MIRA INFORM REPORT

Report Date :

18.06.2012

IDENTIFICATION DETAILS

Name :	VITARICH AGRO FOOD (INDIA) LIMITED
Registered Office :	1, Ganesh Chand Avenue, 5^th Floor, Kolkata – 700 013, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.07.2006
Com. Reg. No.:	21-110574
Capital Investment / Paid-up Capital :	Rs.14.500 Millions
CIN No.: [Company Identification No.]	U01111WB2006PLC110574
TAN No.: [Tax Deduction & Collection Account No.]	CALV02304B
PAN No.: [Permanent Account No.]	AACCV2791A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Supplier of Rice, Maize and Gram in grit and powder form which are used in various industries like the extruded snack food industry, confectionery and bakery industry, namkeen, breweries and also in fisheries.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 110000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre business dealing 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 / Corporate Office :	1, Ganesh Chand Avenue, 5^th Floor, Kolkata – 700 013, West Bengal, India
Tel. No.:	91-33-40037004 / 7005
Fax No.:	91-33-40037004
E-Mail :	anc@vitarichagro.com info@vitarichagro.com anc1409@hotmail.com
Website :	http://www.vitarichagro.com
Area :	1200 Sq. ft.
Location :	Rented
Factory :	C4 / C5, Sudharas Food Park, Sankrail, P.O. Dhulagarh, Dist. Howrah – 711 302, West Bengal, India
Tel. No.:	91-33-26617888 / 26617999
E-Mail :	vc@vitarichagro.com

DIRECTORS

As on 03.09.2011

Name :

Mr. Amarnath Choudhary

Designation :

Director

Address :

8C, Alipore Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

06.03.1944

Qualification :

LLB / CA

Date of Appointment :

12.07.2006

DIN No.:

00587814

Other Directorship

S.No.	CIN/LLPIN	NAME OF THE COMPANY/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45201WB2005PTC105222	TINSUKIA ESTATE PRIVATE LIMITED	Director	7/9/2005	7/9/2005	-	Active	NO
2	U17111WB2006PTC110122	ANC TEXIM PRIVATE LIMITED	Director	27/06/2006	27/06/2006	-	Active	NO
3	U01111WB2006PLC110574	VITARICH AGRO FOOD (INDIA) LIMITED	Director	12/7/2006	12/7/2006	-	Active	NO
4	U74999WB2008PTC125833	DEAR ONES IMAGES PRIVATE LIMITED	Director	19/05/2008	19/05/2008	-	Active	NO
5	L17115RJ1960PLC008216	RSWM LIMITED	Director	25/09/2009	24/07/2009	-	Active	NO
6	L24302RJ1970PLC002266	BSL LIMITED	Director	23/09/2009	30/07/2009	-	Active	NO
7	U91990WB2002NPL095194	HOOGHLY CHAMBER OF COMMERCE AND INDUSTRY	Director	30/09/2011	30/09/2011	-	Active	NO
8	U15400WB2011PTC170807	TIRUPATI MEAL PRODUCERS PRIVATE LIMITED	Director	16/12/2011	16/12/2011	-	Active	NO

Name :

Mrs. Yogita Choudhary

Designation :

Director

Address :

8C, Alipore Road, Kolkata – 700027, West Bengal, India

Date of Appointment :

12.07.2006

DIN No.:

00591335

Other Directorship

S.No.	CIN/LLPIN	NAME OF THE COMPANY/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17111WB2006PTC110122	ANC TEXIM PRIVATE LIMITED	Director	27/06/2006	27/06/2006	-	Active	NO
2	U01111WB2006PLC110574	VITARICH AGRO FOOD (INDIA) LIMITED	Director	12/7/2006	12/7/2006	-	Active	NO
3	U74999WB2008PTC125833	DEAR ONES IMAGES PRIVATE LIMITED	Director	19/05/2008	19/05/2008	-	Active	NO

Name :

Mr. Kailash Jain

Designation :

Director

Address :

46 A, Rafi Ahmed Kidwai Road, Kolkata – 700016, West Bengal, India

Date of Birth/Age :

07.02.1952

Date of Appointment :

12.07.2006

DIN No.:

00589142

Other Directorship

S.No.	CIN/LLPIN	NAME OF THE COMPANY/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U67120WB1991PTC053332	JAIN IMMOVABLES AND INVESTMENTS PRIVATE LIMITED	Director	11/10/1991	11/10/1991	3/2/2009	Active	NO
2	U65993WB1991PTC053362	J M FISCAL SERVICES PRIVATE LIMITED	Director	11/10/1991	11/10/1991	3/2/2009	Active	NO
3	U51909WB1994PLC065257	JAIN UDYOG LIMITED	Director	22/09/1994	22/09/1994	2/2/2009	Active	NO
4	U45203WB1995PTC072334	NIDHI NIRMAN PRIVATE LIMITED	Director	26/09/1995	26/09/1995	-	Active	NO
5	U17109WB1997PTC083132	JML FINANCIAL SERVICES PRIVATE LIMITED	Director	3/3/1997	3/3/1997	-	Active	NO
6	U01111WB2006PLC110574	VITARICH AGRO FOOD (INDIA) LIMITED	Director	12/7/2006	12/7/2006	28/09/2011	Active	NO
7	U51109WB1996PTC080260	ANNUDEEP VYAPAAR PRIVATE LIMITED	Director	30/04/2007	30/04/2007	17/10/2011	Active	NO

Name :

Ms. Aakanksha Jain

Designation :

Director

Address :

9, Rowdan Street – Uday Chal, Rowdan Street, Kala Mandir, Kolkata – 700 017, West Bengal, India

Date of Birth/Age :

19.09.1981

Date of Appointment :

01.08.2007

DIN No.:

01534083

Other Directorship

S.NO.	CIN/LLPIN	NAME OF THE COMPANY/ LLP	CURRENT DESIGNATION OF THE DIRECTOR/ DESIGNATED PARTNER	DATE OF APPOINTMENT AT CURRENT DESIGNATION	ORIGINAL DATE OF APPOINTMENT	DATE OF CESSATION	COMPANY/ LLP STATUS	DEFAULTING STATUS
1	U01111WB2006PLC110574	VITARICH AGRO FOOD (INDIA) LIMITED	DIRECTOR	1/8/2007	1/8/2007	-	ACTIVE	NO
2	U67120WB1991PTC053332	JAIN IMMOVABLES AND INVESTMENTS PRIVATE LIMITED	DIRECTOR	2/2/2009	2/2/2009	-	ACTIVE	NO
3	U65993WB1991PTC053362	J M FISCAL SERVICES PRIVATE LIMITED	DIRECTOR	2/2/2009	2/2/2009	-	ACTIVE	NO
4	U17115WB1991PTC050557	SANGYO IMPEX PRIVATE LIMITED	DIRECTOR	25/09/2010	25/09/2010	-	ACTIVE	NO
5	U51909WB1994PLC065257	JAIN UDYOG LIMITED	DIRECTOR	18/04/2012	18/04/2012	-	ACTIVE	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 03.09.2011

Names of Shareholders	No. of Shares
Amarnath Choudhary	715000
Bimla Choudhary	5000
Yogita Choudhary	4800
Kailash Jain	7500
Kiran Jain	4500
Ravi Jain	8000
Nidhi Jain	5000
J.R. Leasing Finance Private Limited, India	400000
Nidhi Nirman private Limited, India	200000
Jmi Financial Services private Limited, India	100000
Jasoda Devi Taparia	100
Sangeeta Devi Taparia	100
Total	1450000

As on 03.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	51.71
Other top fifty shareholders	48.29
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Rice, Maize and Gram in grit and powder form which are used in various industries like the extruded snack food industry, confectionery and bakery industry, namkeen, breweries and also in fisheries.

Products :

In Rice

· Rice Grit/Suji

· Rice Flour

In Corn/Maize

· Maize Grit/Suji

· Maize Flour

· Maize Bran

In Gram

· Gram Grit

· Gram Flour/Besan

Product Description	ITC Code
Rice Suji	1103.19.00
Corn Suji	1103.13.00

GENERAL INFORMATION

No. of Employees :

20 (Approximately)

Bankers :

· Union Bank of India, Camac Street Branch, 1/1, Camac Street, Kolkata – 700 016, West Bengal, India

· Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Tata Capital	0.319	0.443
Union Bank of India (Against Hypothecation of current assets including Book Debts and stocks lying with company,in addition to above collateral security and personal Guarantee of the directors)	15.787	16.636
Term Loan	15.082	20.808
Total	31.188	37.887
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From directors and relative of directors From	6.015	6.539
From Associates	8.735	7.186
From Others	1.000	1.800
Total	15.750	15.525

Banking Relations :	--
Auditors :
Name :	S. Poddar and Company Chartered Accountants
Address :	2 Lal Bazar Street, Todi Chamber, Kolkata – 700 007, West Bengal, India
Tel. No.:	91-33-22314636 / 40053817
PAN.:	AATFS2603N
Associates Company :	· Anudeep Vyapaar Private Limited · Jain Immovable Invewstment Private Limited · J M Fiscal Services Private Limited · JML Financial Services Private Limited · J.R. Leasing a Finance Private Limited · Nidhi Nirman Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1450000	Equity Shares	Rs.10/- each	Rs.14.500 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		14.500	14.500	14.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		13.480	8.042	4.565
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		27.980	22.542	19.065
LOAN FUNDS
1] Secured Loans		31.188	37.887	35.441
2] Unsecured Loans		15.750	15.525	9.250
TOTAL BORROWING		46.938	53.412	44.691
DEFERRED TAX LIABILITIES		3.217	2.552	1.229
TOTAL		78.135	78.506	64.985
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		58.311	54.801	58.524
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13.613	10.985	6.218
	Sundry Debtors	11.025	13.938	7.372
	Cash & Bank Balances	3.255	4.298	3.126
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.616	1.821	1.554
Total Current Assets		30.509	31.042	18.270
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.268	6.422	10.741
	Other Current Liabilities	0.000	0.000	0.499
	Provisions	1.417	0.955	0.649
Total Current Liabilities		10.685	7.377	11.889
Net Current Assets		19.824	23.665	6.381
MISCELLANEOUS EXPENSES		0.000	0.040	0.080
TOTAL		78.135	78.506	64.985

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	204.549	156.603	113.116
		Other Income	1.801	1.483	1.366
		Interest on FDR (Gross)	0.254	0.124	0.253
		TOTAL (A)	206.604	158.210	114.735
Less	EXPENSES
		Increase in Stock	0.000	(0.342)	0.000
		Decrease in Stock	0.343	0.000	0.498
		Manufacturing Expenses	179.369	136.290	91.946
		Administrative Expenses	7.379	5.139
		Advertisement and selling Expenses	0.315	0.190	7.742
		Establishment Expenses	2.656	2.395
		Miscellaneous Expenditure Written Off	0.040	0.040	0.040
		TOTAL (B)	190.102	143.712	100.226
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		16.502	14.498	14.509
Less	FINANCIAL EXPENSES (D)		5.245	5.069	5.767
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11.257	9.429	8.742
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.767	3.678	3.592
	PROFIT BEFORE TAX (E-F) (G)		7.490	5.751	5.150
Less	TAX (H)		2.053	2.274	1.385
	PROFIT AFTER TAX (G-H) (I)		5.437	3.477	3.765
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.042	4.565	0.800
	BALANCE CARRIED TO THE B/S		13.479	8.042	4.565
	Earnings Per Share (Rs.)		3.75	2.40	2.60

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.63	2.20	3.98
Net Profit Margin (PBT/Sales)	(%)	3.66	3.67	4.55
Return on Total Assets (PBT/Total Assets}	(%)	8.43	6.70	6.71
Return on Investment (ROI) (PBT/Networth)		0.26	0.26	0.27
Debt Equity Ratio (Total Liability/Networth)		2.06	2.70	2.97
Current Ratio (Current Asset/Current Liability)		2.86	4.21	4.92

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	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	Yes
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	--
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

CONTINGENT LIABILITIES NOT PROVIDED FOR ARE AS FOLLOWS:

Rs. In Millions

Particulars	31.03.2011	31.03.2010
Bank Guarantee	1.307	0.000
Letter of Credit	0.000	0.450

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U01111WB2006PLC110574
Name of the company	VITARICH AGRO FOOD (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	1, Ganesh Chand Avenue, 5^th Floor, Kolkata – 700 013, West Bengal, India anc1409@hotmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10333136
Type of charge	· Immovable property · Any interest in immovable property · Book debts · Movable property (not being pledge) · Floating charge · Others (Entire CA&MFA (P and F))
Particular of charge holder	Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India dlbbcaddel@yesbank.in
Nature of instrument creating charge	Memorandum of Equitable Mortgage dated 22.03.2012.
Date of instrument Creating the charge	22.03.2012
Amount secured by the charge	Rs.47.200 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge The amount of INR 47.200 Millions is now being secured by the companies immovable property as mentioned in point number 15, together with interest, costs, charges, expenses, premium on pre - payment payable by M/s VITARICH AGRO FOOD (INDIA) LIMITED.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Industrial Land and Factory Plot No. C4 and C5 in Mouza Jaladhulagori, J.L. No.2 situated in a portion of L.R. Dag No. 952, Khaitan No. B-II, Police Station - Sankrail, ADSR Ranibati under Dhaulagori Gram Cont. - Panchayat in the District of Howrah.
Date of instrument modifying the charge	26.12.2011
Particulars of the present modification	The amount of Rs.47.200 Millions is now being additionally secured (alongwith entire current and movable fixed assets, both present and future) by the companies immovable property as mentioned in point number 15, together with interest, costs, charges, expenses, premium on pre - payment payable by M/s VITARICH AGRO FOOD (INDIA) LIMITED.

Fixed Assets:

· Goodwill

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Electrical Installation

· Office Equipments

· Computer

· Cycle

· Lab Equipment

· Car

· Air Conditioner

· Tower Extension ladder

· Mobile Phone

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.55.76
UK Pound	1	Rs.86.69
Euro	1	Rs.70.44

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		36

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.