MIRA INFORM REPORT

Report Date :

18.09.2014

IDENTIFICATION DETAILS

Name :	S ZHAVERI PHARMAKEM PRIVATE LIMITED (w.e.f.06.06.2005)
Formerly known As :	S ZHAVERI PHARMAKEM
Registered Office :	308/310, Shiv Smriti Chambers, 49, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.06.2005
Com. Reg. No.:	11-153790
Capital Investment / Paid-up Capital :	Rs. 1.606 Millions
CIN No.: [Company Identification No.]	U51397MH2005PTC153790
Legal Form :	Private Limited Liability Company
Line of Business :	They are indenting House, Contractor and Manufacturing of Pharma Products.
No. of Employees :	96 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 1300000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be decent. Profitability of the company is fair. Trade relation are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealing at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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.

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Hemang Shah
Designation :	Finance Manager
Contact No.:	91- 9867522655
Date :	16.09.2014

LOCATIONS

Registered Office :	308/310, Shiv Smriti Chambers, 49, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra
Tel. No.:	91-22-43676666 / 66607756
Mobile No.:	91-9867522655 (Mr. Hemang Shah)
Fax No.:	91-22-66607758
E-Mail :	hemang@szhavri.net accounts@szhaveri.net
Website :	http://www.szhavri.com
Area :	1000 sq. ft.
Location :	Owned
Factory 1 :	B -10 and 10-1, Dombivali MIDC, Phase – I, Kalyan, Shil Phta Road, Dombivali – 421203, Maharashtra, India
Tel. No.:	91-251-3918000
Area :	48000 sq. ft.
Location :	Owned

DIRECTORS

As on 30.09.2013

Name :

Mrs. Uma Rajan Javeri

Designation :

Director

Address :

1002, Jaywant Tower Chs Ltd.Tardeo Road,Tardeo,Mumbai-400034, Maharashtra

Date Of Birth/Age :

29.05.1957

Date Of Appointment :

06.06.2005

DIN No.:

00140841

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74140MH1998PTC115077	S ZAVERI CONTRACT RESEARCH ORGANISATION PRIVATE LIMITED	Director	10/04/1999	10/04/1999	Active	NO
2	U51397MH2005PTC153790	S ZHAVERI PHARMAKEM PRIVATE LIMITED	Director	06/06/2005	06/06/2005	Active	NO

Name :

Mrs. Suhagi Dhaval Parikh

Designation :

Director

Address :

1002, Jaywant Tower Chs Ltd.Tardeo Road,Tardeo, Mumbai-400034, Maharashtra

Date Of Birth/Age :

15.10.1981

Date Of Appointment :

06.06.2005

DIN No.:

00140949

Name :

Mr. Josef Otto Rettenmaier

Designation :

Director

Address :

Holzmuhle, 6, Rosenberg,73494,Germany

Date Of Birth/Age :

22.01.1961

Date Of Appointment :

04.02.2008

DIN No.:

02095744

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24229GJ1989PTC011737	GUJARAT MICROWAX PRIVATE LIMITED	Director	23/06/2006	23/06/2006	Active	NO
2	U51397MH2005PTC153790	S ZHAVERI PHARMAKEM PRIVATE LIMITED	Director	04/02/2008	04/02/2008	Active	NO
3	U24100MH2009PTC244642	Rettenmaier India Private Limited	Director	28/09/2010	20/01/2010	Active	NO

Name :

Mr. Heinrich Ernst Wilhelm Petersen

Designation :

Director

Address :

Lessing Str,2, 73486, Adelmannsfelden,

Adelmannsfelden, 73486,Germany

Date Of Birth/Age :

09.09.1949

Date Of Appointment :

04.02.2008

DIN No.:

02166885

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	U51397MH2005PTC153790	S ZHAVERI PHARMAKEM PRIVATE LIMITED	Director	04/02/2008	04/02/2008	-	Active	NO
2	U24229GJ1989PTC011737	GUJARAT MICROWAX PRIVATE LIMITED	Director	30/06/2008	30/06/2008	-	Active	NO
3	U24100MH2009PTC244642	Rettenmaier India Private Limited	Director	28/09/2010	20/01/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Hemang Shah
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Name Of Equity Shareholders	No. Of Shares
Uma R. Javeri	48325
Saloni R Javeri	5100
Suhagi Dhaval Parikh	5100
Gmbh Asiaholding Retten Maier	80275
Total	138800

Name Of Preference Shareholders	No. Of Shares
Uma R. Javeri	21420
Saloni R Javeri	165
Suhagi Dhaval Parikh	165
Total	21750

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	57.84
Directors or relatives of Directors	42.16
Total	100.00

BUSINESS DETAILS

Line of Business :	They are indenting House, Contractor and Manufacturing of Pharma Products.
Products :	· Apple Fiber · Corn Fiber · Oat Fiber · Pea Fiber · Wheat Fiber
Exports :
Products :	Pharma Products
Countries :	· UK · USA
Imports :
Products :	Raw Martial
Countries :	· Germany · UK
Terms :
Selling :	Cash and L/C and Credit
Purchasing :	Cash and L/C and Credit

GENERAL INFORMATION

Suppliers :

Evanik Industries – Germany

Customers :

Sunpharma Limited

No. of Employees :

96 (Approximately)

Bankers :

· Standard Chartered Bank, Sme Credit, 23-25, M G Road, Fort, Mumbai 400001, Maharashtra India.

· Corporation Bank, 49, Shiv Smruti Chambers, Ground Floor, Dr. A.B. Road, Worli,, Mumbai - 400018, Maharashtra, India

Facilities :

Fund and Non Fund = Rs.50.000 Millions [From Standard Chartered Bank]

Secured Loan	31.03.2013 (Rs. in Millions	31.03.2012 (Rs. in Millions)
Long Term Borrowing
Slandered Chartered Overdraft	0.000	17.541
Vehicle Loans	3.022	1.471
Total	3.022	19.012

Banking Relations :	--
Auditors :
Name :	Vinay H Panjabi and Associates (Chartered Accountants)
Address :	206, Dalamal Chamber, New Marine Lines, Mumbai – 400020, Maharashtra , India
PAN No.:	AABPP1697J
Group Company:	Rittenmaier India Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
270000	Equity Shares	Rs. 10/- Each	Rs.2.700 Million
30000	Preference Shares	Rs. 10/- Each	Rs.0.300 Million
	Total		Rs.3.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
138800	Equity Shares	Rs. 10/- Each	Rs.1.388 Million
21750	Preference Shares	Rs. 10/- Each	Rs.0.218 Million
	Total		Rs.1.606 Million

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	1.606	0.869	0.869
(b) Reserves & Surplus	329.330	175.237	160.503
(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)	330.936	176.106	161.372
(3) Non-Current Liabilities
(a) long-term borrowings	68.743	85.076	56.691
(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)	68.743	85.076	56.691
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	98.134	69.744	66.809
(c) Other current liabilities	5.008	4.387	1.285
(d) Short-term provisions	7.745	7.256	11.991
Total Current Liabilities (4)	110.887	81.387	80.085
TOTAL	510.566	342.569	298.148
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	239.478	136.083	128.302
(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)	2.836	3.861	5.074
(d) Long-term Loan and Advances	1.011	1.118	1.099
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	243.325	141.062	134.475
(2) Current assets
(a) Current investments	5.433	5.643	30.966
(b) Inventories	83.783	44.715	38.185
(c) Trade receivables	143.726	112.272	72.689
(d) Cash and cash equivalents	14.977	22.749	4.519
(e) Short-term loans and advances	10.297	4.269	2.912
(f) Other current assets	9.025	11.859	14.402
Total Current Assets	267.241	201.507	163.673
TOTAL	510.566	342.569	298.148

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Revenu from Operations	505.355	424.056	338.732
	Other Income	4.464	2.546	1.469
	TOTAL	509.819	426.602	340.201
Less	EXPENSES
	Cost of Materials Consumed	371.815	299.066	231.471
	Selling, General and Administration Expenses	35.660	29.776	25.786
	Research and Development Expenses	6.858	7.816	6.215
	Employees benefits expense	46.732	40.324	32.791
	TOTAL	461.065	376.982	296.263
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	48.754	49.620	43.938
Less	FINANCIAL EXPENSES	7.560	12.109	5.602
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	41.194	37.511	38.336
Less/ Add	DEPRECIATION/ AMORTISATION	17.655	15.004	4.096
	PROFIT/ (LOSS) BEFORE TAX	23.539	22.507	34.240
Less	TAX	8.173	7.773	6.241
	PROFIT/ (LOSS) AFTER TAX	15.366	14.734	27.999
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	77.342	NIL	NIL
	TOTAL EARNINGS	77.342	NIL	NIL
	IMPORTS
	Raw Materials	324.872	NA	NA
	TOTAL IMPORTS	324.872	NA	NA
	Earnings / (Loss) Per Share (Rs.10/- Each)	110.710	169.440	321.980

Expected Sales (2013-14): Rs. 650.000 Millions

The above information has been parted by Mr. Hemang Shah (Finance Manager.)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.01	3.45	8.23
Net Profit Margin (PBT/Sales)	(%)	4.66	5.31	10.11
Return on Total Assets (PBT/Total Assets}	(%)	1.53	2.14	4.09
Return on Investment (ROI) (PBT/Networth)		0.07	0.12	0.21
Debt Equity Ratio (Total Liability/Networth)		0.35	0.48	0.21
Current Ratio (Current Asset/Current Liability)		2.41	2.47	2.04

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	0.869	0.869	1.606
Reserves & Surplus	160.503	175.237	329.330
Net worth	161.372	176.106	330.936
long-term borrowings	56.691	85.076	68.743
Short term borrowings	0.000	0.000	0.000
Total borrowings	56.691	85.076	68.743
Debt/Equity ratio	0.351	0.483	0.208

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	338.732	424.056	505.355
		25.189	19.172

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	338.732	424.056	505.355
Profit	27.999	14.734	15.366
	8.27%	3.47%	3.04%

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No

UNSECURED LOAN

Particular	31.03.2013 (Rs. in Millions	31.03.2012 (Rs. in Millions)
Long Term Borrowing
From Directors, Share Holders	65.721	66.064
Total	65.721	66.064

REGISTERED OFFICE CHANGE:

Registered office of the company has been shifted from 109 Shiv Smruti Chambers, 49 Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India to the present address w.e.f.25.02.2012

INDEX OF CHARGE:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10220470	25/05/2010 *	45,000,000.00	Standard Chartered Bank	SME Credit, 23-25, M G Road,, Fort,, Mumbai, Maharashtra - 400001, INDIA	A87536934
2	90354633	31/01/2006	6,250,000.00	STANDARD CHARTERED BANK	SENAPATI BAPAT MARG, LOWER PAREL, MUMBAI, Maharashtra, INDIA	-

* Date of charge modification

FIXED ASSETS

· Air Conditioners

· Computers and Fittings

· Electrical Fittings

· Furniture

· Mobile Phone

· Motor Car

· Office Equipments

· Office Premises

· Software

· Building

· Consultancy (Architect)

· Electric Work

· Furniture and Fixture

· HVAC

· Land

· Plant and Machinery

· Software

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.60.95
UK Pound	1	Rs.99.32
Euro	1	Rs.78.96

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5
DEMERIT POINTS		--
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
		48

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.