MIRA INFORM REPORT

Report No. :	315617
Report Date :	02.04.2015

IDENTIFICATION DETAILS

Name :	OPTIMUS GENERICS LIMITED
Registered Office :	7-2-C8 and C8/2, G V Chambers, Sanath Nagar IDA, Sanath Nagar, Hyderabad – 500018, Telangana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.01.2013
Com. Reg. No.:	36-085349
Capital Investment / Paid-up Capital :	Rs. 330.952 Million
CIN No.: [Company Identification No.]	U24232TG2013PLC085349
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is into business of product development, contract development, contract manufacturing and supply of finished dosage.
No. of Employees :	250 (Approximately) (Payroll : 150 + Contract : 100)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 1200000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Even though the company was incorporated during the year 2013 the company commenced its commercial operation from December 2014. It is an established company having moderate track record. Mr. Sairam Assistant of Accounts Manager provided all information. The rating is constrained on account of company limited track record of business operation and low reserves level of the company. Trade relations are reported to be improving. Business is active. Payments 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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. Sairam
Designation :	Assistant of Accounts Manager
Contact No.:	91-40-23711483
Date :	02.04.2015

LOCATIONS

Registered Office :	7-2-C8 and C8/2, G V Chambers, Sanath Nagar IDA, Sanath Nagar, Hyderabad – 500018, Telangana, India
Tel. No.:	91-40-39219900
Fax No.:	91-40-23711483
E-Mail :	rakhee.jain@optimusgenerics.com
Website :	www.optimusgenerics.com
Factory :	Plot No S-8 S-9 S-13 (Partly) and S-14 (Partly), APIIC Pharma Sez Green Industrial Park, Polepally (V), Jadcherla (M), MAhabubnagar (District) – 509301, Telangana, India

DIRECTORS

As on 27.09.2014

Name :

Mr. Subbarao Kattamuri

Designation :

Managing director

Address :

Plot No. 48, Nava Nirmal Nagar Road, No. 71, Jubilee Hils, Hyderabad – 500033, Telangana, India

Date of Birth/Age :

10.03.1953

Date of Appointment :

09.02.2013

DIN No.:

00107121

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	U24110TG1995PLC022303	GLOCHEM INDUSTRIES LIMITED	Managing director	01-07-14	20-11-95	-	Active	NO
2	U01119TG2010PTC069551	GIL AGROTECH ( INDIA ) PRIVATE LIMITED	Director	20-07-10	20-07-10	-	Active	NO
3	U24232TG2013PLC085349	OPTIMUS GENERICS LIMITED	Managing director	09-02-13	11-01-13	-	Active	NO

Name :

Mr. Kalyan Nagururu

Designation :

Director

Address :

30, MIGH, Mehdipatnam Colony, Hyderabad – 500028, Telangana, India

Date of Birth/Age :

08.04.1979

Date of Appointment :

11.03.2013

DIN No.:

02652051

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	U24110TG1995PLC022303	GLOCHEM INDUSTRIES LIMITED	Director	17-03-10	17-03-10	04-09-11	Active	NO
2	U24232TG2013PLC085349	OPTIMUS GENERICS LIMITED	Director	11-03-13	11-01-13	-	Active	NO
3	U72200TN2000PTC044560	SHRIRAM PROPERTIES PRIVATE LIMITED	Alternate director	16-12-14	16-12-14	19-03-15	Active	NO
4	AAB-2053	NORTHWAY ADVISORS LLP	Designated Partner	06-11-12	06-11-12	-	Active	NO

Name :

Mr. Manav Jassal

Designation :

Director

Address :

213-G, Randhir Singh Nagar, Ludhiana – 141402, Punjab, India

Date of Birth/Age :

04.11.1970

Date of Appointment :

11.03.2013

DIN No.:

03059931

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	U55101MH2010PTC208387	AVALON HOSPITALITY SERVICES PRIVATE LIMITED	Director	29-09-10	29-09-10	-	Active	NO
2	U24100DL2011PTC223635	ORGANOSYN LIFE SCIENCES PRIVATE LIMITED	Director	29-12-12	29-12-12	-	Active	NO
3	U24232TG2013PLC085349	OPTIMUS GENERICS LIMITED	Director	11-03-13	11-01-13	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ritesh Kumar Agarwal
Designation :	Chief Finance Officer
Address :	11-1-884/3, Seetharambagh, Old Mallepally, Hyderabad – 500001, Telangana, India
Date of Birth/Age :	12.09.1980
Date of Appointment :	01.08.2014
PAN No.:	AHGPK0541F
Name :	Rakhee Jain
Designation :	Secretary
Address :	162, Karkhana Bazar, Secunderabad – 500009, Telangana, India
Date of Birth/Age :	10.10.1991
Date of Appointment :	01.09.2014
PAN No.:	AWCPJ5035A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2014

Names of Shareholders	No. of Shares
Subbarao Kattamuri	94
Sundeep Kattamuri	1
Kalyan Nagururu	1
Sushma Kattamuri	1
Parvati Kattamuri	1
Manav Jassal	1
Arun Prakash	1
Organosyn Life sciences private Limited, India	29550000
Glochem Industries limited, India	30750900
Total	60301000

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is into business of product development, contract development, contract manufacturing and supply of finished dosage.

Products :

Item Code No.	Product Description
98041000	Drugs and Medicines

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Finished Goods

Countries :

• Europe
• US
• Canada
• South Africa
• Australia

Imports :

Not Divulged

Terms :

Selling :

L/C, Cash, Advance Payment and Cheque

Purchasing :

L/C, Cash, Advance Payment and Cheque

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Wholesalers, Retailers and End Users

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

250 (Approximately) (Payroll : 150 + Contract : 100)

Bankers :

• Axis Bank Limited, I Floor, G. Pullareddy Building, 6-3-879/B, Greenlands, Begumpet Road, Hyderabad - 500016, Andhra Pradesh, India
• State Bank of India, Kerala, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	19.706	0.000
Total	19.706	0.000

Banking Relations :	--
Auditors :
Name :	Walker Chandiok and Company Chartered Accountants
Address :	7th floor, Block III, White House, Kundan Bagh,Begumpet Hyderabad - 500016 Telangana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFW4298E
Memberships :	--
Collaborators :	--
Holding company:	Glochem Industries Limited, India [U24110TG1995PLC022303]
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Organosyn Life Sciences Private Limited, India [U24100DL2011PTC223635]

CAPITAL STRUCTURE

AFTER 27.09.2014

Authorised Capital : Rs. 700.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 635.337 Million

As on 27.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
70000000	Equity Shares	Rs.10/- each	Rs. 700.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
60301000	Equity Shares	Rs.10/- each	Rs. 603.010 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs. 400.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
33095210	Equity Shares	Rs.10/- each	Rs. 330.952 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	330.952	0.980
(b) Reserves & Surplus	3.421	(0.094)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	69.048	13.520
Total Shareholders’ Funds (1) + (2)	403.421	14.406
(3) Non-Current Liabilities
(a) long-term borrowings	19.706	0.000
(b) Deferred tax liabilities (Net)	0.002	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	1.240	0.190
Total Non-current Liabilities (3)	20.948	0.190
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	5.371	0.020
(c) Other current liabilities	190.524	0.648
(d) Short-term provisions	0.000	0.060
Total Current Liabilities (4)	195.895	0.728
TOTAL	620.264	15.324
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	27.583	0.000
(ii) Intangible Assets	3.450	0.000
(iii) Capital work-in-progress	313.914	1.175
(iv) Intangible assets under development	54.929	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	61.051	10.530
(e) Other Non-current assets	28.205	2.100
Total Non-Current Assets	489.132	13.805
(2) Current assets
(a) Current investments	98.785	0.000
(b) Inventories	0.909	0.000
(c) Trade receivables	13.935	0.000
(d) Cash and cash equivalents	14.626	0.731
(e) Short-term loans and advances	2.877	0.788
(f) Other current assets	0.000	0.000
Total Current Assets	131.132	1.519
TOTAL	620.264	15.324

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	SALES
	Income	16.698	0.000
	Other Income	5.223	0.000
	TOTAL (A)	21.921	0.000
Less	EXPENSES
	Employees benefits expense	4.864	0.000
	Other expenses	12.976	0.093
	TOTAL (B)	17.840	0.093
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	4.081	(0.093)
Less	FINANCIAL EXPENSES (D)	0.139	0.001
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	3.942	(0.094)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.285	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	3.657	(0.094)
Less	TAX (H)	0.142	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	3.515	(0.094)
	Earnings / (Loss) Per Share (Rs.)	0.19	(8.38)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	21.05	0.00
Operating Profit Margin (PBIDT/Sales)	(%)	24.44	0.00
Return on Total Assets (PBT/Total Assets}	(%)	1.45	(0.66)
Return on Investment (ROI) (PBT/Networth)		0.01	(0.01)
Debt Equity Ratio (Total Debt /Networth)		0.05	0.00
Current Ratio (Current Asset/Current Liability)		0.67	2.09

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	0.980	330.952
Reserves & Surplus	(0.094)	3.421
Share Application money pending allotment	13.520	69.048
Net worth	14.406	403.421
long-term borrowings	0.000	19.706
Short term borrowings	0.000	0.000
Total borrowings	0.000	19.706
Debt/Equity ratio	0.000	0.049

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	0.000	16.698

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	0.000	16.698
Profit	(0.094)	3.515
		21.05%

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 two years	Yes
12]	Profitability for last two 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	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

OPERATIONS REVIEW

During the period the overall operations of the company have been quite satisfactory. During the year the Company has made significant investments on Research and Development to cater to the regulated markets like USA, Europe, Canada, Australia etc in line with the companys business plan. In addition to organic growth the company had made investments through inorganic growth by out rightly purchasing dossiers with third parties at finished/intermediate development stage which will cater to regulated markets in line with companys business plan.

In the formulation business, the Company has identified few products for development and secured success by developing products bioequivalent to regulated markets together with quick and effective commercializing of new dossiers. The company had already out licensed the dossiers for Market Authorization to many customers at the initial/intermediate stage of Dossier development reflecting the confidence of customers on company and management.

In generic markets of Europe, Ukraine, Canada and Australia the Company is progressing well. Additional thrust to raise the marketing presence is ongoing in other markets as well The company expects the project to be completed by October 2014. MHRA inspection is expected to be completed by November 2014. The company and management has 100% confidence for getting the MHRA approval and start of commercial operations by December 2014 or Early January 2015 During the year, the Company has posted net profit of Rs 36,57,359/- on account of validation/re-validation services to customers.

OUTLOOK

The company has entered into several contracts with international customers for development and licensing of companys Dossiers. Company has also entered into Contract Manufacturing and Contract Dossier development agreements with few other customers.

Validations have been completed for several of these products and the data is being submitted to Regulatory authorities for Marketing Authorization approval. Company expects the approvals to be received for most of these products in current financial year.

The revenues from the commercial operations are expected to start from Dec 2014/Jan 2015 post MHRA approval.

COMPANY OVERVIEW

Subject is a Company domiciled in India and registered under the provisions of the Companies Act, 1956 (the Act). The Company is a subsidiary of Glochem Industries Limited (GIL).It is incorporated on 11January 2013 to take over the formulation division of the Glochem Industries Limited. The Company is into business of product development, contract development, contract manufacturing and supply of finished dosage. The Company is developing dossiers for several products (oral solid) to obtain approvals in Europe, US, Canada, South Africa, Australia.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10477914	07/02/2015 *	312,500,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, G. PULLAREDDY BUILDING,, 6-3-879/B, GREENLANDS, BEGUMPET ROAD, HYDERABAD, TELANGANA - 500016, INDIA	C45645363

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments

Intangible assets

• Computer 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.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	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	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		29

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.