MIRA INFORM REPORT

Report No. :	313895
Report Date :	27.03.2015

IDENTIFICATION DETAILS

Name :	MEGHAAARIKA INTERNATIONAL PRIVATE LIMITED (w.e.f. 01.04.2013)
Formerly Known As :	RITZY INTERNATIONAL PRIVATE LIMITED
Registered Office :	703, 7^th Floor, DLF Tower – B, District Centre, New Delhi – 110025
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.09.2007
Com. Reg. No.:	55-168151
Capital Investment / Paid-up Capital :	Rs.60.000 Million
CIN No.: [Company Identification No.]	U74900DL2007PTC168151
TAN No.: [Tax Deduction & Collection Account No.]	DELR15659A
PAN No.: [Permanent Account No.]	AADCR7320N
Legal Form :	Private Limited Liability Company
Line of Business :	Trading and importing of industrial chemical.
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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 moderate track. The rating is constrained on account of company’s trading nature of business resulting in low profit margin. However, trade relations reported to be fair. Business is active. Payments 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	India Ratings
Rating	Long term rating=BB-
Rating Explanation	Inadequate credit quality and high credit risk.
Date	11.08.2014

Rating Agency Name	India Ratings
Rating	Short term rating=A4+
Rating Explanation	Minimal degree of safety very high credit risk.
Date	11.08.2014

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. Rawat D. F.
Designation :	General Manager
Contact No.:	91-9810420253
Date :	25.03.2015

LOCATIONS

Registered Office :	703, 7^th Floor, DLF Tower – B, District Centre, New Delhi – 110025, India
Tel. No.:	91-11-4900000
Mobile No.:	91-9810420253 (Mr. Rawat D. F.)
Fax No.:	91-11-49900099
E-Mail :	info@pclgroup.in hopclgroup@live.com
Location :	Owned
Warehouse :	Located at: Jammu

DIRECTORS

AS ON 18.09.2014

Name :

Mr. Satish Kumar Sethi

Designation :

Director

Address :

B - 342, New Friends Colony, New Delhi - 110065, India

Date of Birth/Age :

22.12.1952

Date of Appointment :

13.09.2007

DIN No.:

00066187

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	L74899DL1986PLC023012	PCL ENTERPRISES LIMITED	Director	08/01/1986	08/01/1986	-	Active	NO
2	U15142DL1992PLC048451	PCL OIL AND SOLVENTS LIMITED	Whole-time director	01/02/2012	24/04/1992	-	Active	NO
3	U74899DL1992PTC049537	P C L AGRO PRIVATE LIMITED	Director	13/07/1992	13/07/1992	-	Active	NO
4	U74899DL1996PLC077599	PC L CONTAINERS LIMITED	Director	27/03/1996	27/03/1996	-	Active	NO
5	U45201DL1997PTC086919	NIKHIL UDYOG PRIVATE LIMITED	Director	29/04/1997	29/04/1997	-	Active	NO
6	U24299DL1997PTC088498	VISTAAR ENTERPRISES PRIVATE LIMITED	Director	11/07/1997	11/07/1997	-	Active	NO
7	U70101DL1989PTC035708	SWAN ESTATES PRIVATE LIMITED	Director	27/09/2001	27/09/2001	-	Active	NO
8	U74899DL1970PTC005268	BURMAN FARMS PVT LTD	Director	24/07/2002	24/07/2002	-	Active	NO
9	U74899DL1992PTC049344	PATRIDGE ENTERPRISES PRIVATE LIMITED	Director	28/08/2002	28/08/2002	-	Active	NO
10	U55101DL2003PTC121057	PLLAZIO HOTELS & RESORTS PRIVATE LIMITED	Director	25/06/2003	25/06/2003	27/03/2008	Active	NO
11	U74899DL1995PTC071678	ROSE ENTERPRISES PRIVATE LIMITED	Director	25/06/2003	25/06/2003	-	Active	NO
12	U72200DL2001PTC110674	VIGIL SYSTEMS PRIVATE LIMITED	Director	08/08/2003	08/08/2003	21/06/2010	Active	NO
13	U45201DL2003PTC121973	HIGHSEAS CONSTRUCTIONS PRIVATE LIMITED	Director	28/08/2003	28/08/2003	24/12/2010	Strike off	NO
14	U93091DL2006PLC148243	PCL EXPORT (INDIA) LIMITED	Director	29/05/2006	29/05/2006	-	Strike off	NO
15	U74999DL2007PTC161977	RITZY CHEMICALS PRIVATE LIMITED	Director	12/04/2007	12/04/2007	-	Active	NO
16	U74900DL2007PTC168151	MEGHAAARIKA INTERNATIONAL PRIVATE LIMITED	Director	13/09/2007	13/09/2007	-	Active	NO
17	U51909DL2011PTC222355	MEGHAAARIKA ENTERPRISES PRIVATE LIMITED	Director	14/07/2011	14/07/2011	-	Active	NO
18	U51909DL2011PTC217605	MEGHAAARIKA IMPEX PRIVATE LIMITED	Director	12/04/2012	12/04/2012	-	Active	NO
19	U51909DL2014PTC270470	MEGHAAARIKA PETROCHEM PRIVATE LIMITED	Director	14/08/2014	14/08/2014	-	Active	NO

Name :

Mr. Nikhil Sethi

Designation :

Director

Address :

B - 342, New Friends Colony, New Delhi - 110065, India

Date of Birth/Age :

14.09.1981

Date of Appointment :

13.09.2007

DIN No.:

00066199

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	U74899DL1992PTC049344	PATRIDGE ENTERPRISES PRIVATE LIMITED	Director	28/08/2002	28/08/2002	-	Active	NO
2	U45201DL1997PTC086919	NIKHIL UDYOG PRIVATE LIMITED	Director	26/03/2007	26/03/2007	-	Active	NO
3	U74999DL2007PTC161977	RITZY CHEMICALS PRIVATE LIMITED	Director	12/04/2007	12/04/2007	-	Active	NO
4	U74900DL2007PTC168151	MEGHAAARIKA INTERNATIONAL PRIVATE LIMITED	Director	13/09/2007	13/09/2007	-	Active	NO
5	U15142DL1992PLC048451	PCL OIL AND SOLVENTS LIMITED	Director	08/12/2011	10/04/2010	-	Active	NO
6	U51909DL2011PTC222355	MEGHAAARIKA ENTERPRISES PRIVATE LIMITED	Director	14/07/2011	14/07/2011	-	Active	NO
7	U51909DL2011PTC217605	MEGHAAARIKA IMPEX PRIVATE LIMITED	Director	08/05/2012	08/05/2012	-	Active	NO
8	U51909DL2014PTC270470	MEGHAAARIKA PETROCHEM PRIVATE LIMITED	Director	14/08/2014	14/08/2014	-	Active	NO

Name :

Mr. Megha Sethi

Designation :

Additional Director

Address :

B - 342, New Friends Colony, New Delhi - 110065, India

Date of Appointment :

28.02.2015

DIN No.:

03496730

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	U51909DL2011PTC217605	MEGHAAARIKA IMPEX PRIVATE LIMITED	Director	20/03/2015	15/04/2011	-	Active	NO
2	U74999DL2007PTC161977	RITZY CHEMICALS PRIVATE LIMITED	Additional director	27/02/2015	27/02/2015	-	Active	NO
3	U74900DL2007PTC168151	MEGHAAARIKA INTERNATIONAL PRIVATE LIMITED	Additional director	28/02/2015	28/02/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rawat D. F.
Designation :	General Manager

MAJOR SHAREHOLDERS

AS ON 18.09.2014

Names of Shareholders	No. of Shares	% of Holding
Satish Sethi	3000000	50.00
Nikhil Sethi	3000000	50.00
Total	6000000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 18.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Trading and importing of industrial chemical.
Products :	Industrial Chemical
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :
Products :	Industrial Chemical
Terms :
Selling :	L/C, Credit
Purchasing :	L/C, Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	ICC Chemical Inc
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 :

Company Name :	Bharat Refisin Limited
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 :

15 (Approximately)

Bankers :

Banker Name :	Dena Bank
Branch :	M-36, Connaught Circus, New Delhi – 110001, Delhi, India
Person Name :	Not Divulged
Contact Number :	Not Divulged
Name of Account Holder :	Not Divulged
Account Number :	Not Divulged
Account Since:	Not Divulged
Average Balance Maintained :	Not Divulged
Credit Facilities Enjoyed :	CC, OD= Rs.530.000 Million
Account Operation :	Not Divulged
Remark :	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Term loans from banks	100.000	82.200
Short Term Borrowings
Term loans from banks	85.369	357.718
Total	185.369	439.918

Auditors :
Name :	Anil Gupta and Associates Chartered Accountants
Address :	819, Vishal Tower, District Center Janakpuri New Delhi – 110058, India
PAN No.:	AAIPG8663K
Membership :	--
Associates :	· PCL Oil and Solvents Limited · Ritzy Chemicals Private Limited

CAPITAL STRUCTURE

AS ON 18.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	60.000	60.000	31.000
(b) Reserves & Surplus	78.082	56.404	37.022
(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)	138.082	116.404	68.022
(3) Non-Current Liabilities
(a) long-term borrowings	100.000	82.200	55.000
(b) Deferred tax liabilities (Net)	0.017	0.010	0.067
(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)	100.017	82.210	55.067
(4) Current Liabilities
(a) Short term borrowings	85.369	357.718	151.929
(b) Trade payables	530.315	329.088	559.265
(c) Other current liabilities	41.422	35.807	41.078
(d) Short-term provisions	0.214	0.245	8.618
Total Current Liabilities (4)	657.320	722.858	760.890
TOTAL	895.419	921.472	883.979
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.801	0.523	0.564
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.063	0.059	0.055
Total Non-Current Assets	0.864	0.582	0.619
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	113.398	118.828	178.678
(c) Trade receivables	701.577	714.324	598.297
(d) Cash and cash equivalents	32.693	37.492	53.846
(e) Short-term loans and advances	46.254	48.869	51.087
(f) Other current assets	0.633	1.377	1.452
Total Current Assets	894.555	920.890	883.360
TOTAL	895.419	921.472	883.979

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2668.738	2602.296	2760.732
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		53.034	37.517	43.766
Less	FINANCIAL EXPENSES (D)		19.104	8.060	18.743
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		33.930	29.457	25.023
Less	DEPRECIATION/ AMORTISATION (F)		0.119	0.100	0.094
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		33.811	29.357	24.929
Less	TAX (H)		12.133	9.975	8.431
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		21.678	19.382	16.498
	Earnings Per Share (Rs.)		3.61	--	--

Expected Sales (2014-2015): Rs.2250.000 Million

The above information has been parted by Mr. Rawat D. F. (General Manager)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	0.81	0.74	0.60
Operating Profit Margin (PBDIT/Sales)	(%)	1.99	1.44	1.59
Return on Total Assets (PBT/Total Assets)	(%)	3.78	3.19	2.82
Return on Investment (ROI) (PBT/Networth)		0.24	0.25	0.37
Debt Equity Ratio (Total Debt /Networth)		1.34	3.78	3.04
Current Ratio (Current Asset/Current Liability)		1.36	1.27	1.16

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	31.000	60.000	60.000
Reserves & Surplus	37.022	56.404	78.082
Share Application money pending allotment	0.000	0.000	0.000
Net worth	68.022	116.404	138.082
long-term borrowings	55.000	82.200	100.000
Short term borrowings	151.929	357.718	85.369
Total borrowings	206.929	439.918	185.369
Debt/Equity ratio	3.042	3.779	1.342

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	2760.732	2602.296	2668.738
		-5.739	2.553

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	2760.732	2602.296	2668.738
Profit	16.498	19.382	21.678
	0.60%	0.74%	0.81%

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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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 CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10105768	31/01/2012 *	457,600,000.00	DENA BANK	M-36, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	B33718271

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· 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 records 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.62.67
UK Pound	1	Rs.93.26
Euro	1	Rs.68.85

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	SUM
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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		34

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.