MIRA INFORM REPORT

Report Date :

12.11.2011

IDENTIFICATION DETAILS

Name :	BHARAT RESINS LIMITED
Registered Office :	Plot No. 168/ 43-44-45, Dhabel Industrial Co-operative Society Limited, P.O. Dhabel, Daman and Diu – 396210, Union Territory
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	19.03.1993
Com. Reg. No.:	56-19166
Capital Investment / Paid-up Capital :	Rs.10.009 Millions
CIN No.: [Company Identification No.]	U99999GJ1993PLC019166 U31200DD1993PLC001892
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Chemicals.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 707188
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Financial position of the company is good. 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

INFORMATION PARTED BY

Name :	Mr. Sameer Kulkarni
Designation :	Accountant

LOCATIONS

Registered Office / Factory1 :	Plot No. 168/ 43-44-45, Dhabel Industrial Co-operative Society Limited, P.O. Dhabel, Daman and Diu – 396210, Union Territory, India
Tel. No.:	91-260-2242275 / 3292814
Fax No.:	91-260-2242276
E-Mail :	bharatresins@yahoo.com
Area :	1225 Sq. Meters
Location :	Owned
Factory 2 :	Plot No. A / 1, 284 / 4, GIDC, Umergaon – 396170, Gujarat, India
Area :	7000 Sq. Fts
Location :	Owned
Sales Office :	D – 101, Koteshwar Palace, Kole Dongri Lane – 4, Andheri (E), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-26843527 / 26843463
Fax No.:	91-22-26820404

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Vinay Ladharam Joshi
Designation :	Managing Director
Address :	1502, Tivoli Central Avenue, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India
Date of Birth/Age :	21.04.1947
Date of Appointment :	19.03.1993 (re – appointed w.e.f. 01.04.2009)

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24299GJ1973PTC002440	SYNPOL PRODUCTS PRIVATE LIMITED	Director	11/12/1973	11/12/1973	-	Active	NO
2	U31200DD1993PLC001892	BHARAT RESINS LIMITED	Managing director	01/04/2009	19/03/1993	-	Active	NO

Name :	Mr. Vinod Jesukhlal Kothari
Designation :	Director
Address :	5, Unique Park, Satellite Road, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	09.07.1934
Date of Appointment :	19.03.1993

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24299GJ1973PTC002440	SYNPOL PRODUCTS PRIVATE LIMITED	Managing director	11/12/1973	11/12/1973	-	Active	NO
2	U31200DD1993PLC001892	BHARAT RESINS LIMITED	Director	19/03/1993	19/03/1993	-	Active	NO

Name :	Mr. Manish Prabhashankar Joshi
Designation :	Director
Address :	Bungalow 5, Sector 5, Khalhaar Bunglows, Shilaj, Ahmedabad – 380058, Gujarat, India
Date of Birth/Age :	11.11.1956
Date of Appointment :	19.03.1993

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U31200DD1993PLC001892	BHARAT RESINS LIMITED	Director	19/03/2006	19/03/2006	-	Active	NO
2	U24299GJ1973PTC002440	SYNPOL PRODUCTS PRIVATE LIMITED	Director	29/09/2007	03/07/2007	-	Active	NO

Name :	Mr. Vikram Harsukh Kothari
Designation :	Director
Address :	Mount Eminence South Flat No. 10, 4^th Floor, Plot No. 11, Off. Garmadia Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	29.10.1958
Date of Appointment :	30.03.2009

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U33130MH1990PTC058429	SOORYA CONTROLS PRIVATE LIMITED	Director	08/10/1990	08/10/1990	-	Active	NO
2	U65990MH1992PTC066358	SESHA INNDVATIONS PRIVATE LIMITED	Director	13/04/1992	13/04/1992	-	Strike off	NO
3	U24299GJ1973PTC002440	SYNPOL PRODUCTS PRIVATE LIMITED	Director	29/09/2009	29/11/2008	-	Active	NO
4	U31200DD1993PLC001892	BHARAT RESINS LIMITED	Director	30/06/2009	30/03/2009	-	Active	NO

Name :	Mrs. Shantu Vinay Joshi
Designation :	Director
Address :	1502, Tivoli Central Avenue, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India
Date of Birth/Age :	11.11.1956
Date of Appointment :	15.06.2009

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U31200DD1993PLC001892	BHARAT RESINS LIMITED	Director	30/06/2009	15/06/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sameer Kulkarni
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Mr. Vinod Jesukhlal Kothari	10100
Mr. Kirit Jesuklal Kothari	5100
Mr. Jayesh Prabhasankar Joshi	10100
Mr. Parag Prabhashankar Joshi	10100
Mr. Manish Prabhashankar Joshi	10100
Mr. Upendra Amartlal Mehta	5100
Mrs. Hiraben Prabhashankar Joshi	10000
Mrs. Rita hayesh Joshi	10000
Mrs. Smita Parag Joshi	10000
Mrs. Priyanka Parag Joshi by Her F and G	5000
Mr. Jayesh Prabhasankar Joshi Karta of Prabhashnakar ladhram Joshi HUF	10200
Mr. Vinay Ladharam Joshi Karta of Ladharamk Joshi HUF	30000
Mr. Vinay Ladharam Joshi	55000
Mrs. Shantu Vinay Joshi	33000
Mr. Vinay Ladharam Joshi	17000
Mr. Vinay Ladharam Joshi	30000
Mr. Damodardas Kalidas Joshi	10000
Mrs. Jayaben Damodardas Joshi	10000
Mrs. Urmila Vinod Kothari	10000
Ms. Minal Vinod Kothari	10000
Mrs. Shilpa Vinod Kothari	10000
Ms. Sujata Vinod Kothari	10000
Mrs. Vasant Kirit Kothari	5000
Mr. Vinod Jesukhlal Kothari	5000
Mr. Vinod Jesukhlal Kothari	1600
Mr. Vikram Harsukh Kothari	30000
Mr. Nirav Kirit Kothari	3000
Mr. Jesal Kirit Kothari	3000
Mr. Kirit Jesukhlal Kothari	2000
Ms. Bosky Vinay Joshi	31900
Mrs. Urmila Nikhilbhai Sthanakia	5000
Ms. Madhav Madhusudan Oza	1000
Mrs. Sadhana madhusudan Oza	2000
Mr. Nimish Madhusudhan Oza	1000
Mr. Masudhan Oza	1000
Mr. Mahendrakumar Omprakash Mohta	4500
Mr. Mahendra Ladharam Joshi	40500
Mrs. Neela Mahendra Joshi	9200
Mrs. Pushpa Loyalka	30300
Mr. Sunil Sharad Apte	500
Mr. Sharad Vinayak Apte	500
Mrs. Kunda Sharad Apte	500
Mr. Chandrasekhar Apte	500
Mr. Sharad Vinayak Apte	500
Mr. Sharad Vinayak Apte	500
Synthetics and Polymer Industries	200000
Mr. Manubhai M Sthankia	5000
Bluebell Polymers Private Limited	100000
Mrs. Rekha Jaiprakash Gandhi	900
Mrs. Nayana Suresh Joshi	1500
Mr. Suresh Parshottam Joshi	1500
Mr. Purshottam Kalidas Joshi	1000
Mrs. Pushpaben Parshottam Joshi	1000
Mr. Yogesh Parshottam Joshi	1000
Mr. Krishna M Mistry	500
Mrs. Harsha J Mistry	500
Ms. Shilpa C Mistry	500
Mr. Jaymin Mistry	500
Mrs. Kavita K Mistry	500
Mr. Ashok R Mehta	500
Ms. Vasant S Toprani	5000
Mr. Siddharth B Toprani	5000
Mr. Mayank B Toprani	5000
Ms. Neelam M Toprani	5000
Mr. Laxmikant Modha	14500
Mr. Nikhil Modha	5000
Mr. Prabhat Singh Thakore	2000
Mr. Vinay ladharam Joshi Karta of Vinay Ladharam Joshi HUF	15000
Mrs. Indira A Kothari	12500
Mrs. Sarla Harsukh Kothari	10000
Mr. Manish Prabhashankar Joshi Karta of manish Prabhashankar Joshi HUF	3300
Mr. Parag Prabhashankar Joshi Karta of Parag Prabhashankar Joshi HUF	3300
Mr. Jayesh Prabhasankar Joshi Karta of Mr. Jayesh Prabhasankar Joshi HUF	3300

Equity Share Break up AS ON 30.09.2010

Category	Percentage
Bodies corporate	33.22
Directors or relatives of directors	34.55
Other Top 50 Shareholders	32.23
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Chemicals.
Products :	Synthetic Resins Epoxy Resins Amino Resins Ketonic Resin Polyamide Resin Maleic Resin
Exports :
Products :	Chemicals
Countries :	Hongkong Dubai Australia
Imports :
Products :	Chemicals
Countries :	Singapore Netherlands Taiwan Thailand Europe
Terms :
Selling :	Cash / Credit ( 30 / 60 days)
Purchasing :	Cash / Credit ( 30 / 60 days)

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Chemicals	M.T	--	11520	7039064

GENERAL INFORMATION

Customers :

• Wholesalers and OEM’s
• Venlon Metallic Inds.
• Wilway Fort India Private Limited

No. of Employees :

100 ( In Office + In Factory)

Bankers :

• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
HDFC Bank Limited Car Loan A/c – Honda City	0.265	0.000
HDFC Bank Loan A/c - Honda City	0.398	0.576
HDFC Bank Limited Car Loan A/c – Toyota Innova	0.526	0.763
Total	1.189	1.339

Banking Relations :	--
Auditors :
Name :	Deepak J Shukla and Associates Chartered Accountant
Address :	16, Morar Niwas, Near Auto Commercial House, Near Jennedy Bridge, Nana Chowk, Mumbai – 400007, Maharashtra, India

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs. 10 /- each	Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
903100	Equity Shares	Rs. 10 /- each	Rs.9.031 Millions

(1000900 Equity Shares of Rs.10/- each fully paid up company has buyback 97800 shares Rs.10/- and premium of Rs.124/-)

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		9.031	10.009	10.009
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		167.766	123.975	71.459
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		176.797	133.984	81.468
LOAN FUNDS
1] Secured Loans		1.189	1.339	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		1.189	1.339	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		177.986	135.323	81.468
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.814	25.528	25.010
Capital work-in-progress		22.121	4.638	0.000
INVESTMENT		0.001	0.001	0.901
DEFERREX TAX ASSETS		1.317	0.791	0.432
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	83.084	48.331	33.883
	Sundry Debtors	102.130	75.999	63.153
	Cash & Bank Balances	9.017	15.423	2.391
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	47.223	35.286	25.916
Total Current Assets		241.454	175.039	125.343
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	68.659	44.378	55.828
	Other Current Liabilities	9.942	6.265
	Provisions	31.122	20.031	14.390
Total Current Liabilities		109.723	70.674	70.218
Net Current Assets		131.733	104.365	55.125
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		177.986	135.323	81.468

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	783.163	565.883	395.802
		Other Income	9.932	5.039	2.081
		TOTAL (A)	793.095	570.922	397.883
Less	EXPENSES
		Cost of Materials	652.264	463.509	330.582
		Operating and Other Expenses	44.777	32.622	29.852
		Employees Emoluments and Benefits	12.546	9.752	9.069
		Selling and Distribution Expenses	3.541	0.453	0.478
		Increased / (Decreased) In stock	2.015	(6.427)	0.024
		TOTAL (B)	715.143	499.909	370.005
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		77.952	71.013	27.878
Less	FINANCIAL EXPENSES (D)		1.429	1.996	1.960
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		76.523	69.017	25.918
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.045	5.942	7.129
	PROFIT BEFORE TAX (E-F) (G)		70.478	63.075	18.789
Less	TAX (I)		14.524	10.559	4.782
	PROFIT AFTER TAX (G-I) (J)		55.954	52.516	14.007
Less	PRIOR PERIOD TO ADJUSTMENT		0.035	0.347	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		116.072	63.556	49.549
	BALANCE CARRIED TO THE B/S		171.990	116.072	63.556
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	379.598	237.692	142.400
	TOTAL EARNINGS		379.598	237.692	142.400
	IMPORTS
		Raw Materials	456.996	303.508	144.546
	TOTAL IMPORTS		456.996	303.508	144.546
	Earnings Per Share (Rs.)		58.65	52.82	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	7.06	9.20	3.52
Net Profit Margin (PBT/Sales)	(%)	9.00	11.15	4.75
Return on Total Assets (PBT/Total Assets}	(%)	26.67	31.44	12.50
Return on Investment (ROI) (PBT/Networth)		0.40	0.47	0.23
Debt Equity Ratio (Total Liability/Networth)		0.63	0.54	0.86
Current Ratio (Current Asset/Current Liability)		2.20	2.48	1.79

LOCAL AGENCY FURTHER INFORMATION

Note:

The Company was originally incorporated on 19.03.1993 in the state of Gujarat which was shifted to Union Territory of Daman and Diu and registered on 13.07.1995.

Fixed Assets:

• Land and Free Hold
• Factory Building
• Plant and machinery
• Electric Installation
• Furniture and Fixtures
• Computers and Printers
• Office Equipments
• Fire Extinguishers
• Eicher 10.90 / TATA
• Vehicles
• City Office

Form 8:

This form is for	Creation of charge
Corporate identity number of the company	U31200DD1993PLC001892
Name of the company	BHARAT RESINS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 168/ 43-44-45, Dhabel Industrial Co-operative Society Limited, P.O. Dhabel, Daman and Diu – 396210, Gujarat, India
Type of charge	Immovable Property
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Memorandum recording past transaction of creation of mortgage by deposit of title deeds.
Date of instrument Creating the charge	31.10.2006
Amount secured by the charge	Rs. 20.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment On Demand Margin Borrower shall at all times during the continuance of this security maintain the sufficient amount to provide the margin of security as may from time to time advised by the Bank. Extent and Operation of the charge The company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties as described below column No. 14 as security for repayment of principal, interest, liquidated damages, costs, charges and expenses and all other moneys due and payable by the Borrower to the Bank. Others Nil
Short particulars of the property charged	All that piece or parcel of land known as shed No. A1/284/A admeasuring 2702 Sq Mtrs. in the Umbergaon Industrial Estate of GIDC, Revenue S No. 355 P and 357/P situated, lying and being within the village limits of Umbergoan, District Valsad, Gujarat.

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. 50.27
UK Pound	1	Rs. 80.07
Euro	1	Rs. 68.44

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.