MIRA INFORM REPORT

Report Date :

11.11.2014

IDENTIFICATION DETAILS

Name :	DEWAS TECHNO PRODUCTS PRIVATE LIMITED [w.e.f.05.09.1988]
Formerly Known As :	NATIONAL JAIL UDYOG PRIVATE LIMITED
Registered Office :	10 B and C, Industrial Area No. 1, A.B. Road, Dewas – 455001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.01.1981
Com. Reg. No.:	10-001713
Capital Investment / Paid-up Capital :	Rs. 3.500 Millions
CIN No.: [Company Identification No.]	U27105MP1981PTC001713
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Industrial Storage System.
No. of Employees :	250 (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 79000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company is decent. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that it had willfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Pawan Joshi
Designation :	Marketing Manager
Contact No.:	91-9755599696
Date :	11.11.2014

LOCATIONS

Registered Office :	10 B and C, Industrial Area No. 1, A.B. Road, Dewas – 455001, Madhya Pradesh, India
Tel. No.:	91-7272-259294/ 259044/ 325434
Mobile No.:	91-9425378932/ 9755599696 [Mr. Pawan Joshi]
Fax No.:	91-7272-259044
E-Mail :	akmcafiling@gmail.com pjoshi@giraffstorage.com
Location :	Owned

DIRECTORS

AS ON 29.09.2014

Name :

Mr. Krishna Kishore Nagar

Designation :

Director

Address :

Bangla No. 3, 11, Banglow Colony, Behind 56 Shops, Indore, Madhya Pradesh, India

Date of Birth/Age :

15.02.1947

Date of Appointment :

28.12.1981

DIN No.:

00247162

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	U27105MP1981PTC001713	DEWAS TECHNO PRODUCTS PRIVATE LIMITED	Director	28/12/1981	28/12/1981	Active	NO
2	U36102MP1987PTC004093	DECOSTYLE TECHNICS PRIVATE LIMITED	Director	16/01/1992	16/01/1992	Active	NO
3	U34300MP1983PTC002181	S.P. TOOLS & PROCESSORS PRIVATE LIMITED	Director	11/04/1995	11/04/1995	Active	NO
4	L02710MP1979PLC001501	DEWAS METAL SECTIONS LIMITED	Director	04/12/2009	25/03/1998	Active	NO

Name :

Anjan Shah

Designation :

Director

Address :

16 FG, Scheme No. 54, Indore – 452010, Madhya Pradesh, India

Date of Birth/Age :

20.06.1981

Date of Appointment :

23.05.2006

DIN No.:

00696395

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	U27105MP1981PTC001713	DEWAS TECHNO PRODUCTS PRIVATE LIMITED	Director	23/05/2006	23/05/2006	Active	NO
2	U67120MP1994PTC008874	POOJA RESOURCES PRIVATE LIMITED	Director	20/03/2008	20/03/2008	Active	NO
3	L02710MP1979PLC001501	DEWAS METAL SECTIONS LIMITED	Whole-time director	01/04/2008	01/04/2008	Active	NO

Name :

Mr. Rajeev Lath

Designation :

Director

Address :

202, Regal Regency, N-28, Saket, Near Geneus School, Indore, Madhya Pradesh, India

Date of Birth/Age :

14.08.1971

Date of Appointment :

01.04.2008

DIN No.:

02219516

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	U27105MP1981PTC001713	DEWAS TECHNO PRODUCTS PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
2	U25202MP2009PTC022304	SHIVALIKA PACKAGING INDIA PRIVATE LIMITED	Director	21/08/2009	21/08/2009	06/05/2014	Active	NO
3	U25202MP2012PTC029786	SHAKAMBHARI PACKWELL PRIVATE LIMITED	Director	24/12/2012	24/12/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pawan Joshi
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares
Pooja Resources Private Limited, India	11600
Kiran Shah	160
Laxmikant Shah	800
Aradhya Baheti	1030
Sita Baheti	200
Usha Nagar	220
Krishna Kishore Nagar	1490
Shivpriya Baheti	5400
M.L. Baheti	1100
Aradhya Investment and Finance Private Limited, India	6500
Md Tanveer Hussain	3000
Rajeev Lath	3485
Vinay Stores	1
Snehlata Roongta	1
Shivratan Roongta	1
Indramani Roongta	1
Bishwanath D. Roongta	1
Bishwanath S. Roongta	1
Sunita B Roongta	1
Vinod Devi M. Roongta	1
Kiran P. Sudrania	1
Ramdeo Halwai	1
Ranjeet S. Halwai	1
Madhuri Halwai	1
Vivek K. Roongta	1
Shruti H. Negandhi	1
Arati Agarwal	1
Total	35000

AS ON 29.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	51.72
Directors or relatives of directors	17.59
Other top fifty shareholders	30.69
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Industrial Storage System.
Exports :
Products :	Finished Goods
Countries :	· Egypt · Bangladesh
Terms :
Selling :	L/C, Cheque and Credit
Purchasing :	L/C, Cheque and Credit

GENERAL INFORMATION

Suppliers :

--

Customers :

Others

No. of Employees :

250 (Approximately)

Bankers :

· M.P. Financial Corporation

A.B. Road, Indore, Madhya Pradesh, India

· Canara Bank

RNT Marg, Indore, Madhya Pradesh, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loan from Canara Bank	0.250	1.082
Car loan from Canara Bank	0.049	0.178
SHORT TERM BORROWINGS
Working capital loans	10.902	8.831
Total	11.201	10.091

Banking Relations :	--
Auditors :
Name :	P.D. Nagar and Company Chartered Accountants
Address :	H.O. 403, City Plaza, 564, M.G. Road, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-2547536-37-38
Fax No.:	91-731-2547535
Income-tax PAN of auditor or auditor's firm :	AASPN6728J
Parent Company :	Dewas Metal Sections Limited
Group Companies :	· Dee Tee Industries Limited, Indore · Decostyle Technics Private Limited, Pithampur

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
35,000	Equity Shares	Rs. 100/- each	Rs. 3.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3.500	3.500	3.500
(b) Reserves & Surplus	16.352	13.806	13.222
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	19.852	17.306	16.722
(3) Non-Current Liabilities
(a) long-term borrowings	0.299	1.260	2.486
(b) Deferred tax liabilities (Net)	2.171	2.073	1.869
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	2.470	3.333	4.355
(4) Current Liabilities
(a) Short term borrowings	21.801	17.669	21.627
(b) Trade payables	16.617	16.698	16.380
(c) Other current liabilities	7.144	7.226	5.936
(d) Short-term provisions	0.888	0.572	0.968
Total Current Liabilities (4)	46.450	42.165	44.911
TOTAL	68.772	62.804	65.988
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	18.802	19.144	19.983
(ii) Intangible Assets	0.167	0.200	0.000
(iii) Capital work-in-progress	0.000	0.000	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	0.726	0.726	0.689
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	19.695	20.070	20.672
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	10.566	14.585	14.024
(c) Trade receivables	34.292	23.085	23.553
(d) Cash and cash equivalents	1.685	2.251	1.968
(e) Short-term loans and advances	2.292	2.674	5.654
(f) Other current assets	0.242	0.139	0.117
Total Current Assets	49.077	42.734	45.316
TOTAL	68.772	62.804	65.988

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	128.895	115.884	141.408
Less	EXPENSES
		TOTAL	125.609	114.896	142.452
	PROFIT/ (LOSS) BEFORE TAX		3.286	0.988	(1.044)
Less	TAX		0.740	0.404	(7.285)
	PROFIT/ (LOSS) AFTER TAX		2.546	0.584	6.241
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.515	0.000	1.873
	Earnings/ (Loss) Per Share (Rs.)		72.75	16.68	178.31

Expected Sales (2014-2015): Rs. 200.000 Millions

The above information has been parted by Mr. Pawan Joshi (Marketing Manager)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	4.78	1.57	-1.58
Return on Investment (ROI) (PBT/Networth)		0.17	0.06	-0.06
Debt Equity Ratio (Total Debt/Networth)		1.11	1.09	1.44
Current Ratio (Current Asset/Current Liability)		1.06	1.01	1.01

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	3.500	3.500	3.500
Reserves & Surplus	13.222	13.806	16.352
Net worth	16.722	17.306	19.852
Long-term borrowings	2.486	1.260	0.299
Short term borrowings	21.627	17.669	21.801
Total borrowings	24.113	18.929	22.100
Debt/Equity ratio	1.442	1.094	1.113

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	141.408	115.884	128.895
		(18.050)	11.228

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	141.408	115.884	128.895
Profit	6.241	0.584	2.546
	4.41%	0.50%	1.98%

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)	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	10206956	02/02/2010	595,000.00	CANARA BANK	RNT MARG, INDORE, MADHYA PRADESH - 452001, INDIA	A80440308
2	10151883	12/02/2009	4,000,000.00	MADHYA PRADESH FINANCIAL CORPORATION	A.B. ROAD,, INDORE, MADHYA PRADESH - 452001, INDIA	A59554899
3	10085210	05/01/2008	3,000,000.00	MADHYA PRADESH FINANCIAL CORPORATION	A.B. ROAD,, INDORE, MADHYA PRADESH - 452001, INDIA	A31223571
4	10057067	29/09/2014 *	23,900,000.00	CANARA BANK	RNT MARG,, INDORE, MADHYA PRADESH - 452001, INDIA	C26804245
5	90204834	29/06/1992	200,000.00	STATE BANK OF INDORE	DEWAS, DEWAS, MADHYA PRADESH, INDIA	-
6	90207150	29/06/1992 *	900,000.00	STATE BANK OF INDORE	DEWAS, DEWAS, MADHYA PRADESH, INDIA	-
7	90204722	07/02/1990	200,000.00	STATE BANK OF INDORE	B.N.P. BRANCH, DEWAS, MADHYA PRADESH, INDIA	-
8	90206559	14/09/1982	260,000.00	STATE BANK OF INDORE	B.N.P. BRANCH, DEWAS, MADHYA PRADESH, INDIA	-

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Inter Corporate Deposits	5.162	3.216
From Shareholders	5.737	5.622
Total	10.899	8.838

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from 48C and D Industrial Area No. 1, A.B Road, Dewas - 455001, Madhya Pradesh, India to the present address w.e.f.14.06.2010.

COMPANY OVERVIEW

Subject having its registered office at 10 B and C, Industrial Area No. 1, A.B. Road, Dewas was incorporated under the Companies Act 1956 and is engaged in manufacturing of heavy duty storage systems, furniture and parts thereof.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Electrical Installation

· Tube well

· Furniture and Fixture

· Office Equipment

· Computer

· Vehicle

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. 61.45
UK Pound	1	Rs. 97.76
Euro	1	Rs. 76.68

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	SUM
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	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	YES
--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.