MIRA INFORM REPORT

 

 

Report No. :

309247

Report Date :

23.02.2015

 

IDENTIFICATION DETAILS

 

Name :

MAHIMA SHANKAR PROCESSED FOODS PRIVATE LIMITED

 

 

Registered Office :

Narimogaru Post and Village, Puttur Taluk, Dakshina Kannada, Mangalore – 574202, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

19.02.2008

 

 

Com. Reg. No.:

08-045320

 

 

Capital Investment / Paid-up Capital :

Rs. 30.060 Millions

 

 

CIN No.:

[Company Identification No.]

U15439KA2008PTC045320

 

 

IEC No.:

0708007244

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRM13946C

 

 

PAN No.:

[Permanent Account No.]

AAFCM5422J

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Masala Powder, Food Masala, Potato Wafers and Other allied products.

 

 

No. of Employees :

50 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (47)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Maximum Credit Limit :

USD 250000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record.

 

There seems dip in the profit of the company during 2014. However, general financial position of the company seems to be decent.

 

Trade relations are fair. Business is active. Payment terms are reported to be slow but 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

ICRA

Rating

Fund based facilities = B+

Rating Explanation

Have high risk of default.

Date

January 2013

 

 

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. Rao

Designation :

Accounts Manager

Contact No.:

91-9449596871

Date :

21.02.2015

 

 

LOCATIONS

 

Registered Office/ Factory :

Narimogaru Post and Village, Puttur Taluk, Dakshina Kannada, Mangalore – 574202, Karnataka, India

Tel. No.:

Not Available

Mobile No.:

91-9449596871 [Mr. Rao]

Fax No.:

Not Available

E-Mail :

binduwater2@yahoo.com

info@sgcorporate.com

 

 

Corporate Office :

Shree Ganesh Complex, Darbey, Puttur, District Mangalore - 574202, Karnataka, India

Tel. No.:

91-8251-237289/ 238889

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Shri Vathsa

Designation :

Director

Address :

H. No. 1-178, Shrinilaya Manipura Golithottu Village, Bajathur P.O., Uppinangady, Puttur, Mangalore – 574241, Karnataka, India

Date of Birth/Age :

09.01.1970

Date of Appointment :

19.02.2008

DIN No.:

02019092

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

U15439KA2008PTC045320

MAHIMA SHANKAR PROCESSED FOODS PRIVATE LIMITED

Director

19/02/2008

19/02/2008

Active

NO

2

U50402KA1995PTC019387

PRAVEEN AUTO CARE PRIVATE LIMITED.

Director

16/08/2012

16/08/2012

Active

NO

 

 

Name :

Lalitha Subrahmanya Bhat

Designation :

Director

Address :

Shiva Kripa, Enmakaje Village, Kasaragod Taluka - 671552, Kerala, India

Date of Birth/Age :

30.09.1953

Date of Appointment :

07.04.2012

DIN No.:

05249640

 

 

KEY EXECUTIVES

 

Name :

Mr. Rao

Designation :

Accounts Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

 

Shri Vathsa

 

208255

Saraswati Amma

 

191100

K. Sathyashankar

 

538180

Ranjitha Shankar

 

497700

K. Ramesh

 

20000

Praveen Autocare Private Limited, India

 

859247

Subrahmanya Bhat

 

32000

Lalitha Subrahmanya Bhat

 

32000

Arun Kumar

 

23450

Megha Marketing, India

 

15000

Praveen Finance Corporation, India

 

17000

Megha Fruit Processing Private Limited, India

 

159554

Megha Springs Private Limited, India

 

156517

Praveen Auto Finance

 

235963

Veena Saraswathi

 

4000

Ganesh Prasad H.

 

6000

Parvathi Prabha

 

6000

Radhika

 

4000

 

 

 

Total

 

 

3005966

 

 

AS ON 30.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Bodies corporate

48.02

Directors or relatives of directors

51.98

 

 

Total

 

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Masala Powder, Food Masala, Potato Wafers and Other allied products.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

--

Countries :

--

 

 

Imports :

 

Products :

--

Countries :

--

 

 

Terms :

 

Selling :

Cash and Credit [30 Days, 60 Days and 90 Days]

 

 

Purchasing :

Cash and Credit [30 Days, 60 Days and 90 Days]

 

 

PRODUCTION STATUS [AS ON 31.03.2014]

 

PARTICULARS

 

Unit

QTY

Licensed Capacity

M. Tons

1500

 

 

 

Installed Capacity

M. Tons

1500

 

 

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 :

End Users and OEMs

 

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 :

50 (Approximately)

 

 

Bankers :

Bank Name:

Syndicate Bank

Branch:

Puttur Main Branch, Puttur, Mangalore – 574202, Karnataka, 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 A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Cash Credit = Rs. 4.000 Millions

Account Operation:

Not Divulged

Remarks: Not Divulged

 

 

Facilities :

 

SECURED LOANS

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

LONG-TERM BORROWINGS

 

 

Term Loans

From Banks

SBI SL Loan No. 31813031300

47.357

65.484

SBI SL Loan No. 31812907302

38.006

27.086

SHORT TERM BORROWINGS

 

 

SBI – CCH Account 31811688212

75.186

50.177

Mahima Traders

46.669

1.414

SFAC Venture Capital Loan

6.508

6.508

Arun

0.000

1.414

Giriyappa

0.369

0.334

 

 

 

Total

 

214.095

152.417

 

SHORT TERM BORROWINGS

 

1)     Working capital loans with an outstanding balance of Rs.50.177 Millions from State Bank of India is secured by hypothecation of stock, book debts, stores and spares. In addition to this, it is also secured by personal guarantees of the Directors of the Company, K. Sathyashankar, Ranjitha Shankar. The Loans are further secured by Corporate Guarantee given by Megha Fruit Processing Private Limited, Puttur.

 

2)     Rs.6.508 Millions SF AC, New Delhi Venture Capital Loan is a interest free loan and is due for repayment in the financial year 2014-15.

 

3)     Unsecured Loans with an outstanding balance of Rs.46.669 Millions from Mahima Traders, Puttur is in the form of Trade Advance and do not have any tenure for repayment, with interest being paid at 12% per annum and repayable on demand.

 

4)     Unsecured Loans with an outstanding balance of Rs.0.369 Million availed from individuals do not have any tenure for repayment, with interest being paid at 12% per annum and repayable on demand.

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

B. Ganesh Joshy

Chartered Accountants

Address :

Anantheshwara Krupa Building, Near Taluk Office, Puttur – 574201, Karnataka, India

Income-tax PAN of auditor or auditor's firm :

ABEPJ6964H

 

 

Associates :

·         Megha Marketing

·         Mahima Traders

·         Megha Springs Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4,000,000

Equity Shares

Rs. 10/- each

Rs. 40.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3,005,966

Equity Shares

Rs. 10/- each

Rs. 30.060 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

30.060

29.465

28.660

(b) Reserves & Surplus

57.649

43.013

25.798

(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)

87.709

72.478

54.458

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

85.363

92.570

98.524

(b) Deferred tax liabilities (Net)

2.140

2.140

2.140

(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)

87.503

94.710

100.664

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

128.732

59.847

64.070

(b) Trade payables

6.800

19.093

12.793

(c) Other current liabilities

3.973

1.501

0.918

(d) Short-term provisions

1.342

1.510

1.585

Total Current Liabilities (4)

140.847

81.951

79.366

 

 

 

 

TOTAL

316.059

249.139

234.488

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

167.230

156.682

124.407

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

34.945

(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

0.000

0.000

0.000

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

167.230

156.682

159.352

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

83.096

78.598

47.330

(c) Trade receivables

63.280

11.735

23.654

(d) Cash and cash equivalents

0.863

0.881

3.053

(e) Short-term loans and advances

1.590

1.103

0.819

(f) Other current assets

0.000

0.140

0.280

Total Current Assets

148.829

92.457

75.136

 

 

 

 

TOTAL

316.059

249.139

234.488

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

TOTAL                                    

466.174

384.246

235.509

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

448.717

365.609

217.900

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

17.457

18.637

17.609

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

7.485

7.925

6.414

 

 

 

 

 

 

PROFIT BEFORE TAX

9.972

10.712

11.195

 

 

 

 

 

Less

TAX                                                                 

2.187

2.245

2.525

 

 

 

 

 

 

PROFIT AFTER TAX

7.785

8.467

8.670

 

 

 

 

 

 

Earnings Per Share (Rs.)

2.59

2.95

3.23

 

 

Expected Sales (2014-2015): Rs. 500.000 Millions

 

The above information has been parted by Mr. Rao [Accounts Manager]

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Return on Total Assets

(PBT/Total Assets}

(%)

3.16

4.30

5.61

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.11

0.15

0.21

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

2.44

2.10

2.99

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.06

1.13

0.95

 

 

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

28.660

29.465

30.060

Reserves & Surplus

25.798

43.013

57.649

Net worth

54.458

72.478

87.709

 

 

 

 

Long-term borrowings

98.524

92.570

85.363

Short term borrowings

64.070

59.847

128.732

Total borrowings

162.594

152.417

214.095

Debt/Equity ratio

2.986

2.103

2.441

 

 

 

 

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)

Sales

235.509

384.246

466.174

 

 

63.156

21.322

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

235.509

384.246

466.174

Profit

8.670

8.467

7.785

 

3.68%

2.20%

1.67%

 

 

 

 

 

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)

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

10295032

29/04/2014 *

1,213,000,000.00

STATE BANK OF INDIA

SME BRANCH, KATHYAYINI MAHAMAYA COMPLEX,, NEAR PVS KALAKUNJ, KODIALBAIL, MANGALORE, KARNATAKA - 575003, INDIA

C06196638

 

* Date of charge modification

 

 

COMPANY BACKGROUND

 

The Company is mainly engaged in the business of manufacture of potato wafers, namkeen products, other snack products and edible oil of own products as well as packing on Job-Work basis for other users. The Company has also undertaken trading activity during the year.

 

 

PERFORMANCE

 

The Directors with an effort to improve the Sales during the year have made some change in packing of products, such as pack size and weight have been altered. Some small packets have been introduced in all different flavoured product ranges, keeping the interest consumer in the market. The product supply chain has improved by extending the market set up. After covering four southern states the sales and marketing of the products has extended into Maharashtra and Orissa States as well.

 

Besides acute competition the Company has been ably achieved reasonable profit after tax. Although there is a sight falls in profit when compared to financial year 2012-13. The Directors are confident that the turnover will improve in coming years by the expansion of market setup and supply chain during the forth coming accounting year. 

 

 

FIXED ASSETS:

 

·         Land

·         Building

·         Plant and Machinery

·         Vehicles

·         Electrical Fittings

·         Laboratories

·         Generator

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. 62.26

UK Pound

1

Rs. 96.01

Euro

1

Rs. 70.72

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

4

--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

 

47

 

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.