MIRA INFORM REPORT

Report Date :

11.12.2012

IDENTIFICATION DETAILS

Name :	THERMO ELECTRON INDIA PRIVATE LIMITED
Registered Office :	403-404, B Wing, Delphi, Hiranandani Business Park, Powai, Mumbai – 400076, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.08.2001
Com. Reg. No.:	11-226815
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U29196MH2001PTC226815
TAN No.: [Tax Deduction & Collection Account No.]	PNET01675C
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Scientific Instruments.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 492000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. 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 – 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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office :	403-404, B Wing, Delphi, Hiranandani Business Park, Powai, Mumbai – 400076, Maharashtra, India
Tel. No.:	91-22-66803081
Fax No.:	91-22-66803001
E-Mail :	arvind.sonawane@thermofisher.com
Website :	http://www.thermofisher.com
Branch Office :	101-102, Pride Portal, Shivaji Housing Society, Opposite Senapati Bapat Road, Pune – 411016, Maharashtra, India
Tel. No.:	91-20-66267000
Fax No.:	91-20-66267001
Location :	Rented

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Arvind Raghunath Sonawane

Designation :

Director

Address :

Flat no. B-11003, Shreeji Ville Opposite Nitin Casting Company, Panchpakhadi, Thane – 400602, Maharashtra, India

Date of Birth/Age :

01.06.1951

Qualification :

LLB, ACS

Experience :

36 Years

Date of Appointment :

27.09.2008

DIN No.:

00312102

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	U99999MH1973PTC016767	KODAK INDIA PRIVATE LIMITED	Director	23/07/2004	23/07/2004	26/05/2007	Active	NO
2	U74999MH1953NPL009038	TRADE MARKS, PATENTS, DESIGNS AND COPYRIGHT OWNERS ASSOCIATION OF INDIA	Director	27/09/2006	27/09/2006	-	Dissolved	NO
3	U29199MH2006PTC165303	CARESTREAM HEALTH INDIA PRIVATE LIMITED	Director	06/11/2006	06/11/2006	30/04/2007	Active	NO
4	U29196MH2001PTC226815	THERMO ELECTRON INDIA PRIVATE LIMITED	Director	27/09/2008	11/09/2008	-	Active	NO
5	U33112MH2005PTC157018	COLE-PARMER INDIA PRIVATE LIMITED	Director	30/09/2008	15/09/2008	-	Active	NO
6	U73100MH2000PTC126872	THERMO FISHER SCIENTIFIC INDIA PRIVATE LIMITED	Director	31/12/2008	28/09/2008	-	Active	NO
7	U74999MH1997PTC204381	KENDRO LABORATORY PRODUCTS INDIA PRIVATE LIMITED	Director	30/07/2009	07/10/2008	-	Active	NO
8	U73100GJ2006PTC047438	FISHER BIOPHARMA SERVICES (INDIA) PRIVATE LIMITED	Director	29/09/2009	13/07/2009	-	Active	NO
9	U41000MH2008FTC184515	TKA INDIA PRIVATE LIMITED	Director	16/09/2011	12/04/2011	-	Active	NO
10	U51500MH2005PTC155218	DIONEX (INDIA) PRIVATE LIMITED	Director	27/06/2011	27/06/2011	-	Active	NO
11	U51909DL2010FTC202101	PHADIA INDIA PRIVATE LIMITED	Additional director	25/11/2011	25/11/2011	-	Active	NO

Name :

Mr. Amit Chopra

Designation :

Managing Director

Address :

Flat No. 702/802, Building No. 32, Sector 54-56-58, Seawood Estate, NRI Complex, Nerul, Navi Mumbai – 400706, Maharashtra, India

Date of Birth/Age :

02.12.1965

Qualification :

MBA

Date of Appointment :

30.09.2011

DIN No.:

01829073

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	U74999MH1997PTC204381	KENDRO LABORATORY PRODUCTS INDIA PRIVATE LIMITED	Director	18/06/2009	16/12/2007	Active	NO
2	U73100MH2000PTC126872	THERMO FISHER SCIENTIFIC INDIA PRIVATE LIMITED	Managing director	07/03/2011	26/03/2009	Active	NO
3	U33112MH2005PTC157018	COLE-PARMER INDIA PRIVATE LIMITED	Director	30/09/2011	07/03/2011	Active	NO
4	U29196MH2001PTC226815	THERMO ELECTRON INDIA PRIVATE LIMITED	Director	30/09/2011	07/03/2011	Active	NO
5	U41000MH2008FTC184515	TKA INDIA PRIVATE LIMITED	Director	16/09/2011	12/04/2011	Active	NO
6	U73100GJ2006PTC047438	FISHER BIOPHARMA SERVICES (INDIA) PRIVATE LIMITED	Director	29/09/2011	03/06/2011	Active	NO
7	U51500MH2005PTC155218	DIONEX (INDIA) PRIVATE LIMITED	Director	27/06/2011	27/06/2011	Active	NO
8	U51909DL2010FTC202101	PHADIA INDIA PRIVATE LIMITED	Additional director	25/11/2011	25/11/2011	Active	NO

Name :

Mr. Narendra V. Arora

Designation :

Director

Address :

201, A-Wing, Hillgranpe Co-operative Housing Society, Hiranandani Estate, Ghodbunder Road, Thane – 400607, Maharashtra, India

Date of Birth/Age :

11.05.1971

Qualification :

CA

Experience :

16 Years

Date of Appointment :

29.09.2012

DIN No.:

02666326

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	U73100MH2000PTC126872	THERMO FISHER SCIENTIFIC INDIA PRIVATE LIMITED	Director	30/09/2009	22/05/2009	Active	NO
2	U51500MH2005PTC155218	DIONEX (INDIA) PRIVATE LIMITED	Director	27/06/2011	27/06/2011	Active	NO
3	U74999MH1997PTC204381	KENDRO LABORATORY PRODUCTS INDIA PRIVATE LIMITED	Director	30/09/2011	25/08/2011	Active	NO
4	U41000MH2008FTC184515	TKA INDIA PRIVATE LIMITED	Director	16/09/2011	25/08/2011	Active	NO
5	U29196MH2001PTC226815	THERMO ELECTRON INDIA PRIVATE LIMITED	Director	29/09/2012	11/10/2011	Active	NO
6	U51909DL2010FTC202101	PHADIA INDIA PRIVATE LIMITED	Additional director	19/04/2012	19/04/2012	Active	NO
7	U33112MH2005PTC157018	COLE-PARMER INDIA PRIVATE LIMITED	Director	29/09/2012	27/06/2012	Active	NO

Name :

Mr. Sudarshan Krishna Rao

Designation :

Director

Address :

J-901, Spring Valley, Off Magarpatta Road, Pune – 411028, Maharashtra, India

Date of Birth/Age :

23.08.1967

Qualification :

B.E. (Electrical)

Experience :

23 Years

Date of Appointment :

27.09.2008

DIN No.:

01947031

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	U29196MH2001PTC226815	THERMO ELECTRON INDIA PRIVATE LIMITED	Director	27/09/2008	26/11/2007	Active	NO

Name :

Mr. Rajendra Kamalakar Joshi

Designation :

Director

Address :

662/1+2, C-53, Chintamani Residency, Chaitraben, Bibwewadi, Pune – 400037, Maharashtra, India

Date of Birth/Age :

03.05.1970

Qualification :

Mechanical Engineer

Experience :

22 Years

Date of Appointment :

27.09.2008

DIN No.:

01946388

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	U29196MH2001PTC226815	THERMO ELECTRON INDIA PRIVATE LIMITED	Director	27/09/2008	01/10/2007	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

SHAREHOLDING DETAILS NOT AVAILABLE

BUSINESS DETAILS

Line of Business :	Trader of Scientific Instruments.
Terms :
Selling :	L/C and Credit 30 Days
Purchasing :	L/C and Credit 30 Days

GENERAL INFORMATION

Customers :

End Users and Contracted Dealers

No. of Employees :

20 (Approximately)

Bankers :

Not Available

Facilities :

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Loan from Gamma – Metrics India	3.117	3.117
Total	3.117	3.117

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Holding Company :	Thermo Fisher India Holding BV, Netherlands
Ultimate Holding Company :	Thermo Fisher Scientific Inc., USA
Other Related Parties with whom transaction have taken place during the year :	Ø Thermo Fisher Scientific Messtechnik GmbH Ø Thermo Fisher Scientific, Minneapolis Ø Thermo Electron (Karlsruhe) GmbH Ø Thermo Fisher Scientific, Sandiego Ø Thermo Gamma Metrics Pty Limited, Adelaide Ø Thermo EGS Gauging Inc., Wilmington Ø Thermo Radiometrie Limited, Gloucester Ø Thermo Fisher Scientific, Sugarland Ø Gamma Metrics India (Branch of Metrics Systems Corporation, USA) Ø Thermo Fisher Scientific India Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

(A) Reconciliation of number of shares

Particulars	31.03.2012
	Number	Amount
Balance as at the beginning of the year	10000	0.100
Add: Shares issued during the year	--	--
Balance as at the end of the year	10000	0.100

(B) Rights, Preferences and Restrictions attached to Shares

The company has one class of equity shares having a par value of Rs. 10 per share. Each shareholders is eligible for one vote per share held. The dividend proposed by the Board of Director is subject to the approval of the shareholders in the ensuring Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.

(C) Details of shares held by shareholders holding more than 5% of the aggregating shares in the company

Particulars	31.03.2012
Equity Shares	Number	% Holding
Thermo Fisher India Holding BV, Netherlands	9999	99.99

(D) Shares held by Holding Company and ultimate Holding Company

Particulars	Number
9999 Equity Shares of Rs. 10 each are held by Thermo Fisher India Holding BV, Netherlands, the Holding Company	0.099
1 Equity Shares of Rs. 10 each are held by Thermo Fisher Scientific Inc., USA, the Ultimate Holding Company	0.000

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		122.883	80.886
4] (Accumulated Losses)		0.000	0.000
NETWORTH		122.983	80.986
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		3.117	3.117
TOTAL BORROWING		3.117	3.117
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		126.100	84.103
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.155	7.572
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		8.230	9.684
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.398	13.964
	Sundry Debtors	45.492	53.343
	Cash & Bank Balances	39.803	21.032
	Other Current Assets	11.949	5.327
	Loans & Advances	72.896	56.726
Total Current Assets		181.538	150.392
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.933	24.055
	Other Current Liabilities	15.484	52.502
	Provisions	29.406	6.988
Total Current Liabilities		64.823	83.545
Net Current Assets		116.715	66.847
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		126.100	84.103

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income	215.103	184.004
		Other Income	15.197	1.490
		TOTAL (A)	230.300	185.494
Less	EXPENSES
		Purchase of traded goods	64.570	72.737
		Changes in inventories of traded goods	4.433	(5.905)
		Other Expenses	66.786	85.552
		TOTAL (B)	135.789	152.384
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		94.511	33.110
Less	FINANCIAL EXPENSES (D)		1.147	0.251
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		93.364	32.859
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.468	5.266
	PROFIT BEFORE TAX (E-F) (G)		85.896	27.593
Less	TAX (H)		43.899	13.793
	PROFIT AFTER TAX (G-H) (I)		41.997	13.800
	EARNINGS IN FOREIGN CURRENCY
		Commission Income	19.661	13.548
		Service Charges	1.935	2.125
		Export Sales	1.883	1.737
	TOTAL EARNINGS		23.479	17.410
	IMPORTS
		Traded Goods	45.363	47.618
	Earnings Per Share (Rs.)		4199.69	1380.02

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011
PAT / Total Income	(%)	18.24	7.44
Net Profit Margin (PBT/Sales)	(%)	39.93	15.00
Return on Total Assets (PBT/Total Assets}	(%)	47.02	17.47
Return on Investment (ROI) (PBT/Networth)		0.70	0.34
Debt Equity Ratio (Total Liability/Networth)		0.55	1.07
Current Ratio (Current Asset/Current Liability)		2.80	1.80

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FIXED ASSETS:

Ø Leasehold Improvements

Ø Plant and Machinery

Ø Computers

Ø Office Equipments

Ø Furniture and Fixture

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 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. 54.34
UK Pound	1	Rs. 87.09
Euro	1	Rs. 70.13

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--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		52

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.