MIRA INFORM REPORT

Report No. :	304268
Report Date :	21.01.2015

IDENTIFICATION DETAILS

Name :	OSAKA RUBBER PRIVATE LIMITED
Registered Office :	103/6, Mittal Industrial Estate, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.09.2004
Com. Reg. No.:	11-148461
Capital Investment / Paid-up Capital :	Rs.19.382 Millions
CIN No.: [Company Identification No.]	U25100MH2004PTC148461
TIN No.:	27410262350
IEC No.:	0305063600
TAN No.: [Tax Deduction & Collection Account No.]	MUMO03496D
PAN No.: [Permanent Account No.]	AAACO6940L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Extracted and Molded Rubber Products.
No. of Employees :	Not Available

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

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 :	103/6, Mittal Industrial Estate, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-42044204 / 28501083 / 28502064
Fax No.:	91-22-42044205 / 28504082
E-Mail :	osakarubber@vsnl.com modiswapnil@mtnl.net.in
Website :	http://www.osakarubber.com
Area :	2000 Sq. Ft
Location :	Owned
Factory 1 :	Shakti Udyog Nagar, Plot No. 38, Village Veoor Taluka, Palghur (East), District Thane, Maharashtra, India
Tel. No.:	91-2525-256158 / 320092
Fax No.:	91-2525-252552
Factory 2 :	Plot No. 15, Survey No. 38/1, Village Veoor Taluka, Palghur (East), District Thane, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Kiran Karansiingh Jain

Designation :

Director

Address :

A/7, Mahesh Nagar, S. V. Road , Goregaon (West), Mumbai - 400062, Maharashtra, India

Date of Appointment :

09.09.2004

DIN No.:

00421994

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	U22219MH1994PTC081916	DEEP KAMAL PRINTING AND PACKAGING PRIVATE LIMITED	Director	15/03/2002	15/03/2002	-	Active	NO
2	U25100MH2004PTC148461	OSAKA RUBBER PRIVATE LIMITED	Director	09/09/2004	09/09/2004	-	Active	NO

Name :

Mr. Satyendra Kumar Sigh

Designation :

Director

Address :

Flat No 104, Building No 2 , Anmol, Andheri Kurla Road, Marol , Andheri (East), Mumbai - 400059, Maharashtra, India

Date of Appointment :

09.09.2004

DIN No.:

00422204

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	U25100MH2004PTC148461	OSAKA RUBBER PRIVATE LIMITED	Director	09/09/2004	09/09/2004	-	Active	NO
2	U24100MH2008PTC179621	MPP MANUFACTURING PRIVATE LIMITED.	Director	03/03/2008	03/03/2008	-	Active	NO

Name :

Mrs. Prerana Arun Bandkar

Designation :

Director

Date of Appointment :

09.09.2004

DIN No.:

00422397

Name :

Mr. Shashikumar Satyendrakumar Singh

Designation :

Director

Address :

104, Wing 2 Anmol Nagar, Andheri-Kurla Road, Marol Pipe Line, Mumbai - 400059, Maharashtra, India

Date of Appointment :

30.11.2013

DIN No.:

01800250

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	U24100MH2008PTC179621	MPP MANUFACTURING PRIVATE LIMITED	Director	03/03/2008	03/03/2008	-	Active	NO
2	U45400UP2012PTC052659	SHREE SALASAR DEVELOPERS PRIVATE LIMITED	Director	20/09/2012	20/09/2012	-	Active	NO
3	U25100MH2004PTC148461	OSAKA RUBBER PRIVATE LIMITED	Director	30/11/2013	30/11/2013	-	Active	NO

Name :

Mr. Vinaykumar Satyendrakumar Singh

Designation :

Director

Address :

104, Wing, 2 Anmol Nagar, Andheri-Kurla Road, Marol Pipe Line, Mumbai - 400059, Maharashtra, India

Date of Appointment :

30.11.2013

DIN No.:

01800288

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	U24100MH2008PTC179621	MPP MANUFACTURING PRIVATE LIMITED.	Director	03/03/2008	03/03/2008	-	Active	NO
2	U25100MH2004PTC148461	OSAKA RUBBER PRIVATE LIMITED	Director	30/11/2013	30/11/2013	-	Active	NO

Name :

Mrs. Pramila Singh Satyendrakumar

Designation :

Director

Address :

2/104, Anmol Building, Andheri Kurla Road, Andheri East, Mumbai - 400059, Maharashtra, India

Date of Appointment :

30.11.2013

DIN No.:

06753728

Name :

Mr. Mahendra Jain Karan

Designation :

Director

Address :

A/7/9, Mahesh Nagar, S V Road, Goregaon West, Mumbai - 400062, Maharashtra, India

Date of Appointment :

30.11.2013

DIN No.:

06755965

Name :

Mr. Kapilkumar Karansingh Jain

Designation :

Director

Address :

A/7/1, Mahesh Nagar, S V Road, Goregaon West, Mumbai - 400062, Maharashtra, India

Date of Appointment :

30.11.2013

DIN No.:

06756079

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Satyendra Rammurat Singh	269175
Satyendra Rammurat Singh HUF	70000
Kirandevi Karan Jain	285024
Prerna Arun Bandkar	202000
Arun Dharamji Bandkar	122915
Kapil Karan Jain	154910
Mahendra Karan Jain HUF	149260
Mahendra Karan Jain	83100
Mamta Mahendra Jain	46480
Pramila Satyaendra Singh	115600
Pranita Amit Singh	79382
Rambha Shahsi Singh	32400
Shahsi Satyendra Singh	170600
Vinay Satyendra Singh	157315
Total	1938161

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 :	Manufacturer and Exporter of Extracted and Molded Rubber Products.
Products :	Vacuum Bag Sealant Tape Butyl Mastic Tape Door Foll Sealants Cork Insulation Butyl Tape Butyl Hot Melt Sealants Sound Dampening Anti Vibration Pads Archite Ctural Building Rubber Profiles Bus Body Rubber Profiles Container Seals Moulded Components Epdm Rubber And Gaskets Expansion Joints Rubber Profile For Solar Heating System Silicone Rubber Profiles Bituminous Flashing Tape Mastic Tape Silicone Sealants Thermoplastic Elastomers Rubber
Brand Names :	--
Agencies Held :	--
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :	Not Available
Customers :	Not Available
No. of Employees :	Not Available
Bankers :	The Bharat Co-Operative Bank (Mumbai) Limited, Andheri (Esst) Branch, Shop No.6 and 106, Ground Floor, Town Centre, Near Mittal Industrial Estate, Marol, Mumbai – 400059, Maharashtra, India State Bank Of India, Saki Naka Branch Lekhraj Bhavan, Saki Naka Branch, Saki Vihar Road, Mumbai – 400072, Maharashtra, India
Facilities :	--

Auditors :
Name :	G R Modi and Sons Chartered Accountants
Address :	12, Laxminarayan Shopping Centre, Poddar Park Road, Malad (East), Mumbai – 400097, Maharashtra, India
Tel. No.:	91-22-28834273 /28829304
Fax No.:	91-22-28829304
E-Mail :	modiswapnil@mtnl.net.in
PAN No.:	AADFG7980N
Memberships :	--
Collaborators :	--
Sister Concern :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1938161	Equity Shares	Rs.10/- each	Rs.19.382 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	19.382	19.382	19.382
(b) Reserves & Surplus	22.041	19.118	15.596
(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)	41.423	38.500	34.978
(3) Non-Current Liabilities
(a) long-term borrowings	57.838	62.560	53.428
(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)	57.838	62.560	53.428
(4) Current Liabilities
(a) Short term borrowings	51.792	46.288	46.117
(b) Trade payables	27.307	28.093	27.667
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	79.099	74.381	73.784
TOTAL	178.360	175.441	162.190
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	30.709	43.839	38.048
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	9.849
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.100	0.100	0.100
(c) Deferred tax assets (net)	0.415	1.345	0.929
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.133	0.159	0.186
Total Non-Current Assets	31.357	45.443	49.112
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	63.813	56.990	40.722
(c) Trade receivables	68.072	63.772	60.773
(d) Cash and cash equivalents	2.611	3.382	4.362
(e) Short-term loans and advances	3.507	5.854	7.221
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	138.003	129.998	113.078
TOTAL	169.360	175.441	162.190

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL		177.345	168.581	148.749
Less	EXPENSES			164.216	155.421	s136.291
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			13.129	13.160	12.458
Less	DEPRECIATION/ AMORTISATION			7.126	8.055	6.424
	PROFIT/(LOSS) BEFORE TAX			6.003	5.105	6.034
Less	TAX			NA	NA	NA
	PROFIT/(LOSS) AFTER TAX			NA	NA	NA
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	1.657	1.504	NA
	TOTAL EARNINGS			1.657	1.504	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	3.56	2.93	3.99
Return on Investment (ROI) (PBT/Networth)		0.14	0.13	0.17
Debt Equity Ratio (Total Debt /Networth)		2.65	2.83	2.85
Current Ratio (Current Asset/Current Liability)		1.74	1.75	1.53

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	19.382	19.382	19.382
Reserves & Surplus	15.596	19.118	22.041
Share Application money pending allotment	0.000	0.000	0.000
Net worth	34.978	38.500	41.423
Long Term borrowings	53.428	62.560	57.838
Short Term borrowings	46.117	46.288	51.792
Total borrowings	99.545	108.848	109.630
Debt/Equity ratio	2.846	2.827	2.647

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
Total Income	148.749	168.581	177.345
		13.333	5.199

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	148.749	168.581	177.345
Profit Before Tax	4.172	3.521	2.923
	2.80%	2.09%	1.65%

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	Yes
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	No
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

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10489668	29/03/2014	20,000,000.00	The Bharat Co-Operative Bank(Mumbai) Limited	The Bharat Co-Operative Bank (Mumbai) Ltd, Estate, Andheri Kurla Road, Marol, Andheri (E), Mumbai, Maharashtra - 400059, India	C03075975
2	10296007	07/07/2011	7,500,000.00	The Bharat Co - Operative Bank (Mumbai) Limited	Andheri (East) Branch , Shop No. 6 / 106, Gr. Flr. , Town Centre , Andheri - Kurla Road, Mumbai, Maharashtra - 400059, India	B16483737
3	10126547	15/10/2008	20,000,000.00	The Bharat Co-Operative Bank (Mumbai) Limited	Andheri (East) Branch, Shop No. 6 And 106, Gr. Flr, Town Centre, Near Mittal Industrial Estate, Marol, Mumbai, Maharashtra - 400059, India	A49096217
4	10126545	29/03/2014 *	88,033,000.00	The Bharat Co-Operative Bank(Mumbai) Limited	The Bharat Co-Operative Bank(Mumbai) Ltd, Estate, Andheri Kurla Road, Marol, Andheri (E), Mumbai, Maharashtra - 400059, India	C03076254
5	10074134	14/06/2011 *	15,000,000.00	The Bharat Co - Operative Bank (Mumbai) Limited	Andheri (East) Branch , Shop No. 6 / 106, Gr. Flr. , Town Centre , Andheri - Kurla Road, Mumbai, Maharashtra - 400059, India	B15612187
6	10074133	14/06/2011 *	45,000,000.00	The Bharat Co - Operative Bank (Mumbai) Limited	Andheri (East) Branch , Shop No. 6 / 106, Gr. Flr., Town Centre, Andheri - Kurla Road, Mumbai, Maharashtra - 400059, India	B15645583
7	10074137	29/03/2014 *	88,033,000.00	The Bharat Co-Operative Bank(Mumbai) Limited	The Bharat Co-Operative Bank(Mumbai) Limited, Estate, Andheri Kurla Road, Marol, Andheri (E), Mumbai, Maharashtra - 400059, India	C03076742
8	10074136	01/11/2007	4,782,000.00	The Bharat Co-Operative Bank (Mumbai) Limited	Andheri (East) Branch , Shop No. 6 / 106, Town Centre , Andheri - Kurla Road, Mumbai, Maharashtra - 400059, India	A26206300

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.70
UK Pound	1	Rs.93.41
Euro	1	Rs.71.33

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	VNT

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		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.