MIRA INFORM REPORT

Report Date :

24.09.2012

1. Summary Information

		Country	India
Company Name	DYMOS LEAR AUTOMOTIVE INDIA PRIVATE LIMITED	Principal Name 1	Kim Jang Sik
Status	Satisfactory	Principal Name 2	Mr. Dennis Choon Hwee Chia
		Registration #	18-065380
Street Address	Plot No. A6 and A7, Sipcot Industrial Park, Irungatukottai, Sriperumbattur 602105 Taluk Tamilnadu
Established Date	14.11.2007	SIC Code	--
Telephone#	91-44-37172240	Business Style 1	Manufacturer
Fax #	91-44-37172299	Business Style 2	Supplier
Homepage	http://www.dymos.co.in	Product Name 1	Seats for passenger cars
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs. 157,593,000/-	Product Name 3	--
Shareholders	Foreign holdings – 100%	Banking	Standard Chartered Bank
Public Limited Corp.	No	Business Period	5 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (48)
Related Company
Relation	Country	Company Name	CEO
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1370,545,000	Current Liabilities	1302,660,000
Inventories	213,011,000	Long-term Liabilities	174,449,000
Fixed Assets	1055,730,000	Other Liabilities	18,605,000
Deferred Assets	6,180,000	Total Liabilities	1,495,714,000
Invest& other Assets	5,340,000	Retained Earnings	997,499,000
		Net Worth	1155,092,000
Total Assets	2,650,806,000	Total Liab. & Equity	2,650,806,000
Total Assets (Previous Year)	2753,534,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	N.A.	Net Profit	N.A.
Sales(Previous yr)	7528,726,000	Net Profit(Prev.yr)	257,819,000

IDENTIFICATION DETAILS

Name :	DYMOS LEAR AUTOMOTIVE INDIA PRIVATE LIMITED [w.e.f. 30.06.2010]
Formerly Known As :	DYMOS INDIA AUTOMOTIVE PRIVATE LIMITED
Registered Office :	Plot No. A6 and A7, Sipcot Industrial Park, Irungatukottai, Sriperumbattur 602105 Taluk Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.11.2007
Com. Reg. No.:	18-065380
Capital Investment / Paid-up Capital :	Rs. 157.593 Millions
CIN No.: [Company Identification No.]	U35900TN2007PTC065380
PAN No.: [Permanent Account No.]	AACCB7225K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Seats for passenger cars.
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 4600000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for business dealing at usual trade terms and conditions. Latest Profit and Loss account of the company is not available.

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/ Factory 1 :	Plot No. A6 and A7, Sipcot Industrial Park, Irungatukottai, Sriperumbattur 602105 Taluk Tamilnadu, India
Tel. No.:	91-44-37172240/ 37172200
Fax No.:	91-44-37172299/ 47100050
E-Mail :	corporate@lawindia.com dymos@dymos.in
Website :	http://www.dymos.co.in
Factory 2 :	No. 6, Papparambakkam Village, Thiruvallur, Chennai- 602025, Tamilnadu, India
Tel. No.:	91-44-37271116
Fax No.:	91-44-37172299

DIRECTORS

AS ON 24.08.2011

Name :

Kim Jang Sik

Designation :

Director

Address :

107-1001, Dangjeongmaeul LG Apartment Dangjeong-Dong, 973-1, Gunpo-Si, Gyeonggi Do, 435831, Republic of Korea

Date of Appointment :

14.11.2007

DIN No.:

01862034

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	Company/ LLP Status	Defaulting status
1	U35900TN2007PTC065380	DYMOS LEAR AUTOMOTIVE INDIA PRIVATE LIMITED	Director	14/11/2007	14/11/2007	Active	NO
2	U35999TN1997PTC038364	HANIL LEAR INDIA PRIVATE LIMITED	Director	26/06/2008	26/06/2008	Amalgamated	NO

Name :

Mr. Dennis Choon Hwee Chia

Designation :

Director

Address :

900, Dunearn Road, #08-20, Blossomvale, Singapore – 589473, Singapore

Date of Appointment :

27.08.2009

DIN No.:

02266591

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	U34300PN1996PTC134085	LEAR AUTOMOTIVE INDIA PRIVATE LIMITED	Nominee director	23/06/2008	23/06/2008	04/06/2010	Active	NO
2	U35999TN1997PTC038364	HANIL LEAR INDIA PRIVATE LIMITED	Additional director	28/04/2009	28/04/2009	-	Amalgamated	NO
3	U35900TN2007PTC065380	DYMOS LEAR AUTOMOTIVE INDIA PRIVATE LIMITED	Director	25/11/2009	27/08/2009	-	Active	NO
4	U34100TN2008PTC069830	TACLE AUTOMOTIVE INDIA PRIVATE LIMITED	Director	10/05/2010	18/03/2010	-	Active	NO

Name :

Minsoo Sin

Designation :

Director

Address :

1, Garak Uchang Apartment 2-102, 164(36/4) Ogeum-Dong Songpa-Gu Seoul Metropolitian – 138860, Republic of Korea

Date of Appointment :

27.08.2009

DIN No.:

02291276

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	Company/ LLP Status	Defaulting status
1	U35999TN1997PTC038364	HANIL LEAR INDIA PRIVATE LIMITED	Director	17/07/2008	17/07/2008	Amalgamated	NO
2	U35900TN2007PTC065380	DYMOS LEAR AUTOMOTIVE INDIA PRIVATE LIMITED	Director	25/11/2009	27/08/2009	Active	NO

Name :

Moon Sowoon

Designation :

Director

Address :

Flat C First Floor, New No. 32, Old No. 27, ABM Apartment, ABM Avenue R.A. Puram, Chennai – 600028, Tamilnadu, India

Date of Appointment :

13.01.2011

DIN No.:

03425245

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	Company/ LLP Status	Defaulting status
1	U35900TN2007PTC065380	DYMOS LEAR AUTOMOTIVE INDIA PRIVATE LIMITED	Director	24/08/2011	13/01/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Krishnan Narayanan
Designation :	Secretary
Address :	Flat 2A, Srivatsam, Old No. 43, New No. 2 R.K. Naga, 2^nd Cross Street, R.A. Puram, Chennai – 600028, Tamilnadu, India
Date of Appointment :	10.12.2010
PAN No.:	AADPN3213D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.08.2011

Names of Shareholders	No. of Shares
Hong Homan	1
Paul Roger Jefferson	5515745
Minsoo Sin	10243526
Total	15759272

AS ON 24.08.2011

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]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Seats for passenger cars.

PRODUCTION STATUS AS ON (31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Car Seats	Nos.	N.A.	3965116	2414959

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø Standard Chartered Bank, 19, Rajaji Salai, Chennai – 600001, Tamilnadu, India

Ø Indian Overseas Bank, Advances Branch Irungattukottai, Dode – 602105, Tamilnadu, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Working capital loans banks secured	174.449	211.601
Total	174.449	211.601

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	No. 10 Mahatma Gandhi Road, Nungambakkam, Chennai - 600034, Tamilnadu, India
Tel. No.:	91-44-39145000
Fax No.:	91-44-39146999
Income-tax PAN of auditor or auditor's firm :	AAIFB7355D

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30,000,000	Equity Shares	Rs. 10/- each	Rs. 300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15,759,272	Equity Share	Rs.10/- each	Rs. 157.593 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		157.593	157.593	157.593
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		997.499	766.632	0.000
4] (Accumulated Losses)		0.000	0.000	(55.357)
NETWORTH		1155.092	924.225	102.236
LOAN FUNDS
1] Secured Loans		174.449	211.601	479.797
2] Unsecured Loans		0.000	0.000	203.000
TOTAL BORROWING		174.449	211.601	682.797
DEFERRED TAX LIABILITIES		0.000	6.195	2.422
TOTAL		1329.541	1142.021	787.455
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1055.730	1214.887	837.510
Capital work-in-progress		5.340	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		6.180	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	213.011	240.821	58.507
	Sundry Debtors	813.753	940.158	262.371
	Cash & Bank Balances	239.767	126.513	0.595
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	317.025	231.155	132.012
Total Current Assets		1583.556	1538.647	453.485
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1271.420	1564.194	463.115
	Other Current Liabilities	31.240	27.030	35.336
	Provisions	18.605	20.289	5.089
Total Current Liabilities		1321.265	1611.513	503.540
Net Current Assets		262.291	(72.866)	(50.055)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1329.541	1142.021	787.455

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	7528.726	854.089
		Other Income	116.189	7.505
		TOTAL (A)	7644.915	861.594
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	6975.408	823.506
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		669.507	38.088
Less	FINANCIAL EXPENSES (D)		48.369	46.868
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		621.138	(8.780)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		204.896	41.622
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		416.242	(50.402)
Less	TAX (H)		158.423	3.293
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		257.819	(53.695)
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		558.168	(1.663)
	BALANCE CARRIED TO THE B/S		815.986	(55.358)
	IMPORTS
		Raw Materials	635.661	18.570
		Capital Goods	79.906	239.435
	TOTAL IMPORTS		715.567	258.005
	Earnings/ (Loss) Per Share (Rs.)		16.65	3.41

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	N.A.	3.37	(6.23)
Net Profit Margin (PBT/Sales)	(%)	N.A.	(5.53)	(5.90)
Return on Total Assets (PBT/Total Assets}	(%)	N.A.	15.12	3.90
Return on Investment (ROI) (PBT/Networth)		N.A.	0.45	0.49
Debt Equity Ratio (Total Liability/Networth)		1.29	1.97	11.60
Current Ratio (Current Asset/Current Liability)		1.20	0.95	0.90

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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 address of the company has been shifted from 19 LUZ Church Road Opposite Kamadhenu Theatre, Mylapore, Chennai – 600004, Tamilnadu, India to the present w.e.f. 21.07.2010

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U35900TN2007PTC065380
Name of the company	Dymos Lear Automotive India Private Limited
Address of the registered office or of the principal place of business in India of the company	Plot No. A6 and A7, Sipcot Industrial Park, Irrungattukotai, Sriperumbudur Taluk - 602105, Tamilnadu, India Email ID: corporate@lawindia.com
This form is for	Creation of charge
Type of charge	Movable Property
Particular of charge holder	Standard Chartered Bank, 19 Rajaji Salai, Chennai – 600001, Tamil Nadu, India Email ID: Ramachandran.Nagasubramanian@sc.com
Nature of description of the instrument creating or modifying the charge	Unattested memorandum of hypothecation
Date of instrument Creating the charge	12.07.2011
Amount secured by the charge	Rs. 180.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base rate plus margin for draw-down in Indian rupees LIBOR plus margin for draw-down in foreign currency Margin to be negotiated and agreed to by the Bank from time to time Terms of Repayment Tenor/ Maturity period of maximum 12 months Margin As may be negotiated and agreed to by the Bank from time to time Extent and Operation of the charge First hypothecation charge Others Main facility-- Financial guarantees/ Stand-by letters of credit (Trade) - USD 4.000 Millions Sub-limits: 1. Bonds/ guarantees - INR 50.000 Millions 2. Import letter of credit- INR 50.000 Millions 3. Short-term loans- INR 150.000 Millions 4. Shipping guarantees - INR 50.000 Millions
Short particulars of the property charged	Present/ future movable properties including movable plant/ machinery, furniture/ fittings, equipment, computers hardware/ software, spares, tools and accessories at all locations

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 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. 53.91
UK Pound	1	Rs. 87.60
Euro	1	Rs. 70.01

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
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	6
--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		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

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.