MIRA INFORM REPORT

Report Date :

25.01.2012

IDENTIFICATION DETAILS

Name :	SUMINTER INDIA ORGANICS PRIVATE LIMITED
Registered Office :	Indiana House, Makwana Road, Off M.V. Road, Marol Naka, Andheri (East), Mumbai – 400 059, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	22.04.2004
Com. Reg. No.:	11-145857
Capital Investment/ Paid-up Capital:	Rs.14.056 millions
CIN No.: [Company Identification No.]	U51220MH2004PTC145857
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in procurement, processing, sales and distribution of agricultural commodities.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1583000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 :	Indiana House, Makwana Road, Off M.V. Road, Marol Naka, Andheri (East), Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-22-26743685
Fax No.:	91-22-26744903
E-Mail :	info@suminterindiaorganica.com
Website :	www.suminterindiaorganics.com
Corporate Office :	X Cube, 3^rd Floor, Opposite Fun Republic, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra, India.
Tel. No.:	91-22-42029000
Fax No.:	91-22-26744903
E-Mail :	ginfo@suminter.com cotton@suminter.com food@suminter.com
Overseas Office :	Suminter India Organics B.V., P.O. Box 7317, 3280 AC Numansdorp, The Netherlands.
E-Mail :	info@suminterindiaorganics.com

DIRECTORS

As on 30.09.2010

Name :

Mr. Sameer Vijaykumar Mehra

Designation :

Director

Address :

127, Rohal Kutir, Gulmohar X Road, 10, JVPD Scheme Juhu, Vile Parle (West), Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

13.10.1974

Date of Appointment :

22.04.2004

DIN No :

00162245

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51220MH2004PTC145857	Suminter India Organics Private Limited	Director	22-04-04	22-04-04	-	Active	NO
2	U74999DL2005PTC134335	Bergwerff Organic India Private Limited	Nominee director	26-11-05	26-11-05	-	Active	NO
3	U51909DL2005PTC134336	Bergwerff India Marketing Private Limited	Nominee director	16-05-06	16-05-06	-	Dormant	NO
4	U91110MH1999NPL122117	Entrepreneurs' Organization Mumbai	Director	01-07-08	01-07-08	01-07-09	Active	NO

Name :

Mr. Sandeep Shamsunder Sehgal

Designation :

Director

Address :

Flat No.16, Konark Express, Dr. E. Moses Road, Worli, Mumbai – 400 018, Maharashtra, India

Date of Birth/Age :

21.10.1966

Date of Appointment :

04.12.2007

DIN No :

00422796

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U73900MH1998PTC116053	Netmagic Solutions Private Limited	Director	09-07-01	09-07-01	-	Active	NO
2	U72300MH2000PTC124984	Systime Global Solutions Private Limited	Director	27-07-01	27-07-01	01-12-08	Active	NO
3	U72200MH1999PTC123007	Eventures India Private Limited	Director	27-07-01	27-07-01	-	Active	NO
4	U74300MH2000PTC126354	Ignitee Digital Solutions Private Limited	Additional director	30-09-10	13-08-01	24-01-11	Active	NO
5	U74300MH1999PTC120140	Contests2win Com India Private Limited	Nominee director	29-09-01	29-09-01	-	Active	NO
6	U74140MH2001PTC133168	Medusind Solutions India Private Limited	Director	27-09-06	20-04-06	-	Active	NO
7	U51395MH2003PTC142173	Mobile2win India Private Limited	Director	23-06-06	23-06-06	-	Active	NO
8	U65999MH2007PTC167234	Nexus India Capital Advisors Private Limited	Managing director	12-08-08	24-01-07	-	Active	NO
9	U51220MH2004PTC145857	Suminter India Organics Private Limited	Director	04-12-07	04-12-07	-	Active	NO
10	U74300MH2005PTC150598	Media2win India Private Limited	Nominee director	30-06-08	30-06-08	-	Active	NO
11	U72200MH2006PTC160596	Games2win India Private Limited	Nominee director	30-06-08	30-06-08	-	Active	NO
12	U72200KA2004PTC034432	Eka Software Solutions Private Limited	Director	17-03-09	17-03-09	-	Active	NO
13	U72200AP1996PTC024351	Deccan Health Care Private Limited	Director	29-09-09	10-07-09	-	Active	NO
14	U72200KA1999PTC025232	Mistral Solutions Private Limited	Director	26-08-10	19-01-10	-	Active	NO
15	U74999DL2003PTC122939	North End Foods Marketing Private Limited	Director	19-05-10	19-05-10	-	Active	NO
16	U93090DL2009PTC193172	Sohan Lal Commodity Management Private Limited	Director	19-05-10	19-05-10	-	Active	NO
17	U41000MH2010FTC208464	Jaldhara Technologies Private Limited	Director	30-09-10	30-09-10	-	Active	NO
18	U29253MH2007PTC172479	Sedemac Mechatronics Private Limited	Director	30-09-11	10-06-11	-	Active	NO
19	U36109GJ2011PTC063731	Kribha Handicrafts Private Limited	Director	05-08-11	05-08-11	-	Active	NO
20	U65993TN1980PTC008184	Bee Pee Jain Finance and Investments Private Limited	Additional director	13-08-11	13-08-11	-	Active	NO
21	U93000DL2011PTC219498	Lapis Marketing Services Private Limited	Nominee director	23-08-11	23-08-11	-	Active	NO

Name :

Mrs. Padma Gobind Hingorani

Designation :

Director

Address :

Sidhant, Juhu Dhara Complex, Juhu Extension, Mumbai – 400 053, Maharashtra, India

Date of Birth/Age :

19.11.1946

Date of Appointment :

01.12.2007

DIN No :

01011452

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U28920MH1982PTC027701	Indiana Engineering Works (Bombay) Private Limited	Director	03-07-82	03-07-82	-	Active	NO
2	U29150MH1988PTC049370	Indiana Conveyors Private Limited	Director	26-10-88	26-10-88	-	Active	NO
3	U31300MH1997PTC105716	Indiana Gratings Private Limited	Director	06-08-97	06-08-97	-	Active	NO
4	U51220MH2004PTC145857	Suminter India Organics Private Limited	Director	22-04-04	22-04-04	-	Active	NO
5	U93090MH2008PTC178085	Peepul Public Relations Private Limited	Director	22-01-08	22-01-08	-	Active	YES

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Equity Shareholders (Fully Paid)
Sameer V. Mehra	5000
Padma G. Hingorani	5000
Nexus India Ventures I Investments, Mauritius	100
Total	10100
Equity Shareholders (Partly Paid Up)
Sameer V. Mehra (HUF)	42500
Padme G. Hingorani	42500
Sameer V. Mehra	302500
Padme G. Hingorani	302500
Total	690000
Preference Shareholders
Nexus India Ventures I Investments, Mauritius	561091
Pacific Sequoia Holdings LLC, USA	197244
The Skoll Foundation, USA	45675
Skoll Fund, USA	39463
Total	843473

Equity Share Breakup

As on 30.09.2010

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	0.01
Directors or relatives of Directors	99.99
Total	100.00

BUSINESS DETAILS

Line of Business :	The Company is engaged in procurement, processing, sales and distribution of agricultural commodities.
Products :	· Oil Seeds · Cereals · Speciality Product · Fiber · Herbs and Medicinal Plants · Species · Seasonings · Spice Mixes · Ready to Eat
Brand Names :	SATVA

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Corporation Bank, 301-302, The Eagle Flight, Suren Road, Andheri (East), Mumbai – 400 093, Maharashtra, India.

Facilities :

(Rs. in millions)

Secured Loans	As on 31.03.2010	As on 31.03.2009
Packing Credit Loan (note 1)	8.019	18.195
Bank Overdraft (note 2)	0.000	39.900
Cash Credit from Bank (note 3)	85.746	0.000
Term Loans (note 4)	1.056	0.798
Bills discounted	5.727	0.000
Total	100.548	58.893

Notes:-

1) Secured by first charge by way of hypothecation of stock meant for exports, book debts and personal guarantee of directors. Repayable within one year Rs.8.019 millions (previous year: Rs.18.194 millions)

2) Secured against Fixed deposits of Rs. Nil (previous year: Rs.39.899 millions) with a bank

3) Secured against Stock in hand and book debts

4) Secured hypothecation of vehicles. Repayable within one year Rs.0.495 million (previous year: Rs.0.527 million)

Banking Relations :	--
Auditors :
Name :	Walker Chandok and Company Chartered Accountants
Address :	Engineering Centre, 6^th Floor, 9 Mathew Road, Opera House, Mumbai – 400 004, Maharashtra, India
Income-tax PAN of auditor or auditor’s firm :	AAAFW4298E
Joint Venture :	Bergwerff Organic India Private Limited (Upto 21.08.2008)
Subsidiary :	Bergwerff Organic India Private Limited (From 22.08.2008)
Enterprises owned or significantly influenced by key management personnel or their relatives :	v Suminter India Organics B.V v Design Dimensions

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 millions
1000000	0.001% Compulsory Convertible Preference Shares	Rs.10/- each	Rs.10.000 millions
	Total		Rs.17.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10100	Equity Shares (Fully Paid Up)	Rs.10/- each	Rs.0.101 million
690000	Equity Shares (Equity Shares of Rs.10/- each Rs.8/- paid up)	Rs.8/- each	Rs.5.520 millions
843473	0.001% Compulsory Convertible Preference Shares*	Rs.10/- each	Rs.8.435 millions
	Total		Rs.14.056 millions

*Option of redemption vests with the investor however as on balance sheet date no such option is exercised.

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		14.056	9.820	9.820
2] Share Application Money		0.336	0.336	0.301
3] Reserves & Surplus		393.817	126.305	119.762
4] (Accumulated Losses)		(12.532)	0.000	0.000
NETWORTH		395.677	136.461	129.883
LOAN FUNDS
1] Secured Loans		100.548	58.893	13.037
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		100.548	58.893	13.037
DEFERRED TAX LIABILITIES		0.000	0.000	0.003
TOTAL		496.225	195.354	142.923
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.328	3.163	0.810
Capital work-in-progress		0.076	0.000	1.046
INVESTMENT		159.265	9.385	52.155
DEFERREX TAX ASSETS		0.157	0.160	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	182.698	39.168	25.989
	Sundry Debtors	86.257	40.645	37.152
	Cash & Bank Balances	5.408	76.477	23.459
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	73.482	33.916	8.087
Total Current Assets		347.845	190.206	94.687
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.835	5.094	4.939
	Other Current Liabilities	4.889	2.034	0.644
	Provisions	0.722	0.432	0.192
Total Current Liabilities		15.446	7.560	5.775
Net Current Assets		332.399	182.646	88.912
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		494.225	195.354	142.923

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	TOTAL INCOME		488.042 (Turnover)	234.636	132.154
Less	EXPENSES
		Office Expenses	NA	223.837	130.001
		Administrative Expenses	NA
		Advertising Expenses	NA
		TOTAL	NA	223.837	130.001
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	10.799	2.153
Less/ Add	DEPRECIATION/ AMORTISATION		NA	0.779	0.185
	PROFIT/ (LOSS) BEFORE TAX		NA	10.020	1.968
Less	TAX		NA	3.477	0.050
	PROFIT/ (LOSS) AFTER TAX		(21.237)	6.543	1.918
	Earnings/ (Loss) Per Share (Rs.)
	- Basic		(37.79)	11.64	NA
	- Diluted		(37.79)	6.66	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	2.79	1.45
Return on Total Assets (PBT/Total Assets}	(%)	NA	5.18	2.06
Return on Investment (ROI) (PBT/Networth)		NA	0.07	0.02
Debt Equity Ratio (Total Liability/Networth)		0.29	0.49	0.14
Current Ratio (Current Asset/Current Liability)		22.52	25.16	16.40

LOCAL AGENCY FURTHER INFORMATION

BACKGROUD:

Subject was incorporated on April 22, 2004 with its registered office in Mumbai, India. The Company is engaged in procurement, processing, sales and distribution of agricultural commodities.

WORKING RESULT:

The company has incurred a net loss of Rs.21.237 millions on a turnover of Rs.488.042 millions. After making taking into consideration previous year b/f profit a net loss of Rs.12.532 millions has been transferred to Profit and Loss Account.

FORM 8:

Corporate identity number of the company	U51220MH2004PTC145857
Name of the company	SUMINTER INDIA ORGANICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Indiana House, Makwana Road, Off M V Road, Marol Naka, Andheri (East), Mumbai-400059, Maharashtra, India. Email Id : info@suminterindiaorganics.com
This form is for	Modification of charge
Charge identification number of the charge to be modified	10188098
Type of charge	Book debts Movable property Others
Particular of charge holder	Corporation Bank, 301-302, The Eagle Flight, Suren Road, Andheri (East), Mumbai-400093, Maharashtra, India. Email Id: cb0870@corpbank.co.in
Nature of instrument creating charge	First Supplemental Common Deed of Hypothecation of Movables / Assets / Debts
Date of instrument Creating the charge	16.05.2011
Amount secured by the charge	Rs.150.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	a) Rate of Interest Int for CC @ 13.40% p.a. (floating) i.e. 4% above base rate, For PCL@ 11.65% p.a. upto 270 days, For FDBN/P/D@11.65%p.a. upto 180 days, For BELC@ 11.90 p.a. subject to revision from time to time. b) Terms of payment As per sanction letter c) Margin As per sanction letter d) Extent and operation of the charge: To secure CC/PCL/FDBN/FDBP/FDBD facilities Rs.150.000 millions with sub limit for Bill of Exchange Rs.25.000 millions and sub limit for FDBD Rs.50.000 millions together with interest, cost, expenses, charges, commission, etc.
Short Particulars of the property charged	Hypothecation by way of first charge (Present and Future) of the stock consisting of all types of Agricultural Commodities like Rice, Cotton, Jeera, Turmeric or any other Company stored within the compound of Plot No.36 To 38, SEZ, Phase I, Pithampur, District Dhar, Indore or any other place duly notified to the Bank Hypothecation by way of first Charge (Present and Future) of all Book Debts, Receivables, Actionable Claims, etc. Hypothecation by way of first charge (Present and Future) of plant and machinery consisting of Cabinet type Electrical Tray Dryer, VM hamnmer crusher, VM Micro Pulvariser, Air ventilators, Induction cap, sealing machine, Vibro sifter, Ribbon Blander, etc.
Date of instrument modifying the charge	05.04.2010
Particulars of the present modification	By this modification facilities enhanced to Rs,150.000 millions consisting of CC/PCL/FDBN/FDBD facilities Rs.150.000 millions with sub limit for Bill of Exchange Rs.25.000 millions and sub limit for FDBD Rs.50.000 millions

Name of the company	SUMINTER INDIA ORGANICS PRIVATE LIMITED
Presented By	CORPORATION BANK, AMBOLI BRANCH, MUMBAI.
1) Date and description of instrument creating the change	Second Supplemental Common Deed of Hypothecation of Movable / Assets / Book Debts dated 26.06.2005
2) Amount secured by the charge/amount owing on the securities of charge	Packing \ credit Hypothecation Rs.10.000 millions only.
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) Hypothecation of exclusive first charge by way of hypothecation of stocks consisting of Organic food, Agricultural products stored at various places. 2) Hypothecation of Book Debts 3) Hypothecation of all other movable assets such as Furniture, Fixtures, computers, etc.
4) Gist of the terms and conditions and extent and operation of the charge.	Interest @ 7.50%p.a. subject to change from time to time at the discretion of the Bank.
5) Name and Address and description of the person entitled to the charge.	Corporation Bank, Amboli Branch, Sarkar Palace, Amboli, Andheri (West), Mumbai – 400 058, Maharashtra, India.
6) Date and brief description of instrument modifying the charge	NOT APPLICABLE
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.	NOT APPLICABLE

FIXED ASSETS:

v Computer

v Furniture and Fixtures

v Plant and /machinery

v Office Equipments

v Leasehold Improvements

v Vehicles

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.49.97
UK Pound	1	Rs.77.74
Euro	1	Rs.65.09

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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		27

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.