MIRA INFORM REPORT

Report Date :

10.12.2011

IDENTIFICATION DETAILS

Name :	D S V CHEMICALS PRIVATE LIMITED
Registered Office :	27, Tejpal Scheme Road No.5, Vile Parle (East), Mumbai – 400 057, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.09.1980
Com. Reg. No.:	11-23091
Capital Investment / Paid-up Capital :	Rs. 1.004 Millions
CIN No.: [Company Identification No.]	U24220MH1980PTC023091
TAN No.: [Tax Deduction & Collection Account No.]	MUMD09629E
PAN No.: [Permanent Account No.]	AAACD4605J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and Exporters of Natural polymers and modified natural polymer.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 41000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company is under pressure. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	27, Tejpal Scheme Road No.5, Vile Parle (East), Mumbai – 400 057, Maharashtra, India
Tel. No.:	91-22-55020942 / 26113000/28382895/28365204/28366020
Fax No.:	91-22-55020944/28381337
E-Mail :	dmsathaye@gmail.com dsvchem@dsvchemicals.com jessyindia@rediffmail.com
Website :	http://www.dsv-chemicals.com
Corporate Office:	202, Gokul Arcade – B, Subhash Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Sales Office :	37 / 40, Subhash Road, Near AFL Courier, Vile Parle (East), Mumbai – 400 057, Maharashtra, India
Tel. No.:	91-22-2611 3000 / 01 / 02
Fax No.:	91-22-6702 0944
E-Mail :	For India sales@dsv-chemicals.com For Exports export@dsv-chemicals.com
Factory :	Plot No. 10, Village Essambe, Post Majgaon, Taluka, Khalapur, District Raigad-410220, Maharashtra, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Dhananjay Madhusudan Sathaye

Designation :

Director

Address :

Vinayak, 27 Tejpal Scheme Road No. 5, Vile Parle (East), Mumbai – 400 057, Maharashtra, India

Date of Birth/Age :

26.04.1951

Date of Appointment :

01.11.1980

DIN No.:

00538712

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24220MH1980PTC023091	D S V Chemicals Private Limited	Director	01-11-80	01-11-80	-	Active	NO
2	U24220MH1970PTC014832	United Ink and Varnish Company Private Limited	Managing director	01-07-84	01-07-84	-	Active	NO
3	U65990MH1993PTC074800	Swadhan Investments Private Limited	Director	01-11-93	01-11-93	-	Active	NO
4	U24223MH1995PTC090016	United Ink and Chemicals Private Limited	Director	28-06-95	28-06-95	-	Active	NO
5	U99999MH1996PTC095852	United Speciality Inks Private Limited	Director	02-01-96	02-01-96	-	Active	NO
6	U91110MH1953NPL009087	All India Printing Ink Manufacturers Association Limited	Director	16-09-05	16-09-05	-	Active	NO

Name :

Mrs. Swati Dhananjay Sathaye

Designation :

Director

Address :

Vinayak, 27 Tejpal Scheme Road No. 5, Vile Parle (East), Mumbai – 400 057, Maharashtra, India

Date of Birth/Age :

23.11.1957

Date of Appointment :

01.09.1981

DIN No.:

00538717

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24220MH1980PTC023091	D S V Chemicals Private Limited	Director	01-09-81	01-09-81	-	Active	NO
2	U65990MH1993PTC074800	Swadhan Investments Private Limited	Director	01-11-93	01-11-93	-	Active	NO
3	U24220MH1970PTC014832	United Ink and Varnish Company Private Limited	Whole-time director	01-10-96	01-10-96	-	Active	NO
4	U99999MH1996PTC095852	United Speciality Inks Private Limited	Director	31-05-97	31-05-97	-	Active	NO

Name :

Mr. Vijay Madhusudan Sathaye

Designation :

Director

Address :

Vinayak, 27 Tejpal Scheme Road No. 5, Vile Parle (East), Mumbai – 400 057, Maharashtra, India

Date of Birth/Age :

25.08.1961

Date of Appointment :

01.11.1980

DIN No.:

00538722

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24220MH1980PTC023091	D S V Chemicals Private Limited	Director	01-11-80	01-11-80	-	Active	NO
2	U51900MH1993PTC075349	Unippon Exports And Investments Private Limited	Director	30-11-93	30-11-93	-	Active	NO
3	U67120MH1994PTC076513	Arpivi Invest Private Limited	Director	10-02-94	10-02-94	-	Active	NO
4	U24223MH1995PTC090016	United Ink and Chemicals Private Limited	Director	28-06-95	28-06-95	-	Active	NO
5	U99999MH1996PTC095852	United Speciality Inks Private Limited	Director	02-01-96	02-01-96	31-07-07	Active	NO
6	U24220MH1970PTC014832	United Ink and Varnish Company Private Limited	Whole-time director	01-10-96	01-10-96	-	Active	NO
7	U24132MH1992PTC066237	Spil Chemicals Private Limited	Director	31-10-97	31-10-97	-	Active	NO
8	U24110MH1990PTC059107	Thanawala Chemicals Private Limited	Director	01-06-99	01-06-99	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders (Equity Shares)	No. of Shares
Dhannjay M. Sathaye	2675
Vijay M. Sathaye	200
Gaurav D. Sathaye	1000
Meghana D. Sathaye	1000
Swati D. Sathaye	2700
D.M. Sathaye HUF	1425
D.M. Sathaye Family Trust	500
S.D. Sathaye family Trust	500
TOTAL	10000

Names of Shareholders (Preferences Shares)	No. of Shares
Govind D. Kelkar	10
Sudha G. Kelkar	10
G.D. Kelkar (H.U.F.)	10
Mangala R. Mishra	1
Ramapati Mishra (H.U.F)	1
Dattatraya S. Bhate	1
Shiv Gorowara	1
Sunil Khilnani	1
Haresh Khilnani	1
Kanta S. Gorowara	1
TOTAL	37

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Exporters of Natural polymers and modified natural polymer.

Products :

Item Code No.	Product Description
DISVAMIDE	Non Reactive Polyamide Resin
DISVIMOL	Rosin Modified Maleic Resin
DISVIPOL	Rosin Modified Phenolic Resin

v Rosin Derivatives

v Phenolic Resins

v Alkyd Resins

v Polyamide Resins

v Amino Resins Butylated

v Esterfied Rosin Derivatives

v Epoxy Ester

v Oil Free Polyester Resin

v Acrylic Resins

v Polyurathane Resins

v Ketonic Resins

v Resinates

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production #
Resins, Inks and P.I. Mediums	Oty in Kgs	NA	Na	1456385

Notes: Production Includes Recovery of Rosin Oil Which is Process Residue and Excludes Captive Consumption of KGS. 145019

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v The Saraswat Co-operative Bank Limited

Vile Parle Branch, Phatak Building, 66 Nehru Road, Vile Parle (East),

Mumbai – 400 057, Maharashtra, India

v Shamrao Vithal Co-operative Bank Limited, Geetanjali, Nehru Road,

Vile Parle (East), Mumbai-400057, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Banks
- Cash Credit	53.727	65.253
- Term Loan	21.233	12.785
From Others
- Term Loan	4.014	9.252
Total	78.974	87.290
Notes a) Cash Credit from bank are secured by hypothecation of Inventories and book debts and are further by way of : Equitable Mortgage of land, building of essambe unit and hypothecation of plant and machinery Personal guarantee of the directors. B) Cash Credit balances includes cheques issued in normal course of business. c) Other secured loans are secured by equitable mortgage of certain portion of remaining land situated at essambe along with personal guarantee of the directors.
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Members , directors and their relatives	31.436	28.324
Other unsecured loans	3.738	10.184
Inter corporate Deposits	16.760	8.960
Agency Deposits (Repayable within one year)	0.320	0.345
Total	52.254	47.813

Banking Relations :	--
Auditors :
Name :	Sarda and Pareek Chartered Accountant
Address :	Mahavir Apartments, 3^rd Floor, 598, M.G. Road, Vile Parle East, Mumbai – 400057, Maharashtra, India
PAN.:	AACFS5674A
Associates :	Ø United Ink and Varnish Company Private Limited Ø United Speciality Inks Private Limiterd Ø United Inks and Chemicals Private Limited Ø Swadhan Investments Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
49000	Equity Shares	Rs. 100/-each	Rs. 4.900 millions
1000	8% Non Cumulative Redeemable Preference Shares	Rs. 100/-each	Rs. 0.100 million
	Total		Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs. 100/-each	Rs. 1.000 million
37	8% Non Cumulative Redeemable Preference Shares	Rs. 100/- each	Rs. 0.004 million
	Total		Rs. 1.004 Millions

Notes:

Redeemable after 7 years but before 20 years from date of allotment  

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1.004	1.004	1.004
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		9.179	16.833	27.944
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10.183	17.837	28.948
LOAN FUNDS
1] Secured Loans		78.974	87.290	82.124
2] Unsecured Loans		52.254	47.813	61.727
TOTAL BORROWING		131.228	135.103	143.851
DEFERRED TAX LIABILITIES		0.000	2.361	7.483
DEFERRED SALES TAX		26.105	26.737	26.737
TOTAL		167.516	182.038	207.019
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		40.770	45.527	51.050
Capital work-in-progress		0.000	0.000	0.173
INVESTMENT		0.510	0.510	0.510
DEFERREX TAX ASSETS		1.120	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	36.362	29.670	43.182
	Sundry Debtors	142.222	137.833	149.201
	Cash & Bank Balances	4.607	5.820	4.520
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12.992	31.775	37.526
Total Current Assets		196.183	205.098	234.429
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	61.047	55.981	61.314
	Other Current Liabilities	10.020	13.116	17.829
	Provisions	0.000	0.000	0.000
Total Current Liabilities		71.067	69.097	79.143
Net Current Assets		125.116	136.001	155.286
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		167.516	182.038	207.019

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	189.763	182.049	244.322
		Other Income	1.218	2.039
		TOTAL (A)	190.981	184.088	244.322
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	179.814	177.934	217.944
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11.167	6.154	26.378
Less	FINANCIAL EXPENSES (D)		16.707	16.762	18.408
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(5.540)	(10.608)	7.970
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.725	5.683	5.521
	PROFIT/LOSS BEFORE TAX (E-F) (G)		(11.265)	(16.291)	2.449
Less	TAX (H)		(3.611)	5.180	11181
	PROFIT/LOSS AFTER TAX (G-H) (I)		(7.654)	(111.11)	(8.732)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.133	14.244	22.976
	BALANCE CARRIED TO THE B/S		(4.521)	3.133	14.244
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	15.392	16.528	17.192
		Deemed Exports	0.000	0.000	2.004
	TOTAL EARNINGS		15.392	16.528	19.196
	CI.F VALUE OF IMPORTS		16.587	7.735	33.593
	Earnings Per Share (Rs.)		(765.40)	(1111.09)	(87.320)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(4.00)	(6.04)	(3.57)
Net Profit Margin (PBT/Sales)	(%)	(5.94)	(8.95)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(4.75)	(6.50)	0.86
Return on Investment (ROI) (PBT/Networth)		(1.11)	(0.91)	0.08
Debt Equity Ratio (Total Liability/Networth)		19.57	11.45	7.70
Current Ratio (Current Asset/Current Liability)		2.76	2.97	2.96

LOCAL AGENCY FURTHER INFORMATION

OUTLOOK

There was marginal improvement in sales in financial year 2010-2011 due to fierce competition, pricing pressures. Our efforts are on to increase sales in financial year 2011-12 and also so ensure profitability by direct import of certain key raw materials.

FORM 8

Corporate identity number of the company	U24220MH1980PTC023091
Name of the company	D S V CHEMICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	27, Tejpal Scheme Road No. 5, Vile Parle (East), Mumbai – 400 057, Maharashtra, India Email : dmsathaye@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90163703
Type of charge	Movable Property (not being pledge) Floating charge
Particular of charge holder	The Saraswat Cooperative Bank Limited, SME Vile Parle Branch, Bholanath Co-op Housing Society, Subhash Road, Vile Parle East, Mumbai – 400057, Maharashtra , India Email : njbhatia@rediffmail.com
Nature of instrument creating charge	Supplement joint deed of hypothecation of plant and machinery
Date of instrument Creating the charge	15.02.2010
Amount secured by the charge	Rs. 76.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest: 15% p.a or at such rate as may be determined by the consortium banker from time to time Terms of Repayment: 60 months or as determined by the consortium bankers. Margin : 30% in banks favour or as determined by consortium bankers. Extent and operation of charge: Saraswat Bank Cash Credit Rs. 30.000 millions, L/C Rs. 8.000 millions, L/C Rs. 2.500 millions, BG Rs. 5.250 millions, Term Loan Rs. 2.400 millions Shamrao Vithal Bank Cash Credit Rs. 20.000 millions, L/C Rs. 4.500 millions, BG Rs. 2.250 millions, Term Loan Rs. 1.600 millions Total Rs. 76.500 millions (Saraswat Bank Rs. 48.150 millions, shamrao Vithal Bank Rs. 28.350 millions Other: This is a consortium facilities The Saraswat Co operative Bank are the lead Bankers
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of machinery and other equipments lying and situated at 27, Tejpal Scheme Road No. 5, Vile Parle (East), Mumbai and other fixed assets at various places of company
Date of instrument modifying the charge	36.06.2009
Particulars of the present modification	Additional term loan of Rs. 2.400 millions granted by Saraswat Bank and Rs. 1.600 millions by Shamrao Vithal Bank Overall limit enhanced of Rs. 76.500 millions (Saraswat Bank Cash Credit Rs. 30.000 millions, L/C Rs. 8.000, L/C Rs. 2.500, BG Rs. 5.250 millions, Term Loan Rs. 2.400 millions, Shamrao Vithal Bank Cash Credit Cash Credit Rs. 20.000 millions, L/C Rs, 4.500 millions, BG Rs. 2.250 millions, Term Loan Rs. 1.600 millions, Total Rs. 76.500 millions, Saraswat Bank Rs. 48.150 millions and Shamrao Vithal Bank Rs. 28.350 millions.

Fixed Assets:

· Freehold Land

· Leasehold Land

· Factory Building

· Factory Administration Building

· Plant and Machinery

· Electrical Installations

· Vehicles

· Computers

· Furniture and Fixtures

· Air Conditioners

· Fire Control Systems

Website details

Subject is a manufacturer and exporters of synthetic resins and has established itself as a dependable supplier of synthetic resins in the Indian and international market.

Subject offers a wide selection of products for the surface coating industry covering decorative and industrial paints, protective coatings, printing inks and adhesives.

Subject works in a close partnership with its customers offering tailor-made solutions to meet their specific requirements.

Subject has two manufacturing units located in the vicinity of Mumbai, equipped with state-of-the-art pilot plants, and stainless steel reactors varying from 2 MT to 10 MT capacities. It has well-equipped Research and Development and Application laboratories at the corporate office in Mumbai with highly qualified and trained staff committed to quality assurance and technical support.

Subject is now an proud holder of ISO 9001-2000 certificate issued by SGS

Subject manufactures the following range of products:

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	Indian Rupees
US Dollar	1	Rs.52.33
UK Pound	1	Rs.81.55
Euro	1	Rs.69.60

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.