MIRA INFORM REPORT

Report Date :

29.07.2013

IDENTIFICATION DETAILS

Name :	KLJ RESOURCES LIMITED
Registered Office :	8, Camac Street, Kolkata – 700017, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.11.1986
Com. Reg. No.:	21-041487
Capital Investment / Paid-up Capital :	Rs.250.000 Millions
CIN No.: [Company Identification No.]	L67120WB1986PLC041487
TAN No.: [Tax Deduction & Collection Account No.]	CALK03240G
PAN No.: [Permanent Account No.]	AABCK1181C
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Trader of Chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 3340000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Latest financial i.e. 2011-2012 are not made available. However, from the previous year record it seems that financial position of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

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

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A1 (Letter of Credit)
Rating Explanation	Highest degree of safety. It carry lowest credit risk.
Date	December 6, 2012

Rating Agency Name	CRISIL
Rating	A (Cash Credit)
Rating Explanation	Adequate degree of safety. It carry low credit risk.
Date	December 6, 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 :	8, Camac Street, Kolkata – 700017, West Bengal, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	praveen@kljindia.com
Website :	http://www.kljindia.com
Corporate Office:	KLJ House 63, Rama Marg, Najafgarh Road, New Delhi - 110015, India
Tel. No.:	91-11-25459706
Fax No.:	91-11-25459709
E-Mail :	mukesh@kljindia.com chauhan@kljindia.com

DIRECTORS

As on: 29.09.2012

Name :	Mr. Hemant Jain
Designation :	Managing Director
Address :	6-B/9, N.E.A, Old Rajinder Nagar, New Delhi - 110060, India
Date of Birth/Age :	18.08.1971
Date of Appointment :	01.10.2005
DIN No.:	00506995
Name :	Mr. Dilip Kumar Karan
Designation :	Director
Address :	63, Rama Marg, New Delhi - 110015, India
Date of Birth/Age :	06.02.1953
Qualification :	Graduate
Date of Appointment :	10.10.1997
DIN No.:	00061804
Name :	Mr. Sudeep Mehta
Designation :	Director
Address :	13, Surya Nagar, Karkhana, Secunderabad - 500003, Andhra Pradesh, India
Date of Birth/Age :	21.02.1970
Date of Appointment :	29.09.2012
DIN No.:	00483072
Name :	Mr. Umakant Upendra Bhobe
Designation :	Director
Address :	1, Gautam Niwas, J.P. Road, Andheri (West), Mumbai - 400053, Maharashtra, India
Date of Birth/Age :	15.01.1942
Date of Appointment :	01.10.2005
DIN No.:	01489172
Name :	Mr. Sunil Andley
Designation :	Director
Address :	7276, Pkt-7, Sectord, Vasant Kunj, New Delhi, India
Date of Birth/Age :	26.02.1963
Date of Appointment :	22.07.2011
Name :	Mr. Shanti Lal Dugar
Designation :	Director
Address :	3/104, 2nd Floor, Ramesh Nagar, New Delhi – 110015, India
Date of Birth/Age :	16.07.1978
Date of Appointment :	22.07.2011
DIN No.:	03441727
Name :	Mr. Virendra Kumar Singhi
Designation :	Director
Address :	K-71, Kirti Nagar, New Delhi – 110015, India
Date of Birth/Age :	02.10.1964
Qualification :	Graduate CA Inter
Date of Appointment :	30.09.2009
DIN No.:	00028824

KEY EXECUTIVES

Name :	Mr. Praveen Sharma
Designation :	Secretary
Address :	K-117, Kirti Nagar, New Delhi - 110015, India
Date of Birth/Age :	13.09.1965
Date of Appointment :	01.04.2009
PAN No.:	ALQPS6513F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	47.28
Directors or relatives of directors	52.11
Other top fifty shareholders	0.43
Others	0.18
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Chemicals

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Punjab National Bank, Large Corporate Branch, A-9, Connaught Place, New Delhi - 110001, India
• State Bank of India (Lead Bank), Commercial Branch, N-3, South Extension Part-I, New Delhi - 110049, India
• HDFC Bank, G-3-4, K. G. Marg, New Delhi - 110001, India
• State Bank of India, B- 2, C, Block Community Centre, Naraina Vihar, New Delhi – 110028, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans banks secured	236.410	235.175
Loans taken for vehicles secured	0.411	2.753
Total	236.821	237.928

Banking Relations :	--
Auditors :
Name :	R. Pugalia and Company Chartered Accountants
Address :	20E, Lake Road, Kolkata - 700029, West Bengal, India
PAN No.:	AFUPP1211P
Associates Company :	KLJ Polymers and Chemicals Limited KLJ Plasticizers Limited KLJ Organic Limited KLJ Organic (Thailand) Limited Kundalia Industries Silvassa Plast KLJ Developers Private Limited Shree Pigments (Private) Limited Kinetic Impex Limited Koyo Lift Systems India Private Limited

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7160000	Equity Shares	Rs.10/- each	Rs.71.600 Millions

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions
800000	Non Cumulative Fully Convertible Preference Shares	Rs.250/- each	Rs.200.000 Millions
	Total		Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions
800000	Non Cumulative Fully Convertible Preference Shares	Rs.250/- each	Rs.200.000 Millions
	Total		Rs.250.000 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		250.000	250.000	50.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		586.436	318.766	108.049
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		836.436	568.766	158.049
LOAN FUNDS
1] Secured Loans		236.821	237.928	0.000
2] Unsecured Loans		246.229	60.355	189.031
TOTAL BORROWING		483.050	298.283	189.031
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1319.486	867.049	347.080
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		43.166	44.403	46.329
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		8.753	7.037	12.219
DEFERREX TAX ASSETS		3.355	2.739	1.658
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2022.115	1383.690	532.963
	Sundry Debtors	897.979	403.327	279.689
	Cash & Bank Balances	320.167	146.996	89.758
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	248.962	84.451	112.219
Total Current Assets		3489.223	2018.464	1014.629
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	846.513	396.945	405.475
	Other Current Liabilities	1378.498	808.649	269.162
	Provisions	0.000	0.000	53.118
Total Current Liabilities		2225.011	1205.594	727.755
Net Current Assets		1264.212	812.870	286.874
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1319.486	867.049	347.080

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	5542.058	3574.657	2014.963
		Other Income	25.627	15.951	19.993
		TOTAL (A)	5567.685	3590.608	2034.956
Less	EXPENSES
		Consumption materials changes inventories	4773.105	3094.530
		Manufacturing service costs	1.178	2.300
		Employee related expenses	34.734	18.092
		Administrative selling other expenses	351.998	147.619
		TOTAL (B)	5161.015	3262.541	1965.880
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		406.670	328.067	69.076
Less	FINANCIAL EXPENSES (D)		0.000	0.000	28.361
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		406.670	328.067	40.715
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.575	4.603	4.047
	PROFIT BEFORE TAX (E-F) (G)		402.095	323.464	36.668
Less	TAX (H)		134.425	112.747	12.013
	PROFIT AFTER TAX (G-H) (I)		267.670	210.717	24.655
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		289.632	78.915	54.260
	BALANCE CARRIED TO THE B/S		557.302	289.632	78.915
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	69.597	145.370	51.678
	TOTAL EARNINGS		69.597	145.370	51.678
	IMPORTS		4460.246	3328.675	1842.703
	Earnings Per Share (Rs.)		53.53	42.14	4.93

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.81	5.87	1.21
Net Profit Margin (PBT/Sales)	(%)	7.26	9.05	1.81
Return on Total Assets (PBT/Total Assets}	(%)	11.38	15.68	3.43
Return on Investment (ROI) (PBT/Networth)		0.48	0.57	0.23
Debt Equity Ratio (Total Debt/Networth)		0.58	0.52	1.20
Current Ratio (Current Asset/Current Liability)		1.57	1.67	1.39

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	No
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

UNSECURED LOAN

(Rs. In Millions)

	As on 31.03.2011	As on 31.03.2010
Debts bonds other instruments unsecured	240.000	0.000
Working capital loans others unsecured	6.229	60.355
Total	246.229	60.355

LISTING OF SECURITIES

The Company’s Equity Shares are listed on following stock exchanges:

i. The Calcutta Stock Exchange Limited

REVIEW OF OPERATIONS

It would be their pleasure to inform you that the Company has yielded a good growth during the previous financial year. Subject has earned a gracious net profit of Rs.267.700 Millions for the financial year ended on 31st day of March 2011. Sales of the Company shows a steep inclination of Rs.1967.300 Millions in F.Y. 2010-11. This is a continuous endeavor of your Directors to bring best value to your investments.

MANAGEMENT DISCUSSION AND ANALYSIS

OVERVIEW

The financial statements are prepared in compliance with the requirements of the Companies Act, 1956. There are no material departures from the prescribed Accounting Standards and in the adoption of the Accounting Standards. The management of Subject accepts responsibility for the integrity and objectivity of these financial statements.

REVIEW OF OPERATIONS:

Company is engaged mainly in trading of Chemicals like Ha, Paraffin Solvents, Isodecyl Alcohol (IDA), C-20 Compounds, Heavy Normal Paraffin, Toluene, Isopropyl Alcohol (IPA) Benzene, Mono Ethylene Glycol (MEG, Mixed Xylene, Base Oils etc. These products are imported for trading purposes in India as well as in overseas market. Today it is one of the leading importers of petrochemical products in India. As the basic petrochemical products are used for the manufacture of basic raw material for many industries at large, their demand is ever growing. These raw materials are highly used in the pharmaceuticals, paints & thinners, agrochemicals, pesticides, fire chemicals, polyester resins, emulsifiers, wire enamels, rubber, printing ink, lamination and packaging, lubricants, and detergents.

The Indian economy has emerged with remarkable rapidity from the slowdown caused by the global economic crisis and emerged stronger in 2011. The Indian economy is estimated to grow at 8.6 per cent in 2010-11 as compared to the growth rate of 8.0 per cent in 2009-10. The overall performance during the year 2009-11 has been very satisfactory considering the yet prevailing slump down in global economy. Although the global economic conditions were not as worse as those were during F.Y.2008-09 but improvement rate in the world market remained on the moderate side of progress.

Performance of Indian Rupee against Dollar had improved significantly in the year 2009-2010. During current fiscal year, the monthly average exchange rate of Indian Rupee has generally been range bound, moving in range of Rs.44-47 per US Dollar between April and December

2010 According TO Economic Survey 2010-11. The Exchange Rate of Indian Rupee depreciated by 1.5% against the US Dollar. During the financial year under review in India, the overall imports in Chemicals and Petrochemicals decreased from 9.2% to 7.2%.

Since, the Company possesses a strong network of highly skilled and motivated marketing team spread nation-wide consisting of agents & distributors, and a growing list of industry leaders as customers it has been successful in gaining an competitive edge. The Management team maintains a very close contact to get the feedback of customer needs. While remaining ahead in adaptability of most modern technologies in this competitive age, the Company attaches substantial value to the emotional and personal relationships while dealing with customers, employees and the society, at large. Due to these valuable assets in its bag, the Company has yielded audited turnover to the tune of Rs. 5559.400 Millions i.e. Turnover of the Company increased by Rs.1967.300 Millions in Comparison to previous financial year.

The Financial Results of the Company shows a tremendous positive potential of building a highly respectable image in the petrochemical trading sector. The Company is on the path of growth defeating price fluctuations and other market vagaries.

CONTINGENT LIABILITIES

(i) Contingent Liabilities are defined in AS 29 on “Provision on Contingent Liabilities and Contingent Assets” issued by the Institute of Chartered Accountants of India, are disclosed by the way of Notes to Accounts. Provision is made, if it becomes probable that an outflow of future economic benefits will be required for the item previously dealt with as Contingent Liability.

(ii) Net Outstanding LC’s with Bank: Rs.480.045 Millions (Previous Rs.209.227 Millions)

(iii) Company has filed suit for recovery of possession of property owned by company and damages against 4 tenants before Hon’ble Delhi High Court which is sub- judice, and such legal proceedings are at different stages as at the date of the Balance Sheet and are expected to materialise in recovering the dues in the future.

(iv) In respect of Bank Guarantees given to different parties Rs.0.600 Million (Previous Rs.0.600 Million)

FIXED ASSETS

• Land
• Building
• Office Equipments
• Computer Equipments
• Furniture and Fixtures
• Vehicles
• Knowhow
• Goodwill

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.58.91
UK Pound	1	Rs.90.68
Euro	1	Rs.78.22

INFORMATION DETAILS

Report Prepared by :

SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.