MIRA INFORM REPORT

Report No. :	340686
Report Date :	12.09.2015

IDENTIFICATION DETAILS

Name :	SAILOR EXPORTS LIMITED (w. e. f. 27.01.2012)
Formerly Known As :	SAILOR EXPORTS PRIVATE LIMITED
Registered Office :	179/3, Patthar Mundla Road, Palda, Indore-452001, Madhya Pradesh
Tel. No.:	91-731-2862490
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.12.1995
Com. Reg. No.:	10-010258
Capital Investment / Paid-up Capital :	Rs. 5.590 Million
CIN No.: [Company Identification No.]	U63021MP1995PLC010258
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCS7888K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Processor and Supplier of White chick peas, spices and oil seeds products, Grains and Cereals.
No. of Employees :	Information declined by the management

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

Maximum Credit Limit :	USD 200000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company incorporated during the year 1995. It has a satisfactory track record. For the financial year 2014, the company has performed decent operational activity marked by good sales turnover along with increase in its profit earnings and achieved profitability margin of 1.4%. Further, the company has healthy financial risk profile marked by comfortable capital structure and efficient networth base. It has favorable gap between trade payables and receivables. Trade relations are fair. Business is active. Payments terms are usually 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 – 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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Darshan Singh
Designation :	Accountant
Contact No.:	91-731-2862490
Date :	10.09.2015

LOCATIONS

Registered Office :	179/3, Patthar Mundla Road, Palda, Indore-452001, Madhya Pradesh, India
Tel. No.:	91-731-2862490
Fax No.:	Not Available
E-Mail :	kjindore@gmail.com

DIRECTORS

AS ON: 30.09.2013

Name :

Mr. Mahesh Kumar Nagrani

Designation :

Director

Address :

189/2, Bairathi Colony, 5/1, South Tukoganj, Indore-452001, Madhya Pradesh, India

Date of Birth/Age :

17.12.1968

Date of Appointment :

14.12.1995

PAN No:

AAMPN6708J

DIN No.:

00241717

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	U63021MP1995PLC010258	SAILOR EXPORTS LIMITED	Director	14/12/1995	14/12/1995	-	Active	NO
2	U15313MP2001PTC014908	MANISH ENTERPRISES DAL MILL PRIVATE LIMITED	Director	18/12/2001	18/12/2001	-	Active	NO
3	U70101MP2012PTC028937	SAI CITY BUILDCON (INDORE) PRIVATE LIMITED	Director	31/07/2012	31/07/2012	-	Active	NO

Name :

Mr. Kishan Chand Nagrani

Designation :

Director

Address :

189/2 Bairathi Colony, Indore-452001, Madhya Pradesh, India

Date of Birth/Age :

02.09.1961

Date of Appointment :

08.12.2011

PAN No:

ADJPN1588Q

DIN No.:

00243455

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	U17125MP2006PTC019169	MANISH CORPORATION PRIVATE LIMITED	Director	30/12/2006	30/12/2006	-	Active	NO
2	U63021MP1995PLC010258	SAILOR EXPORTS LIMITED	Director	08/12/2011	08/12/2011	-	Active	NO
3	U06302MP2004PTC016910	NAGRANI WAREHOUSING PRIVATE LIMITED	Director	01/03/2012	01/03/2012	-	Active	NO
4	U70101MP2012PTC028937	SAI CITY BUILDCON (INDORE) PRIVATE LIMITED	Director	31/07/2012	31/07/2012	-	Active	NO
5	U15313MP2001PTC014908	MANISH ENTERPRISES DAL MILL PRIVATE LIMITED	Director	17/08/2013	17/08/2013	18/12/2013	Active	NO

Name :

Mr. Manoj Khatwani

Designation :

Director

Address :

386-387, Khatiwala Tank, Flat No. 401, Sagar Palace 228,Veer Sawarkar Marg, Indore-452001, Madhya Pradesh, India

Date of Appointment :

08.12.2011

PAN No:

ALYPK3942L

DIN No.:

05137069

KEY EXECUTIVES

Name :	Mr. Darshan Singh
Designation :	Accountant
Name :	Deepak Kumar Patil
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 30.09.2013

Names of Shareholders	No. of Shares
Bhajan Lal Nagrani	101900
Mahesh Kumar Nagrani	145000
Sunita Nagrani	16000
Sangita Nagrani	26000
Asha Nagrani	15000
Shantibai Nagrani	23100
Kishanchand Nagrani	10000
Nagrani Warehousing Private Limited, India	52000
Kosha Cubidor Containers Limited, India	50000
Alpha Graphic India Limited, India	50000
ACIL Cotton Industries Limited, India	90000
GFL Financials (India) Limited, India	50000
Regency Trust Limited, India	50000
Total	679000

Equity Share Break up (Percentage of Total Equity)

AS ON: 30.09.2013

Category	Percentage
Bodies corporate	49.63
Directors or relatives of Directors	50.37
Total	100.00

BUSINESS DETAILS

Line of Business :	Processor and Supplier of White chick peas, spices and oil seeds products, Grains and Cereals.
Products :	Product Description	ITC Code
	Grains and pulses	99611119
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

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 :

Banker Name	Central Bank of India
Branch Address	MID Corporate Branch,, 2nd Floor, Palika Plaza, Phase-I, M. T. H. Compound, Indore - 452007, Madhya Pradesh, 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 (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged
Central Bank of India, Siyaganj Branch, Indore - 452001, Madhya Pradesh, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Rupee Term Loan From Banks	114.005	119.116
Total	114.005	119.116

Auditors :
Name :	Manoj Khatri and Company Chartered Accountants
Address :	218, Silver Sanchora Castle, 7-8, R.N.T Marg, Indore-452001, Madhya Pradesh, India
PAN No.:	ACPPK3241L
Memberships :	Not Available
Collaborators :	Not Available
Others Related Parties:	Suruchi Enterprise NAGRANI WAREHOUSING PRIVATE LIMITED, India CIN No: U06302MP2004PTC016910 MANISH ENTERPRISES DAL MILL PRIVATE LIMITED CIN No: U15313MP2001PTC014908 MANISH CORPORATION PRIVATE LIMITED CIN No: U17125MP2006PTC019169 Manish Corporation

CAPITAL STRUCTURE

AS ON: 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs.10/- each	Rs. 8.000 Million

Issued Capital:

No. of Shares	Type	Value	Amount
729000	Equity Shares	Rs.10/- each	Rs. 7.290 Million

Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
	Subscribed and Fully Paid-up
389000	Equity Shares	Rs.10/- each	Rs. 3.890 Million
	Subscribed but not fully paid-up
340000	Equity Shares	Rs.10/- each	Rs. 1.700 Million
	Total		Rs. 5.590 Million

AS ON: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs.10/- each	Rs. 8.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
679000	Equity Shares	Rs.10/- each	Rs. 6.790 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	5.590	5.340	5.340
(b) Reserves & Surplus	71.318	50.791	42.041
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	3.000	3.000
Total Shareholders’ Funds (1) + (2)	76.908	59.131	50.381
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.122	0.071	0.021
(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)	0.122	0.071	0.021
(4) Current Liabilities
(a) Short term borrowings	114.697	122.511	119.545
(b) Trade payables	18.362	40.741	10.841
(c) Other current liabilities	3.793	2.201	0.867
(d) Short-term provisions	0.601	1.823	1.505
Total Current Liabilities (4)	137.453	167.276	132.758
TOTAL	214.483	226.478	183.160
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.480	2.161	1.429
(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	1.551	1.542	4.616
(e) Other Non-current assets	0.187	0.187	0.352
Total Non-Current Assets	5.218	3.890	6.397
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	45.205	35.716	20.510
(c) Trade receivables	147.693	162.740	139.626
(d) Cash and cash equivalents	3.876	6.033	0.262
(e) Short-term loans and advances	1.915	2.356	1.603
(f) Other current assets	10.576	15.743	14.762
Total Current Assets	209.265	222.588	176.763
TOTAL	214.483	226.478	183.160

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue From Operations	1333.909	1353.920	995.244
	Other Income	14.391	18.870	8.631
	TOTAL (A)	1348.300	1372.790	1003.875
Less:	EXPENSES
	Cost of Materials Consumed	1248.940	1306.851	0.000
	Purchase of Stock-in-trade	0.000	0.000	928.259
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(9.489)	(15.206)	15.553
	Employees benefits expense	3.063	0.660	1.497
	Other expenses	71.871	59.226	41.603
	Prior Period Items	(0.896)	0.503
	TOTAL (B)	1313.489	1352.034	986.912
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)	34.811	20.756	16.963
Less:	FINANCIAL EXPENSES (D)	7.380	7.350	7.911
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	27.431	13.406	9.052
Less:	DEPRECIATION/ AMORTISATION (F)	0.372	0.216	0.196
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	27.059	13.190	8.856
Less:	TAX (H)	8.782	4.440	2.857
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	18.277	8.750	5.999
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1149.399	1068.332	NA
	TOTAL EARNINGS	1149.399	1068.332	NA
	IMPORTS
	Raw Materials	78.695	181.065	NA
	TOTAL IMPORTS	78.695	181.065	NA
	Earnings / (Loss) Per Share (Rs.)	32.70	16.39	13.00

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
Net cash flows from (used in) operations	24.377	15.008	(50.589)
Net cash flows from (used in) operating activities	14.423	10.937	(52.716)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.37	0.65	0.60
Operating Profit Margin (PBIDT/Sales)	(%)	2.61	1.53	1.70
Return on Total Assets (PBT/Total Assets}	(%)	12.62	5.82	4.84
Return on Investment (ROI) (PBT/Networth)		0.35	0.22	0.18
Debt Equity Ratio (Total Debt /Networth)		1.49	2.07	2.37
Current Ratio (Current Asset/Current Liability)		1.52	1.33	1.33

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	5.340	5.340	5.590
Reserves & Surplus	42.041	50.791	71.318
Share Application money pending allotment	3.000	3.000	0.000
Net worth	50.381	59.131	76.908
long-term borrowings	0.000	0.000	0.000
Short term borrowings	119.545	122.511	114.697
Total borrowings	119.545	122.511	114.697
Debt/Equity ratio	2.373	2.072	1.491

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)
Revenue From Operations	995.244	1353.920	1333.909
		36.039	(1.478)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue From Operations	995.244	1353.920	1333.909
Profit	5.999	8.750	18.277
	0.60%	0.65%	1.37%

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	Yes
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	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 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

NOTE: Registered office of the company has been shifted from 25, Murai Mohalla, Indore-452001, Madhya Pradesh India to the present address w. e. f. 15.11.2010

UNSECURED LOAN:

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWINGS:
Loans and advances from directors	0.192	3.395
Loans and advances from others	0.500	0.000
Total	0.692	3.395

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10008987	22/02/2013 *	156,000,000.00	Central Bank of India	MID CORPORATE BRANCH, 2ND FLOOR, PALIKA PLAZA, PHASE-I, M.T.H.COMPOUND, INDORE, MADHYA PRADESH - 452007, INDIA	B69820314
2	90208424	12/03/2004 *	4,000,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRANCH, SIYAGANJ BRANCH, INDORE, MADHYA PRADESH, INDIA	-

FIXED ASSETS:

• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment

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. 66.39
UK Pound	1	Rs. 102.59
Euro	1	Rs. 74.90

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	TRI
Report Prepared by :	THR

SCORE & RATING EXPLANATIONS

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