MIRA INFORM REPORT

Report Date :

07.02.2014

IDENTIFICATION DETAILS

Name :	NAGAMMAL MILLS PRIVATE LIMITED (w. e. f. 13.06.2007)
Formerly Known As :	NAGAMMAL MILLS LTD
Registered Office :	Vetturnimadam Nagercoil, Nagercoil – 629003, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	08.12.1955
Com. Reg. No.:	18-003505
Capital Investment / Paid-up Capital :	Rs.7.000 Millions
CIN No.: [Company Identification No.]	U17111TN1955PTC003505
TAN No.: [Tax Deduction & Collection Account No.]	MRIN00267B
PAN No.: [Permanent Account No.]	AAACL6399N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Cotton Yarn
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 390000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profit and loss account of the company is not available with us. Further, the rating takes into consideration stretched capital structure, intense competition in fragmented industry and pricing flexibility. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company ca be considered for business dealing with some cautions.

NOTES :

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

ECGC Country Risk Classification List – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loan = B+
Rating Explanation	High risk of default
Date	31.12.2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Vetturnimadam Nagarcoil, Nagarcoil – 629003, Tamilnadu, India
Tel. No.:	91-4652-230080/ 81
Fax No.:	91-4652-230635
E-Mail :	nagammalmills@gmail.com
Website :	www.nagammalmills.com

DIRECTORS

As on 05.09.2013

Name :

Mrs. Latha Kumaraswamy

Designation :

Managing Director

Address :

Pioneer Kumaraswamy Bhavan, Vetturnimadam Nagercoil, Kanyakumari, Nagercoil – 629003, Tamilnadu, India

Date of Birth/Age :

08.07.1968

Date of Appointment :

29.09.2006

PAN No.:

AREPK1395H

DIN No.:

00449001

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	U17111TN1955PTC003505	NAGAMMAL MILLS PRIVATE LIMITED	Managing director	29/09/2006	19/05/2006	-	Active	NO
2	U55101TN2010PTC077608	J K HOTELS PRIVATE LIMITED	Director	28/03/2011	28/03/2011	-	Active	NO

Name :

Mr. Thomas Mariasebastin

Designation :

Director

Address :

64/B – 1 Christu Nagar Road, Sayakaran Parappuvilai, Vetturnimadam Nagercoil, Kanyakumari, Nagercoil – 629003, Tamilnadu, India

Date of Birth/Age :

21.02.1942

Date of Appointment :

14.10.2006

DIN No.:

01220409

Name :

Mr. Padmanabhan Kumaraswamy

Designation :

Managing Director

Address :

Pioneer Kumaraswamy Bhavan, Vetturnimadam Nagercoil, Kanyakumari, Nagercoil – 629003, Tamilnadu, India

Date of Birth/Age :

09.06.1961

Date of Appointment :

27.12.1989

PAN No.:

ADVPP0407A

DIN No.:

01600774

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	U17111TN1955PTC003505	NAGAMMAL MILLS PRIVATE LIMITED	Managing director	27/12/1989	27/12/1989	-	Active	NO
2	U55101TN2010PTC077608	J K HOTELS PRIVATE LIMITED	Director	28/03/2011	28/03/2011	-	Active	NO

Name :

Mr. Varun Kumaraswamy

Designation :

Director

Address :

Pioneer Kumaraswamy Bhavan, Vetturnimadam Nagercoil, Kanyakumari, Nagercoil – 629003, Tamilnadu, India

Date of Birth/Age :

13.08.1990

Date of Appointment :

29.09.2011

DIN No.:

03623532

Name :

Mr. Srinath Sheshgiri

Designation :

Additional Director

Address :

#519,,20th Main, Jayanagar 4^th T Block, Bangalore – 560041, Karnataka, India

Date of Birth/Age :

29.01.1959

Date of Appointment :

21.06.2013

DIN No.:

02469757

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 05.09.2013

Names of Shareholders	No. of Shares
K. M. Chacko	50
N. Thangammal	500
Jacob Joseph	5
V. Akasaperumal Pillai	10
Issac Swaminathan	50
Piramuthu Senihi Ammal	10
Umaya Parvathy Nagammal	10
N. K. Ramaswamy	50
N. Satha	100
C. Rajaram Chenthiperumal	100
R. Ramalinga Iyer Rmakrishnaier	2
S. Nagamani Sastha	50
N. Rajammal Babu	3541
K. Ganapathy Kesavaperumal	5
K. Sivathanu Kesavaperumal	3
Y. S. Newton Yesuvadiyan	5
R. Harichandran Retinaswamy	5
S. Kesavaperumal Pillai	5
N. Wilsin Apollos Nesamani	100
M. Dorairaj Pillai	50
R. Jeya Nagammal	200
N. Kesavaraj	100
ChIthambarathanu Nagarajan	5
Nalini G. Katre and Indira Renganathan	60
M. Abraham Isaac	5
Thiraviam. Ganapathy	200
Ganapathy Nagarajan	34
Sharumathy Raja Babu	20
Jaiwanikumari Babu	6
Meenakumari Vadivel	50
Subramonian Ravikumari	5
Jesolit Samuel	5
Varun P. Kumara Swamy	400
Vikram Kumara Swamy	400
Padmanabhan Kumaraswamy	57209
Latha Kumaraswamy	1000
Mariasebastin Thomas	50
Rajkumar Bananagammal	5600
Total	70000

As on 05.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Cotton Yarn

Products :

Item Code No. (ITC Code)	Product Description
5205	Cotton Yarn

PRODUCTION STATUS (31.03.2013)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Finished Goods (Yarn)	Kgs	NA	NA	747537
Spindles	NA	30260	24128	NA

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Karur Vysya Bank Limited, Nagarcoil Branch, 47, Court Road, Nagarcoil – 629002, Tamilnadu, India

· Axis Bank Limited, Nagercoil, Tamilnadu, India

· State Bank of India, Nagercoil, Tamilnadu, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Term Loan From KVD Nagercoil – For Machineries	88.129	54.365
Term Loan From State Bank of India, KVD Limited Bank, Axis Bank Limited Nagercoil – For Vehicle	2.197	1.847
Less: Current Maturities of Long Term Debt	(27.353)	(18.580)
Short Term Borrowing
Loans Repayable on Demand Working Capital loan open cash credit from the Karur Vysya Bank and LC facility in the same Bank	42.107	46.276
Total	105.080	83.908

Banking Relations :	---
Auditors :
Name :	R. Yagnasubramanian Chartered Accountants
Address :	35, Naicker New Street, Madurai – 625001, Tamilnadu, India
PAN No.:	AAAPY8457F
Enterprises in which key management personnel have significant influence:	Padmanabhan petroleum and Oil Dealer

CAPITAL STRUCTURE

As on 05.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
105000	Equity Shares	Rs.100/- each	Rs. 10.500 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
80000	Equity Shares	Rs.100/- each	Rs. 8.000 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
70000	Equity Shares	Rs.100/- each	Rs. 7.000 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	7.000	7.000	7.000
(b) Reserves & Surplus	92.730	89.797	107.270
(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)	99.730	96.797	114.270
(3) Non-Current Liabilities
(a) long-term borrowings	62.978	39.737	42.651
(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)	62.978	39.737	42.651
(4) Current Liabilities
(a) Short term borrowings	42.107	46.276	51.144
(b) Trade payables	7.927	8.399	1.429
(c) Other current liabilities	36.283	24.178	4.611
(d) Short-term provisions	2.705	2.000	31.376
Total Current Liabilities (4)	89.022	80.853	88.560
TOTAL	251.730	217.387	245.481
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	161.789	138.514	145.908
(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	0.003	0.003	0.003
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	27.541	14.628	16.557
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	189.333	153.145	162.468
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	50.048	43.926	70.192
(c) Trade receivables	6.539	8.534	7.267
(d) Cash and cash equivalents	2.002	6.771	1.870
(e) Short-term loans and advances	3.808	5.011	3.684
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	62.397	64.242	83.013
TOTAL	251.730	217.387	245.481

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
SALES
	Turnover	NA	195.106	NA
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
EXPENSES
	Office Expenses
	Administrative Expenses	NA	214.134	NA
	Advertising Expenses
	TOTAL	NA	214.134	NA
PROFIT BEFORE TAX		NA	16.628	NA
TAX		NA	0.000	NA
PROFIT AFTER TAX		NA	16.628	NA
EARNINGS IN FOREIGN CURRENCY
	Export Earnings	29.247	5.110	NA
TOTAL EARNINGS		29.247	5.110	NA
CIF VALUE OF IMPORTS		9.150	0.000	NA
Earnings Per Share (Rs.)		NA	237.54	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	NA	7.65	NA
Return on Investment (ROI) (PBT/Networth)		NA	0.17	NA
Debt Equity Ratio (Total Debt /Networth)		1.05	0.89	0.82
Current Ratio (Current Asset/Current Liability)		0.70	0.79	0.94

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 one year	Yes
12]	Profitability for last one year	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

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2013	As on 31.03.2012
Loans from directors	0.005	2.105
Total	0.005	2.105

CONTINGENT LIABILITIES

(Rs in millions)

Particular	31.03.2013	31.03.2012
In respect of demands by E. S. I and PF authorities	Nil	0.227
In respect of other labour matters	Nil	0.569

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10412092	14/03/2013 *	6,000,000.00	KARUR VYSYA BANK	NAGERCOIL BRANCH, 47,COURT ROAD, NAGERCOIL, TAMILNADU - 629001, INDIA	B71009393
2	10354804	19/03/2012	83,600,000.00	KARUR VYSYA BANK LIMITED	NAGERCOIL BRANCH, 47,COURT ROAD, NAGERCOIL, TAMILNADU - 629001, INDIA	B39359500
3	10315871	12/09/2011	10,000,000.00	THE KARUR VYSYA BANK LIMITED	NAGERCOIL BRANCH, 47,COURT ROAD, NAGERCOIL, TAMILNADU - 629001, INDIA	B24631822
4	10060646	26/06/2007	30,000,000.00	THE KARUR VYSYA BANK LIMITED	47, KALLUVEETIL SHYRAS CENTRE, COURT ROAD, NAGERC OIL, TAMILNADU - 629001, INDIA	A18890467
5	10045672	08/03/2007	30,000,000.00	THE KARUR VYSYA BANK LIMITED	POST BOX NO.21, ERODE ROAD, KARUR, TAMILNADU - 39002, INDIA	A13583588
6	80031681	22/05/2007 *	2,000,000.00	THE KARUR VYSYA BANK LIMITED	POST BOX NO.21, ERODE ROAD, KARUR, TAMILNADU - 639002, INDIA	A16566176
7	80027592	18/03/2006	28,000,000.00	KARUR VYSYA BANK LIMITED	47 I FLOOR KALLUVITTIL SHYRAN CENTRE, COURT ROAD, NAGERCOIL, TAMILNADU - 629001, INDIA	-
8	80056846	18/03/2006	28,000,000.00	KARUR VYSYA BANK LIMITED	47 I FLOOR KALLUVITTIL SHYRAS CENTRE, COURT ROAD, NAGERCOIL, TAMILNADU - 629001, INDIA	-
9	80056845	09/03/2006	22,500,000.00	KARUR VYSYA BANK LIMITED	47 I FLOOR KALLUVITTIL SHYRAS CENTRE, COUR ROAD, NAGERCOIL, TAMILNADU - 629001, INDIA	-
10	80021425	30/11/2012 *	50,000,000.00	KARUR VYSYA BANK	NAGERCOIL BRANCH, 47,COURT ROAD, NAGERCOIL, TAMILNADU - 629001, INDIA	B66436775

* Date of charge modification

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Vehicles

· Library

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.62.50
UK Pound	1	Rs.101.92
Euro	1	Rs.84.50

INFORMATION DETAILS

Report Prepared by :

NTH

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	3
--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	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		28

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.