MIRA INFORM REPORT

Report No. :	325547
Report Date :	08.06.2015

IDENTIFICATION DETAILS

Name :	SUPER QUALI CAST (INDIA) PRIVATE LIMITED
Registered Office :	Behind Rajkamal Kamal Petrol Pump, Punit Nagar Main Road, Opposite Gondal Road, Kotharia, Rajkot – 360002, Gujarat
Tel. No.:	91-281-2388848
Country :	India
Financials (as on) :	31.03.2015 (Provisional)
Date of Incorporation :	26.12.2005
Com. Reg. No.:	04-047375
Capital Investment / Paid-up Capital :	Rs.0.860 Million
CIN No.: [Company Identification No.]	U27100GJ2005PTC047375
IEC No.:	2406007499
TAN No.: [Tax Deduction & Collection Account No.]	RKTS04260E
PAN No.: [Permanent Account No.]	AAJCS5034Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Supplier and Exporter of Flexible Valve Components and Investment Casting for Ball Valve Components.
No. of Employees :	53 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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 company having a moderate track record. Sales turnover of the company has increased however, profits dipped during FY2014. Borrowings recorded by the company are also huge and increasing which may further act as a threat to the liquidity position of the company. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. 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 31-03-2013.

INFORMATION PARTED BY / DENIED BY (GENERAL DETAILS)

Name :	Mr. Shailesh
Designation :	Chief Executive Officer
Contact No.:	91-9825079606
Date :	05.06.2015

LOCATIONS

Registered Office/ Factory :	Behind Rajkamal Kamal Petrol Pump, Punit Nagar Main Road, Opposite Gondal Road, Kotharia, Rajkot – 360002, Gujarat
Tel. No.:	91-281-2388848 / 2388646
Mobile No.:	91-9825079606 (Mr. Shailesh)
Fax No.:	91-281-2388646
E-Mail :	info@superqualicast.com
Website :	www.superqualicast.com
Area :	16200 sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Nanalal Trikambhai Chapani

Designation :

Director

Address :

Amit, Parnakuti Co-Operative Society,, Plot No.51, Nanamauva Road, Rajkot - 360004, Gujarat, India

Date of Birth/Age :

28.08.1942

Qualification :

H.S.C.

Experience :

20 Years

Date of Appointment :

26.12.2005

DIN No.:

00396466

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	U29199GJ1994PTC023718	MICRO-MELT PVT LTD	Director	29/11/1994	29/11/1994	12/07/2012	Active	NO
2	U27100GJ2005PTC047375	SUPER QUALI CAST (INDIA) PRIVATE LIMITED	Director	26/12/2005	26/12/2005	-	Active	NO

Name :

Mr. Hareshkumar Trikambhai Chapani

Designation :

Director

Address :

Rudraksh Apartment B, Block No. 701, Astron Society, Rajkot - 360001, Gujarat, India

Date of Birth/Age :

20.01.1958

Qualification :

H.S.C.

Experience :

20 Years

Date of Appointment :

11.07.2012

DIN No.:

05327827

Name :

Mr. Maganlala Trikambhai Chapani

Designation :

Director

Address :

Shree Colony, St. No. 04, Amrut 08-B, Rajkot - 360005, Gujarat, India

Date of Birth/Age :

14.02.1947

Qualification :

H.S.C.

Experience :

20 Years

Date of Appointment :

11.07.2012

DIN No.:

05327843

Name :

Mr. Sureshkumar Trikambhai Chapani

Designation :

Director

Address :

A-401, Rudrax Apartment, Opposite Shri Colony, Pandit Dindayal Road, Amin Marg, Rajkot - 360001, Gujarat, India

Date of Birth/Age :

07.06.1958

Qualification :

B.E. Civil

Experience :

20 Years

Date of Appointment :

11.07.2012

DIN No.:

05327855

KEY EXECUTIVES

Name :	Mr. Shailesh
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS

AS ON 20.03.2015

Names of Shareholders	No. of Shares
Chapani Nanalal Trikambhai	6600
Chapani Maganlal Trikambhai	6600
Chapani Shardaben Sureshbhai	6000
Chapani Hareshbhai Trikambhai	6600
Chapani Sureshbhai Trikambhai	10860
Shyam Sureshbhai Chapani	5080
Sureshbhai Trikambhai Chapani HUF	3000
Savan Hareshbhia Chapani	5160
Deep Hareshbhai Chapani	5160
Shailesh Nalalal Chapani	8590
Jayaben Maganlal Chapani	2000
Sumitkumar Maganbhai Chapani	3160
Rashmitaben Sumitbhai Chapani	2000
Mrudulaben Hareshbhai Chapani	4440
Hareshbhai Trikambhai Chapani HUF	1000
Bhavnaben Shaileshbhai Chapani	1250
Mamtaben Nileshbhai Chapani	1250
Smitaben Prafulbhai Chapani	1250
Nileshbhai Nalalal Chapani	3000
Aman Prafulkumar Chapani	3000
Total	86000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Supplier and Exporter of Flexible Valve Components and Investment Casting for Ball Valve Components.
Products :	· Pump Castings Components · Gate, Globe and Plug Valve Components · Ball Valve Components · Control Valve Components · Check Valve Components · Swing Check Components · KGV Components · Process and Gear Pumps Components · Butterfly Valve Components · Fire Fighting Equipments and Flexible Valve Components · Auto Components Casting · General Engineering Components
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Rotork Valvekits and Prokits
Countries :	United Kingdom
Imports :	Not Divulged
Terms :
Selling :	Credit (30 / 60 Days)
Purchasing :	Credit (60 Days)

PRODUCTION STATUS (AS ON 31.03.2014)

Products	Installed Capacity	Actual Production
Investment Casting	960 M.T. (Per / Anu.)	700 M. T.

GENERAL INFORMATION

Suppliers :

Company Name :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

Customers :

Retailers, OEM’s, End Users

Company Name :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

No. of Employees :

53 (Approximately)

Bankers :

Banker Name :	HDFC Bank Limited
Branch :	Near Wockhardt Hospital, Kalawad Road, Rajkot – 360005, Gujarat, 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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Rs.10.000 Million
Account Operation :	Not Divulged
Remark :	Not Divulged

Auditors :
Name :	M. N. Manvar and Company Chartered Accountants
Address :	504, Star Plaza, Phulchhab Chowk, Rajkot – 360001, Gujarat, India
Tel. No.:	91-281-6627070 / 2455750
E-Mail :	ca.mnmanvar@gmail.com
PAN No.:	ABSPM6534E
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
86000	Equity Shares	Rs.10/- each	Rs.0.860 Million

FINANCIAL DATA

[all figures are in Rupees Million]

PROVISIONAL BALANCE SHEET

SOURCES OF FUNDS	31.03.2015
LIABILITIES
Capital Accounts
Reserve and Surplus P & L A/c	10.590
Share Redemption Reserve A/c	0.140
Current Account
General reserve	0.527
Paid up Share Capital	0.860
Bank OCC A/c
HDFC Bank Limited (C.C. A/c)	2.500
Deposit from Shareholders	58.965
Creditors for expenses	1.232
Deferred Tax	1.005
Reserve & Surplus (Depreciation)	7.647
Accounts Payables	39.537
Provisions	0.493
Liabilities	1.024
Accounts Receivables	0.059
ASSETS
Fixed Assets (Immovable Properties)	18.916
Accounts Payables	8.830
Duties & Taxes	3.381
Accounts Receivables	63.256
Bank Accounts	2.133
Deposits	1.944
Loans & Advances (Asset)	0.575
Stock-in-hand	27.075
Cash-in-hand	0.583

PROVISIONAL PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2015
Gross Profit B/F (10.20%)		18.687
INCOME (Revenue)
	Income-Tax	0.005
	Interest Income F.D.	0.001
	Interest Income P.G.V.C.L.	0.124
	Interest Income (I.T. Refund)	0.023
EXPENSES (Indirect) (Administration Expenses)
	Advertisement Expenses	0.118
	Auditors Remuneration Expenses	0.139
	Bank C.C. Processing Charges	0.085
	Bank Commission – Charge Expenses	0.014
	Bonus Expenses	0.750
	Computer Maintenance	0.015
	Consultancy Fees Expenses	0.052
	Depositor’s Interest Expenses	9.010
	Deprecation Account	1.193
	Die Repairing Expenses	0.078
	Donation & Charity	0.049
	Earn Leave Salary Expenses	0.252
	Excise Duty on Dies	0.039
	Factory Building Repairing Expenses	0.432
	Other Expenses	4.535
PROFIT / (LOSS) C/o (1.13%)		2.080

The above information has been parted by Mr. Shailesh (Chief Executive Officer)

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	0.860	0.860	1.000
(b) Reserves & Surplus	11.257	10.772	9.302
(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)	12.117	11.632	10.302
(3) Non-Current Liabilities
(a) long-term borrowings	50.125	41.712	14.874
(b) Deferred tax liabilities (Net)	1.005	1.045	1.025
(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)	51.130	42.757	15.899
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	24.840
(b) Trade payables	22.751	25.117	26.025
(c) Other current liabilities	0.908	0.687	0.743
(d) Short-term provisions	1.085	3.812	2.734
Total Current Liabilities (4)	24.744	29.616	54.342
TOTAL	87.991	84.005	80.543
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.757	10.221	13.757
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.950	1.921	0.976
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	11.707	12.142	14.733
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	20.076	18.619	15.470
(c) Trade receivables	44.039	44.191	38.796
(d) Cash and cash equivalents	4.859	2.818	6.941
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	7.310	6.235	4.603
Total Current Assets	76.284	71.863	65.810
TOTAL	87.991	84.005	80.543

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	119.973	109.482	116.166
		Other Income	0.540	5.549	0.050
		TOTAL (A)	120.513	115.031	116.216
Less	EXPENSES
		Cost of Materials Consumed	86.126	78.920	78.042
		Purchase of Stock-in-trade	0.692	0.589	1.015
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	0.925	(0.405)	5.433
		Employee Benefits Expenses	7.687	7.088	7.065
		Other Expenses	15.550	15.268	14.229
		TOTAL (B)	110.980	101.460	105.784
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.533	13.571	10.432
Less	FINANCIAL EXPENSES (D)		7.722	6.017	5.947
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.811	7.554	4.485
Less	DEPRECIATION/ AMORTISATION (F)		1.084	1.038	1.032
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		0.727	6.516	3.453
Less	TAX (H)		0.241	2.033	1.065
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		0.486	4.483	2.388
	Earnings Per Share (Rs.)		5.65	52.13	23.88

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	0.41	4.09	2.06
Operating Profit Margin (PBDIT/Sales)	(%)	7.95	12.40	8.98
Return on Total Assets (PBT/Total Assets)	(%)	0.83	7.76	4.29
Return on Investment (ROI) (PBT/Networth)		0.06	0.56	0.34
Debt Equity Ratio (Total Debt /Networth)		4.14	3.59	3.85
Current Ratio (Current Asset/Current Liability)		3.08	2.43	1.21

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	1.000	0.860	0.860
Reserves & Surplus	9.302	10.772	11.257
Net worth	10.302	11.632	12.117
long-term borrowings	14.874	41.712	50.125
Short term borrowings	24.840	0.000	0.000
Total borrowings	39.714	41.712	50.125
Debt/Equity ratio	3.855	3.586	4.137

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	116.166	109.482	119.973
		(5.754)	9.582

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	116.166	109.482	119.973
Profit	2.388	4.483	0.486
	2.06%	4.09%	0.41%

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	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	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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Loans and advances from related parties
From directors, relatives and shareholders	50.125	41.712
Total	50.125	41.712

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10557804	25/03/2015	10,000,000.00	HDFC Bank Limited	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	C48197131

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Xerox Machine

· Computer

· Vehicles

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.63.90
UK Pound	1	Rs.97.98
Euro	1	Rs.71.82

INFORMATION DETAILS

Information Gathered by :	SPR
Analysis Done by :	DIV
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--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		30

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.