MIRA INFORM REPORT

Report Date :

01.06.2012

IDENTIFICATION DETAILS

Name :	AGRAWAL METAL WORKS PRIVATE LIMITED
Registered Office :	B-214, 2^ndFloor, R.G. Complex, Plot No.2, D.B. Gupta Road, Motia Khan, Pahar Ganj, Delhi – 110 055
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.06.1945
Com. Reg. No.:	55-000835
Capital Investment / Paid-up Capital :	Rs.12.500 Millions
CIN No.: [Company Identification No.]	U74899DL1945PTC000835
PAN No.: [Permanent Account No.]	AABCA4897R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of all grades of Brass Copper and Phosphorus Bronze, Strips, Foils, Sheets and Circles.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 2341000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an old and 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.

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

LOCATIONS

Registered Office :	B-214, 2^ndFloor, R.G. Complex, Plot No.2, D.B. Gupta Road, Motia Khan, Pahar Ganj, Delhi – 110 055, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	finance@amwl.in accounts@agrawalmetal.com
Website :	www.agrawalmetal.com
Factory 1/ Mailing Address :	Jhajjar Road, Rewari – 123 401, Haryana, India
Tel. No.:	91-1274-253401/ 253404
Fax No.:	91-1274-254412/ 256413
Factory 2 :	SPL 144 A and B, RIICO Industrial Area, Phase I, Bhiwadi – 301 019, Rajasthan, India

DIRECTORS

As on 13.09.2011

Name :

Mr. Davinder Kumar Jain

Designation :

Managing Director

Address :

69RL, Model Town, Rewari – 123 401, Haryana, India

Date of Birth/Age :

14.11.1948

Qualification :

B.E. (Elect)

Experience :

33 Years

Date of Appointment :

31.07.2004

DIN No.:

00250693

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	U74899DL1945PTC000835	Agrawal Metal Works Private Limited	Managing director	6/3/2008	31/07/2004	Active	NO

Name :

Mr. Subhash Chand Jain

Designation :

Director

Address :

L – 18, Model Town, Rewari – 123 401, Haryana, India

Date of Birth/Age :

18.09.1956

Date of Appointment :

07.07.2006

DIN No.:

00250598

Name :

Mr. Mayur Sunil Gupta

Designation :

Director

Address :

Flat No. 2201, 22^nd Floor, B – 30, Eden Woods, Shastri Nagar, Off Lokhandwla Road, Andheri (West), Mumbai – 400 053, Maharashtra, India

Date of Birth/Age :

02.03.1978

Qualification :

CA, CPA and MBA

Experience :

7 Years

Date of Appointment :

15.07.2006

DIN No.:

00250780

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	U74899DL1945PTC000835	Agrawal Metal Works Private Limited	Director	15/07/2006	15/07/2006	Active	NO
2	U45201MH2012PTC229203	Blessfay Realty Private Limited	Director	4/4/2012	4/4/2012	Active	NO

Name :

Mr. Vivek Indermani Gupta

Designation :

Director

Address :

Vrindavan, 4^th Floor, 32, Mount Marry, Off Captain Villa, Bandara (West), Mumbai – 400 050, Maharashtra, India

Date of Birth/Age :

24.07.1969

Date of Appointment :

05.09.2005

DIN No.:

00027546

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	U67120MH1997PTC110941	GEPL Capital Private Limited	Director	26-09-97	26-09-97	Active	NO
2	U67190MH1998PTC115790	GEPL Commodities Private Limited	Director	15-07-98	15-07-98	Active	NO
3	U67120MH1999PTC123100	GEPL Insurance Broking Private Limited	Director	15-12-99	15-12-99	Active	NO
4	U74899DL1945PTC000835	Agrawal Metal Works Private Limited	Director	05-09-05	05-09-05	Active	NO
5	U65190MH2007PTC174181	GEPL Finance Private Limited	Director	17-09-07	17-09-07	Active	NO
6	U40300MH2012PTC230586	GEPL Power Private Limited	Director	03-05-12	03-05-12	Active	NO

Name :

Mr. Rajiv Jain

Designation :

Director

Address :

601/17, Heritage City, Mehrauli Road, Gurgaon – 122 001, Haryana, India

Date of Birth/Age :

11.04.1960

Date of Appointment :

18.06.2011

DIN No.:

00275752

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	U31300RJ1988PTC035751	Drawmet Wires Private Limited	Managing director	28-11-00	28-11-00	Active	NO
2	U74899DL1945PTC000835	Agrawal Metal Works Private Limited	Director	13-09-11	18-06-11	Active	NO

KEY EXECUTIVES

Name :	Mr. S. Loonker
Designation :	Vice President
Date of Birth/Age :	55 Years
Qualification :	B.Com, DCWA
Experience :	35 Years
Date of Appointment :	11.04.84

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 13.09.2011

Names of Shareholders	No. of Shares
Abhey Kumar Jain	31296
Saroj Jain	22000
Subhash Chand Jain	34769
Diya Jain	20000
Mahavir Prashad Jain	15396
Vijendra Kumar Jain	17846
Surendra Kumar Jain	17846
Mamta Jain	24000
Davinder Kumar Jain	15388
Vivek Gupta	41660
Pankaj Gupta	43698
Chitranjan Gupta	43000
Sunil Gupta	35600
Kiran Gupta	12900
Prateek Jain	41846
Shashi Gupta	109118
Amisha Gupta	26000
Mayur S. Gupta	34700
Santosh Gupta	25002
Rakesh Jain	24000

As on 13.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	69.20
Other top fifty shareholders	30.80
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of all grades of Brass Copper and Phosphorus Bronze, Strips, Foils, Sheets and Circles.

Products :

Item Code No. (ITC Code)	74092900
Product Description	Copper Zinc Base Alloys (Brass) Sheets (others)
Item Code No. (ITC Code)	74092100
Product Description	Copper Zinc Base Alloys (Brass) Strips in Coils
Item Code No. (ITC Code)	74091100
Product Description	Copper (Refined) Strips in Coils

PRODUCTION STATUS [AS ON 31.03.2010]

Particulars	ITC (HS) Item Code Nos.	Licensed Capacity	Registered Capacity	Installed Capacity	Actual Production
I. Copper and Copper Alloy		There is no Licensing required for the products manufactured by them
Refined Unwrought	74.03		50	50	Nil*
Bars and Rods	74.07		80	80	--
Wires	74.08		100	20	Nil#
Strips, Sheets and Circles including Foil	74.09 and 74.10		28020	12400	10059
			28250	12550	10059**
II. Ash
Copper and Copper Alloy	26.20		-	-	164

* Refined Unwrought production is merely 215 Kgs. Hence considered “Nil”

# Wire production is merely 282 Kgs. Hence considered “Nil”

** Includes 1742 MT manufactured from Customers’ Raw Material

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v ING Vysya Bank Limited, Narian Manzil, Ground Floor, Shop No. G 1 to G 5, 1 Floor, Shop No.1001 to 1007, Barakhamba Road, New Delhi – 110 001, India

v State Bank of Bikaner and Jaipur, Kath Mandi, Rewari – 123 401, Haryana, India

v State Bank of Patiala

v State Bank of Hyderabad

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	38.218	70.089
Working capital loans banks secured	793.837	506.018
Total	832.055	576.107

Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Loans directors unsecured	5.627	4.864
Other debt unsecured	24.373	10.136
Total	30.000	15.000

Banking Relations :	--
Auditors :
Name :	K.C. Jain and Company Chartered Accountants
Address :	4812/24, Ansari Road, Darya Ganj, New Delhi – 110 002, India
PAN No.:	AAEFK4992K

CAPITAL STRUCTURE

As on 13.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions
1000000	Preference Shares	Rs.10/- each	Rs.10.000 Millions
1000000	Unclassified Shares	Rs.10/- each	Rs.10.000 Millions
	Total		Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 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		12.500	12.500	12.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		572.672	487.658	352.976
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		585.172	500.158	365.476
LOAN FUNDS
1] Secured Loans		832.055	576.107	453.878
2] Unsecured Loans		30.000	15.000	15.000
TOTAL BORROWING		862.055	591.107	468.878
DEFERRED TAX LIABILITIES		52.367	51.719	52.563
TOTAL		1499.594	1142.984	886.917
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		393.016	363.461	355.243
Capital work-in-progress		5.108	10.476	7.371
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	549.401	410.325	289.999
	Sundry Debtors	620.385	377.275	211.035
	Cash & Bank Balances	8.633	18.228	9.086
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	76.647	123.933	65.234
Total Current Assets		1255.066	929.761	575.354
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	90.584	104.204	16.678
	Other Current Liabilities	41.773	40.678	25.283
	Provisions	21.239	15.832	9.090
Total Current Liabilities		153.596	160.714	51.051
Net Current Assets		1101.470	769.047	524.303
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1499.594	1142.984	886.917

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Net Turnover	4036.384	2738.639	2187.184
		Other Income	NA	10.615	27.188
		Closing Stock	NA	311.790	220.964
		TOTAL (A)	NA	3061.044	2435.336
Less	EXPENSES
		Opening Stock		220.964	285.335
		Raw Material and Components Consumed		2275.847	1872.363
		Manufacturing Expenses	NA	226.233	206.911
		Excise Duty		1.516	(0.933)
		Administrative Expenses		51.445	40.235
		Selling Expenses		2.366	9.622
		TOTAL (B)	NA	2466.583	2192.569
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		290.954	282.671	21.803
Less	INTEREST & FINANCIAL EXPENSES (D)		93.308	70.076	71.505
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		197.646	212.595	(49.702)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		50.535	46.029	45.199
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		147.111	166.566	(94.901)
Less	TAX (H)		48.241	24.801	1.072
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		98.870	141.765	(95.973)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		39.158	(80.524)	12.665
	PROVISION WRITTEN BACK		0.695	0.000	2.784
Less	APPROPRIATIONS
		Interim Dividend	6.250	2.500	0.000
		Proposed Dividend	6.250	3.750	0.000
		Tax on Interim Dividend	1.038	0.425	0.000
		Final Dividend	1.014	0.637	0.000
		Prior Period Items	0.000	(0.229)	0.000
		Transfer to General Reserve	50.000	15.000	0.000
	BALANCE CARRIED TO THE B/S		74.171	39.158	(80.524)
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Export	358.913	297.907	546.909
	TOTAL EARNINGS		358.913	297.907	546.909
	IMPORTS
		Raw Materials (Including direct imports/ high seas purchase)	NA	12.039	0.000
		Stores & Spares	NA	6.842	3.473
		Capital Goods	NA	1.731	0.000
	TOTAL IMPORTS		NA	20.612	3.473
	Earnings/ (Loss) Per Share (Rs.)		79.10	113.41	(76.78)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	4.63	(3.94)
Net Profit Margin (PBT/Sales)	(%)	3.64	6.08	(4.34)
Return on Total Assets (PBT/Total Assets}	(%)	8.93	12.88	(10.20)
Return on Investment (ROI) (PBT/Networth)		0.25	0.33	(0.26)
Debt Equity Ratio (Total Liability/Networth)		1.74	1.50	1.42
Current Ratio (Current Asset/Current Liability)		8.17	5.79	11.27

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	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	Yes
30) Major Shareholders, if available	Yes

Note:

The registered address of the company has been shifted from 10, Plaza Cinema Building, Connaught Place, New Delhi – 110 001, India to the present address with effect from 01.08.2007.

Bankers Charges Report as per Registry

Corporate identity number of the company	U74899DL1945PTC000835
Name of the company	AGRAWAL METAL WORKS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B-214, 2^nd Floor, R.G. Complex, Plot No.2, D.B. Gupta Road, Motia Khan, Pahar Ganj, New Delhi – 110 055, India E-Mail: finance@amwl.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10061904
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	State Bank of Bikaner and Jaipur, Kath Mandi, Rewari – 123 401, Haryana, India E-Mail: sbbj10413@sbbj.co.in
Nature of instrument creating charge	Working Capital Consortium Agreement, Joint Deed of Hypothecation
Date of instrument Creating the charge	12.10.2011
Amount secured by the charge	Rs.1350.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Terms of repayment Payment on demand as per terms of sanction Margin Raw Material - 20%, Stock in Process - 20%, Finished Goods - 20%, Stores and Spares - 20%, Book Debts/ Receivables - 20% Extent and operation of the charge First pari passu charge by way of hypothecation on Company's entire Raw Material, Stock in Process, Finished Goods, Book Debts, Stores and Spares and other current assets of the Company etc. (Present and Future) Second pari passu charge with other consortium members on Company's entire Fixed Assets, Machinery, Land and Building etc. (Present and Future)
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First pari passu charge by way of hypothecation on Company's entire Raw Material, Stock in Process, Finished Goods, Book Debts, Stores and Spares and other current assets of the Company etc. (Present and Future) Second pari passu charge with other consortium members on Company's entire Fixed Assets, Machinery, Land and Building etc. (Present and Future)
Date of instrument modifying the charge	18.12.2010
Particulars of the present modification	Working Capital Limits (FB and Non-FB) under consortium arrangement increased from Rs.1140.000 Millions to Rs.1350.000 Millions SBBJ-Lead Bank (FB- Rs.500.000 Millions and NFB-Rs.60.000 Millions) ING-Member Bank (FB- Rs.300.000 Millions and NFB-Rs.40.000 Millions) SBH-Member Bank (FB- Rs.100.000 Millions and NFB- Rs.50.000 Millions) AXIS-Member Bank (FB- Rs.150.000 Millions) SCB-Member Bank (FB- Rs.100.000 Millions and NFB- Rs.50.000 Millions)

FIXED ASSETS:

v Freehold Land

v Leasehold Land

v Factory Building

v Staff Residential Flats U-I

v Staff Residential Flats U –II

v Plant and Machinery

v Furniture and Fixtures

v Computer

v Computer for Plant

v Office and Electrical Equipment

v Vehicles

v Silver Statues and Wares

v Intangible Assets

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.56.42
UK Pound	1	Rs.87.38
Euro	1	Rs.69.95

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--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		48

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.