MIRA INFORM REPORT

Report Date :

26.04.2012

IDENTIFICATION DETAILS

Name :	CRAFTSMAN AUTOMATION PRIVATE LIMITED
Registered Office :	15, LML Colony, P. N. Palayam, Coimbatore – 641037, Tamilnadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.07.1986
Com. Reg. No.:	18-001816
Capital Investment / Paid-up Capital :	Rs.40.500 Millions
CIN No.: [Company Identification No.]	U28991TZ1986PTC001816
TAN No.: [Tax Deduction & Collection Account No.]	CMBC03708F
PAN No.: [Permanent Account No.]	AABCC2461K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers, Importers and Exporters of Precision Turned Components/Parts for Automotive and Machine Tool Applications.
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 3100000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well 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.

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

LOCATIONS

Registered Office :	15, LML Colony, P. N. Palayam, Coimbatore – 641037, Tamilnadu, India
Tel. No.:	91-422-2210994/ 2212183/ 6615100
Fax No.:	91-422-2211976/ 2210976/ 6615156
E-Mail :	craftman@md2.vsnl.net.in saravanan@craftsmanautomation.com craftsman@craftsmanautomation.com murali@craftsmanautomation.com rajendran@craftsman.com alphacraft@diemould.com rajamanickam@craftsmanautomation.com
Websites:	http://www.craftsmanautomation.com
Area :	12000 sq. ft.
Location :	Owned
Factory 1:	v 15, LML Colony, Ammankulam Road, Coimbatore – 641037, Tamilnadu, India
Factory 2:	v E-43 SIDCO Industrial Estate, Kurichi, Coimbatore-641021, Tamilnadu, India (Foundry Unit)
Factory 3:	v 123/4, Sangothipalayam Road, Arasur Post, Coimbatore-641407, Tamilnadu, India
Factory 4:	v 1251-B, Avanashi Road, Peelamedu, Coimbatore-641045, India
Factory 5:	v No-8, D and E Industrial Area, Sector-1, Pithampur, Dhar District, Madhya Pradesh, India
Factory 6:	v 110, SIDCO Industrial Estate, Malumichampatti, Coimbatore, India
Factory 7:	v 24-A/1-C, Sidco Industrial Estate, Ambattur, Chennai-600098, Tamilnadu, India
Factory 8:	v Plot No. M-3[P], Large Sector, Sriramput Gamharia, Saratkela, Jamshedpur, Jharkhand-832108, India
Factory 9:	v E-29, 2^nd Avenue, Besant Nagar, Chennai – 600090, Tamilnadu, India

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Srinivasan Ravi

Designation :

Managing Director

Address :

153, Tea Estate Compound Race Course, Coimbatore - 641018, Tamilnadu, India

Date of Birth/Age :

19.03.1963

Date of Appointment :

18.07.1986

DIN No.:

01257716

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	U28991TZ1986PTC001816	CRAFTSMAN AUTOMATION PRIVATE LIMITED	Managing director	18/07/1986	18/07/1986	-	Active	NO
2	U30007TN1989PTC018113	INTEGRA AUTOMATION PRIVATE LIMITED	Director	26/09/1989	26/09/1989	21/03/2009	Active	NO
3	U17111TZ1990PTC002572	ASHWINRAM SPINNING MILLS PRIVATE LIMITED	Director	1/9/2009	3/1/1990	-	Active	NO
4	U29199TZ1991PTC003548	MASTERCRAFT ENGINEERS PRIVATE LIMITED	Director	11/12/1991	11/12/1991	-	Active	NO
5	U29199TZ2007PTC013551	SHANMO ENGINEERING PRODUCTS INDIA PRIVATE LIMITED	Director	23/03/2007	23/03/2007	-	Active	NO
6	U51900TZ2007PTC013823	CARL STAHL CRAFTSMAN ENTERPRISES PRIVATE LIMITED	Director	22/06/2007	22/06/2007	-	Active	NO
7	U29200TZ2007PTC014014	MC CRAFTSMAN MACHINERY PRIVATE LIMITED	Director	6/11/2007	6/11/2007	-	Active	NO

Name :

Dr. Govindasamy Naidu Srinivasanc

Designation :

Chairman

Address :

153, Tea Estate Compound Race Course, Coimbatore - 641018, Tamilnadu, India

Date of Birth/Age :

19.01.1928

Date of Appointment :

01.11.1996

DIN No.:

02369228

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	U30007TN1989PTC018113	INTEGRA AUTOMATION PRIVATE LIMITED	Director	26/09/1989	26/09/1989	21/03/2009	Active	NO
2	U17111TZ1990PTC002572	ASHWINRAM SPINNING MILLS PRIVATE LIMITED	Director	3/1/1990	3/1/1990	-	Active	NO
3	U29199TZ1991PTC003548	MASTERCRAFT ENGINEERS PRIVATE LIMITED	Director	11/12/1991	11/12/1991	24/12/2008	Active	NO
4	U28991TZ1986PTC001816	CRAFTSMAN AUTOMATION PRIVATE LIMITED	Director	1/11/1996	1/11/1996	-	Active	NO

Name :

Mr. Ajitkumar Kuruppath

Designation :

Director

Address :

No.3 Sepa Apartments, No.2 Turnbulls Road, 1^st Cross Street, Nandanam, Chennai – 600035, Tamilnadu, India

Date of Birth/Age :

24.05.1955

Date of Appointment :

26.04.2011

DIN No.:

03588605

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U28991TZ1986PTC001816	CRAFTSMAN AUTOMATION PRIVATE LIMITED	Nominee director	30/09/2011	26/04/2011	Active	NO
2	L85110KA1987PLC008368	BAL PHARMA LIMITED	Nominee director	29/04/2011	29/04/2011	Active	NO
3	L17111TZ1962PLC001183	PRECOT MERIDIAN LIMITED	Nominee director	29/04/2011	29/04/2011	Active	NO
4	L34103TN1934PLC000669	E L FORGE LIMITED	Alternate director	30/08/2011	30/08/2011	Active	NO

Name :

Mr. Kaliappa Goundar Gomatheswaran

Designation :

Director

Address :

15 A, LML Colony, Ammankulam Road, Coimabtore – 641037, Tamilnadu, India

Date of Birth/Age :

03.06.1967

Date of Appointment :

05.02.1997

DIN No.:

01965772

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	U29199TZ1991PTC003548	MASTERCRAFT ENGINEERS PRIVATE LIMITED	Director	11/12/1991	11/12/1991	24/12/2008	Active	NO
2	U28991TZ1986PTC001816	CRAFTSMAN AUTOMATION PRIVATE LIMITED	Whole-time director	1/11/1996	1/11/1996	-	Active	NO
3	U29200TZ2007PTC014014	MC CRAFTSMAN MACHINERY PRIVATE LIMITED	Director	14/12/2007	14/12/2007	-	Active	NO

Name :

Mr. Chandrashekar Bhide

Designation :

Director

Address :

104, Ajay Thkataria Marg, Mahim, Mumbai – 400016, Maharashtra, India

Date of Birth/Age :

12.07.1948

Date of Appointment :

31.01.2011

DIN No.:

00027967

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	U99999MH1986PLC040885	RING PLUS AQUA LIMITED	Director	10/6/2008	1/12/1992	24/07/2009	Active	NO
2	U28991TZ1986PTC001816	CRAFTSMAN AUTOMATION PRIVATE LIMITED	Director	30/09/2011	31/01/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sundaram Rajamanickam
Designation :	Secretary
Address :	3/25, Kondasamy Naidu Street, Velandipalayam, Coimbatore – 641025, Tamilnadu, India
Date of Birth/Age :	25.03.1967
Date of Appointment :	05.03.2008
PAN No.:	AEYPR5618D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
S Ravi	303750
S Murali	60750
K Gomatheswaran	40500
International Finance Corporation, USA	66263
Total	471263

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	14.00
Directors or relatives of directors	86.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers, Importers and Exporters of Precision Turned Components/Parts for Automotive and Machine Tool Applications.
Products :	v Gear and Gears Boxes v Machined Castings v Automobile Parts v Air Compressor Parts v Actuators v Jigs and Fixtures v Tools and Dies etc.

PRODUCTION STATUS

Particulars	Unit	31.03.2011
Licensed Capacity	Tonnes	14,600
Installed Capacity	Tonnes	11,500

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Standard Chartered Bank, 509, D. B. Road, R. S. Puram, Coimbatore – 641002, Tamilnadu, India

· Indian Bank

· State Bank of India

· Exim Bank

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From Banks
- Term Loans	1355.655	1365.471
- Working Capital	628.261	602.688
- Vehicle Loan	6.624	7.580
Total	1990.540	1975.739
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Loan from director’s Relatives	0.995	0.959
Due to Directors	2.767	0.917
Total	3.762	1.876

Banking Relations :	--
Auditors :
Name :	G Shankar Chartered Accountants
Address :	38-1, Raghupathy Layout, Saibaba Colony, Coimbatore – 641011, Tamilnadu, India
PAN No.:	ANZPS9856J
Joint Venture :	· Carl Stahl Craftsman Enterprises P Limited · MC Craftsman Machinery P Limited
Subsidiary Company :	· Craftsman Automation Singapore Pte Limited, Singapore · Craftsman Marine BV, Netherlands
Associates/Subsidiaries :	· Ashwinram Spinning Mills Private Limited, Coimbatore · Integra Automation Private Limited, Chennai · Mastercraft Engineers Private Limited · Shanmo Engg Products India Private Limited

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
471263	Equity Shares	Rs.100/- each	Rs.47.126 Millions

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
405000	Equity Shares	Rs.100/- each	Rs.40.500 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		40.500	40.500	40.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		722.835	622.909	558.310
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		763.335	663.409	598.810
LOAN FUNDS
1] Secured Loans		1990.540	1975.739	1414.967
2] Unsecured Loans		3.762	1.876	10.266
TOTAL BORROWING		1994.302	1977.615	1425.233
DEFERRED TAX LIABILITIES		200.868	179.856	147.063
TOTAL		2958.505	2820.880	2171.106
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2339.695	2124.649	1583.182
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		33.733	79.326	21.350
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	685.682	615.258	486.984
	Sundry Debtors	407.550	491.525	530.273
	Cash & Bank Balances	67.443	53.873	80.172
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	370.451	199.218	183.130
Total Current Assets		1531.126	1359.874	1280.559
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	705.591	585.247	574.148
	Other Current Liabilities	212.970	136.160	91.270
	Provisions	27.488	21.561	48.567
Total Current Liabilities		946.049	742.968	713.985
Net Current Assets		585.077	616.906	566.574
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2958.505	2820.880	2171.106

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Domestic Sales	1432.511	1154.190	884.990
		Export Sales	465.051	1366.304	1198.431
	GROSS EARNINGS		1897.562	2520.494	2083.421
	PROFIT AFTER CURRENT TAX AND DEFERRED TAX		103.975	89.363	147.899
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.001	0.008	0.009
Less	APPROPRIATIONS
		Transfer to General Reserve	99.925	85.320	143.850
		Proposed Dividend	4.050	4.050	4.050
	BALANCE CARRIED TO THE B/S		0.001	0.001	0.008
	EARNINGS IN FOREIGN CURRENCY		465.051	1478.485	1165.667
	IMPORTS
		Raw Materials	59.482	118.184	93.627
		Consumables Stores & Spares	31.093	46.588	57.414
		Capital Goods	328.352	301.972	362.068
	TOTAL IMPORTS		418.927	466.744	513.109
	Earnings Per Share (Rs.)		257.00	220.00	365.00

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	3.85	4.10	3.57
Current Ratio (Current Asset/Current Liability)	1.62	1.83	1.79

LOCAL AGENCY FURTHER INFORMATION

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	Yes
9) Name of person contacted	No
10) Designation of contact person	No
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	Yes
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	No
30) Major Shareholders, if available	Yes

OPERATIONS:

The year 2010 is a watershed year. The tough challenges were met head on and the company braved the negative growth of 24.71% in top line. The second half of the year, more specifically the last quarter gained good traction and the recovery was visible. However the dip in first half still cast its shadow over the top line performance. The recession tested the capabilities and the company emerged leaner and agile. The focused efforts on process improvements and the shift towards value added domestic labour income to offset the vacuum created by the drop in export market steered the company in the troubled times towards safe harbor. The doubling of domestic labour income to a major extent cushioned the impact of halving of the exports in the sales portfolio. The concerted efforts on all fronts resulted in the EBIDTA growing by 24.65% in percentage terms and the cash generation was healthy in absolute figures of Rs.338.400 Millions for the current year as compared to Rs.298.300 Millions for the previous year. The financial charges impact could be moderated from 11.05% in previous year to 10.70% in the current year. The ongoing projects were completed at a cost of Rs.405.500 Millions. The broad basing of the portfolio across industries has paid off.

The order position looks healthy to place the company on the growth path again and regain the position as the economy grows. With confidence returning to the market and planned expansion to meet the surging demand capital investments are happening.

The joint venture companies have entered the market successfully and have gained a foothold. Considering the present situations their performance is satisfactory.

The overseas subsidiaries have entered the market and the initial response is good considering the economic situation prevailing in the respective countries. Their breakeven is expected to be delayed as the demand pick up is slow. However their presence in strategic locations is of key significance to the company in its operations.

The combined effect of investment in capacity expansion, augmentation of the facilities, constant improvement in production process techniques, constant updating of employee skill levels, state of the art machines, strong quality control measures have resulted in the company emerging as a major contract manufacturer catering to the needs of industry leaders in various countries of the world.

CONTINGENT LIABILITIES

Particulars	31.03.2011	31.03.2010
	(Rs. In Millions)
Bank Guarantee	50.829	6.467
Import/ Inland Letter of Credit	12.370	6.449
Commitment on Capital Account	55.428	212.485
Income Tax Disputed in Appeal
Asst Year 1997-98 Asst year 2003-04 Asst year 2006-07 Asst year 2007-08	0.840 0.455 0.000 3.077	0.840 0.455 5.305 0.000
Export Obligation (Duty Portion) Gross	197.213	208.707
Less: Bank Guarantee	0.031	0.031
Net Obligation (Duty Portion)	197.182	2080.676

FIXED ASSETS:

· Land

· Building – Factory

· Plant and Machinery

· Generator

· Electrical Equipment

· Energy Saving Equipments

· Furniture and Fixture

· Office Equipments

· Computers

· 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.52.49
UK Pound	1	Rs.84.66
Euro	1	Rs.69.25

INFORMATION DETAILS

Report Prepared by :

CTI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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.