MIRA INFORM REPORT

Report Date :

16.07.2012

IDENTIFICATION DETAILS

Name :	VEGA AUTO ACCESSORIES PRIVATE LIMITED
Registered Office :	Plot No. 12 B, SY. No. 342 (Old 690), Bemciel Industrial Estate, Udyambag, Belgaum-590008, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.05.1982
Com. Reg. No.:	08-004792
Capital Investment / Paid-up Capital :	Rs.1.500 Millions
CIN No.: [Company Identification No.]	U35999KA1982PTC004792
TAN No.: [Tax Deduction & Collection Account No.]	BLRV03410B
PAN No.: [Permanent Account No.]	AAACV6543N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Helmets and Imports of Fabric and Visors.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 46000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal 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

INFORMATION PARTED BY

Name :	Mrs. Kshama
Designation :	Sales Coordinator
Contact No.:	91-9686500837
Date :	14.07.2012

LOCATIONS

Registered Office/ Factory :	Plot No. 12 B, SY. No. 342 (Old 690), Bemciel Industrial Estate, Udyambag, Belgaum-590008, Karnataka, India
Tel. No.:	91-831-4218444 / 4202320 / 21 / 25 / 4218454
Mobile No.:	91-9686500837 [Mrs. Kshama]
Fax No.:	91-831-4202241
E-Mail :	vega@vegaauto.com kshama@vegaauto.com
Website :	http://www.vegaauto.com
Location :	Owned
Branch Office :	No. 543, Vithaldev Lane, Shahapur, Belgaum-590003, Karnataka, India
Tel. No.:	91-831-4218411
Fax No.:	91-831-4202241

DIRECTORS

As on 23.09.2011

Name :	Mr. Girdhari Premraj Chandak
Designation :	Director
Address :	20, 1^st Cross, Mira Mahal, Adarsh Nagar, Belgaum-590011 Karnataka, India
Date of Birth/Age :	10.01.1982
Qualification :	Graduate
Date of Appointment :	01.11.1991
DIN No.:	00674030

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	U35999KA1982PTC004792	Vega Auto Accessories Private Limited	Director	01-11-91	01-11-91	-	Active	NO
2	U72200KA2000PLC026818	Vega Infotech Limited	Director	30-03-00	30-03-00	-	Active	NO
3	U50101KA1998PTC024494	Vega Funmobiles Private Limited	Director	01-05-01	01-05-01	-	Active	NO
4	U35303KA2005PTC036436	Vega Aviation Products Private Limited	Director	01-06-05	01-06-05	-	Active	NO

Name :	Mr. Uttam Premraj Chandak
Designation :	Director
Address :	Meera Mahal, 1^st Cross, Adarsh Nagar, Hindawadi, Belgaum- 590011, Karnataka, India
Date of Birth/Age :	29.08.1970
Qualification :	Graduate
Date of Appointment :	01.11.1991
DIN No.:	00645073

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	U35999KA1982PTC004792	Vega Auto Accessories Private Limited	Director	01-11-91	01-11-91	-	Active	NO
2	U72200KA2000PLC026818	Vega Infotech Limited	Director	30-03-00	30-03-00	-	Active	NO
3	U35303KA2005PTC036436	Vega Aviation Products Private Limited	Director	01-06-05	01-06-05	-	Active	NO

Name :	Mr. Suhas Premraj Chandak
Designation :	Director
Address :	Meera Mahal, 1^st Cross, Adarsh Nagar, Hindawadi, Belgaum- 590011, Karnataka, India
Date of Birth/Age :	14.02.1969
Qualification :	Graduate
Date of Appointment :	01.11.1991
DIN No.:	00645032

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	U35999KA1982PTC004792	Vega Auto Accessories Private Limited	Director	01-11-91	01-11-91	-	Active	NO
2	U50101KA1998PTC024494	Vega Funmobiles Private Limited	Director	07-12-98	07-12-98	-	Active	NO
3	U72200KA2000PLC026818	Vega Infotech Limited	Director	30-03-00	30-03-00	-	Active	NO
4	U35303KA2005PTC036436	Vega Aviation Products Private Limited	Director	01-06-05	01-06-05	-	Active	NO

Name :	Mr. Dilip Premraj Chandak
Designation :	Director
Address :	Meera Mahal, 1^st Cross, Adarsh Nagar, Hindawadi, Belgaum- 590011, Karnataka, India
Date of Birth/Age :	15.07.1962
Qualification :	Graduate
Date of Appointment :	01.11.1991
DIN No.:	00644673

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	U35999KA1982PTC004792	Vega Auto Accessories Private Limited	Director	01-11-91	01-11-91	-	Active	NO
2	U50101KA1998PTC024494	Vega Funmobiles Private Limited	Managing director	07-12-98	07-12-98	-	Active	NO
3	U72200KA2000PLC026818	Vega Infotech Limited	Director	30-03-00	30-03-00	-	Active	NO
4	L51101KA1957PLC001283	Bemco Hydraulics Limited	Director	29-01-04	29-01-04	-	Active	NO
5	U35303KA2005PTC036436	Vega Aviation Products Private Limited	Director	01-06-05	01-06-05	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Kshama
Designation :	Sales Coordinator

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.09.2011

Names of Shareholders	No. of Shares
Alka S Chandak	1833
Dilip P Chandak	1833
Giridher P Chandak	1833
Premraj Z Chandak	336
Sangeeta D Chandak	1833
Shalini G Chandak	1833
Suhas P Chandak	1833
Swati U Chandak	1833
Uttan P Chandak	1833
Total	15000

As on 23.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Helmets and Imports of Fabric and Visors.
Products :	Full Face Helmet Open Face Helmet Noveltys Helmet Off Road Helmet
Exports :
Products :	Helmets
Countries :	· USA · Canada · Germany · Italy
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	L/C / Cash and Credit [30 Days]
Purchasing :	L/C / Cash and Credit [30 Days]

PRODUCTION STATUS [AS ON 31.03.2010]

PRODUCTION DURING THE YEAR

Particulars	Belgaum H. O.	Rudrapur
Helmets – Finished	130428	36
Helmets in Process	112693	0
Visors – Finished	7890	0
Helmet Accessories	1150	0
Plastic Scrap	7510	0

GENERAL INFORMATION

Customers :

Wholesalers , Retailers and End Users

No. of Employees :

250 (Approximately)

Bankers :

• Axis Bank Limited, CTS No. 2672, Opposite Big Bazar, Khanapur Road, Tilakwadi, Belgaum-590006, Karnataka, India
• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
• State Bank of India, Commercial Branch, Goaves Hindwadi, Belgaum-590011, Karnataka, India
• ICICI Bank

Facilities :

SECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
State Bank of India (Secured against Stocks and receivables, Movable, Immovable properties, personal guarantee of directors)	12.382	7.356
State Bank of India – Term Loan (Secured Against Fixed assets)	0.168	1.967
Axis Bank – Vehicle Loan (Secured Against Swift VDI Car KA-25-P-1889)	0.151	0.314
ICICI Bank – Vehicle Loan (Secured Against Santro GLS Car KA-22-P-0338)	0.238	0.342
Bank of Maharashtra Term Loan (Secured Against Plant and Machinery Acquired)	3.377	0.000
Kotak Mahindra Bank Loan A/C (Secured Against Personal Guarantee of Director)	3.909	0.000
Total	20.225	9.979
UNSECURED LOAN
Deposit From Dealers	1.087	1.079
Premraj Zumbarlal Chandak	1.557	1.405
Dilip Premraj Chandak	5.293	4.647
Girdhari Premraj Chandak	1.525	9.397
Suhas Premraj Chandak	1.130	1.917
Uttam Premraj Chandak	1.552	3.300
Sangeeta Dilip Chandak	0.631	0.507
Alka Suhas Chandak	0.198	0.257
Swati Uttam Chandak	0.624	0.445
Shalini Girdhari Chandak	0.163	0.176
Kunal Dilip Chandak	0.000	0.134
Vega Funmobniles Private Limited	46.711	28.821
Vega Funmobiles Private Limited (A. D. Deposit)	1.602	1.590
Vega Aviation Products Private Limited	0.000	1.849
Leeladevi Premraj Chandak	0.067	0.061
Venkatesh Agencies	0.000	0.351
Total	62.140	55.936

Banking Relations :	--
Auditors :
Name :	Rajendra Sanjeev and Company Chartered Accountants
Address :	1759, 2^nd Floor, Annpurna Complex, Kirloskar Road, Belgaum-590001, Karnataka, India
Pan No.:	AAQPG0393J
Enterprise Where Key Management Personnel Significant influence :	Vega Funmobiles Private Limited Vega Aviation Products Private Limited Vega Infotech Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15000	Equity Shares	Rs.100/- each	Rs.1.500 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		1.500	1.500	1.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10.188	8.708	7.927
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11.688	10.208	9.427
LOAN FUNDS
1] Secured Loans		20.225	9.979	12.566
2] Unsecured Loans		62.140	55.936	54.908
TOTAL BORROWING		82.365	65.915	67.474
DEFERRED TAX LIABILITIES		0.739	0.308	0.280
TOTAL		94.792	76.431	77.181
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.526	29.100	22.274
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.071	0.071	0.021
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	50.919	43.939	61.203
	Sundry Debtors	15.039	16.192	9.552
	Cash & Bank Balances	7.538	2.307	1.186
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	24.482	17.994	15.800
Total Current Assets		97.978	80.432	87.741
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	31.823	23.806	21.943
	Other Current Liabilities	5.561	7.378	9.124
	Provisions	3.399	1.988	1.788
Total Current Liabilities		40.783	33.172	32.855
Net Current Assets		57.195	47.260	54.886
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		94.792	76.431	77.181

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	115.836	112.230	78.241
		Other Income	7.783	3.137	1.092
		TOTAL	123.619	115.367	79.333
Less	EXPENSES
		Office Expenses
		Administrative Expenses	116.314	110.439	75.079
		Advertising Expenses
		Financial Charges
		TOTAL	116.314	110.439	75.079
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		7.305	4.928	4.254
Less/ Add	DEPRECIATION/ AMORTISATION		4.766	3.836	3.714
	PROFIT / (LOSS) BEFORE TAX		2.539	1.092	0.540
Less	TAX		1.058	0.311	0.302
	PROFIT / (LOSS) AFTER TAX		1.481	0.781	0.238
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.714	18.874	24.223
	Earnings / (Loss) Per Share (Rs.)		98.73	52.07	15.87

Particulars	31.03.2012
Sales Turnover (Approximately)	160.000

Expected Sales (2012-13) : Rs.200.000 Millions.

The above information has been parted by Mrs. Kshama.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.20	0.68	0.30
Net Profit Margin (PBT/Sales)	(%)	2.19	0.97	0.69
Return on Total Assets (PBT/Total Assets}	(%)	1.87	1.00	0.49
Return on Investment (ROI) (PBT/Networth)		0.22	0.11	0.06
Debt Equity Ratio (Total Liability/Networth)		10.54	9.71	10.64
Current Ratio (Current Asset/Current Liability)		2.40	2.42	2.67

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	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	Yes
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)	Yes
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	Yes
30) Major Shareholders, if available	Yes

NOTE:

The registered office of the company has been shifted from # 543, Vithaldev Lane, Shahpur, Belgaum-590003, Karnataka, India to the present address w.e.f. 30.04.2012

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U35999KA1982PTC004792
Name of the company	VEGA AUTO ACCESSORIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 12 B, SY. No. 342 (Old 690), Bemciel Industrial Estate, Udyambag, Belgaum-590008, Karnataka, India
Type of charge	Book Debts Movable Property [not being pledge] Floating Charge
Particular of charge holder	Axis Bank Limited, CTS No. 2672, Opposite Big Bazar, Khanapur Road, Tilakwadi, Belgaum-590006, Karnataka, India Email: anilkumar.tuppad@axisbank.com
Nature of description of the instrument creating or modifying the charge	Composite Hypothecation Deed (Current assets, movables, plant and machinery)
Date of instrument Creating the charge	03.05.2012
Amount secured by the charge	Rs.50.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit Limit - Base rate + 3% p.a. i.e. presently at 13% p.a. payable on monthly rests Term Loan - Base rate + 3% p.a. i.e. presently at 13% p.a. payable on monthly rests Terms of Repayment Cash Credit Limit repayable on Demand Term Loan repayable in 54 monthly installments of Rs.0.555 Million commencing after moratorium period of 6 months from initial disbursement. Interest to be serviced as and when debited, on monthly rests. Margin Cash Credit Limit Margin - 25% on stock and 40% on receivables ( Book debts coverage period up to 90 days) Bank Guarantee/ Letter of Credit - Up-front 15% cash margin Term Loan - 28% of the project cost. Extent and Operation of the charge First and exclusive charge on Company's entire current assets including stocks of raw-materials, finished goods, stock in process, consumables stores, spares, bills and book debts/ receivables and other current assets, present and future. Hypothecation of Plant and machinery and other movables fixed assets, created/to be created out of Term loan assistance. Hypothecation of movable fixed assets (except vehicles) with WDV of Rs.23.413 Millions as on 31.03.2011. Others Limit Sanctioned Amount Rs. In Millions Cash Credit Limit 20.000 BG/LC Limit * (3.000) Term Loan Limit 30.000 Total 50.000 *Fully interchangeable between BG/LC limits, being a sub limit to cash credit of Rs.20.000 Millions.
Short particulars of the property charged	First and exclusive charge on Company's entire current assets including stocks of raw-materials, finished goods, stock in process, consumables stores, spares, bills and book debts/ receivables and… Other current assets, present and future, stored at Borrowers factory premises, warehouses and Godowns at Plot No.12/B, Sy No.342, BEMCIEL Industrial Estate, Udyambag, Belgaum or…. Stored at any other places. Hypothecation of movable fixed assets (except vehicles) with WDV of Rs.234.13 lakhs as on 31.03.2011, stored at Plot No.12/B, Sy No.342, BEMCIEL Industrial Estate, Udyambag, Belgaum-590 008 or… Stored at any other places.

FIXED ASSETS:

· Air Conditioners

· Books

· Land and Buildings

· Computer System

· Design and Artworks

· Electrical Installation

· Factory Equipments and Renovation

· Furniture and Fixtures

· Moulds and Dies

· Office Equipments

· Patterns

· Plant and Machinery

· Television

· Tools and Equipments

· 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.55.65
UK Pound	1	Rs.85.89
Euro	1	Rs.67.87

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		43

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.