MIRA INFORM REPORT

Report Date :

03.10.2012

IDENTIFICATION DETAILS

Name :	TRADECOM INTERNATIONAL PRIVATE LIMITED (w.e.f. 08.11.2000)
Formerly Known As :	TRADECOM (OVERSEAS) AGENCIES LIMITED
Registered Office :	201/ 202 - A, Angelina Apartments, 2^nd Floor, Old Police Station Road, Vile Parle (West), Mumbai – 400 056, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.04.1995
Com. Reg. No.:	11-87180
Capital Investment / Paid-up Capital :	Rs.5.022 millions
CIN No.: [Company Identification No.]	U51396MH1995PTC087180
IEC No.:	0399028773
TAN No.: [Tax Deduction & Collection Account No.]	MUMT10107G
PAN No.: [Permanent Account No.]	AAACT3164D
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Imported Waste Paper, Indigenous Newsprint, Wood Pulp and Chemical and Other Paper Products.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 240000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a established company having satisfactory track record. There appear continues dip in the profitability. However, trade relations are reported to be fair. Business is active. Payment are reported to be usually correct and as per commitments. The company can be considered 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.

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 DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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. Inder Aurora
Designation :	Managing Director
Contact No.:	91-9867024400
Date :	02.10.2012

LOCATIONS

Registered/ Head Office :	201/ 202 - A, Angelina Apartments, 2^nd Floor, Old Police Station Road, Vile Parle (West), Mumbai – 400 056, Maharashtra, India
Tel. No.:	91-22-26136600
Mobile No.:	91-9867024400 (Mr. Inder Aurora)
Fax No.:	91-22-26175455
E-Mail :	inder.aurora@tradecom.in
Website :	http://www.tradecom.in
Area :	550 sq ft
Location :	Rented

DIRECTORS

(AS ON 31.03.2011)

Name :

Mr. Inder Aurora

Designation :

Managing Director

Address :

41/ 42, Muktangan, Sarojini Road, Santacruz (West), Mumbai – 400 054, Maharashtra, India

Date of Birth/Age :

12.07.1961

Qualification :

B.Sc.

Experience :

25 Years

Date of Appointment :

01.04.2010

DIN No.:

00625001

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	U51900MH1993PTC073494	GARIMA TRADE SERVICES PRIVATE LIMITED	Director	05-04-95	05-04-95	Active	NO
2	U51396MH1995PTC087180	TRADECOM INTERNATIONAL PRIVATE LIMITED	Managing director	01-04-10	05-04-95	Active	NO
3	U51909MH2005PTC189684	UNISOURCE PAPERS PRIVATE LIMITED	Director	07-02-05	07-02-05	Active	NO

Name :

Mrs. Arti Aurora

Designation :

Whole Time Director

Address :

41/ 42, Muktangan, Sarojini Road, Santacruz (West), Mumbai – 400 054, Maharashtra, India

Date of Birth/Age :

17.04.1962

Qualification :

M.Com, DBMA

Experience :

20 Years

Date of Appointment :

01.10.1996

DIN No.:

00983222

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	U51396MH1995PTC087180	TRADECOM INTERNATIONAL PRIVATE LIMITED	Whole-time director	10-01-09	01-10-96	Active	NO
2	U51909MH2005PTC189684	UNISOURCE PAPERS PRIVATE LIMITED	Director	10-01-09	28-09-07	Active	NO

Name :

Mr. Satpal Aurora

Designation :

Director

Address :

41/ 42, Muktangan, Sarojini Road, Santacruz (West), Mumbai – 400 054, Maharashtra, India

Date of Birth/Age :

08.11.1931

Experience :

25 Years

Date of Appointment :

01.04.2009

DIN No.:

00654692

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	U51900MH1993PTC073494	GARIMA TRADE SERVICES PRIVATE LIMITED	Director	05-04-95	05-04-95	15-10-11	Active	NO
2	U51396MH1995PTC087180	TRADECOM INTERNATIONAL PRIVATE LIMITED	Director	01-04-09	05-04-95	-	Active	NO
3	U51909MH2005PTC189684	UNISOURCE PAPERS PRIVATE LIMITED	Director	07-02-05	07-02-05	-	Active	NO

Name :

Mrs. Swarnakanta Aurora

Designation :

Director

Address :

41/ 42, Muktangan, Sarojini Road, Santacruz (West), Mumbai – 400 054, Maharashtra, India

Date of Birth/Age :

14.07.1936

Experience :

25 Years

Date of Appointment :

05.04.1995

DIN No.:

00929558

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	U51396MH1995PTC087180	TRADECOM INTERNATIONAL PRIVATE LIMITED	Director	05-04-95	05-04-95	-	Active	NO
2	U51900MH1993PTC073494	GARIMA TRADE SERVICES PRIVATE LIMITED	Director	05-04-95	05-04-95	15-10-11	Active	NO

Name :

Mr. Vijay Kumar Malik

Designation :

Director

Address :

D – 21, Hauz Khas, New Delhi – 110 016, India

Date of Birth/Age :

28.05.1945

Qualification :

Chemical Engineer (IIT Delhi)

Experience :

27 Years

Date of Appointment :

01.08.2006

DIN No.:

00516862

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	U22219UP1989PTC010382	GYANODAYA PRAKASHAN PRIVATE LIMITED	Director	09-12-90	09-12-90	16-01-08	Active	NO
2	U63040UP1989PTC010958	SARASWATI TRAVELS PRIVATE LIMITED	Director	19-12-90	19-12-90	16-01-08	Active	NO
3	U51397DL2003PTC123076	JEEVEM TRADING PRIVATE LIMITED	Director	13-11-03	13-11-03	-	Active	NO
4	U51396MH1995PTC087180	TRADECOM INTERNATIONAL PRIVATE LIMITED	Director	01-08-06	01-08-06	-	Active	NO

KEY EXECUTIVES

Name :	JSP Associates
Designation :	Company Secretary
Address :	802, 8^th Floor, Crescent Plaza Annex, Umarji House, opposite Hotel Imperial, Teli Gally, An dheri (East), Mumbai – 400069, Maharashtra, India
Tel No.:	91-22-26834288/ 26840045/ 32955958
Fax No.:	91-22-26840045 (Extn. 32)
Mobile No.:	91-9820614488
Email :	jatin@jsp-associates.com
Website :	http://www.jsp-associates.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 31.03.2011)

Names of Shareholders	No. of Shares
Inder Aurora	501950
Aarti Aurora	200
Satpal Aurora	10
Swarankanta Aurora	10
Pradeep Kumar Aurora	10
Anju Chowdhury	10
Manju Sethi	10
Total	502200

(AS ON 30.09.2010)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Imported Waste Paper, Indigenous Newsprint, Wood Pulp and Chemical and Other Paper Products.
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

20 (Approximately)

Bankers :

· Vijaya Bank,

Fort Branch, EMCA House, 289, S.B.S Road, Fort, Mumbai – 400001, Maharashtra, India

· ICICI Bank, Mumbai

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Bill Discounting with Bank (Secured by Documentary Usuance Bills Drawn and Accepted by Drawee’s Bankers)	14.511	7.582
ICICI Bank (Secured by Equitable Mortgage of Motor Car-Prado)	--	0.411
Cheque Discounting	--	0.499
Vijaya Bank O/D A/c 20356 (Secured by Assignment of Book Debts and Flat and commercial property belonging to the company)	10.573	7.428
Kotak Mahindra Skoda Laura Car Loan (Secured by Hypothecation of Motor Car-Skoda Laura)	0.637	1.013
Total	25.721	16.933

Banking Relations :	--
Auditors :
Name :	Shah and Chhadva Chartered Accountants
Address :	313, Janmabhoomi Chambers, 29, Walchand Hirachand Marg, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-22616228 / 22705659
Email :	saraichura@rediffmail.com
PAN No.:	AABPS9137P
Subsidiaries :	· Unicource Papers Private Limited CIN No.: U51909MH2005PTC189684 Address: 201/ 202 - A, Angelina Apartments, 2^nd Floor, Old Police Station Road, Vile Parle (West), Mumbai – 400 056, Maharashtra, India Line of Business: Converters and Traders of Craft Liner and Coated Paper.

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs.6.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
502200	Equity Shares	Rs.10/- each	Rs.5.022 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		5.022	5.022	5.022
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		55.678	55.037	50.108
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		60.700	60.059	55.130
LOAN FUNDS
1] Secured Loans		25.721	16.933	22.964
2] Unsecured Loans		0.000	0.000	0.931
TOTAL BORROWING		25.721	16.933	23.895
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		86.421	76.992	79.025
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.891	14.005	14.337
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		26.950	26.950	24.450
DEFERREX TAX ASSETS		1.677	1.355	1.125
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.399
	Sundry Debtors	6.885	22.091	7.847
	Cash & Bank Balances	1.582	2.918	0.328
	Other Current Assets	32.683	20.538	23.606
	Loans & Advances	12.391	13.851	17.231
Total Current Assets		53.541	59.398	49.411
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.801	16.052	1.126
	Other Current Liabilities	2.953	1.811	1.771
	Provisions	4.884	6.853	7.401
Total Current Liabilities		8.638	24.716	10.298
Net Current Assets		44.903	34.682	39.113
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		86.421	76.992	79.025

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	32.967	54.246	33.463
		Other Income	0.698	2.819	8.551
		TOTAL (A)	33.665	57.065	42.014
Less	EXPENSES
		TOTAL (B)	27.060	45.711	24.598
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.605	11.354	17.416
Less	FINANCIAL EXPENSES (D)		3.860	1.906	4.631
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.745	9.448	12.785
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.628	1.731	1.991
	PROFIT BEFORE TAX (E-F) (G)		1.117	7.717	10.794
Less	TAX (H)		0.476	2.787	3.146
	PROFIT AFTER TAX (G-H) (I)		0.641	4.930	7.648
	EARNINGS IN FOREIGN CURRENCY		21.258	18.226	14.691
	Earnings Per Share (Rs.)		1.28	9.82	15.23

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.90	8.64	18.20
Net Profit Margin (PBT/Sales)	(%)	3.39	14.23	32.26
Return on Total Assets (PBT/Total Assets}	(%)	1.68	10.51	16.93
Return on Investment (ROI) (PBT/Networth)		0.02	0.13	0.20
Debt Equity Ratio (Total Liability/Networth)		0.57	0.69	0.62
Current Ratio (Current Asset/Current Liability)		6.20	2.40	4.80

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditor	0.801	16.052	1.126
Total	0.801	16.052	1.126

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	------
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	---------
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	No
Market Information	---------
Litigations that the firm/ Promoters Involved in	---------
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	---------
Buyer visit details	---------
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	No

PERFORMANCE:

The Company’s Overall revenue is Rs.1.117 Millions and the directors endeavor to maintain the level of growth.

FORM 8:

Corporate identity number of the company	U51396MH1995PTC087180
Name of the company	TRADECOM INTERNATIONAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	201/ 202 - A, Angelina Apartments, 2^nd Floor, Old Police Station Road, Vile Parle (West), Mumbai – 400 056, Maharashtra, India inder.aurora@tradecom.in
This form is for	Creation of charge
Type of charge	Immovable Property
Particular of charge holder	Vijaya Bank, Fort Branch, EMCA House, 289, S.B. Road, Fort, Mumbai – 400 001, Maharashtra, India E-Mail: mum.fort5007@vijayabank.co.in
Nature of description of the instrument creating or modifying the charge	Mortgage Deed
Date of instrument Creating the charge	11.05.2011
Amount secured by the charge	Rs.10.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Base rate + 4.25% p.a. with a minimum of 14.25% p.a. (floating) with monthly rests or at such other rate as may be fixed by the Bank from time to time. Terms of Repayment: 52 Equal monthly staggered installments starting from 11.05.2011 and more particularly described in the Bank sanction letter. Margin: Nil Extent and Operation of the charge: First charge Security to cover the principal amount together with interest and other charges including legal charges. Others: Security created in respect of V Rent facility.
Short particulars of the property charged	Office premises bearing No. 401 admeasuring 4450 sq. ft. super built up (3200 sq. ft. carpet area) on the 4th floor, of building known as Vaman Centre at Makwana Road, Marol Village, Andheri (East), Mumbai 400059, situate on land bearing CTS No.577 (part), 578 and 579 of Village Marol, Taluka Andheri in the Registration Sub-District of Mumbai and Mumbai Suburban District.

FIXED ASSETS:

· Xerox Machine

· Air Conditioner

· Office Equipments

· Scanner (Computer)

· Water Cooler

· Motor Cycle

· Property at Borivali

· Water Purifier

· Property at Andheri

· Motor Car

· Mobile Phones

· Fax Machine

· Furniture and Fixtures

· Computer and Printer

· Electrical Fittings

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 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.52.78
UK Pound	1	Rs.85.16
Euro	1	Rs.67.78

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NLM

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	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO
--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		44

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.