MIRA INFORM REPORT

Report Date :

24.07.2013

IDENTIFICATION DETAILS

Name :	LILASONS INDUSTRIES LIMITED
Registered Office :	F-5/159, Smiriti Complex, Zone- II, M. P. Nagar, Bhopal – 462011, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	23.10.1992
Com. Reg. No.:	10-007368
Capital Investment / Paid-up Capital :	Rs.30.000 Millions
CIN No.: [Company Identification No.]	U15531MP1992PLC007368
PAN No.: [Permanent Account No.]	AAACL5311N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacture of Beer.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 450000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. It has incurred loss from its operations during 2012. However, 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.

LOCATIONS

Registered Office :	F-5/159, Smiriti Complex, Zone- II, M. P. Nagar, Bhopal – 462011, Madhya Pradesh, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	dscmtnl@rediffmail.com devendraring@gmail.com
Website :	http://www.lilasons.com
Factory :	H-5,6,7, MIDC, Industrial Area, Waluj, Aurangabad – 431136, Maharashtra, India
Tel. No.:	91-240-2555198/ 2555201
Fax No.:	91-240-2564239
E-Mail :	info@lilasons.com

DIRECTORS

(AS ON 29.09.2012)

Name :

Mr. Anil Kumar Lila

Designation :

Director

Address :

H-7, MIDC Industrial Area, Waluj, Aurangabad – 431136, Maharashtra, India

Date of Birth/Age :

25.10.1965

Date of Appointment :

17.05.1993

DIN No.:

00061675

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	U15531MP1992PLC007368	LILASONS INDUSTRIES LIMITED	Director	17/05/1993	17/05/1993	-	Active	NO
2	U70101GA1996PTC002075	LILA ALUMINIUM INDUSTRIES PRIVATE LIMITED	Director	15/04/1996	15/04/1996	07/03/2011	Active	NO
3	U01120MH2002PTC134599	LILASONS FOODS PRIVATE LIMITED	Director	16/01/2002	16/01/2002	-	Active	NO
4	U13100GA2003PTC003274	AMBEY IRON PRIVATE LIMITED	Director	01/01/2010	22/08/2003	25/12/2011	Active	NO
5	U17291DL2007PTC169822	LILA CEMENT INDIA PRIVATE LIMITED	Additional director	04/12/2007	04/12/2007	30/09/2008	Active	NO
6	U45400DL1987PLC027257	SHREE AMRUT SAI DEVELOPER LIMITED	Director	10/12/2007	10/12/2007	15/10/2010	Active	NO
7	U70102DL2008PTC174246	INDEV DEVELOPERS PRIVATE LIMITED	Director	20/02/2008	20/02/2008	-	Active	NO
8	U28990GJ1990PLC026179	J & P FOIL LIMITED	Director	19/04/2010	19/04/2010	09/06/2010	Active	NO
9	U31908MH2007PTC170250	SAMHAN INDIA ELECTRONICS PRIVATE LIMITED	Additional director	01/04/2011	01/04/2011	-	Active	NO

Name :

Mr. Keshavkumar Bhagatram Lila

Designation :

Director

Address :

L917/1A Bansilal Nagar, Station Road, Aurangabad – 431001, Madhya Pradesh, India

Date of Appointment :

11.08.1993

DIN No.:

00146348

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	U15142DL1992PLC047021	LILASONS STEEL TUBES LIMITED	Director	10/07/2010	06/02/1992	01/12/2010	Active	NO
2	U15531MP1992PLC007368	LILASONS INDUSTRIES LIMITED	Director	11/08/1993	11/08/1993	-	Active	NO
3	U24219MH1999PLC118304	MAHARASHTRA PESTICIDE LIMITED	Managing director	11/02/1999	11/02/1999	-	Active	NO
4	U27109WB2004PTC097743	ALLIANCE INFRATECH PRIVATE LIMITED	Director	30/01/2004	30/01/2004	-	Active	NO
5	U31908MH2007PTC170250	SAMHAN INDIA ELECTRONICS PRIVATE LIMITED	Director	24/04/2007	24/04/2007	-	Active	NO
6	U15500MP2010PLC023192	LILASONS ALCO BEV LIMITED	Director	30/05/2012	30/05/2012	-	Active	NO
7	U45400DL2012PTC245528	S.T.B.J. DEVELOPERS PRIVATE LIMITED	Director	31/05/2013	31/05/2013	-	Active	NO

Name :

Mr. Rakesh Kumar Lila

Designation :

Director

Address :

E-4/132, Area Colony, Bhopal – 462026, Maharashtra, India

Date of Appointment :

11.08.1993

DIN No.:

00062119

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	U15531MP1992PLC007368	LILASONS INDUSTRIES LIMITED	Director	11/08/1993	11/08/1993	-	Active	NO
2	U74899DL1992PTC047052	LILASONS INFRASTRUCTURE PRIVATE LIMITED	Director	30/09/1998	30/09/1998	-	Active	NO
3	U72200MP1998PLC012645	M.A.SOFTECH INTERNATIONAL LIMITED	Managing director	20/04/2000	20/04/2000	20/09/2010	Active	NO
4	U15520MP1969PLC001059	LILASONS BRAWERIES LIMITED	Director	01/10/2002	01/10/2002	-	Active	NO

Name :

Mr. Pawan Kumar Lila

Designation :

Director

Address :

Lila Chowk, Old Abadi, Shriganga Nagar – 335001, Rajasthan, India

Date of Appointment :

11.08.1993

DIN No.:

00505703

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	Company/ LLP Status	Defaulting status
1	U15531MP1992PLC007368	LILASONS INDUSTRIES LIMITED	Director	11/08/1993	11/08/1993	Active	NO
2	U15520MP1969PLC001059	LILASONS BRAWERIES LIMITED	Whole-time director	01/12/2008	28/12/2006	Active	NO
3	U31908MH2007PTC170250	SAMHAN INDIA ELECTRONICS PRIVATE LIMITED	Additional director	01/04/2011	01/04/2011	Active	NO

Name :

Mr. Rajendra Kumar Lila

Designation :

Director

Address :

BN – 73, (West), Shalimar Bagh, Delhi – 110088, India

Date of Appointment :

11.08.1993

DIN No.:

00062070

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	U74899DL1984PTC019287	SUPER METAL REROLLERS PRIVATE LIMITED	Director	21/09/1985	21/09/1985	-	Active	NO
2	U51102MP1980PTC001608	LILA TRADING CO PVT LTD	Director	10/05/1990	10/05/1990	-	Active	NO
3	U74899DL1992PTC047210	GAURAV AND COMPANY PRIVATE LIMITED	Director	16/01/1992	16/01/1992	-	Active	NO
4	U15531MP1992PLC007368	LILASONS INDUSTRIES LIMITED	Director	11/08/1993	11/08/1993	-	Active	NO
5	U15520MP1969PLC001059	LILASONS BRAWERIES LIMITED	Director	26/12/2003	26/12/2003	-	Active	NO
6	U15494RJ1974PTC001548	SHAKTI MALT PVT LTD	Director	23/11/2005	23/11/2005	-	Active	NO
7	U17291DL2007PTC169822	LILA CEMENT INDIA PRIVATE LIMITED	Director	24/10/2007	24/10/2007	15/06/2010	Active	NO
8	U15500MP2010PLC023192	LILASONS ALCO BEV LIMITED	Director	11/03/2010	11/03/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2012)

Shareholding Details file attached.

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of Beer.

Products :

Products Description	Item Code No.
Beer made from Malt	22030000

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Oriental Bank of Commerce

Aurangabad Branch, Aurangabad – 431001, Maharashtra, India

· Axis Bank Limited

CTS No.18030, Sakar Building, Adalat Road, Kranti Chowk, Aurangabad – 431001, Maharahstra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Long-term Borrowings
Term loans from banks (Secured against charge of assets)	0.000	23.300
Total	0.000	23.300

Banking Relations :	--
Auditors :
Name :	Surendra Subhash and Company Chartered Accountants
Address :	New Delhi, India
PAN No.:	AARFS2442P
Others Related Parties :	· Shakti Malt Private Limited · Lilasons Alco Bev Limited · Lilasons Braweries 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
3000000	Equity Shares	Rs.10/- each	Rs.30.000 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	30.000	30.000
(b) Reserves & Surplus	82.095	112.278
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1)+(2)	112.095	142.278
(3) Deferred Government Grants	17.889	0.000
(4) Non-Current Liabilities
(a) long-term borrowings	14.269	42.683
(b) Deferred tax liabilities (Net)	32.214	23.510
(c) Other long term liabilities	3.755	3.955
(d) long-term provisions	0.000	2.283
Total Non-current Liabilities (4)	50.238	72.431
(5) Current Liabilities
(a) Short term borrowings	79.858	50.283
(b) Trade payables	68.441	101.781
(c) Other current liabilities	66.292	63.884
(d) Short-term provisions	18.731	6.143
Total Current Liabilities (5)	233.322	222.091
TOTAL	413.544	436.800
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	200.456	185.394
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	1.209	18.462
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	13.537	26.972
(e) Other Non-current assets	0.086	0.071
Total Non-Current Assets	215.288	230.899
(2) Current assets
(a) Current investments	0.002	0.002
(b) Inventories	43.372	38.370
(c) Trade receivables	146.022	162.660
(d) Cash and cash equivalents	3.189	2.428
(e) Short-term loans and advances	5.671	2.441
(f) Other current assets	0.000	0.000
Total Current Assets	198.256	205.901
TOTAL	413.544	436.800

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		30.000
2] Share Application Money		0.000
3] Reserves & Surplus		103.549
4] (Accumulated Losses)		0.000
NETWORTH		133.549
LOAN FUNDS
1] Secured Loans		116.665
2] Unsecured Loans		19.404
TOTAL BORROWING		136.069
DEFERRED TAX LIABILITIES		22.655
TOTAL		292.273
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		182.259
Capital work-in-progress		0.940
INVESTMENT		0.002
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	54.545
	Sundry Debtors	164.758
	Cash & Bank Balances	6.744
	Other Current Assets	0.234
	Loans & Advances	16.262
Total Current Assets		242.543
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	71.760
	Other Current Liabilities	42.209
	Provisions	19.502
Total Current Liabilities		133.471
Net Current Assets		109.072
MISCELLANEOUS EXPENSES		0.000
TOTAL		292.273

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operations	486.189	638.131	1075.605
		Other Income	5.915	2.914	2.773
		TOTAL (A)	492.104	641.045	1078.378
Less	EXPENSES
		Cost of materials consumed	239.597	335.845
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(4.503)	16.819	1031.823
		Employee benefit expense	23.208	24.744
		Other expenses	176.766	225.460
		Extraordinary items	41.807	0.000
		TOTAL (B)	476.875	602.868	1031.823
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.229	38.177	46.555
Less	FINANCIAL EXPENSES (D)		16.239	14.222	12.626
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1.010)	23.955	33.929
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.762	13.708	11.342
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(16.772)	10.247	22.587
Less	TAX (H)		13.411	1.518	15.795
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(30.183)	8.729	6.792
	Earnings Per Share (Rs.)		(10.06)	2.91	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(6.13)	1.36	0.63
Net Profit Margin (PBT/Sales)	(%)	(3.45)	1.61	2.10
Return on Total Assets (PBT/Total Assets}	(%)	(4.07)	2.45	5.32
Return on Investment (ROI) (PBT/Networth)		(0.15)	0.07	0.17
Debt Equity Ratio (Total Debt/Networth)		0.84	0.65	1.02
Current Ratio (Current Asset/Current Liability)		0.85	0.93	1.82

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	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

Particulars	31.03.2012	31.03.2011
	(Rs. In Millions)
Long-term Borrowings
Other loans and advances	14.269	19.383
Long-term Borrowings
Other loans and advances	79.858	50.283
Total	94.127	69.666

PROFITABILITY

During the year company had a net loss mainly due to the rate difference in water charges paid and payable to the Maharashtra Industrial Development Corporation. After decision from honorable court they were compelled to take this into account.

CURRENT YEAR’S OPERATIONS AND FUTURE SCENARIO

The Company has achieved a Turnover of Rs.1196.400 Millions during the year as compared to Rs.1320.700 Millions during the previous year. Less by 10% as compared to last year.

In terms of production, company produced 163304.55 H.L. of beer during the year 2011-2012 as compared to 247186.15 H.L. during the previous year 2010-2011. In production we are less by 34% as compared to last year.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10388784	18/03/2013 *	115,000,000.00	AXIS BANK LIMITED	WALUJ BRANCH OFFICE, WALUJ, AURANGABAD, MAHARASHTRA - 431136, INDIA	B71382725

* Date of charge modification

FIXED ASSETS:

· Land

· Building

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

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 records 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.59.69
UK Pound	1	Rs.91.66
Euro	1	Rs.78.69

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.