MIRA INFORM REPORT

 

 

Report No. :

309801

Report Date :

26.02.2015

 

IDENTIFICATION DETAILS

 

Name :

DIVINE GEMS BVBA

 

 

Registered Office :

Hoveniersstraat 30-Bus 122 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

24.07.2002

 

 

Com. Reg. No.:

478160609

 

 

Legal Form :

Private Limited Company (BL/LX)

 

 

Line of Business :

Wholesale of diamonds and other precious stones

 

 

No. of Employee :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No complaints

 

 

Litigation :

Clear

 

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)

Belgium

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

BELGIUM ECONOMIC OVERVIEW

 

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian retail arm of a Franco-Belgian bank.

 

Source : CIA

Company summary

 

Business number                     478160609

Branche Unit Number               2114721942

Company name                        DIVINE GEMS BVBA

Address                                   HOVENIERSSTRAAT 30-BUS 122

2018 ANTWERPEN

Number of staff                        0

Date of establishment               24/07/2002

Telephone number                   0475850658

Fax number

 

 

Commentary

 

The business was established over 12 years ago.

The business has 1 employees.

The business has been at the address for over 9 years.

A 27% growth in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 25% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 79% during the latest trading period.

 

 

Accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2013

12,974,844

24,757

174,262

157,507

31/12/2012

13,344,149

33,017

158,196

137,975

31/12/2011

12,782,838

26,128

136,393

116,693

 

ACCOUNTS

 

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

5,865,072

0

18,600

23,489

31/12/2012

4,612,523

0

18,600

29,039

31/12/2011

8,362,957

0

18,600

24,460

 

 

Trends

 

Profitability

Liquidity

Net  worth

 

Payment expectations

 

Past  payments

 

Payment  expectation  days

159.53

Industry  average  payment

126.94

Industry  average  day  sales

186.05

expectation  days

 

outstanding

 

Day  sales  outstanding

120.76

 

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type                      No

 

PROTESTED BILLS

Bill amount                              -

 

NSSO DETAILS

Date of summons                     -

 

 

Company information

 

Business  number

478160609

Company  name

DIVINE  GEMS  BVBA

Fax  number

 

Date  founded

24/07/2002

Company  status

active

Company  type

Private  Limited  Company

 

 

 

(BL/LX)

Currency

Euro  (€)

Date  of  latest  accounts

31/12/2013

Activity  code

46761

Liable  for  VAT

yes

Activity  description

Wholesale  of  diamonds  and

VAT  Number

BE.0478.160.609  Check  VAT

 

other  precious  stones

 

number

Belgian  Bullettin  of  Acts

moniteur  belge

 

 

 

 

Contractor details

 

REGISTERED  CONTRACTOR NUMBER

-

Contractor  description

-

Date  struck  off  register

 

 

 

PERSONNEL  (NSSO  CLASSIFICATION)

 

Code

-

Description

-

 

 

JOINT  INDUSTRIAL  COMMITTEE  (JIC)

 

 

 

Company accounts

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Annual  accounts

31-12-2013

%

 

31-12-2012

%

 

31-12-2011

%

 

31-12-2010

%

31-12-2009

Weeks

52

 

52

 

 

52

 

 

52

 

 

52

Currency

EUR

 

EUR

 

 

EUR

 

 

EUR

 

 

EUR

Total  fixed  assets

16,755

-29.05

23,617

 

-17.60

28,660

 

-6.88

30,778

 

1232

2,309

Intangible  fixed  assets

0

-

0

 

-

0

 

-

0

 

-

0

Tangible  fixed  assets

16,755

-29.05

23,617

 

-17.60

28,660

 

-6.88

30,778

 

1232

2,309

Land  &  building

-

-

-

 

-

-

 

-

-

 

-

-

Plant  &  machinery

7,427

-18.94

9,163

 

-15.76

10,878

 

22.34

8,892

 

285

2,309

Furniture  &  Vehicles

9,328

-35.47

14,455

 

-18.71

17,782

 

-18.75

21,886

 

-

-

Leasing  &  Other  Similar  Rights

-

-

-

 

-

-

 

-

-

 

-

-

Other  tangible  assets

0

0

-1

 

-

0

 

-

0

 

-

0

Financial  fixed  assets

-

-

-

 

-

-

 

-

-

 

-

-

Total  current  assets

5,848,316

27.44

4,588,906

 

-44.94

 

8,334,297

119

 

3,790,092

34.04

2,827,544

Inventories

1,473,185

23.48

1,193,018

 

-57.36

 

2,798,195

140

 

1,161,862

20.40

965,002

Raw  materials  &  consumables

-

-

-

 

-

-

 

-

-

 

-

-

Work  in  progress

0

-

0

 

-

0

 

-

0

 

-

0

Finished  goods

1,473,185

23.48

1,193,018

 

-57.36

 

2,798,195

-

0

 

-

0

Other  stocks

0

-

0

 

-

0

 

-100

 

1,161,862

20.40

965,002

Trade  debtors

4,292,814

31.72

3,258,950

 

-39.08

 

5,349,494

124

 

2,382,609

31.11

1,817,280

Other  amounts  receivable

20,608

50.69

13,676

 

290

3,502

 

271

943

 

4.89

899

Cash

21,488

-79.80

106,383

 

-38.52

 

173,041

-26.21

234,493

 

547

36,204

Miscellaneous  current  assets

40,222

138

16,878

 

67.68

10,066

 

-1.17

10,185

 

24.84

8,159

Total  Assets

5,865,072

27.16

4,612,523

 

-44.85

 

8,362,957

118

 

3,820,870

35.02

2,829,853

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Total  shareholders  equity

 

174,262

10.16

 

158,196

15.99

136,393

 

14.84

118,763

20.15

98,842

Issued  share  capital

 

18,600

0

 

18,600

0

18,600

0

 

18,600

0

18,600

Share  premium  account

-

 

-

-

 

-

-

-

-

 

-

-

 

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

155,662

11.51

139,596

18.51

117,793

17.60

100,163

24.83

80,242

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

5,690,810

27.76

4,454,327

-45.85

8,226,564

122

3,702,107

35.56

2,731,011

Other  long  term  loans

-

-

3,396

-62.10

8,960

-36.96

14,213

-

-

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-

0

-

0

-

0

-

0

Total  long  term  debts

0

-100

3,396

-62.10

8,960

-36.96

14,213

-

0

Current  portion  of  long  term  debt

3,831

-31.14

5,564

5.92

5,253

5.84

4,963

-

-

Financial  debts

10,224

93.71

5,278

-

-

-

2,560

-41.17

4,352

Trade  creditors

5,656,481

27.80

4,426,108

-46.03

8,200,990

123

3,662,103

35.29

2,706,859

Amounts  Payable  for  Taxes,

19,434

53.32

12,675

45.05

8,738

-51.00

17,834

-8.11

19,408

Remuneration  &  Social  Security

 

 

 

 

 

 

 

 

 

Miscellaneous  current  liabilities

839

-35.72

1,306

-50.22

2,623

503

434

10.69

393

Total  current  liabilities

5,690,810

27.86

4,450,931

-45.84

8,217,604

122

3,687,895

35.04

2,731,011

Total  Liabilities

5,865,072

27.16

4,612,523

-44.85

8,362,957

118

3,820,870

35.02

2,829,853

 

 

RATIO  ANALYSIS

 

 

 

 

 

 

 

 

 

TRADING  PERFORMANCE

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

0.19

-24.00

0.25

25.00

0.20

-

-

-

-

Return  on  capital  employed

14.21

-30.45

20.43

13.63

17.98

-17.41

21.77

-20.23

27.29

Return  on  total  assets  employed

0.42

-41.67

0.72

132

0.31

-59.21

0.76

-20.0

0.95

Return  on  net  assets  employed

14.21

-31.91

20.87

8.92

19.16

-21.41

24.38

-10.66

27.29

Sales  /  net  working  capital

82.38

-14.82

96.71

-11.71

109.54

-

-

-

-

Stock  turnover  ratio

11.35

26.96

8.94

-59.16

21.89

-

-

-

-

Creditor  days

159.53

31.38

121.43

-48.28

234.78

-

-

-

-

Debtor  days

120.76

35.47

89.14

-41.64

152.75

-

-

-

-

SHORT  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Current  ratio

1.03

0

1.03

1.98

1.01

-1.94

1.03

-0.96

1.04

Liquidity  ratio  /  acid  ratio

0.77

1.32

0.76

13.43

0.67

-5.63

0.71

4.41

0.68

Current  debt  ratio

32.66

16.06

28.14

-53.29

60.25

94.04

31.05

12.38

27.63

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

23,489

-19.11

29,039

18.72

24,460

3.66

23,596

63.60

14,423

Net  worth

174,262

10.16

158,196

15.99

136,393

14.84

118,763

20.15

98,842

LONG  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Gearing

8.07

-10.33

9.00

-13.63

10.42

-43.06

18.30

315

4.40

Equity  in  percentage

2.97

-13.41

3.43

110

1.63

-47.59

3.11

-10.89

3.49

Total  debt  ratio

32.66

15.98

28.16

-53.32

60.32

93.52

31.17

12.81

27.63

Working  capital

157,507

14.16

137,975

18.24

116,693

14.18

102,198

5.87

96,533

 

 

PROFIT  &  LOSS

 

 

 

 

 

 

 

 

 

Operating  Income

12,975,588

-2.77

13,345,075

4.39

12,784,224

-

-

-

-

Turnover

12,974,844

-2.77

13,344,149

4.39

12,782,838

-

-

-

-

Total  operating  expenses

12,942,168

-2.72

13,304,434

4.35

12,749,517

-

-

-

-

Gross  Operating  Margin

-

-

-

-

-

-

36,482

0.99

36,126

Operating  Charges

12,942,912

-2.72

13,305,360

4.35

12,750,902

-

-

-

-

Employee  costs

20,215

-

-

-

-

-

-

-

-

Wages  and  salary

19,684

-

-

-

-

-

-

-

-

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

164

-

-

-

-

-

-

-

-

Other  employee  costs

367

-

0

-

0

-

0

-

0

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

7,423

2.60

7,235

5.93

6,830

85.85

3,675

540

574

Operating  result

32,676

-17.72

39,715

19.19

33,321

5.25

31,660

-7.24

34,131

Total  financial  income

212

29.46

164

717

20

-97.88

947

1913

47

Total  financial  expenses

8,131

18.51

6,861

-4.89

7,214

97.40

3,654

-49.28

7,205

Results  on  ordinary  operations  before

24,757

-25.02

33,017

26.37

26,128

-9.76

28,953

7.34

26,973

taxation

 

 

 

 

 

 

 

 

 

Extraordinary  Income

-

-

-

-

-

-

-

-

-

Extraordinary  Charges

-

-

-

-

-

-

-

-

-

Extraordinary  items

0

-

0

-

0

-

0

-

0

Results  for  the  Year  Before  Taxation

24,757

-25.02

33,017

26.37

26,128

-9.76

28,953

7.34

26,973

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

8,691

-22.50

11,214

31.96

8,498

-5.91

9,032

-31.18

13,124

Results  on  ordinary  operations  after

16,066

-26.31

21,803

23.67

17,630

-11.50

19,921

43.84

13,849

taxation

 

 

 

 

 

 

 

 

 

Net  result

16,066

-26.32

21,804

23.68

17,630

-11.50

19,921

43.84

13,849

Profit  (Loss)  for  the  Year  to  be  appropiated

16,066

-26.32

21,804

23.68

17,630

-11.50

19,921

43.84

13,849

Dividends

-

-

-

-

-

-

-

-

-

 

 

Social Balance Sheet Details

 

Social  Balance  Sheet

Total

During  the  reporting  year

 

ended  31-12-2013

 

Full-time  Employees

-

Part-time  Employees

1

Total  Fte  Employees

1

Number  of  hours  worked

 

Full-time  Employees

-

Part-time  Employees

1,404

Total

1,404

Personnel  Charges

 

Full-time  Employees

-

Part-time  Employees

-

Total

-

Benefits  In  Addition  To  Wages

-

During  the  previous  reporting  year

 

Average  number  employees  in  Fte

-

Actual  working  hours

-

Personnel  Charges

-

Benefits  In  Addition  To  Wages

-

 

 

Type  of  Contract

Full-Time

Part-Time

Total  Fte

Unlimited  Duration

-

1

1

Contracts

 

 

 

Limited  Duration  Contracts

-

-

-

Contracts  For  Specific  Work

-

-

-

Contracts  Regarding

-

-

-

Substitution

 

 

 

 

Gender  and  Education Level

 

 

 

 

 

 

 

Men

Full-Time

Part-Time

Total  Fte

Primary  education

-

-

-

Secondairy  education

-

-

-

Higher  education  (non

-

-

-

university)

 

 

 

Higher  education

-

-

-

(university)

 

 

 

Women

Full-Time

Part-Time

Total  Fte

Primary  education

-

1

1

Secondairy  education

-

-

-

Higher  education  (non

-

-

-

university)

 

 

 

Higher  education

-

-

-

(university)

 

 

 

 

Working  Category

Full-Time

Part-Time

Total  Fte

Management

-

-

-

White  collar  worker

-

1

1

Blue  collar  worker

-

-

-

Other

-

-

-

 

Temporary  personnel

Total

Average  number  of  temporary  staff

-

Actual  working  hours

-

Cost  of  temporary  staff

-

 

New  staff  and  leavers

Full-Time

Part-Time

Total  Fte

New  Starters

-

1

1

Leavers

-

-

-

 

 

Total  of  formal  continuing  vocational  training  initiatives for  workers  paid  by  the  employer

Male

Female

Number  of  employees

-

-

Number  of  training  hours

-

-

Net  costs  for  enterprise

-

-

Total  of  less  formal  and  informal  continuing  vocational

 

 

training  initiatives  for  workers  paid  by  the  employer

Male

Female

Number  of  employees

-

-

Number  of  training  hours

-

-

Net  costs  for  enterprise

-

-

Total  of  initial  training  initiatives  at  the  expense  of  the

 

 

employer

Male

Female

Number  of  employees

-

-

Number  of  training  hours

-

-

Net  costs  for  enterprise

-

-

 

INDUSTRY COMPARISON

 

Activity code                             46761

Activity description                    Wholesale of diamonds and other precious stones

industry average credit

rating                                        64.48

Industry average credit limit       140177.31

 

 

Payment Information

 

Payment  Information  Summary

 

Total  number  of  Invoices  available

2

Total  number  of  Invoices  paid  within  or  up  to  30  days  after  the  due  date

1

Total  number  of  Invoices  paid  more  than  30  days  after  the  due  date

1

Total  number  of  Invoices  currently  outstanding  where  the  due  date  has  not  yet  been  reached

0

Total  number  of  Invoices  currently  outstanding  beyond  the  due  date

0

 

 

SUSPENSION OF PAYMENTS / MORATORIUM HISTORY

 

Amount             -         

Details              –

 

PAYMENT EXPECTATIONS

 

Payment expectation days        159.53

Day sales outstanding 120.76

 

INDUSTRY COMPARISON

 

Activity code                            46761

Activity description                  Wholesale of diamonds and other precious stones

Industry average payment

expectation days                      126.94

Industry average day sales

Outstanding                             186.05

 

INDUSTRY QUARTILE ANALYSIS

 

Payment expectations

Company result             159.53

Lower                           120.44

Median                                     74.63

Upper                           45.88

 

DAY SALES OUTSTANDING

 

Company result             120.76

Lower                           102.27

Median                                     54.07

Upper                           24.07

 

 

Shareholder Details

 

Summary

Group - Number of Companies              0

Linkages - Number of Companies           0

Number of Countries                             0

 

GROUP STRUCTURE

No group structure for this company.

 

MINORITY SHAREHOLDERS

No minority shareholders found

 

MINORITY INTERESTS

No minority interests found

 

COMPANIES THAT MATCH THIS ADDRESS

No Companies Match this address

 

 

Linked Companies

 

Summary

Group - Number of Companies              0

Linkages - Number of Companies           0

Number of Countries                             0

 

SUMMONS

There is no data for this company

 

PROTESTED BILLS

There is no data for this company

 

BANKRUPTCY AND OTHER LEGAL EVENTS

There is no data for this company

 

 

Director details

 

CURRENT DIRECTOR DETAILS

 

Name

SANKET  SHAH

Position

Principal  Manager

Start  Date

01/01/2013

Street

25 CHARLOTTALEI  ANTWERPEN

Post  code

2018

Country

Belgium

Position

Legal  Representative

Start  Date

01/01/2013

Street

25 CHARLOTTALEI  ANTWERPEN

Post  code

2018

Country

Belgium

Name

DIVINE  JEWELLERY  BVBA

Position

Principal  Manager

Start  Date

31/08/2010

Date  of  birth

18/11/2004

Street

30 HOVENIERSSTRAAT  ANTWERPEN

Post  code

2018

Country

Belgium

Name

VISHAL  MEHTA

Position

Principal  Manager

Start  Date

31/08/2010

Street

20 BELGIËLEI  ANTWERPEN

Post  code

2018

Country

Belgium

Name

SHILANK  ZAVERI

Position

Legal  Representative

Start  Date

10/03/2005

 

FORMER DIRECTOR DETAILS

 

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DIAMOND INDUSTRY – INDIA

 

-            From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8th Century B.C.  India, in fact, remained undisputed leader till 18th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

-            The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

-            The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

-            Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

-            Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

-            Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

-            Excerpts from Times of India dated 30th October 2010 is as under –

-            Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

-            The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.05

UK Pound

1

Rs.96.03

Euro

1

Rs.70.43

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

ANK

 

 

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

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NB

                                       New Business

 

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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%)

 

 

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.