MIRA INFORM REPORT

Report Date :

20.05.2013

IDENTIFICATION DETAILS

Name :	PG ELECTROPLAST LIMITED
Registered Office :	B-11, Mahendru Enclave, (Opposite Gujrawalan Town), New Delhi – 110 033
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	17.03.2003
Com. Reg. No.:	55-119416
Capital Investment / Paid-up Capital :	Rs.164.143 Millions
CIN No.: [Company Identification No.]	L32109DL2003PLC119416 (New) U32109DL2003PLC119416 (Old)
TAN No.: [Tax Deduction & Collection Account No.]	DELP07999F
PAN No.: [Permanent Account No.]	AACCP9321Q
Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject manufactures and/or assembles a comprehensive range of consumer electronic components and finished products such as colour television sets and components, air conditioners sub-assemblies, DVD players, water purifiers and Compact Fluorescent Lamps (CFL), they also do plastic injection moulding and manufacture Printed Circuit Boards (PCB) assemblies as backward integration and also engaged providing Electronic Manufacturing Services (EMS).
No. of Employees :	403 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 5897000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. The company has incurred a loss in the current year. However, trade relations are reported as 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.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: BB-
Rating Explanation	Moderate risk of default.
Date	March 6, 2013

Rating Agency Name	CRISIL
Rating	Short Term Rating: A4
Rating Explanation	Minimal degree of safety it carry very high credit risk.
Date	March 6, 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 :	B-11, Mahendru Enclave, (Opposite Gujrawalan Town), New Delhi – 110 033, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	info@pgel.in investors@pgel.in
Website :	http://www.pgel.in
Corporate Office/ Factory 1 :	P-4/2 to 4/6, Site-B, UPSIDC Industrial Area, Surajpur, Greater Noida – 201 306, District Gautam Budh Nagar, Uttar Pradesh, India
Tel. No.:	91-120-2569323
Fax No.:	91-120-2569131
Factory 2 :	Khasra No.268 and 275, 15^th Milestone, Roorkee - Dehradun National Highway-73, Village: Raipur, Pargana : Bhagwanpur, Tehsil-Roorkee, District Haridwar – 247 667, Uttrakhand, India
Tel. No.:	91-1332-232956
Factory 3 :	E-14 and 15, Site-B, UPSIDC Industrial Area, Surajpur, Greater Noida - 201 306, District Gautam Budh Nagar, Uttar Pradesh, India
Tel. No.:	91-120-2569323
Fax No.:	91-120-2569131
Factory 4 :	Plot No.A-20/2, Supa Parner MIDC Industrial Area, City - Supa, Talika - Parner, District: Ahemednagar – 414 301, Maharashtra, India
Tel. No.:	91-2488-243343

DIRECTORS

As on 31.03.2012

Name :	Mr. Promod Gupta
Designation :	Chairman and Managing Director
Date of Birth/Age :	23.03.1943
Qualification :	Graduate
Name :	Mr. Anurag Gupta
Designation :	Executive Director (Technical)
Date of Birth/Age :	27.05.1969
Qualification :	B.E. in Computer Engineering and Science
Area of Expertise/ Senior Position Held/ Work Experience :	He has experience of around 17 years in the field of electronics manufacturing services.
Date of Appointment :	17.03.2003
Other Directorship :	Kushang Technologies Limited
Name :	Mr. Vishal Gupta
Designation :	Executive Director (Finance)
Date of Birth/Age :	25.09.1972
Qualification :	MBA (Finance)
Area of Expertise/ Senior Position Held/ Work Experience :	He has experience of around 17 years in the field of electronics manufacturing services.
Date of Appointment :	01.05.2010
Name :	Mr. Vikas Gupta
Designation :	Executive Director (Operation)
Name :	Mr. Bhawa Nand Choudhary
Designation :	Independent Director
Date of Birth/Age :	09.01.1953
Qualification :	M. Tech (Production Management), B. Tech (Mechanical)
Area of Expertise/ Senior Position Held/ Work Experience :	He is a technocrat with over three decades experience in project management, Manufacturing, Production activities and management.
Date of Appointment :	06.02.2012
Name :	Mr. Devendra Jha
Designation :	Independent Director
Date of Birth/Age :	01.10.1954
Qualification :	B. Tech (Civil) from IIT, Kanpur, ME (Highway), Diploma in Management
Area of Expertise/ Senior Position Held/ Work Experience :	Over 31 years of experience in Planning, Project Management and construction of large scale Building, Township and Real Estate Projects.
Date of Appointment :	02.05.2012
Name :	Mr. Ram Dayal Modi
Designation :	Independent Director
Date of Birth/Age :	30.06.1951
Qualification :	MA (Pol. Science), Certified Associates of Indian Institute of Bankers
Area of Expertise/ Senior Position Held/ Work Experience :	He has looked after various domains of entire Bank and Policy making thereof.
Date of Appointment :	02.05.2012
Other Directorship :	· MBL Infrastructure Limited · MBL (MP) Toll Road Company Limited
Name :	Mr. Kailash Pati Sharma
Designation :	Independent Director
Date of Birth/Age :	10.02.1970
Qualification :	Graduate in Science and Engineering with Electronics and Telecommunications.
Area of Expertise/ Senior Position Held/ Work Experience :	He has a vast experience in the field of IT, ITES and Consumer Industry
Date of Appointment :	02.05.2012

KEY EXECUTIVES

Name :	Mr. Kuntal Kar
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2013

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	9676122	58.95
Any Others (Specify)	993210	6.05
Others	993210	6.05
Sub Total	10669332	65.00
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	10669332	65.00
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	5169974	31.50
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	131881	0.80
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	382646	2.33
Any Others (Specify)	60499	0.37
Non Resident Indians	300	0.00
Clearing Members	60199	0.37
Sub Total	5745000	35.00
Total Public shareholding (B)	5745000	35.00
Total (A)+(B)	16414332	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	16414332	0.00

BUSINESS DETAILS

Line of Business :

Subject manufactures and/or assembles a comprehensive range of consumer electronic components and finished products such as colour television sets and components, air conditioners sub-assemblies, DVD players, water purifiers and Compact Fluorescent Lamps (CFL), they also do plastic injection moulding and manufacture Printed Circuit Boards (PCB) assemblies as backward integration and also engaged providing Electronic Manufacturing Services (EMS).

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	2010-2011 QTY
Licensed Capacity		N.A.
Installed Capacity (per annum)
Moulding of Plastic Components	MT	13056.00
Colour Television	Nos.	16.05 lacs
Audio and Video-DVD	Nos.	3.00 lacs
PCB Assembly-CTV	Nos.	6.00 lacs
PCB Assembly-DVD	Nos.	10.00 lacs
AC Sub Assembly	Nos.	1.80 lacs
CFL Assemblies	Nos.	30.00 lacs
PCB assemblies for CFL	Nos.	30.00 lacs

PRODUCTION (NET)

UNIT-1, G. NOIDA	2010-2011
	Qty-in nos.
Air Conditioner Parts	. 1655544
Colour Television	1015128
TV Parts	2680801
Computer Monitor Parts	--
Washing Machine Parts	--
DVD parts	147464
Water Purifier Plastic Part	10983
Chassis including job work	1154282
FL-BULB Parts	59825
Telecommunication parts	9106
UNIT-II AT ROORKEE
Colour Television	617196
DVD	26008
CFL	1345085
Sub assembly/assembly	6250
UNIT-IV AT SUPA
Air Conditioner Parts	5162
Refrigerator Parts	2720

UNIT-V RANJANGAON

Air conditioner Parts in nos. 131433*

*Including reprocessed quantity of 772

GENERAL INFORMATION

No. of Employees :

403 (Approximately)

Bankers :

• State Bank of India, Mid Corporate Loan Administration Unit, Chandani Chowk, New Delhi - 110006, India
• State Bank of India, Noida, Uttar Pradesh, India
• State Bank of India, Pune, Maharashtra, India
• State Bank of India, Roorkee, Uttarakhand, India
• Standard Chartered Bank, New Delhi, India
• Standard Chartered Bank, Gurgaon, Haryana, India
• ICICI Bank Limited, Noida, Uttar Pradesh, India
• HDFC Bank Limited, Noida, Uttar Pradesh, India
• Axis Bank Limited
• Bank of Baroda, Noida, Uttar Pradesh, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan:
From Banks:
- State Bank of India	19.990	10.197
- Standard Chartered Bank	166.380	157.396
- Vehicle loans from ICICI Bank, HDFC Bank, Axis Bank	2.062	2.388
Buyers Credit from Banks for capital goods:
- State Bank of India	0.000	27.994
- Standard Chartered Bank	36.685	82.938
From Others:
- Vehicle loans from Tata Capital Limited	0.488	1.088
SHORT TERM BORROWINGS
Working Capital Loans are repayable on demand from Banks:
- Cash Credit Limit from State Bank of India	340.851	215.154
- Overdraft from Standard Chartered Bank	46.758	60.379
- Buyers Credit for raw materials from State Bank of India	8.710	35.823
Total	621.924	593.357

Banking Relations :	--
Auditors :
Name :	Chitresh Gupta and Associates Chartered Accountants
Address :	U-119A, Shakarpur, New Delhi – 110092, India
Wholly Owned Subsidiary :	Diamond Mattress Company Private Limited (DMCPL)
Companies/Parties in which Key Management Personnel or their relatives have substantial Interest/ significant influence :	· Bigesto Technologies Limited · Kushang Apparels Limited · PG International · J.B. Electronics · Clearvision Industries · TV Palace

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16414332	Equity Shares	Rs.10/- each	Rs.164.143 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		164.143	106.693	106.693
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1310.116	347.371	170.374
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1474.259	454.064	277.067
LOAN FUNDS
1] Secured Loans		621.924	593.357	288.017
2] Unsecured Loans		153.819	16.345	113.103
TOTAL BORROWING		775.743	609.702	401.120
DEFERRED TAX LIABILITIES		29.982	29.982	22.741
TOTAL		2279.984	1093.748	700.928
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1215.829	616.035	317.642
Capital work-in-progress		209.082	174.699	0.000
INVESTMENT		298.000	6.500	1.484
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	238.812	166.594	153.515
	Sundry Debtors	217.992	369.452	356.264
	Cash & Bank Balances	117.791	59.736	109.756
	Other Current Assets	29.367	8.485	0.000
	Loans & Advances	548.071	195.388	82.262
Total Current Assets		1152.033	799.655	701.797
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	353.106	335.872	320.061
	Other Current Liabilities	232.712	158.714
	Provisions	9.142	8.555
Total Current Liabilities		594.960	503.141	320.061
Net Current Assets		557.073	296.514	381.736
MISCELLANEOUS EXPENSES		0.000	0.000	0.066
TOTAL		2279.984	1093.748	700.928

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations (Net)	2218.243	4240.758	3542.941
		Other Income	41.331	30.046	15.031
		TOTAL (A)	2259.574	4270.804	3557.972
Less	EXPENSES
		Cost of raw material and components consumed	1850.520	3584.429
		Purchase of traded goods	85.533	117.212
		Changes in inventories of finished goods, work in progress	(12.067)	(4.630)
		Employee benefits expense	116.129	87.324
		Other Expenses	152.606	177.645
		Exceptional Items	1.147	0.226
		TOTAL (B)	2193.869	3962.205	3372.542
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		65.705	308.599	185.430
Less	FINANCIAL EXPENSES (D)		106.368	55.565	43.308
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(40.663)	253.034	142.122
Less/ Add	DEPRECIATION/ AMORTISATION (F)		45.082	20.678	13.633
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(85.745)	232.356	128.489
Less	TAX (H)		0.439	53.824	26.576
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(86.184)	178.532	101.913
	IMPORTS
		Plant and Machinery	32.618	184.382	54.153
		Spare Parts	0.383	2.130	0.444
		Raw Materials	48.485	843.442	495.359
		Tools and Tackles	0.019	0.000	0.103
		Software	0.000	0.013	0.000
	TOTAL IMPORTS		81.505	1029.967	550.059
	Earnings/ (Loss) Per Share (Rs.)		(6.33)	16.73	12.04

QUARTERLY RESULTS

PARTICULARS	30.06.2012 (1^st Quarter)	30.09.2012 (2^nd Quarter)	31.12.2012 (3^rd Quarter)
Net Sales	780.300	939.600	578.600
Total Expenditure	776.900	932.900	571.100
PBIDT (Excl OI)	3.400	6.700	7.500
Other Income	18.000	15.800	13.500
Operating Profit	21.400	22.500	21.000
Interest	28.400	26.500	27.800
Exceptional Items	(0.100)	(0.100)	0.000
PBDT	(7.100)	(4.000)	(6.800)
Depreciation	20.400	22.300	22.500
Profit Before Tax	(27.500)	(26.400)	(29.300)
Tax	(30.000)	(8.000)	0.000
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	2.500	(18.400)	(29.300)
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	2.500	(18.400)	(29.300)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(3.81)	4.18	2.86
Net Profit Margin (PBT/Sales)	(%)	(3.87)	5.48	3.63
Return on Total Assets (PBT/Total Assets}	(%)	(3.62)	16.41	12.60
Return on Investment (ROI) (PBT/Networth)		(0.06)	0.51	0.46
Debt Equity Ratio (Total Debt/Networth)		0.53	1.34	1.45
Current Ratio (Current Asset/Current Liability)		1.94	1.59	2.19

LOCAL AGENCY FURTHER INFORMATION

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	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	Yes
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	No
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

LITIGATION DETAILS

IN THE HIGH COURT OF DELHI AT NEW DELHI

CRL.M.C. 1481/2013

SAMTEL GLASS LTD. ... Petitioner

Through: Mr. Sanjay S. Chhabra, Advocate

versus

PG ELECTROPLAST LTD. ..... Respondent

Through: Nemo

CORAM:

HON'BLE MR. JUSTICE SUNIL GAUR

O R D E R

16.04.2013

Crl.M.A. No.4638/2013 (Exceptions)

Allowed subject to all just exceptions.

CRL. M.C. NO.1481/2013 and Crl. M.A. No.4637 (Stay)

Vide impugned order of 6th August, 2012 petitioner has been summoned as an accused in the proceedings under Section 138 of the Negotiable Instruments Act, 1881. In this petition, quashing of aforesaid order and the complaint under Section 138 of the Negotiable Instruments Act, 1881 is sought on the ground that the cheque amount already stands paid to respondent-company. To substantiate this, attention of this Court is  drawn to petitioner’s bank statement at page-47 of the Paper-Book.

Notice of this petition be issued to respondent returnable for 22^nd July, 2013. In the meanwhile, subject to petitioner appearing through counsel before the trial court and not seeking adjournment, the personal appearance of Directors of petitioner-company may not be insisted upon.

UNSECURED LOANS

(Rs. in Millions)

Particular	31.03.2012	31.03.2011
LONG TERM BORROWINGS
Unsecured Loans from Directors	59.300	0.749
Deferred Payment against Land	3.888	0.642
SHORT TERM BORROWINGS
Bill discounting from Banks:
- HDFC Bank	38.325	0.000
- Standard Chartered Bank	23.772	14.954
Unsecured loans from Directors	28.534	0.000
Total	153.819	16.345

Note:

The registered office of the company has been shifted from 14/39, Shakti Nagar, New Delhi – 110 007 to the present address.

BUSINESS OPERATIONS:

During the financial years 2011-12, on standalone basis, the company achieved gross revenue of Rs.2259.500 millions and EBIT stands to Rs.20.600 millions. During the year the Company incurred losses post taxes amounting to Rs.86.100 millions. Major reasons for losses were on account of (a) Increase in Finance Cost, (b) Increase in Depreciation, (c) Net Exchange difference due to erosion of value of domestic currency against the dollar currency and (d) Undersized performance of newly established manufacturing units because of lack of orders due to recessive global economic conditions. With the continuous support they are looking forward for better performance in upcoming years.

MANAGEMENT DISCUSSION AND ANALYSIS:

BUSINESS OUTLOOK

The global consumer electronics market grew by 4.7% in 2011 to reach a value of $284.09 billion. In 2016, the global consumer electronics market Is supposed to have a value of $343.36 billion, an Increase of 20.9% since 2011. India is a net importer of electronics goods, which however has declined in FY 2011 from the previous year.

Manufacturing has been recognised as the main engine for economic growth and an ambitious target of taking the share of ICT and electronic hardware manufacturing to around 20% by 2025 has been set by National Manufacturing Policy. Being the world's second largest populated country coupled with robust growth, India would remain one of the largest consumers of electronics globally.

Indian Electronics Industry Is a high growth Industry which is attracting global attention as apart from growing market, It also has the potential to deliver high quality products at a lower cost than Its western counterparts. Sensing vast opportunity, this has led to many global players setting up their production base In the country.

While on the one hand global economic turmoil has precipitated a slowdown in investment across the board, factors such as strong consumer spending habit and the need to use more of consumer durable items in tiers cities and towns will continue to drive considerable positive momentum in the sector. The major growth factors are a) rising disposable income coupled with increasing consumer exposure, b) increase of manufacturing in the local grounds, c) increased reach due to better network distribution, d) advent of new technologies, increasing, expenditure by companies on electronic products and several government initiatives coupled with favourable population, e) use of electronic products to augment production/other activity by automation process has been resulting In more and more companies adopting the newer technology and f) Government Initiatives for better e-governance through effective administration can be achieved through the use of technology.

PGEL OUTLOOK AND OPPORTUNITIES

Looking ahead the key growth factors are stronger than ever, increasing population and urbanization will drive rapid growth in electronics consumption of TVs, laptops, washing machines and CFLs. They believe the key to future competitiveness and growth lies in providing highly cost competitive solutions. The management team has laid out clear plans to address key priorities this year, namely 1) reducing interest cost; 2) reducing working capital intensity; 3) maintain total focus on timely delivery, quality, health and safety; 4) adding new products to its existing product profile; 5) entering into new industry segment. The company has started supplying to auto sector also. With these focus areas, the management team believes that the Company is ideally positioned to resume its growth trajectory and deliver significant value to their stakeholders.

REVENUE FROM OPERATIONS:

During the year, the Company achieved revenue from operations of Rs.2218.200 Millions it was Rs.4240.700 millions for the year ended 31^st March, 2011. The decrease In revenue was mainly on account of no new tender base business received by the company.

COMPANY PROFILE:

Subject is an Electronic Manufacturing Services (EMS) provider for Original Equipment Manufacturers (OEMs) of consumer electronic products in India. The company manufactures and/or assembles a comprehensive range of consumer electronic components and finished products such as colour television sets and components, air conditioners sub-assemblies, DVD players, water purifiers and CFL for third parties for third parties. They also do plastic injection moulding and manufacture Printed Circuit Boards (PCB) assemblies as backward integration. The company has four operational manufacturing facilities located at Greater Noida in Uttar Pradesh (Unit I and Unit III), at Roorkee in Uttarakhand (Unit II) and at Ahmednagar in Maharashtra (Unit IV). Subject was incorporated on March 17, 2003 as a private limited company with the name PG Electroplast Private Limited During the year 2002-03, the company set up Unit I at Greater Noida with a capacity of 1,574 tonnes p.a. for plastic injection moulding. During the year 2003-04, they increased the plastic injection moulding capacity of Unit I, Greater Noida to 3,703 tonnes p.a. During the year 2005-06, they further increased the plastic injection moulding capacity of Unit I, Greater Noida to 4,244 tonnes p.a. Also, they received ISO 9001:2000 certification for Unit I, Greater Noida. During the year 2007-08, the company set up PCB assembly line for DVDs with a capacity of 10,00,000 pieces at Unit I, Greater Noida. Also, they set up assembly line for DVDs with a capacity of 3,00,000 pieces and assembly line for CTVs with a capacity of 96,000 pieces at Roorkee. During the year 2008-09, the company increased the plastic injection moulding capacity of Unit I, Greater Noida to 4,495 tonnes p.a. They set up assembly line for CTVs with a capacity of 10,05,000 sets at Unit I, Greater Noida. Also, they increased the capacity of CTV assembly line at Roorkee to 6,00,000 pieces. During the year 2009-10, the company increased the plastic injection moulding capacity of Unit I, Greater Noida to 6,577 tonnes p.a. Also, they set up PCB assembly line for CTVs with a capacity of 6,00,000 pieces at Unit I, Greater Noida. During the year 2010-11, the company set up CFL assembly line with a capacity of 150,00,000 pieces at Unit II and PCB assembly line for CFL with a capacity of 300,00,000 pieces p.a. at Unit I. Also, they received ISO 9001:2008 certification for Unit II, Roorkee. In July 15, 2010, the company was converted into public limited company and the name was changed to PG Electroplast Limited in August 5, 2010, the company entered into an agreement for project management with LCI Engineering Ing. Christoff Langthaler GmbH for preparation of a detailed analysis of the possibilities to supply components to the automotive industry. In March 2011, the company set up manufacturing units for plastic injection moulding at Unit IV, Ahmednagar under Phase I and commenced commercial production. During the year 2011-12, the company received ISO 9001:2008 certification for Unit III, Greater Noida. In July 2011, they set up manufacturing units for plastic injection moulding at Unit III, Greater Noida under Phase I and commenced commercial production. Also, they launched a new product 'Water Purifier' in the market. The company intends expand Unit III and Unit IV by increasing the installed capacity of plastic injection moulding to 5,000 tonnes p.a. and 8,000 tonnes p.a. respectively under Phase II. They intend to extend their product offerings by adding set top boxes, certain automotive components, components for refrigerators, washing machines, and microwave ovens in addition to manufacturing of water purifiers and LCD TVs in their product portfolio.

CONTINGENT LIABILITIES:

Particulars	31.03.2012 (Rs. in millions)	31.03.2011 (Rs. in millions)
Contingent liability (to the extent not provided for)
Claims against the company not acknowledged as debts
a) Sales Tax Demand (FY 2006-07)	0.000	3.556
b) Central Excise (FY 2006-07)	0.017	0.017
c) Income Tax (FY 2006-07)	0.000	0.056
d) Income Tax (FY 2006-07-2010-11)	3.655	0.000
Bank Guarantees given to Customers
a) Bank Guarantees given in favour of LG Electronics (Private) Limited	1.000	1.000
b) Bank Guarantee for ELCOT	103.171	149.445
Bank Guarantee given to BSE	6.032	0.000
LC Utilised Limits-Acceptances not given	6.432	7.463
Total	120.307	161.537

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2012

(Rs. in millions)

Particulars	Quarter Ended		Year to date figures for nine months ended
	31.12.2012	30.09.2012	31.12.2012
	(Unaudited)	(Unaudited)	(Unaudited)
1. Income from Operations
(a) Net Sales/Income from Operations (Net of excise duty)	576.375	938.720	2294.731
(b) Other Operating Income	2.244	0.864	3.757
Total income from Operations (net)	578.619	939.584	2298.488
2. Expenses
(a) Cost of Materials consumed	464.826	832.975	1980.868
(b) Purchase of stock-in-trade	23.019	20.826	56.512
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	9.455	(8.433)	3.848
(d) Employee benefits expense	38.720	42.796	119.591
(e) Depreciation and amortisation expense	22.521	22.326	65.259
(f) Other expenses	35.067	44.729	120.087
Total Expenses	593.608	955.218	2346.165
3. Profit / (Loss) from operations before other income, finance costs and exceptional items (1-2)	(14.989)	(15.634)	(47.677)
4. Other Income	13.451	15.794	47.253
5. Profit / (Loss) from ordinary activities before finance costs and exceptional items (3 +/- 4)	(1.538)	0.159	(0.424)
6. Finance Costs	27.775	26.451	82.591
7. Profit / (Loss) from ordinary activities after finance costs but before exceptional items (5 +/- 6)	(29.313)	(26.292)	(83.015)
8. Exceptional Items	0.002	0.055	0.143
9. Profit / (Loss) from ordinary activities before tax (7 +/_ 8)	(29.315)	(26.347)	(83.158)
10. Tax expense	--	(8.000)	(37.983)
11.Net Profit / (Loss) from ordinary activities after tax (9 +/- 10)	(29.315)	(18.347)	(45.175)
12. Extraordinary items (net of tax expense)	--	--	--
13. Net Profit / (Loss) for the period (11 + 12)	(29.315)	(18.347)	(45.175)
14. Paid-up Equity Share Capital (Face Value Rs. 10 each)	164.143	164.143	164.143
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	--	--	--
17. Earnings Per Share (Face Value Rs. 10 each) i. before extraordinary items (not annualised)
(a) Basic	(1.79)	(1.12)	(2.75)
(b) Diluted	(1.79)	(1.12)	(2.75)
ii. after extraordinary Items (not annualised)
(a) Basic	(1.79)	(1.12)	(2.75)
(b) Diluted	(1.79)	(1.12)	(2.75)
Public shareholding
Number of shares	5745000	5745000	5745000
Percentage of shareholding	35.00%	35.00%	35.00%
Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	Nil	Nil	Nil
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	Nil	Nil	Nil
Percentage of shares (as a % of total share capital of the company)	Nil	Nil	Nil
b) Non Encumbered
Number of shares	10669332	10669332	10669332
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00%	100.00%	100.00%
Percentage of shares (as a % of total share capital of the company)	65.00%	65.00%	65.00%

INVESTORS COMPLAINTS

Particulars	Quarter ended 31.12.2012
Pending at the beginning of the	Nil
Received during the Quarter	Nil
Disposed of during the Quarter	Nil
Remaining unsolved during the Quarter	Nil

Notes:

1. The above results have been recommended by Audit Committee and taken on record by Board of Directors at its meeting held on 14.02.2013. The statutory Auditors have carried out a limited review of these financial results.

2. Deferred tax provision has been made in accordance with the Accounting Slandard-22 issued by the Institute of Chartered Accountants of India.

3. The company docs not have more than one reportable segment in line with the Accounting Standard (AS-17)-"Segmcnt Reporting" issued by the Institute of Chartered Accountants of India.

4. Pursuant to the notification issued by the Ministry of Corporate Affairs dated 29th December 2011 on AS 11, the company has opted to capitalize the exchange gain/loss on tic long term loan against purchase of fixed usacis alter the same has been put to use. Accordingly Rs. 1.842 Millions has been capitalised during the quarter.

5. The company was under process of investigation, as per SEB1 ad-interim Order No. WTM/PS/IVD-ID5/42/2011/DEC dated 28-12-2011, in exercise of powers conferred upon SEBI under section 19 of the Securities and Exchange Board of India Act, 1992 read with section 11(1), 11(4), 11A and 11B of the said Act, SEB1 has issued certain directions for the company/ directors other entities to comply with. However, as per SRBI Order No. WTM/PS/16/IVD/ID-5/OCT/20I2 dated 31-10-2012, SEBI has revoked interim directions issued vide its order dated 28-12-2011 on all the entities except company and its promoter directors. Now the company has received a Show Cause Notice No. IVD/ ID5/SG/MKJ/1427/2013 dated 16-01-2013 under section 11(1), 11(4) and 11(B) and 11(A) and promoter directors under 11(1), 11(4) and 11(B) from the Securities and Exchange Board of India in which SEBI has contended that the company has suppressed material facts in the offer documents, mis-utiliscd/siphoned off the IPO funds etc. However, the company has refuted me contentions raised by the SEBI and is in the process of filing a reply to the SEBI. In view of the uncertainty of the ultimate outcome, the impact, if any, cannot be presently ascertained.

6. Utilization of funds received through initial public offer: - The details of the funds used out of the proceeds of the public issue is as given below

Particulars	Up to 31.12.2012
proceed from IPO	1206.450
Less utilization
Issue related expenses (Net of Reimbursement)	99.339
Expansion of manufacturing facility under Phase IT*	572.406
General Corporate Purpose**	137.500
Repayment of Loans	10.000
Working Capital	77.028
Total Expenditure	896.273
Balance pending for utilisation	310.177
Unutilised balance lying in Escow Accounts***	48.577
Unutilised balance deployed in Inter Corporate Deposits****	261.600

* This amount includes payments/advance made for the capital assets i.e. machinery, building etc.

** Net of advances of Rs. 5.500 Millions received back during the quarter and was utilised in paying to the suppliers of plant and machinery for expansion of manufacturing facility under Phase II.

*** The amount excludes Rs.0.500 Million of interest earned on finked Fined Deposits in Escrow Account and lying in Escrow Account.

**** The funds have been temporarily deployed as an interim measure to earn interest pending deployment toward the objects of the issue. The Company baa issued notice to parties for calling back of (be ICD of Rs.310.000 Millions to comply with the 5EB1 Directions, out of which Rs. 48.400 Millions has been received and deposited in escrow account maintained with Standard Chartered Bank till 31.12.2012. The total amount of Rs.48.577 Millions (including Rs.0.177 Million being balance of IPO) are parked as deposits in Escrow Account with Standard Chartered Bank as on 31.12.2012.

7. Previous period figures has been regrouped and re-arranged, wherever necessary, to confirm the presentation in terms of SEB1 circular dated 16th April, 2012.

FIXED ASSETS:

Tangible Assets

· Land-Leasehold

· Buildings

· Plant and Machinery

· Electric Installation

· Furniture and Fixtures

· Vehicles

· Office Equipment

Intangible Assets

· Product Development

· Computer Software

WEBSITE DETAILS:

HISTORY

Their Company was incorporated on March 17, 2003 as PG Electroplast Private Limited under the Companies Act, 1956. Subsequently, pursuant to a special resolution passed at the meeting of the shareholders of their Company at an Extraordinary General Meeting held on July 15 2010, their Company became a public limited company and the word ‘private’ was deleted from their name. The fresh certificate of incorporation to reflect the new name was issued by the RoC on August 6, 2010.

Their Company is a part of the PG Group, promoted by their Chairman and Managing Director, Mr. Promod Gupta. The history of PG Group dates back to 1977, when Mr. Promod Gupta started dealing in and making radio transistors, receivers and black and white television components at his residence. This was the time when black and white TV components were being imported and supplied to old brands such as Beltek, Televista, Singer, Weston and Crown. He setup his first factory at Delhi in 1981-82, at a time when few renowned brands were making their way to the Indian market. He continued making TV components till the year 1989, before approaching these OEMs for making the entire black and white TV set on contract manufacturing basis. Later, the PG Group also started making CTVs for regional brands. In 1996, it setup its second factory at Noida, followed by a third factory at Bhopal, Madhya Pradesh in 1997. In 1999, the PG Group entered into backward integration by setting up a PCB assembly line at Noida. It then setup another factory at Mohali for assembling VCD/DVD players in 2001. It again entered into backward integration in 2003, with foray into plastic injection moulding. This made the PG Group, an integrated player in the electronic consumer market, with the capability to do plastic injection moulding, PCB assembly and final integration of the products. He then incorporated their Company with the establishment of Unit I at Greater Noida in 2002-03, Unit-II at Roorkee in 2007-08 and later with Unit-III at Greater Noida and Unit-IV at Ahmednagar (Maharastra) in 2010-11.

THEIR PROMOTERS

Mr. Promod Gupta, aged 69 years is the Chairman and Managing Director and also one of the promoters of their Company. He obtained his Bachelor of Engineering from The Birla Institute of Technoogy and Science (BITS, Pilani) in 1966, Post-graduate Diploma in Marketing and Sales Management from Faculty of Management Sciences, Delhi University in 1977 and elected Fellow of The Insititution of Electronics and Telecommunication Engineers (FIETE) in 1984. He is a first generation entrepreanour; with an overall experience of over 42 years, including more than 35 years in the field of electronic manufacturing services. He was previously employed as a senior scientist in Semiconductior Devices Division of Defence Research and Development Organisation (DRDO) (formerly known as Solid State Physics Labarotory), where he worked for 13 years from 1966 to 1978, on the development of semiconductor devices and their testing for use in various defence systems and installation. He is responsible for the management of the overall operations of their Company and to identify, develop and direct the implementation of business strategies.

Mr. Anurag Gupta, aged 42 years is Executive Director – Technical and also one of the promoters of their Company. He did his Bachelors of Electronics in Computer Engineering and Science from M.S.Ramaiah Institute of Technology, Bangalore University in 1991. He has an overall experience of 18 years in the field of electronic manufacturing services. In 1992, he joined M/s PG Electronics (a partnership firm in the Promoter Group) as a Partner, where he was responsible for manufacturing of TV components. In 1999, he joined Kushang Technologies Limited (formerly Kushang Apparels Limited) as a director, where he was responsible for all technical functions of the firm. He joined their Company as Promoter Director in 2003 and became Executive Director – Technical in 2010. His responsibilities in their Company include development and implementation of all technical policies and procedures including all associated production and post-production services, monitoring of plant and machineries required for production and quality assurance and technology upgradation as and when required, executing research and development activities, establishing and supervising operations and maintenance routines (preventive, general and emergency) and ensuring strict adherence to their quality assurance policy.

Mr. Vishal Gupta, aged 39 years is Executive Director – Finance and also one of the promoters of their Company. He did his Masters in Business Administration from the University of Pune in 1995 and B.Com (Hons.) from Delhi University in 1993. He has an overall experience of 16 years in the field of electronic manufacturing services. He started his career with Astrotech International, one of their Promoter Group Companies, in the year 1995. There, he was responsible for overseeing the financial, commercial and marketing aspects of the company. Later, in the year 2000, he joined Bigesto Technologies Limited (formerly Bigesto Foods Limited) as a Director, responsible for financial, accounting and commercial aspects of the business. He joined their Company as Executive Director – Finance in the year 2010. His responsibilities in their Company include overseeing the financial, accounting and general management of their Company including budgeting and planning the financial requirements, human resource requirements, administration and secretarial compliances.

Mr. Vikas Gupta, aged 39 years is Executive Director – Operations and also one of the promoters of their Company. He did his Master in Business Administration from the University of Pune in 1995 and B.Com (Hons.) from Delhi University in 1993. He has an overall experience of 16 years in the field of electronic manufacturing services. He started his career with PG Electronic Components Private Limited, one of their ersthile Promoter Group Companies, in the year 1995. There, he was responsible for overseeing the production / manufacturing of PCB assemblies and electronic TV components. Later, in the year 1999, he joined Bigesto Technologies Limited (formerly Bigesto Foods Limited) as a Director, responsible for manufacturing and marketing operations of the company. He joined their Company as Executive Director – Operations in the year 2010. He oversees the entire production and marketing operations of their Company. His responsibilities include ensuring functions that can deliver products and services to customers in an efficient, timely and cost efficient manner and managing and increasing the efficiency of operational support services.

AWARDS AND RECOGNITION

Their Company has been awarded for excellence and performance by their customers and other industry associations.

· 3rd prize in Business Partners Excellence Award, 2004, in the moulding category by LG Electronics India Private Limited

· Business Partners Excellence Award, 2005, for innovation and six sigma by LG Electronics India Private Limited

· Business Partners Excellence Award, Q1 2006, in the moulding category by LG Electronics India Private Limited

· Business Partners Excellence Award, Q2 2006, for best improvement in quality by LG Electronics India Private Limited

· “Q” Achiever Award, 2006-07, by MIRC Electronics Limited

· Excellence Award, Q2 2007, for best performance in Q, C, D in Molding category by LG Electronics India Private Limited

· Excellence Award, 2008, for best performance in Q, C, D in Molding category by LG Electronics India Private Limited

· FEPS Implementation Award, H1 2009, by LG Electronics India Private Limited

· Best Quality Award, Q3 2009, by LG Electronics India Private Limited

· Certificate of Participation for DOL TDR Activity in Q4 2009 by LG Electronics India Private Limited

· Best Innovation Award for ILO Support activity in Q2 2010 by LG Electronics India Private Limited

· Appreciation award for achieving Level 2 in Leveled Production by LG Electronics India Private Limited

Further, their management has been awarded for the following achievements:

· Their Chairman and Managing Director, Mr. Promod Gupta alongwith others, has received Certificate of Award from National Research Development Corporation of India for their invention entitled ‘Semiconductor Strain Gauges’ in 1982.

In addition, their Company is also member of industry bodies like Electronic Industries Association of India (ELCINA), Consumer Electronics and Appliances Manufacturers Association (CEAMA) and Electronics and Computer Software Export Promotion Council (ESC).

PRESS RELEASE

SEBI PASSES FINAL ORDER ON PG ELECTROPLAST CASE

New Delhi: SEBI on Wednesday passed the final order in the matter of alleged irregularities committed by Alfa Fiscal Services and its two directors related to the IPO of PG Electroplast.

SEBI's order comes a week after SAT directed the market regulator to expedite decision on the case.

The market regulator has barred Alfa Fiscal Services Private Limited and its directors -- Hardik R Bagadia and Bhavesh Natwarlal Sheth from the securities market.

However, Sheth has been allowed to sell the securities other than shares of PGEL, held by him, if any, in his demat accounts, the final order passed today said.

The Securities Appellate Tribunal (SAT) on August 29 had directed SEBI to pass final orders within two weeks in the case related to irregularities in the IPO and trading of the shares of PG Electroplast and another case.

In its final order, SEBI said it was upholding the interim order -- issued on December 28, 2011 -- that barred Alfa Fiscal Services and the two directors from the securities market.

SEBI said it was confirming the "directions issued vide the ad interim ex-parte order dated December 28, 2011 in matter of IPO of PG Electroplast Limited against Alfa Fiscal Services Private Limited and its director Hardik R Bagadia and modify the directions issued vide the said order against Bhavesh Natwarlal Sheth...".

The modification is only to the limited extent of allowing Sheth to sell the securities other than shares of PGEL.

According to the order, Sheth shall deposit sale proceeds, in case of any sale, in a bank fixed deposit earning interest and he shall not be allowed to withdraw monies from the said account including interest without the prior permission of SEBI.

During its probe into alleged irregularities in the IPO and trading of the PG Electroplast Limited shares, SEBI prima facie found that investment company Alfa Fiscal Services and the two directors traded in that scrip with an intention to push the share price higher.

Alfa Fiscal Services and the directors -- Bagadia and Sheth -- approached SAT on the issue.

The appellants submited to SAT that SEBI's action of not having passed a final order, despite a lapse of more than 7 months, is a major irregularity on the part of the regulator and calls for the order to be set aside.

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.54.89
UK Pound	1	Rs.83.66
Euro	1	Rs.70.58

INFORMATION DETAILS

Report Prepared by :

VRN

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	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.