MIRA INFORM REPORT

Report No. :	500874.2
Report Date :	07.04.2018

IDENTIFICATION DETAILS

Name :	ANM ISPAT PRIVATE LIMITED
Registered Office :	308, Platinum, Jawahar Road, Near BMC Office, Rajawadi, Ghatkopar (East), Mumbai – 400077, Maharashtra
Tel. No.:	91-22-42918888
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	11.03.2015
Com. Reg. No.:	11-262628
Capital Investment / Paid-up Capital :	INR 30.000 Million
CIN No.: [Company Identification No.]	U74999MH2015PTC262628
IEC No.: [Import-Export Code No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	27AANCA2927N1Z6
TIN No:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AANCA2927N
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of all kind of Steels, Iron, Metals, Sheets, Rods and Wires. (Registered Activity and also Confirmed by Management)
No. of Employees :	37 (Approximately) (Office=25 + Branch =12)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2015 and it is a trader of steels, metals, sheets and rods. As per financials of March 2017, the company has registered healthy growth in its revenue and has reported average profit margin of 3.15%. Rating takes into consideration the company’s sound financial risk profile along with adequate net worth base. Further, the company has reported a good earnings per share of INR 15.88 against its face value of INR 10. However, ratings strength is partially offset by excess of borrowing recorded and its presence highly competitive and huge working capital requirement steel industry. Payments seems to be slow but correct. In view of aforesaid, 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 07.04.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY

Name :	Mr. Nishant Sharma
Designation :	Assisting Manager – Finance
Contact No.:	91-8082208520
Date :	29.03.2018

LOCATIONS

Registered Office :	308, Platinum, Jawahar Road, Near BMC Office, Rajawadi, Ghatkopar (East), Mumbai – 400077, Maharashtra, India
Tel. No.:	91-22-42918888/ 76/ 75
Mob. No:	91-9987366555 (Office) 91-8082208520 (Mr. Nishant Sharma)
Fax No.:	91-22-42918850
E-Mail :	admin@abhayispat.com admin@anmispat.com
Website :	www.anmispat.com
Area:	2100 Sq. Ft.
Location:	Rented
Branch Address:	31, Shyam – 2 Industrial HUB, Opposite Nova Petrochem, Behind Changodar Mile Stone, Sarkhej –Bavla Highway, Changodar, Ahmedabad – 382213, Gujarat, India
Mob. No:	91-9879605104 (Office)
E-Mail :	tax@anmispat.com
Location:	Rented

DIRECTORS

As on 31.03.2017

Name :

Mr. Vinesh Mehta

Designation :

Director

Address :

Flat No 1301, G Wing, Kukreja Palace, Vallabhai Lane, Ghatkopar, Mumbai - 400077, Maharashtra, India

Mobile No.:

91-9821110027

Date of Birth/Age :

01.04.1960

Date of Appointment :

11.03.2015

DIN No.:

00376381

Qualification:

B.Com

Experience:

40 Years

PAN No.:

AAHPM3722C

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51109MH2009PTC197161	COLORSHINE COATED PRIVATE LIMITED	30/09/2017	-
U27104MH2002PTC135533	ABHAY ISPAT (INDIA) PRIVATE LIMITED	01/04/2015	-

Name :

Mr. Navin Mehta

Designation :

Director

Address :

401, Kailash Residency, Plot No. 53/54, 7th Road, Rajawadi, Ghatkopar East, Mumbai - 400077, Maharashtra, India

Mobile No.:

91-9887366444

Date of Birth/Age :

28.05.1953

Date of Appointment :

11.03.2015

Qualification:

B.Com

Experience:

45 Years

DIN No.:

00422021

PAN No.:

AACPM6676N

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51109MH2009PTC197161	COLORSHINE COATED PRIVATE LIMITED	30/09/2017	-
U27104MH2002PTC135533	ABHAY ISPAT (INDIA) PRIVATE LIMITED	01/04/2015	-

KEY EXECUTIVES

Name :	Hetal Doshi and Associates
Designation :	Company Secretaries
Address :	302, Emperor, Above Allahabad Bank, Babhai Naka, L.T. Road, Borivali (West), Mumbai – 400092, Maharashtra, India
Tel. No:	91-22-28995182/ 83/ 84
Mob. No:	91-9819946516
Email:	Hetaldoshi.cs@gmail.com
Name :	Mr. Nishant Sharma
Designation :	Assisting Manager – Finance

MAJOR SHAREHOLDERS

As on 31.03.2017

Names of Shareholders	No. of Shares
Abhay Ispat India Private Limited, Mumbai	2999998
Navin T. Mehta	1
Vinesh T. Mehta	1
Total	3000000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2017

Category	Percentage
Promoters (Body corporate)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading of all kind of Steels, Iron, Metals, Sheets, Rods and Wires. (Registered Activity and also Confirmed by Management)

Products / Services :

Item Code No.	Products/Services Description
72080000	Iron, Steel and other metals

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

L/C and Credit (30 Days)

Purchasing :

L/C and Credit (30 Days)

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference :	AMW Autocomponent Limited
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

• Tata State Limited

Customers :

Wholesalers and OEM’s

• Bil Metal Industries Limited
• Intelligent Textile Engineers Private Limited
• Jay metal Craft
• Shree Steel Building Technology
• Tranztar Commerical Vehicle Applications Limited
• Aarti Steel Enterprises
• Ascent Engineers
• Ashitech Equipments Private Limited
• Axtel Industries Limited
• Balaji Steel, Morbi
• Banco Products India Limited
• Bharat Engineers
• Chandan Steels

Reference :	AMW Motors Limited
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

37 (Approximately) (Office=25 + Branch =12)

Bankers :

Banker Name :	ICICI Bank Limited
Branch :	Landmark Race Cource Circle, Alkapuri, Vadodara-390015, Gujarat, India
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Banker Name :	ICICI Bank Limited
Branch :	SMEAG, Prabhadevi, Mumbai, Maharashtra, India
Credit Limit:	INR 200.000 million

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Short-term borrowings
Working capital loans from banks
ICICI Bank limited	227.161	167.211
Other loans and advances Tata Capital Financial Services Limited	70.038	0.000
Total	297.199	167.211

Note:

Working capital loans of INR 200.000 million from ICICI bank is secured by way of hypothecation of the company’s entire stock and book debts. It is further secured by personal guarantee of directors/relatives and corporate guarantee of holding company.

(Channel Finance/ Inventory Funding Facility/ Trade Finance of INR 70.000 million form Tata Capital financial services limited is secured by first hypothecation charge on current assets funded by the loan. It is further secured by personal guarantee of directors and corporate guarantee of holding company.

Financial Institutions:

Tata Capital Financial Services Limited, One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai-400001, Maharashtra, India

Auditors :

Name :

Shah and Taparia (Mr. Sandeep Rajgor)

Chartered Accountant

Address 1:

12, Navjeevan Wadi, Dhobi Talao, Next To Silk House, Mumbai-400002, Maharashtra, India

Address 2:

B-502, Business Square, Solitaire Corporate Park, Chakala Junction, Andheri Kurla Road, Andheri (East), Mumbai – 400093, Maharashtra, India

Tel. No:

91-22-42116800 /

91-22-40220301/ 06

Fax. No:

91-22-40220314

Email:

sandeep@shahtaparia.com

info@shahtaparia.com

Income-tax PAN of auditor or auditor's firm :

AAAPS1234A

Memberships :

Not Available

Collaborators :

Not Available

Holding Company:

Name:	Abhay Ispat (India) Private Limited
Address:	308, Platinum, Jawahar Road, Near BMC Office, Rajawadi, Ghatkopar (East), Mumbai – 400077, Maharashtra
CIN No:	U27104MH2002PTC135533
Line of Business :	Trading of all kind of Steels, Iron, Metals, Sheets, Rods and Wires. (Registered Activity and also Confirmed by Management)

CAPITAL STRUCTURE

AS ON: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	INR 10/- each	INR 30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	INR 10/- each	INR 30.000 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	30.000	30.000
(b) Reserves and Surplus	57.550	9.905
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	87.550	39.905
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long-term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short-term borrowings	297.199	173.715
(b) Trade payables	53.302	36.216
(c) Other current liabilities	17.418	5.558
(d) Short-term provisions	0.654	3.536
Total Current Liabilities (4)	368.573	219.025
TOTAL	456.123	258.930
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.232	0.048
(ii) Intangible Assets	0.000	0.000
(iii) Tangible assets capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.078	0.109
(d) Long-term loans and advances	0.028	0.042
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	0.338	0.199
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	308.757	204.195
(c) Trade receivables	146.084	53.899
(d) Cash and bank balances	0.000	0.261
(e) Short-term loans and advances	0.083	0.001
(f) Other current assets	0.861	0.375
Total Current Assets	455.785	258.731
TOTAL	456.123	258.930

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Total Revenue from operations	1511.992	706.703
	Other Income	2.943	0.730
	TOTAL	1514.935	707.433
Less	EXPENSES
	Cost of Materials Consumed	1412.131	674.531
	Employee benefit expense	3.846	2.321
	Other expenses	2.809	1.990
	TOTAL	1418.786	678.842
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	96.149	28.591
Less	FINANCIAL EXPENSES	25.236	13.433
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	70.913	15.158
Less	DEPRECIATION/ AMORTISATION	0.085	0.004
	PROFIT/ (LOSS) BEFORE TAX	70.828	15.154
Less	TAX	23.184	5.249
	PROFIT/ (LOSS) AFTER TAX	47.644	9.905
	Earnings / (Loss) Per Share (INR)	15.88	5.91

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016
Current Maturities of Long term debt	NA	NA
Net cash flows from (used in) operations	NA	NA
Net cash flows from (used in) operating activities	(101.123)	(190.700)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016
Average Collection Days [Sundry Debtors / Income * 365]	35.27	27.84
Account Receivables Turnover [Income / Sunday Debtors]	10.35	13.11
Average Payment Days [Sundry Creditors / Purchases * 365]	13.78	19.60
Inventory Turnover [Operating Income / Inventories]	0.31	0.14
Asset Turnover [Operating Income / Net Fixed Assets]	414.44	595.65

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets]	0.81	0.85
Debt Equity Ratio (Borrowings / NetWorth)	3.39	4.35
Current Liabilities to Networth (Current Liabilities / NetWorth)	4.21	5.49
Fixed Assets to NetWorth (Net Fixed Assets / NetWorth)	0.00	0.00
Interest Coverage Ratio [PBIT / Financial Charges]	3.81	2.13

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016
Net Profit Margin [(PAT / Sales) * 100]	(%)	3.15	1.40
Return on Total Assets [(PAT / Total Assets) * 100]	(%)	10.45	3.83
Return on Investment (ROI) [(PAT / NetWorth) * 100]	(%)	54.42	24.82

SOLVENCY RATIO

PARTICULARS	31.03.2017	31.03.2016
Current Ratio [Current Assets / Current Liabilities]	1.24	1.18
Quick Ratio [(Current Assets - Inventories) / Current Liabilities]	0.40	0.25
G-Score Ratio Financial [NetWorth / Total Assets]	0.19	0.15
G-Score Ratio Debt [Debts / Equity Capital]	9.91	5.79
G-Score Ratio Liquidity [Total Current Assets / Total Current Liabilities]	1.24	1.18

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)
Share Capital	30.000	30.000
Reserves & Surplus	9.905	57.550
Net worth	39.905	87.550
Long-term borrowings	0.000	0.000
Short term borrowings	173.715	297.199
Total borrowings	173.715	297.199
Debt/Equity ratio	4.353	3.395

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)
Sales	706.703	1511.992
		113.950

NET PROFIT MARGIN

Net Profit Margin	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)
Sales	706.703	1511.992
Profit/ (Loss)	9.905	47.644
	1.40 %	3.15 %

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	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	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
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	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONAL PERFORMANCE

The Company as earned total income of INR 1511.992 million during the year, as compared to total income of INR 706.703 million for previous year. Net profit occurred after the provision of depreciation and tax, during the year is INR 47.644 million as compared to the net profit after tax of INR 9.905 million for the previous year.

UNSECURED LOAN

PARTICULARS	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Short-term borrowings
Other loans and advances	0.000	6.504
Total	0.000	6.504

INDEX OF CHARGES

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G77825420	100087680	TATA CAPITAL FINANCIAL SERVICES LIMITED	30/03/2017	08/02/2018	-	200000000.0	One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai-400001, Maharashtra, India
2	C56602972	10575246	ICICI BANK LIMITED	01/05/2015	-	-	200000000.0	LANDMARK RACE COURCE CIRCLE, ALKAPURIVadodara-390015, Gujarat, India

FIXED ASSETS

• Furniture and fixtures
• Office equipment
• Computer equipments
• Computer Software

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	INR
US Dollar	1	INR 64.99
UK Pound	1	INR 90.96
Euro	1	INR 79.51

INFORMATION DETAILS

Information Gathered by :	SPY
Analysis Done by :	VVK
Report Prepared by :	MTN

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.