MIRA INFORM REPORT

Report Date :

28.06.2013

IDENTIFICATION DETAILS

Name :	ADLER MEDIEQUIP PRIVATE LIMITED
Registered Office :	Sushrut House, Survey No. 288, Next to MIDC Hinje, At Mann, Taluka Mulsi, Pune – 411057, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	26.06.1992
Com. Reg. No.:	11-067454
Capital Investment / Paid-up Capital :	Rs.3.065 Millions
CIN No.: [Company Identification No.]	U29297MH1992PTC067454
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Surgical Implants and Instruments.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 331000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has achieved better sales turnover as well as net profitability during 2012. Financial position appears to be fair. Trade relations are fair. Business is active. Payment terms are reported as usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

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.

INFORMATION DENIED BY

Name :	Ms. Deepa Kewlani
Designation :	Finance Manager
Contact No.:	91-20-66520700
Date :	27.06.2013

LOCATIONS

Registered Office :	Sushrut House, Survey No. 288, Next to MIDC Hinje, At Mann, Taluka Mulsi, Pune – 411057, Maharashtra, India
Tel. No.:	91-20-66520700
Fax No.:	91-20-66520800
E-Mail :	accounts@sushrut.com deepa_kewlani@sushrut.com kundan-tambe@sushrut.com
Website :	http://www.adlermediequip.com
Factory :	At Muradpur, P.O Hativ, Taluka Sangameshwar, District Ratnagiri – 415804, Maharashtra, India
Tel. No.:	91-2354-240179
Fax No.:	91-2354-240336

DIRECTORS

As on: 25.09.2012

Name :	Mr. Ajay Vasant Pitre
Designation :	Managing Director
Address :	D-501 1, Modibaug, Ganesh Khind Road, Shivaji Nagar, Pune - 411005, Maharashtra, India
Date of Birth/Age :	20.10.1963
Date of Appointment :	16.01.2002
DIN No.:	02419940
Name :	Mrs. Bharati Ajay Pitre
Designation :	Director
Address :	D-501 1, Modibaug, Ganesh Khind Road, Shivaji Nagar, Pune - 411005, Maharashtra, India
Date of Birth/Age :	28.11.1962
Date of Appointment :	26.06.1992
DIN No.:	02578148
Name :	Mr. Vimal Vasant Pitre
Designation :	Director
Address :	D-501 1, Modibaug, Ganesh Khind Road, Shivaji Nagar, Pune - 411005, Maharashtra, India
Date of Birth/Age :	17.10.1931
Date of Appointment :	30.06.1992
DIN No.:	01100721
Name :	Mr. Vasant Manohar Pitre
Designation :	Director
Address :	D-501 1, Modibaug, Ganesh Khind Road, Shivaji Nagar, Pune - 411005, Maharashtra, India
Date of Birth/Age :	16.01.1928
Date of Appointment :	30.06.1992
DIN No.:	01102599

KEY EXECUTIVES

Name :	Ms. Deepa Kewlani
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 25.09.2012

Names of Shareholders	No. of Shares
Pitre Vasant Vimal	40000
Pitre Manohar Vasant	47500
Pitre Vasant Ajay	138800
Pitre Ajay Bharati	60200
Vasant Pitre (HUF)	10000
Ajay Pitre (HUF)	5000
Pitre Ajay Varun	2500
Pitre Ajay Anuja	2500
Total	306500

Equity Share Break up (Percentage of Total Equity)

As on: 25.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Surgical Implants and Instruments.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

• State Bank of India, Commercial Branch, Vile Parle (East), Mumbai - 400057, Maharashtra, India
• Bank of Maharashtra, Tilak Road Branch, Sadashiv Peth, Pune - 411030, Maharashtra, India
• Janata Sahakari Bank Limited, Vile Parle (East) Branch, Mumbai - 400057, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Vehicle Loan from Sundaram Finance Limited	0.280	0.000
Term Loan from Bank of Maharashtra	7.094	16.383
Short Term Borrowings
Cash Credit from Scheduled Bank	1.979	7.656
Total	9.353	24.039
Notes: Vehicle Loan is secured against the designated vehicle and repayable in monthly EMIs for 36 months Term Loan from Bank of Maharashtra is secured against Fixed Assets of the Company with additional personal guarantees from two of the Directors. The term loan is for 5 years with monthly installment plus interest thereon. Cash Credit Loans are secured by hypothecation of present and future stock of raw material, stock-in-trade, finished goods, Book Debts, receivables etc. with additional security in terms of personal guarantees from two of the Directors.

Banking Relations :	--
Auditors :
Name :	GPS and Associates Chartered Accountants
Address :	A-1, Sindhi Niwas, Sitaladevi Temple Road, Mahim, Mumbai – 400016, Maharashtra, India
PAN No.:	AADFG4422H
Enterprise over which key managerial personnel are able to exercise significant influence:	Adler Mediequip Private Limited Ajay Pitre Properties Pitre Foundation Credar – Hospitality Clariance IT Solutions Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

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
306500	Equity Shares	Rs.10/- each	Rs.3.065 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3.065	3.065
(b) Reserves & Surplus	79.869	68.916
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	82.934	71.981
(3) Non-Current Liabilities
(a) long-term borrowings	51.872	26.682
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	51.872	26.682
(4) Current Liabilities
(a) Short term borrowings	1.979	7.656
(b) Trade payables	22.053	29.093
(c) Other current liabilities	17.636	14.737
(d) Short-term provisions	3.384	2.689
Total Current Liabilities (4)	45.052	54.175
TOTAL	179.858	152.838
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	51.461	43.671
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.433	0.546
(c) Deferred tax assets (net)	3.065	3.422
(d) Long-term Loan and Advances	9.013	10.307
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	63.972	57.946
(2) Current assets
(a) Current investments	14.761	8.753
(b) Inventories	42.304	37.280
(c) Trade receivables	50.130	39.263
(d) Cash and cash equivalents	7.121	6.125
(e) Short-term loans and advances	1.515	3.408
(f) Other current assets	0.055	0.063
Total Current Assets	115.886	94.892
TOTAL	179.858	152.838

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		3.065
2] Share Application Money		0.000
3] Reserves & Surplus		57.989
4] (Accumulated Losses)		0.000
NETWORTH		61.054
LOAN FUNDS
1] Secured Loans		23.622
2] Unsecured Loans		11.848
TOTAL BORROWING		35.470
DEFERRED TAX LIABILITIES		0.000
TOTAL		96.524
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		38.279
Capital work-in-progress		0.000
INVESTMENT		9.269
DEFERREX TAX ASSETS		1.081
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	21.813
	Sundry Debtors	57.512
	Cash & Bank Balances	1.500
	Other Current Assets	0.941
	Loans & Advances	7.837
Total Current Assets		89.603
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	37.726
	Other Current Liabilities	2.261
	Provisions	1.721
Total Current Liabilities		41.708
Net Current Assets		47.895
MISCELLANEOUS EXPENSES		0.000
TOTAL		96.524

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	175.427	159.782	148.107
		Other Income	0.815	1.286	1.387
		TOTAL (A)	176.242	161.068	149.494
Less	EXPENSES
		Cost of Finished Goods Sold	40.694	48.405
		Purchases of Stock in Trade	14.862	8.328
		Changes in Inventories of Finished Goods, Stock in trade	(3.208)	(7.828)
		Employee Benefits Expense	21.522	19.487
		Other Expenses	64.239	62.736
		Short provision of Tax in earlier year	0.184	0.783
		Gain/Loss on Sttlement Prior Period Items	0.000	(0.494)
		Profit / (Loss) on redemption / restatement of Mutual Funds	0.073	0.017
		TOTAL (B)	138.366	131.434	120.981
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		37.876	29.634	28.513
Less	FINANCIAL EXPENSES (D)		5.623	4.211	3.619
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		32.253	25.423	24.894
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.461	11.247	12.178
	PROFIT BEFORE TAX (E-F) (G)		18.792	14.176	12.716
Less	TAX (H)		4.456	0.559	4.399
	PROFIT AFTER TAX (G-H) (I)		14.336	13.617	8.317
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		32.640	24.212	20.116
Less	APPROPRIATIONS
		Transfer to General Reserve	7.500	2.500	2.500
		Proposed Dividend	2.913	2.299	1.471
		Corporate Dividend Tax	0.472	0.390	0.250
	BALANCE CARRIED TO THE B/S		36.092	32.640	24.212
	Earnings Per Share (Rs.)		46.77	44.43	27.14

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	8.13	8.45	5.56
Net Profit Margin (PBT/Sales)	(%)	10.71	8.87	8.59
Return on Total Assets (PBT/Total Assets}	(%)	10.66	9.52	9.94
Return on Investment (ROI) (PBT/Networth)		0.23	0.20	0.21
Debt Equity Ratio (Total Debt/Networth)		0.65	0.48	0.58
Current Ratio (Current Asset/Current Liability)		2.57	1.75	2.15

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors
Trade Payable (Including Mirco, Small and Medium Enterprises)	22.053	29.093
Total	22.053	29.093	37.726

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	Yes
10]	Designation of contact person	Yes
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	No

Note:

The Registered Office of the company has been shifted from At Muradpur, Post Hativtal Sangam, Ratnagiri – 415610, Maharashtra, India to the present address w.e.f. 12.12.2007

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Loan from Directors and Shareholders	37.450	8.250
Deferred liabilities (from DCK Limited)	2.048	2.049
Loan from Department of Biotechnology (DBT)	5.000	0.000
Total	44.498	10.299

Notes:

Deferred liabilities are towards the Sales Tax Deferrment scheme of State Government of Maharashtra.

Loan from Department of Biotechnology is for a specific project of Research and Development. This Loan is a soft loan as per the agreement signed with DBT within nominal interest to be repaid only after terms of the project.

OUTLOOK OF THE COMPANY

In continuation of the last year’s annual Report, the company has been in regular contact with the government regulatory body in understanding the new evolving regulation and the implications thereon to the company. During the year, the DCGI published the draft Guidance Document specifying the facility requirement etc. The industry bodies have responded to the Guidance Document with their comments for further consideration. Although the final documents were expected to be published sometime in this year, they have not been finalised till the time of writing this report.

In the meanwhile, the Company had broadly understood the facility requirement and as reported in the last Annual Report, the Company had finalized its investment plan to have the appropriate facility. In the context of the delay in publication of these finalised guidelines, the actual work has been suitably moved forward and is expected to now start in the Q4 of the financial year 2012 -13.

The Company introduced the new Hip System for Trauma Indications in the elderly. In keeping with the company’s commitment to meet international standards, this system has been designed meeting global standards. In this first year of introduction it is heartening to note not just the contribution of the product to sales but more importantly the critical feedback of appreciation received by the users. This has given the company the confidence to identify R and D projects that will add to this product line by way of line extensions both in the form of product and indications.

The company remains committed to invest in R and D activities aimed at market appropriate innovations and that can prove to be a growth driver for the future.

CONTINGENT LIABILITIES

(Rs. In Millions)

Particular	31.03.2012	31.03.2011
Bank Guarantees against performance contracts	4.659	4.332

Notes:

The Company had challenged against the Order passed under Section 263 of Income Tax Act 1961 by the Commissioner of Income Tax for financial year 2002-03. The Company has filed an appeal against the same with ITAT (Income Tax), Pune. The aggregate demand under the same from the department is Rs.3.885 Millions which has already been paid by the Company.

Based on the facts of the above cases and legal opinions obtained in this regard and the subsequent favourable decision in the similar case in ITAT (Special Bench, Income Tax), Mumbai, the Company is of the opinion that the demand in the above case is not sustainable. Hence, the provision of the same in accounts has not been made; however, the liability under dispute has already been paid in toto.

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U29297MH1992PTC067454
Name of the company	ADLER MEDIEQUIP PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Sushrut House, Survey No. 288, Next to MIDC Hinje, At Mann, Taluka Mulsi, Pune – 411057, Maharashtra, India E-mail: accounts@sushrut.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Department of Biotechnology, Block 2, CGO Complex, Lodhi Road, New Delhi – 110003, India E-mail: sninawe@dbt.nic.in
Nature of instrument creating charge	Deed of Hypothecation dated 10.02.2012 read with the agreement executed between the Department of Biotechnology and Adler Mediequip Private Limited
Date of instrument Creating the charge	10.02.2012
Amount secured by the charge	Rs.7.780 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest NIL Terms of Repayment Repayable in 10 equal yearly installments starting six months after completion of the project Margin 65.20% Extent and Operation of the charge The Charge Being the Fresh Charge to the Tune of Rs. 7.780 Millions created on the whole of movable and immovable properties acquired from the loan sanctioned by the DBT under the SBIRI scheme including its movable plant and machinery, machinery spares, tools and accessories and other movables both present and future (save and except book debts)
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Whole of the movable and immovable properties acquired from the loan sanctioned by the DBT under the SBIRI scheme as specified in the Schedule. The above movable and immovable properties includes movable plant and machinery, machinery spares, tools and accessories and other movables both present and future (save and except book debts)

FIXED ASSET

Tangible Assets

• Freehold Land
• Leasehold Land
• Factory Building
• Plant and Machinery
• Lab Equipments
• Dies and Fixtures
• Air Conditioner
• Electrical Installation – Office
• Furniture and Fixtures
• Office Equipments
• Bicycle
• Computer
• Vehicle

AS PER WEBSITE DETAILS

News

SMITH AND NEPHEW PLC TO ACQUIRE ADLER MEDIEQUIP PRIVATE LIMITED AND INDIAN TRAUMA BUSINESS

2 May 2013

Smith and Nephew PLC announced that it has signed an agreement to acquire Adler Mediequip Private Limited and with it, the brands and assets of Sushrut Surgicals Private Limited, operating in mid-tier, orthopaedic trauma products for the India market. The transaction is expected to complete upon the satisfaction of customary conditions. The terms were not disclosed. The acquisition gives Smith and Nephew a platform to provide and develop products for the mid-tier market in India and for export. 

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 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.60.59
UK Pound	1	Rs.92.92
Euro	1	Rs.78.94

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		51

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.