MIRA INFORM REPORT

Report Date :

23.03.2013

IDENTIFICATION DETAILS

Name :	MACO CORPORATION (INDIA) PRIVATE LIMITED
Registered Office :	2/5, Sarat Bose Road, “Sukhsagar Building”, 7^th Floor, Kolkata – 700020, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.04.2002
Com. Reg. No.:	21-094503
Capital Investment / Paid-up Capital :	Rs.25.892 Millions
CIN No.: [Company Identification No.]	U99999WB2002PTC094503
TAN No.: [Tax Deduction & Collection Account No.]	CALM04075B
PAN No.: [Permanent Account No.]	AACCM8740L
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Industrial Equipments Machineries.
No. of Employees :	270 (Approximately) (Office – 20 and Factory – 250)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 2600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track. 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. Company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – June 30, 2012

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

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

INDIAN ECONOMIC OVERVIEW

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

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Letter of Credit: A2
Rating Explanation	Strong degree
Date	27.12.2012

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 (General Details)

Name :	Mr. Dilip
Designation :	Accounts Department
Contact No.:	91-33-28352337/ 28220352
Date :	26.02.2013

LOCATIONS

Registered Office :	2/5, Sarat Bose Road, Sukhsagar Building, 7^th Floor, Kolkata – 700020, West Bengal, India
Tel. No.:	91-33-24543280/ 24758371/ 24758500/ 24543200/ 24543281
Fax No.:	91-33-24543269/ 24769052
E-Mail :	kolkata@macocorporation.com rpatel@macocorporation.com
Website :	www.macocorporation.com
Area :	2000 sq. ft.
Location :	Owned
Factory :	701/702, Midas Sahar Plaza, Andheri Kurla Road, Andheri East, Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-28352337/ 28220352
Fax No.:	91-22-28632375
Location :	Owned
Warehouse :	Vashi, Mumbai, Maharashtra, India
Location :	Rented

DIRECTORS

(AS ON 30.09.2012)

Name :	Mr. Nagesh M. Patel
Designation :	Director
Address :	25/A, Sarat Bose Road, Kolkata – 700020, West Bengal, India
Date of Birth/Age :	25.12.1960
Date of Appointment :	11.04.2002
DIN No.:	00443530
Voter ID No.:	WB/23/446/126710
Name :	Mr. Dhirajlal Hitesh Vasa
Designation :	Director
Address :	75A, Bakul Bagan Road, Kolkata – 700025, West Bengal, India
Date of Birth/Age :	18.03.1962
Date of Appointment :	01.10.2004
DIN No.:	00435289
Name :	Mr. Ramesh Vithaldas Patel
Designation :	Director
Address :	15A, Madhav Chatterjee Lane, Kolkata-700020, West Bengal, India
Date of Birth/Age :	13.06.1947
Date of Appointment :	11.04.2002
DIN No.:	02412325
Voter ID No.:	WB/23/146/306423
Name :	Mr. Ketan R. Patel
Designation :	Director
Address :	15A, Madhav Chatterjee Lane, Kolkata – 700020, West Bengal, India
Date of Birth/Age :	16.01.1973
Date of Appointment :	01.10.2004
Voter ID No.:	WB/23/146/306425

KEY EXECUTIVES

Name :	Mr. Dilip
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2012)

Names of Shareholders	No. of Shares
Maganlal Ambavi Tilva	657500
Nagesh Maganlal Patel	481650
Prafulla Nagesh Tilva	460550
Ramesh V. Patel	35750
Pravinaben Manaharlal	45650
Bharatkumar Madia (HUF)	100
Jayanatilal Madia (HUF)	100
Nagindas Madia (HUF)	100
Meena Madia	100
Alpa Madia	100
Kusum Madia	100
Chetan P. Shah	100
Surekha D. Patel	100
Ramaben Patel	100

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	3.45
Directors or relatives of directors	96.55
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Industrial Equipments Machineries.
Imports :
Products :	Machinery and Tools
Countries :	USA
Terms :
Selling :	Advance
Purchasing :	Advance

GENERAL INFORMATION

Suppliers :	· Genie Machinery – USA
Customers :	· Leela Hotel – J. B. Nagar, Andheri, Mumbai, Maharashtra, India · Hyatt Hotel – Santacruz, Mumbai, Maharashtra, India Wholesaler, retailers and Government
No. of Employees :	270 (Approximately) (Office – 20 and Factory – 250)
Bankers :	· HDFC Bank J B Nagar, Andheri, Mumbai, Maharashtra, India · Union Bank of India M G Road Branch, 134/4, Mahatma Gandhi Road, Kolkata – 700007, West Bengal, India · ABN Amro Bank 18A, Brabourne Road Branch, Kolkata, West Bengal, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	D. K. Madia and Company Chartered Accountants
Address :	29 - A, Weston Street, Kolkata – 700012, West Bengal, India
Tel No.:	91-33-22119907
PAN No.:	ADKPM6230D
Associates Companies :	· IMS Maco Services Private limited CIN No : U74999WB2006PTC107090 · Sibre Brakes (India) Private Limited CIN No : U50200WB2006PTC112088 · Metalock Maco Engineering (India) Private Limited CIN No : U74210WB2009PTC138751 · Aashiyana Goods Private Limited · Progressive Consultancy Services (Private) Limited · Maco Marketing Private Limited · Koppern Maco Services Private Limited

CAPITAL STRUCTURE

(AS ON 30.09.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2589207	Equity Shares	Rs.10/- each	Rs.25.892 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		25.892	25.892	25.892
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		614.134	456.948	322.200
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		640.026	482.840	348.092
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		35.047	46.021	53.116
TOTAL BORROWING		35.047	46.021	53.116
DEFERRED TAX LIABILITIES		0.323	0.025	0.519
TOTAL		675.396	528.886	401.727
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		47.458	34.293	29.949
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		172.773	115.474	103.385
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	104.785	81.133	56.429
	Sundry Debtors	234.491	165.262	144.126
	Cash & Bank Balances	173.006	134.852	112.213
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	214.773	320.394	232.917
Total Current Assets		727.055	701.641	545.685
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	71.485	42.206	75.809
	Other Current Liabilities	127.725	58.396	47.664
	Provisions	72.680	221.920	153.819
Total Current Liabilities		271.890	322.522	277.292
Net Current Assets		455.165	379.119	268.393
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		675.396	528.886	401.727

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	699.759	526.999	457.868
		Project Income	79.505	28.330	85.749
		Commission Income	140.961	115.404	141.970
		Other Income	23.361	16.611	15.797
		TOTAL (A)	943.586	687.344	701.384
Less	EXPENSES
		Purchase of traded goods and services	546.065	376.744
		Increase/ Decrease Stock	(23.652)	(24.704)	199.772
		Employee Benefits Expenses	73.783	61.791
		Other Expenses	104.116	62.248
		TOTAL (B)	700.312	476.079	502.068
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		243.274	211.265	199.316
Less	FINANCIAL EXPENSES (D)		8.348	4.473	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		234.926	206.792	199.316
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.812	4.438	2.692
	PROFIT BEFORE TAX (E-F) (G)		231.114	202.354	196.624
Less	TAX (H)		73.928	67.605	67.238
	PROFIT AFTER TAX (G-H) (I)		157.186	134.749	129.386
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	321.754	192.368
	BALANCE CARRIED TO THE B/S		NA	456.503	321.754
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	133.859	109.437	141.970
	TOTAL EARNINGS		133.859	109.437	141.970
	IMPORTS
		CIF Value	321.997	199.869	244.787
	TOTAL IMPORTS		321.997	199.869	244.787
	Earnings Per Share (Rs.)		60.71	52.04	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	16.66	19.60	18.45
Net Profit Margin (PBT/Sales)	(%)	33.03	38.40	42.94
Return on Total Assets (PBT/Total Assets}	(%)	29.84	27.50	34.16
Return on Investment (ROI) (PBT/Networth)		0.36	0.42	0.56
Debt Equity Ratio (Total Debt/Networth)		0.05	0.10	0.15
Current Ratio (Current Asset/Current Liability)		2.67	2.18	1.97

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	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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

Particulars	31.03.2012	31.03.2011
	(Rs. In Millions)
Loan Repayable on demand
- Loan from Shareholders	19.522	19.121
- Loan from Body Corporate	15.525	26.900
Total	35.047	46.021

OPERATIONS

The Company has achieved a profit of Rs.157.186 Millions. However, the Directors looking forward to better prospects in coming years.

TRADE REFERENCE

· Leela Hotel – J. B. Nagar, Andheri, Mumbai, Maharashtra, India

· Hyatt Hotel – Santacruz, Mumbai, Maharashtra, India

· Genie Machinery – USA

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	10031848
Corporate identity number of the company	U36900WB2002PTC094503
Name of the company	MACO CORPORATION (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2/5, Sarat Bose Road "Sukhsagar Building", 7th Floor, Kolkata – 700020, West Bengal, India kolkata@macocorporation.com
Type of charge	Immovable property Book Debts Movable Property Floating Charge Others: Deposits held as Margin / Collateral with the Bank
Particular of charge holder	Union Bank of India M G Road Branch, 134/4, Mahatma Gandhi Road, Kolkata – 700007, West Bengal, India cbsmgroad@unionbankofindia.com
Nature of description of the instrument creating or modifying the charge	1.Composite Hypothecation Deed (SD-20) 2.Memorandum of Entry for Extension of EM
Date of instrument Creating the charge	24/01/2013
Amount secured by the charge	Rs.572.200 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest a) LG Lt Rs240.000 Millions w/w Import LC (DA upto 90 days) Lt Rs100.000 Millions, usual b) LG Lt Rs72.200 Millions Usual c) Import LC Lt (DA upto 90 days) Rs.250.000 Million, usual w/w LG Lt Rs100.000 Millions, usual. Interest/ Commission are subject to Bank/ RBI/ FEDAI rules Terms of Repayment Entire Credit facilities comprising of a) LG Limit Rs.240.000 Millions w/w Import LC (DA upto 90 days) Limit Rs100.000 Millions b) LG Limit Rs72.200 Millions c) Import LC Limit (DA upto 90 days) Rs.250.000 Millions w/w LG Limit Rs100.000 Millions are repayable on demand Margin a) LG Limit Rs240.000 Millions, Margin 10% w/w Import LC (DA upto 90 days) Limit Rs100.000 Millions, Margin 10% b) LG Limit Rs72.200 Millions, Margin 100% c) Import LC Limit (DA upto 90 days) Rs.250.000 Millions, Margin 10% w/w LG Limit Rs100.000 Millions, Margin 10% Extent and Operation of the charge (a) First charge by way of EM Extension on Co's immovable property comprising of Flat No. 6C at 6th Floor on premises No.2/5 Sarat Bose Road, Kolkata- 20 as per memorandum (b) Hypothecation by way of First Charge on Goods under LC, Book Debts and Deposits held as Margin /Collateral with the Bank c) Floating Charge is created on the rest of Co's undertaking i.e, on all its other assets situated at 2/5, Sarat Bose Road 'Sukh Sagar' Building 7th Floor, Kolkata-20 or elsewhere or are in course of transit. Others Inter-alia to secure the aforesaid credit facilities of Rs 572.200 Millions, sanctioned nd extended by Union Bank of India, M G Road Branch to Maco Corporation (India) Private Limited, the company has created charge on its assets.
Short particulars of the property charged	EM Extension on Co's immovable property comprising of Flat No. 6C at 6th Floor, on premises 'Sukh Sagar Apartment' situated at.2/5Sarat Bose Road,Kolkata-700020 Goods and Equipments imported under LC and so held at company's premises at 2/5, Sarat Bose Road 'Sukh Sagar' Building 7th Floor, Kolkata-20 or third part's sites or elsewhere or are in course of transit Book Debts including the same arising out of sale or disposal of Goods and Equipments Deposits held as Margin /Collateral or otherwise with Union Bank of India, M G Road Branch Floating Charge created on rest of Co's undertaking i.e, on all its other assets situated at 2/5, Sarat Bose Road 'Sukh Sagar' Building 7th Floor, Kolkata-20 or elsewhere or are in course of transit
Date of latest modification prior to the present modification	14/05/2012
Particulars of the present modification	By this modification overall charge registered against the company, Maco Corporation (India) Private Limited in favour of Union Bank of India, M G Road Branch stands modified now to Rs.572.200 Millions.

FIXED ASSETS

· Land

· Office Building

· Air Conditioner

· Motor Vehicle

· Office Equipments

· IT Equipments

· Furniture and Fixtures

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 records 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.54.34
UK Pound	1	Rs.82.56
Euro	1	Rs.70.10

INFORMATION DETAILS

Information Gathered by :	NYN
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.