MIRA INFORM REPORT

Report Date :

08.02.2014

IDENTIFICATION DETAILS

Name :	APPL INDUSTRIES LIMITED
Formerly Known As :	AALEKH POLYMERS PRIVATE LIMITED
Registered Office :	F-169, Mansarover Garden, New Delhi – 110 015
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.01.2001
Com. Reg. No.:	55-109315
Capital Investment / Paid-up Capital :	Rs.222.003 Millions
CIN No.: [Company Identification No.]	U74999DL2001PLC109315
TAN No.: [Tax Deduction & Collection Account No.]	DELA18328C
PAN No.: [Permanent Account No.]	AAFCA1026J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the Manufacturer of Engineering Thermoplastic Compounds.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 2359000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Management has seen a decrease in its sales revenue during 2013. However, the company possesses an average financial profile marked by decent networth. Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of long standing experience of the management and its established market position, the company 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BBB [Term Loans]
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	20.01.2013

Rating Agency Name	ICRA
Rating	A2 [Non Fund Based Limits]
Rating Explanation	Strong degree of safety and low credit risk.
Date	20.01.2013

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.

LOCATIONS

Registered Office :	F-169, Mansarover Garden, New Delhi – 110 015, India
Tel. No.:	91-11-25193078
Fax No.:	Not Available
E-Mail :	applmsr@airtelmail.in
Website :	http://www.applindustries.com
Area :	2000 sq. ft.
Location :	Owned
Factory 1 :	680/2, Pune Nagar Road, Koregaon, Bhima, Taluka Shirur, Pune – 412 216, Maharashtra, India
Tel. No.:	91-2137-253195 / 96
E-Mail :	applindus@vsnl.net
Location :	Owned
Factory 2 :	Plot No.2, Sector 7, Industrial Estate, IMT Manesar, Gurgaon – 122 050, Haryana, India
Tel. No.:	91-124-4368231
Fax No.:	91-124-4368234
E-Mail :	applmsr@touchtelindia.net manesar@applindustries.com
Location :	Owned
Factory 3 :	Mandar – Rajashthan, Ricco Industrial Area, Mandar, District Sirohi-307513, India
Factory 4 :	Plot No.58, Sector 4, Sidcul, IIE, Pantnagar, Uttaranchal, India
Factory 5 :	Survey No.279, (1 and 2), Maan, Taluka Mulshi, Pune-411057, Maharashtra, India

DIRECTORS

AS ON 27.09.2013

Name :	Mr. Inder Prakash Jain
Designation :	Managing Director
Address :	55, Sujay Garden, Ashiyana, Mukund Nagar, Pune – 411 037, Maharashtra, India
Date of Birth/Age :	11.08.1961
Date of Appointment :	01.06.2006
Din No.:	00273038
Name :	Mrs. Asha Jain
Designation :	Director
Address :	55, Sujay Garden, Ashiyana, Mukund Nagar, Pune – 411037, Maharashtra, India
Date of Birth/Age :	12.05.1962
Date of Appointment :	22.01.2001
Din No.:	00272963
Name :	Mr. Aalekh Jain
Designation :	Director
Address :	55, Sujay Garden, Ashiyana, Mukund Nagar, Pune – 411 037, Maharashtra, India
Date of Birth/Age :	27.10.1986
Date of Appointment :	30.04.2007
Din No.:	01024820
Name :	Mr. Jeevan Shantaram Karkhanis
Designation :	Director
Address :	D-804, Imperial Residency, Adjacent to Agakhan Place, Kalyani Nagar, Pune – 411 006, Maharashtra, India
Date of Birth/Age :	05.10.1952
Date of Appointment :	23.08.2007
Din No.:	01412714
Name :	Mr. Rajeev Shyamrao Basargekar
Designation :	Additional director
Address :	C-9/14, Sarita Nagari, Phase – II, SN 119/1, Singhad Road, Paravati, Pune, Maharashtra, India
Date of Birth/Age :	09.09.1956
Date of Appointment :	02.05.2011
Din No.:	03508478
Name :	Mr. Anil George
Designation :	Director
Address :	402/H, Pinac Kanchanganag Avndh, Pune-411007, Maharashtra, India
Date of Birth/Age :	08.11.1967
Date of Appointment :	01.12.2011
Din No.:	05130849

KEY EXECUTIVES

Name :	Mr. Rakesh Gupta
Designation :	Secretary
Address :	Flat No. A-101, Karam Hi Dharam Apartment, Sector – 55, Gurgaon – 122 001, Haryana, India
Date of Birth/Age :	30.08.1961
Date of Appointment :	01.06.2006
PAN No.:	ABTPG1201D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

AS ON 27.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	7.00
Directors or relatives of directors	93.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the Manufacturer of Engineering Thermoplastic Compounds.

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Compound	Kg	52000000	20047484.23

GENERAL INFORMATION

No. of Employees :

250 (Approximately)

Bankers :

· Standard Chartered Bank, Credit Risk Control, H-2, Connaught Circus, New Delhi – 110 001, India

· CITI Bank N.A., Jeevan Bharti Building, 4^th Floor, 124, Connaught Circus, Connaught Place, New Delhi – 110 001, India

· Standard Chartered Bank, Credit Risk Control, Narain Manzil, 23 Barakhamba Road, New Delhi – 110 001, India

· ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Term loans from banks	52.228	216.544
Other loans and advances	3.702	0.000
Short Term Borrowings
Term loans from banks	85.316	0.000
Working capital loans from banks	387.354	368.462
Other loans and advances	42.765	0.000
TOTAL	571.365	585.006

Banking Relations :	--
Auditors :
Name :	S. Kumar Jain and Associates Chartered Accountants
Address :	2481/9, 2^nd Floor, Gurdwara Road, Karol Bagh, New Delhi – 110 005, India
Tel. No.:	91-11-28756307 / 28758294
PAN No:	AALPJ6405D

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22200332	Equity Shares	Rs.10/- each	Rs.222.003 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	222.003	213.403	211.303
(b) Reserves & Surplus	367.780	303.519	223.409
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	21.000
Total Shareholders’ Funds (1) + (2)	589.783	516.922	455.712
(3) Non-Current Liabilities
(a) long-term borrowings	118.439	267.343	633.377
(b) Deferred tax liabilities (Net)	63.211	54.899	44.765
(c) Other long term liabilities	79.601	26.100	26.101
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	261.251	348.342	704.243
(4) Current Liabilities
(a) Short term borrowings	515.435	368.462	0.000
(b) Trade payables	121.300	218.340	211.118
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	25.880	22.615	17.935
Total Current Liabilities (4)	662.615	609.417	229.053
TOTAL	1513.649	1474.681	1389.008
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	757.684	689.291	645.559
(ii) Intangible Assets	35.762	34.714	34.891
(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	39.397	71.977	71.977
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	120.119	69.172	36.139
(e) Other Non-current assets	0.076	0.089	0.102
Total Non-Current Assets	953.038	865.243	788.668
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	220.389	172.096	215.315
(c) Trade receivables	303.247	387.692	330.527
(d) Cash and cash equivalents	6.955	14.915	28.447
(e) Short-term loans and advances	30.020	34.735	23.396
(f) Other current assets	0.000	0.000	2.655
Total Current Assets	560.611	609.438	600.340
TOTAL	1513.649	1474.681	1389.008

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1935.844	2002.395	2018.754
		Other Income	16.573	18.682	23.064
		TOTAL (A)	1952.417	2021.077	2041.818
Less	EXPENSES
		Cost of materials consumed	1552.298	1569.331	1642.589
		Manufacturing Service Costs	0.000	0.000	133.211
		Employee benefit expense	52.775	47.399	0.000
		Other expenses	206.656	219.938	106.767
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(25.346)	11.199	0.000
		TOTAL (B)	1786.383	1847.867	1882.567
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		166.034	173.210	159.251
Less	FINANCIAL EXPENSES (D)		74.623	61.262	54.367
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		91.411	111.948	104.884
Less/ Add	DEPRECIATION/ AMORTISATION (F)		22.828	21.439	14.483
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		68.583	90.509	90.401
Less	TAX (H)		15.813	28.534	24.614
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		52.770	61.975	65.787
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	107.802
	BALANCE CARRIED TO THE B/S		NA	NA	173.589
	IMPORTS
		Raw Materials	NA	NA	117.345
		Capital Goods	NA	NA	17.010
	TOTAL IMPORTS		NA	NA	134.355
	Earnings / (Loss) Per Share (Rs.)		2.37	2.90	2.59

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.70	3.07	3.22
Net Profit Margin (PBT/Sales)	(%)	3.54	4.52	4.47
Return on Total Assets (PBT/Total Assets}	(%)	4.65	6.45	11.63
Return on Investment (ROI) (PBT/Networth)		0.12	0.17	0.20
Debt Equity Ratio (Total Debt/Networth)		1.07	1.23	1.39
Current Ratio (Current Asset/Current Liability)		0.85	1.00	1.32

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	Yes
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	No
10]	Designation of contact person	No
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]	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	10450948	12/09/2013	50,000,000.00	KOTAK MAHINDRA BANK LIMITED	7TH FLOOR, AMBADEEP BUILDING, 14, K. G. MARG, NEW DELHI - 110001, INDIA	B85696961
2	10274629	01/05/2012 *	120,000,000.00	CITIBANK N.A	JEEVAN BHARTI BUILDING, 4TH FLOOR, 124, CONNAUGHT CIRCUS, CONNAUGHT PLACE, NEW DELHI, - 110001, INDIA	B39091228
3	10235567	27/07/2011 *	115,000,000.00	STANDARD CHARTERED BANK (ACTING AS AN SECURITY AGENT)	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B18432336
4	10157967	27/04/2009	35,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	A62481601
5	10122308	20/11/2013 *	110,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B90778382
6	10122301	20/11/2013 *	200,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B90776055
7	10060195	21/02/2012 *	110,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B34371849
8	10063981	29/04/2011 *	200,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B12654422
9	10052099	27/07/2011 *	250,000,000.00	STANDARD CHARTERED BANK	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B18433169
* Date of charge modification

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Loans and advances from related parties	19.009	11.466
Other loans and advances	43.500	39.333
TOTAL	62.509	50.799

NOTE:

Registered office of the company has been shifted from D-114, Mansarovar Garden, New Delhi – 110 015 to the present address w.e.f. 08.03.2010.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipments

· Computer Equipments

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.62.32
UK Pound	1	Rs.101.78
Euro	1	Rs.84.68

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
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	6
--CREDIT LINES	1~10	5
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.