MIRA INFORM REPORT

Report No. :	332456
Report Date :	15.07.2015

IDENTIFICATION DETAILS

Name :	GALPHA LABORATORIES LIMITED
Registered Office :	Exhibition Road, P.S.Gandhi Maidan, Patna – 800001, Bihar
Tel. No.:	91-22-30400999
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.04.1986
Com. Reg. No.:	03-002323
Capital Investment / Paid-up Capital :	Rs. 49.900 Million
CIN No.: [Company Identification No.]	U24230BR1986PLC002323
IEC No.:	0393046141
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCG2175Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Products.
No. of Employees :	Not Divulged

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 1200000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well-established private limited company incorporated in the year 1986, having satisfactory track. Rating takes into consideration company’s strong financial risk profile marked by healthy net worth base, comfortable gearing and fair profitability margin. Overall financial condition of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings with 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 Rating = “BBB+”
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	05.08.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = “A2”
Rating Explanation	Strong degree of safety and low credit risk.
Date	05.08.2014

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 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Nirav Shah
Designation :	Assistant Manager Finance
Contact No.:	91-22-30400999
Date :	15.07.2015

LOCATIONS

Registered Office :	Exhibition Road, P. S. Gandhi Maidan, Patna – 800001, Bihar, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	galpha@bom5.vsnl.net.in
Website :	www.galpha.com
Head Office :	610, Shah Nahar Industrial Estate, Dr. E Moses Road, Worli (West), Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-30400999
Fax No.:	91-22-30400900

DIRECTORS

As on 30.09.2014

Name :

Mr. Anju Singh

Designation :

Director

Address :

Bunglow No.4, Garden Estate, Pokharan Road No.2, Chitalsar, Thane, 400602, Maharashtra, India

Date of Birth/Age :

11.07.1949

Date of Appointment :

15.06.2001

DIN No.:

00895910

Name :

Jyoti Prakash Narayan Singh

Designation :

Director

Address :

404, Valentine Tower No.1, Goregaon Mulund Link Road, Goregaon (West), Mumbai, 400099, Maharashtra, India

Date of Birth/Age :

19.11.1974

Date of Appointment :

01.06.2005

DIN No.:

00895886

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	U24230BR1986PLC002323	GALPHA LABORATORIES LIMITED.	Director	01/06/2002	01/06/2002	-	Active	NO
2	U25200BR2004PTC010617	SCORPION CONTAINERS PRIVATE LIMITED	Director	01/03/2004	01/03/2004	-	Active	NO
3	U51109BR2006PTC012270	SCORPION EXPRESS PRIVATE LIMITED	Director	30/03/2006	30/03/2006	-	Active	NO
4	U55100BR2012PTC019379	ASOKA FOODS AND BEVERAGES PRIVATE LIMITED	Director	19/10/2012	19/10/2012	-	Active	NO

Name :

Rinu Sharma

Designation :

Director

Address :

Flat No.62, 6th Floor, Raj Flavia, Plot No.67, Chapel Road, Mumbai, 400050, Maharashtra, India

Date of Birth/Age :

31.10.1974

Date of Appointment :

01.06.2002

DIN No.:

01286170

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	U24230BR1986PLC002323	GALPHA LABORATORIES LIMITED.	Director	01/06/2002	01/06/2002	-	Active	NO
2	U72200MH2004PTC144030	OSOURCE (INDIA) PRIVATE LIMITED	Director	16/01/2004	16/01/2004	-	Active	NO
3	U74140MH2008PTC185567	RELOCATION ADVISORY SERVICES PRIVATE LIMITED	Director	07/08/2008	07/08/2008	01/01/2010	Active	NO

Name :

Neha Singh

Designation :

Director

Address :

Bunglow No.4, Garden Estate, Glady Alwaries Road, Off Pokharan Road, Thane, 400601, Maharashtra, India

Date of Birth/Age :

16.01.1986

Date of Appointment :

27.09.2010

DIN No.:

03190659

Name :

Khushbu Singh

Designation :

Director

Address :

Bunglow No.4, Garden Estate, Glady Alwaries Road Off Pokharan Road Thane (West), Thane, 400601, Maharashtra, India

Date of Birth/Age :

20.08.1986

Date of Appointment :

27.09.2010

DIN No.:

03190688

KEY EXECUTIVES

Name :	Mr. Nirav Shah
Designation :	Assistant Manager Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Kishore Nawal Singh	144908
Anuj Singh	108782
Kishore Naval Singh HUF	800
Khushboo singh	67564
Neha Singh	67615
Rinu Sharma	25299
Rajeev Sharma	31936
Jyotiprakash Varayan Singh	875
Shalini singh	51221
Total	499000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceutical Products.

Products :

Item Code No.	Product Description
3004	Odicefs T
3004	Clanoxy
3004	B Complex

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 :

• Citi Bank, 9^th floor, DLC Square, Jacaranda Marg, M block, DLF City Phase – II Gurgaon – 122002, Haryana, India

Bank Name	Union Bank of India
Branch	Sai Road, Fauzi Complex, Baddi - 173205, Himachal Pradesh, 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 Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Other loans and advances	168.142	217.795
Total	168.142	217.795

Banking Relations :	--
Auditors :
Name :	R.M. Pandey and Associates Chartered Accountants
Address :	Floor B-Wing, Phoenix House, High Street Phoenix 462 S Bapat Marg, Lower Parel-West Mumbai 400013, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAEFR1978E
Memberships :	--
Collaborators :	--
Associates :	· Scorpion Inc., India · Marks Enterprises, India · Osource (India) Private Limited, India · Alkem Laboratories Limited, India · Ashoka Enterprises, India · Miscorp Packaging, India · Scorpion Express Private Limited, India · Scorpion Containers Private Limited, India

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs.100/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
499,000	Equity Shares	Rs.100/- each	Rs.49.900 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	49.900	49.900	49.900
(b) Reserves & Surplus	375.640	331.633	245.446
(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)	425.540	381.533	295.346
(3) Non-Current Liabilities
(a) long-term borrowings	38.906	42.411	67.484
(b) Deferred tax liabilities (Net)	0.000	0.000	0.829
(c) Other long term liabilities	470.870	421.858	0.000
(d) long-term provisions	23.869	28.712	8.210
Total Non-current Liabilities (3)	533.645	492.981	76.523
(4) Current Liabilities
(a) Short term borrowings	183.043	232.988	182.222
(b) Trade payables	0.000	0.000	306.366
(c) Other current liabilities	31.665	24.102	20.642
(d) Short-term provisions	24.686	25.558	21.620
Total Current Liabilities (4)	239.394	282.648	530.850
TOTAL	1198.579	1157.162	902.719
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	218.319	234.840	182.129
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	37.377
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.210	1.210	1.210
(c) Deferred tax assets (net)	4.293	4.110	0.000
(d) Long-term Loan and Advances	73.533	77.783	56.899
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	297.355	317.943	277.615
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	156.781	182.944	123.287
(c) Trade receivables	641.242	598.476	468.082
(d) Cash and cash equivalents	74.476	29.463	5.383
(e) Short-term loans and advances	25.883	24.800	20.434
(f) Other current assets	2.842	3.536	7.918
Total Current Assets	901.224	839.219	625.104
TOTAL	1198.579	1157.162	902.719

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2212.713	2099.010	1682.697
		Other Income	4.340	1.743	0.809
		TOTAL (A)	2217.053	2100.753	1683.506
Less	EXPENSES
		Cost of Materials Consumed	1027.565	983.220	776.389
		Purchases of Stock-in-Trade	487.613	421.562	340.366
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	14.026	(14.471)	6.633
		Employees benefits expense	215.873	216.861	167.810
		Other expenses	341.453	319.281	267.641
		TOTAL (B)	2086.530	1926.453	1558.839
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		130.523	174.300	124.667
Less	FINANCIAL EXPENSES (D)		29.150	30.805	33.894
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		101.373	143.495	90.773
Less/ Add	DEPRECIATION/ AMORTISATION (F)		33.188	32.898	24.698
	PROFIT BEFORE TAX (E-F) (G)		68.185	110.597	66.075
Less	TAX (H)		14.817	18.560	14.973
	PROFIT AFTER TAX (G-H) (I)		53.368	92.037	51.102
	Earnings Per Share (Rs.)		107.000	184.000	184.000

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	0.000	140.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	116.052	147.814	135.986

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.41	4.38	3.04
Operating Profit Margin (PBIDT/Sales)	(%)	5.90	8.30	7.41
Return on Total Assets (PBT/Total Assets}	(%)	5.72	9.60	7.65
Return on Investment (ROI) (PBT/Networth)		0.16	0.29	0.22
Debt Equity Ratio (Total Debt /Networth)		0.52	0.72	1.32
Current Ratio (Current Asset/Current Liability)		3.76	2.97	1.18

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	49.900	49.900	49.900
Reserves & Surplus	245.446	331.633	375.640
Net worth	295.346	381.533	425.540
long-term borrowings	67.484	42.411	38.906
Short term borrowings	182.222	232.988	183.043
Current maturities of long-term debts	140.000	0.000	0.000
Total borrowings	389.706	275.399	221.949
Debt/Equity ratio	1.319	0.722	0.522

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	1682.697	2099.010	2212.713
		24.741	5.417

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	1682.697	2099.010	2212.713
Profit	51.102	92.037	53.368
	3.04%	4.38%	2.41%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of establishment	Yes
2]	Constitution of the entity -Incorporation details	Yes
3]	Locality of the entity	Yes
4]	Premises details	No
5]	Buyer visit details	--
6]	Contact numbers	Yes
7]	Name of the person contacted	Yes
8]	Designation of contact person	Yes
9]	Promoter’s background	Yes
10]	Date of Birth of Proprietor / Partners / Directors	Yes
11]	Pan Card No. of Proprietor / Partners	No
12]	Voter Id Card No. of Proprietor / Partners	No
13]	Type of business	Yes
14]	Line of Business	Yes
15]	Export/import details (if applicable)	No
16]	No. of employees	No
17]	Details of sister concerns	Yes
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	Yes
22]	Conduct of the banking account	--
23]	Financials, if provided	Yes
24]	Capital in the business	Yes
25]	Last accounts filed at ROC, if applicable	Yes
26]	Turnover of firm for last three years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	Yes
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	No
35]	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advances from related parties	38.907	42.411
Short-term borrowings
Deposits from others	14.225	14.518
Other loans and advances	0.675	0.675
Total	53.807	57.604

OPERATIONS:

1. During the Financial Year 2013-14 the Company has achieved a Sales turnover of Rs.2213.000 Million in comparison to Rs. 2099.000 Million for the Financial Year 2012-13 registering a growth of 5.4%. Domestic sales have grown from Rs.1835.000 Million for Financial Year 2012-13 to Rs. 1895.000 Million for Financial Year 2013-14 registering a growth of 3.3% Export Sales have grown from Rs.262.000 Million for the Financial Year 2012-13 to Rs. 315.000 Million for Financial Year 2013-14 registering a growth of 20.2%.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10465138	22/11/2013	5,000,000.00	UNION BANK OF INDIA	SAI ROAD, FAUZI COMPLEX, BADDI, Himachal Pradesh  - 173205, INDIA	B91541367
2	10466015	24/10/2013	150,000,000.00	CITIBANK N. A.	9th FLOOR, DLF SQUARE, JACARANDA MARG, M BLOCK DLF CITY PHASE II, GURGAON, Haryana - 122002, INDIA	B91901074
3	10191434	31/01/2012 *	346,100,000.00	UNION BANK OF INDIA	5-6, SAI ROAD, FAUZI COMPLEX, BADDI, Himachal Pradesh - 173205, INDIA	B33117557

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Guarantees	23.611	21.980
Other money for which company is contingently liable	7.391	7.391
Total	31.002	29.371

FIXED ASSETS

·Land

·Buildings

·Factory building

·Plant and equipment

·Furniture and fixtures

·Vehicles

·Office equipment

·Computer

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.63.50
UK Pound	1	Rs.98.20
Euro	1	Rs.69.73

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KIN
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--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		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.