MIRA INFORM REPORT

Report No. :	308178
Report Date :	16.02.2015

IDENTIFICATION DETAILS

Name :	SAM FINE O CHEM LIMITED (w.e.f 19.11.2011)
Formerly Known As :	SAM FINECHEM LIMITED
Registered Office :	Survey No. 47, Hadamtala Industrial Area, Rajkot Gondal, National Highway, Hadamatala, Taluka kotda Sangani, Rajkot – 360030, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.09.2005
Com. Reg. No.:	04-065631
Capital Investment / Paid-up Capital :	Rs.72.658 Millions
CIN No.: [Company Identification No.]	U24111GJ2005PLC065631
TAN No.: [Tax Deduction & Collection Account No.]	RKTS04237C
PAN No.: [Permanent Account No.]	AAJCS2469P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacture, Importer and export of chemicals intermediates.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred huge accumulated losses which has eroded net worth of the company. Liquidity position of the company is under pressure. Business is active. Payments are reported to be slow. The company can be considered for business dealings on safe and secured 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 – 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. B R Patil
Designation :	Export Manager
Contact No.:	91-22-28900066
Date :	13.02.2015

LOCATIONS

Registered Office / Factory:	Survey No. 47, Hadamtala Industrial Area, Rajkot Gondal, National Highway, Hadamatala, Taluka kotda Sangani, Rajkot – 360030, Gujarat, India
Tel. No.:	91-2827-270591/270592
Fax No.:	Not Available
E-Mail :	secretarial@transpek.com
Website:	http://www.samfinechem.com
Bombay Office:	Shyam Villa, Sapta Sindhu Compound, Rokadia Lane, Borivali (West), Mumbai – 400092, Maharashtra, India
Tel. No.:	91-22-28900066/77/88
Fax No.:	91-22-28900055
E-Mail :	infor@samfinechem.com samfinechem@gmail.com

DIRECTORS

As on 19.07.2014

Name :

Mr. Deepak Natvarlal Mehta

Designation :

Whole-time director

Address :

B/3, Paras Apartment, Rakadia Lane, Borivali (West), Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

12.01.1959

Date of Appointment :

01.12.2013

DIN No.:

00481510

PAN No.:

AACPM7544D

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	U24110MH1994PLC081360	SAM ORGANICS LIMITED	Director	30-09-11	22-09-94	-	Active	NO
2	U24111GJ2005PLC065631	SAM FINE O CHEM LIMITED	Whole-time director	01-12-13	13-09-05	-	Active	NO

Name :

Mr. Pinkesh Pankajkumar Mehta

Designation :

Director

Address :

B-3, Paras Apartment, Rokadia Lane, SVP Road, Borivali (West), Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

01.08.1984

Date of Appointment :

18.06.2012

DIN No.:

03088404

PAN No.:

AJKPM4509K

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	U51900MH1992PTC070172	SHIPRA TRADING AND FINANCE PRIVATE LIMITED	Director	31-05-10	31-05-10	16-05-12	Active	NO
2	U24111GJ2005PLC065631	SAM FINE O CHEM LIMITED	Director	18-06-12	17-05-12	-	Active	NO

KEY EXECUTIVE

Name :	Mr. B R Patil
Designation :	Export Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 19.07.2014

Names of Shareholders (Equity Shares)	No. of Shares
Mehta Natwarlal Deepak	78910
Mehta Natwarlal Harish	10300
Mehta Natwarlal Sudhir	17359
Mehta Pankaj Pinkesh	5000
Mehta Deepak Sameet	9100
Mehta Deepak Bharti	5800
Mehta Natwarlal Deepak HUF	3600
Mehta Natwarlal Harish HUF	500
Mehta Harish Rekha	12500
Mehta Shefali P	7000
Mehta Deepak Shruti	8750
Sam Organic Shruti	1750
Sam Organics Limited	45000
Shipra Trading and Finance Private Limited	83250
Mehta Harish S	4000
Transpek Industry Limited	292919
Total	585738

Names of Shareholders (Preference Shares)	No. of Shares
Sam Organics Limited	150000
Sam Organics Limited	184000
Transpek Industry Limited	334000
Total	668000

Equity Share Break up (Percentage of Total Equity)

As on 19.07.2014

Category	Percentage
Bodies corporate	71.89
Directors or relatives of Directors	28.11
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture, Importer and export of chemicals intermediates.
Products :	Chemicals intermediates
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Chemicals intermediates
Countries :	· Europe · China · UK
Imports :
Products :	Chemicals intermediates
Countries :	China
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Jure Chem, Mumbai, Maharashtra, India
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 :

Reference :	Dr. Reddy
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 :

200 (Approximately)

Bankers :

· Union Bank of India, Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashta, India

· The Kapol Co-Operative Bank Limited, Bhandarkar Bhavan, S V Road, Borivali West,, Mumbai - 400091, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Short-term borrowings
Loans repayable on demand from banks	63.506	73.268
Total	63.506	73.268

Banking Relations :	--
Auditors :
Name :	Nayak and Kishnadwala Chartered Accountants
Address :	C-201/202, Shree Siddhi Vinayak Complex, Opposite Alkapuri Side Railway Station, Vadodara, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAGFC1833M
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Shipra Trading and Finance Private Limited, India [U51900MH1992PTC070172] · Sam Organics Limited, India [U24110MH1994PLC081360]

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions
700000	Preference Shares	Rs.100/- each	Rs. 70.000 Millions
	Total		Rs. 80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
585838	Equity Shares	Rs.10/- each	Rs. 5.858 Millions
668000	Preference Shares	Rs.100/- each	Rs. 66.800 Millions
	Total		Rs. 72.658 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	72.658	72.658	20.858
(b) Reserves & Surplus	(98.196)	(98.626)	(69.897)
(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)	(25.538)	(25.968)	(49.039)
(3) Non-Current Liabilities
(a) long-term borrowings	41.777	38.156	19.453
(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	2.448	2.674	2.125
Total Non-current Liabilities (3)	44.225	40.830	21.578
(4) Current Liabilities
(a) Short term borrowings	82.506	92.268	175.206
(b) Trade payables	149.935	142.173	129.149
(c) Other current liabilities	68.621	26.617	31.301
(d) Short-term provisions	0.421	0.393	0.486
Total Current Liabilities (4)	301.483	261.451	336.142
TOTAL	320.170	276.313	308.681
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	130.338	135.866	146.883
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	5.088	0.113	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.505	0.505	0.505
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.957	6.395	4.756
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	141.888	142.879	152.144
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	61.738	46.241	46.068
(c) Trade receivables	92.360	66.813	95.711
(d) Cash and cash equivalents	11.633	4.104	3.764
(e) Short-term loans and advances	11.512	15.455	9.115
(f) Other current assets	1.039	0.821	1.879
Total Current Assets	178.282	133.434	156.537
TOTAL	320.170	276.313	308.681

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	302.476	338.276	281.395
	Other Income	3.998	7.514	3.301
	TOTAL (A)	306.474	345.790	284.696
Less	EXPENSES
	Cost of Materials Consumed	188.835	218.510	157.121
	Purchases of stock in trade	0.000	0.000	30.166
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(21.397)	(7.536)	9.153
	Employees benefits expense	25.015	26.023	25.299
	Other expenses	72.529	94.496	66.665
	TOTAL (B)	264.982	331.493	288.404
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	41.492	14.297	(3.708)
Less	FINANCIAL EXPENSES (D)	23.349	25.740	34.971
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	18.143	(11.443)	(38.679)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	17.713	17.285	16.613
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	0.430	(28.728)	(55.292)
Less	TAX (I)	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	0.430	(28.728)	(55.292)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(180.645)	(151.917)	(96.625)
	Balance Carried to the B/S	(180.215)	(180.645)	(151.917)
	Earnings / (Loss) Per Share (Rs.)	0.73	(49.04)	(94.38)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.14	(8.49)	(19.65)
Operating Profit Margin (PBIDT/Sales)	(%)	13.72	4.23	(1.32)
Return on Total Assets (PBT/Total Assets}	(%)	0.14	(10.42)	(17.94)
Return on Investment (ROI) (PBT/Networth)		(0.02)	1.11	1.13
Debt Equity Ratio (Total Debt /Networth)		(4.87)	(5.02)	(3.97)
Current Ratio (Current Asset/Current Liability)		0.59	0.51	0.47

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	20.858	72.658	72.658
Reserves & Surplus	(69.897)	(98.626)	(98.196)
Net worth	(49.039)	(25.968)	(25.538)
long-term borrowings	19.453	38.156	41.777
Short term borrowings	175.206	92.268	82.506
Total borrowings	194.659	130.424	124.283
Debt/Equity ratio	(3.969)	(5.022)	(4.867)

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	281.395	338.276	302.476
		20.214	(10.583)

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	281.395	338.276	302.476
Profit	(55.292)	(28.728)	0.430
	(19.65%)	(8.49%)	0.14%

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	Yes
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	Yes
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
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

REVIEW OF PERFORMANCE:

During the year under report, the Company focused on production efficiencies and cost control aimed at achieving profitable operations rather than accelerating production and sales. The Company earned revenue of Rs.302.400 Millions from operations compared to Rs.338.300 Millions in the previous year. Though the revenue generation was lower, it could arrest its losses significantly. During the year, the Company earned a net profit of Rs.0.430 Million [Cash Profit: Rs.18.142 Millions] as against loss of Rs.28.700 Millions [Cash Loss Rs.11.444 Millions] in the previous year.

The significant improvement in the working results was achieved as a result of various steps initiated which contributed to:

Optimising raw material consumption due to improvement in production processes.

Lower effluent treatment expenses due to up gradation of effluent treatment plant.

Overall reduction in finance andadministrative expenses.

OUTLOOK

During the year, they have developed a few pharma-intermediates in our in-house R and D facilities. They foresee good demand for these products in the near term which will facilitate achieving enhanced turnover. Many products in Pharma Sector going off patent will also provide a substantial opportunity for increased volumes in the coming year.

Besides, the Company's existing products are already well established in the market and the quality is highly appreciated by the leading customers. Building on our track record of old, satisfactory and mutually profitable relationship with existing customers, the company has initiated active interaction with various new customers with a view to grow further the volume of existing products so as to ensure utilisation of existing production capacity fully.

Therefore, with continued focus on production efficiencies and cost control, enhanced sales volume will not only yield improved profit margins; but will also pave the way to plan an expansion.

The market outlook therefore, remains positive.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Term loans from others	41.777	33.108
Rupee term loans from banks	0.000	5.048
Short-term borrowings
Loans and advances from others	0.000	19.000
Loans repayable on demand from others	19.000	0.000
Total	60.777	57.156

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10273797	25/02/2011	65,000,000.00	THE KAPOL CO-OPERATIVE BANK LIMITED	BHANDARKAR BHAVAN, S V ROAD, BORIVALI WEST, MUM BAI, MAHARASHTRA - 400091, INDIA	B07829518
2	10003356	06/08/2008 *	45,800,000.00	THE KAPOL CO OP BANK LTD	1402 / 1403 DALAMAL TOWER, 211 NARIMAN POINT, MUM BAI, MAHARASHTRA - 400021, INDIA	A42862078

* Date of charge modification

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Other equipments

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 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.62.14
UK Pound	1	Rs.95.78
Euro	1	Rs.71.05

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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		11

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.