MIRA INFORM REPORT

Report No. :	318742
Report Date :	18.05.2015

IDENTIFICATION DETAILS

Name :	ZOTA HEALTH CARE LIMITED
Registered Office :	Zota House 2/896 Hira Modi Street, Sagrampura, Surat – 395002, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.07.2000
Com. Reg. No.:	04-038352
Capital Investment / Paid-up Capital :	Rs.119.695 Million
CIN No.: [Company Identification No.]	U24231GJ2000PLC038352
TAN No.: [Tax Deduction & Collection Account No.]	SRNTZ00001B
PAN No.: [Permanent Account No.]	AAACZ1196M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Exporting of Tablets and Capsules.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 500000
Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Reserves level of the company is low. However, profitability of the company is fair. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. 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.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Ms Nirali
Designation :	Accounts
Contact No.:	91-26-12331601
Date :	20.04.2015

LOCATIONS

Registered Office :	Zota House 2/896 Hira Modi Street, Sagrampura, Surat – 395002, Gujarat, India
Fax No.:	Not Available
Tel. No.:	91-26-12331601
E-Mail :	zotahealth@yahoo.com info@zotahealthcare.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Ketankumar Chandulal Zota

Designation :

Managing Director

Address :

802, Deepa Complex, Siddharthvilla Adajan Road, Surat – 395009, Gujarat, India

Date of Birth/Age :

07.10.1966

Qualification :

D-Pharmacy

Date of Appointment :

01.10.2014

PAN No.:

AABPZ9238J

DIN No.:

00822594

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	U24231GJ2000PLC038352	ZOTA HEALTH CARE LIMITED	Managing director	01/10/14	12/07/00	-	Active	NO

Name :

Mr. Kamlesh Rajnikant Zota

Designation :

Whole Time Director

Address :

15, Pacharatna Soc. -2, Opposite Sneh Sankul Wadi, Anand Mahal Road, Surat – 395009, Gujarat, India

Date of Birth/Age :

17.01.1973

Qualification :

B-Pharmacy

Date of Appointment :

01.10.2014

PAN No.:

AABPZ9457F

DIN No.:

00822705

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	U24231GJ2000PLC038352	ZOTA HEALTH CARE LIMITED	Whole-time director	01/10/14	12/07/00	-	Active	NO

Name :

Mr. Himanshu Muktilal Zota

Designation :

Whole Time Director

Address :

604, Navkar Vila, Deepa Complex Adajan Road, Surat – 395009, Gujarat, India

Date of Birth/Age :

30.05.1974

Qualification :

D-Pharmacy

Date of Appointment :

01.10.2014

PAN No.:

AABPZ1961G

DIN No.:

01097722

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	U24231GJ2000PLC038352	ZOTA HEALTH CARE LIMITED	Whole-time director	01/10/14	12/07/00	-	Active	NO

Name :

Mr. Manukant Chandulal Mehta

Designation :

Whole Time Director

Address :

104, Divya Swapna Apartment Kaji Nu Medan, Gopipura Surat – 395001, Gujarat, India

Date of Birth/Age :

17.04.1951

Date of Appointment :

01.10.2014

PAN No.:

AAAPZ7965K

DIN No.:

02267804

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	U24231GJ2000PLC038352	ZOTA HEALTH CARE LIMITED	Whole-time director	01/10/14	12/07/00	-	Active	NO

Name :

Mr. Gaurang Rashmikant Mehta

Designation :

Director

Address :

B-25, Pavitra Row House, Near Sahaj Super Store, Anand Mahal Road, Adajan , Surat – 395009, Gujarat, India

Date of Birth/Age :

18.10.1964

Date of Appointment :

30.09.2014

DIN No.:

03245865

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	U24231GJ2000PLC038352	ZOTA HEALTH CARE LIMITED	Director	30/09/14	14/08/10	-	Active	NO

Name :

Mr. Salileshkumar Sevantilal Shah

Designation :

Director

Address :

Navsarjan Hospital, Opposite Shri Ram Petrol Pump, Anand Mahal Road, Adajan Surat – 395009, Guajrat, India

Date of Birth/Age :

20.05.1957

Date of Appointment :

30.09.2014

DIN No.:

03245881

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	U24231GJ2000PLC038352	ZOTA HEALTH CARE LIMITED	Director	30/09/14	14/08/10	-	Active	NO

Name :

Mr. Mahesh Majibhai Prajapati

Designation :

Director

Address :

Shanti Medical, STO Mahal Road, Adajan, Surat – 395009, Gujarat, India

Date of Birth/Age :

15.08.1986

Date of Appointment :

30.09.2014

DIN No.:

03245989

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	U24231GJ2000PLC038352	ZOTA HEALTH CARE LIMITED	Director	30/09/14	14/08/10	-	Active	NO

KEY EXECUTIVES

Name :	Ms Nirali
Designation :	Accounts
Date of Appointment :	20.04.2015

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Ketan Zota	1763312
Manukant C. Zota	2412244
Himanshu M. Zota	1876500
Kamlesh R. Zota	1149228
Vinod Chandra C. Siriya	640
Anila K. Zota	848750
Varsha H. Zota	682519
Ketan C. Zota (HUF)	799200
Manukant C. Zota (HUF)	123076
Manisha K. Zota	983016
Ashok C. Zota	5335
Ramesh A Parmar	540
Pravinbhai Govindbhai Vekariya	540
Devang Kanubhai Parekh	720
Rasilaben Dineshkumar Siriya	720
Total	10646340

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	95.44
Other top fifty shareholders	4.56
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Exporting of Tablets and Capsules.

Products :

Item Code No.	Product Description
3004	Pharmaceutical

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Tablets and Capsules

Countries :

• South Africa

Imports :

Not Divulged

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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 :

Reference :	Not Divulged
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 :

Not Available

Bankers :

• Axis Bank - Digvijay Towers, Opposite St. Xavier’s School, Ghod Dog Road, Surat – 395002, Gujarat, India
• Prime Co-Operative Bank Limited – Khatodara, Ring Road, Surat – 395002, Gujarat, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loan From Bank	8.167	18.955
Short-term borrowings
Other loans and advances	10.253	12.897
Total	18.420	31.852

Auditors :
Name :	Pradeep K Singhi and Associates Chartered Accountants
Address :	401, 4^th Floor, President Plaza, Ring Road, Surat – 395002 Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAHFP8463D
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11969460	Equity Shares	Rs.10/- each	Rs.119.695 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	119.695	119.695	99.746
(b) Reserves & Surplus	38.418	21.202	29.662
(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)	158.113	140.897	129.408
(3) Non-Current Liabilities
(a) long-term borrowings	37.980	41.199	40.208
(b) Deferred tax liabilities (Net)	3.895	4.037	4.065
(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)	41.875	45.236	44.273
(4) Current Liabilities
(a) Short term borrowings	10.253	12.897	19.535
(b) Trade payables	97.885	71.645	64.463
(c) Other current liabilities	7.834	7.098	14.927
(d) Short-term provisions	32.454	29.129	20.997
Total Current Liabilities (4)	148.426	120.769	119.922
TOTAL	348.414	306.902	293.603
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	75.417	72.634	75.834
(ii) Intangible Assets	15.326	18.710	22.270
(iii) Capital work-in-progress	0.000	0.490	0.490
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.760	0.700	0.644
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.131	1.085	1.075
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	92.634	93.619	100.313
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	125.278	109.763	101.737
(c) Trade receivables	106.791	84.035	73.348
(d) Cash and cash equivalents	1.429	1.268	1.220
(e) Short-term loans and advances	16.258	11.180	10.795
(f) Other current assets	6.024	7.037	6.190
Total Current Assets	255.780	213.283	193.290
TOTAL	348.414	306.902	293.603

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	501.116	439.098	381.430
	Other Income	1.023	0.328	0.272
	TOTAL	502.139	439.426	381.702
Less	EXPENSES
	Cost of Materials Consumed	35.795	41.840	59.942
	Purchases of Stock-in-Trade	317.323	275.853	239.184
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(11.098)	(14.247)	(36.376)
	Employees benefits expense	31.511	27.441	23.333
	Other expenses	63.049	49.414	46.842
	TOTAL	436.580	380.301	332.925
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	65.559	59.125	48.777
Less	FINANCIAL EXPENSES	7.137	7.935	5.051
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	58.422	51.190	43.726
Less	DEPRECIATION/ AMORTISATION	12.069	13.514	13.872
	PROFIT/ (LOSS) BEFORE TAX	46.353	37.676	29.854
Less	TAX	15.227	12.275	9.859
	PROFIT/ (LOSS) AFTER TAX	31.126	25.401	19.995
	Earnings / (Loss) Per Share (Rs.)	2.60	2.12	1.67

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	6.20	5.78	5.24
Operating Profit Margin (PBIDT/Sales)	(%)	9.25	8.58	7.83
Return on Total Assets (PBT/Total Assets}	(%)	13.38	12.37	10.25
Return on Investment (ROI) (PBT/Networth)		0.29	0.27	0.23
Debt Equity Ratio (Total Debt /Networth)		0.31	0.38	0.46
Current Ratio (Current Asset/Current Liability)		1.72	1.77	1.61

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	99.746	119.695	119.695
Reserves & Surplus	29.662	21.202	38.418
Net worth	129.408	140.897	158.113
long-term borrowings	40.208	41.199	37.980
Short term borrowings	19.535	12.897	10.253
Total borrowings	59.743	54.096	48.233
Debt/Equity ratio	0.462	0.384	0.305

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	381.430	439.098	501.116
		15.119	14.124

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	381.430	439.098	501.116
Profit	19.995	25.401	31.126
	5.24%	5.78%	6.21%

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	No
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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	No

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and Advances From Related Parties	29.814	0.000
Loans and Advances From Directors		5.195
Loans and Advances From Others		17.049
Total	29.814	22.144

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10101075	06/12/2013 *	61,900,000.00	Axis Bank Limited	Digvijay Towers, Opp St. XAvier's School,, Ghod Dod Road,, Surat, Gujarat - 395002, INDIA	B91209585
2	10101076	06/12/2013 *	61,900,000.00	Axis Bank Limited	Digvijay Towers, Opp St. XAvier's School,, Ghod Dod Road,, Surat, Gujarat - 395002, INDIA	B91210104

FIXED ASSETS

Tangible Assets

• Land
• Buildings
• Office building
• Factory building
• Plant and equipment
• Factory equipments
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments
• Other equipments

Intangible Assets

• Copyrights
• patents

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.64.05
UK Pound	1	Rs.99.04
Euro	1	Rs.71.76

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	DIV
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	4
--CREDIT LINES	1~10	4
--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

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.