MIRA INFORM REPORT

Report No. :	511291
Report Date :	25.05.2018

IDENTIFICATION DETAILS

Name :	PAVANSUT PAPER MILL PRIVATE LIMITED
Registered Office :	Survey No. 203P1 & 203P2, Navagam Adepar Road, AT. Pachasiya, Wankaner Rajkot – 363621, Gujarat
Mobile No.:	91-9978699801 (Mr. Ravi Miteshbhai Patel)
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	05.01.2015
Com. Reg. No.:	04-081734
Capital Investment / Paid-up Capital :	INR 50.000 Million
CIN No.: [Company Identification No.]	U21013GJ2015PTC081734
IEC No.: [Import-Export Code No.]	Not Divulged
PAN No.: [Permanent Account No.]	AAHCP9710E
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of paper and paper product (Registered Activity)
No. of Employees :	Not Divulged

RATING & COMMENTS

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

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Maximum Credit Limit :	USD 127000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2015 and it is engaged as manufacturer, importer, exporter, producer, dealer, wholesaler, suppliers, traders and brokers of all types of paper, board, corrugated board, pulp, writing paper and other paper items. For the financial year 2017, the company has achieved a revenue of INR 57.21 million from its first year of its business operation as it has started its business activity from last year i.e. 2016 and has reported a loss during the year. The company possesses moderate financial risk profile marked by negative reserve level due to losses incurred during past year and weak debt protection metrics. Rating gets constrained on account of its short track record of its business operation and its presence in highly competitive and fragmented paper industry. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business dealing with some caution.

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 25.05.2018

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. Ravi Miteshbhai Patel
Designation :	Director
Contact No.:	91-9978699801
Date :	24.05.2018

LOCATIONS

Registered Office :	Survey No. 203P1 & 203P2, Navagam Adepar Road, AT. Pachasiya, Wankaner Rajkot – 363621, Gujarat
Tel. No.:	Not Available
Mobile No.:	91-9978699801 (Mr. Ravi Miteshbhai Patel)
Fax No.:	Not Available
E-Mail :	pavansut.info@gmail.com
Factory :	Navagam Adepar Road, At Panchasiya, Taluka – Wankaner, District Morbi – 363621, Gujarat, India
Office :	11, Darshan Plaza, Near Ramko Bunglow, Ravapar Kenal Road, Morbi – 363641, Gujarat, India

DIRECTORS

As on 31.03.2017

Name :

Mr. Karshanbhai Sundarjibhai Jivani

Designation :

Director

Address :

"Kanku", Shastrinagar Society, Ravapar Road, Morbi 363641, Gujarat, India

Date of Birth/Age :

05.11.1970

Date of Appointment :

06.02.2017

PAN No.:

AEMPJ6872M

DIN No.:

00874561

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U26914GJ2006PTC049401	VETO CERAMIC PRIVATE LIMITED	17/11/2006	-
U20219GJ2010PTC059537	MONAL LAMINATE PRIVATE LIMITED	10/02/2010	-
U26914GJ2013PTC075747	AAJVETO MANUFACTURING PRIVATE LIMITED	24/06/2013	-

Name :

Mr. Arvindbhai Sundarjibhai Jivani

Designation :

Director

Address :

"Kanku", Shastrinagar Society, Ravapar Road, Morbi 363641, Gujarat, India

Date of Birth/Age :

10.07.1975

Date of Appointment :

06.02.2017

PAN No.:

AEMPJ0487Q

DIN No.:

00930058

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U26914GJ2006PTC049401	VETO CERAMIC PRIVATE LIMITED	17/11/2006	-
U20219GJ2010PTC059537	MONAL LAMINATE PRIVATE LIMITED	10/02/2010	-
U26914GJ2013PTC075747	AAJVETO MANUFACTURING PRIVATE LIMITED	24/06/2013	-

Name :

Mr. Shailesh Prabhulal Patel

Designation :

Director

Address :

Patel Society, Block No. A-9, Ravapar Road, Morbi-363641, Gujarat, India

Date of Birth/Age :

21.01.1969

Date of Appointment :

05.01.2015

PAN No.:

AHQPP6872J

DIN No.:

03191923

Name :

Mr. Ravi Miteshbhai Patel

Designation :

Director

Address :

Patel Society, Block No. A-9 Ravapar Road, Morbi 363641, Gujarat, India

Date of Birth/Age :

02.10.1989

Date of Appointment :

05.01.2015

PAN No.:

AXGPP3008E

DIN No.:

07054899

Name :

Mr. Ravi Damjibhai Chaniyara

Designation :

Director

Address :

3^rd Floor, Street No-3, Minoi Tower Khodiyar Colony, Saru Section Road, Rajnagar, Jamnagar-361006, Gujarat, India

Date of Appointment :

18.11.2017

DIN No.:

07990549

MAJOR SHAREHOLDERS

As on 31.03.2017

Names of Shareholders	No. of Shares
Shailesh Prabhulal Patel	197000
Ravi Miteshbhai Patel	160000
Rabendrabhai Karamshibhai Patel	350000
Kishorkumar Shivalalbhai Bopaliya	150000
Naynaben Kishorkumar Bopaliya	100000
Bhavnaben Jayantilal Ghetia	50000
Arvindbhai Sundarjibhai Jivani	405000
Karshanbhai Sundarjibhai Jivani	377000
Hirenbhai Prabhulal Patel	160000
Jagdishbhai Prabhulal Patel	160000
Jayantilal Jadavjibhai Ghetiya	200000
Shobhanaben Jagdishbhai Patel	215000
Manjulaben Miteshbhai Patel	215000
Hinaben Rajendrabhai Patel	100000
Niruben Shaileshbhai Patel	178000
Jigna Hirenbhai Patel	215000
Piyushkumar Popatbhai Delvadiya	150000
Raj Rajendrabhai Aghara	50000
Pritesh Karshanbhai Jivani	420000
Shakuntlaben Arvindbhai Jivani	135000
Vinodkumar Jerambhai Gami	100000
Bhavna Karshanbhai Jivani	265000
Priya Pritesh Jivani	398000
Jignesh Chaturbhai Rajpara	100000
Rameshbhai Dharamashibhai Chikhaliya	100000
Vishnubhai Harjivanbhai Gadhiya	50000
Total	5000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2017

Category	Percentage
Promoters (Individual/Hindu Undivided Family – Indian)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of paper and paper product (Registered Activity)

Products / Services :

Item Code No.	Products/Services Description
99883220	Manufacturing of paper and paper product
48119099	Craft Paper Products

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 :	--
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 :

Not Divulged

Bankers :

Banker Name :	Saurashtra Gramin Bank
Branch :	Morbi Branch, Opposite Radheshyam Provision Store Ravapar Road, Morbi -363621, 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 :	--

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Rupee term loans from banks	71.362	0.000
Short-term borrowings
Loans repayable on demand from banks	7.716	0.000
Total	79.078	0.000

Auditors :
Name :	Vekariya and Vekariya Chartered Accountants
Address :	114 Galaxy Complex, Opposite K K Steel, Sanala Road, Morbi-363641, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAMFV2668K
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 30.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	INR 10/- each	INR 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	INR 10/- each	INR 50.000 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	50.000	15.200	8.000
(b) Reserves & Surplus	(5.665)	(0.688)	(0.003)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	8.600	0.000
Total Shareholders’ Funds (1) + (2)	44.335	23.112	7.997
(3) Non-Current Liabilities
(a) long-term borrowings	86.472	0.200	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	86.472	0.200	0.000
(4) Current Liabilities
(a) Short term borrowings	7.716	0.000	0.000
(b) Trade payables	29.453	0.281	0.000
(c) Other current liabilities	0.220	0.000	0.000
(d) Short-term provisions	0.020	0.015	0.000
Total Current Liabilities (4)	37.409	0.296	0.000
TOTAL	168.216	23.608	7.997
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	114.682	11.300	1.706
(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)	2.533	0.088	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.805	1.006	0.755
Total Non-Current Assets	118.020	12.394	2.461
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	9.414	0.000	0.000
(c) Trade receivables	22.564	0.000	0.000
(d) Cash and cash equivalents	4.971	6.953	5.491
(e) Short-term loans and advances	13.120	4.261	0.045
(f) Other current assets	0.127	0.000	0.000
Total Current Assets	50.196	11.214	5.536
TOTAL	168.216	23.608	7.997

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	57.209	0.000	0.000
	Other Income	0.095	0.000	0.000
	TOTAL	57.304	0.000	0.000
Less	EXPENSES
	Cost of Materials Consumed	53.929	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(9.414)	0.000	0.000
	Employees benefits expense	1.003	0.028	0.000
	Other expenses	8.283	0.084	0.003
	TOTAL	53.801	0.112	0.003
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	3.503	(0.112)	(0.003)
Less	FINANCIAL EXPENSES	3.458	0.002	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	0.045	(0.114)	(0.003)
Less/ Add	DEPRECIATION/ AMORTISATION	7.467	0.659	0.000
	PROFIT/ (LOSS) BEFORE TAX	(7.422)	(0.773)	(0.003)
Less	TAX	(2.445)	(0.088)	0.000
	PROFIT/ (LOSS) AFTER TAX	(4.977)	(0.685)	(0.003)
	Earnings / (Loss) Per Share (INR)	(1.00)	(0.45)	0.00

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	(0.048)
Net cash flows from (used in) operating activities	(0.148)	(4.033)	(0.048)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	143.96	0.00	0.00
Account Receivables Turnover (Income / Sundry Debtors)	2.54	0.00	0.00
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	199.34	0.00	0.00
Inventory Turnover (Operating Income / Inventories)	0.37	0.00	0.00
Asset Turnover (Operating Income / Net Fixed Assets)	0.03	(0.01)	0.00

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.74	0.02	0.00
Debt Equity Ratio (Total Liability / Networth)	2.12	0.01	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.84	0.01	0.00
Fixed Assets to Networth (Net Fixed Assets / Networth)	2.59	0.49	0.21
Interest Coverage Ratio (PBIT / Financial Charges)	1.01	(56.00)	0.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	(8.70)	0.00	0.00
Return on Total Assets ((PAT / Total Assets) * 100)	%	(2.96)	(2.90)	(0.04)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(11.23)	(2.96)	(0.04)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.34	37.89	0.00
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.09	37.89	0.00
G-Score Ratio Financial (Networth / Total Assets)	0.26	0.98	1.00
G-Score Ratio Debt (Debts / Equity Capital)	1.88	0.01	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.34	37.89	0.00

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	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	8.000	15.200	50.000
Reserves & Surplus	(0.003)	(0.688)	(5.665)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	8.600	0.000
Net worth	7.997	23.112	44.335
long-term borrowings	0.000	0.200	86.472
Short term borrowings	0.000	0.000	7.716
Total borrowings	0.000	0.200	94.188
Debt/Equity ratio	0.000	0.009	2.124

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	No
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	Yes
22]	Conduct of the banking account	--
23]	Financials, if provided	Yes
24]	Capital in the business	Yes
25]	Last accounts filed at ROC, if applicable	Yes
26]	Turnover of firm for last about two years 3 months	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
29]	Profitability for last about two years 3 months	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

FINANCIAL PERFORMANCE:

The company has generated Revenue from Operation is of INR 57.209 million and expenses of the Company is of INR 53.801 million. During the year, the Company has made profit/Loss of INR (4.977 million). The Directors are hopeful to achieve better results in future.

UNSECURED LOAN

PARTICULAR	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Loans and advances from related parties	15.110	0.200
Total	15.110	0.200

INDEX OF CHARGES

S No	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G59373969	100036213	Saurashtra Gramin Bank	30/06/2016	26/09/2017	-	122000000.0	Morbi Branch, Opposite Radheshyam Provision Store Ravapar Road Morbi Gujarat 363621 India

FIXED ASSETS

• Land
• Building
• Furniture and Fixture
• Computer
• Plant and equipment
• 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 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 68.39
UK Pound	1	INR 91.44
Euro	1	INR 80.14

INFORMATION DETAILS

Information Gathered by :	AKS
Analysis Done by :	NIS
Report Prepared by :	JYTK

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.