MIRA INFORM REPORT

Report Date :

04.09.2014

IDENTIFICATION DETAILS

Name :	CHEMLINE INDIA LIMITED (w.e.f. 10.04.1995)
Formerly Known As :	CHEMLINE INDIA PRIVATE LIMITED (w.e.f. 24.02.1995) CHEMLINE MARKETING (INDIA) PRIVATE LIMITED
Registered Office :	F-1, Sarda Chamber-I, Central Market, D Blcok, Prashant Vihar, New Delhi - 110085
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	03.03.1993
Com. Reg. No.:	55-052378
Capital Investment / Paid-up Capital :	Rs. 4.470 Millions
CIN No.: [Company Identification No.]	U24200DL1993PLC052378
TAN No.: [Tax Deduction & Collection Account No.]	DELC06137F
PAN No.: [Permanent Account No.]	AAACC0504G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Chemicals.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 535000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are fair. Business is active. Payment terms 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes that many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: “BB+”
Rating Explanation	Have moderate risk of default.
Date	25.11.2013

Rating Agency Name	CRISIL
Rating	Short term rating: “A4+”
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	25.11.2013

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 (Tel. No.: 91-11-27555992)

LOCATIONS

Registered Office :	F-1, Sarda Chamber-I, Central Market, D Blcok, Prashant Vihar, New Delhi – 110085, India
Tel. No. :	91-11-27555992 to 27555999
Fax No. :	91-11-43852186
E-Mail :	mail.bsc@gmail.com info@chemlineglobal.com sales@chemlineglobal.com sales2@chemlineglobal.com sales3@chemlineglobal.com exports@chemlineglobal.com info@chemineglobal.com
Website :	www.chemlineglobal.com
Area :	2500 sq.ft.
Location :	Owned
Factory :	Village Dhaturi, PO Bhigan, 54 Milestone, Sonipat - 131029, Haryana, India
Location :	Owned

DIRECTORS

As on 24.09.2013

Name :

Mr. Ravinder Nath Goel

Designation :

Director

Address :

431, Deepali Chowk, Pitam Pura, Delhi – 110034, India

Date of Birth/Age :

03.11.1953

Date of Appointment :

03.03.1993

DIN No. :

01121622

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	Company/ LLP Status	Defaulting status
1	U24200DL1993PLC052378	CHEMLINE INDIA LIMITED	Director	03-03-1993	03-03-1993	Active	NO
2	U24100DL2012PTC235416	CHEMLINE INFRASTRUCTURE TECHNOLOGIES PRIVATE LIMITED	Director	07-05-2012	07-05-2012	Active	NO

Name :

Mrs. Bharti Goel

Designation :

Director

Address :

431, Deepali Chowk, Pitam Pura, Delhi – 110034, India

Date of Birth/Age :

11.08.1962

Date of Appointment :

03.03.1995

DIN No. :

01121636

Name :

Mr. Dinesh Chandra Gupta

Designation :

Director

Address :

B-1/92, Janak Puri, New Delhi – 110058, India

Date of Birth/Age :

20.08.1953

Date of Appointment :

05.01.2002

DIN No. :

01126454

Name :

Moti Lal Jain

Designation :

Director

Address :

B-99, Pundrik Vihar, Pitampura, New Delhi - 110034, India

Date of Birth/Age :

01.06.1932

Date of Appointment :

15.06.2010

DIN No. :

01093636

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	Company/ LLP Status	Defaulting status
1	U29309DL1988PTC031683	ASMARO FABRICATORS PRIVATE LIMITED	Director	20-02-1991	20-02-1991	Active	NO
2	U24200DL1993PLC052378	CHEMLINE INDIA LIMITED	Director	15-06-2010	15-06-2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2013

Names of Shareholders	No. of Shares
Ravinder Nath Goel	446440
Sri Krishna Goel	10
Saraswati Gupta	10
Abhay Kumar Kuchhal	10
Bharti Goel	500
Deepak Gupta	10
Shashi Gupta	10
Total	446990

As on 24.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Chemicals.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· State Bank of Travancore, Balaji Plaza, Sector - 8, Rohini, Delhi - 110085, India

The Hongkong and Shanghai Banking Corporation Limited, 25 Barakhamba Road, New Delhi - 110001, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loan - From banks Rupee term loans banks	40.278	54.823
Other Loans and advances Loans taken for vehicles	1.955	6.301
SHORT TERM BORROWINGS
Loans Repayable on Demands - From banks
Cash Credit Limit	138.066	73.300
EPC from State Bank of Travancore	0.000	0.002
Total	180.299	134.426

Banking Relations :	--
Auditors :
Name :	Deepak Bansal Chartered Accountant
Address :	201/8, Sushma Tower, Central Market, D-Block, Prashant Vihar, Rohini, Delhi – 110085, India
Income-tax PAN of auditor or auditor's firm :	AKCPB3186C

CAPITAL STRUCTURE

As on 24.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
446990	Equity Shares	Rs.10/- each	Rs. 4.470 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	4.470	4.470	4.470
(b) Reserves & Surplus	129.270	102.166	83.964
(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)	133.740	106.636	88.434
(3) Non-Current Liabilities
(a) long-term borrowings	42.233	61.124	16.201
(b) Deferred tax liabilities (Net)	1.570	1.403	1.467
(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)	43.803	62.527	17.668
(4) Current Liabilities
(a) Short term borrowings	138.066	73.302	46.601
(b) Trade payables	60.460	49.110	26.534
(c) Other current liabilities	12.896	6.332	1.407
(d) Short-term provisions	15.429	12.723	6.061
Total Current Liabilities (4)	226.851	141.467	80.603
TOTAL	404.394	310.630	186.705
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	86.444	57.660	53.179
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	2.449	4.673	2.589
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.010	0.010	0.010
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.816	3.546	1.699
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	93.719	65.889	57.477
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	106.371	58.461	39.097
(c) Trade receivables	130.374	103.609	66.610
(d) Cash and cash equivalents	26.923	54.095	8.419
(e) Short-term loans and advances	43.860	24.920	2.276
(f) Other current assets	3.147	3.656	12.826
Total Current Assets	310.675	244.741	129.228
TOTAL	404.394	310.630	186.705

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	473.645	449.672	249.683
		Other Income	18.320	3.816	4.879
		TOTAL (A)	491.965	453.488	254.562
Less	EXPENSES
		Cost of Material Consumed	328.118	334.940	191.860
		Changes in Inventories	(15.823)	(10.030)	(10.827)
		Employee Benefit Expenses	38.058	25.950	14.947
		Other Expenses	77.458	56.729	32.154
		Extraordinary Items	0.000	0.000	0.037
		TOTAL (B)	427.811	407.589	228.171
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		64.154	45.899	26.391
Less	FINANCIAL EXPENSES (D)		16.171	10.884	7.618
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		47.983	35.015	18.773
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.914	8.129	5.676
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		38.069	26.886	13.097
Less	TAX (H)		10.965	8.684	4.460
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		27.104	18.202	8.637
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		99.666	81.464	72.827
	BALANCE CARRIED TO THE B/S		126.770	99.666	81.464
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	77.419	43.365	46.306
	TOTAL EARNINGS		77.419	43.365	46.306
	IMPORTS
		Raw Material	46.843	34.911
	TOTAL IMPORTS		46.843	34.911	28.103
	Earnings / (Loss) Per Share (Rs.)		60.64	40.72	19.32

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	5.51	4.01	3.39
Net Profit Margin (PBT/Sales)	(%)	8.04	5.98	5.25
Return on Total Assets (PBT/Total Assets}	(%)	9.47	8.79	7.11
Return on Investment (ROI) (PBT/Networth)		0.28	0.25	0.15
Debt Equity Ratio (Total Debt/Networth)		1.35	1.26	0.71
Current Ratio (Current Asset/Current Liability)		1.37	1.73	1.60

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	4.470	4.470	4.470
Reserves & Surplus	83.964	102.166	129.270
Net worth	88.434	106.636	133.740
long-term borrowings	16.201	61.124	42.233
Short term borrowings	46.601	73.302	138.066
Total borrowings	62.802	134.426	180.299
Debt/Equity ratio	0.710	1.261	1.348

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	249.683	449.672	473.645
		80.097	5.331

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	249.683	449.672	473.645
Profit	8.637	18.202	27.104
	3.46%	4.05%	5.72%

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	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	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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10340576	28/02/2012	23,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI  TED	25 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B34323576
2	90044419	30/10/2013 *	224,000,000.00	STATE BANK OF TRAVANCORE	BALAJI PLAZA, SECTOR - 8, ROHINI, DELHI, DELHI -  110085, INDIA	B95359436
3	90043572	02/06/2006 *	17,000,000.00	STATE BANK OF TRAVANCORE	BALAJI PLAZA, SECTOR- 8, ROHINI, DELHI, DELHI - 1  10085, INDIA	-
4	90042863	25/10/2005 *	17,325,000.00	STATE BANK OF TRAVANCORE	ROHINI COMMERCIAL COMPLEX, BALAJI PLAZA; SEC - 8;  ROHINI, DELHI, DELHI - 110085, INDIA	-
5	90042312	25/08/2000 *	11,600,000.00	STATE BANK OF TRAVANCORE	ROHINI COMMERCIAL COMPLEX, BALAJI PLAZA; SEC - 8;  ROHINI, DELHI, DELHI - 110085, INDIA

* Date of charge modification

OPERATION

During the year the company did well. The directors expect that the company will achieve new heights in the ensuing year.

CONTINGENT LIABILITIES (AS ON 31.03.2013):

Outstanding Guarantees furnished to HSBC Bank in respect of Letter of Credit amounting to Rs. 5.534 Millions.

FIXED ASSETS

· Air conditioner

Building

Computer

Electrical Equipment

EPABX

Factory Equipments

Furnitures and Fixtures

Generator

Land

Office Equipment

Plant and Machinery

Printer UPS

Research and Developments

Satellite Broad Band System

Telephone Equipments

U V Lamp-6 Transformer

Vehicles

Cycle

Lab Equipments

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.60.45
UK Pound	1	Rs.99.46
Euro	1	Rs.79.46

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	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		44

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.