MIRA INFORM REPORT

Report No. :	324061
Report Date :	28.05.2015

IDENTIFICATION DETAILS

Name :	NRVS ENTERPRISES PRIVATE LIMITED
Registered Office :	#205, Surya Enclave, 12/129, Munshi Plaza, Indira Nagar, Lucknow – 226016, Uttar Pradesh
Mob. No.:	91-9956213595 (Mr. Vinod Lalwani)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.05.2009
Com. Reg. No.:	20-037279
Capital Investment / Paid-up Capital :	Rs. 24.286 Million
CIN No.: [Company Identification No.]	U15122UP2009PTC037279
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Soft Drinks.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 300000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is established company and having moderate track record. From the financials 2014, company has showed increase in its sales turnover, but it has incurred continues losses from its business operation. Rating is constrained company huge external borrowing which leverage its balance sheet profile. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for normal business dealings with some cautions.

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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Vinod Lalwani
Designation :	Director
Contact No.:	91-9956213595
Date :	23.05.2015

LOCATIONS

Registered Office :	#205, Surya Enclave, 12/129, Munshi Plaza, Indira Nagar, Lucknow – 226016, Uttar Pradesh, India
Mobile No.:	91-9956213595 (Mr. Vinod Lalwani)
E-Mail :	jitendra.ramani@yahoo.com

DIRECTORS

AS ON 30.09.2014

Name :

Deepak Wadhwa

Designation :

Director

Address :

3/39, Vishal Khand, Gomti Nagar, Lucknow – 226010, Uttar Pradesh, India

Date of Birth/Age :

01.01.1974

Date of Appointment :

22.07.2011

DIN No.:

00762183

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	U45201UP1989PTC010713	HI-TECH BUILDERS PRIVATE LIMITED	Director	29/07/1991	29/07/1991	12/12/2012	Active	NO
2	U24241UP1993PTC015158	WADHWA CHEMICALS INDIA PRIVATE LIMITED	Managing director	03/03/1993	03/03/1993	-	Active	NO
3	U55101DL1987PTC205283	J.B.WADHWA AND SONS PRIVATE LIMITED	Director	20/05/1993	20/05/1993	15/03/2013	Active	NO
4	U45400DL2010PTC197523	MEGA INFRABUILD PRIVATE LIMITED	Director	01/01/2010	01/01/2010	-	Active	NO
5	U45400UP2011PTC044296	MEGA INFRA BUILD REALITY PRIVATE LIMITED	Director	08/04/2011	08/04/2011	-	Active	NO
6	U15122UP2009PTC037279	NRVS ENTERPRISES PRIVATE LIMITED	Director	22/07/2011	22/07/2011	-	Active	NO
7	U74120UP2012PTC048862	MEGA BEVERAGES PRIVATE LIMITED	Director	13/02/2012	13/02/2012	-	Active	NO

Name :

Kaushal Kumar Chandani

Designation :

Director

Address :

66 A, Krishna Nagar, Lucknow – 226023, Uttar Pradesh, India

Date of Birth/Age :

08.05.1972

Date of Appointment :

20.08.2013

DIN No.:

06512376

Name :

Raj Kumar Lalwani

Designation :

Managing Director

Address :

Flat No. 205, Surya Enclave, 12/129, Munshi Pulia, Indira Nagar, Lucknow – 226016, Uttar Pradesh, India

Date of Birth/Age :

01.01.1969

Date of Appointment :

05.05.2009

DIN No.:

02510088

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	U15122UP2009PTC037279	NRVS ENTERPRISES PRIVATE LIMITED	Managing director	05/05/2009	05/05/2009	-	Active	NO
2	U74120UP2012PTC048862	MEGA BEVERAGES PRIVATE LIMITED	Director	13/02/2012	13/02/2012	-	Active	NO

Name :

Sanjay Lalwani

Designation :

Director

Address :

Flat No. 205, Surya Enclave, 12/129, Munshi Pullia, Indira Nagar, Lucknow – 226016, Uttar Pradesh, India

Date of Birth/Age :

23.05.1977

Date of Appointment :

05.05.2009

DIN No.:

02518363

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	U15122UP2009PTC037279	NRVS ENTERPRISES PRIVATE LIMITED	Director	05/05/2009	05/05/2009	-	Active	NO
2	U45400WB2008PTC122312	NATURAL HEIGHTS PRIVATE LIMITED	Director	27/01/2011	27/01/2011	-	Active	NO

Name :

Vidhi Wadhwa

Designation :

Director

Address :

3/39, Vishal Khand 3, Gomti Nagar, Lucknow – 226010, Uttar Pradesh, India

Date of Birth/Age :

10.01.1974

Date of Appointment :

20.08.2013

DIN No.:

03644883

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	U74120UP2012PTC048862	MEGA BEVERAGES PRIVATE LIMITED	Director	13/02/2012	13/02/2012	-	Active	NO
2	U15122UP2009PTC037279	NRVS ENTERPRISES PRIVATE LIMITED	Director	20/08/2013	20/08/2013	-	Active	NO

Name :

Vinod Lalwani

Designation :

Director

Address :

Flat No-205, Surya Enclave, 12/129, Munshi Puliyah, Indira Nagar, Lucknow – 226016, Uttar Pradesh, India

Date of Birth/Age :

10.05.1975

Date of Appointment :

05.05.2009

DIN No.:

02521190

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	U15122UP2009PTC037279	NRVS ENTERPRISES PRIVATE LIMITED	Director	05/05/2009	05/05/2009	-	Active	NO
2	U45400WB2008PTC122312	NATURAL HEIGHTS PRIVATE LIMITED	Director	27/01/2011	27/01/2011	-	Active	NO
3	U74120UP2012PTC048862	MEGA BEVERAGES PRIVATE LIMITED	Director	13/02/2012	13/02/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Raj Kumar Lalwani	17000
Sanjay Lalwani	27000
Vinod Lalwani	17000
Rukmani Ramani	16150
Luxmi Lalwani	10000
Vinod Kumar Lalwani HUF	35000
Sanjay Lalwani HUF	10000
Natural Heights Private Limited, India	566400
Nand Lal Lalwani	50000
Neelam Lalwani	20000
Payal Lalwani	15000
Deepak Wadhwa	150000
Mega Infrabuild Private Limited, India	361050
Mega Beverages Private Limited, India	643000
Kaushal Kumar Chandani	491000
Total	2428600

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	64.66
Directors or relatives of Directors	35.34
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Soft Drinks.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	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 :

Reference :	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 :

Information declined by the management

Bankers :

• UCO Bank, Gomti Nagar, Lucknow – 226010, Uttar Pradesh, India
• Punjab National Bank, Vivek Khand, Gomti Nagar, Lucknow – 226010. Uttar Pradesh, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
UCO Bank TL	301.283	259.945
UCO Bank Car Loan	2.683	0.000
Bank of India, Aliganj, Lucknow	0.000	1.940
Short-term borrowings
UCO Bank CC	19.887	38.433
Total	323.853	300.318

Auditors :
Name :	S.K. Associates Chartered Accountants
Address :	Basement Shane Avadh Hotel, Civil Lines, Faizabad – 224001, Uttar Pradesh, India
PAN N Income-tax PAN of auditor or auditor's firm :	AATFS6194E
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital : Rs. 80.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 24.379 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs. 80.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2428600	Equity Shares	Rs.10/- each	Rs. 24.286 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	24.286	16.433	5.045
(b) Reserves & Surplus	93.078	68.780	28.412
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	19.617	0.000
Total Shareholders’ Funds (1) + (2)	117.364	104.830	33.457
(3) Non-Current Liabilities
(a) long-term borrowings	334.586	310.631	241.416
(b) Deferred tax liabilities (Net)	22.079	14.111	0.024
(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)	356.665	324.742	241.440
(4) Current Liabilities
(a) Short term borrowings	19.887	38.433	6.146
(b) Trade payables	23.670	5.232	33.487
(c) Other current liabilities	1.829	3.395	0.584
(d) Short-term provisions	0.000	0.000	0.193
Total Current Liabilities (4)	45.386	47.060	40.410
TOTAL	519.415	476.632	315.307
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	468.890	284.864	22.148
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.050	142.586	259.176
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.303	0.303	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	1.920	0.737	0.769
Total Non-Current Assets	471.163	428.490	282.093
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	12.911	12.128	5.414
(c) Trade receivables	27.175	8.589	4.870
(d) Cash and cash equivalents	0.590	4.307	3.823
(e) Short-term loans and advances	1.661	7.723	0.248
(f) Other current assets	5.915	15.395	18.859
Total Current Assets	48.252	48.142	33.214
TOTAL	519.415	476.632	315.307

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	0.288	0.187	0.026
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		0.106	0.053	0.001
Less	FINANCIAL EXPENSES		0.046	0.026	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.060	0.027	0.001
Less/ Add	DEPRECIATION/ AMORTISATION		0.061	0.035	0.000
	PROFIT BEFORE TAX		(0.001)	(0.008)	0.001
Less	TAX		0.000	0.000	0.000
	PROFIT AFTER TAX		(0.001)	(0.008)	0.001
	Earnings Per Share (Rs.)		0.00	0.00	0.00

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)	(%)	(0.35)	(4.28)	3.85
Operating Profit Margin (PBIDT/Sales)	(%)	36.81	28.34	3.85
Return on Total Assets (PBT/Total Assets}	(%)	0.00	0.00	0.00
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Debt /Networth)		3.02	3.33	7.40
Current Ratio (Current Asset/Current Liability)		1.06	1.02	0.82

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	5.045	16.433	24.286
Reserves & Surplus	28.412	68.780	93.078
Share Application money pending allotment	0.000	19.617	0.000
Net worth	33.457	104.830	117.364
long-term borrowings	241.416	310.631	334.586
Short term borrowings	6.146	38.433	19.887
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	247.562	349.064	354.473
Debt/Equity ratio	7.399	3.330	3.020

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	0.026	0.187	0.288
		619.231	54.011

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	0.026	0.187	0.288
Profit	0.001	(0.008)	(0.001)
	3.85%	(4.28%)	(0.35%)

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	No
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)	No
16	No. of employees	No
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	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Aggarwal Realtech Private Limited	1.500	1.500
Kaushal Chadani	1.500	0.000
Pepsico India Holding Private Limited	27.620	47.246
Total	30.620	48.746

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10411916	06/03/2013	41,800,000.00	UCO BANK	GOMTI NAGAR, LUCKNOW, Uttar Pradesh - 226010, INDIA	B70797790
2	10411917	06/03/2013	354,500,000.00	UCO BANK	GOMTI NAGAR, LUCKNOW, Uttar Pradesh - 226010, INDIA	B70798103

FIXED ASSETS

• Vehicle
• Building
• Computer and Peripherals
• Furniture and Fixture
• Plant and Machinery
• Office E quipments

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. 63.95
UK Pound	1	Rs. 98.64
Euro	1	Rs. 69.86

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAS
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.