MIRA INFORM REPORT

Report Date :

18.02.2013

IDENTIFICATION DETAILS

Name :	MAHABAL METALS PRIVATE LIMITED
Registered Office :	The Mahabal Group, C/O, P.B. No.30, Miraj – 416 410, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.10.1996
Com. Reg. No.:	11-103515
Capital Investment / Paid-up Capital :	Rs.2.885 Millions
CIN No.: [Company Identification No.]	U29299MH1996PTC103515
TAN No.: [Tax Deduction & Collection Account No.]	KLPM01788D
PAN No.: [Permanent Account No.]	AABCM8611K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Exporting of Auto Components.
No. of Employees :	700 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 1910000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having good track record. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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.

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 Bank Facilities: BBB-
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk.
Date	April, 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 PARTED BY

Name :	Mr. Ashok Kadam
Designation :	Accounts Manager
Contact No.:	91-9823314122
Date :	15.02.2013

LOCATIONS

Registered Office :	The Mahabal Group, C/O, P.B. No.30, Miraj – 416 410, Maharashtra, India
Tel. No.:	91-233-2211101/ 2211102/ 2211103/ 2211104/ 2211201
Mobile No.:	91-9823314122 (Mr. Ashok Kadam)
Fax No.:	91-233-2211106
E-Mail :	kadam.ashok@mahabal.in deepak.bosle@mahabal.in www.mahabalgroup.com san_smahabal@sancharnet.in san_mmpl@sancharnet.in san_mahabal@sancharnet.in amrutparakh@rediffmail.com
Area :	2 Acres
Location :	Owned
Factory 1 :	“Mahabal Metals” at Plot No.23, 24, Gut No.57, 36 and Plot No.85/1 and 2, Marathe Industrial Estate, Miraj, Maharashtra, India
Factory 2 :	There is one new unit coming up at Kupwad District, Gut No. E 25, Miraj, Maharashtra, India
Area :	9.5 Acres
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :	Mr. Sanjay Gopalrao Damale
Designation :	Director
Address :	Near R.M. High School, Brahminpuri, Miraj – 416 410, Maharashtra, India
Date of Birth/Age :	15.07.1961
Date of Appointment :	10.08.2008
DIN No. :	02392776
Name :	Mr. Shrikant Madhavrao Mahabal
Designation :	Director
Address :	Near Bhanu Talim, Brahminpuri, Miraj – 416 410, Maharashtra, India
Date of Birth/Age :	01.06.1959
Qualification :	Engineer
Date of Appointment :	25.10.1996
DIN No. :	00314421
PAN No.:	AAZPM3948A
Name :	Mr. Hemant Madhavrao Mahabal
Designation :	Director
Address :	Plot No. D U-20, G.M. Industrial Estate, A/P. Miraj, Miraj – 416 410, Maharashtra, India
Date of Birth/Age :	06.03.1962
Qualification :	Engineer
Date of Appointment :	25.10.1996
DIN No. :	00314483
PAN No.:	AAZPM3945P
Name :	Mr. Nishikant Madhavrao Mahabal
Designation :	Director
Address :	Plot No.D-417-20, G.M. Industrial Estate, Miraj – 416 410, Maharashtra, India
Date of Birth/Age :	29.12.1966
Qualification :	Engineer
Date of Appointment :	25.10.1996
DIN No. :	00314567
PAN No.:	AAZPM3947R

KEY EXECUTIVES

Name :	Mr. Ashok Kadam
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Shrikant Madhavrao Mahabal	960
Hemant Madhavrao Mahabal	960
Nishikant Madhavrao Mahabal	960
Sanjay Gopalrao Damale	5
Total	2885

As on 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Exporting of Auto Components.

Products :

Item Code No. (ITC Code)	87081090
Product Description	Automobile Components

Exports :

Products :

Finished Goods

Countries :

v UK

v USA

Imports :

Products :

Raw Materials

Countries :

v Germany

v USA

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

GENERAL INFORMATION

Suppliers :

v Sesa Goa Limited

v Genuine Engineering

Customers :

Manufacturing Companies

v Tata Motors

v Mahindra and Mahindra

No. of Employees :

700 Approximately)

Bankers :

v Bank of Baroda, Miraj – 416 410, Maharashtra, India

v IDBI Bank Limited IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

v Industrial Development Bank of India, Opposite Vita Dairy, Brahmnpuri, Miraj – 416 410, Maharashtra, India

v HDFC Bank Limited (Mumbai)

v HDFC Bank Limited (Sangli)

v ICICI Bank Limited

v ABN Amro Bank

v Kotak Mahindra Bank Limited

v Rajarambapu Co-Operative Bank Limited

Facilities :

Cash Credit – Rs.320.000 millions (From Bank of Baroda, Miraj Branch)

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks (EM and Hypothecation of P&M, Cars, Wind mill etc.)	232.115	188.642
SHORT TERM BORROWINGS
Rupee term loans from banks (EM of P&M and hypothecation of RM, FG, WIP and Book Debts)	288.000	207.573
Total	520.115	396.215

Banking Relations :	--
Auditors :
Name :	Y.P. Lele and Company Chartered Accountants
Address :	F-5, Laxmi Vijay Apartment, Jilebi Chowk, Brahmanpuri, Miraj – 416 410, Maharashtra, India
Tel. No.:	91-233-2222700
Income-tax PAN of auditor or auditor's firm :	AAJPL6040J
Associated Companies :	v Mahabal Auto Ancillaries Private Limited, India (CIN No.: U34300PN1990PTC057548) v Trinitas Engineers and Founders Private Limited, India (CIN No.: U29299PN2005PTC020338)

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.1000/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2885	Equity Shares	Rs.1000/- each	Rs.2.885 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.885	2.885	2.880
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		474.675	401.160	395.347
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		477.560	404.045	398.227
LOAN FUNDS
1] Secured Loans		520.115	396.215	262.845
2] Unsecured Loans		2.930	7.332	7.332
TOTAL BORROWING		523.045	403.547	270.177
DEFERRED TAX LIABILITIES		20.753	31.510	38.764
TOTAL		1021.358	839.102	707.168
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		608.339	617.779	560.546
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.750	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	173.456	105.108	50.651
	Sundry Debtors	364.866	257.389	200.328
	Cash & Bank Balances	31.215	18.271	6.471
	Other Current Assets	93.339	37.510	0.486
	Loans & Advances	129.867	54.659	72.093
Total Current Assets		792.743	472.937	330.029
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	194.152	119.947	156.418
	Other Current Liabilities	137.613	114.003	1.027
	Provisions	49.709	17.664	25.962
Total Current Liabilities		381.474	251.614	183.407
Net Current Assets		411.269	221.323	146.622
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1021.358	839.102	707.168

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1791.416	1331.212	998.205
		Labour Charges Received	31.330	26.628	21.627
		Other Income	16.428	2.936	19.062
		TOTAL (A)	1839.174	1360.776	1038.894
Less	EXPENSES
		Office Expenses	1717.269	1159.951	806.010
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	1717.269 (Including Interest and Depreciation)	1159.951	806.010
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			200.825	232.885
Less	INTEREST (D)			33.956	9.259
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			166.869	223.626
Less/ Add	DEPRECIATION/ AMORTISATION (F)			147.098	85.262
	PROFIT BEFORE TAX (E-F) (G)		121.905	19.771	138.364
	TAX (H)		34.244	5.946	48.940
	PROFIT AFTER TAX (G-H) (I)		87.661	13.825	89.653
	BALANCE OF PROFIT/ (LOSS) PREVIOUS YEAR		0.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		NA	NA	89.653
	APPROPRIATIONS
		Interim Dividend	8.655	2.880	0.000
		I.T on Interim Dividend	1.437	0.432	0.000
		Proposed Dividend	2.885	2.885	1.440
		Income Tax on Dividend	0.468	0.479	0.222
		Transfer to General Reserve	73.500	5.600	87.959
	PROFIT AFTER APPROPRIATION		0.259	0.245	0.032
	EARNINGS IN FOREIGN CURRENCY
		Export on FOB basis	207.577	171.662	95.215
		On Account Export	73.657	155.163	98.718
	TOTAL EARNINGS		281.234	326.825	193.933
	IMPORTS
		CIF value of Imports	10.859	0.000	16.187
	TOTAL IMPORTS		10.859	0.000	16.187
	Earnings Per Share (Rs.)		30385.10	4792.03	31129.51

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.77	1.02	8.63
Net Profit Margin (PBT/Sales)	(%)	6.80	1.49	13.86
Return on Total Assets (PBT/Total Assets}	(%)	8.70	1.81	15.54
Return on Investment (ROI) (PBT/Networth)		0.26	0.05	0.35
Debt Equity Ratio (Total Debt/Networth)		1.10	1.00	0.68
Current Ratio (Current Asset/Current Liability)		2.08	1.88	1.80

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2012 (Rs. in millions)	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Sundry creditors	194.152	119.947	156.418

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	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	Yes
18) Major customers	Yes
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	Yes

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Unsecured borrowings	2.930	7.332
Total	2.930	7.332

FINANCIAL REVIEW:

Financial Year 2011-12 was a challenging year. The year witnessed a growth of about 34.57% in sales turnover at Rs.1791.400 millions (previous year Rs.1331.200 millions), which was the highest ever turnover achieved by the Company. The company has recorded a Net Profit after Tax (PAT) of Rs.87.600 millions during the year as compared to Rs.13.800 millions in the previous year.

FUTURE PLANS:

The year in retrospect was satisfactory. Board is optimistic to attain reasonable and sustainable growth in the current financial year.

WIND MILL PROJECT

The Company has established one more additional Wind Mill at Patan 600 KV. Now 4 wind mill are producing power and total supply of electricity is of Rs.19.920 millions in the year 2011 - 2012.

OPERATION

The company has expanded its arm by establishing a new unit at 5A/1, MIDC, Miraj and has commissioned its production from last week of March, 2010. In during year company has used capacity more than 75% and produced 25000 MT CI and SG casting for Tata Motors, Mahindra and Volvo.

EXPORTS

During the year a growth of about 62.23% in Exports turnover at Rs.281.200 millions (previous year Rs.172.200 millions) which was the highest ever Export achieved by the Company. Sharing of export turnover is more than 15% of the net sales of the company during the year. The Company performed convincingly well and Company initiated several export promotion measures to improve exports.

Bankers Charges Report as per Registry

Corporate identity number of the company	U29299MH1996PTC103515
Name of the company	MAHABAL METALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	The Mahabal Group, C/O, P.B. No.30, Miraj – 416 410, Maharashtra, India E-Mail: amrutparakh@rediffmail.com
This form is for	Creation of charge
Type of charge	Book Debts Movable Property (not being pledge)
Particular of charge holder	Bank of Baroda, Miraj Branch, Miraj – 416 410, Maharashtra, India E-Mail: cpc.sme.kolhapur@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	Composite Hypothecation Agreement
Date of instrument Creating the charge	24.03.2012
Amount secured by the charge	Rs.40.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: R.O.I. = 13.25% Terms of Repayment: As per agreement Margin: Stock = 25% and Book Debts = 30% Extent and Operation of the charge: First and exclusive charge
Short particulars of the property charged	The Borrower's stocks, stocks of raw materials, work-in-process, semi-finished goods and finished goods such as Metals, Auto Parts, Casting Materials etc., present and future book-debts, outstanding, monies receivable, claims, bills, contracts etc. All the tangible movable machinery and plant and cranes, boats, and crafts and the vehicle of the borrower together with spares, tools and accessories and other movables both present and future, and furniture, fixtures and fitting and office equipment.

TRADE REFERENCES:

v Tata Motors

v Mahindra and Mahindra

v Sesa Goa Limited

v Genuine Engineering

FIXED ASSETS

v Land

v Buildings

v Plant and Machinery

v Furniture and Fixture

v Patterns

v Electrical Installation

v Office Equipments

v Computer

v Testing Equipment

v Vehicles

v Internal Roads

v Wind Mill Project – 1

v Wind Mill Project – 2

v Wind Mill Project – 3

v Handling Equipments

v Vehicles – Two Wheeler

v Fixture and Tooling’s

WEBSITE DETAILS:

NEWS:

New Steel Projects by Mahabal Metals PRIvAtE LIMItEd

Mahabal Metals Private Limited is planning to set up a new steel project at Sangli in Maharashtra. The project involves Manufacturing of C.I. Casting. As of 7/18/2011, the company received Industrial License from Secretariat of Industrial Assistance (SIA), Department of Industrial Policy and Promotion, Government of India for setting up the project.

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.53.99
UK Pound	1	Rs.83.72
Euro	1	Rs.72.09

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
TOTAL		52

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.