MIRA INFORM REPORT

Report Date :

27.10.2012

IDENTIFICATION DETAILS

Name :	ENALTEC LABS PRIVATE LIMITED
Registered Office :	1706, 17^th Floor, Kesar Solitaire, Plot No.5, Sector – 19, Sanpada, Navi Mumbai 400705, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.02.2006
Com. Reg. No.:	11-160020
Capital Investment / Paid-up Capital :	Rs.13.059 Millions
CIN No.: [Company Identification No.]	U73100MH2006PTC160020
TAN No.: [Tax Deduction & Collection Account No.]	MUME06806C
PAN No.: [Permanent Account No.]	AABCE5821H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading in of Pharmaceuticals Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 660000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Scitech Limited’. It is an established company having satisfactory track. Trade relations are reported as decent. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered 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.

LOCATIONS

Registered Office :	1706, 17^th Floor, Kesar Solitaire, Plot No.5, Sector – 19, Sanpada, Navi Mumbai 400705, Maharashtra, India
Tel. No.:	91-22-41707000
Fax No.:	91-22-41707070
E-Mail :	info@enalteclabs.co.in shetty_02@rediffmail.com sbi.06240@sbi.co.in anand.shah@enalteclabs.co.in
Website :	http://www.enalteclabs.co.in
Factory 1 :	Plot No. N-61, MIDC, Additional Ambernath, District Thane, Mumbai – 421506, Maharashtra, India
Factory 2 :	Gat No.204, Nashik-Mumbai Highway, Vadicarhe, Taluka Igatpuri, District Nashik – 422403, Maharashtra, India
Research Lab :	W – 59 A, Additional Ambernath Industrial Area, Anand Nagar, Ambernath (East), Mumbai – 421501, Maharashtra, India

DIRECTORS

As on 29.09.2012

Name :	Mr. Anand Prafulchandra Shah
Designation :	Managing Director
Address :	Flat 1204/1205/1206, Bldg 3, Odyssey Kesar, Harmony Plot 11/12, Sec - 6, Kharghar, Mumbai, 410 210, Maharashtra, India
Date of Birth/Age :	09.03.1973
Date of Appointment :	11.11.2008
DIN No.:	00597145

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	U24230MH2004PTC146489	PHARMA SERV SOLUTIONS PRIVATE LIMITED	Director	24/05/2004	24/05/2004	03/12/2009	Active	NO
2	U24230MH2005PTC153404	GETZ PHARMA RESEARCH PRIVATE LIMITED	Managing director	01/04/2011	18/05/2005	-	Active	NO
3	U73100MH2006PTC160020	ENALTEC LABS PRIVATE LIMITED	Managing director	11/11/2008	11/05/2007	-	Active	NO
4	U24233MH2007PTC171203	PHARMA SERV VENTURES PRIVATE LIMITED	Director	29/05/2007	29/05/2007	10/05/2010	Active	NO
5	U24232MH2007PTC173479	GETZ PHARMA PRIVATE LIMITED	Director	27/08/2007	27/08/2007	-	Active	NO

S

Name :	Mr. Susheel Koul
Designation :	Director
Address :	1601, Bloomingdale, 16th Floor, Hiranandani Estate, GB Road, Thane, 400607, Maharashtra, India
Date of Birth/Age :	01.05.1965
Date of Appointment :	11.11.2008
DIN No.:	00925887

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	U24230MH2004PTC146489	PHARMA SERV SOLUTIONS PRIVATE LIMITED	Director	24/05/2004	24/05/2004	03/12/2009	Active	NO
2	U24230MH2005PTC153516	STANTECH PHARMACEUTICALS PRIVATE LIMITED	Director	26/05/2005	26/05/2005	07/11/2009	Active	NO
3	U24233MH2007PTC171203	PHARMA SERV VENTURES PRIVATE LIMITED	Director	07/11/2008	07/11/2008	10/05/2010	Active	NO
4	U73100MH2006PTC160020	ENALTEC LABS PRIVATE LIMITED	Director	11/11/2008	11/11/2008	-	Active	NO
5	U21098MH2012PTC230335	PRINTLINK PLATES PRIVATE LIMITED	Director	27/04/2012	27/04/2012	-	Active	NO

Name :	Mr. Khalid Mahmood
Designation :	Director
Address :	3013, Sierramills LN, Sacramento, California – 95864, USA
Date of Birth/Age :	07.12.1952
Date of Appointment :	14.11.2008
DIN No.:	02385514

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	U73100MH2006PTC160020	ENALTEC LABS PRIVATE LIMITED	Director	14/11/2008	14/11/2008	-	Active	NO
2	U24230MH2005PTC153404	GETZ PHARMA RESEARCH PRIVATE LIMITED	Director	14/11/2008	14/11/2008	-	Active	NO
3	U24232MH2007PTC173479	GETZ PHARMA PRIVATE LIMITED	Director	30/09/2010	06/10/2009	-	Active	NO

Name :	Mr. Prabir Purkayastha
Designation :	Director
Address :	F - 9, Greenwood City, Sector - 46, Gurgaon - 122001, Haryana, India
Date of Birth/Age :	01.11.1949
Date of Appointment :	15.03.2010
DIN No.:	01126088

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	U74899DL1990PTC040900	SAGRIK PROCESS ANALYSTS PRIVATE LIMITED	Director	30/03/1992	30/03/1992	-	Active	NO
2	U72200DL1993PTC055269	STARTACUS SOFTWARE PRIVATE LIMITED	Director	17/09/1993	17/09/1993	-	Strike off	NO
3	U73100MH2006PTC160020	ENALTEC LABS PRIVATE LIMITED	Director	30/09/2010	15/03/2010	-	Active	NO
4	L74899HR1985PLC034348	KLG SYSTEL LIMITED	Director	24/09/2011	17/01/2011	-	Active	NO

Name :	Mr. Charles Richard Hirschkind
Designation :	Director
Address :	California, California, 94708, United States of America
Date of Birth/Age :	07.10.1957
Date of Appointment :	29.09.2012
DIN No.:	05116062

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Equity Shares

Names of Shareholders	No. of Shares
Scitech Limited	873112
Anand Prafulchandra Shah	149676
Susheel Koul	149676
Siva Kumar	74836
Total	1247300

Preference Shares

Names of Shareholders	No. of Shares
Medtech Limited, UAE	210245
Total	210245

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

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	70.00
Directors or relatives of Directors	30.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading in of Pharmaceuticals Products.

Products :

• Lipid Lowering Agents
• Anti Depressants
• Anti Hypertensive
• Anti Osteoporosis
• Anti Asthmatic
• Anti Platelet
• Anti Spasmodic
• Anti Epileptic
• Anti Biotic
• Opthalmic
• Anti Migraine Agent
• Anti Parkinson
• Anti Diabetics
• Anti Psychotic
• Anti Hyperuricemic

Product Description	Item Code No.:
Moxifloxacin GydrocGloride MonoGydrate Ep	2934 9900
Montelukast Sodium	2993 4990
Rosuvastain Calcium	2942 0090

PRODUCTION STATUS

As on 31.03.2011

Particulars	Quantity
Production	347810

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of India, Konkan Bhavan Branch, CIDCO Bhavan (South Wing), CBD Belapur, Navi Mumbai – 400614, Maharashtra, India
• ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India
• Central Bank of India, 1st Floor, Bajaj Bhavan, Nariman Point, Mumbai-400021, Mumbai - 400021, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loans	31.03.2011	31.03.2010
From Banks
- CC Export Credit	117.463	67.876
- Term Loan (Repayable within one year Rs.15.900 Millions previous year Rs.7.500 Millions) Secured by – i Hypothecation of Current Assets and Plant and Machinery ii Equitable Mortgage of Land and Building	63.600	74.079
- Vehicle Loan (Repayable within one year Rs.1.397 Millions previous year Rs.0.974 Millions) Secured by – i Hypothecation of Vehicles	3.095	4.068
Total	184.158	146.023

Unsecured Loans	31.03.2011	31.03.2010
External Commercial Borrowing from Holding Company	0.000	49.610
Short Term Loan – HDFC Bank Limited	1.366	0.000
Inter-Corporate Loan	1.460	0.807
Total	2.826	50.417

Banking Relations :	--
Financial Institution:	Cholamandalam Investment and Finance Company Limited, Dare House, No. 2 N S C Bose Road, Parrys, Chennai - 600001, Tamil Nadu, India
Auditors :
Name :	Shankarlal Jain and Associates Chartered Accountants
Address :	12, Engineer Building, 265 Princess Street, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-22036623 / 22065739
Fax No.:	91-22-22086269
E-Mail :	info@sljainindia.com
PAN No.:	AACFS6967Q
Holding Company :	· Scitech Limited
Fellow Subsidiary (As on 31.03.2010 ):	· Getz Pharma Private Limited · Meditech Limited
Related Parties (As on 31.03.2010 ):	· Enaltec Technologies Private Limited · Getz Pharma Research Private Limited · Getz Pharma Private Limited · Stantech Pharmaceuticals Private Limited · Enaltec Pharma Private Limited

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1300000	Equity Shares	Rs. 10/- each	Rs.13.000 Millions
210500	Preference Shares	Rs. 10/- each	Rs.2.105 Millions
	Total		Rs.15.105 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1247300	Equity Shares	Rs. 10/- each	Rs.12.473 Millions
210245	Preference Shares	Rs. 10/- each	Rs.2.102 Millions
	Total		Rs.14.575 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1300000	Equity Shares	Rs. 10/- each	Rs.13.000 Millions
200000	Preference Shares	Rs. 10/- each	Rs.2.000 Millions
	Total		Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1247300	Equity Shares	Rs. 10/- each	Rs.12.473 Millions
58579	Preference Shares	Rs. 10/- each	Rs.0.586 Millions
	Total		Rs.13.059 Millions

Note:

58579 2% Cumulative Convertible Preference Shares of Rs. 10/- each fully paid are issued at a premium of Rs. 90/- each, compulsorily into equity shares at the expiry of 10 years from the date of its issue.

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		13.059	7.237	7.236
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		152.900	69.617	66.205
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		165.959	76.854	73.441
LOAN FUNDS
1] Secured Loans		184.158	146.023	29.237
2] Unsecured Loans		2.826	50.417	0.000
TOTAL BORROWING		186.984	196.440	29.237
DEFERRED TAX LIABILITIES		11.395	5.184	5.079
TOTAL		364.338	278.478	107.757
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		277.573	231.691	29.382
Capital work-in-progress		0.000	0.820	26.089
INVESTMENT		0.000	0.000	4.697
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	128.873	47.896	12.166
	Sundry Debtors	160.191	118.014	64.666
	Cash & Bank Balances	9.720	24.217	22.267
	Other Current Assets	0.000	0.000	21.191
	Loans & Advances	108.926	69.475	0.000
Total Current Assets		407.710	259.602	120.290
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	247.379	186.627	50.456
	Current Liabilities	67.707	25.203	20.978
	Provisions	5.859	1.813	1.282
Total Current Liabilities		320.945	213.643	72.716
Net Current Assets		86.765	45.959	47.574
MISCELLANEOUS EXPENSES		0.000	0.008	0.016
TOTAL		364.338	278.478	107.757

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	621.674	392.987	NA
		Other Income
		TOTAL (A)	621.674	392.987	NA
Less	EXPENSES
		Office Expenses	604.627	388.776	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	604.927	388.769	NA
	PROFIT BEFORE TAX (E-F) (G)		17.047	4.218	NA
Less	TAX (H)		9.937	0.805	NA
	PROFIT AFTER TAX (G-H) (I)		7.110	3.413	11.966
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		17.488	14.075	2.109
	BALANCE CARRIED TO THE B/S		24.598	17.488	14.075
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	411.997	334.458	NA
	TOTAL EARNINGS		411.997	334.458	NA
	IMPORTS
		Raw Materials	136.434	68.547	NA
	TOTAL IMPORTS		136.434	68.547	NA
	Earnings Per Share (Rs.) - Basic - Diluted		6.95 6.59	5.22 4.83	26.82 23.76

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.14	0.87	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.49	0.86	NA
Return on Investment (ROI) (PBT/Networth)		0.10	0.05	NA
Debt Equity Ratio (Total Liability/Networth)		3.06	5.34	0.99
Current Ratio (Current Asset/Current Liability)		1.27	1.22	1.65

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	No
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 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	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

NOTE:

The registered office address of the company has been shifted from “501 – B, Great Eastern Summit, Sector 15, CBD Belapur, Navi Mumbai – 400614, Maharashtra, India” to present address w. e. f. 01.06.2010.

REVIEW OF OPERATION:

During the year, the Company has earned Rs. 621.674 Millions from the operations as compared to Rs. 392.987 Millions during the previous financial year. However, the Company has spent Rs.604.627 Millions as total expenditure in the current year as compared to Rs. 388.770 Millions during the previous financial year.

The Directors are continuously looking for avenues for future growth of the Company in the Pharma sector.

FORM 8

This form is for	Creation of charge
Corporate identity number of the company	U73100MH2006PTC160020
Name of the company	ENALTEC LABS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1706, 17th Floor, Kesar Solitaire, Plot No. 5, Sector-19, Sanpada Navi Mumbai – 400705, Maharashtra, India E-mail id : anand.shah@enalteclabs.co.in
Type of charge	Movable property (not being pledge)
Particular of charge holder	Cholamandalam Investment and Finance Company Limited, Dare House, No. 2 N S C Bose Road, Parrys, Chennai - Tamil Nadu- 600001, India E-mail Id : secretarial-roc@chola.murugappa.com
Nature of description of the instrument creating or modifying the charge	Loan Agreement- Vehicle Finance
Date of instrument Creating the charge	22.11.2011
Amount secured by the charge	Rs. 95.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 7.25 % Terms of Repayment Repayable in 46 monthly Installments through E.C.S. First Installment - 1-Dec-2011 and last installment - 1-sep-2015. Margin 20 % Extent and Operation of the charge First and exclusive charge on the vehicle and the charge shall operate as a continuing security till the repayment of the loan/ dues under the loan agreement.
Short particulars of the property charged	Tata Winger Non AC Vehicle together with all accessories, additions to and in the said vehicle, whether present or future improvements, renewals and replacements made or to be made in the vehicle

Fixed Assets

• Land
• Factory Building
• Leasehold Improvements
• Office Premises
• Plant and Machinery
• Furniture and Fixtures
• Vehicles
• Patents

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.53.63
UK Pound	1	Rs.86.18
Euro	1	Rs.69.75

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.