MIRA INFORM REPORT

Report No. :	312248
Report Date :	27.04.2015

IDENTIFICATION DETAILS

Name :	MEDIHAUXE INTERNATIONAL PRIVATE LIMITED
Registered Office :	“RPY Complex” 40/32, Karpagambal Nagar, Opposite Amrutanjan Limited, Mylapore, Chennai-600004, Tamilnadu
Tel. No.:	91-44-24992492/ 93/ 95/ 96/ 97
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.10.2009
Com. Reg. No.:	18-073062
Capital Investment / Paid-up Capital :	Rs. 15.000 Million
CIN No.: [Company Identification No.]	U24233TN2009PTC073062
TAN No.: [Tax Deduction & Collection Account No.]	CHEM11718A
PAN No.: [Permanent Account No.]	AAGCM2327R
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in objective of Purchase and Selling of Medicines
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (37)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Palepu Pharma Private Limited, India. It is an established company having moderate track. The company is in a highly competitive industry, yet it has made steady business during FY2014. The rating is constrained on account of default made by the subject company with State Bank of Travancore for Rs. 10.900 Million, though it has pretty good overall financials. Business is active. Payment terms are 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 has been found enlisted as a defaulter in the publicly available RBI Defaulters’ list and the details of the same areas under:

Suit-filed accounts (Willful Defaulters) of Rs. 2.500 Million and above as on 27-Apr-2015

Borrower’s details

Borrowers’ Name :	MEDIHAUXE INTERNATIONAL
Address :	T C 38/304, Chenthitta Street, Chalai, Thiruvananthapuram-695 036, Tamilnadu, India
Name of Individual :	Gireesh R
Name of Credit Grantors / Bank & Branch:	State Bank of Travancore, Chenthitta
Amount (Rs. In Millions) :	Rs. 10.900 Million

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 DENIED

MANAGEMENT NON CO-OPERATIVE (TEL No.91-44-24992492)

LOCATIONS

Registered Office :	“RPY Complex” 40/32, Karpagambal Nagar, Opposite Amrutanjan Limited, Mylapore, Chennai-600004, Tamilnadu, India
Tel. No.:	91-44-24992492/ 93/ 95/ 96/ 97
Fax No.:	91-44-24992491
E-Mail :	medohauxe@yahoo.in
Website :	http://www.medihauxelifesaving.com

DIRECTORS

As on: 31.07.2014

Name :

Mr. Palepu Srinivasa Gopal

Designation :

Director

Address :

18, 3rd Main Road, Indira Nagar, Adyar, Chennai - 600020, Tamil Nadu, India

Date of Birth/Age :

11.02.1960

Date of Appointment :

16.09.2010

DIN No.:

00633287

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	U15499TN1989PTC017259	PLEASANT FOODS PRIVATE LIMITED	Director	28/09/2006	28/09/2006	-	Active	NO
2	U24230TN2007PTC064220	PALEPU PHARMA PRIVATE LIMITED	Managing director	12/03/2008	12/07/2007	-	Active	NO
3	U24233TN2009PTC073062	MEDIHAUXE INTERNATIONAL PRIVATE LIMITED	Director	16/09/2010	05/02/2010	-	Active	NO

Name :

Mr. Arvind Kumar Venkat

Designation :

Director

Address :

Flat 107, Aparna Chandradeep Apartment, Road No. 7, Banjara Hills, Hyderabad-500034, Telengana, India

Date of Birth/Age :

15.10.1959

Date of Appointment :

16.09.2010

DIN No.:

02304618

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	U24232DL2008PTC181486	LUCKY PHARMACEUTICALS PRIVATE LIMITED	Director	20/10/2008	20/10/2008	-	Active	NO
2	U24230TN2007PTC064220	PALEPU PHARMA PRIVATE LIMITED	Director	22/07/2009	22/10/2008	-	Active	NO
3	U85110KA1992PTC013757	VARDHMAN PHARMA DISTRIBUTORS PRIVATE LIMITED	Nominee director	23/10/2008	23/10/2008	-	Active	NO
4	U24239MH2001PTC130423	MEHER DISTRIBUTORS PRIVATE LIMITED	Nominee director	29/09/2010	02/12/2009	-	Active	NO
5	U24233TN2009PTC073062	MEDIHAUXE INTERNATIONAL PRIVATE LIMITED	Director	16/09/2010	05/02/2010	-	Active	NO
6	U24232KA2006PTC040347	PROSERVE HEALTHLINES (INDIA) PRIVATE LIMITED	Nominee director	15/11/2010	15/11/2010	-	Active	NO
7	U24239AP2003PTC041637	INDIAN HOSPITEX PRIVATE LIMITED	Director	26/08/2011	22/02/2011	-	Active	NO
8	U24233DL1999PTC099355	NEELKANTH DRUGS PRIVATE LIMITED	Director	29/06/2011	29/06/2011	-	Active	NO
9	U24233TG2014PTC094068	MEDIHAUXE PHARMA PRIVATE LIMITED	Additional director	11/09/2014	11/09/2014	-	Active	NO
10	U24100MH2004PTC144999	PINNACLE BIOMED PRIVATE LIMITED	Director	01/10/2014	01/10/2014	-	Active	NO

Name :

Ms. Meenakumari Permeswaren

Designation :

Director

Address :

2 BLK, Bashyam Manor, No.18, Warren Road, Mylapore, Chennai - 600004, Tamil Nadu, India

Date of Birth/Age :

07.03.1968

Date of Appointment :

01.10.2009

PAN No.:

AFOPM9247C

DIN No.:

02755140

Name :

Mr. Manjunath Adiga

Designation :

Managing Director

Address :

Old No. 14, New No. 16, Eashavaasyam, 3rd Seaward Road,Valmiki Nagar, Thiruvanmiyur, Chennai-600041, Tamil Nadu, India

Date of Birth/Age :

20.11.1956

Date of Appointment :

05.02.2010

PAN No.:

AFZPM1043H

DIN No.:

02762196

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	U85110TN2000PTC045194	PATERSON CANCER CENTER PRIVATE LIMITED	Director	28/11/2002	28/11/2002	-	Active	NO
2	U24233TN2009PTC073062	MEDIHAUXE INTERNATIONAL PRIVATE LIMITED	Managing director	05/02/2010	01/10/2009	-	Active	NO
1	U85110TN2000PTC045194	PATERSON CANCER CENTER PRIVATE LIMITED	Director	28/11/2002	28/11/2002	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.07.2014

Names of Shareholders	No. of Shares	Percentage
Manjunath Adiga	350000	25.33
Palepu Srinivasa Gopal	765000	51.00
Keimed Private Limited, India	375000	25.00
Eeshan K Adiga	7500	0.50
Tejashwin A Adiga	2500	0.17
Total	1500000	100.00

Equity Share Break up (Percentage of Total Equity)

As on: 31.07.2014

Category	Percentage
Bodies corporate	76.00
Directors or relatives of Directors	24.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in objective of Purchase and Selling of Medicines
Products :	Medicines
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

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 :

Not Divulged

Bankers :

• HDFC Bank Limited,

HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India

• CITI Bank N.A.

163, Anna Salai, Second Floor, Chennai - 600002, Tamil Nadu, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Working capital loans from banks	57.618	84.720
Total	57.618	84.720

Auditors :
Name :	B. Purushottam and Company Chartered Accountants
Address :	3D, Mandira, Apartments, 23A, North Boag Road, T. Nagar, Chennai-600017, Tamilnadu, India
Tel. No.:	91-44-28152515/ 42013486
Fax No.:	91-44-42013485
E-Mail :	bpcchennai@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AADFB9589N
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Keimed Private Limited, (U72200AP2000PTC033837)
Holding company	Palepu Pharma Private Limited (U24230TN2007PTC064220)
Other Relatives Parties:	Pleasant Exports Vaccine Centre, Coimbatore

CAPITAL STRUCTURE

As on 31.07.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
1,500,000	Equity Shares	Rs.10/- each	Rs. 15.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
1,500,000	Equity Shares	Rs.10/- each	Rs.15.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	15.000	5.000	5.000
(b) Reserves & Surplus	148.755	133.983	102.717
(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)	163.755	138.983	107.717
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	39.350
(b) Deferred tax liabilities (Net)	0.000	0.000	1.292
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.689	0.275	0.198
Total Non-current Liabilities (3)	0.689	0.275	40.840
(4) Current Liabilities
(a) Short term borrowings	86.618	122.059	74.010
(b) Trade payables	54.878	30.620	51.069
(c) Other current liabilities	3.276	1.375	8.715
(d) Short-term provisions	24.109	5.722	8.355
Total Current Liabilities (4)	168.881	159.776	142.149
TOTAL	333.325	299.034	290.706
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.115	3.669	2.065
(ii) Intangible Assets	0.000	13.333	23.917
(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)	3.709	0.947	0.000
(d) Long-term Loan and Advances	0.571	0.556	0.556
(e) Other Non-current assets	9.414	4.861	4.060
Total Non-Current Assets	16.809	23.366	30.598
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	141.045	137.864	141.447
(c) Trade receivables	154.506	126.240	117.765
(d) Cash and cash equivalents	5.965	4.064	0.896
(e) Short-term loans and advances	15.000	7.500	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	316.516	275.668	260.108
TOTAL	333.325	299.034	290.706

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Sales	1047.400	992.600	943.700
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		59.200	60.400	55.900
Less/ Add	DEPRECIATION/ AMORTISATION		14.000	11.100	6.400
	PROFIT BEFORE TAX		45.200	49.300	49.500
Less	TAX		15.200	16.500	16.800
	PROFIT AFTER TAX		30.000	32.800	32.600
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		87.000	59.000	30.000
Less	APPROPRIATIONS
		Transfer to General Reserve	2.500	3.300	2.400
		Proposed Dividend	4.500	1.300	1.000
		Tax on Proposed Dividend	0.800	0.200	0.200
	BALANCE CARRIED TO THE B/S		109.200	87.000	59.000
	Earnings Per Share (Rs.)		20.00	65.46	65.30

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.86	3.30	3.45
Return on Total Assets (PBT/Total Assets}	(%)	13.71	16.54	17.03
Return on Investment (ROI) (PBT/Networth)		0.28	0.35	0.46
Debt Equity Ratio (Total Debt /Networth)		0.53	0.88	1.05
Current Ratio (Current Asset/Current Liability)		1.87	1.73	1.83

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	5.000	5.000	15.000
Reserves & Surplus	102.717	133.983	148.755
Net worth	107.717	138.983	163.755
long-term borrowings	39.350	0.000	0.000
Short term borrowings	74.010	122.059	86.618
Total borrowings	113.360	122.059	86.618
Debt/Equity ratio	1.052	0.878	0.529

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	943.700	992.600	1047.400
		5.182	5.521

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	943.700	992.600	1047.400
Profit	32.600	32.800	30.000
	3.45%	3.30%	2.86%

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	No
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	No

Note:

Registered Office of the company has been shifted from “AARTI ARCADE”, 114/86 Radhakrishnan Salai, Mylapore, Chennai – 600004, Tamilnadu, India to the present address w.e.f. 31.05.2012.

PERFORMANCE OF THE COMPANY:

The company had achieved a turnover of Rs.1047.400 Million during March 2014 as compared to Rs.992.600 Million for the year ended 31st March 2013. The company is able to maintain the profitability in spite of the heavy competition and high discounts.

CORPORATE INFORMATION

The company was incorporated on 1st October 2009 under the provision of the Companies Act 1956 as a Private Limited Company. The Company has been incorporated with the objective of Purchase and Selling of Medicines.

UNSECURED LOAN

Particular	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Deposits from shareholders	29.000	37.340
Total	29.000	37.340

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10436932	22/05/2013	81,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, Maharashtra, INDIA	B79661047

* Date of charge modification

FIXED ASSETS:

• Furniture and fixtures
• Vehicle
• Motor vehicles
• Office equipment
• Computer equipments
• Other equipments
• Leasehold improvements
• Licenses and franchise

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.63.40
UK Pound	1	Rs.95.42
Euro	1	Rs.68.49

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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	YES
--EPF	YES/NO	NO
TOTAL		37

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.