MIRA INFORM REPORT

Report Date :

16.06.2014

IDENTIFICATION DETAILS

Name :	ELCOMPO ELECTRONICS INDUSRIES PRIVATE LIMITED
Registered Office :	Plot No.31-33, Functional Industrial Estate, Perungudi, Chennai – 600 096, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.03.1973
Com. Reg. No.:	18-006318
Capital Investment / Paid-up Capital :	Rs.10.000 millions
CIN No.: [Company Identification No.]	U32106TN1973PTC006318
TAN No.: [Tax Deduction & Collection Account No.]	CHEE00076G
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in producing the fly back transformer, deflection coil and transformer and chokes and coil.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 131000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company possesses an acceptable financial profile marked by adequate networth and decent capital structure characterised by zero debt. Management has reported a significant dip in its net profitability during FY 13. However, trade relations are fair. Business is active. Payment terms are reported as usually correct. 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 – 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.2,453.2 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 DECLINED

Management non-cooperative

(Tel. No.: 91-44-24961417)

LOCATIONS

Registered Office/ Factory :	Plot No.31-33, Functional Industrial Estate, Perungudi, Chennai – 600 096, Tamilnadu, India
Tel. No.:	91-44-24961471/ 24962693/ 24961811
Fax No.:	91-44-24960093
E-Mail :	elcompo@gmail.com admin@elcompo.com
Website :	http://www.elcompo.com

DIRECTORS

AS ON 23.08.2013

Name :

Mr. Amarlal Gobindram Rohira

Designation :

Director

Address :

5, Turn Bull Road, Nandanam, Chennai – 600 035, Tamilnadu, India

Date of Appointment :

31.07.1987

DIN No.:

00081343

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	U32106TN1975PTC006905	PERFECT ELECTRONICS PRIVATE LIMITED	Director	01-07-1975	01-07-1975	-	Active	NO
2	U65993TN1985PTC012228	ELDERS CONSULTANTS AND INVESTMENTS CO PRIVATE LIMITED	Director	27-09-1985	27-09-1985	-	Active	NO
3	U32106TN1973PTC006318	ELCOMPO ELECTRONICS INDUSRIES PRIVATE LIMITED	Director	31-07-1987	31-07-1987	-	Active	NO
4	U33111TN1986PTC013205	UTSAVGIRI CMPUTERS AND ELECTRONIC INDUSTRIES PRIVATE LIMITED	Director	27-10-1990	27-10-1990	-	Active	NO
5	U52599TN1992PTC022329	QUALITY ELECTRONICS (INDIA) PRIVATE LIMITED	Director	01-04-1992	01-04-1992	-	Strike off	NO
6	U51102TN1986PTC013813	THIRUMALAI MARKETING PRIVATE LIMITED	Director	12-12-2006	12-12-2006	04-09-2012	Active	NO
7	U74899DL1967NPL015218	ELCINA ELECTRONIC INDUSTRIES ASSOCIATION OF INDIA	Director	12-09-2007	12-09-2007	-	Active	NO
8	U92412TN2009NPL071459	Madras Boat Club	Director	30-08-2010	30-08-2010	03-09-2011	Active	NO

Name :

Mr. Rajesh Ashok Rohira

Designation :

Director

Address :

No.1/3A, Gandhinagar 2^nd Main Road, Adyar, Chennai – 600 020, Tamilnadu, India

Date of Appointment :

01.05.2007

DIN No.:

00488742

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	U32106TN1975PTC006905	PERFECT ELECTRONICS PRIVATE LIMITED	Director	23-05-1994	23-05-1994	-	Active	NO
2	U32106TN1973PTC006318	ELCOMPO ELECTRONICS INDUSRIES PRIVATE LIMITED	Director	01-05-2007	01-05-2007	-	Active	NO

Name :

Mr. Rakesh Moolchand Rohira

Designation :

Director

Address :

8, 1^st Main Road, Indira Nagar, Adayar, Chennai – 600 020, Tamilnadu, India

Date of Appointment :

01.05.2007

DIN No.:

01663087

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	U32106TN1973PTC006318	ELCOMPO ELECTRONICS INDUSRIES PRIVATE LIMITED	Director	01-05-2007	01-05-2007	-	Active	NO
2	U33111TN1986PTC013205	UTSAVGIRI CMPUTERS AND ELECTRONIC INDUSTRIES PRIVATE LIMITED	Director	01-07-2007	01-07-2007	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.08.2013

Names of Shareholders	No. of Shares
A.G. Rohira	61800
G. Ashok	132400
Madhuri Amarlal	46100
Kavitha Ashok	60000
Seema Moolchand	57133
Rajesh A. Rohira	101400
Santosh A. Rohira	9200
Rakesh M. Rohira	162467
Poonam M. Rohira	83500
V. Shanmugasundaram	33000
Kamalambujam	16000
V. Saroja	5000
K.M. Abdul Salam	15900
Sajad A. Salam	8100
Saira Banu	12000
Sunitha Aloke	89200
Babita Amarlal	106800
Total	1000000

AS ON 23.08.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in producing the fly back transformer, deflection coil and transformer and chokes and coil.

Products :

Item Code No. (ITC Code)	85043100
Product Description	Fly Back Transformer/ Deflection Coil/ Transformer and Chokes and Coil

PRODUCTION STATUS [AS ON 31.03.2011]:

(In Units)

Particulars	Licensed Capacity	Installed Capacity	Actual Production
Line Output/ Fly Back Transformers and Small Transformers	3000000	3000000	2786167

GENERAL INFORMATION

Customers :	Anchor Electricals Private Limited (Kutch) Anchor Electricals Private Limited (Roorkee) Dixon Technologies (India) Private Limited Khaitan Electronics Today Electronics Ensons Electronics Vijay Electronics Lumetech Holland B.V.
No. of Employees :	Information declined by the Management.
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	VDSR and Company (Formerly Kurien and Company) Chartered Accountants
Address :	1-C, Queen's Court 102, Montieth Road, Egmore, Chennai – 600 008, Tamilnadu, India
Tel. No.:	91-44-28554447/ 28554019
Fax No.:	91-44-43599441
E-Mail :	office@kapasi.net
Website :	www.vdsr.co.in
PAN No.:	AAAFK0778M
Other Group Companies :	Perfect Electronics Private Limited (Sister Concern) Utsavgiri Computers and Electronic Industries Private Limited (Sister Concern)

CAPITAL STRUCTURE

AS ON 23.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 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	10.000	10.000	10.000
(b) Reserves & Surplus	22.721	22.853	17.498
(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)	32.721	32.853	27.498
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(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)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	3.257	2.545	2.132
(c) Other current liabilities	1.026	0.979	1.121
(d) Short-term provisions	1.800	5.896	2.236
Total Current Liabilities (4)	6.083	9.420	5.489
TOTAL	38.804	42.273	32.987
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.630	5.249	6.282
(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	5.000	5.000	0.000
(c) Deferred tax assets (net)	1.373	1.492	1.517
(d) Long-term Loan and Advances	0.243	0.491	0.491
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	11.246	12.232	8.290
(2) Current assets
(a) Current investments	1.500	1.500	0.000
(b) Inventories	9.098	8.687	8.784
(c) Trade receivables	9.005	7.827	7.146
(d) Cash and cash equivalents	4.951	9.406	7.399
(e) Short-term loans and advances	2.730	2.454	1.368
(f) Other current assets	0.274	0.167	0.000
Total Current Assets	27.558	30.041	24.697
TOTAL	38.804	42.273	32.987

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	61.773	74.575	65.419
		Other Income	1.148	41.573	1.406
		TOTAL (A)	62.921	116.148	66.825
Less	EXPENSES
		Material Consumed	38.245	47.123	41.692
		Changes in Inventories	0.082	0.560	1.234
		Employee Benefit Expenses	10.764	11.326	8.607
		Other Expenses	6.402	5.735	6.058
		TOTAL (B)	55.493	64.744	57.591
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.428	51.404	9.234
Less	FINANCIAL EXPENSES (D)		0.046	0.061	0.145
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.382	51.343	9.089
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.866	1.332	1.875
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		6.516	50.011	7.214
Less	TAX (H)		1.991	10.953	2.277
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		4.525	39.058	4.937
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.605	0.157	0.374
Less	APPROPRIATIONS
		General Reserve	0.453	3.906	0.494
		Interim Dividend	3.000	25.000	3.000
		Proposed Final Dividend	1.000	4.000	1.000
		Dividend Distribution Tax	0.657	4.704	0.660
	BALANCE CARRIED TO THE B/S		1.020	1.605	0.157
	EARNINGS IN FOREIGN CURRENCY
		Export Sales	9.906	16.654	12.289
	TOTAL EARNINGS		9.906	16.654	12.289
	IMPORTS
		Raw Materials	37.058	44.843	39.658
		Capital Goods	0.227	0.166	0.000
	TOTAL IMPORTS		37.285	45.009	39.658
	Earnings / (Loss) Per Share (Rs.)		4.52	39.06	4.94

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	7.19	33.63	7.39
Net Profit Margin (PBT/Sales)	(%)	10.55	67.06	11.03
Return on Total Assets (PBT/Total Assets}	(%)	20.09	139.77	22.92
Return on Investment (ROI) (PBT/Networth)		0.20	1.52	0.26
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		4.53	3.19	4.50

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	10.000	10.000	10.000
Reserves & Surplus	17.498	22.853	22.721
Share Application money pending allotment	0.000	0.000	0.000
Net worth	27.498	32.853	32.721
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	65.419	74.575	61.773
		13.996	(17.167)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	65.419	74.575	61.773
Profit	4.937	39.058	4.525
	7.55%	52.37%	7.33%

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	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	Yes
17]	Major suppliers	No
18]	Major customers	Yes
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	No
24]	Banking facility details	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

The registered office of the company has been shifted from 1-2, Instronics Campus, Adayar, Madras – 600 041, Tamilnadu to the present address w.e.f. 16.03.2011.

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90303147	28/02/1975	329,000.00	THE TAMILNADU INDUSTRAIL INVESTMENT COROPORATION LIMITED	ARUL MANAI, MADRAS, TAMILNADU - 600014, INDIA	-

FIXED ASSETS:

· Developed Plot

· Furniture and Fittings

· Perungudi Building

· Plant and Machinery

· Electrical Fittings

· Motor Car

· Scooter

· Furniture and Equipment

· Air Conditioner

· Test Equipment

· Computer

· Refrigerator

· Generator

· UPS

· Cycle

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.59.48
UK Pound	1	Rs.100.93
Euro	1	Rs.80.71

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		44

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.