1. Summary Information

		Country	India
Company Name	JESONS INDUSTRIES LIMITED	Principal Name 1	Mr. Dhiresh Shashikant Gosalia
Status	Moderate	Principal Name 2	Mr. Madhu Ranchhoddas Mehta
		Registration #	11-122193
Street Address	904, Peninsula Tower No. 1, Ganpat Rao Kadam Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India
Established Date	12.10.1999	SIC Code	--
Telephone#	91-22-66515253 / 66515226	Business Style 1	Manufacturer
Fax #	91-22-66515252	Business Style 2	Exporter
Homepage	http://www.jesons.net	Product Name 1	Adhesives and Binders
# of employees	Not Available	Product Name 2	Pigments
Paid up capital	Rs.89,352,000	Product Name 3	Rubber
Shareholders	Directors or relatives of Directors 100.00 %	Banking	Central Bank of India
Public Limited Corp.	No	Business Period	14 Years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	B (35)
Related Company
Relation	Country	Company Name	CEO
Subsidiary Company	--	Jesons Industries Nepal (Private) Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1092,547,000	Current Liabilities	689,826,000
Inventories	312,160,000	Long-term Liabilities	492,719,000
Fixed Assets	208,980,000	Other Liabilities	35,710,000
Deferred Assets	0,000	Total Liabilities	1,218,255,000
Invest& other Assets	21,346,000	Retained Earnings	327,426,000
		Net Worth	416,778,000
Total Assets	1,635,033,000	Total Liab. & Equity	1,635,033,000
Total Assets (Previous Year)	1,341,299,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	4107,874,000	Net Profit	72,750,000
Sales(Previous yr)	4020,829,000	Net Profit(Prev.yr)	100,625,000

MIRA INFORM REPORT

Report Date :

13.03.2013

IDENTIFICATION DETAILS

Name :	JESONS INDUSTRIES LIMITED
Registered Office :	904, Peninsula Tower No. 1, Ganpat Rao Kadam Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.10.1999
Com. Reg. No.:	11-122193
Capital Investment / Paid-up Capital :	Rs.89.352 Millions
CIN No.: [Company Identification No.]	U24295MH1999PLC122193
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ06269E
PAN No.: [Permanent Account No.]	AAACJ7659P
Legal Form :	A closely held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of synthetic adhesives, Vinyl Acetate and Acrylic Emulsions.
No. of Employees :	Not Available

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 1000000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears slight dip in the profitability during 2012. The external borrowing appears to be increasing over years causing a threat to liquidity position. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal for business dealings with some coution.

NOTES :

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

s

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	FITCH
Rating	LONG TERM BANK FACILITIES : FITCH BB-
Rating Explanation	Indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions.
Date	March, 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 :	904, Peninsula Tower No. 1, Ganpat Rao Kadam Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra
Tel. No.:	91-22-66515253 / 66515226
Fax No.:	91-22-66515252
E-Mail :	info@jesons.net sales.exports@jesons.net
Website :	http://www.jesons.net
Area:	5000 sq. ft.
Location :	Owned
Factory :	Survey No. 377/1/7, Zari Causeway Road, Behind Store Quarry, Kachigam, Daman (Union Territory)

DIRECTORS

As on 29.09.2012

Name :	Mr. Dhiresh Shashikant Gosalia
Designation :	Managing Director
Address :	131 Spenta Tower, 13^th Floor, 55-57 Forjet Street Gowalia Tank, Mumbai – 400 036, Maharashtra, India
Date of Birth/Age :	06.01.1962
Date of Appointment :	12.10.1999
DIN No.:	00217158
Name :	Mr. Madhu Ranchhoddas Mehta
Designation :	Director
Address :	E-3, 701/702, A Wing, New Highway Park, Kandivali (East), Mumbai – 400 101, Maharashtra, India
Date of Birth/Age :	02.06.1941
Date of Appointment :	01.04.2008
DIN No.:	02250878
Name :	Mrs. Madhavi D Gosalia
Designation :	Whole-Time Director
Address :	131 Spenta Tower, 13th Floor, 55-57 Forjet Street Gowalia Tank, Mumbai – 400 036, Maharashtra, India
Date of Birth/Age :	27.06.1963
Date of Appointment :	12.10.1999
DIN No.:	00217199

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Dhiresh Gosalia	708424
Madhavi D Gosalia	70100
Usha S Gosalia	64596
Hemal M Kampani	100
Kiran V Daftary	100
Rajesh D Mody	100
Ravina D Gosalia	25000
Madhusudan Mehta	100
Jhelum D Gosalia	25000
Total	893520

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of synthetic adhesives, Vinyl Acetate and Acrylic Emulsions.

Products :

Product Description	ITC Code
Adhesives and Binders	3906-90
Pigments	3215-90
Rubber	3506-00

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Bank of India, SSI Branch, Andheri (East), Mumbai – 400 069, Maharashtra, India
• Central Bank of India, Main Office, M.G Road, Fort, Mumbai – 400 023, Maharashtra, India
• HSBC Bank Limited
• HDFC Bank Limited
• Standard Chartered Bank
• Citi Bank N.A

Barclays Bank Plc, 601/603, Ceejay House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Rupee Term Loans	107.152	133.439
Loans Repayable On Demand	385.320	267.884
Total	492.472	401.323

Banking Relations :	--
Auditors :
Name :	R. Trivedi and Associates Chartered Accountants
Address :	119, Ground Floor, G-Block, Ranjit Studio, Dadasaheb Palke Road, Dadar, Mumbai-400014, Maharashtra, India
Tel. No.:	91-22-24140957
PAN No.:	AADPT8670Q
Subsidiaries Company :	Jesons Industries Nepal (Private) Limited

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.100/- each	Rs.150.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
893520	Equity Shares	Rs.100/- each	Rs.89.352 millions

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		89.352	89.352	89.352
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		327.426	254.677	154.052
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		416.778	344.029	243.404
LOAN FUNDS
1] Secured Loans		492.472	401.323	387.391
2] Unsecured Loans		0.247	2.283	4.899
TOTAL BORROWING		492.719	403.606	392.290
DEFERRED TAX LIABILITIES		5.845	5.821	4.389
TOTAL		915.342	753.456	640.083
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		208.980	215.581	202.295
Capital work-in-progress		19.543	0.000	14.853
INVESTMENT		1.803	1.803	20.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	312.160	223.547	165.889
	Sundry Debtors	640.905	656.468	430.279
	Cash & Bank Balances	109.565	36.867	50.647
	Other Current Assets	0.166	0.374	0.000
	Loans & Advances	341.911	206.659	204.102
Total Current Assets		1404.707	1123.915	850.917
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	650.354	530.304	388.335
	Other Current Liabilities	39.472	36.240	32.629
	Provisions	29.865	21.299	36.759
Total Current Liabilities		719.691	587.843	457.723
Net Current Assets		685.016	536.072	393.194
MISCELLANEOUS EXPENSES		0.000	0.000	9.741
TOTAL		915.342	753.456	640.083

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	4107.874	4020.829	2216.090
		Other Income	11.941	13.731	8.155
		TOTAL (A)	4119.815	4034.560	2224.245
Less	EXPENSES
		Cost of material consumed	3443.722	3279.918
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(34.970)	(12.676)
		Employee benefit expense	64.435	78.905
		Other expenses	459.828	461.994
		Extraordinary items		18.197
		TOTAL (B)	3933.015	3826.338	2063.523
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		186.800	208.222	160.722
Less	FINANCIAL EXPENSES (D)		63.322	38.272	45.801
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		123.478	169.950	114.921
Less/ Add	DEPRECIATION/ AMORTISATION (F)		26.927	25.873	25.725
	PROFIT BEFORE TAX (E-F) (G)		96.551	144.077	89.196
Less	TAX (H)		23.801	43.452	10.217
	PROFIT AFTER TAX (G-H) (I)		72.750	100.625	78.979
	Earnings Per Share (Rs.)		81.00	113.00	81.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.77	2.49	3.55
Net Profit Margin (PBT/Sales)	(%)	2.35	3.58	4.02
Return on Total Assets (PBT/Total Assets}	(%)	5.98	10.76	8.47
Return on Investment (ROI) (PBT/Networth)		0.23	0.42	0.37
Debt Equity Ratio (Total Debt/Networth)		1.18	1.17	3.49
Current Ratio (Current Asset/Current Liability)		1.95	1.91	1.86

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	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	Yes

UNSECURED LOAN :

Particulars	As on 31.03.2012 (Rs. In Millions)	As on 31.03.2011 (Rs. In Millions)
Loans and Advances from Directors	0.247	2.283
Total	0.247	2.283

REVIEW OF OPERATIONS:

The business environment was extremely challenging and the Top line growth was low at 2.16% due to adverse economic conditions. The Directors are pleased to inform that in spite of difficult times, your Company, based on its intrinsic strength, has broadly maintained its performance, and gross sales from operations remained above threshold mark of Rs. 4000.000 millions during the year.

The profitability was lower as compared to previous year, due to volatility in the prices of Raw Materials, inflationary pressure on costs and exchange Loss. The EBDIT margin is reduced from 5.61% to 4.53%. EBT is also marginally lower from 3.57% to 2.34% as compared to previous year. The Company has achieved Export Sales ( FOB) to the tune of Rs. 537.300 millions. Net profit after accounting for exceptional items and tax is Rs. 72.7 millions. The sudden depreciation of INR v/s USD, since the level of Rs. 44.00 in August 2011 to Rs. 54.50 in December 2011, which was not anticipated, had largely affected the margins of the Company. The exchange loss were mitigated through following Foreign Exchange Risk Management.

BANKERS CHARGES REPORT AS PER REGISTRY :

Corporate identity number of the company	U24295MH1999PLC122193
Name of the company	JESONS INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	904, Peninsula Tower No.1, Ganpat Rao Kadam Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India E-Mail : info@jesons.net
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10187219
Type of charge	Immovable property Book debts Movable property (not being pledge) Bills Receivables
Particular of charge holder	Central Bank of India, Main Office, M.G Road, Fort, Mumbai – 400 023, Maharashtra, India E-Mail : aabid.co@gmail.com
Nature of instrument creating charge	Memorandum of Entry dated 06.04.2012
Date of instrument Creating the charge	06.04.2012
Amount secured by the charge	Rs.1759.600 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Central Bank Of India- Base Rate+4.5% DBS Bank Ltd-(As Mutually) Punjab National Bank - Base rate+4.25% Terms of repayment On demand Margin Stock- 25% Book Debts -25% Extent and operation of the charge Central Bank of India Consortium will have charge 1st pari passu charge on movable assets as more specifically mentioned in joint deed of hypothecation. In case of Mortgage of immovable assets and block assets second pari passu charge in favour of Central Bank of India Consortium for Working Capital.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Unit No. 904, 9th Floor Peninsula Tower, Lower Parel, Mumbai and five car parking spaces bearing 199, 200,201,202,203 together with furniture and fixtures. Five Car Parking spaces in the basement of Peninsula Tower 1, Lower Parel. bearing No.139, 141, 142, 143, 198. Non Agricultural Land at Vill. Kachigam, Taluka: Daman, Dist:Daman Gujarat. bearing Survey No.377/1 (7A) and 377/1 (7B) admeasuring 1463.75 sq.mtr together with land and building, plant and machinery, furniture and fixture Plot No 29/B in KIE Industrial Estate falling in Khasra No.368, 369, 370 togeth with land and building, plant and machinery, furniture and fixture in village Mundiyaki, Pargana: Manglore as mentioned in E.M Sch IV. Plot No 29/B in KIE Industrial Estate falling in Khasra No. 367 , 368 togeth with land and building, plant and machinery, furniture and fixture in village Mundiyaki, Pargana, Manglore as mentioned in Schedule IV. lndustrial premises bearing No.8A having built up area of 650 sq.ft Survey No. 361/(1) to 361/(5) at village kachigam, taluka of daman forming an independent unit. Non Agricultural bearing Survey No.377/1 (16) admeasuring 2063.12 sq.mtrs as per Schedule VI. Current Assets Book Debts All Other Block Assets Which Are Not Mentioned Above.
Date of instrument modifying the charge	14.02.2012
Particulars of the present modification	The hypothecation charge and the Mortgage security shall cover term loan of Rs.154.6 millions, thereby increasing the overall charge from Rs.1605.0 millions to Rs.1759.6 millions

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.54.29
UK Pound	1	Rs.81.09
Euro	1	Rs.70.61

INFORMATION DETAILS

Report Prepared by :

RSMK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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	NO
--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.