MIRA INFORM REPORT

Report Date :

26.10.2013

IDENTIFICATION DETAILS

Name :	RATNAJEET POLYCORP PRIVATE LIMITED
Registered Office :	Oriental House, 6-C, Elgin Road, PS Bhawanipur, Kolkata – 700020, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.10.1994
Com. Reg. No.:	21-065666
Capital Investment / Paid-up Capital :	Rs. 7.924 Millions
CIN No.: [Company Identification No.]	U25209WB1994PTC065666
TAN No.: [Tax Deduction & Collection Account No.]	CALR02776E
PAN No.: [Permanent Account No.]	AABCR4869C
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Plastic Granules.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 270000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Sales and profit margins of the company appear to be decent. Overall fundamental of the company appears to be sound and healthy. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered for business dealings at usual trade terms and conditions. Note: Latest financial of the company for the year 2013 is not available.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the trade deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

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 (GENERAL DETAILS)

Name :	Mr. Nayan
Designation :	Finance Department
Contact No.:	91-33-22808602
Date :	25.10.2013

LOCATIONS

Registered Office :	Oriental House, 6-C, Elgin Road, PS Bhawanipur, Kolkata – 700020, West Bengal, India
Tel. No.:	91-33-22808602
Fax No.:	91-33-22810160
E-Mail :	accounts@ratnajeet.in admin@ratnajeet.in info@ratnajeet.in
Website :	http://www.ratnajeet.in
Location :	Owned

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Raj Jain

Designation :

Director

Address :

2/8B, Sarat Bose Road, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

20.04.1974

Date of Appointment :

27.10.1994

PAN No.:

ACTPJ4159J

DIN No.:

00784400

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25209WB1994PTC065666	RATNAJEET POLYCORP PRIVATE LIMITED	Director	27/10/1994	27/10/1994	-	Active	NO
2	U67120WB1995PTC075219	MONOTRONE LEASING PRIVATE LIMITED	Director	09/06/2006	09/06/2006	12/12/2006	Active	NO
3	U25209DL2006PTC149693	PRIME POLYMART PRIVATE LIMITED	Director	27/06/2006	27/06/2006	12/06/2009	Active	NO
4	U70101WB2007PTC112465	ZAP LOGISTICARE PRIVATE LIMITED	Director	09/01/2007	09/01/2007	-	Active	NO
5	U24134TN2008PTC069606	POLYANNEX INDIA PRIVATE LIMITED	Director	21/10/2008	21/10/2008	-	Strike off	NO
6	U25203DL2008PTC185679	POLYLOGIX INDIA PRIVATE LIMITED	Director	11/12/2008	11/12/2008	-	Active	NO
7	U70101DL2011PTC227024	INNOVO INFRATECH PRIVATE LIMITED	Director	04/11/2011	04/11/2011	-	Active	NO
8	U25200WB2009PTC132890	GATEWAY POLYMER PRIVATE LIMITED	Director	15/02/2013	15/02/2013	-	Active	NO

Name :

Mrs. Bharati Jain

Designation :

Director

Address :

6-C, Elgin Road, Oriental House, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

06.12.1945

Date of Appointment :

27.12.2011

PAN No.:

ADUPJ3724H

DIN No.:

00784486

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65993WB1994PTC065642	RATNAJEET FINVEST PRIVATE LIMITED	Director	26/10/1994	26/10/1994	-	Active	NO
2	U51109WB1994PTC061626	TRINGLE MARKETING PRIVATE LIMITED	Director	09/02/2004	09/02/2004	-	Active	NO
3	U51900WB2005PTC106124	TREND INTRADE PRIVATE LIMITED	Director	10/11/2005	10/11/2005	-	Active	NO
4	U67120WB1995PTC075219	MONOTRONE LEASING PRIVATE LIMITED	Managing director	05/12/2006	05/12/2006	-	Active	NO
5	U70101WB2007PTC112465	ZAP LOGISTICARE PRIVATE LIMITED	Director	09/01/2007	09/01/2007	-	Active	NO
6	U25200WB2009PTC132890	GATEWAY POLYMER PRIVATE LIMITED	Additional director	01/07/2009	01/07/2009	05/11/2009	Active	NO
7	U51109WB2008PTC123319	AMBER SUPPLIERS PRIVATE LIMITED	Director	07/05/2010	07/05/2010	-	Active	NO
8	U70101DL2011PTC227024	INNOVO INFRATECH PRIVATE LIMITED	Director	04/11/2011	04/11/2011	-	Active	NO
9	U25209WB1994PTC065666	RATNAJEET POLYCORP PRIVATE LIMITED	Director	27/12/2011	27/12/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nayan
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Sanjiv Jain	10500
Raj Jain	41500
Bharati Jain	4000
Kiran Sunil Shah	100
Jaichand Jain and Sons (HUF)	200
Meenakshi Jain	1300
Surbhi Jain	100
Raj Kumar Jain (HUF)	4010
Sanjiv Jain (HUF)	10
Sparsh Jain Trust	10
Vishesh Jain Trust	10
Tringle Marketing Private Limited, India	17500
Total	79240

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	77.91
Other top fifty shareholders	22.09
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Plastic Granules.
Terms :
Selling :	Depend
Purchasing :	Depend

GENERAL INFORMATION

Customers :

Others

No. of Employees :

10 (Approximately)

Bankers :

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India

· HDFC Bank Limited, Central Plaza, Kolkata, West Bengal, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Axis Bank Car Loan	3.800	0.000
Total	3.800	0.000

Banking Relations :	--
Auditors :
Name :	J. S. Vanzara and Associates Chartered Accountants
Address :	Suite 3A, Oriental House, 6C, Elgin Road, Kolkata – 700020, West Bengal, India
Tel. No.:	91-33-22806673/ 6674
Fax No.:	91-33-22809363
E-Mail :	response@jsvassociates.com
Income-tax PAN of auditor or auditor's firm :	AAFFJ9852N
Other Related Parties :	· Sparsh Jain Trust · Vishesh Jain Trust · Montron Leasing Private Limited · Amber Suppliers Private Limited · Ratnajeet Finvest Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
121,000	Equity Shares	Rs. 100/- each	Rs. 12.100 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
79,240	Equity Shares	Rs. 100/- each	Rs. 7.924 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7.924	7.924
(b) Reserves & Surplus	59.585	56.760
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	67.509	64.684
(3) Non-Current Liabilities
(a) long-term borrowings	47.533	14.850
(b) Deferred tax liabilities (Net)	0.083	0.120
(c) Other long term liabilities	0.119	0.119
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	47.735	15.089
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	35.424	54.488
(c) Other current liabilities	2.545	0.677
(d) Short-term provisions	7.724	6.392
Total Current Liabilities (4)	45.693	61.557
TOTAL	160.937	141.330
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.693	4.726
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	10.163	5.163
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	8.870	8.870
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	27.726	18.759
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	4.675	3.042
(c) Trade receivables	119.595	119.752
(d) Cash and cash equivalents	(29.979)	(10.827)
(e) Short-term loans and advances	0.249	0.054
(f) Other current assets	38.671	10.550
Total Current Assets	133.211	122.571
TOTAL	160.937	141.330

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		7.924
2] Share Application Money		0.000
3] Reserves & Surplus		52.804
4] (Accumulated Losses)		0.000
NETWORTH		60.728
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		16.704
TOTAL BORROWING		16.704
DEFERRED TAX LIABILITIES		0.167
TOTAL		77.599
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.002
Capital work-in-progress		0.000
INVESTMENT		2.474
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.677
	Sundry Debtors	54.411
	Cash & Bank Balances	0.362
	Other Current Assets	3.332
	Loans & Advances	32.152
Total Current Assets		95.934
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.398
	Other Current Liabilities	15.146
	Provisions	6.297
Total Current Liabilities		25.841
Net Current Assets		70.093
MISCELLANEOUS EXPENSES		0.030
TOTAL		77.599

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	47.449	67.616	60.186
		Other Income	6.820	5.861	12.513
		TOTAL (A)	54.269	73.477	72.699
Less	EXPENSES
		Purchase of stock in trade	28.291	43.195
		Changes in inventories of stock in trade	(1.634)	2.635
		Employee benefit expenses	4.539	4.512
		Other Expenses	13.244	12.598
		TOTAL (B)	44.440	62.940	66.543
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.829	10.537	(Including Financial Expenses)
Less	FINANCIAL EXPENSES (D)		4.650	4.090
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.179	6.447	6.156
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.060	0.741	0.835
	PROFIT BEFORE TAX (E-F) (G)		4.119	5.706	5.321
Less	TAX (H)		1.294	1.751	1.871
	PROFIT AFTER TAX (G-H) (I)		2.825	3.955	3.450
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		25.120	21.165	17.715
	BALANCE CARRIED TO THE B/S		27.945	25.120	21.165
	IMPORTS
		Purchases including Components, Stores and Spares	1.247	19.093	NA
	Earnings Per Share (Rs.)		35.65	49.92	43.54

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.21	5.38	4.75
Net Profit Margin (PBT/Sales)	(%)	8.68	8.44	8.84
Return on Total Assets (PBT/Total Assets}	(%)	2.73	4.19	5.27
Return on Investment (ROI) (PBT/Networth)		0.06	0.09	0.09
Debt Equity Ratio (Total Debt/Networth)		0.70	0.23	0.28
Current Ratio (Current Asset/Current Liability)		2.92	1.99	3.71

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	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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10074594	29/06/2011 *	70,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL [WEST], MUMBAI - 400013, MAHARASHTRA, INDIA	B15842222
2	10075973	18/08/2011 *	115,800,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL [WEST], MUMBAI - 400013, MAHARASHTRA, INDIA	B18952622

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Loan from Corporate Bodies	32.645	4.226
Loan from Shareholders	11.088	10.624
Total	43.733	14.850

CONTINGENT LIABILITIES:

Particulars	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
a) Claims against the company not acknowledge as debts:
Sales Tax
FY 1997-98	0.084	0.084
FY 1999-00	0.983	0.983
FY 2004-05	1.270	1.205
FY 2005-06	0.070	0.070
b) Bank guarantee	16.800	14.500
c) Other money for which company is contingently liable	0.000	0.000

FIXED ASSETS:

· Air Conditioner

· Buildings

· CCTV

· Computer

· Electric Fan

· Vehicles

· Furniture

· Office Equipments

· Water Cooler

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. 61.63
UK Pound	1	Rs. 99.94
Euro	1	Rs. 85.14

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.