MIRA INFORM REPORT

 

 

Report Date :

16.06.2011

 

IDENTIFICATION DETAILS

 

Name :

MITTAL APPLIANCES LIMITED (w.e.f. 15.09.1995)

 

 

Formerly Known As :

MITTAL APPLIANCES PRIVATE LIMITED

 

 

Registered Office :

402, Meridian Apartment, 3rd Wing, Veera Desai Road, Andheri West, Mumbai-400058, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

19.01.1985

 

 

Com. Reg. No.:

10-174619

 

 

Capital Investment / Paid-up Capital :

Rs.19.920 Millions

 

 

CIN No.:

[Company Identification No.]

U28122MH1985PLC174619

 

 

Legal Form :

A closely held Public Limited Liability Company.

 

 

Line of Business :

Manufacturer and Traders of Aluminium
Utensils, Sheets, Circles, Aluminium and Copper Alloy Ingots and Strips.

 

 

No. of Employees :

Information denied by the management.

 

 

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 730000

 

 

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 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

 

 

INFORMATION DECLINED BY

 

Management Non Co-Operative.

 

LOCATIONS

 

Registered Office/ Factory :

402, Meridian Apartment, 3rd Wing, Veera Desai Road, Andheri West, Mumbai-400058, Maharashtra, India

E-Mail :

info@mittalgroup.com

 

 

Head / Corporate Office :

303, Apollo Trade Centre, Geeta Bhavan Square, A.B. Road, Indore-452001, Madhya Pradesh, India

Tel. No.:

91-731-3011800

Fax No.:

91-731-3044753

E-Mail :

info@mittalgroup.com

 

 

DIRECTORS

 

As on 30.09.2010

 

Name :

Mr. Dinesh Chand Mittal

Designation :

Director

Address :

Manak 15A/22, Y.N. Road, Indore-452003, Madhya Pradesh, India

Date of Birth/Age :

04.02.1951

Date of Appointment :

01.08.1990

 

 

Name :

Mr. Anshul Mittal

Designation :

Director

Address :

402, Meridian Apartment, 3rd Wing, Veera Desai Road, Andheri West, Mumbai-400058, Maharashtra, India

Date of Birth/Age :

27.07.1977

Date of Appointment :

01.01.1996

 

 

Name :

Mr. Navneet Bagree

Designation :

Director

Address :

101, Princess Square, 14/1, New Palasia, Indore-452001, Madhya Pradesh, India

Date of Birth/Age :

30.05.1977

Date of Appointment :

10.03.2005

 

 

Name :

Mr. Anil Kumar Sharma

Designation :

Director

Address :

H. No. 2931 KE Scheme No. 54, Vijay Nagar, Indore-452010, Madhya Pradesh, India

Date of Birth/Age :

28.03.1968

Date of Appointment :

10.03.2005

 

 

Name :

Mr. Harsh Kumar Maheshwary

Designation :

Director

Address :

502 B, Manavsthal II, Gokul Dham, Goregaon (E), Mumbai-400063, Maharashtra, India

Date of Birth/Age :

04.02.1950

Date of Appointment :

10.03.2005

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2010

 

Names of Shareholders

No. of Preferences Shares

No. of Equity Shares

Rajrani Mittal

--

460000

Anshul Mittal

--

252000

Dinesh Chand Mittal (HUF)

--

67000

Ankit Mittal

--

275000

Rajshree Finsec Private Limited

--

100000

Rajshree Overseas Private Limited

--

50000

Network Capital Market Limited, India

--

150000

Shweta Mittal

--

38000

Manavhit Developers Private Limited, India

--

20000

Ananya Buildcon and Real Estate Private Limited, India 

--

20000

Dharohar Infrastructure Private Limited, India 

--

20000

Treasure Buildcon Private Limited, India 

--

20000

Feel Home Real Estate Private Limited, India

--

20000

Anshul Developers Private Limited, India

500000

--

 

 

 

Total

500000

1492000

 

As on 30.09.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Bodies corporate

 

26.81

Directors or relatives of directors

 

73.19

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Traders of Aluminium
Utensils, Sheets, Circles, Aluminium and Copper Alloy Ingots and Strips.

 

PRODUCTION STATUS (AS ON31.03.2010)

 

Particulars

Unit

Licensed Capacity

Installed Capacity

Aluminum Wares etc

Qty. in MT

1500

900

Casting of Mac. Pats of ferrous, non ferrous and alloys

Qty. in MT

820

820

Foundry, casting and alloys foundry, brass, copper nickel strips, ingots etc.

Qty. in MT

1200

1200

Aluminum circles

Qty. in MT

600

600

Copper, copper alloys coil, sheet, strips, billets, ferrous and non ferrous items, C.N. coin blanks

Qty. in MT

2000

2000

 

ACTUAL PRODUCTION:

 

Particular

Production

Qty. in MT

Alu. Division (Aluminium Utensils, Circles, Alloy Scrap)

36

Alu. Utensil, Circle, Alloys (Job Work)

832

Copper / Nickel Alloys

3191

C.N. Strips and Brass Coil (Job Work)

596

 

 

GENERAL INFORMATION

 

No. of Employees :

Information denied by the management.

 

 

Bankers :

UCO Bank, Gram Pipliahana, Tilak Nagar, Indore Branch, Indore-452001, Madhya Pradesh, India

 

 

Facilities :

Secured Loan

As on 31.03.2010

(Rs. in Millions)

As on 31.03.2009

(Rs. in Millions)

Working Capital Loans

 

 

From State Bank of Indore

 

 

CC loan against stocks and book debts

16.336

0.335

CC loan EPC

80.507

80.645

Buyers credit loan A/c

92.156

18.148

Stand by line credit

25.000

25.000

From UCO Bank

0

0

CC loan against stocks and book debts

39.493

7.300

CC loan EPC

33.154

82.188

Buyers credit loan A/c

(All the above loans are secured against equitable mortgage of land and factory building and hypothecation of plant and machinery and all other fixed assets and also hypothecation finished goods, raw material, work in process stores and book debts ranking pari passu with each other.)

114.351

36.892

Term Loan From Bank

(Secured against hypothecation of wind mill, first pari passu charge on entire fixed assets, existing and future of the company second pari passu charge on current assets of the company. )

22.155

28.155

Loan From LIC

(Against pledge of Key Man Insurance Policies)

11.415

11.415

Total

434.567

290.078

 

 

 

Unsecured Loan

 

 

From directors

25.196

15.217

From bodies corporate

38.761

58.027

From others

32.514

26.742

Total

96.471

99.986

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

 M. Mehta and Company

Chartered Accountant

Address :

11/5, South Tukoganj, Nath Mandir Road, Indore-452001, Madhya Pradesh, India

Tel. No.:

91-731-4065948/2511011/2511022 (O)

91-731-2431713/2523117

Mobile No.:

91-9826294918

Fax No.:

91-731-2523117

Website :

http://www.mmehtaco.com

 

 

CAPITAL STRUCTURE

 

As on 30.09.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

2500000

Equity Shares

Rs.10/- each

Rs.25.000 Millions

500000

Preferences Shares

Rs.10/- each

Rs.5.000 Millions

 

Total

 

Rs.30.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1492000

Equity Shares

Rs.10/- each

Rs.14.920 Millions

500000

Preferences Shares

Rs.10/- each

Rs.5.000 Millions

 

Total

 

Rs.19.920 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

19.920

19.920

19.920

2] Share Application Money

0.000

7.500

7.500

3] Reserves & Surplus

164.883

145.488

142.965

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

184.803

172.908

170.385

LOAN FUNDS

 

 

 

1] Secured Loans

434.567

290.078

238.893

2] Unsecured Loans

96.471

99.986

97.925

TOTAL BORROWING

531.038

390.064

336.818

DEFERRED TAX LIABILITIES

25.487

28.779

27.867

 

 

 

 

TOTAL

741.328

591.751

535.070

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

162.631

149.343

140.958

Capital work-in-progress

2.676

9.347

6.315

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories

351.334

400.423

295.329

 

Sundry Debtors

130.324

225.503

185.592

 

Cash & Bank Balances

90.995

69.071

29.234

 

Other Current Assets

0.000

0.000

0.000

 

Loans & Advances

134.150

144.393

119.096

Total Current Assets

706.803

839.390

629.251

Less : CURRENT LIABILITIES & PROVISIONS

 

 

 

 

Sundry Creditors

90.245

355.201

199.935

 

Other Current Liabilities

30.567

46.153

35.804

 

Provisions

9.970

4.975

5.715

Total Current Liabilities

130.782

406.329

241.454

Net Current Assets

576.021

433.061

387.797

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

741.328

591.751

535.070

 


PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Sales and Other Income          (A)

1445.140

1572.908

1684.173

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of material

1055.920

1241.114

1145.109

 

 

Manufacturing expense

87.834

130.464

67.697

 

 

Excise duty

82.144

99.185

85.757

 

 

Employee cost

33.128

36.285

30.089

 

 

Office and administrative expense

20.440

22.417

22.810

 

 

Selling and distribution expenses

34.030

34.355

33.840

 

 

Decrease / increase in stock

52.796

(75.412)

196.084

 

 

TOTAL                                     (B)

1366.292

1488.408

1581.386

 

 

 

 

 

Less

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

78.848

84.500

102.787

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

43.469

67.652

57.449

 

 

 

 

 

 

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

35.379

16.848

45.338

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

10.234

9.274

8.646

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

25.145

7.574

36.692

 

 

 

 

 

Less

TAX                                                                  (H)

3.111

3.278

7.917

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

22.034

4.296

28.775

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

33.509

31.170

9.760

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

0.500

0.500

5.000

 

 

Corporate Tax on Dividend

0.331

0.211

0.343

 

 

Proposed Dividend on Preferences Shares

0.500

0.500

0.500

 

 

Proposed Dividend on Equity Shares

1.492

0.746

1.522

 

BALANCE CARRIED TO THE B/S

52.720

33.509

31.170

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

275.400

670.509

982.656

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

682.985

765.974

453.641

 

 

Stores & Spares

9.920

1.731

0.752

 

 

Capital Goods

1.281

2.288

0.228

 

TOTAL IMPORTS

694.186

769.993

454.621

 

 

 

 

 

 

Earnings Per Share (Rs.)

13.98

2.88

28.37

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)

1.52

0.27

1.71

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

2.89

0.77

4.76

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.14

0.04

0.22

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

3.58

4.61

3.39

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

5.40

2.07

2.50

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Note: The registered office of the company has been shifted from Plot no. 75, Industrial Area No. 3, Pithampur, Dhar, Madhya Pradesh, India to the present address w.e.f. 20.08.2007. 

 

PERFORMANCES:

 

The Company has achieved higher production in the core business of CN products i.e. Cupro Nickel based alloy products. The total production during the year was 3784 MT as compared to 3296 MT during last year. With the improvement in the global economy and stabilized metal price, the company could able to archive improved profitability during this year. Profit after tax is Rs. 22.034 millions as compared to Rs.4.296 millions during last year. Looking to the order book situation in the current year, the company ho to achieve better performance during the current year.)

 

Fixed Assets:

 

  • Factory Building
  • Land
  • Plant and Machinery
  • Scooter
  • Computer
  • Photo Copier
  • Laboratory Equipment
  • Dies and Moulds
  • Motor Cars
  • Fax
  • Office Equipment

 

AS PER WEBSITE DETAILS:

 

PROFILE:

 

Subject is India’s pioneering supplier of bi-metallic and solid Copper-alloys coin-blanks, coins, strips, and coils, from the private sector. They have supplied more than 30,000 tonnes of coinage materials to various mints across the globe.  In addition, they are regularly supplying Brass strips to the Indian Ordnance Factories for ammunition.


 As a result of this long-term commitment and trust, the Indian Government had entrusted Subject with manufacturing of `10 bi-metallic coin blanks in India, for the first time ever. This maiden order for 300 million pieces of bi-metallic coin-blanks was completed in the year 2009.


Subject is already a trusted name nationally and is now making a strong international presence. The list of their esteemed clients includes India Government Mints, Indian Ordnance Factories, Royal Canadian Mint, Thai Treasury, Bank Negara Malaysia, Banco Central de Reserva del Peru, and Banco Central de la República Dominicana, among others. 


 The strong emphasis on human resource development is what motivates its 350-member workforce to achieve highest standards of quality and productivity. They have a state-of-art, ISO-certified facility to manufacture high-quality strips, coins, and coin-blanks in a wide range of Copper alloys. The plant is equipped with:

 

  • Horizontal Continuous Casting Lines
  • Robertson Milling Line
  • Schmitz AG 2 Hi Breakdown Mill
  • 4 Hi Finishing Rolling Mill
  • Slitting Line
  • Schuler High Speed Blanking Line
  • Schuler Type ST 50S Rimming Machine
  • Dalal Degreasing Line
  • Wellman Mesh Belt Bright Annealing Furnace
  • Rosler Polishing Line
  • Proditec Automatic Visual Inspection System
  • Security Edging Machine
  • GNR Spectrometer
  • Tema SIF 2500 Automatic Visual Inspection System
  • Scan Coin SC 4000 Counting and Bagging Machine
  • HME Coin Master Coining Presses
  • 600 KVA Diesel Generator
  • Oil fired Bright Bell Annealing Furnace
  • Electric Bright Bell Annealing Furnace
  • BTV Electric Wire Mesh Belt Bright Annealing Furnace
  • Scan Coin SC 4000 Counting and Bagging Machine

 

 

PROMOTERS AND DIRECTORS

 

DINESH CHAND MITTAL - CHAIRMAN


Having more than 3 decades of experience in ferrous and non-ferrous manufacturing industries, Mr. Dinesh Chand Mittal heads the Group. After completing the MBA degree, he gained expertise in commercial and technical aspects at M/s Gangaram Mohanlal Mittal and Sons, one of the pioneers in the non-ferrous industries of the country.

 

He was designated as the Chairman of the Group in the year 1974 and since then, Mr. Mittal has been leading the Group. He has pioneered India’s private-sector foray into manufacture of Cupro-Nickel strips, coils, and coin blanks. Mr. Mittal’s thorough knowledge of international metal markets and his experience in Management has helped the Group in scaling new heights.

 

ANSHUL MITTAL - EXECUTIVE DIRECTOR


An Industrial Engineer from Purdue University, U.S.A, Mr Anshul Mittal completed his training with OTIS Elevators, U.S.A. After completing his studies, he joined the group in the year 1998. With his in-depth technical knowledge, Anshul has developed and commissioned a state-of-the-art plant for manufacturing of Cupro-Nickel coin blanks and  coils with world-class equipment.

 

His knowledge in high-quality manufacturing, learnt during tours to leading factories in various countries, has given him the vigour to excel in his area and contribute in making the family business reach the zenith.

 

ANKIT D. MITTAL – DIRECTOR MARKETING


Mr Ankit D. Mittal joined the group in 2002 as the Marketing Director. Just after
joining, Ankit and his team led the Group’s foray into new consumer products (Cookware) in domestic as well as international markets. His cross cultural skills have been instrumental in developing and fostering businesses in new international markets and strengthening Group’s leading position in Indian cookware market.

 

To broaden his horizon and enhance his management skills, Ankit completed Masters of Science Degree in Management from CASS Business School, London in August 2005. He is now heading Group’s marketing activities in India and abroad for coinage and Copper alloy rolled products.

 

 


CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                  None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 


 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.44.68

UK Pound

1

Rs.73.04

Euro

1

Rs.64.29

 


 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--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

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 & 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.