MIRA INFORM REPORT

Report No. :	504679.2
Report Date :	19.05.2018

IDENTIFICATION DETAILS

Name :	VASU AGENCIES HYD PRIVATE LIMITED (w.e.f. 01.01.2018)
Formerly Known As :	VASU MEDICAL AGENCIES PRIVATE LIMITED
Registered Office :	3-6-515/4 and 3-6-516/1, 1st Floor, Vasu Pharma House, Hardikar Bagh, Street No.6, Himayathnagar, Hyderabad – 500029, Telangana
Tel. No.:	91-40-66617278 / 27677278
Country :	India
Financials (as on) :	31.03.2017 [VASU AGENCIES - PARTNERSHIP CONCERN]
Date of Incorporation :	23.11.2017
Com. Reg. No.:	36-120783
Capital Investment / Paid-up Capital :	INR 2.450 Million [VASU AGENCIES HYD PRIVATE LIMITED] INR 52.332 Million [VASU AGENCIES - PARTNERSHIP CONCERN]
CIN No.: [Company Identification No.]	U51909TG2017PTC120783
IEC No.: [Import-Export Code No.]	Not Applicable (As informed by the management that firm does not have export and import)
D. L. No.:	20B/ 21 B TS/HYD/2018-31071 20 / 21 TS/HYD/2018-31301 20F TS/HYD/2018-31304 20G TS/HYD/2018-31307
GSTN : [Goods & Service Tax Registration No.]	36AAGCV1832J1Z7
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAGCV1832J
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and distributor of pharmaceutical products. [Registered activity and confirmed by management]
No. of Employees :	255 (Approximately)

RATING & COMMENTS

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

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 150000 (As on 31.03.2017)
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was originally established as partnership concern in the year 1985 as “Vasu Agencies”. Later in November 2017 it got converted into private limited company with the name of “Vasu Agencies Hyd Private Limited. The subject is engaged as trader and distributor of pharmaceutical products. Mr. Ramesh (Director) provided information and claimed that the functioning of the subject has started from 5th February 2018 and further achieved a sales turnover of approximately INR 550 million for FY-2018 (2 months). As per the available financials of 2017, the subject has achieved decent growth of 5.18% in its sales turnover as compared to its previous year along with fair profit margin during the year. Rating takes into account, the subject’s long track record of its business operation marked by its well-experienced management team in pharmaceutical sector. However, these rating gets partially offset by its presence in highly competitive pharmaceutical market. Payment seems to be usually correct. In view of aforesaid, the company can be considered for business dealing at usual trade terms and conditions. Note 1: The available audited financial are of partnership concern. Note 2: Site visit was conducted at the given address and our executive have successfully traced the subject. At the premises our executive met to Mr. Narayana (Employee) confirmed the existence of the subject on the given address. As per our executive’s observation, it’s a 3 storey building and the whole building belongs to the subject and the area of the premise is approximately 5000 sq. ft. Location was easy to find, locality seems to be commercial and area near the premise building appears to be upmarket. Landmark: Narayana Junior College. Our executive have sighted approximately 5 employees at the premises. Name board of the subject was sighted at the given premise address. On inquiry with Mr. Prasad from “Narayana Junior College” and Mr. Dasu from “St. Paul Degree College” both the person from neighbour college confirmed the existence of the subject on the given address. Note 3: As per the name board, and confirmation by management the subject is a part of “Vasu Group”.

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

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 31-03-2018.

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 19.05.2018

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 PARTED BY

Name :	Mr. Ramesh Bejgam
Designation :	Director
Contact No.:	91-9396541824
Date :	24.04.2018

LOCATIONS

Registered Office :	3-6-515/4 and 3-6-516/1, 1st Floor, Vasu Pharma House, Hardikar Bagh, Street No.6, Himayathnagar, Hyderabad – 500029, Telangana, India
Tel. No.:	91-40-66617278 / 27677278
Mobile No.:	91-9396541824 / 9849034156 (Mr. Ramesh Bejgam)
Fax No.:	Not Available
E-Mail :	vasuvvsd@gmail.com vasugrouphyderabad@gmail.com
Area :	5000 Sq. ft.
Location :	Owned
Locality :	Commercial

DIRECTORS

AS ON 2018

Name :

Mr. Srinivas Bejgam

Designation :

Director

Address :

1-10-25, Vasu Nilayam, Street No 3, Ashoknagar, Hyderabad – 500020, Telangana, India

Date of Birth/ Age :

10.04.1967

Date of Appointment :

23.11.2017

DIN No.:

01441416

PAN No.:

AAPPB0910M

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24100TG2014PTC093300	VASU ORGANICS PRIVATE LIMITED	04/03/2014	-
U51909TG2017PTC120802	VASU VACCINES & SPECIALITY DRUGS PRIVATELIMITED	23/11/2017	-
U51909TG2017PTC121037	VASU PHARMA DISTRIBUTORS HYD PRIVATE LIMITED	07/12/2017	-
U51909TG2017PTC121099	VENKATASAI AGENCIES HYD PRIVATE LIMITED	08/12/2017	-

Name :

Mr. Ramesh Bejgam

Designation :

Director

Address :

1-10-25, Vasu Nilayam, Street No 3, Ashoknagar, Hyderabad – 500020, Telangana, India

Date of Birth/ Age :

10.03.1969

Date of Appointment :

23.11.2017

DIN No.:

01441460

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24100TG2014PTC093300	VASU ORGANICS PRIVATE LIMITED	09/09/2014	-
U51909TG2017PTC120802	VASU VACCINES & SPECIALITY DRUGS PRIVATELIMITED	23/11/2017	-
U51909TG2017PTC121037	VASU PHARMA DISTRIBUTORS HYD PRIVATE LIMITED	07/12/2017	-
U51909TG2017PTC121099	VENKATASAI AGENCIES HYD PRIVATE LIMITED	08/12/2017	-

Name :

Mr. Bhanumurthy Bejgam

Designation :

Director

Address :

1-10-25, Vasu Nilayam, Street No 3, Ashoknagar, Hyderabad – 500020, Telangana, India

Date of Birth/ Age :

18.06.1964

Date of Appointment :

23.11.2017

DIN No.:

01445910

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24100TG2014PTC093300	VASU ORGANICS PRIVATE LIMITED	04/03/2014	-
U51909TG2017PTC120802	VASU VACCINES & SPECIALITY DRUGS PRIVATELIMITED	23/11/2017	-
U51909TG2017PTC121037	VASU PHARMA DISTRIBUTORS HYD PRIVATE LIMITED	07/12/2017	-
U51909TG2017PTC121099	VENKATASAI AGENCIES HYD PRIVATE LIMITED	08/12/2017	-

MAJOR SHAREHOLDERS

AS ON 22.11.2017

Names of Shareholders	No. of Shares	% of holding
Bhanumurthy Bejgam	81667	33.34
Srinivas Bejgam	81667	33.34
Ramesh Bejgam	81666	33.32
Total	245000	100.00

BUSINESS DETAILS

Line of Business :	Trader and distributor of pharmaceutical products. [Registered activity and confirmed by management]
Products / Services :	Pharmaceutical Products
Brand Names :	Not Available
Agencies Held :	Mankind Abbott Sun Pharma Cipla
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cheque
Purchasing :	Cheque

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark :	--

Customers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark :	--

No. of Employees :

255 (Approximately)

Bankers :

Banker Name :	HDFC Bank Limited
Branch :	Ground Floor, Kalpavruskha ADJ Laxmi Hyundai Show Room, Himayat Nagar Branch, Hyderabad – 500029, Telangana, India
Person Name (With Designation) :	--
Contact Number :	91-9949493333 (Continuously Ringing)
Name of Account Holder :	--
Account Number :	57500000144831 (Not confirmed with banker)
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Facilities :

[VASU AGENCIES - PARTNERSHIP CONCERN]

SECURED LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
Kotak Mahindra Bank OD a/c	54.580	45.523
Kotak Mahindra Bank Car Loan	1.750	2.162
Total	56.330	47.685

Auditors :
Name :	E. Saptharushi and Company Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Group Companies (Confirmed by management) :	Vasu Pharma Hyd Private Limited Venkata Sai Agencies Hyd Private Limited Vasu Vaccines and Speciality Drugs Private Limited

CAPITAL STRUCTURE

VASU AGENCIES HYD PRIVATE LIMITED

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	INR 10/- each	INR 12.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
245000	Equity Shares	INR 10/- each	INR 2.450 Million

[VASU AGENCIES - PARTNERSHIP CONCERN]

PARTNERS’ CAPITAL ACCOUNTS

B. Srinivas

Particulars	INR in Million	Particulars	INR in Million
To withdrawals	6.479	By balance b/d	25.476
To balance c/d	25.456	By interest on capital	1.529
		By salary	1.200
		By share of profit 50%	3.730
Total	31.935	Total	31.935

B. Ramesh

Particulars	INR in Million	Particulars	INR in Million
To withdrawals	5.668	By balance b/d	26.050
To balance c/d	26.876	By interest on capital	1.563
		By salary	1.200
		By share of profit 50%	3.731
Total	32.544	Total	32.544

Total capital of the firm	INR in Million
B. Srinivas	25.456
B. Ramesh	26.876
Total	52.332

FINANCIAL DATA

[all figures are in INR Million]

VASU AGENCIES HYD PRIVATE LIMITED

Particulars	31.03.2018
Sales Turnover (Approximately)	550.000

The above information has been parted by Mr. Ramesh Bejgam (Director)

-------------------------------------------------------------------------------------------------------------------------------------------------------

[VASU AGENCIES - PARTNERSHIP CONCERN]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2017	31.03.2016
EQUITY AND LIABILITIES
1] Partners’ Capital		52.332	51.526
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		52.332	51.526
LOAN FUNDS
1] Secured Loans		56.330	47.685
2] Unsecured Loans		13.230	5.570
TOTAL BORROWING		69.560	53.255
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		121.892	104.781
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.553	6.001
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	49.463	49.887
	Sundry Debtors	72.423	69.221
	Cash & Bank Balances	5.328	3.421
	Other Current Assets	0.000	0.000
	Loans, Advances & deposits	17.290	2.136
Total Current Assets		144.504	124.665
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	23.529	20.762
	Other Current Liabilities & Provisions	4.636	5.123
Total Current Liabilities		28.165	25.885
Net Current Assets		116.339	98.780
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		121.892	104.781

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016
	SALES
		Income	922.569	871.971
		Other Income	57.852	54.885
		TOTAL	980.421	926.856
Less	EXPENSES
		Cost of goods sold	875.084	808.255
		Input tax	52.073	48.271
		Administrative expenses	22.982	40.309
		Selling and distribution expenses	12.924	14.381
		TOTAL	963.063	911.216
	PROFIT/(LOSS) BEFORE INTEREST AND DEPRECIATION		17.358	15.640
Less	INTEREST		8.876	7.835
	PROFIT/(LOSS) BEFORE DEPRECIATION		8.482	7.805
Less	DEPRECIATION		1.020	0.850
	NET PROFIT/(LOSS)		7.462	6.955

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016
Average Collection Days (Sundry Debtors / Income * 365 Days)	28.65	28.98
Account Receivables Turnover (Income / Sundry Debtors)	12.74	12.60
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	9.81	9.38
Inventory Turnover (Operating Income / Inventories)	0.35	0.31
Asset Turnover (Operating Income / Net Fixed Assets)	3.13	2.61

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.65	0.61
Debt Equity Ratio (Total Liability / Networth)	1.33	1.03
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.79	0.61
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.11	0.12
Interest Coverage Ratio (PBIT / Financial Charges)	1.96	2.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016
PAT to Sales ((PAT / Sales) * 100)	%	0.81	0.80
Return on Total Assets ((PAT / Total Assets) * 100)	%	4.97	5.32
Return on Investment (ROI) ((PAT / Networth) * 100)	%	14.26	13.50

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016
Current Ratio (Current Assets / Current Liabilities)	3.49	3.96
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	2.30	2.38
G-Score Ratio Financial (Networth / Total Assets)	0.35	0.39
G-Score Ratio Debt (Debts / Equity Capital)	1.33	1.03
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	3.49	3.96

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

Particular	31.03.2016	31.03.2017
	INR In Million	INR In Million
Partners’ Capital	51.526	52.332
Reserves & Surplus	0.000	0.000
Net worth	51.526	52.332
Secured Loans	47.685	56.330
Unsecured Loans	5.570	13.230
Total borrowings	53.255	69.560
Debt/Equity ratio	1.034	1.329

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2016	31.03.2017
	INR In Million	INR In Million
Sales	871.971	922.569
		5.803

NET PROFIT MARGIN

Net Profit Margin	31.03.2016	31.03.2017
	INR In Million	INR In Million
Sales	871.971	922.569
Profit/(Loss)	6.955	7.462
	0.80%	0.81%

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	Yes
5	Buyer visit details	Yes
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	Yes
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	Yes
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 (two years – partnership concern and two months for private limited]	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two 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: NO CHARGES EXISTS FOR COMPANY

[VASU AGENCIES - PARTNERSHIP CONCERN]

UNSECURED LOANS:

PARTICULARS	31.03.2017 INR In Million	31.03.2016 INR In Million
Loan from relatives and others	13.230	5.570
Total	13.230	5.570

FIXED ASSETS:

· Benz Car

· Lift

· Generator

· Air Conditioner

· Refrigerator

· EPABX

· Maruti Van

· Honda City Car

· Getz Gls

· Tata Safari

· Furniture and Fixtures

· Office Equipment

· Computer

OBSERVATION POINTS

Name of Company :	VASU AGENCIES HYD PRIVATE LIMITED
Address :	3-6-515/4 and 3-6-516/1, 1st Floor, Vasu Pharma House, Hardikar Bagh, Street No.6, Himayathnagar, Hyderabad – 500029, Telangana, India
Person to whom we met:	Mr. Narayana (Employee)
Name Board :	Sighted
Location:	Easy
Landmark (If Any):	Narayana Junior College
Total Floors of the building:	3 Floor
Subject situated on:	Whole building belongs to the subject
Locality:	Commercial
Area of premises :	5000 sq. ft.
Area :	Upmarket
No. of employees seen at premises:	5
Visibility of Items :	· Telephone · Computers · Air Conditioners · Office Equipment
Furniture Items sighted :	Table, Chairs, Computer Table etc.
Neighbour’s Interview :	Name of the company: Narayana Junior College Contact Person Name: Mr. Prasad Name of the company: St. Paul Degree College Contact Person Name: Mr. Dasu
Neighbour’s Overview:	Existence confirmed
Proof of visit:	Photograph

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 records 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 66.36
UK Pound	1	INR 92.51
Euro	1	INR 81.05

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	NIS
Report Prepared by :	NKT

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.