MIRA INFORM REPORT

 

 

Report Date :

14.05.2011

 

IDENTIFICATION DETAILS

 

Name :

S.P. FABRICATORS PRIVATE LIMITED

 

 

Formerly Known As :

TRANSMISSION BELTINGS MANUFACTURING (INDIA) PRIVATE LIMITED

 

 

Registered Office :

70, Nagindas Master Road, Fort, Mumbai – 400 023, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

28.06.1993

 

 

Com. Reg. No.:

11-072591

 

 

Capital Investment / Paid-up Capital :

Rs.95.000 millions

 

 

CIN No.:

[Company Identification No.]

U25192MH1993PTC072591

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMT05152A

 

 

PAN No.:

[Permanent Account No.]

AAFCS9565C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter and Importer of Aluminium Architectural Products.

 

 

No. of Employees :

80 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 1612000

 

 

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 be 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.

 

INFORMATION PARTED BY

 

Name :

Mr. Manoj

Designation :

Accountant

Date :

13.05.2011

 

 

LOCATIONS

 

Registered Office :

70, Nagindas Master Road, Fort, Mumbai – 400 023, Maharashtra, India

Tel. No.:

91-22-41564156/ 65134163

Fax No.:

91-22-27781845

E-Mail :

spfab@spfab.net

minal.vanarase@spfab.net

Website :

www.spfab.net

Area :

2000 sq ft

Location :

Owned

 

 

Factory :

A – 417, TTC, MIDC Industrial Area, Thane - Belapur Road, Mahape, Navi Mumbai – 400 701, Maharashtra, India

Tel. No.:

91-22-55904163/ 64/ 65

Fax No.:

91-22-55904166

Location :

Owned

 

 

DIRECTORS

 

As on 30.09.2010

 

Name :

Mr. Pradeep Ramesh Sharma

Designation :

Managing Director

Address :

B-302, Apollo, Hiranandani Estate, Thane, Mumbai – 400 607, Maharashtra, India 

Date of Birth/Age :

11.09.1956

Qualification :

B. Tech (Mechanical Engineer – IIT Kanpur)

Experience :

32 Years

Date of Appointment :

22.09.2008

DIN No.:

02391098

 

 

Name :

Mr. Mohan Salamatrai Hingorani

Designation :

Director

Address :

601, Ramlakshmi Niwas, Plot No.527 A, 16th Road, Mumbai – 400 052, Maharashtra, India

Date of Birth/Age :

10.06.1937

Date of Appointment :

22.07.1997

DIN No.:

00021284

 

 

Name :

Mr. Jimmy Jehangir Parakh

Designation :

Director

Address :

Flat No.502, Sterling Tower, HG Marg, Gamdevi, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

01.10.1949

Date of Appointment :

12.12.1996

DIN No.:

00004945

 

 

Name :

Mr. Subramania Iyer Kuppuswamy

Designation :

Director

Address :

52, Praneet, 234, J. Palkar Road, Worli, Mumbai – 400 025, Maharashtra, India

Date of Birth/Age :

17.09.1950

Date of Appointment :

24.04.2006

DIN No.:

00058836

 

 

Name :

Mr. Rahul Adeshwar Jain

Designation :

Director

Address :

Flat No.10, Tirupati Balaji CHS, 14 Road, Khar, Mumbai – 400 052, Maharashtra, India

Date of Birth/Age :

17.09.1951

Date of Appointment :

12.07.1996

DIN No.:

00064666

 

 

Name :

Mr. Ashok Debabrata Barat

Designation :

Additional Director

Address :

Everest House 3rd Floor, 14 Carmichael Road, Mumbai – 400 030, Maharashtra, India 

Date of Birth/Age :

05.12.1956

Date of Appointment :

15.04.2011

DIN No.:

00492930

 

 

Name :

Homeyar Jal Tavaria

Designation :

Additional director

Address :

Rustom Baug, Block No. 7, Flat No. 8, Sant Savta Marg, Mumbai – 400 027, Maharashtra, India 

Date of Birth/Age :

03.07.1954

Date of Appointment :

15.04.2011

DIN No.:

00007567

 

 

Name :

Mr. Mahesh Chelaram Tahilyani

Designation :

Additional Director

Address :

5/802, 8th Floor Rustomjee Ozone Tower No.5, BH.GGN-TEL.EXCH.GGN-MLND-Link Road, Goregaon (West), Mumbai – 400 062, Maharashtra, India 

Date of Birth/Age :

26.09.1964

Date of Appointment :

15.04.2011

DIN No.:

01423084

 

 

Name :

Mr. Vasant Narayan Sanzgiri

Designation :

Additional Director

Address :

24A Nepean Sea Road, Flat No. 4, Mumbai - 400 036, Maharashtra, India 

Date of Birth/Age :

12.09.1960

Date of Appointment :

15.04.2011

DIN No.:

01757117

 

 

KEY EXECUTIVES

 

Name :

Mr. Manoj

Designation :

Accountant

 

 

Name :

Ms. Minal Prashant Vanarase

Designation :

Secretary

Address :

RH No.2, Ril Sundervan CHS, Sector 2, Airoli, Navi Mumbai – 400708, Maharashtra, India

Date of Birth/Age :

23.08.1981

Date of Appointment :

27.01.2011

PAN No.:

AGXPN1106D

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Bodies corporate

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of Aluminium Architectural Products.

 

 

Products :
  • Curtain Wall
  • Cladding
  • Windows and Doors
  • Entrance Glazing
  • Skylights
  • Canopy
  • Louvers
  • Sun Breakers

 

 

Exports :

 

Products :

Consumables

Countries :

Mauritius

 

 

Imports :

 

Products :

Aluminium Composite Panel

Countries :

Mauritius

 

 

Terms :

 

Selling :

Cash and Credit (30/ 60/ 90 days)

 

 

Purchasing :

Cash and Credit  (30/ 60/ 90 days)

 

 

GENERAL INFORMATION

 

Customers :

End Users, OEM’s and Corporates

 

 

No. of Employees :

80 (Approximately)

 

 

Bankers :
  • State Bank of India, Industrial Finance Branch, ‘The Arcade’, World Trade Centre, Colaba, Mumbai – 400 005, Maharashtra, India 
  • Axis Bank Limited, Vardhaman Chambers, Premiseg Co-Operative Society Limited, Plot No.84, Sector 17, Vashi, Navi Mumbai – 400 705, Maharashtra, India
  • ICICI Bank Limited
  • HDFC Bank Limited
  • Standard Chartered Bank, 90, Mahatma Gandhi Road, P.O. Box 141, Mumbai – 400 001, Maharashtra, India
  • ANZ Grindlays Bank Limited, 90, M.G. Road, Mumbai – 400 001, Maharashtra, India

 

 

Facilities :

Secured Loans

31.03.2010

Rs. In Millions

31.03.2009

Rs. In Millions

(A) Secured Loans from Bank

(I) Overdraft

With State Bank of India (Note 1)

 

 

501.559

 

 

442.608

Buyer’s Credit Import L/C – State Bank of India

0.099

14.802

(II) Term Loan

From State Bank of India (Note 1)

 

23.300

 

36.600

From ICICI Bank Car Loan (Note 2)

0.961

1.380

From HDFC Bank Car Loan

0.000

0.193

Total

525.919

495.583

 

Notes:

 

1) Secured by fist charge over all the current assets of the Company consisting of Raw Materials, Stock in Progress, Finished Goods and book debts and second charge by the way of collateral security on the fixed assets of the company consisting of land, building, plant and machinery situated at A-417, TTC MIDC Industrial Area, Mahape and assets situated at Bangalore and Chennai Plant.

 

2) Secured by hypothecation of vehicles in favour of ICICI Bank.

 

Unsecured Loans

31.03.2010

Rs. In Millions

31.03.2009

Rs. In Millions

Inter-corporate Deposits

17.136

24.636

By issue of commercial paper (maximum balance during the year Rs.30.000 millions; previous year NIL)

300.000

0.000

Term Loan from Others

100.000

0.000

Term Loan from Banks

100.000

0.000

Total

517.136

24.636

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Harshad Doshi

Chartered Accountants

Address :

Cutch Castle, 3rd Floor, SVP Road, Opera House, Mumbai – 400 004, Maharashtra, India

 

 

Holding Company :

SP Aluminium Systems Private Limited

CIN No.: U27203MH1995PTC095322

Address: 70, Nagindas Master Road, Fort, Mumbai – 400 023, Maharashtra, India

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

150000

Equity Shares

Rs.100/- each

Rs.15.000 millions

800000

9% Non-Cumulative Redeemable Preference Shares

Rs.100/- each

Rs.80.000 millions

150000

Non-Classified Shares

Rs.100/- each

Rs.15.000 millions

 

Total

 

Rs.110.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

150000

Equity Shares

Rs.100/- each

Rs.15.000 millions

800000

9% Non-Cumulative Redeemable Preference Shares

Rs.100/- each

Rs.80.000 millions

 

Total

 

Rs.95.000 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

95.000

95.000

95.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

307.924

280.031

230.342

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

402.924

375.031

325.342

LOAN FUNDS

 

 

 

1] Secured Loans

525.919

495.583

236.410

2] Unsecured Loans

517.136

24.636

24.636

TOTAL BORROWING

1043.055

520.219

261.046

DEFERRED TAX LIABILITIES

7.964

10.251

5.376

 

 

 

 

TOTAL

1453.943

905.501

591.764

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

131.987

124.866

110.128

Capital work-in-progress

0.000

0.000

0.000

 

 
 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories & Contract in Progress

785.880
708.791

444.782

 

Sundry Debtors
1085.302
660.950

596.041

 

Cash & Bank Balances
144.306
9.594

16.570

 

Other Current Assets
0.000
0.000

0.000

 

Loans & Advances
352.552
303.711

151.899

Total Current Assets
2368.040

1683.046

1209.292

Less : CURRENT LIABILITIES & PROVISIONS

 

 

 

 

Sundry Creditors

695.288

512.761

451.303

 

Other Current Liabilities & Provisions
350.796

389.650

276.353

Total Current Liabilities
1046.084
902.411

727.656

Net Current Assets
1321.956
780.635

481.636

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

1453.943

905.501

591.764

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Gross Income from Operation

(Excluding change in work-in-progress)

2297.761

2242.576

1821.218

 

 

Other Income

30.878

16.404

6.042

 

 

TOTAL                                    

2328.639

2258.980

1827.260

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

2278.032

2164.916

1601.819

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

2278.032

2164.916

1601.819

 

 

 

 

 

 

PROFIT BEFORE TAX

50.607

94.064

225.441

 

 

 

 

 

Less

TAX                                                                 

22.714

44.375

85.643

 

 

 

 

 

 

PROFIT AFTER TAX

27.893

49.689

139.798

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

230.031

180.342

100.722

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Proposed Dividend

 

 

 

 

 

Preference Dividend

--

--

7.200

 

 

Equity Dividend

--

--

1.500

 

 

Tax on Dividend

--

--

1.478

 

 

Transfer to General Reserve

--

--

50.000

 

BALANCE CARRIED TO THE B/S

257.924

230.031

180.342

 

 

 

 

 

 

Earnings Per Share (Rs.)

186.00

331.00

932.00

 

Particulars

 

 

 

31.03.2011

(Approximately)

Sales Turnover

 

 

2450.000

 

 

 

 

 

Expected Sales (2011-2012): Rs.2700.000 millions

 

The above information has been parted by Mr. Manoj (Accountant).

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
1.20
2.20

7.65

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
2.20

4.19

12.38

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
2.02
5.20

17.09

 

 
 
 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.13
0.25

0.69

 

 
 
 

 

Debt Equity Ratio

(Total Liability/Networth)

 
5.18
3.79

3.04

 

 
 
 

 

Current Ratio

(Current Asset/Current Liability)

 
2.26
1.87

1.66

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Details of Sundry Creditors:

 

Particulars

 

31.03.2010

(Rs. in millions)

31.03.2009

(Rs. in millions)

31.03.2008

(Rs. in millions)

Sundry Creditors

695.288

512.761

451.303

 

 

 

 

 

FORM 8:

 

Corporate identity number of the company

U25192MH1993PTC072591

Name of the company

S.P. FABRICATORS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

70, Nagindas Master Road, Fort, Mumbai – 400 023, Maharashtra, India

E-Mail: spfab@spfab.net

This form is for

Modification of charge

Charge identification number of the modified 

80006434

Type of charge

Immovable Property

Particular of charge holder

State Bank of India, Industrial Finance Branch, ‘The Arcade’, World Trade Centre, Colaba, Mumbai – 400 005, Maharashtra, India 

E-Mail: k.pardeshi@sbi.co.in

Nature of description of the instrument creating or modifying the charge

Form C-10 Memorandum of deposit for creation of further charge for increase in overall limit where the initial charge is created by way of mortgage by deposit of title deeds

Date of instrument Creating the charge

03/11/2010

Amount secured by the charge

Rs.1832.200 millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest:

As per sanctioned terms and conditions of lender banks

 

Terms of Repayment:

As per sanctioned terms and conditions of lender banks

 

Margin:

As per sanctioned terms and conditions of respective banks

 

Extent and Operation of the charge:

As per sanctioned terms and conditions of lender banks

 

Others:

As per sanctioned terms and conditions of lender banks

Short particulars of the property charged

All the piece of parcel of land known as Plot. No.A/417 in the TTC Industrial Area within the village limits of Mahape Taluka and Registration Sub-District Thane District and registration District Thane

Containing by admeasurements 2745 sq. mts or thereabout.

Date of latest modification prior to the present modification

26/03/2009

Particulars of the present modification 

By this modification, charge was created on the immovable properties of the Company to repayment to the State Bank of India of the sum of Rs.1332.200 millions  (enhanced /revived limit)  and for creating the First pari passu charge of IDBI Bank Limited for an amount of Rs.300.000 millions and The Federal Bank Limited for an amount of Rs.200.000 millions. Aggregating to Rs.1832.200 millions.

 

 

This form is for

Modification of charge

Charge identification number of the modified 

80006434

Corporate identity number of the company

U25192MH1993PTC072591

Name of the company

S.P. FABRICATORS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

70, Nagindas Master Road, Fort, Mumbai – 400 023, Maharashtra, India

Type of charge

Immovable Property

Particular of charge holder

State Bank of India, Industrial Finance Branch, ‘The Arcade’, World Trade Centre, Colaba, Mumbai – 400 005, Maharashtra, India 

E-Mail: kamalax_saraf@hotmail.com

Nature of description of the instrument creating or modifying the charge

No Instrument. Memorandum of deposit for creation of further charge for term loan overall limit where the initial charge is created by way of mortgage by deposit of title deed (Form C-10)

Date of instrument Creating the charge

26.03.2009

Amount secured by the charge

Rs.1590.000 millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest: As per sanction terms

 

Terms of Repayment: As per sanction terms

 

Margin: As per sanction terms

 

Extent and Operation of the charge: Not Applicable 

 

Others: Not Applicable

Short particulars of the property charged

A first charge by way of Hypothecation of the borrowers entire goods, movables and other assets present and future including documents of title to goods and other assets such as book debts, outstanding moneys, receivables including receivables by way of cash assistance and/or cash incentives under the cash incentive scheme or any other scheme, claims including claims by way of refund of customs/ excise duties under the duty drawback credit scheme or any other scheme.

Date of latest modification prior to the present modification

06.03.2009

 

FIXED ASSETS:

 

v      Leasehold Land

v      Factory Building

v      Plant and Machinery

v      Electrical Installation

v      Office Equipment

v      Furniture and Fixtures

v      Vehicles

v      Software

v      Dies and Patterns

v      Capital W.I.P.

 

 

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.44.91

UK Pound

1

Rs.73.05

Euro

1

Rs.64.03

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

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

 

45

 

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.