MIRA INFORM REPORT

Report Date :

26.04.2014

IDENTIFICATION DETAILS

Name :	UNITED RUBBER INDUSTRIES (INDIA) PRIVATE LIMITED
Registered Office :	13, Ashiana Towers, I.C. Colony, Borivali (West), Mumbai – 400 013, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.04.2004
Com. Reg. No.:	11-145901
Capital Investment / Paid-up Capital :	Rs.15.285 millions
CIN No.: [Company Identification No.]	U25100MH2004PTC145901
TAN No.: [Tax Deduction & Collection Account No.]	MUMU00654D
PAN No.: [Permanent Account No.]	AAACU6911F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Rubber Products.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (22)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating takes into consideration the delays by the company in servicing its debt obligation. However, business is active. Payment terms are reported to be slow. The company can be considered for business dealings on a secured 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

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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Loans: C
Rating Explanation	Very high risk of default.
Date	July, 2013

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. D’Souza
Designation :	General Manager - HR Department
Contact No.:	91-22-28145134
Date :	25.04.2014

LOCATIONS

Registered Office :	13, Ashiana Towers, I.C. Colony, Borivali (West), Mumbai – 400 013, Maharashtra, India
Tel. No.:	91-22-28143724
Fax No.:	91-22-28184614
E-Mail :	exports@unitedrubber.net domestic@unitedrubber.net amitakamat@unitedrubber.net
Website :	http://www.unitedrubber.net
Location :	Owned
Head Office/ Factory/ Warehouse :	Jay Vailankani Industrial Estate, Behind Gas Godown, Bhayandar Kashi Mira Road, Bhayandar (East), Thane – 401 105, Maharashtra, India
Tel No.:	91-22-28145134/ 35/ 36
Overseas Office :	United Rubber LLC 380, Mountain Rd, Suite 1413, Union City, New Jersey 07087 USA
Tel. No.:	+1 646 403 9867
E-Mail :	giree@unitedrubber.net

DIRECTORS

AS ON 30.09.2013

Name :	Mr. Bellairu Ajith Bellairu Muthanna Rai
Designation :	Director
Address :	13, Ashiana Towers, I.C. Colony, Borivali (West), Mumbai – 400 103, Maharashtra, India
Date of Birth/Age :	10.04.1947
Date of Appointment :	23.04.2004
DIN No.:	02162054
Name :	Mrs. Yashoda Ajit Rai
Designation :	Director
Address :	13, Ashiana Towers, I.C. Colony, Borivali (West), Mumbai – 400 103, Maharashtra, India
Date of Birth/Age :	15.09.1957
Date of Appointment :	23.04.2004
DIN No.:	02602217

KEY EXECUTIVES

Name :	Mr. D’Souza
Designation :	General Manager - HR Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Note:

Shareholding details file attached.

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	94.85
Other top fifty shareholders	5.15
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Rubber Products.
Exports :
Products :	Rubber Products
Countries :	USA Middle East Asian Countries UK Europe Switzerland Sri Lanka, etc.
Imports :
Products :	Raw Materials
Countries :	USA Japan China Korea
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011):

Particulars	Actual Production [Quantity/Units]
Hoses	3896486
Molded Items	409467
Metal to Rubber	328904
O Rings/Gaskets	2186
Extruded Strips	150642

GENERAL INFORMATION

Customers :

• Alstom Power Systems
• Arkay Industries
• Auto Sport Engineering
• Bombay Automobiles
• British Seals and Rubber Mouldings Limited
• Clayton
• Dodson Autospares Limited
• Essar Steel Limited
• Force Motors Limited – Pithampur
• KGS Engineering Limited
• LG Motorsports
• Mahindra and Mahindra Hyderabad - SPD
• Mahindra and Mahindra Limited (TD)
• Tractor Engineers Limited
• Trident Agencies
• Unilec Engineers Limited
• Vijay Sabre Safety Private Limited

No. of Employees :

300 (Approximately)

Bankers :

• State Bank of India, Commercial Branch Vile Parle, Shyam Kamal, Trade Centre, Agarwal Market, Vile Parle (East), Mumbai – 400 057, Maharashtra, India
• Bank of Maharashtra, Kailash Kutir, Plot B, Off L.T. Road, Maharashtra Nagar, Borivali (West), Mumbai – 400 092, Maharashtra, India
• Small Industries Development Bank of India, 11-13, Atlanta Building, 209, First Floor, V.K. Shah Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Car Loan	0.000	0.000
Term Loan I	4.251	7.342
Term Loan II	2.715	4.269
Term Loan III	6.493	8.603
Term Loan IV	11.341	14.320
Term Loan V	13.500	0.000
Term Loan VI	6.996	0.000
SIDBI Loan I	0.000	0.420
SIDBI Loan II	0.548	1.099
SIDBI Loan III	2.200	3.400
Interest Payable For March’ 13	1.794	1.976
Magma Finance Tempo Loan	0.000	0.244
Kotak Mahindra Prime Limited	1.117	2.109
Reliance Commercial Finance	0.627	0.942
Kotak Mahindra Truck Loan	0.284	0.623
HDFC Car Loan	1.177	0.000
HDFC Car Loan	1.308	0.000
SHORT TERM BORROWINGS
Cash Credit A/c	164.475	118.472
Total	218.826	163.819

Banking Relations :	--
Auditors :
Name :	Majibail and Company Chartered Accountants
Address :	7, Nachiketa, 106, J.P. Road, Andheri (West), Mumbai – 400 058, Maharashtra, India
Tel. No.:	91-22-26778437/ 26778439
PAN No:	AABPR9915Q

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1528550	Equity Shares	Rs.10/- each	Rs.15.285 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	15.285	14.536	13.911
(b) Reserves & Surplus	102.377	80.898	61.758
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	117.662	95.434	75.669
(3) Non-Current Liabilities
(a) Long-term borrowings	63.303	70.248	50.414
(b) Deferred tax liabilities (Net)	7.753	7.753	7.029
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	71.056	78.001	57.443
(4) Current Liabilities
(a) Short term borrowings	164.475	118.472	89.881
(b) Trade payables	90.686	119.839	78.303
(c) Other current liabilities	9.013	7.117	5.623
(d) Short-term provisions	5.645	4.559	4.090
Total Current Liabilities (4)	269.819	249.987	177.897
TOTAL	458.537	423.422	311.009
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	143.513	111.089	84.735
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	143.513	111.089	84.735
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	81.783	70.141	75.253
(c) Trade receivables	211.701	209.663	127.373
(d) Cash and cash equivalents	0.128	0.243	0.199
(e) Short-term loans and advances	20.325	32.020	23.397
(f) Other current assets	1.087	0.266	0.052
Total Current Assets	315.024	312.333	226.274
TOTAL	458.537	423.422	311.009

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	552.570	510.739	433.635
		Other Income
		TOTAL	552.570	510.739	433.635
Less	EXPENSES
		Office Expenses	518.155	483.947	409.437
		Administrative Expenses
		Advertising Expenses
		TOTAL	518.155	483.947	409.437
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		34.415	26.792	24.198
Less/ Add	DEPRECIATION/ AMORTISATION		14.127	10.433	8.830
	PROFIT / (LOSS) BEFORE TAX		20.288	16.359	15.368
Less	TAX		4.059	1.595	2.601
	PROFIT / (LOSS) AFTER TAX		16.229	14.764	12.767
	EARNINGS IN FOREIGN CURRENCY		122.219	115.969	84.972
	Earnings / (Loss) Per Share (Rs.)		10.62	10.15	9.17

Particulars	31.03.2014
Sales Turnover (Approximately)	600.000

The above information has been parted by Mr. D’Souza (General Manager – HR Department).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.94	2.89	2.94
Return on Total Assets (PBT/Total Assets}	(%)	4.42	3.86	4.94
Return on Investment (ROI) (PBT/Networth)		0.17	0.17	0.20
Debt Equity Ratio (Total Debt/Networth)		1.94	1.97	1.85
Current Ratio (Current Asset/Current Liability)		1.17	1.25	1.27

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	13.911	14.536	15.285
Reserves & Surplus	61.758	80.898	102.377
Net worth	75.669	95.434	117.662
Long-term borrowings	50.414	70.248	63.303
Short term borrowings	89.881	118.472	164.475
Total borrowings	140.295	188.720	227.778
Debt/Equity ratio	1.854	1.977	1.936

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	433.635	510.739	552.570
		17.781	8.190

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	433.635	510.739	552.570
Profit	12.767	14.764	16.229
	2.94%	2.89%	2.94%

LOCAL AGENCY FURTHER INFORMATION

Details of Current Maturities of Long Term Debt: Not Available

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
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	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	No
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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10275913	21/06/2011 *	3,400,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	11-13, ATLANTA BUILDING, 209, FIRST FLOOR, V.K. SHAH MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B16000762
2	10278227	10/06/2013 *	276,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH VILE PARLE, SHYAM KAMAL, TRADE CENTRE, AGARWAL MARKET, VILE PARLE (EAST), MUMBAI, MAHARASHTRA - 400057, INDIA	B79023727
3	10223361	10/06/2010	1,650,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	11-13, ATLANTA BUILDING, 209, VINAY K SHAH MARG, NARIMAN POINT, MUMBAI, MUMBAI, MAHARASHTRA - 400021, INDIA	A86927688
4	10192854	31/12/2009	3,050,000.00	RELIGARE FINVEST LIMITED	19, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA	A75633594
5	10126094	16/09/2008	10,000,000.00	STATE BANK OF INDORE	5, Y.N. ROAD, INDORE, MADHYA PRADESH - 454775, INDIA	A47975669
6	10092464	21/02/2008	3,500,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	11-13 ATLANTA 1ST FLOOR, 209 V.K.SHAH MARG, NARIMAN POINT, MUMBAI-400 021, MUMBAI, MAHARASHTRA - 400021, INDIA	A34446849
7	10077476	15/11/2007	1,440,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	11-13 ATLANTA 1ST FLOOR 209 V.K. SHAH MARG, MUMBAI-400 021, MUMBAI, MAHARASHTRA - 400021, INDIA	A27902931

* Date of charge modification

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Shriram City Union Finance Limited	1.271	1.450
Loans From Friends and Relatives	0.600	10.000
Adarsh Associates	1.350	1.500
Bliss Enterprise	0.900	1.000
Finvest Corporation	0.000	0.750
Miracle Enterprise	0.000	0.500
HDFC Bank	1.852	2.737
Bajaj Finserve	0.208	0.923
Directors Loan A/c	2.771	6.041
Total	8.952	24.901

OPERATIONS:

During the period ended 31^st March 2013, the company registered a total income of Rs.552.570 millions. The export turnover was Rs.122.219 millions in the Ninth year of entering the international markets. The company is making good progress in international markets and expects to make a turnover of Rs.150.000 millions in the coming year.

FIXED ASSETS:

· Goodwill

· Factory Premises

· Building

· Plant and Machinery

· Mould and Dies

· Computer

· Electric Installation

· Office Equipments

· Lab Equipments

· Furniture and Fixtures

· Motor Car

· Tempo

· Land

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.61.12
UK Pound	1	Rs.102.71
Euro	1	Rs.84.52

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
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	2
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	-
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		22

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.