MIRA INFORM REPORT

Report No. :	305998
Report Date :	12.02.2015

IDENTIFICATION DETAILS

Name :	SOHN STEEL PRIVATE LIMITED
Registered Office :	Plot No.70, Sector‐27 A, Pradhikaran, NIGDI, Pune ‐ 411044, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.12.1994
Com. Reg. No.:	11-015208
Capital Investment / Paid-up Capital :	Rs. 2.748 Millions
CIN No.: [Company Identification No.]	U27101PN1994PTC015208
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCS3248Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of M. S. Ingots from scrap
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 47000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company has incurred operational loss due to which reserves of the company has declined during FY 14. However, trade relations seem to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

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.

LOCATIONS

Registered Office :	Plot No.70, Sector‐27 A, Pradhikaran, NIGDI, Pune ‐ 411044, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	Not Available
Fax No.:	Not Available
E-Mail :	csadeshpande@gmail.com
Factory Office :	Plot No 4 & 5, Gut No 1251 To 1261,Village Markal, Alandi Markal Road, Tal Khed Dist, Pune – 412105, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Rajpal Jeetram Solanki

Designation :

Director

Address :

Bh‐13, East Shalimar Bagh, New Delhi, 110088, India

Date of Birth/Age :

20.10.1956

Date of Appointment :

14.12.1994

DIN No.:

00451314

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	U27101PN1994PTC015208	SOHN STEEL PRIVATE LIMITED	Director	14-12-1994	14-12-1994	-	Active	NO
2	U23204DL2003PLC123515	ESAAR BIO-TECH PRODUCTS LIMITED	Director	15-12-2003	15-12-2003	-	Active	NO
3	U27106GJ2003PTC042778	NILKANTH CONCAST PRIVATE LIMITED	Director	05-08-2005	05-08-2005	15-11-2007	Active	NO
4	U70109DL2006PTC150959	K.R. INFRASTRUCTURE DEVELOPMENT CO PRIVATE LIMITED	Director	29-09-2008	08-02-2008	-	Active	NO
5	U74899DL1995PTC065500	ALANDI STEEL PRIVATE LIMITED	Director	30-09-2011	06-10-2009	-	Active	NO
6	U28910DL2009PTC196100	T M K STEEL INDUSTRY PRIVATE LIMITED	Director	17-11-2009	17-11-2009	-	Active	NO
7	U51909DL2010PTC210153	SRIVENKATESHWAR TRADEX PRIVATE LIMITED	Director	03-11-2010	03-11-2010	16-10-2014	Active	NO
8	L63020DL1992PLC121695	SINDHU TRADE LINKS LIMITED	Director	29-09-2012	25-11-2011	-	Active	NO
9	U74140DL2004PTC127124	SHYAM INDUS POWER SOLUTIONS PRIVATE LIMITED	Director	11-01-2012	11-01-2012	-	Active	NO
10	U10102DL1997PLC085837	ACB (INDIA) LIMITED	Additional director	06-09-2014	06-09-2014	-	Active	NO

Name :

Mr. Jatinder Joginder Singh

Designation :

Director

Address :

A‐1/5, Shakti Nagar Extension, New Delhi 110 052, India

Date of Birth/Age :

21.08.1958

Date of Appointment :

20.10.1995

DIN No.:

02429665

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	U27101PN1994PTC015208	SOHN STEEL PRIVATE LIMITED	Director	20-10-1995	20-10-1995	-	Active	NO
2	U74899DL1995PTC065500	ALANDI STEEL PRIVATE LIMITED	Director	30-09-2011	06-10-2009	-	Active	NO
3	U28910DL2009PTC196100	T M K STEEL INDUSTRY PRIVATE LIMITED	Director	17-11-2009	17-11-2009	-	Active	NO
4	U67120PN1990PTC021723	G.D. METSTEEL PRIVATE LIMITED	Director	29-09-2012	01-08-2012	-	Active	NO

Name :

Mr. Kapoorsingh Dayanand Khatri

Designation :

Director

Address :

1169 Pana Pamposia, Narela, New Delhi, 110040, India

Date of Birth/Age :

15.01.1967

Date of Appointment :

01.12.2001

DIN No.:

00096210

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	U74899DL1995PTC065500	ALANDI STEEL PRIVATE LIMITED	Director	07-12-1999	07-12-1999	-	Active	NO
2	U27101PN1994PTC015208	SOHN STEEL PRIVATE LIMITED	Director	01-12-2001	01-12-2001	-	Active	NO
3	U70109DL2006PTC150959	K.R. INFRASTRUCTURE DEVELOPMENT CO PRIVATE LIMITED	Director	29-09-2008	31-08-2008	-	Active	NO
4	U28910DL2009PTC196100	T M K STEEL INDUSTRY PRIVATE LIMITED	Director	17-11-2009	17-11-2009	-	Active	NO
5	U67120PN1990PTC021723	G.D. METSTEEL PRIVATE LIMITED	Director	29-09-2012	01-08-2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Mr. Rajpal J. Solanki	26000
Mr. Anju S. Solanki	41040
Mr. Jatinder Joginder Singh	26000
Mr. D.N. Khatri	10
Mr. Mr. Rajbala N. Solanki	33010
Mr. Ramkumar Solanki	21000
Mr. Khatri Kapoorsingh	26000
Mr. Madanlal Khatri	26000
Mr. Sandeep Khatri	2960
Mr. Surender Solanki	26000
Mr. Ramchander Solanki	26000
Mr. Kamal Solanki	8330
Mr. Joginder Sujan Singh	12480
Total	274830

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of M. S. Ingots from scrap
Products :	M. S. Ingots
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

No. of Employees :

Not Available

Bankers :

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Loans Taken For Fixed Assets (HDFC Bank – Car Loan A/C 16277774 HDFC Bank – Car Loan A/C 16485592 Bank of Maharashtra Term Loan A/C 60119150025)	33.647	39.352
Short-term borrowings
Term Loans From Banks (Cash Credit Facility Is Secured By Hypothecation of Stock & Book Debts and other Movable Assets Both Present and Future & Further Supported By Personal Guarantees Of Directors)	90.524	90.048
Total	124.171	129.400

Auditors :
Name :	Mukesh R Kapadia and Company Chartered Accountants
Address :	Office No. 104 Aawishkar Regency, S No 588/2C, Plot No 3, CTS 3218 - 3222, Bibwewadi - Kondhwa Road, Bibwewadi, Pune – 411037, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	ACEPK2766P
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
274830	Equity Shares	Rs.10/- each	Rs.2.748 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	2.748	2.748	2.748
(b) Reserves & Surplus	13.642	83.332	98.290
(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)	16.390	86.080	101.038
(3) Non-Current Liabilities
(a) long-term borrowings	35.003	42.683	7.503
(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)	35.003	42.683	7.503
(4) Current Liabilities
(a) Short term borrowings	167.873	186.476	143.854
(b) Trade payables	15.778	32.167	7.031
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	3.827	10.057	24.237
Total Current Liabilities (4)	187.478	228.700	175.122
TOTAL	238.871	357.463	283.663
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	119.259	128.461	68.747
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	5.464
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6.045	6.794	6.313
(c) Deferred tax assets (net)	0.487	0.659	1.047
(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	125.791	135.914	81.571
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	25.890	143.190	108.188
(c) Trade receivables	80.489	57.702	78.773
(d) Cash and cash equivalents	1.619	1.669	1.942
(e) Short-term loans and advances	5.082	18.988	13.189
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	113.080	221.549	202.092
TOTAL	238.871	357.463	283.663

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	605.645	1154.665	1646.486
	Other Income	0.000	2.149	4.584
	TOTAL	605.645	1156.814	1651.070
Less	EXPENSES
	Cost of sales	640.177	1147.380	1606.894
	Sales and administrative Expenses	18.663	15.729	27.582
	TOTAL	658.840	1163.109	1634.476
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	(53.195)	(6.295)	16.594
Less	FINANCIAL EXPENSES	15.601	7.400	7.134
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(68.796)	(13.695)	9.460
Less/ Add	DEPRECIATION/ AMORTISATION	0.721	0.875	0.000
	PROFIT/ (LOSS) BEFORE TAX	(69.517)	(14.570)	9.460
Less	TAX	0.172	0.388	3.050
	PROFIT/ (LOSS) AFTER TAX	(69.689)	(14.958)	6.410
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	83.331	98.289	91.880
	Balance Carried to the B/S (J+K+L-M)	13.642	83.331	98.290
	Earnings / (Loss) Per Share (Rs.)	(253.57)	(54.43)	23.32

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(11.51)	(1.30)	0.39
Operating Profit Margin (PBIDT/Sales)	(%)	(8.78)	(0.55)	1.01
Return on Total Assets (PBT/Total Assets}	(%)	(29.92)	(4.16)	3.49
Return on Investment (ROI) (PBT/Networth)		(4.24)	(0.17)	0.09
Debt Equity Ratio (Total Debt /Networth)		12.38	2.66	1.50
Current Ratio (Current Asset/Current Liability)		0.60	0.97	1.15

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	2.748	2.748	2.748
Reserves & Surplus	13.642	83.332	98.29
Net worth	16.390	86.080	101.038
long-term borrowings	7.503	42.683	35.003
Short term borrowings	143.854	186.476	167.873
Total borrowings	151.357	229.159	202.876
Debt/Equity ratio	9.235	2.662	2.008

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1646.486	1154.665	605.645
		(29.871)	(47.548)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1646.486	1154.665	605.645
Profit	6.410	(14.958)	(69.689)
	0.39%	(1.30)%	(11.51)%

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	No
10]	Designation of contact person	No
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	No
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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10399128	18/04/2013 *	40,500,000.00	BANK OF MAHARASHTRA	YASHOMANGAL, 1183/A, F.C.ROAD, CORPORATE FINANCE BRANCH, PUNE, Maharashtra - 411005, INDIA	B73424038
2	10392238	07/11/2012	212,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B64239650
3	10392236	25/10/2012	2,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B64239296
4	10294883	25/10/2012 *	50,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B64238934
5	10200922	25/10/2012 *	30,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B64238033
6	10200919	25/10/2012 *	130,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B64238603

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Deferred sales tax loan	1.356	3.331
Short-term borrowings
Rupee term loans from banks	77.349	96.428
Total	78.705	99.759

FIXED ASSETS

Tangible Assets

· Computer equipment’s

· Other plant and equipment

· Furniture and fixtures

· Motor vehicles

· Land

· Factory building

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.62.15
UK Pound	1	Rs.94.72
Euro	1	Rs.70.33

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	RCH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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		28

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.