MIRA INFORM REPORT

Report Date :

17.11.2011

IDENTIFICATION DETAILS

Name :	BALAJEE STRUCTURAL (INDIA) LIMITED BALAJEE COMMERCIAL COMPANY [DIVISION OF BALAJEE STRUCTURAL (INDIA) LIMITED]
Registered Office :	Agrasen Chowk, Bajrang Nagar, Raipur-492001, Chhattisgarh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	25.02.2000
Com. Reg. No.:	10-014067
Capital Investment/ Paid-up Capital:	Rs.26.918 millions
CIN No.: [Company Identification No.]	U27106CT2000PLC014067
TIN No.:	22381506280
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer, Exporter and Trader of Structurals Steels, Rounds, Flats, CTD Bars, Ingots etc.
No. of Employees:	150 (approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 910000
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. Note: Balajee Commercial Company was started as a partnership concern in the year 1996. Later it was taken over by Balajee Structure (India) Limited on 25.02.2000.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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. Bhagel
Designation :	Accounts Department
Contact No.:	91-771-2225151
Date :	16.11.2011

LOCATIONS

Registered Office :	Near Agrasen Chowk, Bajrang Nagar, Raipur-492001, Chhattisgarh, India
Tel. No.:	91-771-2535851/ 2224938 / 2225151
Mobile No.:	91-9329442151 (Mr. Mohan Agrawal) 91-9329095451 (Mr. Vishnu Agrawal)
Fax No.:	91-771-2536751
E-Mail :	rkscaryp@yahoo.co.in marketing@balajeegroupindia.com sureshjindal@nalajeegroupindia.com
Website :	www.balajeegroupindia.com
Location :	Owned
Unit :	BALAJEE COMMERCIAL COMPANY Activity: Traders and suppliers of Iron and Steel (MS and HT plates, Structural steels, TMT bars, Rails). Exporter of Iron Ore fines

DIRECTORS

(AS ON 30.09.2010)

Name :

Mr. Suresh Kumar Agrawal

Designation :

Director

Address :

11, Jalasaya Marg, Chobey Colony, Raipur-492001, Chhattisgarh, India

Date of Birth/Age :

21.04.1965

Date of Appointment :

25.02.2000

DIN No :

00182991

Other Directorship :

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
U27106CT1989PTC005016	Balajee Loha Private Limited	Director	17/01/1989	17/01/1989	-	Active	NO
U27106CT2000PLC014067	Balajee Structural (India) Limited	Director	25/02/2000	25/02/2000	-	Active	NO

Name :

Mr. Vishnu Kumar Agrawal

Designation :

Director

Address :

11, Jalasaya Marg, Chobey Colony, Raipur-492001, Chhattisgarh, India

Date of Birth/Age :

11.07.1973

Date of Appointment :

25.02.2000

DIN No :

00182995

Other Directorship :

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
U27101CT1996PTC010800	Balajee Realinfra Private Limited	Director	2/05/1996	2/05/1996	-	Active	NO
U27106CT2000PLC014067	Balajee Structural (India) Limited	Director	25/02/2000	25/02/2000	-	Active	NO
U27106CT1985PTC002989	Shree Hanuman Loha Private Limited	Director	20/04/2009	20/04/2009	-	Active	NO
U51909WB2004PTC100422	Glorious Tie-Up Private Limited	Director	13/07/2009	13/07/2009	-	Active	NO

Name :

Mr. Amit Jindal

Designation :

Director

Address :

11, Jalasaya Marg, Chobey Colony, Raipur-492001, Chhattisgarh, India

Date of Birth/Age :

10.07.1983

Date of Appointment :

21.01.2006

DIN No :

01598411

Other Directorship :

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
U27106CT2000PLC014067	Balajee Structural (India) Limited	Director	21/01/2006	21/01/2006	-	Active	NO
U27106CT1985PTC002989	Shree Hanuman Loha Private Limited	Director	7/04/2006	7/04/2006	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
J P Agrawal	2700
Pawan Kumar Agrawal	7000
Vishnu Kumar Agrawal	26700
Suresh Kumar Agrawal	3400
B D Agrawal HUF	3500
S K Agrawal HUF	6700
J P Agrawal HUF	6700
M R Agrawal HUF	16700
Indu Bai Agrawal	12500
Gayatri Agrawal	15000
Rekha Agrawal	10000
Jindal Loha Private Limited, India	878900
Balajee Smel Tres Private Limited, India	947000
Rifca Construction Private Limited, India	60000
Labeshwari Marketing Private Limited, India	50000
Yuthika Commercial Private Limited, India	50000
Bam Basuri Tradelink Private Limited, India	60000
Shreya Tie-Up Private Limited, India	50000
Gomati Commercial Private Limited, India	30000
Rajesh Vnimay and Byapar Private Limited, India	40000
Mahalaxmi Marketing Private Limited, India	40000
North Star Commodities Private Limited, India	40000
Glorious Tie-Up Private Limited, India	335000
Total	2691800

Equity Share Break up (Percentage of Total Equity)

(As on 30.09.2010)

Category	Percentage
Bodies corporate	95.88
Directors or relatives of Directors	4.12
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Trader of Structurals Steels, Rounds, Flats, CTD Bars, Ingots etc.

Products :

ITEM CODE NO	PRODUCT	DESCRIPTION
Rolling Mill :
7216	Angles	Re rolled product
7216	Channels	Re rolled product
7216	Joist	Re rolled product
Induction Furnace :
7224	Ingot	Finished Goods Furnace

Agencies Held :

M. O. U. holder and Authorized dealer of SAIL

Terms :

Selling :

L/C / Cash / credit

Purchasing :

Cash / Credit

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Re Rolled Products (CTD Bars, angles, Chanels, Plates, Joist, Structures etc)	MT	15000	15000	41121

GENERAL INFORMATION

Customers :

· Jindal Steel and Power Limited

· Monnet Ispat and Energy Limited

· JSW Steels Limited (Project Division)

· Reliance Industries Limited

· Sharda Energy and minerals Limited

· Grasim Industries Limited

· Lafarge India Limited

· Tata Steels Limited

· Ultra Tech Cement Limited

· Bhushan Steel and Strips Limited

· Hindustan Zince Limited Limited

· Adani Group

· PMC Projects

· ICOMM Tele Limited

· Essar Steels

· Surana Industries Limited

· Salasar Steel and Power Limited

· Ambuja Group

· Alstom Group

· Jyoti Structure

· Steel Products Limited

· Stork Ferrous and Alloys

· Visa Bao Limited

No. of Employees :

150 (approximately)

Bankers :

Punjab National Bank, Jaistambh Chowk, Raipur-492001, Chhattisgarh, India

Facilities :

(Rs. in millions)

Secured Loan	As on 31.03.2010	As on 31.03.2009
Punjab National Bank, Cash Credit Limit*	203.348	46.827
Total	203.348	46.827

Note :

* Cash credit limit from Punjab National Bank is secured against stock of Raw Material and Finished Goods and Book Colletral security – personal guarantees of Shri Suresh Agarwal , Shri Vishnu Agarwal and Smt. Anju Agrawal.

(Rs. in millions)

Unsecured Loan	As on 31.03.2010	As on 31.03.2009
Loan from Directors	5.469	3.844
Loans from Others	60.280	40.483
Total	65.749	44.327

Banking Relations :	--
Auditors :
Name :	Rajesh J Agrawal and Company Chartered Accountants
Address :	Near Dr. Farista Besides SBI Zonal Office, Katora Talab, Raipur-492001, Chhattisgarh, India
Tel. No.:	91-771-4032170 / 4032180
Fax No.:	info@rajeshagrawal.com
E-Mail :	www.rajeshjagrawal.com
Sister Companies :	· Balajee Loha Private Limited Activity: Manufacturer of M. S. TMT Bars, rounds, Angle, Square, Joist, Channel Fats and other Structural Items Address: 239/247 “C”, Urla Industrial Complex, Raipur-492001, Chhatisgarh, India. Tel No.: 91-771-2324434 / 2327777 Mobile: 91-9329122151 · Balajee Hanuman Loha Private Limited Activity: Manufacturer of Joist, Billet, Angle, Ingot, Channel and other Structural Items Address 1: Unit I, 251-252, Urla Industrial Area, Raipur-492001, Chhattisgarh, India Tel No. : 91-771-4218151 / 4218152 Mobile No. : 91-9329622151 Address 2: Unit II, 250-260, Part, Urla Industrial Area, Raipur-492001, Chhattisgarh, India Tel No. : 91-771-4218151 / 4218152 Mobile No. : 91-9329622151 · Balajee Steel Indusries Activity: Manufacturer of TMT Bars, Rounds , angles, Flats Channel and other Structural Items Address: 220 (P), Urla Industrial Area, Raipur-492001, Chhattisgarh, India Tel No. : 91-771-2323486 Mobile No. : 91-9977835151

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
4400000	Equity Share	Rs.10/- each	Rs.44.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2691800	Equity Share	Rs.10/- each	Rs.26.918 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		26.918	26.918	21.568
2] Share Application Money		0.000	0.000	30.000
3] Reserves & Surplus		202.221	197.633	88.720
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		229.139	224.551	140.288
LOAN FUNDS
1] Secured Loans		203.348	46.827	134.971
2] Unsecured Loans		65.749	44.327	75.425
TOTAL BORROWING		269.097	91.154	210.396
DEFERRED TAX LIABILITIES		3.643	3.549	3.239
TOTAL		501.879	319.254	353.923
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		75.015	81.066	71.390
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	140.621	143.969	210.389
	Sundry Debtors	171.078	123.613	131.428
	Cash & Bank Balances	8.889	11.466	4.518
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	169.461	101.306	77.514
Total Current Assets		490.049	380.354	423.849
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	48.279	122.098	116.006
	Other Current Liabilities	1.449	2.332	12.360
	Provisions	13.457	17.736	12.950
Total Current Liabilities		63.185	142.166	141.316
Net Current Assets		426.864	238.188	282.533
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		501.879	319.254	353.923

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1428.162	1793.343	1375.213
		Commission Income	1.244	45.942	0.000
		Income from Share Trading	41.797	10.683	0.000
		Other Income	2.203	5.231	64.074
		Profit on Sale of Car	0.057	0.069	0.003
		TOTAL (A)	1473.463	1855.268	1439.290
Less	EXPENSES
		Raw Material Consumed	929.847	1156.006	798.919
		Cost of Trading Goods Sold	290.360	408.421	447.841
		Manufacturing Expenses	200.837	203.557	177.513
		Payment to and provision for employees	2.437	1.665	1.347
		Increased / (Decreased) in Stock	1.578	37.313	(27.386)
		Selling and Administrative Expenses	9.575	5.983	5.408
		TOTAL (B)	1434.634	1812.945	1403.642
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		38.829	42.323	35.648
Less	FINANCIAL EXPENSES (D)		11.663	16.521	13.566
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		27.166	25.802	22.082
Less/ Add	DEPRECIATION/ AMORTISATION (F)		20.518	15.202	11.691
	PROFIT BEFORE TAX (E-F) (G)		6.648	10.600	10.391
Less	TAX (H)		2.060	3.337	3.315
	PROFIT AFTER TAX (G-H) (I)		4.588	7.263	7.076
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		20.363	13.100	6.024
	BALANCE CARRIED TO THE B/S		24.951	20.363	13.100
	Earnings Per Share (Rs.)		1.70	2.70	3.28

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.31	0.39	0.49
Net Profit Margin (PBT/Sales)	(%)	0.46	0.59	0.76
Return on Total Assets (PBT/Total Assets}	(%)	1.18	2.30	2.10
Return on Investment (ROI) (PBT/Networth)		0.03	0.05	0.07
Debt Equity Ratio (Total Liability/Networth)		1.47	1.05	2.53
Current Ratio (Current Asset/Current Liability)		7.76	2.66	3.00

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in reports
1) Year of Establishment	Yes
2) Locality of the Firm	Yes
3) Constitution of the Firm	Yes
4) Premises Details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s Background	---------
8) No. of Employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm of last two year	Yes
12) Profitability for last three years	No
13) Reasons for variations <> 20%	No
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of Sister concern	Yes
17) Major Suppliers	No
18) Major Customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market Information	---------
22) Litigation that the firm / promoter involved	---------
23) Banking Details	Yes
24) Banking facility Details	Yes
25) Conduct of the banking account	---------
26) Buyer visit details	---------
27) Financials, if provided	Yes
28) Incorporation details, if applicable	----------
29) Last account field at ROC	----------
30) Major Shareholders, if available	----------

FORM 8

Corporate identity number of the company	U27106CT2000PLC014067
Name of the company	BALAJEE STRUCTURAL (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	Near Agrasen Chowk, Bajrang Nagar, Raipur, Chhattisgarh, India
This form is for	Modification of charge
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Punjab National Bank, Jaistambh Chowk, Raipur-492001, Chhattisgarh, India
Nature of instrument creating charge	1. Hypothecation of goods and book debts to secure cash credit facility 2. Supplementary Agreement
Date of instrument Creating the charge	23.03.2010
Amount secured by the charge	Rs. 187.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Same rate of interest as in last modification Terms of repayment The working capital limit is subject to renew / review every year and repayable on demand. Margin Advance payments and all types of stocks-25% Book Debts-40% Extent and operation of the charge The charge will continue to exist till the repayment of loan
Short particulars of the property charged (Including location of the property)	Hypothecation of Raw material, Finished Goods, Coal, Consumable stores and spares and book debts of the company. EM of freehold factory land bearing Kh. No.86/02 and 69/4, PH No.103, Area 3832 sq. ft. respectively at Tatibandh, Raipur with building, plant and machinery and Miscellaneous Fixed Assets.
Charge identification number of the charge to be modified	90204242
Particulars of the present modification	CC Limit enhanced to Rs. 187.500 millions (includes adhoc limit of Rs. 37.500 millions)

FIXED ASSETS

· Administrative Building

· Air Conditioner

· Building and Factory

· Computer

· Computer Software

· Electrical Installations

· Furniture and Fixtures

· Other Equipment

· Vehicle

· Lift

· Borewell

· Weight Bridge

· Plant and Machinery

WEBSITE DETAILS:

Balajee Group is one of the largest group in Central India. It was established in the year 1988 with the vision of adding muscle to the development of the nation with manufacturer and suppler in all type of Structural Steel (Beam, Channel, Angle, Flat Etc.) Flat Steel (M.S. Plate, H.R. Sheet, C.R. Sheet, G.P. Sheet, G.C. Sheet, Coil etc.) and Reinforcement Steel - (TMT Bar, Round Bar, Wire Rod, H.B. Wire, M.S. Pipe etc.) manufactured by SAIL, TATA, RINL, JINDAL, Lonneds, ESSAR etc.

Group Profile :

The Balajee Group of companies is established in the 1988. The group is one of the leading Iron and Steel manufactures and well managed organizations of Raipur (C.G.). At present the group is engaged in the following activities :-

1)  Manufacturing of Structural Steels, Rounds, Flats, CTD Bars, Ingots etc.

2)  M.O.U. with Steel Authority of India Limited, to sell its Plates, Light 
     structural, HSM Plates etc.

3)  Trading of Iron and Steels.

The group units are regularly dealing with the reputed national and international organizations of the country.

The turnover of the group is more then 500 Crores which will increase substantially in the coming years.

The group is having One 8" Rolling Mill, Two 11" Rolling Mill, Two 12" Rolling Mills, One 16" Rolling Mill and One Most modernized automatic Structural Rolling Mill and Four Induction Furnaces.

The group is having fully equipped laboratory with spectrometer and UTM Machine to carry out all tests (Physical and Chemical) for products produce in the mills.

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.50.90
UK Pound	1	Rs.80.30
Euro	1	Rs.68.47

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.