MIRA INFORM REPORT

Report No. :	314807
Report Date :	01.04.2015

IDENTIFICATION DETAILS

Name :	MAKPOWER TRANSFORMERS PRIVATE LIMITED
Registered Office :	Marshall House, R.No. 235, 2nd Floor, 33/1 Netaji Subhas Road, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.01.2003
Com. Reg. No.:	21-095616
Capital Investment / Paid-up Capital :	Rs. 22.165 Millions
CIN No.: [Company Identification No.]	U31102WB2003PTC095616
TAN No.: [Tax Deduction & Collection Account No.]	CALM05542F
PAN No.: [Permanent Account No.]	AADCM4132D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Transformers and Accessories.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration fair profit margin and liquidity of the company. Overall financials are good. Trade relations are reported to be fair. Business is active. Payments are reported to be 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term Bank facilities = BB+
Rating Explanation	Inadequate credit quality and high credit risk.
Date	January 16, 2015

Rating Agency Name	CARE
Rating	Short term Bank facilities = A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	January 16, 2015

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 DECLINED BY

Name :	Mr. Gopi Krishna Agrawal
Designation :	Director
Contact No.:	91-9830064606
Date :	30.03.2015

LOCATIONS

Registered Office :	Marshall House, R.No. 235, 2nd Floor, 33/1 Netaji Subhas Road, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22313141
Mobile No.:	91-9830064606 [Mr. Gopi Krishna Agrawal]
Fax No.:	91-33-22313142
E-Mail :	makpowertrafo@yahoo.co.in makpower@vsnl.net
Website :	http://www.makpowertransformers.com
Factory 1 :	12 and 13, F Road, Belgachia, Howrah - 711105, West Bengal, India
Tel. No.:	91-33-26512194
Factory 2 :	Located at: · Uluberia, Howrah, West Bengal, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Gopi Krishna Agrawal

Designation :

Director

Address :

AD-261, Salt Lake City, Sector P.O., C.C. Block, P.S. Bidhan Nagar, Kolkata – 700064, West Bengal, India

Date of Birth/Age :

17.02.1969

Date of Appointment :

07.01.2003

DIN No.:

00204671

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	Company/ LLP Status	Defaulting status
1	U31102WB2003PTC095616	MAKPOWER TRANSFORMERS PRIVATE LIMITED	Director	07-01-2003	07-01-2003	Active	NO
2	U31909WB2004PTC097878	MAGNET ELECTROSTEEL PRIVATE LIMITED	Director	17-02-2004	17-02-2004	Active	NO
3	U27101WB2007PTC113925	NEPTUNE ISPAT PRIVATE LIMITED	Director	06-03-2007	06-03-2007	Active	NO
4	U45400WB2010PTC141600	GOPIKRISHNA CONSTRUCTION PRIVATE LIMITED	Director	01-02-2010	01-02-2010	Active	NO
5	U52110WB1995PTC067034	METLEX GOODS & SERVICES PRIVATE LIMITED	Director	02-05-2011	02-05-2011	Active	NO
6	U72200WB2011PTC162631	MAGNET SOFTECH PRIVATE LIMITED	Director	16-05-2011	16-05-2011	Active	NO
7	U72900WB2012PTC172689	HARDSOFT INFOTECH PRIVATE LIMITED	Director	20-01-2012	20-01-2012	Active	NO
8	U70109WB2012PTC182474	HARDSOFT PROPERTIES PRIVATE LIMITED	Director	08-06-2012	08-06-2012	Active	NO
9	U51909WB1997PTC083217	DHANANIA MERCANTILE PRIVATE LIMITED	Director	25-02-2013	25-02-2013	Active	NO
10	U31908WB2013PTC199053	MAKPOWER TRANSMISSIONS PRIVATE LIMITED	Director	16-12-2013	16-12-2013	Active	NO

Name :

Mr. Kishor Kumar Agrawal

Designation :

Director

Address :

AD-261, Salt Lake City, Sector P.O., C.C. Block, P.S. Bidhan Nagar, Kolkata – 700064, West Bengal, India

Date of Birth/Age :

26.05.1970

Date of Appointment :

07.01.2003

DIN No.:

00204737

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	Company/ LLP Status	Defaulting status
1	U31102WB2003PTC095616	MAKPOWER TRANSFORMERS PRIVATE LIMITED	Director	07-01-2003	07-01-2003	Active	NO
2	U31909WB2004PTC097878	MAGNET ELECTROSTEEL PRIVATE LIMITED	Director	17-02-2004	17-02-2004	Active	NO
3	U27101WB2007PTC113925	NEPTUNE ISPAT PRIVATE LIMITED	Director	06-03-2007	06-03-2007	Active	NO
4	U45400WB2010PTC141646	PARAG NIRMAN PRIVATE LIMITED	Director	02-02-2010	02-02-2010	Active	NO
5	U52110WB1995PTC067034	METLEX GOODS & SERVICES PRIVATE LIMITED	Director	02-05-2011	02-05-2011	Active	NO
6	U72900WB2012PTC172689	HARDSOFT INFOTECH PRIVATE LIMITED	Director	20-01-2012	20-01-2012	Active	NO
7	U51909WB1997PTC083217	DHANANIA MERCANTILE PRIVATE LIMITED	Director	25-02-2013	25-02-2013	Active	NO
8	U31908WB2013PTC197924	MAKPOWER TRANS SYSTEMS PRIVATE LIMITED	Director	10-10-2013	10-10-2013	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Gopi Krishna Agrawal	56200
Kishor Kumar Agrawal	41300
Swarup Talukdar	18000
Kishor Kumar Agrawal (HUF)	177500
Gopi Krishna Agrawal| (HUF)	202500
Parag Agrawal	50000
Bindu Agrawal	40100
Mika Talukdar	4000
Kinjalk Agrawal Family Trust, India	80100
Kasturi Agrawal Family Trust, India	80100
Mridul Agrawal Family Trust, India	90100
Piyush Agrawal Family Trust, India	60100
Magnet Electrosteel Private Limited, India	115000
Metlex Goods and Services Private Limited, India	315500
Dhanania Mercantile Private Limited, India	886000
Total	2216500

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	59.40
Directors or relatives of directors	25.61
Other top fifty shareholders	14.99
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Transformers and Accessories.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Not Divulged
Countries :	Not Divulged
Imports :
Products :	Not Divulged
Countries :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· State Bank of India

Commercial Branch, Kolkata, 24, Park Street, Kolkata - 700016, West Bengal, India

· ICICI Bank Limited

3A, Gurusaday Road, 2nd Floor, Kolkata - 700019, West Bengal, India

· Oriental Bank of Commerce

Brabourne Road Branch, 25 Brabourne Road, Kolkata - 700001, West Bengal, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
SBI – Term Loan	41.601
SHORT TERM BORROWINGS
Working Capital Loans State Bank of India	79.259
ICICI Bank Limited	23.795
Total	144.655

Banking Relations :	--
Auditors :
Name :	J Jain and Company Chartered Accountants
Address :	23A, Netaji Subhas Road, 11th Floor, Room No.44, Kolkata – 700001, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AABFJ8069K
Related Parties :	· Kinjalk Agrawal Family Trust, India · Kasturi Agrawal Family Trust, India · Mridul Agrawal Family Trust, India · Piyush Agrawal Family Trust, India
Associates :	· Neptune Ispat Private Limited · Magnet Electrosteel Private Limited · Metlex Goods and Services Private Limited · Hardsoft Infotech Private Limited · Dhanania Mercantile Private Limited · Gopi Krishna Construction Private Limited · Parag Nirman Private Limited · Kinjalk Construction Private Limited · Makpower Engineers

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2,250,000	Equity Shares	Rs. 10/- each	Rs. 22.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,216,500	Equity Shares	Rs. 10/- each	Rs. 22.165 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	22.165	21.554	16.805
(b) Reserves & Surplus	195.141	179.970	134.631
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	5.500	42.740
Total Shareholders’ Funds (1) + (2)	217.306	207.024	194.176
(3) Non-Current Liabilities
(a) Long-term borrowings	20.800	44.732	64.129
(b) Deferred tax liabilities (Net)	4.186	4.678	5.286
(c) Other long term liabilities	2.026	0.000	0.000
(d) long-term provisions	0.111	0.111	0.111
Total Non-current Liabilities (3)	27.123	49.521	69.526
(4) Current Liabilities
(a) Short term borrowings	117.535	103.054	49.259
(b) Trade payables	46.650	26.924	64.868
(c) Other current liabilities	105.771	79.344	66.828
(d) Short-term provisions	3.817	3.001	1.881
Total Current Liabilities (4)	273.773	212.323	182.836
TOTAL	518.202	468.868	446.538
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	116.233	124.730	136.366
(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	15.449	15.576	12.909
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	131.682	140.306	149.275
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	173.925	112.089	156.023
(c) Trade receivables	144.353	175.875	113.274
(d) Cash and cash equivalents	14.818	9.394	11.152
(e) Short-term loans and advances	52.856	31.192	8.880
(f) Other current assets	0.568	0.012	7.934
Total Current Assets	386.520	328.562	297.263
TOTAL	518.202	468.868	446.538

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	INCOME FROM OPERATIONS		323.888	308.229	292.689
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		56.097	45.279	46.849
Less	FINANCIAL EXPENSES		30.986	18.774	20.724
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		25.111	26.505	26.125
Less/ Add	DEPRECIATION/ AMORTISATION		13.634	15.657	13.685
	PROFIT BEFORE TAX		11.477	10.848	12.440
Less	TAX		1.195	3.500	4.712
	PROFIT AFTER TAX		10.282	7.348	7.728
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		26.734	19.386	11.658
	BALANCE CARRIED TO THE B/S		37.016	26.734	19.386
	Earnings Per Share (Rs.)		4.64	3.41	4.60

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	2.21	2.31	2.79
Return on Investment (ROI) (PBT/Networth)		0.05	0.05	0.06
Debt Equity Ratio (Total Debt/Networth)		0.64	0.71	0.58
Current Ratio (Current Asset/Current Liability)		1.41	1.55	1.63

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	16.805	21.554	22.165
Reserves & Surplus	134.631	179.970	195.141
Share Application money pending allotment	42.740	5.500	0.000
Net worth	194.176	207.024	217.306
Long-term borrowings	64.129	44.732	20.800
Short term borrowings	49.259	103.054	117.535
Total borrowings	113.388	147.786	138.335
Debt/Equity ratio	0.584	0.714	0.637

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Income from Operations	292.689	308.229	323.888
		5.309	5.080

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Income from Operations	292.689	308.229	323.888
Profit	7.728	7.348	10.282
	2.64%	2.38%	3.17%

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10383626	01/10/2012	90,000,000.00	ICICI BANK LIMITED	3A, GURUSADAY ROAD, 2ND FLOOR, KOLKATA, WEST BENGAL - 700019, INDIA	B60969912
2	10216745	26/04/2013 *	258,200,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA	B75514414

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Cholamangalam INV and Finance Company Limited	0.080
From Related Parties	3.051
Total	3.131

OPERATIONS

During the year, the Company sales [including other operational income] has increase by 5.31% to Rs. 323.888 Millions as compared to Rs. 308.229 Millions during the preceding year.

FIXED ASSETS:

· Land

· Furniture

· Plant and Equipment

· Vehicle

· Furniture and Fixture

· Computer and Peripherals

· Electrical Equipment

· Office 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 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. 62.59
UK Pound	1	Rs. 92.46
Euro	1	Rs. 67.51

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	SUM
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--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	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		42

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.