MIRA INFORM REPORT

Report Date :

14.01.2014

IDENTIFICATION DETAILS

Name :	NOBEL HYGIENE PRIVATE LIMITED (w.e.f. December 2013)
Formerly Known As :	NOBEL HYGIENE LIMITED (w.e.f 01.01.2010) NOBEL HYGIENE PRIVATE LIMITED
Registered Office :	H. No. L-20, Housing Board Colony, Upasnagar, Sancoale, Vasco Da Gama Goa -403726
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.11.2001
Com. Reg. No.:	11-003048
Capital Investment / Paid-up Capital :	Rs.157.834 Millions
CIN No.: [Company Identification No.]	U24239GA2001PLC003048
TAN No.: [Tax Deduction & Collection Account No.]	BLRN02038B
PAN No.: [Permanent Account No.]	AABCN5081A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of baby diapers and adult diapers.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 2500000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears dip in profit of the company in 2013. However, liquidity position of the company appears to be good. Trade relations are reported to be fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealing 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.

INDIAN ECONOMIC OVERVIEW

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB-
Rating Explanation	Moderate credit quality and average credit risk
Date	30.07.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	30.07.2013

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.

INFORMATION PARTED BY

Name :	Mr. Sanjeev Trivedi
Designation :	Finance Head
Contact No.:	91-9320744331
Date :	13.01.2014

LOCATIONS

Registered Office :	H. No. L-20, Housing Board Colony, Upasnagar, Sancoale, Vasco Da Gama Goa -403726, India
Tel. No.:	91-832-2556861
Mobile No.:	91-9320744331 (Mr. Sanjeev Trivedi)
Fax No.:	91-832-42121316
E-Mail :	noble@vsnl.in nobelco@sancharnet.in accounts@nobelhygiene.com
Website :	http://www.nobelhygiene.com
Location :	Rented
Corporate Office:	Unit No. 204, Thakur House (Antariksh), Makwana Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-28201381/ 28201382
Fax No.:	91-22-28201383 / 242121314
E-Mail :	noble@vsnl.in sales@nobelhygiene.com
Area :	2000 Sq. ft.
Location :	Rented
Factory :	A–70, MIDC, Sinnar, Nashik – 422103, Maharashtra India
Area :	4 acers
Location :	Rented

DIRECTORS

As on 29.09.2012

Name :	Mr. Kamal Manohardas Johari
Designation :	Director
Address :	101, Sunflower Building, Thakkarpark, Aram Socrd, Vakola, Santacruz (East), Mumbai-400 055, Maharashtra, India
Date of Birth/Age :	10.10.1960
Date of Appointment :	16.07.2012
DIN No.:	00785082
Name :	Mrs. Kamini Kamal Johari
Designation :	Director
Address :	101, Sunflower Building, Thakkarpark, Aram Socrd, Vakola, Santacruz (East), Mumbai-400 055, Maharashtra, India
Date of Birth/Age :	10.02.1962
Date of Appointment :	16.07.2012
DIN No.:	01309286
Name :	Mr. Manish Dharanendra Ladage
Designation :	Directors
Address :	Row No. 18, Vasant Vihar, Pokharan Road No. 2, Thane (West), Mumbai – 400601, Maharashtra, India
Date of Appointment :	30.09.2010
DIN No.:	00082178
Name :	Mr. Ramesh D. Tainwala
Designation :	Director
Address :	71-Kalpataru, Nutamn Laxmi Society, JVPD Scheme, Vile Parle, Mumbai-400 057, Maharashtra, India
Date of Birth/Age :	08.09.1959
Date of Appointment :	15.12.2003
DIN No.:	00234109
Name :	Mr. Bhupal Singh Verdia
Designation :	Director
Address :	17 Mani Vikas, T. H. Kataria Marg, Matunga Road, Mumbai – 400016, Maharashtra, India
Date of Appointment :	29.09.2012
DIN No.:	02258522

KEY EXECUTIVES

Name :	Mr. Sanjeev Trivedi
Designation :	Finance Head

MAJOR SHAREHOLDERS

As on 29.09.2012

SHAREHOLDING DETAILS FILE ATTACHED.

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	47.73
Directors or relatives of Directors	30.99
Other top fifty shareholders	19.39
Others	1.89
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of baby diapers and adult diapers.

Products :

Product description	ITC No.
Baby Diapers	48184010
Adult Diapers	48184010

Brand Names :

FRIENDS and TEDDYY

Exports :

Products :

Diapers

Countries :

· Dubai

· South East Asia

· South Africa

Imports :

Products :

Raw Material and Allied Products

Countries :

· USA

· Canada

Terms :

Selling :

L/C / Cash / Credit / DP

Purchasing :

L/C / Cash / Credit / DP

GENERAL INFORMATION

Suppliers :

JVS, Mumbai

Tel No.: 91-22-26854679 (Mr. Chirag)

Reported: He informed we well working for this company but now discontinued but we were happy with company business, no issues

Customers :

Wholesalers, Retailers and Stockest

· Fiber Tesc, Malaysia

No. of Employees :

150 (Approximately)

Bankers :

· State Bank of India, MIDC Andheri (East) Branch, Plot No B-1, Central Road, Andheri (East), Mumbai-400093, Maharashtra, India

Tel. No.: 91-22-28380058 (mr. Arvind Sahay, Relationship Manager)

Report: He rated company as good

· The North Kanara G.S B Co-operative Bank Limited, Samved, S.K Bole Road, Dadar, Mumbai-400028, Maharashtra, India

· Janakalyan Sahakari Bank Limited, 140, Vivek Darshan Sindhi Society, Opposite Bhakti Bhavan Chembur, Mumbai, Maharashtra, India

· HDFC Bank

· Standard Chartered Bank

Facilities :

Total Facility Rs.720.000 Millions (From State Bank of India)

Secured Loans	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks (hypothecation / Mortgage of Office Premises, Factory Land and Factory Building, Plant and Machinery and Personal Guarantee of Some of the Directors)	83.701	111.130
Loans taken for vehicles (Vehicle Loans from HDFC Bank Limited against hypothecation of respective vehicles)	1.973	1.389
Short Term Borrowings
Foreign currency term loans from banks	17.729	14.250
Working capital loans from banks	166.389	133.060
Total	269.792	259.829

Banking Relations :	--
Auditors :
Name :	Shabirbhai and Company Chartered Accountants
Enterprises over which Key Managerial Personnel are able to exercise Significant Influence : (As on 31.03.2012)	Fancy lnvestrade Private Limited Powerful lmpex Private Limited Galaxy Trading Company

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital : Rs. 215.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 157.833 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	157.834	76.880	76.880
(b) Reserves & Surplus	484.375	185.389	85.165
(c) Money received against share warrants	0.323	9.000	9.000
(2) Share Application money pending allotment	0.000	23.400	0.000
Total Shareholders’ Funds (1) + (2)	642.532	294.669	171.045
(3) Non-Current Liabilities
(a) long-term borrowings	90.113	91.004	120.428
(b) Deferred tax liabilities (Net)	28.676	1.166	1.166
(c) Other long term liabilities	0.000	0.000	32.804
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	118.789	92.170	154.398
(4) Current Liabilities
(a) Short term borrowings	247.584	201.086	156.464
(b) Trade payables	20.897	53.564	38.719
(c) Other current liabilities	116.466	78.135	42.596
(d) Short-term provisions	45.003	31.375	18.126
Total Current Liabilities (4)	429.950	364.160	255.905
TOTAL	1191.268	750.999	581.348
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	348.071	241.715	230.992
(ii) Intangible Assets	9.432	0.000	0.033
(iii) Capital work-in-progress	42.409	38.356	33.746
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	43.776	1.276	1.276
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	9.013	28.700	29.072
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	452.701	310.047	295.119
(2) Current assets
(a) Current investments	0.000	5.000	5.000
(b) Inventories	168.426	169.467	121.131
(c) Trade receivables	351.717	225.150	130.682
(d) Cash and cash equivalents	32.713	8.512	6.396
(e) Short-term loans and advances	185.711	32.823	21.957
(f) Other current assets	0.000	0.000	1.063
Total Current Assets	738.567	440.952	286.229
TOTAL	1191.268	750.999	581.348

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1117.074	762.338	451.582
		Other Income	1.860	0.514	4.834
		TOTAL (A)	1118.934	762.852	456.416
Less	EXPENSES
		Cost of materials consumed	764.839	511.403
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	7.547	(28.687)	65.298
		Employee benefit expense	22.488	11.754
		Other expenses	160.566	109.579
		TOTAL (B)	955.440	604.049	65.298
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		163.494	158.803	66.901
Less	FINANCIAL EXPENSES (D)		46.361	47.288	23.187
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		117.133	111.515	43.714
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.147	11.158	5.678
	PROFIT BEFORE TAX (E-F) (G)		104.986	100.357	38.036
Less	TAX (H)		29.086	0.134	0.000
	PROFIT AFTER TAX (G-H) (I)		75.900	100.223	38.036
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		163.358	63.135	25.099
	BALANCE CARRIED TO THE B/S		239.258	163.358	63.135
	IMPORTS
		Capital Goods	NA	3.610	66.796
		Raw Materials and Finished products	NA	72.164	79.855
		Machinery (WIP)	NA	0.000	0.000
		Fright	NA	0.000	0.000
		Sample Material	NA	0.000	0.000
	TOTAL IMPORTS		NA	75.774	146.651
	Earnings Per Share (Rs.)		9.56	13.04	4.95

Expected Sales (2013-14) : Rs.1500.000 Millions

The above information has been parted by Mr. Sanjeev Trivedi

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	6.78	13.14	8.33
Net Profit Margin (PBT/Sales)	(%)	9.40	13.16	8.42
Return on Total Assets (PBT/Total Assets}	(%)	9.50	14.11	6.96
Return on Investment (ROI) (PBT/Networth)		0.16	0.34	0.22
Debt Equity Ratio (Total Debt /Networth)		0.53	0.99	1.62
Current Ratio (Current Asset/Current Liability)		1.72	1.21	1.12

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT

Rs. In Millions

Particular	31.03.2013	31.03.2012	31.03.2011
Current maturities of long-term debt	NA	35.197	33.842

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	Yes
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 three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	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 LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Rupee term loans	1.650	1.921
Rupee term loans from others	2.380	4.188
Intercorporate deposits	1.300	1.300
Deposits from others	0.000	0.500
Short Term Borrowings
Rupee term loans from others	2.299	0.000
Working capital loans	14.669	9.154
Total	22.298	17.063

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10145181	08/08/2013 *	723,300,000.00	STATE BANK OF INDIA	MIDC, ANDHERI (EAST) BRANCH, MAROL, CENTRAL ROAD, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400093, INDIA	B82018235
2	90065627	01/01/2003	3,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, CHEMBUR, MUMBAI, MAHARASHTRA - 400071, INDIA	-

*Date of Modification Charge

FIXED ASSETS:

· Air Conditioner

· Aquaguard

· Computer

· Factory Equipments

· Factory Premises

· Factory Land

· Office Premises

· Handi (Machine)

· Reliance Mobile Phone

· Electrical Installation

· Website Development

NEWS:

MUMBAI, March 7, 2013

ACCESS INDIA FUND INVESTS $11.5 MN IN WORLD-CLASS DIAPER MANUFACTURING COMPANY

Nobel Hygiene, India's first and only world-class baby and adult diaper manufacturer, has received the first tranche of funding boost to the tune of $11.5 Mn through Access India Fund and its co-investors.

Nobel Hygiene Limited, headquartered in Mumbai, is a dominant market leader in the manufacture of adult diapers, a fast growth sunrise segment with growth rate of over 30% p.a. over the last 4 years in India. It also manufactures and markets baby diapers, a segment which has seen greater than 50% growth over the last 5 years.

Nobel's adult diapers are sold under the brand name 'Friends' and its baby diapers are sold under the brand name, 'Teddyy'. Kamal Kumar Johari, Managing Director, Nobel Hygiene Limited says, "Friends is now a 10-year-old brand and we are now well-recognised for the high quality of our products. Nobel Hygiene is the only Indian Company to have installed state-of-the-art European manufacturing lines. We continue to source our machinery and raw material from some of the best suppliers globally." The investment in Nobel Hygiene will be used to enhance as well as double its existing manufacturing capacity.

Achal Nath at Access India Fund says, "Diapers is one of the most interesting FMCG segments in India today. We expect to see significant sustained growth over the next 10 years given the low adoption rates and increasing disposable incomes. The adult diaper market in India, for example, is estimated at US$ 30 Mn as against the US$ 9 Bn global market (about 40% of the baby diapers market). The Chinese market even at US$ 300 Mn is still growing at 30% plus per annum. The Indian adult diaper segment has the potential to grow into a significantly large FMCG category with India having the second largest 65+ year's population in the world. Nobel's adult diaper brand is the only brand in its category with pan India distribution today." According to AC Nielsen, baby diapers were the fastest growth FMCG category in medium size Indian towns between May 2010 and May 2011 with 75% category growth.

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. 61.52
UK Pound	1	Rs. 101.48
Euro	1	Rs. 84.11

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.