MIRA INFORM REPORT

Report Date :

20.09.2014

IDENTIFICATION DETAILS

Name :	KAUSIKH THERAPEUTICS PRIVATE LIMITED
Registered Office :	21, Durairaj Street, Palavanthangal, Chennai – 600114, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.04.2000
Com. Reg. No.:	18-044776
Capital Investment / Paid-up Capital :	Rs.13.405 Millions
CIN No.: [Company Identification No.]	U24232TN2000PTC044776
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of pharmaceuticals products.
No. of Employees :	110 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 66000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. As per the date of balance sheet (i.e. financial filed) is shown as 31-03-2013 but the documents related to the financial for the year 2013 are not available from any sources. As per available financials of 2012, the reserves level of the company seems to be low. Borrowings recorded by the company are huge. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. 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

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

Name :	Mr. Veera Ragavan
Designation :	Account Department
Contact No.:	91-44-23820370
Date :	17.09.2014

LOCATIONS

Registered Office :	21, Durairaj Street, Palavanthangal, Chennai – 600114, Tamilnadu, India
Tel. No.:	91-44-23820370 / 23820490
Fax No.:	91-44-23820370
E-Mail :	kausikhtherapeuticals@bsnl.in
Website :	www.ktplchennai.com
Factory :	No.6 & 7, Paraniputhur Road, Gerugambakkam, Chennai – 602101, Tamilnadu, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Neelakantan Vaidhyanathan

Designation :

Director

Address :

No.21, Durairaj Street, Palavanthangal, Chennai – 600114, Tamilnadu, India

Date of Appointment :

19.04.2000

DIN No.:

00899877

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	U24232TN2000PTC044776	KAUSIKH THERAPEUTICS PRIVATE LIMITED	Managing director	19/04/2000	19/04/2000	-	Active	NO
2	U85110TN2000PTC045721	SUBHIKSHAA HOSPITALS PRIVATE LIMITED	Director	17/03/2003	17/03/2003	-	Active	NO
3	U24293TN2004PTC054334	RANEMARG FLAVOURS & FRAGRANCES PRIVATE LIMITED	Director	27/09/2004	27/09/2004	-	Active	NO

Name :

Mr. Vaidhyanathan Ramasubrahmanian

Designation :

Director

Address :

No.21, Durairaj Street, Palavanthangal, Chennai – 600114, Tamilnadu, India

Date of Appointment :

19.04.2000

DIN No.:

01036244

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	U24294TN1995PTC030592	VAISHUV KEMIKALS PRIVATE LIMITED	Director	21/03/1995	21/03/1995	-	Active	NO
2	U24232TN2000PTC044776	KAUSIKH THERAPEUTICS PRIVATE LIMITED	Director	19/04/2000	19/04/2000	-	Active	NO
3	U85110TN2000PTC045721	SUBHIKSHAA HOSPITALS PRIVATE LIMITED	Director	17/03/2003	17/03/2003	-	Active	NO
4	U24293TN2004PTC054334	RANEMARG FLAVOURS & FRAGRANCES PRIVATE LIMITED	Director	27/09/2004	27/09/2004	-	Active	NO

Name :

Mr. Vaidhyanathan Anantharam Krishnan

Designation :

Director

Address :

No.21, Durairaj Street, Palavanthangal, Chennai – 600114, Tamilnadu, India

Date of Appointment :

19.04.2000

DIN No.:

01043244

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	U24232TN2000PTC044776	KAUSIKH THERAPEUTICS PRIVATE LIMITED	Director	19/04/2000	19/04/2000	-	Active	NO
2	U85110TN2000PTC045721	SUBHIKSHAA HOSPITALS PRIVATE LIMITED	Director	17/03/2003	17/03/2003	-	Active	NO
3	U24293TN2004PTC054334	RANEMARG FLAVOURS & FRAGRANCES PRIVATE LIMITED	Director	27/09/2004	27/09/2004	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Veera Ragavan
Designation :	Account Department

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares
V. Anatharama Krishnan	103090
V. Mythli	24000
V. Ramasubiramanian	59290
Jayalakshmi	10200
G. Prasath	18000
Gomathi	23500
Sakuntala	19500
Subhatra	33300
R. Vasudevan	19500
V. Neelakantan	118990
Mahesh	9510
S. Srinivasan	12510
S. Sridhar	9510
Shankaranarayan	9500
T. R. Subiramanian	9510
Gowri	10000
Radha	15000
Pokraj	10
Jithendra	10
Kantilal K Thakkar	10
Zaverben K Thakkr	10
Umaramachandran	10
Chitra Nagarajan	10
Seetha	10
Kenneth	10
Vaishuv Khemicals Private Limited	10
Padmanabhan	100
Kamakshi	100
Mathurabutham	100
Total	505300

LIST OF ALLOTTEES:

AS ON 24.03.2014

Names of Shareholders	No. of Shares
V. Neelakantan	160000
V. Anatharama Krishnan	140000
V. Ramasubiramanian	140000
Total	440000

AS ON 24.03.2014

Names of Shareholders	No. of Shares
V. Neelakantan	131800
V. Anatharama Krishnan	131700
V. Ramasubiramanian	131700
Total	395200

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of pharmaceuticals products.
Exports :
Products :	Finished Goods
Countries :	· Africa · Asian Countries · Sri Lanka
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

GENERAL INFORMATION

Suppliers :

· Accel Envird Solutions

· Ace Polybond Private Limited

· AGS Logistics Private Limited

· Almu Caps

· Ambal Transport

· Ammaa Air Cons

· Anush Filters and Fabrics

· Balaji Associates

· Bell Printers Private Limited

· BIO Caps India Limited

Customers :

Wholesalers, Retailers

· Aarux Pharmaceuticals Private Limited

· Amethyst Company Limited

· Balajee Formulations

· Balint Pharmaceuticals

· Claver Pharma

· D.A.V. Pharma

· Essential Pharma

· Essential Remedies

· Glown Labs

· Galaxy Pharmaceuticals

No. of Employees :

110 (Approximately)

Bankers :

· Indian Bank

· Axis Bank

· Indian Overseas Bank

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term loan from Indian Bank	1.305	1.841
Business loan	0.000	0.200
Short Term Borrowings
Cash credit – Indian Bank	34.922	0.000
Bank overdraft	0.000	35.136
Total	36.227	37.177

Banking Relations :	--
Auditors :
Name :	S. Mahadevan and Company Chartered Accountants
Address :	Flat No.S-5, 2^nd Floor, V. V. Apartments, 13 (Old No.6), Rangarajapuram Main Road, Kodambakkam, Chennai – 600024, Tamilnadu, India
PAN No.:	AAOPS9782K

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
505300	Equity Shares	Rs.10/- each	Rs.5.053 Millions

AS ON 31.03.2012

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
505300	Equity Shares	Rs.10/- each	Rs.5.053 Millions
	Share Application Money		Rs.8.352 Millions
	Total		Rs.13.405 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	13.405	13.405
(b) Reserves & Surplus	3.202	2.492
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	16.607	15.897
(3) Non-Current Liabilities
(a) long-term borrowings	1.305	2.041
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	1.305	2.041
(4) Current Liabilities
(a) Short term borrowings	48.428	49.476
(b) Trade payables	28.807	28.479
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	1.784	1.092
Total Current Liabilities (4)	79.019	79.047
TOTAL	96.931	96.985
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.212	13.210
(ii) Intangible Assets	16.816	15.050
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2.046	2.046
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	31.074	30.306
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	30.169	31.007
(c) Trade receivables	32.535	31.285
(d) Cash and cash equivalents	0.717	1.056
(e) Short-term loans and advances	2.154	3.184
(f) Other current assets	0.282	0.147
Total Current Assets	65.857	66.679
TOTAL	96.931	96.985

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		5.053
2] Share Application Money		8.352
3] Reserves & Surplus		1.947
4] (Accumulated Losses)		0.000
NETWORTH		15.352
LOAN FUNDS
1] Secured Loans		30.424
2] Unsecured Loans		19.121
TOTAL BORROWING		49.545
DEFERRED TAX LIABILITIES		0.000
TOTAL		64.897
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.530
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.332
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	32.960
	Sundry Debtors	41.167
	Cash & Bank Balances	0.346
	Other Current Assets	2.311
	Loans & Advances	1.886
Total Current Assets		78.670
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	31.774
	Provisions	0.861
Total Current Liabilities		32.635
Net Current Assets		46.035
MISCELLANEOUS EXPENSES		0.000
TOTAL		64.897

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	107.383	89.849	85.026
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		5.762	3.718	3.361
Less	DEPRECIATION/ AMORTISATION		3.923	2.953	2.391
	PROFIT/(LOSS) BEFORE TAX		1.839	0.765	0.970
Less	TAX		NA	NA	NA
	PROFIT/(LOSS) AFTER TAX -		NA	NA	NA
	Earnings Per Share (Rs.)		NA	NA	NA

Particulars	31.03.2014	31.03.2013
Sales Turnover (Approximately)	171.600	122.700

Expected Sales (2014-2015): Rs.200.000 Millions

The above information has been parted by Mr. Veera Ragavan (Accounts Department)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	0.71	1.08	1.14
Return on Total Assets (PBT/Total Assets}	(%)	1.90	0.79	1.00
Return on Investment (ROI) (PBT/Networth)		0.11	0.05	0.06
Debt Equity Ratio (Total Debt /Networth)		2.99	3.24	3.23
Current Ratio (Current Asset/Current Liability)		0.83	0.84	2.41

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	Rs. In Millions	Rs. In Millions
Share Capital	13.405	13.405
Reserves & Surplus	2.492	3.202
Net worth	15.897	16.607
long-term borrowings	2.041	1.305
Short term borrowings	49.476	48.428
Total borrowings	51.517	49.733
Debt/Equity ratio	3.241	2.995

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	85.026	89.849	107.383
		5.672	19.515

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	85.026	89.849	107.383
Profit Before Tax	0.970	0.765	1.839
	1.14%	0.85%	1.71%

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	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	No
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 LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Loans repayable on demand	4.536	4.922
Loans and advances from directors	3.284	0.000
Other loans and advances	5.686	9.418
Total	13.506	14.340

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10480292	03/02/2014	9,000,000.00	INDIAN BANK	PORUR BRANCH, 225, TRUNK ROAD, CHENNAI, TAMIL NADU - 600116, INDIA	B97476584

FIXED ASSETS:

· Air Conditioner

· Land

· Building

· Plant and Machinery

· Lab Equipment

· Water Purifier

· Computer

· Vehicles

· Furniture and Fixture

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.60.81
UK Pound	1	Rs.100.06
Euro	1	Rs.78.47

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.