MIRA INFORM REPORT

Report No. :	336282
Report Date :	13.08.2015

IDENTIFICATION DETAILS

Name :	C I 2 JEWELLERY PRIVATE LIMITED
Registered Office :	Plot No. GJ-05, Seepz ++ Seepz – Sez, Andheri East, Mumbai-400096, Maharashtra
Tel. No.:	91-22-40677777
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	04.08.2006
Com. Reg. No.:	11-163558
Capital Investment / Paid-up Capital :	Rs. 12.500 Million
CIN No.: [Company Identification No.]	U27205MH2006PTC163558
TIN No.:	27250602811
IEC No.:	0306047721
TAN No.: [Tax Deduction & Collection Account No.]	MUMC14545G
PAN No.: [Permanent Account No.]	AACCC8614P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Studded Gold Jewellery.
No. of Employees :	20 (Approximately)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Rating takes into consideration sound financial risk profile of the company marked by adequate networth and base acceptable gearing in FY15. Management has reported a decent growth in its sales volume, however reported decrease in net profitability in FY15. Further, rating constraints on account of risk associated with the nature of business. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Mahadev Desai
Designation :	Accounts Executive
Contact No.:	91-22-40677777
Date :	12.08.2015

LOCATIONS

Registered Office/ Factory :	Plot No. GJ-05, Seepz ++ Seepz – Sez, Andheri East, Mumbai-400096, Maharashtra, India
Tel. No.:	91-22-40677777
Fax No.:	91-22-40677798
E-Mail :	info@ci2jewels.com
Location :	Owned

DIRECTORS

AS ON 30.08.2014

Name :

Mr. Ashwinkumar Mehta

Designation :

Director

Address :

2 Aryavarta, 351, Naryan Dabholkar Marg, Near Government Guest House, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

10.09.1946

Date of Appointment:

04.08.2006

DIN No.:

00410492

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	U36910MH2003PTC141086	ADORA JEWELS (INDIA) PRIVATE LIMITED	Director	27/06/2003	27/06/2003	01/08/2008	Active	NO
2	U36910MH1991PTC064190	M SURESH EXPORTS PRIVATE LIMITED	Director	10/10/2003	10/10/2003	03/10/2010	Active	NO
3	U72200MH2005PTC156349	EFFISSION SOFTWARE PRIVATE LIMITED	Director	15/09/2005	15/09/2005	-	Active	NO
4	U27205MH2006PTC163558	C I 2 JEWELLERY PRIVATE LIMITED	Director	04/08/2006	04/08/2006	-	Active	NO
5	U45202MH2006PTC164020	MAAS HOLDINGS PRIVATE LIMITED	Director	24/08/2006	24/08/2006	-	Active	NO
6	U70102PN2006PTC129159	UNIPLAN REALTORS PRIVATE LIMITED	Director	17/10/2006	17/10/2006	19/03/2010	Active	NO
7	U70102PN2006PTC022184	LAKEWAY PROPERTIES PRIVATE LIMITED	Director	21/11/2008	21/11/2008	-	Active	NO
8	U45201GJ2002PTC040524	RATNA TRAYI REALITY SERVICES PRIVATE LIMITED	Director	05/12/2014	05/12/2014	-	Active	NO

Name :

Mr. Ashish Ashwinkumar Mehta

Designation :

Director

Address :

2 Aryavarta, 351, Naryan Dabholkar Marg, Near Government Guest House, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

14.01.1972

Date of Appointment

04.08.2006

DIN No.:

00410546

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	U27205MH2006PTC163558	C I 2 JEWELLERY PRIVATE LIMITED	Director	04/08/2006	04/08/2006	-	Active	NO
2	U45202MH2006PTC164020	MAAS HOLDINGS PRIVATE LIMITED	Director	24/08/2006	24/08/2006	-	Active	NO
3	U45201GJ2002PTC040524	RATNA TRAYI REALITY SERVICES PRIVATE LIMITED	Director	05/12/2014	05/12/2014	-	Active	NO

Name :

Mr. Minesh Shah

Designation :

Director

Address:

B-56, Nalanda, 62, Peddar Road, Mumbai-400026, Maharashtra, India

Date of Birth/ Age:

23.09.1965

Date of Appointment:

04.08.2006

DIN No.:

00515568

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	U72200MH2005PTC156349	EFFISSION SOFTWARE PRIVATE LIMITED	Director	15/09/2005	15/09/2005	-	Active	NO
2	U27205MH2006PTC163558	C I 2 JEWELLERY PRIVATE LIMITED	Director	04/08/2006	04/08/2006	-	Active	NO

Name :

Mr. Shanay Shailesh Mehta

Designation :

Director

Address :

A-61, Maker Tower, Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India

Date of Birth/Age :

14.03.1987

Date of Appointment :

30.09.2009

DIN No.:

00531904

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	U45202MH2006PTC164020	MAAS HOLDINGS PRIVATE LIMITED	Director	23/09/2006	23/09/2006	-	Active	NO
2	U27205MH2006PTC163558	C I 2 JEWELLERY PRIVATE LIMITED	Director	30/09/2009	01/07/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mahadev Desai
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.08.2014

Names of Shareholders	No. of Shares	% of Holdings
Ashwinkumar S. Mehta	400000	32.00
Shobhana A. Mehta	125000	10.00
Nita S Mehta	525000	42.00
Ashish A Mehta	100000	8.00
Shanay S Mehta	100000	8.00
Total	1250000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.08.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Studded Gold Jewellery.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	USA
Imports :
Products :	Raw Material
Countries :	USA Bangkok
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

GENERAL INFORMATION

Suppliers :

Not Divulged

Reference :	Harikrishna Export 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

Customers :

Not Divulged

Reference :	Envision LLC – Newyork
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 :

20 (Approximately)

Bankers :

Banker Name	Bank of India
Branch Address	Mid Corporate Branch, Andheri, Mumbai, Maharashtra, India
Person Name (With Designation)	Mr. Swans
Contact Number	91-22-28292843
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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
SHORT TERM BORROWING
From banks	NA	17.059
Total	NA	17.059

Auditors :
Name :	J.P.J. Associates Chartered Accountant
Address :	46, Shrikrishna Nagar, Borivali (East), Mumbai – 400066, Maharashtra, India
Fax No.:	91-22-28975829
E-Mail :	jpjassociates@rediffmail.com jpjoffice@rediffmail.com
PAN No.:	AABFJ6339C
Memberships :	--
Collaborators :	--
Group Company :	A.S. Exports

CAPITAL STRUCTURE

AS ON 30.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs. 12.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	12.500	12.500	12.500
(b) Reserves & Surplus	220.746	236.966	213.253
(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)	233.246	249.466	225.753
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	8.937	12.732	13.204
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.764	4.964	1.911
Total Non-current Liabilities (3)	13.701	17.696	15.115
(4) Current Liabilities
(a) Short term borrowings	52.500	126.369	127.486
(b) Trade payables	141.407	122.491	110.925
(c) Other current liabilities	2.593	2.360	0.939
(d) Short-term provisions	0.007	0.000	1.350
Total Current Liabilities (4)	196.507	251.220	240.700
TOTAL	443.454	518.382	481.568
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	118.739	134.276	140.464
(ii) Intangible Assets	0.071	0.256	0.338
(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	15.270	21.711	0.585
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	134.080	156.243	141.387
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	103.109	96.895	94.054
(c) Trade receivables	190.160	260.913	210.787
(d) Cash and cash equivalents	13.186	3.069	13.449
(e) Short-term loans and advances	0.686	0.877	1.126
(f) Other current assets	2.233	0.385	20.765
Total Current Assets	309.374	362.139	340.181
TOTAL	443.454	518.382	481.568

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	645.775	567.775	449.072
	Other Income	2.128	1.287	0.174
	TOTAL	647.903	569.062	449.246
Less	EXPENSES
	Cost of Materials Consumed	574.348	471.600	395.154
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2.765)	9.784	(9.823)
	Employees benefits expense	17.498	20.275	17.093
	Other expenses	43.094	40.226	39.538
	TOTAL	632.175	541.885	441.962
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	15.728	27.177	7.284
Less	FINANCIAL EXPENSES	(6.183)	(9.276)	(9.842)
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	21.911	36.453	17.126
Less/ Add	DEPRECIATION/ AMORTISATION	13.780	7.200	7.143
	PROFIT BEFORE TAX	8.131	29.253	9.983
Less	TAX	(1.796)	5.541	2.484
	PROFIT AFTER TAX	9.927	23.712	7.499
	EARNINGS IN FOREIGN CURRENCY
	Export Earnings	NA	585.505	460.724
	TOTAL EARNINGS	NA	585.505	460.724
	Earnings Per Share (Rs.)	7.94	18.97	6.00

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.54	4.18	1.67
Operating Profit Margin (PBIDT/Sales)	(%)	2.44	4.79	1.62
Return on Total Assets (PBT/Total Assets}	(%)	1.83	5.64	2.07
Return on Investment (ROI) (PBT/Networth)		0.03	0.12	0.04
Debt Equity Ratio (Total Debt /Networth)		0.25	0.53	0.57
Current Ratio (Current Asset/Current Liability)		1.57	1.44	1.41

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	12.500	12.500	12.500
Reserves & Surplus	213.253	236.966	220.746
Share Application money pending allotment	0.000	0.000	0.000
Net worth	225.753	249.466	233.246
long-term borrowings	0.000	0.000	0.000
Short term borrowings	127.486	126.369	52.500
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	127.486	126.369	52.500
Debt/Equity ratio	0.565	0.507	0.225

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	449.072	567.775	645.775
		26.433	13.738

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	449.072	567.775	645.775
Profit	7.499	23.712	9.927
	1.67%	4.18%	1.54%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	----
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	----
33	Market information	----
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from 615-624, Parekh Market, 39, Kennedy Bridge, Opera House, Mumbai – 400004, Maharashtra, India to the present address w.e.f. 20.03.2007.

UNSECURED LOAN

Particulars	As on 31.03.2015	As on 31.03.2014
SHORT TERM BORROWING
From directors and shareholders	NA	109.310
Total	NA	109.310

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10112678	30/06/2015 *	150,000,000.00	Bank of India	Seepz Mid Corporate Branch, Behind Seepz Service, Centre Bldg, Seepz MIDC, Andheri (East), Mumbai,  Maharashtra - 400096, INDIA	C58915182
2	10096835	30/06/2015 *	150,000,000.00	Bank of India	Seepz Mid Corporate Branch, Behind Seepz Service, Centre Bldg, Seepz MIDC, Andheri (East), Mumbai,  Maharashtra - 400096, INDIA	C58913435

* Date of charge modification

FIXED ASSETS

• Leasehold Land
• Plant and Machinery
• Furniture and Fixtures
• Office Equipments
• Computer

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 records 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. 64.83
UK Pound	1	Rs. 101.00
Euro	1	Rs. 71.82

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KIN
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--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		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.