MIRA INFORM REPORT

Report No. :	304550
Report Date :	22.01.2015

IDENTIFICATION DETAILS

Name :	DESMO EXPORTS LIMITED
Registered Office :	C-108, TTC Industrial Area, Pawane MIDC, Navi Mumbai – 400705, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.02.1993
Com. Reg. No.:	11-070652
Capital Investment / Paid-up Capital :	Rs. 100.000 Millions
CIN No.: [Company Identification No.]	U51397MH1993PLC070652
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMD11792E
PAN No.: [Permanent Account No.]	AABCD0271E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Selling of Industrial Chemicals.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 360000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating reflects company moderate financial risk profile marked by low reserve level and low profit margin of the company. However, trade relations reported are fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealing with some cautions.

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	CRISIL
Rating	Long Term Rating (BB-)
Rating Explanation	Moderate risk of default
Date	December 31, 2013

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 DENIED BY

Name :	Mr. Bharat Shetty
Designation :	Finance Head
Date :	20.01.2015

LOCATIONS

Registered Office :	C-108, TTC Industrial Area, Pawane MIDC, Navi Mumbai – 400705, Maharashtra, India
Tel. No.:	91-22-27654062/ 27652473/ 27634390 / 41294129
Fax No.:	91-22-27801853
E-Mail :	info@desmoexports.com
Website :	http://www.desmoexports.com
Area :	830 Sq. Ft
Location :	Owned
Corporate Office :	125, Arenja Arcade, Sector- 17, Vashi, Navi Mumbai- 400705, Maharashtra, India
Tel. No.:	91-22-61317500 (100 Lines) / 27654062 / 24652473/ 27880365
Fax No.:	91-22-27801853
E-Mail :	info@desmoexports.com sales@desmoexports.com
Area :	275 sq. ft.
Location:	Owned
Branch Office :	204, Swasti House, 70, Kazi Sayed Street, Mumbai – 400033, Maharashtra, India
Tel. No.:	91-22-23415237/ 66312031/ 32
Fax No.:	91-22-27801853

DIRECTORS

As on 30.09.2013

Name :

Mr. Dilipkumar Mishrilal Jindal

Designation :

Managing Director

Address :

J – 21, Rh – V, Sector – 6, Vashi, New Mumbai-400703, Maharashtra, India

Date of Birth/Age :

21.02.1964

Date of Appointment :

09.08.2002

PAN No.:

AABPJ7644N

Din No.:

01093009

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	U70101WB1991PTC051429	MANGAL JYOTI NIKET PRIVATE LIMITED	Director	01/04/1997	01/04/1997	-	Not Available for eFiling	NO
2	U64100MH1986PTC041768	SPECTRUM COMMUNICATION PRIVATE LIMITED	Director	01/04/1997	01/04/1997	-	Active	NO
3	U70101MH1991PTC148731	MANGALJYOTI NIKET PRIVATE LIMITED	Director	14/02/2001	14/02/2001	-	Active	NO
4	U51397MH1993PLC070652	DESMO EXPORTS LIMITED	Managing director	31/08/2011	09/08/2002	-	Active	NO
5	U65990MH1994PTC080773	DESMO CAPITAL AND FINANCE PRIVATE LIMITED	Director	12/03/2003	12/03/2003	-	Active	NO
6	U24110MH2000PTC127401	AINA CHEM PRIVATE LIMITED	Director	26/05/2003	26/05/2003	12/03/2012	Active	NO
7	U51101MH2000PTC125076	DIVYARATNA AGROTECH PRIVATE LIMITED	Director	22/12/2007	22/12/2007	-	Active	NO

Name :

Mr. Jitendra Devki Yadav

Designation :

Director

Address :

2B – 16, Sector – 10, Koperkhairne, Navi Mumbai-400708, Maharashtra, India

Date of Birth/Age :

10.01.1967

Date of Appointment :

01.07.2003

PAN No.:

AASPY3080E

Din No.:

00632185

Name :

Mrs. Rachna Dilip Jindal

Designation :

Director

Address :

J – 21, Row House No. 5, Sector – 6, Vashi, New Mumbai-400703, Maharashtra, India

Date of Birth/Age :

11.11.1968

Date of Appointment :

07.07.2007

PAN No.:

ADBPJ8258R

Din No.:

00632366

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	U64100MH1986PTC041768	SPECTRUM COMMUNICATION PRIVATE LIMITED	Director	01/04/1997	01/04/1997	-	Active	NO
2	U70101WB1991PTC051429	MANGAL JYOTI NIKET PRIVATE LIMITED	Director	01/04/1997	01/04/1997	-	Not Available for eFiling	NO
3	U70101MH1991PTC148731	MANGALJYOTI NIKET PRIVATE LIMITED	Director	14/02/2001	14/02/2001	-	Active	NO
4	U65990MH1994PTC080773	DESMO CAPITAL AND FINANCE PRIVATE LIMITED	Director	12/10/2003	12/10/2003	-	Active	NO
5	U51397MH1993PLC070652	DESMO EXPORTS LIMITED	Director	07/07/2007	07/07/2007	-	Active	NO
6	U51101MH2000PTC125076	DIVYARATNA AGROTECH PRIVATE LIMITED	Director	22/12/2007	22/12/2007	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Bharat Shetty
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Dilip M Jindal	7523298
Rachna Dilip Jindal	1661725
Krishna Jindal	56205
Mishrilal Jindal	623270
Jitendra Yadav	1250
Dilip M Jindal (HUF)	134250
M. L. Jindal (HUF)	2
Total	10000000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Directors or relatives of directors	98.65
Other top fifty shareholders	1.35
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Industrial Chemicals.

Products :

Product Description	ITC code
Organic and Inorganic Chemicals	38249090

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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 :

Reference :	Not Divulged
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 :

Not Divulged

Bankers :

• Bank of India, Mumbai Mid Corporate Branch, Bank of India Bldg., Mezzanine Floor, 70-80 , Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India
• State Bank of India, Konkan Bhavan Branch, CIDCO Bhavan (South Wing), CBD Belapur, Navi Mumbai - 400614, Maharashtra, India
• ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India
• The Hongkong and Sanghai Banking Corporation, APJ Chambers, Ground Floor, Behind New Excelsior Cinema, 3wallace Street, Fort, Mumbai - 400001, Maharashtra, India
• Bank of India, Ghatkopar (West) Branch, Desai Niwas, Mahatma Gandhi Road, Ghatkopar (West), Mumbai - 400086, Maharashtra, India
• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (W), Mumbai - 400013, Maharashtra, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Term loans	0.000	4.188
Rupee term loans from banks	0.000	34.431
SHORT TERM BORROWINGS
Loans repayable on demand	324.010	241.500
Total	324.010	280.119

Auditors :
Name :	Chaplot and Company Chartered Accountants
Address :	105, Shreeji Arcade, Above HDFC Bank, Tilak Road, Dombivali (East), Thane-421201, Maharashtra, India
PAN No.:	AAMPC9697D
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Divyaratna Agrotech Private Limited CIN No.: U51101MH2000PTC125076 MANGALJYOTI NIKET PRIVATE LIMITED CIN No.: U70101MH1991PTC148731 Spectrum Communication Private Limited CIN No.: U64100MH1986PTC041768 Desmo Capital and Finance Private Limited CIN No.: U65990MH1994PTC080773 Qsingdao Desmo International Company Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	100.000	100.000	39.123
(b) Reserves & Surplus	26.972	19.733	31.557
(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)	126.972	119.733	70.680
(3) Non-Current Liabilities
(a) long-term borrowings	30.551	42.065	54.371
(b) Deferred tax liabilities (Net)	0.837	0.872	1.440
(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)	31.388	42.937	55.811
(4) Current Liabilities
(a) Short term borrowings	324.010	241.500	236.320
(b) Trade payables	305.237	198.712	73.662
(c) Other current liabilities	27.297	34.024	21.402
(d) Short-term provisions	1.732	0.731	10.382
Total Current Liabilities (4)	658.276	474.967	341.766
TOTAL	816.636	637.637	468.257
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	21.332	20.295	22.249
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	67.523	43.661	9.426
(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	27.755	5.141	19.050
(e) Other Non-current assets	0.196	0.329	0.126
Total Non-Current Assets	116.806	69.426	50.851
(2) Current assets
(a) Current investments	1.840	0.380	0.100
(b) Inventories	194.530	159.051	152.724
(c) Trade receivables	402.685	290.556	161.137
(d) Cash and cash equivalents	52.597	48.164	66.119
(e) Short-term loans and advances	46.745	59.894	36.294
(f) Other current assets	1.433	10.166	1.032
Total Current Assets	699.830	568.211	417.406
TOTAL	816.636	637.637	468.257

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1874.861	1467.947	1070.970
		Other Income	12.670	19.678	6.988
		TOTAL (A)	1887.531	1487.625	1077.958
Less	EXPENSES
		Purchases of Stock-in-Trade	1584.957	1211.104	884.985
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(35.477)	(6.327)	(40.713)
		Employees benefits expense	9.111	12.064	8.346
		Other expenses	277.111	227.437	178.051
		Prior period items	0.000	(0.753)	0.000
		TOTAL (B)	1835.702	1443.525	1030.669
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		51.829	44.100	47.289
Less	FINANCIAL EXPENSES (D)		35.526	29.461	20.688
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		16.303	14.639	26.601
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.725	4.331	5.222
	PROFIT BEFORE TAX (E-F) (G)		11.578	10.308	21.379
Less	TAX (H)		4.339	2.133	7.074
	PROFIT AFTER TAX (G-H) (I)		7.239	8.175	14.305
	Earnings Per Share (Rs.)		0.72	1.38	2.57

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	0.39	0.56	1.34
Operating Profit Margin (PBDIT / Sales)	(%)	2.76	3.00	4.42
Return on Total Assets (PBT/Total Assets}	(%)	1.55	1.74	4.66
Return on Investment (ROI) (PBT/Networth)		0.09	0.09	0.30
Debt Equity Ratio (Total Debt /Networth)		2.79	2.37	4.11
Current Ratio (Current Asset/Current Liability)		1.06	1.20	1.22

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	39.123	100.000	100.000
Reserves & Surplus	31.557	19.733	26.972
Net worth	70.680	119.733	126.972
long-term borrowings	54.371	42.065	30.551
Short term borrowings	236.320	241.500	324.010
Total borrowings	290.691	283.565	354.561
Debt/Equity ratio	4.113	2.368	2.792

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1070.970	1467.947	1874.861
		37.067	27.720

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1070.970	1467.947	1874.861
Profit	14.305	8.175	7.239
	1.34%	0.56%	0.39%

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	No
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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	No
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	Yes

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Loans and advance from directors	30.551	3.446
Total	30.551	3.446

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10381119	09/10/2013 *	310,000,000.00	BANK OF INDIA	MUMBAI MID CORPORATE BRANCH, BANK OF INDIA BLDG.,  MEZZANINE FLOOR, 70-80 , MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B87373361
2	10260791	13/01/2011	310,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B03165693
3	10245196	14/10/2010	310,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A96695069

* Date of charge modification

FIXED ASSETS

Tangible Assets

• Land
• Buildings
• Plant and Equipment
• Factory Equipments
• Furniture and Fixtures
• Vehicles

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.61.61
UK Pound	1	Rs.93.49
Euro	1	Rs.71.38

INFORMATION DETAILS

Information Gathered by :	PRA
Analysis Done by :	SUM
Report Prepared by :	KLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	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		30

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.