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MIRA INFORM REPORT

 

 

Report Date :

24.12.2012

 

IDENTIFICATION DETAILS

 

Name :

COLUMBIA PETRO CHEM PRIVATE LIMITED

 

 

Registered Office :

D-101, Triveni, 32nd Road, Near National College, Bandra (West), Mumbai – 400050, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

03.12.1987

 

 

Com. Reg. No.:

11- 045493

 

 

Capital Investment / Paid-up Capital :

Rs. 10.000 millions

 

 

CIN No.:

[Company Identification No.]

U99999MH1987PTC045493

 

 

PAN No.:

[Permanent Account No.]

AAACC4865C

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

Manufacturer of Petroleum Specialty Products. 

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (54)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 2800000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a part of Universal- Halwasiya Group. It is a well established company having a good track record. Financially company performance is good. Liquidity position of the company is strong.

 

Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment.

 

The company can be considered for normal business dealing at usual trade terms and condition.

 

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 – June 30, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

Fund Based Unit = BBB+

Rating Explanation

Having moderate degree of safety regarding timely servicing of financial obligation. It carry moderate credit risk.

Date

October 2011

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

 

LOCATIONS

 

Registered Office / Head Office :

D-101, Triveni, 32nd Road, Near National College, Bandra (West), Mumbai – 400050, Maharashtra, India

Tel. No.:

91--22-26462313 / 2915 / 3032

Fax No.:

91--22-26460760

E-Mail :

cpcindia@vsnl.net

columbiapetro@eth.net

cpcpl@sify.com

cpc_1006@sify.com

Website :

www.columbiapetro.com

 

 

Corporate Office :

P-34, India Exchange Place, Kolkata – 700001, West Bengal, India

Tel. No.:

91--33-22253807/8/9

Fax No.:

91--33-22253080

 

 

Sales Office  :

Located At

 

  • Bangalore
  • Chennai
  • Hyderabad
  • Indore
  • Jaipur
  • Kolkata
  • Delhi
  • Baroda

 

 

Refineries  Taloja :

Plot No J-14, MIDC, Taloja – 410208, District Raigad, Maharashtra, India

Tel. No.:

91-22-27410816/2735

Fax No.:

91-22-27410276

 

 

Refineries  Silvassa  :

Survey No. 144/1/1, Plot No.12,13 and 14, Athal Silvassa, Silvassa – 396230, Dadra Nagar Haveli, Union Territory, India

Tel. No.:

91-260-2632793/2645643

Fax No.:

91-260-2632792

 

 

 

DIRECTORS

 

As on 10.08.2011

 

Name :

Mr. Kuldeep Halwasiya

Designation :

Director

Address :

D-101, Triveni, 32nd Road, Bandra (West), Mumbai – 400050, Maharashtra, India 

Date of Birth/Age :

24.10.1963

Date of Appointment :

03.12.1987

DIN No.:

00284972

 

 

Name :

Mr. Rajdeep Halwasiya

Designation :

Director

Address :

Niharika Flat 701, 17/1C, Alipore Road, Kolkata – 700001, West Bengal, India

Date of Birth/Age :

22.12.1968

Date of Appointment :

03.12.1987

DIN No.:

01726698

 

 

 

MAJOR SHAREHOLDERS

 

As on 10.08.2011

 

Names of Shareholders

 

No. of Shares

Kuldeep Madanmohan Halwasiya

 

80500

Pradeep Madanmohan Halwasiya

 

19500

Total

 

100000

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 10.08.2011

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Petroleum Specialty Products. 

 

 

Products :

·         Rubber to Metal Bonding Agents - Megum and Thixon

·         Rubber Chemicals, Pre-dispersed Chemical Masterbatches - Ekaland, Vultac and Mixland

·         Rubber to Metal Bonding Agent - Polyloc

·         Chemicals for Speciality Polymers - Ofalub and Vulcofac

·         Castable Polyurethanes - Adiprene and Vibrathane

·         Polymeric Plasticizers - Thiokol

·         Millable Polyurethane Rubbers - Millathane

·         Ready to Use Rubber Compounds - Polymix

·         White Oils

·         Transformer  Oils

·         Liquid Paraffins

 

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :
  • Allahabad Bank, Industrial Finance Branch, Allahabad Bank Building, 2nd Floor, 37, Mumbai Samachar Marg, Fort,  Mumbai - 400023, Maharashtra, India
  • Citi Bank N.A., CitiBusiness Citi Bank Center, 2nd Floor, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra India

 

 

Facilities :

Secured Loan

31.03.2011

(Rs. in Millions)

31.03.2010

(Rs. in Millions)

Rupee term loans banks secured

510.817

563.890

Total

510.817

563.890

 

 

 

Unsecured Loan

31.03.2011

(Rs. in Millions)

31.03.2010

(Rs. in Millions)

Loans directors unsecured

0.160

0.234

Total

0.160

0.234

 

 

 

Banking Relations :

----

 

 

Auditors :

 

Name :

S.D. Sonawane and Company

Chartered Accountants

Address :

4/417, Vanraicolony, Western Express Highway, Goregaon (East), Mumbai – 400065, Maharashtra India

PAN No.:

AAYFS3545G

 

 

Significantly influence of key Management Personnel :
  • Universal Petro Chemicals Limited

CIN No.: L63090WB1971PLC027993

 

  • Hari Om Bulk Carriers Private Limited

CIN No.: U63000DN2004PTC000293

 

 

Wholly Owned Subsidiaries :
  • Columbia Infrastructure Private Limited 

CIN No.: U74999MH2007PTC168833]

 

  • ADAR HOTELS Private Limited 

CIN No.: U55200MH1983PTC031178

 

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

100000

Equity Shares

Rs.100/- each

Rs. 10.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

100000

Equity Shares

Rs.10/- each

Rs. 10.000 Millions

 

 

 

 

 

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

10.000

10.000

10.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

703.588

509.371

415.351

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

713.588

519.371

425.351

LOAN FUNDS

 

 

 

1] Secured Loans

510.817

563.890

291.275

2] Unsecured Loans

0.160

0.234

0.234

TOTAL BORROWING

510.977

564.124

291.509

DEFERRED TAX LIABILITIES

1.034

              1.768             

2.132

 

 

 

 

TOTAL

1225.599

1085.263

718.992

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

172.840

145.526

61.300

Capital work-in-progress

3.634

15.421

38.680

 

 

 

 

INVESTMENT

23.469

29.044

84.788

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
729.647

444.482
103.217

 

Sundry Debtors
1146.512

800.841
667.917

 

Cash & Bank Balances
1112.940

394.826
160.912

 

Other Current Assets
219.597

126.710
51.360

 

Loans & Advances
784.730

739.144
459.299

Total Current Assets
3993.426

2506.003

1442.705

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
2827.540

1519.845
850.717

 

Other Current Liabilities
6.855

11.986
1.574

 

Provisions
133.375

78.900
56.190

Total Current Liabilities
2967.770

1610.731

908.481

Net Current Assets
1025.656

895.272

534.224

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

1225.599

1085.263

 718.992

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

6095.690

3437.612

3003.694

 

 

Other Income

NA

0.040

0.824

 

 

TOTAL                                     (A)

NA

3437.652

3004.518

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Increase/ Decrease in stock

 

(18.340)

125.414

 

 

Cost of goods consumed

 

3014.848

2643.885

 

 

Manufacturing expenses

 

35.319

19.744

 

 

Employee benefit expenses

NA

29.354

22.284

 

 

Administrative expenses

 

171.002

121.717

 

 

Auditor remuneration

 

0.050

0.185

 

 

TOTAL                                     (B)

NA

3232.233

2933.229

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

NA

205.419

71.289

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

NA

48.122

2.058

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

296.229

157.297

69.231

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

25.258

12.565

9.378

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

270.971

144.732

59.853

 

 

 

 

 

Less

TAX                                                                  (I)

64.365

36.637

17.221

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                 (J)

206.606

108.095

42.632

 

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

452.433

369.223

NA

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

20.645

10.810

10.000

 

 

Dividend

 

10.000

1.700

 

 

Tax on Dividend

11.661

1.700

4.265

 

 

Excess/ short provision

0.728

2.375

0.000

 

BALANCE CARRIED TO THE B/S

173.572

452.433

26.667

 

 

 

 

 

 

Earnings Per Share (Rs.)

6.44

1.08

4.26

 

 

 

 

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
NA

3.14

1.42

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
4.45

4.21

1.99

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
6.50

5.46

3.98

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.38

0.28

0.14

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
4.87

4.18

2.82

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.34

1.55

1.59

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

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

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

No

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

----------------------

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

No

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

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

----------------------

26]

Buyer visit details

---------------------

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

No

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

 

OPERATIONS

 

During the Company has achieved total Turnover of Rs. 6095.690 Millions including Export Turnover of Rs. 2272.240 Millions. The Export Turnover of the company has increased by about 158.67% as compared to last year. The profit of the Company has increased by 91% as compared to last year. The Company has achieved PAT of Rs. 206.606 Millions as against Rs.108.095 Millions compared to last year.

 

 

CONTINGENT LIABILITIES (As on 31.03.2011)

 

Bank Guarantee of Rs. 1.520 Millions

 

 

BANKERS CHARGES REPORT AS PER REGISTRY

 

 

Corporate identity number of the company

U99999MH1987PTC045493

Name of the company

COLUMBIA PETRO CHEM PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

D-101, Triveni, 32nd Road, Near National College, Bandra (West), Mumbai – 400050, Maharasahtra, India

Email : cpcindia@vsnl.net

This form is for

Modification of charge

Charge identification (ID) number of the charge to be modified

80010925

Type of charge

  • Book debts
  • Movable property(not being pledge)

Particular of charge holder

Allahabad Bank, Industrial Finance Branch, Allahabad Bank Building, Second Floor, 37, Mumbai Samachar Marg, Fort,  Mumbai - 400023, Maharashtra, India

Email : br.mumifb@allahabadbank.in

Nature of instrument creating charge

Fifteenth supplemental general letter of hypothecation

Date of instrument Creating the charge

21.02.2012

Amount secured by the charge

Rs. 3450.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

CC- Interest at base rate plus 4 % i.e. 14.75%.p/a. shall be charged at monthly rests.

ILC/FLC & Bank guarantee at 40% of the banks normal charges as per its HO circularized instructions.

 

Terms of Repayment

CC -on demand and other as per banks guidelines, Term Loan repayment in 11 quarterly installments of Rs. 8.500 millions each except last installment which will be Rs. 6.500 millions commencing after 6 months from 1st disbursement.

 

Margin

CC (Stocks) - 25%

CC (BD) - 40%

 

Extent and Operation of the charge

Charge by way of hypothecation on plant and machinery, stocks, book debts including supply bills for repayment to be received by borrower.

 

Others

Limits are enhanced to Rs. 3100.000 Millions

Short particulars of the property or asset(s) charged (including complete address and location of the property)

Hypothecation of stocks, book debts and plant and machinery

Date of instrument modifying the charge

26.10.2010

Particulars of the present modification

By present modification Hypothecation on movable assets including stock, Book Debts and Plant and Machinery has now Limits are enhanced to Rs. 3450.000 Millions on pari passu basis with Citi Bank NA for their limit of Rs. 135.000 Millions to secure the carious credit facilities

 

 

FIXED ASSETS

 

  • Lease Hold Land
  • Free Hold Land
  • Factory Roads, Shed and Building
  • Office Flats
  • Equipment / Plant
  • Plant and Machinery
  • Office Furniture
  • Vehicles
  • Computer

 

 

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 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 xist 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.55.09

UK Pound

1

Rs.89.54

Euro

1

Rs.72.77

 

 

INFORMATION DETAILS

 

Report Prepared by :

NTH

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--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

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

54

 

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.