MIRA INFORM REPORT

Report Date :

07.03.2012

IDENTIFICATION DETAILS

Name :	JYOTHI AVIATION AND DEVELOPERS LIMITED (w.e.f.17.03.2011)
Formerly Known As :	YOTHI AVIATION AND DEVELOPERS PRIVATE LIMITED (w.e.f.16.07.2010) JYOTHI HABITAT AND DEVELOPERS (INDIA) PRIVATE LIMITED
Registered Office :	Building No.40 / 127 A, Stella Maris Tower High Court Junction, Marine Drive, Kochi – 682031, Kerala,
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.06.2009
Com. Reg. No.:	09-024350
Capital Investment / Paid-up Capital :	Rs.26.100 Millions
CIN No.: [Company Identification No.]	U62200KL2009PLC024350
TAN No.: [Tax Deduction & Collection Account No.]	CHNJ00941D
PAN No.: [Permanent Account No.]	AACCJ1823F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Service provider of chartered Aircraft
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

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 :	Yet to Commence Business
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Though the company was incorporated in the year 2009, the company is yet to commence its business activities. Payments are unknown. The company can be considered for business dealings in 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.

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 :	Building No.40 / 127 A, Stella Maris Tower High Court Junction, Marine Drive, Kochi – 682031, Kerala, India
Tel. No.:	91-484-3121988 / 2385035
Fax No.:	91-484-312-988
E-Mail :	misc@jyothiaviation.com ops@jyothiaviation.com
Website :	www.jyothiaviation.com
Airport Office :	Room No.10, IInd Floor, AirLine Building, Cochin International Airport Limited, Nedumbassery, Cochin – 683111, Kerala, India
Tel. No.:	91-484-2611404
Fax No.:	91-484-2611504

DIRECTORS

As on 29.09.2011

Name :

Mr. Alukkas Varghese joy

Designation :

Managing Director

Address :

Alukkas House, Kuriachira P.O. Thrissur – 680006, Kerala, India

Date of Birth/Age :

04.09.1956

Date of Appointment :

19.06.2009

DIN No.:

00313967

Other Director

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	U85110KL1995PLC009336	KIMS HEALTH CARE MANAGEMENT LIMITED	Director	25/09/2001	25/09/2001	-	Active	NO
2	U51398KL2002PLC015372	JOYALUKKAS INDIA LIMITED	Managing director	15/11/2010	22/04/2002	-	Active	NO
3	U92141KL1979PTC003117	MYTHRI ENTERTAINERS AND ENTERPRISES PVT LTD	Director	6/11/2010	5/3/2004	-	Active	NO
4	U55101KL1994PTC007964	JOYAL PROPERTIES PRIVATE LIMITED	Director	6/11/2010	5/3/2004	-	Active	NO
5	U72200KL2005PTC018908	FUSION TECHNOSOFT PRIVATE LIMITED	Director	6/11/2010	8/12/2005	-	Active	NO
6	U70102KL2006PTC019054	COCHIN SMART CITY PROPERTIES PRIVATE LIMITED	Director	11/7/2007	3/4/2006	-	Active	NO
7	U62200KL2009PLC024350	JYOTHI AVIATION AND DEVELOPERS LIMITED	Managing director	24/07/2010	19/06/2009	-	Active	NO
8	U51900KL2009PTC024449	MUDITA TRADES PRIVATE LIMITED	Director	11/7/2009	11/7/2009	-	Active	NO
9	U51398KL2010PTC025916	JOYAL ORNAMENTS AND TRADES PRIVATE LIMITED	Director	28/04/2010	28/04/2010	-	Active	NO
10	U55101MH2009PTC196943	DALIA HOTELS AND RESORTS PRIVATE LIMITED	Director	30/09/2011	4/10/2010	-	Active	NO
11	U74900KL2011PTC028860	JOYALUKKAS MONEY EXCHANGE PRIVATE LIMITED	Director	12/7/2011	12/7/2011	-	Active	NO
12	U51494KL2010PTC026358	REDROSE DESIGNER WEAR PRIVATE LIMITED	Director	1/10/2011	1/10/2011	-	Active	NO
13	U70102KL2011PTC029893	SVENI DEVELOPERS PRIVATE LIMITED	Director	22/11/2011	22/11/2011	-	Active	NO
14	U74900KL2011PTC029897	JOLLY SILKS PRIVATE LIMITED	Director	22/11/2011	22/11/2011	-	Active	NO
15	U51398KL2012PTC030361	JOYALUKKAS JEWELLERY PRIVATE LIMITED	Director	25/01/2012	25/01/2012	-	Active	NO

Name :

Mr. John Paul joy Alukkas

Designation :

Director

Address :

Alukkas House, Kuriachira P.O. Thrissur – 680006, Kerala, India

Date of Birth/Age :

14.10.1985

Date of Appointment :

24.06.2010

DIN No.:

00314046

Other Director

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	U51398KL2002PLC015372	JOYALUKKAS INDIA LIMITED	Director	28/09/2007	5/12/2003	-	Active	NO
2	U51900KL2009PTC024449	MUDITA TRADES PRIVATE LIMITED	Director	11/7/2009	11/7/2009	-	Active	NO
3	U62200KL2009PLC024350	JYOTHI AVIATION AND DEVELOPERS LIMITED	Director	28/09/2010	24/06/2010	-	Active	NO
4	U51398KL2012PTC030361	JOYALUKKAS JEWELLERY PRIVATE LIMITED	Director	25/01/2012	25/01/2012	-	Active	NO

Name :

Mr. Jolly Joy

Designation :

Director

Address :

Alukkas House, Kuriachira P.O. Thrissur – 680006, Kerala, India

Date of Birth/Age :

30.08.1961

Date of Appointment :

24.06.2010

DIN No.:

00314100

Other Director

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	U51398KL2002PLC015372	JOYALUKKAS INDIA LIMITED	Director	22/04/2002	22/04/2002	22/05/2010	Active	NO
2	U72200KL2005PTC018908	FUSION TECHNOSOFT PRIVATE LIMITED	Director	8/12/2005	8/12/2005	-	Active	NO
3	U62200KL2009PLC024350	JYOTHI AVIATION AND DEVELOPERS LIMITED	Director	28/09/2010	24/06/2010	-	Active	NO
4	U74900KL2011PTC029897	JOLLY SILKS PRIVATE LIMITED	Director	22/11/2011	22/11/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Suresh Vettikattirina Mbully	01
Alukkas Varghese joy	1607798
Devassy Francis Palli Kunnath	01
Jolly Joy	1000000
John Paul Joy Alukkas	1000
Mary Jeny Joy	1000
Puthukkaden Pyloth Jose	100
George Jacob	100
Total	2610000

As on 29.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Service provider of chartered Aircraft

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

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

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.20111	As on 31.03.2010
From Banks
Term Loan from YES Bank	100.000	0.000
Total	100.000	0.000
Note: Loan from banks are secured by hypothecation of Aircraft and on all current assets of the company and equitable mortgage on certain immovable properties. The Managing Director and another Director have furnished their personal guarantees for the loan
Unsecured Loan	As on 31.03.20111	As on 31.03.2010
Loans from Directors
Alukkas Varghese Joy	3.384	6.384
Jolly Joy	15.000	0.000
John Paul Joy Alukkas	25.000	0.000
Suresh V N	0.000	1.000
Total	43.384	7.384

Banking Relations :	--
Auditors :
Name :	C. I. Francis Chartered Accountant
Address :	XIII / 35, Casino Complex, T.B. Road, Kokkalai, Thrissur – 680021, Kerala, India
Tel. No.:	91-0487-2421060 / 2790436
PAN.:	AADPF4577E
Associates :	Joyalukkas India Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2610000	Equity Shares	Rs.10/- each	Rs.26.100 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		26.100	0.100
2] Share Application Money		0.000	0.00
3] Reserves & Surplus		0.000	0.00
4] (Accumulated Losses)		(10.798)	(0.077)
NETWORTH		15.302	0.022
LOAN FUNDS
1] Secured Loans		100.000	0.000
2] Unsecured Loans		43.384	7.384
TOTAL BORROWING		143.384	7.384
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		158.686	7.407
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.272	7.272
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	10.061	0.140
	Other Current Assets	0.395	0.000
	Loans & Advances	142.467	0.000
Total Current Assets		152.923	0.140
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.330	0.000
	Other Current Liabilities	1.066	0.005
	Provisions	0.181	0.000
Total Current Liabilities		1.577	0.005
Net Current Assets		151.346	0.135
Other Interest on Loan to be Capitalised		0.068	0.000
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		158.686	7.407

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	0.000	0.000
		Income Form SBI Mutual Funds	1.822	0.000
		Income on Term Deposits	0.001	0.000
		TOTAL	1.823	0.000
Less	EXPENSES
		Salaries and Allowances	7.414	0.000
		Provision for Gratuity	0.181	0.000
		License and Registration	0.623	0.000
		Postage and Telephone	0.022	0.000
		Travelling Expenses	0.942	0.000
		Audit Fees	0.010	0.005
		Land Development Expenses	0.000	0.007
		Printing and Stationery	0.015	0.001
		Business Promotion Expenses	0.021	0.000
		Consultancy Charges	1.981	0.000
		Interest on TDS	0.002	0.000
		Preliminary Expenses	0.000	0.045
		Website Expenses	0.066	0.003
		ROC Filing Fees	0.012	0.016
		TOTAL	11.289	0.077
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(9.467)	(0.077)
Less	FINANCIAL EXPENSES		1.254	0.000
	PROFIT / (LOSS) AFTER TAX		(10.720)	(0.077)
	BALANCE CARRIED TO THE B/S		(10.720)	(0.077)
	IMPORTS
		Raw Materials	Nil	Nil
		Stores & Spares	Nil	Nil
		Capital Goods	Nil	Nil
	TOTAL IMPORTS		Nil	Nil
	Earnings Per Share (Rs.)		(13.94)	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	(588.04)	0.000
Net Profit Margin (PBT/Sales)	(%)	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA
Return on Investment (ROI) (PBT/Networth)		NA	NA
Debt Equity Ratio (Total Liability/Networth)		9.47	335.86
Current Ratio (Current Asset/Current Liability)		96.97	28.00

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE OVERVIEW

During the year, the Company has ventured into the aviation business, setting the stage for Kerala's first-ever chartered flight service. The Company intends to cater to the needs of the tourism industry as well as business and medical travel requiring quick transit. The Company acquired the Brazil made Embraer Phenom 100 twin-engine jet aircraft. As of now this is the first nonscheduled light aircraft in Kerala.

The Embraer Phenom 100, is among the most advanced in its class, can cruise at a speed of 0.70 Mach with a climb rate of 4,760 ft per minute. The maximum range of the aircraft is 1,160 nautical miles and can reach a cruise altitude of 41,000 ft. requiring a takeoff distance of only 3,400 ft, the purpose built aircraft makes it possible to access remote and short airstrips.

The Company has applied for Non Scheduled Operators Permit (NSOP) and hence has not commenced its commercial operations. The Company has reported a loss of Rs.10.720 Millions during the financial year,

CONVERSION INTO PUBLIC COMPANY

During the year, the Company was converted into a Public Company, with its members approval vide a special resolution passed in the Extra-Ordinary General Meeting dated 25.02.2011. The Registrar of Companies, Kerala and Lakshadweep, has issued a Fresh Certificate of Incorporation dated March 17, 2011 consequent upon change of name on conversion to Public Limited Company. Consequent to the conversion the name of the company has been changed to 'Subject from 'Jyothi Aviation and Developers Private Limited.'

INCREASE IN THE SHARE CAPITAL

During the year, Company has raised Rs.6.10 Million consisting of 6,10,000 Equity Shares of Rs.10/- each by way of preferential allotment to Mr. Alukkas Varghese Joy and thereby the Issued, Subscribed and Paid up Equity Share Capital of the Company has increased to Rs.26.10 million divided into 26,10,000 equity shares of Rs.10/-each.

Bankers Charges Report as per Registry

Corporate identity number of the company	U62200KL2009PLC024350
Name of the company	JYOTHI AVIATION AND DEVELOPERS LIMITED
Address of the registered office or of the principal place of business in India of the company	Building No.40 / 127 A, Stella Maris Tower High Court Junction, Marine Drive, Kochi – 682031, Kerala, misc@jyothiaviation.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10279216
Type of charge	Movable property (not being pledge)
Particular of charge holder	Yes Bank Limited, 9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli,, Mumbai - 400018, Maharashtra, India shareholders@yesbank.com
Nature of instrument creating charge	Deed of Hypothecation
Date of instrument Creating the charge	30.08.2011
Amount secured by the charge	Rs.105.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 1. LUT for Buyers Credit-All-in cost of 11.50% plus applicable taxes. 1a.TL-Base rate +4% hence effective rate is 14.25%p.a. 1b. LC-Usance-1.50%p.a. 2. CC-Base rate+4.50% p.a. effective rate14.75%p.a. Terms of repayment 1. LUT of BC-Upto 36 months (tenor of BC would be subject to applicable RBI guidelines) 1a. TL-Ballooning Repayment Structure after 3 months moratorium period as given below. Q1: NIL Q2 to Q5: INR 3.0 MM Q6 to Q9: INR 4.5 MM Q10 to Q13: INR 5.0 MM Q14 to Q17: INR 6.25 MM Q18 to Q20: INR 8.33 MM 1b. LC-Usance-Validity-6months, Usance-Upto 6 months 2. Cash Credit-Tenor-12 months, Validity-12 months Margin Nil Extent and operation of the charge Existing exclusive charge on all current assets of the borrower and on receivables of the borrower to be routed through YBL Escrow account has now been modified to Exclusive charge on aircraft- EMBRAER PHENOM 100 AIRCRAFT bearing Registration Number "VTAJI" and Manufacturer's Serial Number 50000205 by way of hypothecation to secure total amount of Rs.105.000 Millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Existing exclusive charge on all current assets of the borrower and on receivables of the borrower to be routed through YBL Escrow account has now been modified to Exclusive charge on aircraft- EMBRAER PHENOM 100 AIRCRAFT bearing Registration Number "VTAJI" and Manufacturer's Serial Number 50000205 by way of hypothecation. more particularly mentioned in the schedule C and D of deed of hypothecation
Particulars of the present modification	Existing exclusive charge on all current assets of the borrower and on receivables of the borrower to be routed through YBL Escrow account has now been modified to Exclusive charge on aircraft- EMBRAER PHENOM 100 AIRCRAFT bearing Registration Number "VTAJI" and Manufacturer's Serial Number 50000205 by way of hypothecation to secure total amount of Rs.105.000 Millions.

AS PER WEBSITE DETAILS.

Subject is a luxury flight service provider headquartered in Kochi, Kerala. The company's mission is to offer modern and state-of the art solutions primarily in the scope of Corporate Aviation Services. Subject is the first company to venture into this business and service in Kerala. The southern region, specifically Kerala has a growing population of affluent entrepreneurs and senior executives looking for a luxurious and convenient way to fly. Subject core objective is to serve this target group with luxury, comfort and convenience that compliments their hi-profile status and needs.

The company has a team of specialists, fleet and a range of services that can be tailored to the demanding and exacting standards of todays jet-set lifestyle. From short range flights to helicopter services and long range flights, Subject has a fleet and expertise to manage all these requirements.  Subject will also be the first aviation service provider in Kerala to offer helicopter tours for various needs like arial sight seeing tours, emergency services, air ambulance services etc.

At Subject, passengers safety, comfort and convenience are a priority and all standards and procedures for the company have been set based on this. The company's vision is to introduce and create a demand for corporate and luxury aviation services in Kerala and then expand all across India and the world. 

Subject operational head is Capt. Asif Punathil who has a flying experience of more than 15 years. He has flown various aircrafts like the Boeing 747-400, Learjet 45, King Air C90 and B200 and the BE1900 aircrafts. He is a FAA ATP and DGCA CPL holder with a total flying experience of 3600hrs.

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.50.02
UK Pound	1	Rs.79.31
Euro	1	Rs.65.02

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION		--
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	--
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		14

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.