MIRA INFORM REPORT

Report Date :

19.04.2012

IDENTIFICATION DETAILS

Name :	GMR HOLDINGS PRIVATE LIMITED
Registered Office :	Naman Centre, 7^th Floor, Opposite Dena Bank, Plot No. C-31, G Block,, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.04.1993
Com. Reg. No.:	11-207451
Capital Investment / Paid-up Capital :	Rs.30.202 Millions
CIN No.: [Company Identification No.]	U67120MH1993PTC207451
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Services of Company Research and Investing Information.
No. of Employees :	500 (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 10000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a holding company of UMR Group. It is an established company having satisfactory track. Profitability of the company is under pressure. However Networth appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. In view of strong holding 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 :	Ms. Neha
Designation :	Business Co-ordinator
Contact No.:	91-22-42028000
Date :	17.04.2012

LOCATIONS

Registered Office :	Naman Centre, 7^th Floor, Opposite Dena Bank, Plot No. C-31, G Block,, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India
Tel. No.:	91-22-42028000
Fax No.:	Not Available
E-Mail :	haribabu.t@gmrgroup.in info@gmrgroup.in
Website :	http://www.gmrgroup.in
Area :	2500 Sq. ft.
Location:	Owned
Corporate Office :	GMR House, IBC Knowledge Park, Phase 2, “D” Block, 9^th Floor, 4/1, Bannerghatta Road, Bangalore-560029, Karnataka, India
Tel. No.:	91-80-40432000
Fax No.:	91-80-40432180
E-Mail :	info@gmrgroup.in
Regional Office:	Located At: New Delhi Himachal Pradesh Bhubaneswar Uttarakhand Chandigarh Mumbai Bangalore Belgaum Mangalore Chennai Villupuram Chengalpattu Srikakulam Rajam Visakhapatnam Rajahmundry Hyderabad Dubai Burlington Singapore

DIRECTORS

As on 29.09.2011

Name :	Mr. Kunchithapadam Balasubramanian
Designation :	Director
Address :	Sharanya 38, Rukmini Road, Kalakshetra Colony, Chennai-600090, Tamilnadu, India
Date of Birth/Age :	03.12.1942
Date of Appointment :	18.08.2007
DIN No.:	00009132
Name :	Mr. Venkatanageswara Rao Boda
Designation :	Director
Address :	98, Next to Nal Layout, Behind FCI Building, East Eng Main Road, 4^th Block, Jayanagar, Bangalore-560041, Karnataka, India
Date of Birth/Age :	16.01.1954
Date of Appointment :	18.08.2007
DIN No.:	00051167
Name :	Mr. Bommidala Srinivas
Designation :	Director
Address :	# 309, 3^rd Cross, 2^nd Block, 2^nd Stage Devasandra, RMV Extension, Bangalore-560094, Karnataka, India
Date of Birth/Age :	01.03.1963
Date of Appointment :	05.08.2005
DIN No.:	00061464
Name :	Mr. Kiran Kumar Grandhi
Designation :	Director
Address :	Varalakshminilayam 486/76, 38^th Cross, 1^st Main Road, 8^th Block, Jayanagar, Bangalore-560082, Karnataka, India
Date of Birth/Age :	13.09.1975
Date of Appointment :	05.08.2005
DIN No.:	00061669
Name :	Mr. Butchi Sanyasi Raju Grandhi
Designation :	Director
Address :	Varalakshminilayam 486/76, 38^th Cross, 1^st Main Road, 8^th Block, Jayanagar, Bangalore-560082, Karnataka, India
Date of Birth/Age :	22.06.1974
Date of Appointment :	05.08.2005
DIN No.:	00061686
Name :	Mr. Mallikarjuna Rao Grandhi
Designation :	Chairman cum Managing Director
Address :	Varalakshminilayam 486/76, 38^th Cross, 1^st Main Road, 8^th Block, Jayanagar, Bangalore-560082, Karnataka, India
Date of Birth/Age :	01.07.1949
Date of Appointment :	18.08.2007
DIN No.:	00574243
Name :	Mr. Prasad Kumar Mahadeva
Designation :	Director
Address :	Plot No. 3F, Goo4, HM Winsford, 7 C Main, 3^rd Block, Kormangala, Bangalore-560034, Karnataka, India
Date of Birth/Age :	28.11.1949
Date of Appointment :	09.10.2007
DIN No.:	01069880

KEY EXECUTIVES

Name :	Mr. Haribabu Thota
Designation :	Secretary
Address :	No. 420, 1^st Cross, 5^th Block, B.S.K Third Stage, Bangalore-560085, Karnataka, India
Date of Birth/Age :	31.05.1975
Date of Appointment :	10.04.2010
PAN No.:	ADJPT5790N
Name :	Ms. Neha
Designation :	Business Co-ordinator

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Grandhi Mallikarjuna Rao	3019847
Raju Sanyasi Butchi Grandhi	100
Grandhi Kiran Kumar	100
G Varalakshmi	100
B Ramadevi	100
Total	3020247

As on 29.09.2011

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 :	Providing Services of Company Research and Investing Information.
Terms :
Selling :	Cash
Purchasing :	Cash

GENERAL INFORMATION

Customers :

Corporate

No. of Employees :

500 (Approximately)

Bankers :

Lakshmi Vilas Bank, Bandra (East) Branch

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
From IDFC	4250.000	4250.000
Interest accrued but not due on above Loan (Secured against the Shares of GMR Infrastructure Limited )	2032.412	1420.936
From IFCI (Secured against the Shares of GMR Infrastructure Limited )	1500.000	1500.000
From Lakshmi Vilas Bank (Secured against Group Companies Fixed Deposits)	348.149	142.433
Total	8130.561	7313.369
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Ideaspace Solutions Limited	82.000	0.000
Total	82.000	0.000

Banking Relations :
Financial Institution:	IDBI Trusteeship Services Limited, Asian Building, Ground Floor 17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India
Auditors :
Name :	B. Purshottam and Company Chartered Accountant
Address :	Flat No. 3-D, Pioneer Homes, 23/A, North Boag Road, T-Nagar, Chennai-600017, Tamilnadu, India
Tel. No.:	91-44-28152515/42013486
Fax No.:	91-44-42013485
E-Mail :	bpcchennai@gmail.com
PAN.:	AADFB9589N
Subsidiaries :	· GMR Infrastructure Limited · Raxa Security Services Limited · GMR Sports Private Limited · GMR Estates Private Limited · GMR Hebbal Towers Private Limited · Nirasree Real Estates Private Limited · Rajeswara Real Estates Private Limited · Sreejaya Properties Private Limited · Vijay Nivas Real Estates Private Limited · Ganasatya Real Estates Private Limited · Fabcity Properties Private Limited · Kondampeta Properties Private Limited · Delhi Golf Link Properties Private Limited · Hyderabad Jabilli Properties Private Limited · Leora Real Estates Private Limited · Pashupati Artex Agencies Private Limited · Ravivarma Realty Private Limited · GMR Bannerghatta Properties Private Limited · GMR Holding (Malta) Limited · GMR Infrastructure (Malta) Limited · GMR Infrastructure (Netherlands) B.V. · GMR Holdings (Overseas) Limited · GMR Holdings (Overseas) Investments Limited · GMR Holdings (Mauritius) Limited · Crossridge Investments Ltd · Master Globe Limited · Toridon Enterprises Limited · GMR International FZE · Cadence Retail Private Limited · GMR Energy Limited · GMR Power Corporation Limited · GMR Vemagiri Power Generation Limited · GMR Energy Trading Limited · GMR (Badrinath) Hydro Power Generation Private Limited · GMR Mining and Energy Private Limited · GMR Kamalanga Energy Limited · GMR Consulting Services Private Limited · GMR Rajahmundry Energy Limited · SJK Powergen Limited · GMR Coastal Energy Private Limited · GMR Bajoli Holi Hydropower Private Limited · GMR Chhattisgarh Energy Limited · GMR Londa Hydropower Private Limited · GMR Kakinada Energy Private Limited (Erstwhile Londa Hydro Power Private Limited) · EMCO Energy Limited · GMR Gujarat Solar Power Private Limited (Erstwhile GMR Campus Private Limited) · Badrinath Hydro Power Generation Private Limited · Himtal Hydro Power Co. Private Limited · GMR Upper Karnali Hydro Power Public Limited · GMR Energy (Mauritius) Limited · GMR Lion Energy Limited · GMR Energy (Cyprus) Limited · GMR Energy (Netherlands) BV · PT Dwikarya Sejati Utma · PT Duta Sarana Internusa · PT Barasentosa Lestari · PT Unsoco · Karnali Transmission Company Private Limited · Marsyangdi Transmission Company Private Limited · GMR Maharashtra Energy Limited · GMR Bundelkhand Energy Private Limited · GMR Uttar Pradesh Energy Private Limited · Homeland Energy Group Limited · GMR Hosur Energy Limited · GMR Indo-Nepal Energy Links Limited · GMR Indo-Nepal Power Corridors Limited · Aravali Transmission Service Company Limited · Maru Transmission Service Company Limited · GMR Krishnagiri SEZ Limited · Advika Properties Private Limited · Aklima Properties Private Limited · Amartya Properties Private Limited · Baruni Properties Private Limited · Camelia Properties Private Limited · Eila Properties Private Limited · Gerbera Properties Private Limited · Lakshmi Priya Properties Private Limited · Honeysuckle Properties Private Limited · Idika Properties Private Limited · Krishnapriya Properties Private Limited · Nadira Properties Private Limited · Prakalpa Properties Private Limited · Purnachandra Properties Private Limited · Shreyadita Properties Private Limited · Sreepa Properties Private Limited · Bougainvillea Properties Private Limited · GMR SEZ & Port Holdings Private Limited (erstwhile · GMR Oil & Natural Gas Private Limited) · Deepesh Properties Private Limited · Padmapriya Properties Private Limited · Kakinada SEZ Private Limited · Larkspur Properties Private Limited · GMR Highways Limited · GMR Tuni Anakapalli Expressways Private Limited · GMR Tambaram Tindivanam Expressways Private Limited · GMR Ambala Chandigarh Expressways Private Limited · GMR Jadcherla Expressways Private Limited · GMR Pochanpalli Expressways Limited · GMR Ulundurpet Expressways Private Limited · GMR Hyderabad Vijayawada Expressways Private Limited · GMR OSE Hungund Hospet Highways Private Limited · GMR Chennai Outer Ring Road Private Limited · Delhi International Airport Private Limited · Delhi Aerotropolis Private Limited · East Delhi Waste Processing Company Private Limited · GMR Airports Holding Limited · GMR Hyderabad International Airport Limited · Gateways for India Airports Private Limited · Hyderabad Menzies Air Cargo Private Limited · GMR Hyderabad Aerotropolis Limited · GMR Hyderabad Airport Resource Management Limited · GMR Hyderabad Aviation SEZ Limited · GMR Hyderabad Multiproduct SEZ Limited · Hyderabad Airport Security Services Limited · Hyderabad Duty Free Retail Limited · GMR Hotels and Resorts Limited · GMR Airport Handling Services Company Limited · GMR Airport Developers Limited · GADL (Mauritius) Limited · GADL International Limited · GMR Male International Airport Private Limited · Dhruvi Securities Private Limited · GMR Corporate Center Limited · GMR Aviation Private Limited · GMR Renewable Energy Limited · GMR Power Infra Limited · GMR Corporate Affairs Private Limited · GMR Infrastructure ( Mauritius) Limited · GMR Infrastructure ( UK) Limited · GMR Infrastructure ( Singapore) PTE. Limited · Island Power Intermediary PTE. Limited · Island Power Company PTE Limited · Island Power Supply PTE Limited · GMR Infrastructure (Cyprus) Limited · GMR Infrastructure (Global) Limited · GMR Energy (Global) Limited · GMR Infrastructure Overseas Sociedad Limited · GMR International (Malta) Limited · GMR Infrastructure Investments (Singapore) Pte. Limited · GMR Energy Projects (Mauritius) Limited · GMR Holdings Overseas Spain S.L.U.
Other Group Companies	· GMR Enterprises Private Limited · Grandhi Enterprises Private Limited · Rajam Enterprises Private Limited · Ideaspace Solutions Limited · GMR League Games Private Limited · Dandelion Properties Private Limited · Asteria Real Esates Private Limited · Kakinada Refinery & Petrochemicals Private Limited · Corporate Infrastructure Services Private Limited · Kirthi Timbers Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3020247	Equity Shares	Rs.10/- each	Rs.30.202 Millions

(Out of the above, 30,19,847 (Previous year : 30,19,847) Equity Shares are held by Mr. G M Rao)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		30.202	30.202	30.202
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2672.107	3536.001	3987.172
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2702.309	3566.203	4017.374
LOAN FUNDS
1] Secured Loans		8130.561	7313.369	5114.114
2] Unsecured Loans		82.000	0.000	0.000
TOTAL BORROWING		8212.561	7313.369	5114.114
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		10914.870	10879.572	9131.488
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.780	0.814	0.613
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		10649.046	9756.124	8358.486
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	103.811	168.199	70.679
	Cash & Bank Balances	2.399	0.467	703.046
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	247.812	1123.342	104.950
Total Current Assets		354.022	1292.008	878.675
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	55.684	115.997	97.738
	Other Current Liabilities	33.294	53.377	8.548
	Provisions	0.000	0.000	0.000
Total Current Liabilities		88.978	169.374	106.286
Net Current Assets		265.044	1122.634	772.389
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		10914.870	10879.572	9131.488

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
		GROSS INCOME	212.480	465.707	182.163
Less	EXPENSES
		Office Expenses
		Administrative Expenses	1076.374	913.310	715.981
		Advertising Expenses
		TOTAL	1076.374	913.310	715.981
	PROFIT / (LOSS) BEFORE TAX		(863.894)	(447.602)	(533.818)
Less	TAX		0.000	3.568	0.060
	PROFIT / (LOSS) AFTER TAX		(863.894)	(451.170)	(533.878)
	Earnings Per Share (Rs.)		(286.03)	(149.38)	(176.77)

Particulars	31.03.2012
Sales Turnover (Approximately)	550.000

Expected Sales (2012-13) : Rs.700.000 Millions

The above information has been parted by Ms. Neha

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(406.58)	(96.88)	(293.08)
Return on Total Assets (PBT/Total Assets}	(%)	(243.49)	(34.62)	(60.71)
Return on Investment (ROI) (PBT/Networth)		(0.32)	(0.13)	(0.13)
Debt Equity Ratio (Total Liability/Networth)		3.07	2.10	1.30
Current Ratio (Current Asset/Current Liability)		3.98	7.63	8.27

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	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

DETAILS OF SUNDRY CREDITORS:

(Rs. in millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Due to undertakings other than small, micro and medium enterprises	55.643	115.997	97.738
Total	55.684	115.997	97.738

OPERATION:

The company has reported a loss of Rs.863.894 millions during the financial year ended March 31, 2011 as against a loss of Rs.451.171 millions during the previous year.

CONTINGENT LIABILITIES:

I. Rs. 36390.300 Millions (2010:Rs.42448.800 Millions) towards corporate guarantees issued on behalf of group companies and Bank Guarantees obtained.

II. On account of uncalled liability on shares partly paid: Rs.4.432 Millions (2010 : Nil)

III. Income tax department has raised an additional demand of Rs 578.35 lakhs, while completing assessment for FY 2007-08. The company disputes the demand and filed an appeal against the orders and hence, no provision created.

FIXED ASSETS:

• Building
• Computer
• Furniture and Fittings

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.51.50
UK Pound	1	Rs.81.99
Euro	1	Rs.67.54

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	YES
--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.