MIRA INFORM REPORT

Report Date :

01.09.2014

IDENTIFICATION DETAILS

Name :	HIGHGROWTH TRADECOM PRIVATE LIMITED
Registered Office :	258, Lake Town, Block-B, Flat SJ-2, First Floor, Kolkata – 700089, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.12.1996
Com. Reg. No.:	21-082188
Capital Investment / Paid-up Capital :	Rs.6.800 Millions
CIN No.: [Company Identification No.]	U51909WB1996PTC082188
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Distributor and Supplier of Footwear Raw Material.
No. of Employees :	8 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 63000
Status :	Small Company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to medium dealings with some caution.

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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Tarun Garg
Designation :	Director
Contact No.:	91-9810330866
Date :	30.08.2014

LOCATIONS

Registered Office :	258, Lake Town, Block-B, Flat SJ-2, First Floor, Kolkata – 700089, West Bengal, India
Tel. No.:	91-33-25340848
Mobile No.:	91-9810330866 (Mr. Tarun Garg)
Fax No.:	Not Available
E-Mail :	gargbev@hotmail.com
Location :	Rented
Administrative Office :	Building No. 5/5235, Krishan Nagar, Dev Nagar, Karol Bagh, Behind Khalsa College, New Delhi - 110005, India
Tel. No.:	91-11-41558166 / 32449787
Fax No.:	91-11-41558166

DIRECTORS

As on 30.09.2013

Name :

Mr. Tarun Garg

Designation :

Director

Address :

A/6, Forest Parl, Bhubaneswar, Khurda – 751009, Orissa, India

Date of Birth/Age :

26.12.1978

Date of Appointment :

30.03.2007

PAN No.:

AEVPG6393P

DIN No.:

00612584

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	U15520WB1985PTC038526	GARG BEVERAGES PRIVATE LIMITED	Director	01/04/1998	01/04/1998	-	Active	NO
2	U51909WB1996PTC082188	HIGHGROWTH TRADECOM PRIVATE LIMITED	Director	30/03/2007	30/03/2007	-	Active	NO

Name :

Mr. Bijay Kumar Garg

Designation :

Director

Address :

A/6, Forest Parl, Bhubaneswar, Khurda – 751009, Orissa, India

Date of Birth/Age :

30.07.1950

Date of Appointment :

01.08.2003

PAN No.:

ADSPG0042M

DIN No.:

00957947

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	U15520WB1985PTC038526	GARG BEVERAGES PRIVATE LIMITED	Managing director	06/02/1985	06/02/1985	-	Active	NO
2	U51909WB1996PTC082188	HIGHGROWTH TRADECOM PRIVATE LIMITED	Director	01/08/2003	01/08/2003	-	Active	NO
3	U65993WB1985PTC039856	WEBNO FINANCIERS PRIVATE LIMITED	Managing director	19/07/2004	19/07/2004	-	Active	NO
4	U63030OR2013PTC016990	Gargsons Logistics Private Limited	Managing director	12/06/2013	12/06/2013	-	Active	NO

Name :

Mr. Mohit Garg

Designation :

Director

Address :

A/6, Forest Parl, Bhubaneswar, Khurda – 751009, Orissa, India

Date of Birth/Age :

29.11.1980

Date of Appointment :

15.03.2004

PAN No.:

AEVPG6392M

DIN No.:

00957975

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	U15520WB1985PTC038526	GARG BEVERAGES PRIVATE LIMITED	Director	01/12/1998	01/12/1998	-	Active	NO
2	U51909WB1996PTC082188	HIGHGROWTH TRADECOM PRIVATE LIMITED	Director	15/03/2004	15/03/2004	-	Active	NO
3	U63030OR2013PTC016990	Gargsons Logistics Private Limited	Director	12/06/2013	12/06/2013	-	Active	NO
4	AAA-1996	KACTUS CONSULTING AND SOLUTIONS LLP	Designated Partner	10/08/2010	10/08/2010	-	Active	NO

Name :

Mrs. Nidhi Garg

Designation :

Director

Address :

A/6, Forest Parl, Bhubaneswar, Khurda – 751009, Orissa, India

Date of Birth/Age :

05.06.1983

Date of Appointment :

01.10.2007

DIN No.:

02280984

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	U51909WB1996PTC082188	HIGHGROWTH TRADECOM PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Active	NO
2	U65993WB1985PTC039856	WEBNO FINANCIERS PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Active	NO

Name :

Mrs. Vasudha Garg

Designation :

Director

Address :

A/6, Forest Parl, Bhubaneswar, Khurda – 751009, Orissa, India

Date of Birth/Age :

05.03.1980

Date of Appointment :

01.10.2007

DIN No.:

02292657

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	U51909WB1996PTC082188	HIGHGROWTH TRADECOM PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Active	NO
2	U65993WB1985PTC039856	WEBNO FINANCIERS PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Tarun Garg	16850
Naveen Jain	150
Bijay Kumar Garg	21000
Rakesh Garg	19500
Aroto Trade India Limited, India	1500
Spot Lite Dealer Private Limited, India	2000
Peekay Managements Private Limited, India	1500
Trade Link Carring Company Private Limited, India	1500
Long View Trade and Credit Private Limited, India	2000
Anant Holdings Private Limited, India	1000
Prerna Commercials Private Limited, India	1000
Total	57500

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	15.00
Directors or relatives of Directors	85.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Distributor and Supplier of Footwear Raw Material.
Export To :	Not Divulged
Imports :
Products :	Raw Material
Countries :	· China · Italy · Germany
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :	Not Divulged
Customers :	Not Divulged
No. of Employees :	8 (Approximately)
Bankers :	Oriental Bank of Commerce, New Delhi, India

Banking Relations :	--
Auditors :
Name :	P.K. Sinha and Company Chartered Accountants
Address :	2A, Ganesh Chandra Avenue, 5ht floor, Room No. 9, Kolkata – 700012., West Bengal, India
Tel. No.:	92-33-22132105 / 22132468
Fax No.:	91-33-22132105
E-Mail :	pksinha@accountant.com
PAN No.:	AAHFP1472C

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
68000	Equity Shares	Rs.100/- each	Rs.6.800 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	6.800	6.800	6.800
(b) Reserves & Surplus	9.004	8.929	8.912
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	15.804	15.729	15.712
(3) Non-Current Liabilities
(a) long-term borrowings	2.060	1.908	1.048
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	2.060	1.908	1.048
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	0.255	0.140	0.050
(d) Short-term provisions	0.066	0.076	0.076
Total Current Liabilities (4)	0.321	0.216	0.126
TOTAL	18.185	17.853	16.886
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.919	1.211	1.471
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.104	2.104	2.304
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.981	2.109	3.801
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	8.004	5.424	7.576
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4.706	5.698	4.597
(c) Trade receivables	3.543	2.958	3.775
(d) Cash and cash equivalents	1.698	1.587	0.713
(e) Short-term loans and advances	0.234	0.186	0.175
(f) Other current assets	0.000	0.000	0.050
Total Current Assets	10.181	10.429	9.310
TOTAL	18.185	15.853	16.886

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	18.160	13.348	18.230
		Other Income	0.724	0.490	0.392
		TOTAL (A)	18.884	13.838	18.622
Less	EXPENSES
		Purchase of Stock-in-trade	12.127	9.274	11.530
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	0.992	(1.101)	0.942
		Employee Benefits Expenses	1.448	1.528	1.651
		Other Expenses	3.544	3.495	4.045
		TOTAL (B)	18.111	13.196	18.168
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.773	0.642	0.454
Less	FINANCIAL EXPENSES (D)		0.340	0.140	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.433	0.502	0.454
Less	DEPRECIATION/ AMORTISATION (F)		0.292	0.374	0.189
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		0.141	0.128	0.265
Less	TAX (H)		0.065	0.112	0.051
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		0.076	0.016	0.214
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.448	0.432	0.218
	BALANCE CARRIED TO THE B/S		0.524	0.448	0.432
	Earnings Per Share (Rs.)		1.11	0.24	3.15

Particulars	31.03.2014
Sales Turnover (Approximately)	200.000

The above information has been parted by Mr. Tarun Garg

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.40	0.12	1.15
Net Profit Margin (PBT/Sales)	(%)	0.78	0.96	1.45
Return on Total Assets (PBT/Total Assets}	(%)	0.88	0.93	1.82
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.02
Debt Equity Ratio (Total Debt /Networth)		0.13	0.12	0.07
Current Ratio (Current Asset/Current Liability)		31.72	48.28	73.89

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	6.800	6.800	6.800
Reserves & Surplus	8.912	8.929	9.004
Net worth	15.712	15.729	15.804
long-term borrowings	1.048	1.908	2.060
Short term borrowings	0.000	0.000	0.000
Total borrowings	1.048	1.908	2.060
Debt/Equity ratio	0.067	0.121	0.130

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	18.230	13.348	18.160
		(26.780)	36.050

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	18.230	13.348	18.160
Profit	0.214	0.016	0.076
	1.17%	0.12%	0.42%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four 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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loan from Tarun Garg	0.201	1.140
Loan from Casudha Garg	1.859	0.768
Total	2.060	2.108

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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 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.60.47
UK Pound	1	Rs.100.15
Euro	1	Rs.79.65

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.