MIRA INFORM REPORT

Report Date :

09.08.2011

IDENTIFICATION DETAILS

Name :	CLIMAX SYNTHETICS PRIVATE LIMITED
Registered Office :	18 B, Brabourne Road, 2^nd Floor, Hare St, Kolkata-700001, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	11.02.1974
Com. Reg. No.:	21-029250
Capital Investment / Paid-up Capital :	Rs.20.700 Millions
CIN No.: [Company Identification No.]	U28113WB1974PTC029250
IEC No.:	0288016726
TAN No.: [Tax Deduction & Collection Account No.]	CALC00592E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of HDPE Pipes and Fittings, LDPE Films / Sheets, etc.
No. of Employees :	22 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 210000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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 – 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

INFORMATION PARTED BY

Name :	Mr. Sirish Dixit
Designation :	Accountant
Contact No.:	91-265-2642836
Date :	06.08.2011

LOCATIONS

Registered Office :	18 B, Brabourne Road, 2^nd Floor, Kolkata-700 001, West Bengal, India
Tel. No.:	91-33-22343076 / 2642836
Mobile No.:	91-9909922070 (Mr. Prakash Patel)
Fax No.:	91-33-22343076
E-Mail :	info@climaxindia.com mksinghee@yahoo.co.uk manojsinghee@gmail.com
Website :	http://www.climaxindia.com
Area :	1000 sq ft
Location :	Owned
Head Office :	11, Pollock Street, Kolkatta-700 011, West Bengal, India
Area :	800 sq ft (approximately)
Location :	Owned
Corporate Office/ Factory :	A/1-835, GIDC, Makarpura, Vadodara-390 010, Gujarat, India
Tel. No.:	91-265-2642169/ 2642572/ 2642836
Fax No.:	91-265-2643362
E-Mail :	info@climaxindia.com
Area :	6000 sq metres
Location :	Owned
Warehouse :	Ginni Cooperative Society, Opposite Vernama High School, National Highway No. 8, Village Vernama, District Vadodara, Gujarat, India
Area :	1500 sq fts
Location :	Rented

DIRECTORS

AS ON 29.09.2009

Name :	Mr. Khemraj Mundhra
Designation :	Director
Address :	Shri Kunj, Survey No. 13/2, Behind Limbu Wadi, Gotri Sudhrat Road, Baroda – 391 101, Gujarat, India
Date of Birth/Age :	27.05.1940
Qualification :	SSC
Date of Appointment :	21.01.1981
DIN or Income-tax PAN :	00395994
Name :	Mr. Pramod Mundhra
Designation :	Director
Address :	Shri Kunj, Survey No. 13/2, Behind Limbu Wadi, Gotri Sudhrat Road, Baroda – 391 101, Gujarat, India
Date of Birth/Age :	09.07.1974
Qualification :	B.Com
Date of Appointment :	14.03.1994
DIN or Income-tax PAN :	00395980
Name :	Mr. Pankaj Mundhra
Designation :	Director
Address :	Shri Kunj, Survey No. 13/2, Behind Limbu Wadi, Gotri Sudhrat Road, Baroda – 391 101, Gujarat, India
Date of Birth/Age :	24.04.1970
Qualification :	B.Com
Date of Appointment :	11.02.1993
DIN or Income-tax PAN :	00395988

KEY EXECUTIVES

Name :	Mr. Prakash Patel
Designation :	Accountant
Contact No.:	91-9909922070
Name :	Mr. Sirish Dixit
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2009

Names of Shareholders	No. of Shares
Sushila Devi Mundhra	8200
Khemraj Mundhra	11400
Pramod Mundhra	11730
Pankaj Mundhra	15350
Khemraj Mundhra and Sons - HUF	2100
Divya Lakhotia	4010
Ira Ladda	5100
Shruti Mundhra	5000
Nupur Mundhra	5600
Climax Vyapaar (Private) Limited	18100
Sristhi Industries (Private) Limited	32100
Climax Fincap (Private) Limited	18100
Glamour Jewels (Private) Limited	33100
Climax Waterproofing Products Private Limited	32100
Aarya Mundhra	3000
Santosh Maheshwari	10
Pankaj Mundhra HUF	1000
Pramod Mundhra HUF	1000
Total	207000

AS ON 29.09.2009

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	64.49
Directors or relatives of directors	35.51
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of HDPE Pipes and Fittings, LDPE Films / Sheets, etc.

Products :

Product Description	Item Code
Polyethylene pipes and tubes	3917.21
Plastic films	39.20
Polyethylene cap cover	392590.00

• Plastic
• PVC
• Synthetics
• Polyethylene,
• Polystyrene
• Nylon
• Bakelite
• Cellulose
• Acetale
• High Impact Polystyrene
• Polyvinyl
• Chloride
• Compound
• U. F. Uterate
• Urea
• Polyprelene
• Polyethylene Fabrics
• Plasticizers
• Polymers
• Resin and Articles
• Polyethylene Granules
• Processing Charges for Films and Covers
• Polyethylene Lay Flat Tubing and Products

Exports :

Products :

HDPE Pipes

Countries :

Bhutan, China

Imports :

Products :

Raw Material

Countries :

Duha

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS As On 31.03.2009

Particulars	Unit	Actual Production
Polyethylene (LD) Lay Flat Tubing and Products	M.T.	3.328114
Polyethylene (HD) Lay Flat Tubing and Products	Sq Mtr.	268.193
Polyethylene Pipes	Mtrs.	6608
Pipe-ends Pipe-bends	Nos.	863

GENERAL INFORMATION

Customers :

Wholesaler and Retailers

· Atomic Energy Department (BARC)

· Bharat Petroleum Corporation Limited

· Birla VXL Limited

· BSNL and MTNL

· Food Corporation of India

· National Hydro Electric Power Corp. Limited

· ONGC (Oil and Natural Gas Corporation)

· Al Reem Ceilings and Fibre Glass Factory

· Al Thail Trading and Corporation

· Water Resources Dept.- Nepal (ADB Project).

No. of Employees :

22 [Approximately]

Bankers :

· Bank of Baroda, Makarpura Industrial Estate Branch, GIDC Makarpura, Vadodara – 390 010 , Gujarat, India

· Union Bank of India, Ezra Street Branch, Kolkata, West Bengal, India

Facilities :

CC / OD Rs. 100.000 Millions [From Bank of Baroda]

Secured Loan	As on 31.03.2009 (Rs. In Millions)
(including interest accrued and due) From Bank-
Working Capital Loan (Cash Credit and Overdraft) The above facilities are secured by hypothecation of all including packing materials and stores, book debts, all plant and machinery, present and future, and additionally secured by Equitable Mortgage by deposit of title deeds in respect of leasehold factory land and sheds constructed thereon owned by the company and also by Climax Waterproofing Products Private Limited, and pledge of some of the investments in shares held by the company. The above facilities are further guaranteed by all the Directors.	80.358
Total	80.358
Unsecured Loan
From Directors	2.996
From Bodies Corporate	69.706
From Shareholders	11.233
Total	83.935

Banking Relations :	--
Auditors :
Name :	K L Singhee and Company Chartered Accountants
Address :	15, India Exchange Place, First Floor, Kolkata – 700001, West Bengal, India
Memberships :	The Plastics Export Promotion Council (PLEXCONCIL) Indian Plastics Institute (IPI) International Geosynthetics Society (IGS) Gujarat State Plastic Manufacturers Association (GSPMA) Saurashtra Plastics Manufacturers Association (SPMA) The Associated Chambers of Commerce and Industry of India (ASSOCHAM) Vadodara Chamber of Commerce and Industries (VCCI) Federation of Gujarat Industries (FGI) Builders' Association of India (BAI)
Sister Concern:	Climax Vyapar, Makarpura, Vadodara, Gujarat

CAPITAL STRUCTURE

AS ON 29.09.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
225000	Equity Shares	Rs.100/- each	Rs.22.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
207000	Equity Shares	Rs.100/- each	Rs.20.700 Millions

AS ON 29.09.2010

Authorised Capital : Rs. 90.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 23.220 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		20.700	20.700	11.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		33.815	27.235	20.494
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		54.515	47.935	31.494
LOAN FUNDS
1] Secured Loans		105.502	80.358	54.057
2] Unsecured Loans		81.996	83.935	57.365
TOTAL BORROWING		187.498	164.293	111.422
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		242.013	212.228	142.916
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		20.316	17.019	16.803
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		36.212	20.982	16.804
DEFERREX TAX ASSETS		0.004	0.369	0.491
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	63.622	65.743	70.438
	Sundry Debtors	94.013	92.082	39.265
	Cash & Bank Balances	42.501	24.216	22.407
	Other Current Assets	0.905	4.457	2.300
	Loans & Advances	51.272	73.028	27.454
Total Current Assets		252.313	259.526	161.864
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	54.530	76.478	48.303
	Provisions	12.302	9.190	4.743
Total Current Liabilities		66.832	85.668	53.046
Net Current Assets		185.481	173.858	108.818
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		242.013	212.228	142.916

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	533.364	572.966	218.586
		Other Income	5.897	34.559	14.682
		TOTAL (A)	539.261	607.525	233.268
Less	EXPENSES
		Cost of Materials	204.653	263.840	164.472
		Manufacturing Expenses	74.132	97.103	41.681
		Trading Goods Purchases	230.235	200.705	29.235
		Increase/(Decrease) in Finished Goods	(1.593)	16.069	(30.665)
		TOTAL (B)	507.427	577.717	204.723
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		31.834	29.808	28.545
Less	FINANCIAL EXPENSES (D)		20.015	16.640	12.518
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11.819	13.168	16.027
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.623	1.219	2.543
	PROFIT BEFORE TAX (E-F) (G)		10.196	11.949	13.484
Less	TAX (H)		3.616	5.182	1.563
	PROFIT AFTER TAX (G-H) (I)		6.580	6.767	11.921
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		27.235	20.493	8.593
Less	INCOME TAX AND FBT FOR EARLIER YEAR		0.000	0.027	0.021
	BALANCE CARRIED TO THE B/S		33.815	27.233	20.493
	IMPORTS
		Raw Materials	NA	54.288	28.569
		Capital Goods	NA	0.437	0.000
		Trading Goods	NA	0.000	0.073
	TOTAL IMPORTS		NA	54.725	28.642
	Earnings Per Share (Rs.)		31.79	61.38	108.38

Expected Sales (2010-2011) : Rs. 550.000 Millions

The above information has been parted by Mr. Sirish Dixit [Accountant].

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.22	1.11	5.11
Net Profit Margin (PBT/Sales)	(%)	1.91	2.08	5.78
Return on Total Assets (PBT/Total Assets}	(%)	3.73	4.32	7.54
Return on Investment (ROI) (PBT/Networth)		0.18	0.25	0.42
Debt Equity Ratio (Total Liability/Networth)		4.66	5.21	5.22
Current Ratio (Current Asset/Current Liability)		3.77	3.02	3.05

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	80032333
Corporate identity number of the company	U28113WB1974PTC029250
Name of the company	CLIMAX SYNTHETICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	18 B, Branourne Road, 2^nd Floor, Kolkata-700 001, West Bengal, India
Type of charge	Immovable Property
Particular of charge holder	Bank of Baroda, Makarpura Industrial Estate Branch, GIDC Makarpura, Vadodara-390 010 , Gujarat, India
Email	indmak@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	Instrument relating to extension of mortgage by constructive deposit / delivery of title deeds
Date of instrument Creating the charge	16.03.2009
Amount secured by the charge	Rs.165.450 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash credit at - BPLR presently at 12.50% p.a. On monthly rests Terms of Repayment Working Capital - On Demand Margin 30% On Stocks, 35% On Book Debts, L/C and BG - 25% Extent and Operation of the charge The credit facilities are coll. Secured by way of EM of IMM. Prop. Belonging to the company at (1) r s no.64p and 65p along with shed no.a-1/835 adm. 2899 sq. Mtrs (2) r s no.63, 64p and 65p shed no.a-1/836 adm. 2787.56 s. Mtrs in GIDC, Makarpura, Vadodara together with construction and superstructure and fixed p and m thereon and (3) r.s.no.678/p and 679/p with shed no. C/1-771 in GIDC, Makarpura adm 705.51 sq. Mtrs. Belonging to Climax Waterproofing Products P Limited
Short particulars of the property charged	The credit facilities are coll. Secured by way of Em of IMM. Prop. Belonging to the company at (1) r s no.64p and 65p along with shed no.a-1/835 adm. 2899 sq. Mtrs (2) r s no.63, 64p and 65p shed no.a-1/836 adm. 2787.56 s. Mtrs in GIDC, Makarpura, Vadodara together with construction and superstructure and fixed p and m thereon and (3) r.s.no.678/p and 679/p with shed no. C/1-771 in GIDC, Makarpura adm 705.51 sq. Mtrs. Belonging to Climax Waterproofing Products P Limited
Date of latest modification prior to the present modification	01.05.2008
Particulars of the present modification	By this execution the charge extended to cover revised credit facilities from Rs.137.950millions to Rs.165.450 millions To cover enhanced C C limit from Rs.50.000 millions to Rs.70.000 millions and L/C limit from Rs.35.000 millions to rs.42.500 millions.

Name of the company	CLIMAX SYNTHETICS PRIVATE LIMITED
Presented By	Mr. K R Mundhra
1) Date and description of instrument creating the change	Hypothecation agreement dated 27.04.2005
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 2.400 Millions by of Term Loan.
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of plant and machinery acquired under this term loan.
4) Gist of the terms and conditions and extent and operation of the charge.	Margin 50% Interest 11% p. a. payable at monthly rests. Repayment 24 monthly installments of Rs.0.100 million each.
5) Name and Address and description of the person entitled to the charge.	Bank of Baroda, Makarpura Industrial Estate Branch, GIDC Makarpura, Vadodara-390 010 , Gujarat, India
6) Date and brief description of instrument modifying the charge	Not Applicable
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Not Applicable

Contingent Liabilities:

• Guarantees given by bank counter guaranteed by the company and letter of credit outstanding as at the year end aggregate to Rs.45.522 millions (Previous year Rs.19.358 millions) against which fixed deposit receipts of Rs.17.350 (Previous year Rs.4.839 millions) are held by the bankers as margin.
• Service tax demand of Rs.0.170 millions contested by the company (Previous year same position)
• Claims against the company not acknowledged as debts Rs.0.351 millions (Plus interest thereon) (Previous year same positions.)

TRADE REFERENCE:

• Food Co-operation of India
• Punjab – Punjab State Civil Supply Corporation
• Punjab State Warehousing Corporation
• Reliance Industries Limited
• Larsen and Toubro
• Punjab Food and Supply Department

FIXED ASSETS:

• Leasehold Land
• Building
• Plant and Machinery
• Electrical Installation
• Furniture, Fixtures and Office Equipments
• Water Supply Installation
• Vehicles
• Refrigerators and Air Conditioners
• Laboratory Equipments
• Weighing Scale
• Telecom Equipments
• Computers

AS PER WEB DETAILS:

INTRODUCTION:

Subject is a trust-worthy name for the past 32 years in serving for almost all the irrigations across the nation. The 32 years, long span of time itself tells the success story. They are one of the primary manufacturers of HDPE sheets and Geomembranes, HDPE pipes and Fittings, LDPE Films/ Sheets, U.V. Stabilized films and HDPE Pipes. Sincerity and Hard-Work has successfully maintained the quality of the products that too with end number of services. They have been associated with the Government, Semi-Government organizations as well as the Corporate giants. They value the treasure of natural resources, Nature has bestowed us with. They cannot think of creating the natural resources, but definitely can preserve them and utilize in numerous ways to make a prosperous life. ‘United we stand, Divided we fall’ is the philosophy behind our successful team work.

Objectives:

Their main objective is to provide quality product to their customers. A regular survey of quality and product development is carried out by their team of experts. They believe in giving the best services keeping the
most important thing in mind that is ‘TIME’.

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.44.96
UK Pound	1	Rs.73.94
Euro	1	Rs.64.55

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
--PROFITABILIRY	1~10	5
--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
TOTAL		46

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.