MIRA INFORM REPORT

Report Date :

19.11.2014

IDENTIFICATION DETAILS

Name :	SWASTIK COAL CORPORATION PRIVATE LIMITED (w.e.f. 18.07.2007)
Formerly Known As :	SWASTIK COAL CORPORATION (INDIA) PRIVATE LIMITED (w.e.f. 07.06.2007) SWASTIK COAL CORPORATION (INDIA) LIMITED BINDAL COAL SALES PRIVATE LIMITED
Registered Office :	'Swastik House'' 21/3, Ratlam Kothi, Near Hotel Omani Palace, Indore – 452001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.08.1995
Com. Reg. No.:	10-009875
Capital Investment / Paid-up Capital :	Rs.60.547 Millions
CIN No.: [Company Identification No.]	U74210MP1995PTC009875
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BOLS05512D
PAN No.: [Permanent Account No.]	AABCJ3196N
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Coal and Lignite.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1400000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having Satisfactory track. The rating reflects the company sound financial risk profile marked by healthy net worth and fair profitability of the company. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. The company can be considered normal 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 – 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

Rating Agency Name	CRISIL
Rating	Long Term Rating: BBB-/ Stable (Upgraded from BB)
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	Oct 3, 2014

Rating Agency Name	CRISIL
Rating	Short Term Rating: A3
Rating Explanation	Moderate degree of safety. It carry higher credit risk.
Date	Oct 3, 2014

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 PARTED BY

Name :	Mr. Sawant
Designation :	Accounts Department
Contact No.:	91-731-2515521
Date :	17.11.2014

LOCATIONS

Registered Office :	'Swastik House'' 21/3, Ratlam Kothi, Near Hotel Omani Palace, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-2515521/ 2515529
Fax No.:	91-731-2515520
E-Mail :	cstanay@yahoo.in hra@swastikcoal.com bindalco@swastikcoal.com bindalco@sancharnet.in bindalco@airtelbroadband.in
Website :	http://www.swastikcoal.com
Head Office :	Plot No.31, Transport Nagar, Gobaring Bahari, Kota, Rajasthan, India
Warehouse :	Located at Gujarat Karnataka Rajasthan Madhya Pradesh

DIRECTORS

As on 30.09.2013

Name :

Mr. Narayan Bindal

Designation :

Whole-Time Director

Address :

8/3, Anand Apartment, Manirama Ganj, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

30.11.1967

Date of Appointment :

20.11.2001

DIN No.:

00036862

PAN No.:

ABHPB5322J

Name :

Mr. Vishnu Prasad Bindal

Designation :

Whole-Time Director

Address :

10, Navratan Bag, Indore- 452001, Madhya Pradesh, India

Date of Birth/Age :

15.11.1962

Date of Appointment :

06.10.2012

DIN No.:

00036927

PAN No.:

ABHPB5247Q

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	U74210MP1995PTC009875	SWASTIK COAL CORPORATION PRIVATE LIMITED	Managing director	06/10/2012	06/04/2004	-	Active	NO
2	U45200MP2006PTC018757	BHAVRI REAL ESTATES PRIVATE LIMITED	Director	04/07/2006	04/07/2006	31/03/2014	Active	NO
3	U45200MP2006PTC018754	VG DEVELOPERS PRIVATE LIMITED	Director	04/07/2006	04/07/2006	31/03/2014	Active	NO
4	U45200MP2006PTC018855	BINDAL REALITIES PRIVATE LIMITED	Director	11/08/2006	11/08/2006	31/03/2014	Active	NO
5	U45201MP2004PTC017075	KANHAIYA DEVELOPERS PRIVATE LIMITED	Director	30/09/2008	22/06/2008	-	Active	NO

Name :

Mr. Hitesh Kumar Bindal

Designation :

Whole-Time Director

Address :

10, Navratan Bag, Indore- 452001, Madhya Pradesh, India

Date of Birth/Age :

21.04.1983

Date of Appointment :

20.11.2001

DIN No.:

01150111

PAN No.:

AGGPB9228H

KEY EXECUTIVES

Name :	Mr. Sawant
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Name of Shareholders	No of Shares
Vishnu Prasad Bindal	1664203
Hitehs Bindal	52812
Geeta Devi Bindal	449921
V. P. Bindal HUF	867750
Palasia Leasing & Investment Private Limited	2045012
Bishnadevi Marketing Private Limited, India	205000
Dhankiran Marketing Private Limited, India	450000
Aryadeep Ispat Private Limited, India	200000
Ashyana Steel Private Limited, India	145000
Total	6079698

As on 30.09.2013

Equity Shares Break – up

Category	Percentage
Bodies corporate	50.08
Directors or relatives of Directors	49.92
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Coal and Lignite.

Products :

Products Description	Item Code No.
Coal	27011920

GENERAL INFORMATION

Suppliers:

Not Divulged

Customers:

Not Divulged

No. of Employees :

Not Divulged

Bankers :

Banker Name :	Union Bank of India
Branch Address :	Indore main branch
Person Name :	Mr. Piyush Jain (Assistant Manager)
Contact No.:	91-9407479467
Name of Account Holder	Swastik Coal Corporation Private Limited
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	6 Years
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Rs.45.000 Millions CC Rs.700.000 Millions LC
Account Operation	Very Good
Remarks (If any)	Banker gave us positive feedback. The subject have very good track record for banking transaction.

· State Bank of Travancore

(Associate of State Bank of India), Great Balaji House, 20/2 South Tukoganj Palasia, AB Road, Indore - 452001, Madhya Pradesh, India

Facilities :

Secured Loans	31.03.2013	31.03.2012
	(Rs. In Millions)
Long-term borrowings
Rupee Term Loans from Banks	0.947	2.313
Rupee Term Loans from Others	0.000	3.558
Total	0.947	5.871

Auditors :
Name :	R.S. Bansal and Company Chartered Accountants
Address :	Uravashi, 1st Floor, 3 Jaora Compound, Indore – 452001, Madhya Pradesh, India
PAN No.:	AABFR4852J
Associate :	· Arka Carbon Fuels Private Limited · Palasia Leasing And Investments Private Limited
Subsidiaries :	· Taurus Global Energy Pte. Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	· Shree Ganpatlal Onkarlal Agrawal and Company

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital:

No. of Shares	Type	Value	Amount
6500000	Equity Shares	Rs.10/- each	Rs.65.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
6079698	Equity Shares	Rs.10/- each	Rs.60.797 Millions

As on 31.03.2013s

Authorised Capital: Not Available

Issued, Subscribed & Paid-up Capital: Rs.60.547 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	60.547	60.547	50.547
(b) Reserves & Surplus	419.529	342.928	192.533
(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)	480.076	403.475	243.080
(3) Non-Current Liabilities
(a) long-term borrowings	0.947	5.871	3.256
(b) Deferred tax liabilities (Net)	0.000	0.236	0.257
(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)	0.947	6.107	3.513
(4) Current Liabilities
(a) Short term borrowings	902.409	385.305	306.207
(b) Trade payables	1691.310	1204.765	912.889
(c) Other current liabilities	64.818	24.033	20.436
(d) Short-term provisions	36.600	29.754	14.500
Total Current Liabilities (4)	2695.137	1643.857	1254.032
TOTAL	3176.160	2053.439	1500.625
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11.878	13.394	9.148
(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)	0.034	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.103
Total Non-Current Assets	11.912	13.394	9.251
(2) Current assets
(a) Current investments	65.174	72.056	20.077
(b) Inventories	734.238	501.565	339.188
(c) Trade receivables	1208.512	889.061	631.337
(d) Cash and cash equivalents	425.554	168.018	138.944
(e) Short-term loans and advances	730.770	409.345	361.828
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	3164.248	2040.045	1491.374
TOTAL	3176.160	2053.439	1500.625

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	6458.702	5567.045	3309.981
Less	EXPENSES
		TOTAL	6345.745	5475.684	3266.311
	PROFIT/(LOSS) BEFORE TAX		112.957	91.361	43.670
Less	TAX		36.356	30.966	14.510
	PROFIT/(LOSS) AFTER TAX		76.601	60.395	29.160
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		154.616	94.221	65.061
	BALANCE CARRIED TO THE B/S		231.217	154.616	94.221
	EARNING IN FOREIGN CURRENCY		2.478	NA	NA
	IMPORTS
		CIF value of Imported purchase	NA	432.734	120.621
	TOTAL IMPORTS		NA	432.734	120.621
	Earnings Per Share (Rs.)		12.65	9.97	5.77

Particulars	31.03.2014
Sales Turnover (Approximately)	11350.000

Expected Sales (2014-15) : Rs.13500.000 Millions

The above information has been parted by Mr. Sawant (Accounts Department)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.19	1.08	0.88
Return on Total Assets (PBT/Total Assets}	(%)	3.56	4.45	2.91
Return on Investment (ROI) (PBT/Networth)		0.24	0.23	0.18
Debt Equity Ratio (Total Debt/Networth)		1.88	0.97	1.27
Current Ratio (Current Asset/Current Liability)		1.17	1.24	1.19

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	50.547	60.547	60.547
Reserves & Surplus	192.533	342.928	419.529
Net worth	243.080	403.475	480.076
long-term borrowings	3.256	5.871	0.947
Short term borrowings	306.207	385.305	902.409
Total borrowings	309.463	391.176	903.356
Debt/Equity ratio	1.273	0.970	1.882

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	3309.981	5567.045	6458.702
		68.190	16.017

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	3,309.981	5,567.045	6,458.702
Profit	29.160	60.395	76.601
	0.88%	1.08%	1.19%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

(Rs. In million)

Particular	As on 31.03.2013	As on 31.03.2012
Long-term borrowings
Loans Repayable on demand from Bank	796.409	325.466
Loans Repayable on demand from Others	106.000	59.839
Total	902.409	385.305

NOTE:

The registered office of the company has been shifted from 109, Sneh Nagar, Indore, Madhya Pradesh, India to present address w.e.f. 01.04.2011

BUSINESS REVIEW:

The company after tax and Adjustment is increased to Rs.76.601 Millions as compared to Profit of Last year which was Rs.60.395 Millions

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10345580	21/09/2012 *	2,300,000,000.00	UNION BANK OF INDIA	INDORE MAIN BRANCH, 1/3 MORAI MOHALLA, INDORE, MADHYA PRADESH - 452001, INDIA	B60037850
2	10318575	19/11/2011	700,000,000.00	INDIAN OVERSEAS BANK	MID CORPORATE BRANCH, 169, CORPORATE HOUSE, R N T ROAD, INDORE, MADHYA PRADESH - 452001, INDIA	B25667262
3	10132113	15/10/2008	45,000,000.00	ORIENTAL BANK OF COMMERCE	R.N.T. MARG, INDORE, INDORE, MADHYA PRADESH - 452001, INDIA	A51561991
4	80006367	07/03/2009 *	920,000,000.00	UNION BANK OF INDIA	MAIN BRANCH, 1/3, MURAI MOHALLA, SANYOGITAGANJ, INDORE, MADHYA PRADESH - 452001, INDIA	A59778241
5	80006333	28/10/2005	120,000,000.00	UNION BANK OF INDIA	SANYOGITA GANJ, INDORE, MADHYA PRADESH - 452001, INDIA	-
6	90204209	27/01/2005 *	40,000,000.00	STATE BANK OF INDORE	MID CORPORATE COMMERCIAL BRANCH, INDORE, MADHYA PRADESH, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Factory building

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipment

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.61.67
UK Pound	1	Rs.96.93
Euro	1	Rs.77.35

INFORMATION DETAILS

Information Gathered by :	PRI
Analysis Done by :	DIV
Report Prepared by :	JYTK

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	5
--LIQUIDITY	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.