MIRA INFORM REPORT

Report Date :

16.03.2013

IDENTIFICATION DETAILS

Name :	BAJAJ POLYBLENDS PRIVATE LIMITED [w.e.f. 27.12.2006]
Formerly Known As :	KANIKA GLOBAL PRIVATE LIMITED
Registered Office :	5F, Everest 46/C, Chow Ringhee Road, P S Shakespear, Sarani, Kolkata-700071, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.04.1997
Com. Reg. No.:	21-083994
Capital Investment / Paid-up Capital :	Rs.9.725 Millions
CIN No.: [Company Identification No.]	U51109WB1997PTC083994
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Plastic Master Batches.
No. of Employees :	50 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 226000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established having moderate track record. The company found to have below-average financial risk profile, marked by small net worth and weal debt protection. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB – [Long Term]
Rating Explanation	Moderate risk of default.
Date	22.08.2012

Rating Agency Name	CRISIL
Rating	A4+ [Short Term]
Rating Explanation	Minimal degree of safety it carry high credit risk.
Date	22.08.2012

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.

INFORMATION PARTED BY

Name :	Mr. Chaudhary
Designation :	Account Head Department
Contact No.:	91-9325132337
Date :	15.03.2013

LOCATIONS

Registered Office :	5F, Everest 46/C, Chow Ringhee Road, P S Shakespear, Sarani, Kolkata-700071, West Bengal, India
Tel. No.:	91-3-22883786
Mobile No.:	91-9325132337 [Mr. Chaudhary]
Fax No.:	91-33-22884774
E-Mail :	bpl@ngp.com
Website :	http://www.ngp.com
Location :	Owned
Head Office :	254, Pandit Ravi, Shankar Shukla Marg, Civil Lines, Imambada Road, Nagpur-440001, Maharashtra, India
Factory :	Plot No. N-19, 20, Additional MIDC, Patal Ganga, Taluka Khalapur, Raigad-440021, Maharashtra, India
Tel. No.:	91-2192-250220
Fax No.:	91-2192-250221

DIRECTORS

AS ON 30.09.2012

Name :	Mr. Ashish Bajaj
Designation :	Director
Address :	254, Pandit Ravi, Shankar Shukla Marg, Civil Lines, Imambada Road, Nagpur-440001, Maharashtra, India
Date of Birth/Age :	27.03.1966
Date of Appointment :	16.04.1997
Din No.:	01281080
Pan No.:	ACJPB6309C
Name :	Mr. Vinod Kumar Bajaj
Designation :	Director
Address :	254, Pandit Ravi, Shankar Shukla Marg, Civil Lines, Imambada Road, Nagpur-440001, Maharashtra, India
Date of Birth/Age :	25.01.1937
Date of Appointment :	30.06.2009
Din No.:	00519541

KEY EXECUTIVES

Name :	Mr. Chaudhary
Designation :	Account Head Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2012

Names of Shareholders	No. of Shares
Bajaj Kanika jointly with Ashish Bajaj	76400
Ashish Bajaj	77500
Suresh Kumar Gupta	10
Bajaj Kumar Vinod jointly with Shakuntala Bajaj	77030
Bajaj Aishwarya jointly with Ashish Bajaj	82600
Bajaj Shakuntala jointly with Vinod Kumar Bajaj	77500
Bajaj Kumar Vinod As Karta of Vinod KR Bajaj and Sons HUF	10
Ampee Textiles Private Limited, India	77500
Associated Biscuit Company Limited, India	77400
Glycosic Merchants Private Limited, India	77500
Aishwarya Polyblends Private Limited, India	77500
Xerxes Traders Private Limited, India	77500
Vedika Trading and Consultancy Private Limited, India	97000
Ramsons Steels Private Limited, India	97000
TOTAL	972450

AS ON 30.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	59.79
Directors or relatives of directors	40.21
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Plastic Master Batches.
Exports :
Products :	Finished Goods
Countries :	Kuwait Iran
Imports :
Products :	Raw Materials
Countries :	Singapore Malaysia
Terms :
Selling :	L/C and Credit / Cheque
Purchasing :	L/C and Credit / Cheque

GENERAL INFORMATION

Customers :

Others [Consignment Agents]

No. of Employees :

50 [Approximately]

Bankers :

Oriental Bank of Commerce, Kingsway, LIC Building, Nagpur-440001, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Term Loan From Banks:
Oriental Bank of Commerce [Secured by way of (1) First charge by way of hypothecation of entire Fixed Assets, both present and future, (2) Equitable mortgage of Factory Land and building at leasehold Plot No.N-19 and N-20, MIDC Industrial Area, Panvel, (3) Collaterally secured by way of Equitable Mortgage of Plot No. C-237, Butibori Industrial Area, Nagpur and Flat No.-501Chitarkoot Apartments, Chinchbhavan, Nagpur (4) Pledge of Certain Fixed Deposit receipts (5) Second charge on all chargeable Current Assets of the company and (6) Personal Guarantee of two Directors of the Company. Terms of repayment: Quarterly installments of Rs. 1750000/- each.]	19.661	24.729
Karur Vysya Bank Limited Forklift Machinery Loan - Secured by hypothecation of machinery financed by them Terms of repayment: Repayable under 63 EMI scheme	0.568	0.753
Vehicle Loans From
HDFC Bank Limited	0.147	0.327
Karur Vysya Bank Limited Secured by hypothecation of vehicles financed by them Terms of repayment: Repayable under 36 EMI scheme	0.547	0.904
Less : Current Maturity	7.670	7.693
Working Capital Loan from Oriental Bank of Commerce	43.125	45.657
TOTAL	56.378	64.677

Banking Relations :	--
Auditors :
Name :	B. Chhawchharia and Company Chartered Accountants
Address :	602, Govind Estates, Plot No. 172, Shivaji Nagar, Nagpur-440010, Maharashtra, India
PAN No:	AADFB3201F

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions
250000	Preferences Shares	Rs.10/- each	Rs.2.500 Millions
	Total		Rs.12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
972450	Equity Shares	Rs.10/- each	Rs.9.725 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.725	9.725	7.785
2] Share Application Money		0.000	0.000	18.000
3] Reserves & Surplus		46.957	43.961	27.839
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		56.682	53.686	53.624
LOAN FUNDS
1] Secured Loans		56.378	64.677	1.388
2] Unsecured Loans		18.847	15.689	12.725
TOTAL BORROWING		75.225	80.366	14.113
DEFERRED TAX LIABILITIES		1.373	0.000	0.007
TOTAL		133.280	134.052	67.744
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		55.970	59.320	11.660
Capital work-in-progress		2.320	0.000	41.318
INVESTMENT		1.083	1.083	1.252
DEFERREX TAX ASSETS		0.000	0.512	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.171	26.958	1.828
	Sundry Debtors	56.885	54.131	0.631
	Cash & Bank Balances	14.943	12.261	4.045
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	10.063	12.144	9.727
Total Current Assets		97.062	105.494	16.231
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.103	21.350	4.850
	Other Current Liabilities	12.052	11.007	0.135
	Provisions	0.000	0.000	0.240
Total Current Liabilities		23.155	32.357	5.225
Net Current Assets		73.907	73.137	11.006
MISCELLANEOUS EXPENSES		0.000	0.000	2.508
TOTAL		133.280	134.052	67.744

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	235.378	92.509	0.000
		Other Income	2.564	1.025	0.532
		TOTAL (A)	237.942	93.534	0.532
Less	EXPENSES
		Cost of Materials Consumed	158.146	90.311
		Manufacturing Expenses	14.576	7.525	0.327
		Employee Benefits Expenses	7.518	5.536
		Other Expenses	17.915	4.382
		Changes in Inventories	16.596	(21.167)
		TOTAL (B)	214.751	86.587	0.327 [Including Financial Expenses]
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		23.191	6.947
Less	FINANCIAL EXPENSES (D)		13.030	6.528
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.161	0.419	0.205
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.989	2.276	0.180
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		6.172	(1.857)	0.025
Less	TAX (H)		3.175	(0.520)	0.007
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		2.997	(1.337)	0.018
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.278)	0.959	0.941
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	(0.100)	0.000
	BALANCE CARRIED TO THE B/S		2.719	(0.278)	0.959
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	65.593	0.000	0.000
	IMPORTS
		Raw Materials	61.307	49.079	NA
		Stores & Spares	0.264	0.306	NA
	TOTAL IMPORTS		61.571	49.385	NA
	Earnings / (Loss) Per Share (Rs.)
	Basic		4.10	(1.88)	0.10
	Diluted		3.08	(1.88)	0.04

Expected Sales (2012-13) : Rs.350.000 Millions.

The above information has been parted by Mr. Chaudhary.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.25	(1.43)	3.38
Net Profit Margin (PBT/Sales)	(%)	2.62	(2.00)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	4.03	(1.13)	0.09
Return on Investment (ROI) (PBT/Networth)		0.11	(0.03)	0.00
Debt Equity Ratio (Total Debt/Networth)		1.33	1.50	0.26
Current Ratio (Current Asset/Current Liability)		4.19	3.26	3.11

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2012 (Rs. in millions)	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Sundry Creditors	11.103	21.350	4.850

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%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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]	PAN of Proprietor/Partner/Director, if available	Yes
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
From Related parties	18.847	15.689
TOTAL	18.847	15.689

FINANCIAL RESULTS:

After making usual adjustments and meeting all expenses the Profit for the year is Rs. 6.172 Millions which is carried forward to the next year along with brought forward Loss of Rs. 278 Million after adjustments of Deferred Tax Rs. 1.885 Millions and Provision for Income Tax Rs. 1.290 Millions.

FUTURE PROSPECTS:

The directors are making best efforts to develop the business further.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10215928
Corporate identity number of the company	U51109WB1997PTC083994
Name of the company	BAJAJ POLYBLENDS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	5F, Everest 46/C, Chow Ringhee Road, P S Shakespear, Sarani, Kolkata-700071, West Bengal, India
Type of charge	Book Debts Movable Property [not being pledge] Immovable Property
Particular of charge holder	Oriental Bank of Commerce, Kingsway, LIC Building, Nagpur-440001, Maharashtra, India Email: bm0134@obc.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental agreement to secure credit /loan facilities, hypothecation agreement, and equitable mortgage deed
Date of instrument Creating the charge	30.06.2012
Amount secured by the charge	Rs.120.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 3.5% (Bank's spread) over Base Rate (present BR of the Bank is 10.50%) which works out presently at 14.00% with monthly rests subject to changes in BR/Spread from time to time. Terms of Repayment Term Loan of Rs. 35.000 Millions should be paid as per the old terms and condition and Cash Credit of Rs. 80.000 Millions, Letter of Credit (Sub-Limit of CC) of Rs. 30.000 Millions and Bank Guarantee of Rs. 5.000 Millions should be repayable on demand. Margin Cash credit -25% Letter of credit -20% margins shall be kept in the shape of un-encumbered duly discharged FDRs/CDRs. Bank Guarantee -20% margin shall be kept in the shape of un-encumbered duly discharged FDRs/CDRs. Extent and Operation of the charge The Charge operates for Cash Credit limit (Rs.80.000 Millions) - Hypothecation of stocks of raw material, stock in progress, finished goods, stores and spares and receivables. For Letter of Credit (Rs.30.000 Millions) (Sub - limit of CC)- Documents of title to goods in case of L/C on DP basis, Hypothecation charge over the goods in case of L/C on DA basis and the documents shall be delivered against Trust Receipt. For Bank Guarantee (Rs.5.000 Millions)- Counter guarantee of the Borrower. Others All terms and condition as per the letter of sanction dated 18th June, 2012 vide Ref. No. RO/L-12370/2011-12
Short particulars of the property charged	Land and Building situated at Plot No. C-237, situated at MIDC Industrial Area, Butibori Dist. Tahsil: Hingna, District: Nagpur Flat No.501, 5th Floor, CHITRAKOOT APARTMENT CONDOMINIUM, Mouza Chinchbhuvan, Nagpur Land and Building situated at leasehold land Plot No. N-19 and N-20 along with the structure standing thereon situated at Addl. Patalganga Industrial Area, Village Chavane, Talika Panvel, Dist. Raigarh Hypothecation of Stocks of Raw Materials, Stock in process, Finished goods, Stores and Spares and Receivables
Particulars of the present modification	Cash Credit limit is enhanced from Rs.65.000 Millions to Rs.80.000 Millions. Letter of Credit (Sub limit of CC) limit is enhanced from Rs.20.000 Millions to Rs.30.000 Millions. Bank Guarantee provided by the Bank is Rs. 500.000 Millions.

FIXED ASSETS:

• Leasehold Land
• Factory Building
• Plant and Machinery
• Equipments and Others
• Vehicles
• Electrical Installation

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.54.16
UK Pound	1	Rs.81.74
Euro	1	Rs.70.50

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.