MIRA INFORM REPORT

 

 

Report Date :

05.02.2013

 

IDENTIFICATION DETAILS

 

Name :

ROHAN BUILDERS (INDIA) PRIVATE LIMITED (w.e.f. 03.01.2000)

 

 

Formerly Known As :

ROHAN BUILDERS (PUNE) PRIVATE LIMITED

 

 

Registered Office :

The Reverie, First Floor, 805, Bhandarkar Institute Road, Pune – 411 004, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

15.04.1994

 

 

Com. Reg. No.:

11-077758

 

 

Capital Investment / Paid-up Capital :

Rs.8.000 millions

 

 

CIN No.:

[Company Identification No.]

U45201PN1994PTC077758

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNER06119B

 

 

PAN No.:

[Permanent Account No.]

AAACR8220N

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Construction Contractors

 

 

No. of Employees :

Information declined by the Management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (36)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 3523000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject is a flagship company of Rohan Group.

 

It is a well established company having a moderate track record. The latest financials are not made available.

 

As per previous year’s record the performance capability of the company is good. Financially company appears to be strong. Liquidity position of the company is good.

 

Trade relations are reported to be fair. Business is active. Payments are unknown.

 

The company can be considered for business dealings with slight caution.

 

Note:

Due to technical error in the government sites, we hereby provide you the report with available details and we would provide you with a on the same company as soon as we get the additional information.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

INDIAN ECONOMIC OVERVIEW

 

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

Source : CIA

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long Term Rating: BBB-

Rating Explanation

Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk.

Date

April 23, 2012

 

 

RBI DEFAULTERS’ LIST STATUS

 

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

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

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

 

INFORMATION DECLINED BY

 

Name :

Mr. Deven

Designation :

Accounts Department

Contact No.:

91-20-41405140

Date :

05.02.2013

 

 

LOCATIONS

 

Registered Office/ Corporate Office :

The Reverie, First Floor, 805, Bhandarkar Institute Road, Pune – 411 004, Maharashtra, India 

Tel. No.:

91-20-41405140/ 25659936

Fax No.:

91-20-25659939

E-Mail :

rohanpn@rohanbuilders.com

Website :

www.rohanbuilders.com

Area :

3000 sq ft

Location :

Rented

 

 

Branch Office 1 :

Pradeep Chambers, 813, Bhandarkar Institute Road, Pune – 411 004,
Maharashtra, India

Tel. No.:

91-20-41404140

Fax No.

91-20-41404150

E-Mail :

housing@rohanbuilders.com

Area :

3000 sq ft

Location :

Rented

 

 

Branch Office 2 :

1201, First Floor, Divya Shakti, 100ft Road, Indiranagar, Bangalore – 560 038, Karnataka, India

Tel. No.:

91-80-25203520/ 21/ 22

Fax No.:

91-80-25203523

E-Mail :

rohanbgl@rohanbuilders.com

Area :

1500 sq ft

Location :

Rented

 

 

DIRECTORS

 

As on 27.09.2010

 

Name :

Mr. Suhas Khushalchand Lunkad

Designation :

Managing Director

Address :

FL-1002, B-Building 1, Modi Baug, Ganeshkhind Road, Pune – 411 016, Maharashtra, India

Date of Birth/Age :

05.03.1957

Qualification :

BE (Civil)

Date of Appointment :

15.04.1994

DIN No.:

00469822

 

 

Name :

Mr. Milind Khushalchand Lunkad

Designation :

Director

Address :

Flat 1, Cozy Retreat Sindh Co-Operative Housing Society, Aundh, Pune – 411 007, Maharashtra, India

Date of Birth/Age :

07.02.1965

Qualification :

BE (Civil)

Date of Appointment :

15.04.1994

DIN No.:

00470372

 

 

Name :

Mr. Vinay Pannalal Shrishrimal

Designation :

Director

Address :

D-5, Lalbag Society, Market Yard Road, Gultekdi, Pune – 411 037, Maharashtra, India

Date of Birth/Age :

02.03.1967

Qualification :

B.Com

Date of Appointment :

01.04.1997

DIN No.:

00562375

 

 

Name :

Mr. Sanjay Khushalchand Lunkad

Designation :

Director

Address :

Plot No.8 and 9, S.No.54/1, Cozy Retreat Sindh Co-Operative Housing Society, Aundh, Pune – 411 007, Maharashtra, India

Date of Birth/Age :

01.06.1961

Qualification :

B. Sc

Date of Appointment :

01.04.1997

DIN No.:

00470139

 

 

Name :

Mr. Bharat Suwalal Desadla

Designation :

Director

Address :

Flat No.2, Aneya Apartments, Bhonde Colony, Erandwane, Pune – 411 004, Maharashtra, India

Date of Birth/Age :

01.06.1960

Qualification :

B.Com

Date of Appointment :

01.09.1997

DIN No.:

00470305

 

 

Name :

Mr. Deepak Kachardas Bhatewara

Designation :

Director

Address :

6, Shivshankar Apartments, Shivtirtha Nagar, Kothrud, Pune – 411 038, Maharashtra, India

Date of Birth/Age :

01.06.1955

Qualification :

B.Com

Date of Appointment :

01.09.1997

DIN No.:

00470229

 

 

Name :

Mr. Anil Vasant Indapurkar

Designation :

Director

Address :

Plot No.9, Madhusanchay Society, Karve Road, Pune – 411 052, Maharashtra, India

Date of Birth/Age :

23.02.1956

Date of Appointment :

01.05.1998

DIN No.:

00562492

 

 

KEY EXECUTIVES

 

Name :

Mr. Deven

Designation :

Accounts Department

E-Mail :

deven@rohanbuilders.com

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 27.09.2010

 

Names of Shareholders

 

 

No. of Shares

Suhas Khushalchand Lunkad

 

540000

Milind Khushalchand Lunkad

 

40000

Sanjay Khushalchand Lunkad

 

40000

Sushma Lunkad

 

20000

Ranjanan Lunkad

 

60000

Veerbala Lunkad

 

20000

Sushila Lunkad

 

20000

Vinay Pannalal Shrishrimal

 

20000

Bharat Suwalal Desadla

 

20000

Deepak Kachardas Bhatewara

 

20000

Total

 

800000

 

As on 27.09.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Construction Contractors

 

 

 

 

GENERAL INFORMATION

 

No. of Employees :

Information declined by the Management

 

 

Bankers :

v  State Bank of India, Industrial Finance Branch, Wakdewadi, Pune – 411 003, Maharashtra, India

v  Axis Bank Limited

v  Saraswat Bank

v  ICICI Bank Limited, Land Mark Race Cource Circle, Alkapuri, Vadodara – 390 015, Gujarat, India

 

 

Facilities :

Secured Loans

31.03.2010

(Rs. in Millions)

31.03.2009

(Rs. in Millions)

Cash Credit with State Bank of India

116.626

81.336

Cash Credit with ICICI Bank

69.731

66.454

Term Loan with Axis Bank

3.487

44.971

Term Loan with State Bank of India

61.205

77.478

Term Loan with Saraswat Bank

96.397

126.410

Loan against Vehicle and Machinery

(Secured against hypothecation of vehicles and machinery)

9.987

19.823

Total

357.433

416.472

 

Note:

Secured against hypothecation of stock, book debts and plant and machineries further secured by mortgage of immovable property owned by the group company and personal guarantee of directors and corporate guarantee of group company.  

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Shah Khandelwal Jain and Associates

Chartered Accountants

Address :

Level 3, Business Bay, Plot No.84, Wellesley Road, Near RTO (Sangam Bridge), Pune – 411 001, Maharashtra, India

 

 

Joint Ventures :

v  Rohan and Rajdeep Infrastructure

v  Rohan Builders

v  Rohan Projects

v  Rohan Rajdeep Warora ROB Infrastructure

v  Rohan Rajdeep Kalol Byepass Infrastructure

 

 

Associates :

v  Rohan Rajdeep Rajasthan Infra Projects Limited (CIN No.: U45200PN2009PLC134989

v  Rohan Builders and Developers Private Limited

v  Rohan and Rajdeep Infrastructure Private Limited

v  Rohan and Rajdeep Tollways Limited

v  Rohan Housing Private Limited

v  Rohan Agrotech

v  Rohan Rajdeep Toll Roads Private Limited

 

 

CAPITAL STRUCTURE

 

As on 25.09.2012

 

Authorised Capital : Rs.110.000 millions

 

Issued, Subscribed & Paid-up Capital : Rs.110.000 millions

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1000000

Equity Shares

Rs.10/- each

Rs.10.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

800000

Equity Shares

(includes 250000 equity shares of Rs.10/- issued as Bonus Shares)

Rs.10/- each

Rs.8.000 millions

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

8.000

8.000

8.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

872.769

710.922

578.648

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

880.769

718.922

586.648

LOAN FUNDS

 

 

 

1] Secured Loans

357.433

416.472

439.499

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

357.433

416.472

439.499

DEFERRED TAX LIABILITIES

29.819

0.000

0.000

 

 

 

 

TOTAL

1268.021

1135.394

1026.147

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

190.653

183.220

196.769

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

563.489

688.478

722.056

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
132.646

60.890

23.000

 

Sundry Debtors
533.582

382.712

134.297

 

Cash & Bank Balances
198.217

95.261

100.237

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
593.104

630.492

468.707

Total Current Assets
1457.549

1169.355

726.241

Less : CURRENT LIABILITIES & PROVISIONS

 

 

 

 

Sundry Creditors

154.335

259.360

98.481

 

Other Current Liabilities
496.677

461.887

393.750

 

Provisions
292.658

184.412

126.688

Total Current Liabilities
943.670

905.659

618.919

Net Current Assets
513.879

263.696

107.322

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

1268.021

1135.394

1026.147

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Contract Income

3483.470

2241.473

1362.403

 

 

Other Income

 

 

 

 

 

TOTAL                                    

3483.470

2241.473

1362.403

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

3183.565

2033.715

1147.144

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

3183.565

2033.715

1147.144

 

 

 

 

 

 

PROFIT BEFORE TAX

299.905

207.758

215.259

 

 

 

 

 

Less

TAX                                                                 

99.801

73.613

53.754

 

 

 

 

 

 

PROFIT AFTER TAX

200.104

134.145

161.505

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

25.000

25.000

25.000

 

 

Dividend during the year and Dividend Tax

4.664

1.872

1.872

 

BALANCE CARRIED TO THE B/S

170.440

107.273

134.633

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Traveling Expenses

0.000

0.277

0.275

 

TOTAL IMPORTS

0.000

0.277

0.275

 

 

 

 

 

 

Earnings Per Share (Rs.)

250.13

167.68

201.88

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
5.74

5.98

11.85

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
18.20

15.36

23.32

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.34

0.29

0.37

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
0.41

0.58

0.75

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.54

1.29

1.17

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Details of Sundry Creditors:

 

Particulars

 

31.03.2010

(Rs. in millions)

31.03.2009

(Rs. in millions)

31.03.2008

(Rs. in millions)

Sundry Creditors

154.335

259.360

98.481

 

 

 

 

 

 

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

Yes

5) Type of Business

Yes

6) Line of Business

Yes

7) Promoter’s background

Yes

8) No. of employees

No

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

No

20) Export / Import details (if applicable)

No

21) Market information

--

22) Litigations that the firm / promoter involved in

--

23) Banking Details

Yes

24) Banking facility details

Yes

25) Conduct of the banking account

--

26) Buyer visit details

--

27) Financials, if provided

Yes

28) Incorporation details, if applicable

Yes

29) Last accounts filed at ROC

No

30) Major Shareholders, if available

Yes

31) Date of Birth of Proprietor/Partner/Director, if available

Yes

32) PAN of Proprietor/Partner/Director, if available

No

33) Voter ID No of Proprietor/Partner/Director, if available

No

34) External Agency Rating, if available

Yes

 


REVIEW OF OPERATIONS:

 

The company has achieved the Gross turnover of INR 3483.470 millions during the year, which is increased by 55% from previous year’s turnover of INR 2241.473 millions. The profit before provision of tax was INR 299.905 millions, which is also increased by 44%. During the year, the company has successfully executed the Phase II for Ashok Leyland at Pantnagar and Mahindra and Mahindra Automotive at Pune respectively. With these achievements the company has confidently stepped up in large projects segment and opportunities. During the year the company has bagged 4 work order of Rs.3600.000 millions from Hindalco Industries Limited and several order projects from various clients.    

 

CONTINGENT LIABILITIES NOT PROVIDED FOR IN FINAL ACCOUNTS AS ON MARCH 31, 2010:

 

a) Bank Guarantee issued on behalf of company INR 630.500 millions and corporate guarantee issued to the group companies INR 5282.000 millions.

 

b) Claims not acknowledged by the company INR 6.475 millions

 

c) Income Tax demand disputed by the Income Tax Department in High Court INR 4.784 millions against which Nil paid and Income Tax demand disputed by the company in appeal Rs.0.639 million against which Rs.0.639 million shown under loans and advances (to the extent information available with the company).

 

d) Joint and several liability in respect of Joint venture projects and liquidated damages in respect of delay in completion of projects – amount not ascertainable.

 

e) Estimated amount of contract remaining to be executed on Capital Account and not provided for INR 10.000 millions.  

 

FIXED ASSETS:

 

v  Machinery

v  Furniture

v  Centering Materials

v  Vehicles

v  Office Equipments

v  Computers

v  Laboratory Equipments

v  Leasehold Land

v  Wind Mill

v  UPS and Batteries

v  WIP – Office Building

 

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.97

UK Pound

1

Rs.83.17

Euro

1

Rs.72.20 

 

 

INFORMATION DETAILS

 

Information Gathered by :

PDT

 

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--CREDIT LINES

1~10

4

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

36

 

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.