MIRA INFORM REPORT

Report Date :

25.10.2012

IDENTIFICATION DETAILS

Name :	JET TEC INFO-CONSUMABLES (INDIA) LIMITED (w.e.f.10.12.2002)
Formerly Known As :	JET TEC INFOSYS (INDIA) LIMITED
Registered Office :	B-308, Virwani Industrial Estate, Near Western Express Highway, Goregaon (West) Mumbai – 400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.03.1999
Com. Reg. No.:	11-119000
Capital Investment / Paid-up Capital :	Rs. 4.980 millions
CIN No.: [Company Identification No.]	U30000MH1999PLC119000
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ08624A
PAN No.: [Permanent Account No.]	AAACJ5916H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader and Importer of Printer Consumables.
No. of Employees :	22 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 118468
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. It has achieved some growth in its sales turnover during 2011. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. 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.

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 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.

INFORMATION PARTED BY

Name :	Mr. Rohit Shah
Designation :	Accounts Manager
Contact No.:	91-22-42030000
Date :	25.10.2012

LOCATIONS

Registered Office :	B-308, Virwani Industrial Estate, Near Western Express Highway, Goregaon (West) Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-28759572 / 28756011 / 28760007 / 28789083 / 42030000
Fax No.:	91-22-28755960 / 28755966 / 29271269
E-Mail :	rohit@bom3.vsnl.net.in sales@jettecindia.com rohit@bom.vsnl.net.in ritesh@jettecindia.com
Website :	http://www.jettecindia.com
Area :	1040 Sq. ft
Location :	Owned
Branch 1 :	104, Hemkoot, Opposite Capital Commercial Center, Ashram Road, Ahmadabad – 380089, Gujarat, India
Branch 2 :	Cabin No. 4, B-18, Ansal Tower, 38, Nehru Place, New Delhi, Delhi, India
Warehouse :	Industrial Unit No. 101 and 104, Richa Industrial Estate, Sativli Road, Waliv Fata, Vasai (East), Thane, Maharashtra, India
Area :	4000 Sq.fts
Branches :	Located at: · Delhi · Chennai · Surat · Ahmedabad · Baroda · Kolkata · Hyderabad · Secundarabad · Himachal Pradesh · Lucknow · Patna

DIRECTORS

As on 30.09.2011

Name :	Mr. Rohit Gokuldas Shah
Designation :	Managing Director
Address :	1003-1004 Raj Residency Mahavir Nagar, Kandivali (West), Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	27.05.1965
Qualification :	B.com
Date of Appointment :	19.03.1999
DIN No.:	00078857
Name :	Mrs. Mayuri Rohit Shah
Designation :	Director
Address :	1003-1004 Raj Residency Mahavir Nagar, Kandivali (West), Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	04.02.1969
Qualification :	B.com
Date of Appointment :	19.03.1999
DIN No.:	00078835
Name :	Mr. Ashish Chandulal Kothari
Designation :	Whole –time Director
Address :	701-A Rajni Gandha Apartments Poonam Complex, Asha Nagar, Kandivali (East), Mumbai – 400101, Maharashtra, India
Date of Birth/Age :	01.04.1968
Qualification :	B.com
Date of Appointment :	19.03.1999
DIN No.:	00039270
Name :	Mrs. Nehal Ashish Kothari
Designation :	Director
Address :	701-A Rajni Gandha Apartments Poonam Complex, Asha Nagar, Kandivali (East), Mumbai – 400101, Maharashtra, India
Date of Birth/Age :	29.08.1971
Qualification :	B.com
Date of Appointment :	19.03.1999
DIN No.:	00039261
Name :	Mr. Ajay Karsandas Malkan
Designation :	Director
Address :	D-615 Veena Sitar, Sector 1, Mahavir Nagar, Dhanukar Wadi, Kandivali (West), Mumbai - 400067, Maharashtra, India
Date of Birth/Age :	25.07.1962
Date of Appointment :	01.05.2003
DIN No.:	00040326
Name :	Mr. Jaydeep Kakubhai Bakhai
Designation :	Director
Address :	B-704, Pushpa Heritage, Mahavir Nagar Dhanukar Wadi, Kandivali (West), Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	01.01.1965
Date of Appointment :	01.05.2003
DIN No.:	00069410
Name :	Mr. Vikas Navinchandra Kothari
Designation :	Director
Address :	Flat No. 208, Plot No. A , Wing A , Floor – 2, Madhuba, Ashoka Madhuban CHS Limited, Raheja Township , Malad (East), Mumbai – 400097, Maharashtra, India
Date of Birth/Age :	28.07.1970
Date of Appointment :	01.10.2008
DIN No.:	02572442

KEY EXECUTIVES

Name :	Mr. Rohit Shah
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

As on 30.09.2011

Names of Shareholders	No. of Shares
Ashish Chandulal Kothari	43710
Mayuri Rohit Shah	6110
Nehal Ashish Kothari	5110
Rajesh Chandulala Kothari	10
Rohit Gokuldas Shah	42450
Ashish Chandulal Kothari (HUF)	5800
Kanakben Chandulal Kothari	6010
Rohit Gokuldas Shah (HUF)	4900
Image Printer Ribbon Private Limited, India	27200
Shah and Kothari, India	138500
Shah and Kothari, India	135800
Shah and Kothari, India	51000
Shah and Kothari, India	31400
TOTAL	498000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	5.46
Directors or relatives of Directors	94.54
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Printer Consumables.
Products :	Ink Jet Cartridges Toner Powder Toner Cartridge Doctor and Wiper Blade Synthetic Nylon Fabric Perseverance Toner Drums Inks Papers Accessories Computer Chips Color Toners
Brand Names :	JET TEC TSIC D.C.I.
Agencies Held :	Dynamic Cassttee International (U.K.) TSIC TEC (Taiwan) Magnetone Singapore PTE Limited (Singapore) Perseverance Mills Limited (U.K.) Image Specialists (U.S.A.) Ink Lab (Hong Kong) Company Limited
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

22 (Approximately)

Bankers :

· HDFC Bank, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

· Corporation Bank, Turekhia Park, M.G. Road, Kandivali (West), Mumbai – 400 067, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Cash Credit from HDFC Bank (Secured by Hypothecation of Stock, Debtors and Personal Property of Directors )	28.064	20.997
Total	28.064	20.997
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Mayuri Shah Nehal A. Kothari Ashish Kothari Rohit Shah	1.713 3.686 0.550 2.560	5.300 3.500 0.000 0.000
Total	8.509	8.800

Banking Relations :	--
Auditors :
Name :	Manoj B. Shah and Company Chartered Accountants
Address :	A/2, Anand Sarita, Anand Nagar, Off M. G. Road, Kandivali (West), Mumbai-400067, Maharashtra, India
Tel. No.:	91-22-28616827
E-Mail :	nayman203@yahoo.com
PAN No.:	AAEPS0534P

CAPITAL STRUCTURE

As on 30.09.2011

Authorized Capital:

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs. 10.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
498000	Equity Shares	Rs. 10/- each	Rs. 4.980 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		4.980	4.980	4.980
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		24.637	16.605	10.336
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		29.617	21.585	15.316
LOAN FUNDS
1] Secured Loans		28.064	20.997	11.786
2] Unsecured Loans		8.509	8.800	4.830
TOTAL BORROWING		36.573	29.797	16.616
DEFERRED TAX LIABILITIES		0.044	0.044	0.030
TOTAL		66.234	51.426	31.962
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.881	2.132	2.383
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	33.995	20.840	21.384
	Sundry Debtors	52.213	47.676	31.378
	Cash & Bank Balances	2.002	1.876	2.574
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	16.905	18.442	8.007
Total Current Assets		105.115	88.834	63.343
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	26.123	24.657	25.207
	Other Current Liabilities	11.239	10.916	5.339
	Provisions	4.400	3.967	3.218
Total Current Liabilities		41.762	39.540	33.764
Net Current Assets		63.353	49.294	29.579
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		66.234	51.426	31.962

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	245.823	230.129	153.651
		Other Income	2.737	6.488	1.207
		TOTAL (A)	248.560	236.617	154.858
Less	EXPENSES
		Purchase (Less Returns)	211.848	194.364	129.206
		Increase/(Decrease) in Finished Goods	(13.148)	0.639	(5.882)
		Trading Expenses	7.568	8.820	5.034
		Selling and Administrative Expenses	18.404	14.491	14.668
		Salaries, Wages, Bonus, etc.	7.125	6.169	4.801
		TOTAL (B)	231.797	224.483	147.827
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		16.763	12.134	7.031
Less	FINANCIAL EXPENSES (D)		3.725	2.309	1.569
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.038	9.825	5.462
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.578	0.628	0.487
	PROFIT BEFORE TAX (E-F) (G)		12.460	9.197	4.975
Less	TAX (I)		4.400	2.890	1.605
	PROFIT AFTER TAX (G-I) (J)		8.060	6.307	3.370
Add	Deferred Tax Assets (Liabilities)		0.000	(0.014)	0.249
Less	Fringe Benefit Tax		0.000	0.000	(0.147)
Less/ Add	Provision for Bad Debts		0.002	0.002	(0.088)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		13.046	7.278	4.169
Less	APPROPRIATIONS
		Transfer to General Reserve	(0.500)	(0.500)	(0.275)
		Short Provision for Tax in Previous Year	(0.028)	(0.027)	0.000
	BALANCE CARRIED TO THE B/S		20.580	13.046	7.278
	IMPORTS VALUE		NA	NA	84.273
	Earnings Per Share (Rs.)		16.18	12.67	6.77

Particulars	31.03.2012
Sales Turnover (Approximately)	270.000

Expected Sales (2012-13): Rs. 300.000 millions

The above information has been parted by Mr. Rohit.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.24	3.88	2.18
Net Profit Margin (PBT/Sales)	(%)	5.06	4.00	3.24
Return on Total Assets (PBT/Total Assets}	(%)	11.53	10.11	7.57
Return on Investment (ROI) (PBT/Networth)		0.42	0.43	0.32
Debt Equity Ratio (Total Liability/Networth)		2.64	3.21	3.29
Current Ratio (Current Asset/Current Liability)		2.51	2.25	1.88

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

(Rs. In Millions)

Particulars	As on 31.03.2011	As on 31.03.2010	As on 31.03.2009
Sundry Creditor for Goods	22.013	18.355	20.820
Sundry Creditor for Expenses	4.110	6.302	4.387
Total	26.123	24.657	25.207

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	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	No
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

PERFORMANCE REVIEW:

The Performance of the Company during the year was satisfactory. The Sales for the year was Rs. 245.822 millions as against Rs. 230.129 millions in the previous year reporting an increase of 6.82 %. The Net Profit before Tax was Rs. 12.458 millions as compared to Rs. 9.197 millions last year recording an increase of 35.46 %.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U30000MH1999PLC119000
Name of the company	JET TEC INFO-CONSUMABLES (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	B-308, Virwani, Industrial Estate, Near Western Express Highway, Goregaon (West) Mumbai – 400063, Maharashtra, India e-mail: rohit@bom3.vsnl.net.in
This form is for	Modification of charge
Charge identification number of the modified	10076374
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	HDFC Bank, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India Emil ID: RBBform8@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Supplementary Letter of Hypothecation.
Date of instrument Creating the charge	16.01.2012
Amount secured by the charge	Rs. 47.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment On demand. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge Hypothecation by way of First Charge on Company's Stocks, Book Debts etc, to secure as a continuing security as mentioned in Column No.15 below for the repayment of Rs. 47.500 millions together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank.
Short particulars of the property charged	Stock-in-Trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties All the debts, that is, all the book debts, outstanding, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights.
Date of latest modification prior to the present modification	30.07.2010
Particulars of the present modification	The Charge shall now stand increased from Rs.30.000 millions to Rs.47.500 Millions [comprising of Overall facility under MFA: Rs. 40.000 Millions and PSR: Rs. 7.500 Millions] against the security of Stocks & Book Debts of the Company.

FIXED ASSETS:

· Computers

· Furniture and Fixtures

· Office Equipment

· Plant and Machinery

· 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.53.63
UK Pound	1	Rs.86.18
Euro	1	Rs.69.75

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.