MIRA INFORM REPORT

 

 

Report Date :

30.04.2013

 

IDENTIFICATION DETAILS

 

Name :

AVANI RESOURCES PTE. LTD.

 

 

Registered Office :

143 Cecil Street, 08-03/04 Gb Building, 069542

 

 

Country :

Singapore.

 

 

Date of Incorporation :

07.12.2010

 

 

Com. Reg. No.:

201025904-R

 

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading of Commodity Products

 

 

No. of Employees :

8

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

Litigation :

Clear

 

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 – March 31st 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Singapore ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

 

Source : CIA

 

 

 

* Adopted abbreviations :

SC - Subject Company (the company enquired by you)

 

 

N/A - Not Applicable

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

201025904-R

COMPANY NAME

:

AVANI RESOURCES PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

07/12/2010

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

143 CECIL STREET, 08-03/04 GB BUILDING, 069542, SINGAPORE.

BUSINESS ADDRESS

:

143 CECIL STREET, 08-03/04, GB BUILDING, 069542, SINGAPORE.

TEL.NO.

:

65-62211270

FAX.NO.

:

65-62214560

WEB SITE

:

www.avani.sg

CONTACT PERSON

:

SHIV RAJ KAPUR ( DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

TRADING OF COMMODITY PRODUCTS

AUTHORISED CAPITAL

:

1,000,000.00 ORDINARY SHARE, OF A VALUE OF USD 1,000,000.00

ISSUED AND PAID UP CAPITAL

:

1,000,000.00 ORDINARY SHARE, OF A VALUE OF USD 1,000,000.00

 

 

 

SALES

:

N/A

NET WORTH

:

N/A

 

 

 

STAFF STRENGTH

:

8 [2013]

BANKER (S)

:

DBS BANK LTD
ING BANK N. V.
MALAYAN BANKING BHD
STANDARD CHARTERED BANK
THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

HISTORY / BACKGROUND

The SC is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The SC is principally engaged in the (as a / as an) trading of commodity products.

The major shareholder(s) of the SC are shown as follows :

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

CHEN ZHIGUO +

ROOM 203, BUILDING 3, 3, YONGDINGMEN STREET WEST, XICHENG DISTRICT, BEIJING, CHINA.

G38056458

180,000.00

18.00

RAJESH JOHAR +

370H ALEXANDRA ROAD, 09-06, ANCHORAGE CONDOMINIUM, THE, 159961, SINGAPORE.

S7187084G

100,000.00

10.00

SANDEEP BHARGAVA +

12-D IDEAL TOWERS, 57 DIAMOND, HARBOUR ROAD, KOLKATA, INDIA.

H8111997

80,000.00

8.00

TERRA MIN RESOURCES PVT LTD

40/7 BALLYGUNGE CIRCULAR ROAD, KOLAKATA, 700019, INDIA.

 

640,000.00

64.00

 

 

 

---------------

------

 

 

 

1,000,000.00

100.00

 

 

 

============

=====

 

+ Also Director

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

SHIV RAJ KAPUR

Address

:

122 SIMEI STREET 1, 11- 436, 520122, SINGAPORE.

IC / PP No

:

S2640515G

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

07/12/2010

 

DIRECTOR 2

 

Name Of Subject

:

SANDEEP BHARGAVA

Address

:

12-D IDEAL TOWERS, 57 DIAMOND, HARBOUR ROAD, KOLKATA, INDIA.

IC / PP No

:

H8111997

 

 

 

 

 

 

 

 

 

Nationality

:

INDIAN

Date of Appointment

:

14/02/2011

 

DIRECTOR 3

 

Name Of Subject

:

RAJESH JOHAR

Address

:

370H ALEXANDRA ROAD, 09-06, ANCHORAGE CONDOMINIUM, THE, 159961, SINGAPORE.

IC / PP No

:

S7187084G

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

01/10/2011

 

DIRECTOR 4

 

Name Of Subject

:

CHEN ZHIGUO

Address

:

ROOM 203, BUILDING 3, 3, YONGDINGMEN STREET WEST, XICHENG DISTRICT, BEIJING, CHINA.

IC / PP No

:

G38056458

 

 

 

 

 

 

 

 

 

Nationality

:

CHINESE

Date of Appointment

:

14/02/2011



MANAGEMENT

 

 

 

1)

Name of Subject

:

SHIV RAJ KAPUR

 

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

SHANKER IYER & CO

Auditor' Address

:

N/A

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

SHIV RAJ KAPUR

 

IC / PP No

:

S2640515G

 

 

 

 

 

Address

:

122 SIMEI STREET 1, 11- 436, 520122, SINGAPORE.

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

DBS BANK LTD

 

 

 

 

 

2)

Name

:

ING BANK N. V.

 

 

 

 

 

3)

Name

:

MALAYAN BANKING BHD

 

 

 

 

 

4)

Name

:

STANDARD CHARTERED BANK

 

 

 

 

 

5)

Name

:

THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

 

 

 

 

 

The SC enjoys normal banking routine with above mentioned banker(s). The SC has bank charges with above mentioned banker(s).

 

ENCUMBRANCE (S)


ENCUMBRANCE 1

Date of Creation

:

22/08/2011

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

 

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered C201110433 In The Register of Charges


ENCUMBRANCE 2

Date of Creation

:

25/08/2011

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

ING BANK N. V.

 

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered C201110622 In The Register of Charges


ENCUMBRANCE 3

Date of Creation

:

15/09/2011

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

DBS BANK LTD

 

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered C2011111573 In The Register of Charges


ENCUMBRANCE 4

Date of Creation

:

15/09/2011

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

DBS BANK LTD

 

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered C201111574 In The Register of Charges


ENCUMBRANCE 5

Date of Creation

:

15/09/2011

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

DBS BANK LTD

 

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered C201111575 In The Register of Charges


ENCUMBRANCE 6

Date of Creation

:

08/03/2012

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

MALAYAN BANKING BHD

 

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered C201202623 In The Register of Charges


ENCUMBRANCE 7

Date of Creation

:

08/03/2012

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

MALAYAN BANKING BHD

 

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered C201202624 In The Register of Charges


ENCUMBRANCE 8

Date of Creation

:

29/08/2012

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

STANDARD CHARTERED BANK

 

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered C201209796 In The Register of Charges


ENCUMBRANCE 9

Date of Creation

:

29/08/2012

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

STANDARD CHARTERED BANK

 

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered C201209797 In The Register of Charges


ENCUMBRANCE 10

Date of Creation

:

29/08/2012

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

STANDARD CHARTERED BANK

 

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered C201209798 In The Register of Charges


ENCUMBRANCE 11

Date of Creation

:

23/11/2012

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

 

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered C201213577 In The Register of Charges

 

LEGAL CHECK AGAINST SC


* A check has been conducted in our databank against the SC whether the subject has been involved in any litigation.

No legal action was found in our databank.


No winding up petition was found in our databank.

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES

 

 

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

 

 

 

Export Market

:

ASIA, INDIA, AFRICA

Credit Term

:

AS AGREED

 

 

 

 

 

 

Payment Mode

:

TELEGRAPHIC TRANSFER (TT)

 

OPERATIONS

 

Goods Traded

:

COMMODITY PRODUCTS

 

 

 

 

 

Total Number of Employees:

YEAR

2013

 

 

GROUP

N/A

 

 

 

 

 

 

 

 

COMPANY

8

 

 

 

 

 

 

 

 

 

Branch

:

NO

 

Other Information:


The SC is principally engaged in the (as a / as an) trading of commodity products.

The SC sells the following commodity products.

* Thermal Coal

* Steam Coal

* Anthracite Coal

* Coking Coal

* Iron Ore

* Chrome ore

* Chrome Concentrate

* Manganese Ore

* Ferro Alloys

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62211270

Match

:

N/A

 

 

 

Address Provided by Client

:

143 CECIL STREET, 08-03/04, GB BUILDING,069542

Current Address

:

143 CECIL STREET, 08-03/04, GB BUILDING, 069542, SINGAPORE.

Match

:

YES

 

 

 


We have contacted the SC's Accountant and its Company Secretary for the latest financial accounts. However they have rejected our request in view of the confidentiality of the documents.

 

 

 

Other Investigations

We contacted one of the staff from the SC and she provided some information on the SC.




FINANCIAL ANALYSIS

 

 

No latest financial accounts are available at the Registry Office, thus we are not able to comment on the SC's financial performance.

 

 

 

 

 

 

 

Overall financial condition of the SC : N/A

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2006

2007

2008

2009

2010

 

 

 

 

 

 

Population (Million)

4.40

4.58

4.84

4.98

5.08

Gross Domestic Products ( % )

8.7

8.8

1.5

<0.8>

14.5

Consumer Price Index

1.0

2.1

6.6

0.6

2.8

Total Imports (Million)

378,924.1

395,979.7

450,892.6

356,299.3

423,221.8

Total Exports (Million)

431,559.2

450,627.7

476,762.2

391,118.1

478,840.7

 

 

 

 

 

 

Unemployment Rate (%)

2.7

2.3

2.2

3.2

2.2

Tourist Arrival (Million)

9.75

10.28

10.12

9.68

11.64

Hotel Occupancy Rate (%)

85.2

87.0

81.0

75.8

85.6

Cellular Phone Subscriber (Million)

1.05

1.22

1.31

1.37

1.43

 

 

 

 

 

 

Registration of New Companies (No.)

21,495

25,903

25,327

26,414

29,798

Registration of New Companies (%)

10.2

20.5

<2.2>

4.3

12.8

Liquidation of Companies (No.)

8,980

9,226

10,493

22,393

15,126

Liquidation of Companies (%)

28.1

2.7

13.7

113.4

<32.5>

 

 

 

 

 

 

Registration of New Businesses (No.)

24,219

24,762

24,850

26,876

23,978

Registration of New Businesses (%)

3.17

2.24

0.36

8.15

<10.78>

Liquidation of Businesses (No.)

26,843

21,322

21,150

23,552

24,211

Liquidation of Businesses (%)

<52.3>

<20.6>

<0.8>

11.4

2.8

 

 

 

 

 

 

Bankruptcy Orders (No.)

2,983

2,767

2,326

2,058

1,537

Bankruptcy Orders (%)

15.8

<7.2>

<15.9>

<11.5>

<25.3>

Bankruptcy Discharges (No.)

1,634

1,626

1,500

3,056

2,252

Bankruptcy Discharges (%)

<2.9>

<0.5>

<7.7>

103.7

<26.3>

 

 

 

 

 

 

INDUSTRIES ( % of Growth ) :

 

 

 

 

 

Agriculture

 

 

 

 

 

Production of Principal Crops

3.91

5.26

<0.32>

3.25

<0.48>

Fish Supply & Wholesale

1.33

<3.91>

<6.31>

<1.93>

3.60

 

 

 

 

 

 

Manufacturing *

94.4

100.0

95.8

91.8

119.1

Food, Beverages & Tobacco

89.9

100.0

107.7

102.7

109.5

Textiles

119.9

100.0

92.6

75.0

62.8

Wearing Apparel

114.5

100.0

71.8

45.3

26.4

Leather Products & Footwear

100.3

100.0

84.7

52.6

54.1

Wood & Wood Products

107.1

100.0

88.8

68.3

70.0

Paper & Paper Products

92.5

100.0

98.8

93.3

103.7

Printing & Media

97.6

100.0

96.7

82.5

84.7

Crude Oil Refineries

100.2

100.0

101.0

86.1

85.4

Chemical & Chemical Products

93.8

100.0

95.1

90.4

109.9

Pharmaceutical Products

102.1

100.0

92.8

104.4

159.9

Rubber & Plastic Products

100.1

100.0

92.2

77.6

86.1

Non-metallic Mineral

113.1

100.0

83.1

79.1

79.7

Basic Metals

110.0

100.0

120.9

101.9

112.5

Fabricated Metal Products

97.8

100.0

95.0

85.2

97.2

Machinery & Equipment

83.9

100.0

97.4

85.8

117.7

Electrical Machinery

98.8

100.0

98.1

104.2

149.1

Electronic Components

96.1

100.0

93.0

85.1

115.5

Transport Equipment

85.3

100.0

106.7

100.2

99.3

 

 

 

 

 

 

Construction

46.60

45.60

45.90

<36.9>

14.20

Real Estate

12.9

40.8

<11.2>

1.4

21.3

 

 

 

 

 

 

Services

 

 

 

 

 

Electricity, Gas & Water

<5.3>

11.00

<1.3>

1.70

4.00

Transport, Storage & Communication

6.00

8.50

11.60

3.90

12.80

Finance & Insurance

6.40

41.50

<5.9>

<16.4>

<0.4>

Government Services

13.50

3.80

17.40

4.50

9.70

Education Services

1.10

1.80

0.50

0.10

<0.9>

 

 

 

 

 

 

* Based on Index of Industrial Production (2007 = 100)

 

 

 

 

 

(Source : Department of Statistics)

 

 

 

 

 



INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING

 

 

 


The 1st Quarter 2012 total retail sales is expected to grow from a forecast SGD44.45bn (US$35.28bn) in 2011 to SGD51.50bn (US$46.82bn) by 2015. Singapore lacks the advantage of a massive consumer base, its low unemployment rate, the rapid influx of foreign immigrants and increasing visitor arrivals will continue to instill dynamism into the local retail scene and further buoy consumer spending.


The February 2011 budget provided a boost to consumer spending power, with the SGD6.6bn (US$5.2bn) Total Benefits package earmarked for households in 2011-2012 expected to have positive implications for the Singapore consumer.


In terms of retail sub-sectors, the over-the-counter pharmaceutical sector to be worth US$0.15bn in 2011 and for sales to increase by more than 35% to US$0.20bn by 2015. Sales of consumer electronics products are expected to increase by nearly 24%, from US$3.96bn in 2011 to US$4.90bn by the end of the forecast period on the back of strong demand for high-end products such as multimedia notebooks, 3G phones and smartphones.


The food retail segment will have a market share of 21.3% in 2011, when the sub-sector is forecast to be worth US$7.50bn. Sales are expected to grow to US$8.11bn by 2015.


Mass grocery retail sales are forecast to be US$3.46bn in 2011 and to grow by more than 25% to US$4.45bn by 2015, more than three times the rate of growth for overall food sales. This would take mass grocery retail's share of the overall food market from 45.7% in 2011 to 52.9% by the end of the forecast period.


Retail sales of Asian countries in 2011 are forecast US$3.13trn. China and India are predicted to account for nearly 91% of regional retail sales in 2011, and by 2015 their share of the regional market is expected to be more than 92%. Growth in regional retail sales for 2011-2015 is forecast at 71.6%, an annual average 14.4%. India should experience the most rapid rate of growth, followed by China. Singapore's market share of 1.1% in 2011 is forecast to fall to 0.8% by 2015.

 

 

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

 

CREDIT RISK EVALUATION & RECOMMENDATION

 

 


Incorporated in 2010, the SC is a Private Limited company, focusing on trading of commodity products. The SC has been in business for less than 5 years and it has slowly been building up contact with its clients while competing in the industry. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field. Having strong support from its shareholder has enabled the SC to remain competitive despite the challenging business environment. Presently, issued and paid-up capital is stand at USD 1 million.


Over the years, the SC has penetrated into both the local and overseas market. The SC has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the SC to further enhance its business in the near term. Being a small company, the SC's business operation is supported by 8 employees. Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC.


No financial accounts are available for analysis. As such, we are not able to comment on the SC's current financial standing.


The SC's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the SC has a good control over its resources.


The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the SC is expected to benefit from the favourable outlook of the industry.


In view of the above, we recommend credit be granted to the SC with close monitoring.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.27

UK Pound

1

Rs.84.23

Euro

1

Rs.70.90

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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

----

 

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%)

 

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.