MIRA INFORM REPORT

Report No. :	332547
Report Date :	22.07.2015

IDENTIFICATION DETAILS

Name :	SIMPEX PHARMA PRIVATE LIMITED
Registered Office :	B 4/160, Basement Safdarjung Enclave, New Delhi - 110029
Tel. No.:	91-11-41097483
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.03.1997
Com. Reg. No.:	55-085657
Capital Investment / Paid-up Capital :	Rs. 25.000 Million
CIN No.: [Company Identification No.]	U33112DL1997PTC085657
IEC No.:	0597000409
TAN No.: [Tax Deduction & Collection Account No.]	DELS20452F
PAN No.: [Permanent Account No.]	AABCS7865B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture of Pharmaceutical Medicines.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 220000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Subject has recorded huge losses from its operating activities during FY 2012, 2013 and 2014. Rating also takes into consideration low reserve and unfavorable gap between trade receivable and payables of the company. However, trade relations are fair. Business is active. Payment terms are reported to be slow. The company can be considered of business dealings with 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 – 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 PARTED BY

Name :	Mr. Sanjay Arora
Designation :	General Manager
Contact No.:	91-11-41097483
Date :	17.07.2015

LOCATIONS

Registered Office :	B 4/160, Basement Safdarjung Enclave, New Delhi – 110029, India
Tel. No.:	91-11-41097483
Fax No.:	91-11-26169590
E-Mail :	export@simpexpharma.net sarora@simpexpharma.net
Website :	www.simpexpharna.net
Location :	Owned
Locality:	Commercial
Factory :	C-7 to C-13 and C-59 to C-64, Sigaddi Growth, Kotdawar, Utarakhand, India
Head Office :	1104 - 1107, 11th Floor, 38 Ansal Tower Nehru, Delhi - 110048

DIRECTORS

As on 29.09.2014

Name :

Mr. Sangeeta Arora

Designation :

Director

Address :

432 Tower-II East of Kailash, New Delhi – 110065, India

Date of Birth/Age :

05.01.1971

Date of Appointment :

01.12.2005

DIN No. :

00843042

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	U33112DL1997PTC085657	SIMPEX PHARMA PRIVATE LIMITED	Director	01/12/2005	01/12/2005	-	Active	NO
2	U64201DL2005PTC139643	NAINA TELE SYSTEMS PRIVATE LIMITED	Director	20/12/2005	20/12/2005	22/05/2007	Active	NO
3	U72901DL2006PTC148518	CARAMBOLA SOFTECH PRIVATE LIMITED.	Director	29/04/2006	29/04/2006	-	Active	NO

Name :

Ms. Sheetal Prasad Singh

Designation :

Director

Address :

B-38 Hill View Apartments, New DelhI, India

Date of Birth/Age :

16.08.1960

Date of Appointment :

07.03.1997

DIN No. :

01030371

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	U33112DL1997PTC085657	SIMPEX PHARMA PRIVATE LIMITED	Director	07/03/1997	07/03/1997	-	Active	NO
2	U34300DL2002PLC115903	ALTENERGY INDIA LIMITED	Director	20/06/2002	20/06/2002	19/08/2010	Active	NO
3	U31909DL2001PTC171519	UTSAV SAFETY SYSTEMS PRIVATE LIMITED (ALTERATION)	Director	30/10/2005	30/10/2005	30/09/2008	Active	NO
4	U74899DL2005PTC143836	SIMPEX REALMED PRIVATE LIMITED	Director	08/02/2007	08/02/2007	-	Strike off	NO
5	U40107DL2008PTC182246	HYDROCARBON TECH PRIVATE LIMITED	Director	20/08/2008	20/08/2008	-	Active	NO
6	U74120DL2009PTC195696	ARGENTUM ENGINES PRIVATE LIMITED	Director	16/12/2009	16/12/2009	16/01/2011	Strike off	NO
7	U51102DL2003PTC122788	DILSAYA FUEL SERVICES PRIVATE LIMITED	Director	05/05/2010	05/05/2010	17/05/2010	Active	NO

Name :

Ms. Bhagwati Prasad Singh

Designation :

Director

Address :

Sarai Kalyan, Baruaripur, Sultanpur – 228001, Uttar Pradesh, India

Date of Birth/Age :

06.12.1964

Date of Appointment :

25.01.2008

DIN No. :

02017348

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	U33112DL1997PTC085657	SIMPEX PHARMA PRIVATE LIMITED	Director	25/01/2008	25/01/2008	-	Active	NO
2	U70102UP2011PTC046057	HELM INFRADEVELOPERS PRIVATE LIMITED	Director	30/01/2012	30/01/2012	-	Active	NO

Name :

Mr. Binoy Kumar Mishra

Designation :

Director

Address :

At. Bhagra Road, Baripada, Mayurbhanj, Orissa- 757002, India

Date of Birth/Age :

03.01.1969

Date of Appointment :

15.02.2010

DIN No. :

02920494

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	U33112DL1997PTC085657	SIMPEX PHARMA PRIVATE LIMITED	Director	28/09/2010	15/02/2010	-	Active	NO
2	U24233OR1999PTC005843	PHYTO MEDIPHARMA RESOURCES PRIVATE LIMITED	Additional director	14/01/2013	14/01/2013	-	Active	NO

Name :

Mr. Naresh Santhanam

Designation :

Director

Address :

D1/117,Parameshwar Vihar, 28 Arcot Road, Chennai – 600093, Tamilnadu, India

Date of Birth/Age :

18.04.1969

Date of Appointment :

15.02.2010

DIN No. :

02920517

Name :

Ms. Sharmila Seshan

Designation :

Director

Address :

D1/117,Parameshwar Vihar, 28 Arcot Road, Chennai – 600093, Tamilnadu, India

Date of Birth/Age :

10.10.1969

Date of Appointment :

15.02.2010

DIN No. :

02920534

Name :

Mr. Rajesh Arora

Designation :

Director

Address :

E-0302, 2nd Floor, East of Kailash, New Delhi, India

Date of Birth/Age :

09.03.1970

Date of Appointment :

17.03.2010

DIN No. :

02958846

Name :

Mr. Ajay Kumar Mishra

Designation :

Director

Address :

At. Bhagra Road, Baripada, Mayurbhanj, Orissa- 757002, India

Date of Birth/Age :

06.06.1960

Date of Appointment :

06.04.2010

DIN No. :

02968198

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	U33112DL1997PTC085657	SIMPEX PHARMA PRIVATE LIMITED	Director	28/09/2010	06/04/2010	-	Active	NO
2	U60231OR2011PTC013303	INDRANI ENTERPRISES PRIVATE LIMITED	Managing director	14/03/2011	14/03/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay Arora
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares
Bhagwati Prasad Singh	575000
Santhanam Bama	575000
Rajesh Arora	625000
Ajay Kumar Mishra	575000
Baylake Finance SA	150000
Total	2500000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	6.00
Directors or relatives of Directors	94.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture of Pharmaceutical Medicines.
Products :	Pharmaceutical Medicines
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	China
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

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 :

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:	Not Divulged

No. of Employees :

250 (Approximately)

Bankers :

Bank Name	Corporation Bank
Branch	Greater Kailash 2, Delhi – 110048, 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)	Continuously Ringing

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loan
From Bank
Corporation Bank	0.000	21.361
Car Loan Innova HDFC Bank Limited	0.000	0.346
Car Loan DL 12C0752 HDFC Bank Limited	0.032	0.429
Loans from Director	203.446	15.000
Loans from share holders	42.000	220.446
SHORT TERM BORROWING
Loan Repayable
From Bank (Corporation Bank 028600401110006)	0.000	5.669
Total	245.478	263.251

Auditors :
Name :	Ved Jain and Company Chartered Accountants
Address :	33, Babar Road, 1^st Floor, Bengali Market, New Delhi, India
Tel. No.:	91-11-23354546, 23354547
Fax No.:	91-11-23354548
Email:	mail@vedjainassociate.com
PAN No. :	AAAFV4841Q
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs. 25.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs. 25.000 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	25.000	25.000	25.000
(b) Reserves & Surplus	54.074	53.488	68.392
(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)	79.074	78.488	93.392
(3) Non-Current Liabilities
(a) long-term borrowings	245.478	257.582	251.920
(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	3.106	2.627	1.479
Total Non-current Liabilities (3)	248.584	260.209	253.399
(4) Current Liabilities
(a) Short term borrowings	0.000	5.669	13.610
(b) Trade payables	26.051	8.021	48.345
(c) Other current liabilities	55.678	37.424	0.000
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	81.729	51.114	61.955
TOTAL	409.387	389.811	408.746
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	251.276	278.925	308.514
(ii) Intangible Assets	0.000	0.000	30.100
(iii) Capital work-in-progress	20.439	25.692	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.027	0.027	0.027
(c) Deferred tax assets (net)	37.925	37.442	28.759
(d) Long-term Loan and Advances	3.210	2.632	2.811
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	312.877	344.718	370.211
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	52.770	13.645	7.657
(c) Trade receivables	1.958	1.170	2.461
(d) Cash and cash equivalents	30.932	2.180	8.757
(e) Short-term loans and advances	10.760	28.070	19.644
(f) Other current assets	0.090	0.028	0.016
Total Current Assets	96.510	45.093	38.535
TOTAL	409.387	389.811	408.746

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL SALES	270.000 (Approximetly)	N.A	N.A
Less	TOTAL EXPENSES	N.A	N.A	N.A
	PROFIT/ (LOSS) BEFORE TAX	N.A	N.A	N.A
Less	TAX	N.A	N.A	N.A
	PROFIT/ (LOSS) AFTER TAX	4.914	46.027	0.000
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	250.433	153.400	108.774
	TOTAL EARNINGS	250.433	153.400	108.774
	IMPORTS
	Raw Materials	54.503	33.271	3.37
	Capital Goods	2.275	2.906	1.067
	TOTAL IMPORTS	56.778	36.177	4.437
	Earnings / (Loss) Per Share (Rs.)	(1.965)	(5.96)	(18.41)

Particulars	31.03.2015
Sales Turnover (Approximately)	270.000

The above information has been parted by Mr. Sanjay Arora

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	19.986	15.414	15.048
Cash generated from operations	N.A	N.A	N.A
Net cash flow from operating activity	N.A	N.A	N.A

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt /Networth)	3.36	3.55	3.00
Current Ratio (Current Asset/Current Liability)	1.18	0.88	0.62

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	25.000	25.000	25.000
Reserves & Surplus	68.392	53.488	54.074
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	93.392	78.488	79.074
long-term borrowings	251.920	257.582	245.478
Short term borrowings	13.610	5.669	0.000
Current maturities of long-term debts	15.048	15.414	19.986
Total borrowings	280.578	278.665	265.464
Debt/Equity ratio	3.004	3.550	3.357

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
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	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10287786	17/07/2014 *	54,200,000.00	CORPORATION BANK	GREATER KAILASH-II, NEW DELHI, DELHI - 110048, INDIA	C15618739
2	10182336	21/10/2009	100,000,000.00	CORPORATION BANK	M - 3 & 4,, GREATER KAILASH - II, NEW DELHI, DELHI - 110048, INDIA	A72318769
3	10181318	01/09/2009	100,000,000.00	CORPORATION BANK	M - 3 & 4,, GREATER KAILASH - II, NEW DELHI, DELHI - 110048, INDIA	A71701973

FIXED ASSETS

· Land (Factory)

· Building (Factory)

· Computer and Accessories

· Furniture and Fixture

· Office and Equipments

· Plant and Machinery

· Utilities and Lab Equipment

· Vehicles

· Tub well

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.63.65
UK Pound	1	Rs.99.13
Euro	1	Rs.69.90

INFORMATION DETAILS

Information Gathered by :	MAN
Analysis Done by :	SAN
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--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		26

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.