MIRA INFORM REPORT

Report Date :

27.06.2013

IDENTIFICATION DETAILS

Name :	MASTER HANDLERS PRIVATE LIMITED
Registered Office :	17/171B, Kothurd Industrial Estate, Pune – 411 038, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.06.1986
Com. Reg. No.:	25-039998
Capital Investment / Paid-up Capital :	Rs. 9.966 Millions
CIN No.: [Company Identification No.]	U31200mh1986ptc039998
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Thermoforming Machines and Post Forming Machines.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 200000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears some loss incurred during 2012. However, networth of the company is strong. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and condition.

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

Name :	Mr. Ganesh and Prashant
Designation :	Accountant Executive
Contact No.:	91-20-66272700
Date :	22.06.2013

LOCATIONS

Registered Office :	17/171B, Kothurd Industrial Estate, Pune – 411 038, Maharashtra, India
Tel. No.:	91-20-66272700/ 25465604 / 25431049 / 25437894
Fax No.:	91-20-25438525
E-Mail :	press@masterhandlers.com automation@masterhandlers.com gbhole@materhandlers.com iwm@masterhandlers.com contact@masterhandlers.com jshah@masterhandlers.com
Website :	www.masterhandlers.com
Location :	Owned
Factory 1 :	Gut No. 307, Village Kondhapuri, Taluka Shirur, Pune – 412 209, Maharashtra
Tel. No.:	91-2137-270205
Fax No.:	91-2137-270206
Location :	Owned
Factory 2 :	J-523, Opposite Dairy Tops, MIDC, Bhosari, Pune – 411 026, Maharashtra
Tel. No.:	91-20-27121536 / 27128116
Fax No.:	91-20-27119077
Location :	Owned

DIRECTORS

As on: 29.09.2012

Name :

Mr. Jaydeep Jayantilal Shah

Designation :

Director

Address :

Flat No:2, Snehvilla, Deccan Gymkhana, Pune;411004, Maharashtra

Date of Birth/Age :

13.12.1950

Date of Appointment :

03.06.1986

DIN No.:

00110479

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	U31200MH1986PTC039998	Master Handlers Private Limited	Director	03/06/1986	03/06/1986	-	Active	NO
2	U29150MH1990PTC058311	Master Automation And Robotics Private Limited	Director	26/09/1990	26/09/1990	-	Active	NO
3	U32109MH1991PTC064445	Autovue Electronics (Pune) Private Limited	Director	12/12/1991	12/12/1991	-	Active	NO
4	U29299PN1997PTC110474	Jiviba Engineering Private Limited	Director	04/01/1999	04/01/1999	-	Active	NO
5	U74210MH1990PTC058232	Strag Designers Private Limited	Director	06/06/2000	06/06/2000	-	Active	NO
6	U74900PN2008PTC133157	Master Zippel Cleaning Systems Private Limited	Managing director	05/12/2008	05/12/2008	-	Active	NO
7	U29100GJ2009PTC058254	Master Handlers (Guj) Private Limited	Director	07/10/2009	07/10/2009	-	Active	NO
8	U29300GJ2011PTC064099	Master Neptune Paneltech Private Limited	Director	19/02/2011	19/02/2011	-	Active	NO

Name :

Ms. Suvarna Jaydeep Shah

Designation :

Director

Address :

Flat No:2, Snehvilla, Deccan Gymkhana, Pune;411004, Maharashtra

Date of Birth/Age :

05.12.1952

Date of Appointment :

23.09.1997

DIN No.:

00370962

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	U31200MH1986PTC039998	Master Handlers Private Limited	Director	23/09/1997	23/09/1997	-	Active	NO
2	U31909PN2004PTC020032	Arveesh Engineers Private Limited	Director	17/12/2004	17/12/2004	-	Active	NO

Name :

Mr. Mohit Hasmukhlal Shah

Designation :

Director

Address :

Building No. 3 D, Flat No. 13, Siddharth, Phase I, Near Old Bridge, Pune – 411 007, Maharashtra

Date of Birth/Age :

07.01.1961

Date of Appointment :

01.11.2005

DIN No.:

00110644

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	U29150MH1990PTC058311	Master Automation And Robotics Private Limited	Director	13/04/1993	13/04/1993	-	Active	NO
2	U29299PN1997PTC110474	Jiviba Engineering Private Limited	Director	16/09/1997	16/09/1997	-	Active	NO
3	U74210MH1990PTC058232	Strag Designers Private Limited	Director	06/06/2000	06/06/2000	-	Active	NO
4	U31200MH1986PTC039998	Master Handlers Private Limited	Director	01/11/2005	01/11/2005	-	Active	NO
5	U31909PN2004PTC020032	Arveesh Engineers Private Limited	Director	02/01/2013	02/01/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ganesh
Designation :	Accountant Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Jaydeep Jayantilal Shah	37100
Suvarna Jaydeep Shah	19200
Shah Balabhai Jayantilal	3400
Shah Jaydeep Chaitali	6400
Shah Hasmukhbhai Mohit	200
Shah Jayantilal Kamlesh	200
Shah Jayantilal Shailesh	200
Shah Jayantilal Shailesh (Huf)	14100
Shah Jaydeep Shalmali	5600
Shah Jaydeep Guarav	6600
Shah Hasmukbai Virprabha	4350
Doshi Bipinbhai Arunben	300
Gandhi Mahendra Vanmala	200
Doshi Bipinbhai Sandeep	625
Shah Balabhai Jayantilal [Huf]	1000
Doshi Shrikant Shilpa	50
Jiviba Engineering Private Limited	5
Autovue Electronics (Pune) Private Limited	5
Sachin Shirishchand Gandhi	10
Jai Sachin Gandhi(Minor) Shalmali S. Gandhi	10
Maitr! Sachin Gandhi(Minor) Shalmali S. Gandhi	10
Master Automation and Robotrics Private Limited	10
Master Handlers (Guj) Private Limited	10
Aditya Himanshu Shah (Minor) Chaitali H.Shah	10
Dishagauravshah	10
Himanshu Shah	10
Mahi Himanshu Shah(Minor) Chaitali H.Shah	10
Strag Designers Private Limited	10
Dilip R. Wate	10
Master Zippel Cleaning Systems Private Limited	10
Bipinchandra M. Doshi	5
Total	99660

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	0.05
Directors or relatives of directors	84.80
Other top fifty shareholders	15.15
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Thermoforming Machines and Post Forming Machines.

Products :

ITC Code	Production or Services
84289090	Handling System
84793000	Machine and Mech. Appliances
84392000	Impregnator Machine

Exports :

Products :

Thermoforming Machines, Post Forming Machines

Countries :

Turkey

Imports :

Products :

Raw Materials

Countries :

Japan

Terms :

Selling :

L/C, Cash and Credit (30 days/ 60 days)

Purchasing :

L/C, Cash and Credit (30 days/ 60 days)

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Handling System	Nos/ Parts	--	--	27
HPL/ Press	Nos/ Parts	--	--	79
Control Paneql	Nos/ Parts	--	--	99
Laminating Hot Press	Nos/ Parts	--	--	03
Industrial Washing Machine	Nos/ Parts	--	--	05
Impregnator Machine	Nos/ Parts	--	--	18
Rotary Cutter	Nos/ Parts	--	--	01

GENERAL INFORMATION

Customers :

OEM’s

No. of Employees :

150 (Approximately)

Bankers :

State Bank of India, 1548A, Commercial Branch, Sadashiv Peth, Pune - 411030, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long term borrowing
HDFC Bank Car Loan Aginst Hypothecation of Indica Car	0.000	0.069
HDFC Bank Car Loan Aginst Hypothecation of Bolero Jeep	0.196	0.293
HDFC Bank Car Loan Aginst Hypothecation of Tata Winger	0.233	0.369
HDFC Bank Car Loan Aginst Hypothecation of Wagon R	0.228	0.291
Short term borrowing
Cash credit with State Bank of India	0.908	3.190
Export Packing credit with State Bank of India	15.094	9.281
HDFC Bank Car Loan Aginst Hypothecation of Indica Car	0.069	0.083
HDFC Bank Car Loan Aginst Hypothecation of Bolero Jeep	0.097	0.088
HDFC Bank Car Loan Aginst Hypothecation of Tata Winger	0.136	0.121
HDFC Bank Car Loan Aginst Hypothecation of Wagon R	0.062	0.056
Total	17.023	13.841

Banking Relations :	--
Auditors :
Name :	N.T. Kitekar and Company Chartered Accountants
Address :	P.M.c Servant’s Co-op Urban Bank Building, Phadatare Chowk, 669 (New 768), Sadashiv Peth, Pune - 411030, Maharashtra, India
PAN No.:	ACJPK3299A
Related Parties :	Master Machinist Master Automation and Robotics Private Limited, Pune Autovue Electronics (Pune) Private Limited, Pune Strag Designers Private Limited, Pune Jiviba Engineers Private limited, Pune Master Zippel Cleaning Systems Private Limited Master Handlers (Gujarat) Private Limited, Gujarat

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99660	Equity Shares	Rs.100/- each	Rs. 9.966 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	9.966	9.966
(b) Reserves & Surplus	41.881	42.138
(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)	51.847	52.104
(3) Non-Current Liabilities
(a) long-term borrowings	26.431	26.796
(b) Deferred tax liabilities (Net)	0.000	0.041
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	26.431	26.837
(4) Current Liabilities
(a) Short term borrowings	41.409	31.536
(b) Trade payables	62.438	79.931
(c) Other current liabilities	0.643	1.150
(d) Short-term provisions	4.691	13.328
Total Current Liabilities (4)	109.181	125.945
TOTAL	187.459	204.886
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	41.752	48.565
(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
(c) Deferred tax assets (net)	0.302	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	42.054	48.565
(2) Current assets
(a) Current investments	49.407	48.298
(b) Inventories	24.631	23.294
(c) Trade receivables	25.768	47.306
(d) Cash and cash equivalents	0.484	2.269
(e) Short-term loans and advances	45.115	35.154
(f) Other current assets	0.000	0.000
Total Current Assets	145.405	156.321
TOTAL	187.459	204.886

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.966
2] Share Application Money		0.000
3] Reserves & Surplus		26.939
4] (Accumulated Losses)		0.000
NETWORTH		36.905
LOAN FUNDS
1] Secured Loans		41.195
2] Unsecured Loans		40.399
TOTAL BORROWING		81.594
DEFERRED TAX LIABILITIES		0.761
TOTAL		119.260
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		52.251
Capital work-in-progress		0.000
INVESTMENT		46.081
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.894
	Sundry Debtors	42.311
	Cash & Bank Balances	3.208
	Other Current Assets	0.000
	Loans & Advances	28.541
Total Current Assets		103.954
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28.702
	Other Current Liabilities	51.729
	Provisions	1.330
	Arbitration Award Amount under dispute	1.265
Total Current Liabilities		83.026
Net Current Assets		20.928
MISCELLANEOUS EXPENSES		0.000
TOTAL		119.260

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	145.321	241.087
		Other Income	4.908	19.989
		TOTAL (A)	150.229	261.076	181.412
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	236.606	168.158
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	24.470	13.254
Less	FINANCIAL EXPENSES (D)		NA	6.109	6.751
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	18.361	6.503
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	0.000	0.000
	PROFIT BEFORE TAX (E-F) (G)		NA	18.361	6.503
Less	TAX (H)		NA	3.163	1.346
	PROFIT AFTER TAX (G-H) (I)		NA	15.198	5.157
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	26.108	20.951
	BALANCE CARRIED TO THE B/S		NA	41.306	26.108
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	11.009	46.215	46.401
	TOTAL EARNINGS		11.009	46.215	46.401
	IMPORTS
		Raw Materials	13.518	20.692	5.364
	TOTAL IMPORTS		13.518	20.692	5.364
	Earnings Per Share (Rs.)		NA	152.50	--

Particulars	31.03.2013
Sales Turnover (Approximately)	121.000
	(Due to less order)

Expected Sales (2013-2014): Rs. 150.000 Millions

The above information has been parted by Mr. Ganesh (Accountant Executive)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	5.82	2.84
Net Profit Margin (PBT/Sales)	(%)	NA	7.61	0.00
Return on Total Assets (PBT/Total Assets}	(%)	NA	8.96	4.16
Return on Investment (ROI) (PBT/Networth)		NA	0.35	0.18
Debt Equity Ratio (Total Debt/Networth)		1.31	1.11	2.21
Current Ratio (Current Asset/Current Liability)		5.50	1.24	1.25

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%	Yes
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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	No

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Defferal Sales Tax	25.174	25.174
Master Automation and Robotics Private Limited	0.600	0.600
Loans and advance from related parties	25.043	18.717
Total	50.817	44.491

FIxed Assets:

· Land

· building

· Plant and Machinery

· Computer

· Vehicles

· Computer

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. 59.85
UK Pound	1	Rs. 92.31
Euro	1	Rs. 78.22

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		42

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.