MIRA INFORM REPORT

Report Date :

07.10.2014

IDENTIFICATION DETAILS

Name :	SCAN MACHINERIES PRIVATE LIMITED
Registered Office :	72, Krishnammal Street, K.K. Pudur, Coimbatore - 641038, Tamilnadu
Country :	India
Financials (as on) :	31.03.32013
Date of Incorporation :	19.11.1990
Com. Reg. No.:	18-002933
Capital Investment / Paid-up Capital :	Rs. 6.879 Millions
CIN No.: [Company Identification No.]	U85195TZ1990PTC002933
TAN No.: [Tax Deduction & Collection Account No.]	CMBS04590F
Legal Form :	Private Limited Liability Company
Line of Business :	Supplier of paper machines
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 150000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Sales turnover of the company has drastically declined which has resulted into sharp dip in profit of the company during financial year 2013. However, trade relations are fair. Business is active. Payment 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 – 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 DENIED BY

Name :	Mr. Vinod Nargunam
Designation :	Not Divulged
Contact No.:	91-9843044669
Date :	04.10.2014

LOCATIONS

Registered Office :	72, Krishnammal Street, K.K. Pudur, Coimbatore - 641038, Tamilnadu, India
Tel. No.:	91-422-2445538/ 2446638/ 3067621
Fax No.:	91-422-2446638
E-Mail :	scanmachineries@vsnl.com scanmachineries@gmail.com scan99@rediffmail.net
Website :	http://www.scanmachineries.com

DIRECTORS

As on 30.09.2013

Name :

Manickam John Zachariah

Designation :

Managing director

Address :

48C, P.V. Krishnan Street, K.K. Pudur, Coimbatore - 641038, Tamilnadu, India

Date of Birth/Age :

03.04.1945

Date of Appointment :

19.11.1990

DIN No.:

01538070

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	U85195TZ1990PTC002933	SCAN MACHINERIES PRIVATE LIMITED	Managing director	19/11/1990	19/11/1990	-	Active	NO
2	U02101TZ1995PTC006153	SCAN TECH PAPER AND BOARDS PRIVATE LIMITED	Managing director	25/05/1995	25/05/1995	-	Active	NO

Name :

Jabez Vinod Nargunam

Designation :

Whole-time director

Address :

D. No. 70, Mettupalayam Road, Amarjothi Saroj Nagar, Thudiyalur, Coimbatore – 641034, Tamilnadu, India

Date of Birth/Age :

10.03.1964

Date of Appointment :

19.11.1990

DIN No.:

01693624

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	U85195TZ1990PTC002933	SCAN MACHINERIES PRIVATE LIMITED	Whole-time director	19/11/1990	19/11/1990	-	Active	NO
2	U02101TZ1995PTC006153	SCAN TECH PAPER AND BOARDS PRIVATE LIMITED	Director	25/05/1995	25/05/1995	-	Active	NO
3	U29199TZ1999PTC009050	SCHUMAK EQUIPMENT INDIA PRIVATE LIMITED	Managing director	21/10/1999	21/10/1999	-	Active	NO

Name :

Mr. John Zachariah Christy Selvan

Designation :

Director

Address :

48C, P.V. Krishnan Street, K.K. Pudur, Coimbatore - 641038, Tamilnadu, India

Date of Birth/Age :

24.09.1976

Date of Appointment :

27.03.2012

DIN No.:

01538094

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	U02101TZ1995PTC006153	SCAN TECH PAPER AND BOARDS PRIVATE LIMITED	Director	25/05/1995	25/05/1995	-	Active	NO
2	U85195TZ1990PTC002933	SCAN MACHINERIES PRIVATE LIMITED	Whole-time director	27/03/2012	01/04/1999	-	Active	NO

Name :

Mr. Anitavinod

Designation :

Director

Address :

D. No. 70, Mettupalayam Road, Thudiyalur, Coimbatore – 641034, Tamilnadu, India

Date of Birth/Age :

17.09.1969

Date of Appointment :

30.09.2013

DIN No.:

06698802

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	U85195TZ1990PTC002933	SCAN MACHINERIES PRIVATE LIMITED	Director	30/09/2013	16/09/2013	-	Active	NO
2	U02101TZ1995PTC006153	SCAN TECH PAPER AND BOARDS PRIVATE LIMITED	Director	30/09/2013	16/09/2013	-	Active	NO

KEY EXECUTIVES

Name :	P. Eswaramoorthy
Designation :	Company Secretary
Address :	No. 60A, 1^st Floor, School Road, Krishnasamy Nagar, Ramanathapuram, Coinbatore - 641045
Tel. No. :	91-422-4216903
Mobile No. :	91-9965519246
E-mail :	eswar@viesva.com
Website :	www.viesva.com

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Manickam John Zachariah	66850
Athisayam Jabez Nargunam	99108
Florence Zachariah	17208
Jabez Vinod Nargunam	203812
Vijula Nargunam	21320
J. Vikranth Nargunam	11375
J. Christy Selvan	150041
J. Ashty David	100525
Anita Vinod	8341
Swamy Christy	4666
Ceceria Rubiba Ashty	4666
Total	687912

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Supplier of paper machines

Products :

ITC Code	Product Descriptions
843920	Machineries for making pulp of fibrous cellulosic material
843920	Machineries for making paper or paper board
844110	Cutting machine

· Head Box

· Wire Section

· Press Section

· Dryer Section

· Metering Size Press

· Calendar

· Pope

· Re winder

· Suction Rolls

· Calendar Rolls

· Drying Cylinder

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· State Bank of India, SME City Credit Centre, 1^st Floor, Kurinchi Complex, State Bank Road, Coimbatore – 641018, Tamilnadu, India

· State Bank of India, Saibaba Colony Branch, No. 107, NSR Road, Saibaba Colony, Coimbatore – 641011, Tamilnadu, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Term loan from banks
State Bank of India (Secured by Machinery and by Directors Guarantee)	4.800	6.000
SHORT TERM BORROWING
Cash Credit – State Bank of India (Secured by hypothecation of stock and receivables and by directors guarantee)	12.604	12.532
SBI CC A/c - 11013009510	1.000	0.000
Total	18.404	18.532

Banking Relations :	---
Auditors :
Name :	Anbarasu and Jalapathi Chartered Accountant
Address :	#30C, Alagesan Road, Saibaba colony, Coimbatore – 641011, Tamilnadu, India
Tel. No.:	91-422-4385673 / 4384641
Mobile No.:	91-9842296673 / 9842896673
E-Mail :	anbujala@sify.com
Website :	www.anbujala.com
PAN No.:	AAKFA8300P

CAPITAL STRUCTURE

After 30.09.2013

Authorised Capital : Rs. 7.500 Millions

Issued, Subscribed & Paid-up Capital : Rs. 7.449 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs. 10/- each	Rs. 7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
687912	Equity Share	Rs.10/- each	Rs. 6.879 Millions

Note:

Of the above 75412 shares of Rs. 10/- each were issued as fully paid bonus shares in 2008-09 by capitalization of accumulated profits.

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	6.879	6.879	6.879
(b) Reserves & Surplus	29.768	28.812	26.695
(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)	36.647	35.691	33.574
(3) Non-Current Liabilities
(a) long-term borrowings	4.800	6.000	0.000
(b) Deferred tax liabilities (Net)	1.691	1.546	0.989
(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)	6.491	7.546	0.989
(4) Current Liabilities
(a) Short term borrowings	13.604	12.532	14.258
(b) Trade payables	7.113	5.152	42.691
(c) Other current liabilities	33.294	24.297	0.810
(d) Short-term provisions	0.000	0.184	0.008
Total Current Liabilities (4)	54.011	42.165	57.767
TOTAL	97.149	85.402	92.330
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	34.207	33.680	33.267
(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	0.000	0.000	0.000
Total Non-Current Assets	34.207	33.680	33.267
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	47.444	37.500	32.677
(c) Trade receivables	5.863	6.609	9.155
(d) Cash and cash equivalents	4.065	4.779	14.674
(e) Short-term loans and advances	5.570	2.834	2.557
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	62.942	51.722	59.063
TOTAL	97.149	85.402	92.330

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	37.084	76.838	57.296
Less	TOTAL EXPENSES		31.025	69.294	53.587
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		6.059	7.544
Less	FINANCIAL EXPENSES		2.917	2.676
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.142	4.868	(Including Financial and Depreciation Expenses)
Less/ Add	DEPRECIATION/ AMORTISATION		1.618	1.516
	PROFIT BEFORE TAX		1.524	3.352	3.439
Less	TAX		0.432	1.235	1.066
	PROFIT AFTER TAX		1.092	2.117	2.373
	TOTAL IMPORTS		3.434	5.899	14.478
	Earnings Per Share (Rs.)		1.59	3.07	3.45

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.94	2.76	4.14
Return on Total Assets (PBT/Total Assets}	(%)	1.57	3.92	3.72
Return on Investment (ROI) (PBT/Networth)		0.04	0.09	0.10
Debt Equity Ratio (Total Debt /Networth)		0.50	0.52	0.42
Current Ratio (Current Asset/Current Liability)		1.17	1.23	1.02

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	6.879	6.879	6.879
Reserves & Surplus	26.695	28.812	29.768
Net worth	33.574	35.691	36.647
long-term borrowings	0.000	6.000	4.800
Short term borrowings	14.258	12.532	13.604
Total borrowings	14.258	18.532	18.404
Debt/Equity ratio	0.425	0.519	0.502

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	57.296	76.838	37.084
		34.107	(51.737)

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	57.296	76.838	37.084
Profit	2.373	2.117	1.092
	4.14%	2.76%	2.94%

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	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	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90007054	26/11/2002 *	500,000.00	STATE BANK OF INDIA	107; N.S.R. ROAD, SAIBABA COLONY, COIMBATORE, Tamil Nadu - 641011, INDIA	-
2	90006928	15/05/2000 *	7,300,000.00	STATE BANK OF INDIA	SAIBABA COLONY BRANCH, N.S.R. ROAD, COIMBATORE, Tamil Nadu - 641011, INDIA	-
3	90006887	19/12/1988 *	7,300,000.00	STATE BANK OF INDIA	N.S.R. ROAD, SAIBABA COLONY, COIMBATORE, Tamil Nadu - 641011, INDIA	-
4	90006782	26/03/1996	336,000.00	THE TAMILNADU INDUSTRIAL INVESTMENT CORPORATION LIMITED	94/33; DR.NANJAPPA ROAD, COIMBATORE, Tamil Nadu - 641018, INDIA	-
5	90006744	18/03/1998 *	2,500,000.00	STATE BANK OF INDIA	SAIBABA COLONY BRANCH, N.S.R. ROAD, COIMBATORE, Tamil Nadu - 641011, INDIA	-
6	90006741	04/11/2011 *	42,000,000.00	STATE BANK OF INDIA	SAIBABA COLONY BRANCH,, NO. 107, N. S. R. ROAD, S AIBABACOLONY,, COIMBATORE, Tamil Nadu - 641011, INDIA	B26795286

* Date of charge modification

FIXED ASSETS

· Land

· Building

· Factory

· Office

· Plant and Machinery

· Tools and Handling Equipment

· Electricals and Fittings

· Borewell

· Vehicles

· Furniture and Fittings

· Office Equipments

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.61.75
UK Pound	1	Rs.100.07
Euro	1	Rs.77.95

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.