MIRA INFORM REPORT

Report Date :

10.05.2014

IDENTIFICATION DETAILS

Name :	ULTIMATE INDUSTRIES LIMITED
Registered Office :	E-260, Greater Kailash, Part-II, New Delhi – 110 048
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	08.03.1995
Com. Reg. No.:	55-066132
Capital Investment/ Paid-up Capital:	Rs.30.000 millions
CIN No.: [Company Identification No.]	U15490DL1995PLC066132
TAN No.: [Tax Deduction & Collection Account No.]	DELU02140F
PAN No.: [Permanent Account No.]	AAACU0861C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Looped Coil Mats, Dust Control Doormats, Chromojet Printed Logomats, Carpets and Rugs, Premium Aluminium Strip Inlay Matting.
No. of Employees:	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 760000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is established company having satisfactory track record. Company has performed well. Overall financial position of the company is 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.

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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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 BY

Name :	Mr. Raju
Designation :	Accounts Department
Contact No.:	91-11-46560218
Date :	09.05.2014

LOCATIONS

Registered Office :	E-260, Greater Kailash, Part-II, New Delhi – 110 048, India
Tel. No.:	91-11-29217749/ 29222244/ 29229643/ 29213958
Fax No.:	Not Available
E-Mail :	info@ultimats.com
Website :	http://www.ultimats.com
Factory :	32, Navada Fatehpur, Gurgaon, Haryana, India
Delhi Office :	B-105, Ground Floor, Panchsheel Vihar, New Delhi – 110 017, India
Tel. No.:	91-11-46560218/ 46560219/ 46560220
Fax No.:	91-11-29229699

DIRECTORS

AS ON 28.09.2013

Name :

Mr. Arun Gupta

Designation :

Director

Address :

E-260, Greater Kailash, Part-II, New Delhi – 110 048, India

Date of Birth/Age :

06.01.1970

Date of Appointment :

13.10.2006

DIN No.:

00566475

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	U15490DL1995PLC066132	ULTIMATE INDUSTRIES LIMITED	Director	13-10-2006	13-10-2006	-	Active	NO
2	U74120DL2014PLC262954	ULTIMATE MATS LIMITED	Director	01-01-2014	01-01-2014	-	Active	NO

Name :

Mr. Varun Gupta

Designation :

Director

Address :

E-260, Greater Kailash, Part-II, New Delhi – 110 048, India

Date of Birth/Age :

29.12.1967

Date of Appointment :

13.10.2006

DIN No.:

00566515

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	U15490DL1995PLC066132	ULTIMATE INDUSTRIES LIMITED	Director	13-10-2006	13-10-2006	-	Active	NO
2	U74120DL2014PLC262954	ULTIMATE MATS LIMITED	Director	01-01-2014	01-01-2014	-	Active	NO

Name :

Mrs. Manju Gupta

Designation :

Director

Address :

E-260, Greater Kailash, Part-II, New Delhi – 110 048, India

Date of Birth/Age :

02.02.1945

Date of Appointment :

02.02.2006

DIN No.:

00566545

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	U15490DL1995PLC066132	ULTIMATE INDUSTRIES LIMITED	Director	02-02-2006	02-02-2006	-	Active	NO
2	U74120DL2014PLC262954	ULTIMATE MATS LIMITED	Director	01-01-2014	01-01-2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2013

Names of Shareholders	No. of Shares
Arun Gupta	999900
Varun Gupta	691870
Manju Gupta	1000000
Monila Gupta	307950
Om Prakash Gupta	100
Dwarka Nath Kaul	100
Aashna Gupta	80
Total	3000000

AS ON 28.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Looped Coil Mats, Dust Control Doormats, Chromojet Printed Logomats, Carpets and Rugs, Premium Aluminium Strip Inlay Matting.

Products/ Services :

Item Code No. (ITC Code)	3918
Product/ Service Description	Floor Coverings of Plastic-Flexible PVC Articles
Item Code No. (ITC Code)	9988
Product/ Service Description	Manufacturing services on physical inputs owned by others

PRODUCTION STATUS (AS ON 31.03.2013):

Particulars	Unit	Actual Production Qty.
Standard duty Backed matting	Sft	3,12,687.74
Standard duty Unbacked matting	Sft	5,355.00
Heavy Duty Unbacked Matting	Sft	1,18,474.97
Heavy Duty Backed Matting	Sft	18,009.91
Lite Backed Matting	Sft	4,69,629.00
Senator Matting and Grass Admiral	Sft	3,95,988.52
Acemat, Zig Zag	Sft	2,969.44
Ultimat Ecomat	Sft	2,99,802.64

GENERAL INFORMATION

No. of Employees :

Information declined by the Management.

Bankers :

· The Hongkong and Shanghai Banking Corporation Limited, 25, Barakhambha Road, New Delhi – 110 001, India

· Axis Bank Limited, 2^nd Floor, Statesman House, 148, Barakhamba Road, New Delhi - 110001, India

· Bank of India, New Delhi Corporate Banking Branch, 37, Shaheed Bhagat Singh Marg, New Delhi – 110 001, India

· Bank of India, 1, Paras Cinema Building, Nehru Place, New Delhi – 110 019, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Packing Credit Loan	9.927	16.386
Foreign Bill Purchase	0.000	2.143
Bank OD (Cash-credit against hypothecation of stocks)	7.857	1.730
Total	17.784	20.259

Banking Relations :	--
Auditors :
Name :	Vinod Krishna and Associates Chartered Accountants
Address :	211, Anarkali Complex, Jhandewalan Complex, New Delhi – 110 055, India
Tel No.:	91-11-23510033/ 23554244
Fax No.:	91-11-23554244
E-Mail :	vinodgupta211@gmail.com
PAN No.:	AAHFV1670Q

CAPITAL STRUCTURE

AS ON 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 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	30.000	30.000	30.000
(b) Reserves & Surplus	160.073	157.064	155.335
(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)	190.073	187.064	185.335
(3) Non-Current Liabilities
(a) Long-term borrowings	25.855	28.334	28.069
(b) Deferred tax liabilities (Net)	2.466	2.770	4.417
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	1.074	0.912	0.764
Total Non-current Liabilities (3)	29.395	32.016	33.250
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	8.832	7.639	10.641
(c) Other current liabilities	4.646	3.043	3.669
(d) Short-term provisions	0.358	1.893	1.192
Total Current Liabilities (4)	13.836	12.575	15.502
TOTAL	233.304	231.655	234.087
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	178.166	181.162	188.105
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	178.166	181.162	188.105
(2) Current assets
(a) Current investments	0.000	0.000	0.000
0(b) Inventories	30.208	25.165	23.658
(c) Trade receivables	14.721	16.817	10.964
(d) Cash and cash equivalents	1.170	3.655	4.909
(e) Short-term loans and advances	1.182	0.896	1.548
(f) Other current assets	7.857	3.960	4.903
Total Current Assets	55.138	50.493	45.982
TOTAL	233.304	231.655	234.087

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	110.086	100.077	72.430
		Other Income	0.735	0.274	1.140
		TOTAL (A)	110.821	100.351	73.570
Less	EXPENSES
		Purchases	60.943	49.885	35.460
		Changes in Raw Material	(1.963)	0.590	(4.862)
		Changes in Finished Goods	1.164	(2.519)	(0.112)
		Changes in Work in Progress	(4.245)	0.421	(1.161)
		Employee Benefits Expenses	13.122	11.710	9.289
		Other Expenses	26.499	24.927	20.556
		Exceptional Items	0.000	0.032	0.000
		TOTAL (B)	95.520	85.046	59.170
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.301	15.305	14.400
Less	FINANCIAL EXPENSES (D)		2.975	3.232	3.908
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.326	12.073	10.492
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.107	7.483	7.978
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		5.219	4.590	2.514
Less	TAX (H)		(0.303)	0.056	2.472
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		5.522	4.534	0.042
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods on F.O.B. basis	50.879	55.216	42.194
	TOTAL EARNINGS		50.879	55.216	42.194
	IMPORTS
		Raw Material, Trading Goods & Stores	17.845	14.747	7.794
		Capital Goods (WIP)	1.821	0.323	0.679
	TOTAL IMPORTS		19.666	15.070	8.473
	Earnings / (Loss) Per Share (Rs.)		1.84	1.51	0.01

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.98	4.52	0.06
Net Profit Margin (PBT/Sales)	(%)	4.74	4.59	3.47
Return on Total Assets (PBT/Total Assets}	(%)	2.24	1.98	1.07
Return on Investment (ROI) (PBT/Networth)		0.03	0.02	0.01
Debt Equity Ratio (Total Debt/Networth)		0.14	0.15	0.15
Current Ratio (Current Asset/Current Liability)		3.99	4.02	2.97

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	30.000	30.000	30.000
Reserves & Surplus	155.335	157.064	160.073
Net worth	185.335	187.064	190.073
Long-term borrowings	28.069	28.334	25.855
Short term borrowings	0.000	0.000	0.000
Total borrowings	28.069	28.334	25.855
Debt/Equity ratio	0.151	0.151	0.136

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	72.430	100.077	110.086
		38.171	10.001

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	72.430	100.077	110.086
Profit	0.042	4.534	5.522
	0.06%	4.53%	5.02%

LOCAL AGENCY FURTHER INFORMATION

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	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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10445321	26/08/2013	60,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	25, BARAKHAMBHA ROAD, NEW DELHI, DELHI - 110001, INDIA	B83173120

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and Advances from Related Parties
Loan from Directors	5.266	5.266
Loan from Others	0.008	0.012
Other Loans and Advances
Trade Deposits from Dealer	0.227	0.227
Loan from Others	2.570	2.570
Total	8.071	8.075

YEAR IN RETROSPECT

Performance during the year 2012-13 has been stable. Turnover has increased over the previous year. EBIDTA margins are marginally lower owing to higher input costs.

FUTURE OUTLOOK

The Company has added new customers and innovative matting products. Both domestic and international demand is rising, and results of these efforts will show in the full year ahead.

FINANCIAL RESULTS

The Company recorded a total income of Rs.110.870 millions (100.350 millions), Earnings before interest, depreciation and taxes of Rs.14.990 millions (14.560 millions) and Net profit of Rs.5.380 millions (4.530 millions).

FIXED ASSETS:

· Land

· Office Building

· Factory Building

· Rented Property Improvements

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computers

· Loose Tools

· Vehicles

· Electrical Installation

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.60.05
UK Pound	1	Rs.101.65
Euro	1	Rs.83.07

INFORMATION DETAILS

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

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	6
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.