MIRA INFORM REPORT

Report No. :	503627
Report Date :	14.04.2018

IDENTIFICATION DETAILS

Name :	ANNEX PHARMACEUTICAL AND CHEMICALS PRIVATE LIMITED
Registered Office :	F-87, 1st Floor, Kohinoor City Mall, Kirol Road, Off LBS Marg, Kurla (West), Mumbai-400070, Maharashtra
Mobile No.:	91-7506276982 [Mr. S S Khan]
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	09.05.2006
Com. Reg. No.:	11-161700
Capital Investment / Paid-up Capital :	INR 10.000 Million
CIN No.: [Company Identification No.]	U24119MH2006PTC161700
IEC No.: [Import-Export Code No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAGCA3262M
TIN No.:	27080561243
GSTN : [Goods & Service Tax Registration No.]	27AAGCA3262M1ZH
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Sale and Trader of Chemicals and Providing Jobwork Services. [Registered Activity]
No. of Employees :	Information declined by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2006 and it is engaged in manufacturing and trading of chemicals. As per financials of March 2017, the company has registered decline in its revenue as compared to previous year’s revenue and has reported average profit margin. Rating takes into consideration the company’s moderate financial risk profile along with low reserves level and unfavourable gap between its trade payables to its trade receivables. Payment terms seems to be slow but correct. In view of aforesaid, 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.

EXTERNAL AGENCY RATING

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 14.04.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DECLINED BY

Name :	Mr. S S Khan
Designation :	Director
Contact No.:	91-7506276982
Date :	13.04.2018

LOCATIONS

Registered Office :	F-87, 1st Floor, Kohinoor City Mall, Kirol Road, Off LBS Marg, Kurla (West), Mumbai-400070, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-7506276982 [Mr. S S Khan]
Fax No.:	Not Available
E-Mail :	info@annexpharma.com sales@annexpharma.com accounts@annexpharma.com
Website:	www.annexpharma.com
Factory :	G 25, MIDC, Nagapur, Ahmednagar - 414111, Maharashtra, India
Tel. No.:	91-241-2779219
Fax No.:	91-241-2779210

DIRECTORS

AS ON: 31.03.2017

Name :

Mr. Sahabuddin Sirajuddin Khan

Designation :

Director

Address :

C-9, Kumar Sadan Co-Op Hsg Soc Near Kartika High School, Kurla-(West), Mumbai-400070, Maharashtra, India

Date of Birth/Age :

04.04.1974

Date of Appointment :

09.05.2006

Passport No.:

A2383207

DIN No.:

02410897

Other Directorship :

CIN/FCRN	Company Name	Begin Date
U99999MH1996PTC100977	RAMKAMAL CHEMICALS PRIVATE LIMITED	06/05/2010

Name :

Mr. Sirajuddin Sartaj Khan

Designation :

Director

Address :

Flat No. 2613, Phase 3, Kohinoor City Off. Lbs Marg, Kirol Road, Kurla (West), Mumbai-400070, Maharashtra, India

Date of Birth/Age :

12.04.1949

Date of Appointment :

09.05.2006

PAN No.:

AHOPK4972B

DIN No.:

02410924

Name :

Mr. Sadruddin Sirajuddin Khan

Designation :

Director

Address :

C-9, Kumar Sadan Co-Op Housing Society, New Hall Road Near Kartika High School, Kurla-(West), Mumbai-400070, Maharashtra, India

Date of Birth/Age :

19.05.1975

Date of Appointment :

09.05.2006

PAN No.:

AGSPK3117E

DIN No.:

02428234

Other Directorship :

CIN/FCRN	Company Name	Begin Date
U99999MH1996PTC100977	RAMKAMAL CHEMICALS PRIVATE LIMITED	06/05/2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.03.2017

Names of Shareholders	No. of Shares	Percentage of Holding
Sahabuddin Khan	333334	33.34
Sirajuddin Khan	333333	33.33
Sadruddin Khan	333333	33.33
Total	1000000	100.00

AS ON: 30.09.2017

Equity Share Breakup	Percentage of Holding
Category
Promoters – Individual/ Hindu Undivided Family – Indian	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Sale and Trader of Chemicals and Providing Jobwork Services. [Registered Activity]

Products :

ITC Code No.	Product Descriptions
28151200	Sodium Hydroxide (Caustic Soda); Potassium Hydroxide (Caustic
29023000	Cyclic Hydrocarbons
29031500	Halogenated Derivatives Of Hydrocarbons
29051220	Acyclic Alcohols And Their Halogenated,Sulphonated, Nitrated Or Nitrosated Derivatives
29071990	Phenols; Phenol-Alcohols
29091900	Ethrs & Thr Drvtvs Ketone Peroxides (W/N Chmcly Dfnd)& Thr Halgntd Slphntd Nitrated/Nitrosated Derivatives
29141100	Ktns & Quinones,W/N Wth Othr Oxygn Fnctn, Thr Halgntd Slphntd Nitrtd/Nitrstd Drvtvs
29153100	Satrtd Acylc Monocrboxylic Acids & Thr Anhydrtds,Halids,Peroxids & Peroxy Acids; Thr Halgntd Slphntd Nitrtd/Nitrstd Drvtv
29211190	Amine- Function Compounds
29269095	Nitrile-Function Compounds
29321100	Htrcyclc Cmpnds Wth Oxygn Htr-Atm(S) Only
29333100	Heterocyclic Compounds With Nitrogen
38140010	Organic Composite Solvents And Thinners, Not Elsewhere Specified Or Included; Prepared Paint Or Varnish Removers
38259000	Residual Products Of The Chemical Or Allied
72044900	Ferrous Waste And Scrap; Remelting Scrap Ingots
73101010	Tanks,Drums Etc & Smlr Contnrs For Materls(Othr Thn Cmprsd/Lqfd Gas)-Capcty<=300ltrnot Fitted Wth Mechncl Or Therml Eq
99884200	Manufecturing Services On Physical Inputs Owned By Others

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

Not Divulged

Bankers :

· Dena Bank

CST Road, Kalina, Santacruz-East,, Mumbai - 400098, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
Term Loans from Banks Dena Bank	20.425	28.644
Bank of India [Secured against Plant and Machinery]	2.054	3.230
SHORT TERM BORROWINGS
Cash Credit Dena Bank [Secured against Stock and Debtors]	10.090	10.000
Total	32.569	41.874

Auditors :
Name :	Shetty Naik and Associates Chartered Accountants
Address :	31, Madhuban Industrial Estate, Plot No.30, Off. Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel No.:	91-22-42148484/ 61498484 [15 Lines]
Fax No.:	91-22-42148485
E-Mail :	sna@snachartered.com
PAN No.:	AAYFS4893F
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Company :	Ramkamal Chemicals Private Limited [U99999MH1996PTC100977]
Enterprises owned or significantly influenced by Key Management Personnel or their relatives:	· Chem Trade · Clear Chem · Accord Waste Management Inds · Transwell Enviro Roadlines

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	INR 10/- each	INR 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	INR 10/- each	INR 10.000 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.000	10.000	10.000
(b) Reserves & Surplus	6.944	5.547	13.511
(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)	16.944	15.547	23.511
(3) Non-Current Liabilities
(a) Long-term borrowings	23.397	32.528	42.695
(b) Deferred tax liabilities (Net)	0.000	0.000	0.326
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.999	3.602	3.602
Total Non-current Liabilities (3)	27.396	36.130	46.623
(4) Current Liabilities
(a) Short term borrowings	10.090	10.000	10.120
(b) Trade payables	47.455	47.664	10.552
(c) Other current liabilities	30.152	39.091	32.717
(d) Short-term provisions	0.833	0.383	0.129
Total Current Liabilities (4)	88.530	97.138	53.518
TOTAL	132.870	148.815	123.652
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	67.675	78.016	14.693
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	55.854
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	7.930	7.930	7.930
(c) Deferred tax assets (net)	4.544	5.254	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	18.571	20.870	23.736
Total Non-Current Assets	98.720	112.070	102.213
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	19.644	12.273	13.563
(c) Trade receivables	10.343	13.743	3.359
(d) Cash and cash equivalents	0.886	1.059	0.411
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	3.277	9.670	4.106
Total Current Assets	34.150	36.745	21.439
TOTAL	132.870	148.815	123.652

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016	31.03.2015
	SALES
		Revenue from Operations	115.691	126.519	13.220
		Other Income	0.568	1.785	1.211
		TOTAL (A)	116.259	128.304	14.431
Less	EXPENSES
		Cost of Materials Consumed	61.595	94.320	10.224
		Employees benefits expense	4.822	3.844	2.102
		Other expenses	23.991	21.098	6.578
		TOTAL (B)	90.408	119.262	18.904
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		25.851	9.042	(4.473)
Less	FINANCIAL EXPENSES (D)		5.128	5.522	2.366
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		20.723	3.520	(6.839)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		18.643	17.063	0.796
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		2.080	(13.543)	(7.635)
Less	TAX (H)		0.683	(5.580)	0.026
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		1.397	(7.963)	(7.661)
	Earnings/ (Loss) Per Share (INR)		1.40	(7.96)	(7.66)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	21.580	41.965	NA
Net Cash flow from Operating activities	21.733	40.856	18.803

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	32.63	39.65	92.74
Account Receivables Turnover (Income / Sundry Debtors)	11.19	9.21	3.94
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	281.21	184.45	376.71
Inventory Turnover (Operating Income / Inventories)	1.32	0.74	(0.33)
Asset Turnover (Operating Income / Net Fixed Assets)	0.38	0.12	(0.06)

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.84	0.87	0.78
Debt Equity Ratio (Total Liability / Networth)	1.98	2.74	2.25
Current Liabilities to Networth (Current Liabilities / Net Worth)	5.22	6.25	2.28
Fixed Assets to Networth (Net Fixed Assets / Networth)	3.99	5.02	3.00
Interest Coverage Ratio (PBIT / Financial Charges)	5.04	1.64	(1.89)

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	1.21	(6.29)	(57.95)
Return on Total Assets ((PAT / Total Assets) * 100)	%	1.05	(5.35)	(6.20)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	8.24	(51.22)	(32.58)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.39	0.38	0.40
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.16	0.25	0.15
G-Score Ratio Financial (Networth / Total Assets)	0.13	0.10	0.19
G-Score Ratio Debt (Debts / Equity Capital)	3.35	4.25	5.28
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.39	0.38	0.40

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particulars	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	10.000	10.000	10.000
Reserves & Surplus	13.511	5.547	6.944
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	23.511	15.547	16.944
Long-term borrowings	42.695	32.528	23.397
Short term borrowings	10.120	10.000	10.090
Total borrowings	52.815	42.528	33.487
Debt/Equity ratio	2.246	2.735	1.976

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	13.220	126.519	115.691
		857.027	-8.558

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	13.220	126.519	115.691
Profit/ (Loss)	(7.661)	(7.963)	1.397
	(57.95%)	(6.29%)	1.21%

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	No
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

INDEX OF CHARGES

CHARGES REGISTERED
SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	C08192700	10505010	DENA BANK	22/04/2014	-	-	50400000.0	JUHU VILEPARLE BRANCH, SHARADA BHAVANSV MEHTA MARG, VILEPARLE WESTMUMBAIMH400056IN
2	B75872853	10428066	BANK OF INDIA	02/05/2013	-	-	6000000.0	JAMSHEDJI TATA ROAD,EROS BUILDING, CHURCHGATE,MUMBAIMH400020IN
3	A86122025	10317116	DENA BANK	03/03/2010	-	-	7500000.0	CST ROAD,KALINA, SANTACRUZ-EAST,MUMBAIMH400098IN

UNSECURED LOANS

PARTICULARS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
From Other Parties Sundaram Finance [Secured against Motor vehicle]	0.918	0.654
Total	0.918	0.654

NATURE OF OPERATIONS:

Annex Pharmaceutical and Chemicals Private Limited (the Company) is a private company domiciled in India and incorporated on 9th May 2006 under the provisions of the Companies Act. 1956. The Company is into the business of Manufacturing/Trading of Chemicals and providing Job Work services. Company's principal revenue stream is through sale of chemicals.

FIXED ASSETS:

· Computer and Accessories

· Furniture and Fixture

· Plant and Machinery

· Office Equipment

· Office Premises

· Factory Building

· Vehicles

· Land

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	INR
US Dollar	1	INR 65.22
UK Pound	1	INR 92.77
Euro	1	INR 80.34

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	VIV
Report Prepared by :	RUP

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.