MIRA INFORM REPORT

Report Date :

13.04.2012

IDENTIFICATION DETAILS

Name :	KENERSYS INDIA PRIVATE LIMITED
Registered Office :	S. No. 49 Industry House, Opposite Kalyani Steels Limited, Mundhwa, Pune-411036, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.10.2007
Com. Reg. No.:	11-130881
Capital Investment / Paid-up Capital :	Rs.734.499 Millions
CIN No.: [Company Identification No.]	U40102PN2007PTC130881
TAN No.: [Tax Deduction & Collection Account No.]	PNEK08064A
PAN No.: [Permanent Account No.]	AADCK2089H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Wind Turbine Products and provide related services.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 1200000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company is under pressure. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

INFORMATION DECLINED BY

Name :	Mr. Jitendra
Designation :	Assistant Vice President
Contact No.:	91-20-30549300
Date :	10.04.2012

LOCATIONS

Registered Office :	S. No. 49 Industry House, Opposite Kalyani Steels Limited, Mundhwa, Pune-411036, Maharashtra, India
E-Mail :	bhushan.joshi@kenersys.com sanjaygandhi@kenersys.com jpatwardhan@bharatforge.com info@kenersys.com yukti.taneja@kenersys.com
Website :	http://www.kenersys.com http://www.kalyanigroup.com
Location :	Rented
Europe Office :	Kenersys Europe GmbH, portal 10, albersloher Weg 10, 48155 Munster, Germany
Tel. No.:	+49-0-251-21099-0
Mobile No.:	+49-173 99 32 9 72
Fax No :	+49(0)-251-21099-200
E-mail: :	andreas.reuter@kenersys.com info@kenersys.com
Sweden Office :	Magnus Fjelde, Tallstigen11, 18235 Danderyd, Sweden
Tel. No.:	+46-8-753.-05-35
E-Mail:	info@kenersys.com
America Office :	Kenersys Americas LLc, 50W. Big Weaver Road, Suite 120, Troy. MI 48084, USA
Factory :	B-15/1, Baramati, Maharashtra, India
Area :	140000 Sq.Mtrs
Location :	Leased for 99 years
Corporate Office :	Survey No.15, Keshavanagar, Pune – 411036, Maharashtra, India
Tel No :	91-20-30462899/ 40362888
Fax No :	91-20-41061999
E-Mail :	info_india@kenersys.com

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Francesco Giuliani
Designation :	Director
Address :	66 Prospect Street, Apartment A, Greenwich, CT 06830, London
Date of Birth/Age :	16.03.1972
Qualification :	MBA
Date of Appointment :	09.07.2008
DIN No.:	02153917

Name :	Mr. Mohan Shantaram Sapre
Designation :	Director
Address :	Tushar shram, Spahalya Colony, 32/2 B, Erandwane, Deccan Gymkhana, Pune, Maharashtra, India
Date of Birth/Age :	25.10.1956
Qualification :	CA
Date of Appointment :	30.03.2009
DIN No.:	01721394

Name :	Mr. Shriniwas Balwant Kanade
Designation :	Director
Address :	20, Nityanand Co-operative HSG Society, Pune, Satara Road, Dhankawadi, Pune – 411043, Maharashtra, India
Date of Birth/Age :	03.04.1953
Qualification :	B.Com
Date of Appointment :	20.10.2007
DIN No.:	00089063

KEY EXECUTIVES

Name :	Ms. Yukti Jaiprakash Taneja
Designation :	Secretary
Address :	A-3, Sarita Garden, Shastri Nagar, Kasarwadi, Pune – 411034, Maharashtra, India
Date of Birth/Age :	23.08.1988
Date of Appointment :	15.09.2011
PAN No.:	AHWPT7803M
Name :	Mr. Jitendra
Designation :	Assistant Vice President

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders (Equity Shareholders)	No. of Shares
Kenersys Mauritius Private Limited, Mauritius	66962403
Kalyani Babasaheb Amit	250
Dat Trading Private Limited, Mumbai	786087
IFCI Limited, India	8373440
Total	76122180

AS ON 30.09.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companies(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	88.00
Bodies corporate	12.00
Total	100.00

KEY EXECUTIVE

Name :	Mr. Sanjay Gandhi
Designation :	Accounts Manager
E-Mail :	sanjay.gandhi@kenersys.com
Name :	Mr. Bhushan Joshi
Designation :	Chief Executive Officer

BUSINESS DETAILS

Line of Business :

Manufacturer of Wind Turbine Products and provide related services.

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Installed Capacity	Actual Production
Wind Turbine Generators	Nos.	250	--
Wind power systems 2 MW	Nos.	--	17

GENERAL INFORMATION

No. of Employees :	Information declined by the management
Bankers :	· HDFC Bank Limited, Pune · Axis Bank, Deccan Gymkhana · State Bank of India Industrial Finance Branch, 2^nd Floor, Tara chambers, Pune - Mumbai Highway, Wakdewadi, Pune – 411003, Maharashtra, India
	·

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee Term Loans Banks Secured	308.301	41.763
Working Capital Loans Banks Secured	601.884	401.296
Total	910.185	443.059
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Fully Convertible Debentures Unsecured	0.000	242.562
Total	0.000	242.562

Auditors :
Name :	S.R Batliboi and Company Chartered Accountant
Address :	Jalan Mill Compound, 95, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013, India
Tel. No.:	91-22-40356300
Fax No.:	91-22-40356400
Ultimate Holding Company	Kalyani Mauritius Private Limited
Holding Company	Kenersys Mauritius Private Limited
Fellow Subsidiary	Kenersys Europe GmbH

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs.10/- each	Rs. 800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
76122180	Equity Shares	Rs.10/- each	Rs. 761.222 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares (Previous year 20000000) equity shares	Rs.10/- each	Rs.800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
73449917	Equity Shares (Previous year 17938348) equity shares	Rs.10/- each	Rs.734.499 Millions

Note:

Of the above 24840348 (previous year 17938348) equity shares of Rs. 10 each are held by Kenersya Mauritius Private Limited, Mauritius, the holding company

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		734.499	248.403	179.383
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		227.186	276.080	0.000
4] (Accumulated Losses)		(654.860)	(252.752)	(80.451)
NETWORTH		306.825	271.731	98.932
LOAN FUNDS
1] Secured Loans		919.185	443.060	47.470
2] Unsecured Loans		0.000	242.562	242.563
TOTAL BORROWING		919.185	685.622	290.033
DEFERRED TAX LIABILITIES		0.000	0.397	0.000
TOTAL		1226.010	957.750	388.965
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		294.983	58.906	20.657
Capital work-in-progress		0.000	65.810	22.698
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1748.028	517.558	12.722
	Sundry Debtors	397.178	402.839	4.703
	Cash & Bank Balances	41.432	33.904	20.361
	Other Current Assets	8.149	1.039	0.000
	Loans & Advances	1016.863	662.492	322.999
Total Current Assets		3211.650	1617.832	360.785
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1646.438	307.947	13.930
	Other Current Liabilities	559.655	468.357	0.905
	Provisions	74.530	8.496	0.340
Total Current Liabilities		2280.623	784.800	15.175
Net Current Assets		931.027	833.032	345.610
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1226.010	957.750	388.965

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sale		524.315	4.678
		Other Income		45.066	1.638
		TOTAL (A)	1660.771	569.381	6.317
Less	EXPENSES
		Cost of raw material Consumed		521.193	4.240
		Increase and Decrease in Work In Progress		(31.615)	0.000
		Personal Expenses		36.572	21.366
		Operating and Other Expenses		173.445	28.201
		Capital work in Progress		0.000	25.622
		TOTAL (B)	2050.611 (Including Financial Expenses)	699.595	79.429
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			(130.214)	(73.112)
Less	FINANCIAL EXPENSES (D)			34.931	3.894
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(389.840)	(165.145)	(77.006)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.665	6.759	3.294
	PROFIT BEFORE TAX (E-F) (G)		(402.505)	(171.904)	(80.302)
Less	TAX (I)		(0.397)	(0.397)	0.149
	PROFIT AFTER TAX (G-I) (J)		(402.108)	(172.301)	(80.451)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(252.752)	(80.451)	0.000
	BALANCE CARRIED TO THE B/S		(654.860)	(252.752)	(80.451)
	EARNINGS IN FOREIGN CURRENCY
	Export Earnings		NA	0.000	4.679
	TOTAL EARNINGS		NA	0.000	4.679
	IMPORTS
	Raw Materials		1202.656	573.782	16.962
	TOTAL IMPORTS		1202.656	573.782	16.962
	Earnings Per Share (Rs.)		(5.48)	(9.31)	(5.21)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(24.21)	(30.26)	(1273.56)
Net Profit Margin (PBT/Sales)	(%)	NA	(32.79)	(1716.59)
Return on Total Assets (PBT/Total Assets}	(%)	(11.48)	(10.25)	(21.05)
Return on Investment (ROI) (PBT/Networth)		(1.31)	(0.63)	(0.81)
Debt Equity Ratio (Total Liability/Networth)		10.43	5.41	3.09
Current Ratio (Current Asset/Current Liability)		1.41	2.06	23.77

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
Creditors due others	1646.438	307.947	13.930

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last Three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
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	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

BUSINESS PERFORMANCE:

During the year their, the Company had approached the Consortium Banks to avail financial assistance by way of working capital facilities, and the request for enhancement was sanctioned by the said Banks. Thus, post enhancement, the total sanctioned limits of the Company stood at RS. 2255.000 Millions with entitlement to the Corporate Loan of RS. 250.000 Millions The Company discharged its term loan liability of RS. 150.000 Millions in full, by repaying its last installment of RS.50.000 Millions on 2nd day of Sept., 2011. During the year, the Company achieved 192% growth in terms of revenue generation. The total income for the financial year 2010-11 rose to Rs. 1660.000 Millions compared with the previous year of Rs.570.000 Millions After meeting all the outgoings, the year’s working resulted in a net loss of Rs. 402.100 Millions The net loss was mainly on account of the increase in input costs and procedural project execution delays.

FUTURE OUTLOOK:

The customer base of the Company comprises of traditional customers and Independent Power producers. During all these years, the Company secured and executed 38 MW projects in aggregate from clients in Maharashtra and Tamil Nadu. The Company has also signed MOU/orders for over 200 MW approximately from large customer base across the Country, favorable to business of the Company. During the year their the major delays in projects commissioning and consequent losses was largely attributable to challenges faced by the company in project development, enhanced input Costs etc. Further, the procedures pertaining to Wind Power Density were not clearly defined resulting in difficulty in facilitating the execution of PPA’s by their Clients and thereby amounting to huge Liquidated damages and delays in receipt of payments from the Clients. Since, presently the potential sites for wind energy in India are Class III sites. Hence, the Company is exploring the possibility for introduction of new technology which would enable in exploring various untapped areas with Class III sites. Higher Tariffs accompanied with the Growth based incentives and renewable purchase obligations have facilitated growth of Independent Power Producers entering the market and are proving to be a beneficial source which would contribute in success to the organization in years to come. Further, the Company has explored various wind preferred locations across the Country by setting up wind masts which would facilitate in development of the project well in advance to secure future growth.

HOLDING COMPANY:

As on the date of this Report, 11% of the paid up capital of the company has been acquired by IFCI Limited, (7% by transfer of shares from Kenersys (Mauritius) Private limited and 4% by subscription to the equity shares of the Company); while 88% and 1% of the paid up capital of the Company is retained with M/s Kenersys (Mauritius) Private Limited and DAT Trading Private Limited respectively

PERFORMANCE EVALUATION:

The Company has quality management system certification according to ISO 9001:2000 which adds reliability to the turbine manufacturing and design quality. The technical and organizational due diligence of the Company is initiated by many agencies like C-WET, DNV, Garrad Hassan, Vattenfall, Tata Power, Germanischer Lloyd etc. and the report on evaluation concludes that the design of turbines are mainly based on well known and proven design concepts and includes some of the recent design concepts developed in the Industry which will in turn improve the reliability of Turbines.

FORM 8

Corporate identity number of the company	U40102PN2007PTC130881
Name of the company	KENERSYS INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	S. No. 49 Industry House, opp Kalyani Steels Ltd, Mundhwa, Pune 411036, Maharashtra, India E-mail : jpatwardhan@bharatforge.com
This form is for	Creation of charge
Charge identification (ID) number of the charge to be modified	10130065
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Floating charge · Others (Stock, Movable and Immovable Property)
Particular of charge holder	State Bank of India Industrial Finance Branch, 2nd floor, Tara chambers, Pune -Mumbai Highway, Wakdewadi, Pune 411003, Maharashtra E-mail : yukti.taneja@kenersys.com
Nature of instrument creating charge	Indenture of Mortgage of Immovable property situated at Plot B-15/1 admeasuring 1,40,000 Sq. Mtrs., Baramati Industrial Estate, Baramati as an addition security securing State Bank of India, the lead Bank and Axis Bank by way of (a) First charge for the additional Corporate Loan of Rs. 250.000 Millions (b) second charge on pari-passu basis for working capital limits of Rs. 2255.000 Millions, enhanced by Rs. 505.000 Millions.
Date of instrument Creating the charge	31.01.2011
Amount secured by the charge	Rs.2255.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: SBI- 4.25% over Base Rate with a minimum of 12.25% p.a. Axis Bank- CC: Base Rate+ 4% p.a. payable monthly WCDL: Base Rate + 3.75% p.a. payable monthly Terms of Repayment: On Demand: The Tenor of facility would be of 12 months from the date of sanction. Margin: Raw Material/Stock in progress/Finished Goods/Stores & Spares: 25% Book Debts: 30% Extent and Operation of the charge: Mortgage of Immovable Property situated at Plot B-15/1 admeasuring 1,40,000 Sq. Mtrs., Baramati Industrial Estate, Baramati for securing payment of Rs. 1750.000 Millions and apply for the further securing the payment of additional sum of Rs. 505.000 Millions by way of (a) First charge for the additional Corporate Loan of Rs. 2.500 Millions (b) second charge on pari-passu basis for working capital limits of Rs. 2255.000 Millions.
Short particulars of the property charged	The SBI IFB will have 1st pari-passu charge by way of hypothecation on entire current assets of the Company jointly with Axis Bank for the enhanced credit facility of Rs.2255.000 Millions The SBI IFB will have 2nd pari-passu charge by way of Mortgage on the entire fixed assets of the Company situated at Plot No.-B-15/1 in Baramati Industrial Area 140, 000 Sq. Mtrs. along with Axis Bank
Date of instrument modifying the charge	10.12.2010
Particulars of the present modification	Mortgage of Immovable property situated at Plot B-15/1 admeasuring 1,40,000 Sq. Mtrs., Baramati Industrial Estate, Baramati as an addition security securing State Bank of India, the lead Bank and Axis Bank by way of (a) First charge for the additional Corporate Loan of Rs. 250.000 Millions (b) second charge on pari-passu basis for total working capital limits of Rs. 2255.000 Millions, enhanced by Rs. 505.000 Millions.

Fixed Assets:

· Leasehold Land

· Plant and Machinery

· Office Equipments

· Computers

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.51.44
UK Pound	1	Rs.81.96
Euro	1	Rs.67.61

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		27

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.