MIRA INFORM REPORT

Report Date :

04.06.2012

IDENTIFICATION DETAILS

Name :	NEO WHEELS LIMITED (CN)
Registered Office :	R-202, MIDC, Rabale Police Station, P.O. Ghansol, Navi Mumbai - 400701, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.04.1987
Com. Reg. No.:	11-043104
Capital Investment/ Paid-up Capital:	Rs.38.958 Millions
CIN No.: [Company Identification No.]	U28920MH1987PLC043104
TAN No.: [Tax Deduction & Collection Account No.]	MUMV10281F
PAN No.: [Permanent Account No.]	AAACV3769Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer Aluminum Alloy Wheels
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 520000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. The company is doing well. 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.

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 :	R-202, MIDC, Rabale Police Station, P.O. Ghansol, Navi Mumbai - 400701, Maharashtra, India
Tel. No.:	91- 22-27602272/ 65133830/ 35133831
Fax No.:	91-22-27690010
E-Mail :	sankack@gmail.com sales@neowheels.com

DIRECTORS

As on: 30.09.2011

Name :

Mr. Paresh Rashiklal Kaceria

Designation :

Director

Address :

Smruti, 1st Floor, 18 Bhulabhai Desai Road, Mahalaxmi, Mumbai - 400 026, Maharashtra, India

Date of Birth/Age :

01.12.1949

Date of Appointment :

23.02.1994

DIN No.:

00024513

Other Directorships :

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	U28920MH1987PLC043104	NEO WHEELS LIMITED (CN)	Director	23-02-94	23-02-94	-	Active	NO
2	U17110MH1995PTC093772	REMEX TEXTILES PRIVATE LIMITED	Director	15-02-97	15-02-97	-	Active	NO
3	U24121MH1996PTC100473	SHASWATI CHEMICALS PRIVATE LIMITED	Director	15-02-97	15-02-97	-	Active	NO
4	U70100MH1996PTC100684	PRAGRAJ REAL-TRADE PRIVATE LIMITED	Director	15-02-97	15-02-97	-	Active	NO
5	U29224GJ1983PTC006321	MAHENDRA TECHNOCAST PRIVATE LIMITED	Director	17-02-97	17-02-97	07-02-11	Strike off	NO
6	U35900MH1997PTC111875	RUSHI AUTO-INDUSTRIES PRIVATE LIMITED	Director	21-11-97	21-11-97	-	Amalgamated	NO
7	U24130MH2000PTC129202	SHARDA WHEELS PRIVATE LIMITED	Director	01-04-08	01-04-08	-	Active	NO
8	U34102MH2003PTC139820	RUBY BUS PRIVATE LIMITED	Director	30-09-09	01-11-08	-	Active	NO
9	U74999MH2010PTC198536	OPTIMIZED ENGINEERING STRATEGIES PRIVATE LIMITED	Director	29-06-10	29-06-10	-	Active	NO

Name :

Mr. Sanjay Rashiklal Kacheria

Designation :

Director

Address :

Smruti, 1st Floor, 18 Bhulabhai Desai Road, Mahalaxmi, Mumbai - 400 026, Maharashtra, India

Date of Birth/Age :

01.08.1959

Date of Appointment :

23.02.1994

DIN No.:

00024441

Other Directorships :

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	U28920MH1987PLC043104	NEO WHEELS LIMITED (CN)	Director	23-02-94	23-02-94	-	Active	NO
2	U24130MH2000PTC129202	SHARDA WHEELS PRIVATE LIMITED	Director	01-04-08	01-04-08	-	Active	NO
3	U74999MH2010PTC198536	OPTIMIZED ENGINEERING STRATEGIES PRIVATE LIMITED	Director	29-06-10	29-06-10	-	Active	NO

Name :

Mr. Bipin Mavji Sharda

Designation :

Director

Address :

C-5, Shreepal Complex, Panchpakhadi, Thane (West), Mumbai -400 602, Maharashtra, India

Date of Birth/Age :

28.06.1954

Date of Appointment :

20.02.2006

DIN No.:

00002795

Other Directorships :

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	U67120MH1994PTC078203	KANDARP SHARES AND STOCKS PRIVATE LIMITED (CN)	Director	05-05-94	05-05-94	-	Active	NO
2	U51399MH2001PTC130409	SILVER SHINE IMPEX (INDIA) PRIVATE LIMITED	Director	11-01-01	11-01-01	01-08-08	Active	NO
3	U74140MH1998PTC117538	MANIBHADRA MANAGEMENT AND MARKETING SERVICES PRIVATE LIMITED	Director	05-01-05	05-01-05	-	Active	NO
4	U24130MH2000PTC129202	SHARDA WHEELS PRIVATE LIMITED	Director	05-09-05	05-09-05	-	Active	NO
5	U28920MH1987PLC043104	NEO WHEELS LIMITED (CN)	Director	20-02-06	20-02-06	-	Active	NO
6	U45200MH1991PTC061916	GAJA BUILDING MATERIALS PRIVATE LIMITED	Director	25-01-07	25-01-07	-	Active	NO
7	U51900MH1997PTC105951	SHARDA CONPRO MARKETING PRIVATE LIMITED	Director	27-03-07	27-03-07	01-08-08	Active	NO
8	U65990MH1996PTC102944	BEES' CAPITAL ADVISORY PRIVATE LIMITED	Director	29-09-08	07-12-07	-	Active	NO
9	U74140MH2008PTC178898	REALTY ESTATE MANAGERS AND CONSULTANTS (INDIA) PRIVATE LIMITED	Director	14-02-08	14-02-08	-	Strike off	NO
10	U70102MH2009PTC194708	MUKAMBIKA ESTATE PRIVATE LIMITED	Director	06-08-09	06-08-09	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Rasiklal O Kacheria	5100
Madhukanta R. Kacheria	35050
Rasiklal O. Kacheria Huf	22995
Paresh Kaceria	75910
Dipika Paresh Kaceria	20300
Paresh Kaceria Huf	45500
Satya P. Kacheria	56550
Sanjay Rasiklal Kacheria	447600
Bela Sanjya Kacheria	43755
Sharda Wheels Private Limited, India	3116640
Sanjay Rasiklal Kacheria Huf	26400
Total	3895800

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Bodies corporate	80.00
Directors or relatives of directors	20.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer Aluminum Alloy Wheels

PRODUCTION STATUS (31.03.2011)

Licensed installed and utilised capacity of Aluminum Wheels

Licensed Capacity	5000 Wheels P.M
Installed Capacity	5000 Wheels P.M
Actual Production	106999 Wheels

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

The Shamrao Vithal Co-operative Bank Limited, Jayant Arcade, Rajawdi Naka, Ghatkopar (East), Mumbai – 400077, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011	As on 31.03.2010
Term Loan
From bank ( Secured against hypothecation of Plant, land and building – together with Personal Guarantee of the Directors)	26.784	11.253
Working Capital Loan
Cash Credit ( Secured against hypothecation of stocks together with Personal Guarantee of the Directors)	64.400	45.263
Hire Purchase for Vehicles ( Secured By way of Charge on Vehicles with personal Guarantee of director)	0.487	0.786
Total	91.671	57.302
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Shareholders and Financial Institutions	16.739	16.176
Security Deposits from Dealers	4.630	4.381
Total	21.369	20.557

Banking Relations :	--
Auditors :
Name :	P.M. Dharia and Company Chartered Accountants
Address :	A-34 Navyug Niwas, 4^th Floor, Opposite Minerva Talkies 167, Lamington Road, Mumbai – 400007, Maharashtra, India
Tel. No.:	91-22-3079327/ 3073481
Fax No.:	91-22-3073488
E-Mail :	kiran@pmdharia.com
PAN No.:	AAAFP1654K
Holding Company :	Sharda Wheels Private Limited

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Share	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3895800	Equity Share	Rs.10/- each	Rs.38.958 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		38.958	38.958	38.958
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		92.052	78.192	70.196
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		131.010	117.150	109.154
LOAN FUNDS
1] Secured Loans		91.671	57.302	54.429
2] Unsecured Loans		21.369	20.557	20.800
TOTAL BORROWING		113.040	77.859	75.229
DEFERRED TAX LIABILITIES		1.670	1.492	1.350
TOTAL		245.720	196.501	185.733
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		129.994	108.328	104.922
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.050	0.050	0.050
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	65.347	55.761	48.023
	Sundry Debtors	50.782	32.502	26.991
	Cash & Bank Balances	7.875	13.023	14.467
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	21.115	12.672	9.395
Total Current Assets		145.119	113.958	98.876
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	21.799	20.236	13.434
	Other Current Liabilities	0.420	0.227	0.411
	Provisions	7.253	5.431	4.358
Total Current Liabilities		29.472	25.894	18.203
Net Current Assets		115.647	88.064	80.673
MISCELLANEOUS EXPENSES		0.029	0.059	0.088
TOTAL		245.720	196.501	185.733

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	240.153	144.612	95.790
		Other Income	1.529	0.847	1.092
		TOTAL (A)	241.682	145.459	96.882
Less	EXPENSES
		Raw Material and Consumable	131.967	75.065	49.975
		Manufacturing Expenses	14.428	11.380	6.842
		Employees Cost	15.759	12.899	8.092
		Administrative and Selling	12.548	9.097	2.431
		Statutory Payment	33.039	16.349	13.075
		Prior Period Expenses	2.468	0.000	0.000
		Deferred Revenue Written Off	0.000	0.000	2.041
		Increase / Decrease in Stock	(3.945)	(5.437)	(2.905)
		TOTAL (B)	206.264	119.353	79.551
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		35.418	26.106	17.331
Less	FINANCIAL EXPENSES (D)		12.134	11.022	10.046
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		23.284	15.084	7.285
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.147	2.946	2.874
	PROFIT BEFORE TAX (E-F) (G)		20.137	12.138	4.411
Less	TAX (H)		6.278	4.142	0.831
	PROFIT AFTER TAX (G-H) (I)		13.859	7.996	3.580
	BALANCE CARRIED TO THE B/S		13.859	7.996	3.580
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	17.451	20.304	7.773
	TOTAL EARNINGS		17.451	20.304	7.773
	Earnings Per Share (Rs.)		3.56	2.05	0.92

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.73	5.50	3.70
Net Profit Margin (PBT/Sales)	(%)	8.39	8.39	4.60
Return on Total Assets (PBT/Total Assets}	(%)	7.32	5.46	2.16
Return on Investment (ROI) (PBT/Networth)		0.15	0.10	0.04
Debt Equity Ratio (Total Liability/Networth)		1.09	0.89	0.86
Current Ratio (Current Asset/Current Liability)		4.92	4.40	5.43

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

PERFORMANCE:

The Company, even though there has been prolonged recessionary condition during the previous year, the company could achieve its targets of sales and the turnover has increased by 12% as compared to the immediate preceeding year.

NOTE:

The registered office of the company has been shifted from B 9, Ghatkopar Industrial Estate L B S Marg, Mumbai – 400086, Maharashtra, India to the present address w.e.f. 01.04.2006

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U28920MH1987PLC043104
Name of the company	NEO WHEELS LIMITED (CN)
Address of the registered office or of the principal place of business in India of the company	R-202, MIDC, Rabale Police Station, P.O. Ghansol, Navi Mumbai - 400701, Maharashtra, India E-mail: sankach@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80037202
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	The Shamrao Vithal Co-operative Bank Limited, Jayant Arcade, Rajawdi Naka, Ghatkopar (East), Mumbai – 400077, Maharashtra, India E-mail: legaldept@svcbank.com
Nature of instrument creating charge	Supplementary Deed of Hypothecation
Date of instrument Creating the charge	16.01.2012
Amount secured by the charge	Rs.90.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest @PLR-3.25% p.a., with a minimum of 13.75% p.a. Terms of Repayment on Demand Margin As may be decided by the Bank, from time to time. Extent and Operation of the charge To secure the due repayment of the aggregate credit facilities of Rs.90.000 Millions, together with all interest, costs, charges and expenses thereof, granted by the Bank to the Company. Others Facility: Cash Credit: Rs.90.000 Millions (enhanced by Rs. 25.000 Millions)
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1>The whole of the Borrower's present and future stocks of raw materials, goods-in-process of manufacture and all finished and manufactured goods and articles 2> All of the Borrower's present and future book debts, outstanding monies, receivables, claims, bills, rights to or in moveable properties and moveable assets
Date of instrument modifying the charge	21.02.2011
Particulars of the present modification	By the present modification, the Cash Credit facility has been enhanced from Rs.65.000 Millions to Rs.90.000 Millions with the grant of additional Cash Credit facility of Rs.25.000 Millions Therefore the overall charge now stands modified at Rs.90.000 Millions

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Office Equipment

· Furniture and Fittings

· Vehicles

AS PER WEBSITE DETAILS:

PROFILE

Subject is the first company in India to manufacture aluminum alloy wheels for today's automobile market using the state-of-the-art American technology and equipment in custom wheel manufacturing complemented by team of American engineers and expert designers under the brand name of "Neo Wheel". Its 'in-house' technical staff is fully equipped to meet today's challenging demand for developing new styles and lighter yet stronger wheels. The wheels are designed and developed as per international standards for American, European, Japanese and Indian cars.

Subject are tested and certified by ARAI (Automotive Research Association of India) Pune as per IS 9436 / 9438 standards to suit the Indian roads and approved by TUV. Wheels are also tested at GOAL in USA for some export models as per SFI standards. Each wheel is ensured proper Heat Treatment to gain required strength for safety. At Neo wheel, quality is ensured by strictly following up ISO 9001-2008 Quality Management System.

The company's main objective is to continue to be the leader in Indian market by introducing innovative designs for today's revolutionized auto industry for most of the automobiles. Being an OEM and aftermarket supplier, the "Neo" brand has been enjoying excellent reputation and customer satisfaction in quality and service for more than 15 years through its extensive distribution and dealer network covering most parts of the country making it the No. 1 and only official brand available in India.

Subjects are also exported to other countries like Sri Lanka, Europe etc. giving it an international acceptance.

Subject has the widest range in the Indian market in terms of size from 12" to 16" for domestic and from 10" golf cart wheels to 20" for the export market. In terms of finishes, there are 6 of them i.e. Silver painted, Silver machined, Black machined, Hyper silver, Hi-tone machined and 3 layer genuine chrome plated. In terms of designs (total designs approx) and with designs being launched regularly in different sizes to cater to the wide spectrum of cars and customer's choice in India and abroad.

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.55.92
UK Pound	1	Rs.86.03
Euro	1	Rs.69.13

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		53

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.