MIRA INFORM REPORT

Report Date :

13.09.2014

IDENTIFICATION DETAILS

Name :	MAXHEAL PHARMACEUTICALS (INDIA) LIMITED
Registered Office :	301, 3^rd Floor, Maxheal House, Plot No. 169, CST No. 1043, Bangur Nagar, Goregaon (West), Mumbai – 400090, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.06.2009
Com. Reg. No.:	11-193624
Capital Investment / Paid-up Capital :	Rs. 10.000 Millions
CIN No.: [Company Identification No.]	U73100MH2009PLC193624
TAN No.: [Tax Deduction & Collection Account No.]	MUMM36630G
PAN No.: [Permanent Account No.]	AAGCM0717K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Supplier of Anti Infective Drugs.
No. of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 370000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was erstwhile setup as a proprietorship concern in 1979, later in the year 2009 it got converted into private limited company. It is an established company having moderate track. The company possesses a moderate financial profile marked by adequate networth base along with moderate solvency and liquidity position further constrained by working capital intensive nature of operations. Management has witnessed a dip in its sales volume and has reported a modest net profit amid moderate scale of operations during FY13. However, trade relations are seems to be fair. Business is active. Payment terms are reported as slow but correct. In view of experienced promoters, the company can be considered for business dealings with some caution.

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 – 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

NEWS

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities = BB-
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations.
Date	September 04, 2014

Rating Agency Name	CARE
Rating	Short term bank facilities = A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	September 04, 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 31-03-2014.

LOCATIONS

Registered Office :	301, 3^rd Floor, Maxheal House, Plot No. 169, CST No. 1043, Bangur Nagar, Goregaon (West), Mumbai – 400090, Maharashtra, India
Tel. No.:	91-22-42767718 (30 lines)/ 26786103/ 104
Fax No.:	91-22-26786105
E-Mail :	info@maxheal.in hs@maxheal.in msakhla@vsnl.com
Website :	www.maxheal.in
Location :	Owned
Head Office:	102/103, Tulsi Niwas, Pushtikar Co-Operative Society Limited, Jogeshwari (West), Mumbai – 400 102, Maharashtra, India
Tel. No.:	91-22-42767718 (30 lines)/ 26786103/ 104
Fax No.:	91-22-26786105
E-Mail :	info@maxheal.in
Factory :	95/6, MIDC, Satpur, Nashik – 422 007, Maharashtra, India
Tel. No.:	91-253-2350021
Fax No.:	91-253-2353951
Email:	nsk@maxheal.in
Corporate Office :	Next to Aiyappa Temple, Off Link Road, Bangur Nagar, Goregaon (West), Mumbai - 400 090, Maharashtra, India

DIRECTORS

AS ON: 30.09.2013

Name :	Mr. Madan Mohanlal Sakhala
Designation :	Director
Address :	A-702, Rushi Tower, Plot No. 1, Near Green Acres, Samarth Nagar, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	04.11.1948
Date of Appointment :	21.12.2014
PAN No.:	AAPPS5474H
DIN No.:	00475606
Name :	Mrs. Hemlata Madan Sakhala
Designation :	Director
Address :	A-702, Rushi Tower, Plot No. 1, Near Green Acres, Samarth Nagar, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	26.09.1951
Date of Appointment :	21.12.2014
PAN No.:	AAPPS5473A
DIN No.:	00475674
Name :	Mr. Mehul Madan Sakhala
Designation :	Director
Address :	A-702, Rushi Tower, Plot No. 1, Near Green Acres, Samarth Nagar, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	03.06.1985
Date of Appointment :	01.04.2006
PAN No.:	AVCPS6796D
DIN No.:	00475715

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 30.09.2013

Names of Shareholders	No. of Shares
Madan Mohanlal Sakhala	720000
Hemlata Madan Sakhala	230000
Madan Mohanlal Sakhala (HUF)	10000
Mehul Madan Sakhala	10000
Rachana Kalpesh Loonawat	10000
Priya Atul Lalwani	10000
Manish Kamlesh Kothari	10000
Total	1000000

Equity Share Break up (Percentage of Total Equity)

AS ON: 30.09.2013

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Anti Infective Drugs

PRODUCTION STATUS AS ON 31.03.2013

Particulars	Unit	Installed Capacity	Actual Production
Tablets	Lacs	14976	2230.08
Capsules	Lacs	9000	942.15

GENERAL INFORMATION

No. of Employees :

Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

Oriental Bank of Commerce, Malad (West) Branch, Vikas Chambers, Link Road, Malad West, Mumbai - 400064, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long term borrowings
Axis Bank car loan	2.359	2.981
Loans from S.E. Investment	0.000	13.750
Mr. Madan M. Sakhala and Mrs. Hemlata Madam Sakhala Payment in 125 EMI	14.889	15.660
Western Maharashtra Development Corporation	0.002	0.005
Sales tax Deferred Scheme	6.538	7.512
Short term borrowings
Packing Credit limit	34.641	92.561
Packing credit limit foreign currency	85.353	29.183
Total	143.782	161.652

Banking Relations :	--
Auditors :
Name :	S.B. Chhajed and Company Chartered Accountants
Address :	202, Inder Tower, Kaka Saheb Gadgil Marg, Dadar (West), Mumbai – 400025, Maharashtra, India
PAN No.:	ABCFS0439E
Related Party:	· Maxheal Laboratories Private limited · Ally Pharma Options Private Limited

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
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 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	10.000	10.000	10.000
(b) Reserves & Surplus	83.630	58.898	38.545
(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)	93.630	68.898	48.545
(3) Non-Current Liabilities
(a) long-term borrowings	51.176	59.809	158.208
(b) Deferred tax liabilities (Net)	0.369	0.847	0.333
(c) Other long term liabilities	0.000	0.028	0.028
(d) long-term provisions	0.197	0.197	0.201
Total Non-current Liabilities (3)	51.742	60.881	158.770
(4) Current Liabilities
(a) Short term borrowings	119.995	131.994	0.000
(b) Trade payables	132.463	198.387	211.861
(c) Other current liabilities	22.149	31.742	10.449
(d) Short-term provisions	11.000	6.513	0.990
Total Current Liabilities (4)	285.607	368.636	223.300
TOTAL	430.979	498.415	430.615
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	27.563	27.749	29.991
(ii) Intangible Assets	10.023	12.481	10.341
(iii) Capital work-in-progress	1.000	5.208	1.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	47.369	42.912	42.912
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	23.138	35.729	20.148
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	109.093	124.079	104.392
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	68.684	74.282	143.487
(c) Trade receivables	196.874	243.155	139.542
(d) Cash and cash equivalents	14.228	5.095	2.313
(e) Short-term loans and advances	42.012	51.710	40.831
(f) Other current assets	0.088	0.094	0.050
Total Current Assets	321.886	374.336	326.223
TOTAL	430.979	498.415	430.615

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Revenue from operations	531.678	624.731	593.362
	Excise Duty	0.056	(0.955)	0.000
	Other Income	28.817	29.000	11.069
	TOTAL (A)	560.551	652.776	604.431
Less	EXPENSES
	Cost of Materials Consumed	426.611	499.740	495.470
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	3.173	27.421	(14.180)
	Employees benefits expense	31.570	35.500	29.915
	Other expenses	33.329	36.355	31.871
	TOTAL (B)	494.683	599.016	543.076
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	65.868	53.760	61.355
Less	FINANCIAL EXPENSES (D)	21.700	21.653	18.125
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	44.168	32.107	43.230
Less/ Add	DEPRECIATION/ AMORTISATION (F)	8.456	5.336	5.717
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	35.712	26.771	37.513
Less	TAX (I)	10.981	6.418	8.591
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	24.731	20.353	28.922
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	506.927	0.000	0.000
	TOTAL EARNINGS	506.927	0.000	0.000
	IMPORTS
	Raw Materials	66.127	0.000	0.000
	TOTAL IMPORTS	66.127	0.000	0.000
	Earnings / (Loss) Per Share (Rs.)	24.73	20.35	28.92

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.41	3.11	4.78
Net Profit Margin (PBT/Sales)	(%)	6.71	4.29	6.32
Return on Total Assets (PBT/Total Assets}	(%)	9.33	5.95	9.70
Return on Investment (ROI) (PBT/Networth)		0.38	0.39	0.77
Debt Equity Ratio (Total Debt/Networth)		1.82	2.78	3.26
Current Ratio (Current Asset/Current Liability)		1.13	1.01	1.46

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	10.000	10.000	10.000
Reserves & Surplus	38.545	58.898	83.630
Net worth	48.545	68.898	93.630
long-term borrowings	158.208	59.809	51.176
Short term borrowings	0.000	131.994	119.995
Total borrowings	158.208	191.803	171.171
Debt/Equity ratio	3.259	2.784	1.828

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)
Revenue from operations	593.362	624.731	531.678
		5.287	(14.895)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	593.362	624.731	531.678
Profit After Tax	28.922	20.353	24.731
	4.87%	3.26%	4.65%

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	--
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Long term borrowings
Anant Behere	0.010	0.010
Olenmark Pharma	0.284	0.284
Distributors Deposits	0.060	0.060
Leesan Distributors	0.004	0.003
Deposits from medical representative	0.020	0.020
Hemant distributors	0.111	0.000
Loans and advance from related parties	26.088	16.311
Loans and advance from others	0.812	3.213
Short term borrowings
From others	0.000	10.250
Total	27.389	30.151

FINANCIAL RESULTS

The financial results for the fourth year comprising of full period of twelve months have slighty been declined. During the year under report, company has achieved a sales turnover of Rs. 531.678 Millions (Previous Year Rs. 624.732 Millions). The local sales turnover during the year under report Rs. 5.732 Millions (Previous Year Rs. 6.547 Millions) and export turnover was of Rs. 525.946 Millions (Previous Year Rs. 618.185 Millions). After having regard to appropriation and provisions, there are was a profit of Rs. 25.253 Millions (Previous year loss of Rs. 20.354 Millions) which has been to balance sheet.

Note :

Registered office of the company has been shifted from 102/103 Tulsi Niwaspustikar Co-Operative Society Limited, Jogeshwari (West), MUMBAI-400102, Maharashtra, India to the present address w.e.f. 01.11.2013.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10306801	28/12/2012 *	200,000,000.00	ORIENTAL BANK OF COMMERCE	MALAD (WEST) BRANCH, VIKAS CHAMBERS, LINK ROAD, MALAD WEST, MUMBAI, MAHARASHTRA - 400064, INDIA	B66255365
2	10233440	13/07/2010	129,400,000.00	STATE BANK OF INDIA	SIR P. M. ROAD BRANCH, GRESHAM HOUSE, GROUND FLOOR, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	A91298679
3	10213957	28/12/2012 *	200,000,000.00	ORIENTAL BANK OF COMMERCE	MALAD (WEST) BRANCH, VIKAS CHAMBERS, LINK ROAD, MALAD WEST, MUMBAI, MAHARASHTRA - 400064, INDIA	B66255191

* Date of charge modification

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.60.84
UK Pound	1	Rs.98.73
Euro	1	Rs.78.64

INFORMATION DETAILS

Information Gathered by :	NVA
Analysis Done by :	SUB
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.