MIRA INFORM REPORT

Report No. :	355204
Report Date :	22.12.2015

IDENTIFICATION DETAILS

Name :	AUGUST VENTURES PRIVATE LIMITED
Registered Office :	17/1, Campbell Road, Bangalore – 560047, Karnataka
Tel. No.:	91-80-25302702
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	04.03.2002
Com. Reg. No.:	08-030196
Capital Investment / Paid-up Capital :	Rs. 20.000 Million
CIN No.: [Company Identification No.]	U26103KA2002PTC030196
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	BLRA04281E
PAN No.: [Permanent Account No.]	AAECA1689C
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Construction Activities. (Registered Activity )
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 1027000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2002 having satisfactory track. For FY 15 the company has achieved decent revenue base marked by satisfactory profit margin. The company possesses decent net worth base marked by low borrowings and fair cash accruals. However, rating is constrained on account of unfavorable trade gap between trade payables and receivables and huge dip profit margin as compared to previous year. Trade relations are fair. Business is active. Payments are slow but correct. 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.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

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 31-03-2015.

INFORMATION DECLINED BY

Name :	Mr. Biju P. John
Designation :	Director
Contact No.:	91-80-25302702
Date :	16.12.2015

LOCATIONS

Registered Office :	17/1, Campbell Road, Bangalore – 560047, Karnataka, India
Tel. No.:	91-80-25302702
Fax No.:	91-80-25360458
E-Mail :	sales@august.in
Website :	http://www.august.in

DIRECTORS

AS ON 29.09.2014

Name :

Mr. Biju Plathotathil John

Designation :

Managing Director

Address :

No.872, 80 Feet Road, Indiranagar, Bangalore, 560038, Karnataka, India

Date of Birth/Age :

06.08.1971

Qualification :

B.A. MBA, Master Programme in International trade

Date of Appointment :

29.09.2014

DIN No.:

00108208

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	U85110KA1992PTC013556	T.J. HOSPITALS AND HEALTH SERVICES PRIVATE LIMITED.	Director	23/09/1992	23/09/1992	-	Active	NO
2	U05149KA1985PTC006974	PRAMOD FOODS PRIVATE LIMITED	Director	27/10/1993	27/10/1993	-	Amalgamated	NO
3	U02001KA1995PTC017658	CHELAVARA PLANTATIONS PRIVATE LIMITED	Managing director	24/04/1995	24/04/1995	30/11/2013	Active	NO
4	U72900KA2000PTC026358	VENORA ONLINE PRIVATE LIMITED	Managing director	09/02/2000	09/02/2000	-	Active	NO
5	U26103KA2002PTC030196	AUGUST VENTURES PRIVATE LIMITED	Managing director	29/09/2014	04/03/2002	-	Active	NO
6	U74995KA2007PTC043821	PRIMROSE HOSPITALITY PRIVATE LIMITED	Managing director	10/09/2007	10/09/2007	-	Active	NO
7	U70101KA1989PTC010186	JOHN DEVELOPERS PRIVATE LIMITED	Director	09/06/2009	09/06/2009	22/11/2012	Active	NO
8	U63013KA2010PTC053633	CAMPBELL INFRASTRUCTURE PRIVATE LIMITED	Managing director	14/05/2010	14/05/2010	-	Active	NO
9	U70102KA2010PTC054042	AUSTIN ESTATES PRIVATE LIMITED	Managing director	14/06/2010	14/06/2010	-	Active	NO
10	U70100KA2011PTC058903	AUGUST REALTY PRIVATE LIMITED	Managing director	01/06/2011	01/06/2011	-	Active	NO
11	U70102KA2011PTC058959	JOHN PRIME LAND PRIVATE LIMITED	Managing director	03/06/2011	03/06/2011	-	Active	NO
12	U45205KA2013PTC069454	T. JOHN DEVELOPERS PRIVATE LIMITED	Managing director	03/06/2013	03/06/2013	-	Active	NO
13	U52100KA2014PTC074702	KODAGU RETAILS PRIVATE LIMITED	Director	03/06/2014	03/06/2014	-	Active	NO

Name :

Mrs. Mereena Biju John

Designation :

Director

Address :

872, 80 Feet Road, Indiranagar, Bangalore, 560038, Karnataka, India

Date of Birth/Age :

16.04.1980

Date of Appointment :

29.09.2014

DIN No.:

02079406

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	U63013KA2010PTC053633	CAMPBELL INFRASTRUCTURE PRIVATE LIMITED	Director	14/05/2010	14/05/2010	-	Active	NO
2	U70102KA2010PTC054042	AUSTIN ESTATES PRIVATE LIMITED	Director	14/06/2010	14/06/2010	-	Active	NO
3	U70100KA2011PTC058903	AUGUST REALTY PRIVATE LIMITED	Director	01/06/2011	01/06/2011	-	Active	NO
4	U70102KA2011PTC058959	JOHN PRIME LAND PRIVATE LIMITED	Director	03/06/2011	03/06/2011	-	Active	NO
5	U45205KA2013PTC069454	T. JOHN DEVELOPERS PRIVATE LIMITED	Director	03/06/2013	03/06/2013	-	Active	NO
6	U26103KA2002PTC030196	AUGUST VENTURES PRIVATE LIMITED	Director	29/09/2014	13/02/2014	-	Active	NO
7	U74995KA2007PTC043821	PRIMROSE HOSPITALITY PRIVATE LIMITED	Additional director	21/10/2014	21/10/2014	29/09/2015	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Names of Shareholders	No. of Shares
Biju Plathotathil John	1999899
Chachamma John	100
Total	1999999

AS ON 29.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Construction Activities. (Registered Activity )

Products :

ITC Code No.	Product Descriptions
99531121	Construction

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank 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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· State Bank of India

Kaggadasapura Branch, Plot No 21 & 22 Kaggadasapura, Bangalore - 560093, Karnataka, India

· Punjab National Bank

Large Corporate Branch, Centenary Building, No.28, M.G. Road, Bangalore – 560001, Karnataka, India

· The Federal Bank Limited

No.315/1, 100 Feet Road, Opposite Post Office, Indiran Agar, Bangalore – 560038, Karnataka, India

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Term loan facility from Punjab National Bank	44.855	0.000
Interest on term loan facility from Punjab National Bank	(0.355)	0.000
SHORT TERM BORROWINGS
Overdraft facility from The Federal Bank Limited	72.015	8.215
Total	116.515	8.215

Banking Relations :	--
Auditors :
Name :	Yadu and Company Chartered Accountants
Address :	No.25, Muddappa Road, Maruti Seva Nagar, Bangalore – 560033, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AADPY6443L
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
6,000,000	Equity Shares	Rs. 10/- each	Rs. 60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,999,999	Equity Shares	Rs. 10/- each	Rs. 20.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	20.000	20.000	20.000
(b) Reserves & Surplus	339.284	333.734	319.165
(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)	359.284	353.734	339.165
(3) Non-Current Liabilities
(a) Long-term borrowings	98.650	0.000	6.500
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	98.650	0.000	6.500
(4) Current Liabilities
(a) Short term borrowings	72.015	8.215	0.000
(b) Trade payables	14.248	16.757	14.287
(c) Other current liabilities	15.290	16.055	58.976
(d) Short-term provisions	0.093	0.712	1.906
Total Current Liabilities (4)	101.646	41.739	75.169
TOTAL	559.580	395.473	420.834
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	33.824	34.422	35.106
(ii) Intangible Assets	0.000	0.000	0.002
(iii) Capital work-in-progress	64.317	17.311	3.890
(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)	0.978	0.743	0.712
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	99.119	52.476	39.710
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	177.599	111.641	61.245
(c) Trade receivables	0.970	1.334	0.000
(d) Cash and cash equivalents	13.136	6.683	113.470
(e) Short-term loans and advances	118.581	71.725	54.306
(f) Other current assets	150.175	151.614	152.103
Total Current Assets	460.461	342.997	381.124
TOTAL	559.580	395.473	420.834

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Operations	72.300	107.573
		Other Income	0.517	3.355
		TOTAL (A)	72.817	110.928	NA
Less	EXPENSES
		August Park Project Expenses	0.073	4.123
		August grand Project Expenses	91.130	84.619
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(65.957)	(50.396)
		Employees benefits expense	20.543	19.820
		Other expenses	11.492	29.419
		TOTAL (B)	57.281	87.585	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.536	23.343	(Including Financial and Depreciation Expenses)
Less	FINANCIAL EXPENSES (D)		5.401	0.337
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.135	23.006
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.546	1.360
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		8.589	21.646	NA
Less	TAX (H)		2.746	7.077	NA
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		5.843	14.569	77.942
	Earnings Per Share (Rs.)		2.92	7.28	38.97

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operating Activities	(102.850)	(102.774)	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	8.08	13.54	NA
Operating Profit Margin (PBDIT/Sales)	(%)	21.49	21.70	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.74	5.74	NA
Return on Investment (ROI) (PBT/Networth)		0.02	0.06	NA
Debt Equity Ratio (Total Debt/Networth)		0.48	0.02	0.02
Current Ratio (Current Asset/Current Liability)		4.53	8.22	5.07

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	20.000	20.000	20.000
Reserves & Surplus	319.165	333.734	339.284
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	339.165	353.734	359.284
Long-term borrowings	6.500	0.000	98.650
Short term borrowings	0.000	8.215	72.015
Total borrowings	6.500	8.215	170.665
Debt/Equity ratio	0.019	0.023	0.475

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	107.573	72.300
		(32.790)

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	107.573	72.300
Profit	14.569	5.843
	13.54%	8.08%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10524033	25/06/2015 *	76,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORTE BRANCH, CENTENARY BUILDING, NO.28,  M G ROAD, BANGALORE - 560001, KARNATAKA, INDIA	C59214437
2	10488008	23/09/2015 *	100,000,000.00	THE FEDERAL BANK LIMITED	NO.315/1, 100 FEET ROAD, OPP POST OFFICE, INDIRAN  AGAR, BANGALORE - 560038, KARNATAKA, INDIA	C65929507

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Loan from Chairman and Managing Director	54.150	0.000
Total	54.150	0.000

BUSINESS OVERVIEW

The total income including other income year ended 31^st March, 2015 is Rs. 72.816 million compared to Rs. 110.928 million during the previous year. The main expenditure items during the current year has been August Grand Project Expenses of Rs. 91.130 million employee benefits expenses of Rs. 20.542 and other expenses of Rs. 11.492 million.

FIXED ASSETS:

· Furniture and fixtures

· Artwork

· Books

· Motor Vehicles

· Calculators

· Computers

· Printers

· Mobile Handsets

· Misc Assets

· Office Electrical Equipment’s

· DG Set

· Office Renovation Expenses

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 records 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.66.32
UK Pound	1	Rs.98.99
Euro	1	Rs.72.13

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	AMR
Report Prepared by :	ARC

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
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	6
--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.