MIRA INFORM REPORT

Report Date :

25.07.2014

IDENTIFICATION DETAILS

Name :	KREMOINT PHARMA PRIVATE LIMITED
Registered Office :	Plot no. B-8, Additional Ambernath, M.I.D.C, Opposite Main Road, Anand Nagar Police Check Post, Ambernath (East), Thane-421506, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.05.1992
Com. Reg. No.:	11-066737
Capital Investment / Paid-up Capital :	Rs. 0.600 Million
CIN No.: [Company Identification No.]	U24230MH1992PTC066737
TAN No.: [Tax Deduction & Collection Account No.]	MUMK05289E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pharmaceuticals Products
No. of Employees :	90 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 650000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is and established company having satisfactory track record. General financial positon of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payment terms 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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Ms. Kavita
Designation :	Marketing Department
Contact No.:	91-8879083809/9820267702
Date :	21.07.2014

LOCATIONS

Registered Office/ Factory :	Plot no. B-8, Additional Ambernath, M.I.D.C, Opposite Main Road, Anand Nagar Police Check Post, Ambernath (East), Thane-421506, Maharashtra, India
Tel. No.:	91-251-2620273/355/655/2621363/2621364/2621367
Mobile No.:	91-8879083809/9820267702 (Ms. Kavita)
Fax No.:	91-251-2621363/364/367/2620273/2620355/2620655
E-Mail :	info@kremointpharma.com
Website :	www.kremointpharma.com www.pharmaceuticalformulations.net
Area :	12000 Sq. Ft
Location :	Owned
Warehouse :	D-59 / D-60, Additional Ambernath, M.I.D.C, Ambernath (East), Thane-421506, Maharashtra, India

DIRECTORS

As on: 14.08.2013

Name :

Mr. Bhadresh Keshavji Thakkar

Designation :

Director

Address :

151/5 Shree Krishna Nagar, Garodia Nagar, Ghatkopar, Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

07.12.1964

Qualification :

B.Com

Date of Appointment :

12.05.1992

DIN No.:

00774787

Name :

Mr. Shibroor Narsimha Kamath

Designation :

Director

Address :

202, Jai Akshay Sagar CHS, Namdeao Path, Thane-421201, Maharashtra, India

Date of Birth/Age :

21.12.1953

Date of Appointment :

28.06.2012

DIN No.:

00140593

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	L24230MH1984PLC034771	BLISS GVS PHARMA LIMITED	Managing director	01-04-2013	09-05-2006	-	Active	NO
2	U40105MH2007PTC172528	PATEL POWER PRIVATE LIMITED	Director	17-04-2010	17-04-2010	-	Active	NO
3	U24230DD2011PTC004692	BLISS INDASI LIFESCIENCE PRIVATE LIMITED	Director	09-03-2011	09-03-2011	-	Active	NO
4	U24230MH1992PTC066737	KREMOINT PHARMA PRIVATE LIMITED	Director	28-06-2012	28-06-2012	-	Active	NO
5	U33111MH2013PTC240847	LIFEON LABS PRIVATE LIMITED	Director	02-03-2013	02-03-2013	-	Active	NO

Name :

Mr. Gautam Rasiklal Ashra

Designation :

Director

Address :

1/4, Breach Candy Appartment, B.D. Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

15.10.1956

Date of Appointment :

28.06.2012

DIN No.:

00140942

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	U67190MH1998PTC115072	KANJI FOREX PRIVATE LIMITED	Additional director	31/03/2014	25/05/1998	-	Active	NO
2	U67120MH1999PTC118062	KANJI PITAMBER FOREX PRIVATE LIMITED	Director	29/01/1999	29/01/1999	-	Active	NO
3	U65110MH1999NPL119268	FOREIGN EXCHANGE BROKERS ASSOCIATION OF INDIA	Director	05/04/1999	05/04/1999	-	Active	NO
4	U51900MH1999PTC119390	GENTEEL TRADING COMPANY PRIVATE LIMITED	Director	28/02/2002	28/02/2002	-	Active	NO
5	L24230MH1984PLC034771	BLISS GVS PHARMA LIMITED	Director	14/06/2004	14/06/2004	-	Active	NO
6	U67120MH1992PTC067764	MONOCHROME INVESTMENTS PRIVATE LIMITED	Director	05/07/2004	05/07/2004	-	Active	NO
7	U65990MH1947PLC005954	MANGALYA TRADING AND INVESTMENTS LIMITED	Director	22/06/2005	22/06/2005	-	Active	YES
8	U45200MH2005PLC154628	TVS INFRASTRUCTURE LIMITED	Director	07/11/2005	07/11/2005	18/12/2007	Active	NO
9	U32109MH1994PLC077921	ACE INVESTMENT SERVICES (INDIA) LIMITED	Director	04/06/2007	04/06/2007	15/12/2010	Active	NO
10	U01122MH2007PTC252336	GOODWILL CULTIVATORS PRIVATE LIMITED	Director	27/07/2007	27/07/2007	-	Active	NO
11	U74999MH1922PLC000973	BOMBAY GYMKHANA LIMITED	Director	27/09/2007	27/09/2007	30/09/2010	Active	NO
12	L15421MH1971PLC167716	BAJAJ HINDUSTHAN SUGAR AND INDUSTRIES LIMITED	Director	23/02/2008	28/09/2007	-	Amalgamated	NO
13	U31300MH1990PTC059291	MARINE CABLES AND WIRES PRIVATE LIMITED	Director	26/09/2008	09/05/2008	31/01/2009	Amalgamated	NO
14	U92412MH2010NPL202673	GAUTAM THAKKAR MEMORIAL BADMINTON ASSOCIATION	Director	01/05/2010	01/05/2010	24/10/2011	Active	NO
15	U24230DD2011PTC004692	BLISS INDASI LIFESCIENCE PRIVATE LIMITED	Director	09/03/2011	09/03/2011	-	Active	NO
16	U24230MH1992PTC066737	KREMOINT PHARMA PRIVATE LIMITED	Director	28/06/2012	28/06/2012	-	Active	NO
17	U15122MH2012PTC233816	MA DAIRY PRODUCTS PRIVATE LIMITED	Director	26/07/2012	26/07/2012	-	Active	NO
18	U33111MH2013PTC240847	LIFEON LABS PRIVATE LIMITED	Director	02/03/2013	02/03/2013	-	Active	NO
19	U70200MH2013PLC250229	GREENARCHES WAREHOUSING & INDUSTRIAL INFRASTRUCTURE LIMITED	Director	20/11/2013	20/11/2013	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Kavita
Designation :	Marketing Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 14.08.2013

Names of Shareholders	No. of Shares
Bhadresh Keshavji Thakkar	1190
Hema Bhadresh Thakkar	610
Bliss GVS Pharma Limited, India	4200
TOTAL	6000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	70.00
Directors or relatives of Directors	30.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Pharmaceuticals Products
Products :	· Ointments and Cream and Gel Formulations · Burns and Antiseptic Formulations · Pharmaceutical Formulations · Analgesic Formulations · Antiseptic / Antibactrial Formulations · Antifunagal Formulations · Acne Pimples Formulations · Corticosteroid / Antibactrial Formulations · Corticosteroid/Antibactrial/Antifungal Formulation
Exports :
Countries :	Nigeria

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

90 (Approximately)

Bankers :

· The Bharat Co Operative Bank (Mumbai) Limited, Ghatkopar (West) Branch, 103 to 106, Jyoti Chambers, 1^st Floor, Junction of J V Road, and Hirachand Desai Road, Mumbai - 400 086, Maharashtra, India

· Kotak Mahindra Bank

· HDFC Bank

· Federal Bank, Dombivali

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Term loans from Banks	19.002	22.242
SHORT TERM BORROWINGS
Loans repayable on demand from banks	25.487	28.462
Total	44.489	50.704

Banking Relations :	---
Auditors :
Name :	Panachand K Shah and Company Chartered Accountant
Address :	410-411, Parmeshwari Centre, Opp Nandanwan Industrial Estate, M.M.Malaviya Road, Mulund (West), Mumbai-400080, Maharashtra, India
PAN No.:	AAHPS1732N
Related Parties :	· Bliss GVS Pharma Limited · Ashvin Keshavji Thakkar Family Trust

CAPITAL STRUCTURE

As on: 14.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
24000	Equity Shares	Rs.100/- each	Rs. 2.400 Millions
1000	Preference Shares	Rs.100/- each	Rs. 0.100 Millions
	Total		Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6000	Equity Shares	Rs.100/- each	Rs. 0.600 Million

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	0.600	0.600	0.600
(b) Reserves & Surplus	163.690	146.213	32.696
(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)	164.290	146.813	33.296
(3) Non-Current Liabilities
(a) long-term borrowings	19.002	22.242	0.154
(b) Deferred tax liabilities (Net)	5.125	3.953	2.988
(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)	24.127	26.195	3.142
(4) Current Liabilities
(a) Short term borrowings	37.490	41.218	15.774
(b) Trade payables	13.630	30.573	29.083
(c) Other current liabilities	11.419	4.855	2.226
(d) Short-term provisions	1.818	4.000	1.070
Total Current Liabilities (4)	64.357	80.646	48.153
TOTAL	252.774	253.654	84.591
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	159.955	150.822	35.924
(ii) Intangible Assets	0.328	0.260	0.342
(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	0.100	0.100	0.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.212	0.188	0.185
(e) Other Non-current assets	0.000	0.000	11.097
Total Non-Current Assets	160.595	151.370	47.648
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	15.275	23.127	19.744
(c) Trade receivables	41.497	60.198	15.821
(d) Cash and cash equivalents	21.312	0.385	0.461
(e) Short-term loans and advances	13.073	17.853	0.251
(f) Other current assets	1.022	0.721	0.666
Total Current Assets	92.179	102.284	36.943
TOTAL	252.774	253.654	84.591

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Income	NA
		Other Income	NA
		TOTAL	NA
Less	EXPENSES
		TOTAL	NA
	PROFIT BEFORE TAX		8.787
Less	TAX		2.773
	PROFIT AFTER TAX		6.014
Less	APPROPRIATIONS
		Transfer to General Reserve	0.150
		Dividend	0.025
		Tax on Dividend	0.100
	BALANCE CARRIED TO THE B/S		5.739
	Earnings Per Share (Rs.)		1002.33

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	N.A	3.47	N.A
Return on Investment (ROI) (PBT/Networth)		N.A	0.06	N.A
Debt Equity Ratio (Total Debt /Networth)		0.34	0.43	0.48
Current Ratio (Current Asset/Current Liability)		1.43	1.27	0.77

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.600	0.600	0.600
Reserves & Surplus	32.696	146.213	163.690
Net worth	33.296	146.813	164.290
long-term borrowings	0.154	22.242	19.002
Short term borrowings	15.774	41.218	37.490
Total borrowings	15.928	63.460	56.492
Debt/Equity ratio	0.478	0.432	0.344

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	Yes
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 one years	Yes
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)	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 LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
SHORT TERM BORROWINGS
Loans and advances from related parties	12.003	12.756
Total	12.003	12.756

ADDRESS CHANGE:

NOTE:

Registered office has been shifted from Shree Krishna Darshan, 151/5 Garodia Nagar, Ghatkopar (East), Mumbai 400 077, Maharashtra, India to the present address w.e.f. 02.07.2012

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

· Furniture

· Computer

· Land and Building

· Plant and Machinery

· Office Equipments

· Mobile Phones

· Air Conditioner

· Security Systems

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.60.23
UK Pound	1	Rs.102.86
Euro	1	Rs.81.44

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	KAR
Report Prepared by :	HIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.