MIRA INFORM REPORT

Report No. :	319449
Report Date :	29.04.2015

IDENTIFICATION DETAILS

Name :	ANE IMPEX PTE. LTD.
Registered Office :	51, Lim Ah Woo Road, 05-09, The Amarelle, 438129
Country :	Singapore
Financials (as on) :	30.06.2013
Date of Incorporation :	22.07.2009
Com. Reg. No.:	200913300-C
Legal Form :	Exempt Private
Line of Business :	Subject is engaged in wholesale on a fee or contract basis & wholesale of other specific commodities
No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
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 – December 31, 2014

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

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

SINGAPORE - ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports. Growth in 2014 was slower at 13.9%, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.	:	200913300-C
COMPANY NAME	:	ANE IMPEX PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	22/07/2009
COMPANY STATUS	:	CLEAR
LEGAL FORM	:	EXEMPT PRIVATE
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	51, LIM AH WOO ROAD, 05-09, THE AMARELLE, 438129, SINGAPORE.
BUSINESS ADDRESS	:	51, LIM AH WOO ROAD, 05-09, THE AMARELLE, 438129, SINGAPORE.
TEL.NO.	:	65-91830849
FAX.NO.	:	N/A
CONTACT PERSON	:	SIDDHARTH ADAM ( DIRECTOR )
PRINCIPAL ACTIVITY	:	WHOLESALE ON A FEE OR CONTRACT BASIS & WHOLESALE OF OTHER SPECIFIC COMMODITIES
ISSUED AND PAID UP CAPITAL	:	50,000.00 ORDINARY SHARE, OF A VALUE OF SGD 50,000.00
SALES	:	SGD 3,565,103 [2013]
NET WORTH	:	SGD 163,538 [2013]
STAFF STRENGTH	:	N/A
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STABLE
PAYMENT	:	SLOW BUT CORRECT
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	N/A
CURRENCY EXPOSURE	:	N/A
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject is an exempt private company whose shares are not held by any corporate body and has no more than 20 shareholders who are all natural persons. An exempt company is a type of private limited company. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, suing or be sued by other companies. An exempt private company with an annual turnover of less than SGD5 million are exempted from statutory auditing requirements. Instead of filing audited annual accounts, the Subject has to file in a document duly signed by its director in charge of its finance and the company secretary stating that the Subject is able to meet all its obligations as and when they fall due. The Subject is not required to have their accounts audited. However, the Subject will prepare unaudited accounts for purposes of AGMs and filing with Registry Office if it is unable to meet all its obligations as and when they fall due .

The Subject is principally engaged in the (as a / as an) wholesale on a fee or contract basis & wholesale of other specific commodities.

Share Capital History

Date	Issue & Paid Up Capital
27/04/2015	SGD 50,000.00

The major shareholder(s) of the Subject are shown as follows :

Name	Address	IC/PP/Loc No	Shareholding	(%)
SIDDHARTH ADAM +	14, JALAN DERMAWAN, POPULAR ESTATE, 668959, SINGAPORE.	S8676310I	45,000.00	90.00
FARAH TASNIM +	51, LIM AH WOO ROAD, 05-09, AMARELLE, THE, 438129, SINGAPORE.	S8575622B	5,000.00	10.00
			---------------	------
			50,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	FARAH TASNIM
Address	:	51, LIM AH WOO ROAD, 05-09, AMARELLE, THE, 438129, SINGAPORE.
IC / PP No	:	S8575622B
Nationality	:	SINGAPOREAN
Date of Appointment	:	28/10/2014

DIRECTOR 2

Name Of Subject	:	SIDDHARTH ADAM
Address	:	14, JALAN DERMAWAN, POPULAR ESTATE, 668959, SINGAPORE.
IC / PP No	:	S8676310I
Nationality	:	SINGAPOREAN
Date of Appointment	:	15/06/2012

MANAGEMENT

1)	Name of Subject	:	SIDDHARTH ADAM
	Position	:	DIRECTOR

AUDITOR

Auditor	:	RSM CHIO LIM LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	SIDDHARTH ADAM
	IC / PP No	:	S8676310I
	Address	:	14, JALAN DERMAWAN, POPULAR ESTATE, 668959, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation.

LITIGATION CHECK AGAINST SUBJECT

* A check has been conducted in our databank againt the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	N/A
Overseas	:	N/A

The staff from the registered office refused to disclose the Subject's suppliers.

The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT
Prompt 0-30 Days	[	]	Good 31-60 Days	[		]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[	X	]

CLIENTELE
Local	:	N/A
Overseas	:	N/A

The staff from the registered office refused to disclose the Subject's clientele.

OPERATIONS

Goods Traded

:

COMMODITIES

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) wholesale on a fee or contract basis & wholesale of other specific commodities.

The staff from the registered office refused to disclose the Subject's operation.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6591830849
Current Telephone Number	:	65-91830849
Match	:	YES
Address Provided by Client	:	51, LIM AH WOO ROAD #05-09 AMARELLE THE SINGAPORE 438129
Current Address	:	51, LIM AH WOO ROAD, 05-09, THE AMARELLE, 438129, SINGAPORE.
Match	:	YES

Other Investigations

On 24th April 2015 we contacted one of the staff from the Subject's registered office and he only provided limited information.

He refused to disclose the fax number, number of employees and bankers.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	7,570.68%	]
Profit/(Loss) Before Tax	:	Decreased	[	11.04%	]
Return on Shareholder Funds	:	Acceptable	[	21.53%	]
Return on Net Assets	:	Acceptable	[	23.42%	]
The increase in turnover could be due to the Subject adopting an aggressive marketing strategy.The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Unfavourable	[	286 Days	]
Creditors Ratio	:	Unfavourable	[	297 Days	]
As the Subject is a service oriented company, the Subject does not need to keep stocks. The Subject's debtors ratio was high. The Subject should tighten its credit control and improve its collection period. The unfavourable creditors' ratio could be due to the Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.
Liquidity
Liquid Ratio	:	Favourable	[	1.06 Times	]
Current Ratio	:	Unfavourable	[	1.06 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
Although the Subject's turnover had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the Subject's profit margin. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : STABLE

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2009	2010	2011	2012	2013
Population (Million)	4.98	5.08	5.18	5.31	5.40
Gross Domestic Products ( % )	(0.8)	14.5	4.9	1.3	3.7
Consumer Price Index	0.6	2.8	5.2	4.6	2.4
Total Imports (Million)	356,299.3	423,221.8	459,655.1	474,554.0	466,762.0
Total Exports (Million)	391,118.1	478,840.7	514,741.2	510,329.0	513,391.0
Unemployment Rate (%)	3.2	2.2	2.1	2.0	1.9
Tourist Arrival (Million)	9.68	11.64	13.17	14.49	15.46
Hotel Occupancy Rate (%)	75.8	85.6	86.5	86.4	86.3
Cellular Phone Subscriber (Million)	1.37	1.43	1.50	1.52	1.97
Registration of New Companies (No.)	26,414	29,798	32,317	31,892	37,288
Registration of New Companies (%)	4.3	12.8	8.5	(1.3)	9.8
Liquidation of Companies (No.)	22,393	15,126	19,005	17,218	17,369
Liquidation of Companies (%)	113.4	(32.5)	25.6	9.4	(5.3)
Registration of New Businesses (No.)	26,876	23,978	23,494	24,788	22,893
Registration of New Businesses (%)	8.15	(10.78)	2.02	5.51	1.70
Liquidation of Businesses (No.)	23,552	24,211	23,005	22,489	22,598
Liquidation of Businesses (%)	11.4	2.8	(5)	(2.2)	0.5
Bankruptcy Orders (No.)	2,058	1,537	1,527	1,748	1,992
Bankruptcy Orders (%)	(11.5)	(25.3)	(0.7)	14.5	14.0
Bankruptcy Discharges (No.)	3,056	2,252	1,391	1,881	2,584
Bankruptcy Discharges (%)	103.7	(26.3)	(38.2)	35.2	37.4
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	3.25	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(1.93)	(10.5)	12.10	(0.5)	-
Manufacturing *	71.5	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	90.4	96.4	100.0	103.5	103.5
Textiles	145.9	122.1	100.0	104.0	87.1
Wearing Apparel	211.0	123.3	100.0	92.1	77.8
Leather Products & Footwear	79.5	81.8	100.0	98.6	109.8
Wood & Wood Products	101.4	104.0	100.0	95.5	107.4
Paper & Paper Products	95.4	106.1	100.0	97.4	103.2
Printing & Media	100.9	103.5	100.0	93.0	86.1
Crude Oil Refineries	96.4	95.6	100.0	99.4	93.5
Chemical & Chemical Products	80.3	97.6	100.0	100.5	104.1
Pharmaceutical Products	49.1	75.3	100.0	109.7	107.2
Rubber & Plastic Products	101.2	112.3	100.0	96.5	92.9
Non-metallic Mineral	91.9	92.5	100.0	98.2	97.6
Basic Metals	92.6	102.2	100.0	90.6	76.5
Fabricated Metal Products	90.8	103.6	100.0	104.3	105.1
Machinery & Equipment	57.3	78.5	100.0	112.9	114.5
Electrical Machinery	86.8	124.1	100.0	99.3	108.5
Electronic Components	85.2	113.6	100.0	90.6	94.3
Transport Equipment	96.0	94.0	100.0	106.3	107.5
Construction	(36.9)	14.20	20.50	28.70	-
Real Estate	1.4	21.3	25.4	31.9	-
Services
Electricity, Gas & Water	1.70	4.00	7.00	6.30	-
Transport, Storage & Communication	3.90	12.80	7.40	5.30	-
Finance & Insurance	(16.4)	(0.4)	8.90	0.50	-
Government Services	4.50	9.70	6.90	6.00	-
Education Services	0.10	(0.9)	(1.4)	0.30	-
* Based on Index of Industrial Production (2011 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING
The wholesale and retail trade sectors have expanded by 2.0% in the third quarter of 2014, extending the 1.8 per cent growth in the previous quarter. In 2013, the wholesale and retail sector expanded by 5.0%, after declining by 1.4% the year before. Growth of the sector was driven by the wholesale trade segment.
The domestic wholesale trade index has increased by 3.2% in the fourth quarter of 2013, moderating from the 6.6% growth in the previous quarter. The slower growth was due to a decline in the sales of furniture and household equipment (-12%) and petroleum and petroleum products (-0.6%). For the full year, the domestic wholesale trade index grew by 5.2% reversing the 2.2% decline in 2012. On the other hand, the foreign wholesale trade index has increased by a slower pace of 5.6% in the fourth quarter, compared to the 7.7% expansion in the preceding quarter. The slowdown was due to a fall in the sales of telecommunication equipment and computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full year, the growth of the foreign wholesale trade index moderated slightly to 8.6% from 9.1% in the previous year.
In the fourth quarter of 2013, retail sales volume fell by 6.2%, extending the 5.6% decline in the previous quarter. Excluding motor vehicles, retail sales volume increased by 0.4%, a slower pace of expansion as compared to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles fell by 33% in the fourth quarter of 2013, extending the 32% decline in the previous quarter. Meanwhile, the sales of several discretionary items also fell in the fourth quarter of 2013. For instance, the sales of telecommunications apparatus and computers fell by 12%, while the sales of furniture and household equipment declined by 5.4%.
For the full year, retail sales volume contracted by 4.3%, a reversal from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail sales volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches and jewellery recorded the largest increase (11%) in sales in 2013, followed by optical goods and book (3%) and medical goods and toiletries (3%). By contrast, the sales of telecommunications apparatus and computer (-7.3%), furniture and household equipment (-4.2%) and petrol service stations (-1.4) declined in 2013.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2009, the Subject is an Exempt Private company, focusing on wholesale on a fee or contract basis & wholesale of other specific commodities. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. We noted that the issued and paid up capital of the Subject stands at SGD 50,000. Under the control of its directors, we considered that the Subject's business position in the market is much dependent on their abilities.

Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

Financially, the Subject registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business.

The poor payment habit may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry.

Based on the above condition, we recommend credit be granted to the Subject normally.

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

ANE IMPEX PTE. LTD.

Financial Year End	2013-06-30	2012-06-30
Months	12	12
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	SGD	SGD
TURNOVER	3,565,103	46,477
	----------------	----------------
Total Turnover	3,565,103	46,477
Costs of Goods Sold	(3,513,642)	-
	----------------	----------------
Gross Profit	51,461	-
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	38,302	43,056
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	38,302	43,056
Taxation	(3,095)	-
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	35,207	43,056
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	78,331	35,275
	----------------	----------------
As restated	78,331	35,275
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	113,538	78,331
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	113,538	78,331
	=============	=============

BALANCE SHEET

ANE IMPEX PTE. LTD.

Trade debtors	2,796,641	-
Cash & bank balances	242,194	131,201
	----------------	----------------
TOTAL CURRENT ASSETS	3,038,835	131,201
	----------------	----------------
TOTAL ASSET	3,038,835	131,201
	=============	=============
CURRENT LIABILITIES
Trade creditors	2,862,132	-
Other creditors & accruals	8,270	1,070
Amounts owing to related companies	1,800	1,800
Provision for taxation	3,095	-
	----------------	----------------
TOTAL CURRENT LIABILITIES	2,875,297	2,870
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	163,538	128,331
	----------------	----------------
TOTAL NET ASSETS	163,538	128,331
	=============	=============
SHARE CAPITAL
Ordinary share capital	50,000	50,000
	----------------	----------------
TOTAL SHARE CAPITAL	50,000	50,000
Retained profit/(loss) carried forward	113,538	78,331
	----------------	----------------
TOTAL RESERVES	113,538	78,331
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	163,538	128,331
	----------------	----------------
	163,538	128,331
	=============	=============

FINANCIAL RATIO

ANE IMPEX PTE. LTD.

TYPES OF FUNDS
Cash	242,194	131,201
Net Liquid Funds	242,194	131,201
Net Liquid Assets	163,538	128,331
Net Current Assets/(Liabilities)	163,538	128,331
Net Tangible Assets	163,538	128,331
Net Monetary Assets	163,538	128,331
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	0	0
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	38,302	43,056
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	2,875,297	2,870
Total Assets	3,038,835	131,201
Net Assets	163,538	128,331
Net Assets Backing	163,538	128,331
Shareholders' Funds	163,538	128,331
Total Share Capital	50,000	50,000
Total Reserves	113,538	78,331
LIQUIDITY (Times)
Cash Ratio	0.08	45.71
Liquid Ratio	1.06	45.71
Current Ratio	1.06	45.71
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	286	0
Creditors Ratio	297	0
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	17.58	0.02
Times Interest Earned Ratio	0.00	0.00
Assets Backing Ratio	3.27	2.57
PERFORMANCE RATIO (%)
Operating Profit Margin	1.07	92.64
Net Profit Margin	0.99	92.64
Return On Net Assets	23.42	33.55
Return On Capital Employed	23.42	33.55
Return On Shareholders' Funds/Equity	21.53	33.55
Dividend Pay Out Ratio (Times)	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.33
UK Pound	1	Rs.96.52
Euro	1	Rs.68.93

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ASH

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	--

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.