MIRA INFORM REPORT

Report Date :

04.02.2013

IDENTIFICATION DETAILS

Name :	NETAFIM IRRIGATION INDIA PRIVATE LIMITED [w.e.f. 14.07.1998]
Formerly Known As :	EXCEL DRIP AND AGRISERVICES PRIVATE LIMITED
Registered Office :	Plot No. 268-270, 271/B, GIDC, Manjusar, Savli, Vadodara-391775, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.09.1997
Com. Reg. No.:	04-050144
Capital Investment / Paid-up Capital :	Rs.83.098 Millions
CIN No.: [Company Identification No.]	U01100GJ1997PTC050144
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Micro Irrigation Systems.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 4930000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of ‘Netafim Limited’, Israel. It is a well established and reputed company having a good track record. There appears slight-dip in profitability during the current year. However, the financial position of the company is strong. Performance capacity appears to be high. Liquidity position is good. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for normal 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.

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	CRISIL
Rating	A + [Cash Credit]
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation it carry low credit risk.
Date	October 2012

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 DECLINED BY

Management non co-operative. [91-2667-264601]

LOCATIONS

Registered Office :	Plot No. 268-270, 271/B, GIDC, Manjusar, Savli, Vadodara-391775, Gujarat, India
Tel. No.:	91-2667-264601
Fax No.:	91-2667-264600
E-Mail :	tauseef.shaikh@netafim-india.com
Head Office / Factory 1 :	268-270, GIDC, Manjusar, Savli, District Vadodara-391775, Gujarat, India
Tel. No.:	91-2667-264601/602
Fax No.:	91-2667-264600
E-Mail :	response@netafim-india.com
Factory 2 :	P 38/1, Central Avenue, Domestic Tariff Area, Mahindra World City, Natham (Sub. P.O.) Chengalpet (T.K.), Kancheepuram (D.T.), Chennai-603002, Tamilnadu, India
Tel No.:	91-44-27460128
Fax No.:	91-44-27460217
Regional Office :	Located At: Vadodara Raipur Jalgaon Hyderabad Ahmedabad New Delhi Jaipur Pune Bangalore Coimbatore Anantapur Indore

DIRECTORS

AS ON 30.09.2012

Name :	Mr. Randhirsinh Abasinh Chauhan
Designation :	Managing Director
Address :	Flat No. 12, Second Floor, Vaikunth Society Behind Reliance Petrol Pump, Gatari Road, Vadodara-390021, Gujarat, India
Date of Birth/Age :	17.11.1970
Date of Appointment :	30.10.2006
Din No.:	00987092
Name :	Mr. Ram Levy
Designation :	Director
Address :	Yonathan 6B, Gan Yavne, Israel, Pin Code 70800
Date of Birth/Age :	19.12.1964
Date of Appointment :	26.02.2006
Din No.:	00259994
Name :	Setumadhav Rangarao Potdar
Designation :	Director
Address :	Plot No. D, Flat 8, Wing D, Ram Kutir, Bangur Nagar, Near Link Road, Goregaon (West), Mumbai-400062, Maharashtra, India
Date of Birth/Age :	01.05.1953
Date of Appointment :	01.03.2007
Din No.:	00228617
Name :	Alon Jacob Teichtal
Designation :	Director
Address :	Netafim Limited, Corporate Head Quarters, Derech, Hashalom 10, Tel Aviv, Israel, Pin Code 67892
Date of Birth/Age :	27.01.1963
Date of Appointment :	08.03.2010
Din No.:	02891046

KEY EXECUTIVES

Name :	Tauseef Nuruddin Shaikh
Designation :	Secretary
Address :	3/305, Ganesh Krupa Building, A Wing, Near Canara Bank, Mumbai-400612, Maharashtra, India
Date of Birth/Age :	21.12.1984
Date of Appointment :	03.09.2012
Pan No.:	BOLPS7887H
Name :	Mr. Bharat
Designation :	Assist Manager of Export-Import Department
Name :	Mr. Avinash Patel
Designation :	Head of Treasury and Fund Manger
Mobile No.:	91-9687696560

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2012

Names of Shareholders	No. of Shares
Netafim Limited, Israel	8309824
Fischer Behar Chen and Company, Israel	1
TOTAL	8309825

AS ON 30.09.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Micro Irrigation Systems.

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

• State Bank of India, Mid Corporate Group Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara-390007, Gujarat, India
• State Bank of India, Commercial Branch, Justice G.N. Vaidya Marg, Mumbai-400023, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Term loans from banks	20.090	0.000
Loans repayable on demand from banks	18.026	15.783
Working capital loans from banks	403.225	221.293
TOTAL	441.341	237.076

Banking Relations :	--
Auditors :
Name :	Vakil Jain and Hindocha Chartered Accountants
Address :	201, Sushil, 38, Gautam Nagar, Race Course, Baroda-390007, Gujarat, India
PAN No:	AABFV1343E
Holding Company :	Netafim Limited, Israel
Fellow Subsidiaries :	Netafim (Thailand) Company Limited Netafim Brazil Sist. E Equipo

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/- each	Rs.90.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8309825	Equity Shares	Rs.10/- each	Rs.83.098 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		83.098	83.098	83.098
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1151.226	979.939	698.545
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1234.324	1063.037	781.643
LOAN FUNDS
1] Secured Loans		441.341	237.076	154.186
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		441.341	237.076	154.186
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1675.665	1300.113	935.829
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		488.870	478.686	428.171
Capital work-in-progress		242.140	1.409	0.205
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		19.260	12.664	10.121
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1353.851	946.028	700.607
	Sundry Debtors	1705.279	1200.198	563.167
	Cash & Bank Balances	204.565	99.884	455.136
	Other Current Assets	30.706	26.213	0.000
	Loans & Advances	330.479	207.427	201.577
Total Current Assets		3624.880	2479.750	1920.487
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2270.138	1353.279	514.005
	Other Current Liabilities	377.054	257.410	865.662
	Provisions	52.293	61.707	43.488
Total Current Liabilities		2699.485	1672.396	1423.155
Net Current Assets		925.395	807.354	497.332
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1675.665	1300.113	935.829

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL (A)	5563.091	4117.114	2978.053
Less	EXPENSES
		Office Expenses
		Administrative Expenses	5032.461	3526.868	2414.750
		Advertising Expenses
		TOTAL (B)	5032.461	3526.868	2414.750
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		530.630	590.246	563.303
Less	FINANCIAL EXPENSES (D)		185.649	127.015	119.161
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		344.981	463.231	444.142
Less/ Add	DEPRECIATION/ AMORTISATION (F)		88.558	71.975	63.667
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		256.423	391.256	380.475
Less	TAX (H)		85.315	109.860	114.501
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		171.288	281.396	265.974
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	55.109	53.501	31.566
	IMPORTS
		Raw Materials, Components and Spare Parts	1632.617	1091.311	NA
		Capital Goods	80.985	42.761	NA
	TOTAL		1713.602	1134.072	NA
	Earnings / (Loss) Per Share (Rs.)		20.61	33.86	32.01

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.07	6.83	8.93
Return on Total Assets (PBT/Total Assets}	(%)	6.23	13.22	16.20
Return on Investment (ROI) (PBT/Networth)		0.21	0.37	0.49
Debt Equity Ratio (Total Debt/Networth)		0.35	0.22	0.20
Current Ratio (Current Asset/Current Liability)		1.34	1.48	1.35

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2012 (Rs. in millions)	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Sundry Creditors	2270.138	1353.279	514.005

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 three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter 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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
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 Plot No. 268-270, GIDC, Manjusar, Savli, Vadodara-391775, Gujarat, India to Plot No. 268-270, 271 B, GIDC, Manjusar, Savli, Vadodara-391775, Gujarat, India the present address.

• The registered office has again shifted from Plot No. 268-270, 271 B, GIDC, Manjusar, Savli, Vadodara-391775, Gujarat, India to the present address w.e.f. 23.05.2012.

OPERATIONS:

During the year, the sales and other income of the Company have increased from Rs. 4117.100 Millions to Rs.5563.000 Millions. The Operating Profit i.e. Profit before Interest, Depreciation and Tax has been Rs. 530.600 Millions as against Rs. 590.200 Millions of the previous year. The net profit after tax has been Rs. 171.300 Millions as against Rs. 281.400 Millions of the previous year.

EXPORTS:

During the year the Company has achieved an Export Turnover of Rs. 55.600 Millions as compared to Rs. 56.200 Millions in the previous year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	90149877
Corporate identity number of the company	U01100GJ1997PTC050144
Name of the company	NETAFIM IRRIGATION INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 268-270, 271/B, GIDC, Manjusar, Savli, Vadodara-391775, Gujarat, India
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Mid Corporate Group Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara-390007, Gujarat, India Email: vikash_kumar@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Memorandum relating to constructive Deposit of title deeds for creation of further charge and also relating to actual deposit of Title Deeds to create fresh charge
Date of instrument Creating the charge	08.11.2012
Amount secured by the charge	Rs.2396.900 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC - 2.50% Above Base Rate, Corporate Loan (existing o/s) - 2.50% Above Base Rate, New Term Loan - 2.50% Above Base Rate, Stand by line of Credit - 1.00% Above Normal Rate applicable to CC Limit. Terms of Repayment Corporate Term Loans - repaid as per original terms, New Term Loan will be repaid in 8 equal quarterly installments of Rs.17.500 Millions, starting from April 2012. Margin RM (Domestic), SIP, FG, Stores and Spares - 25%, BD (Cover Period 150 Days) - 40%, LC - NIL, BG - 5%, BG Under EPCG Scheme - 25%. Extent and Operation of the charge various credit facilities are collaterally secured by mortgage of immovable properties more particularly described in Schedule to Memorandum relating to constructive Deposit of title deeds for creation of further charge and also relating to actual deposit of Title Deeds to create fresh charge Others Credit facilities - Cash Credit - Rs.800.000 Millions + Corp. Loan (O/s) Rs.80.800 Millions + New Term Loan Rs.140.000 Millions + SLC Rs.50.000 Millions + Letter of Credit Rs.800.000 Millions + Bank Guarantee Rs.500.000 Millions + One time BG under EPCG Scheme Rs.26.100 Millions aggregating to Rs.2396.900 Millions
Short particulars of the property charged	Item: A: Leasehold immovable property being Plot No.268, 269 and 270 of GIDC Industrial Estate at Manjusar, Tal: Savli, Dist: Vadodara which is part of R S Nos. 1675/P, 1676/P, 1679/P, 1683/P and 1687/P Of village Manjusar in registration sub district Savli and District Vadodara totally admeasuring 16,856.20 Sq. Mtrs Item: B: All that piece and parcel of land of an extent of 3,465 acres comprised in Survey No.268 of Anjur vilage in Mahindra World City situated within the sub registration district of Chengalpettu and Registration district Kancheepuram, both Items together with all buildings and structures thereon and plant and machinery attached to the earth or permanently fastened to anything attached to the earth. Item: C: Leasehold immovable property being all that piece of land known as Plot No.271/B in the Savli Industrial Estate consisting of R S Nos. 1655/P, 1659/P, 1660/P, 1661/P, 1662/P, 1663/P, 1668/P, 1669/P, 1670/P, 1671/P, 1674/P, 1675/P and 1676/P within the village limits of Manjusar Tal: Savli, Dist: Vadodara containing by admeasurement 16,857.93 Sq. Mtrs or thereabout.
Date of latest modification prior to the present modification	05.10.2009
Particulars of the present modification	By this execution the E M charge over extended to cover revised credit facilities of SBI, IFB Baroda from Rs.1746.100 Millions to Rs.2396.900 Millions {Cash Credit - Rs.800.000 Millions + Corp. Loan (O/s) Rs.80.800 Millions + New Term Loan Rs.140.000 Millions + SLC Rs.50.000 Millions + Letter of Credit Rs.800.000 Millions + Bank Guarantee Rs.500.000 Millions + One time BG under EPCG Scheme Rs.26.100 Millions aggregating to Rs.2396.900 Millions} since charge of SBI Israel is satisfied in full, now SBI IFB is having exclusive charge.

FIXED ASSETS:

• Plant and Machinery
• Office Equipments
• Building
• Furniture and Fixtures

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.53.32
UK Pound	1	Rs.84.60
Euro	1	Rs.72.63

INFORMATION DETAILS

Information Gathered by :	PLK / SVA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		53

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.