MIRA INFORM REPORT

Report Date :

08.10.2012

IDENTIFICATION DETAILS

Name :	COASTAL ENERGY PRIVATE LIMITED
Registered Office :	5^th Floor, Buhari Towers, No.4, Moores Road, Chennai – 600 006, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.02.1997
Com. Reg. No.:	18-37547
Capital Investment / Paid-up Capital :	Rs.67.446 Millions
CIN No.: [Company Identification No.]	U52599TN1997PTC037547
TAN No.: [Tax Deduction & Collection Account No.]	CHEC02209E
Legal Form :	Private Limited Liability Company
Line of Business :	Dealer and Importer of Coal and Coke.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 2420000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. It has long –standing presence in coal trading operations, adequate coal handling capability, adequate scale of operations and market share. The promoters have long experience in trading business and the company has well – qualified professional in the senior management, with considerable experience in the concerned industries. The company has shown a healthy growth in its operating income during 2011 over last year 2010. Profitability appears to be low. However, trade relations are reported as decent. 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 – 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	BBB – (Fund Based Limits)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	30.09.2011

Rating Agency Name	ICRA
Rating	A3 (Non Fund Based Limits)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	30.09.2011

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 :	5^th Floor, Buhari Towers, No.4, Moores Road, Chennai – 600 006, Tamilnadu, India
Tel. No.:	91-44-43974397/ 28255792/ 28235379/ 28235380/ 28231440/42964296
Fax No.:	91-44-28268316/42964297
E-Mail :	srivatchanr@coastalfuel.com
Website :	www.coalandoil.com www.coastalenergen.com
Corporate Office :	202-207, Mahalakshmi Chambers, 22, Bhulabhai Desai Road, Mumbai - 400 026, Maharashtra, India
Tel. No.:	91-22-23519027
Fax No.:	91-22-23538567

DIRECTORS

AS ON 28.09.2011

Name :

Mr. Ahamed Rahman Buhari

Designation :

Director

Address :

8, Subbarao Avenue, 3rd Street, Chennai - 600 006, Tamilnadu, India

Date of Birth/Age :

20.01.1969

Date of Appointment :

18.02.1997

Din No.:

00211221

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	U45201TN1989PTC017001	BUHARI HOLDINGS PRIVATE LIMITED	Director	08/03/1989	08/03/1989	-	Active	NO
2	U52599TN1997PTC037547	COASTAL ENERGY PRIVATE LIMITED	Managing director	18/02/1997	18/02/1997	-	Active	NO
3	U65110TN1964PTC005251	BHARI INDUSTRIAL PROMOTERS PRIVATE LIMITED	Director	01/04/1999	01/04/1999	21/07/2010	Active	NO
4	U63090TN1994PTC029438	SEAPORT LOGISTICS PRIVATE LIMITED	Director	30/09/2003	30/09/2003	06/02/2006	Active	NO
5	U51102TN1995PLC031016	EAST COAST CONSTRUCTIONS AND INDUSTRIES LIMITED	Director	27/01/2005	27/01/2005	07/03/2011	Active	NO
6	U40102TN2006PTC060008	COASTAL GUJARAT POWERGEN PRIVATE LIMITED	Director	29/05/2006	29/05/2006	-	Amalgamated	NO
7	U40102TN2006PTC060009	COASTAL ENERGEN PRIVATE LIMITED	Director	29/05/2006	29/05/2006	-	Active	NO
8	U40101TN2006PTC060071	COASTAL GUJARAT POWER GENCO PRIVATE LIMITED	Director	02/06/2006	02/06/2006	-	Active	NO
9	U65993TN2010PTC076110	Buhari Auto Holdings Private Limited	Director	11/06/2010	11/06/2010	-	Active	NO

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Name :

Mr. Ameer Faizal

Designation :

Director

Address :

West Street. Kilakarai, Ramnad District

Date of Birth/Age :

17.12.1962

Date of Appointment :

18.02.1997

Din No.:

02051427

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	U52599TN1997PTC037547	COASTAL ENERGY PRIVATE LIMITED	Director	18/02/1997	18/02/1997	-	Active	NO
2	U63090TN1994PTC029438	SEAPORT LOGISTICS PRIVATE LIMITED	Director	30/09/2003	30/09/2003	03/08/2007	Active	NO
3	U40102TN2006PTC060009	COASTAL ENERGEN PRIVATE LIMITED	Director	29/05/2006	29/05/2006	29/04/2008	Active	NO
4	U40101TN2006PTC060071	COASTAL GUJARAT POWER GENCO PRIVATE LIMITED	Director	02/06/2006	02/06/2006	-	Active	NO
5	U61100TN2008PTC069733	PIONEER MARINE SERVICES PRIVATE LIMITED	Director	31/10/2008	31/10/2008	30/05/2009	Active	NO
6	U45200TN2012PTC084923	CANDOUR CONSTRUCTIONS AND DEVELOPERS PRIVATE LIMITED	Director	14/03/2012	14/03/2012	-	Active	NO

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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 03.09.2011

Names of Shareholders	No. of Shares
Fossil Investments Limited - Mauritius	6744393
Ahmed Buhari	100
Abdul Qadir AR Buhari	100
Total	6744593

AS ON 03.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	99.00
Directors or relatives of directors	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Dealer and Importer of Coal and Coke.
Products :	Steaming Coal

GENERAL INFORMATION

Bankers :

• Corporation Bank, George Town Branch, 101 Armenian Street,, Chennai - 600001, Tamil Nadu, India
• Jammu And Kashmir Bank Limited, (Corporate Headquarters),M. A. Road, Srinagar, Kashmir, Srinagar - 190001, Jammu and Kashmir, India
• IDBI Bank Limited, IDBI Towerwtc Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

Facilities :

Secured Loans :	As on 31.03.2011 Rs. in Millions	As on 31.03.2010 Rs. in Millions
Loans and advances from Banks
Cash Credits	832.714	629.897
Car Loans (Secured by cars)	2.624	3.148
Housing loans (secured by properties)	56.837	55.904
Total	892.175	688.949

Banking Relations :

--

Auditors :

Name :

N.C. Rajagopal and Company

Chartered Accountants

Address :

22, V. Krishnaswamy Avenue, Mylapore, Chennai - 600 004, Tamilnadu, India

Tel. No.:

91-44-24991569/ 24993056/ 24991095/ 24987746/ 24986170

Fax No.:

91-44-24991485

E-Mail :

ncrva@vsnl.net.in

ncrajagopal@gmail.com

Holding Company :

Fossil Investments (Mauritius)

Group Companies :

• Coal and Oil Company

Address: Suite 402, Nat'1 Bank of UAQ Bldg, Khalid Bin Waleed Road, P.O. Box 30850, Dubai, UAE.

Tel: +971 4 3972525.
Fax: +971 4 3971663

• Buhari Estate and company
• Buhaira holding Private Limited
• Bhari Industrial Promoters Private Limited (Elite Petrol Service)
• Coastal Energen Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6744593	Equity Shares	Rs.10/- each	Rs.67.446 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		67.446	67.446	67.446
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		537.823	492.450	441.677
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		605.269	559.896	509.123
LOAN FUNDS
1] Secured Loans		892.175	688.949	487.292
2] Unsecured Loans		0.000	0.000	1763.600
TOTAL BORROWING		892.175	688.949	2250.892
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1497.444	1248.845	2760.015
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		160.963	174.784	175.990
Capital work-in-progress		0.00	0.000	20.559
INVESTMENT		8.684	6.605	4.010
DEFERREX TAX ASSETS		0.629	0.510	0.346
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2315.449	1712.035	2587.536
	Sundry Debtors	2354.318	2375.565	3166.861
	Cash & Bank Balances	156.953	814.990	1095.220
	Other Current Assets	0.000	0.000	258.894
	Loans & Advances	1958.811	951.702	43.120
Total Current Assets		6785.531	5854.292	7151.631
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2513.806	1973.776	4354.619
	Other Current Liabilities	2833.827	2683.603	88.187
	Provisions	110.730	129.967	149.715
Total Current Liabilities		5458.363	4787.346	4592.521
Net Current Assets		1327.168	1066.946	2559.110
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1497.444	1248.845	2760.015

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	11711.451	8250.088	15535.168
		Other Income	(75.407)	440.815	544.630
		TOTAL (A)	11636.044	8690.903	16079.798
Less	EXPENSES
		Purchases	10667.152	6237.030	11859.495
		Direct Expenses	1018.422	1065.291	1560.261
		Administrative Expenses	90.107	60.800	79.055
		Employees Cost	106.118	87.882	65.578
		Selling & Distribution Expenses	42.304	39.137	60.732
		Increase/(Decrease) in Stock	(603.414)	875.502	1200.657
		TOTAL (B)	11320.689	8365.642	14825.778
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		315.355	325.261	1254.020
Less	FINANCIAL EXPENSES (D)		209.272	224.794	1151.215
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		106.083	100.467	102.805
Less/ Add	DEPRECIATION/ AMORTISATION (F)		23.314	22.233	22.623
	PROFIT BEFORE TAX (E-F) (G)		82.769	78.234	80.182
Less	TAX (I)		37.397	27.461	30.971
	PROFIT AFTER TAX (G-I) (J)		45.372	50.773	49.211
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000	0.000	285.635
	BALANCE CARRIED TO THE B/S		45.372	50.773	344.846
	IMPORTS
		Coal	10351.388	6143.992	11958.237
	TOTAL IMPORTS		10351.388	6143.992	11958.237
	Earnings Per Share (Rs.)		6.73	7.53	7.30

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.39	0.58	0.31
Net Profit Margin (PBT/Sales)	(%)	0.71	0.95	0.52
Return on Total Assets (PBT/Total Assets}	(%)	1.19	1.30	1.09
Return on Investment (ROI) (PBT/Networth)		0.14	0.14	0.16
Debt Equity Ratio (Total Liability/Networth)		10.49	9.78	13.44
Current Ratio (Current Asset/Current Liability)		1.24	1.22	1.56

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	Yes
Financials, if provided	No
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	Yes

Note:

The registered office of the company has been shifted from No.5, Moores Road, Chennai – 600 006, Tamilnadu to the present address w.e.f. 03.12.2008.

DIRECTORS REVIEW OF OPERATIONS:-

They take great pride in sharing with all that the company is entering its 14^th year of operations and has grown from strength to strength. Their Company has further consolidated its position in volumes as the Second largest Importer of non-coking coal in India.

The company has recorded a turnover of Rs. 12239.500 Millions and Net Profit After Tax of Rs.45.400 Millions during the Financial Year 2010-11. The company successfully won major contracts from APGENCO and APCPL during the year. The company is also successful in wining MAHAGENCO contract, which will improve their tonnages in the next year, with considerable increase in their Top and Bottom line.

Bankers Charges Report as per Registry

Corporate identity number of the company	U52599TN1997PTC037547
Name of the company	COASTAL ENERGY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	5^th Floor, Buhari Towers, No.4, Moores Road, Chennai – 600 006, Tamilnadu, India E-Mail: srivatchanr@coastalfuel.com
This form is for	Creation of charge
Type of charge	Movable Property (not being pledge) Book debts Immovable Property Floating Charge
Particular of charge holder	JAMMU AND KASHMIR BANK LIMITED
Nature of description of the instrument creating or modifying the charge	Hypothecation Agreement dated 23/11/2011 Letter for deposit of title deeds dated 23/11/2011
Date of instrument Creating the charge	23.11.2011
Amount secured by the charge	Rs. 300.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Terms of Repayment: Rate of Interest for Cash Credit :12.50% p.a. Terms of repayment: Cash Credit : repayable on demand Margin: as stipulated in the agreement Extent and Operation of the charge: CC : 25% BG and LC : 10% Others The Charge operates as First paripassu charge with other working capital lenders by way of hypothecation of all the stock and book debts and other productive assets of the company described in the schedule to the loan agreement to secure the due discharge and repayment of the monies owed by the company incl. interest ,costs, charges, expenses etc. Corporate Guarantee of Coal and Oil Company, Dubai Personal Guarantee of Mr Ahamed Buhari Lien on Margin amount
Short particulars of the property charged	All kinds of stocks of coal/coke etc and whole of the borrower's present and future book debts,receivables and stocks under LC Extension of EM over Immovable property consisting of Flat admeasuring at/about 1267.72 sf. built up area and bearing flat no.202-204 at: Mahalaxmi Commercial Premises Co-operative Society Ltd, 2nd Floor , S.No.4/834 of Malabar Hills Division,Bhula Bhai Desai Road,Mumbai-400026 along with 890 equity shares of said society nearing successive nos. 106-110 and 19677-20561 certificate no.18 and 62 dtd.01.03.1979

FIXED ASSETS:

• Land and Building
• Plant and Machinery
• Furniture and Fixtures
• Cycle
• Motor Car
• Computers

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 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 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.51.62
UK Pound	1	Rs.83.57
Euro	1	Rs.67.17

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	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		45

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.