MIRA INFORM REPORT

Report Date :

25.06.2014

IDENTIFICATION DETAILS

Name :	ZEN LINEN INTERNATIONAL PRIVATE LIMITED
Registered Office :	Plot No. A 48, A49 and A50, Phase I, SEZ, Madras Export Processing zone, Tambaram, Chennai – 600045, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.11.2006
Com. Reg. No.:	18 – 061440
Capital Investment / Paid-up Capital :	Rs. 17.750 Millions
CIN No.: [Company Identification No.]	U17226TN2006PTC061440
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Exporter and Supplier of Sofa material- cushion, cover, mattress, foam, dyed cotton cushion cover, suede cushion cover, bed spreads, silk cushion, curtain, shaggy, puffs etc.
No. of Employees :	Information Denied by the Management

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 891000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company is decent. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

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 DENIED BY

Name :	Mr. Laxman
Designation :	Chief finance
Contact No.:	91-9380304068
Date :	20.06.2014

LOCATIONS

Registered Office :	Plot No. A 48, A49 and A50, Phase I, SEZ, Madras Export Processing zone, Tambaram, Chennai – 600045, Tamilnadu
Tel. No.:	91-91-44-22626060 / 40
Mobile No.:	91-9380304068 ( Mr. Laxman)
Fax No.:	91-91-44-22626030
E-Mail :	bharat@classiclinens.net

DIRECTORS

As on: 16.09.2013

Name :

Bharat Bir Mohindra

Designation :

Director

Address :

3 – E, Mansarover, Binny Road, Poes Garden, Chennai – 600086, Tamilnadu, India

Date of Birth/Age :

07.12.1953

Date of Appointment :

06.11.2006

PAN No:

AAEPM4105A

Passport No:

F2368072

DIN No.:

01321261

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	U51900MH1994PLC078191	INDOKEM OVERSEAS LIMITED	Director	01/04/1997	01/04/1997	-	Active	NO
2	U17111TN2000PTC044216	CLASSIC LINENS INTERNATIONAL PRIVATE LIMITED	Director	21/02/2000	21/02/2000	-	Active	NO
3	U18101TZ2004PTC016508	EAST COAST CLOTHING COMPANY PRIVATE LIMITED	Director	28/01/2004	28/01/2004	-	Active	NO
4	U17226TN2006PTC061440	ZEN LINEN INTERNATIONAL PRIVATE LIMITED	Director	06/11/2006	06/11/2006	-	Active	NO

Name :

Rashmi Mohindra

Designation :

Director

Address :

3 – E, Mansarover, Binny Road, Poes Garden, Chennai – 600086, Tamilnadu, India

Date of Birth/Age :

12.10.1959

Date of Appointment :

06.11.2006

DIN No.:

01321288

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	U18101TZ2004PTC016508	EAST COAST CLOTHING COMPANY PRIVATE LIMITED	Director	28/01/2004	28/01/2004	-	Active	NO
2	U17226TN2006PTC061440	ZEN LINEN INTERNATIONAL PRIVATE LIMITED	Director	06/11/2006	06/11/2006	-	Active	NO
3	U17111TN2000PTC044216	CLASSIC LINENS INTERNATIONAL PRIVATE LIMITED	Additional director	25/04/2012	25/04/2012	-	Active	NO
4	U51900MH1994PLC078191	INDOKEM OVERSEAS LIMITED	Director	23/04/2014	23/04/2014	-	Active	NO

Name :

Milind Mungikar

Designation :

Director

Address :

4 – A, First Street, Eden Apartments, No. 1, Kilpauk Garden Road, Chennai – 600010, Tamilnadu, India

Date of Birth/Age :

22.04.1966

Date of Appointment :

01.02.2007

DIN No.:

02935855

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	U17111TN2000PTC044216	CLASSIC LINENS INTERNATIONAL PRIVATE LIMITED	Director	21/02/2000	21/02/2000	-	Active	NO
2	U17226TN2006PTC061440	ZEN LINEN INTERNATIONAL PRIVATE LIMITED	Director	01/02/2007	01/02/2007	-	Active	NO
3	U51900MH1994PLC078191	INDOKEM OVERSEAS LIMITED	Director	23/04/2014	23/04/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. B. Venkateswaran
Designation :	Company secretary in Whole – time Practice

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 16.09.2013

Names of Shareholders	No. of Shares	%age
Bharat Bir Mohindra	1488750	83.87
Rashmi Mohindra	20000	1.13
Milind Mungikar	266250	15.00
Total	1775000	100.00

Equity Share Break up (Percentage of Total Equity)

As on: 16.09.2013

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Supplier of Sofa material- cushion, cover, mattress, foam, dyed cotton cushion cover, suede cushion cover, bed spreads, silk cushion, curtain, shaggy, puffs etc.
Products :	Silk Cushion Cover Sofa Cushion Covers Woven Cushion Hand Painted Cushion Covers Tapestry Cushion Cover Chair Cushion Covers

GENERAL INFORMATION

No. of Employees :

Information Denied by the Management

Bankers :

• Citi Bank N. A., No. 163, Anna Salai, Chennai – 600002, Tamilnadu, India

• Vijaya Bank, Egmore Branch, 123, Rukmani Lakshmipathi Road, Egmore, Chennai – 600006, Tamilnadu, India

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Term Loan
Vijaya Bank	0.000	7.634
Vehicle Purchase Loan
HDFC Bank	2.397	3.037
SHORT TERM BORROWINGS:
Working Capital Finance
From Banks
Packing Credit	44.195	4.699
Bill Purchase Facility	0.000	12.095
Total	46.592	27.465

Banking Relations :	--
Auditors :
Name :	A. V. Deven and Company Chartered Accountants
Address :	B10, Pleasant Apartments, No.50, Taylors Road, Chennai – 600010, Tamilnadu, India
Tel. No.:	91-44-26441721 / 26441722 / 26441723
E-Mail :	office@avdeven.com
PAN No.:	AAAFA1156H

CAPITAL STRUCTURE

As on: 16.09.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
1775000	Equity Shares	Rs.10/- each	Rs.17.750 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	17.750	16.600	16.600
(b) Reserves & Surplus	204.930	154.426	119.145
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	1.150	1.150
Total Shareholders’ Funds (1) + (2)	222.680	172.176	136.895
(3) Non-Current Liabilities
(a) long-term borrowings	3.147	11.171	15.633
(b) Deferred tax liabilities (Net)	6.244	5.113	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)	9.391	16.284	15.633
(4) Current Liabilities
(a) Short term borrowings	44.195	16.794	43.775
(b) Trade payables	27.313	31.935	15.889
(c) Other current liabilities	1.261	1.364	0.328
(d) Short-term provisions	19.547	14.907	1.114
Total Current Liabilities (4)	92.316	65.000	61.106
TOTAL	324.387	253.460	213.634
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	81.282	75.989	68.449
(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	55.789	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	13.114	0.631	0.000
(e) Other Non-current assets	3.378	4.600	6.123
Total Non-Current Assets	153.563	81.220	74.572
(2) Current assets
(a) Current investments	0.126	0.000	0.000
(b) Inventories	69.356	74.829	55.765
(c) Trade receivables	38.437	30.187	8.805
(d) Cash and cash equivalents	2.962	20.857	4.871
(e) Short-term loans and advances	14.281	10.355	0.922
(f) Other current assets	45.662	36.012	68.699
Total Current Assets	170.824	172.240	139.062
TOTAL	324.387	253.460	213.634

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	553.047	490.237	390.501
		Other Income	5.429	2.719	12.318
		TOTAL	558.476	492.956	402.819
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	479.214	431.950	344.223
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		79.262	61.006	58.596
Less/ Add	DEPRECIATION/ AMORTISATION		4.025	3.208	2.763
	PROFIT BEFORE TAX		75.237	57.798	55.833
Less	TAX		16.132	12.948	0.330
	PROFIT AFTER TAX		59.105	44.850	55.503
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		138.054	107.259	62.551
Less	APPROPRIATIONS
		Transfer to General Reserve	5.910	4.485	5.550
		Dividend	7.400	4.415	4.492
		Tax on Dividend	1.200	0.716	0.753
		transfer to Deferred Tax	0.000	4.439	0.000
		Total	14.510	14.055	10.795
	BALANCE CARRIED TO THE B/S		182.649	138.054	107.259
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	552.436	489.315	410.375
	TOTAL EARNINGS		552.436	489.315	410.375
	Earnings Per Share (Rs.)		33.29	25.26	31.27

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	10.58	9.10	13.78
Return on Total Assets (PBT/Total Assets}	(%)	28.01	22.80	26.13
Return on Investment (ROI) (PBT/Networth)		0.34	0.34	0.41
Debt Equity Ratio (Total Debt/Networth)		0.21	0.16	0.43
Current Ratio (Current Asset/Current Liability)		1.85	2.65	2.28

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	16.600	16.600	17.750
Reserves & Surplus	119.145	154.426	204.930
Share Application Money Pending Allotment	1.150	1.150	0.000
Net worth	136.895	172.176	222.680
long-term borrowings	15.633	11.171	3.147
Short term borrowings	43.775	16.794	44.195
Total borrowings	59.408	27.965	47.342
Debt/Equity ratio	0.434	0.162	0.213

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	390.501	490.237	553.047
		25.541	12.812

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	390.501	490.237	553.047
Profit	55.503	44.850	59.105
	14.21%	9.15%	10.69%

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	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	No
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
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	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note: The Registered Office of the company has been shifted from 28, Tank Bund road, Nungambakkam, Chennai – 600034, Tamilnadu, India to the present address w.e.f. 18.12.2006.

UNSECURED LOAN:

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
From Related Party	0.750	0.500
Total	0.750	0.500

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10434072	19/12/2013	90,000,000.00	CITIBANK N.A.	NO.163,, ANNA SALAI,, CHENNAI - 600002, TAMILNADU, INDIA	B96216031
2	10374360	28/08/2012	129,000,000.00	CITI BANK N.A.	163, ANNA SALAI,, SECOND FLOOR,, CHENNAI - 600002, TAMILNADU, INDIA	B57212268
3	10339123	19/12/2013	100,000,000.00	CITIBANK N.A.	NO.163,, ANNA SALAI,, CHENNAI - 600002, TAMILNADU, INDIA	B96216213

FIXED ASSETS:

• Factory Building
• Machinery
• Furniture and Fixtures
• Computer
• Vehicles
• Office Equipments
• Electrical Items

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.60.10
UK Pound	1	Rs.102.32
Euro	1	Rs.81.75

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUM
Report Prepared by :	JAY

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	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.