MIRA INFORM REPORT

Report Date :

01.04.2014

IDENTIFICATION DETAILS

Name :	M.M.C. TECHNOLOGIES PRIVATE LIMITED
Registered Office :	44A, Shyama Pally, Ground Floor, Jadavpur, Kolkata – 700032, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.01.2011
Com. Reg. No.:	21-157611
Capital Investment / Paid-up Capital :	Rs. 3.000 Millions
CIN No.: [Company Identification No.]	U29253WB2011PTC157611
TAN No.: [Tax Deduction & Collection Account No.]	CALM12095G
PAN No.: [Permanent Account No.]	AAHCM0326R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Industrial Goods.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 7000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There are accumulated loss recorded by the company during 2013. However, trade relations are fair. Business is active. Payment are reported to be slow but correct. The company can be considered for business dealing with some cautions.

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

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. Sreekumar Pazhassi Veetil
Designation :	Director
Contact No.:	91-9088024678
Date :	29.03.2014

LOCATIONS

Registered Office :	44A, Shyama Pally, Ground Floor, Jadavpur, Kolkata – 700032, West Bengal, India
Tel. No. :	91-33-64552341/ 24121392
Mobile No. :	91-9088024678 (Mr. Sreekumar Pazhassi Veetil)
Fax No. :	91-33-42512046
E-Mail :	poddar.sanjay@gmail.com marketing@mpmac.in info@mpmac.in
Factory 1:	Gangadharpur Village, Deulpur, Howrah - 791302, West Bengal, India
Factory 2:	Mouza – Jayrampur, P.S – Panchala, Howrah – 711302, West Bengal, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Kiran Kumar Kasaragod

Designation :

Director

Address :

Sapphire Court, 74 Golf Club Road, Kolkata – 700033, West Bengal, India

Date of Birth/Age :

15.05.1969

Date of Appointment :

19.01.2011

DIN No. :

01788436

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	Company/ LLP Status	Defaulting status
1	U72200WB2008PTC121693	AUTOMATION NETWORK AND SERVICES PRIVATE LIMITED	Director	14/01/2008	14/01/2008	Active	NO
2	U29253WB2011PTC157611	M.M.C. TECHNOLOGIES PRIVATE LIMITED	Director	19/01/2011	19/01/2011	Active	NO

Name :

Mr. Raj Kumar Srivastava

Designation :

Additional Director

Address :

Panchavati (1st Floor), Flat 248B, Prince Anwar Shah Road, Kolkata -700045, West Bengal, India

Date of Birth/Age :

18.06.1966

Date of Appointment :

01.12.2011

DIN No. :

01788728

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	Company/ LLP Status	Defaulting status
1	U72200WB2008PTC121693	AUTOMATION NETWORK AND SERVICES PRIVATE LIMITED	Director	14/01/2008	14/01/2008	Active	NO
2	U29253WB2011PTC157611	M.M.C. TECHNOLOGIES PRIVATE LIMITED	Additional director	01/12/2011	01/12/2011	Active	NO

Name :

Mr. Ramachandra Hunasikatti

Designation :

Additional Director

Address :

60/B, Sitala Road, Sahapur Colony, Kolkata – 700038, West Bengal, India

Date of Birth/Age :

01.04.1979

Date of Appointment :

01.12.2011

DIN No. :

06380359

Name :

Mr. Sreekumar Pazhassi Veetil

Designation :

Director

Address :

C3 / B3 Apsara Apartment, 18A, Bamacharan Roy Road, Kolkata – 700034, West Bengal, India

Date of Birth/Age :

31.05.1971

Date of Appointment :

19.01.2011

DIN No. :

03369678

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Sreekumar Pazhassi Veetil	105000	35.00
Kiran Kumar Kasaragod	75000	25.00
Raj Kumar Srivastava	45000	15.00
Ramachandra Hunasikatti	75000	25.00
Total	300000	100.00

Allottees as on 04.10.2013

Names of Allottees	No. of Shares
Sreekumar P. V	94500
Kiran Kumar K	67500
Ramachandra Hunasikatti	67500
Raj Kumar Srivastava	40500
Total	270000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

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

BUSINESS DETAILS

Line of Business :	Manufacturer of Industrial Goods.
Exports :
Products :	Finished Goods
Countries :	· UAE · Pakistan · Saudi Arabia
Imports :
Products :	Raw Material
Countries :	· Germany · Slovenia
Terms :
Selling :	L/C, Cheque and Credit
Purchasing :	L/C, Cheque and Credit

GENERAL INFORMATION

No. of Employees :

25 (Approximately)

Bankers :

· The Federal Bank Limited, R.N. Mukherjee Road, 1, R.N. Mukherjee Road, Kolkata - 700001, West Bengal, India

· United Bank of India

· State Bank of Mysore

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans repayable on demand
From Banks Federal Bank Cash Credit	4.052	4.021
Total	4.052	4.021

NOTE:

Cash Credit facilities of 4.000 Millions taken from Federal Bank which are secured by Hypothecation of Stock of machinery and Book debts/ advance payment export bills of the company as primary security and an equitable mortgage on landed property of Kiran Kumar Kasaragod and additional charge on flats owned by Mr. Sreekumar Pazharsi Veetil Cash Credit IS repayable on Demand and carries Interest @ 15 25% p.a on monthly rest

Banking Relations :	--
Auditors :
Name :	S Poddar and Compah Chartered Accountants
Address :	2 Lal Bazar Street, 2nd Floor, Room No. 201-203, Kolkata – 700001, West Bengal, India
Tel. No. :	91-33-22314636/ 4005381
Income-tax PAN of auditor or auditor's firm :	AATFS2603N
Companies in which KMP/ Relatives of KMP can exercise significant influence :	· Automation Network and Services Private Limited · Automation Network and Services

CAPITAL STRUCTURE

After 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
600,000	Equity Shares	Rs.10/- each	Rs. 6.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
570,000	Equity Shares	Rs.10/- each	Rs. 5.700 Millions

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
600,000	Equity Shares	Rs.10/- each	Rs. 6.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300,000	Equity Shares	Rs.10/- each	Rs. 3.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3.000	3.000	0.100
(b) Reserves & Surplus	(1.609)	(1.876)	(0.032)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.431	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1.822	1.124	0.068
(3) Non-Current Liabilities
(a) long-term borrowings	1.485	0.000	0.000
(b) Deferred tax liabilities (Net)	0.008	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.007	0.000	0.000
Total Non-current Liabilities (3)	1.500	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	4.052	4.021	0.260
(b) Trade payables	8.895	11.583	0.015
(c) Other current liabilities	2.135	4.404	0.000
(d) Short-term provisions	0.016	0.000	0.000
Total Current Liabilities (4)	15.098	20.008	0.275
TOTAL	18.420	21.132	0.343
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.594	0.446	0.036
(ii) Intangible Assets	0.007	0.012	0.000
(iii) Capital work-in-progress	0.000	3.198	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.054
Total Non-Current Assets	3.601	3.656	0.090
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4.695	10.072	0.000
(c) Trade receivables	7.428	5.289	0.000
(d) Cash and cash equivalents	0.058	0.516	0.253
(e) Short-term loans and advances	2.611	1.559	0.000
(f) Other current assets	0.027	0.040	0.000
Total Current Assets	14.819	17.476	0.253
TOTAL	18.420	21.132	0.343

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	39.726	11.447	0.000
		Other Income	0.158	0.368	0.000
		TOTAL (A)	39.884	11.815	0.000
Less	EXPENSES
		Cost of Materials Consumed	23.895	6.877	0.000
		Purchases of Stock-in-Trade	2.879	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.483)	0.000	0.000
		Employees benefits expense	3.294	2.359	0.000
		Other expenses	8.752	4.223	0.025
		TOTAL (B)	38.337	13.459	0.025
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.547	(1.644)	(0.025)
Less	FINANCIAL EXPENSES (D)		0.760	0.095	0.001
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.787	(1.739)	(0.026)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.445	0.106	0.006
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		0.342	(1.845)	(0.032)
Less	TAX (H)		0.075	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.267	(1.845)	(0.032)
	EARNINGS IN FOREIGN CURRENCY		25.595	5.721	0.000
	IMPORTS
		Raw Materials	0.000	0.225	0.000
	TOTAL IMPORTS		0.000	0.225	0.000
	Earnings / (Loss) Per Share (Rs.)		0.89	(6.15)	(0.32)

Expected Sales (2013-2014): Rs. 125.000 Millions

The above information has been parted by Mr. Sreekumar Pazhassi Veetil (Director).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.67	(15.62)	0.00
Net Profit Margin (PBT/Sales)	(%)	0.86	(16.12)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	1.86	(10.29)	(9.33)
Return on Investment (ROI) (PBT/Networth)		0.19	(1.64)	(0.47)
Debt Equity Ratio (Total Debt/Networth)		3.04	3.58	3.82
Current Ratio (Current Asset/Current Liability)		0.98	0.87	0.92

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	3.000	3.000
Reserves & Surplus	(0.032)	(1.876)	(1.609)
Share Application money pending allotment	0.000	0.000	0.431
Net worth	0.068	1.124	1.822
long-term borrowings	0.000	0.000	1.485
Short term borrowings	0.260	4.021	4.052
Total borrowings	0.260	4.021	5.537
Debt/Equity ratio	3.824	3.577	3.039

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	0.000	11.447	39.726
			247.043

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	0.000	11.447	39.726
Profit	(0.032)	(1.845)	0.267
		(16.12%)	0.67%

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	Yes
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)	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	No
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	10344358	30/12/2013 *	15,950,000.00	THE FEDERAL BANK LIMITED	R.N.MUKHERJEE ROAD, 1, R.N.MUKHERJEE ROAD, KOLKATA - 700001, WEST BENGAL, INDIA	B94003050

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advances from related parties
Ramachandra Hunasikatti	0.275	0.000
Divvya Sreekumar	0.200	0.000
Kiran Kumar Kasaragod	0.975	0.000
Raj Kumar Srivastav	0.035	0.000
Total	1.485	0.000

CORPORATE INFORMATION

The company is engaged in Manufacturing of Industrial goods with its registered office at 44A, Shyampally Ground Floor, Jadavpur, Kolkata 700032.

FIXED ASSETS

Tangible Assets

· Welding Machine

· Furniture and Fixtures

· Plant and Machinery

· Transformer

· Computer

· Office Equipment

· Cycle

· Mobile Sets

· Factory Shed

Intangible Assets

· 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.60.10
UK Pound	1	Rs.99.85
Euro	1	Rs.82.58

INFORMATION DETAILS

Information Gathered by :	PRT
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	1
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.