MIRA INFORM REPORT

Report Date :

09.01.2013

IDENTIFICATION DETAILS

Name :	SEAWARD EXPORTS PRIVATE LIMITED
Registered Office :	5-L-22, Mahaveer Nagar – III Extension, Kota – 324005, Rajasthan
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.12.2001
Com. Reg. No.:	17-017336
Capital Investment / Paid-up Capital :	Rs. 10.000 Millions
CIN No.: [Company Identification No.]	U51102RJ2001PTC017336
PAN No.: [Permanent Account No.]	AAFCS7423M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Sandstones, Limestones and allied products for Wall Cladding, Interior Flooring, Exterior Flooring, Stairs, etc.
No. of Employees :	85 (Approximately) [15 In Office and 70 In Factory]

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 100000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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.

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 NSIC
Rating	NSIC CRISIL : SE 2B
Rating Explanation	Having moderate financial strength and high performance capacity
Date	July 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

Name :	Mr. Banwari Lal Gupta
Designation :	Director
Contact No.:	91-9829035744
Date :	02.01.2013

LOCATIONS

Registered Office :	5-L-22, Mahaveer Nagar – III Extension, Kota – 324005, Rajasthan, India
Tel. No.:	91-744-2475901
Mobile No.:	91-9829035744 (Mr. Banwari Lal Gupta)
Fax No.:	91-744-2476914
E-Mail :	seaward@kappa.net.in akagodha@yahoo.co.in ascocakota@yahoo.co.uk
Website :	www.seawardkota.com
Area :	10000 Sq. ft.
Location :	Owned
Factory:	E-16, Estate Area, Ranpur, Kota – 324005, Rajasthan, India
Area:	2800 Sq. ft
Location:	Owned

DIRECTORS

As on: 25.09.2012

Name :

Mr. Banwari Lal Gupta

Designation :

Director

Address :

21, Vallabh Nagar, Extension, Kota – 324007, Rajasthan, India

Date of Appointment :

19.12.2001

DIN No.:

00159893

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51102RJ2001PTC017336	SEAWARD EXPORTS PRIVATE LIMITED	Director	19/12/2001	19/12/2001	-	Active	NO
2	U14106RJ2008PTC027571	SEAWARD STONES PRIVATE LIMITED	Director	15/10/2008	15/10/2008	-	Active	NO
3	U45201RJ2008PTC027581	SEAWARD BUILDCON PRIVATE LIMITED	Director	16/10/2008	16/10/2008	-	Active	NO

Name :

Mr. Gopal Lal Mittal

Designation :

Director

Address :

JA – 34, Hindaun, Karauli – 322241, Rajasthan, India

Date of Appointment :

19.12.2001

DIN No.:

00176026

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51102RJ2001PTC017336	SEAWARD EXPORTS PRIVATE LIMITED	Director	19/12/2001	19/12/2001	-	Active	NO
2	U14106RJ2008PTC027571	SEAWARD STONES PRIVATE LIMITED	Director	15/10/2008	15/10/2008	-	Active	NO
3	U45201RJ2008PTC027581	SEAWARD BUILDCON PRIVATE LIMITED	Director	16/10/2008	16/10/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 25.09.2012

Names of Shareholders	No. of Shares
Banwari Lal Gupta	50000
Gopal Lal Mittal	50000
Total	100000

Equity Share Break up (Percentage of Total Equity)

As on: 25.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Sandstones, Limestones and allied products for Wall Cladding, Interior Flooring, Exterior Flooring, Stairs, etc.
Products :	· Granite · Marbles · Sandstones · Kota Stone · Dholpur Stones · Limestones
Exports :
Products :	· Granite · Marbles
Countries :	· Australia · UK · European Countries
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Abhinandan Associates, Jaipur

· Array Industries, Kota

· A.G. Stone Trading, Kota

· Bajrang Stone Ind., Banmore

· Bansal Marble Centre, Makrana

· Daksh Enterprises, Jaipur

· Dev Mahima Kushwah Stone, Gwalior

· Dharti Dhan Stone, Kota

· Dev Karan Furniture house kota

· Faguna Stone Industries, Banmore

· Global Packaging, Mumbai

· G.C. Stone Bijoliya

· Garg Stone Industries, Mohana

· Indian Stone Corporation, Sikandra

· Gopal Enterprises, Hindaun

· Gopal Industries, Hindaun

· Hari Om Stone Industries

· Harsiddha Exports , Kota

· Indian Stone Craft kolana

Customers :

· Countries, U.K.

· Brade Stone, U.K.

· Brett Land Scaping, UK

· CALD Stone, UK

· Dibgy Trading UK

· H.G. Stones, U.K.

· Horsham Stone & Reclanation Ltd, UK

· Ipave Ltd., Australia

· J and C, Australia

· Kashmiri Pebbles, Australia

· Monoshej Trading Corporation, Bangladesh

· Natural Stone leeds Limited, UK

No. of Employees :

85 (Approximately) [15 In Office and 70 In Factory]

Bankers :

· Punjab National Bank, Branch Industrial Estate, Kota – 324007, Rajasthan, India

· Kotak Mahindra Bank Limited

Facilities :

Secured Loans	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Kotak Mahindra Bank Limited (Fork Lift II Loan)	0.139	0.447
Punjab National Bank Honda Civic Loan a/c (NG 55617)	0.169	0.332
Punjab National Bank I.E. Kota (TL IB 875)	0.896	1.401
Punjab National Bank I.E. Kota (Packing Limit) UD -82	0.000	17.226
Punjab National Bank I.E. Kota (Packing Limit) UD -220	19.972	0.000
Punjab National Bank I.E. Kota (TL IB 857)	0.931	1.440
Punjab National Bank I.E. Kota (TL IB 954)	4.857	6.065
Punjab National Bank I.E. Kota (TL IB 981)	3.991	4.588
B/P Account Punjab National Bank, IE Kota (A/c 13)	0.400	4.872
B/P Account Punjab National Bank, IE Kota (A/c 77)	11.407	11.284
Total	42.762	47.655

Unsecured Loans	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
From Directors
G. L. Mittal	0.114	0.113
From Others
Gopal Enterprises	0.341	0.341
H.L. Gupta Loan A/C I	0.516	0.516
H.L. Gupta Loan A/C II	1.232	1.232
Raj Kumari Gupta	0.142	0.142
Ram Pati Devi	0.113	0.113
Total	2.458	2.457

Banking Relations :	--
Auditors :
Name :	A.S.A.P. and Associates Chartered Accountants
Address :	5-6-7, III Floor, Deepshree Bhawan, Opposite Multipurpose School, Gumanpura, Kota – 324007, Rajasthan, India
PAN.:	AAPFA6201Q

CAPITAL STRUCTURE

As on: 25.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.000	10.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		30.483	24.192	28.510
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		40.483	34.192	29.510
LOAN FUNDS
1] Secured Loans		42.762	47.655	33.868
2] Unsecured Loans		2.458	2.457	2.425
TOTAL BORROWING		45.220	50.112	36.293
DEFERRED TAX LIABILITIES		0.404	0.376	0.000
TOTAL		86.107	84.680	65.803
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		35.765	39.073	21.334
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		5.851	5.386	4.804
DEFERREX TAX ASSETS		0.000	0.000	0.036
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13.163	19.121	10.050
	Sundry Debtors	54.542	43.528	46.601
	Cash & Bank Balances	1.742	0.381	0.181
	Other Current Assets	0.530	0.000	0.020
	Loans & Advances	1.829	3.640	6.572
Total Current Assets		71.806	66.670	63.424
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	24.763	24.614	20.891
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	2.552	1.835	2.904
Total Current Liabilities		27.315	26.449	23.795
Net Current Assets		44.491	40.221	39.629
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		86.107	84.680	65.803

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		164.566	175.861
		Other Income			2.122
		TOTAL (A)	193.322	164.566	177.983
Less	EXPENSES
		Cost of Material Consumed		156.158	100.012
		Direct Overheads			8.725
		Administrative Overheads			31.981
		Selling and Marketing Overheads			20.385
		TOTAL (B)	184.533	156.158	161.103
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial and Depreciation Expenses)	(Including Financial and Depreciation Expenses)	16.880
Less	FINANCIAL EXPENSES (D)				3.192
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				13.688
Less/ Add	DEPRECIATION/ AMORTISATION (F)				2.636
	PROFIT BEFORE TAX (E-F) (G)		8.789	8.408	11.052
Less	TAX (H)		2.810	2.256	3.330
	PROFIT AFTER TAX (G-H) (I)		5.979	6.152	7.722
Add	DEFERRED TAX		0.000	0.000	(0.028)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		13.846	7.694	0.000
	BALANCE CARRIED TO THE B/S		19.825	13.846	7.694
	EARNINGS IN FOREIGN CURRENCY		Australian$ 538744.16, USD 10640.00 and GBP 1991888.07	Australian$ 1045903.46, Euro 25247.28 and GBP 1649473.50	Australian$ 847201.59, Euro 36595.38, GBP 1765582.87
	Earnings Per Share (Rs.)		61.54	61.54	9422.26

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.09	3.73	4.34
Net Profit Margin (PBT/Sales)	(%)	NA	NA	6.28
Return on Total Assets (PBT/Total Assets}	(%)	8.17	7.95	12.78
Return on Investment (ROI) (PBT/Networth)		0.22	0.24	0.37
Debt Equity Ratio (Total Liability/Networth)		1.79	2.23	2.09
Current Ratio (Current Asset/Current Liability)		2.63	2.52	2.66

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51102RJ2001PTC017336
Name of the company	SEAWARD EXPORTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	5-L-22, Mahaveer Nagar – III Extension, Kota – 324005, Rajasthan , India ascocakota@yahoo.co.uk
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90074072
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Others
Particular of charge holder	Punjab National Bank, Branch Industrial Estate, Kota – 324007, Rajasthan, India bo0726@pnb.co.in
Nature of description of the instrument creating or modifying the charge	Agreement of packing credit( Hypothecation ) of Stock and Foreign documentary bills agreement
Date of instrument Creating the charge	27.01.2012.
Amount secured by the charge	Rs.50.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Packing Credit and FOBP -BR+0.75 i.e. 11.5% at present subject to change from time to time as per bank/ RBI guidelines. Terms of Repayment: The facility taken is Packing Credit and should be adjusted within a period of 180 days from date of advance or the period required for shipment of goods or within validity period of export order whichever is earlier and rest as per agreement. Margin: Margin taken is 25% in case of stock and NIL in case of FOPB Extent and Operation of the charge: As per the hypothecation agreement Others Packing Credit Limit Rs.20.000 Millions (enhancement from Rs.15.000 Millions to Rs.20.000 Millions) FOBP Limit Rs.17.500 Millions (enhancement from Rs,12.500 Millions to Rs.17.500 Millions FOBACRs.12.500 Millions Overall ceiling Rs.50.000 Millions
Short particulars of the property charged	Hypothecation of Stock i.e. Natural stones like Sand stones, Lime stones, Granite, marble etc. charge on entire current assets of the company present and future and charge on block assets of the company Equitable Mortgage of industrial land Plot No. E-16, F 28 Kuber Industrial area, Kota owned by M/s Seaward Exports Private Limited.

FINANCIAL RESULTS:

During the period ended 31st March 2012 your company earned operating Profit of Rs.8.789 Millions as compared to Rs 8.408 Millions in the previous year. The Profit After tax was Rs. 5979 Millions as compared to previous year Rs. 6.152 Millions

FIXED ASSETS:

· Air Conditioners

· Building (Ranpur)

· Camera (Digital)

· Computers

· Electric Installations

· Electric Motors

· Fans (Exhaust)

· Fax Machine

· Fire Fighting Equipments

· Fork Lift

· Furniture and Fixtures

· Hand Cart

· Honda City Car

· Honda Civic Car

· Honda Scooter

· Hydraulic Mobile Crane

· Jet Pump

· Land

· Telephone and Mobile Set

· Motor Cycles

· Office Equipments

· Packing Machine

· Tata Safari Car

· Tools and Templates

· Truck

· Water Cooler

· Weight Machine

· Zerox Machine

· Wireless Internet Bridge

· Sedimentation Plant

· Stone Processing Machine

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. 55.33
UK Pound	1	Rs. 89.05
Euro	1	Rs. 72.33

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	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		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.