MIRA INFORM REPORT

Report Date :

06.08.2013

IDENTIFICATION DETAILS

Name :	GUJARAT FLOTEX PRIVATE LIMITED
Registered Office :	407, “Shashwat”, Near Kanak Hotel, Opposite Gujarat College, Ellisbridge, Ahmedabad – 380 006, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.12.2000
Com. Reg. No.:	04-039072
Capital Investment / Paid-up Capital :	Rs. 12.525 Millions
CIN No.: [Company Identification No.]	U17118GJ2000PTC039072
TAN No.: [Tax Deduction & Collection Account No.]	AHMG01878C
PAN No.: [Permanent Account No.]	AABCG4542P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of Floked Cotton Fabrics, Floked Synthetic Fabrics and Textile Dust (Flock), Raised Knitted Fabrics.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 540000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loan = BB+ (Suspended)
Rating Explanation	Moderate risk of default
Date	04.03.2013

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.

INFORMATION PARTED BY

Name :	Mr. Jignesh
Designation :	Accounts Department
Contact No.:	91-79-26563204
Date :	05.08.2013

LOCATIONS

Registered Office :	407, “Shashwat”, Near Kanak Hotel, Opposite Gujarat College, Ellisbridge, Ahmedabad – 380 006, Gujarat, India
Tel. No.:	91-79-26563204/ 26425927/91-2764-233063
Fax No.:	91-79-26424756/91-2764-232046
E-Mail :	gujfload1@sancharnet.in accounts@gujaratflotex.com
Website :	www.gujaratflotex.com
Area :	2000 sq ft
Location :	Owned
Factory :	1039/ 2, Kadi Chhatral Road Chhatral Taluka – Kalol, District: Gandhi Naga, Gujarat, India
Tel. No.:	91-2764-233063
Area :	1500 sq ft
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :	Mr. Vikas Chanchalraj Mehta
Designation :	Director
Address :	4, Tejal Apartments, Opposite Sankola Apartment, Near New Alkapuri Society, Ambawadi, Ahmedabad – 380 006, Gujarat, India.
Date of Birth/Age :	15.12.1975
Qualification :	Graduate
Date of Appointment :	15.12.2000
DIN No.:	00059317
Name :	Mr. Jay Prakash Kailash Chandra Tosniwal
Designation :	Director
Address :	203, Sukhdham Flats Opposite Municipal Market, C.G Road, Ahmedabad – 380009, Gujarat, India
Date of Birth/Age :	16.10.1974
Qualification :	Graduate
Date of Appointment :	15.12.2000
DIN No.:	00093574
Name :	Mrs. Nisha Tosniwal
Designation :	Director
Address :	203, Sukhdham Apartment, Opposite Municipal Market, C. G. Road, Ahmedabad - 380 009, Gujarat, India
Date of Birth/Age :	18.04.1974
Date of Appointment :	15.04.2011
DIN No.:	03517907
Name :	Mrs. Priya Vikash Mehta
Designation :	Director
Address :	4, Tezal Appartment, Opposite, Sankul Apartment, Gulbai Tekra, Ahmedabad - 380015, Gujarat, India
Date of Birth/Age :	27.12.1977
Date of Appointment :	15.04.2011
DIN No.:	03517943

KEY EXECUTIVES

Name :	Mr. Jignesh
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Jay Prakash Tosniwal	243000
Vikas Mehta	326000
Anand Choudhary	221000
Vikas Tosniwal	45000
Priya Mehta	87500
Nisha Tosniwal	70000
Nisha Vikas Tosniwal	2000
Sweta Mehta	6000
Mirjamal Tosniwala HUF	45000
Mirjamal Tosniwala	20000
Vishal Tosniwala	5000
Jay Prakash Tosniwal HUF	10000
Vikas Mehta HUF	5500
C.R. Mehta HUF	4500
Madhu Mehta	4500
Western Flock Private Limited	150000
Vyom Exim Private Limited	6000
Deepak Rathi	1500
Total	1252500

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	12.45
Directors or relatives of Directors	87.55
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer and Exporter of Floked Cotton Fabrics, Floked Synthetic Fabrics and Textile Dust (Flock), Raised Knitted Fabrics.

Products :

Item Code	Product Description
5907.11	Flocked Cotton Fabrics
5907.12	Flocked Synthetic Fabrics
5601.30	Textile Dust (Flock)

Exports :

Products :

Finished Good

Countries :

UAE

Imports :

Products :

Raw Materials

Countries :

Europe

Terms :

Selling :

L/C / Cash / Credit

Purchasing :

L/C / Cash / Credit

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

250 (Approximately)

Bankers :

• State Bank of India, Laghu Udhyog Branch, Opposite Gandhidham Railway Station, Gandhidham, Ahmedabad – 380009, Gujarat, India
• Andhra Bank, 41, Parimal Society, C.G. Road, Ahmedabad – 380 006, Gujarat, India
• HDFC Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Term loans from banks
State Bank of India	68.957	55.801
Kotak Mahindra	1.357	0.000
Short Term Borrowings
Working capital facilities
from banks State Bank of India	106.304	79.844
Long Term Loan Installments falling due in next 12 months	13.529	6.145
Total	190.147	141.790
(Term loan is Secure by respective Machinery purchased out from Term loan, Company's land & Building situated at Chhatral Gujarat and also gauranteed by personal gaurantee of Directors.) Interest Rate on above Loan is 13.9% P.A. (Working capital facilities are secured by hypothication of current Assets of Company including receivables. Term loan is Secure by respective Machinery purchased out from Term loan. Both Type of loan is also secured by Company's land & Building situated at Chhatral Gujarat and also gauranteed by personal gaurantee of Directors.) Rate of interest on Working capital Facilities are SBI base rate + 6.5% P.A.

Banking Relations :	---
Auditors :
Name :	Surana Maloo and Company Chartered Accountants
Address :	404, 4^th Floor, Shival Plaza, Gujarat College Road, Ellisbridge, Ahmedabad – 380 006, Gujarat, India
Tel. No.:	91-79-26420336/7/8/9
Fax No.:	91-79-26424100
E-Mail :	vidhansurana@suranamaloo.com omkarmaloo@suranamaloo.com
PAN No.:	AAHFS7809J
Enterprises over which Key Managerial Personnel are able to exercise significant influence:	Vyom Exim Private Limited
Sister Concern :	Western Flotex Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

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
1252500	Equity Shares	Rs.10/- each	Rs.12.525 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	12.525	12.525
(b) Reserves & Surplus	123.927	109.736
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	136.452	122.261
(3) Non-Current Liabilities
(a) long-term borrowings	91.969	79.301
(b) Deferred tax liabilities (Net)	16.740	14.917
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	108.709	94.218
(4) Current Liabilities
(a) Short term borrowings	119.833	85.989
(b) Trade payables	64.190	40.323
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	1.617	2.180
Total Current Liabilities (4)	185.640	128.492
TOTAL	430.801	344.971
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	186.674	143.916
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	3.378	2.368
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	190.052	146.284
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	120.117	93.146
(c) Trade receivables	108.138	85.842
(d) Cash and cash equivalents	4.638	11.435
(e) Short-term loans and advances	5.259	5.300
(f) Other current assets	2.597	2.964
Total Current Assets	240.749	198.687
TOTAL	430.801	344.971

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		12.525
2] Share Application Money		0.000
3] Reserves & Surplus		96.625
4] (Accumulated Losses)		0.000
NETWORTH		109.150
LOAN FUNDS
1] Secured Loans		115.352
2] Unsecured Loans		29.500
TOTAL BORROWING		144.852
DEFERRED TAX LIABILITIES		9.071
TOTAL		263.073
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		105.386
Capital work-in-progress		34.572
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	70.168
	Sundry Debtors	63.011
	Cash & Bank Balances	10.838
	Other Current Assets	3.367
	Loans & Advances	4.473
Total Current Assets		151.857
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	27.284
	Other Current Liabilities	0.000
	Provisions	1.473
Total Current Liabilities		28.757
Net Current Assets		123.100
MISCELLANEOUS EXPENSES		0.015
TOTAL		263.073

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	721.181	499.789	381.161
		Other Income	3.204	0.866	0.712
		TOTAL (A)	724.385	500.655	381.873
Less	EXPENSES
		Cost of materials consumed	517.846	350.442
		Changes in inventories of finished goods work-in-progress and Stock-in-Trade	(9.815)	(25.044)
		Manufacturing Expenses	130.438	104.376	349.648
		Employee benefits expense	18.810	17.020
		Office & Administrative Expenses	8.160	6.347
		TOTAL (B)	665.439	453.141	349.648
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		58.946	47.514	32.225
Less	FINANCIAL EXPENSES (D)		21.191	12.672	7.604
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		37.755	34.842	24.621
Less/ Add	DEPRECIATION/ AMORTISATION (F)		17.059	13.646	7.169
	PROFIT BEFORE TAX (E-F) (G)		20.696	21.196	17.452
Less	TAX (H)		6.505	8.085	5.331
	PROFIT AFTER TAX (G-H) (I)		14.191	13.111	12.121
	Earnings Per Share (Rs.)		11.33	10.47	9.68

Particulars	31.03.2013
Sales Turnover (Approximately)	850.000

The above information has been parted by Mr. Jignesh

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.96	2.62	3.17
Net Profit Margin (PBT/Sales)	(%)	2.87	4.24	4.58
Return on Total Assets (PBT/Total Assets}	(%)	4.80	6.14	6.78
Return on Investment (ROI) (PBT/Networth)		0.15	0.17	0.16
Debt Equity Ratio (Total Debt /Networth)		1.55	1.35	1.33
Current Ratio (Current Asset/Current Liability)		1.30	1.55	5.28

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	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	Yes
10]	Designation of contact person	Yes
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	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	Yes

NOTE:

The registered office of the company has been shifted from 1039/ 2, Kadi Chhatral Road Chhatral Taluka – Kalol, District: Gandhi Naga, Gujarat to the present address w.e.f. 31.03.2008.

CORPORATE INFORMATION

Subject is a private limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company is engaged in Manufacturing of Floked Cotton Fabrics, Floked Synthetic Fabrics and Textile Dust (Flock), Raised Knitted Fabrics.

CONTINGENT LIABILITY:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
Export Obligation under EPCG (net)	5.909	2.714
Guarantee	1.865	0.000
Total	7.774	2.714

UNSECURED LOAN

Rs. in Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
From Related Parties	10.155	11.650
From Corporate Bodies	11.500	11.850
Total	21.655	23.500

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10257565	07/12/2010	500,000.00	STATE BANK OF INDIA	LAGHU UDHYOG BRANCH, OPP. GANDHIGRAM RAILWAY STATION, GANDHIGRAM,, AHMEDABAD, Gujarat - 380009, INDIA	B02277309
2	10177786	08/11/2012 *	250,800,000.00	STATE BANK OF INDIA	LAGHU UDHYOG BRANCH, OPP. GANDHIDRAM RAILWAY, STATION, GANDHIGRAM, AHMEDABAD, AHMEDABAD, Gujarat -  380009, INDIA	B63281844
3	10177179	05/11/2012 *	250,800,000.00	STATE BANK OF INDIA	LAGHU UDHYOG BRANCH, OPP. GANDHIGRAM RAILWAY STATION, GANDHIDHAM, AHMEDABAD, Gujarat - 380009, INDIA	B62642533

* Date of charge modification

FIXED ASSETS:

• Computers
• Electrical Installation
• Energy Saving Equipments
• ETP Plant
• Factory Building
• Freehold Land
• Furniture and Fixture
• Office Equipment
• Plant and Machinery
• Steam Boiler
• Thermic Heater
• Thermic Heater II
• Thermic Heater III
• 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 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.60.82
UK Pound	1	Rs.92.97
Euro	1	Rs.80.73

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NTH

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	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.