MIRA INFORM REPORT

Report Date :

02.06.2014

IDENTIFICATION DETAILS

Name :	INDORE GEL PRIVATE LIMITED
Registered Office :	Sethna Building, 4^th Floor, 55 M K Road, Marine Lines, Mumbai – 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.04.2009
Com. Reg. No.:	11-191930
Capital Investment / Paid-up Capital :	Rs.10.875 Millions
CIN No.: [Company Identification No.]	U24100MH2009PTC191930
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of GEL Products.
No. of Employees :	6 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow but delayed
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The company has incurred huge accumulated losses recorded, which has eroded the net worth of the company. Profitability of the company seems to be under pressure. Business is active. Payment terms are slow and delayed. The company can be considered for business dealings on safe and secured 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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. Sanjay
Designation :	Accounts manager
Contact No.:	91-22-61452715
Date :	29.05.2014

LOCATIONS

Registered Office :	Sethna Building, 4^th Floor, 55 M K Road, Marine Lines, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-61452715/ 22090333
Fax No.:	Not Available
E-Mail :	account@indoregel.co.in jainambavat@sify.com jainandbafna@gmail.com
Website :	http://www.indoregel.co.in
Corporate Office :	24, B. D., Raja Bahadur Coumpound, Ambalal Doshi Marg, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-61452700
Location :	Rented
Umbergaon Plant:	Plot No. 03, S-86/5/1/P3, OHM Industrial Infrastructure Park, New Expansion G.I.D.C., Umbergaon, District Valsad – 396171, Gujarat, India
Tel No.:	91-260-2564491/ 3264160
Location :	Owned

DIRECTORS

As on 30.09.2013

Name :

Mr. Saral Vallabh Bhanshali

Designation :

Director

Address :

12, Laxmi Vilas, 87 Nepeansea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

24.10.1985

Date of Appointment :

25.02.2010

DIN No.:

00265484

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	U74300MH2005PTC151007	ARYASHREE MULTI MEDIA PRIVATE LIMITED	Director	01/09/2005	01/09/2005	-	Active	NO
2	U24100MH2009PTC191930	INDORE GEL PRIVATE LIMITED	Director	25/02/2010	25/02/2010	-	Active	NO
3	AAB-2479	EVERFRESH ENTERPRISES LLP	Designated Partner	06/12/2012	06/12/2012	-	Active	NO

Name :

Mr. Mukesh Jethmal Sanghvi

Designation :

Director

Address :

801, Jogni Apartment, 29-B, Dongrashi Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

19.12.1962

Date of Appointment :

22.04.2009

DIN No.:

00334136

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	U25209MH1994PTC077596	INDORE COMPOSITE PRIVATE LIMITED	Director	07/04/1994	07/04/1994	-	Active	NO
2	L67120MH1979PLC022039	SHREENATH INVESTMENT COMPANY LIMITED	Director	31/03/2002	31/03/2002	31/10/2012	Active	NO
3	U51909MH2006PTC163351	AAR CUBE ENTERPRISE PRIVATE LIMITED	Director	27/07/2006	27/07/2006	-	Active	NO
4	U45201MH2006PTC165944	KARMA LAND & INFRASTRUCTURE DEVELOPMENT COMPANY PRIVATE LIMITED	Director	04/12/2006	04/12/2006	28/02/2010	Active	NO
5	U24100MH2009PTC191930	INDORE GEL PRIVATE LIMITED	Director	22/04/2009	22/04/2009	-	Active	NO

Name :

Mr. William Otter Morris

Designation :

Director

Address :

179, Ridgewood Road, Peterborough K9J 1P2 Canada

Date of Appointment :

04.11.2010

DIN No.:

02985900

Name :

Mr. Quint MC Donald Barefoot

Designation :

Director

Address :

550, Country Club Drive, Greens Boro 27408 United States of America

Date of Appointment :

04.11.2010

DIN No.:

03081420

KEY EXECUTIVES

Name :	Mr. Sanjay
Designation :	Accounts manager

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Indore Composite Private Limited, India	543750	50.00
Info-Gel LLC, USA	543750	50.00
Total	1087500	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Trading of GEL Products.
Terms :
Selling :	Cash, Cheque and Credit
Purchasing :	Cash, Cheque and Credit

PRODUCTION STATUS (As on 31.03.2013)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Cable Filing Compound	M.T.	4500	4500	22.196

GENERAL INFORMATION

No. of Employees :

6 (Approximately)

Bankers :

· Axis Bank Limited, Court Chambers,, 35,Sir Vithaldas Thackersey Marg, New Marine Lines, Mumbai, Maharashtra - 400020, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term Loans Axis Bank Term Loans * * (all above loan is secured by 1^st charge against entire current assets of the company and conllateral charges on entire fixed assets of the company, movable and immovable) (term of repayment: EMI of Rs.0.944 Million) in Cash Guarantees by: Corporate Guarantee – Indore Composite Private Limited Personal Guarantees – Mr. Mukesh Jehmal Sanghavi, Mr. Saral Bhansali and Mr. Bill Moris	15.841	18.395
Short Term Borrowings
A] Term Loans Axis Bank Term Loans* (term of repayment EMI of Rs.0.833 Million for 3 Months and Rs.1.042 Millions for 9 Months	11.876	11.333
B] Others Axis Bank Cash Credit*	1.641	9.948
Citi Bank Cash Credit*	6.772	0.000
Axis Bank Buyer’s Credit*	12.561	14.700
Axis Bank Packing Credit*	1.360	0.000
*(all above loans are secured by 1^st charges against entire current assets of the company and collateral charge on entire fixed assets of the company, movable and immovable) Guarantees by: Corporate Guarantee – Indore Composite Private Limited Personal Guarantees – Mr. Mukesh Jehmal Sanghavi, Mr. Saral Bhansali and Mr. Bill Moris
Total	50.051	54.376

Banking Relations :	--
Auditors :
Name :	Jain Ambavat and Associates Chartered Accountants
Address :	10, Chemox House, 3^rd Floor, 7 Barack lane, Opposite Bombay Hospital, Above Hotel Panchvati, Mumbai 400020, Maharashtra, India
Tel No.:	91-22-43473635/ 40
PAN No.:	AAAFJ1780E
Other Related Parties:	· Indore Composite Private Limited · Info Gel LLC

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1087500	Equity Shares	Rs.10/- each	Rs.10.875 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	10.875	10.875	10.875
(b) Reserves & Surplus	(12.811)	(3.572)	15.110
(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)	(1.936)	7.303	25.985
(3) Non-Current Liabilities
(a) long-term borrowings	34.197	36.751	33.998
(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)	34.197	36.751	33.998
(4) Current Liabilities
(a) Short term borrowings	59.025	60.796	31.834
(b) Trade payables	1.127	6.254	15.262
(c) Other current liabilities	0.907	1.596	2.565
(d) Short-term provisions	0.154	0.293	0.076
Total Current Liabilities (4)	61.213	68.939	49.737
TOTAL	93.474	112.993	109.720
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	52.905	59.915	66.949
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.170	0.256	0.341
Total Non-Current Assets	53.075	60.171	67.290
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	17.804	22.196	22.520
(c) Trade receivables	14.530	14.997	5.142
(d) Cash and cash equivalents	2.347	2.268	2.558
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	5.718	13.361	12.210
Total Current Assets	40.399	52.822	42.430
TOTAL	93.474	112.993	109.720

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	78.325	83.239	20.295
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		6.384	(4.365)	(9.004)
Less	FINANCIAL EXPENSES		8.272	5.963	1.918
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(1.888)	(10.328)	(10.922)
Less/ Add	DEPRECIATION/ AMORTISATION		7.351	8.354	6.293
	PROFIT BEFORE TAX		(9.239)	(18.682)	(17.215)
Less	TAX		0.000	0.000	0.000
	PROFIT AFTER TAX		(9.239)	(18.682)	(17.215)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(35.897)	(17.215)	0.000
	BALANCE CARRIED TO THE B/S		(45.136)	(35.897)	(17.215)
	Earnings Per Share (Rs.)		(8.49)	(19.39)	(19.39)

Particulars	31.03.2014
Sales Turnover (Approximately)	100.000

The above information has been parted by Mr. Sanjay

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	(11.80)	(22.44)	(84.82)
Return on Total Assets (PBT/Total Assets}	(%)	(9.88)	(16.53)	(19.66)
Return on Investment (ROI) (PBT/Networth)		4.77	(2.56)	(0.66)
Debt Equity Ratio (Total Debt /Networth)		(48.15)	13.36	2.53
Current Ratio (Current Asset/Current Liability)		0.66	0.77	0.85

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	10.875	10.875	10.875
Reserves & Surplus	15.110	(3.572)	(12.811)
Net worth	25.985	7.303	(1.936)
long-term borrowings	33.998	36.751	34.197
Short term borrowings	31.834	60.796	59.025
Total borrowings	65.832	97.547	93.222
Debt/Equity ratio	2.533	13.357	(48.152)

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	20.295	83.239	78.325
		310.145	(5.903)

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	20.295	83.239	78.325
Profit	(17.215)	(18.682)	(9.239)
	(84.82%)	(22.44%)	(11.80%)

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 four 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	Yes
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 LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loans and Advances from related Parties
Indore Composite Private Limited **	0.300	0.300
Info Gel LLC**	18.056	18.056
(Terms of Repayment – On Call)
Short Term Borrowings
Loans and Advances from related Parties
Indore Composite Private Limited	24.815	24.815
(Terms of Repayment – On Call)
Total	43.171	43.171

FINANCIAL RESULT

The company has made a loss of Rs.9.349 Millions as against a loss of Rs.18.682 Millions in the previous years.

BACKGROUND

The company is engaged in the manufacturing and Trading of GEL Products. The company was incorporated on 22^nd April, 2009 and started commercial production at their Umbergaon Plant in Gujarat on 06^th July, 2010.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10261813	30/12/2010 *	78,000,000.00	Axis Bank Limited	Court Chambers,, 35,Sir Vithaldas Thackersey Marg, New Marine Lines, Mumbai, Maharashtra - 400020, India	B04390670

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.59.03
UK Pound	1	Rs.98.91
Euro	1	Rs.80.34

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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		12

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.