MIRA INFORM REPORT

Report Date :

19.04.2011

IDENTIFICATION DETAILS

Name :	MARMAGOA STEEL LIMITED
Registered Office :	Plot No.280, Eclate Curtorim Salcette, Margao – 403 709, Goa
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.07.1987
Com. Reg. No.:	24-000764
CIN No.: [Company Identification No.]	L27106GA1987PLC000764
TAN No.: [Tax Deduction & Collection Account No.]	BLRM00059D/ BLRM06834C
PAN No.: [Permanent Account No.]	AACCM0105H
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange
Line of Business :	Manufacturer of Billets and Rolled Products from Carbon Steel, Mild Steel and Spring Steel.

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 780000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be under severe pressure. However trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	Plot No.280, Eclate Curtorim Salcette, Margao – 403 709, Goa, India
Tel. No.:	91-832-6484106/ 116/ 118
Fax No.:	91-832-2857495
E-Mail :	cosec@marmagoasteel.com
Website :	http://www.marmagoasteel.com

DIRECTORS

As on 07.08.2010

Name :	Mr. Ashok Mittal
Designation :	Chairman and Whole-time Director
Name :	Mr. R K Radhakrishna
Designation :	Managing Director
Name :	Mrs. Kavita Mittal
Designation :	Director
Name :	Mr. A K Sinha
Designation :	Director
Name :	Mr. P J Bhide
Designation :	Director
Name :	Mr. K V Ramarathnam
Designation :	Director
Name :	Mr. M.K. Garg
Designation :	Special Director, BIFR

KEY EXECUTIVES

Name :	Mr. U V Kini
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2010

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of promoters and Promoter Group
1. Indian
Individuals / Hindu Undivided Family	639400	1.05
Bodies Corporate	40000000	65.64
Sub Total (A) (1)	40639400	66.69
(B) Public Shareholding
1. Institutions
Financial Institutions / Banks	1800	0.00
Central Government/State Government	10700	0.02
Sub Total (B) (1)	12500	0.02
2. Non Institutions
Bodies Corporate	9681184	15.89
Individual shareholders holding nominal share capital up to Rs. 0.100 million	6514179	10.69
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	2768509	4.54
Any other (Specify)
Clearing Members	551	0.00
Non Resident Indians	1326677	2.18
Total	1327228	2.18
Sub Total (B) (2)	20291100	33.30
(B) = (B) (1) + (B) (2)	20303600	33.32
Total (A) + (B)	60943000	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Billets and Rolled Products from Carbon Steel, Mild Steel and Spring Steel.

Products :

Item Code No. (ITC Code)	72282000
Product Description	Spring Steel Rectangular Bars
Item Code No. (ITC Code)	72023000
Product Description	Silico Manganese
Item Code No. (ITC Code)	72071920
Product Description	Carbon Steel Billets

GENERAL INFORMATION

Bankers :

• Bank of Maharashtra
• Union Bank of India
• ICICI Bank Limited
• Goa State Cooperative Bank Limited
• Goa Urban Cooperative Bank Limited

Facilities :

Secured Loans :	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
From Banks a) Term Loans
- Bank of Maharashtra	2.541	26.095
- ICICI Bank Car Loan	0.000	0.220
b) Working Capital
- Bank of Maharashtra	69.437	30.634
-Union Bank of India	41.039	0.000
Total	113.017	56.949

Note:

i) The term loan from Bank of Maharashtra are secured by Mortgage/ Hypothecation of all existing as well as future assets of the company including uncalled capital subject to charges created/ to be created on specified movable assets in favor of the company’s Bankers to secure borrowings for working capital.

ii) The working capital facilities from Banks are secured by a first charge by way of hypothecation of stocks of raw materials, finished goods, stocks in process, consumable stores and book debts of the Company.

Unsecured Loans :	31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
From Companies	100.000	100.000
Total	100.000	100.000

Banking Relations :	--
Auditors :
Name :	Kamath and Rau Chartered Accountants
Address :	Mangalore
Holding Company :	Rukmani Finance Private Limited
Fellow Subsidiary :	Amona Power Private Limited (Previously Marmagoa Sponge Private Limited)
Associate Companies :	Goa Infralogistics Limited Shimoga Steels Limited Karnataka Steel Private Limited Chandor Engineering and Trading Company Private Limited Nithyananda Trading and Investment Company Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000,000	Equity Shares	Re.1/- each	Rs.200.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
60,943,000	Equity Shares (7948000 Shares of Re.1/- each are issued for consideration other than cash)	Re.1/- each	Rs.60.943 millions
	Less: Unpaid Allotment Money from Persons other than Directors		Rs.0.179 million
	Total		Rs.60.764 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		60.764	60.764	60.764
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		134.444	297.975	361.897
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		195.208	358.739	422.661
LOAN FUNDS
1] Secured Loans		113.017	56.949	105.830
2] Unsecured Loans		100.000	100.000	100.000
TOTAL BORROWING		213.017	156.949	205.830
DEFERRED TAX LIABILITIES		28.212	28.656	43.160
TOTAL		436.437	544.344	671.651
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		277.843	303.267	316.645
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.025	0.025	10.025
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	206.182	246.638	260.626
	Sundry Debtors	116.057	113.919	201.230
	Cash & Bank Balances	64.631	41.527	76.357
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	306.044	246.006	173.332
Total Current Assets		692.914	648.090	711.545
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	405.106	302.654
	Current Liabilities	119.801	93.819	366.564
	Provisions	9.438	10.565	0.000
Total Current Liabilities		534.345	407.038	366.564
Net Current Assets		158.569	241.052	344.981
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		436.437	544.344	671.651

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2010	31.03.2009	31.03.2008
	SALES
			Income	1507.315	1637.339	1876.768
			Other Income	3.943	1.865	4.127
			TOTAL (A)	1511.258	1639.204	1880.895
Less	EXPENSES
		Raw Material Consumed		960.595	1197.629	1092.179
		Power & Fuel Consumed		217.477	194.408	223.086
		Stores & Spares Consumed		98.996	103.391	104.699
		Other Manufacturing Expenses		37.523	32.217	39.284
		Employee Cost		58.801	58.666	56.064
		Administrative and Other Expenses		23.872	24.164	22.493
		Selling Expenses		104.587	79.134	138.515
		Prior Period Adjustments (Net of Income)		0.590	(14.425)	0.409
		Increase/(Decrease) in Finished Goods		65.986	(60.277)	58.915
		TOTAL (B)		1568.427	1614.907	1735.644
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			(57.169)	24.297	145.251
Less	FINANCIAL EXPENSES (D)			78.675	74.245	57.194
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			(135.844)	(49.948)	88.057
Less/ Add	DEPRECIATION/ AMORTISATION (F)			28.115	27.929	23.215
	PROFIT BEFORE TAX (E-F) (G)			(163.959)	(77.877)	64.842
Less	TAX (I)			(0.428)	(13.955)	14.155
	PROFIT AFTER TAX (G-I) (J)			(163.531)	(63.922)	50.687
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			11.847	75.769	25.082
	BALANCE CARRIED TO THE B/S			(151.684)	11.847	75.769
	IMPORTS
			Raw Materials	375.465	151.686	65.603
			Stores & Spares	15.282	8.351	6.263
			Capital Goods	0.000	3.733	15.521
	TOTAL IMPORTS			390.747	163.77	87.387
	Earnings Per Share (Rs.)			(2.68)	(1.05)	--

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	30.06.2010	30.09.2010	31.12.2010
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Sales Turnover	375.500	489.000	491.100
Total Expenditure	358.900	443.700	474.800
PBIDT (Excl OI)	16.600	45.300	16.300
Other Income	0.700	1.000	0.700
Operating Profit	17.300	46.300	17.000
Interest	19.200	24.100	21.300
Exceptional Items	0.000	0.000	0.000
PBDT	(1.900)	22.200	(4.300)
Depreciation	7.100	7.000	7.200
Profit Before Tax	(9.000)	15.200	(11.500)
Tax	(0.500)	1.400	0.600
Reported PAT	(8.500)	13.800	(12.100)
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	(8.500)	13.800	(12.100)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(10.82)	(3.90)	2.69
Net Profit Margin (PBT/Sales)	(%)	(10.88)	(4.76)	3.45
Return on Total Assets (PBT/Total Assets}	(%)	(16.89)	(8.19)	6.31
Return on Investment (ROI) (PBT/Networth)		(0.84)	(0.22)	0.15
Debt Equity Ratio (Total Liability/Networth)		3.83	1.57	1.35
Current Ratio (Current Asset/Current Liability)		1.30	1.59	1.94

LOCAL AGENCY FURTHER INFORMATION

HISTORY:

Incorporated on 17 Jul.'87, Subject was promoted by N V Hegde, M G Poy Raiturkar and V S Bhandary. A G Poy Raiturcar is the chairman of the company. It manufactures billets and rolled products from carbon steel, mild steel and spring steel. The company came out with a public issue in Feb.'92 to part-finance a project for setting up a mini steel plant with a rolling mill to manufacture spring steel, carbon steel and mild steel and rolled products in various sizes, with an installed capacity of 75,000 tpa. The product-mix of the company has been detailed keeping in view the requirements of the market -- rolled spring steel flats will be used by original equipment manufacturers in the automobile industry, replacement manufacturers and the railways. Carbon and low-alloy steel sections will be used in shafting, bright bars and forgings. As the accumulated loss was more than 50% of the company's net worth, a report was made to the BIFR. To prevent the company from becoming sick, the original promoters entered into a MoU with the Essar group on 26 Oct.'94. Essar has taken over the management and infused additional funds for the revival of the company. The working of the company improved considerably in 1994-95. The billets and rolled products production increased by 83% and 132% respectively. The company was able to reduce operational losses substantially by increasing production and also by reducing the cost of production. Strikes and violence leading to lockout and closure of operations for over two months and operational shutdown for around three months due to voltage fluctuations, frequent trippings had a toll on the company's performance during 1999-2000. The effect of the rehabilitation-cum-enhancement of working capital package approved by Banks was nullified due to delayed implementation of the same. Subject has now submitted an alternate proposal based on one time settlement of dues with the induction of co-promoter to IFCI, the operating agency for which approval is awaited. This year the company's capacity utilisation was at a very low level due to non availability of Working Capital Facilities and recession in the Economy resulting in lower demand. As the net worth of the company has been fully eroded the company has been referred to BIFR and the company has been declared Sick. The company's board has recommend reduction of share capital due to erosion of net worth.

OPERATIONS:

The gross sales for the year stands at Rs.1640.000 millions as against Rs. 1870.000 Millions of the previous year. The production was 45187 MT and 44596 MT of billets and rolled products respectively as compared to 40669 MT and 39259 MT respectively for the year-ended 31.03.2009. The Loss before tax stands at Rs.164.000 Millions as against a Loss of Rs. 77.800 Millions of the previous year. The current year's performance was adversely affected on account of the carry over effect of the global recession, break down of the main furnace Transformer and labor unrest.

BOARD:

Shri M. K. Garg was nominated as Special Director by the Board for Industrial and Financial Reconstruction (BIFR) during the year. Sri K. V. Ramarathnam retires by rotation at this Annual General Meeting and is eligible for reappointment. Mr. K. V. Ramarathnam aged 60, holds a Bachelor's Degree in Mechanical Engineering. He has more than 35 years experience in the steel Industry. He has headed various steel plants both in India and abroad and is presently the Managing Director of" Mahindra Ugine Steel Co. Ltd. He is also a member of the Company's Audit Committee, Investors' Grievance Committee and Remuneration Committee.

REHABILITATION SCHEME:

The BIFR Sanctioned Scheme has been fully implemented by all the concerned Agencies, viz. Financial Institutions, Banks and Promoter; except the State Govt. of Goa. The Government of Goa has however recently constituted an empowered committee to look into the matter to enable the Government to come to a decision.

MANAGEMENT DISCUSSION AND ANALYSIS

Opportunities:

The Company's plant, in the West Coast of India, has state-of-the-art facilities with ISO 9001 and 14001 affiliations. The company is well connected by road, rail and sea. The company enjoys the benefits of the lowest power cost in the country, proximity to the sea port and cordial labour relations. The Company manufactures alloy and special steel through the Electric Arc Furnace route to produce Alloy Steel Billets, Flats, and Rounds. The billets produced are for captive consumption for rerolling. The main product of the Company is spring steel flats, which is the key component for manufacture of leaf spring used in automobiles. The Steel industry is presently doing well due to the growth in automobile, construction and infrastructural activities.

Financial:

The impact of the Global economic meltdown has had an adverse impact on the liquidity position of the company's finances. Added to this, the company's main Furnace Transformer broke down during the year and had to be replaced. There was also a brief period of labour unrest during the year, during which period all activities had to be stopped.

Outlook:

There is a good demand for the company's product. The management is confident that there will be no fall in demand for its product in the near future.

Financial Performance

The current year's financial performance has been discussed in detail in the Directors' Report forming part of this Annual Report.

Industrial Relations

The company faced a brief period of labour unrest during the year. The matter under contention has since been resolved. The company has also signed the wage agreement with the Labour Union, which will be effective for a period of four years.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31.12.2010

Particulars	Quarter Ended 31.12.2010 (Reviewed)	Nine Months Ended 31.12.2010 (Reviewed)
Operating Income
Gross sales / Income from Operations	541.100	1495.200
Less: Excise Duty / Sale Tax recovered	50.000	139.600
a) Net Sales / Income from Operations	491.100	379.100
b) Other Operating Income	0.700	0.500
Total Operating Income	491.800	379.600
Expenditure
(a) (Increase)/decrease in Stock in Trade	(19.400)	(5.200)
(b) Consumption of Raw Materials	392.600	941.900
(c) Power and Fuel Consumption	48.500	182.500
(d) Employees Cost	17.800	59.900
(e) Depreciation	7.200	21.300
(f) Other Expenditure	35.300	98.300
Total Expenditure	482.000	1298.700
Interest	21.300	64.600
Profit / (Loss) after interest before Exceptional items	(11.500)	(5.300)
Deferred Interest	0.000	0.000
Net Profit/(Loss) after exceptional item	(11.500)	(5.300)
Tax Expenses	0.600	1.500
Net Profit/(Loss) after tax	(12.100)	(6.800)
Paid Up Equity Share Capital ( Face Value of the share Rs.1/-each)	60.800	60.800
Reserves excluding revaluation reserves Share Premium Account	(158.500) 286.100	(158.500) 286.100
Basic and Diluted EPS before extraordinary items for the period, for the year to date and for the previous year (not to be annualized)	(0.20)	(0.11)
Basic and Diluted EPS after extraordinary items for the period, for the year to date and for the previous year	(0.20)	(0.11)
Public Share Holding
Number of Shares	20303600	20303600
Percentage of Shareholding	33.32	33.32
Promoters and Promoter group share holding
b) Non-encumbered
- Number of Shares	40639400	40639400
- Percentage of Share (as a % of the total shareholding of promoter and promoter group)	100.00	100.00
- Percentage of Share (as a % of the total share capital of the company)	66.68%	66.68%

Notes :

Ø As the entire operation of the company relates to one reportable segment comprising of manufacture and sale of steel billets and its rolled products, there are not separate reportable business segments as per accounting standard 17 (AS17) issued by the ICAI

Ø The company received a total of Rs.12 complaints from the shareholders, during the period which have been redressed.

Ø The above results were reviewed by the audit committee and taken on record by the board of directors of the company at their meeting held on 05.02.2011

Ø The statutory auditors of the company have been conducted a limited review of the above results.

Ø Figures have been regrouped and rearranged to conform to the figures of the current period

Ø The company’s ISIN is IN1698101023. The company’s shares can be dematerialized with both NSDL and CDSL.

CONTINGENT LIABILITIES :

The following contingent liabilities existed as on 31-03-2010 for which no provision has been made:

a) Bills of Exchange from Debtors discounted with banks - Rs 381.200 millions (Previous year – Rs 308.300 millions)

b) Penalty up to Rs 0.400 million (Previous year -Rs. 0.400 million) which could be levied by a Court for lapses under the Negotiable Instruments Act.

FIXED ASSETS:

• Land
• Buildings
• Plant and Machinery
• Furniture and Fixture
• Vehicles
• Office 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 records 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.44.27
UK Pound	1	Rs.72.07
Euro	1	Rs.63.66

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		31

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.