MIRA INFORM REPORT

Report No. :	346384
Report Date :	26.10.2015

IDENTIFICATION DETAILS

Name :	MANAKSIA COATED METALS AND INDUSTRIES LIMITED
Registered Office :	Bikaner Building, 8/1, Lal Bazar Street, 3^rd Floor, Kolkata – 700001, West Bengal
Tel. No.:	91-33-22310050/51/52
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	25.03.2010
Com. Reg. No.:	21-144409
Capital Investment / Paid-up Capital :	Rs. 65.534 Million
CIN No.: [Company Identification No.]	U27100WB2010PLC144409
IEC No.:	0213013258
TAN No.: [Tax Deduction & Collection Account No.]	CALM11021D
PAN No.: [Permanent Account No.]	AAGCM4604H
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Roofing Sheets, Metal Coil, Roofing Accessories, Metal Roofing Sheets, Coated Roofing Sheets, Tiled Sheets for Roofing.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of Manaksia Limited. Manaksia is a multi-division and multi-location conglomerate. The group was promoted by Sri Basant Kumar Agrawal and Suresh Kumar Agrawal. It is an established company incorporated in the year 2010 having satisfactory track. As per indirect source we could find that the subject company was dormant till October 1^st 2013 when coated metal division and mosquito coil division of Manaksia Limited, was transferred under the schemes of demerger. Under a scheme of demerger four divisions of Manaksia (the “Transferor Company”) viz. Steel Division, Packaging Division, Coated Metal and Mosquito Coil Division and Aluminium Division.  Manaksia Coated Metals and Industries limited (MCMIL) manufactures colour coated steel and colour coated aluminium in coil as well as sheet form. MCMIL is also into manufacturing of mosquito repellent coils under a 100% buy back arrangement with Reckitt Benckiser which sells its products under the “Mortein” brand. The rating takes into consideration company sound net worth position, fair liquidity profile and extensive experience of its promoters. Trade relations are reported to be improving. Business is active. Payment terms are reported usually correct and as per correct and as per commitments In view of the aforesaid, the company can be considered normal for business dealings at usual trade terms and condition Note: The Honbl’e Calcutta High Court vide its Order dated 24^th March, 2014 has sanctioned the Scheme of Arrangement under the provisions of Section 391 to 394 of the Companies Act, 1956 for demerger of Coated Metal and Mosquito Coil Undertaking of Manaksia Limited into Manaksia Coated Metals and Industries Limited on a going Concern basis. The certified copy of the Order sanctioning the Scheme was received on 19^th November, 2014 and the Company has duly filed the said Order with the Registrar of Companies, West Bengal, on 23^rd November, 2014. The Scheme has become effective on and from the date of filing with the Registrar of Companies. Upon the Scheme being effective, the Company had made application to National Stock Exchange of India Limited and BSE Limited for listing of its equity shares. Accordingly, the shares of the Company got listed on both the Stock Exchanges on 30^th March, 2015. Partial information is gathered through indirect source

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	CARE
Rating	Long Term Bank Facilities = A
Rating Explanation	Adequate degree of safety and carry low credit risk
Date	April 10, 2015

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	April 10, 2015

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Mahendra
Designation :	Accounts Manager
Contact No.:	91-9848529851
Date :	21.10.2015

LOCATIONS

Registered / Corporate Office :	Bikaner Building, 8/1, Lal Bazar Street, 3^rd Floor, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22310050 / 51 / 52
Mobile No.:	91-9831259780 (Mr. Tapan Mandal)
Fax No.:	91-33-22300336
E-Mail :	info@manaksia.com rkbanthia@manaksia.com
Website :	http://www.manaksia.com
Location :	Owned
Locality :	Industrial
Factory 1 :	Survey No. 396, Village Chandrani, Taluka Anjar, Kutch – 370205, Gujarat, India
Factory 2 :	Mandideep, Raisen, Madhya Pradesh, India
Factory 3 :	Bollaram, Medak, Telengana, India
Factory 4 :	Amingaon, Kamrup, Assam, India
Marketing Head Office :	38, Sundar Nagar Colony, Hyderabad – 500038, Telangana, India
Tel. No.:	91-40-23714327/ 23703451/ 0732
Fax No.:	91-40-23702584
E-Mail :	hyderabad@manaksia.com sjayanthi@manaksia.com
Branch Offices:	Located At: · Bangalore · New Delhi

DIRECTORS

AS ON 31.03.2015

Name :

Ms. Smita Khaitan

Designation :

Director

Address :

Flat - 5, UB, 31/41, Binova Bhave Road, Kolkata - 700038, West Bengal, India

Date of Birth/Age :

12.12.1949

Qualification :

Post Graduate

Date of Appointment :

17.11.2014

DIN No.:

01116869

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	U70101WB1994NPL061572	MANI TOWERS FLAT OWNERS ASSOCIATION	Director	01/03/2005	01/03/2005	01/02/2012	Active	NO
2	L74950WB1984PLC038336	MANAKSIA LIMITED	Director	26/09/2014	19/12/2006	-	Active	NO
3	U27100WB2010PLC144405	MANAKSIA ALUMINIUM COMPANY LIMITED	Director	17/11/2014	27/12/2012	-	Active	NO
4	U27100WB2010PLC144409	MANAKSIA COATED METALS AND INDUSTRIES LIMITED	Director	17/11/2014	10/01/2013	-	Active	NO
5	U27100WB2011PLC161235	MANAKSIA INDUSTRIES LIMITED	Director	17/11/2014	17/11/2014	-	Active	NO
6	U27101WB2001PLC138341	MANAKSIA STEELS LIMITED	Director	17/11/2014	17/11/2014	-	Active	NO

Name :

Mr. Sunil Kumar Agrawal

Designation :

Director

Address :

391, S N Roy Road, Kolkata - 700038, West Bengal, India

Date of Birth/Age :

11.12.1961

Qualification :

Commerce Graduate

Date of Appointment :

17.11.2014

PAN No.:

ACMPA5148B

DIN No.:

00091784

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	L74950WB1984PLC038336	MANAKSIA LIMITED	Director	23/11/2014	02/09/2000	-	Active	NO
2	U27101WB2001PLC138341	MANAKSIA STEELS LIMITED	Director	07/06/2001	07/06/2001	17/01/2013	Active	NO
3	U29299WB2003PTC097356	RAINBOW MANUFACTURING CO PRIVATE LIMITED	Director	26/05/2008	26/05/2008	22/08/2010	Active	NO
4	U27100WB2008PTC130306	ATHENA MINERALS AND STEEL PRIVATE LIMITED	Director	05/11/2008	05/11/2008	-	Active	NO
5	U01403WB2008PTC130444	MANSA NATURAL RESOURCES PRIVATE LIMITED	Director	11/11/2008	11/11/2008	31/01/2011	Active	NO
6	U27100WB2010PLC144409	MANAKSIA COATED METALS & INDUSTRIES LIMITED	Director	17/11/2014	25/03/2010	-	Active	NO
7	U27100WB2010PLC144405	MANAKSIA ALUMINIUM COMPANY LIMITED	Managing director	23/11/2014	25/03/2010	-	Active	NO
8	U51909WB2010PTC147883	PURUSHOTTAM BARTER PRIVATE LIMITED	Director	14/05/2010	14/05/2010	-	Active	NO
9	U51909TG2010PTC068715	SSQ EXPORTS PRIVATE LIMITED	Director	01/06/2010	01/06/2010	-	Active	NO
10	U51909TG2010PTC069275	SSM ADVANCE MATERIALS PRIVATE LIMITED	Director	05/07/2010	05/07/2010	-	Active	NO
11	U14220TG2012PTC082383	MANAKSIA CEMENTS PRIVATE LIMITED	Director	08/08/2012	08/08/2012	-	Active	NO

Name :

Mr. Ajay Kumar Chakraborty

Designation :

Director

Address :

W2A-101, Wellington Estate, DLF City Phase V, Gurgaon - 122009, Haryana, India

Date of Birth/Age :

07.04.1945

Date of Appointment :

17.11.2014

DIN No.:

00133604

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	L17111PB1973PLC003345	VARDHMAN TEXTILES LIMITED	Nominee director	09/09/2004	09/09/2004	26/03/2009	Active	NO
2	L74950WB1984PLC038336	MANAKSIA LIMITED	Director	26/09/2014	18/09/2004	-	Active	NO
3	L17115PB1979PLC003994	SHREYANS INDUSTRIES LIMITED	Director	30/09/2009	19/07/2005	-	Active	NO
4	L35999HR1968PLC004977	LAKSHMI PRECISION SCREWS LIMITED	Director	28/07/2005	28/07/2005	-	Active	NO
5	U27101WB2001PLC138341	MANAKSIA STEELS LIMITED	Director	17/11/2014	09/01/2013	-	Active	NO
6	U27100WB2010PLC144409	MANAKSIA COATED METALS AND INDUSTRIES LIMITED	Director	17/11/2014	17/11/2014	-	Active	NO
7	U27100WB2011PLC161235	MANAKSIA INDUSTRIES LIMITED	Director	17/11/2014	17/11/2014	-	Active	NO
8	U27100WB2010PLC144405	MANAKSIA ALUMINIUM COMPANY LIMITED	Director	17/11/2014	17/11/2014	-	Active	NO

Name :

Mr. Kali Kumar Chaudhuri

Designation :

Director

Address :

40, Jubilee Park, 1st Floor, Flat- 1b, LP - 83/10, Kolkata - 700033, West Bengal, India

Date of Birth/Age :

18.09.1945

Date of Appointment :

17.11.2014

DIN No.:

00206157

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	L74950WB1984PLC038336	MANAKSIA LIMITED	Director	26/09/2014	01/02/2002	-	Active	NO
2	U27320WB1964GOI026211	MSTC LIMITED	Director	13/10/2005	13/10/2005	13/10/2008	Active	NO
3	L20211WB1957PLC023493	SARDA PLYWOOD INDUSTRIES LIMITED	Director	24/01/2006	24/01/2006	-	Active	NO
4	U74999DL2003GOI118633	RAIL VIKAS NIGAM LIMITED	Director	15/12/2010	15/12/2010	14/12/2013	Active	NO
5	U27100WB2011PLC161235	MANAKSIA INDUSTRIES LIMITED	Director	17/11/2014	09/01/2013	-	Active	NO
6	U27100WB2010PLC144409	MANAKSIA COATED METALS AND INDUSTRIES LIMITED	Director	17/11/2014	17/11/2014	-	Active	NO
7	U27101WB2001PLC138341	MANAKSIA STEELS LIMITED	Director	17/11/2014	17/11/2014	-	Active	NO
8	U27100WB2010PLC144405	MANAKSIA ALUMINIUM COMPANY LIMITED	Director	17/11/2014	17/11/2014	-	Active	NO

Name :

Mr. Sushil Kumar Agrawal

Designation :

Managing Director

Address :

391, S N Roy Road, Kolkata - 700038, West Bengal, India

Date of Birth/Age :

17.11.1960

Date of Appointment :

23.11.2014

DIN No.:

00091793

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	L74950WB1984PLC038336	MANAKSIA LIMITED	Whole-time director	01/01/2011	01/01/1998	23/11/2014	Active	NO
2	U27106WB2004PLC099659	AGRIM STEEL INDUSTRIES LIMITED	Director	03/09/2004	03/09/2004	-	Active	NO
3	U91990WB2005GAP106167	TINPLATE PROMOTION COUNCIL	Director	05/12/2005	05/12/2005	16/09/2011	Active	NO
4	U29309TG1983PTC004076	SPADE ELEKTRO PRIVATE LIMITED	Director	08/07/2006	08/07/2006	-	Active	NO
5	U01403WB2008PTC130444	MANSA NATURAL RESOURCES PRIVATE LIMITED	Director	11/11/2008	11/11/2008	31/01/2011	Active	NO
6	U27100WB2008PTC130306	ATHENA MINERALS AND STEEL PRIVATE LIMITED	Director	19/03/2010	19/03/2010	-	Active	NO
7	U52520TG2005PLC045634	PATODIA FABRICS LIMITED	Director	28/09/2010	18/05/2010	09/03/2011	Active	NO
8	U51909TG2010PTC068715	SSQ EXPORTS PRIVATE LIMITED	Director	01/06/2010	01/06/2010	-	Active	NO
9	U51909TG2010PTC069275	SSM ADVANCE MATERIALS PRIVATE LIMITED	Director	05/07/2010	05/07/2010	-	Active	NO
10	U14220TG2012PTC082383	MANAKSIA CEMENTS PRIVATE LIMITED	Director	08/08/2012	08/08/2012	-	Active	NO
11	U27100WB2010PLC144409	MANAKSIA COATED METALS AND INDUSTRIES LIMITED	Managing director	23/11/2014	10/01/2013	-	Active	NO

Name :

Ms. Anirudha Agrawal

Designation :

Whole-Time Director

Address :

391, S N Roy Road Sahapur, PS-Behala, Kolkata -700038, West Bengal, India

Date of Birth/Age :

17.10.1989

Date of Appointment :

17.11.2014

DIN No.:

06537905

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	U25201WB2002PTC095100	SWEKA CAPS PRIVATE LIMITED	Director	26/03/2013	26/03/2013	Active	NO
2	U27100WB2010PLC144405	MANAKSIA ALUMINIUM COMPANY LIMITED	Director	17/11/2014	17/11/2014	Active	NO
3	U27100WB2010PLC144409	MANAKSIA COATED METALS & INDUSTRIES LIMITED	Whole-time director	17/11/2014	17/11/2014	Active	NO

Name :

Mr. Karan Agrawal

Designation :

Whole-Time Director

Address :

391, S N Roy Road, Post- Behala, Kolkata - 700038, West Bengal, India

Date of Birth/Age :

27.10.1986

Date of Appointment :

17.11.2014

DIN No.:

05348309

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	U14220TG2012PTC082383	MANAKSIA CEMENTS PRIVATE LIMITED	Director	08/08/2012	08/08/2012	Active	NO
2	U55204TG2012PTC083113	KVK HOSPITALITY PRIVATE LIMITED	Director	14/09/2012	14/09/2012	Active	NO
3	U65191MH2010PLC202307	ADEL SHIPPING HOLDINGS LIMITED.	Additional director	01/09/2014	01/09/2014	Active	NO
4	U63000MH2010PLC199815	ADEL SHIPPING AND LOGISTICS LIMITED	Director	25/09/2014	01/09/2014	Active	NO
5	U27100WB2010PLC144409	MANAKSIA COATED METALS AND INDUSTRIES LIMITED	Whole-time director	17/11/2014	17/11/2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Mahendra
Designation :	Accounts Manager
Name :	Vividha Salampuria
Designation :	Secretary
Address :	P-888 Lake Town, North 24 Parganas, Block - A, Kolkata - 700089, West Bengal, India
Date of Appointment :	08.12.2014
PAN No.:	BHJPS9871C
Name :	Bharat Begwani
Designation :	Chief Finance Officer
Address :	P-27/1, CIT Scheme Viim, Kolkata - 700054, West Bengal, India
Date of Appointment :	23.112014
PAN No.:	ADRPB2150Q

MAJOR SHAREHOLDERS

AS ON 30.09.2015

Category of Shareholder	No. of Shares	% of Holdings
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	41255940	62.95
Sub Total	41255940	62.95
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	41255940	62.95
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	19208	0.03
Foreign Institutional Investors	36871	0.06
Sub Total	56079	0.09
(2) Non-Institutions
Bodies Corporate	16915849	25.81
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	6146220	9.38
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	979500	1.49
Any Others (Specify)	180462	0.28
Clearing Members	73564	0.11
Non Resident Indians	106898	0.16
Sub Total	24222031	36.96
Total Public shareholding (B)	24278110	37.05
Total (A)+(B)	65534050	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	65534050	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Roofing Sheets, Metal Coil, Roofing Accessories, Metal Roofing Sheets, Coated Roofing Sheets, Tiled Sheets for Roofing.
Products :	Roofing Sheets Metal Coil Roofing Accessories Metal Roofing Sheets Coated Roofing Sheets Tiled Sheets for Roofing.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Coated Metals and Aluminium
Countries :	African Countries Tanzania European Countries Saudi Arabia South America
Imports :	Not Divulged
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

GENERAL INFORMATION

Suppliers :

Not Divulged

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

Customers :

Wholesalers, Retailers and End Users

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

No. of Employees :

400 (Approximately)

Bankers :

• State Bank of India, Commercial Branch, Kolkata – 700010, West Bengal, India
• Bank of Baroda, Indian Exchange Branch, Kolkata, West Bengal, India
• Allahabad Bank
• HDFC Bank Limited

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Rupee Term Loans From Banks	68.673	28.856
Vehicle loans	0.000	1.144
SHORT TERM BORROWING
Rupee Loans From Banks	354.080	144.333
Foreign Currency Term Loan	69.567	0.000
Buyers Credit	65.173	0.000
Total	557.493	174.333
NOTE: LONG TERM BORROWINGS The Current part of Long Term Borrowings, as above, have been shown under Other Current Liabilities, as Current Maturities of long term debt. Rupee Term Loan: The above loan is secured by First Charge on all Fixed Asset (Movable and Immovable) and is further secured by second charge on current assets of the Company. The loan is repayable in 11 quarterly installments of Rs. 25.000 Million each. The Rate of Interest on the Rupee Term Loan is 11.15% p.a. SHORT TERM BORROWINGS The Company’s Working Capital facilities are secured by First Charge on the current assets and second charge on Immovable Fixed Assets ranking pari passu with the respective Working Capital Bankers.

Auditors :
Name :	S K Agrawal and Company Chartered Accountants
Address :	4A, Council House Street, Kolkata – 700001, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AATFS9977P
Memberships :	--
Collaborators :	--
Fellow Subsidiary :	· Dynatech Industries (Ghana) Limited · Euroasian Venture FZE · Euroasian Steels LLC (Subsidiary of Euroasian Venture FZE) · Manaksia Aluminium Company Limited · Manaksia Overseas limited · Manaksia Steels Limited · Manaksia Industries Limited · Manaksia Ferro Industries Limited · Mark Steels Limited (Subsidiary of Manaksia Ferro Industries Limited)
Companies where Control Exists :	MINL Limited
Wholly owned subsidiary:	Manksia Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital:

No. of Shares	Type	Value	Amount
7,50,00,000	Equity Shares	Rs.1/- each	Rs. 75.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
6,55,34,050	Equity Shares	Rs.1/- each	Rs. 65.534 Million

A) Details of shareholders holding more than 5% shares in the Company

Name of Shareholders	As at 31.03.2015
	No. of Shares	% of Holdings
Manaksia Limited	--	--
Basudeo Agarwal	9500115	14.50
Suresh Kumar Agarwal	9402740	14.35
Mahabir Prasad Agarwal	5448245	8.31

B) Reconciliation on of the shares outstanding is set out below:

Particulars	No. of shares
Equity Shares
At the beginning of the period	500000
Add: Shares Issued pursuant to the Scheme of Demerger	65534050
Less: Shares Cancelled pursuant to the Scheme of Demerger	500000
Outstanding at the end of the period	65534050

C) Terms/rights attached to each class of shares Equity Shares:

The Company has only one class of equity shares having a par value of Rs.1/-. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation on of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	65.534	0.500
(b) Reserves & Surplus	0.000	65.534
(c) Money received against share warrants	728.776	812.145
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	794.310	878.179
(3) Non-Current Liabilities
(a) long-term borrowings	188.713	180.979
(b) Deferred tax liabilities (Net)	137.377	171.084
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	4.001	3.424
Total Non-current Liabilities (3)	330.091	355.487
(4) Current Liabilities
(a) Short term borrowings	488.820	144.333
(b) Trade payables	387.472	917.570
(c) Other current liabilities	152.563	303.705
(d) Short-term provisions	12.208	9.871
Total Current Liabilities (4)	1041.063	1375.479
TOTAL	2165.464	2609.145
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	808.075	929.928
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	333.697	220.401
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.006	0.006
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	5.297	7.427
(e) Other Non-current assets	0.091	0.014
Total Non-Current Assets	1147.166	1157.776
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	456.235	487.269
(c) Trade receivables	238.736	689.715
(d) Cash and cash equivalents	29.110	3.759
(e) Short-term loans and advances	294.217	270.626
(f) Other current assets	0.000	0.000
Total Current Assets	1018.298	1451.369
TOTAL	2165.464	2609.145

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014
	SALES
	Income	2152.466	1679.296
	Other Income	25.401	2.103
	TOTAL	2177.867	1681.399
Less	EXPENSES
	Cost of Materials Consumed	1670.248	1260.572
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(27.890)	86.901
	Employees benefits expense	70.377	33.223
	Other expenses	365.448	202.522
	TOTAL	2078.183	1583.218
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	99.684	98.181
Less	FINANCIAL EXPENSES	54.311	40.256
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	45.373	57.925
Less/ Add	DEPRECIATION/ AMORTISATION	152.806	35.728
	PROFIT BEFORE TAX	(107.433)	22.197
Less	TAX	(33.707)	12.127
	PROFIT AFTER TAX	(73.726)	10.070
	EARNINGS IN FOREIGN CURRENCY
	Export Earnings	981.979	884.313
	TOTAL EARNINGS	981.979	884.313
	IMPORTS
	Raw Materials	64.868	361.250
	Stores & Spares	0.546	10.168
	TOTAL IMPORTS	65.414	371.418
	Earnings Per Share (Rs.)	(1.13)	0.31

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014
Current Maturities of Long term debt	NA	NA
Cash generated from operations	(0.385)	134.694
Net cash flow from (used in) operation	(7.273)	130.209

QUARTERLY RESULTS

(Rs. In Million)

PARTICULARS	30.06.2015 Unaudited
Net Sales	507.090
Total Expenditure	497.390
PBIDT (Excl OI)	9.700
Other Income	8.640
Operating Profit	18.340
Interest	7.010
Exceptional Items	NA
PBDT	11.330
Depreciation	28.310
Profit Before Tax	(16.980)
Tax	(17.320)
Provisions and contingencies	NA
Profit After Tax	0.340
Extraordinary Items	NA
Prior Period Expenses	NA
Other Adjustments	NA
Net Profit	0.340

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014
Net Profit Margin (PAT / Sales)	(%)	(3.43)	0.60
Operating Profit Margin (PBIDT/Sales)	(%)	4.63	5.85
Return on Total Assets (PBT/Total Assets}	(%)	(5.87)	0.93
Return on Investment (ROI) (PBT/Networth)		(0.14)	0.03
Debt Equity Ratio (Total Debt /Networth)		0.85	0.37
Current Ratio (Current Asset/Current Liability)		0.98	1.06

STOCK PRICES

Face Value	Rs. 1.00/-
Market Value	Rs. 3.01/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Share Capital	0.500	65.534
Reserves & Surplus	65.534	0.000
Money Received against share warrants	812.145	728.776
Net worth	878.179	794.310
long-term borrowings	180.979	188.713
Short term borrowings	144.333	488.820
Current Maturities of Long Term Debt	0.000	0.000
Total borrowings	325.312	677.533
Debt/Equity ratio	0.370	0.853

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	1679.296	2152.466
		28.177

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	1679.296	2152.466
Profit	10.070	(73.726)
	0.60%	(3.43%)

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
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 two years	Yes
27	Reasons for variation <> 20%	----
28	Estimation for coming financial year	No
29	Profitability for last two years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
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 LOAN

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Deferred Payment Liabilities (Under Sales Tax Deferrment scheme-Interest Free)	120.040	150.979
Total	120.040	150.979

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10585643	08/05/2015	700,000,000.00	State Bank of India	Commercial Branch, Kolkata, 24, Park Street, Kolkata, West Bengal - 700016, INDIA	C61527172
2	10573372	27/04/2015	160,000,000.00	IDBI Bank Limited	Kolkata Main Branch, IDBI House, 44 Shakespeare Sarani, Kolkata, West Bengal - 700017, INDIA	C55693733
3	10576914	30/03/2015	3,311,000.00	BMW INDIA FINANCIAL SERVICES PRIVATE LIMITED	DLF CYBER CITY, PHASE II, BUILDING NO.10, TOWER - C, 14TH FLOOR, GURGAON, Haryana - 122002, INDIA	C57335093
4	10578878	03/07/2015 *	305,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, 17, R. N. MUKHERJEE ROAD, 4TH FLOOR, KOLKATA, West Bengal - 700001, INDIA	C59062687
5	10546942	30/12/2014 *	1,065,000,000.00	State Bank of India	COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA, West Bengal - 700016, INDIA	C56270143
6	10550604	30/12/2014 *	365,000,000.00	BANK OF BARODA	INDIA EXCHANGE PLACE BRANCH, 4, INDIA EXCHANGE PLACE, KOLKATA, West Bengal - 700001, INDIA	C56965411

* Date of charge modification

STATE OF COMPANY’S AFFAIRS AND FUTURE OUTLOOK

The Company was the wholly-owned subsidiary of Manaksia Limited. Pursuant to Scheme of Arrangement as sanctioned by the Hon’ble Calcutta High Court, the Coated Metal undertaking and Mosquito Coil undertaking of Manaksia Limited has been transferred to Manaksia Coated Metals and Industries Limited on a going concern basis. The Company is currently carrying on the Coated Metal and Mosquito Coil business. Business of your Company mainly consists of Colour Coated (Pre-painted) Steel and Aluminium Sheets and Coils and Household Products as Domestic Insecticides in the form of Mosquito Repellent Coils and Vaporizers.

The demand for mosquito repellent coils is understood to be growing fast in the rural areas, whereas in urban areas the vaporizers and aerosols are replacing coils. In the rural markets, the dominant products are again coils. The recent introduction of Low Smoke Coils, popularly known as Black Coils has been gaining momentum in 2014 and it has created a niche segment of almost 12% of total market.

During the year the Company, to explore the opportunities to grow, has considered and approved diversification into new business relating to agri products/forest products, commercial, natural and man-made fibres, yarns and textiles of all kinds.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

ECONOMIC OVERVIEW

Financial Year 2014-15 witnessed volatile markets as economies around the world found themselves at various points in the economic cycle, with monetary easing being the predominant theme across many geographies. However, growth remained subdued globally, as adverse factors more than offset oil price decline, the quantitative easing in Europe and the growth in South-East Asia.

According to the International Monetary Fund, the global economy is expected to grow at 3.4% in Financial Year 2015-16. This is due to the fact that slowdown in production in China and Russia is expected to be more than offset by recovery of the developed economies and growth in South-East Asia. However, currency movements and interest rates continue to be risks for growth in many regions

Developed economies are expected to grow moderately. Economic growth in South Asia is expected to be driven by strong consumption and increasing investment in the region. India is expected to be a major contributor to this growth as it is set to double its economic size by 2019. China witnessed its slowest growth during 2014 in the last 25 years. The lower growth trend in China has adversely impacted commodity markets. China’s waning demand and resultant rise in exports poses a risk to leveraging improving domestic demand in South Asia and Europe. Further, movement of currencies against USD would also have a significant impact on the movement of global prices of commodities.

Financial Year 2014-15 saw a growing Indian economy, even as advanced and emerging economies grappled with uncertainty and slower growth. Economic growth in India peaked in the second quarter of the fiscal at 8.2% but remained moderate in the third and fourth quarter at around 7.5%. Cyclical macro parameters like inflation, current account deficit have improved during the year due to domestic as well as external factors. Indian rupee was one of the best performers in the world, registering a 4% decline in value as against the USD compared to the rest of the world grappling with devaluation of their currencies.

The Indian economy is in the midst of significant structural change and is expected to embark on a sustained economic growth cycle. According to World Bank, India is set to be the world’s fastest growing major economy in the Financial Year 2015-16 at 7.5% and gradually move up to 8% in the next two financial years. However, this economic growth will depend on steady implementation of reforms aimed to improve productivity and competitiveness. Government initiatives like ‘Make in India’ will stimulate manufacturing growth while its focus on infrastructure should revive the investment cycle. This should help India grow while being fiscally prudent. States are also expected to play a key part in GDP growth due to their increased finances via greater share of government taxes.

INDUSTRY STRUCTURE AND DEVELOPMENTS

METAL PRODUCTS: COLOUR COATED (PRE-PAINTED) STEEL AND ALUMINIUM SHEETS:

In India, colour coated sheets are mainly consumed in the sectors of construction and infrastructure, appliances and automotive. Coatings of PU, polyesters, silicone polyester, acrylic alkyds vinyl are popular.

In recent years, colour coated coils have gained acceptance in the domestic market and consequently, their consumption has accelerated during the last several years.

In the construction sector, colour coated sheets have made substantial progress in replacement of traditional asbestos and un-coated galvanised iron roofing sheets, primarily due to health, aesthestics, durability and environmental reasons. Colour coated sheets have found extensive use in roofing applications and also in the pre-fabricated structures sectors.

Colour coated sheets are attracting greater attention today, thus positively affecting its usage. Appliance industry and auto industry have substantially registered a high growth rates with multinational joint ventures.

It is widely expected that Colour coated sheets will take the leadership in the gradual phasing-out of other roofing and siding materials in the construction sector

HOUSEHOLD PRODUCTS: DOMESTIC INSECTICIDES - MOSQUITO REPELLENT COILS AND VAPORIZERS

With mosquitoes believed to be responsible for spreading various diseases, India has a large and growing market for mosquito repellants. Many methods are used in households for dealing with the mosquito menace. In spite of the pervasiveness of the mosquito problem, the use of repellants in India is fairly low. Coils were the first mosquito repellants to be introduced in the Indian market.

The mosquito repellents are available as coils, vaporizers or as liquids in form of aerosol sprays. There is also a cream component in the market for personal use.

The demand for mosquito repellent coils is understood to be growing fast in the rural areas, whereas in urban areas the vaporizers and aerosols are replacing coils. In the rural markets, the dominant products are again coils. The recent introduction of Low Smoke Coils, popularly known as Black Coils has been gaining momentum in 2014 and it has created a niche segment of almost 12% of total market.

According to industry reports, the Indian mosquito repellent market is expected to grow rapidly in the early 21st century. Analysts say that with improvement in literacy and health consciousness among the population and the increase in vector borne diseases like malaria, dengue and encephalitis in urban, semi-urban and rural areas, the use of mosquito repellants is expected to increase substantially.

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015
Excise duty demands under appeal	Nil
Sales Tax	21.004
Misc. Cases	0.047
Total	21.051

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS

FOR THE QUARTER ENDED 30^TH JUNE 2015

(Rs. in million)

Sr. No.	Particulars	Quarter Ended
		30.06.2015
		Unaudited
Part I
1.	Income from Operations
	a) Net Sales / Income from Operations	503.684
	b) Other Operating Income	3.402
	Total Income from Operations (net)	507.086
2.	Expenditure
	a) Cost of materials consumed	398.209
	b) Purchase of stock-in-trade	0.000
	c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(14.832)
	d) Employee benefits expense	18.663
	e) Depreciation and amortisation expense	28.307
	f) Power and Fuel Charges	0.000
	g) Other expenses	95.338
	Total Expenses	525.685
3.	Profit/ (Loss) from Operations before Other Income, Exchange gain/(loss), Finance costs and Exceptional items (1-2)	(18.599)
4.	Other Income	8.635
5.	Profit /(Loss) from Ordinary activities before finance costs and Exceptional items (3+4a+4b)	(9.964)
6.	Finance Costs	7.012
7.	Profit / (Loss) from ordinary activities after Finance costs but before Exceptional items (5-6)	(16.976)
8.	Exceptional items (a) Loss on sale of Business undertaking (b) Loss on sale investment (c) Provision for diminution in value of investments written back (d) Excess Liability written back (e) Provision for impairment loss	0.000
9.	Profit/ (Loss) from ordinary activities before tax (7+8)	(16.976)
10.	Tax expenses	(17.316)
11.	Net Profit / (Loss) from ordinary activities after tax (9-10)	0.340
12.	Extraordinary items	--
13.	Net Profit / (Loss) for the period (11+12)	0.340
14.	Paid-up equity share capital (Face Value of Rs. 10 per share)	65.534
15.	Reserve excluding Revaluation reserve
16.	Earnings Per Share (EPS) before and after extraordinary items (of Rs. 10/- each) a) Basic b) Diluted	0.01
Part II
A.	PARTIULARS OF SHAREHOLDINGS
	Public Shareholding
	- Number of Shares	24278110
	- Percentage of Shareholding	37.05%
	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	Nil
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	Nil
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	Nil
	b) Non Encumbered
	- Number of Shares	41255940
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100.00%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	62.95%

PARTICULARS	For the quarter ended 30^th June 2015
B INVESTORS COMPLAINTS
Pending at the beginning of the quarter	Nil
Received during the quarter	Nil
Disposed during the quarter	Nil
Remaining unresolved at the end of the quarter	Nil

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

FOR THE QUARTER ENDED 30^TH JUNE 2015

(Rs. in million)

Sr. No.	Particulars	Quarter Ended
		30.06.2015
		Unaudited
A	Segment Revenue
	a) Mosquito Coil	82.577
	b) Metal Products	424.509
	c) Others	--
	Total	507.086
	Less: Inter Segment Revenue	--
	Net Sales/Income from Operations	507.086
B	Segment Results
	Profit/(Loss) (Before Tax and Interest) For each Segment
	a) Mosquito Coil	(10.936)
	b) Metal Products	14.766
	c) Others	(1.723)
	Total	2.107
	Less: Interest Expenses	7.012
		(4.905)
	Add :Interest (Income)	0.028
		(4.877)
	Less: Other un-allocable expenditure net of un-allocable (income)	15.307
	Forex Loss	(3.208)
	Total Profit before Tax	(16.976)
C	Capital Employed (Segment Assets - Segment Liabilities)
	a) Mosquito Coil	533.558
	b) Metal Products	852.169
	c) Others	81.935
	d) Unallocable (Assets – Liabilities)	11.712
	Total	1479.374

Note:

1. The financial results of the Company for the quarter ended 30th June 2015 have been reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Company in their respective meetings held on 13th August 2015. The Statutory' Auditors of the Company have carried out Limited Review of these results and the results are being published in accordance with clause 41 of the Listing Agreement.

2. The figures of quarter ended 31st March, 2015 are the balancing figures between the audited figures in respect of the full financial year ended 31st March, 2015 and the unaudited year to date figures, upto 31st December, 2014.

3. In terms of the Scheme of Demerger, 6,55,34,050 shares of Re. 1 each of the Company have been issued to the Shareholders of Manaksia Limited. Accordingly, above shares have been considered for the purpose of calculation of EPS for all the comparative quarterly and yearend figures.

4. Comparative figures have been rearranged / regrouped wherever necessary.

FIXED ASSETS

• Land
• Building
• Plant and Equipment
• Computer
• Office Equipment
• Furniture and Fixture
• 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. 64.88
UK Pound	1	Rs. 99.89
Euro	1	Rs. 72.06

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.