MIRA INFORM REPORT

Report Date :

30.01.2013

IDENTIFICATION DETAILS

Name :	GHIYA EXTRUSIONS PRIVATE LIMITED (w.e.f. 07.12.2006)
Formerly Known As :	GHIYA EXTRUSIONS LIMITED
Registered Office :	B-123, Ishan III, Near Rivera Height, Opposite Reliance, Petrol Pump, Anandnagar Road, Prahaladnagar, Ahmedabad – 380015, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.07.2006
Com. Reg. No.:	04-048752
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U25199GJ2006PTC048752
TAN No.: [Tax Deduction & Collection Account No.]	AHMG03138C/ AHMG00686A
PAN No.: [Permanent Account No.]	AACCG6247J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of EPE Linear and EPE Sheets.
No. of Employees :	130 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 230000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears a sharp dip in the profitability of the company. The company has also recorded huge external borrowings. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct The company can be considered for business dealings with some cautions. Mr. H. C. Jadeja Assistant General Manager (Dena Bank) has reported that the subject maintains proper record and good relation with bank.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund Based – Bill Discounting A4 (Revised from A4+)
Rating Explanation	This risk prone credit quality it carry high credit risk.
Date	12.07.2012

Rating Agency Name	ICRA
Rating	Fund Based – Cash Credit BB (Revised from BB+)
Rating Explanation	The inadequate credit quality it carry high credit risk.
Date	12.07.2012

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.

.

INFORMATION PARTED BY

Name :	Mr. Manish
Designation :	Finance Manager
Contact No.:	91-2764-281030
Date :	25.01.2013

LOCATIONS

Registered Office :	B-123, Ishan III, Near Rivera Height, Opposite Reliance, Petrol Pump, Anandnagar Road, Prahaladnagar, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-2764-281030
Mobile No.:	91-9825066530 (Mr. Nakul Ghiya)
Fax No.:	91-2764-281030
E-Mail :	sadurkal@yahoo.co.in accounts@ghiyaextrusions.com hiten_parikh@hotmail.com audit@smajnudar.com ndghiya@yahoo.co.in manish@giyaextrusions.com
Website :	http://www.ghiyaextrusions.com
Location :	Owned
Marketing Office/ Factory :	18-A Kamaldeep Industrial Estate, Village Khatraj Taluka Kalol, Gandhinagar-382721, Gujarat, India
Tel. No.:	91-2764-281030/ 281548
Fax No.:	91-2764-281030
Email :	marketing@giyaextrusions.com info@ghiyaextrusions.com
Representative :	Located at:- · Mumbai · Bangalore · Hyderabad · Kolkata · Delhi

DIRECTORS

AS ON 30.09.2012

Name :	Mr. Nakul Deepak Ghiya
Designation :	Director
Address :	B-123, Ishan III, Near Rivera Height, Opposite Reliance, Petrol Pump, Anandnagar Road, Prahaladnagar, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	25.08.1966
Qualification :	B.Com
Date of Appointment:	21.07.2006
DIN No.:	01181746
Name :	Mrs. Monali Nakul Ghiya
Designation :	Director
Address :	B-123, Ishan III, Near Rivera Height, Opposite Reliance, Petrol Pump, Anandnagar Road, Prahaladnagar, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	29.09.1970
Qualification :	B.com
Date of Appointment:	21.07.2006
DIN No.:	01033371

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2012

Names of Shareholders	No. of Shares
Nakul Ghiya	815000
Monali Ghiya	182500
Renuka Ghiya	500
Niketa Ghiya	500
Anil Shah	500
Bharti Shah	500
Darshan Shah	500
TOTAL	1000000

AS ON 30.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of EPE Linear and EPE Sheets.

Products :

Products Description	Item Code No.
EPE Liners	39239090
EPE Sheet	39219099

Exports :

Products :

EPE Linear and EPE Sheets.

Countries :

· Dubai

· Thailand

Imports :

Products :

Raw Materials

Countries :

· Malaysia

· Korea

· China

Terms :

Selling :

L/C / Cash / Credit (30 Days)

Purchasing :

L/C / Cash / Credit (30 Days)

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
EPE Sheets	MT	NA	2400	2325.875
EPE Linear	Nos	NA	--	6471087200

GENERAL INFORMATION

Customers :

Manufacturer

No. of Employees :

130 (Approximately)

Bankers :

· ,

Ashram Road Branch, 188-A, Ashram Road, Ahmedabad-380009, Gujarat, India

Name :	Dena Bank
Address :	188-A, Dena Laxmi Building, 1^st Floor, Near City Gold Cinema, Ashram Road, Ahmedabad-380009, India
Contact No :	91-79-26586357/4098/0864
Website :	www.denabank.com

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term loan from Dena Bank [Term loan is secured by way of hypothecation of present and future plant and machineries and other movable assets of the company and equitable mortgage of factory land and building of the company and hypothecation of stocks, receivables and also collaterally secured by property belonging to a director of the company as well as secured by the personnel guarantee of Directors Mr. Nakul Ghiya and Mrs. Monali	49.368	3.855
Vehicles Loan [secured against Vehicles Purchase under hire purchase Agreement]	0.094	0.235
Loan repayable on demand Working Capital From Dena Bank [Working Capital facilities from Dena Bank is secured by Hypothecation of stock of Raw Materials, Semi-Finished Goods, Finished Goods, Stores Parts and company's present and future Book -debts and also collaterally secured by equitable mortgage of factory land and building of the company and also of plant and machineries and other movable assets of the company and collaterally secured by property belonging to a director as well as secured by personal guarantee of Director Mr. Nakul Ghiva and Mrs. Monali Ghiya	46.162	34.572
Total	95.624	38.662

Banking Relations :	--
Auditors :
Name :	Parikh and Majmudar Chartered Accountant
Address :	303, GCP Business Centre, Opposite Memnagar Fire Station, Near Vijay Cross Road, Navrangpura, Ahmedabad – 380009, Gujarat, India
PAN No.:	AAAFB8921B

CAPITAL STRUCTURE

AS ON 30.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs. 10/- each	Rs. 12.500 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		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		47.653	44.579	32.547
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		57.653	54.579	42.547
LOAN FUNDS
1] Secured Loans		95.624	38.662	28.198
2] Unsecured Loans		3.690	3.039	4.540
TOTAL BORROWING		99.314	41.701	32.738
DEFERRED TAX LIABILITIES		6.184	3.813	4.373
TOTAL		163.151	100.093	79.658
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		94.518	30.911	32.053
Capital work-in-progress		14.610	7.624	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	26.893	13.154	13.549
	Sundry Debtors	41.341	40.983	34.626
	Cash & Bank Balances	0.968	2.833	3.725
	Other Current Assets	0.210	0.210	0.000
	Loans & Advances	11.244	23.648	8.491
Total Current Assets		80.656	80.828	60.391
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	12.655	9.833	11.076
	Other Current Liabilities	13.670	8.037	0.510
	Provisions	0.308	1.400	1.200
Total Current Liabilities		26.633	19.270	12.786
Net Current Assets		54.023	61.558	47.605
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		163.151	100.093	79.658

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Gross Sales	247.326	244.692	201.368
		Other Income			1.270
		TOTAL	247.326	244.692	202.638
Less	EXPENSES
		Increase/ (Decrease) in Stock			0.095
		Raw Materials Consumed			129.359
		Manufacturing Expenses			15.992
		Director Remuneration	224.012	218.612	3.643
		Employees Emoluments			7.544
		Administrative and Selling Expenses			21.174
		Loss on Sales of Assets			0.024
		TOTAL	224.012	218.612	177.831
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		23.314	26.080	24.807
Less	FINANCIAL EXPENSES		7.727	3.391	4.664
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		15.587	22.689	20.143
Less/ Add	DEPRECIATION/ AMORTISATION		8.722	4.483	4.373
	PROFIT/(LOSS) BEFORE EXCEPTIONAL AND EXTRAORDINARY AND TAXATION		6.865	0.000	0.000
Add	Extra Ordinary Items		0.084	0.000	0.000
	PROFIT BEFORE TAX		6.949	18.206	15.770
Less	TAX		3.875	6.174	5.995
	PROFIT AFTER TAX		3.074	12.032	9.775
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		38.880	26.848	17.073
	BALANCE CARRIED TO THE B/S		41.954	38.880	26.848
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	64.824	72.140	42.620
	TOTAL EARNINGS		64.824	72.140	42.620
	IMPORTS
		Raw Materials	45.157	40.370	28.052
		Stores and Spares	0.050	0.058	0.023
		Capital Goods	58.905	0.000	0.000
	TOTAL IMPORTS		104.112	40.428	28.075
	Earnings Per Share (Rs.)		3.07	12.03	9.77

Expected Sales (2012-2013) : Rs.300.000 Millions

The above information has been parted by Mr.Manish

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.24	4.92	4.82
Net Profit Margin (PBT/Sales)	(%)	2.81	7.44	7.83
Return on Total Assets (PBT/Total Assets}	(%)	3.97	16.29	17.06
Return on Investment (ROI) (PBT/Networth)		0.12	0.33	0.37
Debt Equity Ratio (Total Liability/Networth)		0.46	0.35	1.07
Current Ratio (Current Asset/Current Liability)		3.03	4.19	4.72

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	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note :

Registered office of the company has been shifted from 18-A Kamaldeep Industrial Estate Village Khatraj Tal Kalol, Gandhinagar– 382721, Gujarat, India to the present address w.e.f. 25.04.2011

Particulars	31.03.2012	31.03.2011
From Directors and Share Holders	Rs in Millions
From Directors	2.285	1.634
From Shareholders	1.405	1.405
Total	3.690	3.039

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditors
- Creditors for Goods			7.125
- Creditors for Expenses			3.951
- Creditors for Capital Expenses			0.000
Total	12.655	9.833	11.076

REVIEW OF OPERATIONS:

The company has continued to show a positive growth in terms of gross sales since its inception. The growth in gross sales during year is marginal due to delay in commercial production from expansion.

However, a minor reduction has been observed in the Gross Profit Ratio of the Company i.e. from 23.41% in the current year. However in view of the requirement of funds for development and expansion of the company directors do not recommend any dividend for the year.

FORM 8

Corporate identity number of the company	U25199GJ2006PTC048752
Name of the company	GHIYA EXTRUSIONS Private LIMITED
Address of the registered office or of the principal place of business in India of the company	B-123, Ishan III, Nr. Rivera Height, Opposite Reliance Petrol Pump, Anandnagar Road, Prahaladnagar, Ahmedabad – 380015, Gujarat, India audit@smajmudar.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10029276
Type of charge	Immovable Property
Particular of charge holder	Dena Bank Ashram Road Branch, 188-A, Ashram Road, Ahmedabad-380009, Gujarat, India ashram@denabank.co.in
Nature of instrument creating charge	Memorandum of extension relating to deposit of title deeds
Date of instrument Creating the charge	20.12.2011
Amount secured by the charge	Rs.149.600 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CCH (Stock cum Book Debts) : BASE Rate + 5.30% - 3% PCH : BASE Rate + 2.30% FBP/FBD : up to 6 months : BASE Rate + 2.30% beyond 6 months : BASE Rate + 8.30% Terms of repayment The term loan of Rs. 17.100 Millions shall be repaid within 60 equal monthly installment after an initial moratorium of 6 months after commencement of commercial production or July ,2012, whichever is earlier. Margin Stock ( paid stock) - 20% Book Debts Upto 90 Days- 20% 91-120 Days- 40% 121-180 Days- 50% beyond 180 Days- 100% PCH-10% FBP/FBD- 10% LC (DP)- 10% LC (DA)- 10%* * ( concession is subject to approval by ED) Extent and operation of the charge The charge operate in favour of bank for all the amounts under the facilities granted by the said bank with interest, credit costs and other charges and for the due repayment of the aforesaid financial facilities sanctioned by the bank to the company.
Short particulars of the property charged	Non Agricultural property bearing Sub - Plot No. 18/A having land admeasuring 1825.00 Sq. Yds. i.e. 1358.00 Sq. Meters with Construction Standing thereon of Block No. 65 in "Kamaldeep Industrial Estate, Situate lying and being at Village Khatraj, Taluka Kalol in the Registration District Gandhinagar and Sub - District of Kalol. Non Agricultural property bearing Sub - plot No. 18/B having land admeasuring 1678.89 Sq. Yds. i.e. 1403.75 Sq. Meters of Block No.65 in "Kamaldeep Industrial Estate, Situate lying and being at Village Khatraj, Taluka Kalol in the Registration District Gandhinagar and Sub - District of Kalol.
Date of instrument modifying the charge	25.11.2011
Particulars of the present modification	By the present modification the company has extended the charge on its immovable property to secure the facilities sanctioned by the bank aggregating to Rs.149.600 Millions by creating memorandum of extension relating to deposit of title deeds.

FIXED ASSETS:

· Land and Site Development

· Building

· Plant and Machineries

· Office Equipment

· Furniture and Fixtures

· Vehicles

· Motor 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.53.70
UK Pound	1	Rs.84.35
Euro	1	Rs.72.21

INFORMATION DETAILS

Report Prepared by :

SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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		28

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.