MIRA INFORM REPORT

Report No. :	354392
Report Date :	16.12.2015

IDENTIFICATION DETAILS

Name :	ARCHIVERS EXIM PRIVATE LIMITED (w.e.f.19.05.2014)
Formerly Known As :	RUPANI INFORMATION SYSTEMS PRIVATE LIMITED
Registered Office :	B-25/26, Matru Chayya, S N Road, Near M C C College, Mulund (West), Mumbai – 400080, Maharashtra
Tel. No.:	91-22-25934486
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	19.04.2005
Com. Reg. No.:	11-152707
Capital Investment / Paid-up Capital :	Rs. 1.600 Million
CIN No.: [Company Identification No.]	U51900MH2005PTC152707
IEC No.:	0314031022
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCR9956P
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Metal Products, Aluminium Scraps, Steel and Copper Products, Mobile Products and Microsoft Channel Partner. [Confirmed by Management]
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established private limited company having moderate track record. As per available financial of FY2015, the networth position of the company has improved due to additional share capital added by the promoters. However the company has taken additional borrowings, which may act as a threat to the liquidity position of the company. Management has reported decent increase in its sales turnover, whereas reported decline in its net profit in the year under consideration. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. In view of leveraged capital structure, the company can be considered for business dealings 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 – 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

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Rajesh Rupani
Designation :	Director
Contact No.:	91-9820140727
Date :	15.12.2015

LOCATIONS

Registered Office :	B-25/26, Matru Chayya, S N Road, Near M C C College, Mulund (West), Mumbai – 400080, Maharashtra, India
Tel. No.:	91-22-25934486
Mobile No.:	91-9820140727 (Mr. Rajesh Daulat Rupani)
Fax No.:	91-22-25934487
E-Mail :	roclakhanica@gmail.com archiversexim@gmail.com
Area :	1100 Sq. ft.
Location :	Owned
Locality :	Commercial
Warehouse :	Ganpat Logistics, Gala No. 21, Choudhary Compound, Near Annpurna Hotel, Purna Village, Bhiwandi, Thane - 421302, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Ropin Jaychand Nagda

Designation :

Director

Address :

305 Rishabh, Kalpanagari,, Bal Rajeshwar Road, Mulund (West), Mumbai-400080, Maharashtra, India

Date of Birth/Age :

09.02.1969

Date of Appointment :

17.02.2014

DIN No.:

00155562

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	U52392MH2004PTC149965	RAY VISION TECH PRIVATE LIMITED	Director	13-12-2004	13-12-2004	Active	NO
2	U51900MH2005PTC152707	ARCHIVERS EXIM PRIVATE LIMITED	Director	17-02-2014	17-02-2014	Active	NO

Name :

Mr. Rajesh Daulat Rupani

Designation :

Director

Address :

C-58 Premnagar, Kopari Colony Thane(East), Thane, Mumbai-400603, Maharashtra, India

Date of Birth/Age :

08.04.1974

Date of Appointment :

19.04.2005

DIN No.:

00937439

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	U51900MH2005PTC152707	ARCHIVERS EXIM PRIVATE LIMITED	Director	19-04-2005	19-04-2005	-	Active	NO
2	U99999MH1995PLC086635	RIKHAV SECURITIES LIMITED	Director	13-01-2006	13-01-2006	13-01-2012	Active	NO
3	U74140MH2005PTC153501	RIKHAV INSURANCE BROKERS PRIVATE LIMITED	Director	30-05-2006	30-05-2006	31-03-2011	Active	NO
4	U74992MH2006PTC164190	4G IT SOLUTIONS (INDIA) PRIVATE LIMITED	Director	17-11-2006	17-11-2006	01-07-2011	Active	NO
5	U74992MH2006PTC164180	RIKHAV COMMODITY BROKERS PRIVATE LIMITED	Director	22-05-2008	17-11-2006	16-06-2013	Active	NO
6	U72900MH2010PTC198727	MAGIC I.T. SOLUTION PRIVATE LIMITED	Director	11-01-2010	11-01-2010	03-11-2015	Active	NO
7	U72900MH2006PTC162483	AVAS TRADELINKS PRIVATE LIMITED	Director	01-06-2012	01-06-2012	-	Active	NO

Name :

Mrs. Rani Ropin Nagda

Designation :

Director

Address :

B-305, Rishabh, Kalp Nagri, Balrajeshwar Road, Vaishali Nagar, Mulund (West), Mumbai-400080, Maharashtra, India

Date of Birth/Age :

15.04.1976

Date of Appointment :

17.02.2014

DIN No.:

06815945

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2015

Names of Shareholders	No. of Shares
Rajesh Daulat Rupani	15910
Vinod Daulat Rupani	15909
Daulat Revachand Rupani	15909
Kavita Rupani	15909
Sunil Bansilal Jaisingh	15909
Rajesh Rupani (HUF)	15909
Sneha Rupani	15909
Heena Rupani	15909
Ropin Jaychand Nagda	8409
Rani Ropin Nagda	8409
Vinod Rupani (HUF)	15909
Total	160000

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Metal Products, Aluminium Scraps, Steel and Copper Products, Mobile Products and Microsoft Channel Partner. [Confirmed by Management]
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :
Products :	Raw Material
Countries :	· South Africa · China · Taiwan
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Magic I.T. Solution Private Limited
Name of the Person (Designation):	Mr. Vinod Rupani [Director]
Contact Number:	91-9820041252
Since how long known:	10 Years
Maximum limit dealt:	Not Divulged
Experience:	Payment Behaviour = Excellent Market Goodwill = Excellent Overall = Excellent
Remark	He informed we have very good relation with this company, no complaints.

Customers :

Retailers and End Users

Reference:	Priya Sales
Name of the Person (Designation):	Mr. Paresh
Contact Number:	91-9028066330 [Continuously Engaged]
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

20 (Approximately)

Bankers :

Bank Name:	Punjab and Maharashtra Co-Operative Bank
Branch:	Shreeji Dham, Sector 7, Airoli Branch, Navi Mumbai, Maharashtra, India
Person Name (with Designation):	Ms. Kiran Lonare (Officer)
Contact Number:	91-22-27604968
Name of Account Holder:	Archivers Exim Private Limited
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):	Cash Credit=Rs. 40.000 Million
Account Operation:	Not Divulged
Remarks:	She denied to provide her opinion about subject company.

· State Bank of India

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
SHORT TERM BORROWINGS
HDFC Bank of Bahrain	11.411	0.000
Total	11.411	0.000

Auditors :
Name :	Lakhani and Lakhani Chartered Accountants
Address :	B-3, 3rd Floor, Ashar IT Park, Ambica Nagar, 16-Z Road, Wagle Estate, Thane [West], Thane – 400604, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABFL3818Q
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
300,000	Equity Shares	Rs. 10/- each	Rs. 3.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
160,000	Equity Shares	Rs. 10/- each	Rs. 1.600 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.600	0.100	0.100
(b) Reserves & Surplus	2.514	2.095	1.167
(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)	4.114	2.195	1.267
(3) Non-Current Liabilities
(a) Long-term borrowings	8.269	5.769	0.123
(b) Deferred tax liabilities (Net)	0.017	0.360	0.370
(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)	8.286	6.129	0.493
(4) Current Liabilities
(a) Short term borrowings	11.411	0.000	0.000
(b) Trade payables	14.516	7.101	13.167
(c) Other current liabilities	0.000	0.001	1.794
(d) Short-term provisions	0.350	0.187	0.078
Total Current Liabilities (4)	26.277	7.289	15.039
TOTAL	38.677	15.613	16.799
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.705	1.443	2.405
(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	1.495	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	0.107
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2.200	1.443	2.512
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8.772	5.556	7.084
(c) Trade receivables	13.586	8.278	6.964
(d) Cash and cash equivalents	1.202	0.209	0.216
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	12.917	0.127	0.023
Total Current Assets	36.477	14.170	14.287
TOTAL	38.677	15.613	16.799

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Operations	176.508	71.659	32.213
		Other Income	0.345	0.211	0.023
		TOTAL (A)	176.853	71.870	32.237
Less	EXPENSES
		Cost of Materials Consumed	0.000	0.000	29.243
		Purchases of Stock-in-Trade	172.993	65.855	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(3.216)	1.527	0.000
		Employees benefits expense	1.368	1.553	0.089
		Exceptional Items	0.000	0.000	0.033
		Other expenses	1.436	0.728	0.201
		TOTAL (B)	172.581	69.663	29.566
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.272	2.207	2.671
Less	FINANCIAL EXPENSES (D)		2.037	0.033	0.001
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.235	2.174	2.670
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.738	0.962	1.533
	PROFIT BEFORE TAX (E-F) (G)		0.497	1.212	1.137
Less	TAX (H)		0.077	0.284	0.459
	PROFIT AFTER TAX (G-H) (I)		0.420	0.928	0.678
	Earnings Per Share (Rs.)		41.97	92.77	67.84

Expected Sales (2015-2016): Rs.400.000 Million [Due to Expansion of Business]

The above information has been parted by Mr. Rajesh Rupani [Director]

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net Cash flow from (used in) Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.24	1.30	2.10
Operating Profit Margin (PBDIT/Sales)	(%)	2.42	3.08	8.29
Return on Total Assets (PBT/Total Assets}	(%)	1.34	7.76	6.77
Return on Investment (ROI) (PBT/Networth)		0.12	0.55	0.90
Debt Equity Ratio (Total Liability/Networth)		4.78	2.63	0.10
Current Ratio (Current Asset/Current Liability)		1.39	1.94	0.95

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	0.100	1.600
Reserves & Surplus	1.167	2.095	2.514
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1.267	2.195	4.114
Long-term borrowings	0.123	5.769	8.269
Short term borrowings	0.000	0.000	11.411
Total borrowings	0.123	5.769	19.680
Debt/Equity ratio	0.097	2.628	4.784

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	32.213	71.659	176.508
		122.454	146.317

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	32.213	71.659	176.508
Profit	0.678	0.928	0.420
	2.10%	1.30%	0.24%

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	Yes
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
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%	Yes
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10558057	17/03/2015	30,000,000.00	PUNJAB & MAHARASHTRA CO-OP. BANK LIMITED	OFFICE NO. 4-5, 3RD FLOOR, DREAMS MALL, L.B.S. MARG, BHANDUP (W), MUMBAI, MAHARASHTRA - 400078, INDIA	C48332787

UNSECURED LOANS

PARTICULARS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Avas Tradelink Private Limited	2.682	2.682
Rani Nagda	0.950	0.950
Ropin Nagda	3.500	1.000
Sunil Jiasingh	0.123	0.123
Heena Rupani	0.126	0.126
Kavita Rupani	0.126	0.126
Rajesh Rupani	0.127	0.127
Rani Ropin Nagda	0.127	0.127
Ropin Nagda	0.127	0.127
Sneha Rupani	0.127	0.127
Sunil B. Jaisingh	0.127	0.127
Vinod Rupani HUF	0.127	0.127
Total	8.269	5.769

DESCRIPTION OF THE COMPANY’S WORKING DURING THE YEAR/ STATE OF COMPANY’S AFFAIR

The company’s Top-line in the financial year 2013-14 was Rs. 71.659 Million which increased in financial year 2014-15 to Rs. 176.509 Million disclosing increase in revenue by 146.32%. The Company’s profit for the year 2013-14 was Rs. 0.928 Million which decreased to profit of Rs.0.420 Million in the year 2014-15 as compared to that of last year.

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. 67.04
UK Pound	1	Rs. 101.67
Euro	1	Rs. 73.93

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KIN
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
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.