BUSINESS INFORMATION REPORT

1. Summary Information

		Country	India
Company Name	ESS AAR UNIVERSAL PRIVATE LIMITED	Principal Name 1	Mr. Sudhir Rustagi – Director
Status	Satisfactory	Principal Name 2	Mr. Neeraj Rustagi – Director
		Registration #	55-66225
Street Address	G – 90, Basement, Preet Vihar, Delhi – 110092
Established Date	31.07.1984	SIC Code	--
Telephone#	91-11-22429553	Business Style 1	Manufacture
Fax #	91-11-22454528	Business Style 2	Exporter
Homepage	/www.essaarpu.com/ www.essaar.com	Product Name 1	Sheet Metal Components
# of employees	69	Product Name 2	LT Electrical
Paid up capital	Rs. 50,010,000/-	Product Name 3	MCCS and Parts
Shareholders	Directors or relatives of directors – 99%	Banking	Allahabad Bank, Punjab National Bank
Public Limited Corp.	NO	Business Period	26 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (46)
Related Company
Relation	Country	Company Name	CEO
Subsidiary	India	Deeva Textiles Private Limited	-
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	74,489,000	Current Liabilities	30,762,000
Inventories	18,568,000	Long-term Liabilities	36,414,000
Fixed Assets	71,629,000	Other Liabilities	20,803,000
Deferred Assets	0,000	Total Liabilities	87,979,000
Invest& other Assets	24,027,000	Retained Earnings	50,724,000
		Net Worth	100,734,000
Total Assets	188,713,000	Total Liab. & Equity	188,713,000
Total Assets (Previous Year)	158,553,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	161,016,000	Net Profit	7,581,000
Sales(Previous yr)	203,963,000	Net Profit(Prev.yr)	14,915,000

MIRA INFORM REPORT

Report Date :

24.02.2011

IDENTIFICATION DETAILS

Name :	ESS AAR UNIVERSAL PRIVATE LIMITED
Registered Office :	G – 90, Basement, Preet Vihar, Delhi – 110092
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	31.07.1984
Com. Reg. No.:	55-66225
CIN No.: [Company Identification No.]	U93000DL1984PTC066225
TAN No.: [Tax Deduction & Collection Account No.]	KNPE01036A
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacture and Exporter of Electrical Control Panels, Bus Duct and Steel fabricated components.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 400000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments The company can considered normal 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	G – 90, Basement, Preet Vihar, Delhi – 110092
Tel. No.:	91-11-22429553 / 42420328
Fax No.:	91-11-22454528 / 91-120-2895951
E-Mail :	essaar@vsnl.com info@essaarpu.com
Website :	www.essaarpu.com www.essaar.com
Location :	Commercial
Administer Office :	201, Pankaj Chamber, Commercial Complex, Preet Vihar, Delhi – 110092
Factory 1 :	C-10, Panki Industrial area-III, kanpur-208022, Uttar Pradesh
Tel. No.:	91-512-2692515/2692516
Fax No.:	91-512-2692517
E-Mail :	ddrustagi@essaar.com
Website :	http://www.essaar.com
Area :	42300 Sq. ft (Covered Area – 30,000 Sq. ft), Manufacturing Area – 25000 Sq. ft, Office Block – Double Storey – 2000 Sq. ft
Location :	Owned (Industrial)
Factory 2 :	A –40/1, Site IV, Sahibabad Industrial Area, Ghaziabad – 201010, Uttar Pradesh
Tel. No.:	91-120-2896012/2896074
Fax No.:	91-120-2895951
E-Mail :	info@essarpu.com
Location :	Industrial

DIRECTORS

As on 17.08.2010

Name :	Mr. Sudhir Rustagi
Designation :	Director
Address :	G-90, Preeti Vihar, Delhi-110092, India
Date of Birth/Age :	17.11.1961
Date of Appointment :	28.05.1997
Name :	Mr. Neeraj Rustagi
Designation :	Director
Address :	G-90, Preeti Vihar, Delhi-110092, India
Date of Birth/Age :	28.04.1963
Date of Appointment :	28.05.1997

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 17.08.2010

Names of Shareholders		No. of Shares
Mrs. Bimla Devi Rustagi		100000
Mr. Devi Dayal Rustagi		4200
Mr. Faquir Chand Rustagi		300000
Mrs. Kalpana Rustagi		673800
Mr. Sudhir Rustagi		2223500
Mr. Tanmay Rustagi		848700
Mrs. Usha Rustagi		2100
Mr. Gandharv Rustagi		848700
	Total	5001000

As on 17.08.2010

Category	Percentage of Holding
Directors or relatives of directors	99.00
Other top fifty Shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture and Exporter of Electrical Control Panels, Bus Duct and Steel fabricated components.

Products :

v ACB and OCB Panels

v Annunciator Panels

v Automatic Power Factor Improvement Panels

v Busbar Trunking Panels

v Capacitor Panels

v Change Over Panels

v Control Desks

v Distribution Boards for AC and DC

v Feeder Pillars

v Fuse Distribution Boards

v Local Control Station Panels

v Low Tension and High Tension Main Panels

v Motor Control Centres

v PLC Panels

v Power Control Centres

v Power Distribution Boards

v Push Button Stations

v Relay Panels

v Relay and Metering Panels

Generic Names of principal Products of Company

Item Code No. (ITC Code)	Product Description
8537	Electric Control Panels
6405	Synthetic Footwear and its components

Exports :

Countries :

Kazakhstan, Kenya, Nepal

Terms :

Selling :

Cash or Credit (30 days)

Purchasing :

Cash or Credit (30 days)

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Sheet Metal Components	Nos	NA	100000	34073
LT Electrical	Nos	NA	45000	7323
MCCS and Parts	Nos	NA	NA	7913
Soles and Slippers	Pairs	9000000	3150000	993581

GENERAL INFORMATION

Customers :

· Delhi Vidyut Board

· Reebok

· Mephisto

· Ecco

· Clarks Stonefly

· Hushpuppies

· Bata

No. of Employees :

69 (Approximately)

Bankers :

• Allahabad Bank, International Branch, 3^rd Floor, 17 Parliament Street, New Delhi - 110001
• Punjab National Bank
• HDFC Bank Limited
• ICICI Bank Limited
• The Bank of Rajasthan Limited,
• 75/232, Halsey Road, Kanpur State Bank of India, Kalpi Road, Kanpur

Facilities :

Secured Loan	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
From Bank Term Loan (Secured by personal Guarantee of a director)	20.730	21.931
Cash Credit account from Bank (Secured by equitable mortgage of land and building of Engg. Division and hypothecation of book debts and inventory)	12.531	9.636
Total	33.261	31.567

Banking Relations :
Auditors :
Name :	P. L. Tondon and Company (Mr. P P Singh) Chartered Accountants
Address :	West Cott Building, Mahatma Gandhi Road, Post Boa No. 113, Kanpur – 208001, Uttar Pradesh
Tel. No.:	91-512-2366774/2317857
Fax No.:	91-512-2351560
Associates/Subsidiaries :	Deeva Textiles Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2105000	Equity Shares	Rs.10/- each	Rs.21.050 Millions
478500	Equity Shares (Fully Paid – up issued for consideration other than cash)	Rs.10/- each	Rs.4.785 Millions
2417500	Equity Shares (Fully paid up have been issued as Bonus shares by Capitalization of General Reserve)	Rs.10/- each	Rs.24.175 Millions
		Total	Rs. 50.010 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		50.010	50.010	50.010
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		50.724	44.017	30.565
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		100.734	94.027	80.575
LOAN FUNDS
1] Secured Loans		33.261	31.568	31.473
2] Unsecured Loans		3.153	3.855	0.100
TOTAL BORROWING		36.414	35.423	31.573
DEFERRED TAX LIABILITIES		7.248	7.885	8.159
TOTAL		144.396	137.335	120.307
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		71.629	74.642	74.914
Capital work-in-progress		20.920	1.075	1.075
INVESTMENT		3.107	8.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18.568	12.940	17.620
	Sundry Debtors	27.656	28.537	43.661
	Cash & Bank Balances	16.650	16.622	7.868
	Other Current Assets	0.902	1.419	1.420
	Loans & Advances	29.281	15.318	26.246
Total Current Assets		93.057	74.836	96.815
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.400	5.510
	Other Current Liabilities	8.362	5.966	31.980
	Provisions	13.555	9.742	20.517
Total Current Liabilities		44.317	21.218	52.497
Net Current Assets		48.740	53.618	44.318
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		144.396	137.335	120.307

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	161.016	203.963	200.196
		Other Income	7.994	3.816	12.416
		Profit on sale of Fixed assets	0.000	0.034	0.466
		TOTAL (A)	169.010	207.813	213.078
Less	EXPENSES
		Manufacturing Expenses		19.662	23.607
		Administrative Expenses		7.588	5.297
		Raw Material Consumed		118.314	126.835
		Selling and Distribution Expenses	147.609	4.105	4.636
		Increase/(Decrease) in Finished Goods		3.497	3.509
		Salaries, Wages, Bonus, etc.		20.410	18.577
		TOTAL (B)	147.609	173.576	182.461
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		21.401	34.237	30.617
Less	FINANCIAL EXPENSES (D)		2.591	3.538	4.425
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.810	30.699	26.192
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.455	7.297	7.537
	PROFIT BEFORE TAX (E-F) (G)		11.355	23.402	18.655
Less	TAX (H)		3.774	8.487	6.411
	PROFIT AFTER TAX (G-H) (I)		7.581	14.915	12.244
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.018	0.565	1.246
Less	APPROPRIATIONS
		Proposed Dividend	0.750	1.250	2.500
		Tax on Dividend	0.124	0.212	0.425
		Transfer to General Reserve	10.000	10.000	10.000
	BALANCE CARRIED TO THE B/S		0.724	4.018	12.925
	EARNINGS IN FOREIGN CURRENCY		2.859	3.243	13.382
	IMPORTS
		Raw Materials	2.219	12.068	NA
		Stores & Spares	0.561	0.000	NA
		Capital Goods	2.245	0.936	NA
	TOTAL IMPORTS		5.025	13.004	NA
	Earnings Per Share (Rs.)		1.52	2.98

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.49	7.18	5.75
Net Profit Margin (PBT/Sales)	(%)	7.05	11.47	9.32
Return on Total Assets (PBT/Total Assets}	(%)	6.90	14.75	10.79
Return on Investment (ROI) (PBT/Networth)		0.11	0.25	0.23
Debt Equity Ratio (Total Liability/Networth)		0.80	0.60	1.04
Current Ratio (Current Asset/Current Liability)		2.10	3.53	1.84

LOCAL AGENCY FURTHER INFORMATION

Operation:

Despite severe competition the company could achieve profits in this period of recession, it expects to maintain at the enhanced level in the next year also due to its rigorous efforts in all direction.

Fixed Assets:

• Lease Hold Land
• Land
• Building
• Pant & Machinery
• Furniture & Fixture
• Vehicles

Form 8:

Name of the company	ESS AAR UNIVERAL PRIVATE LIMITED
Presented By	Mr. Sudhir Rustagi, Director
1) Date and description of instrument creating the change	Dated: 08.11.2005 General Letter of Hypothecation
2) Amount secured by the charge/amount owing on the securities of charge	Rs.16.000 millions: Rs.9.000 millions –Cash Credit (Hypothecation) Rs.7.000 millions – Bank Guarantee
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	1^st Charge on all plant and machinery, movable assets, inventory and book debts of both engineering and P.Y. Division of the company
4) Gist of the terms and conditions and extent and operation of the charge.	Rate of Interest – 2.00 p.a. above the price leading rate with a maximum rate of 13%p.a. with a=monthly rests.
5) Name and Address and description of the person entitled to the charge.	Allahabad Bank International Branch, 3^rd Floor, 17, Parliament Street, New Delhi – 110001

Corporate identity number of the company	U00000DL1984PTC066225
Name of the company	ESS AAR UNIVERAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	G – 90, Basement, Preet Vihar, Delhi – 110092
This form is for	Creation of Charges
Type of charge	Book Debts Movable Property Immovable Property
Particular of charge holder	Allahabad Bank International Branch, 3^rd Floor, 17, Parliament Street, New Delhi – 110001 E-Mail: albibnd@nda.vsnl.net.in
Nature of description of the instrument creating or modifying the charge	General Letter of Hypothecation Term Loan Agreement
Date of instrument Creating the charge	22.07.2010
Amount secured by the charge	Rs.50.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Floating Rate of Base Rate at present 8% per annum + 4.5% per annum with monthly rests. Terms of Repayment ON DEMAND Margin 25% - for Cash Credit (Hypothecation) 20% - for Bank Guarantee facility 25% - for Machinery (40% - for Import of IInd hand machinery) Extent and Operation of the charge Current Assets of the Engineering and PU Divisions of the company. Fixed Assets of Engineering Division and only Plat and Machinery of the PU Division of the company. Others
Short particulars of the property charged	Land and Building Located At C-10, Panki Industrial Area, Site-Iii, Kanpur-208 022 (U.P.), India.

website details:

Company Profile:

Established in 1984, company specialises in manufacturing of complete range of Electrical Control Panels and Steel fabricated components. Equipped with sophisticated fabrication machines and SEVEN TANK PROCESS for pretreatment, the unit is situated in Panki Industrial Area, Kanpur.

The Electrical Panels so manufactured by ESS AAR find applications in almost every type of industry. The Company enjoys a rare distinction of being an OEM of Siemens Limited, GEC Alsthom India Limited and Asea Brown Boveri Limited.

The unit had been set up with the genuine intentions of supplying quality Panels at affordable prices within the required delivery schedule of customers. There are those big giants who can give quality but then the prices are unaffordable and deliveries too long to wait for. Then there are those small fabricators who offer competitive prices but without any commitment to quality and delivery. At ESS AAR, the philosophy is to supply quality products at affordable prices within delivery requirements of customers.

The Company counts among its clients prestigious organisations such as LOHIA GROUP, TELCO, CEAT, RAYMONDS, PHILIPS, BSES, ICI, TOYO ENGINEERING, BHEL, HINDALCO, HINDUSTAN LEVER LIMITED, FLOUR MILLS, CEMENT PLANTS and various other reputed industries

Subject a prestigious name in the P.U. Shoe Sole industry has established itself as a leading player in both the domestic and the international market through its manufacturing excellence and export proficiency.

Achievement

They are the first to introduce in India the following range of sole varieties that has created a hallmark in the realm of style and fashion:

1. Anti-Slip Dual Density Island Soles

2.Wrinkle-free Leather Micro covered foot bed.

Manufacturing and Production Capacity

Imbibing the best quality system in their products, they also offer customized range of products on the basis of criteria like weight, density, comfort, texture, feel (soft/hard) and look (matt/ shiny).

Their present production capacity is 10,500 pairs per day and they are continuously striving to improvise advance techniques to increase their manufacturing capacity in the future.

Infrastructure

P.U shoe sole production requires a highly precision technology and choice of machine is critical to a project's success, which is guided under thoroughly trained industry professionals.

They employ the latest pouring moulding technology to lend their products with enhanced performance and high grade finishing.

Quality

Quality forms the spine-support of their enterprise. They tolerate no compromise in the quality of the products they manufacture and the service they deliver. Their quality parameters stand on the following grounds:

• The raw materials are procured from the best suppliers in the world to obtain the best quality of the finished product.
• The process of manufacturing employs various automated control and checks to have uniform and consistent parameters like heating temperature, time period for heating of chemicals and their cooling in moulds etc.
• Most of the designs of the sole are registered under various registration numbers with Controller General of Patent, Designs and Trademarks in India.
• They have an in-house testing facility system for the finished product. They evaluate them on certain parameters set on the lines of international quality standards with the help of machines like Bata Belt, Benewart, Flex machine, etc.
• They also offer customized version of the products to satisfy their desired requirement in terms of shape, contour, design etc. as per client requirement.
• They attach great significance to on-time delivery of their products and curtail all means for unnecessary delay.

Their quality of service also reflects in the after-sales service they offer. For them, a deal done is not the end of it; they maintain a record of their customers and ensure satisfaction on their part from time to time.

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.45.20
UK Pound	1	Rs.73.17
Euro	1	Rs.61.88

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	Yes
--LITIGATION	YES/NO	No
--OTHER ADVERSE INFORMATION	YES/NO	No
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	No
--EXPORT ACTIVITIES	YES/NO	Yes
--AFFILIATION	YES/NO	Yes
--LISTED	YES/NO	No
--OTHER MERIT FACTORS	YES/NO	Yes
TOTAL		46

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.