MIRA INFORM REPORT

Report Date :

24.09.2013

IDENTIFICATION DETAILS

Name :	J MITRA AND COMPANY PRIVATE LIMITED (w.e.f.21.05.1993)
Formerly Known As :	J MITRA AND BROS. PRIVATE LIMITED
Registered Office :	A-180-181, Okhla Industrial Area, Phase-I, New Delhi - 110020
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.03.1969
Com. Reg. No.:	55-005010
Capital Investment / Paid-up Capital :	Rs. 18.000 Millions
CIN No.: [Company Identification No.]	U52110DL1969PTC005010
TAN No.: [Tax Deduction & Collection Account No.]	DELJ00006G / DELJ04544B
PAN No.: [Permanent Account No.]	AAACJ0482C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Selling of Biotechnology Products and Diagnostic Reagents.
No. of Employees :	Not Divulged

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 3538000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is old established company having a satisfactory track record. The network of the company appears to be sound. Profit margin of company is good. Trade relations are reported as decent. Business is active. Payments are reported to be 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 PARTED BY [GENERAL DETAILS]

Name :	Ms. Rekha
Designation :	Admin Department
Contact No.:	91-11-26818971
Date :	04.09.2013

LOCATIONS

Registered Office/ Factory :	A-180-181, Okhla Industrial Area, Phase-I, New Delhi - 110020, India
Tel. No.:	91-11-26818971-73/ 47130300/ 47130500
Fax No.:	91-11-26818970/ 26810945
E-Mail :	jmitra@jmitra.co.in info@sigmalegal.in
Website :	http://www.jmitra.co.in

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Jatin Mahajan

Designation :

Managing director

Address :

N-118, Greater Kailash-II, New Delhi - 110048, India

Date of Birth/Age :

26.09.1975

Date of Appointment :

01.11.2009

DIN No.:

00392610

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	Company/ LLP Status	Defaulting status
1	U74999DL1995PTC065200	MITRA INDUSTRIES PRIVATE LIMITED	Director	01/04/2012	23/09/1999	Active	NO
2	L74899HR1962PLC004948	SNOWTEMP ENGINEERING COMPANY LIMITED	Director	04/07/2000	04/07/2000	Active	NO
3	U52110DL1969PTC005010	J MITRA AND COMPANY PRIVATE LIMITED	Managing director	01/11/2009	30/11/2000	Active	NO
4	U70109DL2006PTC150455	ALOHA TOWNSHIP PRIVATE LIMITED	Director	28/09/2012	14/06/2011	Active	NO
5	AAA-5661	BHANG HYDEL POWER LLP	Designated Partner	21/07/2011	21/07/2011	Active	NO

Name :

Mr. Nitin Mahajan

Designation :

Director

Address :

N-118, Greater Kailash-II, New Delhi - 110048, India

Date of Birth/Age :

28.10.1973

Date of Appointment :

01.04.2012

DIN No.:

00152138

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	U74999DL1995PTC065200	MITRA INDUSTRIES PRIVATE LIMITED	Managing director	01/11/2009	08/02/1995	-	Active	NO
2	U52110DL1969PTC005010	J MITRA AND COMPANY PRIVATE LIMITED	Director	01/04/2012	01/07/1998	-	Active	NO
3	L74899HR1962PLC004948	SNOWTEMP ENGINEERING COMPANY LIMITED	Director	04/07/2000	04/07/2000	-	Active	NO
4	U01403DL1995PTC070027	ZEENIA AGRO AND EXPORTS PRIVATE LIMITED	Director	24/10/2001	24/10/2001	-	Converted to LLP	NO
5	U74140DL1981PTC012275	MITRA CONSULTANTS PRIVATE LIMITED	Director	11/09/2004	11/09/2004	-	Converted to LLP	NO
6	U70109DL2006PTC150455	ALOHA TOWNSHIP PRIVATE LIMITED	Additional director	23/05/2011	23/05/2011	14/06/2011	Active	NO
7	U45400DL2007PTC169353	ISH REALCONS PRIVATE LIMITED	Director	25/05/2011	23/05/2011	-	Active	NO
8	AAA-2154	MITRA CONSULTANTS LLP	Designated Partner	31/08/2010	31/08/2010	-	Active	NO
9	AAA-2295	ZEENIA AGRO AND EXPORTS LLP	Designated Partner	20/09/2010	20/09/2010	-	Active	NO
10	AAA-2613	MITRA MEDICAL SERVICES LLP	Designated Partner	26/10/2010	26/10/2010	-	Active	NO

Name :

Mrs. Anila Mahajan

Designation :

Director

Address :

N-118, Greater Kailash-II, New Delhi - 110048, India

Date of Birth/Age :

12.03.1952

Date of Appointment :

02.07.1973

DIN No.:

00152183

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	Company/ LLP Status	Defaulting status
1	U52110DL1969PTC005010	J MITRA AND COMPANY PRIVATE LIMITED	Director	02/07/1973	02/07/1973	Active	NO
2	U74999DL1995PTC065200	MITRA INDUSTRIES PRIVATE LIMITED	Director	08/02/1995	08/02/1995	Active	NO
3	L74899HR1962PLC004948	SNOWTEMP ENGINEERING COMPANY LIMITED	Director	03/07/2000	03/07/2000	Active	NO
4	U74140DL1981PTC012275	MITRA CONSULTANTS PRIVATE LIMITED	Director	11/09/2001	11/09/2001	Converted to LLP	NO
5	U01403DL1995PTC070027	ZEENIA AGRO AND EXPORTS PRIVATE LIMITED	Director	24/10/2001	24/10/2001	Converted to LLP	NO
6	U70109DL2006PTC150455	ALOHA TOWNSHIP PRIVATE LIMITED	Director	25/05/2011	23/05/2011	Active	NO
7	U45400DL2007PTC169353	ISH REALCONS PRIVATE LIMITED	Director	25/05/2011	23/05/2011	Active	NO
8	AAA-2154	MITRA CONSULTANTS LLP	Designated Partner	31/08/2010	31/08/2010	Active	NO
9	AAA-2295	ZEENIA AGRO AND EXPORTS LLP	Designated Partner	20/09/2010	20/09/2010	Active	NO
10	AAA-5661	BHANG HYDEL POWER LLP	Designated Partner	21/07/2011	21/07/2011	Active	NO

Name :

Mrs. Rinku Mahajan

Designation :

Director

Address :

N-118, Greater Kailash-II, New Delhi - 110048, India

Date of Birth/Age :

24.03.1974

Date of Appointment :

01.09.2006

DIN No.:

00325821

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	U52110DL1969PTC005010	J MITRA AND COMPANY PRIVATE LIMITED	Director	01/09/2006	01/09/2006	-	Active	NO
2	L74899HR1962PLC004948	SNOWTEMP ENGINEERING COMPANY LIMITED	Director	20/09/2013	20/09/2013	-	Active	NO
3	AAA-2613	MITRA MEDICAL SERVICES LLP	Designated Partner	26/10/2010	26/10/2010	02/12/2010	Active	NO

KEY EXECUTIVES

Name :	Ms. Rekha
Designation :	Admin Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Lalit Mahajan	61200
Anila Mahajan	29700
Jagdish Mitra and Sons HUF through Karta	450
Lalit Mahajan and Sons HUF through Karta	9450
Rinku Mahajan	450
Shivali Mahajan	450
Nitin Mahajan	24300
Jatin Mahajan	24300
Sai Baba Endowment, India	14850
Laxmiji Endowment, India	14850
Total	180000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	86.25
Other top fifty shareholders	13.75
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Biotechnology Products and Diagnostic Reagents.

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	M. Ram and Company Chartered Accountants
Address :	A-1, Aradhana Colony, Sector-13, R.K. Puram, New Delhi – 110066, India
Tel. No.:	91-11-28759890
Income-tax PAN of auditor or auditor's firm :	AADPA2233J
Associates/Subsidiaries :	· Lalit Sewa Nidhi · Jagdish Charity Trust · Society Welfare Foundation · Laxmiji Endowments · Mitra Consultants LLP

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
180,000	Equity Shares	Rs. 100/- each	Rs. 18.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
180,000	Equity Shares	Rs. 100/- each	Rs. 18.000 Millions

7

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	18.000	18.000
(b) Reserves & Surplus	866.424	886.698
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	884.424	904.698
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.354	22.681
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.354	22.681
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	10.456	2.996
(c) Other current liabilities	12.169	11.296
(d) Short-term provisions	6.030	0.035
Total Current Liabilities (4)	28.655	14.327
TOTAL	913.433	941.706
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	53.243	46.993
(ii) Intangible Assets	0.632	0.843
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	53.875	47.836
(2) Current assets
(a) Current investments	38.654	53.554
(b) Inventories	17.356	8.091
(c) Trade receivables	97.818	91.706
(d) Cash and cash equivalents	669.058	711.307
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	36.672	29.212
Total Current Assets	859.558	893.870
TOTAL	913.433	941.706

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		18.000
2] Share Application Money		0.000
3] Reserves & Surplus		688.210
4] (Accumulated Losses)		0.000
NETWORTH		706.210
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		19.113
TOTAL		725.323
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		40.121
Capital work-in-progress		0.000
INVESTMENT		52.291
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.350
	Sundry Debtors	319.791
	Cash & Bank Balances	603.692
	Other Current Assets	0.000
	Loans & Advances	188.001
Total Current Assets		1118.834
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	275.843
	Other Current Liabilities	18.275
	Provisions	191.805
Total Current Liabilities		485.923
Net Current Assets		632.911
MISCELLANEOUS EXPENSES		0.000
TOTAL		725.323

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		341.322	1150.729
		Other Income		6.843	7.350
		TOTAL	432.836	348.165	1158.079
Less	EXPENSES
		Office Expenses		471.654	698.019
		Administrative Expenses
		Advertising Expenses
		TOTAL	402.085	471.654	698.019
	PROFIT/ (LOSS) BEFORE TAX		30.751	(123.489)	460.060
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		30.751	(123.489)	460.060
	EARNINGS IN FOREIGN CURRENCY
		Commission	0.000	6.528	441.777
		Export Earnings	35.168	34.542	60.330
		Repair / Service (Earning)	0.000	0.000	20.253
		Sale of Intangible Assets	0.000	0.000	4.590
		Termination Compensation	0.000	326.310	5.555
	TOTAL EARNINGS		35.168	367.380	532.505
	IMPORTS
		Raw Materials	31.359	13.590	104.914
		Capital Goods	3.257	2.492	0.000
	TOTAL IMPORTS		34.616	16.082	104.914
	Earnings/ (Loss) Per Share (Rs.)		170.84	(686)	2555.89

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	7.10	(35.47)	39.73
Net Profit Margin (PBT/Sales)	(%)	NA	(36.18)	39.98
Return on Total Assets (PBT/Total Assets}	(%)	3.37	(13.11)	39.70
Return on Investment (ROI) (PBT/Networth)		0.03	(0.14)	0.65
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		30.00	62.39	2.30

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	No
24]	Banking facility details	No
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

BACKGROUND

Subject is a limited liability company incorporated on 15^th March, 1969 under the provisions of the companies act, 1956.

The company’s business is manufacturing and sale of Biotechnology product and Diagnostic Reagents.

CONTINGENT LIABILITIES:

Particulars	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Guarantee given by the bank on behalf of the company	15.900	17.800

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Electric Fittings

· Motor Cars

· Office Equipments

· Air Conditioners

· Refrigerators

· Generator

· Computers

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 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. 62.52
UK Pound	1	Rs. 100.26
Euro	1	Rs. 84.67

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
DEFAULTERS
--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.