MIRA INFORM REPORT

Report Date :

16.01.2012

IDENTIFICATION DETAILS

Name :	NICKUNJ EXIMP ENTERPRISES PRIVATE LIMITED
Registered Office :	93, Jorawar Bhavan, Maharshi Karve Road, Marine Lines, Mumbai – 400020, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.03.1987
Com. Reg. No.:	11-042869
Capital Investment / Paid-up Capital :	Rs.47.200 Millions
IEC No.:	0389062626
CIN No.: [Company Identification No.]	U51900MH1987ptc042869
PAN No.: [Permanent Account No.]	AABCN0991K
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Dealer, Exporter and Importer of Hitech Industrial Products.
No. of Employees :	225 (Approximately) [In Office – 121 and In Branch – 104]

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 560000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Amit Tiwari
Designation :	Senior Sales Engineer
Contact No.:	91-9004090428
Date :	16.01.2012

LOCATIONS

Registered/ Head Office :	93, Jorawar Bhavan, Maharshi Karve Road, Marine Lines, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-22190300
Mobile No.:	91-9004090428 (Mr. Amit Tiwari)
Fax No.:	91-22-22060415
E-Mail :	corporateadvisories@gmail.com info@nickunjgroup.com
Website :	www.nickunjgroup.com
Branch Offices :	New Delhi 38/6, West Patel Nagar, Near Nala Market, Opposite Anand Nursing Home, New Delhi – 110008, India
Tel. No.:	91-11-40050500
Fax No.:	91-11-40050599
E-Mail :	nickunj-delhi@nickunjgroup.com
Area :	676 Sq. ft
Location :	Leased
	Bangalore No. 1/E, 1St Main Road, Markandeshwara Nagar, Next to Binny Grounds, B/H Bharat Petroleum Pump, Bangalore – 560023, Karnataka, India
Tel. No.:	91-80-32952884
Fax No.:	91-80-26757578
E-Mail :	nickunj-bangalore@nickunjgroup.com
Area :	500 S. ft
Location :	Leased
	Ahmedabad 302, A-Wing, Narnarayan Complex, Near Swastik Cross Road, Navrahgpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-30023523
Fax No.:	91-79-30023623
E-Mail :	nickunj-ahmedabad@nickunjgroup.corn
Area :	590 Sq. ft
Location :	Leased
	Chennai No. 6, 7, 8, 1st Main Road, Gr. Floor, Balaji Nagar, Ekkattupuhangal, Chennai – 600097, Tamilnadu, India
Tel. No.:	91-44-65447740
Fax No.:	91-44-42 738332
E-Mail :	nickunj-chennai@nickunjgroup.com
Location :	Leased
	Coimbatore Old No. 105K, New No. 233 Sanganur Road, S. V. Thottam, Ganapathi, Coimbatore - 641006
Tel. No.:	91-422-4393303
Fax No.:	91-422-4394404
E-Mail :	nickunj-coimbatore@nickunjgroup.com
Location :	Leased
	Hyderabad 311, Swapnalok, S. D. Road, Secunderabad – 500003, Hyderabad, India
Tel. No.:	91-40-27842948
Fax No.:	91-40-27841775
E-Mail :	nickunj-hyderabad@nickunjgroup.com
Location :	Leased
	Jaipur Pratap Chambers, S-O1, Sector 5, Pratap Nagar, Sanganer Tonk Road, Jaipur – 302022, Rajasthan, India
Tel. No.:	91-141-2791123
Fax No.:	91-141-2791123
E-Mail :	nickunj-jaipur@nickunjgroup.com
Location :	Leased
	Kolkata (Domjur) Uttar Jhaparda, Lahapara, Ujjal Sangha Club Building, Domjur, Howrah – 711405, West Bengal, India
E-Mail :	nickunj-kolkata@nickunjgroup.com
Location :	Leased
	Ludhiana Pratap House, Gr. Floor, Jeevan Nagar, Focal Point, Ludhiana – 141010, Punjab, India
Tel. No.:	91-161-5045324
Fax No.:	91-161-5045324
E-Mail :	ludhiana-newcpl@nickunjgroup.com
Location :	Leased
	Pune F-45 Vishveshwar Industrial Premises Co-op Society Limited, Sector-7, Plot No. 134/135 Pradhikaran, Bhosari, Pune – 411026, Maharashtra, India
Tel. No.:	91-20-30681177
Fax No.:	91-20-30622200
E-Mail :	nickunj-pune@nickunjgroup.com
Area :	505 Sq. ft
Location :	Leased
	Surat 201 Vishwakarma Arkade, Near Majura Gate, Opposite New Civil Hospital, Ring Road, Surat – 395002, Gujarat, India
Tel. No.:
Fax No.:
E-Mail :	nickunj-surat@nickunjgroup.com
Location :	Leased
Showroom :	Jewellery Manufacturing Machines and Consumables F/112 Nahar and Seth Industrial Estate, Chakala, Andheri (E), Mumbai – 400099, Maharashtra, India
Tel. No.:	91-22-28254218/219
E-Mail :	showroom@nickunjgroup.com
Location :	Leased
Technical Support and Service Center :	Machine Tools and Accessories, Abrasives and Pneumatic Tools, Jewellery Manufacturing M/c Gala No. 4, Cama Industrial Estate, Sun Mill Compound, Lower Parel (W), Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-43490400
E-Mail :	service@nickunjgroup.com
Location :	Leased

DIRECTORS

As on 30.09.2011

Name :

Mr. Nickunj Gunvant Shah

Designation :

Director

Address :

Flat No 22/23, 7th Floor, Krishna Mahal, Netaji Subhash Chandra Road, Marine Drive, Mumbai- 400020, Maharashtra, India

Date of Birth/Age :

13.01.1961

Date of Appointment :

12.03.1987

Din No.:

00586065

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51900MH1987PTC042869	Nickunj Eximp Enterprises Private Limited	Director	12-03-87	12-03-87	-	Active	NO
2	U51909MH2001PTC133320	Glamor Gem India Private Limited	Director	10-09-01	10-09-01	-	Strike off	NO
3	U24110MH1988PTC049095	Whiton Chem Private Limited	Director	27-08-03	27-08-03	10-10-08	Active	NO
4	U27300MH2007PTC175365	Nickunj Edm Wires and Consumables Private Limited	Director	24-10-07	24-10-07	-	Active	NO

Name :

Mrs. Neelam Nickunj Shah

Designation :

Director

Address :

Flat No 22/23, 7th Floor, Krishna Mahal, Netaji Subhash Chandra Road, Marine Drive, Mumbai- 400020, Maharashtra, India

Date of Birth/Age :

03.01.1962

Date of Appointment :

21.04.1990

Din No.:

00585888

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51900MH1987PTC042869	Nickunj Eximp Enterprises Private Limited	Director	21-04-90	21-04-90	-	Active	NO
2	U24110MH1988PTC049095	Whiton Chem Private Limited	Director	27-08-03	27-08-03	10-10-08	Active	NO
3	U36911MH2005PTC153351	Jasper Jewels Private Limited	Director	14-12-05	14-12-05	-	Strike off	NO
4	U55101MH2005PTC158164	Aaray Hospitality Private Limited	Director	20-12-05	20-12-05	10-06-08	Active	YES
5	U27300MH2007PTC175365	Nickunj Edm Wires and Consumables Private Limited	Director	24-10-07	24-10-07	-	Active	NO

Name :

Ms. Niriti Nickunj Shah

Designation :

Director

Address :

Flat No 22/23, 7th Floor, Krishna Mahal, Netaji Subhash Chandra Road, Marine Drive, Mumbai- 400020, Maharashtra, India

Date of Birth/Age :

08.10.1986

Date of Appointment :

11.10.2004

Din No.:

01052080

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51900MH1987PTC042869	Nickunj Eximp Enterprises Private Limited	Director	11-10-04	11-10-04	Active	NO
2	U27300MH2007PTC175365	Nickunj Edm Wires and Consumables Private Limited	Director	24-10-07	24-10-07	Active	NO

Name :

Mishal Nickunj Shah

Designation :

Director

Address :

Flat No 22/23, 7th Floor, Krishna Mahal, Netaji Subhash Chandra Road, Marine Drive, Mumbai- 400020, Maharashtra, India

Date of Birth/Age :

24.05.1988

Date of Appointment :

25.08.2006

Din No.:

00668999

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51900MH1987PTC042869	Nickunj Eximp Enterprises Private Limited	Director	25-08-06	25-08-06	Active	NO
2	U27300MH2007PTC175365	Nickunj Edm Wires and Consumables Private Limited	Director	24-10-07	24-10-07	Active	NO

EXECUTIVES

Name :	Mr. Amit Tiwari
Designation :	Senior Sales Engineer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Nickunj Gunvant Shah	212400
Neelam Nickunj Shah	212400
Niriti Nickunj Shah	23600
Mishal Nickunj Shah	23600
Total	472000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Dealer, Exporter and Importer of Hitech Industrial Products.
Products :	· Safety and Security · EDM Accessories and Consumables · Graphite and High Temp. Insulation · Industrail Safety Products · Machine Tools and Accessories · High Temperature Textiles · Electrical and Electronics · Cutting Tools · Ceramics and Refractories · Abrasives and Pneumatic Tools · Jewellery Manufacturing Machines and Consumables · Speciality Products
Terms :
Selling :	Credit (30 days)
Purchasing :	L/C/ Credit (30 days)

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

225 (Approximately) [In Office – 121 and In Branch – 104]

Bankers :

· State Bank of India, Backbay Reclamation Branch, Raheja Chamber, Nariman Point, Mumbai-400021, Maharashtra, India

· Citi Bank

· HSBC Bank

· Syndicate Bank

· Indian Bank

Facilities :

Credit Limit – Rs.200.000 Millions

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Vehicle Loans	19.350	0.942
Terms Loans/ OD/ CC from State Bank of India	186.641	127.441
Loan against Deposits from Indian Bank	2.500	5.544
Guest House Loan	1.476	1.511
Total	209.967	135.438
Unsecured Loan
Inter Corporate	26.964	47.632
Director and Shareholders	9.746	7.047
Total	36.710	54.679

Banking Relations :	--
Auditors :
Name :	Mahindra Zaveri and Company Chartered Accountants
Address :	627, Tardeo Air Conditioned, Market Tardeo Road, Mumbai - 400034, Maharashtra, India
Tel. No.:	91-22-23514112/23515045
E-Mail :	mpzco@yahoo.co.in
PAN.:	AAAPZ27723R
Sister Concerns :	Nickunj EDM Wires and Consumables Private Limited Address : 93, Jorawar Bhavan, Maharshi Karve Road, Marine Lines, Mumbai – 400020, Maharashtra, India Line of Business : EDM Wire Nickunj Enterprises India Address : 93, Jorawar Bhavan, Maharshi Karve Road, Marine Lines, Mumbai – 400020, Maharashtra, India Line of Business : Trader, Dealer, Exporter and Importer of Hitech Industrial Products

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
472000	Equity Shares	Rs.100/- each	Rs.47.200 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		47.200	47.200	22.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		92.958	75.779	59.225
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		140.158	122.979	81.425
LOAN FUNDS
1] Secured Loans		209.967	135.438	109.513
2] Unsecured Loans		36.710	54.679	105.531
TOTAL BORROWING		246.677	190.117	215.044
DEFERRED TAX LIABILITIES		5.161	5.428	5.598
TOTAL		391.996	318.524	302.067
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		86.816	62.871	62.910
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		5.190	5.836	16.506
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	118.261	102.835	76.485
	Sundry Debtors	211.731	201.930	276.219
	Cash & Bank Balances	58.336	37.726	26.172
	Other Current Assets	0.614	2.062	1.307
	Loans & Advances	177.197	125.283	130.258
Total Current Assets		566.139	469.836	510.441
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	195.347	140.407
	Other Current Liabilities	24.013	40.376	255.884
	Provisions	46.804	39.304	32.004
Total Current Liabilities		266.164	220.087	287.888
Net Current Assets		299.975	249.749	222.553
MISCELLANEOUS EXPENSES		0.015	0.068	0.098
TOTAL		391.996	318.524	302.067

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	922.858	863.801	563.100
		Other Income	10.910	16.108	9.981
		TOTAL (A)	933.768	879.909	573.081
Less	EXPENSES
		Increase/ Decrease in Inventory	(15.426)	(26.350)
		Purchases	769.945	757.481
		Personnel Expenses	38.828	32.551
		Marketing and Selling Expenses	41.073	30.360
		Administrative and General Expenses	41.731	34.553
		Preliminary Expenses	0.054	0.054
		Prior Period Expenses	0.598	0.120
		TOTAL (B)	876.803	828.769
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		56.965	51.140	551.718 (Including depreciation and financial expenses)
Less	FINANCIAL EXPENSES (D)		21.194	20.535
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		35.771	30.605
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.359	6.921
	PROFIT BEFORE TAX (E-F) (G)		24.412	23.684	21.363
Less	TAX (H)		7.233	7.129	9.268
	PROFIT AFTER TAX (G-H) (I)		17.179	16.555	12.095
	Earnings Per Share (Rs.)		36.40	35.07	54.48

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.84	1.88	2.11
Net Profit Margin (PBT/Sales)	(%)	2.64	2.74	3.79
Return on Total Assets (PBT/Total Assets}	(%)	3.74	4.45	3.73
Return on Investment (ROI) (PBT/Networth)		0.17	0.19	0.26
Debt Equity Ratio (Total Liability/Networth)		3.66	3.34	6.18
Current Ratio (Current Asset/Current Liability)		2.13	2.13	1.77

LOCAL AGENCY FURTHER INFORMATION

REVIEW OF OPERATIONS:

During the financial year ended 31st March, 2011, the revenue of the Company has increased to Rs.949.194 Millions as compared to previous year ended 31st March, 2010 which amounted to Rs.906.259 Millions. The expenditure of the Company amounted to Rs.924.782 Millions during the financial year ended 31st March, 2011, as compared to Rs.882.575 Millions in the financial year ended 31st March, 2010. The Profit After Tax for the Current year has been increased by Rs.0.624 Million.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	90237713
Corporate identity number of the company	U51900MH1987PTC042869
Name of the company	NICKUNJ EXIMP ENTERPRISES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	93, Jorawar Bhavan, Maharshi Karve Road, Marine Lines, Mumbai – 400020, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Backbay Reclamation Branch, Raheja Chamber, Nariman Point, Mumbai-400021, Maharashtra, India
Email	s.rane@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Memorandum of Deposit of Title Deeds for Creation of Charge.
Date of instrument Creating the charge	15.12.2010
Amount secured by the charge	Rs.355.900 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge First charge
Short particulars of the property charged	Land with old building structures thereon bearing Corporation No. 33, situated in Race Course Road, Corporation Division No. 44, Bangalore 560 001, admeasuring 16,366 sq. feet.
Date of latest modification prior to the present modification	15.10.2010
Particulars of the present modification	Equitable mortgage created on immovable properties of the Company viz. land bearing Corporation No. 33, situated at Race Course Road, Corporation Division No. 44, Bangalore 560001, to further secure the enhanced credit facilities of Rs.355.900 Millions.

Fixed Assets:-

· Computer

· Machinery

· Premises

· Freehold Land

· Motor Car

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.51.43
UK Pound	1	Rs.79.10
Euro	1	Rs.66.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	no
--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		46

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.