MIRA INFORM REPORT

Report Date :

05.07.2013

IDENTIFICATION DETAILS

Name :	TECHMA ENGINEERING ENTERPRISE PRIVATE LIMITED
Registered Office :	Stephen House, Room No.51-C, 3^rd Floor, 4, Hemant Basu Sarani, Kolkata – 700 001, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.08.2009
Com. Reg. No.:	21-137679
Capital Investment / Paid-up Capital :	Rs. 25.000 Millions
CIN No.: [Company Identification No.]	U27100WB2009PTC137679
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Railway Tracks Fittings, Overhead Electric Line Hardware.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (35)

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

Maximum Credit Limit :	USD 512000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears some dip in the total income and sharp dip in the profits during 2012. However, the liquidity is good. Trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY (GENERAL INFORMATION)

Name :	Mr. D.K. Jain
Designation :	Director
Contact No.:	91-9830036189
Date :	28.06.2013

LOCATIONS

Registered Office :	Stephen House, Room No.51-C, 3^rd Floor, 4, Hemant Basu Sarani, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22314497/ 4498/ 26659746
Mobile No.:	91-9830036189 (Mr. D.K. Jain)
Fax No.:	91-33-22427685 / 22314498
E-Mail :	d.k.jain@vsnl.com bothrabna@yahoo.co.in
Website :	http://www.techmaforging.com http://www.techmaengg.com
Area :	2500 sq. ft.
Location :	Rented
Factory :	Dajor, Hawrah, West Bengal, India
Area :	150000 sq. ft.
Location :	Owned

DIRECTORS

As on : 29.09.2012

Name :

Ms. Asha Jain

Designation :

Director

Address :

13, Salkia School Road, Salika, Howrah – 711 106, West Bengal, India

Date of Birth/Age :

07.04.1958

Date of Appointment :

07.01.2010

DIN No.:

02905971

Name :

Mr. Devendra Kumar Jain

Designation :

Director

Address :

13, Salkia School Road, Salika, Howrah – 711 106, West Bengal, India

Date of Birth/Age :

18.10.1956

Qualification :

B. Com

Date of Appointment :

11.08.2009

DIN No.:

01569280

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	U27310WB1982PTC035501	TECHMA ENGINEERING PRIVATE LIMITED	Director	01-04-91	01-04-91	-	Active	NO
2	U34201WB1986PTC137881	FAIRDEAL ENGINEERING & BODY BUILDING COMPANY PVT LTD	Director	01-06-06	01-06-06	-	Active	NO
3	U51909WB2000PTC091560	SILVERSON MERCANTILE PRIVATE LIMITED	Director	06-07-07	06-07-07	-	Active	NO
4	U27100WB2009PTC137679	TECHMA ENGINEERING ENTERPRISE PRIVATE LIMITED	Director	11-08-09	11-08-09	-	Active	NO

Name :

Mrs. Kamala Devi Jain

Designation :

Director

Address :

13, Salkia School Road, Salika, Howrah – 711 106, West Bengal, India

Date of Birth/Age :

22.06.1938

Date of Appointment :

11.08.2009

DIN No.:

02734418

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2012

Names of Shareholders	No. of Shares
Kamala Devi Jain	100000
Devendra Kumar Jain	800000
Deepchand Jain	20000
Itesh Kumar Jain	20000
Kamna Jain	20000
Asha Jain	20000
Niraj Jain	20000
Veshnaway Vyapaar Private limited	25000
Amritvani Exim Private Limited	25000
Asha Apartments Private Limited	50000
Spotboy Tracom Private Limited	25000
Darkin Distributors Private Limited	25000

As on : 31.03.2012

Names of Allottee	No. of Shares
Agarani Credit and Finvest Private Limited	25000
Asha Apartments Private Limited	25000
Babylon Trading and Investment Private Limited	50000
Deep Jyoti Developers Private Limited	25000
Dhanvantri Trafin Private Limited	25000
Empire Niketan Private Limited	25000
Genesis Computech Private Limited	25000
Hari OM Mansions Private Limited	25000
Harsharatna Finance and Investment Private Limited	25000
Lime Light Promoters Private Limited	25000
Linkup Infrastructure Private Limited	25000
New Edge Realtors Private Limited	25000
North Statr Business Private Limited	25000
Redrose Supply Private Limited	25000
Roostar Builders Private Limited	25000
Sarala Finance Private Limited	25000
Sonata Exim Private Limited	25000
Swift Residency Private Limited	25000
Tulsyan Distributers Private Limited	25000
Total	500000

Equity Share Break up (Percentage of Total Equity)

As on : 29.09.2012

Category	Percentage
Bodies corporate	60.00
Directors or relatives of Directors	37.60
Other top fifty shareholders	2.40
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Railway Tracks Fittings, Overhead Electric Line Hardware.
Products :	· Railways Crossing and Glued Joints · Rubber Moulded Products · Railways Fasteners · Railway Overhead Fitting · Railway Clip and Clamps · Forged Railway Fasteners · Railway Rubber Pads and Rubber Components
Exports :
Products :	· Railways Crossing and Glued Joints · Rubber Moulded Products · Railways Fasteners · Railway Overhead Fitting · Railway Clip and Clamps · Forged Railway Fasteners · Railway Rubber Pads and Rubber Components
Countries :	· Germany · Sri Lanka · Iraq

PRODUCTION STATUS AS ON (31.03.2011)

Particulars	2009-10 ( Figures in M.T )
Licensed Capacity of Production	90,000.000

Particulars	Production/ Transferred Qt ( in M.T and units )
Bolts and Nuts (Manufacturing)	128475.00 Nos.
Fish Plate Manufacturing - T-1898	23603.00 Nos.
Fish Plates T-1898) in MT	113.652 MTs
Fish Plates(T-5848) in Nos.	43234.00 Nos.
Fish Plates - T - 5916	6262.00 Nos.
Fish Plates to T-5915	41379.00 Nos.
Fish Plate (T - 2186) Manufacturing	188.00 Nos.
Fish Plate to T-090(M)	24199.00 Nos.
Fish Plate to T-1898	2400.00 Nos.
Jog. Fish Plates to T-5849	22263.00 Nos.
Jog. Fish Plates to T-620	3565.00 Nos.
Jogg. Fish Plates(T-5551) in Nos.	12467.00 Nos.
Joggled Fish Plate(T - 5551)	3112.00 Sets

GENERAL INFORMATION

No. of Employees :

150 (Approximately)

Bankers :

Bank of India, Dobson Lane Branch, P-4 Dobson Lane, Howrah – 711101, West Bengal, India

Facilities :

(Rs in Millions)

SECURED LOANS	31.03.2012	31.03.2011
Short term Borrowings :
Loans repayable on demand from Bank (Secured against hypothecation of inventory and receivables)	9.784	0.000
Total	9.784	0.000

Auditors :
Name :	Bothra Nirmal and Associates Chartered Accountants
Address :	7/1B, Grant Lane, 1^st Floor, Room No.15, Kolkata – 700 012, West Bengal, India
PAN No.:	AACFB3320N
Associates :	Silverson Mercantile Private Limited

CAPITAL STRUCTURE

As on : 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs. 10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs. 10/- each	Rs. 25.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders’ Funds
(a) Share Capital	25.000	15.500
(b) Reserves & Surplus	103.119	53.299
I Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	128.119	68.799
(3) Non-Current Liabilities
(a) long-term borrowings	21.249	25.431
(b) Deferred tax liabilities (Net)	0.237	0.162
I Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	21.486	25.593
(4) Current Liabilities
(a) Short term borrowings	9.784	0.000
(b) Trade payables	124.950	106.950
I Other current liabilities	41.272	5.663
(d) Short-term provisions	0.096	1.103
Total Current Liabilities (4)	176.102	113.716
TOTAL	325.707	208.108
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15.389	13.206
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
I Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	15.389	13.206
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	120.690	75.057
I Trade receivables	151.238	71.197
(d) Cash and cash equivalents	10.388	9.459
(e) Short-term loans and advances	27.942	39.159
(f) Other current assets	0.060	0.030
Total Current Assets	310.318	194.902
TOTAL	325.707	208.108

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		15.500
2] Share Application Money		0.000
3] Reserves & Surplus		50.619
4] (Accumulated Losses)		0.000
NETWORTH		66.119
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		25.041
TOTAL BORROWING		25.041
DEFERRED TAX LIABILITIES		0.060
TOTAL		91.220
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.300
Capital work-in-progress		0.000
INVESTMENT		3.022
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	92.350
	Sundry Debtors	73.769
	Cash & Bank Balances	3.857
	Other Current Assets	0.000
	Loans & Advances	43.782
Total Current Assets		213.758
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	130.236
	Other Current Liabilities	4.645
	Provisions	1.019
Total Current Liabilities		135.900
Net Current Assets		77.858
MISCELLANEOUS EXPENSES		0.040
TOTAL		91.220

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	369.246	476.143
		Other Income	3.950	5.181
		TOTAL (A)	373.196	481.324	292.063
Less	EXPENSES
		Cost of Materials Consumed	237.913	215.923
		Purchase of Stock in Trade	98.820	167.670
		Changes in Inventories of Finished Goods	(21.385)	(18.509)
		Employees Benefits Expenses	5.727	5.176
		Administration Expenses	27.956	28.071
		Other expenses	20.199	39.625
		TOTAL (B)	369.230	474.974	290.444
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I		3.966	6.350
Less	FINANCIAL EXPENSES (D)		1.840	1.261
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.126	5.089
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.621	1.193
	PROFIT BEFORE TAX (E-F) (G)		0.505	3.896	1.619
Less	TAX (H)		0.185	1.216	0.500
	PROFIT AFTER TAX (G-H) (I)		0.320	2.680	1.119
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.799	1.119	0.000
	BALANCE CARRIED TO THE B/S		4.119	3.799	1.119
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	19.134	13.566	6.964
	TOTAL EARNINGS		19.134	13.566	6.964
	Earnings Per Share (Rs.)		0.21	1.73	0.72

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.09	0.56	0.38
Net Profit Margin (PBT/Sales)	(%)	0.14	0.82	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.16	1.87	0.72
Return on Investment (ROI) (PBT/Networth)		0.00	0.06	0.02
Debt Equity Ratio (Total Debt /Networth)		0.24	0.37	0.38
Current Ratio (Current Asset/Current Liability)		1.76	1.71	1.57

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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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	No

UNSECURED LOANS :

(Rs in Millions)

PARTICULARS	31.03.2012	31.03.2011
Long term borrowings :
Loans from related parties	21.249	25.431
Total	21.249	25.431

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27100WB2009PTC137679
Name of the company	TECHMA ENGINEERING ENTERPRISE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Stephen House, Room No.51-C, 3^rd Floor, 4, Hemant Basu Sarani, Kolkata – 700 001, West Bengal, India Email : bothrabna@yahoo.co.in
This form is for	Modification of charge
Charge identification number of the modified	10291367
Type of charge	Immovable Property Book Debts Movable Property (not being pledge) Others (Plant and Machinery)
Particular of charge holder	Bank of India, Dobson Lane Branch, P-4, Dobson Lane, Howrah – 711 101, West Bengal, India Email ID: DobsonLane.Howrah@bankofindia.co.in
Nature of description of the instrument creating or modifying the charge	i) L.G.-12, ii) L.G.-15, iii) No Instrument, Supplemental Oral Assent.
Date of instrument Creating the charge	14.11.2012
Amount secured by the charge	Rs. 40.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest will be charged at 3% over Base Rate, Presently 13.50% p.a. with monthly rests. Terms of Repayment Cash Credit repayable on demand Margin Cash Credit (Stock/ Inventories): 25% And Cash Credit [Book Debts (90 days old)]: 25%, Bank Guarantee (Inland): 15%, Bank Guarantee (Foreign): 20%. Extent and Operation of the charge Hypothecation of Stock and Book Debts, Hypothecation of plant and machinery And Equitable mortgage of i) Mouza - Chakhari, Domjur, Howrah. Extent 1.18 acre. J.L.No.3, Old Khatian No.111, R.S.No.254 (Kri), L.R.Khatian No.542 (503), L.R. dag No.18, P.S.Domjur, District Howrah, West Bengal, India
Short particulars of the property charged	Hypothecation of raw materials i.e. Iron & Steels, SIP, semi finished goods, finished goods like fish plates, metal linus etc, scrap, consumable stores. All the book debts outstandings, money receivable, claims and bills etc. Hypothecation of tangible movable machinery & plant (both present and future). Equitable mortgage of i) Mouza - Chakhari, Domjur, Howrah. Extent 1.18 acre. J.L.No.3, Old Khatian No.111, R.S.No.254 (Kri), L.R.Khatian No.542 (503), L.R.dag No.18, P.S.Domjur, District Howrah, West Bengal, India
Date of instrument modifying the charge	14.05.2011
Particulars of the present modification	By this modification, Overall limit has been increased/ revised from Rs.300 Millions to Rs.400 Millions. The details of credit limits are as under:- Facilities Amount Demand (WCFBL) Rs.10.000 Millions NFB BG (Inland) Rs.20.000 Millions Maximum NFB Rs.30.000 Millions Total Maximum Rs.40.000 Millions Other terms and condition remain unchanged.

FIXED ASSETS:

· Air Conditioner

· Computers

· Dice and Gauge

· Electrical Fittings

· Electronic Weighbridge

· Factory Building and Shed

· Furniture and Fixture

· Generator

· Laboratory Equipments

· Land

· Loose Tools

· Motor Car

· Office Equipment

· Plant and Machinery

· Scooter

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. 60.09
UK Pound	1	Rs. 91.58
Euro	1	Rs. 78.08

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		35

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.