MIRA INFORM REPORT

Report Date :

11.09.2013

IDENTIFICATION DETAILS

Name :	SITARAM SPINNERS PRIVATE LIMITED
Registered Office :	TSK Chambers, Rama Towers, M.G. Road, Secunderabad – 500003, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.12.2005
Com. Reg. No.:	01-048459
Capital Investment / Paid-up Capital :	Rs. 32.235 Millions
CIN No.: [Company Identification No.]	U74999AP2005PTC048459
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of 100% Cotton Yarn and all kinds of fiber yarn.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 2253000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears dip in its profitability during 2012. However, general financial position seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be 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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB- = Cash Credit
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation It carry moderate credit risk.
Date	April 2012

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 :	TSK Chambers, Rama Towers, M.G. Road, Secunderabad – 500003, Andhra Pradesh, India
Tel. No.:	91-40-30498000 (30 Lines)
Fax No.:	91-40-27543804
E-Mail :	sunilsanjay.ca@gmail.com cottonspinners@gmail.com exports@sitaramspinners.com
Website :	www.sitaramspinners.com
Corporate Office :	'Rama Tower', 5-4-83, TSK Chambers, Opposite Ranigunj Bus Depot, M.G. Road, Secunderabad - 500003, Andhra Pardesh, India
Tel. No.:	91-40-23447321-22/27543803
Factory :	Survey No. 905, Tuniki Khalsa (V), Wargal Mandal, Medak District - 502279, Andhra Pradesh, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Pramod Kumar Agarwal

Designation :

Director

Address :

2-1-113, Tabacco Bazar, Secunderabad – 500003, Andhra Pradesh, India

Date of Birth/Age :

23.05.1963

Date of Appointment :

15.012.2005

DIN No.:

01514322

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	U27320AP2003PTC041421	MS AGARWAL FOUNDRIES PRIVATE LIMITED	Director	29/07/2003	29/07/2003	-	Active	NO
2	U74999AP2005PTC048459	SITARAM SPINNERS PRIVATE LIMITED	Director	15/12/2005	15/12/2005	-	Active	NO
3	U13209AP2007PTC056795	MARUTI ISPAT AND ENERGY PRIVATE LIMITED	Director	20/12/2007	20/12/2007	-	Active	NO

Name :

Mr. Gautam Ganeriwal

Designation :

Director

Address :

House No. 144-46, Begum Bazar, Hyderabad – 500012, Andhra Pradesh, India

Date of Birth/Age :

08.05.1985

Date of Appointment :

15.02.2007

DIN No.:

01297926

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	U74999AP2005PTC048459	SITARAM SPINNERS PRIVATE LIMITED	Director	15/02/2007	15/02/2007	-	Active	NO
2	U27320AP2003PTC041421	MS AGARWAL FOUNDRIES PRIVATE LIMITED	Additional director	18/06/2013	18/06/2013	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2011

Names of Shareholders	No. of Shares
Class A
Pramod Kumar Agarwal	500
Priti Agarwal	42500
Badrinath Stels Private Limited	6000
Rama Spinners Private Limited	16000
Total	65000

Names of Shareholders	No. of Shares
Class B
Pramod Kumar Agarwal	45
Priti Agarwal	45
Badrinath Stels Private Limited	210
Apex Goods Private Limited	400
Bhumi Vyapar Private Limited	600
Kanhaya Nirman Private Limited	1000
Hyderabad Institute of Computers Private Limited	200
Lectro Dryer Marketing Private Limited	1400
Holding Private Limited	600
Venkat Ramana Reddy	45
JMCO Advice Private Limited	500
Commers Private Limited	600
Barsopurti Exim Private Limited	1300
Kalimatatimber Private Limited	700
Bahar Paper Private Limited	1050
Singdha Trading	500
Alishan Estates Private Limited	1200
Chandimata Management Private Limited	800
CRM System Private Limited	200
Fizza Plastic Private Limited	250
Jag Prem Lather Private Limited	500
Sitala Timber Private Limited	500
Basukinath Design Private Limited	500
Stepan Commotrade Private Limited	1650
Gurukul Properties Private Limited	400
Maajagdamba Nirman Private Limited	200
Nirdesh Trading Company	200
Lahoti Moulders Private Limited	150
Rama Spinners Private Limited	16000
Total	31745

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	46.63
Directors or relatives of Directors	53.37
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of 100% Cotton Yarn and all kinds of fiber yarn.

Products :

Product Decryption	ITC Code
Cotton Yarn	520300

PRODUCTION STATUS (As on 31.03.2010)

Final Product	Yarn
Licensed Capacity	Not Applicable in terms of government of India
Installed Capacity	2700 MTPA

Note: Installed Capacity has been certified by the management and not verified by the auditors being a technical matter.

Production	Unit	Production
Hank Yarn / Cotton Yarn	MTPA	3470.26

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, industrial Finance Branch, Raj Bhavan Road, Somajiguda, Hyderabad – 500082, Andhra Pradesh , India

· Andhra Bank, Dr. Pattabhi Bhavan, 5-9-11, Saifabad, Hyderabad – 500004, Andhra Pradesh, India

· State Bank of Hyderabad, Commercial and Institutional Banking Division, Gunfoundry Branch, Gunfoundry, Hyderabad – 500001, Andhra Pradesh, India

Facilities :

Secured Loans	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Rupee term loan from bank	610.750	120.077
Loan taken for Vehicle (Secured by Vehicle)s	0.264	0.000
Short Term Borrowings
Loan repayable on demand from others (including buyers credit from bank for capital goods)	676.676	170.956
Total	1287.690	291.033

Banking Relations :	--
Auditors :
Name :	Sunil And Sanjay Chartered Accountants
Address :	2016, 2017, II Floor , Emerald House, S.D Road , Secunderabad, Andhra Pradesh, India
PAN No.:	AAIFS8895H
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Pramod Trading Company · Agarwal Foundries Private limited CIN No.: U27320AP2003PTC041421

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital : Rs. 65.500 Millions

Issued, Subscribed & Paid-up Capital : Rs. 58.209 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
550000	Equity Shares Class A	Rs. 10/- each	Rs. 5.500 Million
53000	Equity Shares Class B	Rs. 1000/- each	Rs. 53.000 Millions
20000	Preference Shares	Rs. 100/- each	Rs. 2.000 Millions
	Total		Rs. 60.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
199000	Equity Shares Class A	Rs. 10/- each	Rs. 1.990 Million
48965	Equity Shares Class B	Rs. 1000/- each	Rs. 48.965 Millions
	Total		Rs. 50.955 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	50.955	32.235
(b) Reserves & Surplus	440.177	193.341
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	72.108	189.566
Total Shareholders’ Funds (1) + (2)	563.240	415.142
(3) Non-Current Liabilities
(a) long-term borrowings	730.812	120.277
(b) Deferred tax liabilities (Net)	14.301	2.535
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	745.113	122.812
(4) Current Liabilities
(a) Short term borrowings	676.676	170.956
(b) Trade payables	1.761	3.930
(c) Other current liabilities	178.696	71.903
(d) Short-term provisions	4.366	6.506
Total Current Liabilities (4)	861.499	253.295
TOTAL	2169.852	791.249
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1064.137	231.867
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	51.946
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	34.329	146.527
(e) Other Non-current assets	0.003	0.006
Total Non-Current Assets	1098.469	430.346
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	802.023	237.602
(c) Trade receivables	154.554	36.118
(d) Cash and cash equivalents	2.446	52.625
(e) Short-term loans and advances	112.360	34.558
(f) Other current assets	0.000	0.000
Total Current Assets	1071.383	360.903
TOTAL	2169.852	791.249

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		16.235
2] Share Application Money		2.800
3] Reserves & Surplus		161.534
4] (Accumulated Losses)		0.000
NETWORTH		180.569
LOAN FUNDS
1] Secured Loans		325.823
2] Unsecured Loans		25.616
TOTAL BORROWING		351.439
DEFERRED TAX LIABILITIES		8.206
TOTAL		540.214
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		272.010
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	230.464
	Sundry Debtors	17.420
	Cash & Bank Balances	2.304
	Other Current Assets	0.000
	Loans & Advances	33.375
Total Current Assets		283.563
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.450
	Other Current Liabilities	6.346
	Provisions	5.572
Total Current Liabilities		15.368
Net Current Assets		268.195
MISCELLANEOUS EXPENSES		0.009
TOTAL		540.214

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	926.126
		Other Income	7.882
		TOTAL	934.008	631.273	429.554
Less	EXPENSES		772.266	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		161.742	110.797	111.182
Less	FINANCIAL EXPENSES		69.011	25.918	24.477
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		92.731	84.879	86.705
Less/ Add	DEPRECIATION/ AMORTISATION		71.197	52.237	55.867
	PROFIT BEFORE TAX		21.534	32.642	30.838
Less	TAX		15.778	0.834	9.283
	PROFIT AFTER TAX		5.756	31.808	21.555
	EARNINGS IN FOREIGN CURRENCY		141.126	NA	0.000
	IMPORTS
		C.I.F Value of import	185.348	NA	6.115
	TOTAL IMPORTS		185.348	NA	6.115
	Earnings Per Share (Rs.)		185.348	NA	13.28

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.52	5.03	5.02
Net Profit Margin (PBT/Sales)	(%)	2.35	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.95	6.43	5.55
Return on Investment (ROI) (PBT/Networth)		0.04	0.08	0.17
Debt Equity Ratio (Total Debt /Networth)		0.12	0.17	1.94
Current Ratio (Current Asset/Current Liability)		1.24	1.42	18.45

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

NOTE: Registered office of the company has been shifted from 5-4-83, 2^nd Floor, TSK Chambers, Rama Towers, M.G. Road, Secunderabad, Hyderabad – 500003, Andhra Pradesh, India to the present address w.e.f. 01.10.2012

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Short Term Borrowings
Loans and advances from related parties	119.798	0.000
Total	119.798	0.000

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10420488	28/03/2013	43,500,000.00	ANDHRA BANK	DR. PATTABHI BHAVAN, 5-9-11, SAIFABAD, HYDERABAD, Andhra Pradesh - 500004, INDIA	B73397523
2	10234928	18/10/2010 *	220,000,000.00	ANDHRA BANK	PATTABHI BHAVAN BRANCH, DR. PATTABHI BHAVAN ,SAI FABAD, HYDERABAD, Andhra Pradesh - 500004, INDIA	A98017304
3	10234919	20/07/2013 *	278,500,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, RAJ BHAVAN ROAD, SOMAJIGUDA, HYDERABAD, Andhra Pradesh - 500082, INDIA	B81259384
4	10056114	10/08/2011 *	946,000,000.00	STATE BANK OF HYDERABAD	commercial and institutional Banking division, Gunfoundry Branch, Gunfoundry, Hyderabad, Andhra Pradesh - 500001, INDIA	B20141503

* Date of charge modification

OPERATIONAL AND FINANCIAL RESULTS:

During this year, your company has achieved a turnover of Rs. 926.126 Millions in its Fourth year of commercial production. It is expected that in the coming year it would achieve higher turnover by expanding the customer base.

During the year there was recession in all the industries including cotton industry. In spite of that the company could generate a cash profit of Rs. 92.731 Millions. The Directors are satisfied with the performance of the company.

FIXED ASSETS:

· Building

· Plant and Equipment

· Vehicle

· Office Equipment

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. 64.22
UK Pound	1	Rs. 100.83
Euro	1	Rs. 85.21

INFORMATION DETAILS

Report Prepared by :

VNT

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	4
--PROFITABILIRY	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--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.