MIRA INFORM REPORT

Report Date :

16.05.2014

IDENTIFICATION DETAILS

Name :	SHAVO TECHNOLOGIES PRIVATE LIMITED
Formerly Known As :	AWARD TRADING PRIVATE LIMITED
Registered Office :	KA Building, Shrikant Hadkar Marg, Zakaria Bunder Road, Opposite Cotton Green Station (West), Mumbai – 400033, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.07.1995
Com. Reg. No.:	11-090823
Capital Investment / Paid-up Capital :	Rs. 0.600 Million
CIN No.: [Company Identification No.]	U51900MH1995PTC090823
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Dealer of of Fittings and Valves, Pressure Control Solutions, Static Elimination Solutions, Compressed Air Products, Air Moving Products, Energy Absorption Products, Filtration Products, Etc
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 17000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a part of “Shavo Group”. It is an established company having moderate track record. The company possesses a moderate financial profile marked by small networth base and modest capital structure. Management has reported a drastic dip in its net profitability during 2013. However, trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. In view at long standing presence the subject can be considered for business dealings 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

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 PARTED BY

Name :	Mrs. Mumtaz A Khan
Designation :	Manager
Contact No.:	91-20-26159641
Date :	23.04.2014

LOCATIONS

Registered Office :	KA Building, Shrikant Hadkar Marg, Zakaria Bunder Road, Opposite Cotton Green Station (West), Mumbai – 400033, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	shavogroup@vsnl.com
Website :	http://www.shavogroup.com
Corporate/ Sales Head Office :	Shavo House, S No.21, A/10-B, Plot No.394, South Main Road, Hotel Cozy-Inn Chowk, Koregaon Park, Pune – 411001, Maharashtra India
Tel No.:	91-20-26059641/ 26059642/ 27036021/ 27030732/ 26069641/ 42/ 43/ 44
Fax No.:	91-20-26059644
Factory/ Sales Office :	A-173, 4^th Cross, 1^st Stage, Peenya Industrial Estate, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80-28394004/ 28393843
Fax No.:	91-80-28395963
Area :	3000 sq. ft.
Location :	Rented

DIRECTORS

As on: 30.09.2013

Name :

Mr. Rushil Harkishan Shah

Designation :

Director

Address :

241B, Grand Paradi Apartments, August Kranti Marg, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

11.01.1971

Qualification :

B.E.

Date of Appointment :

04.08.1995

DIN No.:

00031182

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	U74140MH1989PTC052854	TECHINFO SERVICES PRIVATE LIMITED	Director	03-08-89	03-08-89	-	Active	NO
2	U51900MH1995PTC090823	SHAVO TECHNOLOGIES PRIVATE LIMITED	Director	04-08-95	04-08-95	-	Active	NO
3	U51900MH1997PTC107655	FORAM TRADING AND INVESTMENT PRIVATE LIMITED	Director	03-06-97	03-06-97	-	Active	NO
4	U23200MH1984PTC034675	CENTRALINE LUBRO-TECH ENGINEERS PRIVATE LIMITED	Whole-time director	01-01-01	01-01-01	-	Active	NO
5	U51504MH2007PTC172909	MEECH SHAVOTECH PRIVATE LIMITED	Director	07-08-07	07-08-07	-	Active	NO
6	U74899DL1994PTC062193	P.E. INTERNATIONAL CONSULTING INDIA PRIVATE LIMITED	Director	25-08-08	25-08-08	-	Active	NO

Name :

Mr. Shatul Harkishan Shah

Designation :

Director

Address :

241B, Grand Paradi Apartments, August Kranti Marg, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

21.11.1996

Qualification :

B. Com

Date of Appointment :

04.08.1995

DIN No.:

00031120

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	U74140MH1989PTC052854	TECHINFO SERVICES PRIVATE LIMITED	Director	03-08-89	03-08-89	-	Active	NO
2	U23200MH1984PTC034675	CENTRALINE LUBRO-TECH ENGINEERS PRIVATE LIMITED	Whole-time director	27-04-91	27-04-91	-	Active	NO
3	U74899DL1994PTC062193	P.E. INTERNATIONAL CONSULTING INDIA PRIVATE LIMITED	Director	17-11-94	17-11-94	-	Active	NO
4	U51900MH1995PTC090823	SHAVO TECHNOLOGIES PRIVATE LIMITED	Director	04-08-95	04-08-95	-	Active	NO
5	U51900MH1997PTC107655	FORAM TRADING AND INVESTMENT PRIVATE LIMITED	Director	03-06-97	03-06-97	-	Active	NO
6	U51504MH2007PTC172909	MEECH SHAVOTECH PRIVATE LIMITED	Director	07-08-07	07-08-07	-	Active	NO

Name :

Mr. Keshavji Harkishan Shah

Designation :

Director

Address :

241B, Grand Paradi Apartments, August Kranti Marg, Mumbai – 400036, Maharashtra

Date of Birth/Age :

28.01.1926

Qualification :

B.E.

Date of Appointment :

02.04.1996

DIN No.:

00031235

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	U74899DL1983PTC016853	ELMECH PNEUMETIC INDUSTRIES PRIVATE LIMITED	Director	28-10-83	28-10-83	21-11-13	Active	NO
2	U23200MH1984PTC034675	CENTRALINE LUBRO-TECH ENGINEERS PRIVATE LIMITED	Director	30-11-84	30-11-84	-	Active	NO
3	U74899DL1994PTC062193	P.E. INTERNATIONAL CONSULTING INDIA PRIVATE LIMITED	Whole-time director	17-11-94	17-11-94	-	Active	NO
4	U51900MH1995PTC090823	SHAVO TECHNOLOGIES PRIVATE LIMITED	Director	02-04-96	02-04-96	-	Active	NO
5	U17120MH1954PTC009271	TULSIDAS KHIMJI PRIVATE LIMITED	Director	12-02-97	12-02-97	-	Active	NO
6	U51900MH1997PTC107655	FORAM TRADING AND INVESTMENT PRIVATE LIMITED	Director	19-12-97	19-12-97	-	Active	NO
7	U74999MH1968GAP014120	INDO-AMERICAN CHAMBER OF COMMERCE	Director	29-09-05	29-09-05	26-09-08	Active	NO
8	U51504MH2007PTC172909	MEECH SHAVOTECH PRIVATE LIMITED	Director	07-08-07	07-08-07	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Mumtaz A Khan
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Shatul Harkishan Shah	7084
Rushil Harkishan Shah	10834
Rani Harkishan	7083
Harkishan Shah	7083
Maneesha Shah	7083
Foram Trading and Investment Private Limited	17500
Shahreen Rushil Shah	3333
Total	60000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	29.17
Directors or relatives of Directors	70.83
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Dealer of of Goot Pump Products and Test Regulator
Imports :
Products :	Raw Materials
Countries :	· USA · UK
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Suppliers :	United Brothers Instruments
Customers :	End Users · Patvin Engineering Private Limited
No. of Employees :	50 (Approximately)
Bankers :	· Citi Bank, Citi Tower, 61 Dr. S S Rao Road, Parel, Mumbai – 400012, Maharashtra, India [91-22-24188930]

Banking Relations :	---
Auditors :
Name :	N. M. Dhani and Company Chartered Accountants
Address :	402, Rajshila Building, Building, 597, J.S.S Road, Princess Street, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-65250239
Mobile No:	91-9870103140
Income-tax PAN of auditor or auditor's firm :	AACPD2484P
Group Company :	Centraline Lubro-Tech Engineers Private Limited

CAPITAL STRUCTURE

As on: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs.1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
60000	Equity Shares	Rs.10/- each	Rs.0.600 Million

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	0.600	0.600	0.600
(b) Reserves & Surplus	3.796	3.425	2.417
(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)	4.396	4.025	3.017
(3) Non-Current Liabilities
(a) long-term borrowings	13.400	13.400	12.250
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.002	0.054	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	13.402	13.454	12.250
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	10.219	9.591	17.710
(c) Other current liabilities	8.586	8.318	7.850
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	18.805	17.909	25.560
TOTAL	36.603	35.388	40.827
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.546	2.721	2.492
(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)	0.627	0.892	0.085
(d) Long-term Loan and Advances	3.198	5.127	6.086
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	6.371	8.740	8.663
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	11.392	8.565	7.754
(c) Trade receivables	14.072	16.188	21.410
(d) Cash and cash equivalents	2.995	0.294	0.717
(e) Short-term loans and advances	1.773	1.601	2.283
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	30.232	26.648	32.164
TOTAL	36.603	35.388	40.827

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		0.951	0.312	0.248
Less	TAX		0.580	(0.697)	0.089
	PROFIT AFTER TAX		0.371	1.009	0.159
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.425	0.617	0.769
	BALANCE CARRIED TO THE B/S		1.796	1.626	0.928
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3.191	2.623	3.239
		Commission Earnings	3.711	1.284	2.682
	TOTAL EARNINGS		6.902	3.907	5.921
	C.I.F		58.742	66.753	38.944
	Earnings Per Share (Rs.)		6.18	NA	3.20

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	2.64	0.90	0.61
Return on Investment (ROI) (PBT/Networth)		0.22	0.08	0.08
Debt Equity Ratio (Total Debt /Networth)		3.05	3.33	4.06
Current Ratio (Current Asset/Current Liability)		1.61	1.49	1.26

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	0.600	0.600	0.600
Reserves & Surplus	2.417	3.425	3.796
Net worth	3.017	4.025	4.396
long-term borrowings	12.250	13.400	13.400
Short term borrowings	0.000	0.000	0.000
Total borrowings	12.250	13.400	13.400
Debt/Equity ratio	4.060	3.329	3.048

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	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	No
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	10193041	30/12/2009	6,500,000.00	CITIBANK N. A.	KUMAR CAPITAL, 2413, EAST STREET, CAMP, PUNE, Mah arashtra - 411001, INDIA	A75788448
2	10077274	04/12/2007	2,500,000.00	BANK OF MAHARASHTRA	NARIMAN POINT BRANCH, MITTAL CHAMBERS, GROUND FLO  OR, MUMBAI, Maharashtra - 400021, INDIA	A27744937

* Date of charge modification

UNSECURED LOAN (Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Long term borrowings from shareholders	13.400	13.400
Total	13.400	13.400

FIXED ASSETS

· Computer

· Fax

· Motor Car

· Office Equipment

· Furniture and Fixture

· Air Conditioner

· Tools

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 records 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] 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.59.47
UK Pound	1	Rs.99.70
Euro	1	Rs.81.55

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	SUB
Report Prepared by :	SBN

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	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	Yes
--LITIGATION	YES/NO	No
--OTHER ADVERSE INFORMATION	YES/NO	No
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	No
--EXPORT ACTIVITIES	YES/NO	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		29

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.