MIRA INFORM REPORT

Report No. :	315685
Report Date :	06.04.2015

IDENTIFICATION DETAILS

Name :	MAHALAXMI ASSOCIATES PRIVATE LIMITED
Registered Office :	Gali No. 13, N.H. 37 Beltola, Guwahati – 781028, Assam
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.10.1998
Com. Reg. No.:	02-005558
Capital Investment / Paid-up Capital :	Rs. 8.490 Million
CIN No.: [Company Identification No.]	U51909AS1998PTC005558
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	SHLM02624G
PAN No.: [Permanent Account No.]	AADCM6749G
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in trading of coking and non-coking coal.
No. of Employees :	19 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 90000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There seems dip in the sales turnover of the company as compared to previous year. Profitabilty of the company is low during 2014. The rating also takes into consideration highly fragmented nature of the coal trading business along with intense competition among a number of unorganized players and fluctuation in prices of coal in the domestic market. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some cautions.

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	ICRA
Rating	Fund based limit – Cash Credit = B+
Rating Explanation	Have high risk of default
Date	September 2014

Rating Agency Name	ICRA
Rating	Non fund based limit – FLC/ILC/ILG
Rating Explanation	Have minimal degree of safety and carry very high credit risk
Date	September 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. Bijay Jain
Designation :	Account Manager
Contact No.:	91-9435734972
Date :	31.03.2015

LOCATIONS

Registered Office :	Gali No. 13, N.H. 37 Beltola, Guwahati – 781028, Assam, India
Tel. No.:	91-361-2306562
Mobile No.:	91-9435194281 (Mr. Sheela Goel) 91-9435734972 (Mr. Bijay Jain)
Fax No.:	Not Available
E-Mail :	maplcoal@yahoo.co.in
Corporate Office :	3^rd Floor, Unique Plaza, Near Tripura Road, NH – 37, Beltola, Guwahati – 781029, Assam, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Naveen Kumar Mittal

Designation :

Director

Address :

C/o, Mahalaxmi Associates Private Limited, Gali No. 13, Beltola, Guwahati, Kamrup – 781028, Assam, India

Date of Birth/Age :

20.01.1966

Date of Appointment :

12.10.1998

DIN No.:

00941838

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	U51909AS1998PTC005558	MAHALAXMI ASSOCIATES PRIVATE LIMITED	Director	12/10/1998	12/10/1998	-	Active	NO
2	U51909AS2000PTC006033	MAHALAXMI INDIA PRIVATE LIMITED	Director	18/02/2000	18/02/2000	-	Active	NO
3	U70101AS2005PTC007706	MANGALAM PLAZA PRIVATE LIMITED	Director	25/04/2005	25/04/2005	-	Active	NO
4	U23101AS2004PTC007464	PRIDE COKE PRIVATE LIMITED	Additional director	22/10/2012	22/10/2012	22/05/2013	Active	NO
5	U70101AS2005PTC007705	ASHIRWAD CONTRACTORS PRIVATE LIMITED	Director	12/11/2012	12/11/2012	-	Active	NO
6	U10300ML2013PTC008548	G. KHARSATI LIME INDUSTRY PRIVATE LIMITED	Director	18/06/2013	18/06/2013	-	Active	NO

Name :

Mr. Naveen Kumar Gupta

Designation :

Director

Address :

Gali No. 13, Guwahati, Kamrup – 781028, Assam, India

Date of Birth/Age :

02.06.1970

Date of Appointment :

12.10.1998

DIN No.:

00941858

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	U51909AS1998PTC005558	MAHALAXMI ASSOCIATES PRIVATE LIMITED	Director	12/10/1998	12/10/1998	-	Active	NO
2	U51909AS2000PTC006033	MAHALAXMI INDIA PRIVATE LIMITED	Director	18/02/2000	18/02/2000	-	Active	NO
3	U51909AS2002PLC006759	MAHALAXMI CONTINENTAL LIMITED	Director	20/02/2002	20/02/2002	-	Active	NO
4	U70101AS2005PTC007705	ASHIRWAD CONTRACTORS PRIVATE LIMITED	Director	25/04/2005	25/04/2005	-	Active	NO
5	U70101AS2007PTC008536	MANGALAM SAMPADA PRIVATE LIMITED	Director	14/12/2007	14/12/2007	-	Active	NO
6	U55101ML2008PTC008338	MARBLE ARCH HOTEL PRIVATE LIMITED	Director	14/10/2008	14/10/2008	-	Active	NO
7	U23101AS2004PTC007464	PRIDE COKE PRIVATE LIMITED	Director	18/01/2010	18/01/2010	04/10/2013	Active	NO
8	U51909AS2005PTC007678	BYRNIHAT COAL PRIVATE LIMITED	Director	18/01/2010	18/01/2010	11/08/2014	Active	NO
9	U23109AS2004PTC007451	JAI KAMAKHYA COKE PRIVATE LIMITED	Director	01/04/2010	01/04/2010	-	Active	NO
10	U70101AS2010PTC010047	MAHALAXMI INFRAWORLD PRIVATE LIMITED	Director	21/06/2010	21/06/2010	-	Active	NO
11	U72200AS2010PTC010049	MAHALAXMI INFOTECH PRIVATE LIMITED	Director	21/06/2010	21/06/2010	-	Active	NO
12	U70100AS2010PTC010050	UNIVERSAL INFRAWORLD PRIVATE LIMITED	Director	21/06/2010	21/06/2010	-	Active	NO
13	U70100AS2011PTC010546	HILLVIEW REAL ESTATES PRIVATE LIMITED	Director	30/05/2011	30/05/2011	-	Active	NO
14	U70101AS2012PTC010914	UNIWORLD INFRASTRUCTURE PRIVATE LIMITED	Director	09/02/2012	09/02/2012	-	Under Process of Striking off	NO
15	U10300ML2013PTC008548	G. KHARSATI LIME INDUSTRY PRIVATE LIMITED	Director	18/06/2013	18/06/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Bijay Jain
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Naveen Kumar Gupta	166000
Naveen Kumar Mittal	37500
Pradeep Kumar Gupta	9000
Sangeeta Mittal	22500
Sarla Mittal	20000
Vipin Gupta	26500
Laxmi Chand Singhal	52500
Bala Devi Singhal	55000
Avdesh Kumar	5000
Antarix Multimedia Private Limited, India	125000
Ashirwad Contractor Private Limited, India	140000
Mangalam Plaza Private Limited, India	190000
Total	849000

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	53.59
Directors or relatives of Directors	46.41
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in trading of coking and non-coking coal.
Products :	Coal
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Coal
Countries :	USA
Terms :
Selling :	Cash and Credit (30/60/90 days)
Purchasing :	Cash and Credit (30/60/90 days)

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

Customers :

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

No. of Employees :

19 (Approximately)

Bankers :

Banker Name	Punjab National Bank
Branch Address	Six Mile Branch, Guwahati, Assam, India
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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Rs. 60.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWINGS
Loans repayable on demand	55.423	44.942
Total	55.423	44.942

Auditors :
Name :	Hari Singh and Associates Chartered Accountants
Address :	House No. 3, Opposite ICICI Bank, Chilarai Nagar Path, Bhangagarh, Guwahati – 781032, Assam, India
PAN No.:	AACFH6969B
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries : (As Confirmed by management)	Mahalaxmi India Private Limited Mahalaxmi Continental Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
850000	Equity Shares	Rs. 10/- each	Rs. 8.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
849000	Equity Shares	Rs. 10/- each	Rs. 8.490 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	8.490	8.490	5.190
(b) Reserves & Surplus	25.928	24.161	14.227
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.125	2.185
Total Shareholders’ Funds (1) + (2)	34.418	32.776	21.602
(3) Non-Current Liabilities
(a) long-term borrowings	20.499	29.188	50.872
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	20.499	29.188	50.872
(4) Current Liabilities
(a) Short term borrowings	55.423	44.942	38.862
(b) Trade payables	51.322	54.244	23.053
(c) Other current liabilities	2.343	27.959	74.357
(d) Short-term provisions	0.790	0.760	0.416
Total Current Liabilities (4)	109.878	127.905	136.688
TOTAL	164.795	189.869	209.162
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.646	3.074	3.885
(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	0.435	0.435	0.435
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.514	2.506	2.568
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3.595	6.015	6.888
(2) Current assets
(a) Current investments	12.811	0.000	0.000
(b) Inventories	32.612	15.885	46.980
(c) Trade receivables	80.145	55.695	31.673
(d) Cash and cash equivalents	9.087	10.478	5.715
(e) Short-term loans and advances	24.452	100.803	117.311
(f) Other current assets	2.093	0.993	0.595
Total Current Assets	161.200	183.854	202.274
TOTAL	164.795	189.869	209.162

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	344.112	370.857	585.691
		Other Income	1.288	1.991	0.295
		TOTAL (A)	345.400	372.848	585.986
Less	EXPENSES
		Purchases of Stock-in-Trade	271.652	252.897	403.378
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(16.728)	31.096	(29.752)
		Employees benefits expense	1.895	1.836	1.717
		Other expenses	80.040	80.383	204.540
		TOTAL (B)	336.859	366.212	579.883
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.541	6.636	6.103
Less	FINANCIAL EXPENSES (D)		5.518	3.642	4.120
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.023	2.994	1.983
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.466	0.551	0.674
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		2.557	2.443	1.309
Less	TAX (H)		0.790	0.760	0.415
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		1.767	1.683	0.894
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.660	2.977	2.083
	BALANCE CARRIED TO THE B/S		6.427	4.660	2.977
	Earnings / (Loss) Per Share (Rs.)		2.08	1.98	1.05

Expected Sales (2014-15): Rs. 350.000 Million

The above information has been parted by Mr. Bijay Jain (Account Manager).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	0.51	0.45	0.15
Operating Profit Margin (PBDIT/Sales)	(%)	2.48	1.78	1.04
Return on Total Assets (PBT/Total Assets}	(%)	1.56	1.29	0.63
Return on Investment (ROI) (PBT/Networth)		0.07	0.07	0.06
Debt Equity Ratio (Total Debts/Networth)		2.21	2.26	4.15
Current Ratio (Current Asset/Current Liability)		1.47	1.44	1.48

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	5.190	8.490	8.490
Reserves & Surplus	14.227	24.161	25.928
Net worth	19.417	32.651	34.418
long-term borrowings	50.872	29.188	20.499
Short term borrowings	38.862	44.942	55.423
Total borrowings	89.734	74.130	75.922
Debt/Equity ratio	4.621	2.270	2.206

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	585.691	370.857	344.112
		(36.680)	(7.212)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	585.691	370.857	344.112
Profit	0.894	1.683	1.767
	0.15%	0.45%	0.51%

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	Yes
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	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	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	10267461	19/05/2014 *	160,000,000.00	PUNJAB NATIONAL BANK	SIX MILE BRANCH, G.S. ROAD, SIXMILE, GUWAHATI, Assam - 781022, INDIA	C06676357
2	90267575	28/10/2005	1,800,000.00	UNITED BANK OF INDIA	AT ROAD BRANCH, AT ROAD, GUWAHATI, Assam - 78100, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Unsecured loan from Body Corporate and Others	6.999	15.688
Deferred payment liability	13.500	13.500
Total	20.499	29.188

FIXED ASSETS

• Computer
• Air Conditiioner
• Television
• Motor Cycle
• Furniture and Fixture
• Inverter

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 :	PPT
Analysis Done by :	RAS
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.