MIRA INFORM REPORT

Report Date :

23.01.2013

IDENTIFICATION DETAILS

Name :	NEEV INFRASTRUCTURE PRIVATE LIMITED
Formerly Known As :	CHANDU CONSTRUCTION PRIVATE LIMITED
Registered Office :	101, Sunder Apartments, Nesbit Road, Mazgaon Circle Opposite Mazgaon Sales Tax Office, Mumbai – 400010, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.01.2002
Com. Reg. No.:	11-134542
Capital Investment / Paid-up Capital :	Rs.649.149 Millions
CIN No.: [Company Identification No.]	U45201MH2002PTC134542
TAN No.: [Tax Deduction & Collection Account No.]	MUMC08448G
PAN No.: [Permanent Account No.]	AABCC7395N
Legal Form :	Private Limited Liability Company
Line of Business :	The company is principally engaged in the infrastructure related Construction Contracts.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 3620000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The management of company has failed to file its latest financials i.e. 2011-12 with the government department. From the previous year record, the external borrowing of the company seems to be increasing over years and several projects have been delayed due to market condition which affected the company liquidity position. However, the performance capacity of the company appears to be goods. Promoters of the company is found to have experience in the construction sector. 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 – 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	ICRA
Rating	Long Term - Fund Based Limit: BBB-
Rating Explanation	The moderate credit quality, it carry higher than average credit risk.
Date	March, 2012

Rating Agency Name	ICRA
Rating	Short Term - Non fund Based: A3
Rating Explanation	The moderate credit quality, it carry higher credit risk.
Date	March, 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 :	101, Sunder Apartments, Nesbit Road, Mazgaon Circle Opposite Mazgaon Sales Tax Office, Mumbai – 400010, Maharashtra, India
Tel. No.:	91-22-23700511
Fax No.:	91-22-23700513
E-Mail :	jcjain@neev.co.in info@neev.co.in sales@neev.co.in hiren@neev.co.in pooja.lohade@neev.co.in
Website :	http://www.neev.co.in
Corporate Office :	Neev Vittoria, Nesbit Road. Next to Mazgaon Sales Tax Office, Mumbai – 400010, Maharashtra, India
Tel. No.:	91-22-61455555
Fax No.:	91-22-61455566

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Chandulal Veerchand Jain

Designation :

Chairman and Managing Director

Address :

21, Kalpataru Apartment, Seth Motisha Lane, Mazgaon, Mumbai – 400002, Maharashtra, India

Date of Birth/Age :

16.10.1950

Date of Appointment :

14.01.2002

DIN No.:

00329494

Other Directorships :

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	U45201MH2002PTC134542	NEEV INFRASTRUCTURE PRIVATE LIMITED	Director	14/01/2002	14/01/2002	-	Active	NO
2	U45200MH2003PTC143256	DARSHAN DEVELOPERS PRIVATE LIMITED	Director	24/11/2003	24/11/2003	03/01/2009	Active	NO
3	U70102MH2004PTC147469	NEEV HOMES PRIVATE LIMITED	Director	13/07/2004	13/07/2004	-	Active	NO
4	U45400MH2010PTC206675	DIAMOND CONCRETE STRUCTURES PRIVATE LIMITED	Director	30/09/2011	01/04/2011	-	Active	NO
5	U45400MH2011PTC220113	MOKSH REALITY PRIVATE LIMITED	Director	25/07/2011	25/07/2011	-	Active	NO
6	U45400MH2012PTC231789	NEEV INFRA PROJECTS PRIVATE LIMITED	Director	04/06/2012	04/06/2012	-	Active	NO
7	AAB-2221	KINAAYA REALTORS LLP	Designated Partner	22/11/2012	22/11/2012	-	Active	NO

Name :

Mr. Jitendra Chandulal Jain

Designation :

Managing Director

Address :

21, Kalpataru Apartment, Seth Motisha Lane, Mazgaon, Mumbai – 400002, Maharashtra, India

Date of Appointment :

14.01.2002

DIN No.:

00407220

Other Directorships :

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	Company/ LLP Status	Defaulting status
1	U45201MH2002PTC134542	NEEV INFRASTRUCTURE PRIVATE LIMITED	Managing director	30/09/2009	14/01/2002	Active	NO
2	U70102MH2004PTC147469	NEEV HOMES PRIVATE LIMITED	Director	13/07/2004	13/07/2004	Active	NO
3	U45400MH2010PTC206675	DIAMOND CONCRETE STRUCTURES PRIVATE LIMITED	Director	30/09/2011	01/04/2011	Active	NO
4	U45400MH2011PTC220113	MOKSH REALITY PRIVATE LIMITED	Director	25/07/2011	25/07/2011	Active	NO
5	U45400MH2012PTC231789	NEEV INFRA PROJECTS PRIVATE LIMITED	Director	04/06/2012	04/06/2012	Active	NO
6	AAB-2221	KINAAYA REALTORS LLP	Designated Partner	22/11/2012	22/11/2012	Active	NO

Name :

Mr. Alkesh Popatlal Jain

Designation :

Director

Address :

1302, Aavishkar Tower, 13^th Floor, Flat No.9, Chandavarkar Lane, Borivali (West), Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

14.08.1971

Date of Appointment :

09.11.2010

DIN No.:

02707080

Other Directorships:

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	Company/ LLP Status	Defaulting status
1	U45201MH2002PTC134542	NEEV INFRASTRUCTURE PRIVATE LIMITED	Director	30/09/2011	09/11/2010	Active	NO

Name :

Mr. Hemal Surendra Jain

Designation :

Director

Address :

402, Sky View Building, Prathana Samaj Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

20.01.1981

Date of Appointment :

01.12.2010

DIN No.:

03319299

Other Directorships:

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	Company/ LLP Status	Defaulting status
1	U45201MH2002PTC134542	NEEV INFRASTRUCTURE PRIVATE LIMITED	Director	30/09/2011	01/12/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Chandulal Veerchand Jain	6186400
Jitendra Chandulal Jain	43129050
Monali Jitendra Jain	7592400
Maniben Jain	2530800
Savita C. Jain	3796200
Albatross Share Registry Private Limited, India	50000
Artillegence Big-Innovations Limited, India	50000
Bay Inland Finance Private Limited, India	35000
Blue Lagoon Trading Private Limited, India	150000
Cincom Trading Private Limited, India	100000
Cliftons Pearson Export and Agencies Limited, India	50000
Eden Spring Trading Private Limited, India	165000
Everything Trading Private Limited, India	100000
Gateway Computers Private Limited, India	35000
Gyaneshwar Trading Finance Company Limited, India	50000
Ispat Sheets Limited, India	50000
Nayan Trade Resources Private Limited, India	200000
New Outlook Securities Limited, India	50000
Novelty Traders Limited, India	50000
One2E Solutions India Private Limited, India	50000
Sidh Housing Development Company Limited, Indi	50000
Solari Home Textile Private Limited, India	195000
Spring Fab and Tex Private Limited, India	115000
Stocknet International Limited, India	50000
Tarita Trading Private Limited, India	85000
Total	64914850

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	2.29
Directors or relatives of directors	97.71
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is principally engaged in the infrastructure related Construction Contracts.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Vijaya Bank

Mahim Branch, L. J. Road, Mahim -West, Mumbai - 400016, Maharashtra, India

· ICICI Bank Limited

Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Working capital loans banks secured	476.310	102.226
Loans taken for vehicles secured	14.783	4.949
Loans taken for other fixed assets secured	56.108	4.810
Total	547.201	111.985

Banking Relations :	--
Auditors :
Name :	Ghalla and Bhansali Chartered Accountants Chartered Accountant
Address :	133, Devansh, D. S. P. Road, Near Ranjit Studio, Dadar (East), Mumbai - 400014, Maharashtra, India
PAN No.:	AACFG6361J
Associates and Joint Venture :	· Neev Realtors · Future Infotech · Future Infra-Projects
Other Related Parties :	· Neev Homes Private Limited · Neev and Mehta Group · Darshan Group · Darshan Groups · Jayant Enterprise · Savy Finance · Nirmit Developers

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
64914850	Equity Shares	Rs.10/- each	Rs.649.149 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		649.149	499.223	4.498
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		255.042	133.188	518.713
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		904.191	632.411	523.211
LOAN FUNDS
1] Secured Loans		547.201	111.985	12.947
2] Unsecured Loans		30.913	28.925	19.166
TOTAL BORROWING		578.114	140.910	32.113
DEFERRED TAX LIABILITIES		3.516	3.226	3.127
TOTAL		1485.821	776.547	558.451
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		179.309	117.390	107.691
Capital work-in-progress		13.672	3.166	0.000
INVESTMENT		29.508	17.878	28.876
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	381.227	203.831	126.145
	Sundry Debtors	725.538	390.859	272.252
	Cash & Bank Balances	172.200	151.788	113.269
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	787.114	703.474	387.676
Total Current Assets		2066.079	1449.952	899.342
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	417.601	515.706	245.093
	Other Current Liabilities	354.553	293.044	132.378
	Provisions	30.593	3.089	99.987
Total Current Liabilities		802.747	811.839	477.458
Net Current Assets		1263.332	638.113	421.884
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1485.821	776.547	558.451

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1782.504	1848.772	1131.782
		Other Income	13.766	12.604	487.352
		TOTAL	1796.270	1861.376	1619.134
Less	EXPENSES
		TOTAL	1616.519	1669.422	1014.755
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		179.751	191.954	604.379
Less/ Add	DEPRECIATION/ AMORTISATION		18.111	17.172	7.585
	PROFIT BEFORE TAX		161.640	174.782	596.794
Less	TAX		57.860	65.099	159.326
	PROFIT AFTER TAX		103.780	109.683	437.468
Less	PRIOR PERIOD ADJUSTMENT		--	0.482	0.133
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		133.188	484.445	47.110
Less	APPROPRIATIONS
		Bonus Issue out of General Reserve	133.126	460.458	0.000
	BALANCE CARRIED TO THE B/S		103.842	133.188	484.445
	Earnings Per Share (Rs.)		1.64	1.73	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.78	5.89	27.02
Net Profit Margin (PBT/Sales)	(%)	9.07	9.45	52.73
Return on Total Assets (PBT/Total Assets}	(%)	7.20	11.15	59.26
Return on Investment (ROI) (PBT/Networth)		0.18	0.28	1.14
Debt Equity Ratio (Total Liability/Networth)		1.53	1.51	0.97
Current Ratio (Current Asset/Current Liability)		2.57	1.79	1.88

LOCAL AGENCY FURTHER INFORMATION

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

UNSECURED LOANS

Particulars	31.03.2011	31.03.2010
	(Rs. In Millions)
Loans directors unsecured	9.095	1.957
Deposits related parties unsecured	1.900	3.342
Other debt unsecured	19.918	23.626
Total	30.913	28.925

OPERATING RESULTS:

The company operation as a result of net profit for the current year is Rs.103.780 Millions as compared to Rs.109.201 Millions in the previous year.

CONTINGENT LIABILITIES

There is no contingent liability except for Bank Guarantee taken from banks worth Rs.692.000 Millions as on 31st March, 2011.

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U45201MH2002PTC134542
Name of the company	NEEV INFRASTRUCTURE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	101, Sunder Apartments, Nesbit Road, Mazgaon Circle, Opposite Mazgaon Sales Tax Office, Mumbai – 400010, Maharashtra, India jcjain@neev.co.in
Type of charge	Movable Property
Particular of charge holder	ICICI Bank Limited Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India chinmay.vora@icicibank.com
Nature of description of the instrument creating or modifying the charge	Unattested Deed of Hypothecation - Dtd.31.01.2011
Date of instrument Creating the charge	31/01/2011
Amount secured by the charge	Rs.2.183 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest 9.85% and other bank may decide from time to time Terms of Repayment Rs.0.025 Million for amt. of Rs.0.756 Million No. of Installments 35. Rs.0.037 Million for amt, of Rs.1.123 Millions No. of Installments 35. Rs.0.100 Million for amt. of Rs.0.304 Million No. of Installments 35. Margin Nil Extent and Operation of the charge CE-PDC Rs.0.756 Million CE-PDC Rs.1.123 Millions CE-PDC Rs.0.304 Million
Short particulars of the property charged	Stetter Plant Aggregate Feeding

FIXED ASSETS:

· Building

· Plant and Machinery

· Office Equipment

· Computer

· Furniture and Fixture

· Vehicle

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.53.51
UK Pound	1	Rs.84.85
Euro	1	Rs.71.43

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		42

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.