MIRA INFORM REPORT

Report Date :

01.10.2014

IDENTIFICATION DETAILS

Name :	SANOFI SYNTHELABO (INDIA) LIMITED
Registered Office :	54/ A, Sir Mathurdas Vasanji Road, Andheri (East), Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.10.2002
Com. Reg. No.:	11 – 137682
Capital Investment / Paid-up Capital :	Rs. 280.000 Millions
CIN No.: [Company Identification No.]	U24230MH2002PLC137682
TAN No.: [Tax Deduction & Collection Account No.]	MUMS35209G
PAN No.: [Permanent Account No.]	AACCS1421J
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturing of Pharmaceutical Products.
No. of Employees :	Information Declined by Management

RATING & COMMENTS

MIRA’s Rating :

A (58)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 9900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. Fundamentals of the company is decent. Financial position of the company is strong and healthy. Trade relation reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal for business dealing 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 :	Ms. Aparna
Designation :	Admin Department
Contact No.:	91-228278000
Date :	29.09.2014

LOCATIONS

Registered Office :	54/ A Sir Mathurdas Vasanji Road, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-28278000
Fax No.:	91-22-28370939
E-Mail :	christophe.germain@sanogi-aventis.com
	info@sanofi-synthelabo.com
	shailesh_ayyangar@sanofi.aventls.com
Website :	www.sanofi-synthelabo.com
Factory 1 :	Village 7 P.O. Indrad, Taluka Kadi, District Mehsana, Gujarat, India

DIRECTORS

As On 30.09.2013

Name :

Shailesh Ayyangar

Designation :

Managing Director

Address :

3 A / 3 B, Benreeza Apartment, 24 Khan Abdul Gaffar Khan Road, Worli, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

15.10.1954

Date of Appointment :

18.11.2010

DIN No.:

00268076

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	U24230MH1997PTC111122	CHIRON BEHRING VACCINES PRIVATE LIMITED	Nominee director	21/10/2005	21/10/2005	08/07/2009	Active	NO
2	L24239MH1956PLC009794	Sanofi India Limited	Managing director	25/10/2010	25/10/2005	-	Active	NO
3	U24230MH2002PLC137682	SANOFI-SYNTHELABO (INDIA) LIMITED	Managing director	18/11/2010	18/11/2005	-	Active	NO
4	U91120MH1965GAP013389	ORGANISATION OF PHARMACEUTICAL PRODUCERS OF INDIA	Director	23/09/2006	23/09/2006	-	Active	NO
5	U24232MH1996PTC205997	SANOFI PASTEUR INDIA PRIVATE LIMITED	Director	25/06/2009	22/06/2009	02/07/2009	Active	NO
6	U74999MH1924NPL001128	BOMBAY CHAMBER OF COMMERCE AND INDUSTRY	Director	09/06/2010	09/06/2010	13/09/2011	Active	NO
7	U24110TG1993PLC015470	SHANTHA BIOTECHNICS LIMITED	Director	30/08/2011	13/06/2011	-	Active	NO

Name :

Antoine Rene Jacque Ortoli

Designation :

Director

Address :

62, Chemin Des Hauts Degrisy 78860 Saint Nomla Breteche, France

Date of Birth/Age :

25.05.1953

Date of Appointment :

14.04.2011

DIN No.:

03472962

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	U24230MH2002PLC137682	SANOFI-SYNTHELABO (INDIA) LIMITED	Director appointed in casual vacancy	14/04/2011	14/04/2011	-	Active	NO
2	L24239MH1956PLC009794	Sanofi India Limited	Director appointed in casual vacancy	23/08/2011	23/08/2011	-	Active	NO

Name :

Virginie Simone Jeanine Verrechia

Designation :

Director

Address :

Shimara 11/ 12/ 13 East 18^th Road Khar West, Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

18.10.1969

Date of Appointment :

01.07.2012

DIN No.:

05302127

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	U24230MH2002PLC137682	SANOFI-SYNTHELABO (INDIA) LIMITED	Additional director	01/07/2012	01/07/2012	-	Active	NO
2	L24239MH1956PLC009794	Sanofi India Limited	Nominee director	25/07/2012	25/07/2012	-	Active	NO

Name :

Francois Jean Louis Briens

Designation :

Director

Address :

11, Rue Simonet, Paris – 75013, France

Date of Birth/Age :

20.05.1959

Date of Appointment :

08.04.2011

DIN No.:

03472959

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	U24230MH2002PLC137682	SANOFI-SYNTHELABO (INDIA) LIMITED	Additional director	08/04/2011	08/04/2011	-	Active	NO
2	L24239MH1956PLC009794	Sanofi India Limited	Director appointed in casual vacancy	23/08/2011	23/08/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Sanofi S. A. France	27999994
Shailesh Ayyangar	1
Antoine Ortoli	1
Sanofi Aventis Participations	1
Secipe	1
Sanofi Development Pharma	1
SPI	1
Total	28000000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
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 :

Manufacturing of Pharmaceutical Products.

Products :

Item Code No. (ITC Code)	Product Description
300490.81	Sodium Valporate
300490.11	Aminodarone (Cordarone)
300490.99	Clopidogrel (Plavix)
300490.11	Low Molecule Weight Heparine
Thrombosis Plavix (clopidogrel bisulfate) Cardiovascular Cordarone (amiodarone hydrochloride)   Adenocor IV (adenosine)   Primacor IV (milrinone lactate)   Central Nervous System Valparin (sodium valproate + Valproic acid)   Depakote (divalproex Sodium)   Aedon (clobazam) Stilnoct (zolpidem tartrate)   Internal Medicine Myoril (thiocolchicoside)

Imports :

Products :

Raw materials mainly Sodium Valproate, Aminodarine, Ticlopidine, etc

Countries :

United States of America and Europe

Terms :

Purchasing :

L/C terms

GENERAL INFORMATION

No. of Employees :	Information Declined by Management
Bankers :	BNP Paribas, Sakar – II, Ellisbridge, Ahmedabad, Gujarat

Banking Relations :	--
Auditors :
Name :	S. R. Batliboi and Company Chartered Accountants
Address :	6^th Floor, Express Tower, Nariman Point, Mumbai – 400021, Maharashtra, India
PAN No.:	AALFS0506L
Holding Company :	Sanofi S.A.
Subsidiaries :	v Sanofi India Limited v Sanofi Pasteur Inc. v Sanofi-Aventis (Thailand) Limited v Sanofi-aventis Korea Co. Limited v Chinoin Pharmaceutical and Chemical Works Private Company Limited v Sanofi-Aventis Lanka Limited v Genzyme India Private Limited v Sanofi-aventis Pakistan Limited v Sanofi-Aventis Groupe S.A., France v Merial HUB UK v Sanofi Pasteur India Private Limited v Sanofi-Aventis Spa v Sanofi Pasteur S.A., France v Sanofi-Aventis Singapore Pte. Limitd v Sanofi Winthrop Industrie S.A., France v Sanofi-Aventis Taiwan Co Limited v Sanofi-aventis (Malaysia) SDN BHD v Sanofi-Aventis US Inc. v Shantha Biotechnics Limited v Sanofi Chimie S.A v Sanofi-Aventis Deutschland GmbH v Sanofi-Aventis Hong Kong Limited v Sanofi-aventis de Chile S.A. v Genzyme Corporation

CAPITAL STRUCTURE

As On 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
28,000,000	Equity Shares	Rs. 10/- each	Rs. 280.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
28,000,000	Equity Shares	Rs. 10/- each	Rs. 280.000 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	280.000	280.000	280.000
(b) Reserves & Surplus	2206.500	1568.500	1070.900
(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)	2486.500	1848.500	1350.900
(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	62.800	51.100	37.100
Total Non-current Liabilities (3)	62.800	51.100	37.100
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	370.900	196.900	181.400
(c) Other current liabilities	71.800	52.900	43.000
(d) Short-term provisions	40.600	32.300	18.500
Total Current Liabilities (4)	483.300	282.100	242.900
TOTAL	3032.600	2181.700	1630.900
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.257	467.900	503.700
(ii) Intangible Assets	0.004	1.000	1.700
(iii) Capital work-in-progress	0.000	0.000	0.400
(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)	0.150	6.500	4.100
(d) Long-term Loan and Advances	1.017	672.900	30.500
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	5.428	1148.300	540.400
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3.282	259.600	265.000
(c) Trade receivables	2.626	171.200	141.200
(d) Cash and cash equivalents	18.472	284.100	618.800
(e) Short-term loans and advances	0.406	301.800	49.900
(f) Other current assets	0.112	16.700	15.600
Total Current Assets	24.898	1033.400	1090.500
TOTAL	3032.600	2181.700	1630.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	3265.700	2431.100	2161.800
		Other Income	148.300	91.400	35.400
		TOTAL (A)	3414.000	2522.500	2197.200
Less	EXPENSES
		Cost of Material Consumed	379.500	334.800	332.700
		Purchase of Stock-in-Trade	380.800	274.800	244.500
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(53.300)	17.900	(11.000)
		Employees Benefit Expenses	296.500	138.000	87.900
		Other Expenses	1403.000	955.500	914.100
		TOTAL (B)	2406.500	1721.000	1568.200
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1007.500	801.500	629.000
Less	FINANCIAL EXPENSES (D)		0.000	0.300	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1007.500	801.200	629.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		65.000	65.100	64.700
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		942.500	736.100	564.300
Less	TAX (H)		304.500	238.500	188.600
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		638.000	497.600	375.700
	Earning Per Share		22.79	17.77	13.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	18.69	19.73	17.10
Net Profit Margin (PBT/Sales)	(%)	28.86	30.28	26.10
Return on Total Assets (PBT/Total Assets}	(%)	31.23	33.84	34.70
Return on Investment (ROI) (PBT/Networth)		0.38	0.40	0.42
Debt Equity Ratio (Total Liability/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		5.15	3.66	4.49

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	280.000	280.000	280.000
Reserves & Surplus	1070.900	1568.500	2206.500
Net worth	1350.900	1848.500	2486.500
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	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2161.800	2431.100	3265.700
		12.457	34.330

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	2161.800	2431.100	3265.700
Profit	375.700	497.600	638.000
	17.38%	20.47%	19.54%

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	No
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	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	No
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	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NO CHARGES EXIST FOR THE COMPANY

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. 100.27
Euro	1	Rs. 78.20

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SMT
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		58

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.