MIRA INFORM REPORT

 

 

Report Date :

29.09.2014

 

IDENTIFICATION DETAILS

 

Name :

CLAYTON FINANCE LIMITED

 

 

Formerly Known As :

CLAYTON PROPERTY AND FINANCE LIMITED

 

 

Registered Office :

Highlight House, First Floor, 57 Margret Street, London W1W 8SJ

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

05.10.1978

 

 

Com. Reg. No.:

01392635

 

 

Legal Form :

Private Limited with Share Capital

 

 

Line of Business :

·         Wholesale of Metal and Metal Ores

Trading and Export of Raw Materials and Finished Products.

 

 

No. of Employees :

9

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

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)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

UNITED KINGDOM - ECONOMIC OVERVIEW

 

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these included nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of £375 billion (approximately $605 billion) as of December 2013. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase.

 

 

Source : CIA

 

 

 

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Name:            Clayton Finance Limited

 

Company No.:               01392635

 

Company Status:           Active- Accounts Filed

 

 

 

 

DIRECTORS/MANAGEMENT

 

Current Directors

Name

Sanjay Datwani

Date of Birth

06/02/1973

Officers Title

Mr

Nationality

British

Present Appointments

10

Function

Director

Appointment Date

24/08/1994

 

 

Address

Highlight House First Floor, 57 Margaret Street, London, W1W 8SJ

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

 

NEGATIVE INFORMATION

 

CCJ

Total Number of Exact CCJs -

0

Total Value of Exact CCJs -

 

Total Number of Possible CCJs -

0

Total Value of Possible CCJs -

 

Total Number of Satisfied CCJs -

0

Total Value of Satisfied CCJs -

 

Total Number of Writs -

-

 

 

 

Exact CCJ Details

No CCJs found

 

Possible CCJs Details

There are no possible CCJ details

 

Writ Details

No writs found

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Top 20 Shareholders

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

SANJAY DATWANI

GBP

102,000

ORDINARY

1

51

EMRICK RESOURCES LTD

GBP

98,000

ORDINARY

1

49

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Statistics

Group

-

Linkages

0 companies

Countries

In 0 countries

 

Summary

Holding Company

-

Ownership Status

 

Ultimate Holding Company

-

 

Group structure

No group structure

 

 

FINANCIAL INFORMATION

 

 

Profit & Loss

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

Consolidated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

N

Turnover

£20,663,908

-1.2%

£20,921,387

27.8%

£16,371,259

48.2%

£11,046,178

11.3%

£9,924,599

Export

-

-

-

-

-

-

-

-

-

Cost of Sales

£18,843,638

-2.5%

£19,331,881

30.3%

£14,836,892

54.6%

£9,597,863

10.8%

£8,659,996

Gross Profit

£1,820,270

14.5%

£1,589,506

3.6%

£1,534,367

5.9%

£1,448,315

14.5%

£1,264,603

Wages & Salaries

£251,585

2.5%

£245,525

-3.9%

£255,590

4.8%

£243,814

4.8%

£232,731

Directors Emoluments

£36,382

-34.8%

£55,822

26.1%

£44,260

-51%

£90,397

1.2%

£89,318

Operating Profit

£350,679

33.8%

£262,072

6.5%

£246,093

-15.8%

£292,430

43.3%

£204,136

Depreciation

£2,785

-58.3%

£6,677

-54.2%

£14,575

3.5%

£14,084

-16%

£16,770

Audit Fees

£11,000

15.8%

£9,500

11.8%

£8,500

-

£8,500

-

£8,500

Interest Payments

£8,591

-26%

£11,616

-10.3%

£12,953

-16.3%

£15,480

269.5%

£4,189

Pre Tax Profit

£399,070

46.6%

£272,134

8.6%

£250,674

16.9%

£214,503

-8%

£233,133

Taxation

-£86,429

-18.1%

-£73,195

-28.8%

-£56,810

-5.7%

-£53,748

-1.8%

-£52,773

Profit After Tax

£312,641

57.2%

£198,939

2.6%

£193,864

20.6%

£160,755

-10.9%

£180,360

Dividends Payable

£120,000

-33.3%

£180,000

80%

£100,000

25%

£80,000

60%

£50,000

Retained Profit

£192,641

917.2%

£18,939

-79.8%

£93,864

16.2%

£80,755

-38.1%

£130,360

 

Balance Sheet

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Tangible Assets

£5,091

-22.9%

£6,603

-68.3%

£20,855

-30.1%

£29,840

-73.1%

£110,943

Intangible Assets

0

-

0

-

0

-

0

-

0

Total Fixed Assets

£5,091

-22.9%

£6,603

-68.3%

£20,855

-30.1%

£29,840

-73.1%

£110,943

Stock

0

-

0

-

0

-

0

-

0

Trade Debtors

£2,931,712

3.6%

£2,828,473

-11%

£3,178,612

18.2%

£2,689,975

110.1%

£1,280,608

Cash

£2,295,229

-0.3%

£2,302,195

44.9%

£1,588,578

-8.1%

£1,727,778

19%

£1,451,536

Other Debtors

£1,399,987

-9.1%

£1,540,581

73.2%

£889,501

7.9%

£824,346

-25.1%

£1,099,928

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

£6,626,928

-0.7%

£6,671,249

17.9%

£5,656,691

7.9%

£5,242,099

36.8%

£3,832,072

Trade Creditors

£3,364,283

-11%

£3,778,604

29.8%

£2,911,796

10.2%

£2,641,736

89.1%

£1,396,738

Bank Loans & Overdrafts

0

-

0

-

0

-

0

-

0

Other Short Term Finance

0

-

0

-100%

£6,813

-25%

£9,083

-

£9,083

Miscellaneous Current Liabilities

£452,230

63.6%

£276,383

78.3%

£155,011

48.7%

£104,245

13.3%

£91,991

Total Current Liabilities

£3,816,513

-5.9%

£4,054,987

31.9%

£3,073,620

11.6%

£2,755,064

83.9%

£1,497,812

Bank Loans & Overdrafts and LTL

0

-

0

-

0

-100%

£6,813

-57.1%

£15,896

Other Long Term Finance

0

-

0

-

0

-100%

£6,813

-57.1%

£15,896

Total Long Term Liabilities

0

-

0

-

0

-100%

£6,813

-57.1%

£15,896

 

Capital & Reserves

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Called Up Share Capital

£200,000

-

£200,000

-

£200,000

-

£200,000

-

£200,000

P & L Account Reserve

£2,615,506

8%

£2,422,865

0.8%

£2,403,926

4.1%

£2,310,062

3.6%

£2,229,307

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

-

-

-

-

-

-

-

-

-

Shareholder Funds

£2,815,506

7.3%

£2,622,865

0.7%

£2,603,926

3.7%

£2,510,062

3.3%

£2,429,307

 

Other Financial Items

aDate Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Net Worth

£2,815,506

7.3%

£2,622,865

0.7%

£2,603,926

3.7%

£2,510,062

3.3%

£2,429,307

Working Capital

£2,810,415

7.4%

£2,616,262

1.3%

£2,583,071

3.9%

£2,487,035

6.5%

£2,334,260

Total Assets

£6,632,019

-0.7%

£6,677,852

17.6%

£5,677,546

7.7%

£5,271,939

33.7%

£3,943,015

Total Liabilities

£3,816,513

-5.9%

£4,054,987

31.9%

£3,073,620

11.3%

£2,761,877

82.5%

£1,513,708

Net Assets

£2,815,506

7.3%

£2,622,865

0.7%

£2,603,926

3.7%

£2,510,062

3.3%

£2,429,307

 

Cash Flow

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Net Cashflow from Operations

£122,879

-86.7%

£926,560

999.9%

£39,597

-90.8%

£428,727

18.7%

£361,250

Net Cashflow before Financing

-£6,966

-101%

£720,430

653.7%

-£130,117

-145.6%

£285,325

88.9%

£151,052

Net Cashflow from Financing

-

100%

-£6,813

25%

-£9,083

-

-£9,083

-300%

-£2,271

Increase in Cash

-£6,966

-101%

£713,617

612.7%

-£139,200

-150.4%

£276,242

85.7%

£148,781

 

Miscellaneous

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

£2,815,506

7.3%

£2,622,865

0.7%

£2,603,926

3.5%

£2,516,875

2.9%

£2,445,203

Number of Employees

9

12.5%

8

-11.1%

9

-10%

10

-9.1%

11

Auditors

CHANDLER & GEORGES

Auditor Comments

The audit report contains no adverse comments

Bankers

HSBC BANK PLC

Bank Branch Code

40-04-26

 

Ratios

Date Of Accounts

31/12/13

31/12/12

31/12/11

31/12/10

31/12/09

Pre-tax profit margin %

1.93

1.30

1.53

1.94

2.35

Current ratio

1.74

1.65

1.84

1.90

2.56

Sales/Net Working Capital

7.35

8

6.34

4.44

4.25

Gearing %

0

0

0

0.30

0.70

Equity in %

42.50

39.30

45.90

47.60

61.60

Creditor Days

59.26

65.74

64.74

87.05

51.22

Debtor Days

51.64

49.21

70.67

88.64

46.96

Liquidity/Acid Test

1.73

1.64

1.84

1.90

2.55

Return On Capital Employed %

14.17

10.37

9.62

8.52

9.53

Return On Total Assets Employed %

6.01

4.07

4.41

4.06

5.91

Current Debt Ratio

1.35

1.54

1.18

1.09

0.61

Total Debt Ratio

1.35

1.54

1.18

1.10

0.62

Stock Turnover Ratio %

-

-

-

-

-

Return on Net Assets Employed %

14.17

10.37

9.62

8.54

9.59

 

Creditor Details

 

Total Number

Total Value

Trade Creditors

0

-

 

No Creditor Data

 

Trade Debtors / Bad Debt Detail

 

Total Number of Documented Trade

Total Value of Documented Trade

Trade Debtors

1

£2,658,756

 

Company Name

Amount

Statement Date

Close Solutions Limited

£2,658,756

08/09/2009

 

 

FOREIGN EXCHANGE RATES

 

N/A

 

 

ADDITIONAL INFORMATION

 

Mortgage Summary

Total Mortgage               9

Outstanding                   0

Satisfied                        9

 

 

Current Company Secretary

Name

Sanjay Datwani

Date of Birth

06/02/1973

Officers Title

Mr

Nationality

British

Present Appointments

10

Function

Company Secretary

Appointment Date

11/09/2003

 

 

Address

Highlight House First Floor, 57 Margaret Street, London, W1W 8SJ

 

Status History

No Status History found

 

Event History

Date

Description

22/09/2014

New Accounts Filed

22/09/2014

New Accounts Filed

05/11/2013

Annual Returns

12/10/2013

New Accounts Filed

07/11/2012

Annual Returns

11/10/2012

New Accounts Filed

29/11/2011

Annual Returns

12/10/2011

New Accounts Filed

12/10/2011

New Accounts Filed

10/12/2010

Annual Returns

03/12/2010

Mr B.D. Datwani has left the board

06/10/2010

New Accounts Filed

29/12/2009

Annual Returns

01/12/2009

Annual Returns

26/10/2009

New Accounts Filed

 

 

Previous Company Names

 

Date

Previous Name

26/04/1996

CLAYTON PROPERTY AND FINANCE LIMITED

 

 

Mortgage Details

 

Mortgage Type:

LEGAL CHARGE

Date Charge Created:

16/05/00

 

 

Date Charge Registered:

20/05/00

 

 

Date Charge Satisfied:

18/09/03

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

SYNDICATE BANK

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Details:

CENTRAL BANK OF NIGERIA PAR BONDS IN THE SUM OF US$1,048,279.

 

Mortgage Type:

LETTER OF HYPOTHECATION

Date Charge Created:

29/09/93

 

 

Date Charge Registered:

15/10/93

 

 

Date Charge Satisfied:

09/11/93

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

CANARA BANK

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Details:

ALL BILLS OF EXCHANGE, SHIPPING DOCUMENTS, DOC WARRANTS, DELIVERY ORDERS SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

 

Mortgage Type:

LETTER OF LIEN

Date Charge Created:

29/09/93

 

 

Date Charge Registered:

15/10/93

 

 

Date Charge Satisfied:

09/11/93

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

CANARA BANK

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Details:

ANY MONIES FROM TIME TO TIME STANDING TO THE CREDIT OF THE COMPANY WITH THE BANK SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

 

Mortgage Type:

CASH COLLATERAL AGREEMENT

Date Charge Created:

14/05/91

 

 

Date Charge Registered:

16/05/91

 

 

Date Charge Satisfied:

27/01/96

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

BANQUE NATIONAL DE PARIS PLC

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Details:

ALL SUMS FROM TIME TO TIME STANDING TO THE CREDIT OF ALL THE ACCOUNT(S) IN THE NAME OF THE DEPOSITERWITH THE BANK

 

Mortgage Type:

LEGAL MORTGAGE

Date Charge Created:

13/01/89

 

 

Date Charge Registered:

19/01/89

 

 

Date Charge Satisfied:

13/06/12

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

SYNDICATE BANK

Amount Secured:

 

Details:

56 PARK WAY CAMDEN TOWN LONDON NW1, L/BOF CAMDEN TITLE NO LN 90831FLOATING CHARGE OVER ALL MOVEABLEPLANTMACHINERY IMPLEMENTS UTENSILS FURNITUREAND EQUIPMENT

 

Mortgage Type:

SECURITY AGREEMENT.

Date Charge Created:

19/03/87

 

 

Date Charge Registered:

27/03/87

 

 

Date Charge Satisfied:

10/01/98

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

FIDELITY BANK N.A.

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE IN RELATION TOLETTERS OF CREDIT AND/OR LETTERS OF GUARANTEE.

Details:

ALL THE COMPANYS RIGHT TITLE AND INTEREST IN AND TO EACH AND EVERY BUYERS L/C AND ANY AND ALL SUMS PAID OR PAYABLE THERE UNDER AND ALL RIGHTS BENEFITS OR PROCEEDS THEREOF.

 

Mortgage Type:

CASH COLLATERAL AGREEMENT

Date Charge Created:

19/03/87

 

 

Date Charge Registered:

27/03/87

 

 

Date Charge Satisfied:

10/01/98

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

FIDELITY BANK N.A.

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Details:

ALL AMOUNTS STANDING TO THE CREDIT OF ALL ACCOUNTS OF THE COMPANY WITH FIDELITYBANK N.A.

 

Mortgage Type:

LEGAL MORTGAGE

Date Charge Created:

18/11/86

 

 

Date Charge Registered:

18/11/86

 

 

Date Charge Satisfied:

10/01/98

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

SYNDICATE BANK

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Details:

L/H 1/2 SPINDLE WAY CRAWLEY WEST SUSSEXTITLE NO. WSX 55517 FLOATING CHARGE OVER ALL MOVEABLE PLANT MACHINERY IMPLEMENTS UTENSILS FURNITURE AND EQUIPMENT

 

Mortgage Type:

LEGAL MORTGAGE

Date Charge Created:

08/12/81

 

 

Date Charge Registered:

11/12/81

 

 

Date Charge Satisfied:

10/01/98

 

 

Status:

SATISFIED

 

 

Person(s) Entitled:

JOHNSON MATTHEY BANKERS LIMITED

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Details:

L/H 1 AND 2 SPINDLE WAY CRAWLEY TITLE NO: WSX 55517 FLOATING CHARGE OVER ALL MOVEABLE PLANT MACHINERY IMPLEMENTS UTENSILS FURNITURE AND EQUIPMENT

 

 

Previous Director/Company Secretaries

 

Name

Current Directorships

Previous Directorships

Ashok Chabria

8

10

Ashok Chabria

8

10

Balram Dayaram Datwani

11

12

 

 

NOTES & COMMENTS

 

Commentary

 

No exact match CCJs are recorded against the company.

 

Sales in the latest trading period increased 27.8% on the previous trading period.

 

Net Worth increased by 0.7% during the latest trading period.

 

 

A 17.6% growth in Total Assets occurred during the latest trading period.

 

Pre-tax profits increased by 8.6% compared to the previous trading period.

 

The company saw an increase in their Cash Balance of 44.9% during the latest trading period.

 

The audit report contains no adverse comments.

 

No recent changes in directorship are recorded.

 

The company is not part of a group.

 

The company was established over 35 years ago.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.57

UK Pound

1

Rs.100.42

Euro

1

Rs.78.45

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

               

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

 

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NB

New Business

 

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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%)

 

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.