MIRA INFORM REPORT

Report Date :

13.12.2011

IDENTIFICATION DETAILS

Name :	MORAKHIA METAL AND ALLOYS PRIVATE LIMITED
Registered Office :	12, 2^nd Floor, “B” Wing, Mardia Plaza, Near Panchwati Petrol Pump, Ellisbridge, C.G. Road, Ahmedabad – 380 006, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	05.01.1990
Com. Reg. No.:	04-013215
Capital Investment / Paid-up Capital :	Rs.67.550 Millions
CIN No.: [Company Identification No.]	U27101GJ1990PTC013215
TAN No.: [Tax Deduction & Collection Account No.]	AHMM00030C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Ferrous and Non-Ferrous Metal.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 552000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Directors are reported as experienced and respectable businessmen. 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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. Shrenikbhai Ashokbhai Morakhia
Designation :	Director
Contact No.:	91-9825005529
Date :	10.12.2011

LOCATIONS

Registered Office :	12, 2^nd Floor, “B” Wing, Mardia Plaza, Near Panchwati Petrol Pump, Ellisbridge, C.G. Road, Ahmedabad – 380 006, Gujarat, India
Tel. No.:	91-79-26401873 / 26400695
Mobile No.:	91-9825005529 (Mr. Shrenikbhai Ashokbhai Morakhia)
Fax No.:	91-79-26464148 / 26426558
E-Mail :	morakhia@vsnl.net Sales and Marketing : morakhia@copperzone.com Purchases : mtrm@copperzone.com
Website :	http://www.copperzone.com
Area:	2000 sq ft
Location:	Owned
Corporate Office :	145, Kika Street, Gulal Wadi, Mumbai - 400 004, Maharashtra, India
Tel. No.:	91-22-23461732 / 23462263
Fax No.:	91-22-23472288
Factory 1 :	3429-3434 and 3341 GIDC, Phase VI, Chhatral – 382 729, District Gandhinagar, Gujarat, India
Tel No. :	91-2764-233236 / 233426 / 233427
Fax No. :	91-2764-233235
Factory 2 :	3464-3466, GIDC, Phase VI, Chhatral – 382 729, District Gandhinagar, Gujarat, India

DIRECTORS

As on 30.09.2011

Name :	Mr. Prakashbhai Sevantilal Morakhia
Designation :	Whole Time Director
Address :	289, S.V.P. Road, Shree Bhuwan, 5^th Floor, Mumbai – 400 004, Maharashtra, India
Date of Birth/Age :	19.04.1965
Qualification:	Graduate
Date of Appointment :	05.01.1990
DIN No.:	00151256
Name :	Mr. Pankajbhai Kantilal Morakhia
Designation :	Whole Time Director
Address :	289, S.V.P. Road, Shree Bhuwan, 5^th Floor, Mumbai – 400 004, Maharashtra, India
Date of Birth/Age :	14.12.1968
Qualification:	Graduate
Date of Appointment :	05.01.1990
DIN No.:	00151305
Name :	Mr. Shrenikbhai Ashokbhai Morakhia
Designation :	Whole Time Director
Address :	5, Kalyan Society, Opposite Nagari Hospital, Mithakhali, Ellisbridge, Ahmedabad – 380 006, Gujarat, India
Date of Birth/Age :	26.01.1973
Qualification:	Graduate
Date of Appointment :	25.11.1998
DIN No.:	00151197

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Bharat Rasiklal Morakhia HUF	270000
Ashok Manilal Morakhia HUF	640200
Shripal Rasiklal Morakhia HUF	320400
Shardaben Kantilal Morakhia	105000
Shilpa Prakash Morakhia	45000
Alpa Kantilal Morakhia	21000
Pruvi Sevantilal Morakhia	36000
Tushar Ashok Morakhia	446500
Chirag Ashok Morakhia	146200
Roopal Rasiklal Morakhia	20400
Kantilal Maniklal Morakhia HUF	204000
Metal Tubes and Rolling Mills, India	6000
Pooja Prakash Morakhia	10800
Shrenik Ashok Morakhia	516700
Prakash Sevantilal Morakhia HUF	340050
Sevantilal Manilal Morakhia HUF	441000
Pankaj Kantilal Morakhia	150000
Rasiklal Manilal Morakhia	519000
Sejal Shripal Morakhia	60000
Mukesh Sevantilal Morakhia	157100
Manilal Premchand Morakhia HUF	325500
Prakash Sevantilal Morakhia	265400
Kantilal M. Morakhia Jointly with Bharat Rasiklal Morakhia	805000
Seventilal Manilal Morakhia	168000
Manjulaben S. Morakhia	45000
Bharat Rasiklal Morakhia	82500
Shripal Rasiklal Morakhia	194500
Ashokkumar Manilal Morakhia	209500
Sonal Tushar Morakhia	53400
Kantilal Manilal Morakhia	54000
Pankaj Kantilal Morakhia HUF	42850
Bhartiben Manilal Morakhia	54000
Total	6755000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Ferrous and Non-Ferrous Metal.

Product :

ITC Code No.	Product Description
74110	Copper Tube
740711	Copper Brass
740910	Copper Strips

Exports :

Products :

v Copper and Brass Castings

Countries :

v Gulf Countries

v Taiwan

v UK

v USA

v Africa

v Spain

Imports :

Products :

v Raw Materials

v Plant and Chemical

Countries :

v China

v Middle East

v Germany

Terms :

Selling :

L/C and Cash

Purchasing :

L/C and Cash

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	2009-10
Licensed Capacity	M.T.	N.A.
Installed Capacity	M.T.	8000
Actual Production	M.T.	6014

Notes:
installed capacity has been accepted as certified by the directors and not verified by auditor being the technical matter.

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

250 (Approximately)

Bankers :

v Dena Bank, Mumbai Main Office, Horniman Circle, Mumbai – 400 023, Maharashtra, India

v Dena Bank, Industrial Finance Branch, 9^th Floor, Makers Towers “E”, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

v Kotak Mahindra Bank

v Bank of Maharashtra, 4, Riddhi Siddhi Apartment, 10^th Lane, Khetwadi Back Road, S.P. Road Branch, Girgaum, Mumbai – 400 004, Maharashtra, India

v ICICI Bank

Facilities :

SECURED LOANS	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
Dena Bank, IFB, Mumbai Cash Credit	27.066	35.459
Dena Bank, Bill Discounting Facility with Dena Bank is secured by first charge on stocks, book debts, etc and further secured by personal	24.185	46.710
ICICI Bank Car Loan Secured against hypothecation of car	0.151	0.313
Term Loan Term loan from Dena Bank IFB Branch against Wind Mill and Factory Assets	82.956	94.957
Total	134.358	177.439
UNSECURED LOANS	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
Loans and Deposits
From Directors and their Relatives	0.685	0.553
From Relative of Shareholders/Promoters Firms	20.484	40.784
From Intercorporate Loan	24.869	19.810
Trade Deposits
Advance from Customers	15.133	0.000
Total	61.171	61.147

Banking Relations :	--
Auditors :
Name :	RRS and Associates Chartered Accountants
Address :	211, Kamal Complex, Near Stadium Circle, C.G. Road, Navrangpura, Ahmedabad – 380 009, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	ACBPS8901R
Memberships :	v Confederation of Indian Industry (CII) v Federation of Indian Chambers of Commerce and Industry (FICCI)

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs. 10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6755000	Equity Shares	Rs. 10/- each	Rs.67.550 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		67.550	67.550	42.550
2] Share Application Money		0.000	0.000	10.559
3] Reserves & Surplus		70.414	57.467	53.941
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		137.964	125.017	107.050
LOAN FUNDS
1] Secured Loans		134.358	177.439	64.728
2] Unsecured Loans		61.171	61.147	40.747
TOTAL BORROWING		195.529	238.586	105.475
DEFERRED TAX LIABILITIES		27.137	25.476	27.018
TOTAL		360.630	389.079	239.543
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		191.389	197.030	117.021
Capital work-in-progress		0.000	5.986	31.708
INVESTMENT		7.263	7.263	7.263
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	46.625	60.355	55.958
	Sundry Debtors	152.609	143.754	65.578
	Cash & Bank Balances	51.679	55.643	32.985
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	62.101	58.600	30.442
Total Current Assets		313.014	318.352	184.963
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	123.012	105.387	70.379
	Current Liabilities	19.943	24.078	23.836
	Provisions	8.257	10.299	7.845
Total Current Liabilities		151.212	139.764	102.060
Net Current Assets		161.802	178.588	82.903
MISCELLANEOUS EXPENSES		0.176	0.212	0.648
TOTAL		360.630	389.079	239.543

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	939.903	674.840	576.288
		Other Income	20.214	40.187	12.034
		TOTAL	960.117	715.027	588.322
Less	EXPENSES
		Office Expenses	923.461	696.134	536.768
		Administrative Expenses
		Advertising Expenses
		TOTAL	923.461	696.134	536.768
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		36.656	18.893	51.554
Less/ Add	DEPRECIATION/ AMORTISATION		15.249	12.542	11.256
	PROFIT BEFORE TAX		21.407	6.351	40.298
Less	TAX		8.460	2.095	27.247
	PROFIT AFTER TAX		12.947	4.256	13.051
Less	Prior Period Expenses		0.000	0.730	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		72.517	68.991	55.940
	BALANCE CARRIED TO THE B/S		NA	72.517	68.991
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	58.626	67.195	19.465
	TOTAL EARNINGS		58.626	67.195	19.465
	CIF Value of Imports		2.074	18.670	12.225
	Earnings Per Share (Rs.)		1.92	0.63	3.07

Particulars	31.03.2011
Sales Turnover (Approximately)	1250.000 (More order received)

Expected Sales (2011-2012): Rs.1300.000 millions

The above information has been parted by Mr. Shrenikbhai Ashokbhai Morakhia (Director).

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.35	0.60	2.22
Net Profit Margin (PBT/Sales)	(%)	2.28	0.94	6.99
Return on Total Assets (PBT/Total Assets}	(%)	4.24	1.23	13.34
Return on Investment (ROI) (PBT/Networth)		0.16	0.05	0.38
Debt Equity Ratio (Total Liability/Networth)		2.51	3.03	1.94
Current Ratio (Current Asset/Current Liability)		2.07	2.28	1.81

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	--
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	--
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	Yes
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

OPERATIONS:

During the year the company has achieved turnover of Rs.939.900 millions as against turnover of Rs.674.800 millions for the year 2008-09. The company has earned profit before tax Rs.21.407 millions as compare to profit before tax of Rs.6.351 for the year 2008-09.

CONTINGENT LIABILITIES:

Particulars	31.03.2010 (Rs. in millions)
L/c Outstanding with bank	61.127
Bank Guarantee issued	80.194
SCN issued by the Central Excise Department against the company	2.972

FORM 8:

This form is for	Modification of charge
Charge identification number of the charge to be modified	90105859
Corporate identity number of the company	U27101GJ1990PTC013215
Name of the company	MORAKHIA METALS AND ALLOYS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	12, 2^nd Floor, “B” Wing, Mardia Plaza, Near Panchwati Petrol Pump, C.G. Road, Ahmedabad – 380 006, Gujarat, India
Type of charge	Immovable property
Particular of charge holder	Dena Bank, Industrial Finance Branch, 9^th Floor, Makers Towers “E”, Cuffe Parade, Mumbai – 400 005, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	No document was executed. Only oral assent was conveyed for extension/creation of equitable mortgage. Memorandum of Entry recording creation/extension of such equitable mortgage was reduced to writing by the Bank.
Date of instrument Creating the charge	01.05.2008
Amount secured by the charge	Rs. 331.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest : As may be stipulated by Bank from time to time Terms of repayment : On Demand Margin : As may be stipulated by Bank from time to time Extent and operation of the charge : The Company accorded and gave oral consent to the Bank to continue to hold and retain the title deeds in respect of its immovable properties as security not only for existing Diverse Credit facilities of Rs.197.500 Millions but also further increased in said Diverse Credit Facility of Rs.137.000 Millions, all such Diverse Credit facility aggregating Rs.331.500 Millions Others The company also deposited the title deeds relating to its immovable properties being lying and situate at Plot No. 3464, 3465 and 3466, Chatral Industrial Estate, Tal: Kalol, District : Gandhinagar, as security not only for existing facilities of Rs.194.500 Millions but also all such diverse Credit Facilities aggregating to Rs.331.500 Millions.
Short particulars of the property charged (including location of the property)	Immovable properties being lying and situate at (a) Plot No. 3341 GIDC, Chatral; (b) Plot Nos. 3429, 3430, 3431, 3432, 3433 and 3434 in Chatral Industrial Estate; (c) Office premises No. 12 in Mardia plaza, Ahmedabad; (d) Plot No. CIB 3325/2, Chatral Industrial Estate, Tal: Kalol, Gandhinagar; (e) Godown No. B/6 at village Rahnal, Bhivandi, Thane ; and (f) Plot No.3464, 3465 and 3465 Chatral Industrial Estate, Kalol, Gandhinagar
Date of latest modification prior to the present modification	19.03.2007
Particulars of the present modification	The Mortgage/Charge now stands increased from Rs.194.500 Millions Rs.331.500 Millions.

Corporate identity number of the company	U27101GJ1990PTC013215
Name of the company	MORAKHIA METAL AND ALLOYS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	12, 2^nd Floor, “B” Wing, Mardia Plaza, Near Panchwati Petrol Pump, C.G. Road, Ahmedabad – 380 006, Gujarat, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Bank of Maharashtra, 4, Riddhi Siddhi Apartment, 10^th Lane, Khetwadi Back Road, S.P. Road Branch, Girgaum, Mumbai – 400 004, Maharashtra, India E-Mail: bom67@mahabank.co.in
Nature of instrument creating charge	Composite Deep of Hypothecation
Date of instrument Creating the charge	22.10.2010
Amount secured by the charge	Rs. 50.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Cash Credit - Base Rate + 3.5% presently @11.75%. For Pre and Post Shipment - Card Rate from time to time. Currently 7.5% upto 180 days and 7.75% upto 270 days Terms of repayment Review within 12 months. Margin In case of Cash Credit and Pre and post shipment export finance - 25% Margin on paid inventory and receivables upto 90 days. In case of Letter of Credit - upfront 10% on DP basis and 20% on DA basis by way of Term Deposits. Extent and operation of the charge 1st Pari-passu charge by way of hypothecation of Inventory and Receivables and goods under Letter of Credit.
Short particulars of the property charged (Including location of the property)	1st Pari-passu charge by way of hypothecation of Inventory and Receivables and goods under Letter of Credit.

FIXED ASSETS:

v Land

v Factory Building

v Office Building

v Office Equipment

v Plant and Machinery

v Motor Car

v Computer

v Furniture and Fixture

v Godown

v Refrigerator

v Borwell

v Cellular

v Wind Mill

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.52.42
UK Pound	1	Rs.81.92
Euro	1	Rs.69.94

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
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.