MIRA INFORM REPORT

Report Date :

20.10.2014

IDENTIFICATION DETAILS

Name :	DABUR INDIA LIMITED
Formerly Known As :	DABUR (DR. S K BURMAN) PRIVATE LIMITED
Registered Office :	8/3 Asaf Ali Road, New Delhi – 110002
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.09.1975
Com. Reg. No.:	55-007908
Capital Investment / Paid-up Capital :	Rs. 1743.800 Millions
CIN No.: [Company Identification No.]	L24230DL1975PLC007908
TAN No.: [Tax Deduction & Collection Account No.]	DELD01285E
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Seller hair care, oral care, skin care, health care, home care, and food products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Aa (77)

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 76090000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established and reputed FMCG company having fine track record. The company possesses a healthy financial profile marked by strong networth base along with comfortable capital structure and debt protection metrics resulting in sound liquidity position. Management has witnessed a consistent growth in revenues, steady profitability and cash generation during FY 14. The ratings also take into consideration, the intensifying competition in the FMCG industry, amid presence of organized as well as unorganized players across various segments and product categories. However, trade relations are fair. Business is active. Payment terms are reported as regular and as per commitments. In view of experienced promoters, established and dominant position of the company in the market, it can be considered good for business dealings at usual trade terms and conditions. Subject is a well-established and reputed FMCG company having fine track record. The company possesses a healthy financial profile marked by strong networth base and comfortable capital structure along with resulting in sound liquidity position.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

HENKEL RATING

HENKEL’s Rating :

200, 201 (Low Risk)

Credit Rating	Henkel Rating (Customer Risk Assesment- CRA)
Mira Inform	Risk Category	Credit Limit	Description
Aaa	100	Inter Company, credit limit not required	Very low risk (blue ships)
Aa	200, 201	(120% of Gross Annualised Sales/365)*Credit Term.	Low risk
A	300, 301	(100% of Gross Annualised Sales/365)*Credit Term.	Moderate risk
Ba	350	(90% of Gross Annualised Sales/365)*Credit Term.	Significant risk
B	400	(80% of Gross Annualised Sales/365)*Credit Term.	High risk
	450		Very high risk
Ca or C	500*	NIL/ Legal/ Bad/No Transaction	Doubtful accounts
	007*	NIL	Small unrated customers
	009*	NIL	Inactive customers
	999*	Initially First Invoice vales, CRA will be done and based on report the CL would get revised.	New customer

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating : “AAA”
Rating Explanation	Highest degree of safety and lowest credit risk
Date	17.11.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating : “A1+”
Rating Explanation	Very strong degree of safety and lowest credit risk
Date	17.11.2013

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 DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-11-23253488)

LOCATIONS

Registered Office :	8/3 Asaf Ali Road, New Delhi – 110 002, India
Tel. No.:	91-11-23253488
Fax No.:	Not Available
E-Mail:	inestors@dabur.com corpcomm@dabur.com
Website :	www.dabur.com
Corporate Office :	Dabur Tower, Kaushambi, Sahibabad, Ghaziabad - 201010, Uttar Pradesh, India
Tel. No.:	91-120 – 3982000 (30 Lines)
Fax No.:	91-120 – 4374935 / 3001000 (30 Lines)
E-Mail :	investors@dabur.com
Factory 1:	Unit I & II, Plot No. 22, Site IV, Sahibabad, Ghaziabad- 201010, Uttar Pradesh, India
Tel. No.:	91-120- 3378400 (30 Lines)
Fax No.:	91-120- 2779914/ 4376924
Factory 2:	Hajmola Unit 109, HPSIDC Industrial Area, Baddi, Solan - 173205, Himachal Pradesh, India
Tel. No.:	91-1795-244385
Fax No.:	91-1795-244090
Factory 3:	Chyawanprash Unit 220-221, HPSIDC Industrial Area, Baddi, Solan - 173205, Himachal Pradesh, India
Tel. No.:	91-1795-244385
Fax No.:	91-1795-244090
Factory 4:	Amla/Honey Unit, Village Billanwali Lavana, Baddi, Solan - 173205, Himachal Pradesh, India
Tel. No.:	91-1795-244385
Fax No.:	91-1795-244090
Factory 5:	Shampoo Unit, Village Billanwali Lavana, Baddi, Solan - 173205, Himachal Pradesh, India
Tel. No.:	91-1795-244385
Fax No.:	91-1795-244090
Factory 6:	Toothpaste Unit, Village Billanwali Lavana, Baddi, Solan - 173205, Himachal Pradesh, India
Tel. No.:	91-1795-244385
Fax No.:	91-1795-244090
Factory 7:	Honitus/Nature Care Unit, 109, HPSIDC Industrial Area, Baddi, Solan - 173205, Himachal Pradesh, India
Tel. No.:	91-1795-244385
Fax No.:	91-1795-244090
Factory 8:	Food Supplement Unit, 221, HPSIDC Industrial Area, Baddi, Solan - 173205, Himachal Pradesh, India
Tel. No.:	91-1795-244385
Fax No.:	91-1795-244090
Factory 9:	Oral Care Unit, 601, Malku Majra, Nalagarh Road, Baddi, Solan – 173205, Himachal Pradesh, India
Tel. No.:	91-1795-246363
Factory 10:	Green Field Unit, Village Manakpur,Tehsil Baddi, Solan – 174101, Himachal Pradesh, India
Tel. No.:	91-1795-244385
Fax No.:	91-1795-244090
Factory 11:	Air Freshener Unit, Village Billanwali Lavana, Baddi, Solan – 173205, Himachal Pradesh, India
Tel. No.:	91-1795-244385
Fax No.:	91-1795-244090
Factory 12:	Toothpowder Unit , Village Billanwali Lavana, Baddi, Solan - 173205, Himachal Pradesh, India
Tel. No.:	91-1795-244385
Fax No.:	91-1795-244090
Factory 13:	Skin Care Unit, Village Manakpur, Tehsil Baddi, Solan – 174101, Himachal Pradesh, India
Tel. No.:	91-1795-244385
Fax No.:	91-1795-244090
Factory 14:	Honey Unit, Village Manakpur, Tehsil Baddi, Solan - 174101, Himachal Pradesh, India
Tel. No.:	1795-244385
Fax No.:	1795-244090
Factory 15:	Unit I and Unit II, Plot No.4, Sector-2, Integrated Industrial Estate, Pantnagar, Udham Singh Nagar – 263146, Uttarakhand, India
Tel. No.:	91-5944-398500
Fax No.:	91-5944-250064
Factory 16:	Unit I, II, III & IV, Lane No.3, Phase II, SIDCO Industrial Complex, Bari Brahmna, Jammu, India
Tel. No.:	91-1923-220123/ 221970/ 222341
Fax No.:	91-1923-221970
Factory 17:	Katni 10.4 Mile Stone, NH -7, Village Padua, Katni – 483442, Madhya Pradesh, India
Tel. No.:	7622-262317/ 262297/ 297507
Factory 18:	Alwar SP-C 162, Matsya Industrial Area, Alwar - 301030, Rajasthan, India
Tel. No.:	91-144-2881542 / 5132101 / 5132102
Fax No.:	91-144-2881302
Factory 19:	Pithampur 86-A, Kheda Industrial Area, Sector-3, Pithampur, District Dhar – 454774, Madhya Pradesh, India
Tel. No.:	91-7292-400046 to 51
Fax No.:	91-7292-400112
Factory 20:	Narendrapur 9, Netaji Subhash Chandra Bose Road, P.O. - Narendrapur, Kolkata - 700103, West Bengal, Fax : 0
Tel. No.:	33-24772324-26/ 24772620/ 24772738/ 24772740/ 32919827/ 28,
Fax No.:	33-24772621
Factory 21:	Silvassa Unit – I & II Survey No. 225/4/1, Village Saily, Silvassa – 396240, Dadra and Nagar Haveli (UT of India), India
Tel. No.:	91-260-2681071/ 72/ 73/ 74
Fax No.:	91-260-2681075
Factory 22:	Newai G 50-59, IID Centre, NH-12,Road No.1, Newai, Tonk – 304020, Rajasthan, India
Tel. No.:	91-1438-223342/ 223783
Fax No.:	91-1438-223010
Factory 23:	Jalpaiguri Kartowa, P.O. Mahanvita, P.S. Rajganj, Jalpaiguri – 735135, West Bengal, India
Factory 24:	Nashik D-55, MIDC, Ambad, Nashik – 422010, Maharashtra, India
Tel. No.:	91-253-6623222
Fax No.:	91-253-2383146/ 2383577
Branch Offices :	Located at · Ahmedabad · Bangalore · Kolkata · Chandigarh · Chennai · Delhi · Guwahati · Hyderabad · Indore · Jaipur · Kochi · Mumbai · Patna · Raipur

DIRECTORS

As on 31.03.2014

Name :	Dr. Anand Burman
Designation :	Chairman
Name :	Mr. Amit Burman
Designation :	Vice-Chairman
Name :	Mr. Mohit Burman
Designation :	Director
Name :	Mr. Saket Burman
Designation :	Director
Name :	Mr. P. D. Narang
Designation :	Director
Name :	Mr. Sunil Duggal
Designation :	Director
Name :	Mr. R. C. Bhargava
Designation :	Director
Date of Birth/Age :	30.07.1934
Qualification :	MA in Development Economics, MS in Mathematics, IAS retired.
Expertise in specific functional area :	He served in Indian Administrative services and has held the post of Joint Secretary in the Ministry of Energy and in the Cabinet Secretariat. He held various positions in Maruti Suzuki India Limited and retired in 1997 as its CEO. At present he is Chairman of Maruti Suzuki India Limited
Date of Appointment :	27.01.2005
Other Directorship :	· IL and FS Limited · Polaris Financial Technology Limited · Taj Asia Limited · Grasim Industries Limited · Maruti Suzuki India Limited · Thomson Press Limited · Ultra Tech Cement Company Limited · Idea Cellular Limited
Name :	Mr. P. N. Vijay
Designation :	Director
Name :	Dr. S. Narayan
Designation :	Director
Name :	Mr. Albert Wiseman Paterson
Designation :	Director
Date of Birth/Age :	07.08.1958
Qualification :	B.Sc. (Hons) Mathematics, ACII, Post Graduate Certificate in Education.
Expertise in specific functional area :	In early stages of his career he has served in various leadership roles in the actuarial, planning and strategy areas of the Aviva group. As a CEO he looked into, life insurance and pension businesses and was also responsible for a portfolio of business units of Aviva Plc. Including Turkey, Czech Republic, Romania, Hungary and India.
Date of Appointment :	30.10.2008
Other Directorship :	1. P T Sunlife Financial Indonesia 2. PT CIMB Sun Life.
Name :	Dr. Ajay Dua
Designation :	Director
Date of Birth/Age :	15.07.1947
Qualification :	IAS (Retd.), M Sc (Eco), Ph. D.
Expertise in specific functional area :	A retired civil servant, Dr. Dua joined the Indian Administrative Service in 1971. He has held a variety of senior assignments in the Government of Maharashtra and the Government of India. With a strong academic background and diverse work- experience Dr Dua is currently a senior business advisor / Board Member of several multinational firms.
Date of Appointment :	03.09.2009
Other Directorship :	· Aviva Life Insurance Company India Ltd · Peninsula Land Limited · Essar Power Limited
Name :	Mr. Sanjay Kumar Bhattacharyya
Designation :	Director
Date of Birth/Age :	31.10.1950
Qualification :	B.A (Hons.) in Economics
Expertise in specific functional area :	He was the former Managing Director and Chief Credit and Risk Officer with State Bank of India. He is an astute senior level banker with over 38 years of experience spanning International and Corporate Banking across geographies, Retail Banking, Credit and Risk Management, Liability Management, Human Resource Management as CEO of three banks, including State Bank of India, State Bank of Bikaner and Jaipur and SBI (International) Mauritius.
Date of Appointment :	23.07.2012
Other Directorship :	1. Persistent Systems Limited 2. CandS Electric Limited 3. Wanbury Limited

KEY EXECUTIVES

Name :	Mr. A. K. Jain
Designation :	V P (Finance) and Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2163000	0.12
Bodies Corporate	1194591150	68.02
Sub Total	1196754150	68.14
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	315000	0.02
Sub Total	315000	0.02
Total shareholding of Promoter and Promoter Group (A)	1197069150	68.16
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	2354726	0.13
Financial Institutions / Banks	17746649	1.01
Insurance Companies	68185338	3.88
Foreign Institutional Investors	360750595	20.54
Sub Total	449037308	25.57
(2) Non-Institutions
Bodies Corporate	15013614	0.85
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	66373335	3.78
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	21039343	1.20
Any Others (Specify)	7828564	0.45
Overseas Corporate Bodies	84000	0.00
Non Resident Indians	6124099	0.35
Clearing Members	737516	0.04
Trusts	882949	0.05
Sub Total	110254856	6.28
Total Public shareholding (B)	559292164	31.84
Total (A)+(B)	1756361314	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	1756361314	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller hair care, oral care, skin care, health care, home care, and food products.

Products :

Item Code No. (ITC Code)	Product Description
30049001	Ayurvedic Medicines
33059001	Hair Oils
33061000	Dentrifices

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Punjab National Bank

· Standard Chartered Bank

· The Hongkong and Shanghai Banking Corporation Limited

· The Royal Bank of Scotland

· Citi bank N.A.

· HDFC Bank Limited

· Bank of Tokyo Mitsubishi UFJ Limited

· Bank of Nova Scotia

· IDBI Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Cash Credits from Bank	177.900	224.700
Total	177.900	224.700

NOTE

SHORT TERM BORROWINGS

· There is no default in repayment of principal loan or interest thereon.

· No Guarantee Bond has been furnished against any loan.

· Cash Credits are secured by hypothecation of inventories and book debts among bankers in consortium ranking pari passu with Punjab National Bank, Standard Chartered Bank Limited, Hongkong and Shanghai Banking Corporation Limited, Royal Bank of Scotland, IDBI Bank Limited, Citi Bank NA, HDFC Bank Limited, Bank of Nova Scotia and Bank of Tokyo Mitsubishi UFJ Limited

Banking Relations :	--
Auditors :
Name :	Basu and Company Chartered Accountants
Internal Auditors :
	Price Water house Coopers Private Limited Chartered Accountants
Domestic Wholly Owned Subsidiary :	H & B Stores Limited
Foreign Wholly Owned Subsidiary :	· Dabur International Limited, UAE · Dermoviva Skin Essentials Inc. · Dabur Egypt Limited, Egypt · Dabur (UK) Limited, UK · African Consumer Care Limited, Nigeria · Naturelle LLC, UAE · Dabur Egypt Trading Limited, Egypt · Hobi Kozmetik, Turkey · Ra Pazarlama, Turkey · Namaste Laboratories LLC, US · Hair Rejuvenation and Revitalization Nigeria Limited · Healing Hair Laboratories International LLC, USA · Urban Laboratories International LLC, USA · Dabur Lanka (Private) Limited, Sri Lanka · Namaste Cosmeticos Ltda, Brazil · Namaste Cosmeticos Ltda, Brazil · Dabur Tunisie, Tunisia
Foreign Subsidiary :	· Asian Consumer Care Private Limited, Dhaka · Dabur Nepal Private Limited, Nepal · Asian Consumer Care Pakistan (Private) Limited, Pakistan
Joint venture /Partnership :	Forum 1 Aviation Limited

CAPITAL STRUCTURE

As on 22.07.2014

Authorised Capital : Rs. 2070.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 1756.249 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2070000000	Equity Shares	Rs.10/- each	Rs. 2070.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1743813073	Equity Shares	Rs.10/- each	Rs. 1743.800 Millions

NOTE

a) Reconciliation of the number of shares

Equity Shares: Equity Shares:	As at 31st March, 2014
	No. of Shares	Rs. in Millions
Balance as at the beginning of the year	1742935011	1742.900
Add: Shares issued under ESOP scheme during the year	878062	0.900
Balance as at the end of the year	1743813073	1743.800

b) Rights, preference and restrictions attached to Equity Shares

i) The Company has one class of equity shares having a par value of `1 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in the case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.

ii) Shares of the company are ordinarily transferable provided:

􀁹 Instrument of transfer is in form prescribed under the Act & duly stamped and executed by/on behalf of transferor and transferee.

􀁹 Transferee consenting or replying affi rmatively within specifi ed period of his receipt of notice under Section 110(2) of Companies Act, 1956 issued by the company in respect of application of transfer of registration of shares made by the transferor.

􀁹 Transferee is not of unsound mind.

􀁹 Company does not have any lien on shares under application of transfer.

c) Details of equity shares held by shareholders holding more than 5% shares of the aggregate shares in the company

Particulars	As at 31st March, 2014
Equity shares of Rs. 1 held by:
Chowdry Associates	217941800
VIC Enterprises Private Limited	217734000
Gyan Enterprises Private Limited	202237980
Puran Associates Private Limited	189212000
Ratna Commercial Enterprises Private Limited	155233430
Milky Investment and Trading Company	106140970

d) Shares allotted as fully paid pursuant to contract(s) without payment being received in cash during the period of five years immediately preceding the reporting date

Number of equity shares issued under merger/amalgamation in last 5 years

13,84,620

e) Shares allotted as fully paid up bonus shares during the period of five years immediately preceding the reporting date

Number of equity shares issued in last 5 years as fully paid up bonus shares (Including shares issued under ESOP scheme part of consideration not received in cash)

87,18,39,025

f) Shares reserved for issue under options

Particulars	As at 31st March, 2014
Number of equity shares reserved for issue under options contracts / commitment for sale for shares	1,66,23,020
Term therein: Options granted to an employee are subject to cancellation under circumstances of his cessation of employment with the company on or before vesting date.

FINANCIAL DATA

[all figures are in Rupees Millions]

NOTE: FINANCIAL DETAILS FILE ATTACHED.

QUARTERLY RESULTS

PARTICULARS	30.06.2014
	1^stQuarter
Net Sales	12459.900
Total Expenditure	10740.000
PBIDT (Excl OI)	1719.900
Other Income	329.300
Operating Profit	2049.200
Interest	33.200
Exceptional Items	0.000
PBDT	2016.000
Depreciation	162.300
Profit Before Tax	1853.700
Tax	412.500
Provisions and contingencies	0.000
Profit After Tax	1441.200
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	1441.200

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1742.100	1742.900	1743.800
Reserves & Surplus	11290.600	13913.200	17279.600
Net worth	13032.700	15656.100	19023.400
long-term borrowings	11.400	8.400	0.000
Short term borrowings	2721.300	2407.400	442.900
Total borrowings	2732.700	2415.800	442.900
Debt/Equity ratio	0.210	0.154	0.023

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	37575.400	43493.900	48700.800
		15.751	11.972

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	37575.400	43493.900	48700.800
Profit	4632.400	5909.800	6721.000
	12.33%	13.59%	13.80%

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	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]	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

LITIGATION DETAILS

IN THE HIGH COURT OF DELHI AT NEW DELHI

CS(OS) 1829/2014

RECKITT BENCKISER (INDIA) LIMITED and ANR ..... Plaintiffs

Through Ms.Nancy Roy, Adv.

versus

DABUR INDIA LTD ..... Defendant

Through Mr.Sudhir K. Makkar, Adv.

CORAM:

HON'BLE MR. JUSTICE MANMOHAN SINGH

ORDER

14.08.2014

I.A. No.11442/2014 (u/O XXXIX R 1 and 2 CPC)

List on 11th September, 2014.

MANMOHAN SINGH, J.

AUGUST 14, 2014/jk

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Deferred Sales Tax Liabilities	0.000	8.400
SHORT TERM BORROWINGS
Packing Credit Loan from Bank	265.000	1682.700
Commercial Papers	0.000	500.000
Total	265.000	2191.100
NOTE LONG TERM BORROWINGS · There is no default in repayment of principal loan or interest thereon. · No Guarantee Bond has been furnished against any loan.

COMPANY INFORMATION

The Company) is a domestic public limited company and is listed on the Bombay Stock Exchange Limited [BSE], National Stock Exchange of India Limited [NSE] and MCX Stock Exchange Limited [MCX]. The company is one of the leading FMCG players dealing in Consumer Care and Food Products. The Company has manufacturing facilities across the length and breadth of the country and Research and Development Center in U.P. (Sahibabad), selling arrangements being primarily in India through independent distributors except for institutional sales which are handled directly by the company.

MANAGEMENT DISCUSSION AND ANALYSIS

The global economic environment continued to remain challenging in fiscal 2013-14 with slower than expected growth in GDP. This was largely due to deceleration of growth in some of the emerging market economies triggered by domestic policy weaknesses, tight monetary conditions and investment and supply constraints. According to an update published by the International Monetary Fund (IMF) in April2014, the global economy is expected to recover during 2014-15, mainly led by advanced economies. Growth in emerging market and developing economies is expected to pick up modestly.

The Indian economy hasn’t remained unscathed from the global economic slowdown and witnessed deceleration in GDP growth rates. Interestingly though, India’s share in the World GDP based on purchasing power parity (PPP) has continuedto move up and despite the slowdown in growth over the last few years, it continues to show an upward trend, implying thatIndia is doing better than the rest of the world and its share of global GDP (PPP) continues to increase.

As per IMF, India’s GDP growth is expected to recover from 4.4% in 2013 to 5.4% in 2014, supported by slightly stronger global growth, improving export competitiveness and implementation of recently approved investment projects. Pickup in exports in recent months and measures to curb gold imports have contributed to lowering the current account deficit. Policymeasures to bolster capital flows have further helped reduce external vulnerabilities. Overall growth is expected to firm up on policies supporting investment and a confidence boost from recent policy actions, but may remain below trend. Consumer price inflation is expected to remain an important challenge, but should continue to move onto a downward trajectory.

Towards the middle of fiscal 2013-14, there was a sharp depreciation in the Indian Rupee (INR) and it touched recordlows, primarily as an outcome of widening current account and fiscal deficits. There has been some improvement on this front and the INR has recovered from the lows it witnessed around the middle of fiscal 2013-14.

The macro-economic slowdown which had earlier impacted most of the sectors of the Indian economy such as autos, consumer durables and industrials, now has a bearing on the Fast Moving Consumer Goods (FMCG) industry. Fiscal 2013-14 has been a tough year for Indian consumer sector. On the one hand, food inflation remained high during the year and on the other, there were uncertainties about job prospects and the state of the economy. Given these factors, there has been a deceleration in FMCG growth rates.

According to AC Nielsen, FMCG sector growth rates slipped to single digits in the middle of fiscal 2013-14. However, they inched up marginally towards the end of fiscal 2013-14.

Despite deceleration in FMCG sector growth rates, India continued to occupy the top spots as per global consumer confidence index study by Nielsen in addition to an uptick in consumer confidence in the later half of fiscal 2013-14

They expect the resilience of India’s economic fundamentals combined with increasing consumerism driven by the

factors stated below to lead to brighter times ahead for the FMCG sector:

• Favourable demographics and rising income levels

• Total consumption expenditure set to increase – expected to reach nearly USD 3600 billion by 2020 from USD 1328 billion in 2012

• Working population (aged between 15 and 64 years) estimated to increase from 780 million in 2011 to 900 million by 2030

• India’s middle income population estimated to reach 267 million by 2016 from 160 million in 2011

• Rural FMCG market size to grow from USD 12 billion in 2011 to USD 100 billion by 2025 driven by increase in percapita disposable incomes.

DABUR PERFORMANCE OVERVIEW

Building on its enhanced rural retail footprint and innovative consumer-connect initiatives, Dabur India Ltd sailed through the challenging business environment to post a strong growth in Sales and Profit during the 2013-14 financial year. The Company’s Sales crossed the Rs. 7,000 crore mark as was envisaged in the four year strategic plan which was completed in fiscal 2014. The Company is now set to embark upon the next strategic plan starting 1st April 2014 which would guide the Company forward into the next 4 years.

Good growth momentum was witnessed across key categories and geographies with both the Domestic FMCG business and the International Business reporting strong volume driven growth during fiscal 2013-14.

As a company, Dabur is well connected to its consumers and endeavours to provide products that meet their needs and requirements. They recognize that understanding consumer behaviour and needs is critical to not just creating efficacious products but also developing effective marketing communications. Dabur has been engaging with consumers all through the year, basis which a host of new products and variants were developed, across product categories and geographies, which received encouraging response.

The new product launches in India during the year include a premium health supplement called Dabur Ratnaprash, Vatika Olive Enriched Hair Oil, Vatika Enriched Coconut Oil with Hibiscus, Vatika Premium Naturals Shampoo with Hibiscus and Reetha, Fem Fairness Naturals with no added ammonia, besides new Ayurvedic ethical medicines in different therapeutic areas, India’s first range of drinking yoghurts under the brand Real Activ and fruit-milk shakes under the brand Real. In addition, they have also launched a new Anardana variant of Hajmola tablets, which has emerged as a fairly successful variant. The pace of new launches was kept up in their International Business as well with the introduction of Amla Leave-On Oils, Fem Gold Hair Rmoving Cream, Dermoviva Face Wash, Dermoviva Face Scrub, Vatika Hair May onnaise, Vatika Hair Color Crème, Fem Halawa, Straightening and Strengthening Treatment by HAIRepair™ under the brand ORS and other products during fiscal 2013-14.

Project Double which was launched during 2012 to double their direct distribution reach in rural India was consolidated and taken further during fiscal 2013-14. Today, their products directly reach over 38,250 villages as compared to a reach of 14,865 villages in March 2011. This initiative has not just helped them manage the overall slowdown by boosting sales from the rural markets but also expanded their product basket in rural India, which has translated into higher and more profitable sales. As a result, they are now witnessing demand from the hinterland for products like packaged juices under the brand Réal, Fem fairness bleaches and Home Care products which were till now considered as very urban centric. This clearly indicates that the aspirations of rural consumers are increasingly aligning with their urban counterparts, leading to a steady shift in consumer preference towards branded consumer products.

They continued to leverage the various melas and haats organized across rural India through the year to build greater consumer connect and generate trials for their various products. These initiatives not only gave the rural consumers an opportunity to experience Dabur products, but also generated a huge buzz and positive word for the brands.

In addition to the haats, they engaged with their consumers throughout the year with various initiatives such as their mass awareness campaigns (Immune India, Oral Hygiene camps, Health Camps etc.), informative sessions and other promotional events. Appreciation by means of consumer recognitions and awards as well as sustained improvement in customer satisfaction is testimony to their improving customer relationships.

Fiscal 2013-14 also saw Dabur take its beauty, health and wellness products to the digital world with four dedicated portals. The Company invested in creating an online content warehouse for its brands in Oral Care, Skin Care, Hair Care and Health Care categories. Digital media like YouTube, Facebook etc. were used to popularize the products and create awareness about them. These web initiatives have helped them better connect with the internet savvy and particularly the younger generation.

The FCMG retail landscape in urban India is witnessing the emergence of chemist outlets as a key trade channel. Today, the chemists play an active role in promoting OTC products with the flexibility to drive sales of particular brands and products and are fast emerging as retailers of a larger range of health and personal care products. Besides being critical retail points, chemists also act as advisors to consumers seeking solutions to treat moderate and non-critical health problems. As consumers are increasingly shifting to self-medication and tend to visit a doctor only for serious ailments, they value the advice of chemists in the context of OTX/OTC products. The chemists are better educated and informed as compared to grocers, and give practical suggestions to consumers regarding specific healthcare issues, hence influencing OTC purchase in a big way.

As India’s most trusted healthcare brand, Dabur has already set in motion an initiative to tap the chemist network in a more focused manner. They have organized their sales teams specifically to cater to the demands of this channel and also enhance distribution of Health Care and personal products portfolio through the chemist network. In the first phase, Dabur plans to significantly increase its direct coverage in the chemist channel in urban markets and increase the availability of its product range in this channel. The project is already under implementation and they expect to derive benefits from the increased coverage going ahead.

Riding on these initiatives, Dabur drove demand and generated strong volume-led growth even though the environment remained challenging. Though there was emergence of pockets of inflation driven by factors such as adverse exchange rate movements, they continued to invest strongly behind our brands and enhance their distribution network.

The highlights of Subject performance during fiscal 2013-14 on a consolidated basis are:

• Net Sales grew by 15.1% to Rs. 70732.000 Millions in fiscal 2013-14 from Rs. 61464.000 Millions in fiscal 2012-13

• Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) increased to Rs. 12879.000 Millions in fiscal 2013-14, from Rs. 10967.000 Millions in fiscal 2012-13, recording a growth of 17.4%

• Profi t After Tax (PAT) increased to Rs. 9139.000 Millions in 2013-14, up 19.7% from Rs. 7634.000 Millions in 2012-13

• Earnings Per Share (EPS) increased to Rs. 5.21 in 2013-14 from Rs. 4.35 in 2012-13

OPERATIONS

At Dabur, they believe that operations hold the key to gaining a competitive advantage and maintaining a high customer satisfaction rate. Dabur believes in continually striving for higher and better levels of quality not just in its products, but also in its operations, without losing sight of its commitments towards the environment and communities where it operates. Details of their various environment and community-led initiatives have been provided in the Business Responsibility Report section.

A host of initiatives were also taken towards new product and pack introductions, improve safety awareness and quality improvement. Safety, for them, is non-negotiable. By working across the entire value chain - from sourcing, manufacturing and logistics through to innovation, advertising and promotions and pricing, they can use their scale to gain efficiencies, reach new markets and meet their sustainability targets.

Two Dabur brands -- Vatika Shampoo and Réal Diwali Gift Pack- have bagged the AsiaStar international packaging award in fi scal 2013-14. AsiaStar is the only regional packaging award anywhere in Asia, and is also known as ‘The Packaging Oscarof Asia’.

OUTLOOK

Going ahead, macro-economic headwinds and heightened competitive intensity notwithstanding, they would strive to continue to drive profitable growth on the back of enhanced distribution, innovative marketing mix and new initiatives across categories and geographies.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Claims against the company not acknowledged as debts:
(1) Civil cases filed against the company	301.000	339.800
(2) Claims by employees	6.600	22.400
(3) Excise duty/service tax matters	33.400	0.000
(4) Sales tax matters	38.400	66.600
(5) Income tax matters	168.000	163.700
Total	547.400	592.500

STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED 30^TH JUNW, 2014

(Rs. in Millions)

Particulars	Quarter Ended 30.06.2014
	(Unaudited)
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	12430.300
b) Other operating income	29.600
Total income from Operations(net)	12459.900
2.Expenses
a) Cost of material consumed	5080.300
b) Purchases of stock in trade	2287.600
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(659.300)
d) Advertising & Publicity	1608.100
e) Employees benefit expenses	894.900
f) Depreciation and amortisation expense	162.300
g) Other expenses	1528.400
Total expenses	10902.300
3. Profit/ (Loss) from operations before other income, financial costs and exceptional items	1557.600
4. Other income	329.300
5. Profit/ (Loss)from ordinary activities before finance costs and exceptional items	1886.900
6. Finance costs	33.200
7. Profit/(Loss) from ordinary activities after finance costs but before exceptional items	1853.700
8. Exceptional item	--
9. Profit/ (Loss) from ordinary activities before tax	1853.700
10.Tax expenses	412.500
11.Net Profit / (Loss) from ordinary activities after tax	1441.200
12.Extraordinary Items	--
13.Net Profit / (Loss) for the period	1441.200
14.Paid-up equity share capital (Face value Rs.10/- per share)	1756.200
15. Reserve excluding Revaluation Reserves
16.i) Earnings per share (before extraordinary items) of Re 1 /- each) (not annualised):
(a) Basic	0.82
(b) Diluted	0.82
ii)Earnings per share (after extraordinary items) (of Re 1 - each) (not annualised):
(a) Basic	0.82
(b) Diluted	0.82

Particulars	Quarter Ended 30.06.2014
	(Unaudited)
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	559179633
- Percentage of shareholding	31.84
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	300000
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	0.03
Percentage of shares (as a % of total share capital of the company)	0.02
b) Non Encumbered
Number of shares	1196769150
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	99.97
Percentage of shares (as a % of total share capital of the company)	68.14
B. Investor Complaints (Nos.)
Pending at the beginning of the quarter	0
Receiving during the quarter	4
Disposed of during the quarter	4
Remaining unreserved at the end of the quarter	0

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

Particulars	Year Ended (Unaudited)
	30.06.2014
1. Segment Revenue
A. Consumer Care Business	9548.000
B. Foods Business	2640.200
C. Other Segments	242.100
Net Sales/Income from Operations	12430.30
2. Segment Result (Profit/(Loss) before Interest and Tax)
A. Consumer Care Business	1944.200
B. Foods Business	230.600
C. Other Segments	9.400
Sub Total	2184.200
Less: Interest and Financial Expenses	33.200
Less: Unallocable expenditure net off unallocable income	297.300
Profit / (Loss) Before Tax	1853.700
Exceptional Item
Profit/(Loss) from Ordinary Activities before Tax	1853.700
Less: Tax Expenses	412.500
Profit / (Loss) After Tax	1441.200
Extraordinary items	--
Net Profit/(Loss) for the period	1441.200
3. Capital Employees (Segment Assets-Segment Liabilities)
A. Consumer Care Business	8913.100
B. Foods Business	1748.300
C. Other Segments	207.700
Unallocated capital employed	10031.000
Total	20900.100

NOTE

1. Final dividend @ 100% (i.e. Re. 1 per share having par value of Re. 1 each) has been paid for the financial year 2013-14 aggregating Rs. 204.02 including dividend tax subsequent to the end of quarter.

2. Paid up capital and securities premium have been enhanced by Rs. 12.400 Millions and Rs. 428.900 Millions respectively pursuant to allotment of 12435710 equity shares of Re. 1 each and receipt of premium on top up against part of allotment on exercise of options by employees.

3. Following operationalisation of Schedule II of Companies Act, 2013 w.e.f. April 01, 2014 revising useful life of fixed assets, capital employed has gone down by Rs. 36.800 Millions towards depreciating (net of deferred tax implications thereon) assets, having covered revised life span, to their residual value and profit for the quarter has been reduced by Rs. 18.700 Millions on account of application of depreciation on SLM.

4. During the quarter Rs. 293.300 Millions have been invested in long term investment which includes Rs. 10.000 Millions in a wholly owned domestic subsidiary.

5. Deferred Tax and employee related dues covered under AS 15 have been provided on estimated basis.

6. The above results, duly reviewed by the Audit Committee, have been approved by the Board of Directors in its meeting held on July 28, 2014.

7. Statutory Auditors have completed review of this Financial Results and Segment Report for the quarter ended on June 30, 2014.

8. Earlier period/year figures have been regrouped / rearranged wherever necessary to conform to classification of this period.

FIXED ASSETS

Tangible Assets

· Land: Leasehold

· Land: Freehold

· Building

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Offi ce Equipment

Intangible Assets

· Brands/Trademarks

· Computer Software

PRESS RELEASE

HINDUSTAN UNILEVER, DABUR INDIA, BRITANNIA INDUSTRIES HIT NEW LIFETIME HIGH

In past one month, these stocks have outperformed the market by gaining between 8-17%, compared to 1% fall in Sensex.

Shares of fast moving consumer goods companies (FMCG) mainly Hindustan Unilever (HUL), Dabur India and Britannia Industries are on a roll, hit their respective lifetime highs in otherwise subdued market on the bourses.

HUL has rallied 4% to Rs 731, while Dabur India and Britannia Industries gain 3.5% each at Rs 210 and Rs 1,170 on the Bombay Stock Exchange (BSE).

Godrej Consumer Products (up 7% to Rs 892) and Marico (up 2% at Rs 271) too, trading higher, compared to 0.17% decline in S&P BSE Sensex in early noon deals.

Most of these stocks have outperformed the market by gaining between 8-17%, as against 1% fall in benchmark index during past one month.

The aggregate net profit of these companies, except Britannia Industries, which yet to declare its June quarter results have posted 12% year-on-year jump in net profit on back of 13% rise in net sales.

Gautam Duggad and Manish Poddar, analysts at Motilal Oswal Securities however, have a cautious view on the sector on back of inflationary tendency, volatile input cost environment and a possible slowdown in the rural economy.

Companies with low competitive pressures and broad product portfolios will be able to better with stand any slowdown in a particular segment. Longer term prospects bright, given rising incomes and low penetration, says analysts in a recent research report.

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.61.62
UK Pound	1	Rs.99.12
Euro	1	Rs.78.89

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUB
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	8
--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		77

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.