MIRA INFORM REPORT

Report Date :

18.10.2013

IDENTIFICATION DETAILS

Name :	GOLDENCROSS PHARMA PRIVATE LIMITED
Registered Office :	12, Gunbow Street, Fort, Mumbai - 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.01.2000
Com. Reg. No.:	11-123766
Capital Investment / Paid-up Capital :	Rs.0.460 Million
CIN No.: [Company Identification No.]	U24239MH2000PTC123766
PAN No.: [Permanent Account No.]	AABCG0541J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Products.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 7300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Latest financial of 2012 are not available with us. As per previous, overall financial performance of the company strong and healthy. 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.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 BY

Name :	Mr. Jesal
Designation :	Accountant
Contact No.:	91-9909000366
Date :	16.10.2013

LOCATIONS

Registered Office :	12, Gunbow Street, Fort, Mumbai - 400001, Maharashtra, India
Tel. No.:	91-22-22611206
Fax No.:	91-22-22659376
E-Mail :	golden.cross@indiatimes.com

DIRECTORS

As on: 25.09.2012

Name :

Mr. Nitin Janardan Desai

Designation :

Director

Address :

204, Vasant Sagar Ganga, Thakur Village, Kandivali (East), Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

20.09.1961

Date of Appointment :

25.09.2012

DIN No.:

00028060

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	U73100MH1997PTC107712	ADVANCED REMEDIES PRIVATE LIMITED	Director	28/03/2002	28/03/2002	-	Active	NO
2	U24300MH2000PTC124843	INHALED TECHNOLOGIES PRIVATE LIMITED	Director	28/03/2002	28/03/2002	-	Active	NO
3	U73100MH2000PTC125679	ONCOCARE INDIA PRIVATE LIMITED	Director	28/03/2002	28/03/2002	-	Active	NO
4	U99999MH2000PTC126588	PHARMASOLVE SPECIALITIES INDIA PRIVATE LIMITED	Director	04/09/2002	04/09/2002	-	Active	NO
5	U24230MH2000PTC125757	ORION LIFE SCIENCES PRIVATE LIMITED	Director	18/09/2002	18/09/2002	02/05/2007	Converted to LLP and dissolved	NO
6	U28920MH2005PTC155573	G M PARTITIONS PRIVATE LIMITED	Director	01/12/2005	01/12/2005	-	Amalgamated	NO
7	U24230MH2000PTC126487	MEDICREAMS INDIA PRIVATE LIMITED	Director	01/03/2006	01/03/2006	02/05/2007	Converted to LLP and dissolved	NO
8	U51503MH2000PTC127277	MEDICON ENGINEERS (INDIA) PRIVATE LIMITED	Director	01/03/2006	01/03/2006	-	Active	NO
9	U23240MH1996PTC104442	MEDITAB SPECIALITIES PRIVATE LIMITED	Director	10/07/2006	10/07/2006	-	Active	NO
10	U24239MH2006PTC163872	MEDIMORE PHARMA PRIVATE LIMITED	Director	25/10/2007	08/09/2006	-	Strike off	NO
11	U24239MH2000PTC123766	GOLDENCROSS PHARMA PRIVATE LIMITED	Director	25/09/2012	04/11/2011	-	Active	NO
12	U51909WB2005PTC101975	COCETRA TRADE LINK PRIVATE LIMITED	Additional director	12/12/2012	12/12/2012	-	Active	NO

Name :

Mr. Rupesh Hemendra Shah

Designation :

Director

Address :

A-302, Sumadhuri II, Near Azad Society, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

03.07.1971

Date of Appointment :

20.09.2010

DIN No.:

00029134

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	U24231GJ2001PTC039783	DHRUVI PHARMA PRIVATE LIMITED	Director	16/07/2001	16/07/2001	-	Active	NO
2	U51909GJ2003PTC042344	DHRUVI DISTRIBUTION SERVICES PRIVATE LIMITED	Director	06/05/2003	06/05/2003	-	Active	NO
3	U51109GJ2004PTC043792	YASHVI DISTRIBUTION SERVICES PRIVATE LIMITED	Director	16/03/2004	16/03/2004	-	Active	NO
4	U63063MH2004PTC146785	RR SHIPPING PRIVATE LIMITED	Director	07/06/2004	07/06/2004	-	Active	NO
5	U24230MH2000PTC126038	LANCET PHARMA PRIVATE LIMITED	Director	01/03/2006	01/03/2006	-	Active	NO
6	U74999MH2003PTC142312	GMP Technical Solutions Private Limited	Director	01/03/2006	01/03/2006	20/10/2010	Active	NO
7	U24239MH2006PTC162744	MEDWORLD PHARMACEUTICALS PRIVATE LIMITED	Director	25/10/2007	10/07/2006	20/04/2011	Active	NO
8	U24239MH2006PTC163872	MEDIMORE PHARMA PRIVATE LIMITED	Director	25/10/2007	08/09/2006	-	Strike off	NO
9	U24239MH2006PTC164764	GOLDEN TEMPLE PHARMA PRIVATE LIMITED	Additional director	01/11/2006	01/11/2006	02/05/2007	Converted to LLP and dissolved	NO
10	U24239MH2006PLC162743	GLOBUS HEALTHCARE LIMITED	Additional director	14/10/2009	14/10/2009	01/03/2010	Active	NO
11	U24230MH2005PTC156973	MEDIC REMEDIES PRIVATE LIMITED	Director	30/09/2010	14/10/2009	-	Active	NO
12	U24239MH2000PTC123766	GOLDENCROSS PHARMA PRIVATE LIMITED	Director	20/09/2010	13/04/2010	-	Active	NO

Name :

Mr. Davinder Singh Marwah

Designation :

Director

Address :

173/A, Kalpataru Residency, Sion East, Mumbai – 400022, Maharashtra, India

Date of Birth/Age :

18.05.1949

Date of Appointment :

20.09.2010

DIN No.:

01907935

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	U24230MH1997PTC111089	BAKUL PHARMA PRIVATE LIMITED	Director	16/01/1998	16/01/1998	30/08/2007	Active	NO
2	U24239MH2000PTC123766	GOLDENCROSS PHARMA PRIVATE LIMITED	Director	20/09/2010	14/05/2010	-	Active	NO
3	U51900MH2008PTC186021	FOUR M PROPACK PRIVATE LIMITED	Director	21/09/2010	14/05/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 25.09.2012

Names of Shareholders	No. of Shares
Cipla Limited, India	45960
Hamied K Mustafa Jointly with Cipla Limited, India	1
Hamied M Kamil Jointly with Cipla Limited, India	1
S Radhakrishnan Jointly with Cipla Limited, India	1
R Gopalkrishnan Jointly with Cipla Limited, India	1
Sanghvi A Mital Jointly with Cipla Limited, India	1
Athipotta Parameshwar Raman Jointly with Cipla Limited, India	1
Total	45966

Equity Share Break up (Percentage of Total Equity)

As on: 25.09.2012

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceutical Products.

PRODUCTION STATUS AS ON 31.03.2011

(In Millions)

Particulars	Unit	Installed Capacity	Actual Production
Class of Goods
Tablets & Caps ules	Nos.	741.00	163.33
Dry Syrup	Nos.	21.00	17.35
Dry Powder Injections	Nos.	10.00	3.50
Shampoos	Nos.	6.50	1.39
Rediuse	Nos.	12.25	5.09
Oral Liq uids	Nos.	60.00	22.76
Creams/Gels	Nos.	9.00	3.58
Pet Bottles Aerosols	Nos.	135.00	61.96

Notes:

i. Actual production for all dosage forms includes production carried out by Golden Cross Pharma Private Limited at contract manufacturing sites.

ii. The installed capacity is as certified by the Management and not verified by the auditors, this being a technical matter.

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

The Hongkong and Shanghai Banking Corporation Limited, 52/60 Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks	450.000	750.000
Total	450.000	750.000

Banking Relations :	--
Auditors :
Name :	V. Sankar Aiyar and Company Chartered Accountants
Address :	2-C, Court Chambers, 35, New Marine Lines, Mumbai-400020, Maharashtra, India
PAN No.:	AAAFV0781D
Holding Company:	Cipla Limited
Subsidiary Company:	Four M Propack Private Limited
Fellow Subsidiaries:	· Cipla FZE · Meditab Specialities Private Limited · Cipla (Mauritius) Limited · Medispray Laboratories Private Limited · Cipla (UK) Limited · Cipla -OZ Pty Limited · STD Chemicals Limited · Sitec Labs Private Limited · Meditab Holdings Limited

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million
390000	Preference Shares	Rs.100/- each	Rs.39.000 Millions
	Total		Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
45966	Equity Shares	Rs.10/- each	Rs.0.460 Million

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		0.460	0.124	0.121
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1825.009	473.935	442.599
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1825.469	474.059	442.720
LOAN FUNDS
1] Secured Loans		450.000	750.000	900.000
2] Unsecured Loans		153.011	1168.957	897.600
TOTAL BORROWING		603.011	1918.957	1797.600
DEFERRED TAX LIABILITIES		1.529	2.708	1.819
TOTAL		2430.009	2395.724	2242.139
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1546.130	1757.041	89.610
Capital work-in-progress		20.608	11.702	1947.755
INVESTMENT		143.051	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	200.268	172.811	0.000
	Sundry Debtors	57.861	50.480	20.160
	Cash & Bank Balances	21.184	30.446	48.044
	Other Current Assets	0.000	0.000	26.490
	Loans & Advances	616.408	590.667	169.450
Total Current Assets		895.721	844.404	264.144
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	136.292	117.780	150.140
	Other Current Liabilities	37.109	98.279	97.278
	Provisions	2.100	1.364	66.873
Total Current Liabilities		175.501	217.423	314.291
Net Current Assets		720.220	626.981	(50.147)
MISCELLANEOUS EXPENSES		0.000	0.000	254.921
TOTAL		2430.009	2395.724	2242.139

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1542.415	1381.869	120.170
		Other Income
		TOTAL	1542.415	1381.869	120.170
Less	EXPENSES
		Office Expenses	1370.799	1109.650	87.142
		Administrative Expenses
		Advertising Expenses
		TOTAL	1370.799	1109.650	87.142
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		171.616	272.219	33.028
Less/ Add	DEPRECIATION/ AMORTISATION		217.432	243.655	7.076
	PROFIT/ (LOSS) BEFORE TAX		(45.816)	28.564	25.952
Less	TAX		(1.179)	6.278	6.033
	PROFIT/ (LOSS) AFTER TAX		(44.637)	22.286	19.919
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		420.501	398.215	378.296
	BALANCE CARRIED TO THE B/S		375.864	420.501	398.215
	Earnings/ (Loss) Per Share (Rs.)		(971.09)	484.84	433.34

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(2.89)	1.61	16.58
Return on Total Assets (PBT/Total Assets}	(%)	(1.88)	1.10	7.34
Return on Investment (ROI) (PBT/Networth)		(0.02)	0.06	0.06
Debt Equity Ratio (Total Debt /Networth)		0.33	4.05	4.06
Current Ratio (Current Asset/Current Liability)		5.10	3.88	0.84

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	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	No
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

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2011	As on 31.03.2010
Rupee term loans others	150.000	745.500
Other debt	0.000	345.000
Interest accrued due other	3.011	78.457
Total	153.011	1168.957

OPERATIONS:

The Gross Income from Operations for the year under review was Rs. 1542.415 Millions, resulting in a net loss after Tax Rs 45.816 Millions.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90237480	18/03/2002	7,500,000.00	CREDIT LYONNIAS	APEEJAY HOUSE; 3 3 DINSHAV VACHHA ROAD, MUMBAI, Maharashtra - 400020, INDIA	-
2	90237477	08/03/2002	7,500,000.00	CREDIT LYONNIAS	APEEJAY HOUSE; 3 3 DINSHAV VACHHA ROAD, MUMBAI, Maharashtra - 400020, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Land

· Building

· Plant machinery

· Office equipments

· Furniture fixtures

· 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.61.58
UK Pound	1	Rs.98.51
Euro	1	Rs.83.49

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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.