MIRA INFORM REPORT

Report Date :

13.08.2014

IDENTIFICATION DETAILS

Name :	STEVELS PHARMA LIMITED
Registered Office :	Plot No.74, Industrial Area, Phase-I, Chandigarh – 160002
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.05.2004
Com. Reg. No.:	53-027156
Capital Investment / Paid-up Capital :	Rs. 2.040 Million
CIN No.: [Company Identification No.]	U24230CH2004PLC027156
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and exporter of pharmaceutical products.
No. of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

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 11000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate scale of business operation and loss that company has incurred from its operational activities. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings 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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Dinesh Sharma
Designation :	Director
Contact No.:	91-172-2210596
Date :	12.08.2014

LOCATIONS

Registered Office :	Plot No.74, Industrial Area, Phase-I, Chandigarh – 160002, Chandigarh, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	gautamjain_ca@yahoo.com http://stevelspharma.com
Corporate Office :	576, Indistrial Area, Phase IX, Mohali – 160062, Chandigarh, India
Tel. No.:	91-172-2210596 / 2211596 / 2215045 / 5063576
Fax No.:	91-172-2215045
E-Mail :	stevelspharma@yahoo.co.in

DIRECTORS

As on 30.09.2013

Name :

Inderjot Singh

Designation :

Additional Director

Address :

House No.149, Ajit Nagar, Amritsar, India

Date of Birth/Age :

16.11.1972

Date of Appointment :

07.03.2013

DIN No.:

03090908

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	U24232PB2010PTC034287	ADWAY BIOTECH PRIVATE LIMITED	Director	21/09/2010	21/09/2010	-	Active	NO
2	U24230CH2004PLC027156	STEVELS PHARMA LIMITED	Additional director	07/03/2013	07/03/2013	-	Active	NO

Name :

Harvinder Singh Sachhar

Designation :

Director

Address :

House No 3205, Sector 44-D, Chandigarh, India

Date of Appointment :

27.05.2004

DIN No.:

01564591

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	U22122CH1995PTC016486	VISHVAS PUBLICATIONS PRIVATE LIMITED	Director	23/05/1995	23/05/1995	-	Active	NO
2	U24230CH2004PLC027156	STEVELS PHARMA LIMITED	Director	27/05/2004	27/05/2004	-	Active	NO
3	U80300PB2005PTC028744	HORIZON INSTITUTE OF COMPETITIONS PRIVATE LIMITED	Director	29/07/2005	29/07/2005	-	Strike off	NO
4	U51397CH1996PTC018604	STRIDE HEALTH CARE PRIVATE LIMITED	Director	03/02/2006	03/02/2006	09/10/2013	Active	NO
5	U22219PB2009PTC032852	TAUREANS PRINT PACK PRIVATE LIMITED	Director	20/05/2009	20/05/2009	-	Active	NO
6	U24232PB2010PTC034287	ADWAY BIOTECH PRIVATE LIMITED	Director	21/09/2010	21/09/2010	-	Active	NO

Name :

Inderjit Singh Chhbber

Designation :

Director

Address :

House No.215, Sector 46-A, Chandigarh, India

Date of Appointment :

27.05.2004

DIN No.:

01591175

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	U22122CH1995PTC016486	VISHVAS PUBLICATIONS PRIVATE LIMITED	Director	23/05/1995	23/05/1995	-	Active	NO
2	U24230CH2004PLC027156	STEVELS PHARMA LIMITED	Director	27/05/2004	27/05/2004	-	Active	NO
3	U80300PB2005PTC028744	HORIZON INSTITUTE OF COMPETITIONS PRIVATE LIMITED	Director	29/07/2005	29/07/2005	-	Strike off	NO
4	U51397CH1996PTC018604	STRIDE HEALTH CARE PRIVATE LIMITED	Director	03/02/2006	03/02/2006	09/10/2013	Active	NO
5	U22219PB2009PTC032852	TAUREANS PRINT PACK PRIVATE LIMITED	Director	20/05/2009	20/05/2009	-	Active	NO
6	U24232PB2010PTC034287	ADWAY BIOTECH PRIVATE LIMITED	Director	21/09/2010	21/09/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Inderjit Singh Chhibbar	71734
Harvinder Singh Sachar	71733
Sanjay Chibber	58833
Bhagat Singh Chhibber	750
Gian Kaur	750
Tejinder Kaur	100
Inderjot Singh	100
Total	204000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and exporter of pharmaceutical products.
Products :	· Tablets · Capsules · Syrup · Dry Syrup · Injections · Ointments · Protein Powder

GENERAL INFORMATION

No. of Employees :

Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

Bank of Baroda, Sector 22B, Chandigarh – 160022, Chandigarh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Bank of Baroda A/c	0.000	0.059
SHORT TERM BORROWING
Cash Credit from Bank of Baroda a/c 65002	3.900	4.052
Bank of Baroda a/c 1676	0.356	0.621
National Small Industrial Corporation Limited	0.351	2.464
Total	4.607	7.196

Banking Relations :	---
Auditors :
Name :	Gautam Jain and Associates Chartered Accountant
Address :	SCO 216, 1^st Floor, Sector 37-C, Chandigarh – 160036, India
Tel. No.:	91-172-4651906
Mobile No.:	91-9814428423
PAN No.:	AAOPJ5197R

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
220000	Equity Shares	Rs.10/- each	Rs.2.200 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
204000	Equity Shares	Rs.10/- each	Rs.2.040 Million

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	2.040	2.040	1.500
(b) Reserves & Surplus	(0.301)	0.076	0.045
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	1.200	0.000	0.530
Total Shareholders’ Funds (1) + (2)	2.938	2.116	2.075
(3) Non-Current Liabilities
(a) long-term borrowings	0.175	0.299	0.549
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	0.175	0.299	0.549
(4) Current Liabilities
(a) Short term borrowings	4.607	7.137	3.578
(b) Trade payables	8.493	4.340	6.997
(c) Other current liabilities	0.097	1.635	1.380
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	13.197	13.112	11.955
TOTAL	16.310	15.527	14.579
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.757	2.037	2.393
(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)	0.039	0.038	0.009
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	8.650	0.000	0.000
Total Non-Current Assets	10.446	2.075	2.402
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2.276	10.151	9.259
(c) Trade receivables	1.532	2.554	2.788
(d) Cash and cash equivalents	0.066	0.745	0.036
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	1.990	0.002	0.094
Total Current Assets	5.864	13.452	12.177
TOTAL	16.310	15.527	14.579

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	3.200	5.701	8.023
		Other Income	0.581	0.915	0.000
		TOTAL (A)	3.781	6.616	8.023
Less	EXPENSES
		Cost of Materials Consumed	1.406	3.111	4.437
		Personal Expenses	0.752	1.056	1.471
		Administration and General	0.339	0.819	0.807
		TOTAL (B)	2.497	4.986	6.715
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.284	1.630	1.308
Less	FINANCIAL EXPENSES (D)		1.344	1.238	0.731
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.060)	0.392	0.577
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.318	0.384	0.540
	PROFIT /(LOSS) BEFORE TAX (E-F) (G)		(0.378)	0.008	0.037
Less	TAX (H)		(0.001)	(0.023)	0.017
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(0.377)	0.031	0.020
	Earnings Per Share (Rs.)		0.00	0.21	0.12

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(9.97)	0.47	0.25
Net Profit Margin (PBT/Sales)	(%)	(11.81)	0.14	0.46
Return on Total Assets (PBT/Total Assets}	(%)	(2.32)	0.05	0.25
Return on Investment (ROI) (PBT/Networth)		(0.13)	0.00	0.02
Debt Equity Ratio (Total Debt /Networth)		1.63	3.51	1.99
Current Ratio (Current Asset/Current Liability)		0.44	1.03	1.02

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	1.500	2.040	2.040
Reserves & Surplus	0.045	0.076	(0.301)
Share Application money pending allotment	0.530	0.000	1.200
Net worth	2.075	2.116	2.939
long-term borrowings	0.549	0.299	0.175
Short term borrowings	3.578	7.137	4.607
Total borrowings	4.127	7.436	4.782
Debt/Equity ratio	1.989	3.514	1.627

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	8.023	5.701	3.200
		(28.942)	(43.869)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	8.023	5.701	3.200
Profit	0.020	0.031	(0.377)
	0.25%	0.54%	(11.78)%

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	No
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

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Loans and advances from related parties
Director and their relatives	0.175	0.175
Inderjit Singh Chhibber	0.000	0.065
Total	0.175	0.240

OPERATIONS

During the year Company did the business to the tune of Rs. 3.200 Millions (previous year Rs.5.701 Millions). Due to adverse market conditions, the company suffered loss of Rs.0.378 Million during the year after tax as compare to previous year Profit Rs.0.031 Million. The management is fully confident to increase the sale volume of business and increase its profitability.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10478503	22/01/2014	8,272,000.00	BANK OF BARODA	SECTOR 22B, CHANDIGARH, Chandigarh - 160022, INDIA	B96767942
2	10153879	19/03/2009	500,000.00	BANK OF BARODA	SECTOR 22B, CHANDIGARH, Chandigarh - 160022, INDIA	A60825536
3	10081071	15/11/2007	1,150,000.00	BANK OF BARODA	SCO 1120-21, SECTOR 22-B, CHANDIGARH, Chandigarh  - 160022, INDIA	A29253168
4	80039621	15/11/2007 *	2,800,000.00	BANK OF BARODA	SCO 1120-21, SECTOR 22-B, CHANDIGARH, Chandigarh  - 160022, INDIA	A29253259
5	80039620	12/07/2005	1,500,000.00	BANK OF BARODA	SECTOR 22-B, CHANDIGARH, Chandigarh - 160018, INDIA	-

* Date of charge modification

FIXED ASSETS

· Air Conditioning

· Aluminium Fitting and Fixture

· Computer

· Electric Installation

· Fans and Fitting

· Furniture and Fixture

· Office Equipment

· Plant and Machinery

· Telephone Instrument

· Tools and Dies

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.61.18
UK Pound	1	Rs.102.55
Euro	1	Rs.81.77

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	ARI

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	NO
--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.