MIRA INFORM REPORT

Report Date :

30.01.2014

IDENTIFICATION DETAILS

Name :	DHANLAXMI ROTO SPINNERS LIMITED
Registered Office :	Survey No. 114 & 115, Station Road, Thimmapur - 509325, Mahbubnagar District, Andhra Pradesh.
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.09.1987
Com. Reg. No.:	01-007769
Capital Investment / Paid-up Capital :	Rs. 39.003 Million
IEC No.:	0990004830
CIN No.: [Company Identification No.]	L18100AP1987PLC007769
TAN No.: [Tax Deduction & Collection Account No.]	HYDS08949D
PAN No.: [Permanent Account No.]	AAACD8429P
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Trading of Textile, Paper, and Wood Pulp.
No. of Employees :	50 ( Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 240000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears some dip in the turnover and profitability of the companies during current year. Reserve of the company also appears to be low. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. 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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

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. Anirudha Irani
Designation :	Directior
Contact No.:	91-40-24601782
Date :	20.01.2014

LOCATIONS

Registered Office :	Survey No. 114 & 115, Station Road, Thimmapur - 509325, Mahbubnagar District Andhra Pradesh, India
Tel. No.:	91-40-32990707 / 8548-257181/ 32990707 / 27847960
Mobile No.:	91-7819871367 / 9866322221 (Mr. Anirudh Inani)
Fax No.:	91-40-27847960
E-Mail :	dhanlaxmiroto@yahoo.co.in dahnroto@gmail.com inani@eth.net
Website :	www.dhanaroto.com

DIRECTORS

AS ON 31.03.2013

Name :

Mr. Rajkumar Inani

Designation :

Whole Time Director

Address :

15-9-56, Maharaj Gunj, Hyderabad – 500012, Andhra Pradesh, India

Date of Birth/Age :

30.05.1964

Date of Appointment :

30.10.1992

DIN No.:

00885466

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	U17120MH1986PTC040372	DHANSHREE SYNTEX PRIVATE LIMITED	Director	11/07/1986	11/07/1986	26/07/2010	Active	NO
2	L18100AP1987PLC007769	DHANALAXMI ROTO SPINNERS LIMITED	Whole-time director	30/10/1992	30/10/1992	-	Active	NO
3	U67120AP1997PTC028628	KARMANGHAT SECURITIES PRIVATE LIMITED	Director	29/09/2009	16/03/2009	-	Active	NO

Name :

Mr. Anirudh Inani

Designation :

Whole Time Director

Address :

15-9-1-56, Maharaj Gunj, Hyderabad- 500012, Andhra Pradesh, India

Date of Birth/Age :

30.04.1980

Date of Appointment :

30.06.2009

DIN No.

02253588

Name :

Mr. Narayan Inani

Designation :

Executive Director

Address :

15-9-1-56, Maharaj Gunj, Hyderabad- 500012, Andhra Pradesh, India

Date of Birth/Age :

10.09.1968

Date of Appointment :

01.07.2010

DIN No.:

00525403

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	U65920AP1996PLC024103	INANI COMMODITIES AND FINANCE LIMITED	Director	29/09/1997	29/09/1997	31/07/2010	Active	NO
2	U67120AP1997PTC028628	KARMANGHAT SECURITIES PRIVATE LIMITED	Director	29/12/1997	29/12/1997	-	Active	NO
3	U67120AP1997PTC028627	L.K.I.SECURITIES PRIVATE LIMITED	Director	29/12/1997	29/12/1997	26/07/2010	Active	NO
4	L18100AP1987PLC007769	DHANALAXMI ROTO SPINNERS LIMITED	Whole-time director	01/07/2010	30/09/2003	-	Active	NO

Name :

Mr. K.N. Prasad

Designation :

Director

Address :

7-52-5, B.S. Nagar, Malkajgiri, Hyderabad – 500417, Andhra Pradesh, India

Date of Birth/Age :

22.12.1963

Date of Appointment :

30.01.1999

DIN No.:

00562599

Name :

Mr. Simanth Roy Choudhury

Designation :

Director

Address :

SY NO.114 and 115, Railway Station Road, Thimmapur, 509325, Mahbubnagar, Andhra Pradesh, India

Date of Birth/Age :

23.04.1968

Date of Appointment :

02.04.2009

DIN No.:

02479099

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	Company/ LLP Status	Defaulting status
1	U27104AP1988PTC008147	RANGANATH ENTERPRISES PRIVATE LIMITED	Director	10/08/1998	10/08/1998	Active	NO
2	L18100AP1987PLC007769	DHANALAXMI ROTO SPINNERS LIMITED	Director appointed in casual vacancy	02/04/2009	02/04/2009	Active	NO
3	U45209WB1991PTC052114	SURAJ TRADE & PROPERTIES PVT LTD	Director	05/04/2013	05/04/2013	Active	NO

Top of Form

Bottom of Form

Name :

Mr. Shyam Sunder Jakhotia

Designation :

Director

Address :

8-3-1968, Old Beet Bazar, Warangal, Andhra Pradesh, India

Date of Birth/Age :

16.04.1964

Date of Appointment :

30.09.2002

DIN No.:

00562306

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1205175	30.90
Bodies Corporate	203825	5.23
Sub Total	1409000	36.13
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1409000	36.13
(B) Public Shareholding
(1) Institutions
Financial Institution / Banks	200	0.01
Sub Total	200	0.01
(2) Non-Institutions
Bodies Corporate	175970	4.51
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 millions	1297881	33.28
Individual shareholders holding nominal share capital in excess of Rs.0.100 millions	1014625	26.01
Any Others (Specify)	2624	0.07
Non Resident Indians	1224	0.03
Clearing Members	1400	0.04
Sub Total	2491100	63.87
Total Public shareholding (B)	2491100	63.87
Total (A)+(B)	3900300	100.00
© Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	3900300	0.00

BUSINESS DETAILS

Line of Business :	Trading of Textile, Paper, and Wood Pulp.
Products :	· Cotton Seed Meal · Cotton Seed Cake · Wood Pulp · Duplex Board · Manila Board · Wood Free Paper
Exports :
Countries :	· Korea · Egypt · Sri Lanka · Greece · Mauritius · Kuwait · Vietnam
Imports :
Countries :	· Europe · Indonesia · Canada

GENERAL INFORMATION

No. of Employees :

50 ( Approximately)

Bankers :

· Tamilnad Mercantile Bank Limited

15-2-698, 1^st Floor, Siddiamber Bazar, Kishangunj, Hyderabad – 500012, Andhra Pradesh, India

· Citi Bank

Ground Floor, Queens Plaza, S.P.Road, Begumpet, Hyderabad – 500003, Andhra Pradesh, India

· Canbank Factors Limited

Hyderabad Branch, Road No. 19, Himayath Nagar, Hyderabad – 500029, Andhra Pradesh, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long Term Borrowings
Term Loans (Secured)
From Banks (Mortgage of Vehicles)	1.374	0.351
Short Term Borrowings
Loans From Bank (Secured by hypothecation of inventories, book debts receivables and against collateral security of open land and Premises in the name of the company)	5.601	0.000
Total	6.975	0.351

Banking Relations :	-----
Auditors :
Name :	G.D. Upadhyay and Company (Chartered Accountant)
Address :	15-1-153, 2^nd Floor, Upstairs Andhra Bank, Opp. Gosharmahal High school, Suddiamber Bazar, Hyderabad – 500012, Andhra Pradesh, India
PAN No.:	AAFPU2846P
Memberships :	· The Federation of Indian Export Organizations (FIFO). · Confederation of Indian Industry (CII). · The Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI).
Associates/Subsidiaries :	· Anirudh Marketing · Inani Distributors · Karmanghal Securities Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- Each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3900300	Equity Shares	Rs.10/- Each	Rs.39.003 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	39.003	39.003	39.003
(b) Reserves & Surplus	23.199	19.080	13.741
(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)	62.202	58.083	52.744
(3) Non-Current Liabilities
(a) long-term borrowings	1.374	0.352	0.935
(b) Deferred tax liabilities (Net)	1.203	1.065	0.964
(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)	2.577	1.417	1.899
(4) Current Liabilities
(a) Short term borrowings	5.601	0.000	8.870
(b) Trade payables	39.615	54.755	33.031
(c) Other current liabilities	2.144	(2.683)	2.417
(d) Short-term provisions	0.048	0.831	0.950
Total Current Liabilities (4)	47.408	52.903	45.268
TOTAL	112.187	112.403	99.911
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	16.437	14.303	15.154
(ii) Intangible Assets	0.031	0.032	0.032
(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	0.897	0.897	0.760
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.344	0.342	0.367
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	17.709	15.574	16.313
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4.290	6.503	1.323
(c) Trade receivables	44.922	37.830	24.133
(d) Cash and cash equivalents	18.569	28.857	30.373
(e) Short-term loans and advances	26.697	23.639	27.769
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	94.478	96.829	83.598
TOTAL	112.187	112.403	99.911

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue From Operation	255.068	296.548	229.965
		Other Income	4.892	4.939	0.996
		TOTAL (A)	259.960	301.487	230.961
Less	EXPENSES
		Purchase of Stock in Trade	227.004	269.361	202.719
		Changes in Inventories of Finished Goods.	2.213	(5.180)	1.686
		Employee Benefit Expenses	2.857	2.996	1.781
		Other Expenses	18.240	21.499	12.846
		TOTAL (B)	250.314	288.676	219.032
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.646	12.811	11.929
Less	FINANCIAL EXPENSES (D)		2.345	3.622	4.493
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.301	9.189	7.436
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.088	1.113	0.812
Less	PRIOR PERIOD ITEMS BEFORE TAX (G)		0.108	0.093	0.099
	PROFIT BEFORE TAX (E-F-G) (H)		6.105	7.983	6.525
Less	TAX (I)		1.963	2.548	2.114
	PROFIT AFTER TAX (H-I) (J)		4.142	5.435	4.411
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.824	14.367	1.429
	TOTAL EARNINGS		1.824	14.367	1.429
	Earnings Per Share (Rs.10/- Each)		1.06	1.39	1.13

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.59	1.80	1.91
Net Profit Margin (PBT/Sales)	(%)	2.40	2.69	2.84
Return on Total Assets (PBT/Total Assets}	(%)	5.49	7.16	6.58
Return on Investment (ROI) (PBT/Networth)		0.10	0.14	0.12
Debt Equity Ratio (Total Liability/Networth)		0.31	0.01	0.19
Current Ratio (Current Asset/Current Liability)		1.99	1.83	1.85

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	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	No
19]	Payments terms	No
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]	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

REVIEW OF OPERATIONS:

During the year, the company has made a Gross Income of Rs. 259.960 Million when compared to Rs. 301.487 Millions in the earlier year. Net profit before Taxation and exceptional items earned during the year amounted to Rs. 6.214 Millions, as against Rs 8.075 Million in the previous year. Profit after Tax was at Rs. 4.142 Million against Rs. 5.434 Millions of earlier year.

FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE:

The Financial Statements are prepared under the historical cost convention in accordance with Indian generally accepted accounting principles and the provisions of the Companies Act, 1956. All Income and Expenditure having a material bearing on the Financial Statements are recognized on accrual basis. The Management has taken utmost care for the integrity and the objectivity of these Financial Statements, as well as for various estimates and judgments used therein.

VIEW INDEX OF CHARGE:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90119319	24/05/2012 *	92,500,000.00	TAMILNAD MERCANTILE BANK LIMITED	15-2-696,FIRST FLOOR, SIDDIAMBER BAZAAR,KISHAN GU NJ, HYDERABAD, Andhra Pradesh - 500012, INDIA	B41867813

Fixed Assets:

· Land

· Industrial Plot

· Building

· Bore well

· Furniture & fixtures

· Vehicles

· Office Equipment

· Computer & Printers

· Live Stock

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.61.53
UK Pound	1	Rs.101.08
Euro	1	Rs. 83.37

INFORMATION DETAILS

Report Prepared by :

ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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

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.