MIRA INFORM REPORT

Report Date :

19.02.2014

IDENTIFICATION DETAILS

Name :	DOWN TOWN HOSPITAL LIMITED
Formerly Known As :	DOWN TOWN HOSPITAL PRIVATE LIMITED
Registered Office :	Dispur G. S. Road, Guwahati – 781006, Assam
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	31.01.1986
Com. Reg. No.:	02-002477
Capital Investment / Paid-up Capital :	Rs.27.313 Millions
CIN No.: [Company Identification No.]	U85110AS1986PLC002477
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Distributor of Medicines.
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 760000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Overall financial position of the company appears to be decent. However, trade relations are reported to be fair. Business is active. Payments are reported are reported to be usually correct. The company can be considered normal 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs.35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Gautam Dutta
Designation :	Finance Manager
Contact No.:	91-9435012669
Date :	19.02.2014

LOCATIONS

Registered Office :	G. S. Road, Dispur, Guwahati – 781006, Assam, India
Tel. No.:	91-361-2334168/ 2332741/ 2331003
Mobile No.:	91-9435012669 (Mr. Gautam Dutta)
Fax No.:	91-361-2331824
E-Mail :	dutta2@sancharnet.in gautamdatta@gmail.com contact@downtowngroup.in
Website :	http://www.downtownhospitals.in
Location :	Owned

DIRECTORS

(AS ON 22.08.2013)

Name :	Mr. Narendra Nath Dutta
Designation :	Managing Director
Address :	S. K. Baruah Road, Rukmini Nagar, Guwahati, Kamrup – 781006, Assam, India
Date of Birth/Age :	02.03.1943
Date of Appointment :	31.01.1986
DIN No.:	01144271
Name :	Mr. Bandana Dutta
Designation :	Whole-time director
Address :	S. K. Baruah Road, Rukmini Nagar, Guwahati, Kamrup – 781006, Assam, India
Date of Birth/Age :	28.03.1949
Date of Appointment :	31.01.1986
DIN No.:	00704884
Name :	Ms. Mayurakshi Dutta
Designation :	Whole-time director
Address :	Rukmini Nagar, Dispur, Guwahati, Kamrup – 781006, Assam, India
Date of Birth/Age :	04.04.1975
Date of Appointment :	23.09.2000
DIN No.:	00704808
Name :	Mr. Friday Lyngdoh
Designation :	Director
Address :	Mawkhar, Shillong, Meghalaya 793001
Date of Birth/Age :	29.01.1929
Date of Appointment :	11.11.1993
DIN No.:	01992236
Name :	Mr. Biswa Datta
Designation :	Director
Address :	18^th East Bye Lane, Sundarpur, Guwahati, Kamrup – 781005, Assam, India
Date of Birth/Age :	01.12.1943
Date of Appointment :	28.07.1989
DIN No.:	00704723
Name :	Mr. Prasanta Bora
Designation :	Nominee Director
Address :	Mandakini Housing Society, H. No.20, Neelampath Hathigarhcharali, Guwahati, Kamrup – 781024, Assam, India
Date of Birth/Age :	01.07.1960
Date of Appointment :	04.02.2013
DIN No.:	02744331
Name :	Mr. Gariasi Dutta
Designation :	Director
Address :	S. K. Baruah Road, Rukmini Nagar, Guwahati, Kamrup – 781006, Assam, India
Date of Birth/Age :	01.01.1980
Date of Appointment :	22.08.2013
DIN No.:	06638536
Name :	Mrs. Joutishman Dutta
Designation :	Director
Address :	S. K. Baruah Road, Rukmini Nagar, Guwahati, Kamrup – 781006, Assam, India
Date of Birth/Age :	29.121.1983
Date of Appointment :	22.08.2013
DIN No.:	06638552
Name :	Mr. Balin Kumar Gogoi
Designation :	Additional Director
Address :	Ananda Nagar, Dispur P. O., Guwahati, Kamrup – 781005, Assam, India
Date of Birth/Age :	01.04.1932
Date of Appointment :	22.08.2013
DIN No.:	00738937

KEY EXECUTIVES

Name :	Mr. Gautam Datta
Designation :	Finance Manager
Name :	Mrs. Sushma Jain
Designation :	Secretary
Address :	Kalyanpur, Ganeshguri, Guwahati – 781006, Assam, India
Date of Birth/Age :	13.11.1981
Date of Appointment :	15.02.2011
PAN No.:	AFDPJ3283Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 22.08.2013)

SHAREHOLDING DETAILS FILE ATTACHED

(AS ON 30.09.2013)

Equity Shares Break – up

Category	Percentage
Government Companies	5.00
Public Financial Companies	5.67
Bodies corporate	0.07
Directors or relatives of directors	76.68
Other top fifty shareholders	12.58
Total	100.00

BUSINESS DETAILS

Line of Business :	Distributor of Medicines
Agencies Held :	· Lupin Pharma · Johnson and Johnson Limited · Roche Products
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users and Hospitals

· ONG Limited

· Oil India

No. of Employees :

600 (Approximately)

Bankers :

· UCO Bank

Dispur Branch, Dr. R. P. Road, Guwahati – 781006, Assam, India

Facilities :

Secured Loans	31.03.2013	31.03.2012
	(Rs. In Millions)
Long Term Borrowings
Term Loans – UCO Bank
I] Term Loans II (Relating to Commercial Complex Project)	2.542	28.300
II] Term Loan III (Funded Interests relating to commercial complex project)	0.000	4.009
Term Loans IV (Relating to renovation and Purchases of Medical Equipments)	48.854	57.931
State Bank of India (Demand Loans against fixed deposit)	2.441	2.444
Short Term Borrowings
Working Capital Loan from UCO Bank	5.007	5.009
Total	58.844	97.693

Banking Relations :	--
Auditors :
Name :	Debashis Mitra and Associates Chartered Accountants
Address :	Harabala Road, Ulubari, Guwahati – 781007, Assam, India
PAN No.:	AAEFD8494M
Associates :	· Excel Construction Private Limited · Down Town Charity Trust · Down Town Enterprises Limited

CAPITAL STRUCTURE

(AS ON 22.08.2013)

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

(AS ON 31.03.2013)

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2731290	Equity Shares	Rs.10/- each	Rs.27.313 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	27.313	26.303	26.303
(b) Reserves & Surplus	162.844	130.401	114.618
(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)	190.157	156.704	140.921
(3) Non-Current Liabilities
(a) long-term borrowings	53.837	92.684	127.886
(b) Deferred tax liabilities (Net)	22.231	21.686	21.463
(c) Other long term liabilities	17.096	20.948	21.660
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	93.164	135.318	171.009
(4) Current Liabilities
(a) Short term borrowings	5.007	5.009	4.992
(b) Trade payables	30.588	28.690	32.232
(c) Other current liabilities	102.563	91.908	98.725
(d) Short-term provisions	15.078	5.396	0.000
Total Current Liabilities (4)	153.236	131.003	135.949
TOTAL	436.557	423.025	447.879
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	242.393	260.418	283.297
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	2.243
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.147	0.147	0.147
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	134.923	117.085	118.692
(e) Other Non-current assets	0.000	0.000	4.286
Total Non-Current Assets	377.463	377.650	408.665
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5.122	3.813	5.652
(c) Trade receivables	36.265	30.443	28.582
(d) Cash and cash equivalents	9.909	7.753	0.878
(e) Short-term loans and advances	7.798	3.366	4.102
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	59.094	45.375	39.214
TOTAL	436.557	423.025	447.879

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	373.901	330.879	261.485
		Other Income	1.417	1.223	0.551
		TOTAL (A)	375.318	332.102	262.036
Less	EXPENSES
		Cost of Materials Consumed	32.026	28.180	24.535
		Purchases of Pharmacy Items	41.229	37.084	29.075
		Changes in Inventories of stock in trade	(1.312)	1.839	0.378
		Employee Benefit Expenses	61.023	49.287	39.192
		Other Expenses	146.812	139.612	102.396
		Exceptional Items	0.471	1.366	0.000
		TOTAL (B)	280.249	257.368	195.576
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		95.069	74.734	66.460
Less	FINANCIAL EXPENSES (D)		16.598	22.612	25.573
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		78.471	52.122	40.887
Less/ Add	DEPRECIATION/ AMORTISATION (F)		21.644	24.296	26.687
	PROFIT BEFORE TAX (E-F) (G)		56.827	27.826	14.200
Less	TAX (H)		18.616	8.986	4.253
	PROFIT AFTER TAX (G-H) (I)		38.211	18.840	9.947
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		82.313	67.530	NA
Less	APPROPRIATIONS
		Transfer to General Reserve	3.100	1.000	NA
		Proposed Dividend	5.363	2.630	NA
		Corporate Dividend Tax	0.870	0.427	NA
	BALANCE CARRIED TO THE B/S		111.191	82.313	NA
	Earnings Per Share (Rs.)		13.99	7.16	3.78

Expected Sales (2013-14): Rs.400.000 Millions

The above information has been parted by Mr. Gautam Dutta.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	10.18	5.67	3.80
Net Profit Margin (PBT/Sales)	(%)	15.20	8.41	5.43
Return on Total Assets (PBT/Total Assets}	(%)	13.02	6.58	3.19
Return on Investment (ROI) (PBT/Networth)		0.30	0.18	0.10
Debt Equity Ratio (Total Debt/Networth)		0.31	0.62	0.94
Current Ratio (Current Asset/Current Liability)		0.39	0.35	0.29

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	26.303	26.303	27.313
Reserves & Surplus	114.618	130.401	162.844
Net worth	140.921	156.704	190.157
long-term borrowings	127.886	92.684	53.837
Short term borrowings	4.992	5.009	5.007
Total borrowings	132.878	97.693	58.844
Debt/Equity ratio	0.943	0.623	0.309

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	261.485	330.879	373.901
		26.538	13.002

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR)	(INR)	(INR)
Sales	261.485	330.879	373.901
Profit	9.947	18.840	38.211
	3.80%	5.69%	10.22%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATING PERFORMANCE AND FUTURE PLANS:

The Company has already entered into an agreement with Siemens ltd for purchase of MAGNETOM Essenza1.5 Tesla 16 Channel MRI scanner. This machine will replace the existing MRI Machine and will enable the hospital to provide better services to its patient. Hair transplant surgeries has been successfully started and plans are afoot to start Liver transplant Surgeries in future.

TRADE REFERENCE:

· ONG Limited

· Oil India

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10444595	23/07/2013	26,600,000.00	UCO BANK	DISPUR BRANCH, DR R P ROAD, GUWAHATI, Assam - 781006, INDIA	B82901687
2	10211977	09/03/2010	70,467,000.00	UCO BANK	DISPUR BRANCH, DR.R.P.ROAD, GUWAHATI, Assam - 781006, INDIA	A82982950
3	80058508	01/04/2005	32,320,000.00	GE CAPITAL SERVICES INDIA LIMITED	BLOCK 4A DLF CORPORATE PAR, QUTAB ENCLAVE PHASE-III, GURGAON, Haryana - 122002, INDIA	-
4	80058507	10/05/2004	122,000,000.00	UCO BANK	DISPUR BRANCH, GUWAHATI, Assam - 781006, INDIA	-
5	80058506	20/12/2001	104,570,000.00	UCO BANK	DISPUR BRANCH, GUWAHATI, Assam - 781006, INDIA	-
6	80058503	04/08/1988	5,000,000.00	UCO BANK	DISPUR BRANCH, GUWAHATI, Assam - 781006, INDIA	-

FIXED ASSETS:

· Land

· Building

· Air Conditioner

· Electrical Installations

· Furniture and Fixture

· Television

· Motor Vehicles

· Tubewell

· Washing Machines

· Water cooler

· Filters

· Camera

· Computer

· UPS

· Inverters

· Projector Head

· Fax Machine

· Metal Detectors

· Diesel Burners

· Solar water Heaters

· Xerox Machines

· D. G. Set

· Incinerators

· Mobile Phones

· Waste Treatment Plant

· Gas Burners

· Bakery Equipment

· Game Equipments

· Floor Cleaner

· Automatic Voltage Controllers

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.62.12
UK Pound	1	Rs.103.93
Euro	1	Rs.85.17

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		47

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.