MIRA INFORM REPORT

Report Date :

11.01.2013

IDENTIFICATION DETAILS

Name :	DEMBLA VALVES LIMITED
Formerly Known As :	DEMBLA VALVES PRIVATE LIMITED
Registered Office :	C-30, Jai Mata Di Compound, Thane Bhiwandi Agra Road, Kalher, Thane – 421302, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.05.1989
Com. Reg. No.:	11-051650
Capital Investment/ Paid-up Capital:	Rs. 50.000 Millions
CIN No.: [Company Identification No.]	U99999MH1989PLC051650
TAN No.: [Tax Deduction & Collection Account No.]	PNED03412D
PAN No.: [Permanent Account No.]	AAACD9909J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Valves and Importer of Raw Material or Finished Goods.
No. of Employees:	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 980000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The liquidity position of the company is deteriorating and there is delay in its debt servicing. The external borrowing of the company seems to be high than its networth. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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	ICRA
Rating	LONG TERM RATING : ICRA D
Rating Explanation	This rating are in default or are expected to be in default soon
Date	June, 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 PARTED BY

Name :	Mr. Arun M
Designation :	Accounts Department
Contact No.:	91-9594439085
Date :	04.01.2013

LOCATIONS

Registered Office/ Factory :	C-30, Jai Mata Di Compound, Thane Bhiwandi Agra Road, Kalher, Thane – 421302, Maharashtra, India
Tel. No.:	91-2522-275131/ 241799/ 275104
Mobile No.:	91-9594439085 (Mr. Arun M)
Fax No:	91-2522-275132/ 241700
E-Mail :	info@dembla.com expo@dembla.com
Website :	www.dembla.com
Location :	Owned
Marketing Office :	11 Floor Adarsh Industrial Estate, Upuan Near Khandelwal Stop, Pokhran Road, No.1, Thane West, Thane – 400601, Maharashtra, India
Tel. No.:	91-22-25853429 / 3957 / 3899 / 25888234
Fax No.:	91-22-25853899
E-Mail id :	demblavalves@dataone.in

DIRECTORS

As on 27.09.2012

Name :	Mr. Kanaiyalal Navalmal Dembla
Designation :	Whole-time director
Address :	1403, 14^th Floor. A- Wing, Golden Willows, Vasant Garden, LBS Marg, Mulund (West), Mumbai – 400080, Maharashtra, India
Date of Birth/Age :	01.02.1947
Date of Appointment :	09.05.1989
PAN No.:	ADFPD2496RS
DIN No:	00966201
Name :	Mr. Jayprakash Navalmal Dembla
Designation :	Managing Director
Address :	Flat No. 402, 4^th Floor, Victoria Classic, Off P.K. Road, Opposite Asha Nagar, Mulund (West), Mumbai – 400080, Maharashtra, India
Date of Birth/Age :	13.04.1955
Date of Appointment :	09.05.1989
PAN No.:	ADEPD2495N
DIN No:	00966484
Name :	Mr. Kapil Kanaiyalal Dembla
Designation :	Whole-time director
Address :	A- 1604, Willows Twin Tower, Vasant Garden, Swapna Nagar, Mulund (West), Mumbai – 400080, Maharashtra, India
Date of Birth/Age :	05.10.1977
Date of Appointment :	01.01.1998
PAN No.:	AECPQ2330Q
DIN No:	00966398
Name :	Mr. Mukund Narayan Katageri
Designation :	Whole-time director
Address :	A- 122, Anant Regency, 46 Malviya Road, Opposite Telephone Exchange, Mulund (West), Mumbai – 400080, Maharashtra, India
Date of Birth/Age :	30.12.1960
Date of Appointment :	01.01.1998
PAN No.:	AFKPK2869N
DIN No:	00966627
Name :	Ms. Harsha Vinod Suvarna
Designation :	Whole-time director
Address :	A-2501, Runwal Pride, Behind R-Mall, LBS Marg, Mulund (West), Mumbai – 400080, Maharashtra, India
Date of Birth/Age :	17.11.1981
Date of Appointment :	01.06.2007
PAN No.:	ARCPS4130S
DIN No:	01183675

KEY EXECUTIVES

Name :	Mr. Arun M
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2012

Names of Shareholders	No. of Shares
Kanaiyalal Navalmal Dembla	134788
Jayprakash Navalmal Dembla	177813
Kapil Kanaiyalal Dembla	75036
Manoj Jayprakash Dembla	32011
Mukund Narayan Katageri	75036
Pratap Kanaiyalal Dembla	2658
Harsha Vinod Suvarna	2658
Total	500000

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2012

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Valves and Importer of Raw Material or Finished Goods.
Exports :
Products :	Finished goods
Countries :	· Spain · Germany · Italy · USA
Imports :
Products :	Raw Material and Finished Goods
Countries :	Korea
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

· ONGC

No. of Employees :

100 (Approximately) (In Office + In Factory)

Bankers :

• Union Bank of India, Kapurbavdi Branch, Dhanlaxmi Industrial Estate, Lal Bahadur Shastri Marg, Kapurbavdi, Thane (West), Thane – 400601, Maharashtra, India

Contact No.: 91-22-21723854

• The Saraswat Co-Operative Bank Limited, Thane Branch, Thane – 400601, Maharashtra, India
• ICICI Bank Limited

Facilities :

Letter of Credit and Cash Credit : Rs.120.000 Millions (From Union Bank of India)

Secured Loans	31.03.2012 Rs. in Millions	31.03.2011 Rs. in Millions
Long Term
Term Loans
From Banks	72.708	28.096
From Others	4.957	5.130
Short Term
Term Loans
From Banks	24.008	15.712
From Others	16.920	0.000
Loans Payable on Demand	225.586	85.663
Total	344.179	134.601
Unsecured Loans	31.03.2012 Rs. in Millions	31.03.2011 Rs. in Millions
Long Term
Term Loans
From Banks	0.706	0.000
From Others	0.000	0.000
Short Term
Term Loans
From Banks	3.243	3.342
From Others	10.293	9.878
Public Deposits	27.705	0.000
Total	41.947	13.220

Banking Relations :	--
Auditors :
Name :	R.G Muley and Company Chartered Accountant
Address :	221/222, Swastik Plaza, Pokhran Road No.2, Thane (West), Thane – 400601, Maharashtra, India
PAN No :	AAPPM4897C

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 100/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 100/- each	Rs. 50.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.02011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		50.000	50.000	42.020
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		195.706	150.426	101.462
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		245.706	200.426	143.482
LOAN FUNDS
1] Secured Loans		344.179	134.601	74.797
2] Unsecured Loans		41.947	13.220	6.970
TOTAL BORROWING		386.126	147.821	81.767
DEFERRED TAX LIABILITIES		14.034	8.361	6.767
TOTAL		645.866	356.608	232.016
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		282.134	91.846	73.424
Capital work-in-progress		0.000	63.194	19.291
INVESTMENT		0.025	0.025	0.025
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	306.704	204.333	125.323
	Sundry Debtors	265.820	196.419	147.934
	Cash & Bank Balances	31.435	19.540	19.616
	Other Current Assets	24.742	15.776	0.000
	Loans & Advances	123.782	74.995	43.928
Total Current Assets		752.483	511.063	336.801
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	279.143	224.359	162.642
	Other Current Liabilities	62.615	35.102	1.630
	Provisions	47.018	50.059	33.427
Total Current Liabilities		388.776	309.520	197.699
Net Current Assets		363.707	201.543	139.102
MISCELLANEOUS EXPENSES		0.000	0.000	0.174
TOTAL		645.866	356.608	232.016

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income	862.213	625.433
		Other Income	8.011	9.318
		TOTAL (A)	870.224	634.751
Less	EXPENSES
		Cost of materials consumed	517.584	431.507
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(52.654)	(93.644)
		Employee benefit expense	57.256	40.573
		Other expenses	218.960	156.198
		TOTAL (B)	741.146	534.634
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		129.078	100.117
Less	FINANCIAL EXPENSES (D)		46.789	15.657
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		82.289	84.460
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.288	8.105
	PROFIT BEFORE TAX (E-F) (G)		68.001	76.355
Less	TAX (H)		22.721	27.392
	PROFIT AFTER TAX (G-H) (I)		45.280	48.963
	EARNINGS IN FOREIGN CURRENCY
		F.O.B Value of Exports	396.571	276.862
	TOTAL EARNINGS		396.571	279.862
	Earnings Per Share (Rs.)		90.56	97.93

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010
	SALES
		Income	594.853
		Other Income	6.942
		TOTAL	601.795
Less	EXPENSES
		Material Consumed	296.224
		Processing charge	57.856
		Manufacturing expenses	63.465
		Payments to and provision for employees	30.985
		Other Expenses	76.587
		Variation in Stock	4.565
		TOTAL	529.682
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		72.113
Less/ Add	DEPRECIATION/ AMORTISATION		6.785
	PROFIT BEFORE TAX		65.328
Less	TAX		22.733
	PROFIT AFTER TAX		42.595
	BALANCE CARRIED TO THE B/S		9.695
	EARNINGS IN FOREIGN CURRENCY
		F.O.B Value of Exports	204.498
	TOTAL EARNINGS		204.498
	Earnings Per Share (Rs.)		133.05

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.20	7.71	7.07
Net Profit Margin (PBT/Sales)	(%)	7.89	12.21	10.98
Return on Total Assets (PBT/Total Assets}	(%)	6.57	12.66	15.20
Return on Investment (ROI) (PBT/Networth)		0.28	0.38	0.45
Debt Equity Ratio (Total Liability/Networth)		3.15	2.28	1.94
Current Ratio (Current Asset/Current Liability)		1.94	1.65	1.70

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. in Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors	279.143	224.359
Sundry Creditors for goods			127.143
Sundry Creditors for Labour Charges			17.990
Sundry Creditors for Expenses			13.868
Other Creditors			3.641
Total	279.143	224.359	162.642

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	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	No
17]	Major suppliers	No
18]	Major customers	Yes/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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

PERFORMANCE OF THE COMPANY:

The performance of the company for the year remained to be very good at the level of Rs.870.223 Millions (prev. yr. Rs 634.750 Millions) registering growth of 37.09 % in turn over as compared to previous year. It is however, to be noted that though the turnover has increased, the net profit after tax stood at Rs.45.279 Millions only (Prev. Yr. Rs.48.963 Millions) did not increase in that proportion due to development of new products by the company.

CURRENT SCENARIO:

During the current the directors are hopeful to show still better results despite global economic conditions did not yet improve. Up to that August 2012 the sales of the company are Rs 862.212 Millions and the company has order book position is Rs.400.000 Millions. Also due to addition of new product range the company is expecting to have better profitability.

NEW UNIT AT VALSIND:

the company’s Valsind Unit has been operational fully now which will be having better quality products and also the increase in volume. Due to addition of state of art CNC machine the quality of products will certainly be the best and have market acceptability to the entire satisfaction of its clients.

CONTINGENT LIABILITIES

(Rs. In Millions)

Particulars	31.03.2012
in respect of warranties to customers	83.633

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U99999MH1989PLC051650
Name of the company	DEMBLA VALVES LIMITED
Address of the registered office or of the principal place of business in India of the company	C-30, Jai Mata Di Compound, Thane Bhiwandi Agra Road, Kalher, Thane – 421302, Maharashtra, India E mail: expo@dembla.com
This form is for	Modification of charge
Charge identification number of the charge to be modified	10062574
Type of charge	Book Debts Movable Property
Particular of charge holder	Union Bank of India, Kapurbavdi Branch, Dhanlaxmi Industrial Estate, Lal Bahadur Shastri Marg, Kapurbavdi, Thane (West), Thane – 400601, Maharashtra, India Email: CBSKAPURBAVDE@unionbankofindia.com
Nature of instrument creating charge	Supplementary Agreement to SD – 06 Hypothecation Agreement [SD – 06(S)]
Date of instrument Creating the charge	30.10.2012
Amount secured by the charge	Rs.225.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest BR + 3.75% per Annum with monthly rest Terms of Repayment Being cash credit facility this is not required Margin 25% against stock 25% against book debts Extent and Operation of the charge Hypothecation over entire stock and book debt is subject to maximum sum of Rs.225.000 Millions
Short particulars of the property charged	Paid up stock of raw material (RM), work in process (WIP), finished goods (FG) and bookdebts not older than 90 days.
Date of last modification prior to the present modification	10.08.2011
Particulars of the present modification	Original charge created on 01.08.2007 for Rs. 47.500 Millions First modification the charge has been enchanced from Rs. 47.500 Millions to Rs. 60.000 Millions Second modification the charge has been enhanced from Rs. 60.000 Millions to Rs. 80.000 Millions Third modification the charge has been enhanced from Rs.80.000 Millions to 120.000 Millions By the present and fourth modification the charge has been enhanced from Rs.120.000 Millions to 225.000 Millions.

TRADE REFERENCES

· ONGC

FIXED ASSETS:

· Plant and Equipment

· Factory Building

· Building

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Factory Equipment

· Computer Equipments

· Computer Software

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.54.63
UK Pound	1	Rs.87.50
Euro	1	Rs.71.32

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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
TOTAL		36

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.