MIRA INFORM REPORT

Report No. :	312195
Report Date :	27.04.2015

IDENTIFICATION DETAILS

Name :	SJS HEALTHCARE LIMITED
Formerly Known As :	SATGURU PARTAP SINGH APOLLO HOSPITAL LIMITED
Registered Office :	CW-53, Sanjay Gandhi Transport Nagar, New Delhi - 110042
Tel. No. :	91-8872027270 (Mr. Gambhir)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.05.1999
Com. Reg. No.:	55-099892
Capital Investment / Paid-up Capital :	Rs. 555.337 Million
CIN No.: [Company Identification No.]	U70101DL1999PLC099892
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAGCS0440P
Legal Form :	A Closely Held Public Limited liability Company
Line of Business :	Providing Healthcare Services.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

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 an established company having moderate track record. The rating reflects company moderate financial risk profile marked by some accumulated losses incurred by the company and increased in the borrowing of the company during FY 2014 However, trade relations are reported as fair. 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	ICRA
Rating	Fund Based Bank Facilities (BB+)
Rating Explanation	Moderate risk of default
Date	June 2014

Rating Agency Name	ICRA
Rating	Fund Based Bank Facilities Short Term (A4+)
Rating Explanation	Minimal degree of safety and carry very high credit risk
Date	June 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

Name :	Mr. Gambhir
Designation :	Chartered Accountant
Contact No.:	91-8872027270
Date :	24.04.2015

LOCATIONS

Registered Office :	CW-53, Sanjay Gandhi Transport Nagar, New Delhi – 110042, India
Tel. No.:	Not Available
Mobile No.:	91-8872027270 (Mr. Gambhir)
Fax No.:	Not Available
E-Mail :	finance@spsapollo.com satishsharma@spsapollo.com finance@spsapollo.com carajeshqambhir@yahoo.com
Website :	http://www.spsapollo.com
Corporate Office :	Sherpur Chowk, G.T. Road Ludhiana -141 003, Punjab, India
Tel. No.:	91-161-6617111/ 6617222/ 6617333/ 6617444
Fax No.:	91-161-6617171

DIRECTORS

AS ON 26.09.2014

Name :

Mr. Uday Singh

Designation :

Whole-Time Director

Address :

C/O Namdhari Seeds Private Limited, Bidadi, Bangalore – 562109, Karnataka, India

Date of Birth/Age :

05.07.1958

Qualification :

Graduation

Date of Appointment :

19.09.2001

PAN No.:

AFKPS1543K

DIN No.:

00032091

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	U01119KA1985PTC007270	NAMDHARI SEEDS PRIVATE LIMITED	Managing director	08/11/1985	08/11/1985	-	Active	NO
2	U70101DL1999PLC099892	SJS HEALTHCARE LIMITED	Whole-time director	19/09/2001	19/09/2001	-	Active	NO
3	U00112KA2005PTC036674	NAMDHARI AGRO-FRESH PRIVATE LIMITED	Director	30/06/2005	30/06/2005	-	Active	NO
4	U01121KA2006PTC038469	NAMDHARI FARM FRESH PRIVATE LIMITED	Director	13/02/2006	13/02/2006	-	Amalgamated	NO
5	U01122KA2007PTC041514	NIKKO NAMDHARI FOODS PRIVATE LIMITED	Director	28/01/2007	28/01/2007	-	Active	NO
6	U15132KA2008PTC045521	ANGLO INDIAN FLOWER BREEDERS PRIVATE LIMITED	Director	06/03/2008	06/03/2008	-	Active	NO
7	U01120KA2010PTC052035	Namdhari Animal Genetics Private Limited	Director	01/01/2010	01/01/2010	01/02/2013	Active	NO

Name :

Mr. Jugdiep Singh

Designation :

Managing Director

Address :

10 J Sarabha Nagar, Ludhiana – 141002, Punjab, India

Date of Birth/Age :

20.02.1951

Qualification :

Post Graduation

Date of Appointment :

01.01.2013

DIN No.:

00752226

Name :

Mr. Jai Singh Sandhu

Designation :

Director

Address :

House No. 211, Sector 21A, Chandigarh – 160022, India

Date of Birth/Age :

10.12.1980

Qualification :

Graduation

Date of Appointment :

19.09.2007

DIN No.:

01669425

KEY EXECUTIVES

Name :	Nikhil Dua
Designation :	Secretary
Address :	266, Nizatam Nagar, Jalandhar City – 144001, Punjab, India
Date of Birth/Age :	14.04.1986
Date of Appointment :	22.11.2013
PAN No.:	AQAPD4724J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2014

Shareholders File Attached

As on 26.09.2014

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	7.41
Bodies corporate	32.89
Directors or relatives of Directors	54.69
Other top fifty shareholders	4.66
Others	0.35
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Healthcare Services.

Products :

Item Code No. (ITC Code)	Product Description
99911220	Health Care Services

Brand Names :

Apollo Hospital

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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

No. of Employees :

1000 (Approximately)

Bankers :

Banker Name	Punjab National Bank
Branch Address	Industrial Area, Ludhiana, Punjab, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loans from banks	72.799	82.443
Rupee term loans from others	57.800	50.948
SHORT TERM BORROWINGS
Rupee term loans from banks	214.767	175.282
Total	345.366	308.673

Financial Instituted :	India Infoline Finance Limited, 12A-10, 13^th Floor, Parinee Crescenzo, G Block, C-38 and 39, bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Auditors :
Name :	Tandon and Associates Chartered Accountants
Address :	E-55, Flatted Factories Complex, Jhandewalan, New Delhi, India
PAN No.:	AACPT6237C
Memberships :	Not Available
Collaborators :	Not Available
Other Related Parties :	Namdhari Seeds Private Limited

CAPITAL STRUCTURE

As on 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
60,000,000	Equity Shares	Rs.10/- each	Rs.600.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
55,533,678	Equity Shares	Rs.10/- each	Rs.555.337 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	555.337	555.337	545.337
(b) Reserves & Surplus	(143.698)	(144.159)	(141.292)
(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)	411.639	411.178	404.045
(3) Non-Current Liabilities
(a) long-term borrowings	163.599	133.391	140.236
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	21.079	21.007	20.199
(d) long-term provisions	14.888	21.968	8.756
Total Non-current Liabilities (3)	199.566	176.366	169.191
(4) Current Liabilities
(a) Short term borrowings	214.767	175.282	156.370
(b) Trade payables	235.830	223.389	151.571
(c) Other current liabilities	49.354	63.899	110.414
(d) Short-term provisions	57.944	57.386	51.692
Total Current Liabilities (4)	557.895	519.956	470.047
TOTAL	1169.100	1107.500	1043.283
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	709.970	721.033	706.933
(ii) Intangible Assets	0.319	0.563	1.211
(iii) Capital work-in-progress	77.988	33.783	10.673
(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)	41.485	45.348	51.785
(d) Long-term Loan and Advances	5.126	5.876	5.939
(e) Other Non-current assets	7.315	7.301	1.830
Total Non-Current Assets	842.203	813.904	778.371
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	31.523	31.860	27.100
(c) Trade receivables	191.433	182.114	173.735
(d) Cash and cash equivalents	40.080	36.663	37.085
(e) Short-term loans and advances	52.041	31.124	18.599
(f) Other current assets	11.820	11.835	8.393
Total Current Assets	326.897	293.596	264.912
TOTAL	1169.100	1107.500	1043.283

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	970.193	907.742	861.275
	Other Income	3.080	1.935	6.743
	TOTAL (A)	973.273	909.677	868.018
Less	EXPENSES
	Cost of Materials Consumed	3.006	2.558	1.528
	Purchases of Stock-in-Trade	202.055	199.723	200.602
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	2.423	(4.378)	1.552
	Employees benefits expense	221.326	201.234	161.105
	Other expenses	459.408	417.328	408.309
	Prior Period Items	(1.905)	2.167	0.205
	TOTAL (B)	886.313	818.632	773.301
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	86.960	91.045	94.717
Less	FINANCIAL EXPENSES (D)	39.073	44.616	47.073
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	47.887	46.429	47.644
Less/ Add	DEPRECIATION/ AMORTISATION (F)	43.475	42.859	41.442
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	4.412	3.570	6.202
Less	TAX (H)	3.952	6.436	5.473
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	0.460	(2.866)	0.729
	Earnings / (Loss) Per Share (Rs.)	0.01	(0.05)	0.01

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.05	(0.32)	0.08
Operating Profit Margin (PBDIT/Sales)	(%)	8.96	10.03	11.00
Return on Total Assets (PBT/Total Assets}	(%)	0.42	0.35	0.63
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.02
Debt Equity Ratio (Total Debt/Networth)		0.92	0.75	0.73
Current Ratio (Current Asset/Current Liability)		0.59	0.56	0.56

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	545.337	555.337	555.337
Reserves & Surplus	(141.292)	(144.159)	(143.698)
Net worth	404.045	411.178	411.639
long-term borrowings	140.236	133.391	163.599
Short term borrowings	156.370	175.282	214.767
Total borrowings	296.606	308.673	378.366
Debt/Equity ratio	0.734	0.751	0.919

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	861.275	907.742	970.193
		5.395	6.880

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	861.275	907.742	970.193
Profit	0.729	(2.866)	0.460
	0.08%	(0.32%)	0.05%

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 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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Loans and advances from related parties	33.000	0.000
Total	33.000	0.000

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10517866	14/08/2014	13,800,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL  WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	C19069079
2	10446462	22/08/2013	16,500,000.00	INDIA INFOLINE FINANCE LIMITED	12A-10, 13TH FLOOR, PARINEE CRESCENZO, G BLOCK,  C-38&39, BANDRA KURLA COMPLEX, BANDRA- EAST, MUMBAI, MAHARASHTRA - 400051, INDIA	B83739128
3	10437565	10/07/2013	209,000,000.00	PUNJAB NATIONAL BANK	INDUSTRIAL AREA, LUDHIANA, PUNJAB - 141008, INDIA	B79931127
4	10386636	01/10/2012	11,900,000.00	ORIENTAL BANK OF COMMERCE	ORIENTAL BANK OF COMMERCE, SHERPUR CHOWK, G.T. ROAD, LUDHIANA, PUNJAB - 141003, INDIA	B62108063
5	10340997	20/01/2012	2,432,000.00	INDIA INFOLINE FINANCE LIMITED	IIFL HOUSE, SUN INFOTECH PARK, ROAD NO. 16V, PLO  T NO.B-23, THANE INDUSTRIAL AREA, WAGLE ESTATE, THANE, MAHARASHTRA - 400604, INDIA	B34497065
6	10333334	31/12/2011	59,850,000.00	INDIA INFOLINE FINANCE LIMITED	IIFL HOUSE, SUN INFOTECH PARK, ROAD NO. 16V, PLOT NO.B-23, THANE INDUSTRIAL AREA, WAGLE ESTATE, THANE, MAHARASHTRA - 400604, INDIA	B31130412
7	10239575	16/08/2010	22,000,000.00	PUNJAB NATIONAL BANK	INDUSTRIAL AREA, LUDHIANA, PUNJAB - 141008, INDIA	A94156593
8	10147076	15/04/2013 *	180,000,000.00	PUNJAB NATIONAL BANK	INDUSTRIAL AREA, LUDHIANA, LUDHIANA, PUNJAB - 141  008, INDIA	B75842245
9	10143140	02/02/2009	5,000,000.00	PUNJAB NATIONAL BANK	INDUSTRIAL AREA, LUDHIANA, PUNJAB - 141008, INDIA	A57211740
10	10143135	02/02/2009	47,700,000.00	PUNJAB NATIONAL BANK	INDUSTRIAL AREA, LUDHIANA, PUNJAB - 141008, INDIA	A57210700

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Other plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments

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

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		36

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.