MIRA INFORM REPORT

Report Date :

04.04.2012

IDENTIFICATION DETAILS

Name :	MANUGRAPH INDIA LIMITED (w.e.f.03.04.2002)
Formerly Known As :	MANUGRAPH INDUSTRIES LIMITED
Registered Office :	Sidhwa House, 1^st Floor, N. A. Sawant Marg, Colaba, Mumbai – 400 005, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.04.1972
Com. Reg. No.:	11-15772
Capital Investment / Paid-up Capital :	Rs.60.830 Millions
CIN No.: [Company Identification No.]	L29290MH1972PLC015772
TAN No.: [Tax Deduction & Collection Account No.]	MUMM19181B
PAN No.: [Permanent Account No.]	AAACM7246H
Legal Form :	Public Limited Liability Company. The Company's Shares are Listed on the Stock Exchange
Line of Business :	Manufacturer of Web Offset and Sheet Fed Offset Presses.
No. of Employees :	1500 Approximately

RATING & COMMENTS

MIRA’s Rating :

A (66)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 10578868
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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.

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

INFORMATION DECLINED BY

Name :	Mr. N.S. Naghlekar
Designation :	Finance Manager
Contact No.:	91-22-22874815

LOCATIONS

Registered Office :	Sidhwa House, 1^st Floor, N. A. Sawant Marg, Colaba, Mumbai – 400 005, Maharashtra, India
Tel. No.:	91-22-22871191 / 22874815
Fax No.:	91-22-22870702
E-Mail :	manugraf@vsnl.com info@manugraph.com sanat.shah@manugraph.com sanjay.shah@manugraph.com ravindra.joshi@manugraph.com
Website :	http://www.manugraph.com
Area :	9500 sq. ft.
Location :	Owned
Corporate Office :	Manu Mansion, 16, Shahid Bhagatsingh Road, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22664353/22664409/22664736
Fax No.:	91-22-22663334
Factory :	· Plot No. D1, MIDC Industrial Estate, Shiroli, Pulachi, Kolhapur – 416 122, Maharashtra, India Tel. No.: 91-2302-460150 / 51 Fax No.: 91-2302-468454 · Warnanagar, Kodoli, Panhala, Kolhapur – 416 114, Maharashtra, India. Tel. No.: 91-2328-224281 / 2 / 3 Fax No.: 91-2328-224285 · Gokul Shirgaon Plot No. A/8, MIDC, Kolhapur, Maharashtra, India
Overseas Office:	Located at :- · Srilanka · Germany · Iran · UAE · Kenya · Bangladesh · Russia

DIRECTORS

AS ON 31.03.2011

Name :	Mr. Sanat M. Shah
Designation :	Chairman
Name :	Mr. Sanjay S. Shah
Designation :	Vice Chairman and Managing Director
Name :	Mr. Pradeep S. Shah
Designation :	Managing Director
Name :	Mr. Jayant C. Vakil
Designation :	Independent, Non-Executive Director
Name :	Mr. Hiten C. Timbadia
Designation :	Independent, Non-Executive Director
Name :	Mr. H. H. Vasa
Designation :	Independent, Non-Executive Director
Name :	Mr. Amit N. Dalal
Designation :	Independent, Non-Executive Director
Name :	Mr. Mohan R. Harshe
Designation :	Whole-Time Director
Name :	Mr. Perses M. Bilimoria
Designation :	Director
Name :	Mr. Arun Kumar Puri
Designation :	Director
Name :	Mr. Abhay J Mehrotra
Designation :	Independent, Non-Executive Director
Name :	Mr. Shubhendra M Mordekar
Designation :	Director

KEY EXECUTIVES

Name :	Mr. S. M. Mordekar
Designation :	General Manager – Operations
Name :	Mr. B. B. Nandgave
Designation :	General Manager – Operations
Name :	Mr. Ravindra V. Joshi
Designation :	Company Secretary
Name :	Mr. Suresh Narayan
Designation :	Chief Financial Office

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2011

Category of Shareholder	Total No. of Shares	as a % of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	7,527,700	24.75
Bodies Corporate	9,815,902	32.27
Sub Total	17,343,602	57.02
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	17,343,602	57.02
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	2,569,052	8.45
Financial Institutions / Banks	250	-
Insurance Companies	1,134,352	3.73
Foreign Institutional Investors	100,744	0.33
Sub Total	3,804,398	12.51
(2) Non-Institutions
Bodies Corporate	1,364,211	4.49
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	6,835,818	22.48
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	376,599	1.24
Any Others (Specify)	690,433	2.27
Non Resident Indians	503,642	1.66
Foreign Nationals	78,712	0.26
Foreign Corporate Bodies	250	-
Clearing Members	52,919	0.17
Directors & their Relatives & Friends	54,910	0.18
Sub Total	9,267,061	30.47
Total Public shareholding (B)	13,071,459	42.98
Total (A)+(B)	30,415,061	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	30,415,061	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Web Offset and Sheet Fed Offset Presses.

Products :

Product Description	Item code no. (ITC Code)
Sheet fed offset printing units	844312
Web offset printing units	844321

Exports :

Products :

Web Offset Printing Machine, belts

Countries :

• Brazil
• U.A.E.
• Germany
• Finland
• Vietnam
• Bahrain

Imports :

Products :

Timing Belt Foam, Sealing Compound

Countries :

• Germany
• Europe

Terms :

Selling :

L/C, Cash and Credit (30 days / 60 days / 90 days)

Purchasing :

L/C, Cash and Credit (30 days / 60 days / 90 days)

PRODUCTION STATUS

(AS ON 31.03.2011)

Particulars	Unit	Installed Capacity*	Actual Production
Printing Units	Nos.	960	481

* Installed capacities are as certified by the whole-time director, but not verified by the auditors, being a technical matter.

GENERAL INFORMATION

Suppliers :

· Auto Component Enterprises

· Avison Industries

· Bhakti Enterprises

· Blue Line Engineers

· Chemi Flow Rubber Industries

· Dynamic Engineers

· Echaar Equipments

· Private Limited

· Flame Industries

· Fulai Enterprises

· G.M. Automat

· G.S. Gears India

· Private Limited

· Gauraj Metal Finishers

· Gorson Enterprises

· Hanuman Enginering Works

· Hemmant Industries

· Hind Gears Industries

· Hind Gears

· Hindustan Engineering Works

· K.M. Engineering Works

· Krupa Metals

· Krushnal Agro Engineers

· Kuber Industries

· M.G. Karajgar Engineering System

· Mahalaxmi Industries

· Engineering Systems

· Mangalmurti Industries

· Maruti Udyog

· Master Precision

Customers :

End Users, OEM’s

No. of Employees :

1500 Approximately

Bankers :

· State Bank of India

· State Bank of Bikaner and Jaipur

· Syndicate Bank

· Export – Import Bank

· Axis Bank Limited

· Standard Chartered Bank

Facilities :

Rs. in millions

SECURED LOANS	31.03.2011	31.03.2010
From Export-Import Bank of India Term loans under production equipment finance programme. Secured by first charge by way of hypothecation of moveable fixed assets, present and future and mortgage of land and other immoveable properties, present and future of the company	59.714	168.647
Cash Credit Accounts State Bank of India Secured by hypothecation of stock-in-trade, stores, book debts and other receivables and second charge on the company's moveable and immoveable properties, save and except property situated at Panhala, Kolhapur.	153.331	150.000
Total	213.045	318.647
UNSECURED LOANS	31.03.2011	31.03.2010
Fixed deposits (Repayable within one year - previous year Rs.0.015 Million)	0.000	0.000
Export Import Bank of India (repayable within one year)	0.000	150.000
Total	0.000	150.000

Banking Relations :	Satisfactory
Auditors :
Name :	Natvarlal Veparia and Company Chartered Accountants
Subsidiaries :	· Constrad Agencies [Bombay] Private Limited · Manugraph Kenya Limited · Manugraph DGM Inc. USA.

CAPITAL STRUCTURE

(As on 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
98500000	Equity Shares	Rs.2/- each	Rs.197.000 Millions
10000	Preference shares	Rs.100/- each	Rs.1.000 Million
20000	Unclassified shares	Rs.100/- each	Rs.2.000 Millions
350000	Redeemable preference shares	Rs.100/- each	Rs.35.000 Millions
	Total		Rs.235.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30415061	Equity Shares	Rs.2/- each	Rs.60.830 Millions

Of the above equity shares:

221840 equity shares of Rs.10 each, fully paid-up, allotted (at premium of Rs.10 per share) on conversion of part of the face value (i.e. Rs.40) of each 14 per cent secured redeemable convertible debenture of Rs.140.

2028822 equity shares of Rs.10 each, fully paid-up, allotted (at premium of Rs.35 per share) on conversion of each zero per cent interest secured fully convertible debenture of Rs.90.

320000 equity shares of Rs.10 each, fully paid-up, allotted (at premium of Rs.35 per share) on conversion of each zero per cent interest secured fully convertible debenture of Rs.90 issued to non-residents of Indian nationality/ origin and Overseas Corporate Bodies.

1040000 equity shares of Rs.10 each, allotted to shareholders of the erstwhile Manuweb International Limited in the ratio of one equity share of Rs.10 each credited as fully paid up in exchange for one equity share of Rs.10 each fully paid up held in the erstwhile Manuweb International Limited pursuant to Mumbai High Court's Order.

During the year ended 31^st March, 2002, the company bought-back and cancelled 1105825 equity shares of Rs.10 each under the scheme of buy-back of the shares at Rs.30 per share. Accordingly, the issued and subscribed share capital was reduced from Rs.71.091 Millions to Rs.60.033 Millions.

The equity shares of Rs.10 each have been sub-divided into 5 equity shares of Rs.2 each pursuant to the resolution passed by the shareholders at the extraordinary general meeting held on 19^th September, 2005.

398306 equity shares of Rs.2 each, fully paid-up, allotted to 9 foreign nationals at premium of Rs.246 per share on 20^th December, 2006. Accordingly, the issued and subscribed share capital increased from Rs.60.033 Millions to Rs.60.830 Millions.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		60.830	60.830	60.830
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2583.887	2413.137	2319.416
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2644.717	2473.967	2380.246
LOAN FUNDS
1] Secured Loans		213.045	318.647	611.478
2] Unsecured Loans		0.000	150.000	0.000
3] Deferred Payment Liability		0.000	31.581	511.190
TOTAL BORROWING		213.045	500.228	662.668
DEFERRED TAX LIABILITIES		57.168	54.394	52.632
TOTAL		2914.930	3028.589	3095.546
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		711.598	727.445	751.650
Capital work-in-progress		1.056	6.475	24.377
INVESTMENT		1264.473	1415.091	1248.758
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1275.628	878.296	1275.285
	Sundry Debtors	255.954	120.801	162.477
	Cash & Bank Balances	188.902	441.525	338.866
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	604.598	1024.036	1458.878
Total Current Assets		2325.082	2464.658	3235.506
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	537.583	357.936	369.046
	Other Current Liabilities	732.052	636.473	561.148
	Provisions	117.644	590.671	1234.551
Total Current Liabilities		1387.279	1585.080	2164.745
Net Current Assets		937.803	879.578	1070.761
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2914.930	3028.589	3095.546

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2963.027	2019.380	3921.112
		Other Income	66.153	60.668	137467
		TOTAL (A)	3029.180	2080.048	4058.579
Less	EXPENSES
		Materials	1726.850	1207.309	2296.995
		Other Expenses	845.813	585.761	1087.480
		TOTAL (B)	2572.663	1793.070	3384.475
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		456.517	286.978	674.104
Less	FINANCIAL EXPENSES (D)		29.008	14.425	35.879
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		427.509	272.553	638.225
Less/ Add	DEPRECIATION/ AMORTISATION (F)		102.406	78.346	92.736
	PROFIT BEFORE TAX (E-F) (G)		325.103	194.207	545.489
Less	TAX (I)		101.329	65.020	176.614
	PROFIT AFTER TAX (G-I) (J)		223.774	129.187	368.875
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		327.773	354.052	176.345
Less	APPROPRIATIONS
		Transfer to General Reserve	30.000	120.000	120.000
		Dividend	45.623	30.415	60.830
		Tax on Dividend	7.401	5.051	10.338
	BALANCE CARRIED TO THE B/S		468.523	327.773	354.052
	EARNINGS IN FOREIGN CURRENCY
		Export of printing units (calculated on F.O.B. basis)	1137.907	541.050	1192.819
		Interest	9.242	5.925	6.064
	TOTAL EARNINGS		1147.149	546.975	1198.883
	IMPORTS
		Components	484.441	93.464	459.069
		Capital Goods	0.475	0.000	35.523
		Stores & Spares	3.461	2.029	11.020
	TOTAL IMPORTS		488.377	95.493	505.612
	Earnings Per Share (Rs.)		7.36	4.37	12.13

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	30.06.2011 1^st Quarter	30.09.2011 2^nd Quarter	31.12.2011 3^rd Quarter
Net Sales	586.800	1231.400	946.600
Total Expenditure	555.600	965.300	810.100
PBIDT (Excl OI)	31.200	266.100	136.500
Other Income	10.200	54.600	15.000
Operating Profit	41.400	320.700	151.500
Interest	3.600	0.300	0.600
Exceptional Items	0.000	0.000	0.000
PBDT	37.800	320.400	150.900
Depreciation	27.000	27.300	27.400
Profit Before Tax	10.800	293.100	123.500
Tax	2.200	98.200	35.600
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	8.600	194.900	87.900

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.38	6.21	9.08
Net Profit Margin (PBT/Sales)	(%)	10.97	9.62	13.91
Return on Total Assets (PBT/Total Assets}	(%)	10.70	6.08	10.10
Return on Investment (ROI) (PBT/Networth)		0.12	0.09	0.22
Debt Equity Ratio (Total Liability/Networth)		0.62	0.84	1.18
Current Ratio (Current Asset/Current Liability)		1.67	1.55	1.49

LOCAL AGENCY FURTHER INFORMATION

HISTORY

Incorporated in Apr.'72 as Machinenfabrik Polygraph (India) by chairman Sanat M Shah, Manugraph India Limited, formerly known as Manugraph Industries (MIL) adopted its present name in 1993. The company initially manufactured the older type of letter press printing machines. The product range was extended to Web Offset Machines and Sheet-Fed Offset machines.  

In Aug.'93, the company came out with a Rs.55.800 Millions rights issue of 18.63 equity shares at a premium of Rs 20 each. The object was to increase long-term working capital requirements of the company. The company has a technical collaboration with Solna, Sweden, for the manufacture of printing machinery.  

Subject had two subsidiary companies, Manuweb International and Printpak Machinery. The first was amalgamated with MIL effective from 1 Apr.'94 under an order of the Bombay High Court.  

In 1995-96, the company set up the property development division which will be carrying out all the activities and projects. 

During 1996-97, Printpak Machinery Limited ceased to be a subsidiary of the company. The company shifted its focus from domestic to the export markets by investing substantially in trade shows, exhibitions and new distributors.

PERFORMANCE

Sales

Total income from operations was Rs. 3009.218 millions including export sales of Rs. 1137.907 millions as compared to income from operations of Rs. 2056.423 millions including export sales of Rs. 541.050 millions for the last year.

Other income

Other income consists of dividend, rent and profit on sale of investments.

MANAGEMENT DISCUSSION AND ANALYSIS

Industry Structure and Opportunities

The will observe from the results for the year 2010-11 that there is an improvement in the turnover of the company as compared to previous year. In spite of the fact that the overheads have increased considerably, the company has been able to maintain its bottom line well within control by showing Profit Before Tax (PBT).

Outlook

As informed earlier the US subsidiary has been suitably re-structured and all presslines manufacturing activities for US market will take place mostly from Indian operations. In India, in the current year, they expect good improvement as against 2010-11. However this reflection is likely to come in the second half. Their primary focus is on reducing material cost by sourcing from vendors from all over India. The company is also contemplating buying components outright and not making them in-house so as to bring down the cost in certain categories.

FIXED ASSETS

· Freehold Land

· Leasehold land

· Building

· Office premises

· Plant and machinery

· Jigs and fixtures

· Dies and patterns

· Instruments

· Electrical installations

· Furniture

· Fixtures and equipments

· Vehicles

· Technical documentation

· Technical know-how

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.50.56
UK Pound	1	Rs.81.05
Euro	1	Rs.67.48

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		66

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

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.