MIRA INFORM REPORT

Report Date :

12.09.2014

IDENTIFICATION DETAILS

Name :	ADANI PHARMACHEM PRIVATE LIMITED
Registered Office :	251, Toral Commercial Complex, Jawahar Road, Rajkot – 360001, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.04.1999
Com. Reg. No.:	04-035693
Capital Investment / Paid-up Capital :	Rs. 4.344 Millions
CIN No.: [Company Identification No.]	U24231GJ1999PTC035693
IEC No.:	2488007005
TAN No.: [Tax Deduction & Collection Account No.]	RKTA00042A
PAN No.: [Permanent Account No.]	AADCA2201R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Pharmaceuticals and Bulk drugs
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 200000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflects improved financial risk profile marked by long track record and well-established relationship with the customers and sound general financial position of the company. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and condition.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

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

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

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

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

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

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

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

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

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: BB+
Rating Explanation	Inadequate degree of safety and high credit risk.
Date	07.03.2014

Rating Agency Name	CARE
Rating	Short term bank facilities: A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	07.03.2014

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 BY

Name :	Mr. Jignesh
Designation :	Accounts Manager
Contact No.:	91-2827-287165

LOCATIONS

Registered Office :	251, Toral Commercial Complex, Jawahar Road, Rajkot – 360001, Gujarat, India
Tel. No.:	91-2827-287165
Fax No.:	Not Available
E-Mail :	exports@adanipharma.com rushabh@adanipharma.com cb191@corpbank.co.in
Website :	http://www.adanipharma.com
Corporate Office :	Rashtriyashala Marg, Rajkot - 360002, Gujarat, India
Tel. No.:	91-181-2466796 / 2464365
Admin Office / Factory :	Plot No. 2729 to 2731, Road I-1, Lodhika, GIDC, Village Metoda, Taluka Lodhika, Rajkot-360021, Gujarat, India
Tel. No.:	91-2827-287165/ 640131/ 32/33/34
Fax No.:	91-2827-287166
Branch Office :	Manish Compound, Building No. 2, Thane-Bhiwandi Road, Bhiwandi, District Thane, Maharashtra, India

DIRECTORS

As on 30.09.2013

Name :

Mrs. Nirali Rushabh Adani

Designation :

Director

Address :

C-7, Prayag C Appartment, Behind Mohit Hotel, Shroff Road, Rajkot – 360 001, Gujarat, India

Date of Birth/Age :

29.05.1981

Date of Appointment :

07.01.2011

Din No.:

03383012

Name :

Mr. Harshad Anantray Adani

Designation :

Director

Address :

Block No. 12-B, Suraj Appartment-2, Shroff Road, Rajkot – 360 002, Gujarat, India

Date of Birth/Age :

15.06.1953

Qualification :

B.Sc.

Date of Appointment :

05.04.1999

Din No.:

00290012

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15400GJ1995PTC027318	ADANI FOOD PRODUCTS PRIVATE LIMITED	Director	06/09/1995	06/09/1995	-	Active	NO
2	U24231GJ1999PTC035693	ADANI PHARMACHEM PRIVATE LIMITED	Director	05/04/1999	05/04/1999	-	Active	NO

Name :

Mr. Rushabh Hareshbhai Adani

Designation :

Managing Director

Address :

7^th Floor, C 7, Prayag C, Shroff Road, Kitab Ghar Street, Rajkot – 360 001, Gujarat, India

Date of Birth/Age :

28.08.1981

Qualification :

BBA

Date of Appointment :

21.07.2011

Din No.:

00298500

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231GJ1999PTC035693	ADANI PHARMACHEM PRIVATE LIMITED	Managing director	21/07/2011	01/04/2004	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Harshad A Adani	77736
Mrudaula P. Adani	37067
Usha A. Adani	34729
Rushabh H. Adani	227800
Nirali R. Adani	27668
Arunaben H. Adani	20000
Kappac Pharma Limited, India	18750
Mangesh Hasmukhray Shah	16875
Hasmukhray I. Shah HUF	3125
Total	463750

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	4.04
Directors or relatives of Directors	91.65
Other top fifty shareholders	4.31
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Pharmaceuticals and Bulk drugs

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

• Corporation Bank, Main Branch, “Nijanand”, Dhebar Road, Rajkot-360001, Gujarat, India
• HDFC Bank, Near Rajkumar College, Rajkot-360001, Gujarat, India
• Axis Bank Limited, Kalavad Road Branch, Rajkot-360001, Gujarat, India
• ICICI Bank Limited

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Corporation Bank (Cash Credit)	13.818	4.741
Corporation Bank (FBP)	25.800	16.238
Corporation Bank (PCL)	2.300	4.994
Corporation Bank (Term Loan)	8.161	12.374
Total	50.079	38.347

Banking Relations :
Auditors :
Name :	Kalpesh S. D and Company Chartered Accountants
Address :	411, Cosmo Complex, Near Mahila College Circle, Rajkot – 360 001, Gujarat, India
Tel. No.:	91-181-2225278 / 2473599
PAN N Income-tax PAN of auditor or auditor's firm :	AAJFK6304Q

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
445000	Equity Shares	Rs.10/- each	Rs.4.450 Millions
18750	Equity Shares	Rs.5/- each	Rs.0.094 Million
	Total		Rs.4.544 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
425000	Equity Shares	Rs.10/- each	Rs.4.250 Millions
18750	Equity Shares	Rs.5/- each	Rs.0.094 Million
	Total		Rs.4.344 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.344	4.344	4.250
(b) Reserves & Surplus	44.572	30.411	18.788
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	48.916	34.755	23.038
(3) Non-Current Liabilities
(a) long-term borrowings	67.209	54.596	44.303
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	67.209	54.596	44.303
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	35.160	33.634	18.616
(c) Other current liabilities	51.247	49.719	12.848
(d) Short-term provisions	1.034	0.969	(0.311)
Total Current Liabilities (4)	87.441	84.322	31.153
TOTAL	203.566	173.673	98.494
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	40.355	39.747	29.501
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.461	0.406	0.367
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	41.816	40.153	29.868
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	16.287	24.837	13.725
(c) Trade receivables	117.853	85.071	42.309
(d) Cash and cash equivalents	10.088	12.185	5.603
(e) Short-term loans and advances	17.522	11.427	6.986
(f) Other current assets	0.000	0.000	0.003
Total Current Assets	161.750	133.520	68.626
TOTAL	203.566	173.673	98.494

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	584.780	418.311	274.612
		Other Income	1.985	0.252	0.417
		TOTAL (A)	586.765	418.563	275.029
Less	EXPENSES
		Purchases	485.514	355.136	222.185
		Employee Benefits Expenses	8.550	4.733	2.920
		Other Expenses	8.936	42.877	34.649
		Changes in Inventories	51.931	(11.112)	4.666
		TOTAL (B)	554.931	391.634	264.420
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		31.834	26.929	10.609
Less	FINANCIAL EXPENSES (D)		6.773	6.518	5.167
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		25.061	20.411	5.442
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.800	3.529	0.687
	PROFIT BEFORE TAX (E-F) (G)		21.261	16.882	4.755
Less	TAX (H)		7.100	8.165	1.763
	PROFIT AFTER TAX (G-H) (I)		14.161	8.717	2.992
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		19.286	10.569	7.577
	BALANCE CARRIED TO THE B/S		33.446	19.286	10.569
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	344.813	238.165	169.323
	TOTAL EARNINGS		344.813	238.165	169.323
	IMPORTS		266.024	161.004	NA
	Earnings Per Share (Rs.)		33.00	20.00	7.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.41	2.08	109
Net Profit Margin (PBT/Sales)	(%)	3.64	4.04	1.73
Return on Total Assets (PBT/Total Assets}	(%)	10.44	9.72	4.83
Return on Investment (ROI) (PBT/Networth)		0.43	0.49	0.21
Debt Equity Ratio (Total Debt /Networth)		1.37	1.57	1.92
Current Ratio (Current Asset/Current Liability)		1.85	1.58	2.20

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	4.250	4.344	4.344
Reserves & Surplus	18.788	30.411	44.572
Net worth	23.038	34.755	48.916
long-term borrowings	44.303	54.596	67.209
Short term borrowings	0.000	0.000	0.000
Total borrowings	44.303	54.596	67.209
Debt/Equity ratio	1.923	1.571	1.374

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	274.612	418.311	584.780
		52.328	39.796

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	274.612	418.311	584.780
Profit	2.992	8.717	14.161
	1.09%	2.08%	2.42%

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	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	Yes

CORPORATE INFORMATION

Subject is private limited company incorporated under the provisions of the companies Act, 1956 having registered office at Rajkot. The company is engaged in Manufacturing of Pharmaceuticals and Bulk drugs.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90105415	19/07/2013 *	170,203,000.00	CORPORATION BANK	MAIN BRANCH, "NIJANAND", DHEBAR ROAD, RAJKOT, GUJARAT - 360001, INDIA	B80026784

Note: * Date of charge modification

UNSECURED LOAN

Unsecured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
From director, Shareholders and relatives	17.130	16.249
Total	17.130	16.249

FIXED ASSETS

· Air Conditioner

· Air Cooler

· Car (Ford Fiesta)

· Car (Magna)

· Car (Swt)

· CCTV Camera

· Computer

· Computer Cabin

· Cycle

· Electric Connection - Metoda

· Electric Fittings

· Epabx System

· Every Scale

· Factory Buildtfig and Shed (Aji GIDC)

· Factory Building and Shed (Metoda)

· Factory Land (Aji Gidc)

· Factory Land (Metoda)

· Fax Machine

· Freeze

· Furniture (Aji GIDC)

· Furniture (Metoda)

· Inverter

· Laboratory Equipment

· Mobile

· Plant and Machinery

· Scooter

· T.V.S. Scooty

· Television

· Type Writer

· Water Filter

· Water Plant

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 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] on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal

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.60.92
UK Pound	1	Rs.98.66
Euro	1	Rs.78.64

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.