MIRA INFORM REPORT

Report Date :

22.10.2013

Note: Correct name of the company is “ARISTO PHARMACEUTICALS PRIVATE LIMITED”.

IDENTIFICATION DETAILS

Name :	ARISTO PHARMACEUTICALS PRIVATE LIMITED (w.e.f.03.02.2005)
Formerly Known As :	ARISTO PHARMACEUTICALS LIMITED
Registered Office :	12, J N Heredia Marg, Ballard Estate, Mumbai - 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	08.11.1971
Com. Reg. No.:	11-015425
Capital Investment / Paid-up Capital :	Rs. 9.897 Millions
CIN No.: [Company Identification No.]	U24239MH1971PTC015425
TAN No.: [Tax Deduction & Collection Account No.]	MUMA22661C
PAN No.: [Permanent Account No.]	AAACA4495N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Product.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (69)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 48600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having a fine track record. Directors are experienced and knowledgeable businessmen. The company is performing well marked by an increase in its sales turnover during 2013. Fundamental seems to be strong. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for business dealing 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 PARTED BY (GENERAL DETAILS)

Name :	Ms. Venetia
Designation :	Export Department
Contact No.:	91-22-26739999
Date :	19.10.2013

LOCATIONS

Registered Office :	12 J N Heredia Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India
Tel. No.:	91-22-22617909/ 749/ 22671436/ 22619582
Fax No.:	91-22-22615604
E-Mail :	aaristo@vsnl.com trn@aristopharma.org aristoexp@vsnl.net salian@aristopharma.org mapra4@rediffmail.com venetia@aristopharma.org
Website:	www.aristopharma.org
Location:	Owned
Corporate Office :	23-A, Shah Industrial Estate, Off Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-26739999
Fax No.:	91-22-26734792
E-Mail :	aaristo@vsnl.com aristoexp@vsnl.net
Factory:	Located at · Daman · Himachal Pradesh · Bhopal

DIRECTORS

As on 21.06.2013

Name :

Mr. Umesh Sharma

Designation :

Managing Director

Address :

East Khemini Chak, Kankarbagh, Patna - 800020, Bihar, India

Date of Birth/Age :

15.11.1952

Date of Appointment :

12.02.1979

PAN No.:

AJGPS6979P

DIN No.:

01385819

Name :

Mr. Randhir Kumar Bachan

Designation :

Director

Address :

Village Govindpur, PS : Ghoshi Post, Modan Ganj, Jehanabad – 804406, Bihar, India

Date of Birth/Age :

19.11.1971

Date of Appointment :

01.09.2005

PAN No.:

AEHPB8901Q

DIN No.:

01163058

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	U24100MH1985PTC037946	MAPRA LABORATORIES PRIVATE LIMITED	Director	07/01/2000	07/01/2000	-	Active	NO
2	U24239MH1971PTC015425	ARISTO PHARMACEUTICALS PRIVATE LIMITED	Whole-time director	01/09/2005	01/09/2005	-	Active	NO

Name :

Mr. Virendra Sharma

Designation :

Director

Address :

703, A-22, Bakers, Shastri Nagar, Andheri (West), Mumbai - 400053, Maharashtra, India

Date of Birth/Age :

18.01.1969

Date of Appointment :

03.10.2006

DIN No.:

01449416

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	U00304BR1991PTC004408	OTSIRA PARENTERAL PRIVATE LIMITED	Director	25/03/1991	25/03/1991	-	Under Process of Striking off	NO
2	U24230BR1983PTC001900	NOBEL ENKEM PRIVATE LIMITED	Director	30/08/1997	30/08/1997	-	Active	NO
3	U29240BR1980PTC001453	RAHUL INDUSTRIES PRIVATE LIMITED	Director	30/10/2001	30/10/2001	-	Under Process of Striking off	NO
4	U24239MH1971PTC015425	ARISTO PHARMACEUTICALS PRIVATE LIMITED	Director	03/10/2006	03/10/2006	-	Active	NO
5	U24110AP1980PTC005938	ARISTO LABORATORIES PRIVATE LIMITED	Director	05/10/2006	05/10/2006	-	Active	NO

Name :

Mr. Raj Nandan Sharma

Designation :

Director

Address :

Village Berra, Post Berra, P.S. Masaurhi – 804454, Bihar, India

Date of Birth/Age :

09.11.1948

Date of Appointment :

23.06.2010

PAN No.:

CUQPS2452C

DIN No.:

01623096

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	U29240BR1980PTC001453	RAHUL INDUSTRIES PRIVATE LIMITED	Director	26/04/1980	26/04/1980	-	Under Process of Striking off	NO
2	U24239MH1971PTC015425	ARISTO PHARMACEUTICALS PRIVATE LIMITED	Director	23/06/2010	25/05/2010	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Venetia
Designation :	Export Department

MAJOR SHAREHOLDERS

As on 21.06.2013

Names of Shareholders	No. of Shares
Mahendra Prasad B. Sharma	91080
Umesh B. Sharma	680
Renukadevi U. Sharma	100
Satula Devi	1340
Rajeev M. Sharma	1370
Rahul U. Sharma	1160
Umadevi D. Bhatti	250
Aradhya Rai	1495
Achintya Rai	1495
Total	98970

Equity Share Break up (Percentage of Total Equity)

As on 21.06.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceutical Product.

Products :

ITC Code	Product Descriptions
35079008	Aristozyme Liquid Digestive Enzyme
30041006	Megapen Broad Spectrum Antibiotic
30049007	Analgesic and Antipyretic

Exports :

Products :

Finished Good

Countries :

· East Africa

· Sri Lanka

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

Not Divulged

Bankers :

· Bank of India

· State Bank of India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Working Capital loans from bank	1189.144	317.187
Total	1189.144	317.187

Note:

Working capital loans are secured by equitable mortgage of Fixed Assets and hypothecation of stock, Book-Debts and Fixed Deposits with Banks

Banking Relations :	--
Auditors :
Name :	K. B. Lal Agrawal and Company Chartered Accountants
Address :	Sri Ram Bhawan , Exhibition Road, Patna – 800001, Bihar, India
PAN No.:	ACDPA2431N
Associates :	· Aristo Laboratories Private Limited, India CIN No.: U24110AP1980PTC005938 · Mapra Laboratories Private Limited, India CIN No.: U24100MH1985PTC037946

CAPITAL STRUCTURE

As on 21.06.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
99000	Equity Shares	Rs. 100/- each	Rs. 9.900 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
98970	Equity Shares	Rs. 100/- each	Rs. 9.897 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.897	9.897	9.897
(b) Reserves & Surplus	12147.618	11051.617	9562.190
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	12157.515	11061.514	9572.087
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	1225.017	351.987	404.826
(b) Trade payables	309.349	336.204	182.699
(c) Other current liabilities	249.997	212.300	221.154
(d) Short-term provisions	854.034	448.849	218.798
Total Current Liabilities (4)	2638.397	1349.340	1027.477
TOTAL	14795.912	12410.854	10599.564
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1784.595	1399.612	1279.604
(ii) Intangible Assets	7.512	11.947	0.344
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	7277.010	6279.900	5452.800
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	63.645	92.226	57.972
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	9132.762	7783.685	6790.720
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2128.296	1881.305	1554.972
(c) Trade receivables	999.580	931.388	744.051
(d) Cash and cash equivalents	2304.412	1594.666	1353.843
(e) Short-term loans and advances	117.507	112.293	63.627
(f) Other current assets	113.355	107.517	92.351
Total Current Assets	5663.150	4627.169	3808.844
TOTAL	14795.912	12410.854	10599.564

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	12798.300	11396.700	10629.800
		Other Income	NA	NA	670.161
		TOTAL	NA	NA	11299.961
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	7427.161
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		4016.300	3818.500	3872.800
Less/ Add	DEPRECIATION/ AMORTISATION		206.100	161.300	162.700
	PROFIT/(LOSS) BEFORE TAX		3810.200	3657.200	3710.100
Less	TAX		880.000	960.000	1127.500
	PROFIT/(LOSS) AFTER TAX		2930.200	2697.200	2582.600
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5817.800	4599.800	3488.200
Less	APPROPRIATIONS
		Interim Dividend	880.800	653.200	851.100
		Proposed Final Dividend	692.800	386.000	188.000
		Tax on Dividend	260.600	168.600	171.900
		Transferred to General Reserve	300.000	271.400	260.000
	BALANCE CARRIED TO THE B/S		6613.800	5817.800	4599.800
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of exports	104.029	72.195	40.022
	TOTAL EARNINGS		104.029	72.195	40.022
	IMPORTS
		Raw Materials	155.160	128.709	185.104
		Laboratory Chemicals	1.176	0.114	0.000
		Capital Goods	7.215	7.215	0.000
	TOTAL IMPORTS		163.551	136.038	185.104
	Earnings Per Share (Rs.)		29606.95	27252.70	26094.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	NA	22.85
Net Profit Margin (PBT/Sales)	(%)	29.77	32.09	34.90
Return on Total Assets (PBT/Total Assets}	(%)	66.53	77.49	95.94
Return on Investment (ROI) (PBT/Networth)		0.31	0.33	0.39
Debt Equity Ratio (Total Debt /Networth)		0.10	0.31	0.04
Current Ratio (Current Asset/Current Liability)		2.14	3.43	3.71

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 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	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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Other loans and advances	35.873	34.800
Total	35.873	34.800

OPERATIONS:

The company has improved its sales for the year to Rs.12798.300 Millions compared to Rs. 11396.700 Millions in the previous year. The Net Profit before Tax is Rs. 3810.200 Millions for the year compared to Rs. 3657.200 Millions achieved in the immediate previous year.

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90224399	04/03/1993	10,000,000.00	SRATE BANK OF INDIA	NADALA BRANCH, MUMBAI, Maharashtra - 400031, INDIA	-
2	90220092	08/08/1988	50,500,000.00	STATE BANK OF INDIA	20/6 PODAR HOUSE RAFI AHMED ROAD, MUMBAY, Maharashtra - 400013, INDIA	-
3	90223705	11/12/1980	4,000,000.00	BANK OF INDIA	BOMBAY MAINM BRANCH, 70/80 MG ROAD, MUMBAI, Maharashtra - 400023, INDIA	-
4	90223702	25/02/1999 *	4,000,000.00	BANK OF INDIA	70/80 MAHATMA GANDHI ROAD, MUMBAY, Maharashtra - 400001, INDIA	-
5	90223681	10/03/1979	5,300,000.00	BANK OF INDIA	70/80 MAHATMA GANDHI ROAD, MUMBAY, Maharashtra - 400013, INDIA	-
6	90223631	27/02/1974	1,570,000.00	STATE INDUSTRIAL AND INVESTMENT CORPORATION	NARIMAN 1 ST FLOOR, MUMBAY, Maharashtra - 400021, INDIA	-
7	90223630	25/02/1974	500,000.00	BANK OF INDIA	70/80 MAHATMA GANDHI ROAD, MUMBAY, Maharashtra - 400001, INDIA	-
8	90223621	29/11/1972	200,000.00	BANK OF INDIA	70/80 MG ROAD, MUMBAY, Maharashtra - 400023, INDIA	-

*Date of modification charge

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Other equipments

· Computer software

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. 61.49
UK Pound	1	Rs. 99.41
Euro	1	Rs. 84.12

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		69

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.