MIRA INFORM REPORT

Report Date :

02.08.2014

IDENTIFICATION DETAILS

Name :	BURBERRY INDIA PRIVATE LIMITED
Registered Office :	3 A – 1, Taj Apartment, Rao Tula Ram Marg, New Delhi – 110022, Delhi
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.01.2010
Com. Reg. No.:	55-197874
Capital Investment / Paid-up Capital :	Rs. 455.570 Millions
CIN No.: [Company Identification No.]	U52100DL2010FTC197874
Legal Form :	Private Limited Liability Company
Line of Business :	Wholesalers, Retailers and Dealers of All Kinds of Goods, Cosmetics, Accessories, Apparel, Garments, for Men, Women and Children, Toys and Other Merchandise.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 380000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and continuous accumulated losses that company has incurred over a year. However, trade relations are fair. Business is active. Payment terms are slow. The company can be considered for business dealing with some caution.

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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 DENIED BY

Name :	Mr. Varun Gupta
Designation :	Senior Finance Manager
Contact No.:	91-124-4181111
Date :	30.07.2014

LOCATIONS

Registered Office :	3 A – 1, Taj Apartment, Rao Tula Ram Marg, New Delhi – 110022, Delhi
Tel. No.:	91-11-26165102
Fax No.:	Not Available
E-Mail :	Sumedha.vishnoi@burberryindia.com

DIRECTORS

As on: 30.09.2013

Name :

Mr. Sanjay Kapoor

Designation :

Director

Address :

8/1, 1^st Floor, Sahnti Niketan, New Delhi – 110021, Delhi, India

Date of Birth/Age :

28.10.1967

Date of Appointment :

12.01.2010

DIN No.:

00264602

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1992PTC049569	GENESIS OVERSEAS PRIVATE LIMITED	Director	15/07/1992	15/07/1992	-	Active	NO
2	U74899DL1995PTC069258	A V ESTATES PRIVATE LIMITED	Director	21/01/1996	21/01/1996	03/11/2008	Active	NO
3	U70101DL1996PTC079720	S.N.K. REALTORS PRIVATE LIMITED	Director	17/06/1996	17/06/1996	-	Active	NO
4	U51311DL1998PTC097184	GENESIS COLORS PRIVATE LIMITED	Managing director	23/11/1998	23/11/1998	-	Active	NO
5	U74300DL2001PTC112677	P R VISION PRIVATE LIMITED	Director	05/10/2001	05/10/2001	-	Strike off	NO
6	U74140DL2005PTC136906	EFFACTOR EVENTS PRIVATE LIMITED	Director	31/05/2005	31/05/2005	-	Active	NO
7	U18101DL2005PTC137267	GEE DESIGN PRIVATE LIMITED	Director	06/06/2005	06/06/2005	08/10/2007	Active	YES
8	U51311DL2005PTC140296	SANJANA JON COUTURE PRIVATE LIMITED	Director	02/09/2005	02/09/2005	-	Strike off	NO
9	U74999DL2007PTC159733	GENESIS LIFE STYLE EVENTS PRIVATE LIMITED	Director	26/02/2007	26/02/2007	27/03/2012	Amalgamated	NO
10	U74994DL2007PTC168462	GENESIS LUXURY FASHION PRIVATE LIMITED	Managing director	01/01/2010	20/09/2007	-	Active	NO
11	U52100DL2010FTC197874	BURBERRY INDIA PRIVATE LIMITED	Director	12/01/2010	12/01/2010	-	Active	NO
12	U51909HR2011PTC042802	NASAN GARMENTS PRIVATE LIMITED	Director	13/06/2011	13/06/2011	-	Active	NO
13	U51109DL2012PTC233712	Genesis La Mode Private Limited	Director	30/03/2012	30/03/2012	-	Active	NO
14	U51391DL2012PTC235298	GLB BODY CARE PRIVATE LIMITED	Director	04/05/2012	04/05/2012	-	Active	NO
15	U52590DL2012FTC232412	CANALI INDIA PRIVATE LIMITED	Director	04/09/2013	09/06/2012	-	Active	NO
16	U51494HR2012PTC047914	GML INDIA FASHION PRIVATE LIMITED	Director	14/12/2012	14/12/2012	-	Active	NO

Name :

Mr. Emilio Giuseppe Foa

Designation :

Director

Address :

124, Woodsford Square, London – W148DT, United Kingdom

Date of Birth/Age :

01.10.1963

Date of Appointment :

12.01.2010

DIN No.:

01878600

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899HR1992FTC035893	BENETTON INDIA PRIVATE LIMITED	DIRECTOR APPOINTED IN CASUAL VACANCY	08/10/2007	08/10/2007	30/12/2008	Active	NO
2	U52100DL2010FTC197874	BURBERRY INDIA PRIVATE LIMITED	Director	12/01/2010	12/01/2010	-	Active	NO

Name :

Mr. Paul Stephen Price

Designation :

Director

Address :

Flat No. 4, 19 Roland Gardens, South Kensingston, London – SW73PE, United Kingdom

Date of Birth/Age :

13.02.1962

Date of Appointment :

15.06.2011

DIN No.:

03545818

Name :

Mr. Anoop Campbell

Designation :

Director

Address :

HNO – 881, Sector – 31, Urban Estate, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

29.07.1961

Date of Appointment :

10.05.2013

DIN No.:

03437985

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15543HP2007PTC030747	GUARDIAN WATER RESOURCES PRIVATE LIMITED	Director	29/09/2011	01/03/2011	13/03/2013	Active	NO
2	U51494HR2012PTC047914	GML INDIA FASHION PRIVATE LIMITED	Additional director	15/04/2013	15/04/2013	-	Active	NO
3	U51109DL2012PTC233712	GENESIS LA MODE PRIVATE LIMITED	Director	25/09/2013	15/04/2013	-	Active	NO
4	U51909DL2011PTC222117	GLF LIFESTYLE BRANDS PRIVATE LIMITED	Director	18/06/2013	15/04/2013	-	Active	NO
5	U51391DL2012PTC235298	GLB BODY CARE PRIVATE LIMITED	Director	25/09/2013	15/04/2013	-	Active	NO
6	U52590DL2012FTC232412	CANALI INDIA PRIVATE LIMITED	Director	04/09/2013	16/04/2013	-	Active	NO
7	U52100DL2010FTC197874	BURBERRY INDIA PRIVATE LIMITED	Director	10/05/2013	10/05/2013	-	Active	NO
8	U52100HR2013PTC050412	V&B LIFESTYLE INDIA PRIVATE LIMITED	Director	16/09/2013	16/09/2013	-	Active	NO

Name :

Mr. John Barry Smith

Designation :

Director

Address :

Inkerman Cottage, Skirmett Henley –On –Thames Oxfordshire, Oxfordshire – RG96TB, Engaland

Date of Birth/Age :

16.08.1957

Date of Appointment :

19.06.2013

DIN No.:

06605437

Name :

Mr. Marco Donato Maria Gentile

Designation :

Alternate Director

Address :

22, Wavedon Avenue Chiswick, W4 4NR, London

Date of Birth/Age :

29.03.1966

Date of Appointment :

23.12.2013

DIN No.:

06763868

KEY EXECUTIVES

Name :	Sumedha
Designation :	Company Secretary
Address :	Flat No. 468, HEWO – 2, Sector 56, Gurgaon – 122004, Haryana, India
Date of Birth/Age :	24.11.1983
Date of Appointment :	01.06.2012
PAN No.:	ARPPD9846B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Genesis Colors Private Limited	22322952
Burberry International Holdings Limited	23234092
Total	45557044

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	51.00
Bodies corporate	49.00
Total

BUSINESS DETAILS

Line of Business :

Wholesalers, Retailers and Dealers of All Kinds of Goods, Cosmetics, Accessories, Apparel, Garments, for Men, Women and Children, Toys and Other Merchandise.

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	Not Available
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	Building 8, 7^th and 8^th Floor, Tower B, DLF Cyber city
PAN No.:	AAFFP3698A
Ultimate Holding Company :	· Burberry Group Plc, UK · Burberry International Holdings Limited, UK
Associates/Subsidiaries :	· Genesis Colors Private Limited · Burberry Limited, UK

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
55000000	Equity Shares	Rs.10/- each	Rs.550.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
33837985	Equity Shares	Rs.10/- each	Rs.338.379 Millions

As on: 30.09.2013

Authorised Capital : Rs.550.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.455.570 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	338.379	268.742	268.742
(b) Reserves & Surplus	(244.102)	(148.224)	(57.563)
(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)	94.277	120.518	211.179
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	16.222	22.015	9.323
(d) long-term provisions	2.588	1.559	0.435
Total Non-current Liabilities (3)	18.810	23.574	9.758
(4) Current Liabilities
(a) Short term borrowings	307.967	210.060	54.402
(b) Trade payables	24.006	137.861	89.747
(c) Other current liabilities	18.132	27.428	29.463
(d) Short-term provisions	0.306	0.247	0.003
Total Current Liabilities (4)	350.411	375.596	173.615
TOTAL	463.498	519.688	394.552
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	106.196	229.981	212.669
(ii) Intangible Assets	0.703	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	6.656
(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	49.825	44.715	54.766
(e) Other Non-current assets	0.234	0.223	0.213
Total Non-Current Assets	156.958	274.919	274.304
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	279.844	232.515	110.360
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	8.435	3.773	3.603
(e) Short-term loans and advances	18.261	8.481	6.285
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	306.540	244.769	120.248
TOTAL	463.498	519.688	394.552

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	NA	NA	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
	PROFIT BEFORE TAX (E-F) (G)		(95.878)	(90.661)	(70.853)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		(95.878)	(90.661)	(70.853)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(203.510)	(112.849)	(41.996)
	BALANCE CARRIED TO THE B/S		(299.388)	(203.510)	(112.849)
	IMPORTS
		Capital Goods	1.578	31.555	69.553
	TOTAL IMPORTS		1.578	31.555	69.553
	Earnings Per Share (Rs.)		(95.878)	(90.661)	(70.853)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	(20.69)	(17.45)	(18.27)
Return on Investment (ROI) (PBT/Networth)		(1.02)	(0.75)	(0.34)
Debt Equity Ratio (Total Debt/Networth)		3.27	1.74	0.26
Current Ratio (Current Asset/Current Liability)		0.87	0.65	0.69

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	268.742	268.742	338.379
Reserves & Surplus	(57.563)	(148.224)	(244.102)
Net worth	211.179	120.518	94.277
long-term borrowings	0.000	0.000	0.000
Short term borrowings	54.402	210.060	307.967
Total borrowings	54.402	210.060	307.967
Debt/Equity ratio	0.258	1.743	3.267

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	No
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	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	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]	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	No
34]	External Agency Rating, if available	No

Unsecured Loan:

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
SHORT TERM BORROWINGS:
Working Capital Loans From Others	307.967	167.416
Other loans and advances	0.000	42.644
Total	307.967	210.060

INDEX OF CHARGES:

No Charges Exist for Company

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.60.85
UK Pound	1	Rs.102.69
Euro	1	Rs.81.46

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	KAR
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	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		26

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.