MIRA INFORM REPORT

Report Date :

10.03.2014

IDENTIFICATION DETAILS

Name :	SATVIK ENTERPRISES LIMITED
Registered Office :	1 Park Lanep S Park Street, Kolkata – 700 016, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.05.1997
Com. Reg. No.:	21-084226
Capital Investment / Paid-up Capital :	Rs.7.939 Millions
CIN No.: [Company Identification No.]	U60221WB1997PLC084226
PAN No.: [Permanent Account No.]	AAGCS1872B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The company is engaged in Import and Export of Ferro Alloys and Iron and Steel Products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 670000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of “Satvik Group”. It is an established company having satisfactory track record. Management has filed the latest financials of 2013, but the same could not be made available from the government department. As per available financials of 2012, the company possesses an average financial profile. However, the profitability has been consistently low due to the trading nature of the business. The ratings also take into consideration the equity infusion in 2011-12 which led to growth in networth. Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of promoters extensive experience, the subject 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	CRISIL
Rating	Long Term Rating=BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	22.011.2012

Rating Agency Name	CRISIL
Rating	Short Term Rating=A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	22.011.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DENIED BY

Name :	Ms. Swati
Designation :	Marketing Department
Contact No.:	91-33-22658582
Date :	07.03.2014

LOCATIONS

Registered Office :	1 Park Lanep S Park Street, Kolkata – 700 016, West Bengal, India
Tel. No.:	91-33-22658682 / 22658582 / 22260779
Mobile No.:	91-33-40646480
Fax No.:	info@satvikindia.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Santosh Agarwal

Designation :

Director

Address :

1 Park Lane, Kolkata – 700 016, West Bengal , India

Date of Birth/Age :

26.10.1957

Date of Appointment :

16.05.1997

DIN No.:

00288845

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	U60221WB1997PLC084226	SATVIK ENTERPRISES LIMITED	Director	16/05/1997	16/05/1997	Active	NO
2	U27100WB2008PLC125936	SAATVIK FERRO LIMITED	Director	22/05/2008	22/05/2008	Active	NO

Name :

Mrs. Amita Agarwal

Designation :

Director

Address :

1 Park Lane, Kolkata – 700 016, West Bengal , India

Date of Birth/Age :

27.01.1976

Date of Appointment :

01.01.2007

DIN No.:

00292270

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	U60221WB1997PLC084226	SATVIK ENTERPRISES LIMITED	Director	01/01/2007	01/01/2007	-	Active	NO
2	U27100WB2008PLC125936	SAATVIK FERRO LIMITED	Director	22/05/2008	22/05/2008	-	Active	NO
3	U52100WB2010PTC148614	GOLDMOON COMMOSALES PRIVATE LIMITED	Director	21/05/2010	21/05/2010	08/10/2012	Active	NO
4	U51109WB2007PTC120999	MULTISTAR MERCANTILE PRIVATE LIMITED	Director	01/06/2010	01/06/2010	-	Amalgamated	NO
5	U51909WB2010PTC145057	THEME VINCOM PRIVATE LIMITED	Director	04/02/2011	04/02/2011	-	Active	NO

Name :

Mr. Vikash Agarwal

Designation :

Director

Address :

1 Park Lane, Kolkata – 700 016, West Bengal , India

Date of Birth/Age :

06.11.1974

Date of Appointment :

16.05.1997

DIN No.:

00485710

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	U60221WB1997PLC084226	SATVIK ENTERPRISES LIMITED	Director	16/05/1997	16/05/1997	-	Active	NO
2	U27100WB2008PLC125936	SAATVIK FERRO LIMITED	Director	22/05/2008	22/05/2008	-	Active	NO
3	U52100WB2010PTC148614	GOLDMOON COMMOSALES PRIVATE LIMITED	Director	21/05/2010	21/05/2010	08/10/2012	Active	NO
4	U51109WB2007PTC120999	MULTISTAR MERCANTILE PRIVATE LIMITED	Director	01/06/2010	01/06/2010	-	Amalgamated	NO
5	U51909WB2010PTC145057	THEME VINCOM PRIVATE LIMITED	Director	04/02/2011	04/02/2011	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Swati
Designation :	Marketing Department

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Rohitash Kr Agarwal	34000
Santosh Agarwal	31400
Vikash Agarwal	478800
Ramkishore Bansal	100
Ladu Gopal Agarwal	100
Amita Agarwal	54700
Rashmi Agarwal	7300
Deepak Agarwal	15020
Cooltex Merchandise Private Limited, India	10000
Sashi Jhalani	500
Saraf Company Private Limited, India	10000
Stuti Securities Limited, India	15000
Sanjay Jaiswal	7000
Theme Vincon Private Limited, india	130000
Total	793920

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Bodies corporate	22.82
Directors or relatives of Directors	77.18
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in Import and Export of Ferro Alloys and Iron and Steel Products.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Oriental bank of Commerce, Overseas Branch, (Lord’s Building), 7/1, Lord Sinha Road, (Ground Floor), Kolkata – 700 071, West Bengal, India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Short Term Borrowings
Working Capital Loans from Banks	473.009	377.747
Total	473.009	377.747

Banking Relations :	--
Auditors :
Name :	Anil Goenka and Company Chartered Accountants
Address :	10, G. C. Avenue, Room No.11B, Kolkata – 700 071, West Bengal, India
PAN No.:	AAQFA9769A
Subsidiary Companies :	· Vamancore Pte. Limited, Singapore · Saatvik Ferro Limited, India [U27100WB2008PLC125936] · Multistar Mercantile Private Limited, India [U51109WB2007PTC120999]

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1305000	Equity Shares	Rs.10/- each	Rs.13.050 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
793920	Equity Shares	Rs.10/- each	Rs.7.939 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	7.939	7.230
(b) Reserves & Surplus	160.695	98.210
(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)	168.634	105.440
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.966	0.517
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.966	0.517
(4) Current Liabilities
(a) Short term borrowings	473.965	390.242
(b) Trade payables	102.573	14.331
(c) Other current liabilities	83.663	55.797
(d) Short-term provisions	4.030	5.456
Total Current Liabilities (4)	664.231	465.826
TOTAL	833.831	571.783
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	26.758	25.329
(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	6.021	6.627
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.542	0.432
(e) Other Non-current assets	4.807	1.579
Total Non-Current Assets	38.128	33.967
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	64.393	41.251
(c) Trade receivables	391.121	352.527
(d) Cash and cash equivalents	65.590	28.361
(e) Short-term loans and advances	274.265	115.343
(f) Other current assets	0.334	0.334
Total Current Assets	795.703	537.816
TOTAL	833.831	571.783

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		7.230
2] Share Application Money		0.200
3] Reserves & Surplus		79.963
4] (Accumulated Losses)		0.000
NETWORTH		87.393
LOAN FUNDS
1] Secured Loans		79.805
2] Unsecured Loans		11.373
TOTAL BORROWING		91.178
DEFERRED TAX LIABILITIES		0.158
TOTAL		178.729
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.093
Capital work-in-progress		0.000
INVESTMENT		6.020
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	22.823
	Sundry Debtors	95.372
	Cash & Bank Balances	31.835
	Other Current Assets	0.000
	Loans & Advances	57.957
Total Current Assets		207.987
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	53.209
	Provisions	1.162
Total Current Liabilities		54.371
Net Current Assets		153.616
MISCELLANEOUS EXPENSES		0.000
TOTAL		178.729

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3746.509	3666.048	1405.974
		Other Income	10.971	2.245	1.738
		TOTAL (A)	3757.480	3668.293	1407.712
Less	EXPENSES
		Purchase of Stock-in-trade	3507.033	3418.294	0.000
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(23.141)	(18.428)	1280.921
		Employee Benefits Expenses	7.714	5.965	3.734
		Other Expenses	209.023	217.595	0.000
		Prior Period Items	0.000	0.064	0.000
		Manufacturing Service Costs	0.000	0.000	63.360
		Administration Expenses	0.000	0.000	37.697
		TOTAL (B)	3700.629	3623.426	1385.012
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		56.851	44.867	22.700
Less	FINANCIAL EXPENSES (D)		28.804	16.316	6.926
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		28.047	28.551	15.774
Less	DEPRECIATION/ AMORTISATION (F)		1.998	0.729	0.464
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		26.049	27.822	15.310
Less	TAX (H)		9.087	9.575	5.339
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		16.962	18.247	9.971
	Earnings Per Share (Rs.)		21.36	25.24	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.45	0.50	0.71
Net Profit Margin (PBT/Sales)	(%)	0.70	0.76	1.09
Return on Total Assets (PBT/Total Assets)	(%)	3.15	4.92	6.74
Return on Investment (ROI) (PBT/Networth)		0.15	0.26	0.18
Debt Equity Ratio (Total Debt /Networth)		2.81	3.70	1.04
Current Ratio (Current Asset/Current Liability)		1.18	1.15	3.83

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	Rs. In Millions	Rs. In Millions
Share Capital	7.230	7.939
Reserves & Surplus	98.210	160.695
Net worth	105.440	168.634
long-term borrowings	0.000	0.000
Short term borrowings	390.242	473.965
Total borrowings	390.242	473.965
Debt/Equity ratio	3.701	2.811

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	1405.974	3666.048	3746.509
		160.748	2.195

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	1405.974	3666.048	3746.509
Profit	9.971	18.247	16.962
	0.71%	0.50%	0.45%

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	No
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

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Short Term Borrowings
Intercorporate Borrowings	0.550	12.495
Loans and Advances from related parties	0.406	0.000
Total	0.956	12.495

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90248855	28/06/2011 *	710,000,000.00	ORIENTAL BANK OF COMMERCE	OVERSEAS BRANCH, (LORD'S BUILDING), 7/1, LORD SINHA ROAD, (GROUND FLOOR), KOLKATA, WEST BENGAL - 700071, INDIA	B16831141
2	90246876	07/07/1997	150,000.00	CENTRAL BANK OF INDIA	JORASANKO BRANCH, 119-B; C.R. AVENUE, CALCUTTA, WEST BENGAL - 700073, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Land

· Building

· Furniture and Fixture

· Vehicle

· Office Equipments

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.60.99
UK Pound	1	Rs.102.07
Euro	1	Rs.84.53

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.