MIRA INFORM REPORT

Report Date :

24.06.2013

IDENTIFICATION DETAILS

Name :	JADHAO GEARS PRIVATE LIMITED
Registered Office :	D9/2, D10 and D11, M.I.D.C. Area, Amravati – 444 605, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.01.2008
Com. Reg. No.:	11-177528
Capital Investment / Paid-up Capital :	Rs.30.500 Millions
CIN No.: [Company Identification No.]	U29130MH2008PTC177528
TAN No.: [Tax Deduction & Collection Account No.]	NGPJ01738C
PAN No.: [Permanent Account No.]	AACCJ0437B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Gin Machines.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 325000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears dip in the profitability during 2012 recorded by the company. However, the company has achieved better growth in the sales turnover. Trade relations are reported as fair. Business is active. Payment terms are slow but 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.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB+ [Long Term]
Rating Explanation	Moderate risk of default.
Date	19.03.2013

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 [GENERAL DETAILS]

Name :	Mr. Sudhir
Designation :	Chief Executive Officer
Contact No.:	91-8888854242
Date :	21.06.2013

LOCATIONS

Registered Office/ Factory :	D9/2, D10 and D11, M.I.D.C. Area, Amravati – 444 605, Maharashtra, India
Tel. No.:	91-721-2520807/ 2521382/ 2522967/ 2520807/ 2522078
Mobile No.:	91-8655480765 (Mr. Arun Kumar)
Fax No.:	91-721-2521382/ 2522078/ 2520807
E-Mail :	jadhao_gears@rediffmail.com
Website :	www.jadhaogin.com
Area :	1100 sq ft
Location :	Leased

DIRECTORS

AS ON 15.09.2012

Name :

Mr. Sanjay Shankarrao Jadhao

Designation :

Director

Address :

“Saiee Bunglow”, 1/7, Mangilal Plots, Opposite IMA Hall, Camp Road, Amravati – 444 602, Maharashtra, India

Date of Birth/Age :

03.03.1962

Qualification :

B.E.

Date of Appointment :

08.01.2008

DIN No.:

01833719

Other Directorship :

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	Company/ LLP Status	Defaulting status
1	U29130MH2008PTC177528	Jadhao Gears Private Limited	Director	08-01-08	08-01-08	Active	NO
2	U31909MH2010PTC200650	Jadhao Power Systems Private Limited	Director	08-03-10	08-03-10	Active	NO
3	U17120MH2010PTC206957	J. J. Fine Spun Private Limited	Director	24-08-10	24-08-10	Active	NO
4	U70102MH2010PTC208950	Jadhao Realty Private Limited	Director	13-10-10	13-10-10	Active	NO
5	U01403MH2011PTC219987	Jadhao Layland Private Limited	Director	20-07-11	20-07-11	Active	NO
6	U74900MH2011PTC224117	Gukss Automation Private Limited	Director	19-11-11	19-11-11	Active	NO

Name :

Mrs. Smita Sanjay Jadhao

Designation :

Director

Address :

“Saiee Bunglow”, 1/7, Mangilal Plots, Opposite IMA Hall, Camp Road, Amravati – 444 602, Maharashtra, India

Date of Birth/Age :

17.04.1964

Qualification :

M.A.

Date of Appointment :

08.01.2008

DIN No.:

00958717

Other Directorship :

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	Company/ LLP Status	Defaulting status
1	U29210MH1993PTC071073	Jadhao Agro Industries Private Limited	Director	09-03-93	09-03-93	Dormant	NO
2	U29130MH2008PTC177528	Jadhao Gears Private Limited	Director	08-01-08	08-01-08	Active	NO
3	U31909MH2010PTC200650	Jadhao Power Systems Private Limited	Director	08-03-10	08-03-10	Active	NO
4	U70102MH2010PTC208950	Jadhao Realty Private Limited	Director	13-10-10	13-10-10	Active	NO
5	U01403MH2011PTC219987	Jadhao Layland Private Limited	Director	20-07-11	20-07-11	Active	NO

Name :

Swapnili Sanjay Jadhao

Designation :

Director

Address :

“Saiee Bunglow”, 1/7, Mangilal Plots, Opposite IMA Hall, Camp Road, Amravati – 444 602, Maharashtra, India

Date of Birth/Age :

10.11.1987

Date of Appointment :

30.08.2012

DIN No.:

02687686

KEY EXECUTIVES

Name :	Mr. Sudhir
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 15.09.2012

Names of Shareholders	No. of Shares
Sanjay Shankarrao Jadhao	2550000
Smita Sanjay Jadhao	500000
TOTAL	3050000

AS ON 15.09.2012

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Gin Machines.
Products :	· Engineering Goods · DR Gin Machines · Cotton Bale Presses · Cotton Handling Systems · Alloy Steel Castings · Precision Machined Components · Sheet Metal Components · Electrical Panels
Exports :
Products :	DR Gin Machines, Cotton Bale Presses, Cotton Handling Systems, etc.
Countries :	· Africa · USA · Argentina
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Manjula Steel Corporation, Mumbai

· Prathamesh Enterprises, Belgaum (Karnataka)

· National Engineering Industries Limited, Jaipur

· S.S. Industries, Amravati

· Nutan Suppliers, Nagpur

· Electro Steel Engineering Company, Mumbai

· Eagle Weight Instruments (India) Private Limited, Nagpur

· Jyoti Paints Limited, Ahmedabad

· Eureka Forbes Limited, Pune

· Kwality Forge, Ludhiana (Punjab)

· Ganga Iron and Steel Trading Company Limited, Nagpur

· Kothari Belting Company, Nagpur

· Diamond Hone Tubes, Mumbai

· Chintamani Industries, Amravati

· V.L. Motors, Amravati

Customers :

End Users

· Fortune Cotton and Agro Industries Gourampur

· M.M. Patel and Company, Indore (Madhya Pradesh)

· N.K. Fibers, Ghosapur (Beed)

· Unique Cotton, Lakmeshwar, Gadag (Karnataka)

· Maharashtra Agro Processor, Ralegaon

· Poshak Feeds (India) Private Limited, Karnal (Haryana)

· NSL Textiles Limited, Guntur (Andhra Pradesh)

· Vijay Industries, Bailhongal

· Sai Venkata Agro Industries Private Limited, Manchirial

· Gima Manufacturing Private Limited, Hinganghat

· Metro Hardware, Jalgaon

· Durgeshwari Fibers, Parbhani

· National Cotton Fibers, Andersul, Nasik

· Jalaram Cotton and Proteins Limited, Jasdan

· Harman Cotex, Khargone (Madhya Pradesh)

No. of Employees :

200 (Approximately)

Bankers :

· HDFC Bank Limited, Amravati, Maharashtra, India

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

· Axis Bank Limited, Amravati, Maharashtra, India

· Small Industries Development Bank of India, National Insurance Building, S.V. Patel Marg, Kingsway, Nagpur – 440 001, Maharashtra, India

· State Bank of India, Amravati Main Branch, Shyam Chowk, Amravati - 444 601, Maharashtra, India

· Jijau Commercial Co-Operative Bank Limited

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Term Loans From Banks	67.728	89.328
Short Term Borrowings
Loans Repayable on Demand From Banks	74.994	7.156
TOTAL	142.722	96.484

Banking Relations :	--
Auditors :
Name :	K.D. Nichat and Company Chartered Accountants
Address :	1^st Floor, Naole Complex, Near Rajkamal Square, Amravati – 444 601, Maharashtra, India
Tel. No.:	91-721-2572957
E-Mail :	ati_vsjadhao@sanchar.net.com
PAN No:	AAIPN2527R
Other Related Parties :	· Gukss Industries · Jadhao Steel Alloys and Jadhao Associates · Jadhao Steel Alloys · Smita Jadhao, Jadhao Engineers and S.S. Industries · V.S. Jadhao and Associates · Jadhao Associates · Jadhao Layland Private Limited [U01403MH2011PTC219987]

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3050000	Equity Shares	Rs.10/- each	Rs.30.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3050000	Equity Shares	Rs.10/- each	Rs.30.500 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	30.500	30.500
(b) Reserves & Surplus	50.899	44.673
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	81.399	75.173
(3) Non-Current Liabilities
(a) long-term borrowings	67.728	89.328
(b) Deferred tax liabilities (Net)	8.954	13.629
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	76.682	102.957
(4) Current Liabilities
(a) Short term borrowings	75.019	11.838
(b) Trade payables	64.033	38.609
(c) Other current liabilities	73.835	108.023
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	212.887	158.470
TOTAL	370.968	336.600
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	113.720	136.173
(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	1.000	1.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2.916	4.498
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	117.636	141.671
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	64.571	97.947
(c) Trade receivables	29.949	19.425
(d) Cash and cash equivalents	46.266	4.534
(e) Short-term loans and advances	112.546	73.023
(f) Other current assets	0.000	0.000
Total Current Assets	253.332	194.929
TOTAL	370.968	336.600

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		30.500
2] Share Application Money		0.000
3] Reserves & Surplus		31.113
4] (Accumulated Losses)		0.000
NETWORTH		61.613
LOAN FUNDS
1] Secured Loans		60.714
2] Unsecured Loans		22.583
TOTAL BORROWING		83.297
DEFERRED TAX LIABILITIES		9.512
TOTAL		154.422
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		136.653
Capital work-in-progress		0.000
INVESTMENT		1.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20.598
	Sundry Debtors	12.713
	Cash & Bank Balances	14.780
	Other Current Assets	26.327
	Loans & Advances	14.560
Total Current Assets		88.978
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	58.524
	Other Current Liabilities & Provisions	13.700
Total Current Liabilities		72.224
Net Current Assets		16.754
MISCELLANEOUS EXPENSES		0.015
TOTAL		154.422

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1057.316	469.862	508.376
		Other Income	4.816	0.000	0.680
		TOTAL	1062.132	469.862	509.056
Less	EXPENSES
		Office Expenses
		Administrative Expenses	1053.077	453.046	459.968
		Advertising Expenses
		TOTAL	1053.077	453.046	459.968
	PROFIT / (LOSS) BEFORE TAX		9.055	16.816	49.088
Less	TAX		2.829	3.256	17.999
	PROFIT / (LOSS) AFTER TAX		6.226	13.560	31.089
	BALANCE CARRIED TO THE B/S		6.226	13.560	31.089
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	71.033	NA	NA
	Earnings / (Loss) Per Share (Rs.)		2.04	4.45	25.89

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.59	2.89	6.11
Net Profit Margin (PBT/Sales)	(%)	0.85	3.57	9.65
Return on Total Assets (PBT/Total Assets}	(%)	2.45	5.01	21.75
Return on Investment (ROI) (PBT/Networth)		0.11	0.22	0.80
Debt Equity Ratio (Total Debt/Networth)		1.75	1.35	1.35
Current Ratio (Current Asset/Current Liability)		1.19	1.23	1.23

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	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]	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	Yes

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Short Term Borrowings
Loans and Advances From Related Parties	0.025	4.682
TOTAL	0.025	4.682

OPERATIONAL REVIEW:

The Company has achieved a Net Turnover of Rs. 1057.316 Millions in the financial year ended 31st March, 2012 as against Rs. 469.862 Millions for the year ended 31st March, 2012 registering an increase in the turnover at the rate of approx. 125%. The net profit after tax of the company is Rs. 6.226 Millions as against 13.560 Millions in the previous year with a decline of Approx. 54 % from the previous year’s figures.

PROSPECTS:

The Company expects to improve its profits in the next year as there are good prospects for its business.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U29130MH2008PTC177528
Name of the company	JADHAO GEARS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	D9/2, D10 and D11, M.I.D.C. Area, Amravati – 444 605, Maharashtra, India
Type of charge	Any interest in immovable property
Particular of charge holder	State Bank of India, Amravati Main Branch, Shyam Chowk, Amravati - 444 601, Maharashtra, India Email: roc@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Letter for creating Second Charge on the Immovable Property
Date of instrument Creating the charge	20.04.2013
Amount secured by the charge	Rs.157.000
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest rate or such other rate as agreed between the borrower company and bank from time to time. Penal Interest in addition in case of default. Terms of Repayment Repayment as agreed between the borrower company and bank from time to time Margin Margin as agreed between the borrower company and bank from time to time. Extent and Operation of the charge Second charge on the immovable property of the company as collateral security to secure banking limits of Rs. 157.000 Millions i.e. Plot No. D 9/2, 10 and 11 in Amravati Industrial Area, within the limits of Nimbhora (Kh) within the limits of Amravati Municipal Corporation, Taluka and Registration Sub District Amravati (first charge in favour of Small Industries Development Bank of India for the term loan sanctioned to the borrower company)
Short particulars of the property charged	All that piece and parcel of land known as Plot No. D 9/10 and 11 in the Amravati Industrial Area, within the village limits of Nimbhora (kh) and within the limits of Amravati Municipal Corporation Taluka and Registration Sub District Amravati, District Amravati containing by admeasurement 11000 sq. mtrs

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· Electrical Equipment

· Furniture and Fixture

· Office Equipment

· Computer and Software

· Wind Mill 1.25 MW

· Motor Vehicle

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.59.35
UK Pound	1	Rs.92.11
Euro	1	Rs.78.59

INFORMATION DETAILS

Information Gathered by :	PLV
Report Prepared by :	TPT

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.