MIRA INFORM REPORT

Report Date :

26.11.2014

IDENTIFICATION DETAILS

Name :	OC SPECIALITIES PRIVATE LIMITED
Registered Office :	205, The Chambers, Western Express Highway, Vile Parle (East), Mumbai - 400 057, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.01.2005
Com. Reg. No.:	11-150735
Capital Investment / Paid-up Capital :	Rs.0.460 Million
CIN No.: [Company Identification No.]	u24100mh2005ptc150735
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	mumo03562g
PAN No.: [Permanent Account No.]	aaaco7181p
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter, Importer and Supplier of Industrial Chemicals.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has taken huge external borrowing which acts as threatening to the liquidity position of company. However, trade relations are fair. Business is active. Payment terms are 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 – 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.

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. G. G. Tonape
Designation :	Admin Manager
Contact No.:	91-22-26269200
Date :	24.11.2014

LOCATIONS

Registered Office / Factory:	205, The Chambers, Western Express Highway, Vile Parle (East), Mumbai – 400 057, Maharashtra, India
Tel. No.:	91-22-40825200/ 26269200
Mobile No. :	91-9833343920 (Mr. Pratik Barjatiya)
Fax no.:	91-22-40825253/ 26269293
E-Mail :	contact@ocspl.com accounts@ocean-chemicals.com contact@ocspl.com monukamdar@gmail.com rvjain@gmail.com
Area :	300 sq. ft.
Location :	Owned
Locality :	Commercial

DIRECTORS

As on 30.09.2013

Name :

Mr. Manish Mangilal Shah

Designation :

Managing Director

Address :

B-1, Heaven, Opposite Meghalaya Flas, Naranpura, Ahmedabad – 380 013, Gujarat, India

Date of Birth/Age :

15.03.1976

Date of Appointment :

19.01.2005

PAN No.:

ACJPS9795H

DIN No.:

00036482

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	U24100MH2005PTC150735	OC SPECIALITIES PRIVATE LIMITED	Managing director	19/01/2005	19/01/2005	-	Active	NO
2	U24100GJ2008PTC053898	OSWAL CHEM (INDIA) PRIVATE LIMITED	Director	15/05/2008	15/05/2008	-	Active	NO

Name :

Mr. Vikas Mangilal Shah

Designation :

Director

Address :

B-1, Heaven, Opposite Meghalaya Flas, Naranpura, Ahmedabad – 380 013, Gujarat, India

Date of Birth/Age :

18.10.1981

Date of Appointment :

19.01.2005

PAN No.:

ABOPM4799H

DIN No.:

00036542

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	U24100MH2005PTC150735	OC SPECIALITIES PRIVATE LIMITED	Director	19/01/2005	19/01/2005	-	Active	NO
2	U51434PN2006PTC128357	BALAJI SOURCINGS PRIVATE LIMITED	Whole-time director	15/03/2008	20/04/2006	-	Active	NO

Name :

Mr. Nitin Ganpati Kulkarni

Designation :

Director

Address :

204, Srishti Complex, Tara Tower, B Wing, Saki Vihar Road, Mumbai – 400 078, Maharashtra, India

Date of Birth/Age :

09.06.1971

Date of Appointment :

30.09.2010

DIN No.:

03042587

Name :

Mr. Vinod Sadanand Mulgaoankar

Designation :

Director

Address :

103-A-Wing, Mithila Apartment, J.B. Nagar, Andheri Kurla Road, Andheri (East), Mumbai – 400 059, Maharashtra, India

Date of Birth/Age :

31.08.1947

Date of Appointment :

30.09.2010

DIN No.:

03042723

Name :

Mr. Nirav Virendrabhai Mehta

Designation :

Director

Address :

28, Netra Bungalow, Near Sourabh Society, Opposite Nilkanth – II, Drive in Road Mem Nagar, Ahmedabad – 380 013, Gujarat, India

Date of Birth/Age :

26.02.1992

Date of Appointment :

30.09.2010

DIN No.:

03042627

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	U24100GJ2008PTC053898	OSWAL CHEM (INDIA) PRIVATE LIMITED	Director	1/6/2010	1/6/2010	-	Active	NO
2	U24100MH2005PTC150735	OC SPECIALITIES PRIVATE LIMITED	Director	30/09/2010	3/6/2010	-	Active	NO

Name :

Mr. Pushpak M. Shah

Designation :

Director

Address :

27, Netra Bungalow, Near Mem Nagar Fire Station, Ahmedabad – 380 013, Gujarat, India

Date of Birth/Age :

12.04.1979

Date of Appointment :

19.01.2005

PAN No.:

ALWPS7666P

Name :

Mr. Virendra B. Mehta

Designation :

Director

Address :

27, Netra Bungalow, Near Mem Nagar Fire Station, Ahmedabad – 380 013, Gujarat, India

Date of Birth/Age :

14.04.1961

Date of Appointment :

19.01.2005

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Manish Mangilal Shah	16000
Vikas Mangilal Shah	2500
Pushpak M. Shah	2500
Virendra Mehta	25000
Ocean Chemicals, India	5
Oswal Chemical, India	5
Total	46010

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter, Importer and Supplier of Industrial Chemicals.
Products :	· Epichlorohydrin Compound · Oxychlorid, · Glue · Methanol · Shine Wax · Car Polish · Car Shiner · Bismuth Oxychloride · Zirconium Chemicals
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Chemicals
Countries :	· Singapore · Vietnam · Australia
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

End Users

No. of Employees :

150 (Approximately)

Bankers :

· Standard Chartered Bank, SME Credit, Crescenzo, 3A/F, Plot No.C-38 and 39, G Block, Bandra Krla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India

· HDFC Bank Limited

· Axis Bank Limited, Ground Floor, Axis House, C-2, Wadia Industrial Centre, P.B. Marg, Worli, Mumbai – 400 025, Maharashtra, India

· Citi Bank N. A., Citi Business, Citi Bank Center,2^nd Floor, Bandra Kurla Complex, Bandra East, Mumbaai-400051, Maharashtra, India

Facilities :

SECURED LOANS

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG-TERM BORROWINGS
Rupee term loans from banks	173.331	82.427
Total	173.331	82.427

Banking Relations :	--
Auditors :
Name :	R.V. jain and Associates Chartered Accountants
Address :	E-203, Nilambuj, Kamal Aprtments, Shankar lane, Kandivali (West), Mumbai – 400 067, Maharashtra, India
Tel. No.:	91-22-28613688
E-Mail :	rvjainca@gmail.com
PAN No.:	AAHFR6526R

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital : Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 2.635 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
46010	Equity Shares	Rs.10/- each	Rs.0.460 Million

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	0.460	0.460	0.460
(b) Reserves & Surplus	89.422	58.773	32.906
(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)	89.882	59.233	33.366
(3) Non-Current Liabilities
(a) long-term borrowings	398.436	160.394	162.037
(b) Deferred tax liabilities (Net)	0.516	0.723	0.345
(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)	398.952	161.117	162.382
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	445.709	232.256	167.989
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	25.500	17.100	7.900
Total Current Liabilities (4)	471.209	249.356	175.889
TOTAL	960.043	469.706	371.637
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	26.890	28.794	23.665
(ii) Intangible Assets	0.110	0.000	0.000
(iii) Capital work-in-progress	221.519	1.753	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	4.449	4.144	3.208
(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	0.000	0.000	0.000
Total Non-Current Assets	252.968	34.691	26.873
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	135.959	85.086	70.488
(c) Trade receivables	510.644	324.001	264.315
(d) Cash and cash equivalents	0.458	0.704	2.669
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	60.014	25.224	7.292
Total Current Assets	707.075	435.015	344.764
TOTAL	960.043	469.706	371.637

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	1987.006	1276.422	932.406
Less	EXPENSES
		TOTAL	1947.341	1238.177	916.575
	PROFIT BEFORE TAX		44.012	38.245	15.831
Less	TAX		13.364	12.378	5.427
	PROFIT AFTER TAX		30.648	25.867	10.404
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		52.653	26.786	16.382
	BALANCE CARRIED TO THE B/S		83.301	52.653	26.786
	Earnings Per Share (Rs.)		66.61	56.22	22.61

Particulars	31.03.2014
Sales Turnover (Approximately)	2270.000

The above information has been parted by Mr. G.G Torape (Admin Manager).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	6.00	8.25	4.30
Return on Investment (ROI) (PBT/Networth)		0.49	0.65	0.47
Debt Equity Ratio (Total Debt /Networth)		4.43	2.71	4.86
Current Ratio (Current Asset/Current Liability)		1.50	1.74	1.96

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	0.460	0.460	0.460
Reserves & Surplus	32.906	58.773	89.422
Net worth	33.366	59.233	89.882
long-term borrowings	162.037	160.394	398.436
Short term borrowings	0.000	0.000	0.000
Total borrowings	162.037	160.394	398.436
Debt/Equity ratio	4.856	2.708	4.433

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	932.406	1276.422	1987.006
		36.896	55.670

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	932.406	1276.422	1987.006
Profit	10.404	25.867	30.648
	1.12%	2.03%	1.54%

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	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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	Yes
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 6/C, Sai Vishwakarma Darshan, Shivaji Chowk, Koldongri, Opposite Apna Bazar, Vile Parle (East), Mumbai – 400 057, Maharashtra, India to present address w.e.f. 05.11.2010.

UNSECURED LOANS

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG-TERM BORROWINGS
Loans and advances from related parties	160.697	77.967
Incorporated deposit	64.408	0.000
Total	225.105	77.967

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10468610	06/12/2013	240,000,000.00	AXIS BANK LIMITED	GROUND FLOOR, AXIS HOUSE, C-2,WADIA INDUSTRIAL  CENTRE, P. B. MARG, WORLI, MUMBAI, MAHARASHTRA- 400025, INDIA	B92897735
2	10430791	16/12/2013 *	240,000,000.00	AXIS BANK LIMITED	GROUND FLOOR, AXIS HOUSE, C-2, WADIA INDUSTRIAL CENTRE, P. B. MARG, WORLI, MUMBAI -400025, MAHARASHTRA , INDIA	B93337111
3	10228758	20/12/2013 *	390,000,000.00	STANDARD CHARTERED BANK	SME CREDIT, CRESCENZO, 3A/F, PLOT NO. C-38 & 39,  G BLOCK, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI-400051, MAHARASHTRA , INDIA	B93136778

* Date of charge modification

FIXED ASSETS

· Air Conditioner

· Card Scanner

· Computers

· Electrical Appliances

· Furniture and Fixtures

· Motor Car

· Motor Bike

· Office Equipments

· Telephone Systems

· Lab Equipments

· Office Building Premises-Chincholi

· Office Renovation

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 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. 61.91
UK Pound	1	Rs. 96.12
Euro	1	Rs. 76.92

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.