MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	490789
Report Date :	09.02.2018

IDENTIFICATION DETAILS

Name :	TNT INDIA PRIVATE LIMITED

Formerly Known As :	TNT EXPRESS WORLDWIDE (INDIA) LIMITED

Registered Office :	Unit No. 501 and 502, No:138, 5th Floor Raheja Paramount, Residency Road, Bangalore – 560025, Karnataka
Tel. No.:	91-80-30598000

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	08.09.1993

Com. Reg. No.:	08-016275

Capital Investment / Paid-up Capital :	INR 2078.900 Million

CIN No.: [Company Identification No.]	U64120KA1993PTC016275

IEC No.:	Not Divulged

GSTIN/UIN:	Not Divulged

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAACT6649K

Legal Form :	Private Limited Liability Company

Line of Business :	Providing business to business, international express delivery and domestic logistic services. [Registered Activity]

No. of Employees :	Information denied by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 3300000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a subsidiary of “TNT Express Worldwide B.V” Netherlands and was incorporated it the year 1993. For the financial year 2017, the company has reported dip in its revenue as compared to the previous year along with an average profit margin of 1.59%. The moderate financial risk profile of the company is marked by negative reserve base due to past accumulated losses. Rating takes into consideration the subjects debt free balance sheet profile. Rating also takes into account the strong financial and managerial support that company receives from its holding entity backed by its well experienced management team. Payments seems to be slow but correct. In view of aforesaid, the company can be considered for 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

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

India

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 09.02.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED

Management Non-Cooperative (91-80-30598000/91-20-30862424)

LOCATIONS

Registered Office :	Unit No. 501 and 502, No:138, 5th Floor Raheja Paramount, Residency Road, Bangalore – 560025, Karnataka, India
Tel. No.:	91-80-30598000
Fax No.:	Not Available
E-Mail :	urvashi.pradhan@tnt.com

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Harpreet Singh

Designation :

Wholetime Director

Address :

Joy 7303, Prestige Monte Carlo Doddabalapur Road, Yelahanka, Bangalore- 560064, Karnataka, India

Date of Appointment :

15.12.2017

DIN No.:

06446955

Name :

Mr. Cheng Ming Kwang Philip

Designation :

Director

Address :

Marriott Executive Apartments Mumbai 2/3 B, Chinmayanand Ashram, Powai Mumbai -400087, Maharashtra, India

Date of Birth/Age :

21.11.1962

Qualification:

MBA from University of Washington (USA)

Date of Appointment :

11.10.2016

DIN No.:

07503998

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U60231MH2010FTC211583	FEDEX EXPRESS TRANSPORTATION AND SUPPLY CHAIN SERVICES (INDIA) PRIVATE LIMITED	28/11/2016	-

Name :

Mr. Amar Jayantkumar Shah

Designation :

Nominee Director

Address :

701, Shreerambhuvan, Plot No. 745, JVD Rd, Dadar (E) Mumbai 400014 MH IN

Date of Appointment :

20.11.2017

DIN No.:

07787133

KEY EXECUTIVES

Name :	Urvashi Pradhan
Designation :	Company Secretary
Address :	47/1, 48, 1st Cross, 1st Main, Banashankari 3rd Stage, Hosakerehalli, Bangalore - 560085, Karnataka, India
Date of Appointment :	04.10.2017
PAN No.:	AKSPP0404F

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders		No. of Shares
TNT Express Worldwide B.V. Netherland		20789180
Easymall BV, Netherland		1
Total		20789181

Equity Share Break up (Percentage of Total Equity)

AS ON 29.11.2017

Category	Percentage
Promoters- Body corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing business to business, international express delivery and domestic logistic services. [Registered Activity]

Products / Services :

Name and Description of main products / services	NIC Code of the Product/service
Transportation of freight and express logistics	703

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information denied by the management

Bankers :

Banker Name :	Not Divulged
Branch :	Not Divulged
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Auditors :
Name :	S.R. Batliboi and Associates LLP Chartered Accountants
Address :	Bangalore, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	ACHFS9118A

Memberships :	Not Available

Collaborators :	Not Available

Holding company:	TNT Express Worldwide B.V. Netherlands TNT Express NV, Netherlands

Fellow Subsidiary Company:	TNT Exp WW (Singapore) Pte Limited TNT USA Inc TNT Express (Belgium) NV/SA TNT Express Worldwide Limited TNT Express WW (Japan) Inc TNT Exp WW (Thailand) Co Limited TNT (UAE) LLC TNT Suomi Oy (Finland) TNT Finance B.V. TNT Express GmbH TNT Express Worldwide (HK) Limited TNT Express Hungary Kft TNT Global Express S.p.A. TNT Exp WW (Malaysia) Sdn Bhd TNT Express Nederland B.V. TNT Norge AS TNT Express Worldwide (NZ) Limited TNT EXP (Austria) GMBH TNT Airways S.A TNT Express International TNT Exp Corporation – Korea TNT Australia Pty Limited. TNT Express Worldwide (Spain) S.L. TNT Sverige AB (SWE) TNT Express Road Network B.V. TNT Skypak International (Netherlands) B.V., Taiwan branch TNT Bulgaria Eood – Bulgaria TNT Express Worldwide (UAE) LLC TNT Exp WW (Euro HUB) NV/SA TNT Express Worldwide distribucija d.o.o., Slovenia TNT Express (Austria) GmbH TNT Express Brasil Ltda TNT Express Worldwide Spol. S R.O. TNT Express (Canada) Limited TNT Express Chile Limitada TNT-Vietrans Express Worldwide (Vietnam) Limited. TNT Express Worldwide N.V. (Singapore branch) TNT Argentina S.A. Express Div TNT Denmark A/S TNT Express (Ireland) Limited TNT Express Worldwide Jordan LLC TNT Express WW Spol (Slovakia) TNT Express WW (Phils) Inc TNT Express Canada TNT Express Worldwide (Namibia) (Proprietary) Limited TNT Express Worldwide Eesti AS TNT Express Luxembourg SA PT TNT Skypak International Express TNT Express Corporation – Korea TNT Express ICS Limited TNT Egypt Limited TNT Latvia SIA TNT Express International SAS TNT Holdings BV TNT Romania S.R.L TNT Express Worldwide (Kenya) Limited TNT Skypak International (Bahrain) WLL TNT Express Worldwide Kuwait Co., WLL TNT Express Worldwide (CIS) LLC TNT SkypakIntl (Bahrain) WLL (49%) TNT Express Worldwide (Israel) Limited TNT Express Worldwide (Japan) Inc. TNT Express (Cyprus) Limited TNT FAA Sas TNT Skypak (Hellas) EPE TNT Express Worldwide (M) Sdn Bhd TNT Express Worldwide (Phils) Inc TNT Express Wor ldwide (Portugal), Transitarios, SA TNT Express Worldwide (Singapore) Pte Limited Fedex Express Transportation And Supply Chain Services (India) Private Limited, India [U60231MH2010FTC211583] TNT Management (Bahrain) EC TNT Express Worldwide (South Africa) (Proprietary) Limited TNT Swiss Post AG TNT Transport International B.V. TNT Express Worldwide (China) Limited GD Exp WW N.V. -Singapore br TNT Express Worldwide Poland Sp Zoo TNT Express WW (Euro hub) N.V./S.A. TNT Int Express Tasimacilik Ticaret Limited TNT UK Limited TNT Express Worldwide distribucija d.o.o.

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Express Industry Council of India

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

21000000	Equity Shares	INR 100/- each	INR 2100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

20789181	Equity Shares	INR 100/- each	INR 2078.918 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2078.900	2078.900	2078.900
(b) Reserves and Surplus	(917.900)	(982.000)	(1084.800)
(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)	1161.000	1096.900	994.100

(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	9.700	9.700	9.300
(d) long-term provisions	78.400	74.100	84.900
Total Non-current Liabilities (3)	88.100	83.800	94.200

(4) Current Liabilities
(a) Short-term borrowings	0.000	0.000	0.000
(b) Trade payables	310.300	726.100	533.000
(c) Other current liabilities	331.100	318.200	127.100
(d) Short-term provisions	48.800	54.300	32.600
Total Current Liabilities (4)	690.200	1098.600	692.700

TOTAL	1939.300	2279.300	1781.000

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	41.600	58.400	70.900
(ii) Intangible Assets	0.600	5.800	12.400
(iii) Tangible assets capital work-in-progress	0.000	13.400	0.100
(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 loans and advances	532.700	630.500	563.300
(e) Other Non-current assets	0.100	0.700	4.900
Total Non-Current Assets	575.000	708.800	651.600

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	1086.800	1336.200	794.400
(d) Cash and bank balances	215.100	175.200	230.700
(e) Short-term loans and advances	40.800	37.500	63.800
(f) Other current assets	21.600	21.600	40.500
Total Current Assets	1364.300	1570.500	1129.400

TOTAL	1939.300	2279.300	1781.000

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	4033.300	4175.800	3953.900
	Other Income	179.100	202.000	120.100
	TOTAL	4212.400	4377.800	4074.000

Less	EXPENSES
	Cost of Materials Consumed	0.000	0.000	0.000
	Employee benefit expense	499.200	527.200	548.500
	Other expenses	3601.800	3702.800	3305.300
	TOTAL	4101.000	4230.000	3853.800

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	111.400	147.800	220.200

Less	FINANCIAL EXPENSES	0.000	0.000	0.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	111.400	147.800	220.200

Less/ Add	DEPRECIATION/ AMORTISATION	47.300	45.000	38.600

	PROFIT/ (LOSS) BEFORE TAX	64.100	102.800	181.600

Less	TAX	0.000	0.000	0.000

	PROFIT/ (LOSS) AFTER TAX	64.100	102.800	181.600

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1435.000	1572.900	1517.400
	TOTAL EARNINGS	1435.000	1572.900	1517.400

	Earnings / (Loss) Per Share (INR)	3.08	4.95	8.74

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA

Cash generated from operations	NA	NA	NA

Net cash flows from (used in) operations	(90.900)	62.300	98.600

Net cash flows from (used in) operating activities	(2.100)	(16.600)	32.400

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income 365 Days)*	98.35	116.80	73.33

Account Receivables Turnover (Income / Sundry Debtors)	3.71	3.13	4.98

Average Payment Days (Sundry Creditors / Purchases 365 Days)*	0.00	0.00	0.00

Inventory Turnover (Operating Income / Inventories)	0.00	0.00	0.00

Asset Turnover (Operating Income / Net Fixed Assets)	2.64	1.90	2.64

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.36	0.48	0.39

Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.00

Current Liabilities to Networth (Current Liabilities / Net Worth)	0.59	1.00	0.70

Fixed Assets to Networth (Net Fixed Assets / Networth)	0.04	0.07	0.08

Interest Coverage Ratio (PBIT / Financial Charges)	0.00	0.00	0.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) 100)*	%	1.59	2.46	4.59

Return on Total Assets ((PAT / Total Assets) 100)*	%	3.31	4.51	10.20

Return on Investment (ROI) ((PAT / Networth) 100)*	%	5.52	9.37	18.27

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.98	1.43	1.63

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.98	1.43	1.63

G-Score Ratio Financial (Networth / Total Assets)	0.60	0.48	0.56

G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.00	0.00

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.98	1.43	1.63

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	2078.900	2078.900	2078.900
Reserves & Surplus	(1084.800)	(982.000)	(917.900)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	994.100	1096.900	1161.000

Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	3953.900	4175.800	4033.300
		5.612	(3.413)

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	3953.900	4175.800	4033.300
Profit/ (Loss)	181.600	102.800	64.100
	4.59 %	2.46 %	1.59 %

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	No
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	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGE: No Charges Exists for Company

FIXED ASSETS:

Tangible assets

Plant and equipment
Furniture and fixtures
Vehicles
Office equipment
Computer equipments
Leasehold improvements

Intangible assets

Computer software

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 records 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	INR
US Dollar	1	INR 64.16
UK Pound	1	INR 89.19
Euro	1	INR 78.75

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	PRY

Report Prepared by :	KVT

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.