MIRA INFORM REPORT

 

 

Report Date :

26.12.2011

 

IDENTIFICATION DETAILS

 

Name :

LAGUNA CLOTHING PRIVATE LIMITED

 

 

Registered Office :

No. 50, 1st Floor, 1st Main, 9th Cross, 3rd Phase, J P Nagar, Bangalore – 560078, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

14.09.2005

 

 

Com. Reg. No.:

11-156168

 

 

Capital Investment / Paid-up Capital :

Rs.74.900 Millions

 

 

CIN No.:

[Company Identification No.]

U17111MH2005PTC156168

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUML06065D

 

 

PAN No.:

[Permanent Account No.]

AABCL1210B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Shirts and Other Garments.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 580000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a joint venture between Aquarelle of Mauritius and Monti of Italy. It is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments.

 

The company can be considered normal for business dealings at 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 – 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

 

 

 

 

 

 

 

 

 

 

 

 

 

INFORMATION PARTED BY

 

Name :

Mr. Rajesh Kumar

Designation :

Director

 

 

LOCATIONS

 

Registered Office :

No. 50, 1st Floor, 1st Main, 9th Cross, 3rd Phase, J P Nagar, Bangalore – 560078, Karnataka, India

Tel. No.:

91-80-43588100

E-Mail :

m_ghosh@laguna-clothing.com

admin@laguna-clothing.com

indomont@vsnl.net

Website :

www.laguna-clothing.com

 

 

Head Office :

204/5, Parvathi Plaza, 2nd Floor, 105 Richmond Road, Bangalore – 560025, Karnataka, India

Tel. No.:

91-80-51245910

Fax No.:

9-80-51245911

 

 

Factory  1 :

No. 1/1, 51/1, Kallabalu Village, Jigani Hobli, Anekal Taluk, Bangalore – 562106, Karnataka, India

Tel. No.:

91-80-27826384/385

Fax No.:

91-80-43588140

 

 

Factory  2 :

143/2, Kalegowdana Doddy, Seegekote Village, (NH-209) Kanakpura- Satnur Road,  Kanakpura 562117, Karnataka, India

Tel. No.:

91-80-28015100

 

 

DIRECTORS

 

As on 29.09.2010

 

Name :

Mr. Bruno Sergio Monti

Designation :

Director

Address :

Maserada Sul Piavi, Via Saltore 31052, Italy

Date of Birth/Age :

31.01.1957

Date of Appointment :

20.09.2005

DIN No. :

01639989

Other Directorship :

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

U17111MH2001PTC130465

Tessitura Monti India Private Limited

Director

15/01/2001

15/01/2001

-

Active

NO

U17111KA2005PTC058647

Laguna Clothing Private Limited

Director

20/09/2005

20/09/2005

-

Active

NO

U17120MH2009PTC196209

Aurora Apparel Private Limited

Director

23/09/2010

12/05/2010

-

Active

NO

 

 

Name :

Mr. Paolo Ramiro Monti

Designation :

Director

Address :

Maserada Sul Piavi, Via Saltore 31052, Italy

Date of Birth/Age :

28.06.1953

Date of Appointment :

20.09.2005

DIN No. :

01424827

Other Directorship :

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

U17111MH2001PTC130465

Tessitura Monti India Private Limited

Director

15/01/2001

15/01/2001

-

Active

NO

U17111KA2005PTC058647

Laguna Clothing Private Limited

Director

20/09/2005

20/09/2005

-

Active

NO

 

 

Name :

Mr. Eric Jean Dorchies

Designation :

Director

Address :

10, Plantation, Marguery Riviere Noire, Mauritius

Date of Birth/Age :

27.11.1962

Date of Appointment :

20.09.2005

DIN No. :

01880742

Other Directorship :

=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

U17111KA2005PTC058647

Laguna Clothing Private Limited

Director

20/09/2005

20/09/2005

-

Active

NO

U17299MH2007PTC166957

Aquarelle India Private Limited

Director

29/09/2009

15/01/2009

-

Active

NO

 

 

Name :

Mr. Harold James Mayer

Designation :

Director

Address :

56, Plantation, Marguery Riviere Noire, Mauritius

Date of Birth/Age :

12.10.1964

Date of Appointment :

20.09.2005

DIN No. :

01880791

Other Directorship :

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

U17111KA2005PTC058647

Laguna Clothing Private Limited

Director

20/09/2005

20/09/2005

-

Active

NO

U17299MH2007PTC166957

Aquarelle India Private Limited

Director

29/09/2009

15/01/2009

-

Active

NO

 

 

Name :

Mr. Sarbaji Arun Ghose

Designation :

Director

Address :

299, 2nd Main Road, J.P. Nagar, Phase 3, Bangalore – 560078, Karnataka, India

Date of Birth :

19.06.1961

Date of Appointment :

20.09.2005

DIN No. :

00163559

 

 

Name :

Mr. Rajesh Kumar

Designation :

Director

Address :

Flat # K 304 Mantri Paradise Apartsments, Next IIm Banerghatta Road, Bangalore – 560076, Karnataka, India

Date of Birth :

15.08.1968

Date of Appointment :

23.03.2010

DIN No. :

03040318

Other Directorship :

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

U17111KA2005PTC058647

Laguna Clothing Private Limited

Director

29/09/2010

23/03/2010

-

Active

NO

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 29.09.2010

 

Names of Shareholders

No. of Shares

Aquarrel International Limited – Mauritius

3740000

Ghose A Sarbajit

5000

Gruppo Tessile Monti

3745000

Total

7490000

 

 

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2010

 

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

99.94

Directors or relatives of Directors

0.06

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Shirts and Other Garments.

 

 

Products :

Readymade Garment Woven Shirts

 

 

PRODUCTION STATUS (AS ON 31.03.2010)

 

Particulars

Unit

Licensed Capacity

Actual Production @

Woven Garments

Pcs

1600000

1978602

 

Notes: @ As Certified by a Director

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

Canara Bank, Overseas Branch, Ramanashree Arcade, M.G. Road, Bangalore – 560001, Karnataka, India

 

 

Facilities :

 

Secured Loans

As on 31.03.2010

(Rs. In Millions)

As on 31.03.2009

(Rs. In Millions)

a) From Banks

 

 

Preshipment Credit

(Secured against first charge on stock, book debts and collateral security on entire fixed assets of the company)

61.762

27.175

Bills Discounted (Secured against first charge on stock, book debts and collateral security on entire fixed assets of the company)

18.383

5.921

Vehicle Loan

(Secured by charge on motor car)

0.108

0.230

Term Loan

(Secured against assets created out of term loan and collateral security is entire existing fixed assets at the time of sanction excluding vehicle )

96.134

2.207

Rupee Advance

(Seared against fire charge on stock, book debts and collateral security on entire fixed assets d the company)

12.500

0.000

(b) From Others

 

 

Factoring from SBI Factors and Commercial Services Private Limited

(Secured by first charge on specific export debtors)

9.945

2.825

Total

198.832

38.358

 

Unsecured Loans

As on 31.03.2010

(Rs. In Millions)

As on 31.03.2009

(Rs. In Millions)

From Companies

 

 

Aqarelie International Limited

30.440

34.007

Gruppo Tessile Monti SPA

30.440

34.016

Total

60.880

68.023

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

B.K. Ramadhyani and Company

Chartered Accountant

Address :

4-B, Chitrapura Bhavan, No. 68, 8th Main, 15th Cross, Malleswaram, Bangalore – 560055, Karnataka, India

PAN.:

AABFB1153G

 

 

Ventures :

  • Gruppo Tessile Monti SPA
  • Aquarelle International Limited

 

 

Associates of Ventures :

  • Tessitura Monti SPA
  • Tessitura Monti India Private Limited
  • Aquarelle India Private Limited
  • Azzuri Company Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

7500000

Equity Shares

Rs.10/- each

Rs.75.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

7490000

Equity Shares

Rs.10/- each

Rs.74.900 Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

74.900

74.900

74.900

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

70.471

16.776

0.000

4] (Accumulated Losses)

0.000

0.000

(2.987)

NETWORTH

145.371

91.676

71.913

LOAN FUNDS

 

 

 

1] Secured Loans

198.832

38.358

61.264

2] Unsecured Loans

60.880

68.023

56.941

TOTAL BORROWING

259.712

106.381

118.205

DEFERRED TAX LIABILITIES

5.359

3.787

0.563

 

 

 

 

TOTAL

410.442

201.844

190.681

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

177.356

55.585

36.543

Capital work-in-progress

21.883

11.347

10.667

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
96.202

77.193

65.012

 

Sundry Debtors
266.118

118.996

145.846

 

Cash & Bank Balances
48.552

31.302

7.839

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
49.437

18.825

20.630

Total Current Assets
460.309

246.316

239.327

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

219.101

92.677

81.553

 

Other Current Liabilities
18.238

18.664

13.035

 

Provisions
12.733

6.257

1.424

Total Current Liabilities
250.072

117.598

96.012

Net Current Assets
210.237

128.718

143.315

 

 

 

 

MISCELLANEOUS EXPENSES

0.037

0.911

0.156

FOREIGN CURRECNY MONETARY ITEM

0.929

5.283

0.000

 

 

 

 

TOTAL

410.442

201.844

190.681

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

1222.659

563.214

375.867

 

 

Other Income

15.712

41.334

20.069

 

 

TOTAL                                     (A)

1238.371

604.548

395.936

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

Administrative Expenses

1137.699

563.233

375.770

 

 

Advertising Expenses

 

 

 

 

 

Prior period adjustment

 

0.242

(1.765)

 

 

TOTAL                                     (B)

1137.699

563.475

374.005

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

100.672

41.073

21.931

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

10.154

7.392

5.044

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

90.518

33.681

16.887

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

6.751

2.894

2.070

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

83.767

30.787

14.817

 

 

 

 

 

Less

TAX                                                                  (H)

30.072

11.024

1.987

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

53.695

19.763

12.830

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

16.776

(2.987)

(15.817)

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

70.471

16.776

(2.987)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

1066.041

516.964

355.239

 

TOTAL EARNINGS

1066.041

516.964

355.239

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

79.516

59.370

14.165

 

 

Capital Goods

54.800

2.271

1.891

 

TOTAL IMPORTS

134.316

61.641

16.056

 

 

 

 

 

 

Earnings Per Share (Rs.)

7.17

2.64

NA

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
4.33

3.27

3.24

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
6.85

5.47

3.94

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
13.14

10.20

5.37

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.58

034

0.21

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
3.51

2.44

2.98

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.84

2.09

2.49

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

REVIEW OF OPERATIONS

 

During the year, the Company made Sales of Rs.1222.659 Millions as compared to Rs.563.214 Millions made in the previous year, an increase of 117% over the previous year Sales. The garments of the company were very well accepted and the company able to increase the customer base. The strong Euro had helped the company to improve the margins. The Company made a Net profit before tax of Rs.83.767 Millions as compared to Rs.30.787 Millions made in the previous year. Considering the expansion and future requirements of funds the directors did not recommend any dividend for the financial year 2009-2010.

 

 

Contingent Liabilities

(Rs. in Millions)

Particulars

31.03.2010

Guarantees / counter guarantees given on import and sale contracts etc.

9.146

Letters of Credit

46.181

Duty Saved under EPCG License scheme

20.913

 

 

FORM 8

 

Corporate identity number (CIN) Foreign company registration number

U17111MH2005PTC156168

Name of the Company

LAGUNA CLOTHING PRIVATE LIMITED

Address

401, Trade Avenue Suren Road, Andheri (East), Mumbai – 400093, Maharashtra, India

This form is for

Modification of Charges

Type of Charge

Book debts

Movable property

Floating charge

Particulars of the charge holder 

Canara Bank - Overseas Branch, Ramanashree Arcade, M G Road, Bangalore – 560001, Karnataka, India

E-Mail: mgrblr1833@canbank.co.in

Nature or description of the instrument creating charge

Supplemental Common Hypothecation Agreement

Date of Instrument creating charges

28.09.2010

Amount secured by the charge

Rs.310.000 Millions

Brief of the principal terms and conditions 

Rate of Interest –

Adhoc PC - 10% p.a.

Other limits as per existing/sanction terms

 

Terms of Repayment –

As applicable to respective credit limits

 

Margin –

As per bank norms

 

Extent and Operation of the charge –

The charge shall operate to the extent of the loan amount plus interest commission costs expenses and other charges thereon

 

Others –

The said amount of Rs.310.000 millions comprises PC/PCFC/FDB/FBE/BRD Rs.140.000 millions (enhanced from Rs.100.000 Millions consequent to sanction of adhoc limit of Rs.40.000 Millions) with a sublimit of Rs.70.000 millions for PC/PCFC), ILC/FLC (DA.DP) Rs.60.000 Millions, BG Rs.10.000 Millions and  TL Rs.100.000 Millions continued at existing level

Particular of the property charged

Continuing security by way of first charge on stocks of raw materials, semi finished goods, finished goods, stores, spares, plant, machineries, book debts and other movables present and future stored/installed at company premises at No.50, I Main, 9th Cross, Phase III, J P Nagar, Bangalore 560078 and Sy.No.143/2, kanakapura Registratin Dist. Seegekote Village, Kasaba Hobli, Kanakapura Taluk, Ramanagara Dist. or at any other place

Date of latest modification prior to the present modification

16.09.2009

Particulars of the present modification 

By the above, the amount secured by charge stands enhanced from Rs.270.000 millions to Rs.310.000 Millions (Rupees Three Hundred and Ten millions only)

 

 

 

FIXED ASSETS

  • Freehold Land
  • Building
  • Plant and Machinery
  • Computers and Software
  • Furniture and Fixtures
  • Motor Vehicles

 

 

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.52.72

UK Pound

1

Rs.82.71

Euro

1

Rs.68.90

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

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

TOTAL

 

45

 

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

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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.