MIRA INFORM REPORT

Report No. :	340275
Report Date :	09.09.2015

IDENTIFICATION DETAILS

Name :	MENTHA AND ALLIED PRODUCTS PRIVATE LIMITED [w.e.f. 15.04.2015]
Formerly Known As :	MENTHA AND ALLIED PRODUCTS LIMITED
Registered Office :	309-311, Third Floor, Pragati Tower, 26 Rajendra Place, New Delhi – 110008
Tel. No.:	91-11-25734201
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.07.1983
Com. Reg. No.:	55-016079
Capital Investment / Paid-up Capital :	Rs. 216.680 Million
CIN No.: [Company Identification No.]	U74899DL1983PTC016079
IEC No.:	0588068624
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCM8940P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Natural Menthol, Essential Oils And Aromatic Chemicals.
No. of Employees :	85 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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 was erstwhile incorporated as a limited liability company and recently on 15 April 2015, it has converted into private limited company. It is an established company having satisfactory track. Rating takes into consideration sound financial risk profile of the company marked by adequate networth base along with comfortable gearing in FY14. However, company has reported significant dip in its sales turnover along with decreasing profitability in the year under consideration. However, rating takes into consideration extensive experience of its promoters in the menthol industry. Trade relations are fair. Business is active. Payment terms are reported to be slow and 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	CRISIL
Rating	Long term rating = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	05.03.2015

Rating Agency Name	CRISIL
Rating	Short term rating = A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	05.03.2015

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 (GENERAL DETAILS)

Name :	Mr. Suresh Chandrawani
Designation :	General Manager in Export Import
Contact No.:	91-9810496503
Date :	07.09.2015

LOCATIONS

Registered Office :	309-311, Third Floor, Pragati Tower, 26 Rajendra Place, New Delhi – 110008, India
Tel. No.:	91-11-25734201
Mobile No.:	91-9810496503 (Mr. Suresh)
Fax No.:	91-11-25734206
E-Mail :	Suresh_d@menthaallied.com menthe@del2.vsnl.net.in
Website :	http://www.menthaallied.com
Factory :	16th K. M. Rampur-Swar Road, Rampur – 244901, Uttar Pradesh, India
Tel. No.:	91-595-2574325/ 2574753
Fax No.:	91-595-2574754
E-Mail :	menthe@del2.vsnl.net.in
Location :	Owned
Branch Office :	Rahe-Razza, Civil Lines, Rampur – 244901, Uttar Pradesh, India
Tel. No.:	91-595-2350855/ 2350404
Fax No.:	91-595-2350046
E-Mail :	menthe@sancharnet.in menthe@del2.vsnl.net.in

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Subhash Nanda

Designation :

Managing Director

Address :

V.I.P. Colony, Civil Lines, Rampur - 244901, Uttar Pradesh, India

Date of Birth/Age :

2309.1948

Date of Appointment :

01.07.2011

DIN No.:

00158142

Election Commission ID No.:

GFB44B4267

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	U74899DL1983PTC016079	MENTHA AND ALLIED PRODUCTS PRIVATE LIMITED	Managing director	1/7/2011	30/09/2004	-	Active	NO
2	U24115DL2005PLC132042	NANDA MINT AND PINE CHEMICALS LIMITED	Director	1/4/2014	12/1/2005	-	Active	NO

Name :

Mr. Arvind Nanda

Designation :

Director

Address :

C – 79, Inder Puri, New Delhi – 110012, India

Date of Birth/Age :

11.07.1955

Date of Appointment :

02.07.2012

DIN No.:

00158125

Election Commission ID No.:

DL/07/067/189603

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	U74899DL1983PTC016079	MENTHA AND ALLIED PRODUCTS PRIVATE LIMITED	Managing director	2/7/2012	30/09/2003	-	Active	NO
2	U24115DL2005PLC132042	NANDA MINT AND PINE CHEMICALS LIMITED	Managing director	1/4/2014	12/1/2005	-	Active	NO

Name :

Mr. Anand Nanda

Designation :

Whole-Time Director

Address :

V.I.P. Colony, Civil Lines, Rampur - 244901, Uttar Pradesh, India

Date of Birth/Age :

01.07.2008

Date of Appointment :

01.07.2008

DIN No.:

00158159

Election Commission ID No.:

GFB4484234

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	U24115DL2005PLC132042	NANDA MINT AND PINE CHEMICALS LIMITED	Director	1/4/2014	12/1/2005	-	Active	NO
2	U74899DL1983PTC016079	MENTHA AND ALLIED PRODUCTS PRIVATE LIMITED	Whole-time director	1/7/2011	30/09/2005	-	Active	NO

Name :

Mr. Harshvardhan Nanda

Designation :

Additional Director

Address :

House No. C-79, Inderpuri, Inderpuri, I.A.R.I, Central Delhi - 110012, India

Date of Appointment :

01.04.2015

DIN No.:

07134681

PAN No.:

ALLPN8723B

KEY EXECUTIVES

Name :	Bharti Jain
Designation :	Secretary
Address :	4378/4B, G.F., Prakash Bhawan,, Ansari Road, Darya Ganj, New Delhi - 110002, India
Date of Appointment :	31.05.2015
PAN No:	ANVPJ6566G
Name :	Mr. Suresh Chandrawani
Designation :	General Manager in Export Import

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Subhash Nanda	5124000
Arvind Nanda	5036000
Anand Nanda	5400000
Preeti Kashyap	4000
Sheetal Chandra	4000
Vijay Kumar Verma	60000
Poonam Srivastava	4000
Rashmi Verma	4000
Ashwini Verma	4000
Abhilasha Nanda	100000
Madhu Nanda	220000
Rita Devi	672000
Harshwardhan	80000
Madhusudan	80000
Abhishek	80000
Subhash Nanda Trustee of Nan Lal Nanda Memorial Foundation Trust, India	1312000
M/s Nanda Mint and Pine Chemicals Limited, India	3484000
Total	21668000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	16.08
Directors or relatives of Directors	77.87
Other top fifty shareholders	6.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Natural Menthol, Essential Oils And Aromatic Chemicals.

Products :

Item Code No.	Product Description
29061100	Menthol
33012590	DMP And Peep Oil
33012400	Pipereta Oil

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• Germany
• London
• Spain
• European Country

Imports :

Products :

Raw Material

Countries :

• China
• USA
• Brazil

Terms :

Selling :

Cash and L\C

Purchasing :

Cash and L\C

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Sai Shree Traders
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 :

End Users

Reference :	Dabur India Limited
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 :

85 (Approximately)

Bankers :

Banker Name	State Bank Of India
Branch Address	Overseas Branch, Jawahar Vyapar Bhawan, 1, Tolstoy Marg, New Delhi - 110001, 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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Working capital loans from banks	489.384	579.435
Total	489.384	579.435

Auditors :
Name :	Bhushan and Company Chartered Accountants
Address :	Saket Colony, Chandausi – 202412, Uttar Pradesh, India
Tel. No.:	91-5921-250466
Fax No.:	91-5921-250706
PAN N Income-tax PAN of auditor or auditor's firm :	ABPPA6686A
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21668000	Equity Shares	Rs.10/- each	Rs.216.680 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	216.680	181.840	72.736
(b) Reserves & Surplus	519.018	397.726	433.529
(c) Money received against share warrants	0.000	0.000	0.000
(d) Deferred government grants	0.000	0.000	0.340
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	735.698	579.566	506.605
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.196	0.452	153.684
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	8.569	7.351	5.818
Total Non-current Liabilities (3)	8.765	7.803	159.502
(4) Current Liabilities
(a) Short term borrowings	489.384	579.435	438.035
(b) Trade payables	43.683	188.008	16.927
(c) Other current liabilities	15.019	14.716	8.017
(d) Short-term provisions	68.081	119.429	40.416
Total Current Liabilities (4)	616.167	901.588	503.395
TOTAL	1360.630	1488.957	1169.502
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	113.915	101.164	74.498
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	8.320	4.953	6.598
(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	1.292	1.565	1.419
(e) Other Non-current assets	53.996	53.212	40.076
Total Non-Current Assets	177.523	160.894	122.591
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	573.480	673.054	484.664
(c) Trade receivables	372.629	259.445	336.177
(d) Cash and cash equivalents	6.115	6.731	8.830
(e) Short-term loans and advances	9.552	6.109	5.184
(f) Other current assets	221.331	382.724	212.056
Total Current Assets	1183.107	1328.063	1046.911
TOTAL	1360.630	1488.957	1169.502

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1691.550	2355.063	1756.141
	Other Income	107.152	80.069	89.883
	TOTAL (A)	1798.702	2435.132	1846.024
Less	EXPENSES
	Cost of Materials Consumed	1407.070	2172.440	1591.550
	Purchases of Stock-in-Trade	28.440	2.668	38.128
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	84.386	(141.309)	(86.875)
	Employees benefits expense	19.648	20.517	15.117
	Other expenses	153.817	169.627	110.514
	TOTAL (B)	1693.361	2223.943	1668.434
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	105.341	211.189	177.590
Less	FINANCIAL EXPENSES (D)	63.987	57.336	54.392
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	41.354	153.853	123.198
Less/ Add	DEPRECIATION/ AMORTISATION (F)	13.078	9.492	8.729
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	28.276	144.361	114.469
Less	TAX (H)	11.503	49.926	39.731
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	16.773	94.435	74.738
	Earnings / (Loss) Per Share (Rs.)	0.76	5.2	10.23

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	199.868	(60.746)	(43.729)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.99	4.01	4.26
Operating Profit Margin (PBIDT/Sales)	(%)	6.23	8.97	10.11
Return on Total Assets (PBT/Total Assets}	(%)	2.09	9.73	9.84
Return on Investment (ROI) (PBT/Networth)		0.04	0.25	0.23
Debt Equity Ratio (Total Debt /Networth)		0.67	1.00	0.86
Current Ratio (Current Asset/Current Liability)		1.92	1.47	2.08

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	72.736	181.840	216.680
Reserves & Surplus	433.529	397.726	519.018
Net worth	506.265	579.566	735.698
long-term borrowings	0.000	0.000	0.000
Short term borrowings	438.035	579.435	489.384
Total borrowings	438.035	579.435	489.384
Debt/Equity ratio	0.865	1.000	0.665

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1756.141	2355.063	1691.550
		34.104	(28.174)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1756.141	2355.063	1691.550
Profit	74.738	94.435	16.773
	4.26%	4.01%	0.99%

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	Yes
12	Voter Id Card No. of Proprietor / Partners	Yes
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	No
18	Major suppliers	Yes
19	Major customers	Yes
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	Yes
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	80013561	21/01/2013 *	686,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, JAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARG, DELHI - 110001, INDIA	B68026947

* Date of charge modification

FIXED ASSETS

Tangible assets

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

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.66.61
UK Pound	1	Rs.102.30
Euro	1	Rs.74.61

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KIN
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.