MIRA INFORM REPORT

Report Date :

05.03.2014

IDENTIFICATION DETAILS

Name :	DIVIS PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	Divis Tower, 7-1-77/E/303, Dharam Karam Road, Ameerpet, Hyderabad – 500016, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.10.1992
Com. Reg. No.:	01-014939
Capital Investment / Paid-up Capital :	Rs. 7.655 Millions
CIN No.: [Company Identification No.]	U24239AP1992PTC014939
TAN No.: [Tax Deduction & Collection Account No.]	HYDD00730C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of active Pharma Ingredients (Apis) and Intermediates, Bulk Drugs like Fluoxetine Hcl, Fluoxetine Hcl Pellets, Ketorolac Tromethamine etc.
No. of Employees :	Information declined by management

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 570000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory trade. Financial position of the company is decent. However, trade relations are reported to be fair. Business is active. Payments 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 DENIED BY

Management Non Co-operative (Tel No: 91-40-23734841)

LOCATIONS

Registered Office / Corporate Office: :	Divis Tower, 7-1-77/E/303, Dharam Karam Road, Ameerpet, Hyderabad – 500016, Andhra Pradesh, India
Tel. No.:	91-40-23734841/23743924
Fax No.:	91-40-23746424
E-Mail :	info@divispharma.com, hyd2_diviss@sancharnet.in, sales@divispharma.com, accounts@divispharma.com, purchase@divispharma.com, hr@divispharma.com
Website :	http://www.divispharma.com
Manufacturing Facility and Plant R & D :	Survey No:10,Kazipally Industrial Area, Gaddapotaram Village, Jinnaram Mandal Medak District, Andhra Pradesh, India
Tel. No.:	91-(8458)-277227

DIRECTORS

As on 27.09.2013

Name :

Mr. Mohan S. Divi

Designation :

Managing Director

Address :

Plot No. 23, Road No. 2, Sagar Co-operative Housing Society, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

30.06.1966

Date of Appointment :

27.10.1992

Din No:

00619966

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	U24239AP1992PTC014939	DIVIS PHARMACEUTICALS PVT.LTD.	Managing director	27/10/1992	27/10/1992	Active	NO
2	U85110AP2009PTC063459	REVA MEDICAL INSTITUTE PRIVATE LIMITED	Director	28/07/2009	28/07/2009	Active	NO

Name :

Mr. Murali K Divi

Designation :

Director

Address :

7-1-28/1/A/22, Park Avenue, Ameerpet, Hyderabad – 500016, Andhra Pradesh, India

Date of Birth/Age :

17.03.1951

Date of Appointment :

27.10.1992

Din No:

00005040

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	U51219AP1987PTC007114	DIVI'S BIOTECH PRIVATE LIMITED	Director	22/01/1987	22/01/1987	Active	NO
2	L24110AP1990PLC011854	DIVI'S LABORATORIES LIMITED	Managing director	10/10/2009	12/10/1990	Active	NO
3	U24239AP1992PTC014939	DIVIS PHARMACEUTICALS PVT.LTD.	Director	27/10/1992	27/10/1992	Active	NO
4	U67120AP2007PLC053327	PRIDHVI ASSET RECONSTRUCTION AND SECURITISATION COMPANY LIMITED	Director	29/03/2007	29/03/2007	Active	NO
5	U92190AP2008PTC061156	DIVI'S RESORTS PRIVATE LIMITED	Director	23/09/2008	23/09/2008	Active	NO
6	U67190AP2012PLC078661	TOUCHSTONE EQUITIES LIMITED	Director	19/01/2012	19/01/2012	Active	NO
7	U70100AP2005PTC093123	DIVI'S PROPERTIES PRIVATE LIMITED	Director	17/09/2012	17/09/2012	Active	NO

Name :

Mr. Radha Krishna Rao D

Designation :

Director

Address :

H. No. 16/307, Machavaram, Machilipatnam, Krishna District – 521002, Andhra Pradesh, India

Date of Birth/Age :

04.06.1936

Date of Appointment :

27.10.1992

Din No:

00620112

Name :

Mr. N. V. Ramana

Designation :

Director

Address :

Plot No. 29, Emarald Garden, Guttala Begumpet, Madhapur, Hyderabad – 500081, Andhra Pradesh, India

Date of Birth/Age :

17.08.1957

Date of Appointment :

27.10.1992

Din No:

00005031

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	U24239AP1992PTC014939	DIVIS PHARMACEUTICALS PVT.LTD.	Director	27/10/1992	27/10/1992	Active	NO
2	L24110AP1990PLC011854	DIVI'S LABORATORIES LIMITED	Whole-time director	26/12/2009	01/10/1994	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2013

Name of Shareholders	No. of Shares	Percentage of Holdings
Mohan S. Divi	27,165	35.49
N. V. Ramana	15	0.02
Divi Murali Krishna Prasad	15	0.02
Kiran S. Divi	18,900	24.69
Sai S. Divi	18,900	24.69
Satya Prakash Divi	5,775	7.54
Chandra Divi	5,775	7.54
Total	76,545	100.00

As on 27.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of active Pharma Ingredients (Apis) and Intermediates, Bulk Drugs like Fluoxetine Hcl, Fluoxetine Hcl Pellets, Ketorolac Tromethamine etc.

Products :

Bulk Drugs:

v Fluoxetine Hcl

v Ketorolac Tromethamine

v Oxymetazoline Hcl

• Intermediates:

v N-Benzyl Methyl Amine

v Alpha-(2-Methyl Amine) Ethyl Benzene Methanol

v Or 3-Methyl Amino-1-Phenyl Propane-1-Ol

v Iso Nipecotic Acid

v Ethyl Iso Nipecotate

v Methyl Iso Nipecotate

v Azacyclonol

v 2 Methyl 2 Phenyl Propionic Acid

v 2,3 Dibromo-5-Benzoyl Pyrrole

v Methyl Ester

v Trans-4-Amino Cyclo Hexanol

v Tris(2,3-Epoxy Propyl) Iso Cyanurate

v 1,2,3-Tri-O-Acetyl-5-Deoxy-D-Ribofuranose

v 3-5-Diamino Benzoic Acid

v 2-Bromo-4-Chloro Acetophenone

v N-Acetyl Isonipecotyl Chloride

v 2,2 Difluoro-3-Hydroxy-3(2,2-Dimethyldioxolon-4-Y1)Propionate

Item Code No. (ITC Code)	294200
Product Description	Fluoxetine – HCL
Item Code No. (ITC Code)	294200
Product Description	Alpha (2-Methyl)Amine Methyl Benzene Methanol
Item Code No. (ITC Code)	294200
Product Description	Ketrolac Tromethamine

GENERAL INFORMATION

No. of Employees :

Information declined by management

Bankers :

State Bank Of India, SMECCC Branch, Himayat Nagar Main Road, Hyderabad - 500029, Andhra Pradesh, India

Facilities :

Secured Loans :	31.03.2013 Rs. in Millions	31.03.2012 Rs. in Millions
Long Term Borrowing
From Bank	0.221	0.000
Short Term Borrowing
Working capital loans from Bank	0.000	9.953
Total	0.221	9.953

Nature of security :

Hypothecation of Vehicles

Primary Security:

Secured by the hypothecation of inventories book debts

Collateral Security:

Secured by Mortgage of factory land and Building

Guarantee:

Personal guarantee by two directors of the company

Banking Relations :	--
Auditors :
Name :	P. V. R. K. Nageswara Rao and Company Chartered Accountants
Address :	109, Metro Residenecy, 6-3-1247, Rajbhavan Road, Khairatabad, Hyderabad – 500082, Andhra Pradesh, India
Tel. No.:	91-40-23311609/23312269
Fax No.:	91-40-23319591
E-Mail :	hyd1_pvrk@sancharnet.in, info@pvrk.com
Pan No.:	AACFP1618B

CAPITAL STRUCTURE

As on 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- Each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
76545	Equity Shares	Rs.100/- Each	Rs.7.655 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	7.655	7.655	7.655
(b) Reserves & Surplus	135.714	113.666	99.090
(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)	143.369	121.321	106.745
(3) Non-Current Liabilities
(a) long-term borrowings	0.221	0.000	0.000
(b) Deferred tax liabilities (Net)	2.846	2.468	2.299
(c) Other long term liabilities	2.596	0.103	0.901
(d) long-term provisions	1.527	1.476	1.392
Total Non-current Liabilities (3)	7.190	4.047	4.592
(4) Current Liabilities
(a) Short term borrowings	0.000	9.953	3.149
(b) Trade payables	30.700	24.097	28.934
(c) Other current liabilities	9.951	10.452	11.257
(d) Short-term provisions	7.557	4.579	5.656
Total Current Liabilities (4)	48.208	49.081	48.996
TOTAL	198.767	174.449	160.333
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	50.104	45.721	31.535
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.764	4.717	14.098
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.059	0.059	0.059
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.980	1.178	1.595
(e) Other Non-current assets	40.559	0.538	0.508
Total Non-Current Assets	92.466	52.213	47.795
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	42.528	34.662	28.514
(c) Trade receivables	30.330	34.315	45.558
(d) Cash and cash equivalents	12.672	37.125	26.023
(e) Short-term loans and advances	12.256	10.823	11.177
(f) Other current assets	8.515	5.311	1.266
Total Current Assets	106.301	122.236	112.538
TOTAL	198.767	174.449	160.333

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Turnover	177.900	134.500	167.666
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	45.874	32.445	42.848
Less/ Add	DEPRECIATION/ AMORTISATION	5.532	4.353	3.894
	PROFIT/ (LOSS) BEFORE TAX	40.342	28.092	38.954
Less	TAX	13.816	9.069	13.774
	PROFIT/ (LOSS) AFTER TAX	26.526	19.023	25.180
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	121.102	92.396	121.302
	TOTAL EARNINGS	121.102	92.396	121.302
	IMPORTS
	Raw Materials	19.552	22.202	21.300
	Components and Stores parts	0.000	0.000	3.934
	TOTAL IMPORTS	19.552	22.202	25.234
	Earnings / (Loss) Per Share (Rs.)	346.54	248.530	328.950

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	22.68	20.89	23.23
Return on Total Assets (PBT/Total Assets}	(%)	20.38	16.56	26.65
Return on Investment (ROI) (PBT/Networth)		0.28	0.23	0.36
Debt Equity Ratio (Total Liability/Networth)		0.03	0.08	0.002
Current Ratio (Current Asset/Current Liability)		2.21	2.49	2.30

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	7.655	7.655	7.655
Reserves & Surplus	99.090	113.666	135.714
Net worth	106.745	121.321	143.369
long-term borrowings	0.000	0.000	0.221
Short term borrowings	3.149	9.953	0.000
Total borrowings	3.149	9.953	0.221
Debt/Equity ratio	0.030	0.082	0.002

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)
Turnover	167.666	134.500	177.900
		(19.781)	32.268

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	167.666	134.500	177.900
Profit	25.180	19.023	26.526
	15.02%	14.14%	14.91%

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	No
10]	Designation of contact person	No
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	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	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	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

OPERATION:

The Company has achieved a net turnover of Rs. 177.900 Millions against Rs. 134.500 Millions of last year. 'The Export Sales made is 68.07% of net turnover

The Directors feel that barring unforeseen circumstances the company will maintain the results in the coming year also.

INDEX OF CHARGE:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90134135	18/03/2011 *	180,000,000.00	STATE BANK OF INDIA	SMECCC BRANCH, HIMAYAT NAGAR MAIN ROAD, HYDERABAD  , Andhra Pradesh - 500029, INDIA	B08895039

* Date of charge modification

FIXED ASSETS:

· Land

· Building

· Plant and Equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· 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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.91
UK Pound	1	Rs.103.26
Euro	1	Rs.83.14

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	ART

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	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--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	NO
--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

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.