MIRA INFORM REPORT

Report Date :

22.11.2012

IDENTIFICATION DETAILS

Name :	RELIABLE AUTOTECH PRIVATE LIMITED
Registered Office :	Plot No. F-80, MIDC, Ambad, Nashik – 422010, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.07.1996
Com. Reg. No.:	11-101050
Capital Investment / Paid-up Capital :	Rs.94.670 Millions
CIN No.: [Company Identification No.]	U74994MH1996PTC101050
TAN No.: [Tax Deduction & Collection Account No.]	NSKR00741G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Sheet Metal and Machined Components for the Automotive Industry.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 1000000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The latest financials of the company are not made available. As per previous year’s, the company has recorded some accumulated losses. It has also huge external borrowings. However, trade relations are reported as fair. Business is active. Payment terms are slow. The company can be considered for business dealings with some caution.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Loans = BB
Rating Explanation	Moderate risk of default
Date	July 2012

Rating Agency Name	ICRA
Rating	Short Term Fund Based Working Capital Facility = A4+
Rating Explanation	Minimal degree of safety and higher credit risk.
Date	July 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office / Corporate Office :	Plot No. F-80, MIDC, Ambad, Nashik – 422010, Maharashtra, India
Tel. No.:	91-253-2387696
Mobile No.:	91-9850066560 (Mr. Dhananjay Gore)
Fax No.:	91-253-2384470
E-Mail :	skrajansk@gmail.com ddb@religroup.com dhananjay.gore@religroup.com
Website :	www.religroup.com
Factory 1 :	H-101/102, MIDC, Ambad, Nashik – 422010, Maharashtra, India
Factory 2 :	E-65/1, MIDC, Ambad, Nashik – 422010, Maharashtra, India
Factory 3 :	C-2, MIDC, Chakan, Pune – 410501, Maharashtra, India

DIRECTORS

As on 10.09.2012

Name :

Mr. Rajendra Bhaskar Bagwe

Designation :

Director

Address :

8, Palm Spring, Savarkar Nagar, Gangapur Road, Nashik – 422013, Maharashtra, India

Date of Birth/Age :

07.08.1959

Date of Appointment :

15.07.1996

Din No.:

00121238

Other Directorship :

Sr.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	U34100MH1989PTC051360	RELIABLE TECHNOCRATS PRIVATE LIMITED	Director	12/4/1989	12/4/1989	-	Active	NO
2	U74994MH1996PTC101050	RELIABLE AUTOTECH PRIVATE LIMITED	Director	15/07/1996	15/07/1996	-	Active	NO

Name :

Mr. Amol Bhalchandra Chitnis

Designation :

Director

Address :

Isha, 9, Savarkar Nagar, Mate Nursery Road, Nashik – 422013, Maharashtra, India

Date of Birth/Age :

08.07.1960

Date of Appointment :

15.07.1996

Din No.:

00121460

Other Directorship :

Sr.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	U34100MH1989PTC051360	RELIABLE TECHNOCRATS PRIVATE LIMITED	Director	12/4/1989	12/4/1989	-	Active	NO
2	U74994MH1996PTC101050	RELIABLE AUTOTECH PRIVATE LIMITED	Director	15/07/1996	15/07/1996	-	Active	NO

Name :

Mr. Devendra Dattatray Bapat

Designation :

Director

Address :

5, Manas, Near Ganesh Mandir, Savarkar Nagar, Gangapur Road, Nashik – 422013, Maharashtra, India

Date of Birth/Age :

22.08.1959

Date of Appointment :

15.07.1996

Din No.:

00129623

Other Directorship :

Sr.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	U34100MH1989PTC051360	RELIABLE TECHNOCRATS PRIVATE LIMITED	Director	12/4/1989	12/4/1989	-	Active	NO
2	U74994MH1996PTC101050	RELIABLE AUTOTECH PRIVATE LIMITED	Director	15/07/1996	15/07/1996	-	Active	NO
3	U74200MH2007PTC174479	RELIABLE TECHNO-DESIGNS PRIVATE LIMITED	Director	25/09/2007	25/09/2007	-	Active	NO
4	U31100MH1982PTC028406	RISHABH INSTRUMENTS PRIVATE LIMITED	Director	11/7/2009	17/04/2009	-	Active	NO
5	U85100MH2009NPL196568	ADVANTAGE NASHIK FOUNDATION	Director	21/10/2009	21/10/2009	-	Active	NO

Name :

Mr. Shaji Varghese

Designation :

Director

Address :

A/702, 7^th Floor, Aster, Evershine Park, Prathmesh Comp, Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

15.12.1970

Date of Appointment :

21.04.2010

Din No.:

03081298

Other Directorship :

Sr.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	U74994MH1996PTC101050	RELIABLE AUTOTECH PRIVATE LIMITED	Nominee director	21/04/2010	21/04/2010	-	Active	NO
2	U34100MH1989PTC051360	RELIABLE TECHNOCRATS PRIVATE LIMITED	Nominee director	21/04/2010	21/04/2010	-	Active	NO
3	U28920PN1995PTC091232	MANTRI METALLICS PRIVATE LIMITED	Additional director	10/11/2010	10/11/2010	-	Active	NO

Name :

Mr. Vijay Vaman Paranjape

Designation :

Director

Address :

Mauli, 2^nd Floor, Gawnd Path, Naupada, Thane – 400602, Maharashtra, India

Date of Birth/Age :

25.06.1948

Date of Appointment :

23.12.2011

Din No.:

00370451

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.09.2012

Names of Shareholders	No. of Shares
Devendra Dattatray Bapat	2400000
Amol Bhalchandra Chitnis	2400000
Rajendra Bhaskar Bagwe	2400000
Seema Devendra Bapat	200000
Shailaja Rajendra Bagwe	200000
Gauri Amol Chitnis	200000
BTS India Private Equity Fund Limited, Mauritius	1667000
Total	9467000

Equity Share Break up (Percentage of Total Equity)

As on 10.09.2012

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	17.61
Directors or relatives of Directors	82.39
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Sheet Metal and Machined Components for the Automotive Industry.

Products :

Particulars	ITC Code
Automobile parts	8708

GENERAL INFORMATION

Customers :

· Mahindra and Mahindra

· Emerson Process Management

· Trelleborg Automotive Europe

· Dana India

· Bosch Chassis Systems India Limited

· Fisher Controls USA

· Industrial Products International, Inc. USA

No. of Employees :

400 (Approximately)

Bankers :

The Thane Janata Sahakari Bank Limited, Nashik Branch, Nashik – 422002, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	411.535	446.783
Foreign currency loans banks secured	76.596	0.000
Working capital loans banks secured	201.661	182.167
Loans taken for vehicles secured	3.724	0.174
Total	693.516	629.124

Notes :

1) Cash Credit, Packing Credit, Buyer's Credit and Term Loans from Banks is secured by way of: a) Charge on Leasehold Land, Building, Plant and Machinery and other fixed assets of the Company on pari passu basis; b) Charge on all current assets on pari passu basis; c) Personal Guarantees from promoter directors;

2) Term Loan and Buyer's Credit aggregating Rs.130.916 Millions [Previous Year Rs.38.268 Millions] is also secured by way of Corporate Guarantee of Reliable Technocrats Private Limited and Reliable Techno-Designs Private Limited, as applicable.

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Loans directors unsecured	11.400	11.400
Deferred sales tax loan unsecured	21.469	22.708
Total	32.869	34.108

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai – 400028, Maharashtra, India
PAN.:	AADFP9358C
Subsidiaries :	Reliable Techno-Designs Private Limited
Enterprises over which personnel individuals having significant influence on company :	Reliable Technocrafts Private Limited

CAPITAL STRUCTURE

As on 10.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10500000	Equity Shares	Rs.10/- each	Rs.105.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9467000	Equity Shares	Rs.10/- each	Rs.94.670 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9467000	Equity Shares	Rs.10/- each	Rs.94.670 Millions

Of the above, 7,020,000 Equity Shares of Rs. 10 each has been alloted as fully paid-up Bonus shares by way of capitalisation of general reserve.

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		94.670	94.670	94.670
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		184.070	184.070	184.070
4] (Accumulated Losses)		(25.084)	(73.618)	(91.507)
NETWORTH		253.656	205.122	187.233
LOAN FUNDS
1] Secured Loans		693.516	629.124	574.214
2] Unsecured Loans		32.869	34.108	32.228
TOTAL BORROWING		726.385	663.232	606.442
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		980.041	868.354	793.675
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		726.035	722.628	761.374
Capital work-in-progress		88.781	8.216	1.047
INVESTMENT		20.578	0.577	0.578
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	241.145	192.413	146.428
	Sundry Debtors	250.177	198.130	121.160
	Cash & Bank Balances	70.230	37.446	31.857
	Other Current Assets	0.299	0.578	0.624
	Loans & Advances	72.958	76.566	74.961
Total Current Assets		634.809	505.133	375.030
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	357.565	211.251	224.152
	Current Liabilities	111.970	148.206	112.593
	Provisions	20.627	8.743	7.609
Total Current Liabilities		490.162	368.200	344.354
Net Current Assets		144.647	136.933	30.676
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		980.041	868.354	793.675

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1967.485	1273.105	1138.316
		Other Income
		TOTAL	1967.485	1273.105	1138.316
Less	EXPENSES
		Office Expenses
		Administrative Expenses	1841.435	1210.150	1234.123
		Advertising Expenses
		TOTAL	1841.435	1210.150	1234.134
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		126.050	62.955	(95.818)
Less/ Add	DEPRECIATION/ AMORTISATION		59.750	46.422	37.211
	PROFIT / (LOSS) BEFORE TAX		66.300	16.533	(133.029)
Less	TAX		17.766	(1.356)	(6.159)
	PROFIT/ (LOSS) AFTER TAX		48.534	17.889	(126.870)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(73.618)	(91.507)	35.363
	BALANCE CARRIED TO THE B/S		(25.084)	(73.618)	(91.507)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	254.783	165.198	200.134
	TOTAL EARNINGS		254.783	165.198	200.134
	IMPORTS
		Raw Materials	10.069	1.396	0.667
		Stores & Spares	5.353	7.162	8.557
		Capital Goods	89.020	0.000	22.246
	TOTAL IMPORTS		104.442	8.558	31.470
	Earnings / (loss) Per Share (Rs.)		5.13	1.89	(13.40)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.47	1.40	(11.14)
Return on Total Assets (PBT/Total Assets}	(%)	4.87	1.34	(11.71)
Return on Investment (ROI) (PBT/Networth)		0.26	0.08	(0.71)
Debt Equity Ratio (Total Liability/Networth)		4.80	5.05	5.08
Current Ratio (Current Asset/Current Liability)		1.30	1.37	1.09

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74994MH1996PTC101050
Name of the company	RELIABLE AUTOTECH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.F-80, MIDC, Ambad, Nasik - 422010, Maharashtra, India Email : skrajansk@gmail.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	The Thane Janata Sahakari Bank Limited, Nashik Branch, Nashik – 422002, Maharashtra, India Email : tjsb@bom5.vsnl.net.in
Nature of instrument creating charge	Hypothecation of goods, plant and machinery and debts agreement for working capital term loan of Rs.100.000 Millions
Date of instrument Creating the charge	20.10.2011
Amount secured by the charge	Rs.100.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest @14.00% p. a. at monthly rest, i. e. 2.50% below PLR Terms of repayment Repayment by 60 EMI of Rs.2.326 Millions Margin 25% Extent and operation of the charge Working capital term loan financed as per bank norms from time to time
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of stock and book debts of the company

FIXED ASSETS

• Leasehold Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• Office Equipment
• Computers
• 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.55.20
UK Pound	1	Rs.87.79
Euro	1	Rs.70.43

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	1
--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		29

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.