MIRA INFORM REPORT

Report Date :

02.11.2012

IDENTIFICATION DETAILS

Name :	DELKOR TECHNIK INDIA PRIVATE LIMITED
Registered Office :	108/D, 6th Main Road, III Phase, Peenya Industrial Area, Peenya, Bangalore – 560058, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.12.1998
Com. Reg. No.:	11-57676
Capital Investment / Paid-up Capital :	Rs. 4.000 Millions
CIN No.: [Company Identification No.]	U29197MH1998PTC117593 U29197KA1998PTC057676 (Transfer from Maharashtra to Karnataka)
Legal Form :	Private Limited Liability Company
Line of Business :	Design, Manufacture and Supply of Mineral Processing and Solid/Liquid Separation Equipment.
No. of Employees :	140 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 600000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a wholly owned subsidiary of Tenova s.p.a. It is a well established company having satisfactory track. There appears huge dip in the profits during 2011. However, trade relations are reported as decent. Business is active. Payments are reported to be usually correct. 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 – 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

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 :	108/D, 6th Main Road, III Phase, Peenya Industrial Area, Peenya, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80-42621000/28392823/28397540/28392824
Mobile No.:	91-9886138902 (Mr. Murli P.K.)
Fax No.:	91-80-28397540
E-Mail :	ramesh.karur@delkorglobal.com murali.payallore@delkorglobal.com
Website.	www.delkorglobal.com
Overseas Office:	United Kingdom Address: Unit C, 1^st Avenue, Westfield Industrial Estate Midsomer Norton, Bathy and N.E Somerset, BA34BS United Kingdom Tel No: +44(0)1761417079 Fax No.: : +44(0)1761414435 E-Mail : europe.cis@delkorglobal.com Russia Address: Office 515, Stroenie2, Bolshaya Pochtovaya 26V, Moscow, Russuan Federation 105082 Tel No.: +7(495)762-8503 Fax No.: +74957874337 E-mail: europe.cis@delkorglobal.com
Unit :	3 Units in Bangalore, About 3 acres Plot- Built up about 60% Modern Plant

DIRECTORS

As on: 15.12.2011

Name :

Mr. Ramesh Mahadevan

Designation :

Dirtector

Address :

B – 2082 Prestige Kensington Gardens, No. 17, 11 mt Main Road, Jalahalli, Bangalore – 5600013, Karnataka, India

Date of Birth/Age :

27.06.1956

Date of Appointment :

01.01.2011

DIN No.:

01488855

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	U29197KA1998PTC057676	DELKOR TECHNIK INDIA PRIVATE LIMITED	Managing director	01-01-11	01-01-03	-	Active	NO
2	U74999KA2006PTC039000	KENSDALE INDIA GLOBAL SERVICES PRIVATE LIMITED	Additional director	08-05-06	08-05-06	10-10-07	Active	NO
3	U72200KA2006PTC038999	BATEMAN ENGINEERING (INDIA) PRIVATE LIMITED	Director	12-10-07	08-05-06	18-03-09	Active	NO
4	U01403KA2011PTC060796	DEVANESH AGRO DEVELOPMENT PRIVATE LIMITED	Director	12-10-11	12-10-11	-	Active	NO

Name :

Mr. Ramesh Karur Raghavendran

Designation :

Director

Address :

A- Block 402 Purva Belmont Kanakapura Road, JP Nagar 6^th Phase, Bangalore – 560078, Karnataka , India

Date of Birth/Age :

14.01.1968

Date of Appointment :

01.01.2011

DIN No.:

03572425

Name :

Mr. David Neil Minson

Designation :

Director

Address :

Camino EL Huinganal 3562 d12 LO Barechea, Santiago, Chile

Date of Birth/Age :

02.06.1957

Date of Appointment :

19.05.2008

DIN No.:

02153482

Name :

Mr. David Andrew Todd

Designation :

Additional director

Address :

PO Box 3403, Cramereview 2060, South Africa

Date of Birth/Age :

15.12.1963

Date of Appointment :

13.06.2008

DIN No.:

02206607

Name :

Mr. Marcelo Andres Navarro Poblete

Designation :

Director

Address :

Flor DE Azucenas 135 1004 Las Condeslas, Chile.

Date of Birth/Age :

23.12.1959

Date of Appointment :

01.01.2011

DIN No.:

03578087

Name :

Mr. Sandeep Kumar Roy

Designation :

Director

Address :

003 Citadei Apartment 443, III Block, Koramangala, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

31.12.1950

Date of Appointment :

01.07.2011

DIN No.:

00103685

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 15.12.2011

Names of Shareholders	No. of Shares
Delkor Technik B V, Netherland	36000
Bateman Engineered Technologies B V, Netherland	4000
Total	40000

Equity Share Break up (Percentage of Total Equity)

As on: 15.12.2011

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Design, Manufacture and Supply of Mineral Processing and Solid/Liquid Separation Equipment.
Products :	· Horizontal Vacuum Belt filter · Filter Press · Ceramic Capillary Disc Filter · Auto wash Gravity Sand Filter · High Rate/Conventional Thickener · Attrition Scrubber · Agitator · Floatation Cell · Linear Belt Screen
Exports :
Countries :	Global Markets including Europe
Imports :
Countries :	Global Markets including Europe
Terms :
Selling :	EXPORT : L/C LOCAL SALE: As per contract
Purchasing :	IMPORT: As per Vendor LOCAL PURCHASE: Vendor based

GENERAL INFORMATION

Suppliers :

· Unisteel (Germany)

· Geimelo (Italy)

Customers :

· O.C.P (Morocco)

· Garlic (Russia)

No. of Employees :

140 (Approximately)

Bankers :

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India.

· Axis Bank Limited, Indian Express Building, No.1, 2nd Floor, Queens Road, Bangalore - 560001, Karnataka, India

· The Indusind Bank Limited, 28th, Centenary Building, 5th Floor, M.G. Road,, Bangalore - 560001, Karnataka, India

· Axis Bank Limited, Esquire Centre, No.9, M G Road, Bangalore - 560001, Karnataka, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
- Cash credit (Secured against moveable and immoveable assets; hypothecation of current assets; equitable mortgage of land and building)	86.970	35.870
Vehicle loan (Secured against motor vehicle)	0.409	0.846
Buyer's credit	19.327	13.117
Total	106.706	49.832
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From shareholders·	27.797	27.797
Total	27.797	27.797

Banking Relations :	--
Auditors :
Name :	S.V. Ghatalia and Associates Chartered Accountants
Address :	1ST Floor, Tower A, Building No.8, DLF Cyber City, Phase Ii, Sector 25 Gurgaon – 122002, Haryana, India
PAN No.:	AACFS6921Q
Memberships :	Export Credit Guarantee Corpon.
Collaborators :	Wholly Owned Subsidiary of TENOVA s.p.a.
Party Having Control :	· BSG Resources Limited (BSG) (Ultimate Holding Company) · Delkor Technik BV, Netherland (DTBV)
Parties Under Common Control :	· Delkor Pty Limited, Australia (DAUS) · Delkor UK Limited (DUKL) · Delkor South America Limited (DSAM) · Delkor Inc. Canada (DINC) · Bateman Engineering (India) Private Limited (BIND) · Delkor Technik HK Limited (DTHK) · Delkor Russia Limited (DUKR)

CAPITAL STRUCTURE

As on: 15.12.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs.100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40,000	Equity Shares	Rs.100/- each	Rs. 4.000 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		4.000	4.000	4.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		152.774	156.625	99.069
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		156.774	160.625	103.069
LOAN FUNDS
1] Secured Loans		106.706	49.833	108.114
2] Unsecured Loans		27.797	27.797	27.797
TOTAL BORROWING		134.503	77.630	135.911
DEFERRED TAX LIABILITIES		0.000	0.000	0.836
TOTAL		291.277	238.255	239.816
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		26.273	25.001	28.908
Capital work-in-progress		0.000	1.243	0.600
INVESTMENT		0.029	0.029	0.029
DEFERREX TAX ASSETS		9.097	3.035	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	76.336	11.344	23.566
	Sundry Debtors	225.531	280.616	304.357
	Cash & Bank Balances	9.801	42.162	29.855
	Other Current Assets	148.333	103.412	77.146
	Loans & Advances	47.339	26.539	15.362
Total Current Assets		507.340	464.073	450.286
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	131.310	142.780
	Other Current Liabilities	84.043	64.225	205.884
	Provisions	36.109	48.121	34.123
Total Current Liabilities		251.462	255.126	240.007
Net Current Assets		255.878	208.947	210.279
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		291.277	238.255	239.816

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income			701.784
		Income from project execution services			24.059
		Other Income			1.401
		TOTAL	NA	NA	727.244
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	644.818
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		14.464	95.706	82.426
Less/ Add	DEPRECIATION/ AMORTISATION		5.416	6.022	6.343
	PROFIT BEFORE TAX		9.048	89.684	76.083
Less	TAX		3.539	32.129	28.042
	PROFIT AFTER TAX		5.509	57.555	48.041
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		126.625	69.069	21.028
Less	APPROPRIATIONS
		Transfer to General Reserve	3.000	0.000	0.000
		Dividend	8.000	0.000	0.000
		Tax on Dividend	1.359	0.000	0.000
	BALANCE CARRIED TO THE B/S		119.775	126.624	69.069
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	94.734	246.845	0.000
		Commission Earnings	1.076	0.000	0.000
		Other Earnings	2.651	1.281	0.000
	TOTAL EARNINGS		98.461	248.126	0.000
	IMPORTS
		Raw Materials	91.895	173.243	121.819
	TOTAL IMPORTS		91.895	173.243	121.819
	Earnings Per Share (Rs.)		137.725	1438.875	1201.025

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	6.61
Net Profit Margin (PBT/Sales)	(%)	NA	NA	10.84
Return on Total Assets (PBT/Total Assets}	(%)	1.69	18.34	15.88
Return on Investment (ROI) (PBT/Networth)		0.06	0.56	0.74
Debt Equity Ratio (Total Liability/Networth)		2.46	2.07	3.65
Current Ratio (Current Asset/Current Liability)		2.02	1.82	1.87

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	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last one 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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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
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	No

NOTE:

The registered office of the company has been shifted from Room No. 128, Arenja Arcade, Plot No. 4, Sector - 17, Vashi, Navi Mumbai- 400703, Maharashtra, India to present address w.e.f.11.10.2010

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10074146
Corporate identity number of the company	U29197KA1998PTC057676
Name of the company	DELKOR TECHNIK INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	108/D, 6th Main Road, Iii Phase, Peenya Industrial Area, Peenya, Bangalore – 560058, Karnataka, India ramesh.karur@delkorglobal.com
Type of charge	Immovable Property
Particular of charge holder	Axis Bank Limited Indian Express Building, No.1, 2nd Floor, Queens Road, Bangalore - 560001, Karnataka, India rabi.patra@axisbank.com
Nature of description of the instrument creating or modifying the charge	Memorandum of Entry [Extension of Equitable Mortgage]
Date of instrument Creating the charge	06.06.2012
Amount secured by the charge	Rs. 747.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest No change in the existing terms and conditions Terms of Repayment No change in the existing terms and conditions Margin No change in the existing terms and conditions Extent and Operation of the charge The charge on the properties being charged shall operate to the extent of Rs. 747.5 Millions plus interest, cost, commission, expenses and other charges thereon
Short particulars of the property charged	· All that piece and parcel of immovable property bearing No. 108-D situated in 6th Main Road, Peenya Industrial Area, Bangalore 560 058 comprising of the plot measuring · 1285 Sq mts (13826.60 Sq. Ft ) together with ACC Sheet building constructed in it with a built up area of 4700 Sq ft, formed in the land bearing Survey No.100-part of Peenya Village, · Yeshwantpur Hobli, Bangalore North Taluk, Bangalore District and bounded as follows: East by: KIADB Road West by: Plot No. 108-C North by: KIADB Land under H T Lines South by: KIADB Ro
Date of latest modification prior to the present modification	31.10.2011
Particulars of the present modification	The limits secured under the charge enhanced from Rs. 490.000 Millions to Rs. 747.500 Millions by extending pari passu first charge on the aforesaid immovable properties in favour of M/s Indusind Bank Limited, Centenary Building, No.28, M G Road, Bangalore-1 towards their loan and the aggregate limits secured by both the banks are as follows: Axis Bank Limited.: Rs. 490.000 Millions Indusind Bank Limited: Rs. 257.500 Millions All other securities having charged to Axis Bank remains unchanged.

TRADE REFERENCES

· Unisteel (Germany)

· Geimelo (Italy)

· O.C.P (Morocco)

· Garlic (Russia)

FIXED ASSTES

· Freehold Land

· Building

· Computer

· Office Equipments

· Vehicles

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 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. 53.78
UK Pound	1	Rs. 86.77
Euro	1	Rs. 69.71

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.