MIRA INFORM REPORT

Report Date :

19.02.2013

IDENTIFICATION DETAILS

Name :	JAY CHEMICAL INDUSTRIES LIMITED
Registered Office :	Jay House, Near Saffron Building Panchvati, Ellisbridge, Ahmedabad-380006, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.03.2000
Com. Reg. No.:	04-037683
Capital Investment / Paid-up Capital :	Rs. 143.340 Millions
CIN No.: [Company Identification No.]	U24119GJ2000PLC037683
IEC No.:	0888017031
TAN No.: [Tax Deduction & Collection Account No.]	AHNJ00516F
PAN No.: [Permanent Account No.]	AAACJ7628J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Dyes Intermediates, Garments, Construction Chemicals, Textile Auxiliary.
No. of Employees :	1500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 4000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The latest financial of the company is not made available. As per previous year’s record, the company is found to be performing well. Trade relations are reported as fair. 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	CARE
Rating	Short term Bank facility : A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	January 4, 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.

LOCATIONS

Registered Office :	Jay House, Near Saffron Building Panchvati, Ellisbridge, Ahmedabad-380006, Gujarat, India
Tel. No.:	91-79-26423363
Fax No.:	91-79-26425763
E-Mail :	cs@jaychemical.com daksheshmachhar@jaychemical.com alpeshshah@jaychemical.com nimishvaya@yahoo.com info@jaychemical.com manishitandon@jaychemical.com murarinari@jaychemical.com anshulagarwal@jaychemical.com
Website :	http://www.jaychemical.com
Area :	600 Sq. ft.
Location :	Owned
Factory 1 :	Plot No. 44, GIDC, Odhav, Ahmedabad - 382415, Gujarat, India
Tel. No.:	91-79-22873581
Fax No.:	91-79-22872383
Location :	Owned
Factory 2 :	GIDC, Khambhat, Ahmedabad, Gujarat, India
Location :	Owned
Factory 3 :	Located at Vatva, Ahmedabad, Gujarat, India

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Jayendrabhai Hiralal Kharawala
Designation :	Chairman and Managing Director
Address :	2, Spring Vally, Mohamadpura Road, B/H Karnavati Club," Bodakdev, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	18.02.1939
Qualification :	B.Sc (Chemistry)
Date of Appointment :	01.04.2009
DIN No.:	00077389
Name :	Mr. Greeven Jayendrakumar Kharawala
Designation :	Managing director
Address :	2, Spring Vally, Mohamadpura Road, B/H Karnavati Club," Bodakdev, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	29.09.1974
Qualification :	B. Sc, Management Course from Harvard
Date of Appointment :	01.04.2009
DIN No.:	00358381
Name :	Mr. Shambhunath Sushilkumar Chakraverty
Designation :	Whole-time director
Address :	B-71, Venus Apartment, B/h Ashima Tower, Vastrapur, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	20.08.1942
Qualification :	Graduate
Date of Appointment :	01.04.2009
PAN No.:	AACPC5697F
DIN No.:	00689059
Name :	Mr. Bipinbhai Rughnathbhai Patel
Designation :	Whole-time director
Address :	44, Mithila Society, Opposite Shreyash Foundation, Ambawadi, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	01.03.1945
Date of Appointment :	01.10.2008
PAN No.:	ACZPP0043K
DIN No.:	01186974
Name :	Mr. Ravi Babulal Kabra
Designation :	Whole-time director
Address :	83C, Satyagrah Chhavni, Lane No.15, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	12.05.1976
Qualification :	MBA
Date of Appointment :	01.04.2009
PAN No.:	ADKPK9389F
DIN No.:	00080979
Name :	Mr. Dakshesh Mohanlal Machhar
Designation :	Whole-time director
Address :	Block No. 212, Anmol Park, Plot No. 10, Bopal, Ahmedabad - 380058, Gujarat, India
Date of Birth/Age :	29.09.1966
Qualification :	B.Com.
Date of Appointment :	01.04.2009
PAN No.:	ABWPM1392E
DIN No.:	00081032
Name :	Mr. Kantibhai Hirabhai Patel
Designation :	Director
Address :	26, Mahasukhnagar C H S L-2, Vibhag-1, Jain Derasar, Satellite, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	03.09.1946
Date of Appointment :	26.09.2008
DIN No.:	02325787

KEY EXECUTIVES

Name :	Mrs. Bhavina Rupesh Acharya
Designation :	Company Secretary
Date of Birth/Age :	07.02.1986
Date of Appointment :	01.12.2011
PAN No.:	AZQPA3302C
Name :	D.E. Ablard
Designation :	Global Marketing Head
Qualification :	M.Sc.
Name :	Dr. Warren Ebenezer
Designation :	GM- R&D
Qualification :	PhD (Synthetic Organic Chemistry)
Name :	Shailesh Shah
Designation :	Area Sales Manager-USA
Qualification :	B.Sc.(Chemistry)Diploma in Textile Chemistry
Name :	Mesut Isik
Designation :	Area Sales Manager-Turkey
Qualification :	M. Sc , MBA (Textile Engineering)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Jayendrabhai Hiralal Kharawala	8705530
Greeven Jayendrakumar Kharawala	1503390
Mokshadaben G. Kharawala	50290
Ushaben J. Kharawala	1624760
Jay Infa Trade Private Limited, India	49500
J. H. Kharawala, HUF	1799530
Ravi Kabra	100
G J Kharawala, HUF	600000
Greeva Trading and Investments Private Limited, India	100
Janmejay Trading and Investments Private Limited, India	395
Jayendrakumar Trading and Investments Private Limited, India	395
Total	14333990

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	0.35
Directors or relatives of directors	99.65
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Dyes Intermediates, Garments, Construction Chemicals, Textile Auxiliary.

Products :

Item Code No:	Production Description
32041650	Reactive Blue
32041650	Reactive Black GL/GR
32041630	Reactive Red ME4BL
32041630	Reactive Dyes

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production [In Qty.]
Dyes	MT	26000	18671
Intermediates	MT	11500	8013
Auxiliary	MT	2000	2541

GENERAL INFORMATION

No. of Employees :

1500 (Approximately)

Bankers :

Ø Bank of Baroda, Ashram Road Branch, Vallabh Sadan Bhavan, Opposite Gujarat Chamber of Commercial and Industrial, Ashram Road, Ahmedabad-380006, Gujarat, India

Ø Export-Import Bank of India, Floor 21, Centre One Building, World Trade Centre Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India

Ø State Bank of Hyderabad

Ø Axis Bank

Ø Dena Bank

Ø Exim Bank

Ø Bank of Hyderabad

Ø Bank of India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
INR Loan from Schedule Bank
Cash Credit and Export Credit Accounts	476.871	109.540
Term Loan	833.350	451.541
Foreign Currency Loan
Cash Credit and Export Credit Accounts	551.071	680.621
Term Loan [Secured by Hypothecation of Plant and Machinery, Movable Assets, Current Assets, Equitable Mortgage of Land and Building and Personal Guarantee of Directors]	0.000	142.292
Vehicle Loan	12.435	7.215
Total	1873.727	1391.209

Banking Relations :	--
Auditors 1 :
Name :	Shah and Nagori Chartered Accountants
Address :	T-1, Dhaval Complex, B/h Navrangpura Post Office, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26565206/66312129
Income-tax PAN of auditor or auditor's firm :	AAHPN5506D
Auditors 2 :
Name :	Nimish Vayawala Chartered Accountant
Address :	1,Vasupujya Flat, 1 Navpad Society, Opposite Amul Society, Paldi, Ahmedabad, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAIPV6426D
Subsidiary Company :	Solunaris GmbH
Associates:	Ø Jay Infa Trade Private Limited [U51909GJ1990PTC014227] Ø Jay Enterprise Ø Jushika Corporation Ø Prem Chemical Industries Ø Ronuk Dyes and Chemical Ø India Textile Products Ø Greeva Ø Jayendrakumar and Company

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity Shares	Rs. 10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14,333,990	Equity Shares	Rs. 10/- each	Rs. 143.340 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		143.340	143.340	71.668
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		875.803	760.346	672.001
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1019.143	903.686	743.669
LOAN FUNDS
1] Secured Loans		1873.727	1391.209	1355.782
2] Unsecured Loans		27.936	24.498	12.744
TOTAL BORROWING		1901.663	1415.707	1368.526
DEFERRED TAX LIABILITIES		152.806	133.068	112.045
TOTAL		3073.612	2452.461	2224.240
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1327.641	1217.585	1126.889
Capital work-in-progress		260.703	45.125	107.194
INVESTMENT		42.048	11.909	10.275
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	957.716	689.969	508.953
	Sundry Debtors	887.642	829.931	759.183
	Cash & Bank Balances	107.676	100.780	42.737
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	334.832	240.445	180.501
Total Current Assets		2287.866	1861.125	1491.374
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	785.023	633.364	432.542
	Other Current Liabilities	12.539	12.447	0.000
	Provisions	50.100	40.912	82.365
Total Current Liabilities		847.662	686.723	514.907
Net Current Assets		1440.204	1174.402	976.467
MISCELLANEOUS EXPENSES		3.016	3.440	3.415
TOTAL		3073.612	2452.461	2224.240

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3411.212	3125.557	2500.493
		Other Income	103.366	70.736	0.266
		TOTAL	3514.578	3196.293	2500.759
Less	EXPENSES
		Consumption materials changes inventories	1931.664	1735.846	1428.795
		Manufacturing service costs	609.906	496.179	591.805
		Employee related expenses	180.875	152.890	192.746
		Administrative selling other expenses	391.109	337.623	0.379
		TOTAL	3113.554	2722.538	2213.725
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		401.024	473.755	287.034
Less	FINANCIAL EXPENSES		131.101	126.858	125.325
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		269.923	346.897	161.709
Less/ Add	DEPRECIATION/ AMORTISATION		99.254	83.996	49.765
	EXTRAORDINARY ITEMS BEFORE TAX		0.787	(34.435)	0.000
	PRIOR PERIOD ITEMS BEFORE TAX		(0.059)	(0.170)	(0.435)
	PROFIT BEFORE TAX		171.397	228.296	111.509
Less	TAX		55.940	68.281	17.894
	PROFIT AFTER TAX		115.457	160.015	94.050
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		701.120	541.105	447.055
	BALANCE CARRIED TO THE B/S		816.577	701.120	541.105
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1765.143	1674.693	1370.870
	TOTAL EARNINGS
	IMPORTS
		Raw Materials	524.719	479.837	449.726
		Capital Goods	38.009	7.002	8.708
	TOTAL IMPORTS		562.728	486.839	458.434
	Earnings Per Share (Rs.)		8.05	11.16	6.56

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.29	5.01	3.76
Net Profit Margin (PBT/Sales)	(%)	5.02	7.30	4.46
Return on Total Assets (PBT/Total Assets}	(%)	4.74	7.42	4.26
Return on Investment (ROI) (PBT/Networth)		0.17	0.25	0.15
Debt Equity Ratio (Total Debt/Networth)		1.87	1.57	1.84
Current Ratio (Current Asset/Current Liability)		2.70	2.71	2.90

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	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	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	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Deposit from Agents	27.936	24.498
Total	27.936	24.498

THE YEAR IN NUMBERS:

Their relentless efforts to push for growth in spite of tough market conditions have enabled us to stay in the profit street. The company has achieved revenue of Rs.3510.195 Millions as compared to Rs.3192.585 Millions in the previous year, a total increase of Rs.317.610 Millions. The growth achieved in the revenue was set off by high input costs and the PBIDT during the year recorded at Rs.396.642 Millions.

The company registered a Profit before prior period items and Tax of Rs.170.669 Millions for the financial year ending 31st March, 2011.

The Company continues to expand its facilities at its Khambhat Plant which is expected to improve the numbers in the current as well as future years.

CONTINGENT LIABILITIES:

Bank guarantee issued by Bank Rs.12.779 Millions. LC opened but liability not accepted in books Rs. 62.029 Millions

FIXED ASSETS:

Ø Building Factory and Office

Ø Electric Installation

Ø Plant and Machinery

Ø R and D and Laboratory Equipment

Ø Effluent Plant

Ø Furniture and Fixtures

Ø Office Equipments

Ø Computer

Ø Vehicle

Ø Land

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. 54.29
UK Pound	1	Rs. 84.09
Euro	1	Rs. 72.44

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.