MIRA INFORM REPORT

Report Date :

23.05.2011

IDENTIFICATION DETAILS

Name :	KANARA INDUSTRIAL CORPORATION
Registered Office :	71, Mistry Industrial Complex, Cross Road A, MIDC, Andheri (East), Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2011 (Provisional)
Year of Establishment :	1985
Com. Reg. No.:	BA 7123 (Reg. of Firm)
Capital Investment / Paid-up Capital :	Rs.13.783 Millions
IEC No.:	0388002964
PAN No.: [Permanent Account No.]	AAAFK2077P
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners.
Line of Business :	Manufacturer and Exporter of Pharmaceutical Equipments.
No. of Employees :	6 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	No Complaints
Litigation :	Clear
Comments :	Subject is an established concern in its field. Trade relations are reported as fair. The valuation report provided is of a lesser value than the proposal amount. No Complaints have been heard from indirect or market sources. 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

INFORMATION PARTED BY

Name :	Mr. Vinod R. Padia
Designation :	Partner
Contact No.:	91-9930871099
Date :	18.05.2011

LOCATIONS

Registered Office :	71, Mistry Industrial Complex, Cross Road A, MIDC, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-26879724
Mobile No.:	91-9930871099 (Mr. Vinod R. Padia)
Fax No.:	91-22-26879725
E-Mail :	kanaraindia@gmail.com
Area :	702 sq. ft.
Location :	Owned
Factory :	(Land Acquired and Proposed Factory) Plot No.830/15 (New Sejal Glass), Jhagadia Mega Estate, GIDC, P.O. Jhagadia – 393110, Gujarat, India
Tel. No.:	91-2646-250157
Area :	2880 sq. mtrs.
Location :	Leased

PARTNERS

Name :	Mr. Naresh Padia
Designation :	Partner
Address :	1203, Brooklyn Hills, T-34, Shastri Nagar, Lokhandwala, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	08.10.1957
Qualification :	Chartered Accountant
Experience :	Mr. Naresh Padia is a qualified chartered accountant and has been into business for the last 25 years specializing in trading, marketing, consulting and finance in engineering industries.
Name :	Mr. Vinod Padia
Designation :	Partner
Address :	7-B, Akhila Kunj, K. A. Subramaniam Road, Matunga, Mumbai – 400019, Maharashtra, India
Date of Birth/Age :	07.12.1953
Qualification :	Graduate
Experience :	Mr. Vinod Padia has been into business for the last 25 years Managing Accounts and Finance. He specialises in engineering industries’ finances, logistics, import-export and he has been associated with the industry from the beginning of his career.
Name :	Mr. Santosh Kumar Tewari
Designation :	Partner
Address :	27, Jaldarshan society, GIDC, Ankleshwar, District Bharuch – 393002, Gujarat, India
Date of Birth/Age :	01.01.1954
Qualification :	B. Tech (Mechanical)
Experience :	Mr. Santosh Kumar Tewari is a qualified mechanical engineer and has been into business for the last 25 years in field of production and consultancy in engineering industries.

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Pharmaceutical Equipments.
Exports :
Products :	Pharmaceutical Machinery, Equipment and Allied Products.
Countries :	· Australia · Bangladesh · Malaysia · Oman · USA · UK
Terms :
Selling :	L/C and Credit (30 days)
Purchasing :	L/C and Credit (30 days)

GENERAL INFORMATION

Customers :	End Users · Oman Pharmaceutical Products Company LLC, Seeb Sultanate of Oman · Winwa Medical Sdn Bhd, Penang, Malaysia · Unilever Bangladesh Limited, Bangladesh · Reshmed Healthcare, Durban, South Africa · Ziska Pharmaceuticals Limited, Gazipur, Bangladesh · Duopharam (M) Sdn. Bhd Darul Eshan, Malaysia · British Rema Process Equipments Limited, Derbys United Kingdom. · BMT Biomach Technologies Victoria Malaysia · Eskayef Bangaldesh Limited, Bangladesh · Arch Phama Labs Limited · Novelta Bestway Pharmaceuticals Limited. · Orit Laboratories LLC, USA · Sakar Healthcare Private Limited
Suppliers :	· AI-Safaa Packers and Company · Bectochem Consultants and Engineers Private Limited · Lotus Labs Private Limited · Pharma Technologies · Prakash Engineering Works · Precitech Industries · Sagar Pharma Industries · Shivam Engineers · Vashi Electricals Private Limited · Bafna Metal, Mumbai · Jindal Stainless Limited, Hissar · Vashi Electricals Private Limited, Mumbai · Lubi Electronics, Mumbai · Electro Control Engineers (India) Mumbai · Aditya Control System, Mumbai · Flowline Engineers, Mumbai · Ami Polymers Private Limited, Mumbai
No. of Employees :	6 (Approximately)
Bankers :	· Corporation Bank Matunga Branch, K. A. Subramaniam Road, Matunga C Railway, Mumbai – 400019, Maharashtra, India
Facilities :	Credit Limited = Rs.8.100 Millions Overdraft Limit

Banking Relations :	--
Auditors :
Name :	R. V. Mahimkar and Company Chartered Accountant
Address :	505-A, Vardhaman Chambers, 17-G Cawasji Patel Street, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22044619/ 2451, (R) 26825184
Fax No.:	91-22-22042451
Email :	rajendra@anmindia.com
Associates/Subsidiaries :	· Orient Polymers 1203, Brooklyn Hills, T-34, Shastri Nagar, Andheri (west), Mumbai – 400053, Maharashtra, India Line o Business: Suppliers of Plastic Industrial Parts for Machines. · Containtech Dezine Private Limited 71, Mistry Industrial Complex, Cross Road A MIDC, Mumbai – 400093, Maharashtra, India Line of Business: Isolators and Barrier Containments. · BMT Technologies K K Chambers, 2^nd Floor, Sir P T Marg, Fort Mumbai – 400001, Maharashtra, India Line of Business: Equipment Suppliers

CAPITAL STRUCTURE

Capital Investment :
Owned :	Rs.7.410 Millions
Borrowed :	Rs.6.373 Millions
Total :	Rs.13.783 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011 (Provisional)	31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Partner’s Capital Account		5.573	12.608	5.482	8.234
2] Share Application Money		0.000	0.000	0.000	0.000
3] Reserves & Surplus		1.837	0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000	0.000
NETWORTH		7.410	12.608	5.482	8.234
LOAN FUNDS
1] Secured Loans		0.952	1.918	0.000	0.188
2] Unsecured Loans		5.421	0.000	0.328	0.328
TOTAL BORROWING		6.373	1.918	0.328	0.516
DEFERRED TAX LIABILITIES		0.000	0.000	0.000	0.000
TOTAL		13.783	14.526	5.810	8.750
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.898	12.145	1.046	1.322
Capital work-in-progress		0.000	0.000	0.000	0.000
INVESTMENT		0.000	2.011	0.030	0.419
DEFERREX TAX ASSETS		0.000	0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.096	0.000	0.000	0.000
	Sundry Debtors	5.190	3.021	4.746	7.985
	Cash & Bank Balances	(4.995)	0.121	0.598	0.058
	Other Current Assets	1.743	0.000	0.000	0.000
	Loans & Advances	1.445	1.249	0.001	0.000
Total Current Assets		3.479	4.391	5.345	8.043
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1.594	1.684	0.611	1.034
	Other Current Liabilities	0.000	2.272	0.000	0.000
	Provisions	0.000	0.065	0.000	0.000
Total Current Liabilities		1.594	4.021	0.611	1.034
Net Current Assets		1.885	0.370	4.734	7.009
MISCELLANEOUS EXPENSES		0.000	0.000	0.000	0.000
TOTAL		13.783	14.526	5.810	8.750

PROFIT & LOSS ACCOUNT

		PARTICULARS		31.03.2011 (Provisional)	31.03.2010	31.03.2009	31.03.2008
		SALES
			Income	22.211	5.324	0.000	0.607
			Commission Received	1.059	0.632	8.660	9.060
				23.27	5.956	8.66	9.667
			Other Income	0.184	0.454	0.011	3.129
			TOTAL (A)	23.454	6.410	8.671	12.796
Less		EXPENSES
			Cost of Sales	0.000	2.334	0.000	0.319
			Purchases Accounts	13.212	0.000	0.000	0.000
			Freight, Insurance and Forwarding	0.945	0.911	0.000	0.061
			Administrative Cost	0.000	1.501	1.229	1.150
			Sales and Marketing Expenses	0.000	0.538	0.170	0.000
			Partners Remunerations	0.000	0.064	1.460	3.200
			Other Expenses	5.274	0.000	0.000	0.000
			TOTAL (B)	19.431	5.348	2.859	4.730
Less		PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.023	1.062	5.812	8.066
Less		INTEREST AND FINANCIAL EXPENSES (D)		0.962	0.093	0.021	0.058
		PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.061	0.969	5.791	8.008
Less/ Add		DEPRECIATION/ AMORTISATION (F)		1.224	0.759	0.201	0.209
		PROFIT BEFORE TAX (E-F) (G)		1.837	0.210	5.590	7.799
Less	TAX (H)			NA	0.065	0.000	0.000
	PROFIT AFTER TAX (G-H) (I)			NA	0.145	5.590	7.799

KEY RATIOS

PARTICULARS		31.03.2011 (Provisional)	31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	2.26	64.48	60.95
Net Profit Margin (PBT/Sales)	(%)	7.89	3.53	64.55	80.68
Return on Total Assets (PBT/Total Assets}	(%)	11.95	1.27	87.47	83.28
Return on Investment (ROI) (PBT/Networth)		0.25	0.02	1.02	0.95
Debt Equity Ratio (Total Liability/Networth)		1.08	0.47	0.17	0.19
Current Ratio (Current Asset/Current Liability)		2.18	1.09	8.75	7.78

LOCAL AGENCY FURTHER INFORMATION

PROJECTED PROFITABILITY STATEMENTS

(RS. IN MILLIONS)

Particulars	31.03.2011	31.03.2012	31.03.2013	31.03.2014	31.03.2015
	(Projected)
Actual duration of Accounting Period (Months)	12.00	12.00	12.00	12.00	12.00
Capacity Utilization	20.00	50.00	65.00	80.00	85.00
Gross Sales
Domestic	0.000	0.000	0.000	0.000	0.000
Export	18.000	49.135	64.740	79.740	84.914
Sub Total (Gross sales)	18.000	49.135	64.740	79.740	84.914
Less: Excise Duty	0.000	0.000	0.000	0.000	0.000
Net Sales	18.000	49.135	64.740	79.740	84.914
% rise [+] or fall [-] in net sales as compared to previous year	10.00	172.97	31.76	23.17	6.49
Other Operating Income
Export Incentives	0.000	0.000	0.000	0.000	0.000
Others	1.762	1.000	1.500	1.500	1.500
Total Operating Income	19.762	50.135	66.240	81.240	86.414
Cost of Sales
Raw Materials Consumed
- Imported	0.000	0.000	0.000	0.000	0.000
- Indigenous	11.274	30.518	36.856	45.165	47.372
Stores Consumed	0.000	1.000	1.300	1.600	1.700
Power and Fuel	0.085	0.500	0.650	0.800	0.850
Direct Labour and Wages	0.615	5.109	6.746	8.347	8.843
Other Manufacturing Expenses	1.278	2.135	3069	3.976	4.225
Depreciation	1.224	3.013	2.515	2.146	1.859
Sub Total	14.476	42.275	51.136	62.034	64.849
Increase/ (Decrease) in WIP	0.000	(2.818)	(0.846)	(0.845)	(0.282)
Increase/ (Decrease) in FG	0.000	(0.865)	(0.260)	(0.260)	(0.086)
Total Cost of Sales	14.476	38.592	50.030	60.929	64.481
Selling, General and Administrative Expenses	3.296	5.891	6.761	7.997	8.523
Operating Profit before Interests	1.990	5.652	9.449	12.314	13.410
Interests
- On Working Capital	0.811	0.380	0.495	0.621	0.667
- On Term Loans	0.466	2.803	2.458	2.054	1.650
Total	1.277	3.183	2.953	2.675	2.317
Operating profit after Interests	0.713	2.469	6.496	9.639	11.093
Non Operating Income	0.000	0.000	0.000	0.000	0.000
Non Operating Expenses	0.000	0.000	0.000	0.000	0.000
Net of Non-operating Income and Expenses	0.000	0.000	0.000	0.000	0.000
Profit before Tax	0.713	2.469	6.496	9.639	11.093
Provision for taxes	0.220	0.763	2.007	2.978	3.428
Net Profit After Tax	0.493	1.706	4.489	6.661	7.665
Dividend	0.000	0.000	0.000	0.000	0.000
Cash Profit	1.717	4.719	7.004	8.807	9.524
Cash Profit Plus under term Loans (A)	2.183	7.522	9.462	10.861	11.174
Interests on Term Loans (B)	0.466	2.803	2.458	2.054	1.650
DSCR A/B	4.66	46.04	60.60	20.54	16.50

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PROJECTED BALANCE SHEET

(RS. IN MILLIONS)

Particulars	31.03.2011	31.03.2012	31.03.2013	31.03.2014	31.03.2015
	(Projected)
CURRENT LIABILITIES
Bank Borrowing	0.000	3.300	4.300	5.400	5.800
Installments of Term Loans/ deferred Payment Credit/ Debentures/ deposits/ Redeemable preference Shares (due within one year)	0.000	0.000	0.000	0.000	0.000
Creditors for Purchases	0.900	2.292	2.979	3.667	3.896
Provision for Taxation	0.220	0.763	2.007	2.978	3.428
Other current Liabilities	0.300	0.833	1.083	1.333	1.417
SUB TOTAL (A)	1.420	7.188	10.369	13.378	14.541
TERM LIABILITIES
Debentures	0.000	0.000	0.000	0.000	0.000
Preference Shares	0.000	0.000	0.000	0.000	0.000
Term Loans from Banks/ FIs	18.009	16.208	12.606	9.004	5.403
Deferred tax Liabilities	0.000	0.000	0.000	0.000	0.000
Unsecured Loans from friends and Relatives	5.500	5.500	5.500	5.500	5.500
Other Term Liabilities	0.000	0.000	0.000	0.000	0.000
SUB TOTAL (B)	23.509	21.708	18.106	14.504	10.903
NET WORTH
Equity Shares Capital	0.000	0.000	0.000	0.000	0.000
Partners capital/ Capital brought in by Proprietor	4.145	8.654	7.922	6.090	3.446
Revolution Reserve	0.000	0.000	0.000	0.000	0.000
Reserves and Surplus	0.000	0.000	0.000	0.000	0.000
Unsecured Loans	0.000	0.000	0.000	0.000	0.000
Profit and Loss Account Balance	0.493	2.199	6.688	13.348	21.013
TOTAL NET WORTH (C)	4.638	10.853	14.610	19.438	24.459
TOTAL CAPITAL + LIABILITIES (A+B+C)	29.567	39.749	43.085	47.321	49.903
ASSETS
CURRENT ASSETS
Cash and Bank Balance	0.459	4.373	6.288	8.494	11.417
Investments [Other than long term investments]	0.000	0.000	0.000	0.000	0.000
Receivables other than deferred and exports	2.000	4.708	6.121	7.533	8.004
INVENTORY
Inventory of Raw Materials, WIP, FG	0.000	5.975	7.768	9.561	10.158
Other Consumable Spares	0.000	0.000	0.000	0.000	0.000
Advances to suppliers	0.000	0.000	0.000	0.000	0.000
Advance Payment of Taxes	0.220	0.763	2.007	2.978	3.428
Other Current Assets	0.459	0.514	0.000	0.000	0.000
SUB TOTAL (A)
FIXED ASSETS
Gross Block (Land and Building Machinery)	27.653	27.653	27.653	27.653	27.653
Depreciation to date	1.224	4.237	6.752	8.898	10.757
NET BLOCK	26.429	23.416	20.901	18.755	16.896
SUB TOTAL (B)	26.429	23.416	20.901	18.755	16.896
OTHER NON CURRENT ASSETS
Investments in sub Cos./ Affiliates	0.000	0.000	0.000	0.000	0.000
Advances to suppliers of Capital goods and contractors	0.000	0.000	0.000	0.000	0.000
Investment in Others	0.000	0.000	0.000	0.000	0.000
Other Non-Current Investment	0.000	0.000	0.000	0.000	0.000
SUB TOTAL (C)	0.000	0.000	0.000	0.000	0.000
Intangible Assets (D)	0.000	0.000	0.000	0.000	0.000
TOTAL ASSETS (A+B+C+D)	29.567	39.749	43.085	47.321	49.903

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PROJECTED CASH FLOW STATEMENT

(RS. IN MILLIONS)

Particulars	31.03.2011	31.03.2012	31.03.2013	31.03.2014	31.03.2015
	(Projected)
SOURCES OF CASH
Profit before interests and tax less adjustments for non-cash revenue	0.000	5.652	9.449	12.314	13.410
Depreciation	0.000	3.013	2.515	2.146	1.859
Preliminary Expenses written off	0.000	0.000	0.000	0.000	0.000
Loss on sales of fixed assets	0.000	0.000	0.000	0.000	0.000
Issue of equity shares	0.000	4.509	0.000	0.000	0.000
Issue of Preference Shares	0.000	0.000	0.000	0.000	0.000
Issue of debentures	0.000	0.000	0.000	0.000	0.000
Raising of Long term loans	0.000	0.000	0.000	0.000	0.000
Raising of other long term unsecured loans/ deposits etc.	0.000	0.000	0.000	0.000	0.000
Sale of fixed assets	0.000	0.000	0.000	0.000	0.000
Increase in current liabilities	0.000	(39.262)	0.937	0.938	0.313
Decrease in current assets	0.000	0.000	0.000	0.000	0.000
Increase in short term borrowing	0.000	0.000	1.000	1.100	0.400
Decrease in Non-current assets/ Investments	0.000	0.000	0.000	0.000	0.000
SUB TOTAL (A)	32.618	0.000	13.901	16.498	15.982
APPLICATION OF CASH
Redemption of Redeemable Preference shares	0.000	0.000	0.000	0.000	0.000
Redemption of debentures	0.000	0.000	0.000	0.000	0.000
Repayment of Long Term Loans	0.000	1.801	3.602	3.602	3.602
Repayment of Long term unsecured loans/ deposits etc.	0.000	0.000	0.000	0.000	0.000
Purchased of fixed Assets	0.000	0.000	0.000	0.000	0.000
Decrease in current Liabilities	0.000	0.000	0.000	0.000	0.000
Increase in Current Assets	0.000	9.281	3.906	4.176	1.517
Increase in Non Current Assets/ Investments	0.000	0.000	0.000	0.000	0.000
Interests paid	0.000	3.183	2.953	2.675	2.317
Tax Paid	0.000	0.220	0.763	2.007	2.978
Dividend paid	0.000	0.000	0.732	1.832	2.644
SUB-TOTAL (B)	26.574	14.485	11.986	14.292	13.059
Net Surplus (A-B)	6.044	(14.485)	1.915	2.206	2.923
Opening Cash Balance	0.000	0.459	4.373	6.288	8.494
Closing Cash Balance	0.000	4.373	6.288	8.494	11.417

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BUSINESS PROJECTIONS AND DSCR

(RS. IN MILLIONS)

Particulars	31.03.2011	31.03.2012	31.03.2013	31.03.2014	31.03.2015
	(Projected)
Capacity utilization (%)
Net Sales	18.000	49.135	64.740	79.740	84.914
PAT	0.493	1.706	4.489	6.661	7.665
Cash Profit	1.717	4.719	7.004	8.807	9.524
Add: Interests on TL	2.183	7.522	9.462	10.861	11.174
TOTAL (A)	2.183	7.522	9.462	10.861	11.174
Installments due under TLs
- Existing TLs	0.000	0.000	0.000	0.000	0.000
- Proposed TLs	0.000	1.801	3.602	3.602	3.602
Interests on TLs	0.466	2.803	2.458	2.054	1.650
TOTAL (B)	0.466	4.604	6.060	5.656	5.252
DSCR (A/B)	4.68	1.63	1.56	1.92	2.13
Average DSCR	2.09

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DSCR SCENARIOS FOR A COMPANY

(AS DISTINGUISHED FROM A PROJECT)

(RS. IN MILLIONS)

Particulars	31.03.2011	31.03.2012	31.03.2013	31.03.2014	31.03.2015
	(Projected)
Scenario for a fall in Total Operating Income
% fall in revenue
Total Operating Income (shocked downwards)	19.762	50.135	66.240	81.240	86.414
Cost of Sales + SGA	17.772	44.483	56.791	68.926	73.004
Operating Profit before Interest	1.990	5.652	9.449	12.314	13.410
Interest	1.277	3.183	2.953	2.675	2.317
Operating Profit after Interest	0.713	2.469	6.496	9.639	11.093
Net of non operating income/ expenses	0.000	0.000	0.000	0.000	0.000
Profit before tax	0.713	2.469	6.496	9.639	11.093
Provision for Tax	0.220	0.763	2.007	2.978	3.428
PAT	0.493	1.706	4.489	6.66	7.665
PAT + interests + dep.	2.183	7.522	9.462	10.861	11.174
Installments of Term Loans/ Deferred payment credits/ Debentures/ deposits (due within one year)	0.000	1.801	3.602	3.602	3.602
Interest	0.466	2.803	2.458	2.054	1.650
DSCR (for a fall in Op Rev)	4.68	1.63	1.56	1.92	2.13
Average DSCR	2.09
Installments on Term Loan + Interests on TL	0.466	4.604	6.060	5.656	5.252
Scenario for a rise in operating expenses
% rise in Op Expenses
Total Operating Income	19.762	50.135	66.240	81.240	86.414
Cost of Sales + SGA (shocked upwards)	17.772	44.483	56.791	68.926	73.004
Operating Profit before Interest	1.990	5.652	9.449	12.314	13.410
Interests	1.277	3.183	2.953	2.675	2.317
Operating Profit after Interest	0.713	2.469	6.496	9.639	11.093
Net of non operating income/ expenses	0.000	0.000	0.000	0.000	0.000
Profit before tax	0.713	2.469	6.496	9.639	11.093
Provision for tax	0.220	0.763	2.007	2.978	3.428
PAT	0.493	1.706	4.489	6.66	7.665
	2.183	7.522	9.462	10.861	11.174
Installments of Term Loans/ Deferred payment credits/ Debentures/ deposits (due within one year)	0.000	1.801	3.602	3.602	3.602
Interest	0.466	2.803	2.458	2.054	1.650
DSCR (for a rise in Op Expense)	4.68	1.63	1.56	1.92	2.13
Average DSCR	2.09
Installments on Term Loan + Interests on TL	0.466	4.604	6.060	5.656	5.252

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COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS IN MILLIONS)

Particulars	31.03.2011	31.03.2012
	(Projected)
A CURRENT ASSETS
Raw Materials	0.000	2.292
Months Consumption	0.000	0.90
Stock in process	0.000	2.818
Months cost of production	0.000	0.86
Finished goods	0.000	0.865
Months cost of sales	0.000	0.27
Receivable – Domestic	0.500	0.000
Months domestic sales	0.000	0.000
Receivable – Exports	1.500	4.708
Months domestic sales	1.00	1.15
Other current Assets	1.138	5.650
TOTAL CURRENT ASSETS	3.138	16.333
B CURRENT LIABILITIES
[Other than bank borrowing for working capital]
Sundry Creditors	0.900	2.292
Months Purchases	0.96	0.90
Advances from customers	0.000	0.000
Other current liability	0.520	1.596
TOTAL	1.420	3.888

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PRODUCTION CAPACITY

Equipment	Nos.	Avg. Price in Millions	Rs. In Millions
Auto Coater	10	3.500	35.000
FBD	7	1.000	7.000
RMG	7	1.000	7.000
Shifter	10	0.100	1.000
Mills	10	0.150	1.500
Blenders	18	0.500	9.000
Ointment Mixer	2	0.800	1.600
Vessel and Bins	36	0.300	10.800
Spares			2.700
Blister Pack	6	1.500	9.000
Carbonator	3	3.000	9.000
Tablet Press, Die and Punch	8	0.800	6.400
Total			100.00

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PROJECT COST

(RS. IN MILLIONS)

1A. FIXED BLOCK	27.653
a. At Jhagadia Works	(Rs. In Millions)
Land and Building Jhagadia	10.783
Plant and Machinery	3.058
Furniture and Fixtures	1.033
Office Equipments	0.404
Vehicles	0.682
Contingencies 10%	1.596
Total	17.556
b. At Mumbai HO	(Rs. In Millions)
Office Premises Mumbai	6.544
Plant and Machinery	0.000
Furniture and Fixtures	1.892
Office Equipments	0.568
Vehicles	1.093
Total	10.097

STATEMENT SHOWING PROJECT COST

1B. Working Capital

Heads	Financial Year capacity % Age	2010-11	2011-12	2012-13	2013-14	2014-15
Raw Material Stocks	30 days	--	2.292	2.979	3.667	3.896
WIP	30 days	--	2.818	3.664	4.509	4.791
Finished Goods	7 days	--	0.865	1.125	1.385	1.471
Debtors	30 days	--	4.708	6.121	7.533	8.004
10 L Bank Guarantee Margin Money		--	0.250	0.250	0.250	0.250
Less:
Advance at 20% against Pos	20%	--	(0.833)	(1.083)	(1.333)	(1.417)
Creditors	30 days	--	(2.292)	(2.979)	(3.667)	(3.896)
Working Capital requirement	--	--	7.809	10.076	12.344	13.100
1C. Total incremental Funds required (1A + 1B)	(1A + 1B)	33.730	7.809	2.268	2.268	0.756

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MR. SANTOSH SATYADEV TEWARI

BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2011 (Provisional)
SHAREHOLDERS FUNDS
1] Share Capital		9.806
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		9.806
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		9.806
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
Mixsol Enterprises (Proprietory Firm)		0.364
INVESTMENT		8.023
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	1.369
	Other Current Assets	0.000
	Loans & Advances	0.050
Total Current Assets		1.419
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.000
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		1.419
MISCELLANEOUS EXPENSES		0.000
TOTAL		9.806

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MR. VINOD PADIA

CAPITAL ACCOUNT FOR THE YEAR ENDED 31.03.2011 (PROVISIONAL)

(RS. IN MILLIONS)

Particulars	Amount	Particulars	Amount
To Withdrawals	1.679	By Opening Balance	19.947
To Withdrawals Niharika	0.140	By Long Term Capital G Shares	0.052
To Rent	0.017	By Short Term Cap. Gains	0.003
To Donation 80 G	0.015	By Refund of Tax	0.031
To Gift Given	0.871	By Shares of profit From Regd. Partnership Firm: Kanara Industrial Corporation (Prov.)	0.612
To D Mat Expenses	0.001	Orient Polymers	0.053
To PPF Contribution	0.005	By Commission Income	0.800
To LIC Pension Scheme	0.010	By Remuneration from Partnership Firm: Orient Polymers	0.147
To LIP Premium for Self	0.055	By Refund of firm Tax Kanara Industrial Corporation	0.022
To LIP Premium for wife	0.035	By Interests
To Share of firm tax Orient Polymers Kanara Industrial Corporation	0.016	- Bank Recd. On FD	0.788
Advance Tax Paid FY 10-11	0.297	- Less: Paid on OD	(0.004)
TDS on Interests FY 09-10	0.080	- Bank and PO SB A/c	0.025
TDS on Commission	0.080	- Bonds	0.014
To Professional Tax	0.003	- On Limited on Shares	0.018
To Mediclaim Premium	0.033	By Dividend on Shares	0.004
		By Rend. From LIC on Maturity	0.160
To Balance C/f	19.335
Total	22.672	Total	22.672

BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2011 (Provisional)
SHAREHOLDERS FUNDS
1] Share Capital		19.335
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		19.335
LOAN FUNDS
1] Secured Loans		0.025
2] Unsecured Loans		0.000
TOTAL BORROWING		0.025
DEFERRED TAX LIABILITIES		0.000
Others		0.034
TOTAL		19.394
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		15.957
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.00
	Cash & Bank Balances	0.505
	Other Current Assets	2.750
	Loans & Advances	0.182
Total Current Assets		3.437
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.000
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		3.437
MISCELLANEOUS EXPENSES		0.000
TOTAL		19.394

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MR. NARESH R. PADIA

CAPITAL ACCOUNT FOR THE YEAR ENDED 31.03.2011 (PROVISIONAL)

(RS. IN MILLIONS)

Particulars	Amount	Particulars	Amount
To Withdrawals	2.250	By Opening Balance	22.828
To LIC Pension Scheme	0.010	By Shares of Profit Firms Kanara Industrial Corporation (Prov.)	0.612
To LIP Premium Paid (Self and Children)	0.342	Orient Polymers	0.053
To PPF	0.010	By Commission Income	0.500
To Tata AIG (Parth)	0.005	By Interests Bank deposit FD	0.719
To Profession Tax	0.003	By Interests Company FD	0.018
To Mediclaim	0.023	By Interests SB A/c	0.024
To Income Tax paid FY 10-11	0.216	By Overdraft to Bank	(0.002)
To Share of firm Tax	0.016	By Dividend on Shares	0.007
To Income Tax (TDS BK FD)	0.074	By LIC Commission	0.001
To Income Tax (TDS) Commission	0.050	By Refund Firm I Tax AY 08-09 + 09-10	0.022
		By Remuneration from Firms: Orient Polymers	0.147
		By Refund I Tax AY 2009-10	0.019
		By Short Term Capital Gains (Shares)	0.015
		By Long term Cap Gains	0.001
To Balance C/f	21.965
Total	24.964	Total	24.964

BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2011 (Provisional)
SHAREHOLDERS FUNDS
1] Share Capital		21.965
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		21.965
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		21.965
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		16.034
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	2.223
	Other Current Assets	0.000
	Loans & Advances	4.318
Total Current Assets		6.541
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.610
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.610
Net Current Assets		5.931
MISCELLANEOUS EXPENSES		0.000
TOTAL		21.965

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STATEMENT OF ASSETS AND LIABILITIES

KANARA INDUSTRIAL CORPORATION

(RS. IN MILLIONS)

ASSETS

IMMOVABLE PROPERTY

Address of the property with survey No./ Door No. etc.	1] 71 Mistry Industrial Complex, Cross Road – A MIDC, Andheri (East), Mumbai – 400093, Maharashtra, India 2] Plot No.830/15, Jhagadia Industrial Estate, GIDC, Jhagadia, India
Whether free hold/ Lease hold	1] Freehold 2] Leasehold
Type of Property: Commercial/ residential/ agricultural	1] Commercial 2] Commercial
Area/ Extent of Land	1] NA 2] Yes GIDC (Rs.1.207 Million)
Present Market/ Assessed Value	Rs.6.544 Millions Rs.1.824 Millions Total = Rs.8.368 Millions

DEPOSITS HELD WITH BANKS/ COMPANIES/ OTHER LENDER, ETC.

Name of the Bank/ Company/ where deposits are held	Corporation Bank, Matunga Branch, Mumbai
Date of Deposits	03.06.2009
Nature of Deposits	F.D.
Present Value of Deposit	Rs.2.011 Millions

VEHICLES OWNED

Model/ Make	Honda City, swift Chevrolet
Present Market Value	Rs.1.509 Millions

OTHER ASSETS

Furniture and Fixture	1.663
Cash In Hand	0.121
Other Assets	3.125
Total Value of Other Assets	4.909

TOTAL ASSETS

RS.16.797 MILLIONS

LIABILITIES

FURNISH LOANS AVAILED FROM BANKS/ FINANCIAL INSTITUTION AND OTHER BORROWING

Name of the Bank/ Institute	1] GIDC 2] Corporation Bank
Nature / Type of Loan	1] Mortgaged 2] Bills
Date of Loan	2009-10
Amount of Loan availed	1] 1.207 2] 0.711 3] 2.272
Security Offered if any	1] Leasehold Land 2] Bills 3] Fixed Deposit
Amount Outstanding	Rs.4.190 Millions

NET WORTH

RS.12.607 MILLIONS

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VALUATION REPORT

GENERAL QUESTIONNAIRE

PART – I

Purpose for which valuation is made.	To assess the ‘Realisable Value’ of the said property for the purpose of availing bank credit facilities from Corporation Bank, Matunga Branch.
Date as on which valuation is made.	29.04.2011
Name of the owner/owners.	Kanara Industrial Corporation Vide sale deed dated 30.09.2009.
If the property is under joint ownership/co-ownership, share of each such owner. Are the shares undivided?	A Partnership frim having its regd. / Admin. Office in Mumbai
Brief description of the property. Location, Street, Ward No. Survey / Plot No. of Land	The said property comprise of commercial premises situated at Unit No.71, on the Second Floor, in building known as “Mistry Industrial Complex Premises” Co-op. Society Limited, bearing C.T.S. No. 0237 “(Old S. No. 84/5 (Pt), 18 (Pt), and 19/4 (Pt) of villager Mulgaon, MIDC Cross Road A, behind Hotel Tnga International, off Mahakali Caves Road, Taluka Andheri, Mumbai Suburban District.
Is the property situated in Residential/ Commercial/ Mixed Area / Industrial Area.	Mixed Area located at about 2km – 3km distance from Andheri Railway Junction.
Classification of locality-high class/middle class/poor class.	Middle Class
Proximity to civic amenities, like schools, hospitals, offices, market, cinemas etc.	Available at about 2km – 3km distance.
Means and proximity to surface communication by which the locality is served.	Autos, Buses, Taxis and suburban railway services available.
LAND
Area of land supported by documentary proof, Shape, dimensions and physical features.	Commercial premises on the second floor admeasuring about 702 sqf. (65.24 sqm) Built up area with two level mezzanine coverage.
Roads or lanes on which land is abutting.	MIDC Cross Road A
Is it a freehold or leasehold land?	Freehold
Does the land fall in area included in Town planning scheme or any development of govt. or any statutory body? If so Particulars.	Falls within limits of MCGM
IMPROVEMENT
Is the building owner-occupied/ tenanted/ both? If partly. Owner-occupied, specify portion and extent of area under owner-occupation.	Commercial premises on the second floor wholly owned and occupied by owner.
What is FSI permissible and percentage sanction actually utilized?	BCC No. CE / 3341/ BSII/ A/E dated 12.06.1975.
RENTS
Give details of water and electricity charges if any to be borne by the owner	Electric bill borne by the owners Water bill borne by the society.
If the lift is installed, who has to bear the cost of maintenance and operation?	Borne by the society
If a pump is installed, who has to bear the cost of maintenance and operation?	Borne by the society
Who has to bear the cost of electricity for lighting of common space like entrance, hall, stairs, passage, compound, etc.	Borne by the society
What is the amount of property tax? Who has to bear it? Give details with documentary proof.	Maintenance charge of Rs.5,082/- monthly inclusive of all taxes borne by the owners.
COST OF CONSTRUCTION
Year of commencement of construction and year of completions.	1974-1975

TECHNICAL DETAILS FOR THE PREMISES

No of floor and height of floor.	Lower ground + upper ground + two upper floors having additional floor height.
Plinth area- floor- wise. (As per is : 3861-1966)	Commercial premises on second floor admeasuring about 702 sqf. (65.24 sqm) built up area with two level mezzanine coverage.
Year of construction	1974-1975
Estimated future life	About 20 years with proper repairs and maintenance
Types of construction- load bearing wall / R.C.C.	R.C.C. Framed
Types of Foundations.	R.C.C.
WALLS
a) Basement and plinth	9” thick brick masonry
b) Ground Floor	9” thick brick masonry
c) Super structure above	9” thick brick masonry
Partitions	9” thick brick masonry
Door and windows (Floor — wise)	M. S. Rolling Shutter, Decorative Glass Doors and Aluminium Frame Glazed Windows.
Flooring (Floor — wise)	PVC Flooring
Finishing (Floor — wise)	Sand face cement plaster with paint finish externally and neeru cement plaster with paint finish internally.
Roofing and terracing	Sloping AC Sheet roof supported on M. S. Section.
Special architectural or decorative features if any.:	--
a) Internal wiring- surface or conduit.	Conduit Wiring
b) Class of fittings superior / ordinary / poor	Ordinary
a) Sanitary installations.	Common Toilets Block Provided
b) Class of fittings superior coloured/ superior white /ordinary	--
Compound wall	Masonary Wall provided with Gates
No. of lifts and capacity.	2nos.
Underground sump.	Provided.
1. Capacity	As per MCGM regulations
2. Type of construction	R.C.C.
Overhead Tank	Provided
1. Where located	On terrace
2. Capacity	As per MCGM regulations.
3. Type of construction	R.C.C.
Pumps No. and their horse power	Provided of adequate capacity.
Roads and paving within the compound, approx area, type of paving.	Cement concrete paving provided
Sewage disposal / whether connected to public sewers. If septic tanks provided, no. and capacity.	Connected to Public Sewer

The “realisable value” of the said property has been worked out as under:

702 sqf. @ Rs.17,500/ sqf. = Rs.12.285 Millions

Say: Rs.12.300 Millions

------------------------------------------------------------------------------------------------------------------------------

PROFILE:

Subject is a partnership firm promoted by two businessmen brothers, Mr. Naresh Padia, a Chartered Accountant by qualification and Mr. Vinod Padia, a scholar turned businessman. The brothers joined hands with an Engineering Technocrat Mr. Santosh Kumar Tewari.

The primary business of subject is to fabricate and trade in equipment used in the pharmaceutical industry, primarily catering to the Non-Sterile Formulations like Tablets, Capsules and Liquid Orals.

The main technical support is of Mr. Santosh Kumar Tewari; an engineering technocrat based in Ankleshwar with an experience of 30 years in same line of trade. Mr. Naresh Padia, Chartered Accountant has an experience of around 25 years in finance and marketing of engineering goods in India and abroad with his elder brother Mr. Vinod Padia.

The firm also offers consultancy in turn-key projects in Pharma Formulations, GMP Audits, Isolator Validation, QA/QC Documentation.

Subject is also associated with technocrats of Air Handling Systems and operate under the name and style of AAD-Tech Private Limited. This company designs and Fabricates Air Handling Units with German Technology that assures the user a minimum saving of 50% in energy consumption, translating into power savings. The company also offers complete solutions in air handling systems’ design, supply and execution besides fabricating unidirectional flow clean air booths for sampling, dispensing and processing.

REQUIREMENT OF FINANCE

The firm requires a term loan of Rs.18.009 Millions and Working capital loan of Rs.5.800 Millions. The major reasons are as follows:

a. The firm requires term Loan for construction of the shed, office and utility Block and plant and machinery.

b. The working capital is required to finance the activity of the firm. The facilities required primarily are PC, post shipment Bill discounting facility.

The partners of subject have teamed up with one of the partners of Airpac Laminaire, Mr. Rahul Bhargava, also a Chartered Accountant, to form another company in the name and style of Containtech Dezine Private Limited (CDPL) this company focuses on containment solutions and custom-built barrier Isolator systems. It has technical collaboration with Fabohio Inc., USA for flexible isolation systems. CDPL also offers occupational exposure level (OEL) validation services for existing isolation systems.

The firm has an office in MIDC, Mumbai and it proposes to set up an excellent manufacturing facility, well equipped with state of art machines, services and well experienced Technical men for production, quality and maintenance.

The aim of the firm is to deliver high quality products, aiming at zero defects, consistency, and efficiency.

GENERAL INFORMATION

Subject was reconstituted1n year 2009. The firm was incorporated to undertake trading, manufacturing and export of different products mainly consisting of pharma machinery.

The production of pharma machinery will be undertaken and licenses are acquired.

PRODUCTS PROFILE:

The major products manufactured are Plant and Machinery catering to Pharmaceuticals, Chemicals, Agro-chemicals, Cosmetics and food industry.

MANUFACTURING PROCESS

The process generally can be divided into two parts:

1. Individual Machines: they are fabricated out of Stainless Steel sheets, polished and then assembled as per the approved drawings and layout by clients. Assembly involves fitting of machining components, gear box motors, electrical panels duly wired with the machine. Total machine is run and tested as per the Quality Assurance Plan (QAP).

2. Plant and Machinery: This involves Process Engineering, Component Integration, System Building, Equipment Qualification and Process Validation as per the approved layout and factory building of the client.

Basic manufacturing process involves fabrication, welding, grinding polishing, assembling, final testing and running and total Quality Control.

For export the packaging is done in fumigated wooden boxes and in local market as per the requirement of the client.

PREMISES AND REQUIREMENT

LAND:

The Pot Size of the Unit is 2880.00 sq. m.

BUILDING:

The Proposed building is 387 sq. m. of Industrial Shed and 224.25 Sq. M. of Office and utility Block.

EQUIPMENTS:

The following equipment are being proposed to be installed.

· Lathe Machine

· Arc-Welding Machine

· Angle Grinders

· Drill Machine

· Compressor

· Tools and Tackles.

------------------------------------------------------------------------------------------------------------------------------

TRADE REFERENCE:

· Mr. Rahul Bhargava,

M/s Micro Air Mumbai, Maharashtra, India

Mobile No.: 91-9820154280

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FIXED ASSETS

· Land

· Factory Building

· Plant and machinery

· Furniture and Fixtures

· Computers

· Office Equipments

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.93
UK Pound	1	Rs.72.92
Euro	1	Rs.64.34

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.