MIRA INFORM REPORT

Report Date :

26.09.2014

IDENTIFICATION DETAILS

Name :	CADCHEM LABORATORIES LIMITED
Registered Office :	1060, Industrial Area, Phase-II, Chandigarh - 160002
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.09.1985
Com. Reg. No.:	53-006448
Capital Investment / Paid-up Capital :	Rs. 17.645 Millions
CIN No.: [Company Identification No.]	U24299CH1985PLC006448
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Pharmaceuticals Products.
No. of Employees :	125 (Approximately)

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 170000
Status :	Moderate
Payment Behaviour :	Sloe but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company possesses a moderate financial profile marked by modest networth base along with moderately high leverage and working capital requirements. Management has witnessed a dip in its net profitability during financial year 2013. The rating also take into consideration the job work agreement with established pharma company such as Jubilant Life Sciences Limited. Trade relations are fair. Business is active. Payment terms ate reported as slow but correct. In view of experienced prompters, the company can be considered for business dealing 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.

EXTERNAL AGENCY RATING

Rating Agency Name	INDIA RATING AND RESERCH
Rating	Funded working capital limits “BB”
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligation
Date	15.01.2014

Rating Agency Name	INDIA RATING AND RESERCH
Rating	Non Funded working capital limits “A4+”
Rating Explanation	Minimal degree of safety and very high credit risk
Date	15.01.2014

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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Kishor Deshmukh
Designation :	Director
Contact No.:	91-9888397199
Date :	23.09.2014

LOCATIONS

Registered Office :	1060, Industrial Ares, Phase-II, Chandigarh-160002, India
Tel. No. :	91-172-652131
Mobile No. :	91-9888397199 (Mr. Kishor Deshmukh)
Fax No. :	Not Available
Email:	Mrchechi21@rediffmail.com
Location :	Owned
Factory :	Mohali, Punjab, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Navneet Gupta

Designation :

Managing Director

Address :

438A, Sector 6, Panchkula – 134109, Haryana, India

Date of Birth/Age :

05.09.1960

Date of Appointment :

01.04.2009

DIN No. :

01188196

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	U24299CH1985PLC006448	CADCHEM LABORATORIES LIMITED	Managing director	01/04/2009	10/02/1997	-	Active	NO
2	U29268HR2008PTC044938	N N METALIC PRIVATE LIMITED	Director	25/02/2008	25/02/2008	30/11/2012	Active	NO
3	U70200DL2012PTC233129	PRIMORIS REALTORS PRIVATE LIMITED	Director	01/04/2013	01/04/2013	-	Active	NO
4	AAA-7745	AAIFA LOGISTICS LLP	Designated Partner	24/01/2012	24/01/2012	-	Active	NO

Name :

Neeru Gupta

Designation :

Managing Director

Address :

438A, Sector 6, Panchkula – 134109, Haryana, India

Date of Appointment :

01.04.2009

DIN No. :

01187949

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	U24299CH1985PLC006448	CADCHEM LABORATORIES LIMITED	Managing director	01/04/2009	20/04/1990	-	Active	NO
2	U29268HR2008PTC044938	N N METALIC PRIVATE LIMITED	Director	25/02/2008	25/02/2008	30/04/2010	Active	NO
3	AAA-7745	AAIFA LOGISTICS LLP	Designated Partner	24/01/2012	24/01/2012	-	Active	NO

Name :

Mr. Kishor Prabhakar Deshmukh

Designation :

Director

Address :

Pacherieala Building, Gorepeth, Nagpur – 440010, Maharashtra, India

Date of Birth/Age :

27.02.1962

Date of Appointment :

30.09.2009

DIN No. :

02534204

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Navneet Gupta	79375
Mahesh Ganeriwala	960
Neeru Gupta	5765
Shobha Bansal	2500
Rajni Gupta	250
Sham Sunder	1500
Rippy Passi	300
K-K- Verma	500
Toubro Investment	8500
Mohan Wati	900
Ritu Dhawan	500
Faquir Chand	750
Raj Inder Parshad Agarwal	1000
Shri Bal Krishan	1000
Ms. Jaya Verma	850
Sh. K. K. Verma	1100
Sh. Veenet Verma	400
Ms Madhu Verma	300
BSB Finance Private Limited, India	5000
M.Tech Developers Limited, India	35000
Ishom Photo Colour Lab Private Limited, India	25000
Maya Industries, India	5000
Total	176450

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	44.49
Directors or relatives of Directors	55.51
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Pharmaceuticals Products.
Export :	Not Divulged
Import :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

125 (Approximately)

Bankers :

· Punjab National Bank, Madhya Marg, Sector – 26, Chandigarh – 160024, Chandigarh, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loans from Banks- (Panjab National Bank-Term loan) Term loan from PNB are secured by hypothecation of respective Machinery/Equipment, Collateral Security of Factory Land & Building in the name of Company and personal guarantee of directors.	7.917	18.758
Car Loans- Term Loan from HDFC Bank/ICICI Bank Are Secured by Hypothecation Respective Vehicles and Personal Guarantee of Directors.	3.860	4.408
SHORT TERM BORROWINGS
Loans repayable on demand:- From Bank	64.687	56.958
Total	76.464	80.124

Banking Relations :	--
Auditors :
Name :	S. Kumar Gupta and Associates Chartered Accountants
Address :	SCO 35, First Floor, Madhya Marg, Sector-26, Chandigarh – 160019, Chandigarh, India
Tel. No. :	91-112-5009400/01/02
Fax No. :	91-72-5009400
PAN No. :	AECPG2057F

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
176450	Equity Shares	Rs.100/- each	Rs. 17.645 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	17.645	17.645	17.645
(b) Reserves & Surplus	22.631	19.249	15.422
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	2.200	0.000	0.000
Total Shareholders’ Funds (1) + (2)	42.476	36.894	33.067
(3) Non-Current Liabilities
(a) long-term borrowings	16.121	27.510	34.711
(b) Deferred tax liabilities (Net)	5.647	5.486	4.947
(c) Other long term liabilities	0.000	6.068	10.070
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	21.768	39.064	49.728
(4) Current Liabilities
(a) Short term borrowings	64.687	56.958	49.459
(b) Trade payables	32.555	24.376	22.882
(c) Other current liabilities	5.566	1.407	3.106
(d) Short-term provisions	1.353	0.173	0.344
Total Current Liabilities (4)	104.161	82.914	75.791
TOTAL	168.405	158.872	158.586
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	64.108	68.314	72.581
(ii) Intangible Assets	1.138	1.138	1.138
(iii) Capital work-in-progress	0.025	0.025	0.025
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	65.271	69.477	73.744
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	65.816	58.170	36.168
(c) Trade receivables	33.741	28.302	27.785
(d) Cash and cash equivalents	0.128	0.186	1.166
(e) Short-term loans and advances	3.331	2.737	8.646
(f) Other current assets	0.118		11.077
Total Current Assets	103.134	89.395	84.842
TOTAL	168.405	158.872	158.586

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	124.944	131.974	140.414
		Other Income	0.001	1.642	0.558
		TOTAL	124.945	133.616	140.972
Less	EXPENSES
		Cost of Materials Consumed	66.963	62.720	77.442
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(5.500)	0.000	0.000
		Employees benefits expense	10.859	9.841	7.867
		Other expenses	29.414	35.201	33.501
		TOTAL (B)	101.736	107.762	118.810
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		23.209	25.854	22.162
Less	FINANCIAL EXPENSES		12.982	15.077	11.608
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		10.227	10.777	10.554
Less/ Add	DEPRECIATION/ AMORTISATION		5.331	5.275	4.793
	PROFIT/ (LOSS) BEFORE TAX		4.896	5.502	5.761
Less	TAX		1.513	1.676	1.774
	PROFIT/ (LOSS) AFTER TAX		3.383	3.826	3.987
	Earnings / (Loss) Per Share (Rs.)		19.17	21.68	22.60

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.71	2.86	2.83
Net Profit Margin (PBT/Sales)	(%)	3.92	4.17	4.10
Return on Total Assets (PBT/Total Assets}	(%)	2.91	3.46	3.63
Return on Investment (ROI) (PBT/Networth)		0.12	0.15	0.17
Debt Equity Ratio (Total Debt/Networth)		1.90	2.29	2.55
Current Ratio (Current Asset/Current Liability)		0.99	1.08	1.12

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	17.645	17.645	17.645
Reserves & Surplus	15.422	19.249	22.631
Share Application money pending allotment	0.000	0.000	2.200
Net worth	33.067	36.894	42.276
long-term borrowings	34.711	27.510	16.121
Short term borrowings	49.459	56.958	64.687
Total borrowings	84.170	84.468	80.808
Debt/Equity ratio	1.982	2.289	2.006

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)
Total Income	140.414	131.974	124.944
		(6.011)	(5.327)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	140.414	131.974	124.944
Profit	3.987	3.826	3.383
	2.84%	2.90%	2.71%

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	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

OPERATIONS

During the year the company has embed the Total Income. of Rs. 129.945 Millions which Is Lower than the Last year's Income of Rs. 113.616 Millions However, the company incurred an expenditure of Rs.120.049 Millions which is also less than last year's expenditure of Rs 128.114 Millions Resultantly, the company carned a surplus of Rs. 4.896 Millions against the previous year’s profit of Rs.5.503 Millions Though the financial result are satisfactory but since company has earned less Surplus this year as compared to previous year. The management has taken note of the situation and is devising new strategies to improve the profitability position of the company in the up corning financial year.

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans And Advances From Related Parties From Directors- Loans from related parties are repayable on demand only after completion of the tenure of present term and working capital loans availed from bank and financial institutions. No interests payable on the aforesaid loans. No instalments and interest have become due during the year and hence default in payment of the same is considered not applicable	4.344	4.344
Total	4.344	4.344

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10447671	14/08/2013	25,000,000.00	PUNJAB NATIONAL BANK	MADHYA MARG, SECTOR- 26, CHANDIGARH, Chandigarh -  160026, INDIA	B84325109
2	10304738	21/07/2011	1,500,000.00	PUNJAB NATIONAL BANK	SECTOR 26 D, CHANDIGARH, CHANDIGARH, Chandigarh -  160026, INDIA	B19841832
3	10226504	28/05/2010	4,607,000.00	PUNJAB NATIONAL BANK	BRANCH OFFICE, SECTOR-26, CHANDIGARH, Chandigarh  - 160027, INDIA	A88018247
4	10132677	12/11/2008 *	9,200,000.00	PUNJAB NATIONAL BANK	SECTOR 26, CHANDIGARH, Chandigarh - 160026, INDIA	A53924726
5	10125632	27/08/2008	1,400,000.00	PUNJAB NATIONAL BANK	MADHYA MARG, SECTOR 26, CHANDIGARH, Chandigarh -  160026, INDIA	A48291512
6	10039328	28/05/2009 *	34,000,000.00	Punjab National Bank	Sector 17 B, CHANDIGARH, Chandigarh - 160017, INDI  A	A63761829
7	10039327	20/06/2011 *	54,000,000.00	PUNJAB NATIONAL BANK	SECTOR 26-D, CHANDIGARH, Chandigarh - 160026, INDI  A	B18428714
8	10039324	27/09/2012 *	85,000,000.00	PUNJAB NATIONAL BANK	SECTOR-26 D, CHANDIGARH, Chandigarh - 160026, INDI  A	B60437431

* Date of charge modification

FIXED ASSETS

· Land and Building

· Plant and Machinery

· Electrical installation

· Furniture and Fixture

· E.T.P.

· Office Equipment

· Car

· Cycle

· Computer

· Weighting Machine

· Fire Extinguisher

· Bus

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 records 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.61.02
UK Pound	1	Rs.99.42
Euro	1	Rs.77.84

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUB
Report Prepared by :	KLS

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	4
--PROFITABILIRY	1~10	3
--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	NO
--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.