MIRA INFORM REPORT

Report Date :

20.03.2012

IDENTIFICATION DETAILS

Name :	GOWRA PETROCHEM PRIVATE LIMITED
Registered Office :	Gowra Hall, Adoni-518301, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.03.1995
Com. Reg. No.:	01-019620
Capital Investment / Paid-up Capital :	Rs. 3.000 Millions
CIN No.: [Company Identification No.]	U23201AP1995PTC019620
TAN No.: [Tax Deduction & Collection Account No.]	HYDG00601G
PAN No.: [Permanent Account No.]	AAACG7481Q
Legal Form :	Private Limited Liability Company
Line of Business :	Dealing in Polymers, Chemicals, Metals Etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 760000
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 :	Gowra Hall, Adoni-518301, Andhra Pradesh, India
Tel. No.:	91-40-27846275
Fax No.:	91-40-27816817
E-Mail :	gowra@gowra.net
Website :	www.gowra.com
Branch Office :	Located At · Andhra Pradesh · Tamilnadu · Karnataka

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Srinivas Gowra
Designation :	Chairman and Managing Director
Address :	175, Motilal Nehru Nagar, Begumpet, Hyderabad-500016, Andhra Pradesh, India
Date of Birth/Age :	25.12.1994
Date of Appointment :	01.05.1995
DIN No.:	00286986

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	L65910AP1993PLC015349	GOWRA LEASING AND FINANCE LIMITED	Managing director	01-08-11	26-03-93	Active	NO
2	U23201AP1995PTC019620	GOWRA PETROCHEM PRIVATE LIMITED	Managing director	01-05-09	01-05-95	Active	NO
3	U65921AP1998NPL029996	ANDHRA PRADESH HIRE PURCHASE ASSOCIATION	Director	20-08-98	20-08-98	Active	NO
4	U72200AP2004PTC042685	GOWRA ENGINEERING TECHNOLOGIES PRIVATE LIMITED	Director	20-02-04	20-02-04	Active	NO
5	U70102AP2006PTC048898	GOWRA VENTURES PRIVATE LIMITED	Director	25-01-06	25-01-06	Active	NO
6	U72200AP2007PTC053536	ANTARA COMPUTER TECHNOLOGIES PRIVATE LIMITED	Director	11-04-07	11-04-07	Active	NO
7	U72200AP2007PTC056243	GOWRA TECHNOLOGIES PRIVATE LIMITED	Director	07-11-07	07-11-07	Amalgamated	NO
8	U24232AP2008PTC058131	AMAR BIO ORGANICS (INDIA) PRIVATE LIMITED	Director	12-03-08	12-03-08	Active	NO
9	U50200AP2009PTC063691	SREE GURUKRUPA MOTORS PRIVATE LIMITED	Director	15-05-09	15-05-09	Active	NO
10	L24231AP1995PLC019106	INWINEX PHARMACEUTICALS LIMITED	Director	27-09-10	25-06-10	Active	NO
11	U45209AP2011PTC075168	GOWRA INFRAPROJECTS PRIVATE LIMITED	Director	24-06-11	24-06-11	Active	NO
12	U45209AP2011PTC075184	GOWRA INFRADEVELOPERS PRIVATE LIMITED	Director	27-06-11	27-06-11	Active	NO
13	U01403AP2012PTC079004	SUMERU SEEDS PRIVATE LIMITED	Director	08-02-12	08-02-12	Active	NO

Name :	Mr. Lakshmi Prasad Gowra
Designation :	Whole Time Director
Address :	Gnanakshi, H. No.1, Prenderghast Road, Secunderabad-50003, Andhra Pradesh, India
Date of Birth/Age :	05.06.1953
Date of Appointment :	07.03.1995
DIN No.:	00268271

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	L65910AP1993PLC015349	GOWRA LEASING AND FINANCE LIMITED	Whole-time director	01-08-11	09-02-93	Active	NO
2	U23201AP1995PTC019620	GOWRA PETROCHEM PRIVATE LIMITED	Whole-time director	01-05-09	07-03-95	Active	NO
3	U72200AP2004PTC042685	GOWRA ENGINEERING TECHNOLOGIES PRIVATE LIMITED	Director	15-03-04	15-03-04	Active	NO
4	U72200AP2007PTC053536	ANTARA COMPUTER TECHNOLOGIES PRIVATE LIMITED	Director	11-04-07	11-04-07	Active	NO
5	U72200AP2007PTC056243	GOWRA TECHNOLOGIES PRIVATE LIMITED	Director	07-11-07	07-11-07	Amalgamated	NO
6	U24232AP2008PTC058131	AMAR BIO ORGANICS (INDIA) PRIVATE LIMITED	Director	12-03-08	12-03-08	Active	NO
7	U01403AP2012PTC079004	SUMERU SEEDS PRIVATE LIMITED	Director	08-02-12	08-02-12	Active	NO

Name :	Mr. Lakshminarayana Gowra
Designation :	Whole Time Director
Address :	Gowra Nivas, Adoni, Kurnool-518301, Andhra Pradesh, India
Date of Birth/Age :	24.02.1947
Date of Appointment :	01.05.1995
DIN No.:	00287021

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	L65910AP1993PLC015349	GOWRA LEASING AND FINANCE LIMITED	Director	09-02-93	09-02-93	Active	NO
2	U23201AP1995PTC019620	GOWRA PETROCHEM PRIVATE LIMITED	Whole-time director	01-05-09	01-05-95	Active	NO
3	U45209AP2011PTC075168	GOWRA INFRAPROJECTS PRIVATE LIMITED	Director	24-06-11	24-06-11	Active	NO
4	U45209AP2011PTC075184	GOWRA INFRADEVELOPERS PRIVATE LIMITED	Director	27-06-11	27-06-11	Active	NO

Name :	Mr. Subbaraj Gowra
Designation :	Whole Time Director
Address :	175, Motilal Nehru Nagar, Begumpet, Hyderabad-500016, Andhra Pradesh, India
Date of Birth/Age :	24.05.1969
Date of Appointment :	07.03.1995
DIN No.:	00287820

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	U23201AP1995PTC019620	GOWRA PETROCHEM PRIVATE LIMITED	Whole-time director	01-05-09	07-03-95	Active	NO
2	U24232AP2008PTC058131	AMAR BIO ORGANICS (INDIA) PRIVATE LIMITED	Director	12-03-08	12-03-08	Active	NO

Name :	Mr. Gowra Raja Gopal
Designation :	Director
Address :	Flat No.136, 3^rd Floor, Sirla Height, 25 B/B, East Marredpally, Secunderabad-500026, Andhra Pradesh, India
Date of Birth/Age :	01.08.1950
Date of Appointment :	01.05.1995
DIN No.:	01354786

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	L65910AP1993PLC015349	GOWRA LEASING AND FINANCE LIMITED	Director	26-03-93	26-03-93	11-08-10	Active	NO
2	U23201AP1995PTC019620	GOWRA PETROCHEM PRIVATE LIMITED	Director	01-05-09	01-05-95	-	Active	NO

Name :	Mr. Surya Prakash Gowra
Designation :	Whole Time Director
Address :	No. 64, 3^rd Cross, 24^th Main Manjunatha Colony, Narena Halli, 2^nd Phase, J. P. Nagar, Bangalore-560078, Karnataka, India
Date of Birth/Age :	01.07.1952
Date of Appointment :	22.06.1995
DIN No.:	01377618

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	U23201AP1995PTC019620	GOWRA PETROCHEM PRIVATE LIMITED	Whole-time director	01-05-09	22-06-95	Active	NO
2	L65910AP1993PLC015349	GOWRA LEASING AND FINANCE LIMITED	Director	25-09-10	11-08-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
G L Prasad	30000
Subbaraj Gowra	15000
G S Sabitha	12000
G R Nirmala	4500
Gowra Aditya	15000
G L Ramadevi	12000
Gowra Lakshminarayana	30000
Roja Gowra	9000
G Leelavathamma Ratnam	6000
G Anil Kumar	21000
G S Rekha	15000
G Nanda	6000
Nagarjun Gowra	15000
Gowra Arvind	15000
S R. Vijayalakshmi	6000
Gowra Srinivas	30000
G L Subbaram	15000
Venkat Ratnam Gowra	6000
Gowra S Rajagopal	7500
G S Ramesh Babu	6000
Gowra Surya Prakash	24000
Total	300000

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Dealing in Polymers, Chemicals, Metals Etc.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, PBB, Sardar Patel Road, Gowra Plaza, Begumpet Road, Secunderabd-500003, Andhra Pradesh, India

· Citi Bank N.A., 1^st Floor, Queens Plaza, Sardar Patel Road, Hyderabad-500003, Andhra Pradesh, India

· ING Vysya Bank Limited, 3-3-798, 1^st Floor, Vysya Bank Building, General Bazar, Secunderabad-500003, Andhra Pradesh, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
State Bank of India – CC A/c	63.033	46.828
Citi Bank	33.429	0.000
LIC – Key Man Insurance Loan	1.645	1.645
Kotak Mahindra Prime Limited – (Car Loan)	1.042	1.667
Total	99.149	50.140
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Channel Finance
HDFC Bank – RIL	22.476	(9.913)
ICICI Bank – CSL	0.896	1.307
Directors
G Srinivas	0.358	0.656
G Lakshminarayana	13.992	15.351
G L Prasad	1.215	0.172
G Rajagopal	0.750	0.735
G S Subbaraj	1.261	0.016
G Surya Prakash	1.597	1.215
Others
G Anil Kumar	0.686	0.053
G L Prasad (HUF)	8.044	0.737
G L Arvind	0.598	1.453
G L Ramadevi	10.634	9.349
G S Aditya (HUF)	3.369	0.415
G S Sabita	0.135	1.760
G S Rajagopal (HUF)	1.095	0.219
G S Ramesh Babu	4.215	0.227
G L Subbaram (HUF)	19.069	18.418
G L Subbaram	1.512	1.812
G S Nagarjun	0.675	0.021
G S Nagarjun (HUF)	0.761	6.140
G Srinivas (HUF)	0.114	2.784
G Lakshminarayayana (HUF)	18.890	9.376
G S Subbaraj (HUF)	0.486	1.494
G Manjeera	0.471	0.239
G R Leelavathamma	1.819	0.102
G N Kanthi	1.151	0.762
G Roja	1.210	0.236
G S Rekha	0.495	0.113
G V Ratnam	0.194	0.128
G Archana	0.096	0.086
G A Sathvik	0.116	0.104
G A Swetha	0.039	0.034
G N Vineet	0.437	0.395
G S Kruthika	0.636	0.576
G S Manasa	0.904	0.680
S R Vijayalaxmi	0.000	0.001
G N Saketha	0.195	0.175
G R Nirmala	2.099	1.894
G Chitra	0.250	0.137
G Swathi	0.566	0.505
G Anil Kumar (HUF)	0.304	0.000
G A Saai Ujwal	0.091	0.000
G S Aditya	0.334	0.000
G V Ratnam (HUF)	3.181	0.000
P Suif	0.158	0.000
Total	127.574	69.964

Banking Relations :	--
Auditors :
Name :	Anant Rao and Mallik Chartered Accountant
Address :	B-310, Kushal Towers, Khairatabad, Hyderabad-500004, Andhra Pradesh, India
Pan No.:	AADFA0055G
Associates :	· Gowra Bits and Bytes · G S S and Sons, Secunderabad · Gowra Dyes and Chemicals, Adoni · Amar Organics · Gowra Engineering Technologies Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
350000	Equity Shares	Rs.10/- each	Rs. 3.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs. 3.000 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		3.000	3.000	3.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		189.150	154.402	125.855
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		192.150	157.402	128.855
LOAN FUNDS
1] Secured Loans		99.149	50.140	8.831
2] Unsecured Loans		127.574	69.964	61.372
TOTAL BORROWING		226.723	120.104	70.203
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		418.873	277.506	199.058
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.235	8.266	7.610
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		24.629	24.629	4.629
DEFERREX TAX ASSETS		0.523	0.367	0.173
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.135	27.049	12.230
	Sundry Debtors	428.835	297.291	236.304
	Cash & Bank Balances	1.003	3.996	0.303
	Other Current Assets	10.335	17.086	12.177
	Loans & Advances	82.060	53.960	31.971
Total Current Assets		533.368	399.382	292.985
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	58.616	25.022	22.292
	Other Current Liabilities	70.906	112.980	68.669
	Provisions	17.360	17.136	15.378
Total Current Liabilities		146.882	155.138	106.339
Net Current Assets		386.486	244.244	186.646
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		418.873	277.506	199.058

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	405.744	369.650	388.099
		Other Income
		TOTAL (A)	405.744	369.650	388.099
Less	EXPENSES
		Office Expenses	337.068	309.125	324.753
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	337.068	309.125	324.753
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		68.676	60.525	63.346
Less	FINANCIAL EXPENSES (D)		14.862	10.318	17.261
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		53.814	50.207	46.085
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.862	1.717	2.024
	PROFIT BEFORE TAX (E-F) (G)		51.952	48.490	44.061
Less	TAX (H)		17.205	16.432	14.952
	PROFIT AFTER TAX (G-H) (I)		34.747	32.058	29.109
	IMPORTS VALUE		63.971	103.434	60.560
	Earnings Per Share (Rs.)		11.58	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.56	8.67	7.50
Return on Total Assets (PBT/Total Assets}	(%)	9.60	11.88	14.65
Return on Investment (ROI) (PBT/Networth)		0.27	0.31	0.34
Debt Equity Ratio (Total Liability/Networth)		1.94	1.75	1.37
Current Ratio (Current Asset/Current Liability)		3.63	2.57	2.76

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Corporate identity number of the company	U23201AP1995PTC019620
Name of the company	GOWRA PETROCHEM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Gowra Halladoni, Adoni-518301, Andhra Pradesh, India
This form is for	Creation of charge
Type of charge	Immovable property Book debts Movable property (not being pledge) Others
Particular of charge holder	Citi Bank N.A., 1^st Floor, Queens Plaza, Sardar Patel Road, Hyderabad-500003, Andhra Pradesh, India
Nature of instrument creating charge	Goods Security Agreement
Date of instrument Creating the charge	17.03.2011
Amount secured by the charge	Rs. 80.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As agreed from Time to Time Terms of repayment On Demand Margin As agreed from Time to Time Extent and operation of the charge First charge by hypothecation of all of the Borrower's moveable assets (including stocks and book debts) forming part of its current assets both present and future.
Short particulars of the property charged (Including location of the property)	The whole of the borrower's present and future stocks of raw materials, goods-in-process of manufacture, semi finished goods and all finished goods and articles together with all stores, components and spares Present and future book debts, outstanding monies, receivables, claims, bills, investments, securities, rights to or in moveable properties and moveable assets forming part of current assets Collateral Security by Equitable Mortgage by deposit of title deeds pertaining to House at No. 64,3rd Cross, 24th Main, Manjunatha Colony, 2nd Phase, JP Nagar, Behind Shanthi Sagar Hotel, Bangalore -78 and Commercial Building No.18/411,18/412,18/413,Pandith Nehru Road, Adoni, Kurnool District., belonging to the Director of the Company

FIXED ASSETS

· Building

· Equipment

· Vehicles

· Computers

· Furniture

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. 50.12
UK Pound	1	Rs. 79.37
Euro	1	Rs. 66.00

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	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.