MIRA INFORM REPORT

Report Date :

12.09.2014

IDENTIFICATION DETAILS

Name :	INGRAM MICRO INDIA LIMITED SINGAPORE BRANCH
Registered Office :	205, Kallang Bahru, 1m-00, Maya Plastic Building, 339341,
Country :	Singapore
Financials (as on) :	31.03.2012
Date of Incorporation :	12.05.2010
Com. Reg. No.:	T10FC0043-L
Legal Form :	Foreign Company
Line of Business :	Wholesale of computer hardware and peripheral equipment & computer software
No. of Employees	06 [2014]

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

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 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Singapore	A1	A1

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

SINGAPORE ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.	:	T10FC0043-L
COMPANY NAME	:	INGRAM MICRO INDIA LIMITED SINGAPORE BRANCH
FORMER NAME	:	N/A
INCORPORATION DATE	:	12/05/2010
COMPANY STATUS	:	EXIST
LEGAL FORM	:	FOREIGN
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	205, KALLANG BAHRU, 1M-00, MAYA PLASTIC BUILDING, 339341, SINGAPORE.
BUSINESS ADDRESS	:	205 KALLANG BAHRU,LEVEL 1M, 339341, SINGAPORE.
TEL.NO.	:	65-62749633
FAX.NO.	:	65-62981111
WEB SITE	:	WWW.INGRAMMICRO.COM
CONTACT PERSON	:	NG WAI KONG ( DIRECTOR )
PRINCIPAL ACTIVITY	:	WHOLESALE OF COMPUTER HARDWARE AND PERIPHERAL EQUIPMENT & COMPUTER SOFTWARE
AUTHORISED CAPITAL	:	INR 320,000,000.00
SALES	:	USD 2,351,120 [2012]
NET WORTH	:	USD 125,672 [2012]
STAFF STRENGTH	:	6 [2014]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STABLE
PAYMENT	:	PROMPT
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject is principally engaged in the (as a / as an) wholesale of computer hardware and peripheral equipment & computer software.

The immediate holding company of the Subject is INGRAM MICRO INDIA LIMITED, a company incorporated in INDIA.

The ultimate holding company of the Subject is INGRAM MICRO INC, a company incorporated in UNITED STATES.

Share Capital History

Date	Authorised Shared Capital	Issue & Paid Up Capital
18/04/2014	INR 320,000,000.00	INR 0.00

No shareholders was found in our databank at the time of investigation

DIRECTORS

DIRECTOR 1

Name Of Subject	:	SHAILENDRA NARENDRA GUPTA
Address	:	9, NATHAN ROAD, 09-04, 248730, SINGAPORE.
IC / PP No	:	Z1813168
Nationality	:	INDIAN
Date of Appointment	:	01/09/2001

DIRECTOR 2

Name Of Subject	:	STEPHEN JOHN PAINE
Address	:	32, ORANGE GROVE ROAD, 258354, SINGAPORE.
IC / PP No	:	094512629
Nationality	:	BRITISH
Date of Appointment	:	05/12/2006

DIRECTOR 3

Name Of Subject	:	NG WAI KONG
Address	:	6, BISHAN STREET 25, 30-16, CLOVER BY THE PARK, 573975, SINGAPORE.
IC / PP No	:	S2576317C
Nationality	:	SINGAPOREAN
Date of Appointment	:	09/07/2010

DIRECTOR 4

Name Of Subject	:	JAISHANKAR KRISHNAN
Address	:	FLAT 1201, SOMERSET, HIRANANDANI GARDENS, POWAI, MUMBAI, 400 076, 12TH FLOOR, INDIA.
IC / PP No	:	Z1780431
Nationality	:	INDIAN
Date of Appointment	:	27/10/2001

MANAGEMENT

1)	Name of Subject	:	NG WAI KONG
	Position	:	DIRECTOR

AUDITOR

No Auditor found in our databank

COMPANY SECRETARIES

1)	Company Secretary	:	PABLO ANTONIO A. VENTURA
	IC / PP No	:	S7269876B
	Address	:	8, BEDOK RESERVOIR VIEW, 05-21, THE CLEARWATER, 479235, SINGAPORE.
	Remarks	:	AGENT

2)	Company Secretary	:	NG WAI KONG
	IC / PP No	:	S2576317C
	Address	:	6, BISHAN STREET 25, 30-16, CLOVER BY THE PARK, 573975, SINGAPORE.
	Remarks	:	AGENT

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation.

LEGAL CHECK AGAINST SUBJECT

* A check has been conducted in our databank againt the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	N/A
Overseas	:	N/A

The Subject refused to disclose its suppliers.

The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT
Prompt 0-30 Days	[	X	]	Good 31-60 Days	[	]	Average 61-90 Days	[	]
Fair 91-120 Days	[		]	Poor >120 Days	[	]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

COMPUTER HARDWARE AND PERIPHERAL EQUIPMENT & COMPUTER SOFTWARE

Total Number of Employees:
YEAR	2014	2013
GROUP	N/A	N/A
COMPANY	6	6

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) wholesale of computer hardware and peripheral equipment & computer software.

Ingram Group is a Fortune 100 company, is the world’s largest wholesale technology distributor and a global leader in IT supply-chain, mobile device lifecycle services and logistics solutions.

The Group distributes and markets a large variety of technology and mobility products from leading companies, such as Acer, Apple, Cisco, Hewlett-Packard (“HP”), IBM, Lenovo, Microsoft, Samsung and many others.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6562749633
Current Telephone Number	:	65-62749633
Match	:	YES
Address Provided by Client	:	205, KALLANAG BAHRU, LEVEL 1M SINGAPORE - 339341
Current Address	:	205 KALLANG BAHRU,LEVEL 1M, 339341, SINGAPORE.
Match	:	YES

Other Investigations

we contacted one of the staff from the Subject and she provided some information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	346.45%	]
Profit/(Loss) Before Tax	:	Increased	[	346.44%	]
Return on Shareholder Funds	:	Favourable	[	81.49%	]
Return on Net Assets	:	Favourable	[	89.09%	]
The increase in turnover could be due to the Subject adopting an aggressive marketing strategy.The higher profit could be attributed to the increase in turnover. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Favourable	[	0 Days	]
Creditors Ratio	:	Favourable	[	0 Days	]
As the Subject is a service oriented company, the Subject does not need to keep stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Favourable	[	1.02 Times	]
Current Ratio	:	Unfavourable	[	1.02 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
Generally, the Subject's performance has improved with higher turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : STABLE

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2009	2010	2011	2012	2013
Population (Million)	4.98	5.08	5.18	5.31	5.40
Gross Domestic Products ( % )	(0.8)	14.5	4.9	1.3	3.7
Consumer Price Index	0.6	2.8	5.2	4.6	2.4
Total Imports (Million)	356,299.3	423,221.8	459,655.1	474,554.0	466,762.0
Total Exports (Million)	391,118.1	478,840.7	514,741.2	510,329.0	513,391.0
Unemployment Rate (%)	3.2	2.2	2.1	2.0	1.9
Tourist Arrival (Million)	9.68	11.64	13.17	14.49	15.46
Hotel Occupancy Rate (%)	75.8	85.6	86.5	86.4	86.3
Cellular Phone Subscriber (Million)	1.37	1.43	1.50	1.52	1.97
Registration of New Companies (No.)	26,414	29,798	32,317	31,892	37,288
Registration of New Companies (%)	4.3	12.8	8.5	(1.3)	9.8
Liquidation of Companies (No.)	22,393	15,126	19,005	17,218	17,369
Liquidation of Companies (%)	113.4	(32.5)	25.6	9.4	(5.3)
Registration of New Businesses (No.)	26,876	23,978	23,494	24,788	22,893
Registration of New Businesses (%)	8.15	(10.78)	2.02	5.51	1.70
Liquidation of Businesses (No.)	23,552	24,211	23,005	22,489	22,598
Liquidation of Businesses (%)	11.4	2.8	(5)	(2.2)	0.5
Bankruptcy Orders (No.)	2,058	1,537	1,527	1,748	1,992
Bankruptcy Orders (%)	(11.5)	(25.3)	(0.7)	14.5	14.0
Bankruptcy Discharges (No.)	3,056	2,252	1,391	1,881	2,584
Bankruptcy Discharges (%)	103.7	(26.3)	(38.2)	35.2	37.4
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	3.25	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(1.93)	(10.5)	12.10	(0.5)	-
Manufacturing *	71.5	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	90.4	96.4	100.0	103.5	103.5
Textiles	145.9	122.1	100.0	104.0	87.1
Wearing Apparel	211.0	123.3	100.0	92.1	77.8
Leather Products & Footwear	79.5	81.8	100.0	98.6	109.8
Wood & Wood Products	101.4	104.0	100.0	95.5	107.4
Paper & Paper Products	95.4	106.1	100.0	97.4	103.2
Printing & Media	100.9	103.5	100.0	93.0	86.1
Crude Oil Refineries	96.4	95.6	100.0	99.4	93.5
Chemical & Chemical Products	80.3	97.6	100.0	100.5	104.1
Pharmaceutical Products	49.1	75.3	100.0	109.7	107.2
Rubber & Plastic Products	101.2	112.3	100.0	96.5	92.9
Non-metallic Mineral	91.9	92.5	100.0	98.2	97.6
Basic Metals	92.6	102.2	100.0	90.6	76.5
Fabricated Metal Products	90.8	103.6	100.0	104.3	105.1
Machinery & Equipment	57.3	78.5	100.0	112.9	114.5
Electrical Machinery	86.8	124.1	100.0	99.3	108.5
Electronic Components	85.2	113.6	100.0	90.6	94.3
Transport Equipment	96.0	94.0	100.0	106.3	107.5
Construction	(36.9)	14.20	20.50	28.70	-
Real Estate	1.4	21.3	25.4	31.9	-
Services
Electricity, Gas & Water	1.70	4.00	7.00	6.30	-
Transport, Storage & Communication	3.90	12.80	7.40	5.30	-
Finance & Insurance	(16.4)	(0.4)	8.90	0.50	-
Government Services	4.50	9.70	6.90	6.00	-
Education Services	0.10	(0.9)	(1.4)	0.30	-
* Based on Index of Industrial Production (2011 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING
The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.
The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.
In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%.
For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2010, the Subject is a Foreign company, focusing on wholesale of computer hardware and peripheral equipment & computer software. The Subject has been in business for 4 years and it has slowly been building up contact with its clients while competing in the industry.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 6 employees. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 125,672, the Subject should be able to maintain its business in the near terms.

We regard that the Subject's overall payment habit is prompt. The Subject had a favourable creditors' ratio as evidenced by its favourable collection days.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry.

Based on its stable financial condition, we recommend credit be granted to the Subject promptly.

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

INGRAM MICRO INDIA LIMITED SINGAPORE BRANCH

Financial Year End	2012-03-31	2011-03-31
Months	12	11
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	USD	USD
TURNOVER	2,351,120	526,626
	----------------	----------------
Total Turnover	2,351,120	526,626
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	111,958	25,078
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	111,958	25,078
Taxation	(9,545)	(1,819)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	102,413	23,259
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	23,259	-
	----------------	----------------
As restated	23,259	-
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	125,672	23,259
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	125,672	23,259
	=============	=============

BALANCE SHEET

INGRAM MICRO INDIA LIMITED SINGAPORE BRANCH

CURRENT ASSETS
Other debtors, deposits & prepayments	681,097	1,036,397
Amount due from related companies	331,210	275,552
Cash & bank balances	4,469,108	1,849,369
Others	3,569	13,114
	----------------	----------------
TOTAL CURRENT ASSETS	5,484,984	3,174,432
	----------------	----------------
TOTAL ASSET	5,484,984	3,174,432
	=============	=============
CURRENT LIABILITIES
Other creditors & accruals	5,239,723	3,094,566
Amounts owing to related companies	119,589	56,607
	----------------	----------------
TOTAL CURRENT LIABILITIES	5,359,312	3,151,173
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	125,672	23,259
	----------------	----------------
TOTAL NET ASSETS	125,672	23,259
	=============	=============
RESERVES
Retained profit/(loss) carried forward	125,672	23,259
	----------------	----------------
TOTAL RESERVES	125,672	23,259
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	125,672	23,259
	----------------	----------------
	125,672	23,259
	=============	=============

FINANCIAL RATIO

INGRAM MICRO INDIA LIMITED SINGAPORE BRANCH

TYPES OF FUNDS
Cash	4,469,108	1,849,369
Net Liquid Funds	4,469,108	1,849,369
Net Liquid Assets	125,672	23,259
Net Current Assets/(Liabilities)	125,672	23,259
Net Tangible Assets	125,672	23,259
Net Monetary Assets	125,672	23,259
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	5,359,312	3,151,173
Total Assets	5,484,984	3,174,432
Net Assets	125,672	23,259
Net Assets Backing	125,672	23,259
Shareholders' Funds	125,672	23,259
Total Share Capital	0	0
Total Reserves	125,672	23,259
LIQUIDITY (Times)
Cash Ratio	0.83	0.59
Liquid Ratio	1.02	1.01
Current Ratio	1.02	1.01
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	0	0
Creditors Ratio	0	0
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	42.65	135.48
Times Interest Earned Ratio	0.00	0.00
Assets Backing Ratio	-	-
PERFORMANCE RATIO (%)
Operating Profit Margin	4.76	4.76
Net Profit Margin	4.36	4.42
Return On Net Assets	89.09	107.82
Return On Capital Employed	89.09	107.82
Return On Shareholders' Funds/Equity	81.49	100.00
Dividend Pay Out Ratio (Times)	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.91
UK Pound	1	Rs.98.65
Euro	1	Rs.78.64

INFORMATION DETAILS

Report Prepared by :

TPT

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	--

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%)

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.