MIRA INFORM REPORT

Report Date :

28.02.2014

IDENTIFICATION DETAILS

Name :	SANMAR SPECIALITY CHEMICALS LIMITED
Registered Office :	9, Cathedral Road, Chennai – 600086, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.06.1982
Com. Reg. No.:	18-009443
Capital Investment / Paid-up Capital :	Rs. 230.000 Millions
CIN No.: [Company Identification No.]	U24299TN1982PLC009443
PAN No.: [Permanent Account No.]	AABCS0201P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pharmaceutical, Agrochemical, Flavours and Fragrances.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 880000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears accumulated loss recorded by the company during 2013. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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 – 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 worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

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.

INFORMATION DECLINED

Management non-cooperative (Tel No.:91-44-28128500)

LOCATIONS

Registered Office/ Corporate Office :	9, Cathedral Road, Chennai – 600086, Tamil Nadu, India
Tel. No.:	91-44-28128500
Fax No.:	91-44-2811 2496
E-Mail :	mr1@sanmargroup.com spl-chem@sanmargroup.com
Website :	http://www.sanmargroup.com
Factory :	No.44, Suligunta Village, Theertham Road, Berigai Post, Hosur Taluk - 635 105, Dharmapuri District, Tamil Nadu, India
Tel. No.:	91-4344 253 509
Fax No.:	91-4344 253 518
E-Mail :	spl-chem@sanmargroup.com

DIRECTORS

As on: 31.07.2013

Name :	Mr. Sankaran Subbaiah
Designation :	Director
Address :	2/1, IV Street, Balaji Nagar, Chennai-600014, Tamilnadu, India
Date of Birth/Age :	07.05.1954
Qualification :	Chartered Accountant
Date of Appointment :	18.05.2005
DIN No.:	00009172
Name :	Mr. M N Radhakrishnan
Designation :	Director
Address :	No. 12 Besant Avenue, Adyar, Chennai-600020, Tamilnadu, India
Date of Birth/Age :	03.08.1943
Qualification :	Mechanical Engineer
Date of Appointment :	18.07.2005
DIN No.:	00011091
Name :	Mr. P S Jayaraman
Designation :	Director
Address :	Flat No. B 2 Ashok Aishwaryam, New No. 13, Habibullah Road, T Nagar, Chennai-600017, Tamilnadu, India
Date of Birth/Age :	08.05.1950
Qualification :	Chartered Accountant
Date of Appointment :	07.11.2008
DIN No.:	00011108
Name :	Mr. Venkataramanan Ramesh
Designation :	Managing Director
Address :	Plot No. 2, Anmol Garden 66/1, Naidu Street, Kottur, Chennai-600085, Tamilnadu, India
Date of Birth/Age :	31.12.1949
Qualification :	BE and M Tech
Date of Appointment :	01.08.2010
DIN No.:	00011204
Name :	Mr. Balasubramanian Natraj
Designation :	Director
Address :	Flat No. 1A, Seasons 19, Ganapathy Colony, 1^st Street, Chennai – 600018, Tamil Nadu, india
Date of Birth/Age :	03.10.1946
Qualification :	Chartered Accountant
Date of Appointment :	20.03.2013
DIN No.:	00022038
Name :	Mr. Krishnaswany Parthasarathy
Designation :	Director
Address :	Flat No. 8, 243 TTK Road, Chennai – 600018, Tamil Nadu, India
Date of Birth/Age :	31.01.1939
Qualification :	B Com
Date of Appointment :	07.11.2008
DIN No.:	00022559

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.07.2013

Names of Shareholders	No. of Shares
Sanmar Holdings Limited, Tamilnadu, India	22999994
N Sankar	1
Vijay Sankar	1
P U Aravind	1
S Sankaran	1
M Raman	1
S Subramanian	1
Total	23000000

Equity Share Break up (Percentage of Total Equity)

As on: 31.07.2013

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Pharmaceutical, Agrochemical, Flavours and Fragrances.

Products :

ITC Code	Products or Services
29221900	4-(2-AMINOETHYl)-2-METHOXYPHENOL
29389090	THIOCHOLCHICOSIDE

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• IDBI Bank Limited, IDBI Tower, World Trade Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India
• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India
• Syndicate Bank, Mount Road Branch, 38 Anna Salai, Chennai - 600002, Tamil Nadu, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long term borrowings
Term loans from banks	163.758	272.306
Short term borrowings
Working capital loan from banks	135.295	302.182
Total	299.053	574.488

Banking Relations :	--
Finance Institutions:	Housing Development Finance Corporation Limited, Ramon House, 169, Back Bay Reclamation, Mumbai - 400020, Maharashtra,
Auditors :
Name :	S.R. Batliboi and Associates LLP Chartered Accountants
Address :	22 Camac Street, Block C, 3rd Floor, Kolkata – 700016, West Bengal, India
PAN No.:	AABFS3421N
Holding Company :	Sanmar Holdings Limited, Tamilnadu, India U65993TN1979PLC007711
Associates/Fellow Subsidiaries :	BS and B Safety Systems (India) Limited Cathedral Corporate Finance Chemplast Sanmar Limited Cabot Sanmar Limited Flowserve Sanmar Limited Kalamkriya Limited Mowbrays Corporate Finance Sanmar Foundries Limited Sanmar Group Corporate Finance Sanmar Group International Limited SHL Property Holdings Limited SHL Research Foundation SHL Trading Limited Tyco Sanmar Limited

CAPITAL STRUCTURE

As on: 31.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
23000000	Equity Shares	Rs. 10/- each	Rs. 230.000 Millions
5000	5% Non-Cumulative, Non- Convertible Redeemable Preference Shares	Rs. 100/- each	Rs. 0.500 Million
	Total		Rs. 230.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23000000	Equity Shares	Rs.10/- each	Rs. 230.000 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	230.000	230.000	230.000
(b) Reserves & Surplus	(9.229)	16.333	68.942
(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)	220.771	246.333	298.942
(3) Non-Current Liabilities
(a) long-term borrowings	163.758	272.306	375.858
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	9.669	21.658	9.569
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	173.427	293.964	385.427
(4) Current Liabilities
(a) Short term borrowings	135.295	302.182	247.440
(b) Trade payables	90.435	61.765	199.118
(c) Other current liabilities	731.073	552.484	238.880
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	956.803	916.431	685.438
TOTAL	1351.001	1456.728	1369.807
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	697.778	735.795	754.860
(ii) Intangible Assets	0.000	0.000	0.456
(iii) Capital work-in-progress	0.000	7.046	31.088
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.010	0.010	0.010
(c) Deferred tax assets (net)	53.800	41.800	15.800
(d) Long-term Loan and Advances	20.502	18.518	7.259
(e) Other Non-current assets	0.540	0.887	2.021
Total Non-Current Assets	772.630	804.056	811.494
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	232.413	373.355	281.433
(c) Trade receivables	166.442	127.446	131.393
(d) Cash and cash equivalents	7.551	2.660	1.188
(e) Short-term loans and advances	171.617	148.692	143.919
(f) Other current assets	0.348	0.519	0.380
Total Current Assets	578.371	652.672	558.313
TOTAL	1351.001	1456.728	1369.807

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	711.490	677.070	559.923
		Other Income	41.849	27.576	13.869
		TOTAL (A)	753.339	704.646	573.792
Less	EXPENSES
		Cost of materials consumed	343.392	213.804	225.939
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	52.980	0.788	27.601
		Employee benefit expense	53.135	87.250	94.061
		Other expenses	203.887	289.082	317.445
		TOTAL (B)	653.394	590.924	665.046
Less	PROFIT /( LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		99.945	113.722	(91.254)
Less	FINANCIAL EXPENSES (D)		88.916	134.106	88.100
	PROFIT /( LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11.029	(20.384)	(179.354)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		48.591	58.226	39.831
	PROFIT /( LOSS) BEFORE TAX (E-F) (G)		(37.562)	(78.610)	(219.185)
Less	TAX (H)		(12.000)	(26.000)	(70.897)
	PROFIT /( LOSS) AFTER TAX (G-H) (I)		(25.562)	(52.610)	(148.288)
	EARNINGS IN FOREIGN CURRENCY		48.329	NA	NA
	Earnings Per Share (Rs.)		(1.11)	(2.29)	(6.45)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(3.39)	(7.47)	(25.84)
Net Profit Margin (PBT/Sales)	(%)	(5.28)	(11.61)	(39.15)
Return on Total Assets (PBT/Total Assets}	(%)	(2.90)	(5.58)	(16.57)
Return on Investment (ROI) (PBT/Networth)		(0.18)	(0.31)	(0.73)
Debt Equity Ratio (Total Debt/Networth)		1.36	2.33	2.09
Current Ratio (Current Asset/Current Liability)		0.61	0.71	0.81

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	230.000	230.000	230.000
Reserves & Surplus	68.942	16.333	(9.229)
Net worth	298.942	246.333	220.771
long-term borrowings	375.858	272.306	163.758
Short term borrowings	247.440	302.182	135.295
Total borrowings	623.298	574.488	299.053
Debt/Equity ratio	2.085	2.332	1.355

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	559.923	677.070	711.490
		20.922	5.084

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	559.923	677.070	711.490
Profit	(148.288)	(52.610)	(25.562)
	(26.48)%	(7.77)%	(3.59)%

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	No

OPERATIONS

The total sales of the company was Rs. 712.700 millions for the year 2012-13 as against Rs. 683.700 millions in the previous year 2011-12.

The Organic Chemicals division at Berigai makes intermediates for various chemicals for Pharmaceutical and Agrochemical applications. The division registered a growth in sales by 15% during the year mainly due to higher sales.

The Phyto Chemicals division at Berigai supplies Active Pharmaceutical Ingredients for Pharmaceutical applications. The division witnessed a drop in sales by 12% during the year. The division’s performance was affected by drop in sales of its main product cGMP colchicine.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10218359	02/03/2012 *	100,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B35963446
2	10134375	02/03/2012 *	120,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B35963354
3	10136419	12/05/2009 *	300,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	A62420559
4	10100717	12/05/2009 *	100,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	A62420153
5	80017618	16/08/2010 *	170,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL  W, MUMBAI, Maharashtra - 400013, INDIA	A93953560
6	80017611	17/06/2003 *	50,000,000.00	Housing Development Finance Corporation Limited.	Ramon House, 169, Back bay Reclamation, Mumbai, Maharashtra - 400020, INDIA	-
7	80022473	26/08/2013 *	95,000,000.00	SYNDICATE BANK	MOUNT ROAD BRANCH, 38 ANNA SALAI, CHENNAI, Tamil  Nadu - 600002, INDIA	B84805704
8	80017620	22/12/1993	36,411,000.00	Government of Tamil Nadu Represented by Assistant  Commissioner of Commercial Taxes	Zone VI, Madras, Tamil Nadu - 600006, INDIA	-

* Date of charge modification

Fixed Assets:

· Freehold Land

· Building

· Plant and Machinery

· Furniture, Fixture and Office Equipments

· Vehicles

· R and D Experimental Farm

· Software

· Technical Know how

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 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. 61.94
UK Pound	1	Rs. 103.31
Euro	1	Rs. 85.11

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	1
--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		27

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.