MIRA INFORM REPORT

Report No. :	318383
Report Date :	24.04.2015

IDENTIFICATION DETAILS

Name :	GUJARAT PLUG – IN DEVICES PRIVATE LIMITED
Registered Office :	10, Tarun Society, Gotri Road, Baroda- 390015, Gujarat
Tel No :	91-265-2398249
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.05.1985
Com. Reg. No.:	04-007833
Capital Investment / Paid-up Capital :	Rs. 1.803 Million
CIN No.: [Company Identification No.]	U32201GJ1985PTC007833
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BRDG00286G
PAN No.: [Permanent Account No.]	AAACG6863C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Electrical Products like Transformers, Insulators, Panels, Cables, Motors, Switch, etc.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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. Viral Kothari
Designation :	Director
Contact No.:	91-9925042386
Date :	20.04.2015

LOCATIONS

Registered Office :	10, Tarun Society, Gotri Road, Vadodara – 390015, Gujarat, India
Tel. No.:	91-265-2398249
Mobile No.:	91-9925042386 (Mr. Viral Kothari)
Fax No.:	91-265-2396971
E-Mail :	sales@gpd-transformers.com info@gpd-transformers.com drkad1@sancharnet.in accounts@gpd-transfomers.com vibhakothri@gpd-transformers.com kwicksales@sify.com
Website :	www.gpd-transformers.com
Area :	3000 Sq. Ft.
Location :	Owned
Corporate Office :	103, Maruti Complex, Near Natubhai Centre, Gotri Road, Vadodara – 390007, Gujarat, India
Tel. No.:	91-265-2396148/ 2398249
Fax No.:	91-265-2396971
E-Mail :	kwick_sales@sify.com
Area :	2500 Sq. Ft
Location :	Owned
Factory :	989/3, GIDC, Makarpura, Vadodara – 390010, Gujarat, India
Tel. No.:	91-265-2631075/2637209
Fax No.:	91-265-2396971
E-Mail :	info@gpd-transformers.com
Area :	10000 sq ft
Location :	Leased

DIRECTORS

As on : 30.09.2014

Name :

Mrs. Himani Sudhir Chemburkar

Designation :

Director

Address :

16, Aarti Society, Atmajyoti Ashram Road, Race Course, Vadodara – 390007, Gujarat, India

Date of Birth/Age :

28.04.1981

Date of Appointment :

19.09.2013

DIN No.:

06408342

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	U32201GJ1985PTC007833	GUJARAT PLUG-IN DEVICES PVT LTD	Director	16/09/2013	01/11/2012	-	Active	NO

Name :

Mr. Sudhir Vasantrao Chemburkar

Designation :

Director

Address :

16, Aarti Society, Atmajyoti Ashram Road, Ellora Park, Vadodara – 390023, Gujarat, India

Date of Birth/Age :

17.09.1949

Date of Appointment :

21.05.1985

DIN No.:

00638666

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	U32201GJ1985PTC007833	GUJARAT PLUG-IN DEVICES PVT LTD	Director	21/05/1985	21/05/1985	-	Active	NO
2	U29130GJ1994PTC022645	SAHIL SWITCHGEARS PVT LTD	Director	29/07/1994	29/07/1994	-	Active	NO
3	U31900GJ2009PTC057958	REO-GPD INDUCTIVE COMPONENTS PRIVATE LIMITED	Director	02/09/2009	02/09/2009	-	Active	NO
4	L31100GJ1966PLC001397	JSL INDUSTRIES LIMITED	Additional director	10/02/2015	10/02/2015	-	Active	NO

Name :

Mrs. Vibha Dipak Kothari

Designation :

Director

Address :

10, Tarun Society, Near Natubhai Centre, Gotri Road, Vadodara- 390007, Gujarat, India

Date of Birth/Age :

15.10.1985

Date of Appointment :

16.09.2013

DIN No.:

06408350

Other Directorship :

.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	U32201GJ1985PTC007833	GUJARAT PLUG-IN DEVICES PVT LTD	Director	16/09/2013	01/11/2012	-	Active	NO

Name :

Mr. Viral Dipak Kothari

Designation :

Director

Address :

10, Tarun Society, Gotri Road, Vadodara – 390 007, Gujarat, India

Date of Birth/Age :

31.10.1979

Date of Appointment :

01.04.2007

DIN No.:

01338920

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	U32201GJ1985PTC007833	GUJARAT PLUG-IN DEVICES PVT LTD	Director	01/04/2007	01/04/2007	-	Active	NO
2	U29130GJ1994PTC022645	SAHIL SWITCHGEARS PVT LTD	Director	18/07/2011	18/07/2011	-	Active	NO
3	U31900GJ2009PTC057958	REO-GPD INDUCTIVE COMPONENTS PRIVATE LIMITED	Director	18/07/2011	18/07/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2014

Names of Shareholders	No. of Shares
Sudhir Vasantrao Chemburkar	896
Himani Sudhir Chemburkar	180
Manali Sudhir Chemburkar	180
Viral Dipak Kothari Shaila Dipak Kothari	4680
Vibha Dipak Kothari Shaila Dipak Kothari	180
Sandhya Sudhir Chemburkar Sudhir Vasantrao Chemburkar	4760
Sudhir Vasantrao Chemburkar Sandhya Sudhir Chemburkar	3002
Shaila Dipak Kothari Dipak Kothari	3978
Chandrakala Ramniklal Kothari Vibha Dipak Kothari	180
Total	18036

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Electrical Products like Transformers, Insulators, Panels, Cables, Motors, Switch, etc.
Products :	Transformers Insulators Panels Cables Motors Switch
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Countries :	USA UK Germany
Imports :
Products :	Raw Material
Countries :	Germany Italy
Terms :
Selling :	Cheque and Credit
Purchasing :	Cheque and Credit

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Wind World India Private Limited Suzlon India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

End Users and OEM’s

Reference :	Thyssen Krupp Elevator Private Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

50 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Akalpuri Branch, Baroda – 390005, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• Small Industries Development Bank of India

1^st Floor, Landmark Building, Race Course Circle, Vadodara-390007, Gujarat, India.

• HDFC Bank Limited

Alkapuri Branch

• SIDBI

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
SIDBI Loan (Secured by way of lien on Fixed deposit of Rs. 2.000 Million)	2.816	0.000
Total	2.816	0.000

Auditors :
Name :	Talati and Talati Chartered Accountant
Address :	210- B. N. Chambers, R C Dutt Road, Vadodara – 390007, Gujarat, India
Tel. No.:	91-265-3058025/26/27/28/29
Fax No.:	Not Available
E-Mail :	baroda@talatiandtalati.com
PAN No.:	AAAFT4520A
Memberships :	Not Available
Collaborators :	Not Available
Related Parties :	Kwick Sales and Services
Subsidiaries :	REO-GPD Inductive Components Private Limited CIN No.: U31900GJ2009PTC057958

CAPITAL STRUCTURE

As on : 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.100/- each	Rs. 2.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18036	Equity Shares	Rs.100/- each	Rs. 1.803 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	1.803	1.803	1.803
(b) Reserves & Surplus	103.113	94.074	88.218
(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)	104.916	95.877	90.021
(3) Non-Current Liabilities
(a) long-term borrowings	4.492	3.364	4.394
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.987	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	4.492	4.351	4.394
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	12.756	12.154	24.785
(c) Other current liabilities	1.915	0.234	0.869
(d) Short-term provisions	4.830	7.332	7.912
Total Current Liabilities (4)	19.501	19.720	33.566
TOTAL	128.909	119.948	127.981
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	18.427	4.410	5.099
(ii) Intangible Assets	0.000	0.000	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	49.680	47.910	33.684
(c) Deferred tax assets (net)	0.005	0.284	0.191
(d) Long-term Loan and Advances	0.172	0.042	1.457
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	68.284	52.646	40.431
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	14.978	13.914	12.365
(c) Trade receivables	29.850	33.416	62.741
(d) Cash and cash equivalents	13.228	19.031	8.798
(e) Short-term loans and advances	0.799	0.151	0.944
(f) Other current assets	1.770	0.790	2.702
Total Current Assets	60.625	67.302	87.550
TOTAL	128.909	119.948	127.981

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Turnover
		Other Income
		TOTAL	106.386	101.226	206.373
Less	EXPENSES
		TOTAL	85.444	82.868	156.867
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		20.942	18.358	49.506
Less	FINANCIAL EXPENSES		NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		20.942	18.358	49.506
Less/ Add	DEPRECIATION/ AMORTISATION		1.053	0.852	0.934
	PROFIT/(LOSS) BEFORE TAX		19.889	17.506	48.572
Less	TAX		6.627	5.362	15.769
	PROFIT/(LOSS) AFTER TAX		13.262	12.144	32.803
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		78.097	73.456	53.376
Less	APPROPRIATIONS
		Interim Dividend Paid	1.804	1.804	6.313
		Tax on Interim Dividend	0.307	0.293	1.041
		Proposed Dividend	1.804	3.607	1.803
		Tax on Dividend	0.307	0.585	0.293
		Transfer To General Reserve	1.326	1.214	3.280
		Provision Written Back	0.000	0.000	(0.007)
		Total	5.548	7.503	12.723
	BALANCE CARRIED TO THE B/S		85.811	78.097	73.456
	Earnings Per Share (Rs.)		735.31	673.32	1818.75

Expected Sales (2014-15) : Rs. 105.000 Million

The above information has been parted by Mr. Viral Kothari. (Director)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	12.47	12.00	15.90
Operating Profit Margin (PBDIT / Sales)	(%)	19.68	18.14	23.99
Return on Total Assets (PBT/Total Assets}	(%)	25.10	24.40	51.61
Return on Investment (ROI) (PBT/Networth)		0.19	0.18	0.54
Debt Equity Ratio (Total Debt /Networth)		0.04	0.04	0.05
Current Ratio (Current Asset/Current Liability)		3.11	3.41	2.61

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1.803	1.803	1.803
Reserves & Surplus	88.218	94.074	103.113
Net worth	90.021	95.877	104.916
long-term borrowings	4.394	3.364	4.492
Short term borrowings	0.000	0.000	0.000
Total borrowings	4.394	3.364	4.492
Debt/Equity ratio	0.049	0.035	0.043

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	206.373	101.226	106.386
		-50.950	5.098

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	206.373	101.226	106.386
Profit	32.803	12.144	13.262
	15.90%	12.00%	12.47%

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	Yes
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	Yes
18]	Major customers	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans and Advances from Related Parties (of the above NIL is guaranteed by Directors of the company)	1.676	3.364
Total	1.676	3.364

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10475602	02/01/2014	3,550,000.00	Small Industries Development Bank of lndia	1ST FLOOR, LANDMARK BUILDING, RACE COURSE CIRCLE,  VADODARA, Gujarat - 390007, INDIA	B95501201

* Date of charge modification

FIXED ASSETS

· Land

· Office Building

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Electric Installation

· Office Equipment

· Computers

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 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.62.81
UK Pound	1	Rs.93.85
Euro	1	Rs.67.58

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	RNK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.