MIRA INFORM REPORT

Report Date :

06.06.2011

IDENTIFICATION DETAILS

Name :	KSL AND INDUSTRIES LIMITED (01.08.2007)
Formerly Known As :	KSL REALTY AND INFRASTRUCTURE LIMITED
Registered Office :	69A, Dhanu Udyog Industrial Area Piperia, Silvasa, Dadar Nagar Haveli 396230
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	11.01.1983
Com. Reg. No.:	000074
Capital Investment / Paid-up Capital :	Rs.402.673 millions
CIN No.: [Company Identification No.]	L17119DN1983PLC000074
Legal Form :	Public Limited Liability Company, Company's Shares are Listed on Stock Exchange
Line of Business :	Subject is engaged in the business of Textiles and Real Estate
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 24567900
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. General financial position is good. Trade relations are reported as fair. Business is active. Payments are reported to be 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.

INFORMATION DECLINED BY

Name :	Mr. Kailash
Designation :	Accountant
Date :	03.06.2011

LOCATIONS

Registered Office :	69A, Dhanu Udyog Industrial Area Piperia, Silvasa, Dadar Nagar Haveli 396230, India
Tel. No.:	91-260-2640338 / 2640791 / 2641657
E-Mail :	info@kslindustries.com
Website :	www.kslindustries.com www.tayalgroup.com
Corporate Office :	Raghuvanshi Mills Compound, Senapati Bapat Marg, Lower Parel (West), Mumbai 400 013, Maharashtra, India
Tel. No.:	91-22-24955321 – 27
Fax No.:	91-22-24924295 / 24981371 / 24970644

DIRECTORS

AS ON 10.07.2010

Name :	Mr. Saurabh P Tayal
Designation :	Director
Date of Birth/Age :	07.11.1981
Date of Appointment :	28.03.2001
Name :	Mr. Ajay Ramesh Gupat
Designation :	Director
Date of Birth/Age :	11.02.1972
Date of Appointment :	22.05.2008
Name :	Mr. Harinder Kumar
Designation :	Director
Date of Birth/Age :	15.08.1972
Date of Appointment :	29.09.2005
Name :	Mr. Rajshekhar Shankar Ganiger
Designation :	Director
Date of Birth/Age :	23.11.1966
Date of Appointment :	28.04.2005
Name :	Mr. Farindra Bihari Rai
Designation :	Director
Date of Birth/Age :	08.02.1963
Date of Appointment :	11.10.2002
Name :	Mr. Mrinal Tayal
Designation :	Director
Date of Birth/Age :	01.10.1985
Date of Appointment :	29.01.2010
Name :	Mr. Mahesh Prasad Mehrotra
Designation :	Director
Date of Birth/Age :	26.09.1940
Date of Appointment :	17.03.2010
Name :	Mr. Pritam Singh Pritam
Designation :	Director
Date of Birth/Age :	10.07.1941
Date of Appointment :	17.03.2010
Name :	Mr. Utpal Kumar Mukhopadhyay
Designation :	Director
Date of Birth/Age :	26.01.1944
Date of Appointment :	20.05.2010

KEY EXECUTIVES

Name :	Mr. Kailash
Designation :	Accountant
Name :	Mr. Hemant Soni
Designation :	Secretary
Date of Appointment :	29.01.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2011

Category of Shareholder	Total No. of Shares	% of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	37,899,787	37.65
Bodies Corporate	1,581,600	1.57
Sub Total	39,481,387	39.22
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	39,481,387	39.22
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	3,172,783	3.15
Foreign Institutional Investors	947,549	0.94
Sub Total	4,120,332	4.09
(2) Non-Institutions
Bodies Corporate	28,092,992	27.91
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	7,700,819	7.65
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	21,108,234	20.97
Any Others (Specify)	164,561	0.16
Clearing Members	3,755	-
NRIs/OCBs	160,806	0.16
Sub Total	57,066,606	56.69
Total Public shareholding (B)	61,186,938	60.78
Total (A)+(B)	100,668,325	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	100,668,325	100.00

AS ON 10.07.2010

Equity Share Breakup		Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]		1.38
Bodies corporate		29.55
Directors or relatives of directors		37.65
Other top fifty shareholders		20.98
Others		7.29
	Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Textiles and Real Estate

PRODUCTION STATUS

AS ON 31.03.2010

Particulars	Unit	Installed Capacity
Knitting Division	Tones p. a.	24500
TFO Division	Tones p. a.	7000
Processing Division	Tones p. a.	25000
Spinning	Tones p. a.	50900
Garments	Pcs	1.000 millions

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Oriental Bank of Commerce, Large Corporate Branch, 181 –A, Maker Tower, E 18^th Floor, Cuffe Parade, Mumbai 400005, Maharashtra, India

· Andhra Bank, Specialized Corporate, NCPA Marg, Nariman Point, Mumbai 400021, Maharashtra, India

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2010	31.03.2009
Working Capital Loan	2214.648	1732.812
Term Loan	4525.374	5332.912
ECB Loan	115.514	0.000
Interest Accrued and Due	66.145	41.538
TOTAL	6921.681	7107.262
UNSECURED LOAN
Unsecured Loan	1400.000	0.000
FCCB Liability	3047.416	3269.760
Interst Accrued but not due	24.868	29.076
TOTAL	4472.284	3298.836

Banking Relations :	--
Auditors :
Name :	A F Khasgiwala and Company Chartered Accountant
Address :	3/307, Rewa Chambers, 31 New Marine Lines, Mumbai 400020, Maharashtra, India
Subsidiaries :	· Reward Real Estate Company Limited CIN No.: U51909MH2004PLC144099 · Kalameshvar Textile Mills Limited CIN No.: U17110MH1979PLC022056 · ACTIF Corporation Limited CIN No.: U45201DN2006PLC000197

CAPITAL STRUCTURE

AS ON 10.07.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
250000000	Equity Shares	Rs. 4 each	Rs.1000.000 millions
5000000	Preference Shares	Rs. 10 each	Rs. 50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99877725	Equity Shares	Rs. 4 each	Rs.399.510 millions

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
250000000	Equity Shares	Rs. 4 each	Rs.1000.000 millions
5000000	Preference Shares	Rs. 10 each	Rs. 50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100668325	Equity Shares	Rs. 4 each	Rs.402.673 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		402.673	402.673	399.511
2] Share Application Money		1000.000	1000.000	1200.000
3] Reserves & Surplus		4739.320	4699.293	4305.869
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6141.993	6101.966	5905.380
LOAN FUNDS
1] Secured Loans		6921.681	7107.262	3476.527
2] Unsecured Loans		4472.284	3298.836	3269.760
TOTAL BORROWING		11393.965	10406.098	6746.287
DEFERRED TAX LIABILITIES		219.135	215.258	189.259
TOTAL		17755.093	16723.322	12840.926
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11724.277	10854.184	7721.230
Capital work-in-progress		114.161	420.399	992.803
INVESTMENT		531.195	326.695	326.695
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1948.186	1501.875	932.309
	Sundry Debtors	2277.495	1733.938	1336.701
	Cash & Bank Balances	128.485	656.042	587.664
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1048.661	1346.769	1149.625
Total Current Assets		5402.827	5238.624	4006.299
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	34.227	90.553	72.286
	Other Current Liabilities	71.475	54.372	43.524
	Provisions	8.993	82.887	215.427
Total Current Liabilities		114.695	227.812	331.237
Net Current Assets		5288.132	5010.812	3675.062
MISCELLANEOUS EXPENSES		97.328	111.232	125.136
TOTAL		17755.093	16723.322	12840.926

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	10456.996	8418.387	6468.777
		Other Income	110.449	13.155	14.466
		TOTAL (A)	10567.445	8431.542	6483.243
Less	EXPENSES
		Cost of Materials	6866.003	6262.874	4397.032
		Manufacturing Expenses	1458.584	806.515	782.938
		Increase/(Decrease) in Finished Goods	195.194	(458.943)	(108.844)
		Selling and Distribution Expenses	349.519	209.279	182.159
		Office Expenses	13.904	13.904	13.904
		TOTAL (B)	8883.204	6833.629	5267.189
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1684.241	1597.913	1216.054
Less	FINANCIAL EXPENSES (D)		730.416	569.760	275.616
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		953.825	1028.153	940.438
Less/ Add	DEPRECIATION/ AMORTISATION (F)		900.928	722.701	400.675
	PROFIT BEFORE TAX (E-F) (G)		52.897	305.452	539.763
Less	TAX (H)		12.870	61.776	91.655
	PROFIT AFTER TAX (G-H) (I)		40.027	243.676	448.108
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1757.335	1601.198	1239.942
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	40.428	40.111
		Dividend	0.000	40.267	39.951
		Tax on Dividend	0.000	6.842	6.790
	BALANCE CARRIED TO THE B/S		1797.362	1757.335	1601.198
	IMPORTS
		Capital Goods	0.000	214.132	0.000
	Earnings Per Share (Rs.)		0.40	2.42	4.56

QUARTERLY RESULTS

PARTICULARS	30.06.2010	30.09.2010	31.12.2010	31.03.2011
	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	3166.890	3322.220	3165.550	3478.850
Total Expenditure	2708.300	2813.480	2675.780	3076.160
PBIDT (Excl OI)	458.590	508.740	489.770	402.690
Other Income	0.000	0.000	0.000	0.000
Operating Profit	458.590	508.740	489.770	402.690
Interest	186.140	209.140	221.360	241.180
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	272.450	299.600	268.410	161.510
Depreciation	246.520	246.550	247.890	253.940
Profit Before Tax	25.930	53.050	20.520	(92.430)
Tax	5.170	10.570	4.090	21.400
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	20.760	42.480	16.430	(113.83)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.37	2.89	6.91
Net Profit Margin (PBT/Sales)	(%)	0.50	3.62	8.34
Return on Total Assets (PBT/Total Assets}	(%)	0.30	1.89	4.60
Return on Investment (ROI) (PBT/Networth)		0.01	0.05	0.09
Debt Equity Ratio (Total Liability/Networth)		1.90	1.77	1.23
Current Ratio (Current Asset/Current Liability)		47.11	22.99	12.09

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

Rs. In Millions

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	34.227	90.553	72.286

REVIEW OF OPERATIONS

The Company has achieved Net Sales of Rs.10456.996 millions during the Financial Year ended 31^st March, 2010 as against Net Sales of Rs. 8418.387 millions during the previous year ended 31^st March, 2009. The Net Profit for the year 2009-10 decrease to Rs.40.027 millions from previous year Profit of Rs.243.676 millions due to higher interest outgo and higher Provision for Depreciation. The earnings per share works out to Rs.0.40 on a paid up capital of Rs.402.673 millions.

FORM 8

Corporate identity number of the company	L17119DN1983PLC000074
Name of the company	KSL AND INDUSTRIES LIMITED (01.08.2007)
Address of the registered office or of the principal place of business in India of the company	69A, Dhanu Udyog Industrial Area Piperia, Silvasa, Dadar Nagar Haveli 396230, India
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	Andhra Bank, Specialized Corporate, NCPA Marg, Nariman Point, Mumbai 400021, Maharashtra, India Email: bmmum1128@andhrabank.co.in
Nature of instrument creating charge	Instrument RF255. Equitable Mortgage by way of deposit of title deeds of the Industrial, non agricultural land and building of the Company at Survey No. 82/7, Village Amli, U.T. of Dadra and Nagar Haveli, admeasuring 800 sq.mt. on behalf of M/s.Krishna Knitwear Technology Limited and M/s. Eskay K'n'it (India) Limited.
Date of instrument Creating the charge	29.03.2011
Amount secured by the charge	Rs. 260.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As agreed between the Andhra Bank (the "Lender") and M/s.Krishna Knitwear Technology Limited and M/s. Eskay K'n'it (India) Limited ("the Borrowers") Terms of repayment As agreed between the Lender and the Borrowers Margin As agreed between the Lender and the Borrowers Extent and operation of the charge Equitable Mortgage by way of deposit of title deeds of the Industrial, non agricultural land and building of the Company at Survey No. 82/7, Village Amli, U.T. of Dadra & Nagar Haveli, admeasuring 800 sq.mt. on behalf of M/s.Krishna Knitwear Technology Limited and M/s. Eskay K'n'it (India) Limited.
Short particulars of the property charged (Including location of the property)	Equitable Mortgage by way of deposit of title deeds of the Industrial, non agricultural land and building of the Company at Survey No. 82/7, Village Amli, U.T. of Dadra & Nagar Haveli, admeasuring 800 sq.mt. on behalf of M/s.Krishna Knitwear Technology Limited and M/s. Eskay K'n'it (India) Limited.

FIXED ASSETS:

· Land and Building

· Plant and Machinery

· Electrical Installation

· Furniture and Fixtures

· Air Conditioner

· Office Equipment

· Computers

· Vehicle

MILESTONES

1975 - Krishna Mills is established as a partnership firm.

1983 - Krishna Mills is converted into a Private Limited Company.

1992 - Krishna Mills is converted into a Public Limited Company.

1995 - The Company goes public with an IPO and is listed on the Bombay Stock Exchange.

2003 - Adopted the inorganic route of expansion by acquiring fixed assets of Surat Co-operative Mills.

2003 - Adopted the inorganic route of expansion by acquiring assets of Kalameshwar Textile Mills, Nagpur.

2004 - Diversified into the real estate business by acquiring assets of the historic Empress Mills (the first venture by Sir Jamshedji Tata in India).

2005 - Underwent expansion and modernisation of its existing textile mills. Undertook a massive expansion program post quota regime.

2005 - Forayed into real estate development through Reward Real Estate Company Ltd. (100% subsidiary).

2006 - Acquired property of Deccan Co-operative Mills in Kolhapur.

2007 - Development of real estate properties in process.

MANAGEMENT TEAM

Leaders in their own fields, our management team with diverse background form the core of our value proposition.

Saurabh Tayal – Chairman

Mr. Saurabh Kumar Tayal, is the Chairman of the Company. With a Bachelor's degree in Commerce and a Master of Business Administration, he has five years of administrative and technical experience in setting up and running textile units, taking over and reviving sick units through inorganic growth. He also has expertise in procurement and development of real estate projects.

Gopal Aggarwal – Managing Director

Mr. Gopal Aggarwal, aged 35, is the Company's Managing Director. With a Bachelor's degree in commerce he has seven years of experience in the textile industry with expertise in manufacturing operations. Mr. Aggarwal manages all operations within the Company, including Human Resource Development and ensuring quality control measures at every stage of production.

Samir Antani – Director

Mr. Samir Antani, aged 30, is an independent director. With a Bachelor's degree in Electrical Engineering he has over five years of experience in forming new textile units.

Romil Aggarwal – Director

Mr. Romil Aggarwal, aged 33, is an independent director. With a Bachelor's degree in Mechanical Engineering he has over seven years of experience in handling textile projects and in administration.

S N Dubey – Director

Mr. S.N. Dubey, aged 36, is an independent director. With a Bachelor’s degree in arts he has over seven years of experience, specializing in the erection and servicing of the specialized yarn process. He also has the expertise of setting up an entire textile plant & machinery system, right from spinning to garmenting.

Harinder Kumar – Director

Mr. Harinder Kumar, aged 34, is an independent director. With a Bachelor's degree in commerce he has over five years of experience in excise and income tax accounting. He brings to the Company in-depth knowledge pertaining to various government policies and taxation matters.

Mahendra Patel – Director

Mr. Mahendra Patel, aged 52, is an independent director. With a degree in textile technology he has over 25 years of experience in double yarn spinning processes. He also contributes on issues pertaining to modernisation of the plant & machinery of the Company.

Rajshekhar S. Ganiger – Director

Mr. Rajshekar Ganiger, aged 40, is an independent director. With a Bachelor’s degree in science as well as a diploma in textile technology he has over 10 years of experience in the textile industry.

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.44.85
UK Pound	1	Rs.73.29
Euro	1	Rs.64.89

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		53

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.