MIRA INFORM REPORT

 

 

Report Date :

29.01.2013

 

IDENTIFICATION DETAILS

 

Name :

FLEXTRONICS TECHNOLOGIES (INDIA) PRIVATE LIMITED

 

 

Registered Office :

Plot No.3, Phase II, SIPCOT Industrial Park, Sriperumbudur Taluk, Sandavellure C Village, Chennai – 602 106, Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

12.01.2001

 

 

Com. Reg. No.:

18-070708

 

 

Capital Investment / Paid-up Capital :

Rs.1659.146 millions

 

 

CIN No.:

[Company Identification No.]

U31909TN2001PTC070708

 

 

PAN No.:

[Permanent Account No.]

AAACF5248E

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in the manufacture of Mobile Phones and Printed Circuit Board Assemblies (‘PCBA’) which have applications in Telecom, Industrial Electronics and Consumer Products.

 

 

No. of Employees :

Not Available

 

 

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 8360000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a part of ‘Flextronics International Asia Pacific Limited’.

 

It is an established company having a moderate track record. There appear some losses recorded by the company.

 

However, the capital base of the company appears to be strong. Subject gets good support from its group companies.

 

Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct.

 

In view of strong holding the company can be considered for business dealing with some caution.

 

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

 

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 :

Plot No.3, Phase II, SIPCOT Industrial Park, Sriperumbudur Taluk, Sandavellure C Village, Chennai – 602 106, Tamilnadu, India

Tel. No.:

Not Available

Fax No.:

Not Available

E-Mail :

monika.dhanuka@in.flextronics.com

Website :

http://www.flextronics.com

 

 

Corporate Office :

828, RMZ Millennia Business Park, 7th Floor, Campus 11, 143, Dr. MGR Road, Kandanchavadi, Chennai – 600 096, Tamilnadu, India

Tel. No.:

91-44-66251200/ 66251205

 

 

DIRECTORS

 

As on 27.09.2012

 

Name :

Mr. Ashok Dhawan

Designation :

Managing Director

Address :

B-73, Pinnacle Golf Course Road, DLF Phase 5, Gurgaon – 122 003, Haryana, India

Date of Appointment :

15.11.2007

DIN No.:

00798959

 

 

Name :

Manny Marimuthu

Designation :

Director

Address :

No.5, Lot 32, Persiaran Kudalari Country Heights, Kajang 43000, Selangor Darul Ehsan, Kuala Lumpur, 43000, Malaysia

Date of Appointment :

12.01.2001

DIN No.:

00867715

 

 

Name :

Mr. Srinivas Reddy Madur

Designation :

Whole-Time Director

Address :

No.H-27, H Block, 1st Floor, 1st Main Road, Annanagar East, Chennai – 600 102, Tamilnadu, India

Date of Birth/Age :

26.08.1964

Date of Appointment :

16.07.2012

DIN No.:

01956044

 

 

KEY EXECUTIVES

 

Name :

Ms. Monika Dhanuka

Designation :

Secretary

Address :

New No.100, Old No.47, V Koil Street, Kusapet, (Near Puraswalkkam), Chennai – 600 012, Tamilnadu, India

Date of Birth/Age :

28.01.1986

Date of Appointment :

29.05.2012

PAN No.:

AMFPD9714J

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 27.09.2012

 

Names of Shareholders (Equity Shares)

No. of Shares

Percentage of Holding

Flextronics International Asia Pacific Limited, Mauritius

58541911

97.17

Flextronics Telecom Systems Limited, Mauritius

1401914

2.33

Flextronics Mauritius Limited, Mauritius

302558

0.50

Coldwatt Inc., USA

1

0.00

Total

60246384

100.00

 

 

Names of Shareholders (Preference Shares – Redeemable Optionally Convertible Cumulative Preference Shares)

No. of Shares

Percentage of Holding

Flextronics International Asia Pacific Limited, Mauritius

105668199

100.00

Total

105668199

100.00

 

 

As on 27.09.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the manufacture of Mobile Phones and Printed Circuit Board Assemblies (‘PCBA’) which have applications in Telecom, Industrial Electronics and Consumer Products.

 

 

Products :

Item Code No. (ITC Code)

853400

Product Description

Printed Circuit Board

Item Code No. (ITC Code)

851700

Product Description

Multiplexers

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

Not Available

 

 

Facilities :

--

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Jain, Christopher, Srikanth and Srikanth

Chartered Accountants 

Address :

2nd Floor, Uniworth Plaza, 20, Sankey Road, Bangalore-560020, Karnataka, India

Tel. No.:

91-80-23347000

Fax No.:

91-80-23316852

E-Mail :

admin@jcssglobal.com

Website :

http://www.jcssglobal.com

 

 

Holding Company :

Flextronics International Asia Pacific Limited, Mauritius

 

 

Associates :

v  Flextronics America LLC

v  Flextronics Enclosure (Shenzhen) Limited

v  Flextronics International Aguascalientes (L) Limited

v  Flextronics International Europe B.V.

v  Flextronics International Japan Co. Limited

v  Flextronics International Kft.

v  Flextronics International Poland Sp z.o.o.

v  Flextronics International TECN

v  Flextronics Manufacturing (Singapore) Pte Limited

v  Flextronics Manufacturing (Zhuhai ) Company Limited

v  Flextronics Manufacturing Mexico

v  Flextronics Technology (Penang) Sdn. Bhd.

v  Solectron Hungary Electronics

v  Flextronics Budapest KFT

v  Flextronics Enclosure Systems (Shenzhen) Limited

v  Flextronics International Tecnologia Limited

v  Flextronics Technology (Malaysia) Sdn. Bhd.

v  Flextronics Electronics Technology (Shenzhen) Co. Limited

v  Flextronics Information Technology (Shenzhen) Co. Limited

v  Flextronics International Management Services Limited

v  Flextronics International USA

v  Flextronics Manufacturing (H.K.) Limited

v  Flextronics International USA Inc (FIUI)

v  Flextronics Logistics B.V.

v  Flextronics Marketing (L) Co. Limited

v  Flextronics Mechanicals Marketing (L) Limited

v  Flextronics Technology (Penang) Sdn. Bhd.

v  Flextronics International(S) Pte  Limited

v  Flextronics International GmbH

v  Multilayer Technology GmbH and Co KG

 

 

CAPITAL STRUCTURE

 

As on 27.09.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

129500000

Equity Shares

Rs.10/- each

Rs.1295.000 millions

115000000

Preference Shares

Rs.10/- each

Rs.1150.000 millions

 

Total

 

Rs.2445.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

60246384

Equity Shares

Rs.10/- each

Rs.602.464 millions

105668199

Preference Shares

Rs.10/- each

Rs.1056.682 millions

 

Total

 

Rs.1659.146 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

1659.146

1659.146

1659.146

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

431.652

433.777

2885.987

4] (Accumulated Losses)

0.000

0.000

(2221.205)

NETWORTH

2090.798

2092.923

2323.928

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

14.979

14.979

14.979

TOTAL BORROWING

14.979

14.979

14.979

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

2105.777

2107.902

2338.907

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1278.858

1554.851

1830.735

Capital work-in-progress

6.584

69.071

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
361.823

767.393

236.660

 

Sundry Debtors
796.687

1066.233

406.164

 

Cash & Bank Balances
613.964

405.424

307.432

 

Other Current Assets
22.157

129.854

13.417

 

Loans & Advances
387.208

365.321

485.006

Total Current Assets
2181.839

2734.225

1448.679

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
615.037

1707.358

117.196

 

Other Current Liabilities
317.441

320.780

759.256

 

Provisions
429.026

222.107

64.055

Total Current Liabilities
1361.504

2250.245

940.507

Net Current Assets
820.335

483.980

508.172

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

2105.777

2107.902

2338.907

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income

4162.521

3541.938

2397.367

 

 

Other Income

NA

78.361

NA

 

 

TOTAL                                    

NA

3620.299

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

 

 

Administrative Expenses

NA

3851.303

NA

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

NA

3851.303

NA

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX   

(2.125)

(231.004)

(6.044)

 

 

 

 

 

Less

TAX                                                     

0.000

0.000

(0.335)

 

 

 

 

 

 

PROFIT / (LOSS) AFTER TAX              

(2.125)

(231.004)

(5.709)

 

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(2452.209)

(2221.204)

(2215.494)

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

(2454.334)

(2452.208)

(2221.203)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

3531.517

2108.694

NA

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(0.01)

(1.39)

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)
NA

(6.38)

NA

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
(0.05)

(6.52)

(0.25)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
(0.06)

(5.39)

(0.18)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.00

(0.11)

0.00

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.66

1.08

0.41

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.60

1.22

1.54

 

 

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

No

9]

Name of person contacted

No

10]

Designation of contact person

No

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

No

24]

Banking facility details

No

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]

PAN of Proprietor/Partner/Director, if available

No

32]

Date of Birth 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

 

NOTE:

 

The registered office of the company has been shifted from 88 A, Electronic City, Hosur Road, Bangalore-560100, Karnataka, India to the present address w.e.f. 12.11.2008.

 

Unsecured Loan

As on 31.03.2012

[Rs. in Millions]

As on 31.03.2011

[Rs. in Millions]

Loans and advances from related parties

14.979

14.979

TOTAL

14.979

14.979

 

MERGER AND AMALGAMATION:

 

The Board of Directors of the Company vide its Circular resolution No. 10 dated 11th  January 2010 approved a Scheme of Arrangement of the Company with Flextronics Design Consumer Electronics (India) Private Limited (hereinafter referred to as the “FDCE”), Solectron India Private Limited (hereinafter referred to as the “SIPL”) and Coldwatt India Private Limited (hereinafter referred to as the “CIPL”) be amalgamated with the Company with effect from the Appointed Date, i.e. 1st day of April, 2009.

 

The said Scheme of Arrangement was approved by the High Court of Bangalore; vide its Order dated 15th July 2010. Pursuant to the Order of the High Court of Bangalore, the application for approval to the Scheme of Arrangement has been filed with the High Court of Chennai for which the scheme has been approved vides its order dated 16th December 2010.

 

BACKGROUND

 

The Company was incorporated on January 12, 2001 as a private company in India under the Companies Act 1956. Flextronics is a subsidiary of Flextronics International Asia Pacific Limited, Mauritius. Subject is engaged in the manufacture of mobile phones and Printed Circuit Board Assemblies (‘PCBA’) which have applications in Telecom, Industrial Electronics and Consumer Products on behalf of its customers globally. The Company is also engaged in manufacture of Outdoor Cabinet Assembly (‘ODC’) for various mobile service providers.

 

Subject established a Global Shared Services Center (‘GSSC’) in 2004 at Bangalore. Subsequently, GSSC shifted its operations to Chennai in the year 2005. GSSC is registered as a separate Software Technology Park (‘STPI’) Unit under the Software Technology Parks of India Scheme. GSSC provides back office services relating to accounts payable processing, remote server access, maintenance and management services, payroll processing, credit analysis, general ledger maintenance etc. for its affiliates worldwide.

 

Subject has a manufacturing facility at a Special Economic Zone (‘SEZ’) in Sriperumbudur Taluk, Kanchipuram District in the State of Tamilnadu. Subject received a formal approval from the Government of India by a letter dated April 7, 2006 to develop, operate and maintain a SEZ Unit for Electronics Hardware and related services sector. Subject commenced operations as an SEZ Unit in the fiscal year 2006-07.

 

Subject has a stand-alone, dedicated service centre in Bangalore, which provides component level repair and replacement services, software upgrades, engineering support services in respect of electronic products. It has been established as a Domestic Tariff Area Unit (‘DTA’).

 

FIXED ASSETS:

 

v  Freehold Land

v  Leasehold Land

v  Buildings

v  Plant and Machinery

v  Electrical Installations

v  Furniture and Fixtures

v  Office Equipments

v  Computers

v  Vehicles

v  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.53.89

UK Pound

1

Rs.84.93

Euro

1

Rs.72.50 

 

 

INFORMATION DETAILS

 

Report Prepared by :

SMN/ TPT 

 

 

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

NO

--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

 

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.