MIRA INFORM REPORT

Report Date :

17.12.2014

IDENTIFICATION DETAILS

Name :	SHRIRAM TRANSPORT FINANCE COMPANY LIMITED
Registered Office :	Mookambika Complex, 3^rd Floor, No.4, Lady Desika Road, Mylapore, Chennai – 600 004, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.06.1979
Com. Reg. No.:	18-007874
Capital Investment / Paid-up Capital :	Rs.2269.067 Millions
CIN No.: [Company Identification No.]	L65191TN1979PLC007874
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CHES00900E
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in financing activities.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

A (67)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having fine track. Financial position of the company is good. Directors are reported to be experienced and respectable businessmen. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered good for normal 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Non-Convertible Debentures = AA+
Rating Explanation	Have high degree of safety and carry very low credit risk.
Date	December 9, 2014

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 DENIED

Management Non-Co-operative (91-44-25341431)

LOCATIONS

Registered Office :

Mookambika Complex, 3^rd Floor, No.4, Lady Desika Road, Mylapore, Chennai – 600 004, Tamil Nadu, India

Tel. No.:

91-44-25341431

Fax No.:

Not Available

E-Mail :

secretarial@stfc.in

vivekmadhukar.a@stfc.in

Website :

http://www.stfc.in

Head Office :

Wockhardt Towers, West Wing, Level-3, C-2, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051, Maharashtra, India

Tel. No.:

91-22-40959595

Fax No.:

91-22-40959597

Branch Office :

Locate At :

Adilabad	Calicut	Hissar	L B Nagar
Adoni	Chamarajnagar	Hooghly	Lakhimpur
Agartala	Chandannagar	Hospet	Latur
Agra	Chandigarh	Hosur	Ilkal
Ahmedabad	Chandikhol	Hubli	Lucknow
Ahmednagar	Chandrapur	Hyderabad	Ludhiana
Ajmer	Channapatna	Indore	Machilipatnam
Akola	Channarayapatna	Itchapuram	Madanapalli
Alappuzha	Chattarpur	Jabalpur	Madgaon
Aligarh	Chengalpattu	Jagadamba	Madhurawada
Allahabad	Chennai	Jagdalpur	Madikeri
Alwar	Chickballapur	Jaipur	Madiwala
Amalapuram	Chidambaram	Jaisalmer	Madurai
Ambikapur	Chikkamangalore	Jajpur	Malda
Amravati	Chikkodi	Jalandhar	Malegaon
Amreli	Chinchwad	Jalgaon	Mancherial
Amritsar	Chindwara	Jalna	Mandapeta
Anakapalli	Chiplun	Jamkhambhalia	Mandi
Anand	Chitradurga	Jammu	Mangalore
Ananthapur	Chittore	Jamnagar	Manjeri
Anchal	Chittorgarh	Jamshedpur	Markapuram
Angamaly	Coimbatore	Janjgir	Marthalli
Angul	Coochbehar	Jhalawar	Marthandam
Arakonam	Cuddalore	Jharsuguda	Mayiladithurai
Arani	Cuddapah	Jhunjhunu	Nellore
Aranthangi	Cumbum	Jodhpur	New Delhi
Ariyalur	Cuttack	Jorhat	Nizamabad
Asansol	Dahod	Junagadh	Ongole
Attur	Dausa	Jyepore	Ooty
Aurangabad	Davangere	Kadapa	Osmanabad
Azadpur	Deepika	Kaithal	Ottanchatram
Bacheli	Dehradun	Kakinada	Padi
Bagalkot	Dewas	Kallakurichi	Palakkad
Balaghat	Dhamtari	Kalyan	Palani
Balasore	Dhanbad	Kanchangadh	Palanpur
Bankura	Dharmapuri	Kanchipuram	Palayamkottai
Baramati	Dharwad	Kankavali	Palia
Barasat	Dhule	Kannur	Pandarpur
Bardoli	Dindigul	Kanpur	Panjim
Bareilly	Durgapur	Karad	Paramakudi
Barmer	Eluru	Karaikudi	Parbhani
Baroda	Ernakulam	Karim Nagar	Parvathipuram
Basavakalyan	Erode	Karnal	Patan
Batlakundu	Etawah	Karur	Pathanamthitta
Beed	Faizabad	Kasargod	Pathankot
Begusarai	Faridabad	Kathua	Patna
Behraich	Farrukhabad	Katni	Pattukotai
Belgaum	Fatehpur	Kattappana	Piduguralla
Bellary	Gadag	Kattedan	Surendranagar
Bengaluru	Gadwal	Kawardha	T Dasarahalli
Berhampur	Gajuwaka	Kayamkulam	Tadepalligudem
Betul	Gandhidham	Keonjhar	Tadipatri
Bhadrak	Ganganagar	Khamgaon	Tambaram
Bhagalpur	Gaya	Khammam	Trichy
Bharatpur	Ghaziabad	Khargapur	Trivandram
Bharuch	Gobichettipalayam	Kodada	Tumkur
Bhatinda	Godhavarikhani	Kolar	Tuticorin
Bhavanipuram	Godhra	Kolhapur	Udaipur
Bhavnagar	Gondia	Kolkatta	Udhampur
Bhilai .	Gorakhpur	Kollam	Udupi
Bhilwara	Gudiwada	Kompally	Ujjain
Bhimavaram	Gudur	Koppal	Ulhasnagar
Bhiwandi	Gulbarga	Korba	Una
Bhopal	Gummidipoondi	Kota	Tiruchendur
Bhubaneshwar	Guna	Kothagudam	Tirunelveli
Bhuj	Guntur	Kotputli	Tirupathi
Bidar	Gurgaon	Kottayam	Tirupur
Bijapur	Guwahati	Kovilpatti	Tirur
Bijnore	Gwalior	Krishnagiri	Tiruvannamalai
Bikaner	Haldwani	Krishnanagar	Tiruvarur
Bilaspur	Hanmana	Kukatpally	Tiruvotriyur
Birbhum	Hassan	Kullu	Trichur
Bokaro	Haveri	Kumbakonam	Vatakara
Bongaigaon	Hazaribagh	Kumta	Vellore
Bundi	Himayathnagar	Kundapur	Vijayawada
Burdwan	Himmatnagar	Kunnamkulam	Villupuram
Burhanpur	Hindupur	Kurnool	Virudhachalam
Shimla	Sikar	Sivakasi	Virudhunager
Shimoga	Siliguri	Sriganganagar	Visakapatnam
Shivpuri	Silvassa	Srikakulam	Vizianagaram
Sholapur	Sindhanur	Srinagar	Vapi
Shrirampur	Singarayakonda	Sultanpur	Wada
Sirohi	Varanasi	Thiruchengode	Wadi
Wardhaman Nagar	Waidhan	Thiruppathur	Wadkhal
Washim	Warangal	Thiruvallur	Thalassery
Yamunanagar	Wardha	Tindivanam	Thane
Yavatmal	Mehboob Nagar	Nagour	Ratnagiri
Sulthan Bathery	Mehsana	Nagpur	Raygada
Sulur	Melur	Namakkal	Renukoot
Surat	Mettupalayam	Nanded	Rewa
Tanjavur	Mettur	Nandigama	Roha
Tenali	Miryalaguda	Nandurbar	Rohtak
Tenkasi	Moga	Nandyal	Rourkela
Tezpur	Moradabad	Narsipatnam	Sadulpur
Tinsukhia	Morbi	Nashik	Sagar
Theni	Morena	Navi Mumbai	Sagara
Shahapur	Mudbidiri	Navsari	Sahibabad
Shahdol	Mumbai	Neemuch	Salem
Shahjahanpur	Muzaffarpur	Pollachi	Salur
Raigarh	Mysore	Pondicherry	Sambalpur
Raipur	Nadiad	Porbander	Sandur
Rajamundry	Nagercoil	Proddatur	Sangagiri
Rajapalayam	Nagole	Pudukottai	Sangamner
Rajkot	Rajnandgaon	Pune	Sangli
Ranipet	Rajpibla	Puri	Saraipalli
Ratlam	Rajsamand	Puttur	Satara
Sendhwa	Ranchi	Rai Bareilly	Sawai Madhopur
Secunderabad	Raichur	Satna	Yadgir
Yamuna Nagar	Yavatmal	Yelahanka	Abohar

DIRECTORS

As On 31.03.2014

Name :	Umesh Revankar
Designation :	Managing Director
Name :	Maya Shankar Verma
Designation :	Directors
Name :	Sumatiprasad M. Bafna
Designation :	Director
Name :	S. Lakshminarayanan
Designation :	Director
Name :	R. Sridhar
Designation :	Director
Name :	Puneet Bhatia
Designation :	Director
Name :	Ranvir Dewan
Designation :	Director
Name :	Amitabh Chaudhary
Designation :	Director
Name :	Kishori Udeshi
Designation :	Director
Name :	Gerrit Van Heerde
Designation :	Director

KEY EXECUTIVES

Name :	Arun Duggal
Designation :	Chairman
Name :	Vivek Achwal
Designation :	Company Secretary

SHAREHOLDING PATTERN

As on 30.09.2014

Category of Shareholder	No. of Shares	% of Holdings
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	59103162	26.05
Sub Total	59103162	26.05
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	59103162	26.05
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	7523878	3.32
Financial Institutions / Banks	82150	0.04
Foreign Institutional Investors	110349698	48.64
Qualified Foreign Investor	6758967	2.98
Any Others (Specify)	1660512	0.73
Foreign Portolio Investor ( Corporate)	1660512	0.73
Sub Total	126375205	55.70
(2) Non-Institutions
Bodies Corporate	25891324	11.41
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	12042169	5.31
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	2701328	1.19
Any Others (Specify)	769548	0.34
Non Resident Indians	324048	0.14
Overseas Corporate Bodies	50	0.00
Clearing Members	158536	0.07
Trusts	285491	0.13
Limited Liability Partnership	1423	0.00
Sub Total	41404369	18.25
Total Public shareholding (B)	167779574	73.95
Total (A)+(B)	226882736	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	226882736	100.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl.No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Shriram Capital Ltd	5,91,03,162	26.05
	Total	5,91,03,162	26.05

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	PHL Capital Private Limited	22600000	9.96
2	Genesis Indian Investment Company Limited	4733277	2.09
3	Sanlam Life Insurance Limited	6757267	2.98
4	Ontario Teachers Pension Plan Board-NP3	6017576	2.65
5	Centaura Investments (Mauritius) Private Limited	7490960	3.30
6	Stichting Pensioenfonds ABP	4706821	2.07
7	Oppenheimer Developing Markets Fund	2695586	1.19
8	Vanguard Emerging Markets Stock index fund aseries of vanguard international Equity index fund	2364497	1.04
9	Govemment Of Singapore	2678608	1.18
10	Merrill Lynch Capital Markets Espana sa SV	2927312	1.29
11	Db International (Asia) Limited	2531363	1.12
12	Abu Dhabi Investment Authority - Gulab Jpmorgan Chase Bank NA	2282646	1.01
	Total	67785913	29.88

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares
1	PHL Capital Private Limited	22600000	9.96
	Total	22600000	9.96

BUSINESS DETAILS

Line of Business :	Subject is engaged in financing activities.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

• Abu Dhabi Commercial Bank
• Allahabad Bank
• Andhra Bank
• Australia and New Zealand Banking Group Limited
• Axis Bank
• Bank of America N.A.
• Bank of Bahrain & Kuwait B.S.C.
• Bank of Baroda
• Bank of Ceylon
• Bank of India
• Bank of Maharashtra
• Bank of Tokyo - Mitsubishi UFJ
• Barclays Bank PLC
• Canara Bank
• Central Bank of India
• Citibank N.A.
• City Union Bank
• Corporation Bank
• DBS Bank Limited
• Dena Bank
• Deutsche Bank AG
• Development Credit Bank
• Dhanlaxmi Bank
• HDFC Bank
• Hongkong and Shanghai Banking Corporation
• ICICI Bank
• IDBI Bank
• Indian Bank
• Indian Overseas Bank
• IndusInd Bank
• Industrial and Commercial Bank of China
• ING Vysya Bank
• JP Morgan Chase Bank N.A.
• Karnataka Bank
• Karur Vysya Bank
• Kotak Mahindra Bank
• Lakshmi Vilas Bank
• Mizuho Corporate Bank
• Oriental Bank of Commerce
• Punjab & Sind Bank
• Punjab National Bank
• Shinhan Bank
• Societe Generale Corporate and Investment Banking
• Standard Chartered Bank
• State Bank of Bikaner and Jaipur
• State Bank of Hyderabad
• State Bank of India
• State Bank of Mysore
• State Bank of Patiala
• State Bank of Travancore
• Syndicate Bank
• The Federal Bank
• The Jammu and Kashmir Bank
• The Ratnakar Bank
• The South Indian Bank
• UBS AG
• UCO Bank
• Union Bank of India
• United Bank of India
• United Overseas Bank
• Vijaya Bank
• Yes Bank

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Redeemable non-convertible debentures	89117.605	86951.726
Term loan from banks	71844.856	50859.925
Term loan from financial institutions	6570.000	5450.000
Redeemable non-convertible debentures from managing director	0.300	0.000
Redeemable non-convertible debentures from relative of managing directors	1.433	0.488
Redeemable non-convertible debentures from associates	0.000	0.360
SHORT TERM BORROWINGS
Redeemable non-convertible debentures	4100.000	6975.000
Term loan from banks	19479.986	18380.000
Tern loan from financial institutions	1000.000	0.000
Loans repayable on demand	3521.334	9810.820
Total	195635.514	178428.319

Auditors :
Name 1 :	S.R. Batliboi and Company Chartered Accountants
Name 2 :	G.D. Apte and Company Chartered Accountants
Memberships :	--
Collaborators :	--
Subsidiaries :	Shriram Equipment Finance Company Limited (SEFCL) Shriram Automall India Limited (SAMIL) Shriram Insurance Broking Company Limited (SIBCL) (upto December 13, 2013)
Enterprises having significant influence over the company :	Shriram Holdings (Madras) Private Limited (upto November 05, 2012) Shriram Capital Limited Newbridge India Investments II Limited (upto May 10, 2013) Shriram Ownership Trust Shriram Financial Ventures (Chennai) Private Limited ( w.e.f. August 31, 2012)

CAPITAL STRUCTURE

As On 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
397,000,000	Equity Shares	Rs. 10/- each	Rs. 3970.000 Millions
20,000,000	Preference Shares	Rs. 100/- each	Rs. 2000.000 Millions
	Total		Rs. 5970.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
226,882,736	Equity Shares	Rs. 10/- each	Rs. 2268.827 Millions
	Add : Forfeited Shares		Rs. 0.240 Million
	Total		Rs. 2269.067 Millions

a) Reconciliation of the equity shares outstanding at the beginning and at end of reporting period.

Particulars	31.03.2014	31.03.2013
	No of Shares	No of Shares
Shares outstanding at the beginning of the year	226,863,936	226,300,568
Issued during the period - Employee stock option scheme	18,800	62,500
Issued on account of merger of Shriram Holdings	0.000	500,868
Shares outstanding at the end of the year	226,882,736	226,863,936

b) Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity

shares is entitled to one vote per share. The dividend is subject to the approval of the shareholders in the ensuing

annual general meeting.

During the year ended March 31, 2014, the amount of per equity share dividend recognized as distributions to equity shareholders was Rs. 7.00 (March 31, 2013: Rs. 7.00). Out of the total dividend declared during the year ended March 31, 2014, amount of interim dividend paid was Rs. 3.00 per equity share (March 31, 2013: Rs. 3.00) and amount of final dividend proposed was Rs. 4.00 per equity share (March 31, 2013: Rs. 4.00).

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

c) Shares reserved for issue under options

The Company has reserved Nil (March 31, 2013: 18,800) equity shares for issue under employee stock option

scheme 2005. During the year ended March 31, 2014, 18,800 equity shares were vested and exercised.

d) Aggregate number of equity shares issued for consideration other than cash during the period of five years immediately preceeding the reporting date:

The company has issued total 3,712,568 equity shares (March 31 2013: 4,069,968) during the period of five years immediately preceding the reporting date on exercise of options granted under the employee stock option plan (ESOP) wherein part consideration was received in form of employee service, and includes 500,868 equity shares issued on account of merger of Shriram Holdings (Madras) Private Limited as per note (f) given below.

e) Details of shareholders holding more than 5% equity shares in the company

Name of the shareholders	As at March 31, 2014		As at March 31, 2013
	No Of Shares	% holding in the class	No of Shares	% holding in the class
Equity shares of Rs. 10/- each
Shriram Capital Limited	59,103,162	26.05%	58,502,778	25.79%
Newbridge India Investment II Limited	--	--	22,847,468	10.07%
PHL Capital Private Limited	22,600,000	9.96%	--	--
Genesis Indian Investment Company Limited	13,648,064	6.02%	13,926,256	6.14%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2269.067	2268.879	2263.246
(b) Reserves & Surplus	80463.106	69678.517	57659.879
(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)	82732.173	71947.396	59923.125
(3) Non-Current Liabilities
(a) long-term borrowings	227120.889	190530.486	146868.397
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	9869.895	12976.403	18368.575
(d) long-term provisions	12717.408	11346.854	13690.561
Total Non-current Liabilities (3)	249708.192	214853.743	178927.533
(4) Current Liabilities
(a) Short term borrowings	29858.979	41468.694	30402.356
(b) Trade payables	4459.208	5834.476	4756.415
(c) Other current liabilities	122562.863	107619.353	81054.121
(d) Short-term provisions	2935.570	2854.489	2711.226
Total Current Liabilities (4)	159816.620	157777.012	118924.118
TOTAL	492256.985	444578.151	357774.776
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	990.178	582.670	362.470
(ii) Intangible Assets	16.449	17.856	14.617
(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	6877.999	5923.150	5602.749
(c) Deferred tax assets (net)	2511.623	2838.280	2166.750
(d) Long-term Loan and Advances	220990.778	194835.368	157297.132
(e) Other Non-current assets	944.250	1701.536	1036.668
Total Non-Current Assets	232331.277	205898.860	166480.386
(2) Current assets
(a) Current investments	20374.633	29765.963	33941.721
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	70859.776	63193.290	53080.922
(e) Short-term loans and advances	167891.232	144948.429	103470.533
(f) Other current assets	800.067	771.609	801.214
Total Current Assets	259925.708	238679.291	191294.390
TOTAL	492256.985	444578.151	357774.776

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	78800.970	65581.342	58891.716
		Other Income	81.621	54.557	47.050
		TOTAL (A)	78882.591	65635.899	58938.766
Less	EXPENSES
		Provision and write offs	11487.969	8508.459	7682.935
		Employees benefits expense	4088.597	3889.020	3700.563
		Other expenses	5409.034	4137.666	3999.476
		TOTAL (B)	20985.600	16535.145	15382.974
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		57896.991	49100.754	43555.792
Less	FINANCIAL EXPENSES (D)		39325.186	28755.534	24612.055
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18571.805	20345.220	18943.737
Less/ Add	DEPRECIATION/ AMORTISATION (F)		291.379	183.309	134.635
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		18280.426	20161.911	18809.102
Less	TAX (H)		5638.349	6555.710	6234.606
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		12642.077	13606.201	12574.496
	Earnings / (Loss) Per Share (Rs.)		55.71	59.96	55.41

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	30.09.2014	30.06.2014
	Unaudited 1^st Quarter	Unaudited 2^nd Quarter
Net Sales	21077.300	20158.700
Total Expenditure	5597.000	5793.100
PBIDT (Excl OI)	15480.300	14365.600
Other Income	22.800	13.200
Operating Profit	15503.100	14378.800
Interest	10890.500	9843.200
Exceptional Items	0.000	0.000
PBDT	4612.600	4535.600
Depreciation	106.400	103.700
Profit Before Tax	4506.200	4431.900
Tax	1484.100	1367.700
Provisions and contingencies	0.000	0.000
Profit After Tax	3022.100	3064.200
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	3022.100	3064.200

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	16.04	20.75	21.35
Operating Profit Margin (PBDIT/Sales)	(%)	73.47	74.87	73.95
Return on Total Assets (PBT/Total Assets}	(%)	3.79	4.63	5.37
Return on Investment (ROI) (PBT/Networth)		0.22	0.28	0.31
Debt Equity Ratio (Total Liability/Networth)		3.11	3.22	2.96
Current Ratio (Current Asset/Current Liability)		1.63	1.51	1.61

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	2263.246	2268.879	2269.067
Reserves & Surplus	57659.879	69678.517	80463.106
Net worth	59923.125	71947.396	82732.173
long-term borrowings	146868.397	190530.486	227120.889
Short term borrowings	30402.356	41468.694	29858.979
Total borrowings	177270.753	231999.180	256979.868
Debt/Equity ratio	2.958	3.225	3.106

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	58891.716	65581.342	78800.970
		11.359	20.158

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	58891.716	65581.342	78800.970
Profit	12574.496	13606.201	12642.077
	21.35%	20.75%	16.04%

LOCAL AGENCY FURTHER INFORMATION

NOTE: Current maturity long term debt are not available.

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	No
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

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Subordinated debts	39130.331	31283.963
Term loan from banks	1000.000	1000.000
Fixed Deposits	19241.045	6822.002
Redeemable non-convertible debentures	215.000	8161.992
Subordinate debts from relative of managing directors	0.110	0.030
Fixed Deposits from relative of managing directors	0.209	0.000
SHORT TERM BORROWINGS
Unsecured redeemable debentures	0.000	2500.000
Inter corporate deposits from subsidiary	0.000	97.500
Term loan from banks	220.000	0.000
Commercial papers from other than banks	1537.659	3705.374
Total	61344.354	53570.861

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC OVERVIEW

2013 was a year of recovery for the global economy. 2013-14 witnessed two great stories in the world economy: the structural shift from the developed world towards the emerging world; and the cyclical climb out of a recession. The first continued in first half of the financial year, but at a slightly slower pace than before. Growth in China, at 7.5 per cent, was it’s the slowest for 23 years. Things also slowed in India, to a little below 5 per cent, far slow when compared to the past eight years. Africa, encouragingly, grew by more than 5 per cent.

As for the second story, in the developed world what had started as an uneven and patchy recovery began to strengthen. The US, despite having to cope with feuding over its budget, seems to have sped up. It has been creating jobs and its housing market improved sharply. In Europe there was a better story too, though an uneven one. The north, led by Germany, had a solid year, reducing unemployment and boosting living standards. Across the Mediterranean the pattern was more disappointing, with Italy, Spain, Portugal and Greece all enduring a year of rising unemployment. However, the numbers have started to improve. Europe and the euro are not out of trouble, but the acute phase of their difficulties may be past. 2014-15 expects to deliver which much better and more balanced growth than any year since 2007.

INDIAN ECONOMY

Just when the Indian economy couldn’t get any lower in terms of performances, 2013-14 is expected to be near 5 percent, its lowest amongst the past decade. The uneven political climate led to stagnant economic scenario – thereby leading to lower infusion of investments in to infrastructure and core industries – also leading to lower capital expenditure and less job creation. The inflation remained on the higher side, thereby reducing the disposable income and leading to lower consumer spends. The banking system in India continued to grapple with rising delinquencies and higher scrutiny from the regulators. The process for new licenses was set into the motion, with the onset of the new Governor. The rates were increased a couple of times to counter the rising inflation, thereby leading to turning off the tap to bare minimum when it came to funding at competitive rates by the banks. The core industries and the infrastructure sectors witnessed lower traction in terms of activity, thereby leading to lukewarm economic activity across key states.

COMPANY REVIEW

2013-14 was a challenging year for the company. The sectors that traditionally motivate higher demand for commercial vehicles continued to face lower traction in terms of investments and activity. While the Indian infrastructure spending remained stagnant on account of policy delays and tightening credit decisions by the banks and financial institutions; the mining sector was badly hit by the imposed ban in key areas such as Odisha, Karnataka, etc. Moreover, increased cost of finance resulted in adverse impact on the capital investment plans by the corporate. To top it all, the revision in diesel prices led to higher operating cost for the truck owners in an already recessionary economy. These events enabled us at Shriram transport to set their priorities right – in other words, to grow responsibly by keeping their asset quality intact. During 2013-14, our total assets under management (AUM) increased by 5.63% to Rs. 531021.100 millions. Their net interest income increased by 6.90% to Rs. 36478.900 millions and their net profits registered a 7.09% degrowth to Rs. 12642.100 millions. We widened their reach by adding 109 new branches and amidst all this, their Net NPAs registered a growth of 6 bps, reflecting their quality of growth. Their gross NPAs and net NPAs stood at 3.86% and 0.83% respectively, indicating higher provisioning to protect our quality of growth in the coming years.

FINANCIAL PERFORMANCE

During the year 2013-14, the Company’s total income increased by 20.18% to Rs.78882.600 millions, as compared to Rs. 65635.900 millions in 2012-13. The Company’s PAT decreased by 7.09% to Rs. 12642.100 millions, from Rs. 13606.200 millions. The Gross NPAs and net NPAs for the year stood at 3.86% and 0.83% respectively. The Company’s net spread for the year stood at 3.81%.

OUTLOOK AND OPPORTUNITIES

The real GDP growth rate is projected to pick up to a range of 5% to 6% in 2014-15. Easing of domestic supply bottlenecks and progress on the implementation of stalled projects already cleared should contribute to growth. The Current Account Deficit is expected to be about 2% of GDP.

RBI has set ambitious target of bringing down the CPI inflation to 8% by January 2015 and 6% by January, 2016.

But the factors such as possible El Nino effects on agricultural production, uncertainty on the setting of minimum support prices for agricultural commodities and setting of other administered prices of fuel, fertilizer and electricity may post threat in achievement of these targets.

The directors expect that with stable government in center, estimates of better GDP growth rate, the company’s

strong business model, innovative fund management techniques, continued confidence of investors and support of the lending institutions to the company’s fund mobilization activities on account of good track record of debt servicing, the company should achieve better performance in the year 2014-15.

MERGER OF SHRIRAM HOLDINGS (MADRAS) PRIVATE LIMITED [‘SHMPL’] WITH THE COMPANY DURING THE YEAR ENDED MARCH 31, 2013. :

a) On December 21, 2011, the Board of Directors of the Company have approved the merger SHMPL with the Company. In terms of the Scheme of Amalgamation & Arrangement (Scheme) approved by Hon’ble High Court of Madras vide order dated September 13, 2012 and subsequent filing thereof with the Registrar of Companies (‘ROC’), Tamil Nadu dated November 05, 2012, Shriram Holdings (Madras) Private Limited (“SHMPL”), an Investment company has been amalgamated with the Company with effect from April 01, 2012. The scheme was effective only after the filing thereof with ROC, Tamil Nadu and had an appointed date of April 01, 2012.

b) Prior to the merger, SHMPL held 93,371,512 shares of the Company.

c) The amalgamation has been accounted for under the “Purchase method” as prescribed by “Accounting Standard 14 (AS-14) Accounting for Amalgamation” notified under Companies (Accounting Standards) Rules, 2006 (as amended).

d) In accordance with the said Scheme:

i) All the assets (other than shares of the Company held by “SHMPL” of the Company), debts, liabilities, duties

and obligations of SHMPL have been vested in the Company with effect from April 01, 2012 and have been recorded at their respective Fair values under the purchase method of accounting for amalgamation. There were

no difference in the accounting policies of “SHMPL” and the Company.

ii) Exchange ratio determined at 313:124 (i.e. 313 equity shares of Rs. 10/- each of the Company for every 124 equity shares of Rs. 10/- each of “SHMPL” and these equity shares ranking pari-passu with the existing equity shares of the Company.

iii) Additional issue of 500,868 equity shares to the shareholders of SHMPL, pursuant to Net Assets taken of

SHMPL over by the Company.

iv) In accordance with the said scheme, excess of the Net Assets Value taken over by the Company vis-à-vis additional equity shares issued has been transferred to capital reserves.

v) Details of Net Assets taken over and transfer to Capital reserve is as under:

(Rs. In Millions)

Fair Value of the Assets :
Investment	264.510
Cash	0.000
Bank	11.460
Other Assets	3.534
Less : Liabilities	(0.017)
Fair value of net assets taken over		279.487
Less :
Additional issue of equity share (500,868 equity shares of Rs. 10 each)		(5.008)
Amount taken to capital reserves on amalgamation		274.478

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS

FOR THE QUARTER ENDED 30^TH SEPTEMBER 2014

(Rs. in millions)

Sr. No.	Particulars	Quarter Ended		Half year ended
		30.09.2014 Unaudited	30.06.2014 Unaudited	30.09.2014 Unaudited
Part I
1.	Income from Operations
	a) Net Sales / Income from Operations	21076.100	20158.700	41234.800
	b) Other Operating Income	1.200	0.000	1.200
	Total Income from Operations (net)	21077.300	20158.700	41236.000
2.	Expenditure
	a) Employee benefits expense	1066.000	1012.300	2078.300
	b) Depreciation and amortisation expense	106.400	103.700	210.100
	c) Provision and Write offs	3028.800	3238.000	6266.800
	d) Other expenses	1502.200	1542.800	3045.000
	Total Expenses	5703.400	5896.800	11600.200
3.	Profit/ (Loss) from Operations before Other Income, Exchange gain/(loss), Finance costs and Exceptional items (1-2)	15373.900	14261.900	29635.800
4.	Other Income	22.800	13.200	36.000
5.	Profit /(Loss) from Ordinary activities before finance costs and Exceptional items (3+4a+4b)	15396.700	14275.100	29671.800
6.	Finance Costs	10890.500	9843.200	20733.700
7.	Profit / (Loss) from ordinary activities after Finance costs but before Exceptional items (5-6)	4506.200	4431.900	8938.100
8.	Exceptional items	0.000	0.000	0.000
9.	Profit/ (Loss) from ordinary activities before tax (7+8)	4506.200	4431.900	8938.100
10.	Tax expenses	1484.100	1367.700	2851.800
11.	Net Profit / (Loss) from ordinary activities after tax (9-10)	3022.100	3064.200	6086.300
12.	Extraordinary items	0.000	0.000	0.000
13.	Net Profit / (Loss) for the period (11+12)	3022.100	3064.200	6086.300
14.	Paid-up equity share capital (Face Value of Rs. 10 per share)	2269.100	2269.100	2269.100
15.	Reserve excluding Revaluation reserve
16.	Earnings Per Share (EPS) before and after extraordinary items (of Rs. 10/- each) a) Basic b) Diluted	13.32 13.32	13.51 13.51	26.83 26.83
Part II
A.	PARTIULARS OF SHAREHOLDINGS
	Public Shareholding
	- Number of Shares	167,779,574	167,779,574	167,779,574
	- Percentage of Shareholding	73.95%	73.95%	73.95%
	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	--	--	--
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	--	--	--
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	--	--	--
	b) Non Encumbered
	- Number of Shares	59,103,162	59,103,162	59,103,162
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100.00%	100.00%	100.00%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	26.05%	26.05%	26.05%

PARTICULARS	For the quarter ended 30^th September 2014
B INVESTORS COMPLAINTS
Pending at the beginning of the quarter	Nil
Received during the quarter	Nil
Disposed during the quarter	Nil
Remaining unresolved at the end of the quarter	Nil

Note:

1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on October 20, 2014.

2. The above results have been subjected to Limited Review by the Statutory Auditors of the Company, except figures for the half year ended September 30, 2013 and year ended March 31, 2014 have been subject to audit by the Statutory Auditors.

3. In accordance with the requirements of Schedule II to the Companies Act, 2013, the Company has re-assessed the useful lives of the fixed assets and :

i) An amount of Rs. 124.33 lacs has been charged to the opening balance of the retained earnings in respect of assets whose remaining useful life is nil as at April 01, 2014, and

ii) An amount of Rs.217.66 lacs has been charged to the financial results of the current quarter (Rs. 484.10 lacss for the half year ended September 30, 2014) representing the additional depreciation on the carrying value of the assets as at April 01, 2014 due to change in useful life of asset.

4. The Board of Directors have declared an interim dividend of 40% (Rs. 4/- per equity share of face value of Rs. 10 each fully paid-up) to those shareholders whose names will appear on the register of members as on October 31, 2014, being the record date for payment of dividend for the financial year 2014-15.

5. The Company made Public Issue of Secured Redeemable Non-Convertible Debentures (“NCDs”), of face value of Rs. 1,000 each, of Base Issue Size of Rs. 500 crores (“Tranche-I Issue”) with an option to retain oversubscription upto the Shelf Limit of Rs. 3,000 crores. The Company made an allotment of NCDs aggregating to Rs. 1,974.85 crores on July 15, 2014. The proceeds of the issue have been utilized, after meeting the expenditure of and related to the issue, for various financing activities of the Company including lending, investments and repayment of borrowings

6. The final dividend of Rs. 4/- per Equity share of Rs.10/- each for the financial year 2013-14 approved by the shareholders at the 35th Annual General Meeting held on July 09, 2014 was paid on July 11, 2014.

7. The Company is engaged in financing activities. It operates in a single business and geographical segment.

8. The aforesaid figures are standalone financial results of the Company. The figures for the previous period/year have been regrouped /rearranged wherever necessary to conform to
the current period presentation.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90301364	29/07/1996 *	14,500,000.00	UCO BANK	MYLAPORE, MADRAS, Maharashtra - 600004, INDIA	-
2	10535307	01/12/2014	3,000,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	Overseas Towers, No.756 L, Anna Salai, (Opp T.V.S.)Chennai, Chennai, Tamil Nadu - 600002, INDIA	C36200467
3	10528607	08/10/2014	20,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA	C31711948
4	10526116	29/09/2014	3,000,000,000.00	HDFC Bank Limited	HDFC Bank House, Senapati Bapat Marg, Lower Parel  (West), Mumbai, Maharashtra - 400013, INDIA	C29834199
5	10526812	29/09/2014	3,079,500,000.00	CITIBANK N.A.	Financial Institutions Group,FIFC, 4th floor, C-54  , & C-55, G Block, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra - 400051, INDIA	C30392021
6	10525774	29/09/2014	3,950,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ba  llard Estate,, MUMBAI, Maharashtra - 400001, INDIA	C28780120
7	10525579	26/09/2014	1,000,000,000.00	Punjab & Sind Bank	165, Thambu Cherry street, George Town, Chennai,  Tamil Nadu - 600001, INDIA	C29461332
8	10525607	26/09/2014	5,000,000,000.00	Indian Bank	325, Geethanjali Building, 1st floor, Nehru Road,  Vile Parle (East), Mumbai, Maharashtra - 400057,  INDIA	C29485182
9	10529046	26/09/2014	5,000,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	C32222234
10	10525052	24/09/2014	5,000,000,000.00	Canara Bank	Prime Corporate Branch - BKC, Canara Bank Building  , A wing, 1st floor, C-14 , G-Block, BKC, Bandra(E), Mumbai, Maharashtra - 400051, INDIA	C28809945

* Date of charge modification

FIXED ASSETS

• Land Freehold
• Building
• Plant and Equipment
• Office Equipment
• Furniture and Fixture
• Vehicles
• Computer

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] 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. 63.41
UK Pound	1	Rs. 99.31
Euro	1	Rs. 79.00

INFORMATION DETAILS

Information Gathered by :	HET
Analysis Done by :	RAS
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		67

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.