MIRA INFORM REPORT

Report Date :

29.06.2011

IDENTIFICATION DETAILS

Name :	STEEL STRONG VALVES (INDIA) PRIVATE LIMITED
Registered Office :	604, Mahavir Towers, L.B.S. Marg, Mulund (W), Mumbai – 400080, Maharasahtra, India
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	09.12.1993
Com. Reg. No.:	11-075537
Capital Investment / Paid-up Capital :	Rs. 11.667 Millions
CIN No.: [Company Identification No.]	U28910MH1993PTC075537
TAN No.: [Tax Deduction & Collection Account No.]	MUMS19360F
PAN No.: [Permanent Account No.]	AAACS7348N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Engineering Goods (Industrial Valves) Various types of Valves.
No. of Employees :	300 (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 500000
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.

INFORMATION PARTED BY

Name :	Mr. Manohar Goswami
Designation :	Senior Accounts Manager
Contact No.:	91-9223233565
Date :	28.06.2011

LOCATIONS

Registered Office :

604, Mahavir Towers, L.B.S. Marg, Mulund (W), Mumbai – 400080, Maharasahtra, India

Tel. No.:

91-22-27690074

Office /Marketing Office and Plant No. I :

R-241, T.T.C. Industrial Area, M.I.D.C. Rabale – 400701, Navi Mumbai, Maharashtra, India

Tel. No.:

91-22-27690074 / 27695536 / 27607005 / 27699489 / 27699490

Mobile No.:

91-9223233565 [Mr. Manohar Goswami]

Fax No.:

91-22-27695537

E-Mail :

steelstrongvalve@mtnl.net.in

adminsteelstrong@steelstrong.com

strong@bom3.vsnl.net.in

Website :

http://www.steelstrong.com

Area :

2000 Sq. Mt

Location :

Owned

Plant No. II and Regional Marketing Office :

Plot No. B/176, 186, 187, 189, Ajanta Industrial Estate, Village Vasna – Iyava, Taluka Sanand, Ahmedabad, Gujarat

Tel. No.:

91-2717-619100 (60 lines)

E-Mail :

sanandworks@steelstrong.com

Marketing Network :

Located at :

Delhi	Mr. Anil Kumar Shrma	91-11-25790183	91-9810043324
Kolkata	Mr. D. P. Sen	91-33-24711654	91-9433326166
Bangalore	Ms. Anuradha Srinivasan	91-80-26583214	91-9448459429
Chennai	Mr. K. N. Shrinath	91-44-24861308	91-9790955585
Hyderabad	Mr. A. G. Rao	91-40-27058878	91-9440718339
Cochin	Mr. Jayarahan Nambiar	91-484-2539979	91-9847032708
Visakhapatnam	--	--	--

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Ramesh S. Shetty
Designation :	Chairman and Managing Director
Address :	604, Mahavir Towers, L.B.S. Marg, Mulund (West), Mumbai – 400080, Maharashtra, India
PAN No.:	ACCPS6924K
Date of Birth/Age :	08.08.1954
Date of Appointment :	09.12.1993
DIN No.:	00443862
Name :	Mrs. Smita R. Shetty
Designation :	Director
PAN No.:	ANPRS2479B
Address :	604, Mahavir Towers, L.B.S. Marg, Mulund (West), Mumbai – 400080, Maharashtra, India
Date of Birth/Age :	25.04.1958
Date of Appointment :	09.12.1993
DIN No.:	00743291
Name :	Mr. Thomas George
Designation :	Executive Director
Address :	Flat No. 304, Plot No. 4,5,6 and 7, Sector BA/IAIROLI, Mumbai – 400708, Maharashtra, India
Date of Birth/Age :	27.11.1954
Date of Appointment :	08.06.2010
DIN No.:	03093974

KEY EXECUTIVES

PLANT I
	Sr. Management / Marketing Team
	Navi Mumbai
Name :	Mr. C. G. Deo
Designation :	Heneral Manager (Technical Services)
Name :	Mr. Satish Kanekal
Designation :	D.G.M. (QA/QC and Expediting)
Name :	Mr. Krishna Bagade
Designation :	Sr. Manager (Sales)
Name :	Dr. Damodar Shetty
Designation :	Sr. Manager (Works)
PLANT II
	Sr. Management / Marketing Team
	Ahmedabad
Name :	Mr. M. Maqubool
Designation :	General Manager (Works)
Name :	Mr. S. Rai
Designation :	D.G.M. (Finance and Admin.)
Name :	Mr. Venkateshan
Designation :	D.G.M. (Production)
Name :	Mr. P.G. Patil
Designation :	D.G.M. (Planning and Procurement)
Name :	Mr. N. Shastri
Designation :	Regional Sales Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Mr. Ramesh S. Shetty	110667
Mrs. Smita R. Shetty	6000
Total	116667

(AS ON 30.09.2010)

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Engineering Goods (Industrial Valves) Various types of Valves.

Products :

Product Description	Item Code No.
Industrial Valves	8481.80

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

OEM’s

Oil and Gas Sector

• Oil and Natural Gas Corporation Limited • Bharat Petroleum Corporation Limited • Bharat Petroleum Corporation Limited — Kochi Refinery • Gujarat State Petronet Limited • BRPL. • Numaligarh Refineries

• Indian Oil Corporation Limited New Delhi • Hindustan Petroleum Corporation Limited • Chennai Petroleum Corporation Limited • All Oil Sector Contractors related to Oil & Gas Sector • HMIL. • B.O.C.

• GAIL • Reliance Industries Limited (RIL) • Oil India Limited • MRPL. • Paradip Refinery(IOCL) • Bharat Oman Refineries Limited

Power Sector

• NTPC • State Electricity Boards • Reliance Energy Limited • NPCIL • ISGEC / IJT • Greenesol. • Thermodyne • Sreeram EPC,

• BHEL • ALSTOM • Triveni • BGR Group. • Thermax • Enpro Industries • Power Piping Company • Forbes Marshall

• SIEMENS • GEA Cooling Towers Limited • Cethar Vessels • TD Power • D.A.E • R.K. Powergen • Mazda • PCT.

Sugar industries

• Bannari Amman Sugars Limited

• Ramgarh Chini Mills

• Dalmia Sugars

• Renuka Sugars

Clients with Annual Rate Contract

• Bharat Petroleum Corporation Limited • Enpro Industries

• Siemens Limited • IJT,Noida.

• Triveni Engineering • Forbes Marshall

Main EPC Contractors I Consultants

• Engineers India Limited • B.H.E.L. • Mecon Limited • Indian Oil Tanking Limited • NICCO Corporation Limited • Triveni Engineering • Raunaq International • Tyco Engineehng • Praj ndia Limited • Furnace Fibrica • Dresser Rand (I) Private Limited

• Larsen & Toubro • Toyo Engineering India Limited • Aker Kvaerner Power Gas Private Limited • Avant Garde • Stewarts & Lloyds • Siemens Limited • Paramount Limited • Thermax Limited • Honeywell Automation • Kazstroy

• Punj Lloyds • Uhde India Limited • Tata Consultants • T.I.C.B. • Bridge & Roof • VA-TECH Wabag Limited • Kiddie India • D.E.C.L. • Unitech Limited • B.H.P.V.

Metallurgical Sector

• NALCO • Hindalco

• SAIL • Essar Steel

• ISPAT • Jindal

Process industries / Petrochemicals / Fertilizers

• Reliance Industries Limited/ • NOCIL • IPCL • National Fertilizers Limited

• GNFC • Indo Gulf • Bombay Dyeing • Welspun

• Madras Fertilizers Limited • Gujarat State Fertilizers Corporation • Rashtriya Chemicals Fertilizers(RCF) • Nagarjuna Fertilizers

No. of Employees :

300 (Approximately)

Bankers :

• Vijaya Bank, Gaurav Corner, Navghar Road, Mulund (East)
• Vijaya Bank, Gaurangi Chambers, LBS Marg, Opp Damani Estate, Thane Branch, Mumbai – 400602, Maharashtra, India

Facilities :

Total Facility enjoyed including Fund and Non Fund (Rs. 250.000 Millions)

Secured Loan	Rs in Millions [AS ON 31.03.2010]	Rs in Millions [AS ON 31.03.2009]
Working Capital Facility - Cash Credit (Vijaya Bank)	68.042	63.034
Bills Discounted	0.000	2.291
Term Loans (Working capital loan is secured by hypothecation of stock in trade, book debts and Term Loans are secured by mortgage of freehold and at Ahmedabad and factory building thereon as well as machinery/equipments. Both the loans are secured by collateral security by way of mortgage of land and building of Factory at R - 241 TTC Industrial Area, Rabale and hypothecation of existing plant and machinery. The above loans are guaranteed by both the directors of the company)	42.083	35.971
Bank Loans (Against hypothecation of Motor Cars)	2.129	2.062
Total	112.254	103.358
Unecured Loan	Rs in Millions [AS ON 31.03.2010]	Rs in Millions [AS ON 31.03.2009]
From shareholders and their Relatives	0.000	8.300
Total	0.000	8.300

Banking Relations :	--
Auditors :
Name :	Rajesh Shetty and Compay Chartered Accountants
Sister Concern :	Shayburg Valus Private Limited Shogun Engineers.

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Share	Rs.100/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
116667	Equity Share	Rs.100/- each	Rs. 11.667 Millions

(Of the above, 1100 equity shares (P.Y.100) have been allotted for consideration other than cash)

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		11.667	11.667	11.667
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		114.349	95.248	78.782
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		126.016	106.915	90.449
LOAN FUNDS
1] Secured Loans		112.254	103.358	35.305
2] Unsecured Loans		0.000	8.300	5.000
TOTAL BORROWING		112.254	111.658	40.305
DEFERRED TAX LIABILITIES		1.437	0.904	0.000
TOTAL		239.707	219.477	130.754
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		116.941	113.022	12.940
Capital work-in-progress		0.000	1.501	35.965
INVESTMENT		0.000	0.000	0.086
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	54.412	58.751	32.301
	Sundry Debtors	129.886	98.122	75.425
	Cash & Bank Balances	6.953	6.694	3.110
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	50.000	38.555	30.896
Total Current Assets		241.251	202.122	141.732
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	72.554	64.811	39.259
	Other Current Liabilities	9.647	7.233	4.506
	Provisions	36.347	25.197	16.297
Total Current Liabilities		118.548	97.241	60.062
Net Current Assets		122.703	104.881	81.670
MISCELLANEOUS EXPENSES		0.063	0.073	0.093
TOTAL		239.707	219.477	130.754

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	427.692	362.220	308.338
		Other Income	1.169	2.565	1.421
		TOTAL (A)	428.861	364.785	309.759
Less	EXPENSES
		Increase / (Decrease) in Stock	(0.663)	0.000	0.000
		Material Consumption	280.173	250.395	211.738
		Manufacturing Expenses	38.029	31.983	23.601
		Personnel Expenses	25.166	17.430	12.803
		Administrative and Selling Expenses	27.525	22.450	24.351
		TOTAL (B)	370.230	322.258	272.493
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		58.631	42.527	37.266
Less	FINANCIAL EXPENSES (D)		12.278	7.236	3.092
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		46.353	35.291	34.174
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.568	8.935	1.986
	PROFIT BEFORE TAX (E-F) (G)		30.785	26.356	32.188
Less	TAX (I)		11.684	9.890	11.191
	PROFIT AFTER TAX (G-I) (J)		19.101	16.466	20.997
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		45.999	29.533	8.536
	BALANCE CARRIED TO THE B/S		65.100	45.999	29.533
	Earnings Per Share (Rs.)		163.73	141.13	197.41

Particulars	31.03.2011
Sales Turnover (Approximately)	610.000

The above information has been parted by Mr. Manohar Goswami

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.45	4.51	6.78
Net Profit Margin (PBT/Sales)	(%)	7.20	7.28	10.44
Return on Total Assets (PBT/Total Assets}	(%)	8.59	8.36	20.81
Return on Investment (ROI) (PBT/Networth)		0.24	0.25	0.36
Debt Equity Ratio (Total Liability/Networth)		1.83	1.95	1.11
Current Ratio (Current Asset/Current Liability)		2.03	2.08	2.36

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors:

Particulars	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)	As on 31.03.2008 (Rs. in Millions)
Sundry Creditors	72.554	64.811	39.259
Total

Trade Reference:

• Toyo Engineering Corporation
• Triveni Turbine Limited

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10142626
Corporate identity number of the company	U28910MH1993PTC075537
Name of the company	STEEL STRONG VALVES (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	604, Mahavir Towers, L. B. S. Marg, Mulund (W), Bombay-80. Wef Dt.1.6.96, Mumbai-400080, Maharashtra, India
Type of charge	Immovable property Movable property
Particular of charge holder	Vijaya Bank, Gaurangi Chambers, LBS Marg, Opp Damani Estate, Thane Branch, Mumbai -400602, Maharashtra, India adlalwani@rediffmail.com
Nature of description of the instrument creating or modifying the charge	1. MEMORANDUM
Date of instrument Creating the charge	18.06.2009
Amount secured by the charge	Rs. 65.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As Stipualted By Bank From Time To Time Terms of Repayment As Stipualted By Bank From Time To Time Margin As Stipualted By Bank From Time To Time Extent and Operation of the charge As stipualted by bank from time to time, since Vijaya Bank Mulund was having charge on the assets of the company ,and same has been extended for security of fresh limit given to Sahyburg Valvels Private Limited by Vijaya Bank Thane - total limit Rs.65.500 Millions (mortgage loan Rs.18.00 Millions, secured loan Rs.17.500 Millions and PCL= Rs.30.00 Millions) Others As stipualted by bank from time to time and as pr sanction letter of the bank
Short particulars of the property charged	First charge(present & future)-(1) hypothecation of all plant and machinery and misc. fixed assets (2) hypothecation of all current, movable and fixed assets (3) EMG of freehold land, Ajanta Industrial Estate, Sanand Virmgam Highway, Tal; Sanand, Dist. Ahmedabad (4) EMG of industrial premises situated at Plot No 241 in M.I.D.C., TTC Industrial area, MIDC Rabale, Navi Mumbai, Thane .
Date of latest modification prior to the present modification	31.12.2008
Particulars of the present modification	By this modification bank has given PCL of Rs.300.00 lakhs to Sahyburg Valvels Private Limited, now by this enhancement total limit of Sahyburg Valvels Private Limited stands to Rs. 65.500 Millions, security is as given by original charge as well as by modification, terms and conditions as per agreement attached and as per sanction letter of the bank

Name of the company	STEEL STRONG VALVES (INDIA) PRIVATE LIMITED
Presented By	Corporation Bank, Mulund Branch, Mumbai - 400080
1) Date and description of instrument creating the change	Counter Guarantee dated 02.01.1998 and Continuity letter from E.M. of property dated 02.01.1998
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 2.500 Millions
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	The Bank guarantee is collaterally secured by E.M. of Land and Building of factory at T.T.C. Industrial Estate, Rable admeasuring 1000 sq. mtrs. bearing plot No. R-241, situated at Trans Thabe Creek Industrial Area, Village Rable Taluka and District Thane and FDR worth Rs. 0.500 Million
4) Gist of the terms and conditions and extent and operation of the charge.	Cash Margin – 25 % Purpose – performance of Contract to supply material E.M. of property will be the continuing security for PSBG Limit of Rs. 2.500 Millions alongwith other limits for which ROC charge is already registered.
5) Name and Address and description of the person entitled to the charge.	Corporation Bank, 185-R, ALHAD, Purshottam Kheraj Road, Mulund (West), Mumbai – 400080
6) Date and brief description of instrument modifying the charge	Counter guarantee against the limit sanctioned dated 07.08.1999 Continuity letter dated 07.04.1999 (Both the agreements constitute a single charge)
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.	By this modification, the Bank Guarantee limit is enhanced from Rs. 2.500 Million to Rs. 5.000 Millions against the same security.

FIXED ASSETS

• Leasehold land
• Factory Building
• Plant and Machinery
• Electrical Fittings
• Furniture and Fixtures
• Office Equipment
• Computers
• Crane
• Tele Instruments
• Air Conditioners
• Vehicles
• Tempo
• Xerox

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.45.05
UK Pound	1	Rs.71.92
Euro	1	Rs.64.34

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	NO
--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.