MIRA INFORM REPORT

Report No. :	318466
Report Date :	27.04.2015

IDENTIFICATION DETAILS

Name :	WEVIN PRIVATE LIMITED (w.e.f 19.04.2013)
Formerly Known As :	WEBB INDIA PRIVATE LIMITED
Registered Office :	143/E, Bommasandraindl., Industrial Area, Phase I and II, Bangalore – 560099, Karnataka
Mobile No.:	91-8110304730 (Mr. Anyan Agarwal)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.01.1994
Com. Reg. No.:	08-015126
Capital Investment / Paid-up Capital :	Rs. 39.040 Million
CIN No.: [Company Identification No.]	U31909KA1994PTC015126
TAN No.: [Tax Deduction & Collection Account No.]	BLRW00405G
PAN No.: [Permanent Account No.]	AAACW1349M
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged into material handling which include provide overhead conveyors, baggage handling systems, handling systems.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 720000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Sales turnover of the company has declined which has resulted into dip in profit of the company during 2014. However, the rating takes into consideration company’s sound financial risk profile and fair liquidity profile of the company. Trade relations are reported as fair. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms condition.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 PARTED BY

Name :	Mr. Anyan Agarwal
Designation :	Accounts Head
Contact No.:	91-8110304730
Date :	23.04.2015

LOCATIONS

Registered Office :	143/E, Bommasandraindl., Industrial Area, Phase I and II, Bangalore – 560099, Karnataka, India
Tel. No.:	Not Available
Mobile No.:	91-8110304730 (Mr. Anyan Agarwal)
Fax No.:	Not Available
E-Mail :	anjan.a@wevin.in info@wevin.in marketing@wevin.in
Website:	www.wevin.co.in

DIRECTORS

As on 29.09.2014

Name :

Mr. Pramod Mysore Gopinath

Designation :

Whole-time director

Address :

'Shreeniketh' No.4, 1st Cross, 5th A Block, Koramangala, Bangalore – 560095, Karnataka, India

Date of Birth/Age :

05.04.1958

Date of Appointment :

06.06.2003

DIN No.:

00506552

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	L45209WB1983PLC035649	SOUTH EAST INDUSTRIAL DEVELOPMENTS LIMITED	Director	01-09-86	01-09-86	-	Active	NO
2	U70101WB1991PTC052002	ETERNA PROPERTIES & INVESTMENTS PRIVATE LIMITED	Director	31-12-99	31-12-99	-	Active	NO
3	U31909KA1994PTC015126	WEVIN PRIVATE LIMITED	Whole-time director	06-06-03	06-06-03	-	Active	NO
4	U01117WB1990PTC050402	VINAR INTERNATIONAL PRIVATE LIMITED	Director	29-09-11	14-02-11	-	Active	NO
5	U72200KA2004PTC033430	WEVIN TECHNOLOGY CENTRE PRIVATE LIMITED	Director	17-09-12	18-01-12	-	Active	NO
6	U28931KA2006PTC040320	FORGEPRO INDIA PRIVATE LIMITED	Director	17-09-12	18-01-12	29-11-12	Active	NO

Name :

Mr. Gautam Nevatia

Designation :

Director

Address :

15 Alipore Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

03.01.1968

Date of Appointment :

17.01.1994

DIN No.:

00086108

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	U01117WB1990PTC050402	VINAR INTERNATIONAL PRIVATE LIMITED	Director	17-12-90	17-12-90	-	Active	NO
2	U31909KA1994PTC015126	WEVIN PRIVATE LIMITED	Director	17-01-94	17-01-94	-	Active	NO
3	U72900WB2000PTC091687	IUVANT TECHNOLOGY PRIVATE LIMITED	Director	13-04-00	13-04-00	-	Amalgamated	NO
4	U41000WB1973PTC028730	VINAR CONVEYOR PRIVATE LIMITED	Director	08-07-00	08-07-00	-	Active	NO
5	U29192WB1972PTC028222	VINAR SYSTEMS PRIVATE LIMITED	Director	01-10-02	01-10-02	-	Active	NO
6	U72200KA2004PTC033430	WEVIN TECHNOLOGY CENTRE PRIVATE LIMITED	Director	24-02-04	24-02-04	-	Active	NO
7	U70101WB1998PTC087985	SOMNATH ENCLAVE PRIVATE LIMITED	Director	19-06-04	19-06-04	-	Active	NO
8	U28931KA2006PTC040320	FORGEPRO INDIA PRIVATE LIMITED	Director	28-08-06	28-08-06	29-11-12	Active	NO

Name :

Mr. Sumit Nevatia

Designation :

Director

Address :

Flat No 1C, Shree Niket, 11, Ashoka Road, Alipore, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

29.01.1966

Date of Appointment :

16.04.2013

DIN No.:

06548856

KEY EXECUTIVES

Name :	Mr. Anyan Agarwal
Designation :	Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares
Nevatia Kumar Arun	540020
Gautam Nevatia	2299960
Sushila Nevatia	300000
Suniti Nevatia	300000
Vinar Systems Private Limited, India	20
Taggas Industrial Development Limited, India	60000
Vinar International Private Limited, India	404000
Total	3904000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Bodies corporate	11.89
Directors or relatives of Directors	88.11
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged into material handling which include provide overhead conveyors, baggage handling systems, handling systems.
Products :	--
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	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 :

• Ford
• Mahindra
• Durr
• Godrej
• TVS
• Ashok Leyalnd
• Hero
• Geico
• Force
• TATA
• Hyundai
• Whirlpool

No. of Employees :

Information declined by the management

Bankers :

Bank Name	State Bank of India
Branch	Industrial Finance Branch, Residency Plaza, Residency Road, Bangalore - 560025, Karnataka, India
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 (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loan from banks Vehicle loan	0.805	1.166
Short-term borrowings
From banks	129.944	230.053
Total	130.749	231.219

Auditors :
Name :	Singhvi Dev and Unni Chartered Accountants
Address :	6Th Floor, Trade Centre, 29/4, Race Course Road, Bangalore – 560001, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAEFS6338K
Memberships :	--
Collaborators :	--
Company under common control of KMP (CUCC-KMP)	Vinar International Private Limited Vinar Systems Private Limited
Subsidiaries :	Wevin Technology Centre Private Limited [U72200KA2004PTC033430]

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs. 12.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3904000	Equity Shares	Rs.10/- each	Rs. 39.040 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	39.040	35.000	35.000
(b) Reserves & Surplus	211.383	182.139	80.149
(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)	250.423	217.139	115.149
(3) Non-Current Liabilities
(a) long-term borrowings	0.805	1.166	3.904
(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	6.949	5.842	7.177
Total Non-current Liabilities (3)	7.754	7.008	11.081
(4) Current Liabilities
(a) Short term borrowings	196.173	301.893	383.708
(b) Trade payables	151.631	273.474	477.927
(c) Other current liabilities	23.386	35.749	257.673
(d) Short-term provisions	14.737	31.542	59.516
Total Current Liabilities (4)	385.927	642.658	1178.824
TOTAL	644.104	866.805	1305.054
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	69.431	80.182	102.932
(ii) Intangible Assets	0.653	3.488	7.790
(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	0.239	0.239	57.152
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.990	0.990	0.990
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	71.313	84.899	168.864
(2) Current assets
(a) Current investments	0.292	99.542	0.000
(b) Inventories	120.550	116.756	126.351
(c) Trade receivables	328.498	428.680	708.100
(d) Cash and cash equivalents	16.273	32.840	25.163
(e) Short-term loans and advances	106.116	102.355	100.722
(f) Other current assets	1.062	1.733	175.854
Total Current Assets	572.791	781.906	1136.190
TOTAL	644.104	866.805	1305.054

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Net Sales	4372.370	702.265	918.887
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	18.606	127.505	-255.381
Less/ Add	DEPRECIATION/ AMORTISATION	9.321	13.668	12.708
	PROFIT/ (LOSS) BEFORE TAX	9.285	113.837	-268.089
Less	TAX	1.050	11.846	8.060
	PROFIT/ (LOSS) AFTER TAX	8.235	101.991	-276.149
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	156.843	54.852	331.001
	Balance Carried to the B/S	165.078	156.843	54.852
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	6.559	8.046	9.254
	TOTAL EARNINGS	6.559	8.046	9.254
	IMPORTS
	Raw Materials	15.445	72.750	72.191
	TOTAL IMPORTS	15.445	72.750	72.191
	Earnings / (Loss) Per Share (Rs.)	2.35	29.14	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.19	14.52	-30.05
Return on Total Assets (PBT/Total Assets}	(%)	1.44	13.14	-21.48
Return on Investment (ROI) (PBT/Networth)		0.04	0.52	-2.33
Debt Equity Ratio (Total Debt /Networth)		0.79	1.40	3.37
Current Ratio (Current Asset/Current Liability)		1.48	1.22	0.96

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	35.000	35.000	39.040
Reserves & Surplus	80.149	182.139	211.383
Net worth	115.149	217.139	250.423
long-term borrowings	3.904	1.166	0.805
Short term borrowings	383.708	301.893	196.173
Total borrowings	387.612	303.059	196.978
Debt/Equity ratio	3.366	1.396	0.787

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)
Net Sales	918.887	702.265	4372.370
		(23.574)	522.610

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Net Sales	918.887	702.265	4372.370
Profit	(276.149)	101.991	8.235
	(30.05%)	14.52%	0.19%

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	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	Yes
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	No

OPERATIONS

The turnover during the financial year 2013-14 was Rs. 415.250 Million as against the previous year's figure of Rs 790.720 milIion. The company has earned a net profit of Rs. 8.230 million as against the previous year's profit of Rs.101.990 million (which included profit on sale of assets and investments).

The company in the FY 13-14 has reduced its expenses without hampering the operations and hence there has been a significant reduction in the indirect expenses compared to previous year. The company has also worked on getting orders at better, margins and keeping into account the good liquidity position of prospective customers.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Cash Credit	66.229	71.840
Total	66.229	71.840

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90198068	06/05/2014 *	420,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, RESIDENCY PLAZA, RESI DENCY ROAD,, BANGALORE, KARNATAKA - 560025, INDIA	C05689641
2	90199494	14/10/2004 *	102,500,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, RESIDENCY ROAD, BANGALORE, KARNATAKA, INDIA	-
3	90199459	27/07/2001	20,000,000.00	CORPORATION BANK	INDUSTRIAL FINANCE BRANCH, QUEEN ROAD, BANGALORE , KARNATAKA, INDIA	-
4	90199026	23/07/1999 *	162,000,000.00	IDBI BANK LIMITED	BANGLAORE BRANCH, BANGALORE, KARNATAKA, INDIA	-
5	90198791	07/01/1995 *	7,400,000.00	BANK OF BARODA	JOHN NAGAR BRANCH, BANGALORE, KARNATAKA, INDIA	-
6	90198790	07/01/1995 *	2,700,000.00	BANK OF BARODA	JOHN NAGAR BRANCH, BANGALORE, KARNATAKA, INDIA	-

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Outstanding guarantees issue by bank on behalf of the company	112.286	138.261
Outstanding inland letter of credit issue by bank on behalf of the company	6.372	7.671

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Office Equipment
• Computer
• Office Equipment’s
• Computers
• Furniture and Fixtures
• Electrical Fittings
• Vehicles
• 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.63.40
UK Pound	1	Rs.95.42
Euro	1	Rs.68.49

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	KAR
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.