MIRA INFORM REPORT

Report No. :	492121
Report Date :	20.02.2018

IDENTIFICATION DETAILS

Name :	M.P.C. PHARMA PRIVATE LIMITED NOSTRUM IMPEX (A UNIT OF M.P.C. PHARMA PRIVATE LIMITED)
Registered Office :	Ground Floor, Portion C, New No.38, Old No.167, Rangarajapuram Main Road, Kodambakkam, Chennai – 600024, Tamilnadu
Tel. No.:	91-484-3242417 / 4858123
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	17.01.2011
Com. Reg. No.:	18-078857
Capital Investment / Paid-up Capital :	INR 0.100 Million
CIN No.: [Company Identification No.]	U51102TN2011PTC078857
IEC No.: [Import-Export Code No.]	Not Divulged
PAN No.: [Permanent Account No.]	AAGCM9678R
GSTN : [Goods & Service Tax Registration No.]	32AAGCM9678R1ZG
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in the business of trading in pharmaceutical formulations. (Registered Activity) Trader, Exporter and Dealer of pharmaceuticals medicines for hepatitis, oncology, nephrology, critical care treatment. (Confirmed by management)
No. of Employees :	25 (Approximately)

RATING & COMMENTS

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

MIRA’s Rating :

A

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

Maximum Credit Limit :	USD 18900
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2011. It is a trader, exporter and dealer of pharmaceuticals medicines. For the financial year 2017, the company has achieved revenue growth of 8.33% as compared to the previous year along with a low profit margin of 0.42%. The satisfactory financial risk profile of the company is marked by sufficient networth base along with comfortable debt balance sheet profile. Rating takes into consideration the subject’s healthy Earnings Per Share of INR 93.58 against the face value of INR 10. Payments seems to be usually 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 (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

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

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 31-03-2016.

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 19.02.2018

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Linto Joseph
Designation :	Accountant
Contact No.:	91-9567869545
Date :	17.02.2018

LOCATIONS

Registered Office :	Ground Floor, Portion C, New No.38, Old No.167, Rangarajapuram Main Road, Kodambakkam, Chennai – 600024, Tamilnadu, India
Tel. No.:	Not Available
Mobile No.:	91-9567869545 (Mr. Linto Joseph)
Fax No.:	Not Available
E-Mail :	medigencochin@hotmail.com
Website :	http://www.mpcpharma.com
Area :	1000 Sq. ft.
Location :	Rented
Locality :	Commercial
Branch Office :	59/940, Kuttamparambil Building, Thevara Ferry Road, M. G. Road, Ernakulam - 682016, Kerala, India
Tel. No.:	91-484-3242417 / 4858123

DIRECTORS

As on 31.03.2017

Name :

Mr. Rahul Mamman Abraham

Designation :

Director

Address :

28/1292, Chengazath House, Vivek Nagar, Padam, Kadavanthra, Ernakulam- 682020, Kerala, India

Date of Birth/Age :

29.09.1984

Date of Appointment :

17.01.2011

DIN No.:

03284826

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51397KL2011PTC027577	AMR MEDICALS PRIVATE LIMITED	05/02/2011	-
U52190TN2013PTC091147	NOMISMA COINS & COLLECTIBLES PRIVATE LIMITED	15/05/2013	-

Name :

Mr. Mamman Abraham

Designation :

Director

Address :

Cc/28/1292, Chengazath House, Vivek Nagar Kadavanthara P.O, Ernakulam- 682020, Kerala, India

Date of Birth/Age :

25.11.1954

Date of Appointment :

17.01.2011

DIN No.:

03314691

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51397KL2011PTC027577	AMR MEDICALS PRIVATE LIMITED	05/02/2011	-

Name :

Pameela Mamman

Designation :

Director

Address :

Cc/28/1292, Vivek Nagar, Kadavanthara P.O, Ernakulam -682020, Kerala, India 

Date of Birth/Age :

03.11.1960

Date of Appointment :

17.01.2011

DIN No.:

03314695

KEY EXECUTIVES

Name :	Mr. Linto Joseph
Designation :	Accountant

MAJOR SHAREHOLDERS

As on 31.03.2017

Names of Shareholders	No. of Shares	% of Holding
Rahul Mamman Abraham	3400	34.00
Mamman Abraham	2500	25.00
Pameela Mamman	2500	25.00
Mohammed Iqbal	500	5.00
Pooja Mariam Mamman	1100	11.00
Total	10000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2017

Category	Percentage
Promoters (Individual/Hindu Undivided Family – Indian)	84.00
Public/Other than promoters (Individual/Hindu Undivided Family – Indian)	16.00
Total	100.00

BUSINESS DETAILS

Line of Business :

• The company is engaged in the business of trading in pharmaceutical formulations. (Registered Activity)

• Trader, Exporter and Dealer of pharmaceuticals medicines for hepatitis, oncology, nephrology, critical care treatment. (Confirmed by management)

Products / Services :

Item Code No.	Products/Services Description
99611730	Pharmaceutical Products

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Pharmaceutical Products

Countries :

• Indonesia
• United Arab Emirates
• Saudi Arabia
• Middle Eastern Countries

Imports :

Not Available

Terms :

Selling :

Cheque and Others (NEFT)

Purchasing :

Cheque and Others (NEFT)

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 :

Manufacturer

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

No. of Employees :

25 (Approximately)

Bankers :

• Federal Bank
• Axis Bank Limited

Banker Name :	City Union Bank Limited
Branch :	Ram Meena Building, Valanjambalams .A. Road, Ernakulam-682016, Kerala, India
Person Name (With Designation) :	--
Contact Number :	91-44-28297393 (Ringing)
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
IFSC Code:	CIUB0000086
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Short-term borrowings
Loans repayable on demand
From Banks (City Union Bank Limited - (D A,/C I{o. 17875 Limit Cash Credit INR 1.500 million Period Of Repairmen On Demand Collateral -Land to the extent of 59.76 ares in re SY No.65/1, SY No..73/7/1 together with building in Mazhuvannur Village, Kunnathunadu TK Ernakulum Belonging tp Mariam Verghese and Rahul Abraham Mamman	11.062	0.000
Total	11.062	0.000

Auditors :
Name :	Joseph and Rajaram Chartered Accountants
Address :	No.21, Mahathma Gandhi Road, Nungambakkam, Chennai – 600034, Tamilnadu, India
Tel. No.:	91-44-28224405/28269292 / 43561351
Income-tax PAN of auditor or auditor's firm :	AABFJ6144M
Memberships :	Not Available
Collaborators :	Not Available
Other related party:	Miriam Verghese
Entities in which KMP's hold significant influence:	Medigen Pharma (Firm) Medigen Medical MPC Pharma Cochin (Firm) Medigen Drugs (Firm)

CAPITAL STRUCTURE

As on 30.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	INR 10/- each	INR 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	INR 10/- each	INR 0.100 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	0.100	0.100	0.100
(b) Reserves & Surplus	6.502	5.566	4.909
(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)	6.602	5.666	5.009
(3) Non-Current Liabilities
(a) long-term borrowings	3.544	3.544	3.544
(b) Deferred tax liabilities (Net)	-0.117	0.044	0.031
(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)	3.427	3.588	3.575
(4) Current Liabilities
(a) Short term borrowings	11.062	0.000	0.000
(b) Trade payables	3.693	5.540	1.025
(c) Other current liabilities	6.146	23.179	9.062
(d) Short-term provisions	0.893	0.560	0.250
Total Current Liabilities (4)	21.794	29.279	10.337
TOTAL	31.823	38.533	18.921
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.017	1.371	0.960
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.982	4.888	3.277
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	5.999	6.259	4.237
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	17.688	24.496	10.249
(c) Trade receivables	5.734	5.583	3.380
(d) Cash and cash equivalents	0.979	1.016	0.349
(e) Short-term loans and advances	0.254	0.222	0.188
(f) Other current assets	1.169	0.957	0.518
Total Current Assets	25.824	32.274	14.684
TOTAL	31.823	38.533	18.921

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	223.425	206.231	86.241
	Other Income	6.839	6.044	4.666
	TOTAL	230.264	212.275	90.907
Less	EXPENSES
	Purchases of Stock-in-Trade	210.397	215.443	90.161
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	6.807	(14.248)	(7.368)
	Employees benefits expense	3.404	3.031	2.348
	Other expenses	7.025	6.579	4.784
	TOTAL	227.633	210.805	89.925
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	2.631	1.470	0.982
Less	FINANCIAL EXPENSES	1.233	0.204	0.069
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1.398	1.266	0.913
Less/ Add	DEPRECIATION/ AMORTISATION	0.290	0.287	0.221
	PROFIT/ (LOSS) BEFORE TAX	1.108	0.979	0.692
Less	TAX	0.172	0.322	0.273
	PROFIT/ (LOSS) AFTER TAX	0.936	0.657	0.419
	Earnings / (Loss) Per Share (INR)	93.58	65.65	41.87

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	(11.509)	3.039	0.765
Net cash flows from (used in) operations	NA	NA	NA
Net cash flows from (used in) operating activity	(11.842)	2.729	0.494

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	9.37	9.88	14.31
Account Receivables Turnover (Income / Sundry Debtors)	38.96	36.94	25.52
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	6.41	9.39	4.15
Inventory Turnover (Operating Income / Inventories)	0.15	0.06	0.10
Asset Turnover (Operating Income / Net Fixed Assets)	2.59	1.07	1.02

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.80	0.85	0.73
Debt Equity Ratio (Total Liability / Networth)	2.21	0.63	0.71
Current Liabilities to Networth (Current Liabilities / Net Worth)	3.30	5.17	2.06
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.15	0.24	0.19
Interest Coverage Ratio (PBIT / Financial Charges)	2.13	7.21	14.23

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	0.42	0.32	0.49
Return on Total Assets ((PAT / Total Assets) * 100)	%	2.94	1.71	2.21
Return on Investment (ROI) ((PAT / Networth) * 100)	%	14.18	11.60	8.36

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.18	1.10	1.42
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.37	0.27	0.43
G-Score Ratio Financial (Networth / Total Assets)	0.21	0.15	0.26
G-Score Ratio Debt (Debts / Equity Capital)	146.06	35.44	35.44
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.18	1.10	1.42

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

FINANCIAL ANALYSIS

[all figures are in 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	0.100	0.100	0.100
Reserves & Surplus	4.909	5.566	6.502
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	5.009	5.666	6.602
long-term borrowings	3.544	3.544	3.544
Short term borrowings	0.000	0.000	11.062
Total borrowings	3.544	3.544	14.606
Debt/Equity ratio	0.708	0.625	2.212

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	86.241	206.231	223.425
		139.133	8.337

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	86.241	206.231	223.425
Profit	0.419	0.657	0.936
	0.49%	0.32%	0.42%

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	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)	Yes
16]	No. of employees	Yes
17]	Details of sister concerns	Yes 0O
18]	Major suppliers	No
19]	Major customers	No
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	No
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

NOTE: Registered office of the company has been shifted from “Medihauxe International, 114/86, Dr. Radha Krishnan Salai, Mylapore, Chennai-600004, Tamilnadu India” to the present address w.e.f. 06.02.2011

CORPORATE INFORMATION

The company was incorporated on 17.01.2011. The company is engaged in the business of trading in pharmaceutical formulations.

UNSECURED LOAN

PARTICULAR	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Loans and advances from related parties	3.544	3.544
Total	3.544	3.544

INDEX OF CHARGES

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G34430744	100074252	CITY UNION BANK LIMITED	09/01/2017	-	-	15000000.0	RAM MEENA BUILDING, VALANJAMBALAMS.A.ROAD, ERNAKULAM-682016, KERALA, INDIA
2	G04131736	100028321	AXIS BANK LIMITED	12/04/2016	-	-	10000000.0	SME CENTRE KOCHI, FIRST FLOORPUKALAKKAT CITY CENTRE & SIVADAS TOWER KOCHI-682025 KERALA, INDIA

FIXED ASSETS

• Furniture and Fixture
• Computer
• Plant and Machinery
• Vehicle
• Office equipment
• Electrical fitting

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 63.90
UK Pound	1	INR 90.31
Euro	1	INR 80.16

INFORMATION DETAILS

Information Gathered by :	POON
Analysis Done by :	PRI
Report Prepared by :	RKI

SCORE FACTORS

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

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.