MIRA INFORM REPORT

 

 

Report No. :

317887

Report Date :

18.04.2015

 

IDENTIFICATION DETAILS

 

Name :

IPSOS RESEARCH PRIVATE LIMITED (w.e.f. 12.05.2011)

 

 

Formerly Known As :

IPSOS INDICA RESEARCH PRIVATE LIMITED (w.e.f. 03.06.2008)

 

INDICA RESEARCH CONSUMER INSIGHTS PRIVATE LIMITED

 

 

Registered Office :

501, 5th Floor, Boston House, Suren Road, Andheri (East), Mumbai – 400093, Maharashtra

Tel. No.:

91-22-66208000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

11.06.2004

 

 

Com. Reg. No.:

11-146904

 

 

Capital Investment / Paid-up Capital :

Rs.0.264 Million

 

 

CIN No.:

[Company Identification No.]

U74130MH2004PTC146904

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMI06623B

 

 

PAN No.:

[Permanent Account No.]

AABCI3609K

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in the business of Marketing and Advertising research and research for Customer Relationship Management.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (50)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of “IPSOS S.A.” It is an established company having fine track.

 

The company possesses a favourable financial profile marked by adequate networth base with support from its promoters and acceptable capital structure while maintaining a miniscule leveraged position.

 

Management has witnessed a better revenue as well as has reported a profit from its operation during FY14, against a previous year loss.

 

Trade relations are fair. Business is active. Payment terms are reported as regular.

 

In view of reputed and resourceful parent along with its reputation and geographically diversified presence, the company can be considered 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.

EXTERNAL AGENCY RATING

 

Not Available

 

 

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 DENIED BY

 

Name :

Mr. Vishal Devadiga

Designation :

Accounts Executive

Contact No.:

91-22-66208000

Date :

16.04.2015

 

 

LOCATIONS

 

Registered Office :

501, 5th Floor, Boston House, Suren Road, Andheri (East), Mumbai – 400093, Maharashtra, India 

Tel. No.:

91-22-66208000

Fax No.:

91-22-66208100

E-Mail :

umesh.thawani@ipsos.com

Website :

www.ipsos.com

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Amit Sudhakar Adarkar

Designation :

Director

Address :

B-304, Tree Shade Society, 2nd Koldongri Road, Andheri East, Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

23.09.1969

Date of Appointment :

27.08.2014

DIN No.:

01374324

 

 

Name :

Mr. Carlos Guillermo Harding

Designation :

Director

Address :

25 Rue Miollis, 75015, Paris, 75015, France

Date of Birth/Age :

20.12.1947

Date of Appointment :

15.05.2008

DIN No.:

01977223

 

 

Name :

Mr. Ramanath Salikeri Pai

Designation :

Alternate Director

Address :

Flat No-719,7 Floor,E Wing,Paradise Co Op Hsg Soc, Ltd,Raheja Vihar,Off Chandivali Farm Road, Powai, Mumbai – 400072, Maharashtra, India

Date of Birth/Age :

04.02.1977

Date of Appointment :

06.01.2014

DIN No.:

06777232

 

 

KEY EXECUTIVES

 

Name :

Mr. Vishal Devadiga

Designation :

Accounts Executive

 

 

Name :

Umesh Murlidhar Thawani

Designation :

Secretary

Address :

D/91, 2nd Floor, Premnagar Society, Kopri Colony, Thane – 400603, Maharashtra, India

Date of Birth/Age :

23.10.1975

Date of Appointment :

10.05.2011

PAN No.:

ACPPT0324H

 

 

MAJOR SHAREHOLDERS

 

AS ON 30.09.2014

 

Names of Shareholders

 

 

No. of Shares

IPSOS SA, France

 

15025

IPSOS Asia Limited, Hongkong

 

2722

Synovate (Holdings) Limited, London

 

8608

IPSOS Singapore Pte Limited, Singapore

 

1

 

 

 

Total

 

26356

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

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]

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of Marketing and Advertising research and research for Customer Relationship Management.

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

 

PRODUCTION STATUS – NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Company Name :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark :

Not Divulged

 

 

Customers :

Company Name :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark :

Not Divulged

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

Banker Name :

Not Divulged

Branch :

Not Divulged

Person Name (With Designation) :

Not Divulged

Contact Number :

Not Divulged

Name of Account Holder :

Not Divulged

Account Number :

Not Divulged

Account Since (Date/Year of Account Opening) :

Not Divulged

Average Balance Maintained :

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan) :

Not Divulged

Account Operation :

Not Divulged

Remark :

Not Divulged

 

 

 

Auditors :

 

Name :

Walker, Chandiok and Company LLP

Chartered Accountants

Address :

16th Floor, Tower – II, India Bulls Finance Centre S B Marg, Elphinstone West, Mumbai – 400013, Maharashtra, India

PAN No.:

AAAFW4298E

 

 

Collaborators :

Not Divulged

 

 

Membership :

Not Divulged

 

 

Holding company :

·         Ipsos S.A., France

 

 

Associates :

·         Beijing Ipsos Market Consulting, China

·         Ipsos UAE, United Arab Emirates

·         Ipsos (Philippines), Inc., Philippines

·         Ipsos (Pty) Limited, South Africa

·         Ipsos America, United States

·         Ipsos Asi Limited, United States

·         Ipsos Asia Limited, Hong Kong

·         Ipsos Australia Pty Limited., Australia

·         Ipsos B.V., Netherlands

·         Ipsos Belgium, Belgium

·         Ipsos Brasil Pesquisas De Merc, Brazil

·         Ipsos Bv (Netherlands), Netherlands

·         Ipsos China Limited, China

·         Ipsos Eood (Bulgaria)

·         Ipsos France, France

·         Ipsos Gmbh, Germany

·         Ipsos Group GIE, France

·         Ipsos Hong Kong Limited, Hong Kong

·         Ipsos Inc (Philippines), Philippines

·         Ipsos Insight Corp, United States

·         Ipsos Insight, LLC, United States

·         Ipsos Interactive Services SRL, United States

·         Ipsos Interactive, Us, United States

·         Ipsos Investigacion De Mercado, Brazil

·         Ipsos K.K., Japan

·         Ipsos K.K. (Former Ly Novaction), Japan

·         Ipsos KMG, Turkey

·         Ipsos Korea, Korea, Republic of

·         Ipsos Limited, New Zealand

·         Ipsos Limited (Ghana), Ghana

·         Ipsos LLC, United States

·         Ipsos Loyalty Gmbh, United States

·         Ipsos Loyalty Inc, United States

·         Ipsos Malaysia, Malaysia

·         Ipsos Marktforschung Gmbh, Germany

·         Ipsos Mena Offshore Sal (Offshore), United States

·         Ipsos MMA, Inc., United States

·         Ipsos Mori UK Limited, United Kingdom

·         Ipsos Napoleon Franco, United States

·         Ipsos Operations, Us, United States

·         Ipsos OTX Corporation, United States

·         Ipsos Pakistan, Pakistan

·         Ipsos Philippines, Philippines

·         Ipsos Public Affairs Pty Limited, Australia

·         Ipsos Public Affairs, Inc., United States

·         Ipsos Reid Canada, Canada

·         Ipsos Reid LP, Canada

·         Ipsos Reid Pa, Australia

·         Ipsos Sal, United States

·         Ipsos Saudi Arabia LLC, Saudi Arabia

·         Ipsos SDN BHD, Malaysia

·         Ipsos Singapore Pte Limited, Singapore

·         Ipsos Sp. Z O.O., Poland

·         Ipsos SRL, United States

·         Ipsos Suisse, Switzerland

·         Ipsos Taiwan, Taiwan, Province Of China

·         Ipsos Thailand, Thailand

·         Ipsos-Asi, Inc., United States

·         Mandori Limited, United States

·         Marocstat – Ipsos Maroc, Morocco

·         Pt Synovate, Indonesia

·         Pt. Ipsos Indonesia, Indonesia

·         Synovate Arastirma Ve Danism., Turkey

·         Synovate Brazil Ltda, Brazil

·         Synovate Ecuador Sa, Ecuador

·         Synovate Holdings Limited, United States

·         Synovate Limited, Hong Kong

·         Synovate Management Analytics, United States

·         Synovate Saudi Arabi (Aqmd), Saudi Arabia

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

16879692

Equity Shares

Rs.10/- each

Rs.168.797 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

26356

Equity Shares

Rs.10/- each

Rs.0.264 Million

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

0.264

0.152

0.104

(b) Reserves & Surplus

402.022

240.344

-114.995

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

16.379

180.038

Total Shareholders’ Funds (1) + (2)

402.286

256.875

65.147

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

33.771

29.338

0.000

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

1.514

15.252

7.648

Total Non-current Liabilities (3)

35.285

44.590

7.648

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

298.562

251.482

86.124

(c) Other current liabilities

414.450

449.417

189.375

(d) Short-term provisions

20.184

4.422

1.437

Total Current Liabilities (4)

733.196

705.321

276.936

 

 

 

 

TOTAL

1170.767

1006.786

349.731

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

21.893

33.624

14.416

(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)

81.529

19.081

6.717

(d)  Long-term Loan and Advances

315.871

208.980

77.489

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

419.293

261.685

98.622

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

0.000

0.000

0.000

(c) Trade receivables

458.712

387.588

135.723

(d) Cash and cash equivalents

47.825

60.938

6.012

(e) Short-term loans and advances

81.197

84.254

29.617

(f) Other current assets

163.740

212.321

79.757

Total Current Assets

751.474

745.101

251.109

 

 

 

 

TOTAL

1170.767

1006.786

349.731

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

1530.829

1492.251

473.312

 

 

Other Income

 

 

 

 

 

TOTAL                                    

1530.829

1492.251

473.312

 

 

 

 

 

 

EXPENSES

1537.799

1558.963

(566.355)

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

(6.970)

(66.712)

(129.043)

 

 

 

 

 

 

DEPRECIATION/ AMORTISATION                    

(15.373)

(15.425)

(4.622)

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX 

8.403

(51.287)

(133.665)

 

 

 

 

 

 

TAX                                                                 

(57.007)

1.075

26.879

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX

65.410

(52.362

(160.544)

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

3162.66

(3883.24)

(15436.93)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

PAT / Sales

(%)

4.27

(3.51)

(33.92)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets)

(%)

0.77

(5.19)

(38.97)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.02

(0.20)

(2.05)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.08

0.11

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.02

1.06

0.91

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

Rs. In Million

Rs. In Million

Rs. In Million

Share Capital

0.104

0.152

0.264

Reserves & Surplus

(114.995)

240.344

402.022

Share Application money pending allotment

180.038

16.379

0.000

Net worth

65.147

256.875

402.286

 

 

 

 

long-term borrowings

0.000

29.338

33.771

Short term borrowings

0.000

0.000

0.000

Total borrowings

0.000

29.338

33.771

Debt/Equity ratio

0.000

0.114

0.084

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

Rs. In Million

Rs. In Million

Rs. In Million

Sales

473.312

1492.251

1530.829

 

 

215.279

2.585

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

Rs. In Million

Rs. In Million

Rs. In Million

Sales

473.312

1492.251

1530.829

Profit

(160.544)

(52.362)

65.410

 

(33.92%)

(3.51%)

4.27%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Rs. In Million

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

Current maturities of long term debt

0.000

0.000

0.000

 

 

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

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

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

No

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

 

 

UNSECURED LOANS:

 

Particulars

31.03.2014

Rs. In Million

31.03.2013

Rs. In Million

Long Term Borrowings

 

 

Term loans from others

33.771

29.338

 

 

 

Total

33.771

29.338

 

 

NO CHARGES EXIST FOR COMPANY.

 

 

FIXED ASSETS:

 

·         Land

·         Building

·         Plant and Machinery

·         Furniture and Fixture

·         Office Equipment

·         Computer

·         Vehicles

 

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.62.35

UK Pound

1

Rs.93.10

Euro

1

Rs.67.13

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NKT

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

5

--CREDIT LINES

1~10

6

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--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

 

50

 

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.