MIRA INFORM REPORT

Report Date :

13.05.2013

IDENTIFICATION DETAILS

Name :	KAEFER PUNJ LLOYD LIMITED [w.e.f. 15.12.2006]
Formerly Known as:	PUNJ LLOYD INSULATIONS LIMITED
Registered Office :	18, Nehru Place, New Delhi – 110019
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	14.11.1994
Com. Reg. No.:	55-62696
Capital Investment/ Paid-up Capital:	Rs.18.000 Millions
CIN No.: [Company Identification No.]	U74899DL1994PLC062696
TAN No.: [Tax Deduction & Collection Account No.]	DELP05244B
PAN No.: [Permanent Account No.]	AACCP7087P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject undertakes Civil Construction and Civil Engineering Works and Services.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of “Kaefer GmbH, Germany”. It is an established company having a moderate track record. The networth of the company is fully eroded due to huge accumulated losses recorded by the company. The company has been incurring losses from its operation past some years. There also appears huge external borrowing recorded by the company. However, trade company receives better operational and financial support from its parent company. Business is active. Payment terms are slow. The company can be considered for business dealings with some cautions.

NOTES :

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

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BB [Fund Based Limits]
Rating Explanation	Moderate risk of default.
Date	February 2013

Rating Agency Name	ICRA
Rating	A4 [Non Fund Based Limits]
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	February 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.

LOCATIONS

Registered Office :	18, Nehru Place, New Delhi – 110019, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	info@punjlloyd.com ajay.taneja@kaefer.com
Website :	http://www.punjlloyd.com http://www.kaefer.com
Headquarters:	Kaefer Isoliertechnik GmbH and Company KG Markststr. 2 28195 Bremen Germany
Tel. No.:	49-421-30550
Fax No.:	49-421-18251
Gurgaon Office :	Plot No. 337 Udyod Vihar-II Gurgoan-122016, Haryana, India
Tel. No.:	91-124-4551700/4551777
Fax No.:	91-124-4551777
E-Mail :	infokpll.gurgoan@kaefer.com.
Website :	www.keafer.com
Navi Mumbai Office :	Aggarwal Trade Centre, Sector-11, ‘B’ wing, 2nd Floor, Unit 204/205/206, CBD Belapur, Navi Mumbai-400614
Tel. No.:	91-22-41025123/ 140
Fax No.:	91-22-41025150
E-Mail :	infokpll.mumbai@keafer.com
Chennai Office :	21, Sparten Nagar, 1st Floor, Mugappair (East), Chennai-600037, Tamilnadu, India
Tel. No.:	91-44-26565132
Fax No.:	91-44-26565132
E-Mail :	infokpll.chennai@kaefer.com
Vadodara Office :	S-3, Chetan Apartment, Opposite Anjoy Restaurant, Behind Express Hotel, Alkapuri, Vadodara-390007, Gujarat, India
Kolkata Office :	BC-98, Sector-1, Salt Lake City, Kolkata-700064, West Bengal, India
Tel. No.:	91-33-40448538

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Jagat Bhushan Dewan

Designation :

Whole Time Director

Address :

C- 503 Sushant Lok – I, Gurgaon-122002 Haryana India

Date of Birth/Age :

11.05.1950

Date of Appointment :

19.01.2009

Din No.:

00035212

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1994PLC062696	KAEFER PUNJ LLOYD LIMITED	Director	30/09/2009	1/11/1997	Active	NO

Name :

Mr. Philipp Dalheimer

Designation :

Director

Address :

108A, Route Du Pont De I Hermance Veigy, Foncenex-074140 , France

Date of Birth/Age :

21.08.1967

Date of Appointment :

24.05.2007

Din No.:

01144709

Name :

Mr. Pawan Kumar Gupta

Designation :

Director

Address :

126 Laburnum Sushant Lok Phase I Sector 28 Gurgaon-122001 Haryana India

Date of Birth/Age :

24.08.1952

Date of Appointment :

17.12.2009

Din No.:

01520949

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L74899DL1988PLC033314	PUNJ-LLOYD LIMITED	Whole-time director	27/07/2007	1/6/2007	-	Active	NO
2	U51103DL2008PTC180660	PUNJ LLOYD DELTA RENEWABLES PRIVATE LIMITED	Director	19/07/2011	9/11/2009	-	Active	NO
3	U74899DL1997PLC088400	PLN CONSTRUCTION LIMITED	Director	16/12/2009	16/12/2009	-	Active	NO
4	U45400DL2007PLC161684	PUNJ LLOYD INFRASTRUCTURE LIMITED	Director	2/8/2010	16/12/2009	-	Active	NO
5	U62200DL2007PLC163930	PUNJ LLOYD AVIATION LIMITED	Director	27/07/2010	16/12/2009	-	Active	NO
6	U45203DL1996PTC190367	SEMBAWANG INFRASTRUCTURE(INDIA) PRIVATE LIMITED	Director	27/07/2010	16/12/2009	-	Active	NO
7	U45201DL2006PLC156532	PL ENGINEERING LIMITED	Director	12/7/2010	16/12/2009	-	Active	NO
8	U51909DL1985PLC021607	SPECTRA PUNJ LLOYD LIMITED	Director	27/07/2010	16/12/2009	-	Active	NO
9	U74899DL1994PLC062696	KAEFER PUNJ LLOYD LIMITED	Director	30/09/2010	17/12/2009	-	Active	NO
10	U74210DL2010PLC199851	PLE TCI ENGINEERING LIMITED	Director	9/3/2010	9/3/2010	31/08/2010	Active	NO
11	U40106DL2010PLC211739	PUNJ LLOYD SOLAR POWER LIMITED	Director	24/12/2010	24/12/2010	02/05/2011	Active	NO

Name :

Mr. Naveen Kad

Designation :

Director

Address :

27. Pharmarth Apartment, Bodella, Phase – D Block, Vikas, New Delhi – 110056, India

Date of Birth/Age :

02.05.1961

Date of Appointment :

19.01.2009

Din No.:

02548182

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1994PLC062696	KAEFER PUNJ LLOYD LIMITED	Director	30/09/2009	19/01/2009	Active	NO

Name :

Mr. Ramneek Nishkam Datt

Designation :

Director

Address :

KM 67, New Kavi Nagar, Ghaziabad-201001, Uttar Pradesh, India

Date of Birth/Age :

04.08.1960

Date of Appointment :

22.08.2012

Din No.:

01147440

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	U74996DL2006FTC149535	KAEFER ENGINEERING INDIA PRIVATE LIMITED	Director	08/06/2006	08/06/2006	20/05/2009	Active	NO
2	U74899DL1994PLC062696	KAEFER PUNJ LLOYD LIMITED	Director	28/09/2012	22/08/2012	-	Active	NO

Name :

Mr. Ajay Taneja

Designation :

Whole Time Director

Address :

F-80, Vishnu Garden, Tilak Nagar, New Delhi-110018, India

Date of Birth/Age :

28.05.1967

Date of Appointment :

22.08.2012

Din No.:

03352548

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	U26957GJ2008PTC054942	ROXUL-ROCKWOOL INSULATION INDIA PRIVATE LIMITED	Director	17/11/2010	17/11/2010	11/04/2012	Active	NO
2	U74899DL1994PLC062696	KAEFER PUNJ LLOYD LIMITED	Whole-time director	22/08/2012	22/08/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Abhishek Nagar
Designation :	Secretary
Address :	28/221, Ganesh Gali, Gokul Pura, Agra – 282002, Uttar Pradesh, India
Date of Birth/Age :	22.12.1978
Date of Appointment :	04.10.2009
Pan No.:	AGLPN1292J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Punj Lloyd Limited, India	74514
Punj Lloyd Limited Joint with Atul Punj	1
Punj Lloyd Limited Joint with Dinesh Thairani	1
Punj Lloyd Limited Joint with Manhar Kapoor	1
Punj Lloyd Limited Joint with Luv Chhabara	1
Punj Lloyd Limited Joint with Anupam Sharma	1
Punj Lloyd Limited Joint with Rajiv Dudeja	1
Kaefer Gmbh Germany	91800
Punj Lloyd Industries Limited, India	13680
TOTAL	180000

AS ON 28.09.2012

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]	51.00
Bodies corporate	49.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Subject undertakes Civil Construction and Civil Engineering Works and Services.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Overseas Branch, Jawahar Vyapar Bhawan, 1, Tolstoy Marg, New Delhi - 110001, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Rupee term loans from banks	0.858	1.465
Term loans from others	1.671	0.804
Working capital loans from banks	70.830	75.320
TOTAL	73.359	77.589
Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Working capital loans from banks	297.847	284.951
Intercorporate borrowings	20.000	0.000
TOTAL	317.847	284.951

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Associates Chartered Accountant
Address :	Golf View, Corporate Tower B, Near DLF, Golf Course
PAN No:	AALFS0506L
Holding Company:	Kaefer GmbH
Ultimate Holding Company :	Ralf Koch
Fellow Subsidiary :	Kaefer Engineering India Private Limited Kaefer Engineering (Thailand) Limited
Associates :	Roxul Rockwool Insulation India Private Limited
Other Related Parties :	KAEFER Isoliertechnik GmbH and Co.KG (sole share holder of KAEFER GmbH) HPK Verwaltungs-GmbH (unlimited partner of KAEFER Isoliertechnik GmbH and Co. KG) Punj Lloyd Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
180000	Equity Shares	Rs.100/- each	Rs.18.000 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		18.000	18.000	18.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	87.485	158.348
4] (Accumulated Losses)		(139.635)	0.000	0.000
NETWORTH		(121.635)	105.485	176.348
LOAN FUNDS
1] Secured Loans		73.359	77.589	51.031
2] Unsecured Loans		317.847	284.951	146.681
TOTAL BORROWING		391.206	362.540	197.712
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		269.571	468.025	374.060
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		108.206	126.712	109.329
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		20.910	71.625	48.250
DEFERREX TAX ASSETS		0.000	0.000	0.611
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	42.696	41.397	26.828
	Sundry Debtors	150.557	275.899	233.155
	Cash & Bank Balances	5.705	24.075	13.102
	Other Current Assets	189.686	164.115	155.424
	Loans & Advances	159.640	134.061	91.411
Total Current Assets		548.284	639.547	519.920
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	199.489	213.859	152.230
	Other Current Liabilities	200.125	146.952	143.376
	Provisions	8.215	9.048	8.444
Total Current Liabilities		407.829	369.859	304.050
Net Current Assets		140.455	269.688	215.870
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		269.571	468.025	374.060

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	688.249	1105.377	1010.007
		Other Income	27.471	3.437	6.573
		TOTAL	715.720	1108.814	1016.580
Less	EXPENSES
		Cost of materials consumed	322.353	451.575
		Employee benefit expense	106.559	123.693	900.230
		Other expenses	422.938	529.506
		TOTAL	851.850	1104.774	900.230
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(136.130)	4.040	116.350
Less	FINANCIAL EXPENSES		59.057	43.108	30.539
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(195.187)	(39.068)	85.811
Less/ Add	DEPRECIATION/ AMORTISATION		31.933	23.849	19.539
	PROFIT / (LOSS) BEFORE TAX		(227.120)	(62.917)	66.272
Less	TAX		0.000	7.947	23.964
	PROFIT / (LOSS) AFTER TAX		(227.120)	(70.864)	42.308
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	75.875	33.567
	BALANCE CARRIED TO THE B/S		NA	5.011	75.875
	EARNINGS IN FOREIGN CURRENCY
		Contract revenue	0.000	20.623	20.087
		Other income	0.000	2.097
	TOTAL EARNINGS		0.000	22.720	20.087
	IMPORTS
		Project Material Consumed	16.363	34.390	NA
	Earnings / (Loss) Per Share (Rs.)		(1262.00)	(394.00)	235.05

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(31.73)	(6.39)	4.16
Net Profit Margin (PBT/Sales)	(%)	(33.00)	(5.69)	6.56
Return on Total Assets (PBT/Total Assets}	(%)	(34.60)	(8.21)	10.53
Return on Investment (ROI) (PBT/Networth)		1.87	(0.60)	0.37
Debt Equity Ratio (Total Debt/Networth)		(3.22)	(3.44)	1.12
Current Ratio (Current Asset/Current Liability)		1.34	1.73	1.71

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]	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

OVERVIEW:

The performance of the company for the year was effected adversely mainly due to higher costs of implementation of projects due to delays in project execution schedule by Clients. The changes in the management and sites personnel in the refractory jobs resulted in the adverse situation at project sites and increase in site costs. In the Insulation division the projects were moving slowly from the Clients side resulting in higher costs of execution. In some cases where the Contracts contained a Claim procedure, such increases Claims have been raised and are under settlement. Any such Claims raised and not yet approved by the Clients are not considered while making the results of this financial year.

The operational situation has resulted in the blocking of working capital limits and tighter cash flow position and in turn higher interest cost. The shareholders are contemplating the means and methods to bring back the net worth and the equity ratio to positive. This shall result in bringing the cash flow position under control and also the interest costs will be in line with the operations of the Company.

FIXED ASSETS:

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Computers / Software

• Computer Software’s
• Site shed
• Leasehold Improvement
• Scaffolding

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.54.54
UK Pound	1	Rs.84.19
Euro	1	Rs.71.10

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.