MIRA INFORM REPORT

Report Date :

02.05.2012

IDENTIFICATION DETAILS

Name :	REGMA CERAMICS LIMITED
Registered Office :	Door No. 4-131, Opposite to Bus Stand, Yanam – 533464, Pondicherry
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.10.2000
Com. Reg. No.:	59-001558
Capital Investment/ Paid-up Capital:	Rs150.000 Millions
CIN No.: [Company Identification No.]	U15511PY2000PLC001558
TAN No.: [Tax Deduction & Collection Account No.]	CHER06823F
PAN No.: [Permanent Account No.]	AABCR8268F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Ceramic Floor Tiles
No. of Employees:	Not Available

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 1200000
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 concern can be considered normal for business dealings at usual 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 :	Door No. 4-131, Opposite to Bus Stand, Yanam – 533464, Pondicherry, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	info@regencytiles.com
Factory :	Sellur Village, Agalankannu Road, Karaikal, U.T. of Puducherry, India

DIRECTORS

As on: 30.09.2011

Name :

Dr. Gudaru Naraiah Naidu

Designation :

Chairman and Managing Director

Address :

103, A, Road No.1, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India

Date of Birth/Age :

01.07.1941

Date of Appointment :

17.10.2000

Din No ;

00105597

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	L26914AP1983PLC004249	REGENCY CERAMICS LIMITED	Managing director	27-09-08	18-11-83	-	Active	NO
2	U45200AP1992PLC014486	YANAM INFRASTRUCTURE LIMITED	Director	08-07-92	08-07-92	-	Active	NO
3	U45200AP1994PTC016921	REGENCY HOMES PRIVATE LIMITED	Director	24-01-94	24-01-94	-	Strike off	NO
4	U26913AP1986PLC006345	REGENCY CERAMIC TILES LIMITED	Director	24-01-97	24-01-97	-	Strike off	NO
5	U01122AP1997PLC027239	REGMA FOODS LIMITED	Director	03-06-97	03-06-97	-	Active	NO
6	U15511PY2000PLC001558	REGMA CERAMICS LIMITED	Managing director	24-08-11	17-10-00	-	Active	NO
7	U45200AP2008PLC058347	CENERGY INFRA LIMITED	Director	26-03-08	26-03-08	-	Active	NO

Name :

Mr. Bindu Gudaru Naidu

Designation :

Director

Address :

103, A, Road No.1, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India

Date of Birth/Age :

19.10.1974

Date of Appointment :

17.10.2000

Din No :

00105885

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	U67120AP1996PLC024814	REGENCY MERCHANT BANKING LIMITED	Director	24-12-98	24-12-98	-	Active	NO
2	U15511PY2000PLC001558	REGMA CERAMICS LIMITED	Whole-time director	01-03-11	17-10-00	-	Active	NO
3	L26914AP1983PLC004249	REGENCY CERAMICS LIMITED	Director	19-09-08	27-01-01	-	Active	NO
4	U45200AP2008PLC058347	CENERGY INFRA LIMITED	Director	26-03-08	26-03-08	-	Active	NO
5	U01122AP1997PLC027239	REGMA FOODS LIMITED	Director	30-09-09	02-06-09	-	Active	NO

Name :

Mr. Chakravarthi Chandrashekar Konidala

Designation :

Director

Address :

House No. 4-381, 2^nd Street, Zacria Nagar, Yanam – 533464, Pondicherry, India

Date of Birth/Age :

29.05.1959

Date of Appointment :

17.10.2000

Date of Cessation :

27.01.2012

Din No ;

01019609

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	U52110AP1991PLC013407	REGENCY OVERSEAS LIMITED	Director	04-11-91	04-11-91	-	Strike off	NO
2	U15511PY2000PLC001558	REGMA CERAMICS LIMITED	Director	17-10-00	17-10-00	27-01-12	Active	NO
3	U67120AP1996PLC024814	REGENCY MERCHANT BANKING LIMITED	Director	15-05-08	15-05-08	-	Active	NO

Name :

Mr. Malempati Venu Gopala Rao

Designation :

Director

Address :

1202, Road No. 36 Jubilee Hills, Hyderabad - 500033 Andhra Pradesh, India

Date of Birth/Age :

20.12.1940

Date of Appointment :

11.09.2001

Din No :

00012704

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	U21012AP1980PLC002664	VAMSHADARA PAPER MILLS LIMITED	Director	30-09-11	26-03-84	-	Active	NO
2	L27101AP1972PLC001549	NAVA BHARAT VENTURES LIMITED	Director	25-09-97	25-09-97	-	Active	NO
3	U24220AP1986PLC006739	HITECH PRINT SYSTEMS LIMITED	Director	06-11-00	06-11-00	04-07-07	Active	NO
4	U15511PY2000PLC001558	REGMA CERAMICS LIMITED	Director	11-09-01	11-09-01	-	Active	NO
5	U70102AP2006PTC049314	V.V.V. INFRASTRUCTURE PRIVATE LIMITED	Director	28-02-06	28-02-06	-	Active	NO
6	L26914AP1983PLC004249	REGENCY CERAMICS LIMITED	Director	06-03-07	06-03-07	-	Active	NO
7	U45200AP2005PTC048429	PATMAX INFRASTRUCTURE (INDIA) PRIVATE LIMITED	Managing director	20-12-08	30-10-08	-	Active	NO
8	U74999AP2008PLC058559	NAVA BHARAT SUGAR AND BIO FUELS LIMITED	Director	30-07-09	23-01-09	-	Active	NO
9	U40106AP2008PLC058560	NAVA BHARAT ENERGY INDIA LIMITED	Director	30-07-09	23-01-09	-	Active	NO
10	U40109AP1999PTC032289	BRAHMANI INFRATECH PRIVATE LIMITED	Director	30-07-09	30-07-09	-	Active	NO
11	U40100AP1993PLC016204	KINNERA POWER COMPANY LIMITED	Director	30-07-09	30-07-09	-	Active	NO

Name :

Mr. Thati Venkataswamy Chowdary

Designation :

Director

Address :

B – 27, Madhura Nagar, Hyderabad – 500038, Andhra Pradesh, India

Date of Birth/Age :

01.06.1943

Date of Appointment :

01.09.2007

Din No :

00010435

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	L26914AP1983PLC004249	REGENCY CERAMICS LIMITED	Director	10-09-85	10-09-85	-	Active	NO
2	U26943AP1991PLC012691	REGENCY CEMENTS AND CHEMICALS LIMITED	Director	09-05-91	09-05-91	20-12-07	Active	YES
3	L99999AP1991PLC012764	DIVYASHAKTI GRANITES LIMITED	Director	28-01-93	28-01-93	-	Active	NO
4	U52321TN1984PTC011398	TRIMEX INDUSTRIES Private LIMITED	Director	03-10-01	03-10-01	-	Active	NO
5	L14102AP1991PLC013299	POKARNA LIMITED	Director	31-07-02	31-07-02	-	Active	NO
6	U14299AP2004PTC042559	TRIMEX ORES PRIVATE LIMITED	Director	05-02-04	05-02-04	-	Active	NO
7	U14299TN2004PTC071437	TRIMEX SANDS PRIVATE LIMITED	Director	01-04-04	01-04-04	-	Active	NO
8	U15511PY2000PLC001558	REGMA CERAMICS LIMITED	Director	29-09-07	01-09-07	-	Active	NO
9	U13100TN2008PTC068747	TRIMEX BARITE PRIVATE LIMITED	Additional director	27-07-10	27-07-10	-	Active	NO
10	U17219AP2001PLC036015	POKARNA ENGINEERED STONE LIMITED	Director	12-09-11	29-03-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Gudaru Naraiah Naidu	2426605
N Satyendra Prasad	34617
Dr S V Ramprasad	1
Dr G Sarojini Naidu	296173
N S Geeta	14786
G Radhika	335291
Regency Ceramics Limited, India	2000000
Bindu G Naidu	462279
A Aruna Kumari	10000
A D Chakra Babu	4980
A G Chengala Reddy	5000
A Vasantha Rao	18500
Akhileswari	5000
Akkireddy Venkata Krishna Reddy	12500
Akkireddy Venkata Ramanareddy	11000
Annam Nagendra	19500
B Kumar Swamy	16000
Bellala Chowdaiah	12100
Bhimeshwara Reddy K	5000
Bhupathi Raju Sai Raju	27391

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Bodies corporate	49.80
Directors or relatives of directors	24.63
Other top fifty shareholders	13.57
Others	12.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Ceramic Floor Tiles

Products :

Product Description	ITC Code
Ceramic Tiles	690710

PRODUCTIONS:

Particular	2010-11
a) Regd./Licenced Capacity MT/ Annum	500000
b) Installed Capacity* MT/ Annum *As certified by the Management and not verified by the auditors being a technical matter.	100000
c) Production (In Sq.Mts)	2629567

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Andhra Bank
• Axis Bank Limited
• ICICI Bank Limited

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee term loans bank secured	65.483	103.012
Working capital loans bank secured	70.461	75.581
Hire purchase installment payable secured	5.471	0.701
Total	141.415	179.294
Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Loans Directors unsecured	47.957	22.654
Other debt unsecured	27.040	5.440
Total	74.997	28.094

Banking Relations :	--
Financial Institute :	Pondicherry Industrial Promotion Development and Investment Corporation Limited, 60, Romain Rolland Street, Pondicherry – 605001, India
Auditors :
Name :	Ganesh Prasad Chartered Accountant
Address :	503/1, Sri Sai Residency, Opposite Khairtabad Library, Bada Ganesh, Khairtabad, Hyderabad – 500004, Andhra Pradesh, India
Pan No :	AADFP8032G

CAPITAL STRUCTURE

As on: 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 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		150.000	150.000	150.000
2] Share Application Money		8.900	9.100	9.100
3] Reserves & Surplus		157.347	149.904	142.816
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		316.247	309.004	301.916
LOAN FUNDS
1] Secured Loans		141.415	179.294	184.367
2] Unsecured Loans		74.997	28.094	41.842
TOTAL BORROWING		216.412	207.388	226.209
DEFERRED TAX LIABILITIES		93.100	95.649	95.674
TOTAL		625.759	612.041	623.799
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		546.983	596.643	640.093
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	78.192	58.675	48.591
	Sundry Debtors	44.212	49.796	48.723
	Cash & Bank Balances	31.958	39.944	47.070
	Other Current Assets	1.144	0.865	5.237
	Loans & Advances	110.160	63.756	37.783
Total Current Assets		265.666	213.036	187.404
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	176.437	183.436	182.376
	Other Current Liabilities	7.723	12.762	13.313
	Provisions	2.730	1.440	8.009
Total Current Liabilities		186.890	197.638	203.698
Net Current Assets		78.776	15.398	(16.294)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		625.759	612.041	623.799

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating Revenue	542.529	518.277	606.067
		Other Income	4.936	18.994	14.522
		TOTAL (A)	547.465	537.271	620.589
Less	EXPENSES
		Consumption material changes inventories	243.155	258.705
		Manufacturing service costs	97.740	67.969
		Employee related expenses	40.563	38.581
		Administrative selling other expenses	86.437	86.600
		TOTAL (B)	467.895	451.855	528.733
Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		79.570	85.416	91.856
Less	FINANCIAL EXPENSES (D)		29.010	31.972	40.718
	PROFIT/ LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		50.560	53.444	51.138
Less/ Add	DEPRECIATION/ AMORTISATION (F)		44.476	44.854	44.804
	PROFIT/LOSS BEFORE TAX (E-F) (G)		6.084	8.590	6.334
Less	TAX (H)		(1.359)	1.502	24.071
	PROFIT/LOSS AFTER TAX (G-H) (I)		7.443	7.088	(17.737)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		149.904	142.816	160.553
	BALANCE CARRIED TO THE B/S		157.347	149.904	142.816
	Earnings(LOSS) Per Share (Rs.)		0.50	0.47	(0.11)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.36	1.32	(2.86)
Net Profit Margin (PBT/Sales)	(%)	1.12	1.66	1.04
Return on Total Assets (PBT/Total Assets}	(%)	0.75	1.06	0.77
Return on Investment (ROI) (PBT/Networth)		0.02	0.03	0.02
Debt Equity Ratio (Total Liability/Networth)		1.28	1.31	1.42
Current Ratio (Current Asset/Current Liability)		1.42	1.08	0.92

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	No
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 year continued to be a challenging and difficult one for the Company to strive for achieving the production with optimum utilization of resources with the constraints in supply of gas, increase in cost of production, raw materials, fall in realization, increase in interest rates etc.

During the year, the Company produced 26.29 lakhs sq.mts. Previous year 24.69 lakhs sq.mts. Utilizing 53% of production capacity as against 49% capacity during the previous year. Despite the challenging economic environment in ceramic Industry, the Company has achieved a turnover of Rs. 593.564 Millions. Previous year Rs.550.514 Millions registering a net profit after tax of Rs.7.443 Millions.

Contingent Liabilities:

(Rs. In Millions)

Particular	31.03.2011	31.03.2010
On account of Letters of Credit and Bank Guarantees given by Bankers.	9.204	13.243

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U15511PY2000PLC001558
Name of the company	REGMA CERAMICS LIMITED
Address of the registered office or of the principal place of business in India of the company	Door No.4-131, Opposite To Bus Stand, Yanam - 533 464,. Pondicherry, India E-mail : info@regencytiles.com
This form is for	Creation of charge
Type of charge	Movable Property (not being pledge)
Particular of charge holder	Pondicherry Industrial Promotion Delopment And Investment Corporation Limited , 60, Romain Rolland Street, Pondicherry – 605001, India E-mail : pipdic@vsnl.com
Nature of instrument creating charge	Special short term loan agreement of Rs.20.000 Millions for meeting of the working capital requirement repayable in 12 monthly installments carrying an interest of 13.25% per annum
Date of instrument Creating the charge	23.04.2010
Amount secured by the charge	Rs.20.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 13.25% per annum Terms of repayment 12 monthly installments commencing after a moratorium period of 23 months from the first disbursement

FIXED ASSETS:

• Land and Buildings
• Plant and Machinery
• Office Equipments
• Computers
• Furniture and Fixtures
• Vehicles
• Live Stock

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.52.52
UK Pound	1	Rs.85.49
Euro	1	Rs.69.61

INFORMATION DETAILS

Report Prepared by :

VRN

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	No
--AFFILIATION	YES/NO	No
--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.