MIRA INFORM REPORT

Report Date :

06.10.2014

IDENTIFICATION DETAILS

Name :	CASE NEW HOLLAND CONSTRUCTION EQUIPMENT (INDIA) PRIVATE LIMITED (w.e.f.16.05.2011)
Formerly Known As :	L AND T CASE EQUIPMENT PRIVATE LIMITED
Registered Office :	219, Atlanta Estate, A Wing, Near Virwani Industrial Estate, Off Western Highway, Goregaon (East), Mumbai – 400063, Maharashtra
Country :	India
Financials (as on) :	31.12.2013
Date of Incorporation :	20.11.1998
Com. Reg. No.:	11-117183
Capital Investment / Paid-up Capital :	Rs. 240.100 Millions
CIN No.: [Company Identification No.]	U29240MH1998PTC117183
PAN No.: [Permanent Account No.]	AAACL4176B
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is primarily engaged in the business of manufacture and sale of earth moving equipments.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. There seems some dip in the turnover and profit of the company during 2013 however, net worth of the company is satisfactory. General financial position of the company is sound. Fundamentals of the company are healthy. The rating also takes into consideration the company market position over the medium term with its established brands. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment. The company can be considered normal 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.

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: AA-
Rating Explanation	High degree of safety and very low credit risk.
Date	28.05.2014

Rating Agency Name	CRISIL
Rating	Short term rating: A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	28.05.2014

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 31-03-2014.

INFORMATION DECLINED

MANAGEMENT NON – COOPERATIVE (91-22-67525758)

LOCATIONS

Registered Office :	219, Atlanta Estate, A Wing, Near Virwani Industrial Estate, Off Western Highway, Goregaon (East), Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-67525758
Fax No.:	Not Available
E-Mail :	Preeti.jaiswal@cnhind.com
Factory :	Plot No 157, Industrial Area III, Pithampur Dhar, Indore - 454774, India
Tel. No.:	91-72-92402901
Fax No.:	91-72-92401513

DIRECTORS

As on 07.03.2014

Name :	Rakesh Malhotra
Designation :	Director
Address :	228, Bhera Enclave, Delhi – 110087, India
Date of Birth/Age :	06.04.1958
Date of Appointment :	12.09.2009
DIN No.:	00015911
Name :	Mario Gasparri
Designation :	Director
Address :	VIA Lucino 39, 6932, Breganzona, Switzerland
Date of Birth/Age :	01.10.1960
Date of Appointment :	31.03.2011
DIN No.:	00468272
Name :	Fabrizio Cepollina
Designation :	Director
Address :	Via Serenella, 25 Castagnola 6976, Switzerland
Date of Birth/Age :	02.02.1969
Date of Appointment :	18.12.2009
DIN No.:	02927913
Name :	Mr. Abhijit Gupta
Designation :	Managing director
Address :	D-3/3259, Vasant Kunj, New Delhi – 110070, India
Date of Birth/Age :	05.10.1963
Date of Appointment :	01.04.2013
DIN No.:	03494017
Name :	Stefano Pampalone
Designation :	Director
Address :	Istinye, Hill Park, Sit 47, Parsel, CS Istinye, Sariyer, Turkey
Date of Birth/Age :	09.11.1967
Date of Appointment :	15.12.2011
DIN No.:	02784982
Name :	Mr. Damiano Cretarola
Designation :	Director
Address :	Belvedere Road No. 15, Davesco-Sorango, Switzerland 6964
Date of Birth/Age :	23.12.1969
Date of Appointment :	13.02.2014
DIN No.:	06711790

KEY EXECUTIVES

Name :	Preeti Jaiswal
Designation :	Secretary
Address :	202, Manor Block Sakar Residency Scheme No. 54, Indore – 452010, Madhya Pradesh, India
Date of Birth/Age :	22.11.1982
Date of Appointment :	05.03.2012
PAN No.:	AHVPJ0878P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 07.03.2014

Names of Shareholders	No. of Shares	%age holding
CNH America LLC, Delawar	12005000	50.00
New Holland Fiat (India) Private Limited, India	12005000	50.00
TOTAL	24010000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 07.03.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is primarily engaged in the business of manufacture and sale of earth moving equipments.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India

· Bank of Baroda, Siyaganj Branch, 15-16 Jawahar Marg, IDA Building, Ground Floor, Indore - 452007, Madhya Pradesh, India

Facilities :

Secured Loan	31.12.2013 (Rs. in Millions)	31.12.2012 (Rs. in Millions)
Short-term borrowings
Working capital loans from banks	169.423	40.895
Total	169.423	40.895

Banking Relations :
Auditors :
Name :	S R B C and Company Chartered Accountants
Address :	Golf View Corporate Tower- B, Sector-42 Sector Road, Gurgaon-122002, Haryana, India
PAN N Income-tax PAN of auditor or auditor's firm :	ACHFS9117R
Ultimate Holding Company (till 28th Sept 2013):	· Fiat Industrial S.p.A
Subsidiary of Fiat Industrial S.p.A (till 1st August 2013)	· Fiat Netherlands Holding N.V.
Subsidiary of Fiat Netherlands Holding N.V. (till 28th Sept 2013):	· CNH Global N.V.
Ultimate holding Company. (w.e.f. 29th Sept 2013)	· CNH Industrial N.V.
Related parties with whom transactions have taken place during the year:	· CNH America LLC · New Holland Tractor Limited N.V., Belgium (NHTL) · CNH France Industrial S.A. (Formerly CNH France S.A.) · CNH Italia s.P.a · CNHI International S.A (Formerly CNH International S.A.) · New Holland Fiat (India) Private Limited, India [U29220MH1992PTC069675] · CNH Latin America Ltda

CAPITAL STRUCTURE

As on 31.12.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs. 300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24010000	Equity Shares	Rs.10/- each	Rs. 240.100 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013	31.12.2012	31.12.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	240.100	240.100	240.100
(b) Reserves & Surplus	1332.540	1220.319	979.564
(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)	1572.640	1460.419	1219.664
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	2.021	4.918	12.908
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	40.815	50.369	47.808
Total Non-current Liabilities (3)	42.836	55.287	60.716
(4) Current Liabilities
(a) Short term borrowings	220.734	126.261	218.828
(b) Trade payables	758.873	1098.588	1071.293
(c) Other current liabilities	163.921	197.213	223.914
(d) Short-term provisions	100.847	103.961	81.522
Total Current Liabilities (4)	1244.375	1526.023	1595.557
TOTAL	2859.851	3041.729	2875.937
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	519.400	480.753	481.189
(ii) Intangible Assets	34.507	8.973	9.510
(iii) Capital work-in-progress	32.361	22.985	1.004
(iv) Intangible assets under development	5.176	27.605	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	19.855	19.908	18.293
(e) Other Non-current assets	59.490	64.186	40.058
Total Non-Current Assets	670.789	624.410	550.054
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	772.337	914.463	1012.864
(c) Trade receivables	1283.604	1289.610	1158.675
(d) Cash and cash equivalents	5.874	70.583	0.941
(e) Short-term loans and advances	127.247	142.663	153.403
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	2189.062	2417.319	2325.883
TOTAL	2859.851	3041.729	2875.937

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.12.2013	31.12.2012	31.12.2011
	SALES
	Income	5720.760	6553.930	4573.410
	Other Income
	TOTAL	5720.760	6553.930	4573.410
Less	EXPENSES	5490.660	6142.110	4475.250
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	230.100	411.820	98.160
Less/ Add	DEPRECIATION/ AMORTISATION	63.750	55.940	34.830
	PROFIT/ (LOSS) BEFORE TAX	166.350	355.880	63.330
Less	TAX	54.130	115.130	22.410
	PROFIT/ (LOSS) AFTER TAX	112.220	240.750	40.920
	Earnings / (Loss) Per Share (Rs.)	4.67	NA	NA

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012	31.12.2011
PAT / Total Income	(%)	1.96	3.67	0.89
Return on Total Assets (PBT/Total Assets}	(%)	5.89	11.90	2.20
Return on Investment (ROI) (PBT/Networth)		0.11	0.24	0.05
Debt Equity Ratio (Total Debt /Networth)		0.14	0.09	0.18
Current Ratio (Current Asset/Current Liability)		1.76	1.58	1.46

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	240.100	240.100	240.100
Reserves & Surplus	979.564	1220.319	1332.540
Net worth	1219.664	1460.419	1572.640
long-term borrowings	0.000	0.000	0.000
Short term borrowings	218.828	126.261	220.734
Total borrowings	218.828	126.261	220.734
Debt/Equity ratio	0.179	0.086	0.140

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	4573.410	6553.930	5720.760
		43.305	(12.713)

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	4573.410	6553.930	5720.760
Profit	40.920	240.750	112.220
	0.89%	3.67%	1.96%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	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	Yes

COMPANY AFFAIRS

The Company is committed to make best-in-class products available to Indian customers along with nationwide parts and service support. During this operating period, the Company sold 2402 numbers (previous year 3003) of Backhoe Loaders, 682 numbers (previous year 674) of Vibratory Compactors in addition to the parts and services, generating total net revenue from operations and other income of Rs. 5720.760 millions (previous year Rs. 6553.930 millions). Profit before tax for the year was Rs. 166.350 millions compared to Rs. 355.880 millions for the previous year.

The Company currently leads the compaction equipment segment and continues to hold the second position in the backhoe loader segment.

Considering the current need for funds, the Board of Directors does not recommend a dividend for the year ended 31st December 2013.

INDUSTRIAL OUTLOOK

In the recent years, the country has witnessed massive investment in the construction industry from both public and private enterprises. Multi-billion dollar investments in constructing roads, ports and power plants, and developing telecommunication sector and urban infrastructure have paved the way for the construction equipment demand to grow.

During the year, the industrial growth in the segment was slower and this reflected in the lower volumes. The Company is exploring various initiatives to strengthen the market for its products with a robust manufacturing presence. The Construction Equipment industry is expected to cater to global demand in times to come.

Industrial relations continued to be good during the year and there were no loss time incidents that affected production.

OUTLOOK

The Company continues to focus on product development with high quality standards and efficient after sales services to win the satisfaction of the customers in the market place. The Company will continue to launch new products as its growth strategy in India.

CORPORATE INFORMATION

Subject is a private limited company, incorporated under the provisions of the Companies Act, 1956. The Company is primarily engaged in the business of manufacture and sale of earth moving equipments. The Company manufactures Backhoe Loaders and Vibratory Compactors. The Company is jointly owned (fifty percent each) by CNH America LLC and New Holland Fiat (India) Private Limited.

UNSECURED LOAN

PARTICULARS	31.12.2013 (Rs. in Millions)	31.12.2012 (Rs. in Millions)
Short-term borrowings
Working capital loans from banks	51.311	85.366
Total	51.311	85.366

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10410458	04/02/2013	750,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B70307368

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.12.2013
Sales tax demands*	39.875
Excise Duty demands**	435.733
Income tax demands***	13.256
Note: * Sale tax demands comprises demand from the Sale tax authorities on account of non submission of statutory forms, classification disputes, entry taxes and non allowance of expansion benefit. ** Excise duty demands comprises demand from the excise authorities on account of alleging packing / repacking activities undertaken by the Company as deemed manufacture U/s 4A of Central Excise Act, 1944 treating the parts of earth moving equipments as automobile parts. *** Income tax demands comprises demand from the Income tax authorities for payment of additional tax of Rs. 13.256 Millions (December 31, 2012:Rs. 13.959 Millions), upon completion of their tax review for the financial years 2006-07 and 2007-08. The tax demands are on account of disallowance of warranty provisions claimed by the company under the Income tax Act. Both the matter is pending before the Income Tax Appellate Tribunal, Mumbai.

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

Intangible assets

· Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.75
UK Pound	1	Rs.100.07
Euro	1	Rs.77.95

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	DIV
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		62

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.