MIRA INFORM REPORT

Report Date :

29.08.2013

IDENTIFICATION DETAILS

Name :	AMBUJA INTERMEDIATES LIMITED (w.e.f. 19.09.2011)
Formerly Known As :	AMBUJA INTERMEDIATES PRIVATE LIMITED (w.e.f. 25.07.2005) AMBUJA INTERMEDIATE PRODUCTS PRIVATE LIMITED
Registered Office :	A/901, Nar Narayan Complex, Near Navrangpura Bus Stop, Off C.G. Road, Navrangpura, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2012 (Only Profit and Loss A/c)
Date of Incorporation :	10.08.1988
Com. Reg. No.:	04-011091
Capital Investment / Paid-up Capital :	Rs. 123.250 Millions (As on 31.03.2011)
CIN No.: [Company Identification No.]	U24231GJ1988PLC011091
TAN No.: [Tax Deduction & Collection Account No.]	AHMA02216E
PAN No.: [Permanent Account No.]	AACCA1236B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Dyestuff.
No. of Employees :	Information Denied by Management

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 1000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. 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	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

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	CARE
Rating	BBB- = Long Term Bank Facilities
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	15.04.2013

Rating Agency Name	CARE
Rating	A3 = Short Term Bank Facilities
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	15.04.2013

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 (GENERAL DETAILS)

Name :	Mr. Vijay
Designation :	Admin
Contact No.:	91-22-42127777
Date :	28.08.2013

LOCATIONS

Registered Office/ Registered Headquarter Office :	A/901, Nar Narayan Complex, Near Navrangpura Bus Stop, Off C.G. Road, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26427576/ 26427666
Fax No.:	91-79-26426694
E-Mail :	grshah@ambujaindia.com ambujaintermediates@gmail.com ahm@ambujaindia.com ipo@ambujaindia.com tradelink@icenet.co.in
Website :	www.ambujaindia.com
Corporate Office/ Branch Office :	133, Bhandari Street, Null Bazar, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-42127777/ 23867792/ 23857141/ 23800058/ 23824143
Fax No.:	91-22-23809797
E-Mail :	ambuja@bom3.vsnl.net.in admin@ambujaindia.com
Factory :	Chemical Complex Unit 1, 2, 3 and 4 Survey No.1152, Chhatral – Mehsana State Highway, Near Milton Laminates, Village Rajpur, Taluka Kadi, District Mehsana – 382740, Gujarat, India
Tel. No.:	91-2764-278403/ 278404
Fax No.:	91-2764-278415
E-Mail :	works@ambujaindia.com

DIRECTORS

As on: 30.07.2012

Name :	Mr. Paragbhai Amarabhai Makwana
Designation :	Director
Address :	A-202, Parijat Jeevan Sahar CHS, Opposite Hotel Suresha Tarun Bharat, Chakala, Andheri (East), Mumbai – 400099, Maharashtra, India
Date of Birth/Age :	14.11.1947
Date of Appointment :	19.09.2011
DIN No.:	00051227
Name :	Mr. Gambhirmal Ramanlal Shah
Designation :	Whole-time director
Address :	6, Jadav Bhuvan, 32, Dr. Ailson Street, V P Road, Mumbai – 400004, Maharashtra, India
Date of Birth/Age :	01.04.1958
Date of Appointment :	10.08.1998
DIN No.:	00137528
Name :	Mr. Mahendrabhai Mohanlal Patel
Designation :	Whole-time director
Address :	16 Vishnu Hari Apartment, 18 Pushpkunj Society, Kanakaria, Ahmedabad – 380022, Gujarat, India
Date of Birth/Age :	22.12.1956
Date of Appointment :	19.11.1999
DIN No.:	00137602
Name :	Mr. Lalit Tilokchand Shah
Designation :	Managing director
Address :	14/C, 7 Khanderao Block, Khotachi Wadi V P Road, Mumbai – 400004, Maharashtra, India
Date of Birth/Age :	01.12.1973
Date of Appointment :	10.07.1999
DIN No.:	00144685
Name :	Mr. Satyanarayan Bhaverlal Ajmera
Designation :	Director
Address :	Dr. Ajmera Clinic Shraddhavilla, Opposite Friend SO, Jawaharchawk Sabarmati, Ahmedabad – 380005, Gujarat, India
Date of Birth/Age :	08.01.1952
Date of Appointment :	19.09.2011
DIN No.:	03609798
Name :	Mr. Harinderpal Singh Kochar
Designation :	Director
Address :	B-8-61, Goyal Intercity, Drive In Road, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	06.08.1953
Date of Appointment :	19.09.2011
DIN No.:	03609845
Name :	Mr. Jitendra Kantilal Shah
Designation :	Director
Address :	14/C, 7 Khanderao Block, Khotachi Wadi, V P Road, Mumbai – 400004, Maharashtra, India
Date of Birth/Age :	10.12.1975
Date of Appointment :	25.08.2008
DIN No.:	00144772
Name :	Mr. Rajeshkumar Ramanlal Shah
Designation :	Director
Address :	3rd Floor, Room No.6, Jadav Mansion , 32, Dr Wilson Street, Mumbai – 400004, Maharashtra, India
Date of Birth/Age :	01.06.1968
Date of Appointment :	25.08.2008
DIN No.:	00262041
Name :	Mr. Bhargav Kumar Kirit Kumar Patel
Designation :	Director
Address :	4, Sundarvan Soc, Shahalam, Mani Nagar, Ahmedabad – 380028, Gujarat India
Date of Birth/Age :	12.01.1975
Date of Appointment :	25.08.2008
DIN No.:	01874663

KEY EXECUTIVES

Name :	Ms. Samita Arora
Designation :	Secretary
Address :	C-73, Vishal Residency, Opposite Devpriya Bunglow II, Anandnagar To Ramdev Nagar, Satelite, Ahmedabad – 380015, Gujarat, India
Date of Appointment :	01.09.2011
Name :	Mr. Vijay
Designation :	Admin
Name :	Mr. Rajeev
Designation :	Accountant

MAJOR SHAREHOLDERS

As on 30.07.2012

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 30.07.2012

Category	Percentage
Bodies corporate	2.35
Directors or relatives of directors	97.65
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Dyestuff.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Production Own
Dyes and Dye-Intermediates	M.T.	N.A.	6,140.000	2,698.650

Note:

• Installed Capacity is assessed by the management and being a technical matter accepted by the Auditors as correct.
• Production includes 1.005 M.T. of Dyes and Dye-Intermediates produced on job-work basis with out-side parties.

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

Information Denied by Management

Bankers :

• Bank of India, Ahmedabad Corporate Banking Branch, 2^nd Floor, Bank of India Building, Bhadra, Ahmedabad – 380 001, Gujarat, India
• Bank of India, Ahmedabad Mid Corporate Branch 1st Floor, Bank of India Building Swastik Cross Roads Navrangpura, Ahmedabad - 380009, Gujarat, India

Facilities :

Secured Loans	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Rupee term loans banks secured (Bank of India)	116.149	116.770
Working capital loans banks secured (Including of Buyer’s Credit Rs.27.733 millions previous year Rs.22.752 millions)	262.571	255.603
Hire purchase installment payable secured ([Reliance Capital Limited (Against Vehicle) Rs.0.342 million)]	0.000	0.416
Total	378.720	372.789

Banking Relations :	--
Auditors :
Name :	Shah Kantilal and Company Chartered Accountants
Address :	806, Mauryansh Elanza, Near Parekh S Hospital, Shyamal Cross Road, Satellite, Ahmedabad – 380 015, Gujarat, India
PAN No.:	AAMFS3865K
Associates :	Ambuja Metal Industries Private Limited, India CIN No.: U27310GJ1979PTC00353 Ambuja Solvex Private Limited, India CIN No.: U15141GJ2004PTC044285 Nenava Metal Corporation, India

CAPITAL STRUCTURE

As on 30.07.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12325000	Equity Shares	Rs.10/- each	Rs. 123.250 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs.10/- each	Rs.110.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6100000	Equity Shares	Rs.10/- each	Rs.61.000 Millions

(Out of above 3050000 Equity shares allotted as fully paid-up by way of bonus shares by way of capitalisation of Share premium and General Reserve)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		61.000	30.500
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		232.892	228.641
4] (Accumulated Losses)		0.000	0.000
NETWORTH		293.892	259.141
LOAN FUNDS
1] Secured Loans		378.720	372.789
2] Unsecured Loans		15.545	8.725
TOTAL BORROWING		394.265	381.514
DEFERRED TAX LIABILITIES		57.973	58.936
TOTAL		746.130	699.591
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		348.013	345.621
Capital work-in-progress		7.879	1.302
INVESTMENT		0.735	0.698
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	113.765	118.120
	Sundry Debtors	279.011	258.289
	Cash & Bank Balances	8.505	9.230
	Other Current Assets	0.000	0.000
	Loans & Advances	62.797	77.020
Total Current Assets		464.078	462.659
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	43.233	91.597
	Other Current Liabilities	0.000	0.000
	Provisions	31.342	19.092
Total Current Liabilities		74.575	110.689
Net Current Assets		389.503	351.970
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		746.130	699.591

NOTE: Balance Sheet for the year 2012 is not available, only Profit and Loss Account is available.

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1357.743	1210.000	1042.881
		Other Income	46.282	34.553	45.487
		TOTAL	1404.025	1244.553	1088.368
Less	EXPENSES
		Cost of material consumed	1075.057	795.443
		Purchase of stock-in-trade	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(70.246)	12.259
		Employee Benefit Expenses	27.155	23.338
		Other Expenses	262.118	276.655
		Prior Period Items	0.271	0.566
		TOTAL	1294.355	1108.261	979.471
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		109.670	136.292	108.897
Less	FINANCIAL EXPENSES		49.566	40.968	38.066
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		60.104	95.324	70.831
Less/ Add	DEPRECIATION/ AMORTISATION		38.428	35.701	36.120
	PROFIT BEFORE TAX		21.676	59.623	34.711
Less	TAX		7.849	19.538	12.356
	PROFIT AFTER TAX		13.827	40.085	22.355
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	171.909
Less	APPROPRIATIONS
		Interim Dividend (including Tax on Dividend)	NA	NA	4.282
		Transfer to General Reserve	NA	NA	2.500
	BALANCE CARRIED TO THE B/S		NA	NA	186.737
	EARNINGS IN FOREIGN CURRENCY
		Export of goods on FOB value	631.705	693.934	563.696
	TOTAL EARNINGS		631.705	693.934	563.696
	IMPORTS
		Raw Materials	88.081	137.531	143.427
		Stores & Spares	0.000	1.131	0.000
	TOTAL IMPORTS		88.081	138.662	143.427
	Earnings Per Share (Rs.)
	Basic		1.47	13.14	7.09
	Diluted		0.87	13.14	7.09

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.98	3.22	2.05
Net Profit Margin (PBT/Sales)	(%)	1.59	4.93	3.33
Return on Total Assets (PBT/Total Assets}	(%)	NA	7.34	4.29
Return on Investment (ROI) (PBT/Networth)		NA	0.20	0.13
Debt Equity Ratio (Total Debt /Networth)		NA	1.34	1.47
Current Ratio (Current Asset/Current Liability)		NA	6.22	4.17

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	No
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
From Shareholders, Directors and Relatives	15.545	8.725
Total	15.545	8.725

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10290478	20/03/2012 *	524,300,000.00	BANK OF INDIA	AHMEDABAD MID CORPORATE BRANCH 1ST FLOOR, BOI BUILDING SWASTIK CROSS ROADS NAVRANGPURA, AHMEDABAD, Gujarat - 380009, INDIA	B37046927
2	80034289	20/03/2012 *	524,300,000.00	BANK OF INDIA	AHMEDABAD MID CORPORATE BRANCH 1ST FLOOR, BOI BUI LDING SWASTIK CROSS ROADS NAVRANGPURA, AHMEDABAD, Gujarat - 380009, INDIA	B37047792

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Building

· Plant and Machinery

· Wind Mill

· 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. 68.36
UK Pound	1	Rs. 106.03
Euro	1	Rs. 91.47

INFORMATION DETAILS

Information Gathered by :	PLV
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.