MIRA INFORM REPORT

Report Date :

26.07.2011

IDENTIFICATION DETAILS

Name :	GUJARAT GUARDIAN LIMITED
Registered Office :	Valia Road, State Highway Road, Village Kondh, Ankleshwar, Bharuch – 393 001, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.02.1990
Com. Reg. No.:	04-13397
Capital Investment / Paid-up Capital :	Rs.1570.008 millions
CIN No.: [Company Identification No.]	U17110GJ1990PLC013397
TAN No.: [Tax Deduction & Collection Account No.]	BRDG00749A
PAN No.: [Permanent Account No.]	AAACG1622K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Supply of Glass.
No. of Employees :	3000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 18000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is well established company having good track records. Financial position of the company appears to be sound. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 – 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 Office :	Valia Road, State Highway Road, Village Kondh, Ankleshwar, Bharuch – 393 001, Gujarat, India
Tel. No.:	91-2643-275106 / 5116 / 275120
Mobile No. :	91-9825028086 (Mr. Amitava Aikat)
Fax No.:	91-2643-275105 / 275116 / 250646
E-Mail :	info@modiguard.com ngrau@guardian.com rdadu@guradiam.com
Website :	http://www.modiguard.com
Corporate Office :	4/ 7 C, DDA Shopping Center, New Friends Colony, New Delhi – 110 025, India
Tel. No.:	91-11-26314007
Fax No.:	91-11-26314008
E-Mail :	ngrau@guardian.com

DIRECTORS

As on 04.08.2010

Name :	Mr. Vinay Kumar Modi
Designation :	Chairman cum Managing Director
Address :	55 – A, Friends Colony (East), Delhi – 110 065, India
Date of Birth/Age :	31.05.1943
Date of Appointment :	21.02.1990
DIN No.:	00274605
Name :	Mr. Peter Story Walters
Designation :	Vice Chairman
Address :	2955, Morow Lane, Milfor, Michigan – 48042, U.S.A.
Date of Birth/Age :	16.06.1948
Date of Appointment :	21.02.1990
DIN No.:	00321325
Name :	Mr. David Lawrence Rose
Designation :	Managing Director
Address :	A-1, GGL Colony, Taluka Valia, Village Kondh, Bharuch – 393 001, Gujarat, India
Date of Birth/Age :	02.10.1945
Date of Appointment :	31.01.1992
DIN No.:	00321327
Name :	Mr. Alok Kumar Modi
Designation :	Joint Managing Director
Address :	55 – A, Friends Colony (East), New Delhi – 110 065, India
Date of Birth/Age :	18.06.1966
Qualification :	B.E. (Ind. and Production)
Date of Appointment :	21.02.1990
DIN No.:	00174374
Name :	Mr. Ajit Mal Surana
Designation :	Finance Director
Address :	A – 4 GGL Colony, Taluka Valia, Village Kondh, Bharuch, Gujarat – 393 001, India
Date of Birth/Age :	02.08.1950
Qualification :	B. Com, F.C.A.
Date of Appointment :	28.11.1992
DIN No.:	00174112
Name :	Mr. Charles Gregory Crosky
Designation :	Director
Address :	486, East Baffour, Fresno California - 93720, U.S.A.
Date of Birth/Age :	30.07.1947
Date of Appointment :	25.05.1992
DIN No.:	00321332
Name :	Mr. Guru Prasad Mohapatra
Designation :	Nominee Director of GACL
Address :	C-2, Sundaram Flats, LD Engineering College Compound, Navrangpura, Ahmedabad – 380 009, Gujarat, India
Date of Birth/Age :	22.04.1962
Date of Appointment :	07.12.2006
DIN No.:	00012570
Name :	Mr. Vasantbhai Shaktidan Gadhavi
Designation :	Nominee Director of GMDC
Address :	Plot No.115/2, Sector-2A, Gandhi Nagar – 382 007, Gujarat, India
Date of Birth/Age :	20.01.1953
Date of Appointment :	05.12.2009
DIN No.:	00159907
Name :	Mr. Sanjiv Gupta
Designation :	Director
Address :	Plot No.612/1, Villa No.114, Jumeirah 3, Dubai, UAE
Date of Birth/Age :	22.07.1965
Date of Appointment :	29.11.2005
DIN No.:	00288767
Name :	Mr. Donnell Lindsay Pettus JR
Designation :	Director
Address :	32 10, Baan Sansiri Sukhmvit, 67, Phra Khanong, Bangkok 10110
Date of Birth/Age :	01.06.1955
Date of Appointment :	04.08.2010
DIN No.:	02338946
Name :	Mrs. Vijaylaxmi Joshi
Designation :	Director
Address :	Government Bunglow, 25 Dafnala Shahi Baug, Ahmedabad – 380 004, Gujarat, India
Date of Birth/Age :	01.08.1958
Date of Appointment :	27.08.2008
Date of Ceasing :	05.12.2009
DIN No.:	00032055
Name :	Mr. Ajit Gunvantrai Vashi
Designation :	Director
Address :	22228, Roxbury Novi, MI48374, U.S.A.
Date of Birth/Age :	28.04.1949
Date of Appointment :	03.05.1991
Date of Ceasing :	30.06.2010
DIN No.:	00321310
Name :	Mr. Ganapathiraju S. Raju
Designation :	Director
Address :	P.O. Box 6297, Ras Al K Haimah, UAE 6297
Date of Birth/Age :	12.12.1962
Date of Appointment :	22.06.2009
Date of Ceasing :	30.06.2010

KEY EXECUTIVES

Name :	Mr. Ram Bahadur Dadu
Designation :	Secretary
Address :	12-B, Royal Shipra Suncity, Indra Puram, Ghaziabad – 201 010, Uttar Pradesh, India
Date of Birth/Age :	12.04.1960
Date of Appointment :	26.11.1994

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 04.08.2010

Names of Shareholders	No. of Shares
Alok Kumar Modi	100
Ajit Mal Surana	25
Archana Singhania	25
Chandra Bala Modi	225
Cropston Limited, Douglas, Isle of Man	10580000
Dharmishta K. Tanna	100
Gujarat Alkalies and Chemicals Limited, India	7425000
Guardian International Corporation, USA	78500000
Gujarat Mineral Development Corporation Limited, India	7425000
Harlequin Limited, Douglas, Isle of Man	18500000
Modi Rubber Limited, India	33350000
Pratul D. Gandhi, India	100
Parul S. Nanabhai	100
Ritika Modi	25
Ashok S. Pratap	100
Mod Fashions and Securities Private Limited, India	1220000
Total	157000800

As on 04.08.2010

Equity Share Breakup	Percentage of Holding
Category
Government companies	9.46
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	68.52
Bodies corporate	22.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Supply of Glass.

Products :

· Float Glass

· Ultra Mirror

· Transpera

· Laminated Glass

ITC Code	Product Description
7005.10	Float Glass
7009.91	Float Glass Mirror (Specialised)

Brand Names :

“MODIGUARD”

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity*	Installed Capacity*
Float Glass	MT	Not Applicable	150000
Mirror Glass	Sq. Mtr	Not Applicable	4200000

Particulars	Unit	Actual Production (net of cullet reprocessed and losses)
Float Glass **	MT	193683
Mirror Glass	Sq. Mtr	2841738

* The industry has been de-licensed as per Government of India Notification No.477 (E) dated July 25, 1991. Installed capacity, being a technical matter, is certified by the management.

** Includes 25,754 MT transferred for mirror

GENERAL INFORMATION

No. of Employees :	3000 (Approximately)
Bankers :	· State Bank of India, GIDC Estate, Ankleshwar – 393 002, Gujarat, India · Hong Kong and Shanghai Banking Corporation Limited · ABN Amro Bank N. V. · State Bank of Travancore · State Bank of Bikaner and Jaipur · State Bank of Indore · Bank of Baroda · Allahabad Bank · The Bank of Rajasthan Limited · ICICI Bank Limited · Standard Chartered Bank · HDFC Bank

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	Building 8, 7^th and 8^th Floor, Tower-B, DLF-Cyber City, Gurgaon – 122 002, Haryana, India
Related Parties :	v Guardian International Corporation, USA v Guardian Zoujaj International Float Glass Company LLC v Saudi Guardian International Float Glass Company Limited v Modi Rubber Limited v Mahalaxmi Charitable Society

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
175000000	Equity Shares	Rs.10/- each	Rs.1750.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
157000800	Equity Shares	Rs.10/- each	Rs.1570.008 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		1570.008	1570.008	1570.008
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3051.205	2670.667	2002.375
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4621.213	4240.675	3572.383
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		12.956	15.690	18.521
TOTAL BORROWING		12.956	15.690	18.521
DEFERRED TAX LIABILITIES		199.460	272.163	346.369
TOTAL		4833.629	4528.528	3937.273
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		967.496	1193.718	1457.451
Capital work-in-progress		0.000	0.000	1.275
INVESTMENT		1669.408	1678.406	2034.012
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1964.717	1160.444	292.652
	Sundry Debtors	367.520	324.043	290.582
	Cash & Bank Balances	113.594	233.938	52.247
	Other Current Assets	23.776	34.064	0.000
	Loans & Advances	323.758	475.522	227.639
Total Current Assets		2793.365	2228.011	863.120
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	280.615	247.730	298.780
	Other Current Liabilities	131.854	135.954	117.257
	Provisions	184.171	187.923	2.549
Total Current Liabilities		596.640	571.607	418.586
Net Current Assets		2196.725	1656.404	444.534
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4833.629	4528.528	3937.273

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Net Sales	4092.282	4316.153	4028.289
		Other Income	118.592	225.282	211.915
		TOTAL (A)	4210.874	4541.435	4240.204
Less	EXPENSES
		Manufacturing & Other Expenses	2300.693	2085.278	1832.384
		(Increase)/Decrease in Inventory	(96.225)	(62.807)	13.090
		Personnel Expenses	256.266	310.169	170.827
		Administrative and Selling Expenses	785.954	704.953	753.795
		TOTAL (B)	3246.688	3037.593	2770.096
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		964.186	1503.842	1470.108
Less	INTEREST (D)		2.775	2.417	2.649
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		961.411	1501.425	1467.459
Less/ Add	DEPRECIATION/ AMORTISATION (F)		229.000	267.460	307.316
	PROFIT BEFORE TAX (E-F) (G)		732.411	1233.965	1160.143
Less	TAX (H)		168.797	381.989	349.361
	PROFIT AFTER TAX (G-H) (I)		563.614	851.976	810.782
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2305.068	1636.775	825.993
Less	APPROPRIATIONS
		Proposed Dividend	157.001	157.001	--
		Dividend Distribution Tax	26.076	26.682	--
	BALANCE CARRIED TO THE B/S		2685.605	2305.068	1636.775
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. value of exports	--	6.426	39.163
	TOTAL EARNINGS		--	6.426	39.163
	IMPORTS
		Raw, Packing Materials and Finished Goods	293.184	200.658	114.899
		Components and Spare parts - Genera	72.845	43.512	41.407
		Components and Spare parts - Cold Repair	532.491	736.715	0.000
		Capital Goods	0.000	0.000	4.617
	TOTAL IMPORTS		898.520	980.885	160.923
	Earnings Per Share (Rs.)		3.59	5.43	5.16

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	13.38	18.76	19.12
Net Profit Margin (PBT/Sales)	(%)	17.90	28.59	28.80
Return on Total Assets (PBT/Total Assets}	(%)	19.47	36.06	49.99
Return on Investment (ROI) (PBT/Networth)		0.16	0.29	0.32
Debt Equity Ratio (Total Liability/Networth)		0.13	0.14	0.12
Current Ratio (Current Asset/Current Liability)		4.68	3.90	2.06

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS AND APPROPRIATIONS:

The fall in profit in is mainly on account of lower price realization, increase in input costs and lower other income.

SALES:

The company achieved a turnover of Rs.4380.100 millions during the year against Rs.4808.000 millions in the previous year. The fall in turnover is mainly due to lower price realization on account of competitive market conditions.

COLD REPAIR OF THE PLANT:

The company had commenced commercial production in March 1993. One of the important sections of float glass manufacturing line is the melting furnace. The potential life of a float glass furnace is about 15 years. Thereafter it becomes necessary to rebuild .the furnace and replace / renovate other sections of the plant. Such major repairs to the plant, is termed as "Cold Repair" in float glass industry.

The company's plant has completed 17 years of operations. The company had timely initiated necessary steps to prepare itself for the Cold Repair and most of the materials required for Cold Repair are already at site. It is now proposed to carry out Cold Repair in the current financial year. The activity would commence from 29^th August 2010 and would take about 100 days during which float production facility would remain shut down. This would have impact on profitability of the company in FY 2010-11.

BUSINESS OVERVIEW:

The demand for float glass in the country is growing at health pace. However, on account of the addition of new capacity in the industry, there is increased competition in the market. The company is continuing its focus on customer service and improving operational efficiencies. With its strong distribution network and brand image for "MODIGUARD" products the company is well placed to meet present and future petition.

CONTINGENT LIABILITIES:

Particulars	31.03.2010 (Rs. in millions)
a. Claims against the company not acknowledged as debts	2.378
b. First Loss Deficiency Guarantee given to bank under Channel Financing	180.000
c. Income Tax Matters	269.435
d. Other Matters	17.324
e. Bills discounted	--

FIXED ASSETS

v Freehold Land

v Leasehold Land

v Buildings

v Temporary Structures

v Plant and Machinery

v Electrical Installation

v Furniture and Fittings

v Office Equipments

v Refrigerators

v Air Conditioners

v Computers

v Vehicles

WEBSITE DETAILS:

PROFILE

Subject is a member of Guardian Industries Corporation (U.S.A), a world-renowned manufacturer of float glass and other allied products. The Company lays a strong emphasis on the pursuit of growth and excellence of its people, product and services. Subject maintains its leadership position in the domestic market. The company is having a strong network of dealers and authorised retailers and MODIGUARD name enjoys strong brand image. The Company continuously strives to maintain its focus to provide better customer service.

The plant is located in Ankleshwar, in Bharuch district approximately 60 km from Surat and 80 km from Vadodara. The nearest railway station is Ankleshwar (10 km from plant) and Bharuch (20 km from plant). The nearest airport is Vadodara (90 km from plant). Mumbai is approximately 350 km from Ankleshwar and Ahmedabad is 200 km away.

NEWS:

SUCCESSFUL CONTINUATION OF "SOLAR MEETS GLASS" CONFERENCE

As before, the conference “Solar Meets Glass – 2^nd Industry Summit for Quality, Logistics and Material” received positive feedback among over 150 delegates from the glass and solar industries on 13 April 2011. The event, which had been organised by Messe Düsseldorf GmbH and Solarpraxis AG, formed part of the Photovoltaics Thin-Film Week, which was held at the Berlin Adlershof Technology Park, from 11 to 15 April. Other modules during this week were the Thin-Film Industry Forum, organised by Solarpraxis AG, the 2nd International Workshop on CIGS Solar Cell Technology, set up by PVcomB (the Thin-Film and Nanotechnology Competence Centre for Photovoltaics in Berlin), and the VDMA Annual Conference for Photovoltaics Production Equipment.

As well as providing an overview of the market and technology, "Solar Meets Glass" focused on the subjects of quality, logistics and materials –each with the purpose of discussing interfaces between the glass and solar industries. “This year we consciously decided to put the emphasis on thin-film PV, as glass is a material of absolutely vital importance for a variety of reasons. Thematically, this added up to an excellent event where delegates at the "Solar Meets Glass" conference also benefited from the added value of other events at the Photovoltaics Thin-Film Week,” said Hans Werner Reinhard, deputy managing director at Messe Düsseldorf.

“We are pleased that by bundling various events during the Thin-Film Week this year we could create additional synergies, so that even more delegates came to Adlershof than last year. PVcomB, Messe Düsseldorf and VDMA complemented each other very well in the way in they worked together and addressed various target groups, so that the Photovoltaics Thin-Film Week is now even more widely known in the industry,” said Karl-Heinz Remmers, CEO of Solarpraxis AG.

Delegates explicitly praised the "Solar Meets Glass" conference for providing a platform for an exchange between the solar and glass industries where burning issues and solution proposals could be discussed. Glass is one of the key elements for any future increase in efficiency and for cost reductions in photovoltaics.

Messe Düsseldorf and Solarpraxis AG are planning to work together again in 2012, when the next “Solar Meets Glass” conference will be held as part of the Photovoltaics Thin-Film Week at the Adlershof Technology Park in Berlin.

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] 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.44.42
UK Pound	1	Rs.72.49
Euro	1	Rs.63.87

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		62

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.