MIRA INFORM REPORT

Report Date :

15.03.2013

IDENTIFICATION DETAILS

Name :	SULZER PUMPS INDIA LIMITED
Registered Office :	9, M.I.D.C., Thane Belapur Road, Digha, Navi Mumbai – 400708, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.06.1974
Com. Reg. No.:	11-017561
Capital Investment / Paid-up Capital :	Rs. 25.000 Millions
CIN No.: [Company Identification No.]	U99999MH1974PLC017561
TAN No.: [Tax Deduction & Collection Account No.]	MUMS36628E
PAN No.: [Permanent Account No.]	AAACK2238F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Single Stage Pumps.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (59)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 7170000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. 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.

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

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 DECLINED

MANAGEMENT NON CO-OPERATIVE [91-22-39130560]

LOCATIONS

Registered/ Head Office/ Factory :	9, M.I.D.C., Thane Belapur Road, Digha, Navi Mumbai – 400708, Maharashtra, India
Tel. No.:	91-22-39130500/ 39130525
Fax No.:	91-22-27606812/ 27796814
E-Mail :	Bharatkuimar.dagha@sulzer.com nitinkane@yahoo.co.in ranganathan.hariharan@sulzer.com shashank.patwardhan@sulzer.com
Website :	http://www.sulzerpumps.com

DIRECTORS

AS ON 31.12.2012

Name :	Mr. Venkatasubramanian Narayanaswami Ramanathan
Designation :	Managing director
Address :	603, Opal Powai Vihar, Powai, Mumbai – 400076, Maharashtra, India
Date of Birth/Age :	17.02.1961
Qualification :	B. Sc., M.B.A. (Finance)
Date of Appointment :	01.08.2009
PAN No.:	ASIPR9904Q
DIN No.:	02740746
Name :	Pooran Gokaldas Tahilramaney
Designation :	Director
Address :	301, White House Apartment, N. Gamadia Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	14.04.1928
Date of Appointment :	07.10.1986
DIN No.:	00107873
Name :	Mrs. Heena Doshi
Designation :	Alternate director
Address :	302, Mahavir Sadan, Balaram Street, Grant Road, Mumbai – 400007, Maharashtra, India
Date of Birth/Age :	25.08.1957
Date of Appointment :	25.09.2006
DIN No.:	00364793
Name :	Mr. Ashwin Trimbak Bondal
Designation :	Director
Address :	5/595-D, Narendra Villa, Dr. B. Ambedkar Road, Matunga, Mumbai – 400019, Maharashtra, India
Date of Birth/Age :	14.03.1951
Date of Appointment :	01.08.2008
DIN No.:	00401941
Name :	Markus Adolf Tritschler
Designation :	Director
Address :	Markus Tritschler, Frohbergstieg 20, Schaffhausen
Date of Birth/Age :	18.08.1953
Date of Appointment :	15.05.2007
DIN No.:	01515146

KEY EXECUTIVES

Name :	B. H. Dagha
Designation :	General Manager – Customer Support Services
Name :	D. Sengupta
Designation :	General Manager – Project Management and ORE (Upto April 1, 2011)
Name :	Mr. Sachin Udgirkar
Designation :	General Manager – Project Management (from Sept 9, 2011)
Name :	D. Zarapkar
Designation :	General Manager – HRDA
Name :	Mr. Sanjay Sharma
Designation :	General Manager – Sales and Marketing
Name :	Mr. Shashank Patwardhan
Designation :	General Manager – Finance and Controlling
Name :	Mr. Lajpat Lala
Designation :	General Manager – Manufacturing, Procurement and Operations
Name :	Mr. Milind Kulkarni
Designation :	General Manager – Engineering and ORE

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2012

Names of Shareholders	No. of Shares
Anil Pooran	100
Chetan Jayantilal Shah	2000
Chetan Jayantilal Shah	1000
Heena Doshi	100
N.R. Hariharan	100
Javerbai Shivji Vikamsey	1000
Jayantilal Premiji Shah	2000
Jayashri Suresh Dikshit	100
Nitin Mahadev Kane	100
Anand S. Kothekar	100
Mayur V. Shah	100
Neemjee Gangji Shah	2500
Pramod Kumar Singhal	250
Pratapsey Ratansi Mercant	500
Rajan Raghunath Raje	100
Sadhana Hiren Dand	500
Shashank Chandrakant Patil	500
Sulzer Pumps Limited, Switzerland	2488250
Theresa Joseph Aranjo	100
Tahilramaney Pooran	600
Total	2500000

AS ON 31.12.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	99.53
Others	0.47
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Single Stage Pumps.

Products :

ITC Code	Product Descriptions
8413	Pumps for Liquids

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Unit	Actual Production
PUMPS	Nos.	2,908
SPARES	--	--

Note:

# Not covered under the Industries (Development and Regulation) Act, 1951, as certified by the Management.

@ Assembled against firm orders. Hence, installed capacity dependent upon orders.

* Spares comprise of components dissimilar in nature and hence, quantitative information in respect thereof has not been furnished.

GENERAL INFORMATION

No. of Employees :	Information declined by the management
Bankers :	Ø ICICI Bank, Navi Mumbai, Maharashtra, India Ø Canara Bank, Navi Mumbai, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai – 400028, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAEFP3641G
Fellow Subsidiary company :	Ø Sulzer Pumps (UK) Limited Ø Sulzer Pumpen (Deutschland) Gmbh Ø Sulzer Pumps (Canada) Inc Ø Sulzer Pumps Asia Pacific Pte Limited Ø Sulzer Pumps Mexico, SA de C.V. Ø Sulzer Pumps Finland OY Ø Sulzer Pompes France SASU Ø Sulzer Process Pumps US Inc Ø Sulzer Pumps (US) Inc Ø Sulzer Management AG Ø Sulzer Pumps (Anz) Pty Limited Ø Sulzer Dalian Pumps and Compressors Limited Ø Sulzer Pumps (South Africa) Pty Limited Ø Sulzer Pumps Spain SA Ø Sulzer (Middle East) FZCO Ø Sulzer Brasil SA Ø Sulzer Metco Coatings Limited Ø Sulzer Pumps Suzhou Limited, China Ø Sulzer Pompes Process SASU Ø Sulzer Ali and Sons Oil Field Supplies LLC Ø Sulzer Pumps Sweden Ab Ø Sulzer Pumps (Nigeria) Limited Ø Sulzer Tech India Private Limited [U74140MH2006FTC166028] Ø Sulzer Korea Limited Ø Sulzer Metco Surface Technology Ø Sulzer India Limited, Pune
Holding company :	Ø Sulzer Pumps Limited, Switzerland
Ultimate Holding company :	Ø Sulzer Limited, Switzerland

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,500,000	Equity Shares	Rs. 10/- each	Rs. 25.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012 [15 Months]	31.12.2010 [12 Months]	31.12.2009
SHAREHOLDERS FUNDS
1] Share Capital		25.000	25.000	25.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1767.289	1404.786	1323.748
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1792.289	1429.786	1348.748
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		45.877	0.000	0.000
TOTAL BORROWING		45.877	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1838.166	1429.786	1348.748
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		293.653	311.172	304.329
Capital work-in-progress		52.170	40.613	32.012
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		93.578	132.748	197.249
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	641.783	184.117	158.790
	Sundry Debtors	1715.032	1228.033	1377.162
	Cash & Bank Balances	26.641	542.121	348.189
	Other Current Assets	0.000	0.000	0.060
	Loans & Advances	598.265	305.335	170.547
Total Current Assets		2981.721	2259.606	2054.748
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1038.740	673.201	604.902
	Other Current Liabilities	298.396	214.790	236.663
	Provisions	245.820	426.362	398.025
Total Current Liabilities		1582.956	1314.353	1239.590
Net Current Assets		1398.765	945.253	815.158
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1838.166	1429.786	1348.748

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012 [15 Months]	31.12.2010 [12 Months]	31.12.2009
	SALES
		Operating revenue, net	3776.495	2786.537	2903.771
		Other Income	26.352	28.026	19.732
		TOTAL (A)	3802.847	2814.563	2923.503
Less	EXPENSES
		Consumption materials changes inventories	1994.956	1496.639
		Manufacturing service costs	146.158	95.807
		Employee related expenses	506.327	353.156
		Administrative selling other expenses	504.948	389.902
		TOTAL (B)	3152.389	2335.504	2274.273
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		650.458	479.059	649.230
Less	FINANCIAL EXPENSES (D)		16.549	9.535	14.877
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		633.909	469.524	634.353
Less/ Add	DEPRECIATION/ AMORTISATION (F)		71.326	52.733	43.627
	PROFIT BEFORE TAX (E-F) (G)		562.583	416.791	590.726
Less	TAX (H)		199.460	149.300	202.785
	PROFIT AFTER TAX (G-H) (I)		363.123	267.491	387.941
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1271.741	1216.955	829.014
Less	APPROPRIATIONS
		Final Dividend (Proposed)	--	160.000	--
		Dividend Tax	--	25.956	--
		Transfer to General Reserve	--	26.749	--
	BALANCE CARRIED TO THE B/S		1634.864	1271.741	1216.955
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods on F.O.B. Basis	1401.104	1190.956	1291.837
		Service Charges	0.000	1.203	0.378
	TOTAL EARNINGS		1401.104	1192.159	1292.215
	IMPORTS
		Raw Materials	515.306	438.183	193.493
		Trading Purchases	103.011	30.898	14.099
		Stores and Spare Parts	0.289	0.138	0.141
		Capital Goods	2.566	5.556	1.924
	TOTAL IMPORTS		621.172	474.775	209.657
	Earnings Per Share (Rs.)		145.25	107.00	155.18

KEY RATIOS

8

PARTICULARS		31.03.2012 [15 Months]	31.12.2010 [12 Months]	31.12.2009
PAT / Total Income	(%)	9.55	9.50	13.27
Net Profit Margin (PBT/Sales)	(%)	14.90	14.96	20.34
Return on Total Assets (PBT/Total Assets}	(%)	17.18	16.21	25.04
Return on Investment (ROI) (PBT/Networth)		0.31	0.29	0.44
Debt Equity Ratio (Total Debt/Networth)		0.03	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.88	1.72	1.66

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012 [15 Months]	31.12.2010 [12 Months]	31.12.2009
	(Rs. In Millions)
Sundry creditors
Creditors due small micro enterprises	0.000	0.000	0.000
Creditors due others	1038.740	673.201	604.902
Total	1038.740	673.201	604.902

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	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS

Unsecured Loans	31.03.2012 [15 Months]	31.12.2010 [12 Months]
	(Rs. In Millions)
Working capital loans banks unsecured	45.877	0.000
Total	45.877	0.000

PERFORMANCE REVIEW

The period witnessed an excellent order intake resulting in an all time high of Rs. 4,961 Millions worth order being received compared to Rs. 3,665 Millions in year 2010. There was a significant increase in Exports. On the domestic front the company continues to make significant inroads in Power segment particularly in concentrated solar power.

Pressure on margins continues, due to overall competitive market situation arising out of increased competition. Despite the pressure on margins, due to various cost reduction programs implemented during the period, the company could maintain the profitability level.

The technology transfer program which was successfully completed in 2010 has significantly contributed to the order intake growth. The transfer of technology continues based on market demand and further new models particularly to meet the requirements of power and hydro carbon processing industries (HPI) are being introduced.

The OI for 2012-13 up until now is good, driven by strong OI in concentrated solar power, exports and after sales. Further with a strong order backlog at the end of March’2012, it is expected that sales in the FY 2012-13 would increase significantly both in new and after sales business. Operational excellence through Lean, growth in after sales business (spare parts, repairs and service) and people development along with further improvements in health, safety and sustainability will continue to remain a focus.

The Company continues to focus strongly on improving environment, health and safety. It has implemented Environmental Management System (EMS) and Occupational Health and Safety Management System (OHSMS) and is committed towards the betterment of Environment and Society at large. The occupational health and safety of its employees, visitors and contractors and compliance with the regulatory requirements are given prime importance. As part of the continual improvement programmes, regular trainings are provided to the employees. Annual surveillance audits are conducted by the third party Certification agency to assess the conformance levels.

The Board wishes to place on record their appreciation for the excellent cooperation, commitment and efforts put in by employees and union towards the growth of the company. The Board acknowledges with thanks the excellent support extended by Sulzer Pumps Limited – Switzerland, and all their Group Companies.

CONTINGENT LIABILITIES

Particulars	Rs. in millions	Remarks
(i) Service Tax Matters	10.678	Pertains to disputes with the Central Excise authorities. The Company is in appeal at various appellate levels.
(ii) Income Tax Matters	11.946	Pertains to dispute with Income tax authorities. The Company is in appeal at CIT (Appeals) level.

FIXED ASSETS:

Tangible Assets

v Leasehold Land

v Factory Building

v Office Building

v Plant and Machinery

v Patterns, Jigs and Fixtures

v Equipments

v Furniture and Fixtures

v Vehicles

v Computers

Intangible Assets

v Technical Know-how Fees

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. 54.44
UK Pound	1	Rs. 81.33
Euro	1	Rs. 70.50

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		59

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.