MIRA INFORM REPORT

Report Date :

24.09.2012

IDENTIFICATION DETAILS

Name :	CLINIGENE INTERNATIONAL LIMITED (w.e.f.17.04.2007)
Formerly Known as:	CLINIGENE INTERNATIONAL PRIVATE LIMITED
Registered Office :	Clinigene House, Tower I, Semicon Park, Phase-II, Electronics City, Hosur Road, Bangalore – 560100, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.08.2000
Com. Reg. No.:	08-027566
Capital Investment / Paid-up Capital :	Rs.0.500 million
CIN No.: [Company Identification No.]	U85195KA2000PLC027566
TAN No.: [Tax Deduction & Collection Account No.]	BLRC01630G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject Undertaken Clinical Research Activities.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a wholly owned subsidiary of Syngene International Limited and it is a partners with pharmaceuticals and biotechnology companies. It is having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. In view of strong holding the company can be considered for normal 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A1+ (Short term Rating)
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation. It carry very low credit risk.
Date	May 2012

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 :	Clinigene House, Tower I, Semicon Park, Phase-II, Electronics City, Hosur Road, Bangalore – 560100, Karnataka, India
Tel. No.:	91-80-28082780 / 28082808
Fax No.:	91-80-28082737 / 2801 / 28523423
E-Mail :	kiran.kumar@biocon.com BD@clinigeneintl.com
Website :	http://www.clinigeneintle.com
Overseas Office :	Located at: USA UK

DIRECTORS

As on 30.09.2011

Name :

Mrs. Kiran Mazumdar Shaw

Designation :

Director

Address :

Glenmore Huskur Gate Off 20^th KM Hosur Road, Electronic City Post office, Bangalore – 560100, Karnataka, India

Date of Birth/Age :

23.03.1953

Date of Appointment :

04.08.2000

DIN No:

00347229

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	L24234KA1978PLC003417	BIOCON LIMITED	Managing director	01/04/2010	29/11/1978	-	Active	NO
2	U51909KA1993PLC014937	SYNGENE INTERNATIONAL LIMITED	Director	18/11/1993	18/11/1993	-	Active	NO
3	U85195KA2000PLC027566	CLINIGENE INTERNATIONAL LIMITED	Director	04/08/2000	04/08/2000	-	Active	NO
4	U24231KA2002PLC030643	BIOCON BIOPHARMACEUTICALS LIMITED	Managing director	22/03/2007	17/06/2002	-	Active	NO
5	U80100AP1997NPL036631	INDIAN SCHOOL OF BUSINESS	Director	08/04/2006	08/04/2006	-	Active	NO
6	U85121KA2006PTC040989	NARAYANA INSTITUTE FOR ADVANCED RESEARCH PRIVATE LIMITED	Director	17/01/2007	17/01/2007	-	Active	NO
7	U85110KA2000PTC027497	NARAYANA HRUDAYALAYA PRIVATE LIMITED	Director	29/12/2008	06/02/2008	-	Active	NO
8	U73100KA2008PLC046583	BIOCON RESEARCH LIMITED	Director	28/05/2008	28/05/2008	-	Active	NO
9	L36999KA1999PLC025195	UNITED BREWERIES LIMITED	Director	20/08/2010	26/10/2009	-	Active	NO
10	U70200KA2010PTC052807	Glenloch Properties Private Limited	Director	09/03/2010	09/03/2010	-	Active	NO

Name :

Mr. John Mccallum Marshall Shaw

Designation :

Director

Address :

Glenmore Huskur Gate Off 20^th KM Hosur Road, Electronic City Post office, Bangalore – 560100, Karnataka, India

Date of Birth/Age :

12.04.1949

Date of Appointment :

04.08.2000

DIN No:

00347250

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	L24234KA1978PLC003417	BIOCON LIMITED	Whole-time director	01/04/2010	12/01/1998	-	Active	NO
2	U51909KA1993PLC014937	SYNGENE INTERNATIONAL LIMITED	Director	24/03/2000	24/03/2000	-	Active	NO
3	U85195KA2000PLC027566	CLINIGENE INTERNATIONAL LIMITED	Director	04/08/2000	04/08/2000	-	Active	NO
4	U24231KA2002PLC030643	BIOCON BIOPHARMACEUTICALS LIMITED	Director	17/06/2002	17/06/2002	-	Active	NO
5	U73100KA2008PLC046583	BIOCON RESEARCH LIMITED	Director	28/05/2008	28/05/2008	-	Active	NO
6	U70200KA2010PTC052807	Glenloch Properties Private Limited	Director	09/03/2010	09/03/2010	-	Active	NO

Name :

Mr. Ravi Rajendra Mazumdar

Designation :

Additional Director

Address :

565 Hemingway Place Waterloo ON N2T174, Canada

Date of Birth/Age :

17.04.1955

Date of Appointment :

20.03.2007

DIN No:

00109213

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	L24234KA1978PLC003417	BIOCON LIMITED	Director	08/08/2000	08/08/2000	-	Active	NO
2	U85195KA2000PLC027566	CLINIGENE INTERNATIONAL LIMITED	Additional director	20/03/2007	20/03/2007	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Kiran Mazumdar Shaw	100
John Mccallum Marshall Shaw	1
Ravi Rasendra Mazumdar	49895
Murli Krishna KN	1
AV Shakara Rao	1
Arun Chandavarkar	1
Rakesh Bamzal	1
Total	50000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject Undertaken Clinical Research Activities.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Citibank Na, 204, Prestige Merdian 2, 30, Mg Road, Bangalore - 560001, Karnataka, India
• State Bank of India, Overseas Branch, No.65 St Marks Road, Bangalore - 560001, Karnataka, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	10.000	14.270
Foreign currency loans banks secured	56.769	0.000
Total	66.769	14.270
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Other debt unsecured	231.667	288.270
Total	231.667	288.270

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi And Associates Chartered Accountant
Address :	U B City Canberra Block, 12th And 13th Floor, Bangalore – 560001, Karnataka, India
PAN No :	AABFS3421N
Holding Company :	Biocon Limited CIN No: L24234KA1978PLC003417
Fellow Subsidiary company:	Syngene International Limited CIN No: U51909KA1993PLC014937 Biocon Biopharmaceuticals Private Limited CIN No: U24231KA2002PTC030643 Biocon Research Limited CIN No: U73100KA2008PLC046583 Biocon SA, Switzerland

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.003	37.109	15.098
4] (Accumulated Losses)		(1.882)	0.000	0.000
NETWORTH		(0.379)	37.609	15.598
LOAN FUNDS
1] Secured Loans		66.769	14.270	71.314
2] Unsecured Loans		231.667	288.720	290.735
TOTAL BORROWING		298.436	302.990	362.049
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		298.057	340.599	377.647
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		302.662	314.737	346.186
Capital work-in-progress		0.000	2.121	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	87.203	92.271	123.275
	Cash & Bank Balances	0.219	0.060	0.547
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	53.201	36.114	24.579
Total Current Assets		140.623	128.445	148.401
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	59.580	26.753	26.220
	Other Current Liabilities	81.237	75.202	86.885
	Provisions	4.411	2.749	3.835
Total Current Liabilities		145.228	104.704	116.940
Net Current Assets		(4.605)	23.741	31.461
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		298.057	340.599	377.647

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	289.337	403.304	330.520
		Other Income	0.000	0.000	0.000
		TOTAL (A)	289.337	403.304	330.520
Less	EXPENSES
		Consumption materials changes inventories	20.722	30.061
		Manufacturing service costs	16.402	12.355
		Employee related expenses	91.613	69.149
		Administrative selling other expenses	158.848	225.485
		TOTAL (B)	287.585	337.050	239.242
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.752	66.254	91.278
Less	FINANCIAL EXPENSES (D)		3.000	5.542	7.594
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1.248)	60.712	83.684
Less/ Add	DEPRECIATION/ AMORTISATION (F)		36.740	38.701	36.907
	PROFIT/ (Loss) BEFORE TAX (E-F) (G)		(37.988)	22.011	46.777
Less	TAX (I)		0.000	0.000	1.475
	PROFIT/ (Loss) AFTER TAX (G-I) (J)		(37.988)	22.011	45.302
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		36.106	14.095	(31.207)
	BALANCE CARRIED TO THE B/S		(1.882)	36.106	14.095
	Earnings / (Loss) Per Share (Rs.)		(759.76)	440.22	906.04

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(13.13)	5.46	13.71
Net Profit Margin (PBT/Sales)	(%)	(13.13)	5.45	14.15
Return on Total Assets (PBT/Total Assets}	(%)	(8.57)	4.97	9.46
Return on Investment (ROI) (PBT/Networth)		(100.23)	0.59	2.99
Debt Equity Ratio (Total Liability/Networth)		1170.62	10.84	30.71
Current Ratio (Current Asset/Current Liability)		0.97	1.23	1.26

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 three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	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	Yes

NATURE OF OPERATIONS:

Clinigene International Limited ('Clinigene’ or 'the Company') was incorporated on August 4, 2000 and became a subsidiary of Biocon Limited ('Biocon'), on March 31, 2001.

The Company undertakes clinical research activities on discovering new biomarkers and discovering new diseases subsets and novel data based on pharmacogenomics. The Company has entered into contracts with domestic and international companies to undertake these activities with respect to chronic diseases such as diabetes, osteoporosis, asthma etc, and commenced commercial operations effective December 2000.

PERFORMANCE ANALYSIS

For the year, The Company registered revenue of Rs. 289 million as against Rs. 403 million in the previous year and incurred a Loss of Rs. 38 million as against a profit Rs. 22 million in the previous year. The Profits have been impacted due to unfavorable market conditions, delay in study startup and intense pricing pressures.

Clinigene is continuing to evolve and adapt its capability platforms and service offerings against background of continued macro market pressure as global R and D spends are being reduced, consolidation of market players continue and the shift to globally capable preferred partnerships accelerates. In additions to their standard service platform, they have identified several more specialized areas, for example patient based early studies, complex BA/BE studies and immunoanalytical services where Clinigene offers strong capabilities. They believe that, these new specialty services, which have relatively high entry barriers, will allow themto drive new and differential revenue opportunities

AS PER WEBSITES DETAILS:

Overview:

Established in the year 2000 as a Biocon subsidiary, Clinigene became India's first CAP (College of American Pathologists) accredited Central Laboratory. Clinigene's services now span a broad spectrum of activities including human pharmacology, bioanalytical research, central laboratory, clinical operations, medical writing, medical monitoring, safety management, pharmacovigilance, clinical data management and biostatistics and regulatory services supporting early-phase through late-phase clinical development programs. They have extensive working knowledge of a wide range of products such as biologics, biotechnology products, vaccines, devices and small molecules. All activities are carried out in strict compliance with regulatory and ICH GCP requirements.

Their comprehensive investigator database and expertise in various therapeutic areas like Diabetology, Oncology, Cardiology, Neuropsychiatry, Nephrology, Immunology, Rheumatology, Infectious diseases and Gastroenterology give them significant leverage in providing faster patient recruitment, cost competitive trials, yet world-class clinical support. Quick turnaround time and personalized attention to customer needs sets them apart from their peers. Conforming to the highest standards of ethics, patients under investigation are assured of their rights, safety and confidentiality.

With India emerging as a credible destination for conducting global clinical trials, Clinigene is positioned for dynamic growth. Their proven scientific excellence together with full-scale clinical research capabilities enable us to undertake and deliver challenging studies for our global as well as local partners.

MILESTONES:

• Established in 2000
• CAP (College of American Pathologists) accreditation for Central Laboratory in 2002
• Started Clinical Trial Operations with Phase III trial for Biocon in 2003
• Central Laboratory received NABL [National Accreditation Board for Testing and Calibration Laboratories] accreditation in 2003
• Established Human Pharmacology Unit [HPU] and Bioanalytical Research Laboratory in 2004
• Started offering Clinical Research Services to global clients in 2005
• Scale-up of infrastructure to an independent dedicated 65,000 sq.ft. area facility in 2007
• 2010 –Adds Pharmacovigilance and Bioanalytical laboratory specializing in large molecules to its service portfolio
• 2011 – Successfully completes USFDA and EMEA inspections of the early phase facilities and studies

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Vehicles

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.53.91
UK Pound	1	Rs.87.60
Euro	1	Rs.70.01

INFORMATION DETAILS

Report Prepared by :

DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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

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.