MIRA INFORM REPORT

Report Date :

01.03.2013

IDENTIFICATION DETAILS

Name :	ROCA BATHROOM PRODUCTS PRIVATE LIMITED
Formerly Known As :	PARRYWARE ROCA PRIVATE LIMITED
Registered Office :	4^th Floor, K G N Towers, 62, Ethiraj Salai, Egmore, Chennai-600 105, Tamilnadu
Country :	India
Financials (as on) :	31.12.2011
Date of Incorporation :	12.08.1983
Com. Reg. No.:	18-10243
Capital Investment / Paid-up Capital :	Rs.21.348 Millions
CIN No.: [Company Identification No.]	U15421TN1983PTC010243
PAN No.: [Permanent Account No.]	AAACE9982E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Bathroom Products
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 12000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a good track record. Financial position of the company appears to be strong. Performance capability appears to be high. Liquidity position of the company is good. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

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.

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 :	4^th Floor, K G N Towers, 62, Ethiraj Salai, Egmore, Chennai-600 105, Tamilnadu, India
Tel. No.:	91-44-49022000
Fax No.:	91-44-49022070
E-Mail :	Nirmala.prabha@in.roca.com
Website :	www.in.roca.com
Corporate Office :	223-226, M.I.A. Desula Parryware Division, Alwar - 301 030, Rajasthan, India

DIRECTORS

As on 12.06.2012

Name :

Mr. Manuel Herrera Alvarez

Designation :

Managing Director

Address :

Somerst Greenways, 97, Sathyadev Avenue, MRC Nagar, Chennai - 600 028, Tamilnadu

Date of Birth/Age :

19.02.1970

Date of Appointment :

16.06.2011

DIN No.

03554160

Other Directorship:

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	U15421TN1983PTC010243	ROCA BATHROOM PRODUCTS PRIVATE LIMITED	Managing director	16/06/2011	15/06/2011	-	Active	NO
2	U25209TN1995PLC030909	ESPIEM PLASTICSS LIMITED	Director	26/09/2011	16/06/2011	-	Active	NO
3	U26914DL2002NPL115694	INDIAN COUNCIL OF SANITARYWARE MANUFACTURES	Nominee director	16/06/2011	16/06/2011	14/11/2011	Active	NO

Name :

Mr. Joan Albos Barbarroja

Designation :

Director

Address :

C, Nicaragua, 110, PISO, PO7, PTA 4, Barcelona-08029, Spain

Date of Birth/Age :

18.02.1963

Date of Appointment :

01.06.2006

DIN No:

00496809

Other Directorship:

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	U15421TN1983PTC010243	ROCA BATHROOM PRODUCTS PRIVATE LIMITED	Director	01/06/2006	01/06/2006	-	Active	NO
2	U28994RJ1986PTC020686	GLAMOUROOM TAPS PRIVATE LIMITED(TRANSFERRED FROM TAMIL NADU)	Director	16/07/2008	16/07/2008	-	Amalgamated	NO

Name :

Mr. Raimundo Garcia Figueras Ruiz De Velasco

Designation :

Director

Address :

Roca Malaysia Sdnbhd, Jalan, Kartunis, U 1, 47, Temasya, Glenmarie Seksyanu 1, Shah Alom Selangor-40150, Malaysia

Date of Birth/Age :

03.09.1968

Date of Appointment :

07.06.2010

DIN No.:

02771904

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U15421TN1983PTC010243	ROCA BATHROOM PRODUCTS PRIVATE LIMITED	Director	07/06/2010	26/08/2009	-	Active	NO

Name :

Mr.Caetano Vitor Almedia Macatrao

Designation :

Director

Address :

Sumangali Villa, 623, Casuarinadr, Veneelangarai, Chennai-600 014, Tamilnadu

Date of Birth/Age :

14.04.1957

Date of Appointment :

21.07.2008

DIN No:

02132343

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U15421TN1983PTC010243	ROCA BATHROOM PRODUCTS PRIVATE LIMITED	Alternate director	21/07/2008	01/04/2008	-	Active	NO
2	U28994RJ1986PTC020686	GLAMOUROOM TAPS PRIVATE LIMITED(TRANSFERRED FROM TAMIL NADU)	Alternate director	24/11/2008	16/07/2008	-	Amalgamated	NO

KEY EXECUTIVES

Name :	Ms. Kuppuswamy Nirmala Prabha
Designation :	Secretary
Address :	Flat C 2, Thiruchi Loganathan Palace, 17 & 19 Northon, 3 RD Street, Chennai-600 028, Tamilnadu
Date of Birth/Age :	30.04.1967
Date of Appointment :	18.04.2006
DIN No:	ACAPN3828M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 12.06.2012

Names of Shareholders	No. of Shares
Roca Sanitario S.A. Spain (‘RSS’)	1067420
Roca Bathroom Investments, S.L (‘RB’)	1067420
Total	2134840

Equity Share Break up (Percentage of Total Equity)

As on 12.06.2012

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Bathroom Products

Products :

Product	ITC Code
Sanitaryware	691010.00
Tabs	848180.20

PRODUCTION STATUS

As on 31.12.2011

Particulars Finished Goods****	Unit	Installed Capacity	Actual Production
Sanitaryware	MT	63,500	44,163
Tabs	Pcs	2,000,000	1,011,951

NOTES:

• *****Sanitaryware and taps are not covered by the list of industries in respect of which industrial licensing is compulsory. Hence licensed capacity is not applicable.

• Installed capacity is as certified by the management and relied by the auditors as this a technical matter

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	City Union Bank, 50, Armenian Street, George Town, Chennai, Tamilnadu, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	No.10, Mahatma Gandhi Road, Nungambakkam, Chennai-600 034, Tamilnadu, India
PAN No.:	AAAFB9852F
Associates:	Espiem Plastics Limited (‘EPL’)
Ultimate Holding Company:	Roca Corporation Empresarial S.A. (‘ROCA’), Spain
Companies Having Significant Influence:	Roca Sanitario S.A. Spain (‘RSS’) Roca Bathroom Investments, S.L (‘RB’)
Fellow Subsidiary:	Roca Sanitaryware (Suzhou) Company Limited, China (‘RSC’) Roca China Company Limited (‘RCC’) Roca Procurement Limited, China (‘RPL’) Roca SA, Portugal (‘RSP’) Laufen Austria AG (‘LA’) Sanitana S.A., Portugal (‘SAP’) Tangshan Ying Bathroom Products Company Limited., China (‘TANG’) Xinle Bathroom Products (Foshan) Company Limited., China (‘XLIN’) Laufen Bathroom AG (‘LB’) Ceramicas Del Foix, SA (‘CDF’) Roca Maroc (‘RMS’) Ceramica Gala Tiles (‘CGT’) Roca Taiwan Company Limited (‘RTL’) Cosmic Bathroom Accessories Company Limited. (‘CBA’) Roca Brazil Limited (‘RBL’) Roca Malaysia Sdn Bhd (‘MS’) Laufen CZ.S.R.O. (‘LCZ’) Keramik Holdings AG (‘KH’) Roca Sanitaryware Shangai Trading (‘RST’)

CAPITAL STRUCTURE

As on 12.06.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2134840	Equity Shares	Rs.10/- each	Rs.21.348 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2011	31.12.2010	31.12.2009
SHAREHOLDERS FUNDS
1] Share Capital		21.348	21.348	21.348
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3007.773	2488.960	2060.377
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3029.121	2510.308	2081.725
LOAN FUNDS
1] Secured Loans		0.000	0.000	69.000
2] Unsecured Loans		362.323	364.816	367.115
TOTAL BORROWING		362.323	364.816	436.115
DEFERRED TAX LIABILITIES		149.301	119.776	112.058
TOTAL		3540.745	2994.900	2639.898
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2104.640	1755.311	1621.904
Capital work-in-progress		49.154	253.342	116.326
INVESTMENT		335.357	383.275	409.138
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1008.478	818.895	687.326
	Sundry Debtors	506.554	485.842	387.303
	Cash & Bank Balances	370.751	191.260	182.203
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	225.567	121.693	129.690
Total Current Assets		2111.350	1617.690	1386.522
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	848.678	781.703	864.476
	Other Current Liabilities	164.065	179.564	0.000
	Provisions	47.013	53.451	29.516
Total Current Liabilities		1059.756	1014.718	893.992
Net Current Assets		1051.594	602.972	492.530
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3540.745	2994.900	2639.898

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011	31.12.2010	31.12.2009
	SALES
		Income		5089.946	4455.191
		Other Income	6086.547	57.405	39.700
		TOTAL (A)	6086.547	5147.351	4494.891
Less	EXPENSES
		Cost of Manufactured & Traded Goods		2241.023	1966.150
		Personnel Expenses		543.357	615.878
		Operating & Other Expenses		1440.643	1322.058
		TOTAL (B)	5311.089	4225.023	3904.086
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial and Depreciation Expenses )	922.328	590.805
Less	FINANCIAL EXPENSES (D)			40.289	54.694
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			882.039	536.111
Less/ Add	DEPRECIATION/ AMORTISATION (F)			217.641	213.935
	PROFIT BEFORE TAX (E-F) (G)		775.458	664.398	322.176
Less	TAX (I)		256.645	235.815	133.374
	PROFIT AFTER TAX (G-I) (J)		518.813	428.583	188.802
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		755.467	326.884	138.082
	BALANCE CARRIED TO THE B/S		1274.280	755.467	326.884
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	N.A	29.757	38.463
	TOTAL EARNINGS		N.A	29.757	38.463
	IMPORTS
		Raw Materials, Stores & Spare parts	N.A	101.409	70.831
		Traded Goods	N.A	665.959	511.157
	TOTAL IMPORTS		N.A	767.368	581.988
	Earnings Per Share (Rs.) (Basic)		243.02	200.76	88.44
	Earnings Per Share (Rs.) (Diluted)		206.37	171.88	80.39

KEY RATIOS

PARTICULARS		31.12.2011	31.12.2010	31.12.2009
PAT / Total Income	(%)	8.52	8.33	4.20
Net Profit Margin (PBT/Sales)	(%)	12.74	12.91	7.17
Return on Total Assets (PBT/Total Assets}	(%)	36.73	41.07	47.91
Return on Investment (ROI) (PBT/Networth)		0.26	26.47	15.48
Debt Equity Ratio (Total Debt/Networth)		0.11	0.14	0.21
Current Ratio (Current Asset/Current Liability)		1.99	1.59	1.55

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	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 LOAN:

Praticular	31.12.2011 (Rs. in Millions)	31.12.2010 (Rs. in Millions)
Unsecured Loan	362.323	364.816
Total	362.323	364.816

NOTES:

352,325,584 9.5% Compulsorily Convertible Debentures of Re. 1 each. Such debentures are compulsorily convertible either at any time at the option of the debentureholder or at the end of the tenor of 10 years, whichever is earlier. On conversion 100 equity shares of Rs. 10 each would be allotted for every lot of 72,102 debentures held.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U15421TN198PTC010243
Name of the company	ROCA BATHROOM PRODUCTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	4^th Floor, K G N Towers, 62, Ethiraj Salai, Egmore, Chennai-600 105, Tamilnadu
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10113946
Type of charge	Movable Property(not being pledge)
Nature, description and brief particulars of the instrument(s) creating or modifying the charge	The existing charge is the second charge on the assets of the taps factory as on 30.11.2009 as mentioned in the letter attached.
Date of instrument Creating the charge	23.12.2009
Amount secured by the charge	Rs. 60.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction letter given for the original loan. Terms of Repayment As per sanction letter given for the original loan. Margin As per sanction letter given for the original loan. Extent and Operation of the charge As per sanction letter given for the original loan. The first of assets is appended to the modification letter.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	List of assets appended to the modification letter.
Particulars of the present modification	The existing second charge created in favour of City Union Bank, Chennai 600 001 for the Loan for Rs.6 Crore vide charge created under ID No. 10113946 is being modified as first charge on the assets of the tabs factory of the company situated at A 452-454, RIICO Industrial Area, Phase VII, Chopanki, Bhiwandi 301 707, Rajasthan as on 30.11.2009.

FIXED ASSETS:

• Leasehold Land
• Freehold Land
• Buildings
• Plant and Machinery
• Furniture and Office Equipment
• Vehicle

1. 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 transaction 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.54.42
UK Pound	1	Rs.83.20
Euro	1	Rs.71.90

INFORMATION DETAILS

Report Prepared by :

RSMK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.