MIRA INFORM REPORT

Report Date :

09.02.2013

IDENTIFICATION DETAILS

Name :	GKC PROJECTS LIMITED (w.e.f. 16.02.2009)
Formerly Known As :	GOKULKRISHNA CONSTRUCTIONS PRIVATE LIMITED
Registered Office :	Sy. No.9 (P) HITEC City, CII Green Building Lane, Kondapur, Hyderabad - 500084, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.04.2004
Com. Reg. No.:	01-043015
Capital Investment / Paid-up Capital :	Rs. 250.001 Millions
CIN No.: [Company Identification No.]	U45200AP2004PLC043015
PAN No.: [Permanent Account No.]	AACCG1395F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Service Provider of Builders Developers and Turnkey Consultants
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (55)

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

Maximum Credit Limit :	USD 8800000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having a good track record. The latest financial of the company are not available. As per previous year’s record, the company is found to be performing well. Trade relations are reported as decent. Business is active. Payment terms are regular and as per commitment. 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.

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 = A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	19.07.2012

Rating Agency Name	CRISIL
Rating	Short Term Rating = A2+
Rating Explanation	Strong degree of safety and lowest credit risk.
Date	19.07.2012

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 :	Sy. No.9 (P) HITEC City, CII Green Building Lane, Kondapur, Hyderabad - 500084, Andhra Pradesh, India
Tel. No.:	91-40-44554545
Fax No.:	91-40-44554555
E-Mail :	sriniwasarun.y@gkcpl.com
Website :	www.gkcpl.com

DIRECTORS

As on 01.06.2012

Name :	Mr. Sekhar Venkata Raja Kolli
Designation :	Managing Director
Address :	Villa No.178, Indu Fortune Fields, KPHB Phase XIII, Hyderabad – 500072, Andhra Pradesh, India
Date of Birth/Age :	30.08.1968
Date of Appointment :	05.04.2004
DIN No.:	01234924
Name :	Mr. Anupama Kolli
Designation :	Whole-Time Director
Address :	Villa No.178, Indu Fortune Fields, KPHB Phase XIII, Hyderabad – 500072, Andhra Pradesh, India
Date of Birth/Age :	29.12.1976
Date of Appointment :	05.04.2004
DIN No.:	01811482
Name :	Mr. Koteshwar Ram Vemuri
Designation :	Whole-Time Director
Address :	Villa No.70, Indu Fortune Fields, KPHB Phase XIII, Hyderabad – 500072, Andhra Pradesh, India
Date of Birth/Age :	26.04.1972
Date of Appointment :	02.03.2007
DIN No.:	01974950
Name :	Mr. Sitarama Murthy Mandavilli
Designation :	Director
Address :	Flat No.401, Siva Sai Apartments, Road No.9, West Marredpally, Secunderabad – 500026, Andhra Pradesh, India
Date of Birth/Age :	19.12.1943
Date of Appointment :	05.03.2009
DIN No.:	01694236
Name :	Mr. Ramaraghavulu Pujari
Designation :	Director
Address :	8-2-601, 1E, Road No.10, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India
Date of Birth/Age :	01.07.1954
Date of Appointment :	27.05.2009
DIN No.:	00018994
Name :	Mrs. Deepa Valangaiman Sankaran
Designation :	Director
Address :	201, 2^nd Floor, May Flower, 31-A, Unon Park, Khar (West), Mumbai – 400052, Maharashtra, India
Date of Birth/Age :	17.11.1968
Date of Appointment :	23.12.2009
DIN No.:	01803254

KEY EXECUTIVES

Name :	Mr. Sriniwas Arun Yayavaram
Designation :	Secretary
Address :	Q.No. 2112D, Bhel Township, Ramchandrapuram, Medak – 502032, Andhra Pradesh, India
Date of Birth/Age :	01.10.1977
Date of Appointment :	11.02.2008
PAN No. :	ABOPY3968J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 01.06.2012

Names of Shareholders (Equity Shares)	No. of Shares
K V Raja Sekhar	9265000
K Anupama	2250000
V Ram Koteshwar	3000000
Winod Kumar	202500
Amit Dinkar Kamat	37500
K Venkateswarlu	60000
A Susheela	50000
V Sreelakshmi	50000
Dr. R R Pujan	10000
M Sitarama Murty	5000
P Viswanadh	20000
K Nageswara Rao	20000
Y Sriniwas Arun	5000
K Narendra Babu	10000
N Ramakrishna	10000
M Sateesh	5000
Franklin Templeton Asset Management (India) Private Limited, India	100
Total	15000100

Names of Shareholders (Preference Shares)	No. of Shares
Franklin Templeton Asset Management (India) Private Limited, India	9991684
K Anupama	8316
Total	10000000

As on 01.06.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	99.00
Others	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Service Provider of Builders Developers and Turnkey Consultants

Products :

Description of product or services	ITC number of product
Civil Construction	001

GENERAL INFORMATION

Customers :

· TATA Projects

· ONGC

· Vedanta

· Larsen and Toubro

· Sadbhav

· Hyderabad Growth Corridor Limited

No. of Employees :

Not Available

Bankers :

· State Bank of India, Corporate Accounts Group Branch - 13039, Ozone, 2nd Floor, #6-3-669, Punjagutta Main Road, Hyderabad - 500082, Andhra Pradesh, India

· Axis Bank Limited, 5-2-183/184,ASC Centre, III Floor, RP Road, Hyderabad - 500003, Andhra Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans banks secured	3000.652	1415.266
Working capital loans others secured	291.608	218.628
Total	3292.260	1633.894
a. Working Capital Demand Loans from various banks under Multiple Banking Arrangement : Working capital loans to the extent of Rs.2212.831 Millions availed from various banks under Multi Banking Arrangement are secured by: i. Pari passu first charge by way of hypothecation of entire book debts, inventory and other current assets, both present and future of the Company excluding those pertaining to specific projects below; ii. Pari passu first charge by way of hypothecation of moveable fixed assets of the Company (other than those purchased under equipment finance from banks/ FI’s); iii. Collateral security by way of equitable mortgage of properties of the Promoter Directors; and iv. Personal guarantee of Promoter Directors. b. Project specific working capital loan from banks: Project specific working capital loan to the extent of Rs.83.869 Millions availed is secured by: i. Exclusive charge by way of hypothecation of book debts, inventory and other current assets, both present and future of the specific projects; and ii. Personal guarantee of Promoter Directors. c. Equipment finance from Banks and Others : Equipment loans availed from various Banks and others are secured by: i. Exclusive charge by way of hypothecation of specific machinery, construction equipment and vehicles financed under respective loan agreements entered into with them; and Personal Guarantee of the Managing Director.

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and associates Chartered Accountants
Address :	Oval Office18, Labs Centre, Hitec City, Madhapur, Hyderabad – 500018, Andhra Pradesh, India
PAN.:	AABFS3421N
Subsidiary :	GKC Infra Holdings Private Limited
Joint ventures :	· SEL – GKC · SMC – GKC
Enterprises where the Company exercises Significant influence :	Hyderabad Yadgiri Tollway Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15010000	Equity Shares	Rs.10/- each	Rs.150.100 Millions
10000000	Preference Shares	Rs.10/- each	Rs.100.000 Millions
	Total		Rs.250.100 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15000100	Equity Shares	Rs.10/- each	Rs.150.001 Millions
10000000	Preference Shares	Rs.10/- each	Rs.100.000 Millions
	Total		Rs.250.001 Millions

Compulsory Convertible Cumulative Participatory Preference Shares

During the year, the company has issued 500,000 (Previous year: 9,500,000) 0.01% Compulsory Convertible Cumulative Participatory Preference Shares with a face value of Rs.10/- each at a premium of Rs.50/- each to Franklin Templeton Asset Management (India) Private Limited pursuant to the Shareholders Agreement entered into by the Company on December 4, 2009 and the entire preference shares are convertible into equity shares as per terms of the respective agreement, latest by December 18, 2014.

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		250.001	245.001	50.000
2] Share Application Money		0.000	0.000	7.550
3] Reserves & Surplus		1952.055	1403.341	580.682
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2202.056	1648.342	638.232
LOAN FUNDS
1] Secured Loans		3292.260	1633.894	800.289
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		3292.260	1633.894	800.289
DEFERRED TAX LIABILITIES		44.313	26.683	14.221
TOTAL		5538.629	3308.919	1452.742
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1716.965	1050.473	490.963
Capital work-in-progress		139.501	34.735	0.000
INVESTMENT		24.100	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	626.530	446.257	137.268
	Sundry Debtors	1188.023	821.087	739.206
	Cash & Bank Balances	399.881	330.091	188.377
	Other Current Assets	3394.471	2408.699	555.075
	Loans & Advances	489.843	430.195	56.891
Total Current Assets		6098.748	4436.329	1676.817
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	803.415	551.279	511.460
	Other Current Liabilities	1599.274	1611.776	86.308
	Provisions	37.996	49.563	117.270
Total Current Liabilities		2440.685	2212.618	715.038
Net Current Assets		3658.063	2223.711	961.779
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5538.629	3308.919	1452.742

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	9154.251	7931.757	4311.937
		Other Income	49.143	21.430	2.429
		TOTAL (A)	9203.394	7953.187	4314.366
Less	EXPENSES
		Consumption materials changes inventories	3220.073	2121.456
		Manufacturing service costs	340.166	230.953
		Contract cost	3724.453	4225.134	3971.746
		Employee related expenses	358.704	234.315
		Administrative selling other expenses	131.480	97.348
		TOTAL (B)	7774.876	6909.206	3971.746
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1428.518	1043.981	342.620
Less	FINANCIAL EXPENSES (D)		371.135	225.979	118.477
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1057.383	818.002	461.097
Less/ Add	DEPRECIATION/ AMORTISATION (F)		202.763	86.314	58.953
	PROFIT BEFORE TAX (E-F) (G)		854.620	731.688	402.144
Less	TAX (H)		330.906	284.032	117.706
	PROFIT AFTER TAX (G-H) (I)		523.714	447.656	284.438
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		928.338	560.682	276.244
Less	APPROPRIATIONS		0.000	80.000	0.000
	BALANCE CARRIED TO THE B/S		1452.052	928.338	560.682
	IMPORTS
		Stores & Spares	5.442	0.000	NA
		Capital Goods	424.893	1.902	NA
	TOTAL IMPORTS		430.335	1.902	NA
	Earnings Per Share (Rs.)
	Basic		35.00	30.00	18.96
	Diluted		30.00	26.00	18.96

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.69	5.63	6.59
Net Profit Margin (PBT/Sales)	(%)	9.34	9.22	9.33
Return on Total Assets (PBT/Total Assets}	(%)	10.93	13.34	18.55
Return on Investment (ROI) (PBT/Networth)		0.39	0.44	0.63
Debt Equity Ratio (Total Debt /Networth)		1.50	0.99	1.25
Current Ratio (Current Asset/Current Liability)		2.50	2.01	2.35

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	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	Yes
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	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

PERFORMANCE REVIEW

The revenue for the year has gone up by 15.71 % to Rs. 9203.390 millions. PAT at 5.69% compares well with the industry given the order mix and verticals in which the Company operates.

CONTINGENT LIABILITIES

Rs. In Millions

Particulars	31.03.2011	31.03.2010
Bank guarantees issued by Bank
I. On behalf of the Company	3779.443	1451.191
II. On behalf of Others	1916.265	1424.487
Arrears of preference dividend for 0.01% cumulative convertible preference shares	0.020	0.010

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U45200AP2004PLC043015
Name of the company	GKC PROJECTS LIMITED
Address of the registered office or of the principal place of business in India of the company	Sy. No.9 (P) HITEC City, CII Green Building Lane, Kondapur, Hyderabad - 500084, Andhra Pradesh, India sriniwasarun.y@gkcpl.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Axis Bank Limited, 5-2-183/184,ASC Centre, III Floor, RP Road, Hyderabad - 500003, Andhra Pradesh, India n.shankerrao@axisbank.com
Nature of instrument creating charge	Loan Cum hypothecation Agreement
Date of instrument Creating the charge	28.11.2012
Amount secured by the charge	Rs.16.717 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 10.50% for Standard Assets, 11.00% for Non Standard Assets. Terms of Repayment Repayable in 35 No's Equated Monthly Installments Each installment amounting to Rs.. 0.557 Million. Margin 10% Extent and Operation of the charge First and exclusive charge on assets financed by Axis Bank Limited till the NOC received from the Bank
Short particulars of the property or asset(s) charged (including complete address and location of the property)	4 No Ashok Leyland 40KVA DG sets Vide loan account no CER000800605763, CER000800605719, CER000800605721, CER000800605723. 4 No Unisteel Concrete Paver RCP750 Vide loan account no CER000800605725, CER000800605728, CER000800605733, CER000800605737 4 No Ajax Fiori Self Loading Mobile Concrete Mixer Model ARGO 4000 Vide loan account no CER000800605750, CER000800605748, CER000800605745, CER000800605741

FIXED ASSETS

· Building

· Plant machinery

· Office 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 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.53.57
UK Pound	1	Rs.84.25
Euro	1	Rs.71.79

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		55

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.