MIRA INFORM REPORT

Report No. :	323477
Report Date :	21.05.2015

IDENTIFICATION DETAILS

Name :	UNIQUE GEMS
Registered Office :	EC 6060, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra
Tel No.:	91-22-49104500
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	2010
Capital Investment / Paid-up Capital :	Rs.78.344 Million
IEC No.:	0310077893
TIN No.:	Not Available
PAN No.: [Permanent Account No.]	AAEFU8460C
Legal Form :	Partnership Concern with an unlimited liability of the partners
Line of Business :	Manufacturer, Importer and Trader of Diamonds.
No. of Employees :	(75 Permanent) + (500 Contract Basis) (Approximately)

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 partnership concern having satisfactory track record. For the financial year ended 2014, concern has reported above average operational performance and it has achieved profitability margins 2.71%. Rating also takes into account of extensive experience of its promoters in the diamond industry supported by adequate debt protection metrics and sound operational base of the concern. Trade relations are reported as fair. Payment terms are reported to be usually correct. The concern 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CRISIL
Rating	Long Term Rating = BB-
Rating Explanation	Inadequate credit quality and high credit risk
Date	07.10.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4+
Rating Explanation	Minimal degree of safety and very high credit risk
Date	07.10.2014

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. Sanjay Bhai
Designation :	Accounts Department
Contact No.:	91-22-40178888 - 110
Date :	20.05.2015

LOCATIONS

Registered Office :	EC 6060, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-49104500 / 40178888 - 110
Mobile No.:	91-9819306364 (Mr. Piyush Kevdia)
Fax No.:	Not Available
E-Mail :	priyushkevdiya@gmail.com
Website :	200 Sq. Ft.
Area :	Owned
Head Office / Factory :	402, Sukdev Complex, Vastadevi Road, Opposite Torent Power, Katargram Road, Surat – 395006,Gujarat, India

PARTNERS

Name :	Mr. Dilip Kevdia
Designation :	Partner
Address :	1178-I, II Floor, Ashirwad Flat, Jivkor Nagar Society, Bhatar Road, Surat, Gujarat, India
Date of Birth/Age :	11.01.1984
Qualification :	Graduate
Name :	Mr. Piyush Kevdia
Designation :	Partner
Address :	1178-I, II Floor, Ashirwad Flat, Jivkor Nagar Society, Bhatar Road, Surat, Gujarat, India
Date of Birth/Age :	08.04.1982
PAN No.:	AGWPK8535A

KEY EXECUTIVES

Name :	Mr. Sanjay Bhai
Designation :	Accounts Department

BUSINESS DETAILS

Line of Business :	Manufacturer, Importer and Trader of Diamonds.
Products :	Diamonds
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Finished Goods
Countries :	USA Hong Kong Israel
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

• V Goldi, Israel
• Creation Jewellery Mfg. Private Limited
• D. Navinchandra Gems Private Limited
• Diam Ventures Inc
• Goldiam Jewellery Limited
• Gregory Bros Pty Limited
• H. Dipak and Co.
• Kgk Diamonds (I) Private Limited
• Ktn Kolors Limited
• Leo Schachter Diamonds India Private Limited
• LLD Diamond Limited
• Niddhi Impex Co.
• S R Diam (Hk) Limited
• Tej Diam Bvba
• Vama Exim Limited
• Vee Design (HK ) Limited
• Vriti Diam (HK) Limited

Customers :

• Ayu Diam HK, Hong Kong
• Jayvidiam N.V.
• Jewel Goldi B.V.B.A.
• Shah lmexport BVBA

No. of Employees :

(75 Permanent) + (500 Contract Basis) (Approximately)

Bankers :

Banker Name	Indusind Bank
Branch Address	Bharat Diamond Bourse, Bandra (East), Mumbai, Maharashtra, India
Person Name (With Designation)	Mr. Amitesh
Contact Number	91-22-43457526
Name of Account Holder	Unique Gems
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)	Credit Facilities = Rs.150.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banker Name	Bank of Baroda
Branch Address	Opera House, Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
SHORT TERM BORROWINGS
Working Capital Loans
lndusnd Bank Limited FCBD	53.270	6.899
lndusind Bank Limited PCFC	58.547	9.092
Loan Exchange Control A/C	(0.604)	0.001
Total	111.213	15.992

Auditors :
Name :	Rashmin Mehta and Company Chartered Accountants
Address :	10 Zaveri Bhavan, 1^st Floor, 305, Raja Ram Mohan Roy Road, Charni Road, Mumbai - 400004, Maharashtra, India
	91-22-3668989
Memberships :	--
Sister Concerns :	Not Divulged

CAPITAL STRUCTURE

As on 31.03.2014

PARTNERS' CAPITAL ACCOUNT

Partner's Name	Opening Balance	Additions	Salary to Partner	Withdrawals	Share of Profit	Closing Balance
Mr. Piyush P. Kevadia	32.565	4.100	1.000	(1.190)	7.069	43.544
Mr. Dilip P. Kevadia	10.209	5.200	1.000	(0.384)	7.069	23.094
Mrs. Shilpa D. Salia	2.955	5.100	0.000	(0.107)	3.758	11.706
Total	45.729	14.400	2.000	(1.681)	17.896	78.344
Previous Year	30.445	0.290	2.000	(0.612)	13.606	45.729

FINANCIAL DATA

[all figures are in Rupees Million]

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	78.344	45.729	30.445
(b) Reserves & Surplus	0.000	0.000	0.000
(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)	78.344	45.729	30.445
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(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)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	116.625	15.992	0.000
(b) Trade payables	125.978	238.818	244.285
(c) Other current liabilities	3.384	0.595	0.136
(d) Short-term provisions	16.155	9.161	2.711
Total Current Liabilities (4)	262.142	264.566	247.132
TOTAL	340.486	310.295	277.577
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	22.784	5.411	3.678
(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	0.096	0.096	0.052
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	22.880	5.507	3.730
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	218.992	259.773	244.579
(c) Trade receivables	74.483	24.794	22.478
(d) Cash and cash equivalents	10.569	11.973	3.825
(e) Short-term loans and advances	13.562	8.194	2.965
(f) Other current assets	0.000	0.054	0.000
Total Current Assets	317.606	304.788	273.847
TOTAL	340.486	310.295	277.577

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		822.393	594.686	226.180
		Other Income		0.008	0.060	0.002
		TOTAL (A)		822.401	594.746	226.182
Less	EXPENSES
		Cost of Sales		739.511	546.603	196.086
		Employee benefit expense		1.301	1.335	0.273
		Salary to Partner		2.000	2.000	1.680
		Exchange Difference Net Loss / (Gain)		24.413	9.329	16.764
		Selling, Administrative and Other Expenses		22.968	14.624	3.004
		TOTAL (B)		790.193	573.891	217.807
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			32.208	20.855	8.375
Less	FINANCIAL EXPENSES (D)			2.375	0.050	0.002
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			29.833	20.805	8.373
Less	DEPRECIATION/ AMORTISATION (F)			2.375	0.892	0.826
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			27.458	19.913	7.547
Less	TAX (H)			9.562	6.307	2.495
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			17.896	13.606	5.052
	APPROPRIATIONS
	Transfer to Partners' Capital Accounts
			Mr. Piyush P. Kevadia (39.50% Share)	7.069	5.374	2.526
			Mr. Dilip P. Kevadia (39.50% Share)	7.069	5.374	2.526
			Mrs. Shilpa D. Salia (21.00% Share)	3.758	2.858	0.000
			TOTAL	17.896	13.606	5.052

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	(88.175)	(1.392)	(14.350)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.18	2.29	2.23
Operating Profit Margin (PBDIT/Sales)	(%)	3.92	3.51	3.70
Return on Total Assets (PBT/Total Assets}	(%)	8.06	6.42	2.72
Return on Investment (ROI) (PBT/Networth)		0.35	0.44	0.25
Debt Equity Ratio (Total Debt /Networth)		1.49	0.35	0.00
Current Ratio (Current Asset/Current Liability)		1.21	1.15	1.11

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	30.445	45.729	78.344
Reserves & Surplus	0.000	0.000	0.000
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	30.445	45.729	78.344
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	0.000	15.992	116.625
Total borrowings	0.000	15.992	116.625
Debt/Equity ratio	0.000	0.350	1.489

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	226.180	594.686	822.393
		162.926	38.290

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	226.180	594.686	822.393
Profit	5.052	13.606	17.896
	2.23%	2.29%	2.18%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	----------
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter ID Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	----------
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	----------
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	No
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	----------
33	Market information	----------
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
SHORT TERM BORROWINGS
Rakeshkumar R Patel	2.381	0.000
Rohitkumar R Patel	3.031	0.000
Total	5.412	0.000

COMPUTATION OF TOTAL INCOME AND TAX THEREON (AS ON 31.03.2014)

Particulars	Rs. In Million	Rs. In Million
Net Profit as per Profit & Loss A/c		17.896
Add: Income Tax	9.562
Depreciation as per Books	2.375
Donation	0.006
PF and ESIS not paid in Time	0.008
Penalty on TDS	0.005
Interest on TDS	0.022	11.978
Less: 'Depreciation as per Income Tax Act Rules		2.375
Gross Total Income		27.499
Less: Deduction under chapter VI-A
UlS.80-G Donation Rs.5,500 50% thereof		0.003
Net Taxable Total Income		27.496
Rounded up		27.496
Tax on above @ 30%		8.249
Add: Surcharges 10%		0.825
Add: Education Cess		0.272
Total Tax Payable		9.346
Less: TDS		0.058
		9.288
Add: Interest u/s 234C		0.216
Total Tax Payable		9.504
Total Tax Liability
Less: Advance Tax paid:
12/09/2013	2.000
10/12/2013	2.000
15/03/2014	1.200	5.200
Tax Payable
Self-Assessment Tax paid
26.05.2014	2.000
06.06.2014	2.451	4.451

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

FIXED ASSETS

• Plant and Machinery
• Weighing Scale
• UPS
• Lasor Machine
• Computer
• Furniture and Fixtures
• Machine-Stemi -2000
• Inspiron - X Machine
• lnspirm - X Fancy Machine
• Sarin Machine
• Vaccuum Cleaner
• Weighing Machine
• Television (Mumbai)
• UPS battery
• Water Purifier

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.63.87
UK Pound	1	Rs.98.89
Euro	1	Rs.70.73

INFORMATION DETAILS

Information Gathered by :	PRT
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	YES
--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.