MIRA INFORM REPORT

Report Date :

29.05.2013

IDENTIFICATION DETAILS

Name :	UNIJULES LIFE SCIENCES LIMITED
Registered Office :	Shop No. 41, Manisha Plaza, Sonapur Lane, Off LBS Marg, Kurla (West), Mumbai – 400072, Maharashtra
Country :	India
Financials (as on) :	31.03.2012 (Profit and Loss Account)
Date of Incorporation :	16.01.2006
Com. Reg. No.:	11-158928
Capital Investment / Paid-up Capital :	Rs. 138.637 Millions
CIN No.: [Company Identification No.]	U52311MH2006PLC158928
TAN No.: [Tax Deduction & Collection Account No.]	MUMU04752G
PAN No.: [Permanent Account No.]	AAACU8032D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Pharmaceuticals.
No. of Employees :	Information denied by management

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

Maximum Credit Limit :	USD 3330000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The balance sheet of 2012 is not available. As per the available financials, we found that the company has achieved better growth in its turnover during 2012. Trade relations are fair. Business is active. Payment terms are usually 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating : BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	24.07.2012

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.

INFORMATION DECLINED

MANAGEMENT NON CO-OPERATIVE

LOCATIONS

Registered Office :	Shop No.41, Manisha Plaza, Sonapur Lane, Off LBS Marg, Kurla (West), Mumbai – 400072, Maharashtra, India
Tel. No.:	91-22-25035173
Fax No.:	Not Available
E-Mail :	unijulesbom@yahoo.co.in info@unijules.com alihatimh@gmail.com compliance@unijules.com
Website :	http://www.unijules.com
Location :	Owned
Corporate Office/ Factory 1:	Universal Square, No. 1505/1, Shanti Nagar, Nagpur – 440001, Maharashtra, India
Tel. No.:	91-712-2768512/ 6842/ 2762589
Fax No.:	91-712-2763212/ 2589
Email :	sales@revayur.com pallavi.aloni@revayur.com
Location :	Owned
Factory 2:	B – 35, MIDC, Kalmeshwar. District, Nagpur, Maharashtra, India
Research and Development :	P - 338, Kalmeshwar MIDC, District Nagpur, Maharashtra, India

DIRECTORS

As on: 29.09.2012

Name :	Mr. Faiz Zakir Vali
Designation :	Managing Director
Address :	Universal Pharmacy, Plot No. 545, Shantinagar, Nayapura , Nagpur - 440002 Maharashtra, India
Date of Birth/Age :	25.02.1967
Qualification :	MBA. B Pharm
Date of Appointment :	25.09.2010
PAN No.:	ABBPV9750E
DIN No.:	01809196
Name :	Mr. Dharampal Keshawdas Bellani
Designation :	Whole Time Director
Address :	Block No. 371/B, Gurunanak Nagar, Jaripatka, Nagpur - 440014, Maharashtra, India
Date of Birth/Age :	30.04.1956
Qualification :	B. Pharm
Date of Appointment :	25.09.2010
PAN No.:	ABNPB0886F
DIN No.:	01824596
Name :	Mr. Vaibhav Shantaram Deshpande
Designation :	Director
Address :	F. No. 2, Plot No. 224, Gulmohar Society, Nanadavan Main Road, Nagpur – 440009, Maharashtra, India
Date of Birth/Age :	17.07.1982
Qualification :	B. Com
Date of Appointment :	30.09.2010
DIN No.:	02725850
Name :	Mr. Amit Ashok Gupta
Designation :	Director
Address :	Budhwari Reshaoli, Nagpur – 440002, Maharashtra, India
Date of Birth/Age :	09.08.1977
Date of Appointment :	08.04.2012
DIN No.:	05206416
Name :	Mr. Gulam Abbas Hassonjee
Designation :	Director
Address :	202, Radhe Apartment, Mecosabagh, Clark Town, Nagpur – 440004, Maharashtra, India
Date of Birth/Age :	13.04.1941
Date of Appointment :	21.08.2012
DIN No.:	00162445

KEY EXECUTIVES

Name :	Ms. Shilpa Pawankar
Designation :	Company Secretary
Address :	Plot No. 12, Adarsh Wadi, Amaravati Road, Nagpur – 440023, Maharashtra, India
Date of Birth/Age :	12.06.1986
Date of Appointment :	12.01.2010
PAN No.:	BDSPP0606B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Faiz Zakir Vali	8313684
Nitish Shastri	2000
Esa Mohammad Vali	2000
Shehrebano Vali	2000
Rajeev Jidewar	2000
Sharmishtha U. Khobragade	2000
Astra Exim Private Limited, India	2225500
Benzo Petro International Limited, India	468750
Virtuous Capital Limited (Formally known as Finaventure Advisory Services (India) Limited), India	2781200
Pranav Financial Services Private Limited, India	64516
Total	13863650

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	39.96
Directors or relatives of Directors	60.00
Other top fifty shareholders	0.04
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceuticals.

Products :

ITC Code	Product Description
30049056	Quinine Injections

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Allopathic :
Liquid (in 000)	Ltrs	3590191.70
Ointment	Kgs.	70163.72
Powder	Kgs.	8379.35
Capsulses ('000)	Nos.	10476.71
Injection :
Vials/ Ampoules	Nos	56871415.00
Herbal :
Liquid	Ltrs	437100.79
Tablets ('000)	Nos.	82037.16
Capsulses ('000)	Nos.	71590.77
Powder	Kgs.	2243211.02

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

• Punjab National Bank, MID Corporate Branch, Suryanagar, Nagpur - 440035, Maharashtra, India
• Axis Bank Limited, Ground Floor, Atlanta Building, Nariman Point, Mumbai - 400021, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	284.315	210.190
Rupee term loans financial institutions secured	2.138	1.158
Total	286.453	211.348

Banking Relations :	--
Auditors :
Name :	Husain Ali Hatim Shabbir Chartered Accountants
Address :	315 B Ashirwad Complex, Ramdaspeth, Nagpur – 440012, Maharashtra, India
Tel. No.:	91-712-2420204
Fax No.:	91-712-2420204
PAN.:	ABCPH6547G
Subsidiaries :	Zim Laboratories Limited CIN No.: L99999MH1984PLC032172 RevAyur Beauty Care India Private Limited CIN No.: U93090MH2009PTC196258
Associates :	Akasa Advertisement Universal Medicaments Private Limited Universal Pharmacy Universal Ayurvaid City Pharmacy Saif Health Remedies Private Limited Herbatone Specialities Private Limited CIN No.: U24230MH1987PTC043070

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13863650	Equity Shares	Rs.10/- each	Rs. 138.637 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		138.637	138.637
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		693.413	481.935
4] (Accumulated Losses)		0.000	0.000
NETWORTH		832.050	620.572
LOAN FUNDS
1] Secured Loans		286.453	211.348
2] Unsecured Loans		27.946	1.378
TOTAL BORROWING		314.399	212.726
DEFERRED TAX LIABILITIES		23.383	20.303
TOTAL		1169.832	853.601
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		430.642	298.132
Capital work-in-progress		157.833	38.089
INVESTMENT		33.636	30.616
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	308.766	304.922
	Sundry Debtors	1071.959	694.667
	Cash & Bank Balances	103.651	16.270
	Other Current Assets	0.000	0.000
	Loans & Advances	179.212	279.545
Total Current Assets		1663.588	1295.404
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	274.564	193.828
	Other Current Liabilities	781.374	537.044
	Provisions	67.667	78.863
Total Current Liabilities		1123.605	809.735
Net Current Assets		539.983	485.669
MISCELLANEOUS EXPENSES		7.738	1.095
TOTAL		1169.832	853.601

NOTE: Balance Sheet for the year 2012 is not available, only Profit and Loss Account is available.

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3668.373	2661.848	1982.636
		Other Income	72.581	27.418	1.138
		TOTAL	3740.954	2689.266	1983.774
Less	EXPENSES
		Cost of materials consumed	2989.871	2243.364	1530.006
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(55.435)	(113.264)	38.003
		Employee benefit expense	93.142	46.528	98.552
		Other expenses	134.626	107.447	3.586
		Exceptional items	(64.826)	0.000
		TOTAL	3097.378	2284.075	1688.862
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		643.576	405.191	294.912
Less	FINANCIAL EXPENSES		149.642	89.283	71.424
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		493.934	315.908	223.488
Less/ Add	DEPRECIATION/ AMORTISATION		23.177	16.003	11.219
	PROFIT BEFORE TAX		470.757	299.905	212.178
Less	TAX		128.338	88.428	86.014
	PROFIT AFTER TAX		342.419	211.477	126.164
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		512.949	301.472	175.308
	BALANCE CARRIED TO THE B/S		855.368	512.949	301.472
	Earnings Per Share (Rs.)		24.70	15.26	9.39

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	9.15	7.86	6.36
Net Profit Margin (PBT/Sales)	(%)	12.83	11.27	10.70
Return on Total Assets (PBT/Total Assets}	(%)	NA	14.32	13.31
Return on Investment (ROI) (PBT/Networth)		NA	0.36	0.34
Debt Equity Ratio (Total Debt /Networth)		NA	0.38	0.34
Current Ratio (Current Asset/Current Liability)		NA	1.48	1.60

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

(Rs in Millions)

Particulars	31.03.2011	31.03.2010
Creditors due small micro enterprises	0.000	0.000
Creditors due others	274.564	193.828
Sundry creditors	274.564	193.828

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BUSINESS OUTLOOK:

Some of the major milestones crossed during the year were,

Attained AYUSH certification from the Department of AYUSH, Government of India. They are the 1st company to get this mark in India and also the 1st to get it renewed. Attained DSIR recognition for their R and D infrastructure thus becoming a certified R and D house as well as being eligible for various incentives. Total Number of dossiers filed for registrations in different countries across the world has grown 3 times thus ensuring sufficient business in the future. Once again, ethical division has shown double digit growth and also expanded to markets of Orissa and M.P. and increased presence in Maharashtra and Chattisgarh which has resulted in improved YPM profile. Overall Revayur branding continues to expand with major markets of the South like Kerala and Tamil Nadu providing tremendous response. Market coverage other than Big Bazaars also increased drastically with product availability at new beauty stores all across the central and south of India. On the international front, major inroads were made by registrations of 10 products in 19 countries of the franco African belt, launch of Semi Solids range in the ethical market of Sri Lanka and African countries. On the injectable front, business from major institutions was obtained for the contrast media range by active participation in tenders and activation of a team of promoters. Further, other than contrast business has also stabilized thus reducing the dependency on contrast. Product development in the critical care segment has also progressed satisfactorily. After WHO certification of the injectable units, major inroads have been made into the registration of the contrast media product in semi regulated markets and business increase in this segment is expected to be a major windfall for the company.

On the management and infrastructure front,

Integrated common ERP platform has been successfully implemented on line across all locations resulting in improved reporting and efficiency in operations. Combined H.R department established for uniform implementation of policies across the group. Work on the new integrated herbal manufacturing facility was started with the capacities scheduled to come on line by March 2012. Efficiency audits conducted at the injectable plant thus improving productivity by 23 % without any capital expenses.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U52311MH2006PLC158928
Name of the company	UNIJULES LIFE SCIENCES LIMITED
Address of the registered office or of the principal place of business in India of the company	Shop No.41, Manisha Plaza, Sonapur Lane, Off LBS Marg, Kurla (West), Mumbai – 400072, Maharashtra, India compliance@unijules.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Punjab National Bank, MID Corporate Branch, Suryanagar, Nagpur - 440035, Maharashtra, India bo4204@pnb.co.in
Nature of instrument creating charge	1) Hypothecation of goods and book debts to secure cash credit facility 2) Hypothecation of assets to secure term loan 3)Hypothecation agreement for collateral security
Date of instrument Creating the charge	26.03.2013
Amount secured by the charge	Rs. 480.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest For Cash Credit of Rs. 200.000 Millions-- BR +3.75% i.e. 14% p.a. For Term Loan of Rs. 180.000 Millions -- BR + 3.75+TP i.e. 14.5% Terms of Repayment Entire Term Loan of Rs. 180.000 Millions to be repaid in 20 quarterly installments of Rs. 9.000 Millions / quarter commencing from the quarter ending 30.06.2014 and last quarter is payable by 31.03.2019. Cash Credit and NFB limit i.e. ILC/FLC and ILG/FLG limit to be repaid on Demand. Margin As per Sanction Letter Extent and Operation of the charge The charge will remain in force until the amount of the loan together with the interest and dues if any is repaid to the bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1) For Term Loan of Rs. 180.000 Millions - 1st Pari Passu charge on assets to be financed out of loan (At P - 338 Near MIDC Kalmeshwar, Nagpur) and Existing Block Assets of the company along with other Termlenders 2) For Cash Credit of Rs. 200.000 Millions - Pari Passu Charge on entire Stocks of Raw Materials, Spares, SIP, FG, Receivables, Book Debts and Other Current Assets with other Working Capital Consortium Banks. 3) ILC/FLC (DA / DP) of Rs. 60.000 Millions -- Bill of Exchange Accompanied by full set of Documents Including Bill of Landing/Airway Bill/Receipted Delivery Challan/RRS/MTRS of Approved Transport Companies covering purchase of raw materials, stores and spares, etc and extention of first charge on current assets of the company on pari passu basis with consortium banks. 4) ILG/FLG of Rs. 40.000 Millions -- Extention of first charge on entire current assets of the company, pari passu with other working capital consortium banks and counter indemnity by the company 5) Collateral Security - - A) For Working Capital Facilities : Second charge by way of hypothecation of all movable assets and mortgage of all immovable assets of the company (Both present and future) on pari passu basis with other working capital lenders (the first charge in favour of term lenders). b) For term loan facilities -- Second charge by way of hypothecation of all current assets, inventory and book debts, both present and future of the company, ranking pari-passu with other term lenders

UNSECURED LOANS

Particular	31.03.2011	31.03.2010
	(Rs. In Millions)
Other external commercial borrowings unsecured	27.946	1.040
Other debt unsecured	0.000	0.338
Total	27.946	1.378

CONTINGENT LIABILITIES

(Rs. In Millions)

Particular	31.03.2011
Estimated amount of Unexecuted Capital contracts (Net of advance and deposits)	-
Outstanding Guarantee and Counter guarantees to various banks, in respect of the guarantees given by those banks in favor of various government authorities and others	39.419
Claims against the company, not acknowledged as debts	-

FIXED ASSETS:

• Land
• Factory Building
• Plant and Machinery
• AHU
• Electric Installation
• Laboratory Equipments
• Office Equipments
• Computer Accessories
• E.P.A.B.X.
• Vehicles
• Furniture and Fixture
• Borwell
• Canteen Utensils
• Trade Mark

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. 55.74
UK Pound	1	Rs. 84.17
Euro	1	Rs. 72.03

INFORMATION DETAILS

Report Prepared by :

UDS

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	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		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
-	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.