MIRA INFORM REPORT

Report Date :

06.05.2014

IDENTIFICATION DETAILS

Name :	GODREJ CONSUMER PRODUCTS LIMITED
Registered Office :	Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai – 400 079, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.11.2000
Com. Reg. No.:	11-129806
Capital Investment / Paid-up Capital :	Rs.340.300 Millions
CIN No.: [Company Identification No.]	L24246MH2000PLC129806
Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the manufacture of Personal and Household Care Products.
No. of Employees :	Information declined by the Management

RATING & COMMENTS

MIRA’s Rating :

Aa (78)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 110444000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exists
Comments :	Subject is a well-established and reputed company having an excellent track record. It is a major player in the Indian FMCG Market. Financial position of the company seems to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are trustworthy. Business is active. Payments terms are reported to be regular and as per commitments. The company can be considered excellent for normal 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.

INDIAN ECONOMIC OVERVIEW

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	AA [Non-Convertible Debenture Programme - Withdrawn]
Rating Explanation	Have high degree of safety and carry low credit risk.
Date	February 2014

Reason For Withdrawn: As the company has fully redeemed the instrument on maturity, there is no amount outstanding against the rated instruments.

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 DECLINED

Management non co-operative [91-22-25188010]

LOCATIONS

Registered Office/ Branch Office 1 :	Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai – 400 079, Maharashtra, India
Tel. No.:	91-22-25188010, 25188020, 25188030
Fax No.:	91-22-25188040
E-Mail :	investor.relations@godrejcp.com
Website :	http://www.godrejcp.com
Factory 1 :	U - 30, Industrial Area, Malanpur, District Bhind – 477 116, Madhya Pradesh, India
Tel. No.:	91-7539-83113/ 83419
Fax No.:	91-7539-283421
Factory 2 :	Shed No.9 - 12, Byelane #1, Bamunimaidan Industrial Estate, Guwahati – 781 021, Assam, India
Tel. No.:	91-361-2653437/ 2654186
Fax No.:	91-361-2653597
Factory 3 :	Plot Nos.85-88, EPIP, Phase-II, Village Thana, Tehsil Nalagarh, District Solan – 173 205, Himachal Pradesh, India
Tel. No.:	91-1795-274298/ 274235
Fax No.:	91-1795-274233
Factory 4 :	APDC Complex, CITI, Kalapahar, Guwahati – 781 016, Assam, India
Tel. No.:	91-361-2477174/ 2476765
Factory 5 :	Shed No. A3, A4 and A8 Part, Mini Industrial Estate, Kalapahar, Guwahati – 781 016, Assam, India
Tel. No.:	91-361-2491358
Factory 6 :	Shed No.A12 and B2, Mini Industrial Estate, Kalaphar, Guwahati – 781 016, Assam, India
Tel. No.:	91-361-2478294/ 2478261
Factory 7 :	15^th Mile, National Highway No.41, G.S. Road, Byrnihat, Rebhoi District, Meghalaya, India
Tel. No.:	91-3638-263706/ 263768
Factory 8 :	Lalunggaon, Lokhra, Guwahati – 781 034, Assam, India
Tel. No.:	91-361-2236729/ 2236730/ 2236750/ 2236752
Factory 9 :	C/o Filpak India Private Limited, 46/47 Pileme Industrial Estate, Pileme, Brdez, Goa – 403 511, India
Tel. No.:	91-832-2407090/ 2407193
Factory 10 :	Chak Pratap Sigh, National Highway - 1A, Hatli More, Kathua – 184 102, Jammu and Kashmir, India
Tel. No.:	91-1922-203425
Factory 11 :	R.S. No.74/4, 74/5 and 74/6, Nallur Village, Mannadipet Commune -- 605 107 Pondicherry, India
Tel. No.:	91-413-2640711/ 712
Factory 12 :	R.S. No.131, 131/1-4, Cuddalore Road, Kattukuppam Manpet Post – 607 402, Pondicherry, India
Tel. No.:	91-413-3291972/ 2611463/ 464
Fax No.:	91-413-2611260
Factory 13 :	Re-survey No.239/3, 239/4, 240/5, 240/6, Kurumbakaram Nedungadu  Commune, Karaikal – 609 603, Pondicherry, India
Tel. No.:	91-4368-262147/ 262148
Factory 14 :	Re-survey, No.245/1A, 245/3, 245/4 and 246/2a, Sethur Village, Thirunallar Commune, Karaikal – 609 601, Pondicherry, India
Tel. No.:	91-4368-236696/ 236697
Factory 15 :	E-5, Industrial Estate, Marai Malai Nagar - 603 209, Tamilnadu
Tel. No.:	91-44-67455533
Branch Office :	Also located at: · Chennai · Delhi · Kolkata
International Operations :	Located At: • Africa: South Africa, Nigeria, Mozambique • Asia: Indonesia, Bangladesh, Sri Lanka • Europe: United Kingdom • Latin America: Argentina, Uruguay, Brazil • Middle East: UAE

DIRECTORS

AS ON 31.03.2013

Name :	Mr. Adi Godrej
Designation :	Chairman
Qualification :	B.S, M.S, Massuchusetts Institute of Technology, U.S.A.
Name :	Mr. A. Mahendran
Designation :	Managing Director
Qualification :	ACA
Name :	Mr. Narendra Ambwani
Designation :	Director
Name :	Mr. D. Shivakumar
Designation :	Director
Name :	Mr. Bharat Doshi
Designation :	Director
Name :	Mr. Nadir Godrej
Designation :	Director
Name :	Ms. Tanya Dubash
Designation :	Director
Name :	Mr. Jamshyd Godrej
Designation :	Director
Name :	Ms. Nisaba Godrej
Designation :	Director
Name :	Mr. Bala Balachandran
Designation :	Director
Name :	Mr. Aman Mehta
Designation :	Director
Name :	Dr. Omkar Goswami
Designation :	Director
Name :	Mr. Vivek Gambhir
Designation :	Director
Name :	Ms. Ireena Vittal
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Rakesh Sinha
Designation :	COO (Global Supply Chain, Manufacturing and IT)
Qualification :	B. Tech (Mech) P.G.D.I.E. A I C W A, CFA
Name :	Mr. Shashank Sinha
Designation :	President (International Business)
Qualification :	BE, MBA
Name :	Mr. P. Ganesh
Designation :	Executive Vice President (Finance and Commercial) and Company Secretary
Qualification :	B.Com, ACA, ACS, Grad CWA
Name :	Mr. Rahul Gama
Designation :	Executive Vice President (HR)
Qualification :	MBA
Name :	Mr. Sundar Nurani Mahadevan
Designation :	Executive Vice President (R & D)
Qualification :	PHDM, MSC, BSC
Name :	Mr. Sunil Kataria
Designation :	Executive Vice President (Sales and Marketing)
Qualification :	MBA

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	16054647	4.72
Bodies Corporate	199441435	58.59
Sub Total	215496082	63.31
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	215496082	63.31
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	734799	0.22
Financial Institutions / Banks	975713	0.29
Insurance Companies	4287292	1.26
Foreign Institutional Investors	96715744	28.41
Sub Total	102713548	30.18
(2) Non-Institutions
Bodies Corporate	2712966	0.80
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	18189828	5.34
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	1265886	0.37
Sub Total	22168680	6.51
Total Public shareholding (B)	124882228	36.69
Total (A)+(B)	340378310	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	340378310	0.00

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PROMOTER AND PROMOTER GROUP”

Sl. No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Adi Barjorji Godrej	500	0.00
2	Freyan Vijay Crishna	16,12,090	0.47
3	Godrej And Boyce Mfg Co Limited	12,24,11,815	35.96
4	Godrej Industries Limited	7,70,29,620	22.63
5	Hormazd Nadir Godrej	10,28,728	0.30
6	Nadir Barjorji Godrej	15,51,178	0.46
7	Navroze Jamshyd Godrej	16,06,809	0.47
8	Nisaba Adi Godrej	10,71,061	0.31
9	Nyrika Vijay Crishna	16,12,088	0.47
10	Parmeshwar Adi Godrej	4	0.00
11	Pirojsha Adi Godrej	10,71,075	0.31
12	Raika Jamshyd Godrej	16,06,808	0.47
13	Rati Nadir Godrej	6,33,728	0.19
14	Rishad Kaikhushru Naoroji	31,89,524	0.94
15	Tanya Arvind Dubash	10,71,054	0.31
	Total	21,54,96,082	63.31

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN 1% OF THE TOTAL NUMBER OF SHARES

Sl. No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Aberdeen Global Indian Equity Fund Mauritius Limited	12700000	3.73
2	Arisaig Partners Asia PTE Limited A /c Arisaig India Fund Limited	9294996	2.73
3	Baytree Investments ( Mauritius) PTE Limited	12530166	3.68
4	National Westminster Bank Plc As Depositary of First State Asia Pacific Leaders Fund A Sub Fund of First State Investment ICVC	7416256	2.18
5	Life Insurance Corporation Of India	4287292	1.26
	Total	46228710	13.58

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacture of Personal and Household Care Products.

Products :

Item Code No. (ITC Code)	34.01*
Product Description	Soaps
Item Code No. (ITC Code)	33.07*
Product Description	Cosmetics
Item Code No. (ITC Code)	3808.1*
Product Description	Insecticides

* Represents Heading No. of the Harmonized Commodity Description and Coding System

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity*	Actual Production
Soaps	M.T.	159000	88872
Hair Colour and Other Toiletries	M.T.	17880	1763
Fatty Acids	M.T.	97500	5189
Glycerine	M.T.	2300	4726
Detergents	M.T.	12000	5410
Repellents	Nos. (Million)	342	235

* As certified by the management and relied on by the Auditors, being a technical matter.

Notes:

1. The licensed capacities are not applicable in view of the exemption from licensing granted under Notification SO 477 (E) dated July 25, 1991, issued under Industries (Development and Regulation) Act, 1951.

2. Actual production excludes production for captive consumption.

3. Actual production excludes items processed for the Company by third parties, viz. Hair colour and other toiletries 5,075 MT.

GENERAL INFORMATION

No. of Employees :

Information declined by the Management

Bankers :

• Central Bank of India
• Citibank N.A.
• HDFC Bank Limited
• State Bank of India
• The Hong Kong and Shanghai Banking Corporation Limited

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Deferred Sales Tax Loan	0.500	0.800
Short Term Borrowings
Loans Repayable on Demand
Cash Credit From Banks	6.000	21.900
TOTAL	6.500	22.700
NOTES: Long Term Borrowings: Deferred sales tax loan is interest free and will be paid in balance 15 monthly instalments. It is secured by bank guarantee in favour of Sales Tax authorities. During the year, the Company has redeemed 2,250 zero-coupon, unsecured, redeemable, non-convertible debentures on November 14, 2012, at a call option premium of 0.25%. During the year, the Company has issued 2,500 zero-coupon, unsecured, redeemable, non-convertible debentures on private placement basis, redeemable at a premium, which will yield 9.40% p.a. at maturity. These debentures are redeemable on October 25, 2014, with call option on October 25, 2013, at a call option premium of 0.50%. The Company does not have any continuing default as on the Balance Sheet date in the repayment of loans and interest. Short Term Borrowings: Cash Credit from Bank is secured by Hypothecation of Inventories and Book debts. The Company does not have any default as on the Balance Sheet date in the repayment of any loan and interest.

Banking Relations :	--
Auditors :
Name :	Kalyaniwalla and Mistry Chartered Accountants
Address :	Mumbai, Maharashtra, India
Subsidiaries :	i) Godrej Household Products Lanka (Private) Limited ii) Godrej Household Products (Bangladesh) Private Limited iii) Godrej Consumer Products Bangladesh Limited iv) Godrej South Africa (Proprietary) Limited (Earlier Rapidol (Proprietary) Limited) v) Godrej Global Mid East FZE vi) Godrej Hygiene Products Limited vii) Godrej Consumer Products Nepal Private Limited viii) Godrej Netherlands B.V. Godrej Consumer Products (UK) Limited Keyline Brands Limited Inecto Manufacturing Limited Godrej Consumer Investments (Chile) Spa Godrej Holdings (Chile) Limitada Cosmetica Nacional Plasticos Nacional ix) Godrej Consumer Products Mauritius Limited Godrej Kinky Holdings Limited Kinky Group (Proprietary) Limited Godrej Nigeria Holdings Limited (Merged with Godrej Consumer Products Mauritius Limited w.e.f. April 1, 2012) Godrej Nigeria Limited Godrej Argentina Dutch Cooperatief U.A Godrej Netherlands Argentina Holding B.V. Godrej Netherlands Argentina B.V. Laboratoria Cuenca S.A Deciral S.A Issue Group Uruguay S.A Issue Group Brazil Limited Consell S.A Argencos S.A Panamar Producciones S.A x) Godrej Consumer Products Holding (Mauritius) Limited Indovest Capital Limited Godrej Consumer Products Dutch Cooperatief U.A. Godrej Indonesia Netherlands Holding B.V. Godrej Consumer Products (Netherlands) B.V. Godrej Consumer Holdings (Netherlands) B.V. PT Simba Indosnack Makmur (upto March 21, 2013) PT Indomas Susemi Jaya PT Intrasari Raya PT Megasari Makmur PT Ekamas Sarijaya PT Sarico Indah xi) Godrej Mauritius Africa Holdings Limited Godrej Weave Holdings Limited DGH Mauritius Private Limited Weave Business Holding Mauritius Private Limited Subinite Pty Limited Lorna Nigeria Limited Weave IP Holding Mauritius Private Limited Weave Mozambique Limitada Weave Trading Mauritius Private Limited Hair Trading (Offshore) S.A.L. xii) Godrej East Africa Holdings Limited (w.e.f. July 20, 2012) DGH Phase Two Mauritius Private Limited Style Industries Limited xiii) Godrej Tanzania Holdings Limited (w.e.f. November 30, 2012) DGH Tanzania Limited Sigma Hair Ind Limited
Enterprises under common control with whom transactions have taken place during the year:	i) Godrej Industries Limited ii) Godrej Agrovet Limited iii) Godrej Tyson Foods Limited iv) Godrej Infotech Limited v) Godrej Properties Limited vi) Godrej Oil Palm Limited (upto April 27, 2012) vii) Natures Basket Limited viii) Godrej Vikhroli Properties LLP
Enterprise over which Key Management Personnel exercise significant influence:	i) Godrej Hershey Limited (upto September 27, 2012) ii) Godrej Investments Private Limited iii) Great Lakes Institute of Management

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
410000000	Equity Shares	Re.1/- each	Rs.410.000 Millions
10000000	Preferences Shares	Re.1/- each	Rs.10.000 Millions
	TOTAL		Rs.420.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
340358049	Equity Shares	Re.1/- each	Rs.340.400 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
340326925	Equity Shares	Re.1/- each	Rs.340.300 Millions

NOTES:

During the year, the Company has issued 29,464 equity shares (previous year Nil) under the Employee Stock Grant Scheme.

31,124 Right Issue Shares (previous year 31,124 equity shares) are kept in abeyance due to various suits filed in courts / forums by third parties for which final order is awaited.

TERMS / RIGHTS ATTACHED TO EQUITY SHARES

The Company has issued only one class of equity shares having a par value of Rs. 1 each. Each equity shareholder is entitled to one vote per share.

During the year ended March 31, 2013 the amount of per share dividend recognized as distribution to equity shareholders was Rs. 5.00 (previous year: Rs. 4.75).

THE RECONCILIATION OF NUMBER OF EQUITY SHARES OUTSTANDING AND THE AMOUNT OF SHARE CAPITAL:

PARTICULAR	AS ON 31.03.2013
	NO. OF SHARES	RS. IN MILLIONS
Shares outstanding at the beginning of the year	340297461	340.300
Add: Shares Issued during the year*	29464	0.000
Shares outstanding at the end of the year	340326925	340.300

*amount less than Rs. 0.100 Million.

SHAREHOLDERS HOLDING MORE THAN 5% SHARES IN THE COMPANY:

NAME OF THE SHAREHOLDER	AS ON 31.03.2013
	NO. OF SHARES	% HELD
Godrej & Boyce Manufacturing Company Limited	123561815	36.31
Godrej Industries Limited	73659620	21.64

SHARES RESERVED FOR ISSUE UNDER OPTIONS:

The Company has 126,193 (previous year 94,966) equity shares reserved for issue under Employee Stock Grant Scheme as at March 31, 2013.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	340.300	340.300
(b) Reserves & Surplus	27270.700	24898.900
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	27611.000	25239.200
(3) Non-Current Liabilities
(a) long-term borrowings	2602.200	2353.200
(b) Deferred tax liabilities (Net)	45.900	108.600
(c) Other long term liabilities	44.200	62.900
(d) long-term provisions	49.000	69.000
Total Non-current Liabilities (3)	2741.300	2593.700
(4) Current Liabilities
(a) Short term borrowings	6.000	21.900
(b) Trade payables	6665.300	5310.100
(c) Other current liabilities	3584.900	2439.500
(d) Short-term provisions	275.300	188.800
Total Current Liabilities (4)	10531.500	7960.300
TOTAL	40883.800	35793.200
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2256.900	2156.100
(ii) Intangible Assets	9201.400	9658.000
(iii) Capital work-in-progress	1211.000	121.900
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	14500.500	11934.600
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1675.000	2386.700
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	28844.800	26257.300
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	5363.700	4330.400
(c) Trade receivables	1221.300	942.700
(d) Cash and cash equivalents	4605.500	3696.300
(e) Short-term loans and advances	820.500	530.700
(f) Other current assets	28.000	35.800
Total Current Assets	12039.000	9535.900
TOTAL	40883.800	35793.200

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		323.600
2] Share Application Money		0.000
3] Reserves & Surplus		15013.400
4] (Accumulated Losses)		0.000
NETWORTH		15337.000
LOAN FUNDS
1] Secured Loans		98.900
2] Unsecured Loans		595.000
TOTAL BORROWING		693.900
DEFERRED TAX LIABILITIES		85.300
TOTAL		16116.200
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12297.000
Capital work-in-progress		75.500
INVESTMENT		3620.600
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3063.700
	Sundry Debtors	1032.900
	Cash & Bank Balances	806.200
	Other Current Assets	11.300
	Loans & Advances	2362.400
Total Current Assets		7276.500
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2481.500
	Other Current Liabilities	4437.200
	Provisions	234.700
Total Current Liabilities		7153.400
Net Current Assets		123.100
MISCELLANEOUS EXPENSES		0.000
TOTAL		16116.200

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	35810.200	29800.800	24689.000
	Other Income	506.500	630.500	371.400
	TOTAL (A)	36316.700	30431.300	25060.400
Less	EXPENSES
	Cost of Materials Consumed	15170.100	13270.600	9703.200
	Purchases of Stock-in-Trade	2964.500	2357.200	1956.800
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1169.100)	(867.400)	(314.600)
	Employees benefits expense	1655.600	1567.400	1335.700
	Other expenses	10888.400	7930.200	7056.000
	Exceptional Items	0.000	(1809.500)	(403.100)
	TOTAL (B)	29509.500	22448.500	19334.000
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	6807.200	7982.800	5726.400
Less	FINANCIAL EXPENSES (D)	154.900	133.900	57.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	6652.300	7848.900	5669.400
Less/ Add	DEPRECIATION/ AMORTISATION (F)	322.700	258.300	219.800
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	6329.600	7590.600	5449.600
Less	TAX (H)	1220.200	1546.700	1100.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	5109.400	6043.900	4349.600
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	7698.200	4079.100	1742.000
Add	ADDITION ON AMALGAMATION	0.000	0.000	604.400
Less	APPROPRIATIONS
	Transfer to General Reserve	511.300	604.400	651.000
	Interim Dividend	1701.600	1566.300	1632.000
	Tax on Distributed Profits	281.300	254.100	333.900
	Transfer to DRR	212.500	0.000	0.000
	Balance Carried to the B/S	10100.900	7698.200	4079.100
	EARNINGS IN FOREIGN CURRENCY
	Exports of Goods on FOB Basis	1418.300	1477.700	1324.200
	Royalty, Know-how and Technical Fees	484.200	390.500	280.600
	Interest and Dividends	134.100	193.800	9.800
	License Agreement Termination Compensation	0.000	1659.500	1.300
	Others	17.900	0.000	403.100
	TOTAL EARNINGS	2054.500	3721.500	2019.000
	IMPORTS
	Raw Materials	2870.700	2789.900	1455.600
	Components and Stores parts	1.000	0.300	0.000
	Capital Goods	3.400	12.100	2.200
	TOTAL IMPORTS	2875.100	2802.300	1457.800
	Earnings / (Loss) Per Share (Rs.)	15.01	18.58	13.62

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	14.07	19.86	17.36
Net Profit Margin (PBT/Sales)	(%)	17.67	25.47	22.07
Return on Total Assets (PBT/Total Assets}	(%)	25.15	31.97	27.84
Return on Investment (ROI) (PBT/Networth)		0.23	0.30	0.36
Debt Equity Ratio (Total Debt/Networth)		0.09	0.09	0.05
Current Ratio (Current Asset/Current Liability)		1.14	1.20	1.02

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	340.300	340.300
Reserves & Surplus	24898.900	27270.700
Net worth	25239.200	27611.000
long-term borrowings	2353.200	2602.200
Short term borrowings	21.900	6.000
Total borrowings	2375.100	2608.200
Debt/Equity ratio	0.094	0.094

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	24689.000	29800.800	35810.200
		20.705	20.165

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	24689.000	29800.800	35810.200
Profit	4349.600	6043.900	5109.400
	17.62%	20.28%	14.27%

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF CURRENT MATURITIES OF LONG TERM DEBT:

Particulars	31.03.2013 [Rs. in millions]	31.03.2012 [Rs. in millions]	31.03.2011 [Rs. in millions]
Current Maturities of Long Term Debt	500.300	0.700	NA

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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90143673	22/10/2008 *	2,000,000,000.00	CENTRAL BANK OF INDIA WITH 4 OTHER BANKS	CORPORATE FINANCE BRANCH,MMO BLD.,, 1ST FLOOR,M.G  .ROAD, MUMBAI, MAHARASHTRA - 400023, INDIA	A49069388
2	90300784	18/03/1998	400,000.00	CORPORATION BANK	R K MUTT ROAD, MYLAPORE, MADRAS, TAMIL NADU - 600  004, INDIA	-
3	90300373	31/03/1994	6,000,000.00	CORPORATION BANK	G T BRANCH, MADRAS, TAMIL NADU - 600001, INDIA	-
4	90301789	09/09/1991	6,000,000.00	CORPORATION BANK	49; ARMENAIN STREET, MADRAS, TAMIL NADU - 600001,  INDIA	-
5	90299327	30/09/1988 *	400,000.00	CORPORATION BANK	R K MUTT ROAD, MYLAPORE, MADRAS, TAMIL NADU - 600  004, INDIA	-
6	90301448	02/01/1979	300,000.00	CORPORATION BANK	160 RK MUTT ROAD MYLAPORE, MADRAS, TAMIL NADU - 60  0004, INDIA	-
7	90299096	01/06/1978	275,000.00	CORPORATION BANK	160 RK MUTT ROAD MYLAPORE, MADRAS, TAMIL NADU - 60  0004, INDIA	-

* Date of charge modification

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Debenture
2500 Redeemable, Zero Coupon, Non-Convertible Debentures	2500.000	0.000
2250 Redeemable, Zero Coupon, Non-Convertible Debentures	0.000	2250.000
Premium on Redemption of Debentures	101.700	102.400
TOTAL	2601.700	2352.400

CASE DETAILS

BENCH: BOMBAY

PRESENTATION DATE: 08/04/2014

LODGING NO.: ITXAL/788/2014 FILING DATE: 08/04//2014

PETITIONER : COMMISSIONER OF INCOME TAX 10 -	RESPONDENT : GODREJ CONSUMER PRODUCTS LIMITED
PENT. ADV.: ARVIND PINTO (I583)
DISTRICT: MUMBAI
BENCH: DIVISION
STATUS: PRE-ADMISSION	CATEGORY: TAX APPEALS
LAST DATE: 15/04/2014	STAGE: --
LAST CORAM: REGISTRAR (OS) / PROTHONOTARY AND SR. MASTER
ACT: INCOME TAX ACT, 1961	UNDER SECTION: 260A

COMPANY OVERVIEW:

Subject was incorporated on November 29, 2000, to take over as a going concern the consumer products business of Godrej Soaps Limited (subsequently renamed as Godrej Industries Limited), pursuant to a Scheme of Arrangement as approved by the High Court, Mumbai. The Company is a focused fast moving consumer goods company, manufacturing and marketing toilet soaps, hair colour, household insecticides, liquid detergents, toiletries and other products.

OVERVIEW:

MACRO ECONOMIC

ENVIRONMENT

FY 2012-13 was a tough year for the Indian economy, particularly as compared to the strong growth seen in the preceding years. While continuing global uncertainty did impact growth in India, a number of other challenges were domestic. These included low manufacturing growth, slower than required pace of reforms, high current account and fiscal deficits and persistently high inflation. The weak monsoon further exacerbated the situation by adversely impacting the agricultural sector. At 5%, the GDP growth rate for FY 2012-13 is the lowest in a decade.

The prospects for FY 2013-14 are looking brighter. There is moderation in inflation rates, which should allow further cuts in interest rates, thereby spurring investments. Reductions in global oil and gold prices will also reduce pressures on India’s current account. Key actions by the government in the last year such as opening up of FDI in certain areas, postponement of GAAR and the formation of a Cabinet Committee on investment have all inspired confidence, and will hopefully be taken further in FY 2013-14.

FIXED ASSETS:

TANGIBLE ASSETS

· Freehold Land

· Leasehold Land

· Leasehold Improvements

· Buildings

· Plant and Equipments

· Furniture, Fixtures and Fittings

· Office Equipment

· Vehicles

· Computers

Assets under Finance Lease:

· Leased Vehicles

INTANGIBLE ASSETS

· Goodwill

· Trademarks and Brands

· Computer Software

· Technical Knowhow

STATEMENT OF AUDITED RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2014

Rs. in Millions

Sr. No.	Particular	Quarter Ended		Year Ended
		31.03.2014	31.12.2013	31.03.2014
		Audited	Unaudited	Audited
1.	Net Sales/Income from Operations	10326.700	10447.000	40247.400
	Other Operating Income	157.200	133.100	551.000
	Total Income From Operations (Net)	10483.900	10580.100	40798.400
2.	Expenditure
	Cost of materials consumed	4400.100	4120.800	16352.200
	Purchase of stock in trade	486.000	604.000	2424.800
	Changes in inventories of finished goods, work in progress and stock in trade	99.500	333.600	620.900
	Employee benefits expenses	573.200	457.400	2004.100
	Depreciation and amortization expenses	78.400	88.400	355.200
	Advertisement and publicity	610.700	1172.400	4258.900
	Other expenses	2117.500	1960.500	7607.800
	Total Expenses	8365.400	8737.100	33623.900
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	2118.500	1843.000	7174.500
4.	Other Income	111.800	109.200	400.000
	Foreign Exchange Gain/(Loss)	37.700	(03.500)	(59.400)
5.	Profit Before Interest and Exceptional Items (3+4)	2268.000	1948.700	7515.100
6.	Interest	119.200	108.500	385.200
7.	Profit After Interest but before Exceptional Items (5-6)	2148.800	1840.200	7129.900
8.	Exceptional Items	--	--	--
9.	Profit from Ordinary Activities before Tax (7+8)	2148.800	1840.200	7129.900
10.	Tax Expense	478.500	359.900	1481.500
11.	Net Profit from Ordinary Activities after Tax (9-10)	1670.300	1480.300	5648.400
12.	Extraordinary Item (net of expense)	--	--	--
13.	Net Profit for the period (11-12)	1670.300	1480.300	5648.400
14.	Paid-up Equity Share Capital (Face Value of Re.1/- Each)	340.400	340.400	340.400
15.	Reserves Excluding Revaluation Reserve	--	--	29903.200
	Debenture Redemption Reserves	--	--	44.78
16.	Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised
	a) Basic and diluted EPS before extraordinary items	4.91	4.35	16.60
	b) Basic and diluted EPS after extraordinary items	4.91	4.35	16.59
	Debt Equity Ration	--	--	19.55
	Debt Service Coverage Ratio	--	--	19.55
17.	Public Shareholding
	-Number of Shares	124882228	124882228	124882228
	- Percentage of Shareholding	36.69	36.69	36.69
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	Nil	Nil	Nil
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	Nil	Nil	Nil
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	Nil	Nil	Nil
	b) Non Encumbered
	- Number of Shares	215496082	215496082	215496082
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100.00%	100.00%	100.00%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	63.31	63.31	63.31

Particulars	Quarter Ended March 31, 2014
Pending at the beginning of the quarter	1
Received during the quarter	13
Disposed of during the quarter	12
Remaining unresolved at the end of the quarter	2

STATEMENT OF ASSETS AND LIABILTIIES

Rs. in Millions

PARTICULARS	31.03.2014 Audited
Equity and liabilities
Shareholders' fund
Share capital	340.400
Reserve & surplus	29903.200
Sub-total - Shareholders' funds	30243.600
Non - current liabilities
Long term borrowings	0.000
Deferred tax liability (net)	16.400
Other long term liabilities	37.900
Long term provisions	42.400
Sub-total - Non-current liabilities	96.700
Current liabilities
Short term borrowings	8.800
Trade payables	7976.300
Other current liabilities	6232.700
Short term provisions	302.400
Sub-total - Current liabilities	14520.200
Total - Equity & Liabilities	44860.500
Assets
Non-current assets
Fixed assets	12530.800
Capital work in progress	0.000
Non-current investment	20649.900
Long term loans & advances	1178.400
Other non-current assets	14.400
Sub-total - Non-current Assets	34373.500
Current assets
Current investments	1020.000
Inventories	4935.700
Trade receivables	1392.600
Cash & bank balances	2052.600
Short term loans & advances	1076.300
Other current assets	9.800
Sub-total - Current Assets	10487.000
Total – Assets	44860.500

NOTES:

Summary of Standalone Financial Results:

Rs. in Millions

PARTICULAR	QUARTER ENDED		YEAR ENDED
	31.03.2014	31.12.2013	31.03.2014
Turnover [Net Sales]	10326.700	10447.000	40247.400
Profit Before Tax	2148.800	1840.200	7129.900
Profit After Tax	1670.300	1480.300	5648.400

1. The above results which are published in accordance with Clause 41 of the Listing Agreement have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on April 28, 2014. These results have been subjected to an audit by the Statutory Auditors of the Company.

2. In accordance with the Scheme of Amalgamation of the erstwhile Godrej Household Products Limited with the Company which was sanctioned by the High Court of Judicature at Bombay in April 2011, an amount of Rs. 130.100 Millions and Rs. 527.500 Millions for the quarter and the year ended on March 31, 2014 respectively, equivalent to the amortization of the Good knight and Hit Brands is directly debited to the General Reserve instead of being debited to the Statement of Profit and Loss.

3. Pursuant to a Scheme of Amalgamation ("the Scheme"), sanctioned by the Hon'ble High Court of Judicature at Bombay, vide its Order dated August 12, 2013, Godrej Hygiene Products Limited (GHPL) has been merged with Godrej Consumer Products Limited with effect from September 07, 2013. The appointed date as per the Scheme was April 01, 2013. Accordingly, the standalone results of the Company for the year ended March 31, 2014, includes the results of the erstwhile GHPL for the period April 01, 2013 upto September 07, 2013. The assets and liabilities of the erstwhile GHPL have been taken over at their book values which are also their fair values and the difference including expenses on amalgamation, amounting to Rs. 39.200 Millions has been adjusted in General Reserve.

4. Pursuant to a Scheme of Amalgamation sanctioned by a Dutch Court, Godrej Indonesia Netherlands Holding B.V. (GINBV) has been merged with Godrej Consumer Holdings (Netherlands) B.V. (GCHNBV) with effect from September 30, 2013. In accordance with the Scheme, for the purposes of preparation of the consolidated financial statements of GCHNBV, certain foreign exchange revaluation losses of the subsidiaries of GCHNBV and costs and expenses of amalgamation amounting to USD 7.79 million (Rs. 395.300 Millions) were adjusted directly in the Reserves in the consolidated financial statements of GCHNBV. Had the Scheme not prescribed the above accounting treatment, the above mentioned exchange loss amounting to Rs. 395.300 Millions during the quarter ended September 30, 2013, would have been charged to the Statement of Profit and Loss, the consolidated profit of the Company for the year ended March 31, 2014, would have been lower by Rs. 395.300 Millions. There is no impact on the financial results for the current quarter ended March 31, 2014.

5. During the quarter, the Company acquired balance 49% stake in Nigeria business of Darling Group and additional 4.63% stake in South Africa and Mozambique businesses of Darling Group through its subsidiary Godrej Mauritius Africa Holdings Limited.

6. During the year, the Company has granted 84,250 new stock grants to eligible employees under the Employee Stock Grant Scheme (ESGS) and allotted 51,385 equity shares upon exercise of stock grants under the ESGS.

7. Formula used for calculation of Debt-Equity Ratio, DSCR and ISCR:

Debt-Equity ratio = (Long Term Borrowings - Cash and Bank Balances excl. Dividend Accounts - Liquid Investments) / Net Worth

DSCR - EBITDA / (Finance Cost + Principal Payment due on Long Term Borrowing during the year)

ISCR = EBITDA / Finance Cost

EBTDA = "Earnings Before Depreciation, Interest and Tax"

8. The Board has declared the fourth interim dividend for the year 2013-14 at the rate of Rs. 2.25 per share (225% on the face value of Rs. 1 each).

9. The Company has only one business segment in which it operates viz. Household and Personal Care.

10. The figures of the last quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the respective financial year.

11. The figures for the current periods are not comparable with those of the corresponding periods of the previous year because of acquisitions / amalgamations made since then. Previous period's figures have been regrouped and reclassified wherever necessary.

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.60.05
UK Pound	1	Rs.101.31
Euro	1	Rs.83.34

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	RAS
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		78

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.