MIRA INFORM REPORT

Report No. :	337409
Report Date :	18.08.2015

IDENTIFICATION DETAILS

Name :	RAGHUVIR FERRO ALLOY PRIVATE LIMITED
Registered Office :	130-137, Sector C, Industrial Growth Center, Urla Raipur – 492001, Madhya Pradesh
Tel. No.:	91-9826128888
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.03.1992
Com. Reg. No.:	10-007024
Capital Investment / Paid-up Capital :	Rs. 81.017 Million
CIN No.: [Company Identification No.]	U27106MP1992PTC007024
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 high carbon, Silico manganese high carbon, Ferro manganese, Auto mobile parts, Cement tiles brid, 8 A. C Pipes, Chemical Units, Electrical Units etc.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profitability of the company seems to be low during the FY 2014. However, general financial position of the company is decent. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal for business dealing 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 Rating = BB
Rating Explanation	Have inadequate credit quality and carry high credit risk.
Date	June 29, 2015

Rating Agency Name	CARE
Rating	Short Term Rating = A4+
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	June 29, 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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Sanjay
Designation :	Not Divulged
Contact No.:	91-9826128888
Date :	18.08.2015

LOCATIONS

Registered Office :	130-137, Sector C, Industrial Growth Center, Urla Raipur – 492001, Madhya Pradesh, India
Tel. No.:	Not Available
Mobile No.:	91-9826128888 (Mr. Sanjay)
Fax No.:	Not Available
E-Mail :	soorajtiwari@rediffmail.com

DIRECTORS

AS ON 30.09.2010

Name :

Alok Choudhari

Designation :

Director

Address :

C-86, 87, Sector 1, Devendra Nagar, Raipur – 492009, Chattisgarh, India

Date of Birth/Age :

15.09.1969

Date of Appointment :

31.01.2003

DIN No.:

00007810

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	U24292CT1988PLC004746	SPECIAL BLASTS LIMITED	Director	17/08/1989	17/08/1989	20/03/2013	Active	NO
2	U51495CT2001PTC014644	SHUBHAM ENTERPRISES (RAIPUR) PRIVATE LIMITED	Director	04/05/2001	04/05/2001	-	Active	NO
3	U27106MP1992PTC007024	RAGHUVIR FERRO ALLOY PVT LTD	Director	31/01/2003	31/01/2003	-	Active	NO
4	U27109CT2003PLC016284	CHHATTISGARH STEEL AND POWER LIMITED	Managing director	19/02/2007	04/09/2004	-	Active	NO
5	U10300CT2006PLC020006	MADANPUR SOUTH COAL COMPANY LIMITED	Director	23/05/2006	23/05/2006	-	Active	NO
6	U24134CT2007PTC020383	SRI BALMUKUND POLYPACK PRIVATE LIMITED	Director	24/09/2007	24/09/2007	-	Active	NO
7	U27100CT2010PLC021760	METAL CORPORATION OF INDIA LIMITED	Director	23/04/2010	23/04/2010	-	Active	NO
8	U25202CT2002PTC014968	V.M.EXTRUSIONS PRIVATE LIMITED	Director	05/05/2010	05/05/2010	12/11/2012	Active	NO
9	U40100MH2005PTC155649	KJSL COAL AND POWER PRIVATE LIMITED	Director	01/03/2011	01/03/2011	20/02/2013	Active	NO
10	U13203CT2012PLC000415	SPECIAL METALIKS LIMITED	Director	27/06/2012	27/06/2012	19/12/2013	Active	NO
11	U74999MH1961NPL012060	THE INDIAN FERRO ALLOY PRODUCERS ASSOCIATION	Director	13/01/2014	13/01/2014	-	Active	NO
12	U13100OR1995PTC004128	MAHANADI METALS AND CHEMICALS PRIVATE LIMITED	Director	07/07/2014	07/07/2014	17/04/2015	Active	NO

Name :

Anil Parakh

Designation :

Director

Address :

Park Street No.3, Choubey Colony, Raipur – 492001, Chattisgarh, India

Date of Birth/Age :

27.06.1966

Date of Appointment :

12.04.2005

DIN No.:

01124855

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	L65920MH1994PLC082992	WALLFORT FINANCIAL SERVICES LIMITED	Director	27/11/1998	27/11/1998	28/04/2014	Active	NO
2	U27106MP1992PTC007024	RAGHUVIR FERRO ALLOY PVT LTD	Director	12/04/2005	12/04/2005	-	Active	NO
3	U45201CT1999PTC013252	CHATTISGARH PROJECTS INDIA PRIVATE LIMITED	Director	10/09/2005	10/09/2005	-	Active	NO
4	U10300CT2006PLC020006	MADANPUR SOUTH COAL COMPANY LIMITED	Director	16/11/2007	28/02/2007	30/11/2013	Active	NO
5	U74930MH2003PTC142428	WALLFORT STEEL AND POWER PRIVATE LIMITED	Director	11/01/2010	11/01/2010	13/03/2014	Active	NO

Name :

Shiv Kumar Mumdhra

Designation :

Director

Address :

P-270, Maniktala, Main Road, Ground Floor, Kolkata – 700054, West Bengal, India

Date of Birth/Age :

17.06.1953

Date of Appointment :

12.04.2005

DIN No.:

01174655

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	U27109WB1991PTC051846	IMI ABRASIVES PVT LTD	Director	24/05/1991	24/05/1991	-	Active	NO
2	U27106MP1992PTC007024	RAGHUVIR FERRO ALLOY PVT LTD	Director	12/04/2005	12/04/2005	-	Active	NO
3	U27100CT2010PLC021760	METAL CORPORATION OF INDIA LIMITED	Director	23/04/2010	23/04/2010	20/03/2014	Active	NO
4	U27109CT2003PLC016284	CHHATTISGARH STEEL AND POWER LIMITED	Director	01/01/2014	01/01/2014	-	Active	NO

Name :

Dayanand Goyal

Designation :

Director

Address :

C/O, Goodluck Plastic Indutries, Santoshi Nagar, Raipur – 492001, Chattisgarh, India

Date of Birth/Age :

06.04.1948

Date of Appointment :

31.01.2003

DIN No.:

01375640

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	U25206CT2000PTC014456	GOODLUCK GLOBAL Private LIMITED	Director	07/11/2000	07/11/2000	-	Active	NO
2	U27106MP1992PTC007024	RAGHUVIR FERRO ALLOY PVT LTD	Director	31/01/2003	31/01/2003	29/11/2013	Active	NO
3	U24132CT1988PTC004838	NAVDURGA ISPAT PRIVATE LIMITED	Director	01/11/2004	01/11/2004	26/03/2012	Active	NO
4	U51497CT2009PTC021473	MEGA MERCHANTS CHHATTISGARH PRIVATE LIMITED	Director	15/05/2010	15/05/2010	23/07/2010	Active	NO

MAJOR SHAREHOLDERS

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2010

Category	Percentage
Bodies corporate	61.38
Directors or relatives of Directors	17.34
Other top fifty shareholders	21.28
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of High carbon, Silico manganese high carbon, Ferro manganese, Auto mobile parts, Cement tiles brid, 8 A. C Pipes, Chemical Units, Electrical Units etc.
Products :	High carbon Silico manganese high carbon Ferro manganese Auto mobile parts Cement tiles brid 8 A. C Pipes Chemical Units Electrical Units
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

GENERAL INFORMATION

Suppliers :

Not Divulged

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 :

Not Divulged

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 :

150 (Approximately)

Bankers :

• Jammu and Kashmir Bank Limited, Raipur – 492001, Chattisgarh, India
• HDFC Bank Limited, Lower Parel (West), Mumbai – 400013, Maharashtra, India
• State Bank of India, Raipur – 492001, Chattisgarh, India

Facilities :

(Rs. In Million)

Secured Loan	31.03.2014	31.03.2013
Long-term Borrowings
Rupee term loan from banks	0.352	0.855
Short-term borrowings
Working capital loans from banks	169.874	96.432
Total	170.226	97.287

Auditors :
Name :	Amitabh Agarwal and Company Chartered Accountants
Address :	109, Wallfort Ozone, Fafadih Chowk, Raipur, Chhattisgarh, India
PAN No.:	AAKFA0762H
Memberships :	--
Collaborators :	--
Relative of Key Management personnel :	IMI Abrasives Private Limited IMI Services Ajay Parakh HUF Special Blasts Limited Navdurga Ispat Private Limited SRI Balmukund Polypack Private Limited Jainam Builders Private Limited Chhattisgarh Steel and Power Limited S K Enterprises

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8101700	Equity Shares	Rs.10/- each	Rs. 81.017 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	81.017	81.017
(b) Reserves & Surplus	205.482	203.839
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	286.499	284.856
(3) Non-Current Liabilities
(a) long-term borrowings	3.352	54.855
(b) Deferred tax liabilities (Net)	9.291	6.389
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	12.643	61.244
(4) Current Liabilities
(a) Short term borrowings	169.874	96.432
(b) Trade payables	372.993	221.372
(c) Other current liabilities	71.668	48.419
(d) Short-term provisions	2.254	0.682
Total Current Liabilities (4)	616.789	366.905
TOTAL	915.931	713.005
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	66.035	75.692
(ii) Intangible Assets	0.018	0.025
(iii) Capital work-in-progress	0.797	1.942
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	110.550	110.550
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	35.225	33.932
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	212.625	222.141
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	378.160	279.317
(c) Trade receivables	115.121	110.328
(d) Cash and cash equivalents	88.573	16.064
(e) Short-term loans and advances	111.281	79.768
(f) Other current assets	10.171	5.387
Total Current Assets	703.306	490.864
TOTAL	915.931	713.005

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	1099.804	988.462
		Other Income	NA	NA
		TOTAL	NA	NA
Less	EXPENSES
		TOTAL	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		46.186	31.327
Less	INTEREST		32.215	22.036
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		13.971	9.291
Less/ Add	DEPRECIATION/ AMORTISATION		5.950	5.710
	PROFIT BEFORE TAX		8.021	3.581
Less	TAX		5.963	1.158
	PROFIT AFTER TAX		2.058	2.423
	Earnings Per Share (Rs.)		0.25	0.29

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA
Cash generated from operations	NA	NA
Net cash flow from (used in) operation	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.19	0.25
Operating Profit Margin (PBIDT/Sales)	(%)	4.20	3.17
Return on Total Assets (PBT/Total Assets}	(%)	1.00	0.60
Return on Investment (ROI) (PBT/Networth)		0.03	0.01
Debt Equity Ratio (Total Debt /Networth)		0.60	0.53
Current Ratio (Current Asset/Current Liability)		1.14	1.34

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	81.017	81.017
Reserves & Surplus	203.839	205.482
Net worth	284.856	286.499
long-term borrowings	54.855	3.352
Short term borrowings	96.432	169.874
CURRENT MATURITIES OF LONG-TERM DEBTS	0.000	0.000
Total borrowings	151.287	173.226
Debt/Equity ratio	0.531	0.605

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	988.462	1099.804
		11.264

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	988.462	1099.804
Profit	2.423	2.058
	0.25%	0.19%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	----
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	-----
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	-----
33	Market information	-----
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Intercorporate borrowings	3.000	54.000
Total	3.000	54.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10479590	31/03/2014 *	252,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	C06204291
2	10467765	30/10/2013	1,155,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 2ND FLOOR, PUJARI CHAMBERS, PA  CHPEDI NAKA, RAIPUR, Chhattisgarh - 492001, INDIA	B92577824
3	10165567	20/06/2009	1,200,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL  W, MUMBAI, Maharashtra - 400013, INDIA	A65232092

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixture
• Vehicles
• Office Equipments
• Computer 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. 65.22
UK Pound	1	Rs. 102.23
Euro	1	Rs. 72.39

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	RAS
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.