MIRA INFORM REPORT

Report No. :	500584
Report Date :	30.03.2018

IDENTIFICATION DETAILS

Name :	TKL KNITS (INDIA) PRIVATE LIMITED
Registered Office :	Office No. 570, New No. 22, 32nd "D" Cross, 11th Main, Jayanagar 4th Block, Bangalore – 560011, Karnataka
Tel. No.:	91-80-45151600/ 42424740
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	19.02.2015
Com. Reg. No.:	08-078913
Capital Investment / Paid-up Capital :	INR 110.000 Million
CIN No.: [Company Identification No.]	U18109KA2015FTC078913
IEC No.: [Import-Export Code No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
PAN No.: [Permanent Account No.]	AAFCT2591M
Legal Form :	Private Limited Liability Company
Line of Business :	The Subject is engaged business of manufacturing of knitted / woven and other garments, marketing, distributing, trading, dealing, buying, selling, importing, exporting and other related activities of garments and apparel and all types of textile fabric / apparel. (Registered activity)
No. of Employees :	Information declined by the management

RATING & COMMENTS

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

MIRA’s Rating :

C

Credit Rating	Explanation	Rating Comments
C	Medium High Risk	Business dealings permissible preferably on secured basis

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a wholly owned subsidiary of “TKL International Limited, Mauritius” and was incorporated in the year 2015. It is engaged in manufacturing of knitted/woven garments. For the financial year 2017, the company has achieved massive growth in its revenue as compared to the previous year but has incurred operational loss. The moderate financial risk profile of the company marked by eroded net worth base due to continuous operational loss and average debt balance sheet profile. Rating is constrained on account of limited business track record of the company. Payment seems to be slow. In view of aforesaid, dealings re recommended on safe and secured 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 31-03-2016.

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 30.03.2018

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 DENIED BY

Name :	Mr. Akhilesh Anand
Designation :	Marketing Department
Contact No.:	91-9994488226
Date :	28.03.2018

MANAGEMENT NON-COOPERATIVE: Tel. No.: 91-80-45151600

LOCATIONS

Registered Office :	Office No. 570, New No. 22, 32nd "D" Cross, 11th Main, Jayanagar 4th Block, Bangalore – 560011, Karnataka, India
Tel. No.:	91-80-45151600/ 42424740 / 42424704
Mobile No.:	91-9994488226 (Mr. Akhilesh Anand)
Fax No.:	Not Available
E-Mail :	pvnathan@florealbangladesh.com cs.tkl@tropicknitsindia.com
Factory :	577/585, Rakkipalyam Pirivu, C.R.P.F. Road, Thoppampatti (PO), Coimbatore – 641017, Tamilnadu, India
Tel. No.:	91-422-2460688

DIRECTORS

As on 31.03.2017

Name :

Mr. Harold Mayer

Designation :

Director

Address :

Plantation Marguery Riviere Noire 56

Date of Birth/Age :

12.10.1964

Qualification :

Post Graduate

Date of Appointment :

19.02.2015

DIN No.:

01880791

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U17111KA2005PTC058647	LAGUNA CLOTHING PRIVATE LIMITED	20/09/2005	-
U17299KA2007PTC062492	AQUARELLE INDIA PRIVATE LIMITED	29/09/2009	-

Name :

Mr. Krishna Kant Gangwar

Designation :

Director

Address :

402,Shekhar Avenue, 15,Sanghi Colony, Indore – 452018, Madhya Pradesh, India

Date of Appointment :

18.08.2017

DIN No.:

05305709

Name :

Mr. Joseph Desire Bertrand Rivalland

Designation :

Director

Address :

Impasse Nahaboo Lees Street Curepipe 74404

Date of Birth/Age :

07.12.1966

Qualification :

Post Graduate

Date of Appointment :

30.09.2016

DIN No.:

07101634

Name :

Mr. Marie Joseph Bertrand Thevenau

Designation :

Director

Address :

Montebello Les Pailles 11216

Date of Birth/Age :

22.01.1965

Qualification :

Post Graduate

Date of Appointment :

30.09.2016

DIN No.:

07101637

Name :

Mr. Guillaume Pierre Arnaud Dalais

Designation :

Director

Address :

C4, Residence Les Pins Gibson Lane Floreal 74107

Date of Birth/Age :

05.11.1981

Qualification :

Post Graduate

Date of Appointment :

30.09.2016

DIN No.:

07101646

Name :

Mr. jane yee sak chan

Designation :

Director

Address :

NO. 22 Societe Hotel Dela Ville Lumiere Impasse Seville Curepipe NA MU

Date of Appointment :

18.08.2017

DIN No.:

07844501

Name :

Mr. Ramasubramanian Sundaran

Designation :

Director

Address :

42 E, Veera Raghava Colony, CN Village Tirunelveli Tirunelveli – 627001, Tamilnadu, India

Date of Appointment :

18.08.2017

DIN No.:

07845253

KEY EXECUTIVES

Name :	Mr. Akhilesh Anand
Designation :	Marketing Department
Name :	Ms. Priyanka
Designation :	Company Secretary
Address :	374/34, Tyaagrajnagar, 1st cross 1st block, Basvangudi, Bangalore – 560028, Karnataka, India
Date of Appointment :	09.01.2018
PAN No.:	CVZPP1078H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares
TKL International Limited, Mauritius	9999999
Vaidyanathan Pudugramam Venkata Subramanian	1
Total	10000000

Equity Share Break up (Percentage of Total Equity)

As on 18.06.2017

Category	Percentage
Promoter - Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Subject is engaged business of manufacturing of knitted / woven and other garments, marketing, distributing, trading, dealing, buying, selling, importing, exporting and other related activities of garments and apparel and all types of textile fabric / apparel. (Registered activity)

Products :

Item Code No.	Product Description
99882230	Knitted and Crocheted apparel manufacturing Services

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	HDFC Bank Limited
Branch	HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

• The Hongkong and Shanghai Banking Corporation Limited, No. 7, M. G. Road, Bangalore – 560001, Karnataka, India

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Loan taken for vehicles	2.013	0.000
(Vehicle loan is secured by hypothecation of vehicle loan)
Short-term borrowings
Working Capital loans from Banks	128.265	72.164
Total	130.278	72.164

Auditors :
Name :	B S R and Associates LLP Chartered Accountants
Address :	Maruthi Info-Tech Centre, 11-12/1, Inner Ring Road, Koramangala, Bangalore- 560071, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADFB6889R
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	TKL International Limited, Mauritius
Fellow Subsidiary Company :	CDL Knits Limited, Mauritius Aquarelle India Private Limited, India U17299KA2007PTC062492 Tropoc Knits Limited, Mauritius

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	INR 10/- each	INR 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	INR 10/- each	INR 100.000 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	100.000	100.000
(b) Reserves & Surplus	(169.090)	(48.464)
(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)	(69.090)	51.536
(3) Non-Current Liabilities
(a) long-term borrowings	423.464	405.923
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	2.069	0.854
Total Non-current Liabilities (3)	425.533	406.777
(4) Current Liabilities
(a) Short term borrowings	128.265	72.164
(b) Trade payables	40.477	49.412
(c) Other current liabilities	181.267	38.159
(d) Short-term provisions	1.521	0.000
Total Current Liabilities (4)	351.530	159.735
TOTAL	707.973	618.048
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	499.274	475.566
(ii) Intangible Assets	3.023	2.673
(iii) 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)	0.000	0.000
(d) Long-term Loan and Advances	1.297	3.576
(e) Other Non-current assets	9.050	1.948
Total Non-Current Assets	512.644	483.763
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	65.397	52.174
(c) Trade receivables	117.882	70.977
(d) Cash and cash equivalents	4.025	6.154
(e) Short-term loans and advances	4.397	4.871
(f) Other current assets	3.628	0.109
Total Current Assets	195.329	134.285
TOTAL	707.973	618.048

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	341.934	132.781
	Other Income	14.458	12.226
	TOTAL	356.392	145.007
Less	EXPENSES
	Cost of Materials Consumed	187.043	120.270
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(4.873)	(47.657)
	Employees benefits expense	130.644	41.593
	Other expenses	103.952	73.006
	TOTAL	416.766	187.212
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(60.374)	(42.205)
Less	FINANCIAL EXPENSES	40.591	2.189
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(100.965)	(44.394)
Less/ Add	DEPRECIATION/ AMORTISATION	19.662	4.071
	PROFIT/ (LOSS) BEFORE TAX	(120.627)	(48.465)
Less	TAX	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	(120.627)	(48.465)
	Earnings / (Loss) Per Share (INR)	(12.06)	(4.85)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016
Current Maturities of Long term debt	NA	NA
Cash generated from operations	(0.009)	(83.759)
Net cash flow from operating activity	(0.072)	(84.969)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016
Average Collection Days (Sundry Debtors / Income * 365 Days)	125.83	195.11
Account Receivables Turnover (Income / Sundry Debtors)	2.90	1.87
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	78.99	149.96
Inventory Turnover (Operating Income / Inventories)	(0.92)	(0.81)
Asset Turnover (Operating Income / Net Fixed Assets)	(0.12)	(0.09)

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	1.09	0.92
Debt Equity Ratio (Total Liability / Networth)	(7.99)	9.28
Current Liabilities to Networth (Current Liabilities / Net Worth)	(5.09)	3.10
Fixed Assets to Networth (Net Fixed Assets / Networth)	(7.27)	9.28
Interest Coverage Ratio (PBIT / Financial Charges)	(1.49)	(19.28)

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016
Net Profit Margin ((PAT / Sales) * 100)	%	(35.28)	(36.50)
Return on Total Assets ((PAT / Total Assets) * 100)	%	(17.04)	(7.84)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	174.59	(94.04)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016
Current Ratio (Current Assets / Current Liabilities)	0.56	0.84
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.37	0.51
G-Score Ratio Financial (Networth / Total Assets)	(0.10)	0.08
G-Score Ratio Debt (Debts / Equity Capital)	5.52	4.78
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.56	0.84

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

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2016	31.03.2017
	INR In Million	INR In Million
Share Capital	100.000	100.000
Reserves & Surplus	(48.464)	(169.090)
Share Application money pending allotment	0.000	0.000
Net worth	51.536	(69.090)
Long Term borrowings	405.923	423.464
Short Term borrowings	72.164	128.265
Total borrowings	478.087	551.729
Debt/Equity ratio	9.277	(7.986)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2016	31.03.2017
	INR In Million	INR In Million
Sales	132.781	341.934
		157.517

NET PROFIT MARGIN

Net Profit Margin	31.03.2016	31.03.2017
	INR In Million	INR In Million
Sales	132.781	341.934
Profit	(48.465)	(120.627)
	(36.50%)	(35.28%)

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	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	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

OPERATIONS AND BUSINESS PERFORMANCE

The Company is engaged business of manufacturing of knitted / woven and other garments, marketing, distributing, trading, dealing, buying, selling, importing, exporting and other related activities of garments and apparel and all types of textile fabric / apparel. There has been no change in the business of the Company during the financial year ended 31st March, 2017.

In its 2nd year of operations, the company has earned revenue of INR 356.393 Million. However, the Company has incurred substantial expenditure of INR 477.018 Million hence resulting in loss of INR 120.625 Million. Efforts will be made by the Directors to reduce the expenditure and earn profits in the coming financial year. As a part of revival strategy, the Board has brought new talent on board with whose help, they are planning to turnaround operations.

In its Ist year of operations, the company has earned revenue of INR 145.008 Million. However the Company has incurred substantial expenditure of INR 193.472 Million hence resulting in loss of INR 48.464 Million efforts will be made by the Directors to reduce the expenditure and earn profits in the coming financial year.

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Term Loan from Others	421.451	405.923
Total	421.451	405.923

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G74170473	100128430	HDFC BANK LIMITED	07/09/2017	21/12/2017	-	140000000.0	HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India
2	G34967034	10616734	The Hongkong and Shanghai Banking Corporation Limited	26/01/2016	19/01/2017	-	14000000.0	No. 7, M. G. Road, Bangalore – 560001, Karnataka, India
3	C75265264	10611674	The Hongkong and Shanghai Banking Corporation Limited	04/09/2015	-	-	5000000.0	No. 7, M. G. Road, Bangalore – 560001, Karnataka, India
4	G34970103	10591883	The Hongkong and Shanghai Banking Corporation Limited	04/09/2015	19/01/2017	-	260000000.0	No. 7, M. G. Road, Bangalore – 560001, Karnataka, India

FIXED ASSETS

• Land
• Factory building
• Buildings
• Plant and equipment
• Factory equipments
• Furniture and fixtures
• 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 records 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 65.04
UK Pound	1	INR 92.28
Euro	1	INR 80.62

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	PRY
Report Prepared by :	SUJ

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	NO
--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.