MIRA INFORM REPORT

Report No. :	306567
Report Date :	20.02.2015

IDENTIFICATION DETAILS

Name :	HEMANT SURGICAL INDUSTRIES LIMITED
Registered Office :	Avijah Building, Ground Floor No. 6 & 7, 647, Girgaum Road, Mumbai – 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.03.1989
Com. Reg. No.:	11-051133
Capital Investment / Paid-up Capital :	Rs. 15.000 Millions
CIN No.: [Company Identification No.]	U33110MH1989PLC051133
IEC No.:	Not Available
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 :	Manufacturer and Trader of Medical and surgical Equipment.
No. of Employees :	50 (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 116900
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate t5rack record. The rating takes into consideration the unfavorable gap between trade receivable and payables which may act as a threat ti its quality position during FY14. However, trade relations seem to be fair. Business is active. Payment 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	CRISIL
Rating	Long term B+
Rating Explanation	Risk prone credit quality and carries very high credit risk.
Date	July 22, 2014

Rating Agency Name	CRISIL
Rating	Short term rating A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	July 22, 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 :	Ms. Chitra
Designation :	Senior Executive
Contact No.:	91-9619484154
Date :	17.02.2015

LOCATIONS

Registered Office :	Avijah Building, Ground Floor No. 6 & 7, 647, Girgaum Road, Mumbai – 400002, Maharashtra, India
Tel. No. :	91-22-22030935 / 36
Mobile No. :	91-9619484154 (Ms. Chitra)
Fax No. :	91-22-22077585
E-Mail :	info@hemantsurgical.com
Website :	http://www.hemantsurgical.com
Correspondence Address :	Office No. 523, 6^th Floor, City Of Joy Commercial, S.D. Road, Mulund (West), Mumbai – 400080, Maharashtra, India
Factory :	Adgaon, Nashik, Maharashtra India

DIRECTORS

As on 30.09.2014

Name :

Mr. Hanskumar Shamji Shah

Designation :

Director

Address :

Shobha Suman, 1405, 14^th Floor, Ptmm Malviya Road, Mulund (West), Mumbai - 400018, Maharashtra, India

Date of Birth/Age :

09.09.1956

Date of Appointment :

22.02.1994

DIN No. :

00215972

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	U33110MH1989PLC051133	HEMANT SURGICAL INDUSTRIES LIMITED	Director	22-02-1994	22-02-1994	-	Active	NO
2	U24234MH2005PTC157252	PROGENE BIOTECH PRIVATE LIMITED	Director	29-05-2006	29-05-2006	-	Strike off	NO
3	U74899DL1995PTC074808	MILLENNIUM INDUSTRIES PRIVATE LIMITED	Director	25-09-2006	25-09-2006	-	Active	YES

Name :

Mr. Hemant Praful Shah

Designation :

Director

Address :

Shobha Suman, 1405, 14th Floor, Ptmm Malviya Road, Mulund (West), Mumbai - 400018, Maharashtra, India

Date of Birth/Age :

03.03.1977

Date of Appointment :

19.09.2000

DIN No. :

00215994

Name :

Mr. Jagdish Anandji Dharamshi

Designation :

Director

Address :

7/9, Shanti Nagar, Sane Guruji Road, Mumbai - 400011, Maharashtra, India

Date of Birth/Age :

04.03.1949

Date of Appointment :

22.02.1994

DIN No. :

00216026

KEY EXECUTIVES

Name :	Ms. Chitra
Designation :	Senior Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age
Hanskumar Shamji Shah	103850	69.23
Jagdish Dharamshi	5950	3.97
Hemant P Shah	11295	7.53
Leena H Shah	5495	3.66
Hanskumar S Shah (HUF)	1500	1.00
Ranjan P Shah	5950	3.97
Neha Hanskumar Shah	4860	3.24
Kaushik H. Shah	6230	4.15
Rita B. Shah	1400	0.93
Neha Hemant Shah	3470	2.31
Total	150000	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Medical and surgical Equipment.
Products :	JMS PRODUCTS Ø JMS Medi Tape Ø JMS Infusion Set Ø JMS Paed Infusion Set Ø JMS Blood Transfusion Set Ø JMS Scalp Vein Set Ø JMS Burette Set DIALYSIS Ø Toray Dialysis Machine Ø Refurbist Dialysis Machine Ø Diaclean Dialyzer -  Reprocessing Machine Ø Comfort Dialysis TreatmentChair Ø Dialysis Solution Ø A.V. Fistulla Needle Ø Blood Tubing Set Ø Double & Triple Lumen Catheter Ø Transducer Protector Ø Hepabest Heparin Sodium Injection ( 5000 I.U. / 25000 I.U.) Ø Diaclean Cold Sterile Solution Ø Citro-H Hot Sterile Solution RESPIRATORY Ø Aero Piston Compressor Nebulizer Ø Aero Oxygen Concentrator HEALTHCARE & UROLOGY PRODUCT Ø Aero Med Air Mattress Ø Relax Under Pad Ø Safe Cath 100% All Silicon Foley Catheter ANESTHESIA & DISPOSABLE PRODUCTS Ø Endotracheal Tube Ø Spinal Needle Ø Nasal Cannula Ø Extension Tubing with 3 way Ø Stop Cock
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Raw Material
Countries :	Ø Japan Ø Singapore Ø USA Ø France
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
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remark :	--

Customers :

Wholesalers and Retailers

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 :	--

No. of Employees :

50 (Approximately)

Bankers :

Banker Name	Punjab and Sind Bank
Branch Address	Masjid Bunder Branch, 135/137, Kazi Syed Street, Masjid, Mumbai – 400003, Maharashtra, 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)	--

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term loan	7.426	5.919
SHORT TERM BORROWINGS
The loan is secured by hypothecation of movable & immovable properties, inventories, book debts and the personal assets & guarantees of the Directors.	93.118	97.135
Total	100.544	103.054

Auditors :
Name :	Vijay V. Dedhia & Company Chartered Accountants
Address :	304, Sharda Chambers No.1, 31, K.N. Road, Bhat Bazar, Mumbai – 400009, Maharashtra, India
Tel. No. :	91-22-23752526
E-Mail :	Vijay.dedhia@rediffmail.com
PAN No. :	AAJPD2686C
Memberships :	--
Collaborators :	--
Associates / Subsidiaries :	Nil

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs. 15.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	15.000	15.000
(b) Reserves & Surplus	25.901	23.397	20.358
(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)	40.901	38.397	35.358
(3) Non-Current Liabilities
(a) long-term borrowings	8.029	8.690	30.413
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	8.029	8.690	30.413
(4) Current Liabilities
(a) Short term borrowings	93.118	97.135	95.909
(b) Trade payables	115.730	65.280	42.233
(c) Other current liabilities	5.500	5.340	5.905
(d) Short-term provisions	0.665	2.887	2.119
Total Current Liabilities (4)	215.013	170.642	146.166
TOTAL	263.943	217.729	211.937
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14.032	15.677	17.429
(ii) Intangible Assets	0.031	0.036	0.042
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	29.136	14.306	20.167
(e) Other Non-current assets	0.030	0.033	0.037
Total Non-Current Assets	43.229	30.052	37.675
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	153.858	143.482	117.652
(c) Trade receivables	55.695	38.618	41.408
(d) Cash and cash equivalents	9.393	4.819	4.580
(e) Short-term loans and advances	1.768	0.758	10.622
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	220.714	187.677	174.262
TOTAL	263.943	217.729	211.937

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	312.948	283.707	244.005
		Other Income	1.783	2.101	1.821
		TOTAL	314.731	285.808	245.826
Less	EXPENSES
		Cost of Materials Consumed	270.647	265.175	222.849
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(7.882)	(32.292)	(40.624)
		Employees benefits expense	7.477	9.429	9.275
		Other expenses	24.342	19.456	26.857
		TOTAL	294.584	261.768	218.357
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		20.147	24.040	27.469
Less	FINANCIAL EXPENSES		14.857	18.448	18.948
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		5.290	5.592	8.521
Less/ Add	DEPRECIATION/ AMORTISATION		1.660	2.010	2.390
	PROFIT/ (LOSS) BEFORE TAX		3.630	3.582	6.131
Less	TAX		0.000	0.000	1.000
	PROFIT/ (LOSS) AFTER TAX		3.630	3.582	5.131
	CIF VALUE OF IMPORT		221.548	208.382	176.804
	Earnings / (Loss) Per Share (Rs.)		24.19	23.88	34.20

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.16	1.26	2.10
Operating Profit Margin (PBDIT/ Sales)	(%)	6.44	8.47	11.26
Return on Total Assets (PBT/Total Assets}	(%)	1.38	1.65	2.89
Return on Investment (ROI) (PBT/Networth)		0.09	0.09	0.17
Debt Equity Ratio (Total Debt/Networth)		2.47	2.76	3.57
Current Ratio (Current Asset/Current Liability)		1.03	1.10	1.19

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	15.000	15.000	15.000
Reserves & Surplus	20.358	23.397	25.901
Net worth	35.358	38.397	40.901
long-term borrowings	30.413	8.690	8.029
Short term borrowings	95.909	97.135	93.118
Total borrowings	126.322	105.825	101.147
Debt/Equity ratio	3.573	2.756	2.473

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	244.005	283.707	312.948
		16.271	10.307

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	244.005	283.707	312.948
Profit	5.131	3.582	3.630
	2.10%	1.26%	1.16%

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	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	Yes

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
From Banks	0.603	2.771
Total	0.603	2.771

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10332375	30/01/2012	3,840,000.00	DHANLAXMI BANK LIMITED	DHANALAKSHMI BANK BUILDINGNAICKANAL, Naickanal, TRICHUR, Kerala - 680001, INDIA	B30749683
2	10266544	28/01/2011	6,000,000.00	Punjab & Sind Bank	Masjid Branch, 135/137, Kazi Syed Street, Masjid,  Mumbai, Maharashtra - 400003, INDIA	B05396072
3	10243474	20/09/2010	5,000,000.00	Punjab & Sind Bank	Masjid Branch, 135/137, Kazi Syed Street, Masjid,  Mumbai, Maharashtra - 400003, INDIA	A96125604
4	10110690	06/06/2008	9,000,000.00	Punjab & Sind Bank	Masjid Bunder Branch,, 135/137, Kazi Syed Street,  , Mumbai, Maharashtra - 400003, INDIA	A40689523
5	10044153	26/12/2006	5,000,000.00	PUNJAB AND SIND BANK	KAZI SAYED STREET, MASJID BUNDER, MUMBAI, Maharashtra - 400003, INDIA	A08819781
6	90237262	03/03/2005 *	10,500,000.00	PUNJAB & SIND BANK	MUSJID BUNDER BRANCH, MUMBAI, Maharashtra, INDIA	-
7	80003025	28/01/2012 *	191,000,000.00	Punjab & Sind Bank	Masjid Bunder Branch, 135/137, Kazi Syed Street,  Masjid, Mumbai, Maharashtra - 400003, INDIA	B32593659
8	90224723	02/01/2003 *	3,000,000.00	PUNJAB & SIND BANK	MASJID BUNDER, COOPRAGE, MUMBAI, Maharashtra, INDIA	-
9	90240208	08/06/2004 *	10,500,000.00	PUNJAB AND AIND BANK	MASIJD BUNDER BRANCH, MUMBAI, Maharashtra, INDIA	-
10	90224441	04/10/1993	4,500,000.00	PUNJAB & SIND BANK	MSJID BUNDER, MUMBAI, Maharashtra, INDIA	-

* Date of charge modification

FIXED ASSETS

v Factory Building

v Godown

v Plant And Machinery

v Furniture And Fixture

v Vehicles (Cars)

v Vehicles ( Others)

v Office Equipments

v Computers

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.62.25
UK Pound	1	Rs.95.57
Euro	1	Rs.71.01

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUM
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
-- PROFITABILITY	1~10	2
--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	YES
--AFFILIATION	YES/NO	YES
--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.