MIRA INFORM REPORT

Report No. :	304262
Report Date :	24.01.2015

IDENTIFICATION DETAILS

Name :	CORAL DRUGS PRIVATE LIMITED
Formerly Known As :	CORAL TEX KNIT PRIVATE LIMITED
Registered Office :	1001, Akashdeep Building, 26-A, Barakhamba Road, New Delhi - 110001
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.12.1993
Com. Reg. No.:	55-056582
Capital Investment / Paid-up Capital :	Rs.5.857 Millions
CIN No.: [Company Identification No.]	U74899DL1993PTC056582
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in manufacturing of Active Pharmaceutical Ingredients (APIs).
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 364000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal for business dealings at 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	CARE
Rating	Long term bank facilities = BB+
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations.
Date	13^th August, 2014

Rating Agency Name	CARE
Rating	Short term bank facilities = A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	13^th August, 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.

LOCATIONS

Registered Office :	1001, Akashdeep Building, 26-A, Barakhamba Road, New Delhi - 110001, India
Tel. No.:	91-11-66300100 / 23356298
Fax No.:	91-11-23323348
E-Mail :	coral@coraldrugs.com
Website :	http://www.coraldrugs.com
Head Office :	805, Akashdeep Building, 26-A, Barakhamba Road, New Delhi – 110 001, India
Tel. No.:	91-11-23310413/23350616/23356298
Mobile No.:	91-9811027900 (Mr. B. K. Bhuwania)
Fax No.:	91-11-23323348
E-Mail :	binay@del2.vsnl.net.in coral@coraldrugs.com
Factory 1 :	55-57, HSIDC Industrial Estate, Murthal, District Sonepat - 131029, Haryana, India
Tel. No.:	91-1264-951324/2427
E-Mail :	coral@coraldrugs.com
Factory 2 :	Plot No. 12-A, HSIDC Industrial Estate, Murthal, District Sonepat, Haryana, India
Tel. No.:	91-1264-95130/2427
E-Mail :	coral@coraldrugs.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Binay Kumar Bhuwania

Designation :

Whole-time director

Address :

M-33, Greater Kailash – II, New Delhi – 110 048, India

Date of Birth/Age :

23.11.1949

Qualification :

B. Com.

Date of Appointment :

15.01.2012

DIN No.:

00210620

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	U24299DL1983PTC091164	CORAL CHEMICALS PRIVATE LIMITED	Managing director	27/10/1983	27/10/1983	-	Active	NO
2	U74899DL1993PTC056582	CORAL DRUGS PRIVATE LIMITED	Whole-time director	15/01/2012	22/12/1993	-	Active	NO

Name :

Mr. Rohit Bhuwania

Designation :

Managing Director

Address :

M-33, Greater Kailash – II, New Delhi – 110 048, India

Date of Birth/Age :

16.08.1980

Qualification :

Graduate

Date of Appointment :

15.01.2012

DIN No.:

00210693

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	U24299DL1983PTC091164	CORAL CHEMICALS PRIVATE LIMITED	Director	01/07/1999	01/07/1999	-	Active	NO
2	U74899DL1993PTC056582	CORAL DRUGS PRIVATE LIMITED	Managing director	15/01/2012	07/11/2002	-	Active	NO

Name :

Mrs. Meena Bhuwania

Designation :

Whole-time director

Address :

M-33, Greater Kailash – II, New Delhi – 110 048, India

Date of Birth/Age :

17.09.1955

Qualification :

Graduate

Date of Appointment :

01.12.1998

DIN No.:

00210731

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	U74899DL1993PTC056582	CORAL DRUGS PRIVATE LIMITED	Whole-time director	01/12/1998	01/12/1998	-	Active	NO
2	U24299DL1983PTC091164	CORAL CHEMICALS PRIVATE LIMITED	Director	29/09/2007	17/08/2007	-	Active	NO

Name :

Mr. Shyam Sunder Sharma

Designation :

Director

Address :

688 / 20, Gomti Niwas Gali No. 5, Narinder Nagar, Sonipat – 131001, Haryana, India

Date of Birth/Age :

20.01.1958

Date of Appointment :

28.09.2013

DIN No.:

00556969

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	U74899DL1993PTC056582	CORAL DRUGS PRIVATE LIMITED	Director	28/09/2013	28/07/2006	-	Active	NO

Name :

Mr. Vinayak Tripathi

Designation :

Whole-time director

Address :

House No. 1705, H.B.C., Sector – 14, Sonepat, Haryana, India

Date of Birth/Age :

06.10.1971

Date of Appointment :

13.08.2014

DIN No.:

06947925

KEY EXECUTIVES

Name :	Preeti Pahwa and Associates
Designation :	Company Secretaries

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Binay Kumar Bhuwania	350500
Meena Bhuwania	170500
Rohit Bhuwania	55400
Priya Limited, India	100
Rachna Jhunjhunwala	100
Binay Kumar Bhuwania (HUF)	9100
Total	585700

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	0.02
Directors or relatives of Directors	99.98
Total	100.00

BUSINESS DETAILS

Line of Business :	The company is engaged in manufacturing of Active Pharmaceutical Ingredients (APIs).
Products :	Mettormine HCLBP Estvamustrne Sodium Phosphate BP Fluticarone Propionate BP Flutamide USP Rserframe USP Comptotheaine 10 DAB Cyclo Phosphanide ESP Flutamide Mettormine Cyclo Pab Phomide Componeseon
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS ; NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Not Available

Bankers :

Bank of India, New Delhi Overseas Branch, Vijaya Building,17, Barakhamba Road, New Delhi – 110001, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
PNB Housing Finance Limited	2.483	2.483
BMW India Financial Services Private Limited (Car Loan) [Current maturity of loan separately disclosed]	1.783	2.624
Short-term borrowings
Loans and advances
Standard Chartered Bank	0.028	0.000
Bank of India*
--Packing Credit	12.244	17.404
--Cash Credit	6.319	36.076
Total	22.857	58.587

Note :

Short Term Borrowings

*Bank credits primarily secured against hypothecation of stock and book debts. Collateral Secured against hypothecation of plant and machinery, Factory, Land and Building, of the company, personal guarantee of directors and corporate guarantee of CCPL.

Banking Relations :
Auditors :
Name :	D.P.KAPOOR & CO. Chartered Accountants
Address :	N-52, Connaught Circus, New Delhi – 110001, India
Tel. No.:	91-11-23313201
Fax No.:	91-11-23313201
E-Mail :	dpkca@yahoo.com
PAN N Income-tax PAN of auditor or auditor's firm :	AACFD8687Q
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Coral Chemicals Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
900,000	Equity Shares	Rs.10/- each	Rs.9.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
585,700	Equity Shares	Rs.10/- each	Rs. 5.857 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	5.857	5.857	5.857
(b) Reserves & Surplus	121.494	104.560	95.828
(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)	127.351	110.417	101.685
(3) Non-Current Liabilities
(a) long-term borrowings	4.265	5.107	8.468
(b) Deferred tax liabilities (Net)	13.798	11.586	11.703
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.436	3.147	2.720
Total Non-current Liabilities (3)	23.499	19.840	22.891
(4) Current Liabilities
(a) Short term borrowings	29.125	60.052	27.571
(b) Trade payables	44.415	13.097	17.770
(c) Other current liabilities	10.403	9.227	2.811
(d) Short-term provisions	9.561	2.800	7.000
Total Current Liabilities (4)	93.504	85.176	55.152
TOTAL	244.354	215.433	179.728
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	104.503	93.673	86.585
(ii) Intangible Assets	0.119	0.082	0.000
(iii) Capital work-in-progress	1.023	0.803	1.026
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	8.348	5.741	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.537	1.564	1.168
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	116.530	101.863	88.779
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	60.800	49.810	57.261
(c) Trade receivables	38.104	51.992	19.644
(d) Cash and cash equivalents	2.277	0.463	3.247
(e) Short-term loans and advances	26.643	11.305	10.797
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	127.824	113.570	90.949
TOTAL	244.354	215.433	179.728

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
SALES
Income	296.682	210.805	197.367
Other Income
TOTAL	296.682	210.805	197.367
EXPENSES
TOTAL	267.874	199.389	185.555
PROFIT/ (LOSS) BEFORE TAX	28.808	11.416	11.829
TAX	11.874	2.684	4.036
PROFIT/ (LOSS) AFTER TAX	16.934	8.732	7.793
EARNINGS IN FOREIGN CURRENCY
F.O.B. Value of Exports	148.398	49.196	81.870
TOTAL EARNINGS	148.398	49.196	81.870
IMPORTS	100.638	62.404	77.064
Earnings / (Loss) Per Share (Rs.)	28.91	14.91	13.31

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	5.71	4.14	3.95
Operating Profit Margin (PBIDT/Sales)	(%)	9.71	5.42	5.99
Return on Total Assets (PBT/Total Assets}	(%)	12.26	5.47	6.62
Return on Investment (ROI) (PBT/Networth)		0.23	0.10	0.12
Debt Equity Ratio (Total Debt /Networth)		0.26	0.59	0.35
Current Ratio (Current Asset/Current Liability)		1.37	1.33	1.65

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	5.857	5.857	5.857
Reserves & Surplus	95.828	104.560	121.494
Net worth	101.685	110.417	127.351
long-term borrowings	8.468	5.107	4.265
Short term borrowings	27.571	60.052	29.125
Total borrowings	36.039	65.159	33.390
Debt/Equity ratio	0.354	0.590	0.262

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)
Sales	197.367	210.805	296.682
		6.809	40.738

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	197.367	210.805	296.682
Profit	7.793	8.732	16.934
	3.95%	4.14%	5.71%

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	Yes

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term borrowings
Loans and advances from directors	0.000	0.000
Short-term borrowings
Loans and advances from related parties	10.534	6.572
Total	10.534	6.572

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10506814	10/06/2014	23,000,000.00	BANK OF INDIA	NEW DELHI OVERSEAS, G-40, CONNAUGHT CIRCUS, NEW D  ELHI, DELHI - 110001, INDIA	C09749698
2	10412410	15/03/2013	6,000,000.00	PNB HOUSING FINANCE LIMITED	9TH FLOOR ANTRIKSH BHAWAN, 22 K G MARG, NEW DELHI  , DELHI - 110001, INDIA	B70988365
3	10275532	26/03/2013 *	80,850,000.00	BANK OF INDIA	NEW DELHI OVERSEAS BRANCH, VIJAYA BUILDING, 17-BA  RAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B75686667
4	10050186	03/03/2008 *	68,079,000.00	BANK OF INDIA	NEW DELHI OVERSEAS BRANCH, VIJAYA BUILDING, 17-BA  RAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	A34965111
5	90050599	26/03/2013 *	80,850,000.00	BANK OF INDIA	NEW DELHI OVERSEAS BRANCH, VIJAYA BUILDING, 17-BA  RAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B75686204
6	90050403	17/03/2012 *	12,000,000.00	BANK OF INDIA	CONNAUGHT CIRCUS BRANCH, H-16, INDIRA PALACE, CON  NAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA	B39101308
7	90050250	12/12/2003	22,750,000.00	BANK OF INDIA	OVERSEAS BRANCH, NEW DELHI, DELHI, INDIA	-
8	90050021	02/09/2003	22,750,000.00	BANK OF INDIA	OVERSEAS BRANCH, NEW DELHI, DELHI, INDIA	-
9	90046732	17/12/2003 *	6,000,000.00	BANK OF INDIA	NEW DELHI OVERSEAS BRANCH, BARAKHAMBA ROAD, NEW D  ELHI, DELHI, INDIA	-

* Date of charge modification

OPERATIONAL RESULTS

During the financial year 2013-14, the total revenue of the company (excluding excise duty) has been reported at Rs.296.682 Millions compared to Rs.210.805 of previous year reflecting remarkable increase over the last fiscal.

FIXED ASSETS

• Furniture and Fixtures
• Building
• Land
• Computers
• Plant and Machinery
• Air Conditioners
• Electric Installations
• Lab Equipments
• Generator Set
• Tools
• Cellular Phone
• Intercom
• Office Equipments
• Tube Well
• Security Control Device
• Vehicle

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.61.50
UK Pound	1	Rs.92.16
Euro	1	Rs.69.62

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		44

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.