MIRA INFORM REPORT

Report Date :

25.06.2014

IDENTIFICATION DETAILS

Name :	PALACE JEWELLERS PRIVATE LIMITED (w.e.f.08.12.2011)
Formerly Known As :	GOURAV JAIN JEWELLERS PRIVATE LIMITED
Registered Office :	B-XIX-546, Government College Road, Civil Lines, Ludhiana – 141001, Punjab
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.08.2010
Com. Reg. No.:	16-034156
Capital Investment / Paid-up Capital :	Rs.8.402 Millions
CIN No.: [Company Identification No.]	U36911PB2010PTC034156
PAN No.: [Permanent Account No.]	AADCG9237H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader and Exporter of Jewellery.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B(32)

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

Maximum Credit Limit :	USD 170000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Sales turnover of the company has declined resulting into sharp dip in the profit of the company during financial year 2013. Further external borrowing of the company has increased over previous year. Which acts as threatening to the liquidity position of the company. However, trade relations are far. Business is active. Payment terms are 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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 (GENERAL DETAILS)

Name :	Mr. Gaurav Jain
Designation :	Director
Contact No.:	91-161-4646411
Date :	23.06.2014

LOCATIONS

Registered Office / Workshop :	B-XIX-546, Government College Road, Civil Lines, Ludhiana – 141001, Punjab, India
Tel. No.:	91-161-4646411
Fax No.:	Not Available
E-Mail :	rahul_agga@yahoo.com info@palacejewellers.com sales@palacejewellers.com directors@palacejewellers.com
Website :	http://palacejewellers.com
Locality :	Commercial

DIRECTORS

As on 30.09.2013

Name :

Mr. Rakesh Kumar Jain

Designation :

Director

Address :

801/8 H, Loomba Street, Civil lines, Ludhiana, Punjab, India

Date of Birth/Age :

05.02.1958

Date of Appointment :

05.08.2010

DIN No.:

00859242

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	U18109PB1932PTC000082	SWADESHI RAIMENT PRIVATE LIMITED	Director	27/10/1989	27/10/1989	25/03/2010	Active	NO
2	U55100KA2003PTC070140	MRG HOTELS PRIVATE LIMITED	Managing director	01/04/2008	30/12/2003	16/06/2011	Active	NO
3	U36911PB2010PTC034156	PALACE JEWELLERS PRIVATE LIMITED	Director	05/08/2010	05/08/2010	-	Active	NO
4	U27101PB2011PTC034566	AJAR AMAR STEEL CASTINGS PRIVATE LIMITED	Director	05/01/2011	05/01/2011	-	Active	NO
5	U70102PB2011PTC035743	PALACE INFRATECH PRIVATE LIMITED	Director	14/12/2011	14/12/2011	-	Active	NO

Name :

Mr. Gourav Jain

Designation :

Director

Address :

H. No. 11-12, Ram Bagh, Aggar Nagar Enclave, Adjoining, A Block, Ludhiana, Punjab, India

Date of Birth/Age :

30.10.1985

Date of Appointment :

05.08.2010

DIN No.:

02175888

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	U55100KA2003PTC070140	MRG HOTELS PRIVATE LIMITED	Director	30/09/2009	01/04/2008	16/06/2011	Active	NO
2	U36911PB2010PTC034156	PALACE JEWELLERS PRIVATE LIMITED	Director	05/08/2010	05/08/2010	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Rakesh Kumar Jain	197500	23.51
Gourav Jain	412500	49.10
Indu Bala	85000	10.12
Smriti Jain	40000	4.76
Soran Jain	105000	12.50
Rakesh Kumar Jain and Sons	100	0.01
Gourav Jain HUF	100	0.01
Total	840200	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader and Exporter of Jewellery.
Products :	Gold Jewellery Diamond Jewellery Silver Articles
Exports :
Products :	Finished Goods
Countries :	Dubai
Imports :
Products :	Raw Materials
Countries :	Dubai
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

20 (Approximately)

Bankers :

Indian Overseas Bank, Civil Lines, Ludhiana - 141001, Punjab, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term Loans From Banks
ICICI Bank (Old Car Loan)	1.810	1.539
ICICI Bank ( Car Loan)	1.042	0.000
Indian Overseas Bank (Building 002)	1.693	6.456
Indian Overseas Bank, MFA TL	0.000	0.717
Less : Installments payable within 12 months
- ICICI Bank (Old Car Loan)	1.810	0.000
- ICICI Bank (Car Loan)	0.154	0.000
- IOB (Building)	1.693	0.000
Short Term Borrowings
From Bank
Indian Overseas Bank A/c. No. 2078	98.258	76.943
Total	99.146	85.655

Banking Relations :	--
Auditors :
Name :	P.K. Goel and Associates Chartered Accountants
Address :	63 Rose Enclave, Civil Lanes, Luciana – 141001, Punjab, India
PAN No.:	ABZPG5680Q

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
840200	Equity Shares	Rs.10/- each	Rs.8.402 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	8.402	8.400	0.300
(b) Reserves & Surplus	34.222	15.224	0.000
(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)	42.624	23.624	0.300
(3) Non-Current Liabilities
(a) long-term borrowings	41.076	31.192	12.622
(b) Deferred tax liabilities (Net)	0.578	0.143	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)	41.654	31.335	12.622
(4) Current Liabilities
(a) Short term borrowings	98.258	76.943	0.000
(b) Trade payables	4.133	26.298	0.700
(c) Other current liabilities	4.274	5.269	0.024
(d) Short-term provisions	9.430	0.016	0.000
Total Current Liabilities (4)	116.095	108.526	0.724
TOTAL	200.373	163.485	13.646
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	26.840	12.635	8.597
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	11.330	4.453
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.038	1.705	0.000
(e) Other Non-current assets	0.025	0.034	0.042
Total Non-Current Assets	26.903	25.704	13.092
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	168.444	133.050	0.003
(c) Trade receivables	0.334	0.096	0.000
(d) Cash and cash equivalents	0.887	0.732	0.000
(e) Short-term loans and advances	3.805	3.903	0.000
(f) Other current assets	0.000	0.000	0.551
Total Current Assets	173.470	137.781	0.554
TOTAL	200.373	163.485	13.646

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	216.824	31.910	0.003
Less	EXPENSES		186.510	30.581	0.002
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		30.314	1.329	0.001
Less	DEPRECIATION/ AMORTISATION		1.452	0.817	0.000
	PROFIT/(LOSS) BEFORE TAX		28.862	0.512	0.001
Less	TAX		10.007	0.159	0.000
	PROFIT/(LOSS) AFTER TAX		18.855	0.353	0.001
	Earnings Per Share (Rs.)		22.42	0.42	0.02

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	8.70	1.11	33.33
Return on Total Assets (PBT/Total Assets}	(%)	14.40	0.34	0.01
Return on Investment (ROI) (PBT/Networth)		0.68	0.02	0.00
Debt Equity Ratio (Total Debt /Networth)		3.27	4.58	42.07
Current Ratio (Current Asset/Current Liability)		1.49	1.27	0.77

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	0.300	8.400	8.402
Reserves & Surplus	0.000	15.224	34.222
Net worth	0.300	23.624	42.624
long-term borrowings	12.622	31.192	41.076
Short term borrowings	0.000	76.943	98.258
Total borrowings	12.622	108.135	139.334
Debt/Equity ratio	42.073	4.577	3.269

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
Total Income	0.003	31.910	216.824
		1,063,566.667	579.486

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	0.003	31.910	216.824
Profit	0.001	0.353	18.855
	33.33%	1.11%	8.70%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last 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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	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

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

- Gem and Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loans and Advances From Related Parties
- Gourav Jain HUF	0.450	0.000
- Indu Jain	3.271	0.000
- Rakesh Jain and Sons HUF	4.412	0.000
- Shruti Jian	4.717	0.000
- Smriti Jain	0.350	0.000
- Sh. Sorav lain	0.222	0.200
Loans from Directors
- Sh. Rakesh lain	2.523	0.000
- Gourav Jain	24.243	22.280
Total	40.188	22.480

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10264467	22/05/2012 *	109,000,000.00	Indian Overseas Bank	Civil Lines, Ludhiana, Punjab - 141001, India	B41552167

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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.60.11
UK Pound	1	Rs.102.32
Euro	1	Rs.81.75

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.