MIRA INFORM REPORT

Report Date :

28.02.2014

IDENTIFICATION DETAILS

Name :	SEMI CONDUCTOR LABORATORY
Formerly Known As :	SEMI CONDUCTOR COMPLEX LIMITED
Registered Office :	Sector 72, S.A.S. Nagar - 160 071, Punjab
Country :	India
Financials (as on) :	31.03.2013
TAN No.: [Tax Deduction & Collection Account No.]	PTLS16381B
PAN No.: [Permanent Account No.]	AAGTS0959N
Legal Form :	Part of Department of Space
Line of Business :	Research Laboratory.
No. of Employees :	521 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (63)

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 46000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of Department of Space, Government of India. Networth of the subject is strong and healthy. Trade relation is trustworthy. Business is active. Payment terms are regular and as per commitment. In view of Government support, subject can be considered good 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 DENIED BY

Name :	Mr. J. M. Amba
Designation :	Accounts Manager
Contact No.:	91-172-2236382
Date :	25.02.2014

LOCATIONS

Registered Office :	Sector 72, S.A.S. Nagar - 160 071, Punjab, India
Tel. No.:	91-172-2237401 to 2237409/ 2236040/ 5027558
Fax No.:	admissions@vedant.net, director@sclchd.co.in
Website :	http://www.sclindia.com
Branch Office :	Second Floor, Core 4, Scope Minar, Luxminagar, Delhi-110 092, India
Tel. No.:	91-11-22432127
Fax No.:	91-11-22422732
Guest House 1 :	SCL Housing Complex, Silicon Enclave, Near IVY Hospital, Adjacent to St. Xavier Sr. Secondary School, (Opposite House No. 1083-84), Sector 71, S.A.S. Nagar - 160 071, Punjab,  India
Tel. No.:	91-172-2225929

MANAGEMENT

Name :	Dr. B.N. Suresh
Designation :	Director (Vikram Sarabhai Space Centre, Thiruvananthapuram)
Name :	Dr. Chandrashekhar
Designation :	Director (Central Electronics Engineering Research Institute (CEERI), Pilani)
Name :	Prof. S.L. Lahiri
Designation :	Member, Deptt. of Electronics and Telecommunications Engineering, Indian Institute of Technology, Kharagpur
Name :	Dr. A. S. Kirankumar
Designation :	Director, SAC, Ahmedabad
Name :	Shri E. Vasantha
Designation :	Dy. Director, ISAC, Bangalore
Name :	Shri John P. Zacharaiah
Designation :	Deputy Director (MVIT/VSSC, Thiruvananthapuram)

KEY EXECUTIVES

Name :	Mr. J. M. Amba
Designation :	Director

BUSINESS DETAILS

Line of Business :

Research Laboratory.

PRODUCTION STATUS

Particulars	Unit	Installed Capacity	Actual Production
LSI/VLSI Wafers 6” processing	Quantity in millions	2	0.106
Chip on Board (COB) / ECB	Quantity in millions	250	36.000
Board Level Assembly/Sub-systems	Quantity in millions	20	5.051
VLSI Packaging	Quantity in millions	100	42.231

GENERAL INFORMATION

No. of Employees :	521 (Approximately)
Bankers :	· Andhra Bank · Indian Bank · State Bank of India

Banking Relations :	--
Auditors :
Name :	A.K. Sood and Associates Chartered Accountants
Address :	S C O 50-51, 2^nd Floor, Sector 17-A, Chandigarh, India

CAPITAL STRUCTURE

AS ON 31.03.2012

Particulars		31.03.2012 (Rs. in Millions)
Corpus Fund	688.750
Add: Retirement benefit Written Back	48.714
Add: Excess of Income over Expenditure	104.926	842.390
		842.390

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		842.390	688.750
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		10837.883	11189.413
4] (Accumulated Losses)		0.000	0.000
NETWORTH		11680.273	11878.163
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		11680.273	11878.163
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		587.502	251.616
Capital work-in-progress		8033.945	7180.035
INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	145.101	119.811
	Sundry Debtors	57.752	52.646
	Cash & Bank Balances	3866.972	4961.359
	Other Current Assets	201.714	241.990
	Loans & Advances	435.347	212.465
Total Current Assets		4706.886	5588.271
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000
	Other Current Liabilities
	Provisions	1648.060	1141.759
Total Current Liabilities		1648.060	1141.759
Net Current Assets		3058.826	4446.512
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		11680.273	11878.163

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2012	31.03.2011
Income
Income from Sales		47.618	54.128
Income from Services/ Assembly Job		9.966	23.337
Revenue Grant		497.800	403.550
Interest Earned		40.114	108.788
Other Revenue		6.398	8.416
Reversal Receipt for Pension		0.588	0.919
Dep. Of Grant Assets		96.910	23.350
Accretion to WIP/ Finished Goods		11.940	17.785
Total Income		711.334	640.273
Expenditures :
	Raw Material Consumed	15.156	19.398
	Stores and Spares Consumed	1.860	8.379
	Testing Charges	0.026	0.014
	Employees Remuneration and Benefits	341.840	307.011
	Power & Fuel	68.587	33.419
	Repair and Maintenance	17.332	18.385
	Administrative, Selling and Other Overheads	16.324	16.057
	Security and Fire Fighting Expenses	33.957	33.145
	Inventory and Petty Assets Written off	0.057	0.704
	Depreciation	111.269	56.094
Total Expenditure		606.408	492.606
Excess Income of over Expenditure transferred to Balance Sheet		104.926	147.667
Imports :
	Raw Material (including agency sales & stock & sale items)	17.864	18.897
	Stores, Spares & Consumables	8.345	4.890
Total Imports		26.209	23.787

Expected Sales (2013-2014): Rs.68.800 Millions

The above information has been parted by Mr. J. M. Amba (Accounts Manager)

KEY RATIOS

PARTICULARS	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt /Networth)	0.00	0.00
Current Ratio (Current Asset/Current Liability)	2.86	4.89

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	Rs. In Millions	Rs. In Millions
Share Capital	688.750	842.390
Reserves & Surplus	11189.413	10837.883
Net worth	11878.163	11680.273
Secured Loans	0.000	0.000
Unsecured Loans	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

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	No
12]	Profitability for last three years	No
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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	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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

CONTINGENT LIABILITIES:

(Rs. In Millions)

PARTICULARS	31.03.2012	31.03.2011
Guarantees issued by banks against counter guarantees by SCL	9.379	9.479
Letter of credit & Import bills issued by banks	5.623	332.712
Octroi	4.533	4.533
Claims not acknowledged as debt	0.250	0.250
Total	19.785	346.974

INTRODUCTION:

Administrative control of SCL was transferred to Department of Space from Department of Information Technology by Government of India on March 01, 2005. Semi-Conductor Laboratory as a Society was registered on November 08, 2005, under the Societies Registration Act, 1860, as amended by the Punjab Amendment Act, 1957. Main emphasis of the society is on Research & Development in the field of Microelectronics.

SCL is carrying-out design, development, manufacturing, packaging and testing of CMOS/Imaging/MEMS devices, including development of Process Technology.

TECHNICAL ACTIVITIES

The main activity during the year continues to be the technological up-gradation of Wafer Fab. To 0.18µm CMOS 8" wafer fabrication line along with commensurate augmentation of utilities and generations. The other technical activities pursued by SCL, in accordance with its vision statement, pertain to the following areas:

· VLSI and MEMS Fabrication, Assembly and Testing

· VLSI Design & Process Technology Development

· Systems Engineering & Assembly

· Technical Support Services,

· Reliability and Quality Assurance

Highlights of the activities for the period April 01, 2011 to March 31, 2012 are presented in this report.

SYSTEM ENGINEERING & ASSEMBLY

Design, development, fabrication and testing of boards and subsystems for Air Force and atmospheric studies are continuing. 5004 Nos(1996 in FY11-12) indigenously developed Dr. Pisharoty Sonde Systems were supplied to various National Institutions including ISRO, IMD, NARL, IGCAR and Universities viz BIT, Andhra University.

The production capacity of these systems has been enhanced to 400 Nos. per month. The fabrication and calibration facilities are augmented accordingly.

Additionally, 116 Nos (60 in FY11-12) Fire Warning Systems (Firemod Kits) and 14 Nos (6 in FY 11-12) Test Rigs were supplied to Air Force for Helicopters out of which 80 Nos were installed and have successfully completed more than 2 - 300 hrs of flying without any failures and proved to be a success. Spurious signals were detected during flying (specially under hot and humid conditions in North -East) and the fire extinguisher bottles were not allowed to fire, as against the Russian system which generated fire alarm on detection of spurious signals.

The repair of Electronic Energy Meters (EEM) under warranty continued during the year. More than 94 Ultrasonic Level Sensor (USLS) are assembled. HiRel fabrication of 46 Nos on-boards cards was also carried out during the year.

OFFICE AUTOMATION

In its effort to automate various functions/ activities, SCL has implemented Inventory Management Module of an ERP. The purchase activities are being computerized by continuing use of Electronic Government Procurement System (EGPS), package which has also been deployed at various centers/units of DOS/ISRO. The administration area is being computerized with the implementation of Computerized Working in Administrative Areas (COWAA) package. The website of Library Management System on SCL intranet continued to be in use, which has link for accessing various information, rules etc. The administration and maintenance of Intranet, Internet/ email services and maintenance of computer hardware continued. The in-house developed Device Manufacturing Integration System (DMIS), which includes lot planning, scheduling, tracking, tool status indication, report generation, database management is being made operational for Fab automation.

CIVIL ENGINEERING ACTIVITIES

Construction and Maintenance Division was mainly engaged in the new Civil Works relating to Fab Upgradation Project, Housing Project and maintenance activities in addition to Horticulture works. The Civil works for the Fab Upgradation Project with the Construction of Gas Cylinder Building, Hydrogen Generation Building is almost complete.

In the Housing Project, construction work of 60 Nos. of Quarters (12 Nos. each of 'E', 'D' & 'C' Type Quarters for SCL employees and 12 Nos. each of 'A' & 'B' Type Quarters for CISF), Director's Residence and Guest House is at completion stage with internal & external finishing works underway.

In addition to above Project related activities, a number of minor Civil Works such as machine foundations, trenches, construction of RCC pavement, vacuum dewatered flooring and maintenance related works were taken up to meet requirements cropping up from time to time and for the upkeep of various buildings. The Horticulture activities included maintenance of lawns, plantation of trees/shrubs etc. to maintain the overall aesthetics of the premises and environmental preservation.

ENVIRONMENT MANAGEMENT

Environment preservation continued to remain under focus of the Management. Major up-gradation of the existing Effluent Treatment Plant (ETP) at SCL was carried out to cater to the treatment requirements of the effluent generated from the new 8" fab line. Effluent received in ETP from the Wafer Fab, Wet Scrubbers and UPW Plant is primarily treated with lime solution to remove fluoride and heavy metals as sludge. Part of the treated effluent is utilized for irrigation/horticulture and remaining is discharged per the norms of Punjab Pollution Control Board. Various parameters of the treated effluent are monitor through on-line analyzers to ensure effective compliance.

Similarly, gaseous emissions from the fab line are treated in Wet Scrubbers for removing trace unspent gases before venting the treated emissions through Chimney Stack. Regular monitoring of treated emissions is carried out by drawing samples.

Punjab Pollution Control Board has issued consents to operate the new facilities under the provisions of Water Act, 1974 and Air Act, 1981.

In regard to water conservation, Water Reclaim System is implemented to reclaim good quality effluent generated during the low or no production/process in the wafer fab. The recycled water is utilized for non-critical applications like Cooling Towers, Wet Scrubbers etc.

Plantation of trees and development/ maintenance of lawns/green belts in the premises was continued during the year.

Variety of Plants/Shrubs viz. Gulmohar, Thuja etc. were planted during the year. About 18 acres of green belt is maintained in the premises having total area of 48 acres.

HUMAN RESOURCES & WELFARE MEASURES

Total manpower strength of SCL as on March 31, 2012 was 521 with 38 female employees including eleven Sci/Engr 'SC' recruited during 2011-12. With this, the manpower profile of SCL is as below.

The reservation for Schedule Castes, Schedule Tribes and other Backward Classes in the services continued to be observed in SCL. The position of SC/ST and OBC employees as on March 31, 2012 is as under.

Category	Sci./Tech	Admin	Total
SC	80	21	101
ST	2	0	2
Handicap	2		2
OBC's	22	6	28
Ex-Ser. Men	1		1

Professional Update Allowance and other Social Security measures viz. VISWAS and SAFE schemes continued in SCL.

The Sports Council is formed by framing the bylaws with an aim of encouraging, guiding, promoting and coordinating the sports and athletic activities at SCL. The present membership of the council is 477 which include 35 women members.

The teams from SCL participated in the ISRO/DOS Inter Centre Sports Meet Outdoor Games - 2011 held at SHAR, Sriharikota during December 20-30, 2011 winning 1 Gold and 1 Bronze Medals.

PROGRESSIVE USE OF HINDI

All the annual Programmes framed by the Department of Official Language are being followed at SCL. A number of enabling measures for effective implementation of the Official Language have been taken. Books of eminent Hindi writers are being procured regularly. Five Society employees were nominated for Hindi Prabodh, Praveen and Pragya examination conducted by Central Hindi Training Institute. Also, employees are encouraged to participate in various competitions organized by the local town Official Language Implementation Committee. Hindi Diwas and Vishva Hindi Diwas were organized in the Society.

All general circulars are being issued bilingually and also announcements on the paging system are bilingual.

VIGILANCE ACTIVITY

It has been the endeavor of SCL to strengthen Preventive Vigilance. All the instructions issued from time to time from CVC/DOS were circulated to all concerned for compliance. Activities like routine inspection, timely filing of monthly and quarterly progress reports for work and contracts, vigilance & disciplinary cases and issuance of NOC etc. were continued during the year. Vigilance Awareness Week-2011 was observed as per directive of Central Vigilance Commission (CVC) from October 31 to November 05, 2011. The theme of vigilance week was 'Participative Vigilance'. During the week employees were administered the pledge circulated by CVC and emphasis was made on increased transparency and good governess.

FIXED ASSETS:

• Land Freehold
• Buildings
• Plant and Machinery
• Furniture and Fittings
• Vehicles
• Grant Assets
• Sponsored Projects

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 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.61.94
UK Pound	1	Rs.103.31
Euro	1	Rs.85.11

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		63

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.