MIRA INFORM REPORT

Report No. :	312278
Report Date :	12.03.2015

IDENTIFICATION DETAILS

Name :	I R TECHNOLOGY SERVICES PRIVATE LIMITED
Registered Office :	EL-91, TTC Industrial Area, Electronic Zone, MIDC, Mahape, Navi Mumbai – 400710, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.07.1977
Com. Reg. No.:	11-019758
Capital Investment / Paid-up Capital :	Rs. 9.600 Millions
CIN No.: [Company Identification No.]	U74220MH1977PTC019758
IEC No.:	0388083824
TAN No.: [Tax Deduction & Collection Account No.]	MUMI05326G
PAN No.: [Permanent Account No.]	AAACI1256K
Legal Form :	Private Limited Liability Company
Line of Business :	Distributor and Importer of X-Ray Diffractrometer, X-Ray Fluorescence Spectrometer, EDXRF, Thermal Analysers and Raman Spectrometer.
No. of Employees :	86 (Approximately) [In Office: 55 + In Branch: 31]

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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 old and well-established company having satisfactory track record. The company’s products are well received in the market. It has decent profit margin and god liquidity position. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal 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 – 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

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. Amit Kumar Singh
Designation :	Director
Contact No.:	91-9810061439
Date :	12.03.2015

LOCATIONS

Registered Office :	EL-91, TTC Industrial Area, Electronic Zone, MIDC, Mahape, Navi Mumbai – 400710, Maharashtra, India
Tel. No. :	91-22-6789600/ 41571111 / 27611228
Mobile No. :	91-9810061439 (Mr. Amit Kumar Singh)
Fax No. :	91-22-27681253
E-Mail :	accounts_bom@irtch.in irtech_bom@gmail.com chitra.a.apte@gmail.com sales_newbom@irtech.in
Website :	www.irtech.in
Location :	Owned
Branch Office 1:	A-69, Sector-2, Noida – 201301, Uttar Pradesh, India
Tel. No.:	91-120-4530800
Fax No.:	91-120-4320881
E-Mail :	sales_del@irtech.in accounts_del@irtech.in
Branch Office 2:	208, Swiss Complex, 33, Race Course Road, Bangalore – 560001, Karnataka, India
Tel. No.:	91-80-22255936/ 22203173
Fax No.:	91-80–41136046
E-Mail :	irtech_blr@vsnl.com
Branch Office 3:	22, Ashutosh Chowdhury Avenue, Flat No.12, 1^st Floor, Kolkata – 700019, West Bengal, India
Tel. No.:	91-33–24615831/ 24615832
Fax No.:	91-33–24615021
E-Mail :	sales_cal@irtech.in
Branch Office 4:	406, Agarwal Chambers, 5-9-1121, King Kothi, Hyderabad – 500001, Andhra Pradesh, India
Tel. No.:	91-40–66842401/ 02
Fax No.:	91-40–66842401/ 02
E-Mail :	sales_hyd@irtech.in

DIRECTORS

As on 30.09.2014

Name :

Mr. Tarun Kumar Debendra Nath Datta

Designation :

Director

Address :

A-22, Sheeran Society, Thane – 400601, Maharashtra, India

Date of Birth/Age :

26.07.1941

Qualification :

B. Sc, B. E

Date of Appointment :

20.07.1977

DIN No. :

01127944

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	Company/ LLP Status	Defaulting status
1	U74220MH1977PTC019758	I R TECHNOLOGY SERVICES PRIVATE LIMITED	Director	20-07-1977	20-07-1977	Active	NO
2	U74999MH1982PTC027814	FORTRONICS ENGINEERS PRIVATE LIMITED	Director	16-07-1982	16-07-1982	Active	NO
3	U33125MH2002PTC136303	LECO INSTRUMENTS(INDIA) PRIVATE LIMITED	Managing director	25-06-2002	25-06-2002	Active	NO

Name :

Mr. Sandip Samirkumar Hore

Designation :

Director

Address :

Flat 9 L, Tower No. III, 85 Prince Anwar Shah Road, Kolkata – 700033, West Bengal, India

Date of Birth/Age :

27.02.1974

Qualification :

M. Sc.

Date of Appointment :

02.07.2008

DIN No. :

02218489

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	Company/ LLP Status	Defaulting status
1	U74220MH1977PTC019758	I R TECHNOLOGY SERVICES PRIVATE LIMITED	Director	02-07-2008	02-07-2008	Active	NO
2	U33125MH2002PTC136303	LECO INSTRUMENTS(INDIA) PRIVATE LIMITED	Director	02-07-2008	02-07-2008	Active	NO
3	U74999MH1982PTC027814	FORTRONICS ENGINEERS PVT LTD	Director	25-11-2014	25-11-2014	Active	NO

Name :

Mr. Amit Kumar Singh

Designation :

Director

Address :

6 Eastern Avenue Ground Floor, Maharani Bagh, New Delhi - 110065, India

Date of Birth/Age :

02.07.1975

Qualification :

B. Tech

Date of Appointment :

25.11.2014

DIN No. :

07006696

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	Company/ LLP Status	Defaulting status
1	U33125MH2002PTC136303	LECO INSTRUMENTS(INDIA) PRIVATE LIMITED	Director	25-11-2014	25-11-2014	Active	NO
2	U74220MH1977PTC019758	I R TECHNOLOGY SERVICES PRIVATE LIMITED	Director	25-11-2014	25-11-2014	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Tarunkumar Debendranath Datta	24000	25.00
Sarvajit Shahzad Singh	24000	25.00
Sriniwas Ramchandra Kini K.	24000	25.00
Sandip Samirkumar Hore	24000	25.00
Total	96000	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Distributor and Importer of X-Ray Diffractrometer, X-Ray Fluorescence Spectrometer, EDXRF, Thermal Analysers and Raman Spectrometer.
Products :	· X-Ray Diffractrometer · X-Ray Fluorescence Spectrometer · EDXRF · Thermal Analysers · Raman Spectrometer
Brand Names :	--
Agencies Held :	Rigaku Corporation, Japan
Exports :	--
Imports :
Products :	Rigaku Products
Countries :	Japan
Terms :
Selling :	L/C and Credit (30 Days)
Purchasing :	L/C

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

End Users

No. of Employees :

86 (Approximately) [In Office: 55 + In Branch: 31]

Bankers :

· Indian Overseas Bank, A-8-A-10, Khribhco Bhavan, Sector-1, Noida – 201301, Uttar Pradesh, India

· IDBI Bank Limited, Specialized Corporate Branch, Fifth Floor, Opp. National Stock Exchange, Bandra Kurla Complex, Mumbai, Maharashtra - 400051, India

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Secured Loan from Banks
Against Premises	24.454	0.000
Against Car	6.622	5.866
Total	31.076	5.866

Banking Relations :	--
Auditors :
Name :	Sharad Joashi and Company Chartered Accountants
Address :	6/C, Jayendra Bhuvan, 35, S K Bole Road, Dadar (West), Mumbai – 400028, Maharashtra, India
Tel. No. :	91-22-24222409/ 24333412
Fax No. :	91-22-24222409
E-Mail :	sharadjoshi10@gmail.com
Income-tax PAN of auditor or auditor's firm :	AABPJ9559L
Memberships :	--
Collaborators :	--
Associates/ Subsidiary :	--

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000	Equity Shares	Rs.100/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
96,000	Equity Shares	Rs.100/- each	Rs. 9.600 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	9.600	9.600	9.600
(b) Reserves & Surplus	228.314	141.958	83.266
(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)	237.914	151.558	92.866
(3) Non-Current Liabilities
(a) long-term borrowings	37.248	14.442	11.679
(b) Deferred tax liabilities (Net)	3.154	2.449	0.752
(c) Other long term liabilities	0.341	0.407	0.407
(d) long-term provisions	12.548	12.548	12.548
Total Non-current Liabilities (3)	53.291	29.846	25.386
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	3.364
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	83.397	107.657	135.504
(d) Short-term provisions	8.670	23.014	24.228
Total Current Liabilities (4)	92.067	130.671	163.096
TOTAL	383.272	312.075	281.348
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	114.670	88.181	88.273
(ii) Intangible Assets	0.000	0.000	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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.634	0.442	0.399
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	115.304	88.623	88.672
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	23.859	19.248	20.142
(c) Trade receivables	112.065	102.040	95.356
(d) Cash and cash equivalents	90.452	66.304	42.738
(e) Short-term loans and advances	41.566	35.808	34.362
(f) Other current assets	0.026	0.052	0.078
Total Current Assets	267.968	223.452	192.676
TOTAL	383.272	312.075	281.348

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	466.803	464.998	475.291
		Other Income	7.970	4.243	3.416
		TOTAL (A)	474.773	469.241	478.707
Less	EXPENSES
		Purchases of traded goods	126.957	156.794	201.381
		Changes in inventories of finished goods, work in progress, stock in trade	(4.611)	0.894	(4.340)
		Employee benefit Expenses	99.709	94.236	81.864
		Other Expenses	107.039	119.494	130.887
		TOTAL (B)	329.094	371.418	409.792
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		145.679	97.823	68.915
Less	FINANCIAL EXPENSES (D)		6.160	4.528	4.070
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		139.519	93.295	64.845
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.734	11.209	9.556
Add	EXCEPTIONAL AND EXTRAORDINARY ITEM		4.503	21.987	21.928
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		132.288	104.073	77.217
Less	TAX (H)		45.754	38.594	26.753
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		86.534	65.479	50.464
	EARNINGS IN FOREIGN CURRENCY		251.410	213.105	133.197
	IMPORTS
		Spares parts and Plant Machinery	NA	157.084	137.103
	TOTAL IMPORTS		NA	157.084	137.103
	Earnings / (Loss) Per Share (Rs.)		901.40	682.07	525.67

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	18.54	14.08	10.62
Operating Profit Margin (PBDIT/Sales)	(%)	31.21	21.04	14.50
Return on Total Assets (PBT/Total Assets}	(%)	34.52	33.35	27.45
Return on Investment (ROI) (PBT/Networth)		0.56	0.69	0.83
Debt Equity Ratio (Total Debt/Networth)		0.16	0.10	0.16
Current Ratio (Current Asset/Current Liability)		2.91	1.71	1.18

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	9.600	9.600	9.600
Reserves & Surplus	83.266	141.958	228.314
Net worth	92.866	151.558	237.914
long-term borrowings	11.679	14.442	37.248
Short term borrowings	3.364	0.000	0.000
Total borrowings	15.043	14.442	37.248
Debt/Equity ratio	0.162	0.095	0.157

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	475.291	464.998	466.803
		-2.166	0.388

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	475.291	464.998	466.803
Profit	50.464	65.479	86.534
	10.62%	14.08%	18.54%

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	No
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	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

TRADE REFERENCE

I.R. Technology Services Private Limited

Address: A-69, Sector-2, Noida – 201301, Uttar Pradesh, India

E-Mail: amitsingh@irtech.in

sales_del@irtech.in

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10505562	08/05/2014	154,000,000.00	IDBI BANK LIMITED	SPECIALIZED CORPORATE BRANCH, FIFTH FLOOR, OPP. NATIONAL STOCK EXCHANGE, BANDRA KURLA COMPLEX, MUMBAI, MAHARASHTRA - 400051, INDIA	C08832909
2	10457391	07/10/2013	25,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B88397518

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
From Directors and Shareholders	2.204	4.608
From Fortronics Engineers Private Limited	3.968	3.968
Total	6.172	8.576

CHANGE OF ADDRESS

The registered office of the company has been shifted from B-8, Commerce Centre, 78, Tardeo Road, Mumbai – 400034, Maharashtra, India to the present address w.e.f. 01.07.2009.

CONTINGENT LIABILITIES (AS ON 31.03.2014)

Guarantee given by the banks on behalf on the company is Rs. 91.997 Millions (Rs. 50.393 Millions).

FIXED ASSETS

· Leasehold Land – MIDC

· Land at Noida

· Land at Calcutta

· Factory Premises

· Factory Building – Noida

· Office Premises

· Furniture and Fixtures

· Plant and Machinery

· Motor Cars

· Office Equipment

· Computers

· Air Conditioners

· Tool Kits

· Kolkata Office Premises

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.62.75
UK Pound	1	Rs.94.60
Euro	1	Rs.67.10

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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		47

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.