MIRA INFORM REPORT

Report Date :

20.01.2011

IDENTIFICATION DETAILS

Name :	GLOBEX INTERNATIONAL PRIVATE LIMITED
Registered Office :	Mohan Bhavan, Office No.405, 4^th Floor, 152, Sarai Jullena, New Delhi – 110025
Country :	India
Financials (as on) :	31.08.2010 (Partnership Firm)
Date of Incorporation :	22.06.2010
Com. Reg. No.:	204482
CIN No.: [Company Identification No.]	U51909DL2010PTC204482
IEC No.:	0510044379
PAN No.: [Permanent Account No.]	AADCG8492N
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of Building Construction Material, Floorings, Petrochemical Products, Minerals, Fertilizers and Sulphur.

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a successor of Globex International a partnership concern started in the year 2007. It is a company having satisfactory track. The networth statement papers to be satisfactory. Trader relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. However, it would be advisable to take adequate securities while dealing with the subject.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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/ Head Office :	Mohan Bhavan, Office No.405, 4^th Floor, 152, Sarai Jullena, New Delhi – 110025, India
Tel. No.:	91-11-47158700 -714
Fax No.:	91-11-47158715
E-Mail :	finance@globexinternational.in info@globexinternational.in faiz.b@globexinternational.in marketing@globexinternational.in
Website :	http://www.globexinternational.in
Location :	Owned
Mumbai Office:	B/108, Koldongri CHS, Building No. 1, 1^st Floor, Sahar Road Andheri (East), Mumbai -400099, Maharashtra, India
Tel. No.:	91-22-28328198
Fax No.:	91-22-28328161
Area :	250 sq. ft.
Location :	Rented
Punjab Office :	156, Jai Inder Singh Transport Nagar, GT Road, Amritsar -143001, Punjab, India
Tel. No.:	91-991-4121215

DIRECTORS

Name :	Mr. Faiz Beg
Designation :	Director
Address :	87, Sidharth Enclave, Ashram, New Delhi – 110014, India
Date of Birth/Age :	20.11.1983
Qualification :	MBA
Experience :	5 years
Name :	Mr. Shahnaz Beg
Designation :	Director
Address :	87, Sidharth Enclave, Ashram, New Delhi – 110014, India
Date of Birth/Age :	05.12.1962
Qualification :	Graduate
Experience :	10 years

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 06.12.2010)

Names of Shareholders	No. of Shares
Faiz Beg	365000
Shahnaz Beg	185000
Total	550000

(AS ON 02.11.2010)

Names of Allottee	No. of Shares Allotted
Faiz Beg	360000
Shahnaz Beg	180000
Total	540000

BUSINESS DETAILS

Line of Business :	Trading of Building Construction Material, Floorings, Petrochemical Products, Minerals, Fertilizers and Sulphur.
Products :	· Building Construction Materials · Flooring · Petrochemicals · Minerals · Fertilizers · Sulphur
Imports :
Products :	· Cement · PVC Resins · Urea
Countries :	· Pakistan · Taiwan · South Korea · Russia
Terms :
Selling :	L/C, Credit (30 days)
Purchasing :	L/C

GENERAL INFORMATION

Customers :

Name of the Customers	Relationship (No of Years)	Credit Period Allowed
Tata Housing	3 years	Against Advance
DLF Limited	3 years	Against LC

End Users

· Parsvnath Developers

· Emaar MGF

· Ansal API

· Ansal Housing

· Ansal Landmark

· Lodha Builders

· The Phonnex Mills

· Ivrcl Infrastructures

· Rustomjee Evershine Joint venture

· Keystone

· UPAL Developers

· Raheja Group

· Kalpatru Builders

· Vipul Group Etc.

· Relcon

· Skyway

· Lafarge

· Paras

· Akruti

Suppliers :

Name of the Suppliers	Location	Relationship (No of Years)
Maple Leaf Cement Fac Limited	Pakistan	3 years
D G Khan Cement Limited	Pakistan	3 years

No. of Employees :

25 (Office – 19 and Branch – 6)

Bankers :

· Corporation Bank

· HSBC Bank

Facilities :

Bank	Nature of Credit Facility	Sanctioned Loan Amount (Rs. In Millions)
HSBC	Overdraft	106.000

Banking Relations :	--
Auditors :
Name :	APRA Associates Chartered Accountant
Address :	3812/5, Kanhaiya Nagar, Tri Nagar, Delhi – 110035, India
Tel. No.:	91-11-23382991/ 27384579
Email :	caashokgupta.apra@gmail.com
Associates/Subsidiaries :	· Beg Cargo Movers Private Limited Address: Office No.405, 4^th Floor, Mohan Bhavan, 152, Sarai Jullena, New Delhi – 110025, India Line of Business: Clearing and Forwarding Bank: HSBC Bank

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Share	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
550000	Equity Share	Rs.10/- each	Rs.5.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

GLOBEX INTERNATIONAL

(PARTNERSHIP FIRM)

BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.08.2010	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Partner’s Capital Accounts		5.500	2.509	0.969
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.500	2.509	0.969
LOAN FUNDS
1] Secured Loans		0.000	2.180	0.000
2] Unsecured Loans		10.313	0.917	1.942
TOTAL BORROWING		10.313	3.097	1.942
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		15.813	5.606	2.911
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.785	3.472	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.500	0.607	0.199
	Sundry Debtors	40.438	0.000	0.000
	Cash & Bank Balances	1.107	1.492	1.551
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	37.367	68.405	1.591
Total Current Assets		81.412	70.504	3.341
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor and Other Current Liabilities	69.384	67.677	0.393
	Provisions		0.693	0.03
Total Current Liabilities		69.384	68.370	0.430
Net Current Assets		12.028	2.134	2.911
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		15.813	5.606	2.911

PROFIT & LOSS ACCOUNT

(RS. IN MILLIONS)

	PARTICULARS		31.08.2010	31.03.2010	31.03.2009
	SALES
		Income	95.240	124.449	24.193
		Other Income	0.000	64.564	5.703
		TOTAL	95.240	189.013	29.896
Less	EXPENSES
		Cost of Goods Sold	91.987	181.140	28.828
		Administrative and Other Expenses		7.260	0.768
		TOTAL	91.987	188.400	29.596
	NET PROFIT		3.253	0.613	0.300

KEY RATIOS

PARTICULARS		31.08.2010	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.42	0.32	1.00
Net Profit Margin (PBT/Sales)	(%)	3.42	0.49	1.24
Return on Total Assets (PBT/Total Assets}	(%)	3.82	0.83	8.98
Return on Investment (ROI) (PBT/Networth)		0.59	0.24	0.31
Debt Equity Ratio (Total Liability/Networth)		14.49	28.48	2.44
Current Ratio (Current Asset/Current Liability)		1.17	1.03	7.77

LOCAL AGENCY FURTHER INFORMATION

(GLOBEX INTERNATIONAL)

OPERATING STATEMENT

(RS. IN MILLIONS)

Particulars	2008	2009	2010	2011
	(Audited)	(Audited)	(Audited)	(Estimated)
GROSS SALES
Domestic Sales	2.451	24.192	182.925	2700.000
Export Sales	0.000	0.000	5.734	200.000
Add: Other Revenue Income	--	--	--	--
Total	2.451	24.192	188.659	2900.000
Deduct Other Items	--	--	--	--
Net Sales	2.451	24.192	188.659	2900.000
% age rise (+) or fall (-) in net sales compared to previous year (annualized)	--	--	679.84	1437.16
Cost of Sales
Raw Materials (including stores and Other items used in the process of manufacture)
Imported	0.000	0.000	0.000	0.000
Indigenous	2.189	23.306	177.481	3016.000
Other Spares
Imported	0.000	0.000	0.000	0.000
Indigenous	0.000	0.000	0.000	0.000
Power and Fuel	0.000	0.000	0.000	0.000
Direct Labour	0.000	0.000	0.000	0.000
Other Expenses	0.119	0.031	3.766	0.317
Depreciation	0.000	0.000	0.302	1.083
Sub Total	2.308	23.337	181.549	3017.400
Add: Opening Stock in Process	--	--	--	--
Sub Total	2.308	23.337	181.549	3017.400
Deduct: Closing Stocks- in- process	--	--	--	--
Cost of Production	2.308	23.337	181.549	3017.400
Add: Opening Stock of Finished Goods	0.000	0.006	0.198	0.607
Sub Total	2.308	23.343	181.747	3018.007
Deduct: Closing Stocks of Finished Goods	0.006	0.198	0.607	215.000
Sub Total (Total Cost of Sales)	2.302	23.145	181.140	2803.007
Selling General and Administrative Expenses	0.129	0.687	3.347	32.600
Sub Total	2.431	23.832	184.487	2835.607
Operating Profit Before Interests	0.020	0.360	4.172	64.393
Interests	0.014	0.079	3.914	32.500
Operating Profit After Interests	0.006	0.281	0.258	31.893
Other Non- Operating Income	0.000	0.019	0.354	0.800
Other Non- Operating Expenses	0.000	0.000	0.000	0.000
Net of Other Non- Operating Income/ Expenses	0.000	0.019	0.354	0.800
Profit before Tax/ Loss	0.006	0.300	0.612	32.693
Retained Profit	0.006	0.300	0.612	32.693
Retained Profit/ Net Profit	100.00	100.00	100.00	100.00

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(GLOBEX INTERNATIONAL)

BALANCE SHEET

(RS. IN MILLIONS)

Particulars	2008	2009	2010	2011
	(Audited)	(Audited)	(Audited)	(Estimated)
CURRENT LIABILITIES
Short – Term borrowings from banks [including bill purchased, discounted and excess borrowings placed on repayment basis]
From Applicant Banks	0.000	0.000	0.000	0.000
From Other Banks	0.000	0.000	59.770	200.000
Of Which BP and BD	0.000	0.000	0.000	0.000
Sub Total	0.000	0.000	59.770	200.000
Short Term Borrowings from others	0.300	1.940	0.917	0.917
Sundry creditors [Trade]	0.002	0.393	5.126	72.400
Advance payments from customers/ Deposits from dealers	0.000	0.000	0.000	0.000
Provision for tax [net of Tax paid]	0.000	0.000	0.000	9.600
Other statutory liabilities [due within one year]	0.005	0.000	0.210	0.000
Deposits/ Installments of term loans/ DPGs/ debentures, etc [due within one year]	0.000	0.000	0.680	0.680
Other current liabilities and provisions [due within one year]	0.004	0.037	3.265	4.600
TOTAL CURRENT LIABILITIES	0.311	2.370	69.968	288.197
TERM LIABILITIES
Debentures [not maturing within one year]	0.000	0.000	0.000	0.000
Preference Shares [Redeemable after 1 year]	0.000	0.000	0.000	0.000
Term loans [excluding installments  payable within one year]	0.000	0.000	1.500	0.820
Deferred Sales Tax / Deferred Loan Deferred Payment Credit [Excluding installments due within one year]	0.000	0.000	0.000	0.000
Term deposit [repayable after one year]	0.000	0.000	0.000	5.083
other Term Liabilities	0.000	0.000	0.000	0.000
TOTAL TERM LIABILITIES	0.000	0.000	1.500	5.903
TOTAL OUTSIDE LIABILITIES	0.311	2.370	71.468	294.100
NET WORTH
Ordinary Shares Capital	1.206	0.663	1.591	21.500
Shares Premium	0.000	0.000	0.000	0.000
Other reserve	0.000	0.000	0.000	0.000
Surplus [+] or deficit [-] in Profit and Loss Account	0.006	0.306	0.918	24.011
Other (Specify)	0.000	0.000	0.000	15.000
TOTAL NET WORTH	1.212	0.969	2.509	60.511
TOTAL LIABILITIES	1.523	3.339	73.977	354.611
CURRENT ASSETS
Cash and Bank Balance	0.093	1.551	1.493	0.805
Fixed deposits with Banks	0.000	0.000	0.000	11.000
I] Receivables other than deferred and exports [Including bills purchased and discounted by banks]	0.706	1.398	57.596	100.300
II] Export receivables [Including bills purchased / discounted by banks]	--	--	--	--
Instilments of Deferred  receivables [due within one year]	0.000	0.000	0.000	0.000
INVENTORY
I] Raw materials [Including stores and other items used in the process of manufacture]
Imported	0.000	0.000	0.000	0.000
Indigenous	0.000	0.000	0.000	0.000
Stock – in – process	0.000	0.000	0.000	0.000
Finished Goods	0.006	0.198	0.607	215.000
Other consumable spares
Imported	0.000	0.000	0.000	0.000
Indigenous	0.000	0.000	0.000	0.000
Advance to Suppliers of Raw Materials and Stores and Spares	0.718	0.183	9.168	10.000
Advances Payment of Taxes	0.000	0.000	0.000	9.500
Other Current Assets	0.000	0.009	1.641	1.800
TOTAL CURRENT ASSETS	1.523	3.339	70.505	348.405
FIXED ASSETS
Gross Block (Land and Building, Machinery, Work-In-Progress)	0.000	0.000	3.774	7.591
Depreciation to date	0.000	0.000	0.302	1.385
NET BLOCK	0.000	0.000	3.472	6.206
TOTAL OTHER NON CURRENT ASSETS	0.000	0.000	0.000	0.000
INTANGIBLE ASSETS	0.000	0.000	0.000	0.000
TOTAL ASSETS	1.523	3.339	73.977	354.611
Investment in Associates
Net Working Capital	1.212	0.969	0.537	60.208
Current Ratio	4.90	1.41	1.01	1.21
TNW	1.212	0.969	2.509	60.511
TOL/ TNW	0.26	2.45	28.48	4.86

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COMPUTATION OF TOTAL INCOME

MR. SHAHNAZ BEG

(RS. IN MILLIONS)

Particulars	2010-2011
Income from Business or Profession (Chapter IV D)		0.660
From Firm Globex International (50.00% Share)
Remuneration	0.543
Interests	0.000
	0.543
Income from other sources (Chapter IV F)		0.005
Interests from Bank	0.005
Gross Total Income		0.665
Less: Deductions (Chapter VI_A)
u/s 80C
LIP	0.011	0.011
Total Income		0.653
Rounded off u/s 288 A		0.653
Income Exempt U/s 10		0.287
Tax due (Exemption Limit Rs.190000)	0.097
Educational Cess	0.003
	0.100
TDS	0.022
	0.078
Interests u/s 234 A/B/C	0.007
	0.085
Deposit u/s 140 (A)	0.085
Tax Payable	0

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COMPUTATION OF TOTAL INCOME

MR. FAIZ BEG

(RS. IN MILLIONS)

Particulars	2010-2011
Income from Business or Profession (Chapter IV D)		0.543
From Firm Globex International (50.00% share)
Remuneration	0.543
Interests	0.000
	0.543
Income from other sources (Chapter IV F)		0.000
Interests from Bank	0.000
Gross Total Income		0.543
Total Income		0.543
Rounded off u/s 288 A		0.543
Income exempt U/s 10		0.287
Tax due	0.067
Educational Cess	0.002
	0.069
Interests u/s 234 A/B/C	0.006
	0.075
Round off u/s 288B	0.075
Deposit u/s 140 (A)	0.075
Tax Payable	0.000

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NETWORTH STATEMENT

(MR. SHAHNAZ BEG)

PARTICULARS	(RS. IN MILLIONS)
Fixed Assets	26.076
Capital With (Globex International)	1.101
Balance in Saving Bank A/c – Canara Bank	0.162
Total	27.339
Less:
Loan Liability	0.500
Current Liability	0.000
Total	0.500
NET WORTH	RS.26.839 MILLIONS

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NETWORTH STATEMENT

(MR. FAIZ BEG)

PARTICULARS	(RS. IN MILLIONS)
Fixed Assets	1.489
Capital With (Globex International)	1.408
Balance in Saving Bank A/c – Canara Bank	0.000
Total	2.897
Less:
Loan Liability	0.000
Current Liability	0.000
Total	0.000
NET WORTH	RS.2.897 MILLIONS

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PERSONAL ASSETS OF THE DIRECTORS

NAME	DESCRIPTION OF THE ASSETS OWNED BY THEM	AMOUNT (RS. IN MILLIONS)
Mr. Shahnaz Beg	Flat at 87, Sidharth Enclave, Ashram, New Delhi – 110014, India	26.500
Mr. Faiz Beg	Office admeasuring 252 sq. ft. at 405, 4^th floor, 152, Sarai Jullena, New Delhi, India	1.500

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WEBSITE DETAILS:

PROFILE:

It was established by a corps of hardworking and enterprising people, subject is one of the premium International trading companies of India which works as a solutions provider for the biggest of the end users in manufacturing, packaging and construction industries of India. They help them substitute their expensive indigenous raw materials with better imported products and that’s how they have been very aggressively growing as a company in India. It is committed to the highest levels of professional standards and services, and offers a distinct value proposition by helping clients increase the bottom line value of their businesses. Subject global delivery model helps it deliver timely, high quality, products with immense cost savings compared with in-house and other outsourced products. Its high quality performance can be assessed by the fact that more than 70% of its business is from repeat clients. All the clients consider them a part of their in-house team and a critical strategic advantage against their competition. In comparison with in-house and other outsourced products, they usually deliver the desired product at a lower cost and in lesser time. By employing company clients have experienced huge savings and convenience in supply chain management this is what they adhere to achieve for their clients day in and day out.

BUSINESS

Subject Imports and Exports an extensive range of products comprising of Building Construction Material, Polymer Products and Minerals. It has a strong client base and proud to be associated with companies like Tata Housing, DLF, Parsvnath Developers, Emaar MGF, Ansal Api, Lodha builders, Ivrcl Infrastructures, Some renowned RMC Plants associated with us are Lafarge, ACC Concrete.

WAY AHEAD

With its industry experience, an established business network and entrepreneurial foresight, subject is well positioned to take advantage of the additional opportunities expected in the growing infrastructure development sector in India. The company is committed to achieve a leading position in the distribution of Industrial products like Steel, Cement, Polymers and Minerals etc. in the near future.

INFRASTRUCTURE

Company Global presence and world over distribution network is supported by various factors as mentioned below:

1. In India it has offices in 4 states viz. Delhi, UP, Punjab and Maharashtra and an overseas office in Dubai which helps it to closely monitor all its activities and services which in turn increases the efficiency and leads into almost 100% accuracy in commitments.

2. Timely delivery of products depends upon excellent logistics and supply chain management arrangement and this is what makes subject a class apart from others in the trade. It has contractual relationships and excellent networking with Private Rail operators, Port owners, shipping lines and Vessel operators, Custom house agents, Transporters etc. all around the globe. So when it comes to cost effective and efficient supply chain management then there is no better option than Globex.

3. Subject has its own subsidiary logistics company by the name of Beg Cargo Movers Private Limited. It works as the spine of subject and manages all logistics services.

4. Lastly Globex is a group of very hard working and passionate people who work with a vision and exceptional hunger for client satisfaction.

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.45.38
UK Pound	1	Rs.72.71
Euro	1	Rs.61.15

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.