MIRA INFORM REPORT

Report Date :

19.08.2013

IDENTIFICATION DETAILS

Name :	SAFEX FIRE SERVICES LIMITED

Registered Office :	202, ‘A’ Dhanraj Industrial Estate, Sunmill Road, Lower Parel (W), Post Box No. 6314, Mumbai – 400 013, Maharashtra

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	16.06.2000

Com. Reg. No.:	11-127212

Capital Investment / Paid-up Capital :	Rs. 12.000 Millions

CIN No.: [Company Identification No.]	U29193MH2000PLC127212

TAN No.: [Tax Deduction & Collection Account No.]	MUMS42020G

PAN No.: [Permanent Account No.]	AAECS7539M

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Fire Fighting Equipments.

No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 305840

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. 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 – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure. Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB- = Long Term Rating
Rating Explanation	Moderate degree of safety and Moderate credit risk
Date	29.04.2013

Rating Agency Name	CRISIL
Rating	A3 = Short Term Rating
Rating Explanation	Moderate degree of safety and higher credit risk
Date	29.04.2013

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.

INFORMATION PARTED BY

Name :	Mr. Jitendra Shah
Designation :	Director
Contact No.:	91-22-24938108
Date :	17.08.2013

LOCATIONS

Registered Office / Head Office :	202, ‘A’ Dhanraj Industrial Estate, Sunmill Road, Lower Parel (W), Post Box No. 6314, Mumbai – 400 013, Maharashtra, India
Tel. No.:	91-249381408 / 24938129
Fax No.:	91-22-24950224
E-Mail :	ho@safexfire.com
Website :	http://www.safexfire.com

Factory :	Plot No. 13, Village Mahim, Taluka Pakghar, District Thane, Opposite Bidco, Maharashtra, India
Tel. No.:	91-952525-252686/251482
Fax No.:	91-952525-251625
E-Mail :	nandan.safex@gmail.com

Branches :	Located At: Ahmedabad Tel No.: 91-79- 26580963 Email ID : ahmedabad@safexfire.com Baroda Tel No.: 91-265- 22793982 Fax No.: 91-265- 22793982 Chennai Tel No.: 91-44-26411855 Fax No.: 91-44-26427580 Email ID : chennai@safexfine.com Secundrabad Tel No.: 91-40-27543211/27540884 Fax No.: 91-40-27543072 Email ID : secunderabad@safexfine.com New Delhi Tel No.: 91-11-45546511/12 Fax No.: 91-1145546513 Email ID : newdelhi@safexfine.com Bangalore Tel No.: 91-80-23287779 Fax No.: 91-80-23287809 Email ID : bangalore@safexfire.com Kolkata Tel No.: 91-33-23297016 Fax No.: 91-33-23293825

DIRECTORS

As on 29.09.2012

Name :	Mr. Jitendra Chhotalal Shah
Designation :	Whole time Director
Address :	4, Pankaj, Andheri Co-op. Housing Society Limited, V.P. Road, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	4/05/1946
Date of Appointment :	16/06/2000
DIN No.:	00283217

Name :	Mr. Rajnikant Chhotalal Shah
Designation :	Whole time Director
Address :	301 A, Fairlyland Building, Opposite HDFC Bank, 10th Road, Juhu Scheme, Vile Parle (West), Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	25/09/1949
Date of Appointment :	16/06/2000
DIN No.:	00283117

Name :	Mr. Sandeep Chhotalal Shah
Designation :	Managing Director
Address :	4, Pankaj, Andheri Co-op. Housing Society Limited., V.P. Road, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	08/12/1962
Date of Appointment :	16/06/2000
DIN No.:	00283037

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders		No. of Shares
Jitendra Chhotalal Shah		283334
Sandeep Chhotalal Shah		283333
Rajnikant Chhotalal Shah		50000
Daksha Rajnikant Shah		130000
Damyanti Jitendra Shah		50000
Pratibha Sandeep Shah		50000
Rishit Rajnikant Shah		153333
Safex Fire Protection System Private Limited, India		200000
Total		1200000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	16.67
Directors or relatives of Directors	83.33
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Fire Fighting Equipments.

Terms :
Selling :	L/C and Credit

Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

End Users

Life Insurance Corporation
Loop Mobile
ING Vysya Bank
Nokia
ONGG
Pantaloon
Punjab National Bank
MTC

No. of Employees :

400 (Approximately)

Bankers :

Bank of Baroda, Andheri West Branch, Khajina Mahal, 189, S.V. Road, Andheri (West), Mumbai – 400058, Maharashtra, India

Facilities :

Secured Loans	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Term Loan
Bank of Baroda Term loan (Secured by equitable mortgage of the land and building existing and proposed)	0.000	0.086
Bank of Baroda Term Loan (Secured by hypothecation of machinery)	0.000	0.637
Short Term Borrowings
Cash Credit from Bank of Baroda (Secured by hypothecation of raw material, finished goods, work-in-progress and book debts)	0.000	19.306
Total	0.000	20.029


Banking Relations :	--

Auditors :
Name :	K. G. Shah and Company Chartered Accountants
Address :	15, Shram Sadhna Bldg., 57, Dr. D. V. Pradhan Road, Hindu Colony Lane No. 1, Dadar (East), Mumbai – 400014, Maharashtra, India
Tel. No.:	91-22-24146416 /24147197
Fax No.:	91-22-24096497
Pan No.:	AACPS4503J
E-Mail :	shahkhantilal@hotmail.com
PAN No.:	ANSPS7856F

Enterprise in which key management personnel (KMP) have significant influence:	Safex Fire Protection System Private Limited, India Universal Engg. Works

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

3000000	Equity Shares	Rs. 10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1200000	Equity Shares	Rs. 10/- each	Rs. 12.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	12.000	12.000
(b) Reserves & Surplus	64.460	50.149
(c) Money received against share warrants	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	76.460	62.149

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.723
(b) Deferred tax liabilities (Net)	7.422	7.418
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	7.422	8.141

(4) Current Liabilities
(a) Short term borrowings	16.740	36.461
(b) Trade payables	130.477	121.618
(c) Other current liabilities	13.557	7.607
(d) Short-term provisions	0.751	0.672
Total Current Liabilities (4)	161.525	166.358

TOTAL	245.407	236.648

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	50.829	50.112
(ii) Intangible Assets	0.202	0.256
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	51.031	50.368

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	7.515	15.009
(d) Cash and cash equivalents	163.241	139.953
(e) Short-term loans and advances	21.575	26.284
(f) Other current assets	2.045	5.034
Total Current Assets	194.376	186.280

TOTAL	245.407	236.648

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		12.000
2] Share Application Money		0.000
3] Reserves & Surplus		41.411
4] (Accumulated Losses)		0.000
NETWORTH		53.411
LOAN FUNDS
1] Secured Loans		10.603
2] Unsecured Loans		24.021
TOTAL BORROWING		34.624
DEFERRED TAX LIABILITIES		7.126

TOTAL		95.161

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		46.459
Capital work-in-progress		0.000

INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.499
	Sundry Debtors	134.187
	Cash & Bank Balances	7.976
	Other Current Assets	0.000
	Loans & Advances	4.229
Total Current Assets		153.891
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	93.055
	Other Current Liabilities	12.134
	Provisions	0.000
Total Current Liabilities		105.189
Net Current Assets		48.702

MISCELLANEOUS EXPENSES		0.000

TOTAL		95.161

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	473.368	393.927	312.464
		Other Income	0.259	0.290	0.729
		TOTAL	473.627	394.217	313.193

Less	EXPENSES
		Material Cost	365.288	310.400
		Changes in Inventories	7.494	(7.510)
		Employee Benefits	18.250	15.950
		Other Expenses	57.172	56.996
		TOTAL	448.204	375.836	297.368

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		25.423	18.381	15.825

Less	FINANCIAL EXPENSES		1.859	2.545	2.997

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		23.564	15.836	12.828

Less/ Add	DEPRECIATION/ AMORTISATION		3.170	2.891	2.743

	PROFIT BEFORE TAX		20.394	12.945	10.085

Less	TAX		6.084	4.207	3.157

	PROFIT AFTER TAX		14.310	8.738	6.928

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		32.149	23.411	16.483

	BALANCE CARRIED TO THE B/S		46.459	32.149	23.411

	EARNINGS IN FOREIGN CURRENCY		0.299	1.592	7.035

	IMPORTS
		Raw Materials	57.133	42.995	40.802
		Stores & Spares	1.695	0.121	0.135
	TOTAL IMPORTS		58.828	43.116	40.937

	Earnings Per Share (Rs.)		11.93	7.28	5.77

Particulars

31.03.2013

Sales Turnover (Approximately)

500.000

The above information has been parted by Mr. Jitendra Shah (Director).

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.02	2.22	2.21

Net Profit Margin (PBT/Sales)	(%)	4.01	3.29	3.23

Return on Total Assets (PBT/Total Assets}	(%)	10.49	6.95	5.03

Return on Investment (ROI) (PBT/Networth)		0.27	0.21	0.19

Debt Equity Ratio (Total Debt /Networth)		0.22	0.60	0.65

Current Ratio (Current Asset/Current Liability)		1.20	1.12	1.46

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	Yes
10]	Designation of contact person	Yes
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	Yes
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	No

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Short Term Borrowings
Inter corporate deposits	2.839	2.556
From Directors	13.901	14.599
Total	16.740	17.155

OPERATIONS AND FUTURE OUTLOOK:

The company has achieved turnover of Rs. 473.368 Millions during the year as against turnover Rs. 393.927 Millions during previous year, which represents increase of about 20.17%. Net Profit after tax for the year is Rs. 14.310 Millions as against net Profit after Tax of Rs. 8.738 Millions during the previous year. The directors are making constant efforts to improve the performance of the company and major marketing efforts are made in this direction.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29193MH2000PLC127212
Name of the company	SAFEX FIRE SERVICES LIMITED
Address of the registered office or of the principal place of business in India of the company	202, ‘A’ Dhanraj Industrial Estate, Sunmill Road, Lower Parel (W), Post Box No. 6314, Mumbai – 400 013, Maharashtra, India Email ID: ho@safexfire.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90149300
Type of charge	Immovable Property
Particular of charge holder	Bank of Baroda, Andheri (West) Branch, Khajina Mahal, 189, S.V. Road, Andheri (West), Mumbai – 400058, Maharashtra, India Email ID: raviputhran@yahoo.co.in
Nature of instrument creating charge	Fifth supplemental memorandum of entry for extension of mortgage by deposit of title deeds in respect of advance secured by mortgage of immovable property
Date of instrument Creating the charge	30.03.2012
Amount secured by the charge	Rs. 65.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 3.25% over BML per annum with monthly rests. Terms of Repayment Cash Credit (Hypothecation of sticks and book debts) – Rs. 30.000 Millions Sub Limit :(PC/FBP/FBD) – Rs. 5.000 Millions Bank Guarantee – Rs. 5.000 Millions Inland/Import Letter of Credit – Rs. 30.000 Millions Margin 25% on stocks, book-debts and movable machinery. 15% in respects of LIC and Bank guarantee. Extent and Operation of the charge Bank of Baroda B/O Andheri (West) Branch, Khajina Mahal, Mumbai first charge holder
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All that part and parcel of industrial units (Gala) No. - A, admeasuring about 1060 square feet and about 425 square feet respectively Land being Plot No. 13, admeasuring about 1287 square yards, with factory shed, land and building and structures at Thane. Land Plot No. 14 and 15, each admeasuring about 1072.50 square meters, with factory shed, at Thane.
Particulars of the present modification	Charge Increased to Rs. 65.000 Millions

FIXED ASSETS:

Freehold Land
Building
Plant and Machinery
Computer
Office Equipment
Furniture and Fixtures
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 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 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. 63.70
UK Pound	1	Rs. 99.79
Euro	1	Rs. 85.07

INFORMATION DETAILS

Information Gathered by :	PLK

Report Prepared by :	VNT

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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.

MIRA INFORM REPORT

3.02

2.22

4.01

3.29

10.49

6.95

0.27

0.21

0.22

0.60

1.20

1.12

Unit