MIRA INFORM REPORT

Report No. :	319343
Report Date :	29.04.2015

IDENTIFICATION DETAILS

Name :	ANTHEM CELLUTIONS (INDIA) PRIVATE LIMITED (w.e.f. 13.12.2011)
Formerly Known As :	ANTHEM CELLUTIONS (INDIA) LIMITED (w.e.f. 08.06.2007) SAJAWAT INDUSTRIES LIMITED (w.e.f. 23.12.1993) SAJAWAT INDUSTRIES PRIVATE LIMITED
Registered Office :	No. 49, Canara Bank Road, Bommasandra Industrial Area, Phase I, Bangalore – 560099, Karnataka
Tel No.:	91-80-40444000 / 66724000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.11.1991
Com. Reg. No.:	08-012478
Capital Investment / Paid-up Capital :	Rs.181.274 Million
CIN No.: [Company Identification No.]	U85110KA1991PTC012478
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRS02803D
PAN No.: [Permanent Account No.]	AADCS1517N
Legal Form :	Private Limited Liability Company
Line of Business :	Discover, develop, manufacture and commercialize biopharmaceuticals
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 599000
Status :	Satisfactory
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Reserves of the company seems to be low during 2014. However, General financial position of the company seems to be decent. The rating takes into consideration strong background of the promoters experience in the pharmaceuticals industry, the company’s renowned client base across industries which strengthens the business prospects, its strong product pipeline and R & D capabilities with support from Anthem Biosciences Private Limited. Trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings are usual trade terms and conditions.

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	Term Loan = BBB-
Rating Explanation	Have Moderate degree of safety and carry moderate credit risk
Date	Dec 2014

Rating Agency Name	ICRA
Rating	Short Term non Fund Based Limits = A3
Rating Explanation	Have Moderate degree of safety and carry higher Credit risk
Date	Dec 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 DECLINED BY

Management non co-operative (91-80-4044000)

LOCATIONS

Registered Office / Head Office :	No. 49, Canara Bank Road, Bommasandra Industrial Area, Phase I, Bangalore – 560099, Karnataka, India
Tel. No.:	91-80-40444000 / 66724000
Fax No.:	91-80-40444020 / 66724020
E-Mail :	ramkrishnan.k@anthembio.com info@auditax.org vanivilas@gmail.com business@anthemcell.com northbusiness@anthemcell.com westbusiness@anthemcell.com southbusiness@anthemcell.com
Website :	http://www.anthemcell.com
Godown :	211/A Ground Floor, Near Front Portion (MRC Cold Storage Compound) Bommasandra Village, Bommasandra Industrial Estate Hosur Road, Bangalore - 560100, Karnataka, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Ajay Bhardwaj

Designation :

Managing Director

Address :

A-4, Epsilon Villas Yemlur Main Road, Next to Logica, Bangalore – 560037, Karnataka, India

Date of Birth/Age :

20.07.1960

Date of Appointment :

01.04.2008

DIN No.:

00333704

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	U24233KA2006PTC039703	ANTHEM BIOSCIENCES PRIVATE LIMITED	Managing director	13/06/2006	13/06/2006	-	Active	NO
2	U85110KA1991PTC012478	ANTHEM CELLUTIONS (INDIA) PRIVATE LIMITED	Managing director	01/04/2008	09/11/2006	-	Active	NO
3	U24232KA2008PTC047934	WEISS BIOTECH PRIVATE LIMITED	Director	03/10/2008	03/10/2008	-	Active	NO
4	U24232KA2009PTC051551	ANTHEM BIO PHARMA PRIVATE LIMITED	Director	30/09/2011	04/02/2011	-	Active	NO

Name :

Koramangala Chandrappa Ravindra

Designation :

Director

Address :

827, B-3, Keerthi, 12^th Main Road, 3^rd Block, Koramangala, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

02.11.1966

Date of Appointment :

09.11.2006

DIN No.:

01580534

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	U24233KA2006PTC039703	ANTHEM BIOSCIENCES PRIVATE LIMITED	Director	28/09/2007	27/09/2006	-	Active	NO
2	U85110KA1991PTC012478	ANTHEM CELLUTIONS (INDIA) PRIVATE LIMITED	Director	09/11/2006	09/11/2006	-	Active	NO
3	U24232KA2008PTC047934	WEISS BIOTECH PRIVATE LIMITED	Director	03/10/2008	03/10/2008	-	Active	NO

Name :

Mr. Sambasivam Ganesh

Designation :

Director

Address :

1840, 22^nd Main, 14^th Cross, Sector 1, HSR Layout, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

20.12.1965

Date of Appointment :

09.11.2006

DIN No.:

01469963

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	U24233KA2006PTC039703	ANTHEM BIOSCIENCES PRIVATE LIMITED	Director	28/09/2007	04/08/2006	-	Active	NO
2	U85110KA1991PTC012478	ANTHEM CELLUTIONS (INDIA) PRIVATE LIMITED	Director	09/11/2006	09/11/2006	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	99.70
Other top fifty shareholders	0.30
Total	100.00

BUSINESS DETAILS

Line of Business :

Discover, develop, manufacture and commercialize biopharmaceuticals

Products :

Product Description	Item Code No. (ITC Code)
Starches, Inulin	11082000
Wheat Gluten	11090000
Grapeseed Extract	13021990
Glucose	17023020
Yeast	21021090
Green tea extract etc	21069099
Vetenery products	23099090
Sodium Carbonate	28362000
Sodium benzoate	29163140
Methionine	29304000
L - Selenomethionine	29420090
Cultures of micro-organisms	30029030
Orlistat Powder	30039000
Medicaments Retail	30049099
Enzymatic preparations for pre-tanning	32029030
NutriCol	35029000
Enzymes	35079099

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
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 :

Not Divulged

Bankers :

· Corporation Bank, Electronics City Branch, Bangalore – 560100, Karnataka, India

· IDBI Bank Limited, IDBI House, Cuffe Parade Colaba, Mumbai – 400005, Maharashtra, India

• Standard Chartered Bank, 90, M G Road, Mumbai – 400001, Maharashtra, India

Facilities :

(Rs. In Millions)

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Rupee term loans from banks	5.854	20.759
Working capital loans from banks	0.000	73.327
SHORT TERM BORROWINGS
Rupee term loans from banks	10.800	0.000
Working capital loans from banks	96.819	0.000
Long-term maturities of finance lease obligations	2.200	1.337
Total	115.673	95.423

Financial Institution:	KSIIDC Limited, MSIL House, 36, Cunningham Road, Bangalore - 560052, Karnataka, India
Auditors :
Name :	Y V S Vinod and Associates Chartered Accountants
Address :	Suite No. 002, 'Farah Greens', No. 10, Eagle Street, Langford Town, Bangalore - 560025, Karnataka, India
PAN No.:	AARFM1902G
Memberships :	--
Collaborators :	--
Holding Company :	Anthem Biosciences Private Limited CIN No.: U24233KA2006PTC039703
Associate:	Anthem Bio Pharma Private Limited CIN No.: U24232KA2009PTC051551

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.00 Million
5000000	Preference Shares	Rs.10/- each	Rs.50.000 Million
	Total		Rs.200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13127446	Equity Shares	Rs.10/- each	Rs.131.274 Million
5000000	Preference Shares	Rs.10/- each	Rs.50.000 Million
	Total		Rs.181.274 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	181.274	181.274	131.274
(b) Reserves & Surplus	28.546	(37.116)	(84.040)
(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)	209.820	144.158	47.234
(3) Non-Current Liabilities
(a) long-term borrowings	81.969	168.964	189.724
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	3.444	11.477	0.000
(d) long-term provisions	3.945	3.627	1.856
Total Non-current Liabilities (3)	89.358	184.068	191.580
(4) Current Liabilities
(a) Short term borrowings	109.819	2.817	0.000
(b) Trade payables	104.585	57.134	59.997
(c) Other current liabilities	3.667	4.580	2.633
(d) Short-term provisions	39.564	20.877	1.554
Total Current Liabilities (4)	257.635	85.408	64.184
TOTAL	556.813	413.634	302.998
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	150.341	116.993	120.914
(ii) Intangible Assets	1.296	0.158	0.161
(iii) Capital work-in-progress	0.000	6.175	3.359
(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)	3.728	0.000	0.000
(d) Long-term Loan and Advances	5.268	8.136	10.371
(e) Other Non-current assets	9.579	20.795	1.205
Total Non-Current Assets	170.212	152.257	136.010
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	131.451	101.237	80.685
(c) Trade receivables	229.324	117.978	83.330
(d) Cash and cash equivalents	0.361	0.152	0.102
(e) Short-term loans and advances	25.465	42.010	0.000
(f) Other current assets	0.000	0.000	2.871
Total Current Assets	386.601	261.377	166.988
TOTAL	556.813	413.634	302.998

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL (A)		615.600	439.965	260.622
Less	EXPENSES
		TOTAL (B)		NA	358.040	244.266
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			NA	81.925	16.356
Less	FINANCIAL EXPENSES (D)			NA	10.158	4.882
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			NA	71.767	11.474
Less	DEPRECIATION/ AMORTISATION (F)			NA	4.374	2.231
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			NA	67.393	9.243
Less	TAX (H)			NA	20.877	1.554
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			70.200	46.516	7.689
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			(47.993)	(94.917)	(101.518)
Less	PRIOR PERIOD EXPENSES			0.000	0.443	1.088
Less	PRIOR YEAR TAXES			0.000	(0.851)	0.000
Less	APPROPRIATIONS
			Transfer to General Reserve	1.800	0.000	0.000
			Transfer to Capital Redemption Reserve	9.700	0.000	0.000
			Dividend	3.800	0.000	0.000
			Tax on Dividend	0.800	0.000	0.000
	BALANCE CARRIED TO THE B/S			6.107	(47.993)	(94.917)
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	13.300	6.700	2.886
	TOTAL EARNINGS			13.300	6.700	2.886
	Earnings / (Loss) Per Share (Rs.)			3.87	2.57	0.59

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	NA	16.54	3.08
Return on Investment (ROI) (PBT/Networth)		NA	0.47	0.20
Debt Equity Ratio (Total Debt /Networth)		0.91	1.19	4.02
Current Ratio (Current Asset/Current Liability)		1.50	3.06	2.60

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	131.274	181.274	181.274
Reserves & Surplus	(84.040)	(37.116)	28.546
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	47.234	144.158	209.820
Long Term borrowings	189.724	168.964	81.969
Short Term borrowings	0.000	2.817	109.819
Total borrowings	189.724	171.781	191.788
Debt/Equity ratio	4.017	1.192	0.914

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	260.622	439.965	615.600
		68.813	39.920

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	260.622	439.965	615.600
Profit	7.689	46.516	70.200
	2.95%	10.57%	11.40%

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	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Long-term maturities of finance lease obligations	4.450	1.584
Loans and advances from related parties	71.665	73.294
SHORT TERM BORROWINGS
Loans and advances from related parties	0.000	1.480
Total	76.115	76.358

GENERAL INFORMATION

The main objective of the company is to discover, develop, manufacture and commercialize biopharmaceuticals that address significant unmet needs and provide biological solutions to improve industrial performance in all areas.

PERFORMANCE OVERVIEW

The Company has recorded a significant growth of 40% over the previous financial year and achieved a turnover of Rs.615.600 Million during the current year, as against Rs.439.900 Million during the previous year with a net profit of Rs.70.200 Million as against Rs.46.900 Million during the previous year. The Company has had an increase in the products range and customer base.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10238595	02/03/2013 *	130,000,000.00	State Bank Of India	Industrial Finance Branch, 61, 'Residency Plaza', Residency Road, Bangalore, Karnataka - 560025, India	B71989404
2	10075317	15/07/2013 *	543,800,000.00	State Bank Of India	Industrial Finance Branch, 61, 'Residency Plaza', Residency Road, Bangalore, Karnataka - 560025, India	B81029084

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· 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.63.20
UK Pound	1	Rs.97.00
Euro	1	Rs.69.33

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	3
--CREDIT LINES	1~10	5
--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		46

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.