MIRA INFORM REPORT

Report Date :

15.01.2013

IDENTIFICATION DETAILS

Name :	DECCAN FINE CHEMICALS (INDIA) PRIVATE LIMITED (w.e.f. 23.04.2010)
Formerly Known As :	DECCAN FINE CHEMICALS (INDIA) LIMITED (w.e.f. 24.12.2007) DECCAN FINE CHEMICALS (INDIA) PRIVATE LIMITED
Registered Office :	8-2-293-82/A/74/A, Road No.9, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.08.2006
Com. Reg. No.:	01-50967
Capital Investment / Paid-up Capital :	Rs.430.000 Millions
CIN No.: [Company Identification No.]	U24117AP2006PTC050967
TAN No.: [Tax Deduction & Collection Account No.]	HYDD03907B
PAN No.: [Permanent Account No.]	AACCD9205D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Agro Chemicals.
No. of Employees :	130 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1130000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The latest financials are not made available with the government department. As per previous year’s, there appear some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealings with some cautions.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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

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	FITCH
Rating	Long-Term Issuer: BB
Rating Explanation	It is vulnerable to default risk.
Date	1, November 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.

LOCATIONS

Registered Office :	8-2-293-82/A/74/A, Road No.9, Jubilee Hills, Hyderabad - 500033, Andhra Pradesh, India
Tel. No.:	91-40-23601035
Fax No.:	91-40-23601071
E-Mail :	l.d.reddy@gmail.com gayatri@deccanchemicals.com aspardhasaradhi@nagarjunaagrichem.com hemanath@deccanchemicals.com
Website :	http://www.deccanchemicals.com
Location :	Owned
Factory :	Kesavaram, Vishakhapatnam Post, Payakaraopeta Mandal, Vishakapatnam, District – 531127, Andhra Pradesh, India

DIRECTORS

(AS ON 28.09.2012)

Name :

Mr. Gokaraju Satyanarayana Raju

Designation :

Managing

Address :

Plot No.211, Road No.14, Prashasan Nagar, Jubulee Hills, Hyderabad – 500033, Andhra Pradesh, India

Date of Appointment :

29.02.2012

DIN No.:

00524152

Other Directorships :

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	L24219AP1986PLC016607	NAGARJUNA AGRICHEM LIMITED	Director	16/09/2008	03/02/1998	28/01/2009	Active	NO
2	U24230MH1974PTC189863	VIJAYALAKSHMI INSECTICIDES AND PESTICIDES PRIVATE LIMITED	Director	03/02/1998	03/02/1998	26/03/2007	Amalgamated	NO
3	L24219AP1993PLC015963	BHAGIRADHA CHEMICALS AND INDUSTRIES LTD.	Director	29/01/1999	29/01/1999	30/11/2008	Active	NO
4	U80100AP1995NPL022409	NAGARJUNA AGRICULTURAL RESEARCH AND DEVELOPMENT INSTITUTE	Director	02/09/2000	02/09/2000	23/02/2009	Active	NO
5	U31909KA1996PLC019918	UDUPI POWER CORPORATION LIMITED	Director	28/01/2002	28/01/2002	03/08/2007	Active	NO
6	U01122AP2000PTC034192	BIJAM BIOSCIENCES PRIVATE LIMITED	Director	03/03/2003	03/03/2003	21/11/2008	Active	NO
7	U74140AP2003PTC041263	BIJAM PRIVATE LIMITED	Director	25/07/2003	25/07/2003	21/11/2008	Active	NO
8	U00337KA1993PLC014694	JAIPRAKASH ENGINEERING AND STEEL COMPANY LIMITED	Director	01/09/2003	01/09/2003	19/12/2008	Active	NO
9	U24129MH2001PLC210070	NAGARJUNA CORPORATION LIMITED	Director	28/07/2006	28/07/2006	21/11/2008	Active	NO
10	U24117AP2006PTC050967	DECCAN FINE CHEMICALS (INDIA) Private Limited	Managing director	29/02/2012	03/06/2008	-	Active	NO

Name :

Mr. Kanumuri Venkata Lakshmipathi Raju

Designation :

Director

Address :

Flat No.101, Block – A, KSR Green Valley, Madhavadhara, Vishakhapatnam, India

Date of Appointment :

24.12.2007

DIN No.:

02000929

Name :

Mr. Vamsi Gokaraju

Designation :

Whole Time Director

Address :

Plot No.211, Street 14, Road 72, Prashasan Nagar, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India

Date of Appointment :

04.12.2008

DIN No.:

02479839

Name :

Mr. Makoto Okabe

Designation :

Director

Address :

4-26-1-6303, Shimomaruko, Ota-Ku, Tokyo 1460092

Date of Birth/Age :

29.08.1960

Date of Appointment :

10.02.2011

DIN No.:

03204783

Name :

Mr. Robert Nicolas Ernest Durand

Designation :

Additional Director

Address :

34 Rue De Lectoure, Saint Louis 68300

Date of Birth/ Age :

19.07.1947

Date of Appointment :

12.09.2012

DIN No.:

06393075

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 28.09.2012)

Shareholding details file attached.

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	47.89
Directors or relatives of directors	37.88
Other top fifty shareholders	14.23
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Agro Chemicals.

Products :

Products Description	Item Code No.
Agro Chemicals	38089390

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Licensed Capacity	Installed Capacity	Actual Production
Agro Chemicals	NA	6602 MT	672388 Kg

GENERAL INFORMATION

No. of Employees :

130 (Approximately)

Bankers :

· Canara Bank (Lead Bank) and Andhra Bank

Overseas Branch, Resapuvanipalem, Vishakapatnam – 530001, Andhra Pradesh, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks	897.577	700.829
Working capital loans banks	158.543	19.261
Interest accrued due other debt	31.883	0.000
Total	1088.003	720.090
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks	99.000	0.000
Rupee term loans others	4.985	0.000
Total	103.985	0.000

Banking Relations :	--
Auditors :
Name :	Saranga Pani and Company Chartered Accountant
Address :	1-1-719, Gandhi Nagar, Hyderabad – 500080, Andhra Pradesh, India
Tel No.:	91-40-65979525
Mobile No.:	91-9989991515
Email :	cacspani@gmail.com
PAN No.:	ABZPC2635H

CAPITAL STRUCTURE

(AS ON 22.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
65000000	Equity Share	Rs.10/- each	Rs.650.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
46870000	Equity Share	Rs.10/- each	Rs.468.700 Millions

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
65000000	Equity Share	Rs.10/- each	Rs.650.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
43000000	Equity Share	Rs.10/- each	Rs.430.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		430.000	430.000	163.816
2] Share Application Money		0.000	0.000	159.805
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(146.953)	0.000	0.000
NETWORTH		283.047	430.000	323.621
LOAN FUNDS
1] Secured Loans		1088.003	720.090	0.000
2] Unsecured Loans		103.985	0.000	41.452
TOTAL BORROWING		1191.988	720.090	41.452
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1475.035	1150.090	365.073
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1491.760	52.417	48.132
Capital work-in-progress		0.000	922.566	281.772
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	219.754	109.924	0.000
	Sundry Debtors	105.114	0.000	0.000
	Cash & Bank Balances	56.291	24.577	5.264
	Other Current Assets	40.906	6.110	0.000
	Loans & Advances	35.619	75.409	57.161
Total Current Assets		457.684	216.020	62.425
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	330.518	113.937	42.028
	Other Current Liabilities	129.607	26.236	0.996
	Provisions	14.284	3.367	0.465
Total Current Liabilities		474.409	143.540	43.489
Net Current Assets		(16.725)	72.480	18.936
MISCELLANEOUS EXPENSES		0.000	102.627	16.233
TOTAL		1475.035	1150.090	365.073

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Income	357.525
		Other Income	0.195
		TOTAL (A)	357.720
Less	EXPENSES
		TOTAL (B)	402.358
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(44.638)
Less	FINANCIAL EXPENSES (D)		61.260
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(105.898)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		40.992
	PROFIT BEFORE TAX (E-F) (G)		(146.890)
Less	TAX (H)		0.064
	PROFIT AFTER TAX (G-H) (I)		(146.954)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000
	BALANCE CARRIED TO THE B/S		(146.954)
	IMPORTS
		Raw Materials	16.914
		Capital Goods	8.664
	TOTAL IMPORTS		25.578
	Earnings Per Share (Rs.)		(6.61)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(41.08)	--	--
Net Profit Margin (PBT/Sales)	(%)	(41.09)	--	--
Return on Total Assets (PBT/Total Assets}	(%)	(7.53)	--	--
Return on Investment (ROI) (PBT/Networth)		0.52	--	--
Debt Equity Ratio (Total Liability/Networth)		5.89	2.01	0.26
Current Ratio (Current Asset/Current Liability)		0.96	1.50	1.44

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last one years	Yes
12]	Profitability for last one 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	No
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

NOTE:

The Registered Office of the company has been shifted from Plot No.211, Road No.14, Prashasan Nagar, Hyderabad – 5200033, Andhra Pradesh, India, to the present address w.e.f. 20.08.2008.

OPERATIONS

The production facilities at Tuni have been constructed with modern technology and over the past one year have in a phased manner been put into production service. The production process is running smoothly and several new products have been manufactured at commercial scale with consistent quality meeting the requirements of our international customers. Based on the positive outlook for future business prospects, the company is planning to make additional investments in order to expand the product portfolio and further derisk the business model of the company.

The Company has started commercial production on 12th June, 2010 and consequently the results from 12th June, 2010 to 31st March, 2011 have been given hereunder.

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	10175735
Corporate identity number of the company	U24117AP2006PTC050967
Name of the company	Deccan Fine Chemicals (India) Private Limited
Address of the registered office or of the principal place of business in India of the company	8-2-293/82/A/74A, Road No.9, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India l.d.reddy@gmail.com
Type of charge	Immovable Property Book Debts Movable Property
Particular of charge holder	Canara Bank (Lead Bank) and Andhra Bank Overseas Bank Branch, Resapuvanipalem, Visakhapatnam – 530001, Andhra Pradesh, India vsp2377@canbank.co.in
Nature of description of the instrument creating or modifying the charge	Joint Deed of Hypothecation Letter Evidencing Deposit of title deeds dated: 19.07.2011 Inter se agreement between Canara Bank and Andhra Bank
Date of instrument Creating the charge	19.07.2011
Amount secured by the charge	Rs.1315.200 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Term Loan Canara Bank: Base Rate + 4.50% + 1.00% (Term Premium) = 13.50% or rate as applicable from time to time, WC: Canara Bank Re Exp credit - 10.5% PA, Andhra Bank TL Base rate + 4.75% TP or rate Terms of Repayment as per agreement for the enhanced working capital limits Margin PC/EUBD (enhancement) margin - 10% FLC/ILC/BG(enhancement) margin - 15% Extent and Operation of the charge i. Pari - Passu first charge on over land and building, plant and machinery, furniture and fixtures and all other miscellaneous fixed assets of the company present and future. ii. Pari - Passu first charge on over chargeable current assets of the company present and future.
Short particulars of the property charged	Andhra Bank: Term loan : first charge on entire block existing and proposed for Existing term loans of consortium as well as term loan - II on Pari - Passu basis with Canara Bank Andhra Bank : PC / FUBD : Hypothecation of Stocks and Receivables on pari - passu basis Andhra Bank : FLC /ILC/BG: LC - Raw Material imported under LC BC - Counter Guarantee of the company and its Directors. Canara Bank: Term Loan : P and M other fixed assets created out of the present T L Rs. 470.900 Millions (380.000 + 90.900) Millions project cost on pari - passu first charge Term loan : Existing primary Security for T L 1 and T L 2 to continue L and B , P and M and other fixed assets created out of Total T L - Rs. 915.200 Millions project cost on Pari Passu 1st charge Canara Bank: L and B, P and M other fixed assets acquired at estimated cost of Rs.959.700 Millions (project cost) Entire factory Land and Building belongs to the company at Rajavaram and Kesavaram (V), Payakarao pet (M) Visakapatnam District consisting of P and M, and all other FA of the company. Chargeable current assets of the company consisting of stock of Raw Materials, Semi finished goods, finished goods, consumables stores and spares and receivables
Particulars of the present modification	Overall limits enhanced from Rs.1235.200 Millions to Rs.1315.200 Millions.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Office equipments

· Computers and Peripherals

· Lab Equipment

· 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 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.54.64
UK Pound	1	Rs.88.17
Euro	1	Rs.73.13

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.