MIRA INFORM REPORT

Report Date :

19.02.2014

IDENTIFICATION DETAILS

Name :	HUNTSMAN PERFORMANCE PRODUCTS (INDIA) PRIVATE LIMITED (w.e.f.04.08.2011)
Formerly Known As :	LAFFANS FINE CHEMICALS PRIVATE LIMITED
Registered Office :	Plot No.321, G.I.D.C., Panoli, Ankleshwar – 394116, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	18.08.2010
Com. Reg. No.:	04-062014
Capital Investment / Paid-up Capital :	Rs. 79.340 Millions
CIN No.: [Company Identification No.]	U24100GJ2010PTC062014
TAN No.: [Tax Deduction & Collection Account No.]	BRDL00551F
PAN No.: [Permanent Account No.]	AABCL9521H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of Specialty Chemicals mainly in Petrochemicals, Ethylene Oxide based Derivatives and Surfactants.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 828000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Huntsman International (India) Private Limited. It is an established company having satisfactory track record. The company has incurred losses from its operational activities during the financial year 2013. However, the rating reflects diversified customer base and corporate guarantees extended by Huntsman International (India) Private Limited for the working capital facilities. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of strong holding support, the company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund based limits : A-(SO)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	January 2014

Rating Agency Name	ICRA
Rating	Short term non-fund based limits : A2+(SO)
Rating Explanation	Strong degree of safety and lowest credit risk.
Date	January 2014

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 DECLINED BY

Name :	Mr. Prakash Prabhu
Designation :	Accounts Manager
Contact No.:	91-22-40502855
Date :	18.02.2014

LOCATIONS

Registered Office/ Factory :	Plot No.321, G.I.D.C., Panoli, Ankleshwar – 394116, Gujarat, India
Tel. No.:	91-2646-272009/ 272437/ 304533
Fax No.:	91-2646-272429/ 304556
E-Mail :	iplho@vsnl.com vinita_korti@huntsman.com pratik_shah@huntsman.com pranali_n_dhumal@huntsman.com
Website :	http://www.huntsman.com
Head Office :	Tex Centre, E-Wing, Saki Village, Chandivali Farm Road, Andheri (East), Mumbai – 400072, Maharashtra, India
Tel. No.:	91-22-40506565/ 40506315
Fax No.:	91-22-40506300

DIRECTORS

AS ON 28.11.2013

Name :

Patrick Albert Peter Verraes

Designation :

Director

Address :

Annegijsboslaan, Overijse-3090 Belgium

Date of Birth/Age :

20.09.1972

Date of Appointment :

26.09.2011

DIN No.:

03155820

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	U24132MH2000PTC126012	HUNTSMAN ADVANCED MATERIALS (INDIA) PRIVATE LIMITED	Director	27/09/2010	09/09/2010	Active	NO
2	U24110MH1996PTC104393	PETRO ARALDITE PRIVATE LIMITED	Director	27/09/2010	09/09/2010	Active	NO
3	U24100GJ2010PTC062014	HUNTSMAN PERFORMANCE PRODUCTS (INDIA) PRIVATE LIMITED	Director	26/09/2011	02/04/2011	Active	NO

Name :

Deep Halendra Dholakia

Designation :

Director

Address :

503, Silver Palm, St. Francis Road, Vile Parle (West), Near Milan Subway, Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

24.01.1969

Date of Appointment :

26.09.2011

DIN No.:

03466012

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	U24100GJ2010PTC062014	HUNTSMAN PERFORMANCE PRODUCTS (INDIA) PRIVATE LIMITED	Director	26/09/2011	29/03/2011	Active	NO
2	U24117MH2001PTC131020	HUNTSMAN INTERNATIONAL (INDIA) PRIVATE LIMITED	Additional director	10/12/2013	10/12/2013	Active	NO

Name :

Stephen James Stilliard

Designation :

Director

Address :

10, Prinsep Link, #12-18, Singapore 187948

Date of Birth/Age :

18.03.1952

Date of Appointment :

26.09.2011

DIN No.:

03475786

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	U24100GJ2010PTC062014	HUNTSMAN PERFORMANCE PRODUCTS (INDIA) PRIVATE LIMITED	Director	26/09/2011	29/03/2011	Active	NO
2	U24117MH2001PTC131020	HUNTSMAN INTERNATIONAL (INDIA) PRIVATE LIMITED	Managing director	27/11/2013	30/01/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Prakash Prabhu
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.11.2013

Names of Shareholders	No. of Shares	% of Shares Held
Huntsman International (India) Private Limited, India	7434356	93.70
Deep Halendra Dholakia	1	0.00
Huntsman Investments (Netherlands) BV, Netherlands	500000	6.30
Total	7934357	100.00

AS ON 28.11.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	6.30
Bodies corporate	93.69
Directors or relatives of directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Specialty Chemicals mainly in Petrochemicals, Ethylene Oxide based Derivatives and Surfactants.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Axis Bank Limited

Corporate Banking Branch, Axis House, Ground Floor, Bombay Dyeing Mills Compound, P. B. Marg, Worli, Mumbai - 400025, Maharashtra, India

· Axis Bank Limited

Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Deferred payment liabilities	0.000	9.370
SHORT TERM BORROWINGS
Rupee term loans from banks	0.000	270.000
Working capital loans from banks	287.420	226.930
Total	287.420	506.300

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins And Sells LLP Chartered Accountants
Address :	Indiabulls Finance Centre, Tower 3, 27^th-32^nd Floorsenapati Bapat Marg, Elphistone Road (West), Mumbai, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AACFD4815A
Holding company :	· Huntsman International (India) Private Limited [U24117MH2001PTC131020] Huntsman International LLC
Associates :	· Huntsman Corporation Australia Pty Huntsman Chemical Trading (Shanghai) Limited Huntsman (Singapore) Pte. Limited Huntsman Textile Effects China Company Limited Huntsman Advanced Materials (India) Private Limited [U24132MH2000PTC126012] Huntsman Petrochem Corporation USA

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
7,934,357	Equity Shares	Rs. 10/- each	Rs. 79.340 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7,934,357	Equity Shares	Rs. 10/- each	Rs. 79.340 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	79.340	29.600	24.600
(b) Reserves & Surplus	127.740	168.070	0.000
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	350.000
Total Shareholders’ Funds (1) + (2)	207.080	197.670	374.600
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	9.370	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2.780	1.490	0.000
Total Non-current Liabilities (3)	2.780	10.860	0.000
(4) Current Liabilities
(a) Short term borrowings	587.420	726.930	0.000
(b) Trade payables	385.510	209.400	0.000
(c) Other current liabilities	67.140	38.880	0.023
(d) Short-term provisions	0.370	0.000	0.000
Total Current Liabilities (4)	1,040.440	975.210	0.023
TOTAL	1,250.300	1,183.740	374.623
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	306.790	315.900	0.000
(ii) Intangible Assets	166.350	250.630	0.000
(iii) Capital work-in-progress	57.860	6.520	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.250	1.250	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	18.780	14.620	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	551.030	588.920	0.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	226.950	190.430	0.000
(c) Trade receivables	397.380	340.740	0.000
(d) Cash and cash equivalents	17.840	25.740	348.425
(e) Short-term loans and advances	57.100	36.860	26.140
(f) Other current assets	0.000	1.050	0.058
Total Current Assets	699.270	594.820	374.623
TOTAL	1,250.300	1,183.740	374.623

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	1776.620	1621.640	0.000
Less	EXPENSES
		TOTAL	2045.770	1798.570	0.000
	PROFIT/ (LOSS) BEFORE TAX		(269.150)	(176.930)	0.000
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(269.150)	(176.930)	0.000
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	NA	239.366	0.000
	Earnings/ (Loss) Per Share (Rs.)		(33.92)	(59.77)	0.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(15.15)	(10.91)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(22.60)	(15.05)	0.00
Return on Investment (ROI) (PBT/Networth)		(1.30)	(0.90)	0.00
Debt Equity Ratio (Total Debt/Networth)		2.84	3.68	0.00
Current Ratio (Current Asset/Current Liability)		0.67	0.61	0.00

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	24.600	29.600	79.340
Reserves & Surplus	0.000	168.070	127.740
Share Application money pending allotment	350.000	0.000	0.000
Net worth	374.600	197.670	207.080
long-term borrowings	0.000	9.370	0.000
Short term borrowings	0.000	726.930	587.420
Total borrowings	0.000	736.300	587.420
Debt/Equity ratio	0.000	3.725	2.837

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)
TOTAL INCOME	0.000	1621.640	1776.620
			9.557

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	1621.640	1776.620
Profit	0.000	(176.930)	(269.150)
		(10.91%)	(15.15%)

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10281407	03/01/2013 *	550,000,000.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA	B66558842

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans and advances from others	300.000	230.000
Total	300.000	230.000

CORPORATE INFORMATION

Laffans Fine Chemicals Private Limited (LFCPL) was incorporated as a subsidiary of Laffans Petrochemicals Limited (LPL) on August 18, 2010. By way of a scheme of arrangement, approved by the Hon'ble High Court of Gujarat State, the petrochemicals division of LPL was merged into LFCPL, with effect from April 1, 2011.

The entire Share Capital of LFCPL was acquired by Huntsman International (India) Private Limited on April 2, 2011 and the Company was renamed as Huntsman Performance Products (India) Private Limited (the Company). The Company is engaged in the business of manufacture and trading of specialty chemicals mainly in Petrochemicals, Ethylene Oxide based derivatives and Surfactants.

FINANCIAL RESULTS

Dividend During the year the Company has incurred a loss of INR 269.150 Millions, hence the Directors do not recommend any dividend.

BUSINESS REVIEW

During the year, the company has registered a loss of INR 269.150 Millions as against previous year loss of INR 176.930 Millions.

FIXED ASSETS:

· Land

Buildings

Plant and equipment

Furniture and fixtures

Office equipment

Goodwill

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. 62.12
UK Pound	1	Rs. 103.93
Euro	1	Rs. 85.17

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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		42

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.