MIRA INFORM REPORT

Report Date :

14.04.2014

IDENTIFICATION DETAILS

Name :	MAHESWARI ENTERPRISES
Registered Office :	New No: 39 & Old No: 19, Second Floor, Third Trust Cross Street, Mandavelipakkam, Chennai – 600028, Tamilnadu
Country :	India
Year of Establishment :	2007
Capital Investment :	Not Divulged
TIN No.:	33102183264
PAN No.: [Permanent Account No.]	AAOFM7621F
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Turnkey electrical contractors.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having satisfactory track record. Trade relations are fair. Business is active. Payment terms are reported as usually correct. The concern can be considered 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.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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. B Vivek
Designation :	Partner
Contact No.:	91-9566077229
Date :	12.04.2014

LOCATIONS

Registered Office :	New No: 39 & Old No: 19, Second Floor, Third Trust Cross Street, Mandavelipakkam, Chennai – 600028, Tamilnadu, India
Tel. No.:	91-44-24610980
Mobile No.:	91-9566077229 (Mr. B Vivek) 91-9443030159 (Mr.M.Nagarajan) 91-9840187897 (Mr. R.Prabhu) 91-9442152006 (Mr. A. Mariappan)
Fax No.:	91-44-24642548
E-Mail :	chennai@maheswari.co.in b.vivek@maheswari.co.in
Website :	www.maheswari.co.in
Head Office/ Factory :	No. 19/13, Third Street, Tatabad, Coimbatore – 641012, Tamilnadu, India
Tel. No.:	91-422-2498187/ 2497843
Fax No.:	91-422-2496995

PARTNERS

Name :	Mr. M. Nagarajan
Designation :	Partner
Qualification :	B.E(Hons), M. Sc Engg. M.I.E (Elec.)
Name :	Mr. B Vivek
Designation :	Partner
Qualification :	B.E.
Name :	Mr. R Prabhu
Designation :	Partner
Qualification :	B.E.
Name :	Mr. A Mariappan
Designation :	Partner
Qualification :	M.E.

KEY EXECUTIVES

KEY MANAGEMENT TEAM
PARTNER / CHIEF ENGINEER
Name :	Mr. M. Nagarajan
Designation :	Partner / Chief Engineer
Name :	Mr. B. Vivek
Designation :	Partner / Chief Engineer
Name :	Mr. R. Prabhu
Designation :	Partner / Chief Engineer
Name :	Mr. A. Mariappan
Designation :	Partner / Chief Engineer
PROJECT TEAM
Name :	Mr. P. Sankaranarayanan
Designation :	Chief Manager - Projects
Name :	Mr. K. Venkatraman
Designation :	CEIG Coordinator
Name :	Mr. S. R. Senthilkumar
ADMINISTRATION - CHENNAI (BRANCH OFFICE)
Name :	Mr. V.S Raja Shanmugam
Designation :	Accounts Manager
Name :	Mr. A.Mohan
Designation :	Purchase In-Charge
Name :	Mrs. B.Sankari
Designation :	Asst. Accountant
Name :	Mrs. S.K Banu
Designation :	Asst. Billing
ADMINISTRATION - COIMBATORE (HEAD OFFICE)
Name :	Mrs. Padma
Designation :	Accounts Manager
Name :	Mr. Chandrabose
Designation :	Banking and Finance In-Charge
Name :	Mr. Iyyappan
Designation :	Purchase In-Charge
Name :	Mrs. G. Subadhra
Designation :	Sr. Accountant
Name :	Mr. R. Muthukumaran
Designation :	Engineer
Name :	Mr. K. L. Manikandan
Designation :	Site Supervisor
PANEL DIVISION
Name :	Mr. Unnikrishnan
Designation :	Manager - Works
Name :	Mr. Babu
Designation :	Engineer - T & C
Name :	Mr. R. Narayanan
Designation :	Project Engineer
Name :	Mr. R. Alexander
Designation :	Sr. Site Engineer
Name :	Mr. A. Sathish
Designation :	Sr. Site Engineer
Name :	Mr. S. Anbarasu
Designation :	Sr. Site Supervisor
Name :	Mr. K.Thiyagu
Designation :	Sr. Site Engineer
Name :	Mr. S. Srithar
Designation :	Site Engineer
Name :	Mr. J. Victor
Designation :	Sr. Site Supervisor
Name :	Mr. J. Naresh
Designation :	Site Supervisor
Name :	Mr. S. Bharani Kumar
Designation :	Sr. Engineer
Name :	Mr. K. Venkatraman
Designation :	CEIG Coordinator
Name :	Mr. S. R. Senthilkumar
Designation :	Manager – Projects
Name :	Mr. S. Sivaramakrishnan
Designation :	Manager – Projects
Name :	Mr. N. Tirupathiraja
Designation :	Manager – Projects
Name :	Mr. A. Ravi
Designation :	Manager – Projects
Name :	Mr. K. Karunanithi
Designation :	Sr. Project Engineer
Name :	Mr. P. Kumar
Designation :	Sr. Site Engineer
Name :	Mr. K. V. Vijayakannan
Designation :	Sr. Project Engineer
Name :	Mr. K. Muthukumar
Designation :	Project Engineer
Name :	Mr. M. Sathya Moorthy
Designation :	Project Engineer
Name :	Mr. R. Narayanan
Designation :	Project Engineer
Name :	Mr. R. Prabhu
Designation :	Partner / Chief Engineer
Name :	Mr. A. Mariappan
Designation :	Partner / Chief Engineer
PROJECT TEAM
Name :	Mr. P. Sankaranarayanan
Designation :	Chief Manager - Projects

BUSINESS DETAILS

Line of Business :	Turnkey electrical contractors.
Terms :
Selling :
Purchasing :

GENERAL INFORMATION

No. of Employees :	25 (Approximately)
Bankers :	· ICICI Bank Corporation Bank

Banking Relations :	--
Auditors :	Not Divulged
Sister Concerns:	Devishree electrical Address: New No: 39 & Old No: 19, Second Floor, Third Trust Cross Street, Mandavelipakkam, Chennai – 600028, Tamilnadu, India

CAPITAL STRUCTURE

Capital Investment :
Owned :	Not Divulged
Borrowed :	Not Divulged
Total :	--

FINANCIAL DATA

[all figures are in Rupees Millions]

NOT DIVULGED

The above information has been declined by Mr. B Vivek (Partner).

Note: Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
12]	Profitability for last three years	No
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	No
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	No
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

The firm is a partnership firm, and they are a leading A grade electrical Contractors located in Tamilnadu. Their Head office is located at Coimbatore and they have a branch office in Chennai. They have a long list of clients across the manufacturing and service industries. The firm is the entrepreneurial venture of Mr. M Nagarajan, who is the backbone of Ms. Devishree Electricals.

A word about the parent company Ms. Devishree Electricals

Devishree Electricals is a professional electrical contracting company, has executed several E.H.V and M.V/ L.V installations for a wide spectrum of industries for more than three decades. They are super "A" grade electrical license holder (ESA 117) issued by the Electrical Licensing Board of the Government of Tamilnadu. They also hold electrical license (6/CA/96) issued by the Electrical Licensing Board of the Government of Pondicherry. 

Devishree Electricals was established in 1971 as a partnership company based at Coimbatore being headed by their Chief Executive Engineer Mr. M. Nagarajan, an electrical engineer by profession. He has done his B.E (Hons) and M.Sc (Engg) at PSG Tech, a premier institution in South India, which has gained recognition worldwide. With more than 20 years of excellent performance at G E C and N T C behind him, he has managed to spread his corporate wings into various fields like turnkey electrical contracting projects, manufacturing of low tension switchgear panels, energy saving system, maintenance of total plant electrical systems etc., and keeps them soaring high. At present Devishree Electricals has 6 branches over Tamilnadu and Pondicherry, and as a result they have an entire service network in place in South India, which caters to all industrial needs. 

An excellent highly professional dedicated team of senior managers, project engineers and other technical staffs is their strongest asset, which delivers best result to their esteemed clients. In short, DSE stands for Dedicated Smart Engineers - ready to serve the industries in respect to all of their electrical solutions. They are manufacturing low-tension switchgear panels in the brand name of "Devishree” at their works located at Coimbatore. They manufacture all types of switchgear panels such as LT ACB, LTMV, APFC, PMCC, MCC, SDB, DB, LDB, PDB, Control & Relay, Alarm & Annunciation panels, Control Desk and Bus ducts.  Their boards are built with high quality CRCA sheets from Tata and Sail, which gives the panel more strength. They adopt seven-tank process to prevent all types of corrosion and to get best powder coating finish. Their boards are type tested by CPRI – Bangalore that gives more value and safety to their panels.  To ensure the customized design, fabrication, assembly, interconnection arrangements and satisfactory operation, their control and testing engineer test every manufactured panel at their works. Type test and routine test certificates will be issued for tested panels at the time of delivery.  Their boards are always reliable with original components used in all parts, which serve the client best for more years without any trouble.

The partners

Subject is the entrepreneurial venture of Mr.M. Nagarajan, who is the backbone of the Devishree Electricals group. Devishree Electricals is a multicrore ESA contractor with over 40 years of experience in electrical installations.  Though Mr.Nagarajan was happy at the way M/s Devishree Electricals had diversified and mushroomed, he had a desire to head an exclusive firm that could provide safe and reliable power to an exclusive client base. Hence Maheswari Enterprises was born in early 1980’s. In 2007, he was joined by three young, enterprising, dynamic engineers Mr. B.Vivek – Head Projects, Chennai, Mr. R. Prabhu – Head Projects, Coimbatore and Mr. A. Mariappan – Head Production, Coimbatore, who shared his vision and were eager to contribute their mite. Now Maheswari Enterprises is a multicrore partnership firm with the expertise of the experienced and the dynamism of the young.

They are capable of providing a power base at every nook and corner of the state because of their superior infrastructure. The names of the partners are:

· Mr. M. NAGARAJAN, B.E(Hons), M. Sc Engg. M.I.E (Elec.)

Mr. B Vivek B.E.

Mr. R Prabhu B.E

Mr. A Mariappan M.E

The above team works in unison for all turnkey electrical installation projects. They do civil work connected with the turnkey electrical projects and do not do civil works on a stand-alone basis. The turnover of the firm for the last fiscal in Maheswari alone is 6 crores. They have about 25 people working for them in Chennai and this is excluding the contract labor they hire for their projects.

Given below is a list of their projects executed which will give an idea of their capabilities and financial strength. PROJECTS DURING THE YEAR 2011
CLIENT	SCOPE OF WORK	RS IN MILLIONS
“Metro Zone” Anna Nagar by “OZONE” Shapoorji Pallonji and Co Ltd SP Infocity, Kandhanchavadi, Perungudi, Chennai – 600096, Tamilnadu, India	SITC of Conduiting and Electrical works for “ METRO ZONE” Phase – I/II, Residential Complex at Anna Nagar, Chennai by Ozone Promoters, Bangalore.	6.836 Millions
Jipmer, Puducherry Larsen and Toubro Limited ECC Division, Chennai – 600089, Tamilnadu, India	SITC of Electrical works for RCC Block at Jipmer Phase – II , Puducherry	1.600 Millions
Foxconn India Pvt Limited SIPCOT, HI Tech SEZ, Phase – II Sriperumbudur, Kanchipuram Dist, Tamilnadu, India	SITC of Electrical works for Stamping Plant – Work Site 3	1.106 Millions
Air Force Naval Housing Board - Coimbatore Shapoorji Pallonji and Co Ltd SP Infocity, Kandhanchavadi, Perungudi, Chennai – 600096, Tamilnadu, India	SITC of Electrical works for Air Force Naval Housing Board – Coimbatore – Block C, D and Row House A	20.792 Millions
LandT Shipbuilding Limited Kattupalli Village, Ponneri Taluk Thiruvallur District – 600120, Tamilnadu, India	Electrical works for power and control system for ship lift at ship building project at kattupalli Village, Thiruvallur District	7.500 Millions
PROJECTS DURING THE YEAR 2010
CLIENT	SCOPE OF WORK	RS IN MILLIONS
M/s Asian PPG Industries Limited L-10, Phase – II SIPCOT Industrial Park, Mambakkam, Sriperumpudur, Kanchipuram Dist., Tamilnadu, India	Additional Expansion Works – SITC of LT MCC Panels, LT Cables, Earthing, Lighting and Commissioning.	2.760 Millions
M/s Saipem India Projects Limited Yarlagadda Towers Off Nungambakkam High Road, Nungambakkam, Chennai – 600034, Tamilnadu, India	Supply, Installation, Testing and Commissioning of LT HVAC Switchgear Panel Board with Auto Transfer System	1.854 Millions
M/s Foxconn India Private Limited SIPCOT, HI Tech SEZ, Phase II Sriperumbudur, Kanchipuram Dist	SITC of Electrical Works for 3A05 Molding plant	0.618 Millions
M/s Jipmer, Puducherry  Larsen and Toubro Limited ECC Division, Chennai - 600089, Tamilnadu, India	SITC of Electrical Works for Augmentation of Existing Specialities at Jipmer Phase - II, Puducherry	8.150 Millions
"Serenity" - OMR by SFPL  M/s Sree Sabari Constructions 32/17, 2nd Main Road, CIT Colony, Mylapore, Chennai - 600004, Tamilnadu, India	SITC of Electrical Works for "Serenity" Phase I, Residential Complex by Sabari Foundations Private Limited at Siruseri, OMR, Chennai	49.200 Millions
Asian PPG Industries Limited Phase – II SIPCOT Industrial Park, Mambakkam, Sriperumpudur,  Kanchipuram Dist., Tamilnadu, India	Installation of DG and Additional Expansion Works – SITC of LT MCC Panels, LT Cables, Earthing, Lighting and Commissioning.	1.850 Millions

PROJECTS DURING THE YEAR 2009CLIENTSCOPE OF WORK

Natco Organics Limited, Vaikkadu Village, Mannali New Town, Thiruvallur District, Tamilnadu, India

SITC of 11 KV, 2500 KVA Transformer, LT panel boards, LT cables and LT installation for power and lighting. - Phase – I Rs. 20.000 Millions

Their client list includes

· TEXTILES

STEEL ROLLING MILLS / STEEL CASTING

TANERIES / LEATHER FACTORIES / TANNING CHEMICALS

RUBBER INDUSTRIES / ADHESIVES

ENGINEERING / MEDICAL / INSTITUTIONS / INTERIORS SOFTWARE ENGINEERING AND COMPUTER LABS

Their office is situated in the busy section of Chennai in Mandaveli and Mr. B Vivek who is in charge is easily approachable and very helpful. He can be contacted at b.vivek@maheswari.co.in or 9566077229.

All turnkey orders are welcome and the company will execute them within the time frame the customer specifies. Since they are manufacturers of panels and other electrical components they are in a position to execute orders easily.

All the partners have a degree in engineering and hence the firm is technically well placed for customer specifications.

A medium sized firm doing very well in Tamilnadu.

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.60.27
UK Pound	1	Rs.101.10
Euro	1	Rs.83.74

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.