MIRA INFORM REPORT

Report No. :	315988
Report Date :	04.04.2015

IDENTIFICATION DETAILS

Name :	RANADEY MICRONUTRIENTS PRIVATE LIMITED
Registered Office :	Plot No 92, Tuem Industrial Estate, Tuem, Pernem, Goa - 403512
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.06.1974
Com. Reg. No.:	24-004322
Capital Investment / Paid-up Capital :	Rs.8.100 Million
CIN No.: [Company Identification No.]	U24123GA1974PTC004322
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Micronutrient Mixture Fertilizers and Agro Consultancy.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 251000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflects company sound financial risk profile marked by healthy by worth and increase in the profit of the company during FY 2014. Trade relations are reported as fair. Business is active. Payment 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 – 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

NOT AVAILABLE

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. Ramdasi
Designation :	Director (Ceased)
Contact No.:	91-20-2834346
Date :	02.04.2015

LOCATIONS

Registered Office :	Plot No 92, Tuem Industrial Estate, Tuem, Pernem, Goa – 403512, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	rmpl@vsnl.com admin@ranadey.com
Website :	http://www.ranadey.com
Admin Office :	1A Krishna Keval Nagar, Kondhwa Khurd, Pune – 411001, Maharashtra, India
Tel. No.:	91-20-26833748
Fax No.:	91-20-26833750

DIRECTORS

As on 20.09.2014

Name :

Mr. Shrikant Shrikrishna Ranade

Designation :

Managing Director

Address :

62, Shobhana, St. Patrik's Town, Solapur Road, Pune - 411013, Maharashtra, India

Date of Birth/Age :

06.02.1948

Date of Appointment :

30.09.2014

DIN No.:

00028240

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	U24123GA1974PTC004322	RANADEY MICRONUTRIENTS PRIVATE LIMITED	Managing director	30/09/2014	13/06/1974	-	Active	NO
2	U51909GA1987PTC006119	RANADEY EXPORTS PRIVATE LIMITED	Director	18/09/1987	18/09/1987	31/10/2013	Active	NO
3	U24129GA1989PTC004885	VERONIK MANUSEC PRIVATE LIMITED	Director	01/09/1990	01/09/1990	26/03/2012	Active	NO
4	U01403PN1992PLC065405	Rohanna Agri Limited.	Managing director	13/02/1992	13/02/1992	31/10/2013	Active	NO
5	U24124GA1993PTC001483	VERONIK MICRONUTRIENTS PRIVATE LIMITED	Managing director	30/09/2014	13/12/1993	-	Active	NO
6	U01119GA1995PTC005112	RANADEY MICRO FERTILIZERS PRIVATE LIMITED	Director	02/06/1995	02/06/1995	-	Active	NO
7	U24244GA1995PTC001953	VERONIK BIONICS PRIVATE LIMITED	Director	16/09/2013	19/10/1995	13/06/2014	Active	NO
8	U01409GA1996PLC002044	IMT TECHNOLOGIES LIMITED	Director	20/02/1996	20/02/1996	-	Active	NO
9	U73100GA1997PTC004875	RANADEY TECH PRIVATE LIMITED	Director	26/11/1997	26/11/1997	-	Active	NO
10	U24129PN2002PTC136410	Shrinee Agro Private Limited	Director	30/01/2002	30/01/2002	-	Active	NO
11	U79140PN2002PTC017365	RANADEY PROFESSIONAL SERVICES PRIVATE LIMITED	Director	18/10/2002	18/10/2002	-	Active	NO
12	U15137PN2003PTC017716	SHASHISHANKAR FOODS AND CRAFTS PRIVATE LIMITED	Director	25/02/2003	25/02/2003	05/09/2014	Active	NO
13	U24129PN2006PTC128598	PRAJAKT NUTRIENTS PRIVATE LIMITED	Director	14/06/2006	14/06/2006	-	Active	NO
14	U01131KA2007PTC042226	MANDALKHAN HIGH GROWN COFFEE PRIVATE LIMITED	Director	23/03/2007	23/03/2007	16/07/2008	Strike off	NO
15	U01131KA2007PTC042225	THOGARIHUNKAL ESTATES PRIVATE LIMITED	Director	23/03/2007	23/03/2007	16/07/2008	Active	NO
16	U74999PN2007PTC130423	Maneckji D. Petit Consultants Private Limited	Director	05/07/2007	05/07/2007	-	Strike off	NO
17	U01131KA2007PTC043579	Jeelan Coffee Estates Private Limited	Director	13/08/2007	13/08/2007	-	Active	YES
18	U01131KA2007PTC043605	Ramesh Estates Private Limited	Director	14/08/2007	14/08/2007	-	Strike off	NO
19	U01131KA2007PTC043609	Sharon Coffees Private Limited	Director	16/08/2007	16/08/2007	-	Active	YES
20	U01131KA2007PTC043703	Sethuraman Estates Private Limited	Director	27/08/2007	27/08/2007	-	Strike off	NO
21	U24120UP2007PTC034236	TAARAAI MICRONUTRIENTS PRIVATE LIMITED	Director	06/12/2007	06/12/2007	-	Active	NO
22	U24120PB2008PTC038973	Maalwaa Micronutrients Private Limited	Director	23/04/2008	23/04/2008	-	Active	NO
23	U15490PN2008PTC132105	Krishna Micronutrients Private Limited	Director	27/05/2008	27/05/2008	-	Active	NO
24	U15490PN2008PTC132128	Maratha Micronutrients Private Limited	Director	29/05/2008	29/05/2008	-	Active	NO
25	U24114PN2001PTC015823	PRABHAT FERTILIZERS PRIVATE LIMITED	Additional director	09/12/2014	25/11/2008	-	Active	NO
26	U24117PN2004PTC019374	CYPRIUM MICRONUTRIENTS PRIVATE LIMITED	Director	30/09/2009	01/12/2008	-	Active	NO
27	U24100PN2010PTC136927	IMT AGRO PRIVATE LIMITED	Director	30/11/2011	26/07/2010	31/10/2013	Active	NO
28	U24100PN2010PTC137069	IMT MARKETING PRIVATE LIMITED	Director	24/09/2011	09/08/2010	-	Active	NO
29	U63040PN2011PTC141826	RANADEY EDUTOUR PRIVATE LIMITED	Director	30/12/2011	30/12/2011	-	Active	NO
30	U72200KA2011PTC059371	WAFER SPACE SEMICONDUCTOR TECHNOLOGIES PRIVATE LIMITED	Director	28/09/2012	05/05/2012	-	Active	NO
31	U24110PN2013PTC149824	FASEEMA TECHNOLOGIES PRIVATE LIMITED	Director	16/12/2013	16/12/2013	23/09/2014	Active	NO
32	U85300DL1955NPL002999	THE FERTILISER ASSOCIATION OF INDIA.	Director	03/09/2014	03/09/2014	-	Active	NO
33	U33111PN2014PTC152798	ARUBHAA MEDQUIP PRIVATE LIMITED	Additional director	02/02/2015	02/02/2015	-	Active	NO

Name :

Mr. Sadashiv Baburao Shirawale

Designation :

Additional Director

Address :

Plot Nos. 34-35, D Wing, Manikyanagar Lokmanyanagar, Pune - 411029, Maharashtra, India

Date of Birth/Age :

17.06.1958

Date of Appointment :

03.02.2014

DIN No.:

01342908

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	U24123GA1974PTC004322	RANADEY MICRONUTRIENTS PRIVATE LIMITED	Additional director	03/02/2014	01/08/2005	-	Active	NO
2	U24129GA1989PTC004885	VERONIK MANUSEC PRIVATE LIMITED	Director	30/08/2010	30/08/2010	-	Active	NO

MAJOR SHAREHOLDERS

As on 20.09.2014

Names of Shareholders	No. of Shares
Sheela U. Fadra and Asma U. Fadra	14250
Shrikant S. Ranade and Teja A. Gadhoke	23350
Veera C. Lobo and R.J. Gudhino	12200
Aasha S. Ranade and Ujwala R Malwi	17430
Aman H. Naik and Raunak A. Naik	100
Teja Ameet Gadhoke + Arianna A Gadhoke	3595
Ujwala Rahul Malavi + R. R. Malavi	4075
Ajit K. Kulakarni	50
Anita B. Ramdasi	100
Pramod D. Sawant	100
IMT Marketing Private Limited, India	5650
Indurao B. Patil and Ushatai H. Patil	100
Total	81000

Equity Share Break up (Percentage of Total Equity)

As on 20.09.2014

Category	Percentage
Directors or relatives of Directors	93.02
Other top fifty shareholders	6.98
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Micronutrient Mixture Fertilizers and Agro Consultancy.
Products :	Micronutrient Mixture Fertilizers and Agro Consultancy
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

Customers :

• Ranadey Exports Private Limited
• IMT Technologies Limited
• Rohanna Agri Limited
• Ranadey Micro Fertilizer
• Veronik Micronutrients Private Limited
• Maalwaa Micronutrients Private Limited
• Tarai Micronutrients Private Limited
• Cyprium Micronutrients Private Limited
• Cyprium Agro India Private Limited

No. of Employees :

Information denied by management

Bankers :

Bank of Maharashtra, Salisbury Park Branch, Pune - 411037, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Term Loan from Indiabulls housing Finance Limited (Secured by equitable mortgage of immovable properties off the company)	0.000	10.239
SHORT TERM BORROWINGS
Cash Credit – Bank of Maharashtra (Secured by hypothecation of inventory and debtors and equitable mortgage of the property at Kondhwa Bk and further guaranteed by the directors jointly and severally.	20.233	30.189
Total	20.233	40.428

Auditors :
Name :	A. P. Dhavalikar and Company Chartered Accountants
Address :	43/2 A/1 A, Nishigandh Apartments, Shivdarshan Vasahat Parvati, Pune – 411009, Maharashtra, India
Tel. No.:	91-20-24213150 / 3340
E-Mail :	apdhavalikar@vsnl.com
PAN No.:	ABDPD7262K
Memberships :	--
Collaborators :	--
Subsidiary Company :	Veronik Micronutrients Private Limited CIN No.: U24124GA1993PTC001483 Ranadey Exports Private Limited CIN No.: U51909GA1987PTC006119 Taaraai Micronutrients Private Limited CIN No.: U24120UP2007PTC034236 Maalwaa Micronutrients Private Limited CIN No.: U24120PB2008PTC038973

CAPITAL STRUCTURE

As on 20.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
81000	Equity Shares	Rs.100/- each	Rs.8.100 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	8.100	8.100	8.100
(b) Reserves & Surplus	79.692	69.329	67.394
(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)	87.792	77.429	75.494
(3) Non-Current Liabilities
(a) long-term borrowings	13.200	43.639	22.912
(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	0.972	2.557	1.951
Total Non-current Liabilities (3)	14.172	46.196	24.863
(4) Current Liabilities
(a) Short term borrowings	20.233	30.189	28.995
(b) Trade payables	21.693	3.820	24.571
(c) Other current liabilities	4.527	5.642	4.650
(d) Short-term provisions	4.455	1.423	4.686
Total Current Liabilities (4)	50.908	41.074	62.902
TOTAL	152.872	164.699	163.259
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	38.163	37.945	40.018
(ii) Intangible Assets	0.505	0.674	0.897
(iii) Capital work-in-progress	0.000	5.720	3.141
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	46.891	50.053	42.591
(c) Deferred tax assets (net)	0.481	0.562	0.392
(d) Long-term Loan and Advances	2.250	4.320	0.000
(e) Other Non-current assets	18.839	9.286	8.858
Total Non-Current Assets	107.129	108.560	95.897
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	21.990	24.998	37.093
(c) Trade receivables	15.348	19.302	19.174
(d) Cash and cash equivalents	2.134	2.244	4.954
(e) Short-term loans and advances	6.271	9.595	6.141
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	45.743	56.139	67.362
TOTAL	152.872	164.699	163.259

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	INCOME		NA	NA	NA
	EXPENSES		NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX		NA	3.174	9.957
Less	TAX		NA	0.250	3.013
	PROFIT/(LOSS) AFTER TAX		10.329	2.924	6.944
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		61.649	59.715	53.972
Less	APPROPRIATIONS
		Dividend on equity shares	0.000	0.990	1.201
	BALANCE CARRIED TO THE B/S		71.978	61.649	59.715
	Earnings / (Loss) Per Share (Rs.)		127.52	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	NA	2.70	5.93
Return on Investment (ROI) (PBT/Networth)		NA	0.04	0.09
Debt Equity Ratio (Total Debt /Networth)		0.38	0.95	0.69
Current Ratio (Current Asset/Current Liability)		0.90	1.37	1.07

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	8.100	8.100	8.100
Reserves & Surplus	67.394	69.329	79.692
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	75.494	77.429	87.792
Long Term borrowings	22.912	43.639	13.200
Short Term borrowings	28.995	30.189	20.233
Total borrowings	51.907	73.828	33.433
Debt/Equity ratio	0.688	0.953	0.381

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	No
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	Yes
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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Deposits from shareholders	3.700	8.400
Inter corporate deposits	9.500	25.000
Total	13.200	33.400

NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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 :	DIP
Analysis Done by :	DIV
Report Prepared by :	VNT

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
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--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		48

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.