MIRA INFORM REPORT

Report Date :

01.12.2014

IDENTIFICATION DETAILS

Name :	SUN-ELECTRO GRAVURES PRIVATE LIMITED
Registered Office :	37/1, Ashwamegh Industrial Estate, Sarkhej Bavala Highway, Changodar, Ahmedabad – 382213, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.04.2006
Com. Reg. No.:	04-048150
Capital Investment / Paid-up Capital :	Rs.11.000 Millions
CIN No.: [Company Identification No.]	U22219GJ2006PTC048150
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Manufacturing of Chemically Etched Rotogravure Printing Cylinders.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There is a dip in profit of the company in the year 2012-13. However, liquidity position of the company is decent. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

NOT AVAILABLE

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. Bipinchandra
Designation :	Director
Contact No.:	91-9909034390
Date :	28.11.2014

LOCATIONS

Registered Office :	37/1, Ashwamegh Industrial Estate, Sarkhej Bavala Highway, Changodar, Ahmedabad – 382213, Gujarat
Tel. No. :	Not Available
Mobile No. :	91-9909034390 (Mr. Bipinbhai)
Fax No. :	Not Available
E-Mail :	nirav.nirman@gmail.com sunelectrogravures@gmail.com
Website :	www.sun-electro.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Nirav Harish Patel

Designation :

Director

Address :

404 / B, Satyam Flats, Near Kirti Sagar Flats, Jodhpur Gam, Ahmedabad - 380015, Gujarat, India

Date of Birth/Age :

18.01.1974

Date of Appointment :

19.04.2006

DIN No. :

01480768

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	U36998GJ1992PTC018079	SUN GRAVENSES PRIVATE LIMITED	Director	01/08/04	01/08/04	-	Active	NO
2	U22219GJ2006PTC048150	SUN-ELECTRO GRAVURES PRIVATE LIMITED	Director	19/04/06	19/04/06	-	Active	NO
3	U52100GJ2008PTC052841	A ROYAL TOUCH (INDIA) PRIVATE LIMITED	Director	20/01/10	20/01/10	-	Active	NO

Name :

Mr. Kamlesh Dhirajlal Patel

Designation :

Director

Address :

30, Sumadhur Society, B/H. Ocean Park, Satellite Road, Ahmedabad - 380015, Gujarat, India

Date of Birth/Age :

26.12.1958

Date of Appointment :

19.04.2006

DIN No. :

01480770

Name :

Mr. Dipak Haribhai Amin

Designation :

Director

Address :

904, Jaysiva Flat, Ambawadi, Ahmedabad - 380006, Gujarat, India

Date of Birth/Age :

06.09.1960

Date of Appointment :

19.04.2006

DIN No. :

01480773

Name :

Mr. Atul Madhusudan Amin

Designation :

Director

Address :

301, Navyug Colony, Opposite Mona Nagar, Nehrunagar Char Rasta, Ambawadi, Ahmedabad - 380006, Gujarat, India

Date of Birth/Age :

11.04.1960

Date of Appointment :

19.04.2006

DIN No. :

01480774

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	U36998GJ1992PTC018079	SUN GRAVENSES PRIVATE LIMITED	Director	18/11/95	18/11/95	-	Active	NO
2	U22219GJ2006PTC048150	SUN-ELECTRO GRAVURES PRIVATE LIMITED	Director	19/04/06	19/04/06	-	Active	NO
3	U85110GJ2008PTC054446	ASIAN BARIATRICS PRIVATE LIMITED	Director	10/07/08	10/07/08	-	Active	NO

Name :

Mr. Bipinchandra Dhirajlal Damani

Designation :

Director

Address :

B-24, Sundram Tower, Someshwar, Satellite, Ahmedabad - 380015, Gujarat, India

Date of Birth/Age :

20.06.1963

Date of Appointment :

01.11.2008

DIN No. :

02329850

Name :

Mr. Kaushal Indravadan Patel

Designation :

Director

Address :

5, Hasubhai Park, Jodhpur, Satellite, Ahmedabad - 380015, Gujarat, India

Date of Birth/Age :

23.02.1964

Date of Appointment :

01.11.2008

DIN No. :

02329853

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	%age
Kamlesh Patel	150000	13.64
Dipak Amin	220000	20.00
Atul Amin	210000	19.09
Belaben K. Patel	50000	4.55
Sukumar K. Patel	20000	1.82
Binduben Amin	10000	0.91
Kasuhalbhai I. Patel	105000	9.55
Mitalben K. Patel	115000	10.45
Bipin Damani	145000	13.18
Parulben B. Damani	75000	6.82
Total	1100000	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in Manufacturing of Chemically Etched Rotogravure Printing Cylinders.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Not Divulged

Bankers :

v The Ahmedabad Mercantile Co-Operative Bank Limited

v The Saraspur Nagrik Co-Operative Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loan – From Bank	15.825	21.548
SHORT TERM BORROWINGS
From Bank	13.551	11.871
Total	29.376	33.419

Auditors :
Name :	Himanshu Patel and Company Chartered Accountants
Address :	305, Riddhi Complex, Opposite Loha Bhavan, Ashram Road, Ahmedabad – 380009, Gujarat, India
E-Mail :	Patelhimanshu30@gmail.com
PAN No. :	ACNPP2354D
Memberships :	--
Collaborators :	--
Associates / Subsidiaries :	Nil

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1100000	Equity Shares	Rs.10/- each	Rs.11.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1100000	Equity Shares	Rs.10/- each	Rs.11.000 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	11.000	11.000	11.000
(b) Reserves & Surplus	26.017	20.636	10.493
(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)	37.017	31.636	21.493
(3) Non-Current Liabilities
(a) long-term borrowings	15.825	21.548	1.672
(b) Deferred tax liabilities (Net)	1.247	0.778	1.428
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.002	0.620	0.841
Total Non-current Liabilities (3)	17.074	22.946	3.941
(4) Current Liabilities
(a) Short term borrowings	21.888	19.077	20.102
(b) Trade payables	11.068	8.459	10.035
(c) Other current liabilities	4.884	5.577	6.152
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	37.840	33.113	36.289
TOTAL	91.931	87.695	61.723
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	52.338	50.383	29.240
(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	0.030	0.045	0.036
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.205	0.254	0.112
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	52.573	50.682	29.388
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2.364	2.995	2.605
(c) Trade receivables	32.741	29.255	24.395
(d) Cash and cash equivalents	1.040	1.405	3.586
(e) Short-term loans and advances	3.168	3.340	1.704
(f) Other current assets	0.045	0.018	0.045
Total Current Assets	39.358	37.013	32.335
TOTAL	91.931	87.695	61.723

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	92.263	92.440	75.092
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	64.797	66.850	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		27.466	25.590
Less	FINANCIAL EXPENSES		4.482	3.831
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		22.984	21.759	NA
Less/ Add	DEPRECIATION/ AMORTISATION		13.067	8.401
	PROFIT/ (LOSS) BEFORE TAX		9.917	13.358	NA
Less	TAX		4.536	3.215	NA
	PROFIT/ (LOSS) AFTER TAX		5.381	10.143	3.903
	Earnings / (Loss) Per Share (Rs.)		53.81	9.22	3.55

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	5.83	10.97	NA
Operating Profit Margin (PBDIT/ Sales)	(%)	29.77	27.68	NA
Return on Total Assets (PBT/Total Assets}	(%)	10.79	15.24	NA
Return on Investment (ROI) (PBT/Networth)		0.27	0.42	NA
Debt Equity Ratio (Total Debt/Networth)		1.02	1.28	1.01
Current Ratio (Current Asset/Current Liability)		1.04	1.12	0.89

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	11.000	11.000	11.000
Reserves & Surplus	10.493	20.636	26.017
Net worth	21.493	31.636	37.017
long-term borrowings	1.672	21.548	15.825
Short term borrowings	20.102	19.077	21.888
Total borrowings	21.774	40.625	37.713
Debt/Equity ratio	1.013	1.284	1.019

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)
Total Income	75.092	92.440	92.263
		23.102	(0.191)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	75.092	92.440	92.263
Profit	3.903	10.143	5.381
	5.20%	10.97%	5.83%

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

NOTE:

The registered address of the company has been shifted from 6, Ruchit Flats Near Suraj Party Plot, Behind Dharnidhar Derasar Vasna, Ahmedabad – 380007, Gujarat, India to the present address w.e.f. 29.08.2008

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
From Director	0.944	1.510
From Members	7.393	5.696
Total	8.337	7.206

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10527564	27/09/2014	939,000.00	THE AHMEDABAD MERCANTILE CO-OP. BANK LTD.	OJAS APARTMENT, "L" COLONY CROSS ROADS, SURNEDRA  MANGALDAS ROAD, AMBAWADI, AHMEDABAD, Gujarat - 380015, INDIA	C31023427
2	10318781	15/11/2011	27,000,000.00	THE AHMEDABAD MERCANTILE CO-OPERATIVE BANK LIMITED	AMBAWADI BRANCH, OJAS APPARTMENT, NEAR NEHRUNAGAR  CIRCLE, AMBAWADI, AHMEDABAD, Gujarat - 380015, INDIA	B25709551
3	10318777	23/05/2014 *	20,000,000.00	THE AHMEDABAD MERCENTILE CO-OPERATIVE BANK LTD	OJAS APARTMENT, "L" COLONY CROSS ROADS, SURNEDRA  MANGALDAS ROAD, AMBAWADI, AHMEDABAD, Gujarat - 380015, INDIA	C29535739
4	10318779	14/11/2011	56,575,000.00	THE AHMEDABAD MERCANTILE CO-OPERATIVE BANK LIMITED	AMBAWADI BRANCH, OJAS APPARTMENT, NEAR NEHRUNAGAR  CIRCLE, AMBAWADI, AHMEDABAD, Gujarat - 380015, INDIA	B25718008
5	10318782	13/10/2011	13,275,000.00	THE AHMEDABAD MERCANTILE CO-OPERATIVE BANK LIMITED	AMBAWADI BRANCH, OJAS APPARTMENT, NEAR NEHRUNAGAR  CIRCLE, AMBAWADI, AHMEDABAD, Gujarat - 380015, INDIA	B25709692
6	10158222	26/03/2009	300,000.00	THE SARASPUR NAGRIK CO-OP. BANK LIMITED	NAVRANGPURA, AHMEDABAD, Gujarat - 380009, INDIA	A62353032

* Date of charge modification

FIXED ASSETS

œ Land

œ Building

œ Plant and Machinery

œ Furniture

œ Computer

œ Electrical Fitting

œ Vehicles

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.61.97
UK Pound	1	Rs.97.37
Euro	1	Rs.77.16

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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.