MIRA INFORM REPORT

Report Date :

27.05.2013

IDENTIFICATION DETAILS

Name :	GALAXY LABORATORIES PRIVATE LIMITED
Registered Office :	B – 22, Aurangabad Industrial Area, Station Road, MIDC, Aurangabad – 431005, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.07.1991
Com. Reg. No.:	11-062334
Capital Investment / Paid-up Capital :	Rs. 43.925 Millions
CIN No.: [Company Identification No.]	U85190MH1991PTC062334
TAN No.: [Tax Deduction & Collection Account No.]	NSKG01335F
PAN No.: [Permanent Account No.]	AAACG6614K
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Exporter and Importer of Drugs and Fine Chemicals.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 200000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The profitability of the company has improved during 2012. Financially the company seems to be weak due to low reserves. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. 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.

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

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 PARTED BY

Name :	Mr. Shrikant Ramchandra Deshmukh
Designation :	Director
Contact No.:	91-9822029283
Date :	24.05.2013

LOCATIONS

Registered/ Corporate Office :	B – 22, Aurangabad Industrial Area, Station Road, MIDC, Aurangabad – 431005, Maharashtra, India
Tel. No.:	91-240-2376119/ 2376105
Mobile No.:	91-9822029283 (Mr. Shrikant Ramchandra Deshmukh)
Fax No.:	91-240-2377119
E-Mail :	glplaur@yahoo.co.in glplaur@sancharnet.in
Website :	www.galaxylaboratories.com
Location :	Owned

DIRECTORS

As on: 28.07.2012

Name :

Mr. Walimbe Nagesh Sayajirao

Designation :

Director

Address :

Plot No. 35, Sri Swami Ayyappa Co-Operative Society, Madhapur, Hyderabad – 500033, Andhra Pradesh, India

Date of Birth/Age :

03.03.1955

Date of Appointment :

30.09.2002

DIN No.:

00236578

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	U28990AP1996PTC024409	ZEN ADSORPTIONS PRIVATE LIMITED	Director	21/06/1996	21/06/1996	-	Active	NO
2	U24230AP1996PTC024479	ZEN CHEMICONSULTECH PRIVATE LIMITED	Director	28/06/1996	28/06/1996	-	Active	NO
3	L24230AP1996PLC023283	ANU'S LABORATORIES LIMITED	Whole-time director	02/01/2007	26/05/1997	27/07/2009	Active	NO
4	U24232AP2001PTC036494	ANU PHARMA PRIVATE LIMITED	Director	30/03/2001	30/03/2001	01/10/2004	Active	NO
5	U85190MH1991PTC062334	GALAXY LABORATORIES PRIVATE LIMITED	Director	30/09/2002	30/09/2002	-	Active	NO
6	U24110AP2003PTC041787	APTUS EQUIPMENTS PRIVATE LIMITED	Director	26/09/2003	26/09/2003	31/03/2007	Active	NO
7	U74999AP2007PLC052432	SV'S REMEDIES LIMITED	Director	22/01/2007	22/01/2007	16/05/2012	Active	NO
8	U24239AP2003PLC041563	YEGNA MANOJAVAM DRUGS AND CHEMICALS LIMITED	Additional director	25/04/2010	25/04/2010	-	Active	NO
9	U24233AP2010PTC068222	ZEN DISTILLATION TECHNOLOGIES PRIVATE LIMITED	Director	03/05/2010	03/05/2010	-	Active	NO

Name :

Mr. Shrikant Ramchandra Deshmukh

Designation :

Managing Director

Address :

Flat No. 5, Gahakul Apartment, Plot No. 5, Bansilal Nagar, Aurangabad – 431001, Maharashtra, India

Date of Birth/Age :

12.02.1955

Qualification :

B.Sc. B.Sc (Tech), Pharmaceuticals and Chemicals

Experience :

32 Years

Date of Appointment :

03.07.1991

DIN No.:

00641227

Name :

Mr. Satish Narayanswamy

Designation :

Director

Address :

B-3, HIG, Behind NKR URS Road, Kuvempunagarmy Mysore – 570023, Karnataka, India

Date of Birth/Age :

16.05.1971

Date of Appointment :

28.07.2012

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.07.2012

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on: 28.07.2012

Category	Percentage
Directors or relatives of Directors	82.57
Others	17.43
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Drugs and Fine Chemicals.
Exports :
Products :	Drugs and Fine Chemicals
Countries :	Germany Japan Israel
Imports :
Products :	Raw Materials
Countries :	China
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Customers :

Importers

No. of Employees :

40 (Approximately)

Bankers :

• IDBI Bank Limited, City SME Center, Nupur Theatre Complex, Jalna Road, Aurangabad - 431003, Maharashtra, India
• State Bank of India, IFB Branch, Aurangabad, Maharashtra, India
• Syndicate Bank Limited
• Axis Bank Limited
• IDBI Bank Limited, City MSME Center, Navi Mumbai, IDBI Bank Building, 2nd Floor, Sector 11, CBD Belapur, Navi Mumbai – 400614, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term Loan
From Bank
a). Term loan from IDBI Bank (Secured by : - Primary: Land, Building, (MIDC, A'bad) Plant and Machinery Collateral : Flat at A"bad and Personal Guarantee of SR Deshmukh and NS Walimbe) (Rate of Interest: - BPLR + 1%) (Loan shall be repaid within 60 months through EMIs)	6.015	9.816
b). Term loan from Axis Bank (Car loan) (Secured by Hypothecation of Car) (Loan shall be repaid within 48 months through EMIs) (Rate of Interest: - 9.99%)	0.098	0.325
Loans repayable on demand
Cash Credit A/c. From IDBI Bank, Aurangabad (Secured by :- Primary :- Hypothecation of entire Current assets including Stock and Debtors Collateral :- 1^st charge by way of equitable mortage of Land and Building, Plant and Machinery and Flat situated at A'bad and Personal Guarantee of SR Deshmukh and NS Walimbe (Rate of Interest :- BBR + 3.25%) (Loan is subject to renewal after 12 months from the date of Sanction)	25.035	24.153
Total	31.148	34.294

Banking Relations :	--
Auditors :
Name :	S. M. Bangad and Company Chartered Accountants
Address :	1st Floor, Tapadia Terraces, Adalat Road, Aurangabad – 431005, Maharashtra, India
Tel. No.:	91-240-2333140/2328467/2363165
Mobile No.:	91-9325212946/9822073563
E-Mail :	nitin_bangad@rediffmail.com bipinbagad@yahoo.co.in
PAN No.:	AAMFS9561J

CAPITAL STRUCTURE

As on: 28.07.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5490625	Equity Shares	Rs.10/- each	Rs. 54.906 Millions

After 28.07.2012

Authorised Capital : Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 54.956 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs. 80.000 Millions
2000000	Preference Shares	Rs.10/- each	Rs. 20.000 Millions
	Total		Rs. 100.000 Millions

Issued, Subscribed, Called & Paid-up Capital :

No. of Shares	Type	Value	Amount
4392500	Equity Shares (Out of the above 832500 shares were alloted during the year by way of Bonus shares)	Rs.10/- each	Rs. 43.925 Millions

The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity share is entitled to one vote per share.

The Company has only one class of Non-Cummulative Preference shares having a par value of Rs. 10/- per share.

In the liquidation of the company, the holder of equity share will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders

List of shareholders holding more than 5 % shares on balance sheet date

Shareholders Name	No. of Shares Held	% of holding
Mr Shrikant R. Deshmukh	2423898	55.18
Mr and Mrs N. S. Walimbe	463187	10.54
Ms Anushree S Deshmukh	350000	7.97

A reconciliation of the number of shares outstanding at the beginning and at the end of the year is given below

Equity Shares	31.03.2012
No. of shares outstanding at the beginning of the year	3330000
Shares issued during the year	1062500
Shares brought back during the year	0
No. of shares outstanding at the end of the year	4392500

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		43.925	33.300	33.300
2] Share Application Money		0.000	0.000	0.096
3] Reserves & Surplus		12.619	9.760	4.496
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		56.544	43.060	37.892
LOAN FUNDS
1] Secured Loans		31.148	34.294	41.132
2] Unsecured Loans		1.418	3.924	4.409
TOTAL BORROWING		32.566	38.218	45.541
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		89.110	81.278	83.433
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		71.932	44.337	43.170
Capital work-in-progress		0.000	2.834	0.168
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	35.862	28.962	28.012
	Sundry Debtors	23.025	28.528	21.306
	Cash & Bank Balances	2.586	0.654	0.390
	Other Current Assets	1.717	6.387	0.000
	Loans & Advances	4.042	4.660	9.070
Total Current Assets		67.232	69.191	58.778
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	39.001	25.430	18.034
	Other Current Liabilities	9.722	8.405	0.000
	Provisions	1.331	1.249	0.649
Total Current Liabilities		50.054	35.084	18.683
Net Current Assets		17.178	34.107	40.095
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		89.110	81.278	83.433

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Sales (Net of Excise Duty)	213.261	162.628	120.111
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		29.859	20.183	13.301
	FINANCIAL EXPENSES		6.341	5.956	4.627
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		23.518	14.227	8.673
	DEPRECIATION/ AMORTISATION		6.511	5.964	5.142
	PROFIT BEFORE TAX		17.007	8.263	3.531
Less	TAX		5.800	3.000	0.649
	PROFIT AFTER TAX		11.207	5.263	2.882
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	9.169	0.000	0.045
	TOTAL EARNINGS		9.169	0.000	0.045
	Earnings Per Share (Rs.)		2.55	1.59	0.87

Particulars	31.03.2013
Sales Turnover (Approximately)	280.000

Expected Sales (2013-14) : Rs. 350.000 Millions

The above information has been parted by Mr. Shrikant Ramchandra Deshmukh

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	7.97	5.08	2.94
Return on Total Assets (PBT/Total Assets}	(%)	12.22	7.27	3.46
Return on Investment (ROI) (PBT/Networth)		0.30	0.19	0.09
Debt Equity Ratio (Total Debt /Networth)		0.57	0.88	1.20
Current Ratio (Current Asset/Current Liability)		1.34	1.97	3.15

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

PERFORMANCE OF THE COMPANY DURING THE PERIOD UNDER REVIEW:-

During the period, the sales-turnover and profitability of the company has continued to improve. The sales-turnover during the year has increased by 31%, as compared to sales turnover of the previous year. Further the company has earned a profit of Rs. 29.859 Millions against the previous year’s profit of Rs. 20.183 Millions before provision for tax and the Net Profit of the company is increased to Rs. 17.007 Millions i.e. more than doubled compared to previous year’s Net Profit of Rs 8.263 Millions

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U85190MH1991PTC062334
Name of the company	GALAXY LABORATORIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B – 22, Aurangabad Industrial Area, Station Road, MIDC, Aurangabad – 431005, Maharashtra, India glplaur@yahoo.co.in V
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10124909
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge Others
Particular of charge holder	IDBI Bank Limited, City SME Center, Nupur Theatre Complex, Jalna Road, Aurangabad - 431003, Maharashtra, India vijayakumar.k@idbi.co.in
Nature of instrument creating charge	1. Supplemental agreement of hypothecation of goods and assets for increase in over all limits 2. Memorandum of deposit for creation of charge 3. Sanction letter
Date of instrument Creating the charge	24.04.2012
Amount secured by the charge	Rs. 74.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest At BBR+3.25% i. e. 14% P. A. Payable Monthly. Present BBR @ 10.75% P. A. Terms of repayment CC: Payable on demand LC: Honoring commitment on due date TL: As per existing schedule Margin CC: 25% on Stock, 40% on Book Debt upto 90 Days LC: 25% In the form of FDR Extent and operation of the charge Exclusive first charge on the fixed and current assets of the company. Others Personal gaurantee of Mr. Shrikant R. Deshmukh and Mr. Nagesh S. Walimbe Directors of the company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	CC: Primary security by way of hypothecation of entire current assets including stock and debtors LC: Primary security by way of hypothecation of stock purchased under LC. Collateral Security - First Charge by way of equitable mortgage of factory land and building Situated At B-22, MIDC, Aurangabad, Industrial Area , Railway Station Road, Aurangabad – 431005 Collateral Security - First Charge by way of hypothecation of entire plant and machinery Situated At B-22, MIDC, Aurangabad, Industrial Area , Railway Station Road, Aurangabad – 431005 Collateral Security - first charge by way of equitable mortgage of Residential Flat (Owned By Mr. Shrikant Deshmukh) Situated At Flat No. 3, Plot No. 5, Gurukul Aptartments Bansilal Nagar, Aurangabad
Date of instrument modifying the charge	26.02.2011
Particulars of the present modification	Enhancement in over all limits from Rs. 52.000 Millions to Rs. 74.000 Millions i.e. increases in cash credit by Rs. 12.000 Millions and letter of credit by Rs. 10.000 Millions.

UNSECURED LOAN

(Rs in Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Inter Corporate deposits	0.000	1.400
Loans and advances from related parties	0.000	0.096
Deferred payment liabilities	1.418	2.428
Total	1.418	3.924

FIXED ASSETS

· Land

· Site Development

· Plant and Machinery

· Effluent Treatment Plant

· Factory Building

· Vehicle (Two Wheeler)

· Vehicle (Four wheeler)

· Electrifications

· Furniture and Fixture

· Office Equipments

· R and D Laboratory Equipments

· Computer

· Borewell

· Security Equipment

· Patent Know-How

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. 55.61
UK Pound	1	Rs. 83.98
Euro	1	Rs. 71.94

INFORMATION DETAILS

Information Gathered by :	HET
Report Prepared by :	UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.