MIRA INFORM REPORT

Report Date :

29.10.2013

IDENTIFICATION DETAILS

Name :	G V G INDUSTRIES PRIVATE LIMITED
Registered Office :	54/2, Jothi Nagar, Venkatesa Mills Post, Udumalpet – 642128, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.09.1980
Com. Reg. No.:	18-006887
Capital Investment / Paid-up Capital :	Rs. 20.000 Millions
CIN No.: [Company Identification No.]	U17111TZ1980PTC006887
IEC No.:	0490007287
TAN No.: [Tax Deduction & Collection Account No.]	CMBG03106F
PAN No.: [Permanent Account No.]	AAACG1205E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Yarn and Yarn Products
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 278000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The company has seen a significant improvement in its financial risk profile partially marked by an increase in the sales turnover as well as net profitability during 2013. The rating also takes into consideration the company’s modest scale of operations and the risk and volatility in the prices of raw material i.e. cotton. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of promoter’s experience in the cotton industry, the company can be considered for business dealings with some cautions. Note: The latest financial of 2013 are taken from indirect source i.e. CRISIL

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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the trade deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : BB
Rating Explanation	Moderate risk of default
Date	September 11, 2013

Rating Agency Name	CRISIL
Rating	Short term rating : A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	September 11, 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/ Administrative Office :	54/2, Jothi Nagar, Venkatesa Mills Post, Udumalpet – 642128, Tamilnadu, India
Tel. No.:	91-4252-224655/ 223803
Fax No.:	91-4252-223814
E-Mail :	gvgtextiles@gmail.com gvgho@dataone.in gvgtextiles@gmail.com
Mills :	Semmadaipatty, Palakkanuthu Post, Dindigul Taluk 624619, Tamilnadu, India

DIRECTORS

AS ON 26.09.2013

Name :	Muthuswamy Veluswamy
Designation :	Director
Address :	133 A, Venkatesa Mills Post, Udumalpet – 642128, Tamilnadu, India
Date of Birth/Age :	09.12.1947
Date of Appointment :	11.09.1980
DIN No.:	00088142
Name :	Muthuswamy Amarnath
Designation :	Director
Address :	133, Venkatesa Mills Post, Udumalpet – 642128, Tamilnadu, India
Date of Birth/Age :	10.10.1949
Date of Appointment :	11.09.1980
DIN No.:	00088110
Name :	Velusamy Hemalatha
Designation :	Director
Address :	133 A, Venkatesa Mills Post, Udumalpet – 642128, Tamilnadu, India
Date of Birth/Age :	18.09.1957
Date of Appointment :	30.04.2007
DIN No.:	02526283

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2013

Names of Shareholders	No. of Shares
G Rudhraveni Thayar R Muthuswamy Naidu	26500
N Veluswamy Naidu Narayanasamy Naidu	2900
S Meena M Soundararajan	6000
M Soundararajan R Muthuswamy	300
M Veluswamy R Muthuswamy	603220
M Amarnath R Muthuswamy	3750
A Anish M Amarnath	34150
V Vivek M Veluswamy	503000
G Rudhraveni Thayar and V Vivek R Muthuswamy Naidu	10300
G Rudhraveni Thayar and A Anish R Muthuswamy Naidu	8400
R Sabitha V Ramakrishnan	17850
Sumathi K Prasad BWSS Krishna Prasad	7500
N Vaishnavi Priya Naren Kumar	299300
V Hema M Veluswamy	400250
M Veluswamy Trustee Vivek Education Trust	10000
V Hema and N Vaishnavi Priya M Veluswamy	12500
G Rudhraveni Thayar Trustee Rudhraveni Muthuswamy Grandson Trust	3500
G Rudhraveni Thayar Trustee Rudhraveni Muthuswamy Granddaughter Trust	3500
G Rudhraveni Thayar Trustee Rudhraveni Muthuswamy Great Grand Children Trust	2500
S Gayathri D Sivakumar D Sivakumar	3720
S Lakshmi Praveena R Saravanan	8160
Sumathi K Prasad and Minor K Swetha BWSS Krishna Prasad	1500
S Meena and Minor Praveen M Soundararajan	1200
V. Krithika Jayabalan @ Shruthi	30000
Total	2000000

AS ON 26.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Yarn and Yarn Products

Products/ Services :

ITC Code No.	Product Descriptions
520511.01	Cotton Yarn

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Installed Capacity	Actual Production
Spindles	32448	--
Cotton Yarn	--	1531269
Yarn Purchase	--	52318

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

ö Indian Bank, Palani Road, Udumalpet - 642126, Tamilnadu, India

ö The Industrial Credit and Investment Corporation Limited, 163; Backbay Reclamation, Mumbai - 400020, Maharashtra, India

ö Bank of Baroda, 148; Town Police Station Road, Pollachi - 642001, Tamilnadu, India

ö State Bank of India, Commercial Bank, Trichy Road, Coimbatore - 641018, Tamilnadu, India

ö The Lakshmi Vilas Bank Limited, Udumapet - 642126, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
From Financial Institutions : Term Loan - The Tamilnadu Industrial Investment Corporation Limited	18.372	30.682
From Banks Vehicle Loans (There is no case of continuing default as on the balance sheet date in repayment of loans and interest)	0.000	0.608
SHORT TERM BORROWINGS
Working Capital From Banks Cash Credit Indian Bank (There is no case of continuing default as on the balance sheet date in repayment of loans and interest)	62.590	60.673
Total	80.962	91.963
LONG-TERM BORROWINGS Security Clause : TIIC Ltd loans are secured by first charge by way of mortgage by deposit of title deeds relating to company's immovable properties at SF No.629/1, 630, 631/3, 2C2B, 632 and 615/2 Palakanuthu Village, Semmadaipatti, Dindigul district and hypothecation of the fixed assets of the Company. Interest on TI IC Term loan - I is 10.50% pa and Term Loan - II is 13.75%. p.a. The Directors of the Company have given their personal guarantee for the Term Loans. SHORT TERM BORROWINGS Security Clause : Cash Credit facilities from Indian Bank, Udumalpet is secured by hypothecation of stock of raw materials, finished goods, stock in process, consumable stores, book debts, second charge on the fixed assets of the Company. Rate of Interest charged at 14% pa

Banking Relations :	--
Financial Institution :	ö Tamilnadu Industrial Investment Corporation Limited, No. 692, Anna Salai, Nandanam, Chennai - 600035, Tamilnadu, India
Auditors :
Name :	Gopalaiyer and Subramanian Chartered Accountants
Address :	No:4 Guru Govindsingh Road, R S Puram, Coimbatore – 641002, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AABFG4333P
Internal Auditor :
Name :	Viswanath and Sekar Chartered Accountants
Address :	Thanjavur, Tamilnadu, India
Associates :	ö SVPB Spinners Private Limited ö SVA Syntex Private Limited ö GVG Paper Mills Private Limited ö Sri Gopinath Textiles ö Annamalaiar Mills Private Limited ö GVG Agencies ö GVG Corporation ö GVG Enterprises ö GVG Exim ö GVG Holdings and Securities ö GVG Inc ö GVG Processors Private Limited ö GVG Trading Company ö Trusts: ö Vaishnavipriya Education Trust ö Vaishnavipriya Female Child Trust ö Vivek Education Trust

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs. 10/- each	Rs. 20.000 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	20.000	15.000
(b) Reserves & Surplus	49.560	47.672
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	5.000
Total Shareholders’ Funds (1) + (2)	69.560	67.672
(3) Non-Current Liabilities
(a) long-term borrowings	18.372	31.290
(b) Deferred tax liabilities (Net)	19.556	20.714
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	37.928	52.004
(4) Current Liabilities
(a) Short term borrowings	62.590	60.673
(b) Trade payables	82.741	122.100
(c) Other current liabilities	18.441	16.828
(d) Short-term provisions	1.633	1.749
Total Current Liabilities (4)	165.405	201.350
TOTAL	272.893	321.026
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	133.940	149.755
(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	2.630	2.630
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	4.523	6.190
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	141.093	158.575
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	61.322	84.274
(c) Trade receivables	34.140	47.850
(d) Cash and cash equivalents	15.228	13.047
(e) Short-term loans and advances	21.110	17.080
(f) Other current assets	0.000	0.200
Total Current Assets	131.800	162.451
TOTAL	272.893	321.026

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		15.000
2] Share Application Money		0.000
3] Reserves & Surplus		41.434
4] (Accumulated Losses)		0.000
NETWORTH		56.434
LOAN FUNDS
1] Secured Loans		108.278
2] Unsecured Loans		55.250
TOTAL BORROWING		163.528
DEFERRED TAX LIABILITIES		22.492
TOTAL		242.454
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		135.849
Capital work-in-progress		0.000
INVESTMENT		2.630
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	70.551
	Sundry Debtors	37.179
	Cash & Bank Balances	21.554
	Other Current Assets	0.000
	Loans & Advances	16.906
Total Current Assets		146.190
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	32.972
	Other Current Liabilities	0.352
	Provisions	9.927
Total Current Liabilities		43.251
Net Current Assets		102.939
MISCELLANEOUS EXPENSES		1.036
TOTAL		242.454

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Turnover		458.583	329.496
		Other Income		NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		39.890	47.932	48.038
Less	FINANCIAL EXPENSES (D)		16.850	15.064	12.075
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		23.040	32.868	35.963
Less/ Add	DEPRECIATION/ AMORTISATION (F)		19.873	18.656	16.146
	PROFIT BEFORE TAX (E-F) (G)		3.167	14.212	19.817
Less	TAX (H)		1.279	6.225	6.371
	PROFIT AFTER TAX (G-H) (I)		1.888	7.987	13.446
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		26.668	21.930	25.504
Less	APPROPRIATIONS
		Transfer to General Reserve	1.000	1.500	10.000
		Proposed Dividend	0.000	1.500	6.000
		Tax on Dividend	0.000	0.249	1.020
			1	3.249	17.02
	BALANCE CARRIED TO THE B/S		27.556	26.668	21.930
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3.722	6.505	6.274
	IMPORTS
		Capital Goods	0.000	21.841	0.805
		Raw material	0.000	0.000	3.490
		Stores & Spares	0.145	0.780	0.000
	TOTAL IMPORTS		0.145	22.621	4.295
	Earnings Per Share (Rs.)

Particulars	31.03.2013
Sales Turnover (Approximately)	545.000
Profit after tax	16.600

Note:

The latest financial of 2013 are taken from indirect source i.e. CRISIL

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	1.17	4.46	7.03
Return on Investment (ROI) (PBT/Networth)		0.05	0.21	0.35
Debt Equity Ratio (Total Debt/Networth)		1.16	1.36	2.90
Current Ratio (Current Asset/Current Liability)		0.80	0.81	3.38

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	Yes

REVIEW OF PERFORMANCE

The year has seen unprecedented turbulent market conditions. During the beginning of the year the cotton was ruling very high and the yarn price were not supporting. However during the second half of the year, the cotton prices crashed and the yarn prices have also fallen disproportionate to the cotton price thus making a mismatch to the cost of production. There has been drop in production quantity, and sales turnover which is on account of moving to Finer Count and low selling price. The Company has made a net profit of Rs.2.783 Millions. Considering the general industrial trend the profit made by the Company is satisfactory.

CONTINGENT LIABILITIES:

Particulars	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Letters of Credit outstanding	28.700	25.700
Claims against the Company not acknowledged as debts on Parties Account	0.000	0.000

FIXED ASSETS:

ö Land

ö Building

ö Plant and Machinery

ö Pollution Control Equipments

ö Furniture and Fittings

ö Office Equipments

ö Vehicles

ö Wind Turbine Generators

ö 750 KW NEG Micon WTG

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 records 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 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] 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. 61.50
UK Pound	1	Rs. 99.49
Euro	1	Rs. 84.88

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.