MIRA INFORM REPORT

Report Date :

17.02.2012

IDENTIFICATION DETAILS

Name :	SAHAJANAND MEDICAL TECHNOLOGIES PRIVATE LIMITED
Registered Office :	Sahajanand Estate, Wakharia Wadi, Nr. Dabholi Char Rasta, Nani Ved, Ved Road, Surat 395004, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.10.2001
Com. Reg. No.:	04-40121
Capital Investment / Paid-up Capital :	Rs.49.384 Millions
CIN No.: [Company Identification No.]	U33119GJ2001PTC040121
TAN No.: [Tax Deduction & Collection Account No.]	SRTS00849C
PAN No.: [Permanent Account No.]	AALFS5210P
Legal Form :	Private Limited Liability Company
Line of Business :	Developer and Manufacturer of minimally invasive coronary stent systems, with one of the broadest product portfolio in the industry.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 987350
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some losses incurred by the company in the current year, however the Networth appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

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

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

LOCATIONS

Registered / Corporate Office :	Sahajanand Estate, Wakharia Wadi, Nr. Dabholi Char Rasta, Nani Ved, Ved Road, Surat 395004, Gujarat
Tel. No.:	91-261-3060606
Fax No.:	91-261-3060607
E-Mail :	contact@sahmed.com dlalkotadia@sahmed.com contact@smtpl.com
Website :	http://www.smtpl.com
Group Company Address:	304 Sahajanand House, Parsi Street, Saiyedpura, Surat – 395 003, Gujarat, India
Tel. No.:	91-261-2451451-58
Fax No.:	91-261-2452458
Factory:	Plot No.168/96/A, Dabhel Industrial Co-Operative Society Limited, Village Dabhel, Daman-396 210, Uttar Pradesh, India
Tel. No.:	91-260-2244151
Fax No.:	91-260-2241136

DIRECTORS

As on 30.09.2011

Name :

Mr. Dhirajlal Vallabhbhai Kotadia

Designation :

Director

Address :

43, Narayanmuni Nagar, Near Swaminarayan Gurukul, Ved Road, Surat – 395 004, Gujarat, India

Date of Birth/Age :

01.01.1958

Qualification :

B.E.

Date of Appointment :

25.03.2004

Din No.:

00013035

Other Directorship :

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
U36912GJ1999PTC035792	Sahajanand Vascular Technoventions Private Limited	Director	16-04-99	16-04-99	-	Strike off	NO
U24231GJ2001PTC039726	Sahajanand Life Sciences Private Limited	Director	02-07-01	02-07-01	-	Active	NO
U85110GJ2000PLC037625	Sahajanand Healthcare Limited	Director	24-01-03	24-01-03	-	Strike off	NO
U33119GJ2001PTC040121	Sahajanand Medical Technologies Private Limited	Director	25-03-04	25-03-04	-	Active	NO
U65910GJ1992PTC017573	Nyalkaran Industries Private Limited	Director	25-03-04	25-03-04	-	Active	NO
U72900GJ1993PTC019133	Sahajanand Technologies Private Limited	Director	25-03-04	25-03-04	-	Active	NO
U33120GJ2010PTC063150	Angiometrix Medequips India Private Limited	Director	06-12-10	06-12-10	-	Active	NO
U85110GJ2011PTC067523	Suayu Health Resorts Private Limited	Director	18-10-11	18-10-11	-	Active	NO

Name :

Mr. Dhirajkumar Savjibhai Vasoya

Designation :

Director

Address :

12-13, Raghuveer Society, Near Govindji Park, Opposite S.V.R. Engineering College, Piplod, Surat – 395017, Gujarat, India

Date of Birth/Age :

03.04.1962

Date of Appointment :

12.05.2006

Din No.:

00013067

Other Directorship :

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
U36912GJ1999PTC035792	Sahajanand Vascular Technoventions Private Limited	Director	31-05-99	31-05-99	-	Strike off	NO
U24231GJ2001PTC039726	Sahajanand Life Sciences Private Limited.	Director	19-08-02	19-08-02	-	Active	NO
U85110GJ2000PLC037625	Sahajanand Healthcare Limited	Director	24-01-03	24-01-03	-	Strike off	NO
U33119GJ2001PTC040121	Sahajanand Medical Technologies Private Limited	Director	12-05-06	12-05-06	-	Active	NO
U36939GJ1998PTC034244	Sahajanand Diamonds Private Limited	Director	12-05-06	12-05-06	-	Strike off	NO
U65910GJ1992PTC017573	Nyalkaran Industries Private Limited	Director	12-05-06	12-05-06	-	Active	NO
U72900GJ1993PTC019133	Sahajanand Technologies Private Limited	Managing director	01-10-08	12-05-06	-	Active	NO
U29199GJ1997PTC032545	Shiv Laser Tech Private Limited	Director	10-09-09	10-09-09	-	Strike off	NO
U33120GJ2010PTC063150	Angiometrix Medequips India Private Limited	Director	06-12-10	06-12-10	-	Active	NO
U85110GJ2011PTC067523	Suayu Health Resorts Private Limited	Director	18-10-11	18-10-11	-	Active	NO

Name :

Mr. Jayantilal Kanubhai Vaghasia

Designation :

Director

Address :

102, Saujanya Apartment, City Light Road, Parle Point, Surat – 395007, Gujarat, India

Date of Birth/Age :

15.04.1974

Date of Appointment :

02.08.2003

Din No.:

00035694

Other Directorship :

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
U33119GJ2001PTC040121	Sahajanand Medical Technologies Private Limited	Director	02-08-03	02-08-03	-	Active	NO
U24231GJ2001PTC039726	Sahajanand Life Sciences Private Limited.	Director	23-09-10	19-11-09	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Sharada D. Kotadia	3750000
Dhirajlal V. Kotadia	38943800
Dhirajkumar S. Vasoya	2135000
Vinodkumar S. Vasoya	2093700
Jitendra Kotadia	70000
Naynaben Vasoya	336000
Debadiprasad Roy	14000
Rahul Gaywala	56000
Hitesh Vachchani	70000
Vallabhbhai Narola	28000
Manish Patel	70000
Sahajanand Technologies Private Limited, India	810300
Vasantben Vasoya	336000
Sanjay Kumar Raina	2000
Sridhar Rauipati	3000
Chetan F. Patel	5000
Rahul M. Gaywala Anita R. Gaywala Abhishek R. Gaywala Abhishek R. Gaywala (Minor)	100000
Alka Manoj Rabadiya	20000
Ramniklal Lavjibhai Thesia	15000
Naveen Maheshwari	20000
Ashit Kumar Sanghrajka	20000
Damera Seshasirirao Damera Vijayalaxmi	20000
Dr. Sameer Indravadan Dani	10000
Varughese George	5000
Dr. Ashish Dubey	5000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	0.10
Bodies corporate	1.54
Directors or relatives of Directors	96.72
Other top fifty shareholders	0.12
Others	1.52
Total	100.00

BUSINESS DETAILS

Line of Business :

Developer and Manufacturer of minimally invasive coronary stent systems, with one of the broadest product portfolio in the industry

Products :

· Infinnium-Core - Eluting Coronary Stent System has a biodegradable · Supralimus-Core - Eluting Coronary Stent System is based on the three powerful · Supralimus - is based on the three powerful tools. The CE approved The Millennium Matrix · Coronnium - (CE approved) Cobalt Chromium Coronary Stent System contains · Infinnium - (CE approved)-Paclitaxel Eluting Coronary Stent System contains · Millennium Matrix - (CE approved) Coronary Stent System contains excellent technical...

PRODUCTION STATUS (31.03.2009 and 31.03.2008)

Particulars	Unit	Installed Capacity		Actual Production
		2009	2008	2009	2008
Bare Stent	Nos.	30000	30000	18706	13734
Crimped Stent	Nos.	21600	19800	--	--
Crimped Stent
a) Mounted Stent	Nos.	--	--	6533	5362
b) Infinnium Stent	Nos.	--	--	4495	3709
c) Supralimus and Supralimus HS	Nos.	--	--	7678	4663

GENERAL INFORMATION

No. of Employees :

200 Approximately

Bankers :

• ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India
• The Sutex Co-operative Bank Limited, 2nd Floor, Surbhi Complex, Near Poona Octroi Naka, Parvat Patia, Surat-394210, Gujarat, India

Facilities :

SECURED LOANS	As on 31.03.2010 (Rs. in millions)	As on 31.03.2009 (Rs. in millions)
From Punjab National Bank
Cash Credit Facility	34.298	55.284
Export packing Credit Facility	19.906	31.234
From ICICI Bank Limited
Term Loan	9.871	39.778
Vehicle Loan	0.571	2.477
From HDFC Bank Limited
Vehicle Loan	1.059	0.674
From Kotak Mahindra Prime Limited
Vehicle Loan	0.452	--
TOTAL	66.157	129.447
UNSECURED LOANS	As on 31.03.2010 (Rs. in millions)	As on 31.03.2009 (Rs. in millions)
From a Director (Interest Free)	0.000	6.400
TOTAL	0.000	6.400

Banking Relations :	--
Auditors :
Name :	Surendra Shah and Associates Chartered Accountants
Address :	7006, 7^th Floor, World Trade Centre, Near Udhna Darwaja, Ring Road, Surat – 395 002, Gujarat, India
Tel. No.:	91-261-2353774 / 2302346 / 3912346 / 6662346
Fax No.:	91-261-2334427
E-Mail :	rajeshshah_surat@hotmail.com
Associates/Subsidiaries :	· Sahajanand Medical Technologies Inc. U K · Sahajanand Medical Technologies Canada Inc. · Sahajanand Medical Technologies Inc USA · Sahajanand Medical Technologies (Europe) Limited
Group Companies :	· Sahajanand Technologies (Private) Limited · Sahajanand Medical Technologies (Private) Limited · Sahajanand Healthcare Limited · Sahajanand Biotech (Private) Limited · Sahajanand Vascular Technoventions Private Limited · Sahajanand Enterprise

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.1/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
49383700	Equity Shares	Rs.1/- each	Rs.49.384 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		49.384	49.175	48.657
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		197.455	115.933	146.422
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		246.839	165.108	195.079
LOAN FUNDS
1] Secured Loans		66.157	129.447	170.275
2] Unsecured Loans		0.000	6.400	6.400
TOTAL BORROWING		66.157	135.847	176.675
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		312.996	300.955	371.754
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		81.626	74.182	69.992
Capital work-in-progress		1.945	23.263	5.322
INVESTMENT		0.000	0.000	0.176
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	43.267	52.414	83.352
	Sundry Debtors	131.388	176.414	186.995
	Cash & Bank Balances	30.847	1.404	0.708
	Other Current Assets	90.532	73.993	72.780
	Loans & Advances	3.058	0.918	0.570
Total Current Assets		299.092	305.143	344.405
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	41.194	42.923
	Other Current Liabilities	11.057	50.127	45.435
	Provisions	17.427	8.762	3.064
Total Current Liabilities		69.678	101.812	48.499
Net Current Assets		229.414	203.331	295.906
MISCELLANEOUS EXPENSES		0.011	0.179	0.358
TOTAL		312.996	300.955	371.754

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	421.262	351.136	400.600
		Other Income	1.999	1.518	0.761
		TOTAL (A)	423.261	352.654	401.361
Less	EXPENSES
		TOTAL (B)	288.915	330.480	360.944
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		134.346	22.174	40.417
Less	FINANCIAL EXPENSES (D)		10.403	19.542	17.442
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		123.943	2.632	22.975
Less/ Add	DEPRECIATION/ AMORTISATION (F)		26.814	28.675	18.857
	PROFIT BEFORE TAX (E-F) (G)		97.129	(26.043)	4.118
Less	TAX (H)		16.508	6.000	3.065
	PROFIT AFTER TAX (G-H) (I)		80.621	(32.043)	1.053
	BALANCE CARRIED TO THE B/S		80.621	(32.043)	1.053
	EARNINGS IN FOREIGN CURRENCY		NA	146.367	188.705
	IMPORTS
		FOB value	NA	80.721	84.869
		Custom Duty	NA	9.011	10.255
		Freight, Insurance and Clearing forwarding Expenses	NA	2.015	2.271
	TOTAL IMPORTS		NA	91.747	97.395
	Earnings Per Share (Rs.)		1.63	(0.66)	0.05

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	18.61	(9.09)	0.26
Net Profit Margin (PBT/Sales)	(%)	23.06	(7.42)	1.03
Return on Total Assets (PBT/Total Assets}	(%)	25.51	(6.87)	0.99
Return on Investment (ROI) (PBT/Networth)		0.39	(0.16)	0.02
Debt Equity Ratio (Total Liability/Networth)		0.55	1.44	1.15
Current Ratio (Current Asset/Current Liability)		4.29	3.00	7.10

LOCAL AGENCY FURTHER INFORMATION

Performance of the Company

The Company registered a good growth during the period ended 31^st March, 2010. The total sales and other revenue at Rs.421.300 Millions were up by 20% when compared to sales of Rs.351.100 millions of the last corresponding period. Profit before Tax (PBT) at Rs.97.100 millions was up when compared to negative PBT of Rs.26.000 millions of the last corresponding periods. Similarly, Profit after Tax (PAT) at Rs.80.600 millions has shown a healthy growth versus the negative PAT of Rs.32 millions for the last corresponding period. This strong financial performance and significant increase in Company’s net profits have been driven by continued business growth and sustained demonstration of cost synergies. The Company continues to retain relatively strong market holding in all its strategic geographic location.

At SMTPL, they are united by their Mission to contribute to human welfare with cardiac products that restore health and extend life for millions of people. In this regard, the directors take great pride to inform that the company has achieved to sell more than 100,000 stents, and thereby saving lives of thousands since inception.

The Company continues to drive on excellence in execution both at the front end of sales operations and the back end of manufacturing processes, which have helped growth and margins. The Company continues to strengthen its brand images by reaching out to various cardiologists, medical practitioners and other stakeholders in various forums and seminars.

During the year, the Company has also decided to expand manufacturing facility at Surat, SEZ Sachin to help support the increasing demand for their products. The Directors are pleased to inform you that the setting up of new plant in favorable tax zones and the expansion of manufacturing capacities are in line with the continuing growth of the coronary stent markets as demonstrated in the current year. This also supports the Company’s commitment to invest and grow to provide high quality and cost effective healthcare.

The year was therefore, at the strategic level marked by a year of unperturbed enthusiasm and the careful charting of a course for the company for the next coming years. The main elements are on the one hand a careful assessment of what had been achieved, on the other hand the development and adoption of strategy to truly establish itself as one of the biggest multi national player of India in cardiac industry.

Business

The coronary stent industry witnessed double digit growth in India. The Company continued its endeavor to provide high quality products and retained its market share by withstanding ever increasing heightened competition from multi national companies as well as other local players. The company was also successful in gaining outstanding growth in its commercially available DES products in India except Infinnium. Sales of Infinnium suffered on account cardiologist preference over sirolimus drug instead of paclitaxel based infinnium sterns. The market is slowly moving from BMS to DES stents. Even with the decreasing demand for BMS, the company achieved noticeable growth in its BMS products.

The international market also showed signs of recovery and the company achieved substantial revenue growth in its key markets like Brazil, Argentina and Cyprus.

FORM 8

This form is for	Creation of charge
Corporate identity number of the company	U33119GJ2001PTC040121
Name of the company	SAHAJANAND MEDICAL TECHNOLOGIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	304, Sahajanand House, Parsi Street, Saiyedpura, Surat – 395003, Gujarat, India
Type of charge	Book Debts Movable Property Floating Charge Fixed deposit
Particular of charge holder	ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India Email Id : jyotin.mehta@icicibank.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation dated 6th July, 2007 executed by Sahajanand Medical Technologies Private Limited in favour of ICICI Bank Ltd. for Rs. 300.000 million
Date of instrument Creating the charge	06.07.2007
Amount secured by the charge	Rs.300.000 Millions

FIXED ASSETS

· Building

· Plant and Machinery

· Office Equipments

· Computers

· Furniture and Fixtures

· Vehicles

· Leasehold Improvements

· Patent

· Computer Software

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.49.21
UK Pound	1	Rs.77.75
Euro	1	Rs.64.58

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		42

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.