MIRA INFORM REPORT

Report Date :

14.12.2013

IDENTIFICATION DETAILS

Name :	OLAM AGRO INDIA LIMITED (w.e.f. 18.11.2009)
Formerly Known As :	OLAM EXPORTS (INDIA) LIMITED
Registered Office :	DLF Building No. 8, Tower A, Ground Floor, Phase II, Cyber City, Gurgaon – 122 002, Haryana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.10.1994
Com. Reg. No.:	05-040113
Capital Investment / Paid-up Capital :	Rs. 237.995 Millions
CIN No.: [Company Identification No.]	U72200HR1994PLC040113
TAN No.: [Tax Deduction & Collection Account No.]	RTKO01220C
PAN No.: [Permanent Account No.]	AAACO4020D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader and Exporter of Cotton Maize, Coffee, Raw Cashew-Nut, Pulses, Cashew Kernels, Clean, Rice, Sugar, Sesame, Soyabean, Ground Nuts, Pepper, Timber, Mustard Seeds, Oil Seeds, Almonds and other products.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 15000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears some slight dip in the turnover of the company during current year however, 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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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. Chirag Patel
Designation :	Logistic Department
Contact No.:	91-79-26463720
Date :	12.12.2013

LOCATIONS

Registered Office :	DLF Building No. 8, Tower A, Ground Floor, Phase II, Cyber City, Gurgaon – 122 002, Haryana, India
Tel. No.:	91-124-4839999
Fax No.:	91-124-4839977
E-Mail :	olam@olamindia.com sanjeev.mishra@olamnet.com
Website :	http://olamonline.com
Location:	Owned
Branch Office:	Dharma Bhakti ,3 Friends Colony, Near C N Vidhyalai ,Ambawadi, Ahmedabad – 380006, Gujarat, India
Branch Office :	Located At · Punjab · Haryana · Gujarat · Madhya Pradesh · Maharashtra · Andhra Pradesh · Karnataka · Tamil Nadu · Kerala

DIRECTORS

As on 30.09.2013

Name :

Mr. Sanjay Sacheti

Designation :

Whole Time Director

Address :

Flat No. 303, Pearl Court II, Essel Tower, Mehrauli, Gurgaon – 122 002, Haryana, India

Date of Birth/Age :

22.06.1966

Qualification:

CA, CS

Date of Appointment :

02.11.2000

PAN No.:

ABYPS7336N

DIN No.:

00271310

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72200HR1994PLC040113	OLAM AGRO INDIA LIMITED	Whole-time director	02/11/2000	02/11/2000	-	Active	NO
2	U85110HR2006PLC048628	HEMARUS INDUSTRIES LIMITED	Additional director	17/10/2011	17/10/2011	23/12/2011	Active	NO

Name :

Mr. Ashok Krishen

Designation :

Director

Address :

I Tanjong Rhu Road, 08-03, The Waterside, Singapore 436 879

Date of Birth/Age :

09.12.1962

Date of Appointment :

22.02.2001

DIN No.:

00309956

Name :

Mr. Amit Pant

Designation :

Whole Time Director

Address :

A 304, Gopalans Avenue, 13 Cross – 16, Main Indira Nagar, 2st Bangalore – 560 038, Karnataka, India

Date of Birth/Age :

30.08.1970

Date of Appointment :

29.09.2008

PAN No.:

ACUPP6272H

DIN No.:

01927533

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72200HR1994PLC040113	OLAM AGRO INDIA LIMITED	Whole-time director	29/09/2008	01/02/2008	-	Active	NO

Name :

Mr. Sridhar Krishnan

Designation :

Director

Address :

18 Jalan Jambu Ayer, Singapore 588 778

Date of Birth/Age :

13.07.1954

Date of Appointment :

23.03.2009

DIN No.:

02608329

KEY EXECUTIVES

Name :	Mr. Sanjeev Mishra
Designation :	Secretary
Address :	L-18, 2^nd Floor, West Parel Nagar, Delhi – 110008, India
Date of Birth/Age :	17.06.1983
Date of Appointment :	27.08.2013
PAN No.:	APUPM9988G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Olam Investment Limited, Mauritius	9048964
Olam International Limited, Singapore	14750489
Amit Pant	1
Magnus Capital Corporation Limited, Mauritius	1
Parakeet Limited, Mauritius	1
Sanjay Sacheti	1
Ashok Krishen	1
Total	23799458

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Exporter of Cotton Maize, Coffee, Raw Cashew-Nut, Pulses, Cashew Kernels, Clean, Rice, Sugar, Sesame, Soyabean, Ground Nuts, Pepper, Timber, Mustard Seeds, Oil Seeds, Almonds and other products.

Products :

Item Code No.	Product Description
10059000	Maize
09011119	Coffee
08013290	Raw cashew nuts
52010020	Cotton
07134000	Pulses
10082029	Bajra
12022090	Ground nuts
07132000	Chana
12010090	Soyabean
10061090	Rice
10019020	Wheat
08013290	Cashew kernels
17010000	Sugar
04021010	Skimmed milk powder
09040910	Spices
09041130	Pepper
09101090	Ginger

Exports :

Products :

Cotton

Countries :

China

Imports :

Products :

Finished Goods

Countries :

USA

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Sugar	MT		2,500	17,674
Molasses	MT		--	10,354

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

500 (Approximately)

Bankers :

· IDBI Bank Limited, Panampilly, P B No. 4253, Kochi – 682 036, Kerala, India

· HDFC Bank Limited, Mariam Centre, III Floor, Anna Salai, Chennai – 600 002, Tamilnadu, India

Tel No.: 91-44-66003333

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	31.500	73.500
Total	31.500	73.500

Banking Relations :	--
Auditors :
Name :	S R Batliboi and Company Chartered Accountants
Address :	Tower A, Building No 8, 1st Floor DLF Cyber City Phase - Ii, Gurgaon – 122 002, Haryana, India
PAN N Income-tax PAN of auditor or auditor's firm :	ACHFS9180N
Ultimate Holding Company:	· Olam International Limited, Singapore ( “OIL” )
Holding Company:	· Olam Investments Limited, Mauritius
Subsidiary Company:	· Hemarus Industries Limited, India CIN: U85110HR2006PLC048628
Fellow Subsidiaries:	· Outspan (India) Private Limited, India CIN: U51909KL1996PTC009977 · Olam Orchards Australia Pty Limited · Olam Spices and Vegetables Inc. · Olam Vietnam Limited · Olam Tanzania Limited · Olam West Cost Inc. · Outspan Peru S.A.C · Olam Middle East LLC.
Joint Venture:	· Taraori Rice Mill Private Limited
Other Related party:	· Ebro India Private Limited, India CIN: U15314DL2013PTC249235

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23799458	Equity Shares	Rs.10/- each	Rs. 237.995 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	237.995	173.311	137.922
(b) Reserves & Surplus	3521.709	1730.922	822.704
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	747.125	0.000
Total Shareholders’ Funds (1) + (2)	3759.704	2651.358	960.626
(3) Non-Current Liabilities
(a) long-term borrowings	109.692	183.401	243.942
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	6.447	4.200	0.000
(d) long-term provisions	10.115	4.173	2.658
Total Non-current Liabilities (3)	126.254	191.774	246.600
(4) Current Liabilities
(a) Short term borrowings	5463.277	10173.384	9103.124
(b) Trade payables	2261.546	2023.838	1327.436
(c) Other current liabilities	717.194	468.358	306.066
(d) Short-term provisions	121.531	72.977	14.786
Total Current Liabilities (4)	8563.548	12738.557	10751.412
TOTAL	12449.506	15581.689	11958.639
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1475.019	1372.599	976.068
(ii) Intangible Assets	1.119	0.715	2.260
(iii) Capital work-in-progress	171.905	34.174	1.033
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1611.221	829.096	0.415
(c) Deferred tax assets (net)	51.306	82.136	31.480
(d) Long-term Loan and Advances	71.551	824.318	58.855
(e) Other Non-current assets	0.075	140.143	0.015
Total Non-Current Assets	3382.196	3283.181	1070.126
(2) Current assets
(a) Current investments	0.050	0.000	0.000
(b) Inventories	5334.223	9365.387	6403.989
(c) Trade receivables	2116.204	529.041	3280.192
(d) Cash and cash equivalents	282.654	184.127	147.005
(e) Short-term loans and advances	777.441	1692.224	774.298
(f) Other current assets	556.738	527.729	283.029
Total Current Assets	9067.310	12298.508	10888.513
TOTAL	12449.506	15581.689	11958.639

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	30523.974	31947.677	20298.702
		Other Income	542.724	706.653	242.216
		TOTAL (A)	31066.698	32654.330	20540.918
Less	EXPENSES
		Cost of materials consumed	5120.216	4861.231	4437.001
		Purchases of stock-in-trade	17881.157	26615.919	11674.919
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	3581.249	(2890.640)	1856.237
		Employee benefit expense	590.730	498.149	397.148
		Other expenses	2433.556	2216.075	1301.417
		TOTAL (B)	29606.908	31300.734	19666.722
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1459.790	1353.596	874.196
Less	FINANCIAL EXPENSES (D)		820.809	1038.016	565.318
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		638.981	315.580	308.878
Less/ Add	DEPRECIATION/ AMORTISATION (F)		154.450	129.721	131.811
	PROFIT BEFORE TAX (E-F) (G)		484.531	185.859	177.067
Less	TAX (H)		162.316	70.343	66.674
	PROFIT AFTER TAX (G-H) (I)		322.215	115.516	110.393
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		735.430	619.920	509.520
	BALANCE CARRIED TO THE B/S		1057.640	735.430	619.920
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	19103.210	24136.430	8519.440
	TOTAL EARNINGS		19103.210	24136.430	8519.440
	Earnings Per Share (Rs.)
	Basic		15.77	8.09	8.00
	Diluted		15.77	7.95	8.88

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.04	0.35	0.54
Net Profit Margin (PBT/Sales)	(%)	1.59	0.58	0.87
Return on Total Assets (PBT/Total Assets}	(%)	4.56	1.27	1.48
Return on Investment (ROI) (PBT/Networth)		0.13	0.07	0.18
Debt Equity Ratio (Total Debt /Networth)		1.48	3.91	9.73
Current Ratio (Current Asset/Current Liability)		1.06	0.97	1.01

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)	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

COMPANY PERFORMANCE

The Company posted another year of strong performance across all financial parameters, leveraging its corporate strategy of creating multiple drivers of growth. This performance is even more encouraging when viewed against the backdrop of the extremely challenging business context in which it was achieved. Notwithstanding a sluggish global demand scenario, the Company recorded robust growth in export volumes and revenues by servicing customers based on their specific needs and leveraging strengths in crop development, superior sourcing and processing capabilities. The business not only strengthened its presence in existing markets but also accessed customers in new markets.

The company has recorded 279% increase in profit after tax compared to last year. The EPS (basic) has reached at Rs. 15.77 this year compared to Rs. 8.09 last year.

The Company is expecting better profitability in coming years and working towards achieving improvement in Net Profit Ratio.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Foreign currency term loans from others	78.192	109.901
Short-term borrowings
Working capital loans from banks	5463.277	10173.384
Total	5541.469	10283.285

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10185729	28/02/2013 *	210,000,000.00	IDBI BANK LIMITED	PANAMPILLY, P.B. NO. 4253, KOCHI, KERALA - 682036, INDIA	B71296446

* Date of charge modification

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Other building

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Other equipments

Intangible assets

· Goodwill

· Computer software

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.62.13
UK Pound	1	Rs.101.53
Euro	1	Rs.85.41

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	KVT

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	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.