MIRA INFORM REPORT

Report Date :

18.06.2013

IDENTIFICATION DETAILS

Name :	K K CHEMPRO (INDIA) PRIVATE LIMITED
Formerly Known As :	K K CHEMICAL INDUSTRIES
Registered Office :	A-6 Kishor CHS Limited, Datta Mandir Road, A Wing, 2^nd Floor, Malad (East), Mumbai – 400097, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	17.05.2008
Com. Reg. No.:	11-182345
Capital Investment / Paid-up Capital :	Rs.1.250 Millions
CIN No.: [Company Identification No.]	U24100MH2008PTC182345
IEC No.:	0309005191
TAN No.: [Tax Deduction & Collection Account No.]	MUMK18185G
PAN No.: [Permanent Account No.]	AADCK3820C
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Exporter of Speciality Silicon and Non Silicon Products.
No. of Employees :	28 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 140000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES:

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

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. Nilesh Jadhav
Designation :	Manager- Accounts and Finance
Contact No.:	91-250-2454013
Date :	17.06.2013

LOCATIONS

Registered Office :	A-6 Kishor CHS Limited, Datta Mandir Road, A Wing, 2^nd Floor, Malad East, Mumbai – 400097, Maharashtra, India
Tel. No.:	91-22-32920015
Mobile No.:	91-9324452433 (Mr. Nilesh Jadhav)
Fax No.:	Not Available
E-Mail :	madanparihar@hotmail.com kkchemicals@vsnl.net kkchemicals@gmail.com
Website :	http://www.kkchemicalindustries.com
Locations :	Rented
Godown :	Grow Logistics, Godown No. D/9/A, Gupta Warehousing Complex, Anjur Road Village Dapoda, Bhiwandi, District Thane, Maharashtra, India
Locations :	Rented
Administrative/ Branch Office :	Plot No. 8, GAVL Society, Near Kwality Engineering, Gorai Pada, Vasai- East, District Thane-401208, Maharashtra, India
Tel. No.:	95-250-3296582/ 6450868/ 2457300
Fax No.:	95-250-2454013
Branch Office :	442, New Corporate Plaza, A Wing, Ramchandra Lane Extension, Opposite Kapole Wadi, Malad (West), Mumbai – 400064, Maharashtra, India
Tel. No.:	91-22-32672298/ 28441272/ 28833353
Fax No.:	91-22-28441272

DIRECTORS

(AS ON 29.09.2012)

Name :	Mr. Sumant Deendayal Agarwal
Designation :	Director
Address :	Kishore CHS Limited, ‘A’ Wing, 2^nd Floor, Dutta Mandir Road, Malad (East), Mumbai – 400097, Maharashtra, India
Date of Birth/Age :	03.05.1972
Qualification :	B.E (Chemical)
Date of Appointment :	17.05.2008
DIN No.:	02037020
Name :	Mr. Nitin Sethi
Designation :	Director
Address :	A-64, Manali Building No. 1, Evershine Nagar, Malad (West), Mumbai-400064, Maharashtra, India
Date of Birth/Age :	11.07.1971
Qualification :	B.E. (Chemical) PGDM (Adv Marketing)
Date of Appointment :	17.05.2008
DIN No.:	01952813
Name :	Mr. Mukesh Kishorilala Gupta
Designation :	Director
Address :	73/74, Manali Building No. 5, Evershine Naar, Malad (West), Mumbai-400064, Maharashtra, India
Date of Birth/Age :	11.07.1965
Qualification :	B.Com
Date of Appointment :	17.05.2008
DIN No.:	00372861

KEY EXECUTIVES

Name :	Mr. Nilesh Jadhav
Designation :	Manager- Accounts and Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2012)

Names of Shareholders	No. of Shares
Sumant Agarwal	22800
Nitin Sethi	22800
Mukesh Gupta	5000
Mukesh Gupta HUF	17800
Insai Fashions Private Limited, India	31600
Duke Business Private Limited, India	12500
Olive Overseas Private Limited, India	12500
Total	125000

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	50.60
Others	49.40
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Exporter of Speciality Silicon and Non Silicon Products.
Products :	· Silicon Fluid · Dow Corning Paper Coatings · Lubriszol Speciality Paper Coatings · Evonic Degussa Precipitated Silicas · Clariant Products · Speciality Silicone Products · Speciality Softeners for Fabrics · Mould Release Agents · Industrial Antifoams
Exports :
Products :	Speciality Silicon and Non Silicon Products
Countries :	Asian Country
Imports :
Products :	Raw Materials
Countries :	· USA · China · Korea · Malaysia
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Dow Corning India Private Limited, Bhiwandi, Maharashtra, India

Customers :

End Users

· Jineshwar Traders, Masjid Bunder, Maharashtra, India

No. of Employees :

28 (Approximately)

Bankers :

· Corporation Bank,

Nariman Point Branch, 1^st Floor, Earnest House, Nariman Point, Mumbai-400021, Maharashtra, India

· Bank of India N.A.

Vashi Branch, Navi Mumbai, Maharashtra, India

· HDFC Bank

· Citi Bank N.A.

Trent House, 2^nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East) Mumbai – 400051 Maharashtra India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG TERM BORROWINGS
Vehicles term Loans
i) Vehicle loan from TATA Capital Limited	0.097	0.208
ii] Vehicle loan from Corporation Bank	0.132	0.277
(both (i) and (ii) Secured by hypothecation of against vehicles and payable over 24/36 Months)
Term Loan from Bank
From HDFC Bank (Secured by personal Grantees of the directors, payable over a period of 36 months at interest;® 16% p.a)	1.595	0.000
SHORT TERM BORROWINGS
(A) Working Capital by way of cash Credit
i) From Corporation bank	9.915	14.901
ii) From CITI Bank	--	--
(B) Deferred Payments credit
Buyers credit from Citi Bank NA	7.211	--
(both (a) and (b) above Secured by Primarily Secured by hypothecation of inventory and book debts and collateral! by hypothecation of all plant and machinery, Equitable mortgage of the office premises at 442, Neo Plaza, Malad (West) and Personal Guarantee of all the directors, Dues under (a) is payable on demand with interest @ 13.50% and dues under (b) after a period of 180 days with interest @ LIBOR+3.5%)
(C) Current Maturities of Long Term Borrowings
i) Towards Vehicle Loans	0.256	0.220
ii) HDFC Bank Limited	0.928	1.226
Total	20.134	16.3832

Banking Relations :	--
Auditors :
Name :	AIMV and Associates Chartered Accountant
Address :	G-1, Sushila Palace, Opposite Swagat Hall, Borivali (East), Mumbai – 400066, Maharashtra, India
PAN No.:	AATFM0822H
Associate Concern :	· K. K. Specialties Silicones · K. K. Chemical Industries · M/s Mukesh Gupta HUF · Mr. Sumant Agarwal HUF · Mr. Nitin Sethi HUF

CAPITAL STRUCTURE

(AS ON 31.03.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
125000	Equity Shares	Rs. 10/-each	Rs.1.250 Millions
25000	0% Optionally Convertible Redeemable Preference Shares	Rs.10/- each	Rs.0.250 Million
	Total		Rs.1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 10/-each	Rs.1.000 Millions
25000	0% Optionally Convertible Redeemable Preference Shares	Rs.10/- each	Rs.0.250 Million
	Total		Rs.1.250 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.250	1.250
(b) Reserves & Surplus	33.682	24.254
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	7.980	1.556
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.473	0.161
(4) Current liabilities
(a) Short term borrowings	18.310	16.346
(b) Trade payables	36.679	37.567
(c) Other current liabilities	2.386	2.301
(d) Short-term provisions	4.447	3.217
TOTAL	105.207	86.652
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.353	7.052
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.081	0.004
(c) Deferred tax assets (net)	0.031	0.005
(d) Long-term Loan and Advances	0.077	0.052
(e) Other Non-current assets	2.966	2.523
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	24.679	21.340
(c) Trade receivables	58.319	43.038
(d) Cash and cash equivalents	3.347	8.195
(e) Short-term loans and advances	0.395	0.376
(f) Other current assets	6.959	4.067
TOTAL	105.207	86.652

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.000
2] Share Application Money		0.000
3] Reserves & Surplus		12.991
4] (Accumulated Losses)		0.000
NETWORTH		13.991
LOAN FUNDS
1] Secured Loans		7.405
2] Unsecured Loans		0.173
TOTAL BORROWING		7.578
DEFERRED TAX LIABILITIES		0.015
TOTAL		21.584
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.122
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.688
	Sundry Debtors	30.755
	Cash & Bank Balances	4.333
	Other Current Assets	1.689
	Loans & Advances	0.292
Total Current Assets		46.757
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	22.356
	Other Current Liabilities	1.421
	Provisions	1.546
Total Current Liabilities		25.323
Net Current Assets		21.434
MISCELLANEOUS EXPENSES		0.028
TOTAL		21.584

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operations	257.371	196.559	110.515
		Other Income	0.939	1.359	0.000
		TOTAL (A)	258.310	197.918	110.515
Less	EXPENSES
		Cost of Materials Sold	219.033	179.983
		Changes in Inventories of Stock-in-trade	(3.339)	(11.652)
		Employee Benefits Expenses	8.702	6.444	104.754
		Others Expenses	15.925	11.082
		Exceptional Items	0.027	0.129
		TOTAL (B)	240.348	185.986	104.754
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.962	11.932	5.761
Less	FINANCIAL EXPENSES (D)		4.130	2.250	1.270
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.832	9.682	4.491
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.216	0.073	0.017
	PROFIT BEFORE TAX (E-F) (G)		13.616	9.609	4.474
Less	TAX (H)		4.189	3.096	1.221
	PROFIT AFTER TAX (G-H) (I)		9.427	6.513	3.253
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	5.862	6.758	0.728
	TOTAL EARNINGS		5.862	6.758	0.728
	IMPORTS
		Import Value	27.317	3.008	1.587
	TOTAL IMPORTS		27.317	3.008	1.587
	Earnings Per Share (Rs.)		75.42	52.11	32.53

Particulars	31.03.2013
Sales Turnover (Approximately)	266.500

Expected Sales (2013-14): Rs.340.000 Millions.

The above information has been parted by Mr. Nilesh Jadhav.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.65	3.29	2.94
Net Profit Margin (PBT/Sales)	(%)	5.29	4.89	4.05
Return on Total Assets (PBT/Total Assets}	(%)	12.96	11.09	9.54
Return on Investment (ROI) (PBT/Networth)		0.39	0.38	0.32
Debt Equity Ratio (Total Debt/Networth)		0.52	0.54	0.59
Current Ratio (Current Asset/Current Liability)		1.52	1.30	1.85

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Trade Payables	36.679	37.567	22.356
Total	36.679	37.567	22.356

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS

Particulars	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG TERM BORROWINGS
Loans and Advance from related Parties
From Directors	0.458	0.206
From Relatives	5.698	0.865
Total	6.156	1.071

OPERATIONS

The performance of the company is very impressive with growth of 30% (Previous year 80%) over the last year in case of turnover and growth of 44% (Previous year 118%) in case of profit after tax despite economic slowdown.

CORPORATE INFORMATION

Subject is a private company domiciled in India and incorporated under the provisions of the Companies Act, 1956. It shares are not listed on any stock exchange. The company is engaged in the trading of products of various chemicals mainly under the distributorship agreement with Dow Corning and 3M. The company caters to both domestic and international markets.

CONTINGENT LIABILITY NOT PROVIDED FOR IN RESPECT OF:

Particulars	31.03.2012	31.03.2011
	(Rs. In Millions)
Bank Guarantees	--	--
Letter of Credit (to the extent not provided for.	1.183	1.160

TRADE REFERENCE:

· Dow Corning India Private Limited, Bhiwandi, Maharashtra, India

· Jineshwar Traders, Masjid Bunder, Maharashtra, India

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	10305415
Corporate identity number of the company	U24100MH2008PTC182345
Name of the company	K K CHEMPRO (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Kishor Chs Limited, Datta Mandir Road, A Wing 2nd Floor, Malad East, Mumbai – 400097, Maharashtra, India madanparihar@hotmail.com
Type of charge	Immovable property Book Debts Movable Property Floating Charge
Particular of charge holder	Citi Bank N. A. Trent House, 2nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India vlaxman@vsnl.com
Nature of description of the instrument creating or modifying the charge	a) Deed of Modification. b) Modification to Memorandum of Entry. (Collectively constitute a single charge)
Date of instrument Creating the charge	31/01/2013
Amount secured by the charge	Rs.56.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Interest to be charged at such rate/s as may be determined by the Bank from time to time. Terms of Repayment On Demand Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge a) The Current Assets to the Bank, hypothecated by way of first exclusive charge, as security for the repayment of Rs.56.000 Millions, together with all interest, liquidated damages, premia on prepayment or on redemption, costs, charges and other expenses payable by the Company to Citibank N. A. (b) The Company created mortgage by deposit of title deeds with the Bank in respect of immovable properties repayment of its Credit facility of Rs.56.000 Millions, together with interest, additional interest, liquidated damages, commitment charges, premia on repayment or on redemption, costs, expenses and other monies due and payable by the Company to the Citibank N.A. Others
Short particulars of the property charged	Hypothecation by way of first exclusive charge on Current Assets of the company both present and future. Pledge Fixed Deposit of Rs.4.640 Millions. Immovable property being office No.442, 4^th Floor, Neo Corporate Plaza, Ramchander Lane, Off Marve Road, Malad (East), Mumbai – 400064, Maharashtra, India
Date of latest modification prior to the present modification	25/01/2012
Particulars of the present modification	The charge now stands increased from Rs.46.500 Millions to Rs.56.000 Millions in favour of Citibank N.A. against the security of Current Assets and pledge fixed deposit of the Company both present and future.

FIXED ASSETS:

· Office Premises and Building

· Vehicles

· Office Equipment

· Computer and Printers

· Furniture and Fixtures.

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

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.57.73
UK Pound	1	Rs.90.61
Euro	1	Rs.76.96

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.