MIRA INFORM REPORT

Report No. :	345321
Report Date :	19.10.2015

IDENTIFICATION DETAILS

Name :	SUMADHURA INFRACON PRIVATE LIMITED

Registered Office :	Door No. 43, CKB Plaza, Marathalli Village, Varthur, Bangalore - 560037, Karnataka
Tel. No.:	91-80-42161470 / 88760772

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	16.01.2012

Com. Reg. No.:	08-062071

Capital Investment / Paid-up Capital :	Rs. 10.000 Million

CIN No.: [Company Identification No.]	U45200KA2012PTC062071

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	BLRS41598E

PAN No.: [Permanent Account No.]	AAQCS9641A

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is act as a residential and commercial developers.

No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 190000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject was incorporated in the year 2012 having moderate track. It is engaged in the development of real estate projects and undertakes commercial and residential projects. As per 2014 financials, company has earned decent net profit of Rs.47.000 Million from its business operations. However, rating remain constrained on account of company’s moderate financial risk profile marked by low net worth base along with huge external borrowings taken during the year 2014 which may act as a threat to its liquidity position. Rating is also constrained on company’s limited track record of business operations, project completion risk as several housing projects of the company are under construction and slowdown of the real estate development industry. Trade relations are reported as fair. Business is active. Payments are reported to be slow. In view of aforesaid, the company can be considered for business dealings with some caution.

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

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Naveen Kumar Gunda
Designation :	Director
Contact No.:	91-9243458008
Date :	16.10.2015

LOCATIONS

Registered Office / Corporate Office:	Door No. 43, CKB Plaza, Marathall Village, Varthur, Bangalore-560037, Karnataka, India
Tel. No.:	91-80-42161470
Mobile No.:	91-9243458008 (Mr. Naveen)
Fax No.:	Not Available
E-Mail :	madhu_sumadhura@yahoo.co.in info@sumadhura.org info@sumadhuragroup.com
Website :	www.sumadhura.org www.sumdhuragroup.com
Location :	Owned
Locality :	Commercial

DIRECTORS

As on 30.09.2014

Name :

Mr. Madhusudhan Gunda

Designation :

Managing Director

Address :

RA-401, Purav Riviera, Near Marathahalli B, Bangalore-560037, Karnataka, India

Date of Birth/Age :

23.08.1970

Date of Appointment :

08.12.2012

DIN No.:

00391572

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	U45200TG2003PTC042178	SUMADHURA CONSTRUCTIONS PRIVATE LIMITED	Managing director	08/12/2003	08/12/2003	-	Active	NO
2	U45200KA2012PTC062071	SUMADHURA INFRACON PRIVATE LIMITED	Managing director	27/03/2012	16/01/2012	-	Active	NO

Name :

Ms. Swapna Gunda

Designation :

Director

Address :

Flat No. RA-A-401, Purvariveira, 4^th Floor, Munnekolala Village, Maratahalli, Bangalore-560037, Karnataka, India

Date of Birth/Age :

26.04.1980

Date of Appointment :

16.01.2012

DIN No.:

00391717

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	U45200TG2003PTC042178	SUMADHURA CONSTRUCTIONS PRIVATE LIMITED	Director	08/12/2003	08/12/2003	-	Active	NO
2	U45200KA2012PTC062071	SUMADHURA INFRACON PRIVATE LIMITED	Director	16/01/2012	16/01/2012	-	Active	NO

Name :

Mr. Bharat Kumar Kandukuri

Designation :

Director

Address :

21-98, Vevekandannagar Colony, Dilsukh Nagar, Hyderabad-5600060, Telangana, India

Date of Birth/Age :

11.12.1978

Date of Appointment :

01.10.2004

DIN No.:

00391465

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	U45200TG2003PTC042178	SUMADHURA CONSTRUCTIONS PRIVATE LIMITED	Director	01/10/2004	01/10/2004	-	Active	NO
2	U45200KA2012PTC062071	SUMADHURA INFRACON PRIVATE LIMITED	Director	11/12/2012	23/01/2012	-	Active	NO

Name :

Mr. Venkata Rama Rao Kalakuntla

Designation :

Director

Address :

15-25/1, Doctors Colony, Saroonagar, Hyderabad-500035, Telangana, India

Date of Birth/Age :

03.07.1968

Date of Appointment :

01.10.2004

DIN No.:

00391668

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	U45200TG2003PTC042178	SUMADHURA CONSTRUCTIONS PRIVATE LIMITED	Director	01/10/2004	01/10/2004	-	Active	NO
2	U45200KA2012PTC062071	SUMADHURA INFRACON PRIVATE LIMITED	Director	11/12/2012	23/01/2012	-	Active	NO

Name :

Mr. Rahul Kandukuri

Designation :

Director

Address :

H. No. 21-98, Vevekandannagar Colony, Dilsukh Nagar, Hyderabad-560060, Telangana, India

Date of Birth/Age :

25.08.1985

Date of Appointment :

11.12.2012

DIN No.:

05179991

Name :

Mr. Naveen Kumar Gunda

Designation :

Director

Address :

# R A 401, Purva Riviera, Marathhalli, Main Road, Bangalore-560037, Karnataka, India

Date of Birth/Age :

24.04.1982

Date of Appointment :

11.12.2012

DIN No.:

05179995

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage
Madhusudhan Gunda	810000	81.00
Swapna Gunda	190000	19.00
Total	1000000	100.00

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 :	The subject is act as residential and commercial developers.

Products/ Services :	Residential and Commercial Developers

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :	Not Available

Terms :
Selling :	Cash / Credit (30/60/90 Days)

Purchasing :	Cash / Credit (30/60/90 Days)

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

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

10 (Approximately)

Bankers :

Bank Name	State Bank of Hyderabad
Branch	Varthur, Karnataka, 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)	Cash Credit Rs.600.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Axis Bank Limited	5.097	0.000
Kotak Mahindra Prime Limited	0.382	0.805
Short-term borrowings
Loan from Kotak Mahindra Bank – 4462	0.000	0.049
Loan from Kotak Mahindra Bank – 4626	0.024	2.417
Loan from Kotak Mahindra Bank – 5454	0.616	0.000
Axis Bank Limited	4.106	0.000
Loan from Kotak Mahindra bank – OD - 5650	38.854	48.737
Axis Bank Limited – Term Loan Current Assets	0.978	0.000
Kotak Mahindra Prime Limited- Term Loan	0.423	0.383
Total	50.480	52.391

Auditors :
Name :	Sudhakar Hegde and Company Chartered Accountants
Address :	# 167/4, 1^st Floor, 16^th Main, 31^st Cross, 4^th Block East, Jayanagar, Bangalore-560011, Karnataka, India
Tel. No.:	91-80-22454962
E-Mail :	cakshegde@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAQPK6879B

Memberships :	--

Collaborators :	--

Associates :	· Sumadhura Constructions · Sumadhura Constructions Private Limited

CAPITAL STRUCTURE

After 30.09.2014

Authorised Capital : Rs. 30.000 Million

Issued, Subscribed & Paid-up Capital : Rs.19.000 Million

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1,000,000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1,000,000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

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	10.000	5.000	0.500
(b) Reserves & Surplus	57.235	9.492	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)	67.235	14.492	0.500

(3) Non-Current Liabilities
(a) long-term borrowings	238.382	385.197	21.544
(b) Deferred tax liabilities (Net)	0.108	0.037	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)	238.490	385.234	21.544

(4) Current Liabilities
(a) Short term borrowings	45.001	51.586	0.000
(b) Trade payables	40.445	16.528	0.000
(c) Other current liabilities	1551.314	248.359	0.000
(d) Short-term provisions	66.470	34.628	25.028
Total Current Liabilities (4)	1703.230	351.101	25.028

TOTAL	2008.955	750.827	47.072

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17.525	2.772	0.000
(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	95.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.133	0.166	0.103
Total Non-Current Assets	112.658	2.938	0.103

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1539.191	602.405	37.967
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	3.834	2.924	0.879
(e) Short-term loans and advances	352.674	115.460	0.123
(f) Other current assets	0.598	27.100	8.000
Total Current Assets	1896.297	747.889	46.969

TOTAL	2008.955	750.827	47.072

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2014	31.03.2013
SALES
	Income
	Other Income
	TOTAL	32.700	0.400

EXPENSES
	Stock Expenses	(936.700)	(564.400)
	Other Expenses	898.200	550.500
	TOTAL	(38.500)	(13.900)

PROFIT/ (LOSS) BEFORE TAX		71.300	14.300

TAX		23.400	4.900

PROFIT/ (LOSS) AFTER TAX		47.700	9.400

Earnings / (Loss) Per Share (Rs.)		47.74	19.00

Particulars

31.03.2015

Sales Turnover (Approximately)

50.000

The above information has been parted by Mr. Naveen Kumar Gunda (Director)

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	NA	NA	NA
Net cash flows from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	145.87	2350.00	NA

Return on Total Assets (PBT/Total Assets}	(%)	3.73	1.90	0.00

Return on Investment (ROI) (PBT/Networth)		1.06	0.99	0.00

Debt Equity Ratio (Total Debt /Networth)		4.21	30.14	43.09

Current Ratio (Current Asset/Current Liability)		1.11	2.13	1.88

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	0.500	5.000	10.000
Reserves & Surplus	0.000	9.492	57.235
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	0.500	14.492	67.235

long-term borrowings	21.544	385.197	238.382
Short term borrowings	0.000	51.586	45.001
Total borrowings	21.544	436.783	283.383
Debt/Equity ratio	43.088	30.140	4.215

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	0.400	32.700
		8,075.000

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	0.400	32.700
Profit	9.400	47.700
	2350.00%	145.87%

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	No
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	No
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)	No
16]	No. of employees	Yes
17]	Details of sister concerns	Yes
18]	Major suppliers	No
19]	Major customers	No
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	Yes
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	Yes
31]	External Agency Rating, if available	No
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 LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loan From Directors	208.786	243.144
Loan From Others	5.100	12.010
Sumadhura Constructions Private Limited	19.017	17.164
Sumadhura Constructions	0.000	112.074
Total	232.903	384.392

OPERATING RESULT:

The company has earned net profit (After Taxes) of Rs.47.700 Million for the Period. All the projects and development by the company under progress and response of the market for the same is very positive. Director are confidential of achieving best results in the future years.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10577790	14/05/2015	800,000,000.00	IL & FS TRUST COMPANY LIMITED	IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA , KURLA COMPLEX BANDRA EAST, MUMBAI, Maharashtra - 400051, INDIA	C57860264
2	10566960	22/04/2015 *	100,000,000.00	State Bank of Mysore	Basavanagudi Branch, #73, K.R. Road, Basavanagudi , Bangalore, Karnataka - 560004, INDIA	C52397247
3	10528232	04/07/2015 *	600,000,000.00	STATE BANK OF HYDERABAD	11/90, JC ROAD, BANGALORE, Karnataka - 560002, INDIA	C58572843

* Date of charge modification

FIXED ASSETS

· Machinery

· Office Equipments

· Computers and printers

· Furniture and fixtures

· Vehicles

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.64.97
UK Pound	1	Rs.100.55
Euro	1	Rs.73.99

INFORMATION DETAILS

Information Gathered by :	PPT

Analysis Done by :	HNA

Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		26

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.