MIRA INFORM REPORT

 

 

Report Date :

13.06.2011

 

 

 

 

Tel. No.:

91-22-66614444

 

 

IDENTIFICATION DETAILS

 

Name :

TATA HOUSING DEVELOPMENT COMPANY LIMITED (w.e.f. 24.06.1985)

 

 

Formerly Known As :

THDC LIMITED

 

 

Registered Office :

12TH Floor, Times Tower, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel – West, Mumbai – 400013, Maharasahtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

19.03.1942

 

 

Com. Reg. No.:

11 - 003573

 

 

Capital Investment / Paid-up Capital :

Rs. 1135.049 Millions

 

 

CIN No.:

[Company Identification No.]

U99999MH1942PLC003573

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMT05934F

 

 

PAN No.:

[Permanent Account No.]

AAACT0191Q

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Real Estate Development

 

 

No. of Employees :

450 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (50)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 6527000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of Tata Sons Limited, India. It is a well established company having satisfactory track. General financial position is satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments.

 

The company can be considered normal 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.

 

 

INFORMATION DENIED BY

 

Name :

Mr. Amit

Designation :

Company Secretary

Contact No.:

91-22-66614444

Date :

09.06.2011

 

 

LOCATIONS

 

Registered Office :

12th Floor, Times Tower, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel – West, Mumbai – 400013, Maharasahtra, India

Tel. No.:

91-22-66614444

Fax No.:

91-22-66614452

E-Mail :

amitshah@tatahousing.com

Website :

www.tatahousing.in

 

 

Regional Sales Office :

 

Located at:

West India

Eruchshaw Building, 4th floor, 249, Dr. Dadabhai Naoroji Road, Fort, Mumbai – 400001, Maharasahtra, India

Tel No.: 91-22-6661 4500

Fax No.: 91-22-66614550

 

West India (Pune)

TATA Housing Development Company Limited and Smart Value Homes Private Limited, Business Guild, Office no. 101, First floor, SNo. 122/2, Plot No. 87/2, Law College Road, Erandwane, Pune – 411004, Maharasahtra, India

 

East India:

Plot No. IIG/1, Action Area II, New Toen, Rajarhat, Kolkata – 700156, West Bengal, India

 

North India (Delhi)

3, Ground Floor, Naurang House, 21, Kasturba Gandhi Marg, New Delhi – 110001, India

Tel No.: 91-11-46004100

Fax No.: 91-11-46004111

 

South India

Tata Housing Development Limited, Corniche Al – Latheel, Ground Floor – A Wing, No.25, Cunningham Road, Bangalore – 560052, Karnataka, India

Tel No.: 91-80-66478888

Fax No.: 91-80-66478822

 

North India (Chandigarh)

Tata Housing Development Company Limited, Village Kansal, P.O. Nayagaon, District: - Mihali – 160103, Punjjab, India

Tel No.: 91-172-6608888

Fax No.: 91-172-6608800

 

 

DIRECTORS

As on 21.07.2010

 

Name :

Mr. Krishna Kumar Rayaroth Kuttambally

Designation :

Director

Address :

213 – B, NCPA Apartments, Nariman Point, Mumbai – 400021, Maharasahtra, India

Date of Birth/Age :

24.04.1956

Date of Appointment :

22.09.2004

DIN No.:

00027941

 

 

Name :

Mr. Suresh Ramrao Borkar

Designation :

Director

Address :

C Wing, 1706, Ashok Towers, Dr. S.S. Rao Road, Mumbai – 400012, Maharasahtra, India

Date of Birth/Age :

19.12.1936

Date of Appointment :

30.10.1984

DIN No.:

00396614

 

 

Name :

Mr. Sowmyan Ramakrishnan

Designation :

Director

Address :

D-9, Income Tax Officers Colony, Peddar Road, Mumbai- 400026, Maharasahtra, India

Date of Birth/Age :

24.09.1949

Date of Appointment :

25.03.1994

DIN No.:

00005090

 

 

Name :

Mr. Krishnamurthy Gopalratnam

Designation :

Director

Address :

Flat No.403, Telang Road, Meru Heights, 268, Matunga (C.R.), Mumbai – 400019, Maharasahtra, India

Date of Birth/Age :

24.04.1956

Date of Appointment :

13.06.2003

DIN No.:

00012579

 

 

Name :

Mr. Brotin Banerjee

Designation :

Managing Director

Address :

601, Sanghi Residency, Opposite Twin Towers, 77 Palki, Gali, Prabhadevi, Mumbai – 400025, Maharasahtra, India

Date of Birth/Age :

13.04.1973

Date of Appointment :

17.04.2008

DIN No.:

01522816

 

 

Name :

Mr. Sanjay Ganesh Ubale

Designation :

Additional DirectorDirector

Address :

32, Quest End, 47, Cuffe Parade, Mumbai – 400005, Maharasahtra, India

Date of Birth/Age :

22.08.1961

Date of Appointment :

30.09.2008

DIN No.:

02040738

 

 

KEY EXECUTIVES

 

Name :

Mr. Amit Dhirendra Shah

Designation :

Company Secretary

Address :

H-1/ 95, Gujarati Society, Nehru Road, Vile Parle (East), Mumbai – 400057, Maharasahtra, India

Date of Birth/Age :

27.04.1979

Date of Appointment :

16.11.2008

PAN.:

ASNPS1268F

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.07.2010

 

Names of Shareholders

 

No. of Shares

Tata Sons Limited, India

 

113219558

Tata Industries Limited, India

 

284338

Talaulicare E Jaiwant Jtly with J Talaulicar

 

288

Pallonji Shapoorji Mistry

 

288

Fali Ardeshir Poncha

 

288

Ratan Naval Tata

 

71

Tata Sons Limited, India Jointly with F N Subedar

 

25

Tata Sons Limited, India Jointly with K R Bhagat

 

25

Tata Sons Limited, India Jointly with E.N. Kapadia

 

23

Tata Sons Limited, India Jointly with  Manoj Kumar

 

25

Total

 

113504929

 

 

 

List of Allottee (as on 13.09.2010)

 

 

TATA Sons Limited

 

1995000

Total

 

1995000

 

 

As on 21.07.2010

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Bodies corporate

99.99

Other top fifty shareholders

0.01

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Real Estate Development

 

 

GENERAL INFORMATION

 

No. of Employees :

450 (Approximately)

 

 

Bankers :
  • State Bank of India, Bangalore Branch (0813), P.B. No. 5310, State Bank Road, Bangalore – 560001, Karnataka, India
  • HDFC Bank Limited, HDFC Bank House, Senspati Bapat Marg, Lower Parel, Mumbai – 400013, Maharasahtra, India

 

 

Facilities :

Secured Loan

As on

31.03.2010

(Rs. in

Millions)

As on

31.03.2009

(Rs. in

Millions)

Long Term Loans:

 

 

From Banks

(Secured by equitable mortgage on specified assets of the company together with collateral of land under joint development)

322.562

547.104

Short Term Loans:

0.000

0.000

From Banks

(Secured by Pari Pasu hypothecation of construction materials, book debts, both present and future, money receivable)

539.145

333.124

Total

861.707

880.228

Unsecured Loan

As on

31.03.2010

(Rs. in

Millions)

As on

31.03.2009

(Rs. in

Millions)

Long Term Loans:

 

 

From Bank

485.000

385.000

Short Term Loans:

 

 

From Companies

1000.000

450.000

From Banks

1000.000

1000.000

Total

2485.000

1835.000

 

 

 

 

 

 

Banking Relations :

--

 

 

Financial Institution :

Axis Trustee Services Limited, Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025, Maharasahtra, India

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountant

Address :

12, Dr. Annie Besent Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India

Tel. No.:

91-22-66679000

Fax No.:

91-22-66679100

PAN.:

AACFD4815A

 

 

Holding Company :

TATA Sons Limited

CIN No.: U99999MH1917PLC000478

 

 

Subsidiary Company :

Concept Marketing and Advertising Limited

CIN No.: U74300MH1969PLC14375

 

Smart Value Homes Private Limited

CIN No.: U45400MH2009PTC195605

 

 

Fellow Subsidiary :
  • Infiniti Retail Limited
  • Tata AIG General Insurance Company Limited
  • Tata AIG Life Insurance Company Limited
  • Tata Internet Services Limited
  • Tata Realty and Infrastructure Limited
  • Tata Sky Limited
  • Tata Teleservice (Maharasahtra) Limited
  • Tata Teleservice Limited
  • Tata Consultancy Services Limited

 

Joint Venture:

Technopolis Knowledge Park Limited

 

Associate:

Rentalbazaar (India) Limited

 

Sister Concern:

Smartwell Value Homes Limited

 

 

CAPITAL STRUCTURE

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

120000000

Equity Shares

Rs.10/- each

Rs. 1200.000

Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

113504929

Equity Shares

Rs.10/- each

Rs. 1135.049

Millions

 

  1. Of the above 113219656 (Previous Year 111214656) Ordinary Shares are held by the Holding Company, Tata sons Limited.
  2. Includes 7499954 Ordinary Shares of Rs. 10/- each issued as Bonus shares by way of Capitalisation of Reserves.

 

 

As on 21.07.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

120000000

Equity Shares

Rs.10/- each

Rs. 1200.000

Millions

 

Issued, Subscribed & Paid-up Capital : Rs. 1154.999 Millions

No. of Shares

Type

Value

Amount

 

 

 

 

115499929

Equity Shares

Rs.10/- each

Rs. 1154.999

Millions

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

1135.049

1114.999

1114.999

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

496.949

199.072

144.557

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

1631.998

1314.071

1259.556

LOAN FUNDS

 

 

 

1] Secured Loans

861.707

880.228

1452.497

2] Unsecured Loans

2485.000

1835.000

630.000

TOTAL BORROWING

3346.707

2715.228

2082.497

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

4978.705

4029.299

3342.053

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

94.996

64.893

59.714

Capital work-in-progress

0.000

0.000

0.118

 

 

 

 

INVESTMENT

30.956

217.781

249.425

DEFERREX TAX ASSETS

11.192

8.332

8.788

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
1697.254

1268.662

972.618

 

Sundry Debtors
1571.849

150.628

422.127

 

Cash & Bank Balances
160.629

184.973

367.433

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
3317.172

2403.976

1534.678

Total Current Assets
6746.904

4008.239

3296.856

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
1168.571

109.845

173.047

 

Other Current Liabilities
574.118

142.732

85.117

 

Provisions
162.654

18.305

17.022

Total Current Liabilities
1905.343

270.882

275.186

Net Current Assets
4841.561

3737.357

3021.670

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.936

2.338

 

 

 

 

TOTAL

4978.705

4029.299

3342.053

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

3111.844

1211.051

620.953

 

 

Other Income

41.645

32.160

38.804

 

 

TOTAL                                     (A)

3153.489

1243.211

659.757

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Sales

2150.908

799.252

368.558

 

 

Expenditure on Completed Projects

8.756

6.562

3.090

 

 

Payments to and Provisions for Employees

166.602

123.065

81.404

 

 

Other Expenses

277.879

185.196

98.723

 

 

Miscellaneous Expenditure

0.935

1.403

1.541

 

 

TOTAL                                     (B)

2605.080

1115.478

553.316

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

548.409

127.733

106.441

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

101.154

55.706

21.588

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

447.255

72.027

84.853

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

11.091

10.056

7.714

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

436.164

61.971

77.139

 

 

 

 

 

Less

TAX                                                                  (I)

39.020

7.456

(3.822)

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

397.144

54.515

80.961

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

93.635

39.120

(41.841)

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Dividend

85.129

0.000

0.000

 

 

Tax on Dividend

14.139

0.000

0.000

 

BALANCE CARRIED TO THE B/S

391.512

93.635

39.120

 

 

 

 

 

 

Earnings Per Share (Rs.)

3.52

0.48

1.52

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
12.59

4.38

12.27

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
14.02

5.12

12.42

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
6.37

1.52

2.30

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.27

0.05

0.06

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
3.22

2.27

1.87

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
3.54

14.80

11.98

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sundry Creditors:

 

Particulars

31.03.2010

31.03.2009

31.03.2008

Micro and Small Enterprises

29.888

 

 

Other than Micro and Small Enterprises

1138.683

 

 

Total

1168.571

109.845

173.047

 

 

Change of Address:

 

Registered office of the company has been shifted from ERUCHSHAW Building, 249, Dr. D. N. Road, Fort, Mumbai – 400001, Maharasahtra, India to the Present Address w.e.f. 02.04.2010

 

 

Operations:

 

The total income has increased to Rs. 3153.500 Millions as against Rs. 1243.200 Millions as of previous year registering a growth of 154% over previous year.

 

Profit before tax is Rs. 436.200 Millions as against Rs. 61.900 Millions in the previous year registering a growth of 617% over the previous year. Further, profit after tax is Rs. 397.200 Millions as against 54.500 Millions of the previous year witnessing an increase of 729 %

 

The company has been growing at CAGR of 105% since the last three years.

 

The company could achieve marked improvement in performance primarlly due to increase in sales turnover and judicious reduction in costs by value engineering and deliverance of innovative products at right prices to cater to the demands of various products segments ranging from low cost to ultra premium luxury villas.

 

 

Performance Review:

 

The company is currently developing around 20 Million square feet as against the 10 Million square feet as of last year. The company marketed and sold seven projects – six residential and one commercial.

 

 

Form 8:

 

Corporate identity number of the company

U99999MH1942PLC003573

Name of the company

TATA HOUSING DEVELOPMENT COMPANY LIMITED

Address of the registered office or of the principal place of  business in India of the company

12TH Floor, Times Tower, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel – West, Mumbai – 400013, Maharasahtra, India

This form is for

Creation of charge

Type of charge

Book Debts

Movable Property

Floating Charge

Particular of charge holder

HDFC Bank Limited, HDFC Bank House, Senspati Bapat Marg, Lower Parel, Mumbai – 400013, Maharasahtra, India

Nature of instrument creating charge

Letter of Hypothecation of Stocks and Book Debts

Date of instrument Creating the charge

16.04.2010

Amount secured by the charge

Rs. 80.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

ROI as may be mutually agreed between the company and the bank.

 

Terms of Repayment

For Cash Credit facility - on demand

For WCDL - upto 1 year.

 

Margin

20% on Stocks and Debtors

 

Extent and Operation of the charge

First pari passu charge on all current assets of the company both present and future.

Short particulars of the property or asset(s) charged (including complete address and location of the property)

First pari passu charge on all current assets of the company both present and future.

 

 

Fixed Assets:

 

  • Buildings
  • Leasehold Improvements
  • Construction Equipment
  • Office Equipments
  • Computers
  • Furniture and Fixture
  • Electrical Fittings
  • Motor 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 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

Indian Rupees

US Dollar

1

Rs.44.72

UK Pound

1

Rs.72.93

Euro

1

Rs.64.72

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

6

--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

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

50

 

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.