MIRA INFORM REPORT

 

 

Report Date :

04.02.2013

 

IDENTIFICATION DETAILS

 

Name :

SPECTRUM INTERNATIONL PRIVATE LIMITED

 

 

Registered Office :

Lotus House, 5th Floor, 33A, New Marine Lines, Mumbai – 400020, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

30.09.2010

 

 

Date of Incorporation :

07.02.1991

 

 

Com. Reg. No.:

11-060155

 

 

Capital Investment / Paid-up Capital :

Rs.10.000 Millions

 

 

CIN No.:

[Company Identification No.]

U51900MH1991PTC060155

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader of textile items of all types of Yarns, Grey and Finished Fabric, Bed Sheets, Shirting, Suiting, Towels etc.

 

 

No. of Employees :

18 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 91000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. The Management have fail to file since 2010 with the government department.

 

As per previous years, the profitability of the company appears to be low.

 

However, trade relations are reported to be fair. Business is active. Payments are unknown.

 

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 – 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

B+ (Cash Credit)

Rating Explanation

Having high risk of default regarding timely servicing of financial obligation.

Date

April 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.

 

INFORMATION PARTED BY (General Details)

 

Name :

Mr. Ashwin Chauhan

Designation :

Accounts and Finance Manager

Contact No.:

91-22-66315801

Date :

04.02.2013

 

 

LOCATIONS

 

Registered Office :

Lotus House, 5th Floor, 33A, New Marine Lines, Mumbai – 400020, Maharashtra, India

Tel. No.:

91-22-66315801

Fax No.:

91-22-66315809

E-Mail :

ashwinc@amitgroup.com

Website :

www.amitgroup.com

Location :

Rented

 

 

Branch :

No. 1, Ratna Sarita, Jintan Road, Surendra Nagar, Gujarat – 363 002, India

Location :

Owned

 

 

DIRECTORS

 

As on 31.12.2010

 

Name :

Mr. Parantap Priyakant Dave

Designation :

Director

Address :

9, Bharat Mahal, 37, Lajpatrai Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

29.04.1961

Date of Appointment :

01.11.2006

DIN No.:

00019472

 

 

Name :

Mr. Amit Bharat Shah

Designation :

Director

Address :

223, Maker Tower ‘B’, Cuff Parade, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

16.11.1974

Date of Appointment :

01.04.2006

DIN No.:

00292794

 

 

Name :

Mr. Amitabhkumar Umesh Singh

Designation :

Director

Address :

702, Ajramar Apartments, Jintan Road, Swastik Cross Road, Surendranagar – 363002, Gujarat, India

Date of Birth/Age :

15.10.1968

Date of Appointment :

10.01.2007

DIN No.:

01002188

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.12.2010

 

Names of Shareholders

 

No. of Shares

Bharat Punamchand Shah – HUF

 

1150

Smita Bharat Shah

 

115100

Nipa Amit Shah

 

210100

Amit Business Services Private Limited, India

 

297150

Punamchand Shah

 

10

Savita P Shah

 

10

Tejal M Shah

 

10

Varsha M Shah

 

10

S M Shenoy

 

10

Amit Bharat Shah Equity

 

14600

Aparna Bharat Shah

 

56700

Bipin T Shah – HUF

 

10

Ashita Kantilal Sheth

 

305000

Tulsidas Vallabhji Shah – HUF

 

10

Yogendra Tulsidas Shah

 

10

Tarulata Gandhi

 

10

Yogendra Tulsidas Shah – HUF

 

10

Ashok Mehta

 

10

Madhukant Shah

 

10

Subhash Mehta

 

10

Surekha Mehta

 

10

Anjana Bipin Shah

 

10

Bipin T Shah

 

10

Kishor Mehta

 

10

Nayan T Shah

 

10

Nisha Shah

 

10

Raxa Nayan Shah

 

10

 

 

 

Total

 

1000000

 

As on 31.12.2010

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Bodies corporate

29.71

Directors or relatives of Directors

39.77

Other top fifty shareholders

30.52

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Trader of textile items of all types of Yarns, Grey and Finished Fabric, Bed Sheets, Shirting, Suiting, Towels etc.

 

 

Products :

Product Description

Item Code No.

Cotton Yarn

52052410

Cotton Bales

52010019

Fabric – Towel

63049250

Fabric – Pouches

42021290

 

 

Exports :

 

Products :

Raw Materials

Countries :
  • Pakistan
  • Bangladesh

 

 

Terms :

 

Selling :

Credit 30 days

 

 

Purchasing :

Credit 30 days and 60 days

 

 

GENERAL INFORMATION

 

 

Customers :

End Users

 

 

No. of Employees :

18 (Approximately)

 

 

Bankers :
  • State Bank of India, Vashi -Turbhe Branch, Sector19-C, Vashi, Navi Mumbai – 400703, Maharashtra, India
  • Centurion Bank of Punjab Limited, Durga Niwasm G Road, Panji – 403001, Goa, India

 

 

Facilities :

Secured Loan

As on

30.09.2010

(Rs. in

Millions)

As on

30.09.2009

(Rs. in

Millions)

Cash credit

44.655

47.271

Packing Credit

0.000

0.000

Car Loan

(Amount Payable within one year Rs.0.390 Million previous year Rs.0.216 Million)

0.609

0.455

Total

45.264

47.726

 

 

 

Unsecured Loan

As on

30.09.2010

(Rs. in

Millions)

As on

30.09.2009

(Rs. in

Millions)

From Corporates

1.000

1.000

From Shareholders and Relatives

15.599

18.368

Total

16.599

19.368

 

 

 

Banking Relations :

 

 

 

Financial Intuition :

3i Infotech Trusteeship Services Limited, 3rd Floor to 6th Floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai – 400703, Maharashtra, India

 

 

Auditors :

 

Name :

Timbadia and Associates

Chartered Accountants

Address :

5/ Sambava Chamers, 1st Floor, Sir P. M. Road, Fort, Mumbai – 4000001, Maharashtra, India

PAN.:

AAAPT3710G

 

 

Associates :
  • Amit Green Acre Private Limited
  • Rajpal Cotton Industries Private Limited
  • Spectrum Studio Private Limited
  • Kaytee Cimpex Private Limited

 

 

 

 

 

CAPITAL STRUCTURE

 

As on 30.09.2010

 

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

 

 

 

 

1000000

Equity Shares

Rs.10/- each

Rs.10.000 Millions

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

30.09.2010

(12 Months)

30.09.2009

6 (Months)

31.03.2008

(18 Months)

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

10.000

10.000

10.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

12.756

4.903

4.229

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

22.756

14.903

14.229

LOAN FUNDS

 

 

 

1] Secured Loans

45.264

47.726

62.621

2] Unsecured Loans

16.599

19.368

22.684

TOTAL BORROWING

61.863

67.094

85.305

DEFERRED TAX LIABILITIES

0.099

0.237

0.120

 

 

 

 

TOTAL

84.718

82.234

99.654

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

3.680

2.987

3.069

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
7.639

8.699

5.895

 

Sundry Debtors
47.394

36.680

87.356

 

Cash & Bank Balances
5.801

7.230

6.745

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
46.996

42.643

19.681

Total Current Assets
107.830

95.252

119.677

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
24.893

11.432

19.019

 

Other Current Liabilities
0.520

1.020

0.916

 

Provisions
1.379

3.553

3.157

Total Current Liabilities
26.792

16.005

23.092

Net Current Assets
81.038

79.247

96.585

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

84.718

82.234

99.654

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

30.09.2010

(12 Months)

30.09.2009

6 (Months)

31.03.2008

(18 Months)

 

SALES

 

 

 

 

 

Income

334.659

327.192

 

 

Other Income

 

1.731

0.415

 

 

TOTAL                                     (A)

808.576

336.39

327.607

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Goods Sold

37.427

109.889

 

 

Other Direct Cost

 

6.186

12.887

 

 

Purchase of Trading Goods

 

254.246

176.855

 

 

Personnel Cost

 

8.247

8.513

 

 

Administrative and Other Expenses

 

11.267

7.691

 

 

Exchange Rate Difference

 

4.084

1.158

 

 

(Increase) / Decrease in Stock

 

0.669

1.579

 

 

TOTAL                                     (B)

788.027

322.126

318.572

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

20.549

14.264

9.035

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

11.750

12.768

7.110

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

8.799

1.496

1.925

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

0.377

0.439

0.265

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

8.422

1.057

1.660

 

 

 

 

 

Less

TAX                                                                  (I)

0.569

0.383

0.828

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                 (J)

7.853

0.674

0.832

 

 

 

 

 

 

TOTAL EARNINGS

42.867

50.381

1186.050

 

 

 

 

 

 

Earnings Per Share (Rs.)

7.85

0.67

0.83

 

Particulars

 

31.03.2012

31.03.2011

31.03.2010

Sales Turnover (Approximately)

1120.000

840.000

[Sales turnover low due to export ban by Government]

950.000

 

 

 

 

 

Expected Sales ( 2012-13 ) : Above Rs. 1120.000 millions

 

The above information has been parted by Mr. Ashwin Chauhan

 

KEY RATIOS

 

PARTICULARS

 

 

30.09.2010

(12 Months)

30.09.2009

6 (Months)

31.03.2008

(18 Months)

PAT / Total Income

(%)
0.97

0.20

0.25

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
NA

0.32

0.51

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
7.55

1.08

1.35

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.37

0.07

0.12

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
3.90

5.58

7.62

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
4.02

5.95

5.18

 

 

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

No

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

Yes

16]

Details of sister concerns

No

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

Yes

20]

Export / Import details (if applicable)

Yes

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

No

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

Yes

 

Operations:

 

The company had contract farming at surendranagar (Gujarat), Keshinga (Orissa) during yhe period and also increase in the numbers of farmer in the same and also started project in Wardha District (Maharashtra)

 

Form 8:

 

Corporate identity number of the company

U51900MH1991PTC060155

Name of the company

SPECTRUM INTERNATIONL PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

Lotus House, 5th Floor, 33A, New Marine Lines, Mumbai – 400020, Maharashtra, India

E-mail : ashwinc@amitgroup.com

This form is for

Creation of charge

Type of charge

  • Book debts
  • Movable property (not being pledge)
  • Others (Current asset)

Particular of charge holder

State Bank of India, Vashi -Turbhe Branch, Sector19-C, Vashi, Navi Mumbai – 400703, Maharashtra, India

E-mail : sachin.pawaskar@sbi.co.in

Nature of instrument creating charge

Agreement of Loan cum Hypothecation

Date of instrument Creating the charge

08.11.2011

Amount secured by the charge

Rs.66.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of interest

@5% above base rate with monthly rests or at such other rate as may be fixed by the bank from time to time.

 

Terms of repayment

On Demand

 

Margin

Margin to be maintained for cash credit at 25% on raw materials, 33% on finished goods, 40% on receivables upto 90 days, 40% on EPC (on firm orders in hand), 25% on EBD / EBR

 

Extent and operation of the charge

Security created by way of first charge and to cover the principal amount together with interest, costs, charges, expenses etc.

 

Others

Security created in respect of  cash credit facility.

Short particulars of the property or asset(s) charged (including complete address and location of the property)

All present and future stocks, raw materials, goods, book debts and vehicles and all other movable assets of the Company including receivables, entire current assets, documents of title to goods, outstanding monies, bills, invoices documents, contracts, insurance policies, guarantees, engagements, securities, investments and rights and all the present and future machinery belonging to or in the possession or control of the Company wherever lying, stored and kept and whether in possession of the Company or of the Bank or of any third party whether in India or elsewhere including all such goods, vehicles, other movable assets as may be in the course of shipment, transit or delivery and all the machinery, vehicles, and other equipment items of whatever nature acquired by the Company.

 

Fixed Assets:

 

  • Building
  • Plant and Machinery
  • Furniture and Fittings
  • Office Equipments
  • Computers
  • 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 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.53.32

UK Pound

1

Rs.84.60

Euro

1

Rs.72.63

 

 

INFORMATION DETAILS

 

Information Gathered by :

PLK

 

 

Report Prepared by :

NID

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

 

27

 

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.