MIRA INFORM REPORT

Report No. :	354584
Report Date :	12.12.2015

IDENTIFICATION DETAILS

Name :	COSMO FILMS LIMITED
Registered Office :	1008, DLF Tower- A, Jasola District Centre, New Delhi – 110025, Delhi
Tel. No.:	91-11-49494949
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	07.10.1976
Com. Reg. No.:	55-008355
Capital Investment / Paid-up Capital :	Rs.194.400 Million
CIN No.: [Company Identification No.]	L92114DL1976PLC008355
IEC No.:	0588119440
TAN No.: [Tax Deduction & Collection Account No.]	NSKC01059C
PAN No.: [Permanent Account No.]	AAACC1152C
Legal Form :	A Public Limited Liability Company. Company's Shares are Listed on the Stocks Exchange.
Line of Business :	Manufacturers Of Bi-Axially Oriented Polypropylene Films (BOPP) (Registered Activity)
No. of Employees :	666 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (70)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 12000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject was established in the year 1976 and it engages manufacturing of bi-axially oriented polypropylene films. It offers films such as thermal laminating films like nylon films, polyester film and biaxially oriented polypropylene etc. For the financial year ended 2015, company has reported 17.27% revenue growth as compared to previous year revenue and it has maintained average profitability margin at 2.73% during the year under review. Rating takes into consideration company’s established track record of business operations supported by its healthy financial base along with favourable gap between trade payables to its receivables and adequate debt coverage indicators. Trade relations are reported as fair. Payment are reported to be regular and as per commitment. The company can be considered good for normal 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 – 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 31-03-2015.

LOCATIONS

Registered Office/ Corporate Office :	1008, DLF Tower- A, Jasola District Centre, New Delhi - 110025, India
Tel. No.:	91-11-49494949
Fax No.:	91-11-49494950
E-Mail :	ashok@dl.cosmo.sprintsmx.ems.vsnl.net.in mgredp@cosmofilms.com mm.rao@gndel-cfldel.global.net.in skmittal@gndel-cfldel.global.net.in murali@cosmofilms.com secretary@cosmofilms.com investor.relations@cosmofilms.com
Website :	http://www.cosmo-india.com http://www.cosmofilms.com
Plants:	Located At: Maharashtra Gujarat USA Korea
State Offices:	Located At: Mumbai Hyderabad
Subsidiaries Asia Pacific:	Located At: Korea Japan Mauritius Thailand Europe Netherland USA
Factory:	Located At: Hagerstown, USA Asia, Korea Shendra, Maharashtra, India

DIRECTORS

As on 31.03.2015

Name :

Mr. Ashok Jaipuria

Designation :

Chairman and Managing Director

Date of Birth :

11.09.1953

Qualification :

Degree in Associates of Arts in Business Administration and Diploma in Marketing Science

Date of Appointment :

02.04.2014

DIN No.:

00214707

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	L92114DL1976PLC008355	COSMO FILMS LIMITED	Managing director	02/04/2014	10/10/1976	-	Active	NO
2	L27106HP1985PLC006378	COSMO FERRITES LIMITED	Director	24/07/1985	24/07/1985	-	Active	NO
3	L51433WB1960PLC024539	HSIL LIMITED	Director	27/09/2014	24/07/2004	-	Active	NO

Name :

Mr. Anil Kumar Jain

Designation :

Whole Time Director

Date of Birth :

18.03.1951

Qualification :

B.Com. (H), A.I.C.W.A., CISA

Date of Appointment :

01.10.2014

DIN No.:

00027911

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	L74899DL1954PLC002985	USHA INTERNATIONAL LIMITED	Director	29/09/97	29/09/97	-	Amalgamated	NO
2	U72200DL2002PTC115459	TRUSTED INFO SYSTEMS PRIVATE LIMITED	Director	21/05/02	21/05/02	-	Active	NO
3	U74210DL1935PLC007123	USHA INTERNATIONAL LIMITED	Director	29/09/08	23/06/08	-	Active	NO
4	L92114DL1976PLC008355	COSMO FILMS LIMITED	Whole-time director	01/10/14	24/05/11	-	Active	NO
5	L27106HP1985PLC006378	COSMO FERRITES LIMITED	Director	22/09/14	12/08/11	-	Active	NO

Directors In Non-Executive Capacity

Name :

Mr. H. K. Agrawal,

Designation :

Independent Director

Date of Birth :

11.10.1947

Qualification :

MBA, IIM,

Date of Appointment :

25.09.2014

DIN No.:

00260592

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	L17124RJ1997PLC013498	JAGJANANI TEXTILES LIMITED	Director	24/12/97	24/12/97	28/07/08	Active	NO
2	L92114DL1976PLC008355	COSMO FILMS LIMITED	Director	25/09/14	13/01/00	-	Active	NO

Name :

Mr. Rajeev Gupta

Designation :

Independent Director

Date of Birth :

19.03.1958

Qualification :

B E and MBA

Date of Appointment :

30.07.2012

Name :

Ms. Alpana Parida

Designation :

Non-Independent Director

Date of Birth :

22.01.1963

Qualification :

Degree holder in Business, Degree in Economics

Date of Appointment :

25.09.2014

DIN No.:

06796621

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	L92114DL1976PLC008355	COSMO FILMS LIMITED	Director	25/09/14	14/02/14	-	Active	NO
2	U74999MH1955PLC009593	S H KELKAR AND COMPANY Limited	Director	09/12/14	09/12/14	-	Active	NO

Name :

Mr. Ashish Guha

Designation :

Independent Director

Date of Birth :

18.11.1956

Qualification :

Honours Graduate in Economics, Alumnus of London Business School, (Management Development Programme)

Date of Appointment :

25.09.2014

DIN No.:

00004364

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	L26942HR1958FLC042301	HEIDELBERGCEMENT INDIA LIMITED.	Managing director	23/08/11	23/08/06	30/06/14	Active	NO
2	U26940MH1996PLC102555	INDORAMA CEMENT LIMITED	Additional director	24/08/06	24/08/06	-	Amalgamated	NO
3	U26943HR2006FTC036445	HEIDELBERGCEMENT INDIA PRIVATE LIMITED	Director	09/11/06	09/11/06	-	Amalgamated	NO
4	U26941KL1992FLC006767	COCHIN CEMENTS LTD	Director	02/07/07	16/11/06	30/06/14	Active	NO
5	L21010MH1945PLC010337	BALLARPUR INDUSTRIES LIMITED	Director	19/12/14	29/07/08	-	Active	NO
6	U74899DL2000GOI107739	BHARAT SANCHAR NIGAM LIMITED	Director	21/05/10	21/05/10	21/05/13	Active	NO
7	L92114DL1976PLC008355	COSMO FILMS LIMITED	Director	25/09/14	12/08/14	-	Active	NO

Name :

Mr. Pratip Chaudhuri

Designation :

Independent Director

Qualification :

BSc. (Hons), MBA

Name :

Mr. H.N. Sinor

Designation :

Independent Director

Qualification :

B.Com and LLB

KEY EXECUTIVES

Name :	Mr. Ashok Jaipuria
Designation :	Chairman and Managing Director
Name :	Mr. Pankaj Poddar
Designation :	Chief Executive Officer
Name :	Mr. Neeraj Jain
Designation :	Chief Executive Officer
Name :	Mr. Satish Subramanian
Designation :	Vice President - Global Sales & Marketing
Name :	Mr. Sanjay Chincholikar
Designation :	Vice President – Strategy & Application Development
Name :	Mr. A.K. Pathak
Designation :	Vice President-Manufacturing
Name :	Mr. R. K. Gupta
Designation :	General Manager – Commercial
Name :	Mr. S. C. Maity
Designation :	General Manager – Operations Head (Coating)
Name :	Mr. N. R. More
Designation :	General Manager – Engineering
Name :	Mr. Shailesh Verma
Designation :	General Manager-Global Head (Packaging Films)
Name :	Mr. Kapil Anand
Designation :	General Manager – Global Head (Specialty Labels & Industrial Films)
Name :	Mr. Rajeev Joshi
Designation :	General Manager -Head HR
Name :	Mr. Jagdip Kumar
Designation :	Deputy General Manager - Information Technology
Name :	Ms. Jyoti Dixit
Designation :	Company Secretary
Name :	Mr. Sandeep Dutta
Designation :	President-US Subsidiary
Name :	Mr. Steve Hong
Designation :	Head-Korea Subsidiary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(1) Indian
Individuals / Hindu Undivided Family	1138881	5.86
Bodies Corporate	7319558	37.65
Sub Total	8458439	43.51
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	8458439	43.51
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	302979	1.56
Financial Institutions / Banks	10361	0.07
Foreign Institutional Investors	10838	0.08
Sub Total	324178	1.71
(2) Non-Institutions
Bodies Corporate	1528132	7.94
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million lakh	4823416	27.90
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	2513944	12.93
Any Others (Specify)	1142866	6.01
Non-Resident Indians	1136641	5.97
Trusts	6225	0.03
Sub Total	10008358	54.78
Total Public shareholding (B)	10332536	56.49
Total (A)+(B)	18790975	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1)	0	0.00
(2)	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	18790975	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers Of Bi-Axially Oriented Polypropylene Films (BOPP)

Products :

Product Descriptions	ITC Code
Biaxially Oriented Polypropylene Film and Synthetic Paper	3920.99
Termal Lamination Machines	8477.59

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

No. of Employees :

666 (Approximately)

Bankers :

Bank Name	Development Bank of Singapore (DBS Limited)
Branch	Not Divulged
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

· Export Import Bank of India

· ICICI Bank Limited

· IDBI Bank Limited

· Landes Bank Baden-Wurttemberg

· State Bank of India

· Union Bank of India

· Yes Bank Limited

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term loans
Foreign currency loans	1689.600	2298.500
Rupee term loans	653.700	765.000
Vehicle loans	6.600	4.800
Short-term borrowings
From banks
Cash credits/ working capital demand loans	1593.900	2018.600
Total	3943.800	5086.900

Notes:

Long Term Borrowing

Foreign currency loans comprises of :

Loan of USD 10,000,000 taken from ICICI Bank during the financial year 2010-11 and carries interest @ Libor +400 bps per annum. The loan is repayable in 5 equal semiannual installments of USD 2,000,000 each after moratorium of 3.5 years from the date of loan.

Loan of USD 13,272,220 taken from Landesbank Baden Wurttemberg Bank (LBBW) during the financial year 2008-09 and 2009-10 and carries interest @ Libor+37.5 bps per annum. The loan is repayable in 16 equal semiannual installments of approx. USD 832,640 each after six month from the date of start of commercial production

Loan of USD 10,000,000 taken from IFC Bank during the financial year 2011-12 and 2013-14 and carries interest @ Libor+400 bps per annum. The loan is repayable in 17 semi-annual installments after moratrorium of 2.5 years from the date of loan.

Loan of EUR 10,367,450 taken from Landesbank Baden Wurttemberg Bank (LBBW) during the financial year 2012-13 to 2014-15 and carries interest @ Euribor+105 bps per annum. The loan is repayable in 17 equal semi annual installments of EUR 609,850 each after six month from the signing of final acceptance certificate for start of commercial production.

Loan of USD 7,000,000 taken from DBS Bank Limited during the financial year 2012-13 and carries interest @ Libor+225 bps per annum. The loan is repayable in 8 semi-annual installments from April-2015. (The loan has been fully hedged into an equivalent Rupee loan with fixed rate of interest).

Rupee term loans comprises of :

Loan of Rs.108.675 Million taken from Kotak Mahindra Bank during the financial year 2011-12 and carries interest @ base rate+ 3.75% per annum. The loan is repayable in 78 equal monthly installments of Rs.1.393 Million along with interest from the date of loan. The loan has been repaid in full during the Financial Year 2014-15.

Loan of Rs.300.000 Million taken from SBI during the financial year 2012-13 and 2013-14 and carries interest @ base rate+ 2.25% per annum. The loan is repayable after a moratorium of 12 month from the date of disbursement in 8 equal quarterly installments of ` 37,500,000.

Loan of Rs.600.000 taken from SBI during the financial year 2013-14 and carries interest @ base rate+ 2.3% per annum. The loan is repayable after a moratorium of 24 month from the date of disbursement in 24 equal quarterly installments of `Rs.25.000.

Loan of Rs.128.700 Million taken from IDBI Bank during the financial year 2014-15 and carries interest @ base rate+ 2.5% per annum. The loan is repayable in 10 structured half yearly installments starting from 31 March 2018.

Vehicle loans taken from Union Bank of India carries interest @10.5% -12% per annum. This loan is repayable in 3 years.

Short Term Borrowing:

Cash credits/ working capital demand loans/ export packing credits are secured/to be secured by hypothecation of inventories, trade receivable and second charge on fixed assets secured to financial institutions except assets exclusively charged.

Cash credit and working capital demand loans from the bank comprises of the following:

Cash credit/working capital demand loan of Rs.300.000 Million sanctioned by Export Import Bank of India is repayable on demand and carries interest rate as mutually decided.

Working capital demand loan of Rs.200.000 Million sanctioned by HDFC Bank is repayable on demand and carries interest rate as mutually decided.

Cash credit/working capital demand of Rs.150.000 Million sanctioned by ICICI Bank is repayable on demand and carries interest @ base rate+3.00% per annum.

Cash credit/working capital demand of Rs.250.000 Million sanctioned by ING Vysya Bank is repayable on demand and carries interest @ base rate+2.35% per annum.

Cash credit/working capital demand of Rs.650.000 Million sanctioned by Union Bank of India is repayable on demand and carries interest @ base rate+2% per annum.

Cash credit/working capital demand of Rs.150.000 Million sanctioned by YES Bank of India is repayable on demand and carries interest @ base rate+2.5% per annum.

Cash credit/working capital demand of Rs.400.000 Million sanctioned by IDBI Bank is repayable on demand and carries interest @ base rate+2.0 per annum.

Cash credit of Rs.500.000 Million sanctioned by State Bank of India is repayable on demand and carries interest @ base rate+1.5% per annum.

Cash credit/working capital loan/export packing credit of Rs.200.000 Million sanctioned by DBS Bank is repayable on demand and carries interest as mutually agreed.

Financial Institutions:	International Finance Corporation IDBI Trusteeship Services Limited
Auditors :
Name :	Walker Chandiok and Company LLP Chartered Accountants
Address :	21^st Floor, DLF Square, Jacaranda Marg, DLF Phase II, Gurgaon – 122002, Haryana, India
Tel. No.:	91-124-4528000
Fax No.:	91-124-4528001
E-Mail :	gurgaon@in.gt.com
Memberships :	--
Collaborators :	--
Subsidiaries :	· CF Global Holdings Limited, Mauritius · Cosmo Films Inc., USA · CF (Netherlands) Holdings Limited BV., Netherlands · Cosmo Films (Singapore) Pte. Limited, Singapore · Cosmo Films Japan (GK) · Cosmo Films Korea Limited, Korea CF Investment Holding Private (Thailand) Company Limited, Thailand
Enterprises over which Key managerial personnel of the Company and their relatives have significant influence:	· Pravasi Enterprises Limited · Sunrise Manufacturing Company Private Limited Cosmo foundation

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
25,000,000	Equity Shares	Rs.10/- each	Rs.250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19,440,076	Equity Shares	Rs.10/- each	Rs.194.400 Million

Notes:

Of the above 242,051 (Previous year 242,051) shares have been alloted to erstwhile shareholders of Gujarat Propack Limited on amalgamation.

Of the above 8,486,705 (Previous year 8,486,705) shares have been allotted as fully paid bonus shares by capitalization of capital reserves and share premium account.

There is no movement in equity share capital during the current year and previous year.

Terms and rights attached to equity shares

The Company has only one class of equity shares having the par value of Rs.10 per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees.

During the year ended 31 March 2015 the amount of per share dividend recognised as distributions to equity shareholders was Rs.3.50 per share (previous year Rs.1 per share). The dividend proposed by Board of Directors is subject to approval of shareholders in Annual General Meeting.

In the event of liquidation of the Company, the holder of equity shares will be entitled to receive remaining assets of the Company, after payment of all liabilities. The distribution will be in proportion to the number of equity shares held by the shareholders.

Details of shareholders holding more than 5% shares in the Company

Name of Shareholder	Number of Shares	% holding
Sunrise Manufacturing Company Limited	3957552	20.36%
Pravasi Enterprises Limited	2,895,104	14.89%

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	194.400	194.400	194.400
(b) Reserves & Surplus	3913.000	3558.500	3494.900
(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)	4107.400	3752.900	3689.300
(3) Non-Current Liabilities
(a) long-term borrowings	2349.900	3068.300	2278.700
(b) Deferred tax liabilities (Net)	784.800	704.000	697.100
(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)	3134.700	3772.300	2975.800
(4) Current Liabilities
(a) Short term borrowings	1593.900	2018.600	1963.000
(b) Trade payables	1033.200	1165.700	894.600
(c) Other current liabilities	888.900	675.100	442.900
(d) Short-term provisions	81.800	22.700	63.000
Total Current Liabilities (4)	3597.800	3882.100	3363.500
TOTAL	10839.900	11407.300	10028.600
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5319.300	5692.500	3670.800
(ii) Intangible Assets	44.900	57.900	65.400
(iii) Capital work-in-progress	140.400	15.800	1577.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1685.800	1662.800	1659.900
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	179.900	46.400	145.200
(e) Other Non-current assets	0.000	1.500	1.400
Total Non-Current Assets	7370.300	7476.900	7119.700
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	984.000	1371.600	795.700
(c) Trade receivables	1575.200	1363.600	1145.000
(d) Cash and cash equivalents	133.400	442.400	138.800
(e) Short-term loans and advances	728.300	738.600	825.000
(f) Other current assets	48.700	14.200	4.400
Total Current Assets	3469.600	3930.400	2908.900
TOTAL	10839.900	11407.300	10028.600

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	14787.400	12566.900	10418.800
	Other Income	37.100	73.800	40.600
	TOTAL (A)	14824.500	12640.700	10459.400
Less	EXPENSES
	Cost of Materials Consumed	10122.600	9256.100	7066.800
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	331.400	(391.800)	47.600
	Employees benefits expense	634.600	546.300	463.000
	Other expenses	2474.600	2120.400	2065.900
		92.000	205.000	57.500
	TOTAL (B)	13655.200	11736.000	9700.800
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1169.300	904.700	758.600
Less	FINANCIAL EXPENSES (D)	382.500	401.900	227.400
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	786.800	502.800	531.200
Less/ Add	DEPRECIATION/ AMORTISATION (F)	300.500	403.400	331.700
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	486.300	99.400	199.500
Less	TAX (H)	82.200	18.600	58.200
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	404.100	80.800	141.300
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	6926.800	5388.600	5077.400
	TOTAL EARNINGS	6926.800	5388.600	5077.400
	IMPORTS
	Raw Materials	2344.500	2132.000	1968.200
	Components and Stores parts	60.000	64.200	38.600
	Capital Goods	64.900	101.200	1017.800
	TOTAL IMPORTS	2469.400	2297.400	3024.600
	Earnings / (Loss) Per Share (Rs.)	20.79	4.16	7.27

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	730.900	525.100	337.300
Cash generated from operations	1241.000	447.700	894.900
Net cash flow from operating activity	1231.100	540.200	843.700

QUARTERLY RESULTS

Particulars	30.06.2015	30.06.2015
Audited / UnAudited	Unaudited	Unaudited
Net Sales	3617.800	3863.800
Total Expenditure	3132.900	3370.600
PBIDT (Excl OI)	484.900	493.200
Other Income	4.500	5.800
Operating Profit	489.400	499.000
Interest	76.500	71.500
Exceptional Items	(15.700)	(9.500)
PBDT	397.200	418.000
Depreciation	74.800	78.800
Profit Before Tax	322.400	339.200
Tax	109.800	116.400
Provisions and contingencies	0.000	0.000
Profit After Tax	212.600	222.800
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	212.600	222.800

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	2.73	0.64	1.36
Operating Profit Margin (PBIDT/Sales)	(%)	7.91	7.20	7.28
Return on Total Assets (PBT/Total Assets}	(%)	5.40	1.02	2.94
Return on Investment (ROI) (PBT/Networth)		0.12	0.03	0.05
Debt Equity Ratio (Total Debt /Networth)		1.14	1.50	1.24
Current Ratio (Current Asset/Current Liability)		0.96	1.01	0.86

STOCK PRICES

Face Value	Rs.10.00
Market Value	Rs.255.30

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	194.400	194.400	194.400
Reserves & Surplus	3494.900	3558.500	3913.000
Net worth	3689.300	3752.900	4107.400
long-term borrowings	2278.700	3068.300	2349.900
Short term borrowings	1963.000	2018.600	1593.900
Current Maturities of Long-Term Debts	337.300	525.100	730.900
Total borrowings	4579.000	5612.000	4674.700
Debt/Equity ratio	1.241	1.495	1.138

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	10418.800	12566.900	14787.400
		20.618	17.669

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	10418.800	12566.900	14787.400
Profit	141.300	80.800	404.100
	1.36%	0.64%	2.73%

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	No
8	Designation of contact person	No
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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
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	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

IN THE HIGH COURT OF DELHI AT NEW DELHI

ITA 187/2012

ITA 187/2012

ITA 185/2012

ITA 186/2012

ITA 188/2012

ITA 190/2012

COMMISSIONER OF INCOME TAX.... Appellant

Through: Mr. Kamal Sawhney, senior Standing Counsel with Mr. Sanjay Kumar, Advocate

versus

COSMO FILMS LTD..... Respondent

Through: Mr. M.S. Syali, Senior Advocate with Mr. Amayank Nagi, Adv.

CORAM:

 HON'BLE MR. JUSTICE SANJIV KHANNA

 HON'BLE MR. JUSTICE DEEPA SHARMA

ORDER

12.03.2014

the learned counsel for the parties state that two issues arise for consideration and substantial quaesttion of law may be framed in erespect

MANAGEMENT DISCUSSION & ANALYSIS REPORT

Cosmo Films, being a professionally managed Public Limited Company has a strong presence in flexible packaging films. In speciality films segment beside thermal films, wet lamination, synthetic paper, high barrier films, coated films are key products .Cosmo is the largest producer of thermal lamination films in the world.In commodity, Cosmo manufactures tape and textile films as well as packaging films. Within the packaging segment, company manufactures films such as heat sealable, plain, metallized, opaque films as well as speciality films such as stable slip film, low SIT films, high hot tack films, low COF films and extrusion coatable metallized films. In labels Cosmo has almost a complete range of films for wrap-around, in-mould and self-adhesive applications in transparent, metallized and opaque which can work with almost all kinds of printing inks.

Company’s products are popular in domestic and overseas markets. Company’s philosophy of ‘Quality First, Customer Supreme’ has made us a proud supplier of choice to some of the world’s most discerning customers in the packaging and thermal lamination industry. Cosmo is the only company acting as a one-stop shop for laminating solutions i.e. the films and the laminating equipments.

ECONOMIC OVERVIEW & INDUSTRY SECNERIO

According to the International Monetary Fund (IMF), India is set to become the world’s fastest-growing major economy by 2016 ahead of China. India is expected to grow at 6.3 per cent in 2015, and 6.5 per cent in 2016 by when it is likely to cross China’s projected growth rate, as per IMF’s latest update of its World Economic Outlook.

The growth rate of the Indian plastics industry is one of the highest in the world, with plastics consumption growing at 16% per annum (compared to 10% p.a. in China and around 2.5% p.a. in the UK). With a growing middle class (currently estimated at 50 million) and a low per capita consumption of plastics, currently 8kg per head, this trend is likely to continue. The Plastindia Foundation estimate that plastics consumption is likely to reach 16kg per head by this year.

Packaging currently accounts for the largest consumption of plastics in India, at 24% of overall consumption. The

Historical growth of the plastic industry over the last few decades is at an impressive 12-14% which is almost twice the GDP growth. The major driver of this growth is the increased standard of living of people in India (housing the second largest population in the world)

OPERATIONAL & FINANCIAL PERFORMANCE:

During the year, turnover of the Company registered a growth of around 12.64% Y-o-Y with Net Sales of Rs. 16405.600 Million as against Rs.14565.000 Million in F.Y.2013-14 on consolidated basis. On Standalone basis the turnover increased by around 17.89%—Rs.14725.900 Million in FY 2014-15 as compared to Rs.12501.400 Million in FY 2013-14.

STATEMENT ON SIGNIFICANT ACCOUNTING POLICES

Background and nature of operations

Cosmo Films Limited (the ‘Company’), manufacturers of Bi-axially Oriented Polypropylene Films (BOPP) was incorporated in India in 1981, under the Companies Act 1956. The Company is engaged in the production of packaging films. Company’s product majorly comprises of BOPP Films and Thermal Films. In India, the Company is currently working at Aurangabad in Maharashtra and at Karjan in Gujarat. It also has its subsidiaries working in different countries.

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Disputed demands for income tax	48.300	48.300
Disputed demands for excise and custom duty and service tax	51.700	38.100
Disputed demands for labour/employee dispute	50.900	41.500
Claim against the Company not acknowledged as debts	1.500	1.200
Discounting of export customer invoices	203.400	251.400
Discounting of domestic customer invoices	38.900	-

Disputed demand for income tax includes a dispute of Rs.48.300 Million (previous year Rs.48.300) between the Company and income tax department over computation of deduction under section 80HHC of the Income Tax Act, 1961. The Company has filed a special leave petition against the order of Hon’ble Court which has been accepted by Supreme

Court and is pending. Based on the legal opinion taken from an independent expert, the management is of the view that it is more likely than not that matter will be decided in favour of the Company.

It represents discounted export debtors amount to `Rs.91.200 Million (previous year Rs.124.600 Million) against letter of credit and other discounted debtors of Rs.112.200 Million (previous year Rs.126.800 Million) which has 90% credit insurance coverage from ECGC. All the discounted invoices have been reduced from Trade Receivables in note 15.

It represents discounted domestic debtors amount to Rs.38.900 (previous year Rs. Nil) against letter of credit. All

the discounted invoices have been reduced from Trade Receivables in note 15.

FIXED ASSETS

• Land freehold
• Land leasehold
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10490231	18/11/2014 *	6,887,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	C43658855
2	10451915	16/09/2013	300,000,000.00	IDBI BANK LIMITED	IDBI BANK LIMITED, 3RD FLOOR RED CROSS BUILDING, 1 RED CROSS ROAD, NEW DELHI - 110001, INDIA	B86125994
3	10425265	20/06/2013 *	600,400,000.00	INTERNATIONAL FINANCE CORPORATION	VIBGYOR TOWERS, 6TH FLOOR, G - BLOCK, C - 62, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI - 400051, MAHARASHTRA , INDIA	B78970860
4	10351562	05/04/2012	555,000.00	UNION BANK OF INDIA	11 KRUPA BUILDING, NEAR PATHAN GATE, AURANGABAD - 431005,  MAHARASHTRA, INDIA	B38148011
5	10351543	05/04/2012	554,000.00	UNION BANK OF INDIA	11 KRUPA BUILDING, NEAR PATHAN GATE, AURANGABAD - 431005,  MAHARASHTRA, INDIA	B38148268
6	10328207	29/12/2011	560,000.00	UNION BANK OF INDIA	11 KRUPA BUILDING, NEAR PATHAN GATE, AURANGABAD - 431005,  MAHARASHTRA, INDIA	B29492535
7	10328209	29/12/2011	586,000.00	UNION BANK OF INDIA	11 KRUPA BUILDING, NEAR PATHAN GATE, AURANGABAD - 431005,  MAHARASHTRA, INDIA	B29493137
8	10328205	15/12/2011	715,000.00	UNION BANK OF INDIA	11 KRUPA BUILDING, NEAR PATHAN GATE, AURANGABAD - 431005,  MAHARASHTRA, INDIA	B29491859
9	10311334	29/09/2011	600,000.00	UNION BANK OF INDIA	11 KRUPA BUILDING, NEAR PATHAN GATE, AURANGABAD - 431005,  MAHARASHTRA, INDIA	B22998041
10	10311339	27/09/2011	1,070,000.00	UNION BANK OF INDIA	11 KRUPA BUILDING, NEAR PATHAN GATE, AURANGABAD - 431005,  MAHARASHTRA, INDIA	B22999288

* Date of charge modification

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND SIX MONTHS ON 30.09.2015

[RS. IN MILLION]

PARTICULARS	3 Months Ended		6 Months Ended
	30.09.2015 [Unaudited]	30.06.2015 [Unaudited]	30.09.2015 [Unaudited]
Income from Operations
(a) Net sates/income from operations (Net of excise duty)	3851.600	3605.700	7457.300
(b) Other Operating Income	12.200	12.100	24.300
Total income from operations (net)	3863.800	3617.800	7481.600
Expenses
(a) Cost of materials consumed	2415.800	2510.900	4926.800
(b) Purchases of stock-in trade	0.000	0.000	0.000
(c) Changes in inventories of finished goods. work-in-progress and stock in trade	182.300	(168.700)	13.500
(d) Employee benefits expense	190.800	191.100	381.900
(e) Depreciation and Amortization Expenses	78.800	74.800	153.600
(f) Other Expenses	344.900	350.000	694.900
(g)Foreign Exchange	236.800	249.600	486.400
Total expenses	3449.400	3207.700	6657.100
Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)	414.400	410.100	824.500
Other Income	5.800	4.500	10.300
Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)	420.200	414.600	834.800
Finance Costs	71.600	76.500	148.000
Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)	348.600	338.100	686.800
Exceptional items	9.400	15.700	25.200
Profit/ (Loss) from ordinary activities before tax (7+8)	339.200	322.400	661.600
Tax expenses	116.400	109.800	226.200
Net Profit / (Loss) from ordinary activities after tax (9-10)	222.800	212.600	435.400
Extraordinary item (net of tax expense)	0.000	0.000	0.000
Net Profit / (Loss) for the period (11-12)	222.800	212.600	435.400
Share of profit' (loss) of associates
Minority Interest
Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates (13+14+15)
Paid up equity share capital (Face Value of Rs 10/-each)	194.400	194.400	194.400
Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year
Earnings per share (before extraordinary items) of Rs.10/- each (not annualized):
(a) Basic	11.46	10.94	22.40
(b) Diluted	11.46	10.94	22.40
PARTICULARS OF SHAREHOLDING
A. Public Shareholding
- Number of shares	10981637	11111637	10981637
- Percentage of shareholding	56.00	57.00	56.00
Promoters and Promoter group shareholding
a) Pledged / Encumbered
- Number of shares
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)
- Percentage of shares (as a % of the total Share Capital of the Company)
b) Non Encumbered
- Number of shares	8458439	8328439	8458439
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	100.00	100.00	100.00
- Percentage of shares (as a % of the total Share Capital of the Company)	44.00	43.00	44.00

	PARTICULARS	3 Months Ended 30.09.2015
B	Investor complaints (Nos.)
	Pending at the beginning of the quarter	0
	Received during the Quarter	12
	Disposed of during the quarter	12
	Remaining unresolved at the end of the quarter	0

REPORTING OF SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Million)

Particulars	3 Months Ended		6 Months Ended
	30.09.2015 [Unaudited]	30.06.2015 [Unaudited]	30.09.2015 [Unaudited]
Segment Revenue
Packing Films	3851.600	3605.700	7457.300
Others	--	--	--
Sub Total	38561.600	3605.700	7457.300
Less: Inter Segment Revenue	--	-	--
Total	38561.600	3605.700	7457.300
Segment Results
Profit / (Loss) before tax and interest
Packing Films	435.200	421.700	856.900
Others	-	-	-
Sub Total	435.200	421.700	856.900
Less: Finance Cost	71.500	76.500	148.00
Less: Unallocable expenses net of Unallocable income	24.500	22.800	47.300
Profit from ordinary activity before tax	339.200	322.400	651.600
Capital Employed
Packing Films	7133.200	7857.700	7133.200
Others	-	----	-
Unallocated	2596.500	1913.100	2596.500
Total	9729.700	9770.800	9729.700

(RS. IN MILLION)

SOURCES OF FUNDS	30.09.2015 [Unaudited]
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	194.400
(b) Reserves & Surplus	4361.100
Total Shareholders’ Funds	4555.500
(2) Share Application Money Pending Allotment	--
(3) Non-Current Liabilities
(a) long-term borrowings	2337.900
(b) Deferred tax liabilities (Net)	969.300
(c) Other long term liabilities	--
(d) long-term provisions	--
Total Non-current Liabilities (3)	3307.200
(4) Current Liabilities
(a) Short term borrowings	1112.400
(b) Trade payables	1332.100
(c) Other current liabilities	901.600
(d) Short-term provisions	0.000
Total Current Liabilities (4)	3346.100
TOTAL	11208.700
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	5714.600
(b) Non-current Investments	1947.500
(c) Deferred tax assets (net)	127.600
(d) Long-term Loan and Advances	0.000
(e) Other Non-current assets	0.000
Total Non-Current Assets	7789.700
(2) Current assets
(a) Current investments	0.000
(b) Inventories	990.300
(c) Trade receivables	1405.600
(d) Cash and cash equivalents	347.800
(e) Short-term loans and advances	634.400
(f) Other current assets	40.900
Total Current Assets	3419.000
TOTAL	11208.700

Notes:

1. The above unaudited financial results were reviewed by the Audit Committee and approved by the Board of

Director on 21^st October 2015 and limited review of the same has been carried out by the

Statutory Auditors of the company.

2. Exceptional item during the quarter includes:

Particulars	3 Months Ended		Year Ended
	30.09.2015	30.06.2015	30.09.2015
Profit/(Loss) on exchange rate fluctuations*	(9.500)	(15.700)	(25.200)

• Due to significant volatility in foreign currency exchange rates, the company has considered profit/ (Loss) on foreign exchange fluctuation as an exceptional item.

3. Figures for the previous periods / year have been regrouped wherever required.

New Delhi

21^st October 2015

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.66.79
UK Pound	1	Rs.101.10
Euro	1	Rs.73.10

INFORMATION DETAILS

Analysis Done by :	KRN
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		70

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.