MIRA INFORM REPORT

Report Date :

19.11.2012

IDENTIFICATION DETAILS

Name :	SWETA PHARMA PRIVATE LIMITED
Registered Office :	Dalamal House, 4^th Floor, Nariman Point, Mumbai – 400 021, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.06.1981
Com. Reg. No.:	11-024656
Capital Investment / Paid-up Capital :	Rs.0.222 million
CIN No.: [Company Identification No.]	U24239MH1981PTC024656
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Pharmaceutical Products such as Chemicals, Drugs etc.
No. of Employees :	9 (Approximately) ( In Office)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 17000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some external borrowings recorded by the company which exceeds the networth. However, trade relations are reported as 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

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 :	Dalamal House, 4^th Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22010336
Fax No.:	91-22-22076974
E-Mail :	khimani@amoliindia.com
Area :	1100 sq ft
Location:	Owned
Corporate Office :	11/12, Mansoor Building, 98, Princess Street, Mumbai – 400 002, Maharashtra, India
Location:	Owned

DIRECTORS

As on 14.09.2012

Name :

Mr. Manish Umed Doshi

Designation :

Director

Address :

1202, Chandan Bala Apartments, 4, R.R. Thakkar Marg, Walkeshwar, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

07.10.1961

Date of Appointment :

12.08.1997

DIN No. :

00210389

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	U24231MH1982PTC224236	UMEDICA LABORATORIES PRIVATE LIMITED	Director	05/01/1982	05/01/1982	-	Active	NO
2	U67120MH1991PTC060393	TOLSTOY INVESTMENTS PRIVATE LIMITED	Director	19/03/1991	19/03/1991	-	Active	NO
3	U24231GJ1991PTC016288	AMOLI ORGANICS PRIVATE LIMITED	Director	15/10/1994	15/10/1994	-	Active	NO
4	U99999MH1958PTC011058	URANUS ELECTRO TECHNIK PRIVATE LIMITED	Director	10/07/1995	10/07/1995	-	Active	NO
5	U24239MH1981PTC024656	SWETA PHARMA PRIVATE LIMITED	Director	12/08/1997	12/08/1997	-	Active	NO
6	U24117GJ1999PTC035456	SUJAG FINE CHEMICALS PRIVATE LIMITED	Director	19/02/1999	19/02/1999	-	Active	NO
7	U24239MH1989PTC051908	AGRIGUARD MANUFACTURING PRIVATE LIMITED	Director	27/12/1999	27/12/1999	-	Active	NO
8	U24231GJ1988PTC010742	BROMOFINE CHEM PRIVATE LIMITED	Director	26/12/2000	26/12/2000	-	Active	NO
9	U72900MH2004PTC144104	AMOLI INFOTECH PRIVATE LIMITED	Director	20/01/2004	20/01/2004	-	Active	NO
10	U51909MH2003PTC142648	KMI BUSINESS TECHNOLOGIES PRIVATE LIMITED	Director	17/08/2004	17/08/2004	-	Active	NO
11	L45200PN1991PLC129428	KOLTE-PATIL DEVELOPERS LIMITED	Director	04/07/2007	26/12/2006	-	Active	NO
12	U67110MH2009PTC191826	AMOLI INVESTMENT SERVICES PRIVATE LIMITED	Director	18/04/2009	18/04/2009	-	Active	NO
13	U70102MH2009PTC191879	AMOLI PROPERTIES PRIVATE LIMITED	Director	21/04/2009	21/04/2009	-	Active	NO
14	U67100MH2009PTC192008	UMEDICA INVESTMENT SERVICES PRIVATE LIMITED	Director	24/04/2009	24/04/2009	-	Active	NO
15	U70102MH2009PTC192006	UMEDICA PROPERTIES PRIVATE LIMITED	Director	24/04/2009	24/04/2009	-	Active	NO
16	U85199PN2005PTC020895	STEMONE BIOLOGICALS PRIVATE LIMITED	Director	26/06/2010	26/06/2010	-	Active	NO

Name :

Mrs. Vandana Manish Doshi

Designation :

Director

Address :

1202, Chandan Bala Apartments, 4, R.R. Thakkar Marg, Walkeshwar, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

23.08.1962

Date of Appointment :

20.03.1985

DIN No. :

00211618**

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	U24239MH1981PTC024656	SWETA PHARMA PRIVATE LIMITED	Director	20/03/1985	20/03/1985	-	Active	NO
2	U67120MH1991PTC060393	TOLSTOY INVESTMENTS PRIVATE LIMITED	Director	19/03/1991	19/03/1991	-	Active	NO
3	U24231GJ1991PTC016288	AMOLI ORGANICS PRIVATE LIMITED	Director	19/09/1991	19/09/1991	-	Active	NO
4	U99999MH1978PTC020156	URANUS ELECTRONICS PRIVATE LIMITED	Director	07/03/1996	07/03/1996	-	Active	NO
5	U72900MH2004PTC144104	AMOLI INFOTECH PRIVATE LIMITED	Director	20/01/2004	20/01/2004	-	Active	NO
6	U67190MH2005PTC155528	APE-AAN FINSER PRIVATE LIMITED	Director	22/08/2005	22/08/2005	-	Active	NO
7	U67110MH2009PTC191826	AMOLI INVESTMENT SERVICES PRIVATE LIMITED	Director	18/04/2009	18/04/2009	-	Active	NO
8	U70102MH2009PTC191879	AMOLI PROPERTIES PRIVATE LIMITED	Director	21/04/2009	21/04/2009	-	Active	NO
9	U67100MH2009PTC192008	UMEDICA INVESTMENT SERVICES PRIVATE LIMITED	Director	24/04/2009	24/04/2009	-	Active	NO
10	U70102MH2009PTC192006	UMEDICA PROPERTIES PRIVATE LIMITED	Director	24/04/2009	24/04/2009	-	Active	NO

**DIN has been disabled, Form 32 needs to be filed for same.

Name :

Mr. Bimal Kumar Shantilal Doshi

Designation :

Director

Address :

Chandan Bala Apartments, 4, R.R. Thakkar Marg, Walkeshwar, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

24.01.1964

Date of Appointment :

02.09.2003

DIN No. :

00978718

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	U24239MH1981PTC024656	SWETA PHARMA PRIVATE LIMITED	Director	02/09/2003	02/09/2003	-	Active	NO
2	U24230MH2003PTC142463	NOVO EXCIPIENTS PRIVATE LIMITED	Director	14/06/2011	14/06/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 14.09.2012

Names of Shareholders	No. of Shares
Manish U. Doshi HUF	100
Vandana M. Doshi	1702
Indu Umed Doshi	100
Manish U. Doshi	100
Sweta U. Doshi	5
Amoli Manish Doshi	213
Total	2220

As on 14.09.2012

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

BUSINESS DETAILS

Line of Business :

Trader of Pharmaceutical Products such as Chemicals, Drugs etc.

GENERAL INFORMATION

No. of Employees :

9 (Approximately) ( In Office)

Bankers :

Indian Overseas Bank, Merchant Chamber, Ground Floor, Opposite SNDT College, New Marine Lines, Mumbai – 400 020, Maharashtra, India

Facilities :

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Unsecured Loans – From Directors	5.838	8.568
Other Loans and Advances	1.926	1.590
SHORT TERM BORROWINGS
Other Loans and Advances
Indian Overseas Bank	1.274	1.460
Indian Overseas Bank	0.010	0.011
Short Term-Loans and Advances from Related Parties
Bharat Mercantile Company	0.500	0.500
Mona B. Doshi	0.526	0.023
Sweta U. Doshi	0.112	0.112
Total	10.186	12.264

Short Term Borrowings

Note:

Cash Credit facility from Indian Overseas Bank is secured against collateral security of stock and book debts upto 60 days. The facility is also sanctioned against the personal guarantee of both the directors.

Banking Relations :	--
Auditors :
Name :	Pradip Shah and Associates Chartered Accountants
Address :	F. No.4, Sunbean Chambers, Sir V. Thakersey Marg, Marine Lines, Mumbai – 400 020, Maharashtra, India
Tel. No.:	91-22-66550627/ 0628
Fax No.:	91-22-22091716
Income-tax PAN of auditor or auditor's firm :	AADPS8414P
Enterprises influenced by Key Management Personnel and their relatives :	v Bharat Mercantile Company v Amoli Organics Private Limited v Umedica Laboratories Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs.0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2220	Equity Shares	Rs.100/-each	Rs.0.222 million

Reconciliation of shares outstanding at the beginning and at the end of the year:

Particulars	31.03.2012
	Number of shares	Amount (Rs. in millions)
At the beginning of the year	2220	0.222
Addition during the year	0	0.000
Deductions during the year	0	0.000
Outstanding at the end of the year	2220	0.222

Details of shareholders holding more than 5% shares in the company:

Name of Shareholders	As at 31.03.2012
	No. of Shares	% of Holding
Vandana M. Doshi	1702	76.67
Amoli M. Doshi	213	9.59

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.222	0.222	0.222
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.031	2.776	1.492
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4.253	2.998	1.714
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		10.186	12.264	11.569
TOTAL BORROWING		10.186	12.264	11.569
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		14.439	15.262	13.283
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.278	0.331	0.352
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.010	0.010	0.010
DEFERRED TAX ASSETS		0.012	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.817	2.682	2.513
	Sundry Debtors	12.536	6.674	11.837
	Cash & Bank Balances	0.181	0.257	0.052
	Other Current Assets	22.746	22.387	0.000
	Loans & Advances	0.197	0.256	18.741
Total Current Assets		47.477	32.256	33.143
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	29.044	12.574	17.305
	Other Current Liabilities	0.879	2.379	2.134
	Provisions	3.415	2.382	0.783
Total Current Liabilities		33.338	17.335	20.222
Net Current Assets		14.139	14.921	12.921
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		14.439	15.262	13.283

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Sale of Products	24.967	19.433	44.690
		Other Operating Revenue	13.508	6.091	9.334
		Other Income	0.023	0.121	0.058
		TOTAL	38.498	25.645	54.082
Less	EXPENSES
		Office Expenses	NA	23.759	52.195
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	23.759	52.195
	PROFIT BEFORE TAX		NA	1.886	1.887
Less	TAX		NA	0.602	0.427
	PROFIT AFTER TAX		1.254	1.284	1.460
	EARNINGS IN FOREIGN CURRENCY
		Other Sales	NA	19.433	44.041
	TOTAL EARNINGS		NA	19.433	44.041
	IMPORTS
		Traded Goods	8.020	7.392	NA
	TOTAL IMPORTS		8.020	7.392	NA
	Earnings / (Loss) Per Share (Rs.)		564.86	578.38	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.26	5.01	2.70
Net Profit Margin (PBT/Sales)	(%)	NA	9.71	4.22
Return on Total Assets (PBT/Total Assets}	(%)	NA	5.79	5.63
Return on Investment (ROI) (PBT/Networth)		NA	0.63	1.10
Debt Equity Ratio (Total Liability/Networth)		10.23	9.87	18.55
Current Ratio (Current Asset/Current Liability)		1.42	1.86	1.64

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	Yes
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 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	No
16) Details of sister concerns	Yes
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) 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

BANKERS CHARGES REPORT AS PER REGISTRY:

Corporate identity number of the company	U24239MH1981PTC024656
Name of the company	SWETA PHARMA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Dalamal House, 4^th Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India E-Mail : khimani@amoliindia.com
This form is for	Creation of charge
Type of charge	Book Debts Movable property (not being pledge)
Particular of charge holder	Indian Overseas Bank, Merchant Chamber, Ground Floor, Opposite SNDT College, New Marine Lines, Mumbai – 400 020, Maharashtra, India E-Mail: marinbr@mummrc01.iobnet.co.in
Nature of instrument creating charge	Letter of Hypothecation (For securing Machineries/Vehicles/Goods/Book-Debts).
Date of instrument Creating the charge	26.04.2011
Amount secured by the charge	Rs.8.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest : Cash Credit: Base Rate + 3.75%. Terms of repayment : As per Sanction Letter. Margin : Letter of Credit-Inland and Foreign (DP/DA upto 90 days):- 25% Sublimit- Clean Cash Credit against Stock and Book Debts (upto 60 days):- 25% on Stock and 50% on Book Debts. Extent and operation of the charge : Exclusive charge by hypothecation of Documents of title to goods /accepted hundies / stock / Book debts present and future. Others : Letter of Credit facility of Rs.8.000 millions with sub-limit Clean Cash Credit of Rs.0.500 million.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Exclusive charge by hypothecation of Documents of title to goods /accepted hundies / stock / Book debts present and future

FIXED ASSETS:

v Air Conditioner

v Motor Car

v Computer

v Fax Machine

v Printer

v Vehicle

v Furniture

v Fingerprint Machine

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.54.99
UK Pound	1	Rs.87.21
Euro	1	Rs.70.22

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		32

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.