MIRA INFORM REPORT

Report Date :

26.05.2008

IDENTIFICATION DETAILS

Name :	HOLTEC CONSULTING PRIVATE LIMITED
Registered Office :	Unit # 01-103, Imperial Tower, C Block Community Center, Naraina Vihar, New Delhi – 110028
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	19.06.1967
Com. Reg. No.:	55-10544
CIN No.: [Company Identification No.]	U74140DL1901PTC010544
TAN No.: [Tax Deduction & Collection Account No.]	DELH00248D
PAN No.: [Permanent Account No.]	AAACH0031M
Legal Form :	Private Limited Liability Company
Line of Business :	Provider of Engineering and Management Consulting, Engineering Outsourcing, IT Enabled Design and Engineering Services.

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 1500000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well – established and reputed company having fine track records. General financial position is satisfactory. Fundamentals are strong and healthy. Payments are made regularly as reported. The company can be considered good for normal business dealings.

LOCATIONS

Registered Office :	Unit # 01-103, Imperial Tower, C Block Community Center, Naraina Vihar, New Delhi – 110028, India
Mobile No.:	91-9810133725
Tel No.:	91-11-25771002
Fax No.:	91-11-25771001
E-Mail :	info@holtecnet.com sns@holtecnet.com
Website :	www.holtecnet.com
Corporate Office :	Holtec Centre, A Block , Sushant Lok, Gurgaon – 122 001, Haryana, India
Tel. No.:	91-124-4047900 / 2385095/ 2385096
Fax No.:	91-124-2385114 / 2385116

DIRECTORS

Name :	Mr. Umesh Shrivastava
Designation :	Managing Director
Date of Appointment :	19.06.1967
Name :	Mr. Sumant Shrivastava
Designation :	Joint Managing Director
Date of Appointment :	26.03.1997
Name :	Mr. Dr. H K Pargal
Designation :	Director
Date of Appointment :	24.11.1992
Name :	Mr. Saumen Karkun
Designation :	Whole Time Director
Date of Appointment :	28.09.2001
Name :	Mr. V K Batra
Designation :	Whole Time Director
Date of Appointment :	28.09.2001

KEY EXECUTIVES

Name :	N C Pandey and Associates
Designation :	Company Secretary
Address :	25/1A, Lane No.36, Indra Park, (Mangal Bazar), Palam Colony, New Delhi – 110045, India
Tel No.:	91-11-25055123
Fax No.:	91-9350606095/ 910313481/ 9871607555
Email :	Nc.pandeycs@gmail.com

SHAREHOLDING PATTERN

(As on 31.03.2007)

Name of Shareholders	No of Share
Hi Services Limited	126666
Mr. Umesh Shrivastava	79166
Mrs. Jayawati Shrivastava	120832
Mr. Aseem Shrivastava	23000
Mrs. Sumant Shrivastava	49666
Ms. Malika Ramdas	274
Ms. Rene Saksena	10
Mr. Sudhir Saksena	10
Ms. Rashmi Mohan	10
Mr. Amitabh Mohan	10
Ms. Prabha Prasad	10
Mr. Purushottam Prasad	10
Mr. Dr. S C Shrivastava	74
Ms. Deepti Shrivastava	84
Ms. Neeti Shrivastava	84
Ms. Raj Lakshmi Shrivastava	84
Ms. Sushma Shrivastava	10
Total	400000

(As on 31.03.2007)

Equity Share Break Up	Percentage
Foreign holdings (Foreign institutional investors ) foreign companies foreign financial institutions , non residents or Overseas corporate bodies or others	32.00
Bodies Corporate	68.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Provider of Engineering and Management Consulting, Engineering Outsourcing, IT Enabled Design and Engineering Services.

GENERAL INFORMATION

Customers :	· A.R.C. Cement Limited · Abhishek Cement Limited · Aditya Cement · Ahmedabad Electricity Company Limited · Al Jouf Cement · Al Wosta Cement Factory · Algerian Cement · Andhra Cements Limited · Andrew Yule and Company Limited · Apeejay Private Limited · Arab Swiss Engineering Company · Arvind Mills Limited · Asian Capital Services Limited · Asian Development Bank · Asian Paints(India) Limited · Assam Cement Limited · Associated Cement Companies Limited · Associated Stone Industries Limited · Atbara Cement Project · Balaram Cement Limited · Bangur Enterprises Limited · Baroda Rayon Corporation Limited · Bestway Cement · Bhagheeratha Engineering Limited · Binaguri Tea Company Limited · Binani Cement · Birla Brothers · Birla Cement and Industries Limited · Birla Corp Limited · Bojnoord Cement · BPL Refrigeration Limited · BPL Systems and Projects Limited · Breitenburger Ausland Beteiligungs Gmbh · BSA Group · Buckau Wolf India Limited (Krupp Industries India Limited) · Bulk Cement Corporation (India) Limited · Byford Limited · Cement Corporation of India Limited · Century Cement · Chettinad Cement Corporation Limited · Cimmco Heavy Engineering (Div. of Cimmco Birla Limited) · Cimmco International Limited · City Cement Company · Cominco Binani Zinc Limited · Consultancy Development Centre · Consultancy Engineering Services (P) Limited · Coromandal Fertilisers Limited (Now India Cement Limited) · Cowi Consultant · CRC Bhupendra Cement Limited · Daewoo Corporation · Dalmia Cement (Bharat) Limited · Danish International Development Agency · DCM Limited · DCM Shriram Consolidated Limited (Shriram Cement Works) · Deccan Cements Limited · Dhar Cement Limited · Dharani Cements Limited · Diamond Cements Limited · DLF Cement Limited · DLF Gujrat Limited · Duncan Agro Industries Limited · Duncans Industries Limited · Dwarka Cement Works · Ehdasse Sanat Corporation · Energy Management Centre · Essar Investments Limited · Essel Mining and Industries Limited · ETA Ascon Group FCB · Fluor Daniel · G. S. Sureka · Gharibwal Cement · GKW Limited · Government of Bhutan · Government of Bihar · Graphite India Limited · Grasim Cement · Gujrat Ambuja Cements Limited · Gujrat Heavy Chemicals Limited · Gujrat Himalaya Cements Limited · Gujrat Industrial Investment Corporation Limited · Gujrat Maritime Board · Gujrat Mineral Development Corporation Limited · Gujrat Sidhee Cement Limited · Hama Cement · Harish Chandra (I) Private Limited · Haryana State Industrial Development Corporation Limited · Hatien 1 Cement Company · Heavy Engineering Corporation Limited · Hemadri Cements Limited · Himachal Consultancy Organisation Limited · Himachal Pradesh Mineral and Industrial Development Corporation Limited · Himgri Cement Company Private Limited · Hindalco Industries Limited · Hindustan Lever Limited · Hindustan Zinc Limited · Holderbank Financiere Glaris Limited · Holderbank Management and Consulting Limited · Hulas Pipe Company Limited · Hyderabad Industries Limited · Idcol Cement Limited · IFC, Washington · India Cements Limited · India Gypsum Limited · Indian Aluminium Company Limited · Indian Rayon and Industries Limited · Indian Rayon and Industries Limited (Birla Periclase) · Indian Rayon and Industries Limited (Birla White) · Indian Seamless Steels and Alloys Limited · Indo Rama Cement Limited · Industrial Development Bank of India · Industrial Development Services · Industrial Promotion and Investment Corporation of Orissa Limited · Industrial Reconstruction Corporation of India Limited · IPI-SP Cement Company Limited · Isfahan Cement Company Limited · J.K. Cement Works · Jaiprakash Associates · Jaiprakash Industries Limited · Jaiprakash Industries Limited (Jaypee Bela Cement) · Jaiprakash Industries Limited (Jaypee Rewa Cement) · Jammu and Kashmir Cements Limited · Jammu and Kashmir Minerals Limited · Jay Engineering Works Limited · Jaypee Assam Cement Limited · Jenson and Nicholson India Limited · Jordan Cement Factory Limited · Kalyanpur Cements Limited · Kanoria Chemicals and Industries Limited · Kanoria Industries Limited · Karnatka Cement Limited · Karnatka State Industrial Development Corporation Limited · Kaypee Industries Limited · KCP Limited · Kedia Group of Industries · Kerala State Industrial Development Corporation Limited · Kesoram Cement · Khaitan Hostombe Spinels Limited · Kobe Steel · Kustner Industries S.A. · Lafarge Group · Larsen and Toubro Limited · Lok Housing and Construction Limited · Longulf Trading (UK) Limited · Lucky Cement · Macawber Beekay Limited · Madras Cements Limited · Mafatlal Fine Spg. and Mfg. Company Limited · Magnesite and Minerals Limited · Maihar Cement · Makers Development Services Private Limited · Malwa Cotton Spinning Mills Limited · Mangalam Cement Limited · Manikgarh Cement · Maurya Cement and Slag Limited · Mawmluh Cherra Cements Limited · Meghalaya Industrial Development Corporation Limited · Menzi Muck Ag · Messebo Building Materials Production Share Company · Ministry of Industry, Government of India. · Ministry of Science and Technology, Government of India. · Modern India Construction Company Limited · Modi Cement Limited · Modipon Limited · Morning Star Cement · Nagarjuna Construction Company Limited · Narmada Cement Company Limited · National Hydro Electric Power Corporation Limited · National Thermal Power Corporation Limited · Necem Limited · Nepal Bureau of Mines · Nihon Nirmaan Limited · Nyeriz White Cement · OCL India Limited · Oman Cement Company · Orascom Construction Industries · OrientCement · Orissa Minerals and Chemicals Limited · Pakland Cement · Panyam Cements and Mineral Industries Limited · Patfab Engineers Private Limited · Penden Cement · Phoenix Cement Limited · Pradeshiya Industrial and Investment Corporation of U.P. Limited · Prism Cement · Projects and Equipment Corporation of India Limited · Puttalam Cement Company Limited · Pyramid Cements Private Limited · Qassim Cement Company · Raasi Cement · Raj Cement · Rajashree Cement · Ramboll · Ranakpur Cements Limited · Raymond Cement Works · Riyadh Cement Company · Rohrbach Technologie Ag · Roofit Industries Limited · Ruchi Strips and Alloys Limited · Saudi Cement Company · Saudi White Cement Company · Saurashtra Cement Limited · Shankaranarayana White Cements Limited · Shree Cement Limited · Shree Digvijay Cement Company Limited · Sinoma INT · Sofian Cement · Sone Valley Cements Limited · South India Cements Limited · Southern Province Cement Company · Sri Lanka Cement Corporation Limited · Sri Vishnu Cement Limited · Standard Mills Company Limited · State Bank of India · Steel Authority of India Limited · Sundaram cements Limited · Super Circle Gaskets Limited · Sutlej Cotton Mills Limited · Svedala Industry · Swiss Agency for Development Cooperation · Tamil Nadu Cements Corporation Limited · Tamil Nadu Magnesite Limited · Tata Iron and Steel Company · Technology Application Consultants Private Limited · Tehran Cement Company Limited · Tejpur Vanijya Limited · Texmaco Limited · Thamarat Najran Company · The Jaipur Udyog Limited · The World Bank · Toyo Engineering Limited · Tranvancore Cements Limited · Udaipur Cement Works (J K Udaipur Udyog Limited) · United Nations Population Fund · Universal Cans and Containers Limited · Uttar Pradesh State Cement Corporation Limited · Vicat Group · Vikram Cement · Vinaconex · Vinay Cement · Visvesvaraya Iron and Steel Company Limited · Voltas Limited · Walchand Nagar Industries Limited · Wartsila India Limited · West Bengal Industrial Dev Corporation Limited · Yanbu Cement Company · Yemeni Saudi Cement Company · Zuari Agro Chemicals Limited · Zuari Cement
No. of Employees :	450
Bankers :	· Standard Chartered Bank Address: No. 10, parliament Street, New Delhi – 110 001, India
Banking Relations :	Satisfactory
Auditors :
Name 1:	Luthra and Luthra Chartered Accountants
Address :	A 169/9, Vasant Vihar, New Delhi – 110 057, India.
Name 2:	Mehra Singh and Vishwanath Chartered Accountants
Address :	Flat No. 10 Shankar Market, Connaught Circus, Delhi – 110 001, India

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs. 10/- each	Rs. 7.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs. 10/- each	Rs. 4.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		4.000	4.000	4.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		355.786	174.693	100.470
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		359.786	178.693	104.470
LOAN FUNDS
1] Secured Loans		1.872	2.515	9.489
2] Unsecured Loans		9.374	9.374	10.441
TOTAL BORROWING		11.246	11.889	19.930
DEFERRED TAX LIABILITIES		0.699	1.603	2.073
TOTAL		371.731	192.185	126.473
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		59.315	54.091	62.255
Capital work-in-progress		75.270	0.000	0.000
INVESTMENT		205.045	66.482	37.641
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	23.845	14.560
	Sundry Debtors	255.371	128.234	79.480
	Cash & Bank Balances	231.237	192.584	79.286
	Other Current Assets	29.818	25.753	10.307
	Loans & Advances	224.158	123.319	65.164
Total Current Assets		740.584	493.735	248.797
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	456.190	283.794	140.152
	Provisions	252.293	138.329	82.068
Total Current Liabilities		708.483	422.123	222.220
Net Current Assets		32.101	71.612	26.577
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		371.731	192.185	126.473

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		648.532	365.378	250.770
Other Income		21.665	12.099	4.519
Total Income		670.197	377.477	255.289
Profit/(Loss) Before Tax		307.745	139.361	70.777
Provision for Taxation		108.833	53.445	26.803
Profit/(Loss) After Tax		198.912	85.916	43.974
Expenditures :
	Financial Charges	1.162	1.753	2.937
	Depreciation	9.764	7.868	6.296
	Other Expenditure	351.526	228.495	175.279
Total Expenditure		362.452	238.116	184.512

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	29.65	22.76	17.22
Net Profit Margin (PBT/Sales)	(%)	47.45	38.14	28.22
Return on Total Assets (PBT/Total Assets}	(%)	38.47	25.44	22.75
Return on Investment (ROI) (PBT/Networth)		0.85	0.78	0.68
Debt Equity Ratio (Total Liability/Networth)		2.00	2.43	2.32
Current Ratio (Current Asset/Current Liability)		1.05	1.17	1.12

LOCAL AGENCY FURTHER INFORMATION

FORM 8:-

Name of the company	HOLTEC CONSUILTING PRIVATE LIMITED
Presented By	HOLTEC CONSUILTING PRIVATE LIMITED
1) Date and description of instrument creating the change	The borrower (company) has by declaration created the mortgage on the immovable property in favour of the Standard Chartered Bank on 11.01.2004 The certified copy of the memorandum of entry for the mortgage by way deposit of title deeds in this regard is enclosed.
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 8.500 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Mortgage of residential property located of the company at J – 12/1 DLF Qutub Enclave Phase II , Gurgaon , Haryana
4) Gist of the terms and conditions and extent and operation of the charge.	Security for various credit facilities granted to Holtec Consulting Private limited Charge operates as first and paramount charge in favour of the bank as security for all dues under the various credit facilities.
5) Name and Address and description of the person entitled to the charge.	Standard Chartered Bank No. 10, parliament Street, New Delhi – 110 001, India
6) Date and brief description of instrument modifying the charge	NA
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA

WEBSITE DETAILS:

Project Highlights:

Cement Industry Services

Integrated range of engineering and management services  a "Total Solutions" approach.

Concept to commissioning services rendered for seventy  five new cement plants and major expansions.

Highly-developed capability to handle  complete detailed engineering and project management of cement plants.

Experienced in 74+ countries in over  2,800+  assignments.

ISO 9001:2000 certified.

Infrastructure Services

HIGHWAYS

The company has designed heavy-duty industrial roads, hill roads, haulage roads, link and approach roads, and residential roads. These roads were designed and built to single-lane, two-lane and four-lane specifications. The company has also designed earthen and un-surfaced village roads. Additionally, subject has also engineered high embankments, bridges, culverts, and drainage systems. 

Services:

Subject with their associates are capable of offering most cost effective services for Captive Power projects:

· Techno-economic feasibility studies.

· Basic and detailed engineering.

· Energy conservation system.

· System study.

· Transmission and distribution system.

· Construction supervision and Project Management.

· Commissioning, troubleshooting and operations.

Success Stories:

The company and their associates have rendered engineering consultancy for more than 45 captive power plants from concept to commissioning (Thermal and DG based).

References:

· 14 MW Captive Power plant for HOLCIM LANKA LIMITED, Sri Lanka

· 15 MW Captive Power Plant for Chettinad Cement Corp Limited

· 17 MW Captive Power plant for OCL India Limited, Orissa

· 17.5 MW Captive Power plant for Mangalam Cement Limited, Rajasthan

· 20 MW Captive Power plant for Gujurat Sidhee Cement Limited, Mumbai

· 35 MW Captive Power plant for Nirma Cement Limited, Gujarat

· 37 MW Captive Power plant for Najran Cement Limited

· 39 MW Captive Power plant for City Cement Limited, Saudi Arabia

· 40 MW Captive Power plant for Jaiprakash Associates Limited, India

· 40 MW Captive Power plant for Arabian Yemen Cement Limited

Resources:

· Key personnel have direct first hand experience in design, engineering and commissioning.

· Can provide integrated engineering solution covering Civil, Mechanical, Electrical, Piping, Cand I, under one roof.

· Have capacity to offer 500,000 engineering and drafting hours per annum with care skill.

· Has core erection and commissioning supervision team.

· Has exhibited its project management experience in handling very large activity project in tight schedule

Management Services (MS)

The management consulting division of Holtec, provides comprehensive management solutions for clients in varied sectors and countries.

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	Indian Rupees
US Dollar	1	Rs.42.84
UK Pound	1	Rs.84.78
Euro	1	Rs.67.32

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--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
TOTAL		75

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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