MIRA INFORM REPORT

 

Report Date :

31.12.2012

 

IDENTIFICATION DETAILS

 

Name :

TRAIL BLAZER TOURS INDIA PRIVATE LIMITED

 

 

Registered Office :

170, Jeena House, B Wing, Om Nagar, Sahar, Andheri (East), Mumbai – 400099, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

15.03.2007

 

 

Com. Reg. No.:

11-212279

 

 

Capital Investment / Paid-up Capital :

Rs. 9.000 Millions

 

 

CIN No.:

[Company Identification No.]

U60300MH2007PTC212279

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMT14122D

 

 

PAN No.:

[Permanent Account No.]

AACCT6365J

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Providing Travel related Services.

 

 

No. of Employees :

280 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (16)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company a having moderate track record. There appear huge 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 on a secured 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.

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

 

INFORMATION PARTED BY (General Details)

 

Name :

Mr. J. Ketkar

Designation :

Chief Finance Officer

Contact No.:

91-22-61940940

Date :

27.12.2012

 

 

LOCATIONS

 

Registered Office :

170, Jeena House, B Wing, Om Nagar, Sahar, Andheri (East), Mumbai – 400099, Maharashtra, India

Tel. No.:

Not Available

Fax No.:

Not Available

E-Mail :

shikha@mpco.in

fkapadia@tbl.co.in

jketkar@tbl.co.in

Website :

www.trailblazertours.com

Location :

Owned

 

 

Corporate Office :

902, 9th Floor, Centre 1 Building, World Trade Centre Complex, Mumbai – 400005, Maharashtra, India

Tel. No.:

91-22-61940940

Fax No.:

91-22-61940900

E-Mail :

vacations@tbi.co.in

 

 

Branches :

Located at :

 

Ř       Mumbai

Ř       Agra

Ř       Ahmedabad

Ř       Aurangabad

Ř       Cochin

Ř       Chennai

Ř       Gurgaon

Ř       Jaipur

Ř       Noida

Ř       Goa

Ř       New Delhi

Ř       Pune

Ř       Varanasi

 

 

DIRECTORS

 

AS ON 31.08.2012

 

Name :

Mr. Jehangir Nariman Katgara

Designation :

Chairman and Managing director

Address :

Katgara House, Napeansea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

03.11.1955

Date of Appointment :

15.12.2009

PAN No.:

AAEPK3175C

DIN No.:

00210854

 

 

Name :

Mr. Homi Adi Katgara

Designation :

Director

Address :

4007, The Imperial North Tower, B-9, Nakashe Marg, Tardeo, Mumbai – 400034, Maharashtra, India

Date of Birth/Age :

11.10.1963

Date of Appointment :

15.12.2009

PAN No.:

AAEPK3177A

DIN No.:

00210338

 

 

Name :

Mr. Sam Nariman Katgara

Designation :

Director

Address :

Katgara House, 3rd Floor, 15 Jagmohan Marg, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

09.05.1961

Date of Appointment :

15.12.2009

PAN No.:

AAEPK3475D

DIN No.:

00210687

 

 

Name :

Cyrus Nariman Katgara

Designation :

Director

Address :

Windsor Court, S-15 B DLF City, Phase 4, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

26.02.1960

Date of Appointment :

15.12.2009

PAN No.:

AAEPK3473F

DIN No.:

01649184

 

 

KEY EXECUTIVES

 

Name :

Mr. J. Ketkar

Designation :

Chief Finance Officer

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.08.2012

 

Names of Shareholders

 

No. of Shares

 

Homa Homajee Mistry

 

45000

Homi Adi Katgara

 

162000

Meher J. Bhandara

 

162000

Sam Nariman Katgara

 

162000

Jayram D. Ketkar

 

45000

Cyrus Nariman Katgara

 

162000

Nariman Katgara

 

162000

Total

 

900000

 

 

AS ON 31.08.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

90.00

Other top fifty shareholders

 

10.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Providing Travel related Services.

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

GENERAL INFORMATION

 

Customers :

End Users

 

 

No. of Employees :

280 (Approximately)

 

 

Bankers :

Ř       Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India (Tel No.: 91-22-66699000)

Ř       BNP Paribas, French Bank Building, 62, Homji Street, Fort, Mumbai – 400001, Maharashtra, India

 

 

Facilities :

 

Secured Loans

31.03.2011

31.03.2010

 

 

(Rs. In Millions)

Working capital loans banks secured

49.835

0.000

Total

49.835

0.000

 

 

Unsecured Loans

31.03.2011

31.03.2010

 

 

(Rs. In Millions)

Loans directors unsecured

50.000

30.000

Total

50.000

30.000

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Mohinder Puri and Company

Chartered Accountants

Address :

1A-D Vandhna, Tolstoy Marg, New Delhi – 110001, India

Tel. No.:

91-11-47102200/ 47103300/ 47102250

Fax No.:

91-11-23313908/ 23731220/ 47102290

E-Mail :

mpco@mpco.in

Website :

www.mpco.in

Income-tax PAN of auditor or auditor's firm :

AAAFM9269R

 

 

Related Parties :

Ř       Jeera and Company

Ř       Jeena and Company Private Limited [U63090MH2001PTC133765]

Ř       Logwin Air and Ocean India Private Limited [U63000MH2008PTC179861]

Ř       Inspection and Quality Control Private Limited [U27224MH1992PTC066840]

Ř       Water Maker India Private Limited [U29259MH2004PTC149832]

Ř       Silver Complex Private Limited [U70100MH1995PTC092148]

Ř       Crystal Complex Private Limited [U70200MH2007PTC168102]

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,000,000

Equity Shares

Rs. 10/- each

Rs. 10.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

900,000

Equity Shares

Rs. 10/- each

Rs. 9.000 Millions

 

 

 

 

 

 

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

9.000

9.000

3.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

0.000

0.000

4.032

4] (Accumulated Losses)

(11.115)

(13.362)

0.000

NETWORTH

(2.115)

(4.362)

7.032

LOAN FUNDS

 

 

 

1] Secured Loans

49.835

0.000

0.000

2] Unsecured Loans

50.000

30.000

0.000

TOTAL BORROWING

99.835

30.000

0.000

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

97.720

25.638

7.032

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

16.708

8.125

3.630

Capital work-in-progress

0.000

3.697

0.000

 

 

 

 

INVESTMENT

0.003

0.000

0.000

DEFERRED TAX ASSETS

0.000

0.000

0.825

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
0.000

0.000

0.000

 

Sundry Debtors
265.883

129.675

47.032

 

Cash & Bank Balances
38.933

31.003

20.555

 

Other Current Assets
0.026

0.028

0.199

 

Loans & Advances
55.746

57.120

24.649

Total Current Assets
360.588

217.826

92.435

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
180.590

94.660

45.877

 

Other Current Liabilities
95.678

107.478

42.972

 

Provisions
3.311

1.872

1.009

Total Current Liabilities
279.579

204.010

89.858

Net Current Assets
81.009

13.816

2.577

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

97.720

25.638

7.032

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

NA

107.116

NA

 

 

Other Income

 

 

 

 

 

TOTAL                                    

NA

107.116

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

NA

123.690

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

1.080

(16.574)

7.205

 

 

 

 

 

 

TAX                                                     

(1.166)

0.820

2.700

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX

2.246

(17.394)

2.474

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(13.362)

4.032

NA

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

(11.116)

(13.362)

4.032

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Tours

NA

222.134

240.065

 

 

Foreigners Credit Card

NA

6.632

7.542

 

TOTAL EARNINGS

NA

228.766

247.607

 

 

 

 

 

 

Earnings/ (Loss)  Per Share (Rs.)

2.50

(45.51)

14.15

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
NA

(16.24)

NA

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
0.29

(7.34)

7.50

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
(0.51)

3.80

1.02

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
(179.39)

(53.65)

12.78

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.29

1.07

1.03

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

SUNDRY CREDITORS DETAILS:

 

Particulars

31.03.2011

 

31.03.2010

 

31.03.2009

 

(Rs. In Millions)

Creditors due small micro enterprises

0.000

0.000

0.000

Creditors due others

180.590

94.660

45.877

Sundry creditors

180.590

94.660

45.877

 

 

Sr. No.

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

No

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

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

Yes

20]

Export / Import details (if applicable)

No

21]

Market information

--

22]

Litigations that the firm / promoter involved in

--

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

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

Yes

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

 

Note: The registered address of the company has been shifted from 1A-1D, Vandhna Building 11, Tolstoy Marg, New Delhi - 110001, India to the present w.e.f. 30.11.2010

 

 

OPERATIONS

 

The Company is engaged in one of the key industries, driving growth of the services sector in. In the year 2010, the tourism sector witnessed substantial growth as compared to year 2009 due to revival in foreign tourist arrivals. Moreover, Online travel market is booming in India.

 

During the financial year, the Company started operations at Goa to support ongoing Air Charter movements from Russia /U.K.

 

Pursuant to the order passed by the Northern Region Bench of the Company Law Board on 30.11.2010, the Company has shifted its registered office from 1A-1D, Vandhna Building, 11, Tolstoy Marg, New Delhi to 170, Jeena House, “B-Wing” Om Nagar, Sahar Andheri (East), Mumbai–400099.

 

 

BANKERS CHARGES REPORT AS PER REGISTRY

 

Corporate identity number of the company

U60300MH2007PTC212279

Name of the company

TRAIL BLAZER TOURS INDIA PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

170, Jeena House, B Wing, Om Nagar, Sahar, Andheri (East), Mumbai – 400099, Maharashtra, India

Email: shikha@mpco.in

This form is for

Modification of charge

Charge identification number of the modified 

10277096

Type of charge

Book debts

Movable property (not being pledge)

Floating charge

Particular of charge holder

Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India

Email: shareholders@yesbank.in

CIN No.: L65190MH2003PLC143249

Nature of description of the instrument creating or modifying the charge

Supplemental deed of hypothecation

Date of instrument Creating the charge

15.09.2012

Amount secured by the charge

Rs. 110.000 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

WCDL : YBL BASE RATE + 3.5% P.A.

CC: YBL BASE RATE + 4.0% P.A.

BG: COMMISSION OF 1.5% P.A.

 

Terms of Repayment

CC: TENOR:12 Months

WCDL: MAX 3 Months

BG: MAX 30 Months (Including Claim Period)

 

Margin

NA

 

Extent and Operation of the charge

First pari passu charge on all current assets and movable fixed assets of the company

Short particulars of the property charged

First pari passu charge on all current assets and movable fixed assets of the company

Date of Modification

01.11.2011

Particulars of the present modification 

Enhancement of charge on the current assets and movable fixed assets of the company from INR 80.0 mm  to INR 110 mm

 

 

CONTINGENT LIABILITIES:

 

(i) Guarantees issued by the bank on behalf of the Company Rs. 18.944 Millions (ii) Contingent liability against income NIL tax demand.

 

The Service Tax Department has conducted departmental audit of Company during the Financial Year 2009-10 where certain issues are discussed with them. The Company is yet to receive any communication as a consequence of the same. (a) The Company circulated the balance confirmation letters for the debit and credit balances of the parties during the year. However in the absence of confirmation, the balances have been taken as per of the Company. (b) Sundry Debtors include certain Debtors aggregating to Rs. 6.158 Millions which are overdue. In the opinion of the management these debtors are good and efforts are being made to recover them in due course. Hence according to the Management no provision for doubtful debts against the same is considered necessary.

 

 

FIXED ASSETS

 

Ř       Furniture and Fixtures

Ř       Office Equipments

Ř       Electrical Equipments

Ř       Air conditioning and Cooling Equipments

Ř       Vehicles

Ř       Computers

Ř       Software

Ř       Trademarks

Ř       Leasehold Improvement

 

 

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 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. 54.85

UK Pound

1

Rs. 88.40

Euro

1

Rs. 72.63

 

 

INFORMATION DETAILS

 

Information Gathered by :

PJA

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

--

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

--

--CREDIT LINES

1~10

--

--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

 

16

 

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.