MIRA INFORM REPORT

Report No. :	352777
Report Date :	04.12.2015

IDENTIFICATION DETAILS

Name :	SYNTHOKEM LABS PRIVATE LIMITED
Registered Office :	B-5, Industrial Estate, Sanathnagar, Hyderabad – 500018, Telangana
Tel. No.:	91-40-23702660
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.12.1994
Com. Reg. No.:	01-019102
Capital Investment / Paid-up Capital :	Rs.72.000 Million
CIN No.: [Company Identification No.]	U15499TG1994PTC019102
IEC No.:	0989005500
TAN No.: [Tax Deduction & Collection Account No.]	HYDS03466B HYDS03511E
PAN No.: [Permanent Account No.]	AAECS1733K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Bulk Drugs and Drug Intermediates.
No. of Employees :	150 (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 490000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was established in the year 1994 and it is engaged in manufacturing, exporting and trading of bulk drugs and drug intermediates, and its manufacturing unit is located in Hyderabad. Rating takes into account of improvement in company's business risk profile driven by sustenance of its healthy growth in revenue, while maintaining its profitability margin. There has been a sizeable increase in the net worth, which has enhanced the financial flexibility, and resulted in subsequent improvement in the capital structure. Rating also takes into account of established position in the pharmaceuticals sector supported by its promoters' extensive industry experience and established relations with customers. Rating strength is partially offset by large working capital requirements, and the exposure to intense competition in the bulk drug manufacturing industry. Trade relations are reported as fair. Payment terms are reported to be usually correct. The company ca b considered for business dealings at usual trade terms and condition.

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	03.11.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	03.11.2015

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 31-03-2015.

INFORMATION PARTED BY

Name :	Ms. Lakshmi
Designation :	Finance Manager
Contact No.:	91-9246551772
Date :	01.12.2015

LOCATIONS

Registered Office :	B-5, Industrial Estate, Sanathnagar, Hyderabad – 500018, Telangana, India
Tel. No.:	91-40-23702660
Mobile No.:	91-9246557172 (Ms. Lakshmi)
Fax No.:	91-40-23700621
E-Mail :	lakshmi@synthokemlabs.com
Website :	www.synthokemlabs.com
Area :	2500 sq. yds.
Location :	Owned
Locality:	Industrial
Factory :	Pashamylaram, A.R. Puram, Hyderabad, Andhra Pradesh, India

DIRECTORS

AS ON 29.09.2014

Name :

Mr. Jayant Tagore Madireddy

Designation :

Managing Director

Address :

Plot No. 12, Huda Enclave Road No. 70, Jubilee Hills, Hyderabad – 500096, Andhra Pradesh, India

Date of Birth/Age :

06.02.1962

Qualification :

B.Com

Date of Appointment :

04.01.1995

DIN No.:

01082361

PAN No.:

ADQPM5776Q

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	U29220TG1974PTC001706	NIZHONI TOOLS PRIVATE LIMITED	Managing director	27/01/1981	27/01/1981	-	Active	NO
2	U15499TG1994PTC019102	SYNTHOKEM LABS PRIVATE LIMITED	Managing director	04/01/1995	04/01/1995	-	Active	NO

Name :

Mrs. Shakuntala Tagore Madireddy

Designation :

Director

Address :

Plot No. 12, Huda Enclave Road No. 70, Jubilee Hills, Hyderabad – 500096, Andhra Pradesh, India

Date of Birth/Age :

01.06.1935

Qualification :

M.A.

Date of Appointment :

04.01.1995

DIN No.:

02549172

PAN No.:

ADQPM5779B

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	U29220TG1974PTC001706	NIZHONI TOOLS PRIVATE LIMITED	Director	01/07/1990	01/07/1990	-	Active	NO
2	U15499TG1994PTC019102	SYNTHOKEM LABS PRIVATE LIMITED	Director	04/01/1995	04/01/1995	-	Active	NO

Name :

Ms. Rama Madireddi

Designation :

Director

Address :

Plot No. 12, Huda Enclave Road No. 70, Jubilee Hills, Hyderabad – 500096, Andhra Pradesh, India

Date of Birth/Age :

27.08.1966

Date of Appointment :

24.08.2001

DIN No.:

01894534

KEY EXECUTIVES

Name :	Ms. Lakshmi
Designation :	Finance Manager

MAJOR SHAREHOLDERS

AS ON 29.09.2014

Names of Shareholders	No. of Shares
M. R Tagore (HUF)	1380000
Shakuntala Tagore Madireddy	1220000
Jayant Tagore Madireddy	1680000
M. Rama Madireddy	250000
M. Aishwaraya Madireddy	680000
M. Aryaman Madireddy	680000
M. Jayant Tagore (Huf)	160000
M/S. Nizhoni Tools Private Limited, India	1150000
Total	7200000

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2014

Category	Percentage
Bodies corporate	15.97
Directors or relatives of Directors	84.03
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Bulk Drugs and Drug Intermediates.

Products :

Item Code No.	Product Description
290949 01, 294200 29 and 290950 02	Bulk Drugs

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Drugs

Countries :

· Belgium

· Pakistan

· Iran

Imports :

Products :

Raw Material

Countries :

· China

· Japan

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

· Hazel Mercantile Limited, Mumbai

· Clean Scene Services, Pune

Customers :

Wholesalers and Retailers

· Glenmark Pharmaceuticals Limited, Mumbai

Dr. Reddy Laboratories Limited, Hyderabad

No. of Employees :

150 (Approximately)

Bankers :

Banker Name	Kotak Mahindra Bank Limited
Branch Address	Somajiguda Branch, Hyderabad, Telangana, 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
LONG TERM BORROWING
Term Loan from Banks	0.000	0.250
Term Loan from Financial Institutions	108.585	102.810
SBH Machinery Term Loan-II	0.000	4.047
Car Loans and Commercial Vehicle Loan:
HDFC Bank Limited	1.342	2.397
Alphera Financial Services	0.121	0.389
Cholamandlam Investment and Fin Company Limited	0.284	0.540
ICICI Bank Limited (Mini Truck)	0341	0.000
ICICI Bank Limited (Etios 1)	0.603	0.000
ICICI Bank Limited (Etios 2)	0.603	0.000
ICICI Bank Limited (Fortuner)	1.770	0.000
ICICI Bank Limited (BMW)	4.964	0.000
ICICI Bank Limited (Bus)	1.314	0.000
[Secured against hypothecation of vehicles]
SHORT TERM BORROWING
SBH Packing Credit EPC	44.623	22.351
SBH Packing Credit PCPF	0.000	12.931
SBH Overdraft	10.412	0.000
SBH Bill Discounting LLC	10.346	0.000
(Secured against hypothecation of Land and Building, Book Debts, Raw Materials, Finished Goods, Plant and Machinery and guaranteed by directors)
Total	185.308	145.715

Financial Institutions :	Andhra Pradesh State Finance Corporation, 5-9-194,Chirag Ali Lane, P B No 165, Abids, Hyderabad - 500001, Andhra Pradesh, India
Auditors :
Name :	Tagore and Company Chartered Accountants
Address :	3-6-293/2/D, Hyderguda, Hyderabad – 500029, Andhra Pradesh, India
	91-40-23223848 / 65544724
PAN N Income-tax PAN of auditor or auditor's firm :	ADOPK6351P
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Nizhoni Tools Private Limited · V Jai Fine Fabs

CAPITAL STRUCTURE

AS ON 29.09.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7200000	Equity Shares	Rs.10/- each	Rs.72.000 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	72.000	48.000	48.000
(b) Reserves & Surplus	101.490	67.895	49.130
(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)	173.490	115.895	97.130
(3) Non-Current Liabilities
(a) long-term borrowings	133.286	143.626	84.354
(b) Deferred tax liabilities (Net)	4.888	7.081	7.485
(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)	138.174	150.707	91.839
(4) Current Liabilities
(a) Short term borrowings	65.380	35.282	35.077
(b) Trade payables	64.394	68.200	34.432
(c) Other current liabilities	17.695	11.256	9.740
(d) Short-term provisions	60.589	46.751	37.454
Total Current Liabilities (4)	208.058	161.489	116.703
TOTAL	519.722	428.091	305.672
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	210.406	162.820	96.694
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.067	0.167	10.482
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.342	0.397	0.452
Total Non-Current Assets	210.815	163.384	107.628
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	80.779	68.091	67.128
(c) Trade receivables	117.419	99.884	61.301
(d) Cash and cash equivalents	5.989	7.545	1.899
(e) Short-term loans and advances	92.696	68.211	60.768
(f) Other current assets	12.024	20.976	6.948
Total Current Assets	308.907	264.707	198.044
TOTAL	519.722	428.091	305.672

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Turnover	556.069	429.639	314.272
EXPENSES	NA	NA	NA
DEPRECIATION/ AMORTISATION	28.124	21.250	14.862
PROFIT/ (LOSS) BEFORE TAX	48.779	30.465	25.277
TAX	11.646	8.893	10.224
PROFIT/ (LOSS) AFTER TAX	37.133	21.572	15.053
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	40.323	23.558	37.294
APPROPRIATIONS
Transfer to General Reserve	2.000	2.000	2.000
Dividend	3.025	2.400	2.400
Tax on Dividend	0.514	0.408	0.389
Total	5.539	4.808	4.789
Balance Carried to the B/S	71.917	40.322	47.558
Earnings / (Loss) Per Share (Rs.)	3.71	4.37	3.14

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	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	6.68	5.02	4.79
Return on Total Assets (PBT/Total Assets}	(%)	9.39	7.12	8.56
Return on Investment (ROI) (PBT/Networth)		0.28	0.26	0.26
Debt Equity Ratio (Total Debt /Networth)		1.15	1.54	1.23
Current Ratio (Current Asset/Current Liability)		1.48	1.64	1.70

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	48.000	48.000	72.000
Reserves & Surplus	49.130	67.895	101.490
Net worth	97.130	115.895	173.490
Long-term borrowings	84.354	143.626	133.286
Short term borrowings	35.077	35.282	65.380
Total borrowings	119.431	178.908	198.666
Debt/Equity ratio	1.230	1.544	1.145

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	314.272	429.639	556.069
		36.709	29.427

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	314.272	429.639	556.069
Profit	15.053	21.572	37.133
	4.79%	5.02%	6.68%

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	Yes
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	No
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	Yes
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

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
From Directors	0.200	9.303
From Others	13.158	23.890
Total	13.358	33.193

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90121801	30/04/2004	36,375,000.00	ANDHRA PRADESH STATE FINANCIAL CORPORATION	CHIRAG ALI LANE, HYDERABAD, TELANGANA, INDIA	-
2	90121379	01/09/2003 *	5,160,000.00	ANDHRA PRADESH STATE FINANCIAL CORPN	CHIRAG ALI LANE, HYDERABAD, HYDERABAD, TELANGANA, INDIA	-
3	90121286	09/03/1999	5,590,000.00	A P STATE FINANCIAL CORPORATION	5-9-1994CHIRAG ALI LANE, HYDERABAD, TELANGANA, - 500001, INDIA	-
4	90120994	23/07/1996 *	36,500,000.00	STATE BANK OF HYDERABAD	SANANT HNAGAR BRANCH, HYDERABAD, TELANGANA, -  500001, INDIA	-
5	90120949	24/03/2006 *	21,000,000.00	STATE BANK OF HYDERABAD	SANATHNAGAR BRANCH, HYDERABAD, TELANGANA, INDIA	-
6	90120834	30/07/2014 *	164,500,000.00	STATE BANK OF HYDERABAD	SANATHNAGAR BRANCH, SANATHNAGAR INDUSTRIAL ESTATE, SANATHNAGAR, HYDERABAD, TELANGANA - 500018, INDIA	C17839291
7	90120814	09/03/1995	21,000,000.00	STATE BANK OF HYDERABAD	SANANT HNAGAR BRANCH, HYDERABAD, TELANGANA, -  500018, INDIA	-

* Date of charge modification

FIXED ASSETS

· Factory Land

· Factory Building

· Plant and Machinery

· Furniture

· Office 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 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.66.75
UK Pound	1	Rs.99.61
Euro	1	Rs.70.67

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	KAR
Report Prepared by :	GEET

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.