documented systems and procedures for all their products and adhere to stringent manufacturing practices.

INFRASTRUCTURAL CAPABILITIES:

They had established their contemporary manufacturing facilities at Sonipat, an Industrial town in the state of Haryana (India). This facilitate their connection with the world due to ideal goods and public transport facilities and proximity to the national capital.

In addition to all modern facilities they have an in-house computerized EO Gas Sterilization, complying with EN 550 requirements. The efficiency of every sterilization batch is confirmed by their high-tech laboratory.

The infrastructure shall comprise of clean rooms, with state-of -the-art HVAC system. HEPA filtration, positive pressure, controlled temperature and regulated humidity provide a controlled environment for manufacturing.

Their modern equipment aid to achieve accurate molding and extrusion of components, within close tolerance levels. Some of the machines are being directly imported from overseas to deliver better and reliable products.

They also put to use a state-of-the- art assembly and packing machines, which ensure the consistency in product quality. All their machines are installed keeping in mind, the requirements of clean room. They strive to enhance their market penetration through continuous incorporation of the latest technology.

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.55.77
UK Pound	1	Rs.86.75
Euro	1	Rs.68.32

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		26

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.