MIRA INFORM REPORT

Report Date :

16.11.2012

IDENTIFICATION DETAILS

Name :	FLORIND SHOES PRIVATE LIMITED
Registered Office :	29, College Road, Chennai – 600006, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.09.1978
Com. Reg. No.:	18-007590
Capital Investment / Paid-up Capital :	Rs.100.000 Millions
CIN No.: [Company Identification No.]	U19201TN1978PTC007590
TAN No.: [Tax Deduction & Collection Account No.]	CHEF00081E
PAN No.: [Permanent Account No.]	AAACF0490J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Leather Footwear.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1000000
Status :	Moderate
Payment Behaviour :	Slow and delayed
Litigation :	Clear
Comments :	Subject is a part of the Florind Group. It is an established company having moderate track. The financial position of the company appears to under severe pressure. There appears a huge dip in the income earned from operations during 2011. There appears huge external borrowings recorded by the company which can be a threat to the company’s liquidity. Business is active. Payments terms are slow and delayed. The company can be considered for business dealings with great caution.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = D
Rating Explanation	Default
Date	11.07.2012

Rating Agency Name	CRISIL
Rating	Short Term Rating = D
Rating Explanation	Default
Date	11.07.2012

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.

LOCATIONS

Registered Office / Corporate Office :	29, College Road ,Chennai – 600006, Tamilnadu, India
Tel. No.:	91-44-28231104 / 44004800
Fax No.:	91-44-28231934
E-Mail :	corporate@kargrp.com
Website :	www.kargrp.com
Area :	20000 sq. ft.
Location :	Owned
Factory :	M. C. Road, Solur Village, Ambur – 635 802, Vellore District, Tamilnadu, India
Tel. No.:	91-4174-249003/6
Fax No.:	91-4174-249007

DIRECTORS

As on 30.09.2011

Name :

Mrs. Thadey Mohamadi Begum

Designation :

Director

Address :

5/3, Anderson Road, Chennai – 600006, Tamilnadu, India

Date of Birth/Age :

29.04.1951

Date of Appointment :

11.01.2002

Pan No. :

AAKPB8976C

DIN No.:

00241950

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U18209TN1987PTC014898	FLORAM SHOES (INDIA) PRIVATE LIMITED	Director	22-09-87	22-09-87	-	Active	NO
2	U19111TN2001PTC048052	EASTERN CHROME TANNING CORPORATION PRIVATE LIMITED	Director	11-12-01	11-12-01	-	Active	NO
3	U19201TN1978PTC007590	FLORIND SHOES PRIVATE LIMITED	Director	11-01-02	11-01-02	-	Active	NO
4	U19116TN2006PTC059768	FLORIND UPPERS PRIVATE LIMITED	Director	10-05-06	10-05-06	-	Active	NO

Name :

Mr. K Mohamed Akmal

Designation :

Whole-time Director

Address :

2B, Anderson Road, Chennai-600006, Tamilnadu, India

Date of Birth/Age :

14.05.1975

Date of Appointment :

21.03.1996

Pan No. :

AFAPM5836P

DIN No.:

00247261

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U19201TN1978PTC007590	FLORIND SHOES PRIVATE LIMITED	Whole-time director	21-03-96	21-03-96	-	Active	NO
2	U19201TN2001PTC048053	UNITED INDIA SHOE CORPORATION PRIVATE LIMITED	Managing director	21-11-01	21-11-01	-	Active	NO
3	U19115TN2006PTC059726	FLORA LEATHER FASHIONS PRIVATE LIMITED	Director	05-05-06	05-05-06	-	Active	NO
4	U19116TN2006PTC059764	UNITED INDIA SHOE UPPERS PRIVATE LIMITED	Director	10-05-06	10-05-06	-	Active	NO
5	U19116TN2006PTC059768	FLORIND UPPERS PRIVATE LIMITED	Director	10-05-06	10-05-06	-	Active	NO

Name :

Mr. K Shahid Mansoor

Designation :

Managing Director

Address :

3, Anderson Road, Chennai - 600 006, Tamilnadu, India

Date of Birth/Age :

08.07.1970

Date of Appointment :

12.09.1990

Pan No. :

AAPPM1769B

DIN No.:

00247272

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U19201TN1978PTC007590	FLORIND SHOES PRIVATE LIMITED	Managing director	12-09-90	12-09-90	-	Active	NO
2	U73100TN1993GAP026146	AMBUR FDDI SHOE TECHNOLOGY CENTRE	Director	03-11-93	03-11-93	-	Active	NO
3	U18209JK1986PTC002898	UNICO LEATHER PRODUCT PRIVATE LIMITED	Director	07-01-02	07-01-02	-	Active	NO
4	U91110TN2004PTC053638	CONSORTIUM OF SHOE MANUFACTURERS PRIVATE LIMITED	Director	05-07-04	05-07-04	-	Active	NO
5	U19115TN2006PTC059726	FLORA LEATHER FASHIONS PRIVATE LIMITED	Director	05-05-06	05-05-06	-	Active	NO
6	U19116TN2006PTC059768	FLORIND UPPERS PRIVATE LIMITED	Director	10-05-06	10-05-06	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
K. Ameenur Rahman	95000
T. Mohamadi Begum	95000
K. Shahid Mansoor	95000
K. Mohamed Akmal	95000
K. Ehsan Ahmed	95000
K. Thaseen Fathima	80000
K. Lubna Maryam	80000
T. Mashkura	95000
Naaz Fathima	95000
S. Asfia	95000
N. Shafeeq Ahmed	40000
K. Hafeezur Rahman	40000
Total	1000000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Leather Footwear.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Leathers International Branch, MUJ Towers, Poonamallee High Road, Kilpauk, Chennai – 600 010, Tamilnadu, India

· Bank of America

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	523.236	608.483
Total	523.236	608.483
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loans directors unsecured	0.000	10.000
Total	0.000	10.000

Banking Relations :	--
Auditors :
Name :	Kalyanasundaram and Company Chartered Accountants
Address :	18 (Old No.22) Second Cross Street, Lake Area, Nungambakkam, Chennai-600034, Tamilnadu, India
Tel. No.:	91-44-28172873 / 28175393
E-Mail :	bks_chennai@dataone.in kau_krish@yahoo.com
PAN.:	AAAFK0600Q
Subsidiaries : (As on 31.03.2010)	United India Shoe Corporation Private Limited CIN No.U19201TN2001PTC048053 Floram Shoes (India)Private Limited CIN No:U18209TN1987PTC014898 Florind Uppers Private Limited CIN No:U199116TN2006PTC059768 United India Shoe Uppers Private Limited CIN No:U19116TN2006PTC059764

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.100/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs.100.000 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		100.000	100.000	100.00
2] Share Application Money		150.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	63.880
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		250.000	100.000	163.880
LOAN FUNDS
1] Secured Loans		523.236	608.483	373.095
2] Unsecured Loans		0.000	10.000	0.000
TOTAL BORROWING		523.236	618.483	373.095
DEFERRED TAX LIABILITIES		9.742	11.193	9.450
TOTAL		782.978	729.676	546.425
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		60.688	65.215	74.051
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		124.144	124.144	124.144
DEFERREX TAX ASSETS		0.000	0.000	0.00
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	630.352	651.451	662.516
	Sundry Debtors	181.769	151.095	72.188
	Cash & Bank Balances	117.916	45.941	8.692
	Other Current Assets	11.564	41.752	7.770
	Loans & Advances	110.240	96.473	120.984
Total Current Assets		1051.841	986.712	872.150
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	914.504	643.798	511.540
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	12.380	12.380	12.380
Total Current Liabilities		926.884	656.178	523.920
Net Current Assets		124.957	330.534	348.230
MISCELLANEOUS EXPENSES		473.189	209.783	0.000
TOTAL		782.978	729.676	546.425

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	563.258	1607.041	1220.408
		Other Income			74.711
		TOTAL	563.258	1607.041	1295.119
Less	EXPENSES
		Office Expenses
		Administrative Expenses	576.223	1755.454
		Advertising Expenses
		TOTAL	576.223	1755.454	1626.471
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(12.975)	(148.413)	Including Depreciation Expanses
Less/ Add	DEPRECIATION/ AMORTISATION		4.864	14.736
	PROFIT / (LOSS) BEFORE TAX		(17.829)	(163.149)	(331.352)
Less	TAX		NA	2.129	(0.235)
	PROFIT / (LOSS) AFTER TAX		NA	(165.278)	(331.117)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	24.521	355.638
	BALANCE / (LOSS) CARRIED TO THE B/S		NA	(140.757)	24.521
	Earnings / (Loss) Per Share (Rs.)		NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	(8.76)	(25.57)
Net Profit Margin (PBT/Sales)	(%)	NA	NA	(27.15)
Return on Total Assets (PBT/Total Assets}	(%)	(1.60)	(15.51)	(35.02)
Return on Investment (ROI) (PBT/Networth)		(0.07)	(1.63)	(2.02)
Debt Equity Ratio (Total Liability/Networth)		5.80	12.75	5.47
Current Ratio (Current Asset/Current Liability)		1.13	1.50	1.66

LOCAL AGENCY FURTHER INFORMATION

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter 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
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	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U19201TN1978PTC007590
Name of the company	FLORIND SHOES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	29, College Road, Chennai – 600006, Tamilnadu, India corporate@kargrp.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90287171
Type of charge	Immovable property Book debts Movable property (not being pledge) Others (Hypothecation)
Particular of charge holder	State Bank of India, Leather and International Branch (MID Corporate GRP), MVJ Towers, 177/1, P.H. Road, Kilpauk, Chennai-600010, Tamilnadu, India dgm07024@sbi.co.in
Nature of instrument creating charge	1. Supplemental Agreement of Loan For Increase in the overall limit 2. Supplemental Agreement of Hypothecation of Goods and Assets for increase in the overall limit 3. Letter regarding the grant of individual limits within the overall limit 4. EM Letter
Date of instrument Creating the charge	22.09.2010
Amount secured by the charge	Rs.739.800 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Agreement. Terms of Repayment As per Agreement. Margin Raw Materials : 25% Stock-in-Process : 25% Finished Goods : 25% LG / BG : 15% Extent and Operation of the charge Exclusive first charge on the movable assets and immovable property of the company to the extent of Rs.739.800 Millions. Others Export Packing Credit : Rs.150.000 Millions. Foreign Doc. Bill Limits : Rs.170.000 Millions. Foreign Doc. Bill Limits (LC): Rs.40.000 Millions. Letters of Credit : Rs.60.000 Millions. Guarantee : Rs.40.000 Millions. Term Loan : Rs.200.000 Millions. Off Balance Sheet Limited: Rs.79.800 Millions. Total : Rs.739.800 Millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Primary:- EPC: Hypothecation of stocks of raw materials, stock-in-process, finished goods, consumables, stores, spares etc backed by export orders of the company. FDB (LC / NLC): Documents of title to goods and extension of charge on the entire current assets of the company. BG : Extension of charge on the entire current assets of the company. LC : Documents of title to goods and extension of charge on the entire current assets of the company. Collateral:- 1) EM of factory land measuring 313118 sq ft (331927 sq ft minus 12809 sq ft acquired by National Highways Authority of India) and building thereon in S.Nos.104/1A, 119, 104/1B, 103/1 and 103/2 at Ambur in the name of the company. 2) EM factory land measuring 6.52 acres and building thereon in S.Nos 571/2, 580/2A, 580/2C and 572 at Agaramcherry, Ambur owned by Floram Shoes (India) Limited. 3) EM over 10090 sq ft land and commercial building thereon in S.Nos.78/32 of Nungambakkam village at New No.29, Old No.12, Collage Road, Nungambakkam, Chennai - 6 in the name of the company.
Date of instrument modifying the charge	14.03.2007
Particulars of the present modification	By the present modification, The overall credit facilities enhanced to Rs.739.800 Millions. Export Packing Credit : Rs.150.000 Millions. Foreign Doc.Bill Limits : Rs.170.000 Millions. Foreign Doc.Bill Limits (LC) : Rs.40.000 Millions. Letters of Credit : Rs.60.000 Millions. Guarantee : Rs.40.000 Millions. Term Loan : Rs.200.000 Millions. Off Balance Sheet Limited : Rs.79.800 Millions. Total : Rs.7398.000 Millions.

FIXED ASSETS

• Land and Building
• Factory building
• Plant machinery
• Office equipments
• Factory equipments
• Computer equipments
• Furniture fixtures
• 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 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.54.96
UK Pound	1	Rs.87.10
Euro	1	Rs.70.03

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	--
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.