MIRA INFORM REPORT

Report No. :	357265
Report Date :	29.12.2015

IDENTIFICATION DETAILS

Name :	ROHM AND HAAS (INDIA) PRIVATE LIMITED

Registered Office :	1^st Floor, Block B, Godrej IT Park, 02, Godrej, Business District, Pirojsha Nagar, Vikhroli (West), Mumbai – 400079, Maharashtra
Tel. No.:	91-22-67328358

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	14.03.1995

Com. Reg. No.:	11-132718

Capital Investment / Paid-up Capital :	Rs.3259.073 Million

CIN No.: [Company Identification No.]	U24231MH1995PTC132718

IEC No.:	0595044255

TAN No.: [Tax Deduction & Collection Account No.]	MUMR14396E

PAN No.: [Permanent Account No.]	AAACR2855F

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in the business of manufacturing, trading and marketing of 'Speciality Materials’. (Registered activity)

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 8500000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Exist

Comments :	Subject is a subsidiary of “Rohm and Hass India Investment Aps Denmark”. It is an established company incorporated in the year 1995 having satisfactory track. The company has witnessed a healthy growth in its turnover and has achieved good profit margin during the year under a review. The rating also takes into consideration company’s sound capital base along with comfortable liquidity position. The rating also derives strength from its holding company and its experienced management. Moreover, the rating strength is partially offset by some accumulated losses incurred by the company. Trade relations are reported as fair. Business is active. Payments are reported as usually correct and as per communities. In view of long track record and strong holding support, the company can be considered normal for business dealings at usual trade terms and condition.

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

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.

INFORMATION DENIED BY

Name :	Mr. Parikh
Designation :	Export Department
Contact No.:	91-22-27412476

LOCATIONS

Registered Office :	1^st Floor, Block B, Godrej IT Park, 02, Godrej, Business District, Pirojsha Nagar, Vikhroli (West), Mumbai – 400079, Maharashtra, India
Tel. No.:	91-22-67328358
Mobile No.:	91-9819000295 (Mr. Zafer Ansari)
Fax No.:	91-22-67326069
E-mail:	rkarnan@dow.com
Website :	www.dow.com
Area:	Owned

Head Office / Factory 1 :	Unit I and II, 2^nd Floor, Building 1, Solitaire Corporate Park, Chakala, Andheri -Kurla Road, Andheri (East), Mumbai – 400 093, Maharashtra, India

Factory 2 :	Plot No. T-22/PT, MIDC Taloja Industrial Area, District Raigad – 410208, Maharashtra, India
Tel. No.:	91-22-27412476/ 79//15555
Fax No.:	91-22-27410564/ 67315569

Manufacturing Facilities :	Located at: Taloja, Maharashtra Sriperumbadur, Tamilnadu

DIRECTORS

As on 31.03.2015

Name :	Mr. Ragunathan Thangavel
Designation :	Director
Address :	Asvini Amrisa, 4^th Blk, 3A, 77, Kalasat, Hamman St, Rampuram, Chennai - 600089, Tamilnadu, India
Date of Birth/Age :	15.05.1972
Date of Appointment :	08.08.2014
DIN No.:	06939240

Name :	Mr. Saju Joseph
Designation :	Director
Address :	May Folwer Flat 701, Hiranandani Medows V/V, Thane - 400607, Maharashtra, India
Date of Appointment :	02.12.2014
DIN No.:	07029356

KEY EXECUTIVES

Name :	Mr. Parikh
Designation :	Export Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Names of Shareholders		No. of Shares
Rohm and Haas India Investment APS, Denmark		325902323
Rohm and Haas Denmark APS, Denmark		5000
Total		325907323

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing, trading and marketing of 'Speciality Materials’. (Registered activity)

Products :

Item Code No. (ITC Code)

Product Description

39069090

Primal AC 261

39039090

Other polymers of styrene in Primary forms

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Standard Chartered Bank Limited
Branch	Dr. D. N. Road, Mumbai, Maharashtra 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

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai - 400018, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFD4815A

Memberships :	Not Available

Collaborators :	Not Available

Holding company	Rohm and Haas India Investment APS, Denmark, Denmark

Fellow Subsidiary company:	Rohm and Haas International Trading (Shanghai) Company Limited, China UCAR Emulsion Systems FZE, United Arab Emirates Shanghai Eastern Rohm and Haas Company, China Rohm and Haas Taiwan , Inc., Taiwan, Province Of China Rohm and Hass Vietnam Company Limited., Viet Nam Rohm and Haas Chemical (Thailand) Limited, Thailand Rohm and Haas New Zealand Limited, New Zealand Dow Chemical International Private Limited, India U24239MH1998PTC113551 Rohm and Haas Chemicals LLC, USA, United States Rohm and Haas texas Incorporated, United States PT. Rohm and Haas Indonesia, Indonesia Rohm and Haas South Africa (PTY) Limited, South Africa Rohm and Haas Mexico. S. de R. L. de C.V., Mexico Hampshi re Chemical Corp, United States Beijing Eastern Rohm and Haas Company Limited (BERHC), China Dow Chemical Pacific (Singapore) Pte Ltd, Singapore Dow Chemical Pacific Limited, Hong Kong Dow Chemical Thailand Limited, Thailand PT Dow Indonesia, Indonesia Rohm and Haas Foshan Speciality Materials Company Limited, China DOW Engineering Company, United States Rohm and Haas China Inc., China Rohm and Haas Korea Company Limited. Korea , Democratic People's Republic Of Rohm and Haas Company, USA, United States Dow Chemicals Taiwan Limited, Taiwan, Province of China Dow Agrosciences India Private Limited, India U01110MH1994PTC083566 Rohm and Haas (China) Holding Company Limited, China Rohm and Haas Shanghai Chemical Industry Company Limited, China Dcomco, Inc., United States Rohm and Haas Electronic Materials, LLC, United States Rohm and Haas Philipines Inc., Philippines Dow Chemicals Korea Limited, Korea, Republic Of Dow Europe GmbH, Switzerland Rohm and Haas Singapore (Pte.) Limited., Singapore Rohm and Haas European Trading ApS, Copenhagen, Denmark Rohm and Haas Europe Trading ApS - Belgium Branch, Belgium Rohm and Haas Australia Pty Limited, Australia Rohm and Haas Quimica Ltda, Brazil

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital:

No. of Shares	Type	Value	Amount

330000000	Equity Shares	Rs.10/- each	Rs.3300.000 Million
55000000	Preferences Shares	Rs.10/- each	Rs.550.000 Million
	Total		Rs.3850.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

325907323	Equity Shares	Rs.10/- each	Rs.3259.073 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	3259.073	3259.073	3259.073
(b) Reserves & Surplus	(296.143)	(884.144)	(1031.190)
(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)	2962.930	2374.929	2227.883

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	17.155	11.287	11.947
Total Non-current Liabilities (3)	17.155	11.287	11.947

(4) Current Liabilities
(a) Short term borrowings	1136.142	1350.000	1329.025
(b) Trade payables	1964.708	3154.367	2671.580
(c) Other current liabilities	77.520	118.239	112.508
(d) Short-term provisions	198.347	23.766	25.070
Total Current Liabilities (4)	3376.717	4646.372	4138.183

TOTAL	6356.802	7032.588	6378.013

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	825.518	923.883	1054.971
(ii) Intangible Assets	0.409	0.721	1.273
(iii) Capital work-in-progress	45.146	36.086	43.040
(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	128.692	101.313	59.159
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	999.765	1062.003	1158.443

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1770.021	1968.283	1989.133
(c) Trade receivables	2812.656	3146.225	2360.472
(d) Cash and cash equivalents	43.120	213.170	84.070
(e) Short-term loans and advances	685.326	618.641	749.654
(f) Other current assets	45.914	24.266	36.241
Total Current Assets	5357.037	5970.585	5219.570

TOTAL	6356.802	7032.588	6378.013

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Revenue from Operations	11559.539	11176.484	8782.800
	Other Income	192.589	20.015	5.800
	TOTAL (A)	11752.128	11196.499	8788.600

Less	EXPENSES
	Cost of Materials Consumed	5593.121	5760.166
	Purchases of Stock-in-Trade	3219.455	3628.242
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	226.567	(313.994)
	Employees benefits expense	93.853	98.419
	CSR Expenditure	1.506	0.000
	Other expenses	1708.177	1542.397
	TOTAL (B)	10842.679	10715.230	8200.600

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	909.449	481.269	588.000

Less	FINANCIAL EXPENSES (D)	173.709	161.006	203.100

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	735.740	320.263	384.900

Less/ Add	DEPRECIATION/ AMORTISATION (F)	147.740	173.217	183.200

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	588.000	147.046	201.700

Less	TAX (H)	0.000	0.000	0.000

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	588.000	147.046	201.700

	Earnings / (Loss) Per Share (Rs.)	1.80	0.45	--

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 flows from (used in) operations	295.330	291.682	1153.786
Net cash flow from operating activity	256.979	291.348	1157.400

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	5.09	1.32	2.30

Operating Profit Margin (PBIDT/Sales)	(%)	7.87	4.31	6.69

Return on Total Assets (PBT/Total Assets}	(%)	9.32	2.10	3.18

Return on Investment (ROI) (PBT/Networth)		0.20	0.06	0.09

Debt Equity Ratio (Total Debt /Networth)		0.38	0.57	0.60

Current Ratio (Current Asset/Current Liability)		1.59	1.28	1.26

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	3259.073	3259.073	3259.073
Reserves & Surplus	(1031.190)	(884.144)	(296.143)
Net worth	2227.883	2374.929	2962.930

long-term borrowings	0.000	0.000	0.000
Short term borrowings	1329.025	1350.000	1136.142
Total borrowings	1329.025	1350.000	1136.142
Debt/Equity ratio	0.597	0.568	0.383

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	8782.800	11176.484	11559.539
		27.254	3.427

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	8782.800	11176.484	11559.539
Profit	201.700	147.046	588.000
	2.30%	1.32%	5.09%

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)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
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

LITIGATION DETAILS
Bench:- Bombay
Lodging No:-	OLRL/663/2015	Failing Date:-	20.11.2015	Reg. No.:-	OLR/663/2015	Reg. Date:-	20.11.2015

Petitioner:-	THE OFFICIAL LIQUIDATOR HIGH COURT BOI		Respondent:-	ROHM AND HAAS INDIA PRIVATE LIMITED
Petn.Adv:-	THE OFFICIAL LIQUIDATOR (00)		Resp.Adv.:	- (00)
District:-	MUMBAI

Bench:-	SINGLE		Category:	MISC. APPLICATION
Status:-	Pre-Admission		Stage:-	OLR FOR APPOINTMENT FOR C.A.
Last Date:-	27.11.2015
Last Coram:-	HON’BLE SHRI JUSTICE K.R. SRIRAM

Act:-	Companies Act and Rules 1956 Companies Act and Rules 1956

NOTE: The registered office of the company has been shifted from Corporate Park, Unit No. 1, V. N. Purav Marg, Chembur, Mumbai - 400093, Maharashtra, India to the present address w.e.f. 02.05.2012

FINANCIAL PERFORMANCE:

The sales and other income of the company, for the year at Rs 12531.900 Million recorded an small increase of 3.55% as compared to Rs. 12101.700 Million in the previous year, however, the profit after tax for the year at Rs. 588.000 Million recorded a quantum leap of 249% as compared to Rs. 147.100 Million in the previous year.

UNSECURED LOAN

Unsecured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short-term borrowings
Working capital loans from banks	536.142	0.000
Loans and advances from related parties	600.000	1350.000
Total	1136.142	1350.000

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

Land
Buildings
Factory building
Plant and equipment
Furniture and fixtures
Motor vehicles
Vehicles
Office equipment
Computer equipments

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.66.13
UK Pound	1	Rs.98.69
Euro	1	Rs.72.55

INFORMATION DETAILS

Information Gathered by :	KMN

Analysis Done by :	DIV

Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	3
--CREDIT LINES	1~10	5
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		51

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.