MIRA INFORM REPORT

 

 

Report Date :

08.06.2011

 

IDENTIFICATION DETAILS

 

Name :

REIFENHAUSER (INDIA) MARKETING LIMITED

 

 

Registered Office :

229, Udyog Bhavan, Sonawala Road, Goregaon (East), Mumbai-400063, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

27.12.1993

 

 

Com. Reg. No.:

11-75814

 

 

Capital Investment / Paid-up Capital :

Rs. 1.001 millions

 

 

CIN No.:

[Company Identification No.]

L74999MH1993PLC075814

 

 

IEC No.:

393071782

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMR06844F

 

 

PAN No.:

[Permanent Account No.]

AAACR2003H

 

 

 

Legal Form :

A Closely held Public Limited Liability Company.

 

 

Line of Business :

The Company is engaged in the Business of acting as Marketing Agent and Providing Technical Services

 

 

No. of Employees :

37 ( Office : 26, Branch : 11) [Approximately]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (49)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 396000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject 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 – 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 :

229, Udyog Bhavan, Sonawala Road, Goregaon (East), Mumbai-400063, Maharashtra, India

Tel. No.:

91-22-26862711

Fax No.:

91-22-26862722

E-Mail :

reifen@bom3.vsnl.net.in

hamir@reifenhauserindia.com

raman@reifenhauserindia.com

biswajit@reifenhauserindia.com

rajesh@reifenhauserindia.com

service@reifenhauserindia.com (For Services)

Website :

http://www.reifenhauserindia.com

Area :

2400 Sq. ft.

Location :

1800 Owned + 600 Rented

 

 

Branches :

Located At:

v      New Delhi

v      Chennai

v      Kolkata

 

 

DIRECTORS

 

As on 30.08.2010

Name :

Mr. Manish Arvind Mehta

Designation :

Managing Director

Address :

4, Archana Apartment, 4, A, B. Nair Road, Juhu, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

24.05.1961

Qualification :

BSC, DMM, Diploma in Plastic Technology

Experience :

23 Years

Date of Appointment :

27.12.1993

DIN :

00083756

 

 

Name :

Mrs. Usha Manish Mehta

Designation :

Whole time Director

Address :

4, Archana Apartment, 4, A, B. Nair Road, Juhu, Mumbai-49, Maharashtra, India

Date of Birth/Age :

27.10.1961

Qualification :

Diploma in Accounts and Admin

Experience :

23 Years

Date of Appointment :

27.12.1993

DIN :

00083758

 

 

Name :

Mr. Hamir Arvind Mehta

Designation :

Whole-time Director

Address :

4, Lalit Kunj, Dadabhai Road, Vile Parle (West), Mumbai-49, Maharashtra

Date of Birth/Age :

03.09.1964

Qualification :

B. Com., C A

Experience :

19 Years

Date of Appointment :

15.03.1995

DIN :

00083753

 

 

Name :

Mr. Hans Ulrich Reifenhauser

Designation :

Director

Address :

AM Driesch, 19, 53844, Troisdorf, Germany

Date of Birth/Age :

11.06.1956

Qualification :

Degree in Business Studies

Experience :

24 Years

Date of Appointment :

28.06.1995

DIN :

02701503

 

 

Name :

Klaus Anton Reifenhouser

Designation :

Director

Address :

Watchtelweg 36, Troisdorf 53844, Germany

Date of Birth/Age :

12.12.1957

Qualification :

Degree in Business Studies

Experience :

23 Years

Date of Appointment :

28.06.1995

DIN :

02701501

 

 

Name :

Mr. Jorg Harald Gotthardt

Designation :

Director

Address :

KAMPF Gmbh and Company KG, Maschinenenfabrik, Muehlener Strasse 36-42, D-51674 Wiehl, Germany

Date of Birth/Age :

12.12.1948

Qualification :

Diploma – Ingenieur, Doctorate

Experience :

32 Years

Date of Appointment :

27.06.2005

DIN :

02762210

 

 

KEY EXECUTIVES

 

Name :

A. Sekar

Designation :

Company Secretary

Address :

Mumbai – 400 056, Maharashtra, India

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.08.2010

 

Names Of Shareholders

 

No. of equity Shares

Mr. Manish Arvind Mehta

 

4.900

Mrs. Usha M. Mehta

 

4,900

Mr. Hamir Arvind Mehta

 

4,500

Ms. Jinali Manish Mehta

 

7,150

Ms. Pragna Arvind Mehta

 

7,150

Mrs. Falguni Hamir Mehta

 

7,150

Ms. Bhadra Ramakant Vaishnav

 

7,150

Mr. Manish A Mehta HUF

 

7,150

Reifenhauser GMBH and Company, Germany

 

50,050

Total

 

1,00,100

 

 

As on 30.08.2010

 

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

50.00

Directors or relatives of directors

50.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

The Company is engaged in the Business of acting as Marketing Agent and Providing Technical Services

 

 

Product :
  • Plastic Processing Machinery
  • Converting
  • Ancillaries

 

 

GENERAL INFORMATION

 

Suppliers :

v      Acigraf Graphic Equipments S. R. L, Italy

v      Schulman Plastics BV , Belgium

v      AFS Entwicklungs + Vertriebs Gmbh, Germay

v      Advance Vision Technologhy Limited, Israel

v      Comexi S A U, Spain

v      Donau Carbon S.p.A. Italy

v      Dr. Schenk Gmbh Industriemesstechnik

v      Energey Sciences Inc. USA

v      Enviroxi S. L., Spain

v      Fasnacht and Company, Switzerland

v      Gidue S P A , Italy

v      Hans Weber Maschinenfabrik Gmbh, Germany

v      Iwasaki Tekko Company Limited , Japan

v      Kampf Gmbh And Company, Germany

v      Kreyenborg Gmbh, Germay

v      LasX Industries, Inc, USA

v      Leybold Optics Gmbh, Germany

v      LR Products, Spain

v      Netstal Maschinen Ag, Switzerland

v      Newlong Machinen Works, Japan

v      Next Generation Recycling Maschinen, Germany

v      Paper Machinery Corp, USA]

v      Polyrema Kg, Germany

v      Prati S.r.l., Italy

v      Praxair Surface Technologies (Europe) SA, Switzerland

v      Polywest Sleeve Systems, Germany

v      PT Reinplas Sejahtera, Indonesia

v      Reprochem, Italy

v      Reifenhauser Gmbh And Company, Germany

v      Reifenhauser Reicofil Gmbh and Company KG, Germany

v      Reiloy Metall Gmbh, Germany

v      Reimotec Maschinen – and Anlagenbau GmbH, Germany

v      Spilker Gmbh, Germany

v      Sung An Machinery Company, Korea

v      Totani Corpaoration, Japan

 

 

Customers :

v                 Abidally and Sons, Sri Lanka

v                 Clearex Films Limited

v                 Computerskills Limited

v                 Dhruv Industries Limited

v                 Epcos India Private Limited

v                 Exxel Propack Limited

v                 Euro Multivision Limited

v                 Exter Industries Limited

v                 Fiberweb (India) Limited

v                 Flex Industries Limited

v                 Flora Elecronics Limited

v                 Futuristic Concept Media Limited

v                 Gampa Alcoats Limited

v                 Hitkari Industries Limited

v                 Indian Organic Chemicals Limited

v                 Injecto Plast Privatae Limited

v                 Interlabels Industries Private Limited

v                 ITC Llimited

v                 Jet-Speed Audio

v                 Jindal Poly Films Limited

v                 Lohia Starlinger Limited

v                 L And T Demag Plastic Machinery Private Limited

v                 Max India Limited

v                 Maharshi Labels Private Limited

v                 Nawaloka Plymers Limited

v                 Nirma Limited

v                 Nova Industries L L C , Dubai

v                 Optec Disc Manufacturing Systems Limited

v                 Packaging India Private Limited

v                 Paper Poduct Limited

v                 Planet Optical Disc Limited FZE

v                 Polyplex Corporation Limited

v                 Positive Packaging Industries Limited

v                 Quantum Industries Limited

v                 Radha Madhav Corporation Limited

v                 Rexor India Limited

v                 R T Packaging Limited

v                 Riyan Creations

v                 Riyan Optical Discs

v                 Sel – Jega Printers Private Limited

v                 Shilp Gravures Limited

v                 Shree Rama Multitech Limited

v                 Space Matrix Agency Private Limited

v                 SRF Limited

v                 Standard Capacitors Private Limited

v                 Suncity Synthetics Limited

v                 Supreme Industries Limited

v                 Super Cassettes India Limited ( T – Series)

v                 Superfil Products Limited

v                 Tata Visteon Automotive Private Limited

v                 Techno Plast Industries

v                 Tetra Pak India Limited

v                 Vacmet Packagings ( India) Private Limited

v                 VFC Industries Limited

v                 Vista Film And Packaging Limited

v                 Webtech Systems

v                 Xpro India Limited

v                 Yamuna Industries Limited

 

 

No. of Employees :

37 ( Office : 26, Branch : 11) [Approximately]

 

 

Bankers :

v      Standard Chartered Bank

v      Citibank

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

M. A. Parikh and Company

Chartered Accountants

Address :

Yusuf Building, 2nd Floor, 43, M. G. Road, Fort, Mumbai – 400001, Maharashtra, India

Tel. No.:

91-22-22041018

PAN NO.:

AAAFM1833F

 

 

Holding Company :

v      Reifenhauser Gmbh and Company, Germany

 

 

Related Parties :

v      Reiloy Metal Gmbh

v      Silver Plastics SRL

v      Silver Plastics Gmbh and Company Kg

v      Reifenhauser Gmbh and Company Maschinenfabrik

 

 

CAPITAL STRUCTURE

 

As on 30.08.2010

 

Authorised Capital :

 

No. of Shares

Type

Value

Amount

200000

Equity Shares

Rs. 10/- each

Rs. 2.000 millions

 

Issued, Subscribed & Paid-up Capital :

 

No. of Shares

Type

Value

Amount

100100

Equity Shares

Rs. 10/- each

Rs. 1.001 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

1.001

1.001

1.001

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

98.065

80.146

62.608

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

99.066

81.147

63.609

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

0.000

0.000

0.000

DEFERRED TAX LIABILITIES

1.771

1.976

1.873

 

 

 

 

TOTAL

100.837

83.123

65.482

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

12.574

11.607

10.989

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

1.980

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
0.000
0.000
0.000

 

Sundry Debtors
21.322
19.584
18.145

 

Cash & Bank Balances
48.880
44.198
35.017

 

Other Current Assets
0.000
0.000
0.000

 

Loans & Advances
19.347
9.019
2.632

Total Current Assets
89.549
72.801
55.794

Less : CURRENT LIABILITIES & PROVISIONS
 
 
 

 

Current Liabilities
0.760
0.677
0.250

 

Sundry Creditors
0.190
0.258
2.652

 

Provisions
0.336
0.350
0.379

Total Current Liabilities
1.286
1.285
3.281

Net Current Assets
88.263
             71.516
52.513

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

100.837

83.123

65.482

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2010

31.03.2009

31.03.2008

Sales

 

 

 

Commission and Service Charges (Gross)

69.188

55.254

61.298

Compete Fees

0.000

4.087

3.363

Interest (Gross)

4.971

3.283

1.411

Other Income

0.935

6.738

0.305

Total Income

75.094

69.362

66.377

 

 

 

 

Expenditures :

 

 

 

 

Office and Administrative Expenses

18.486

14.224

14.155

 

Salaries and Allowances

28.652

26.391

20.303

Total Expenditure

47.138

40.615

34.458

 

 

 

 

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

27.956

28.747

31.919

 

 

 

 

DEPRECIATION/ AMORTISATION                    

0.993

0.994

0.812

 

 

 

 

PROFIT BEFORE TAX                           

26.963

27.753

31.107

 

 

 

 

TAX                                                                 

9.044

10.216

11.313

 

 

 

 

PROFIT AFTER TAX                            

17.919

17.537

19.794

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

75.541

58.004

38.210

 

 

 

 

BALANCE CARRIED TO THE B/S

93.460

75.541

58.004

 

 

 

 

Earnings in Foreign Currency :

 

 

 

 

Commission and Fees

67.758

53.441

55.760

 

Non Compete Fees

0.000

4.086

3.997

Total Earnings

67.758

57.527

59.757

 

 

 

 

Earnings Per Share (Rs.)

179.01

175.20

197.74

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
23.86
25.28

29.82

 

 
 
 

 

Return on Total Assets

(PBT/Total Assets}

(%)

26.40
32.88

46.58

 

 
 
 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.27
0.34

0.49

 

 
 
 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.01
0.02

0.05

 

 
 
 

 

Current Ratio

(Current Asset/Current Liability)

 
69.63
56.65

17.01

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Operations and Future Outlook : The company’s revenue has substantially gone up compared to previous year. The outlook for the company looks quite bright. It is expected that the company will continue to roll on the path of growth.

 

FIXED ASSETS:

 

v      Office Premises

v      Office Equipments

v      Electrical Fittings

v      Furniture’s and Fixtures

v      Computers

v      Plant and Machinery

v      Motor car

v      Scooter

 

AS PER WEBSITE DETAILS

 

OUR BACKGROUND

 

A small seed was sown in 1994 with an idea of providing the plastics industry with high quality extrusion machinery. Since then the seed has nurtured to become a full grown tree shadowing the entire plastics, converting and packaging industry, offering its customers with services, right from film extrusion machines, laminates and printing units to Slitting Rewinding Systems, bag making / pouching machines.

 

The concept is to provide the customer with the latest state of the art technology in terms of machineries and some specialized commodities available in the world, for all their plastics and converting needs under one single roof.

 

They have some diversified activity in the fields of paper cups and bags signify RIML’s commitment to the society and green causes.

 

Subject is responsible for marketing and servicing of entire range of extrusion machinery and individual component like extruders, die, winders etc. in India. Besides selling Reifenhauser germany products their company has taken exclusive sales and services rights for various other companies like Kampf Gmbh and Company , Netstal-Maschinen AG, Kreyenborg GmbH, A.Schulman, Leybold, AVT, Gidue.

 

M/s. Reifenhäuser GmbH and Company, Germany holds 50 % equity in the company and the balance 50% equity is held by Mr. Manish Mehta and family.

 

  • Mr. Ulrich Reifenhäuser-Chairman of the Board.
  • Mr. Manish Arvind Mehta- Managing Director.
  • Mrs. Usha Manish Mehta- Director
  • Mr. Hamir Arvind Mehta – Director
  • Mr. Klaus Reifenhäuser – Director
  • Dr. Ing Harald Gotthardt – Director

 

Today, they take immense pleasure in mentioning that some of the best names in the Plastics field are customers of RIML. Right from extrusion BOPP / BOPET to printing laminating, ink and master batch besides injection moulded product like optical disc PET Preform , caps and closures and Blow ,moulded products like bottle containers and Jerry can for packing of industrial chemical pharmaceuticals cosmetics and automotive applications like fuel tank, spoilers etc.

 

RIML has it’s presence felt in a broad spectrum related to plastic processing, packaging and converting field.

 

Their Present

 

Ever since Reifenhäuser India Marketing Ltd. (RIML) came into existence, high levels of customer commitment and professionalism have been the hallmark of the company’s growth. To anybody associated with the Plastics and Packaging field in India, RIML is not a new name.

 

The dynamic and dedicated team of RIML under the able leadership of Mr. Manish Mehta has achieved a reputation and success.

 

The Co-operation

 

The RIML team looks forward to the co-operation, to provide  with their services, if they are looking forth to set up, diversify or upgrade in plastics and packaging industry.

 

SERVICES :

 

  • Qualified and Experienced Mechanical, Electrical and Electronic Engineer.
  • Periodically Trained at their Principal’s works to update Technical Developments and New Technology.
  • Provide Installation, Repair and Preventive Maintenance services.
  • Technical advice for ordering spare parts.
  • Refurbish of Existing Machinery.
  • 24 Hours Service Hotline – Cell 0091 932233 8415

                                                                 

 

 

 

CMT REPORT (Corruption, Money Laundering and 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. 44.74

UK Pound

1

Rs. 73.25

Euro

1

Rs. 65.48

 

 

SCORE and 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

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

5

--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

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

49

 

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 and 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.