MIRA INFORM REPORT

Report No. :	310181
Report Date :	02.03.2015

IDENTIFICATION DETAILS

Name :	SHUBHAM CHEMICALS AND SOLVENTS LIMITED
Registered Office :	GI-3 G.T.K. ROAD INDUSTRIAL AREA AZADPUR, Delhi-110033
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.03.2001
Com. Reg. No.:	55-110074
Capital Investment / Paid-up Capital :	Rs. 15.700 Million
CIN No.: [Company Identification No.]	U24119DL2001PLC110074
IEC No.:	0501009264
TAN No.: [Tax Deduction & Collection Account No.]	DELS14882A
PAN No.: [Permanent Account No.]	AAFCS2969C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader, distributor and Importer of Industrial chemicals, Phenolic, styrene monomer, solvents.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 310000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having track. As per Registrar of companies the date of balance sheet i.e. financials filed is shown as 31^st March, 2014 but the documents related to the financials for the year 2014 are not available from any sources. As per available financial of 201, profitability of the company seems to be low. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing with some cautions.

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	CRSIL
Rating	Long term Rating “BB-” (Suspended)
Rating Explanation	Have moderate risk of default
Date	December 19, 2014

Rating Agency Name	CRSIL
Rating	Short term rating “A4+”
Rating Explanation	Have minimal degree of safety and carry very high credit risk. (Suspended)
Date	December 19, 2014

Reason for Suspension: The suspension of ratings is on account of non-co-operation by SCSL with CRISIL’s efforts to undertake a review of the ratings outstanding.

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. Ajay Kapur
Designation :	Director
Contact No.:	91-9811072266
Date :	27.02.2015

LOCATIONS

Registered Office :	GI-3, G.T.K. Road Industrial Area, Azadpur, Delhi – 110033, India
Tel. No.:	91-11-49996666
Mobile No.:	91-9811072266 (Mr. Ajay Kapur)
Fax No.:	91-11-49996600
E-Mail :	Shubham@shubcam.com shubhcam@nda.vsnl.net.in kumudmba@yahoo.co.in shubham@shubham.com
Website :	http://www.shubhamchem.com
Location :	Owned

DIRECTORS

As on 30.09.2014

Name :

Mr. Ajay Amrit Lal Kapur

Designation :

Managing Director

Address :

B – 2/6, Model Town – II, Delhi – 110 009, India

Date of Birth/Age :

02.10.1965

Date of Appointment :

01.04.2012

DIN No.:

00029955

PAN No.:

AAJPK2725R

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	U24119DL2001PLC110074	SHUBHAM CHEMICALS AND SOLVENTS LIMITED	Managing director	01/04/2012	19/03/2001	-	Active	NO
2	U18101DL2004PTC129718	SHUBHAM APPARELS PRIVATE LIMITED	Director	07/10/2004	07/10/2004	-	Active	NO
3	U74899DL2005PTC141538	ANSH IMPEX PRIVATE LIMITED	Director	06/10/2005	06/10/2005	-	Active	NO
4	U74140DL2003PTC120380	AR IT SOLUTIONS PRIVATE LIMITED	Director	08/05/2006	08/05/2006	26/02/2013	Active	NO
5	U18101DL2006PTC148887	TRIO FASHIONS PRIVATE LIMITED.	Director	18/05/2006	18/05/2006	02/06/2010	Active	NO
6	U72900DL2006PTC153749	RAP SOLUTIONS PRIVATE LIMITED	Director	14/09/2006	14/09/2006	-	Active	NO
7	U72900DL2006PTC157049	SAINATH TECHNOLOGIES PRIVATE LIMITED	Director	27/12/2006	27/12/2006	-	Active	NO
8	U36912DL2007PTC166720	FUTURE LAMIBOARD PRIVATE LIMITED	Director	07/08/2007	07/08/2007	-	Active	NO
9	U50404DL2010PTC207994	Sainoor Automobiles Private Limited	Director	08/09/2010	08/09/2010	-	Active	NO
10	U50300DL2010PTC211397	Divine Autotech Private Limited	Director	14/12/2010	14/12/2010	-	Active	NO
11	U70109DL2010PTC200740	Sai Kripa Buildtech Private Limited	Additional director	01/10/2011	01/10/2011	-	Active	NO

Name :

Mr. Prateek Ajay Kapur

Designation :

Director

Address :

B-2/6, Model Town, - II, Delhi – 110009, Delhi, India

Date of Birth/Age :

09.11.1989

Date of Appointment :

30.09.2010

DIN No.:

02308367

PAN No.:

AWVPK9826D

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	U24119DL2001PLC110074	SHUBHAM CHEMICALS AND SOLVENTS LIMITED	Director	30/09/2010	08/03/2010	-	Active	NO
2	U74899DL2005PTC141538	ANSH IMPEX PRIVATE LIMITED	Director	30/03/2010	30/03/2010	-	Active	NO
3	U50404DL2010PTC207994	Sainoor Automobiles Private Limited	Director	08/09/2010	08/09/2010	-	Active	NO
4	U50300DL2010PTC211397	Divine Autotech Private Limited	Director	14/12/2010	14/12/2010	-	Active	NO
5	U72900DL2006PTC153749	RAP SOLUTIONS PRIVATE LIMITED	Director	29/09/2012	26/03/2012	-	Active	NO
6	U74140DL2003PTC120380	AR IT SOLUTIONS PRIVATE LIMITED	Director	29/09/2012	26/03/2012	26/02/2013	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage
Ajay Kapur	1015000	64.65
Alka Kapur	50000	3.18
Kuldeep Singh Bedi	5000	0.32
Prateek Kapur S/O Ajay Kapur	4000	0.25
Shubham Apparels Private Limited – India	96000	6.11
Atul Jalan Portfolio and Finance Private Limited – India	50000	3.18
Akshat Share Trading Company Private Limited – India	72500	4.62
Mridul Securities Private Limited – India	95500	6.08
Shree Aeran Marketing Private Limited	182000	11.59
Total	1570000	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	31.60
Directors or relatives of Directors	68.08
Other	0.32
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, distributor and Importer of Industrial chemicals, Phenolic, styrene monomer, solvents.
Products :	Industrial Chemicals Phenolic Styrene Monomer Solvents
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Products :	Chemicals
Countries :	Iran China Singapore Korea South Africa
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

End Users and OEM’s

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

No. of Employees :

30 (Approximately)

Bankers :

Banker Name :	ING Vysya Bank
Branch Address :	Punjabi Bagh, Delhi, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash Credit Rs.116.000 million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Rupee term loans from banks	2.905	4.235
Short Term Borrowing
Working capital loans from banks	30.703	56.893
Total	33.608	61.128

(Rs. In Million)

UNSECURED LOAN	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Intercorporate borrowings	15.080	7.555
Deposits from directors	30.930	28.834
Total	46.010	36.389

Auditors :
Name :	Suresh and Associates Chartered Accountants
Address :	3A, Bigjo’s Tower, Netaji Subhash Place, Pitampura, Delhi – 110 034, India
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Shubham Apparels Private Limited Rap Solutions Private Limited Ansh Impex Private Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Chemical Connection

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,600,000	Equity Shares	Rs.10/- each	Rs.16.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,570,000	Equity Shares	Rs.10/- each	Rs.15.700 million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	15.700	15.700	13.200
(b) Reserves & Surplus	93.098	86.018	54.233
(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)	108.798	101.718	67.433
(3) Non-Current Liabilities
(a) long-term borrowings	48.915	40.624	37.695
(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)	48.915	40.624	37.695
(4) Current Liabilities
(a) Short term borrowings	30.703	56.893	54.771
(b) Trade payables	409.796	419.435	378.883
(c) Other current liabilities	60.403	39.224	72.035
(d) Short-term provisions	1.537	1.830	0.946
Total Current Liabilities (4)	502.439	517.382	506.635
TOTAL	660.152	659.724	611.763
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10.081	12.025	11.664
(ii) Intangible Assets	0.005	0.009	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.937	0.931	0.669
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.266	1.478	0.091
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	12.289	14.443	12.424
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	75.077	101.572	52.971
(c) Trade receivables	491.558	490.726	507.877
(d) Cash and cash equivalents	13.309	10.877	28.445
(e) Short-term loans and advances	67.919	42.106	10.046
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	647.863	645.281	599.339
TOTAL	660.152	659.724	611.763

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2943.635	2680.815	2467.582
		Other Income	4.935	4.431	3.624
		TOTAL (A)	2948.570	2685.246	2471.206
Less	EXPENSES
		Purchases of Stock-in-Trade	2755.112	2581.120	2387.674
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	26.495	(48.601)	(33.695)
		Employees benefits expense	4.534	3.701	3.363
		Other expenses	120.729	114.752	89.608
		Exceptional items	(0.611)	(0.047)	(0.042)
		TOTAL (B)	2906.259	2650.925	2446.908
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		42.311	34.321	24.298
Less	FINANCIAL EXPENSES (D)		28.915	21.004	13.209
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.396	13.317	11.089
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.809	3.080	2.839
	PROFIT BEFORE TAX (E-F) (G)		10.587	10.237	8.250
Less	TAX (H)		3.506	3.452	2.805
	PROFIT AFTER TAX (G-H) (I)		7.081	6.785	5.445
	Earnings Per Share (Rs.)		4.51	4.96	4.62

Particulars	31.03.2014
Sales Turnover (Approximately)	3000.000

The above information has been parted by Mr. Ajay Kapur (Director)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	0.24	0.25	0.22
Operating Profit Margin (PBDIT/Sales)	(%)	1.44	1.28	0.98
Return on Total Assets (PBT/Total Assets}	(%)	1.61	1.55	1.35
Return on Investment (ROI) (PBT/Networth)		0.10	0.10	0.12
Debt Equity Ratio (Total Debt /Networth)		0.73	0.96	1.37
Current Ratio (Current Asset/Current Liability)		1.29	1.25	1.18

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	13.200	15.700	15.700
Reserves & Surplus	54.233	86.018	93.098
Net worth	67.433	101.718	108.798
long-term borrowings	37.695	40.624	48.915
Short term borrowings	54.771	56.893	30.703
Total borrowings	92.466	97.517	79.618
Debt/Equity ratio	1.371	0.959	0.732

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2467.582	2680.815	2943.635
		8.641	9.804

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2467.582	2680.815	2943.635
Profit	5.445	6.785	7.081
	0.22%	0.25%	0.24%

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	No
18]	Major customers	No
19]	Payments terms	Yes
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	No
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	Yes

Note:

Registered office of the company has been shifted from 1/26, Roop Nagar, Delhi-110007, India to the present address w.e.f.01.04.2011

FINANCIAL RESULTS

During the year the Company earned a total income amounting Rs. 2948.570 million including other income of Rs.4.935 million) to as against Rs. Rs. 2685.246 million (including other income of Rs.4.431 Million) in the previous year. The Company earned a profit (after tax) of Rs 7.080 Million as against a profit (after tax) of Rs. 6.785 Million in the previous year. The Company is hopeful to perform better in the future.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10495433	19/03/2014	275,000,000.00	STANDARD CHARTERED BANK	10, PARLIAMENT STREET, NEW DELHI, Delhi - 110001,  INDIA	C03617743
2	10372334	21/04/2014 *	280,000,000.00	ING VYSYA BANK LIMITED	55 West Avenue Road, Punjabi Bagh, New Delhi, Delhi  - 110026, INDIA	C06599823

* Date of charge modification

FIXED ASSETS

• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer 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 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.61.79
UK Pound	1	Rs.95.42
Euro	1	Rs.69.28

INFORMATION DETAILS

Information Gathered by :	PRP
Analysis Done by :	RSM
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.