MIRA INFORM REPORT

Report Date :

01.12.2012

IDENTIFICATION DETAILS

Name :	KESELEC SCHREDER PRIVATE LIMITED
Registered Office :	69, Friends Colony (West), New Delhi – 110065
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.05.1996
Com. Reg. No.:	55-079231
Capital Investment / Paid-up Capital :	Rs. 13.335 Millions
CIN No.: [Company Identification No.]	U34506DL1996PTC079231
Legal Form :	Private Limited Liability Company
Line of Business :	Exporter, Manufacturer and Supplier of Light fixture, outdoor fittings, abahjur
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 800000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a member of ”The Schredes Group GIE”. It is established company having moderate track record. The latest financial is missing from government department. However, from the previous year record. Company seems to be having satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealing with some caution. Note: Profit and Loss Account of the company is not available

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 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 31-03-2012.

LOCATIONS

Registered Office :	69, Friends Colony (West), New Delhi – 110065, India
Tel. No.:	91 11 4162 9828, Extension 100
Fax No.:	91-11-41629829
E-Mail :	jugeshv@schreder.co.in chekitans@schreder.co.in
Website :	http://www.keselec.com
Head Office :	210, Charmwood Plaza, Eros Garden Colony, Charmwood Village,   Surajkund Road, Faridabad - 121 009, Haryana, India
Tel. No.:	91 93 5069 6036
Fax No.:	91 129 411 7389
E-Mail :	jasminders@schreder.co.in
Factory 1 :	55, Industrial Area, Faridabad -  121 001, Haryana, India
Tel. No.:	91 129 402 2804 / 129 402 2805
Fax No.:	91 129 402 2804 / 129 402 2805
E-Mail :	parags@schreder.co.in
Sales Office :	Located At · Bangalore · Mumbai · Faridabad

DIRECTORS

As on 24.09.2012

Name :

Mr. Chekitan Sawhney

Designation :

Managing director

Address :

69, Friends Colony (West), New Delhi, India

Date of Birth/Age :

08.12.1961

Date of Appointment :

27.05.1996

DIN No.:

00419885

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	U74899DL1986PTC025238	KES ELEC INDIA PRIVATE LIMITED	Director	01-06-06	26-08-86	-	Amalgamated	NO
2	U34506DL1996PTC079231	KESELEC SCHREDER PRIVATE LIMITED	Managing director	27-05-96	27-05-96	-	Active	NO

Name :

Mr. Agnes Schreder

Designation :

Nominee director

Address :

Avenue Juliette, 13/B2,1180, Brussels, Belgium Belgian

Date of Birth/Age :

06.12.1952

Date of Appointment :

21.09.2012

DIN No.:

01389685

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	U34506DL1996PTC079231	KESELEC SCHREDER PRIVATE LIMITED	Nominee director	21-09-12	11-10-03	-	Active	NO
2	U74899DL1986PTC025238	KES ELEC INDIA PRIVATE LIMITED	Nominee director	08-08-09	19-06-09	-	Amalgamated	NO

Name :

Mr. Praveen Agarwal

Designation :

Director

Address :

89, Sunder Nagar, New Delhi, India

Date of Birth/Age :

03.09.1953

Date of Appointment :

02.09.2003

DIN No.:

00036445

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	U29306DL1981PTC012616	S. S. N. INTERNATIONAL PRIVATE LIMITED	Director	09-11-81	09-11-81	-	Active	NO
2	U45202DL1982PLC014381	SANDEN VIKAS (INDIA) LIMITED	Managing director	01-04-11	23-09-82	-	Active	NO
3	U74899DL1987PTC029261	LIVVEL PRODUCTS PRIVATE LIMITED	Director	18-09-87	18-09-87	20-04-11	Active	NO
4	U24290DL1987PLC028569	PRANAV VIKAS (INDIA ) LIMITED	Director	01-04-95	01-04-95	-	Active	NO
5	U74899DL1991PTC044234	ECOCAT (INDIA) PRIVATE LIMITED.	Whole-time director	01-04-10	17-07-95	-	Active	NO
6	U74899DL1998PTC091512	KENMORE VIKAS (INDIA) PRIVATE LIMITED	Director	05-01-98	05-01-98	-	Active	NO
7	U34300DL1998PTC093446	AUTOVIKAS SALES AND SERVICE PRIVATE LIMITED	Director	29-04-98	29-04-98	-	Active	NO
8	U29306DL1993PTC052660	GALLAY INDIA PRIVATE LIMITED	Director	12-11-98	12-11-98	15-05-12	Active	NO
9	U24299DL2003PTC118414	CHEMVIKAS ENGINEERING PRIVATE LIMITED	Director	10-01-03	10-01-03	04-06-07	Active	NO
10	U34506DL1996PTC079231	KESELEC SCHREDER PRIVATE LIMITED	Director	02-09-03	02-09-03	-	Active	NO
11	U27310DL2004PTC131667	RPS VIKAS CASTINGS PRIVATE LIMITED	Director	29-12-04	29-12-04	-	Active	NO
12	U45200DL2007PTC158655	SALASAR PROPBUILD PRIVATE LIMITED	Director	05-02-07	05-02-07	-	Active	NO
13	U28910DL2007PTC158761	BORGWARNER EMISSIONS SYSTEMS INDIA PRIVATE LIMITED	Whole-time director	01-03-10	08-02-07	05-08-11	Active	NO
14	U74899DL1989PTC034640	SUMEDHA IMPEX PRIVATE LIMITED	Director	25-09-07	04-06-07	-	Active	NO
15	U27300DL2007PTC165006	SATA VIKAS INDIA PRIVATE LIMITED	Director	20-06-07	20-06-07	-	Active	NO
16	U74999DL2007PTC212859	DAYCO VIKAS ENGINE SYSTEMS PRIVATE LIMITED	Director	24-04-09	29-11-07	-	Active	NO
17	U27203MH2005PLC151845	PACIFIC ALLOYS LIMITED	Director	30-09-08	08-02-08	-	Active	NO
18	U34100DL2009PTC188549	SYSTEMES MOTEURS INDIA PRIVATE LIMITED	Director	18-03-09	18-03-09	15-10-10	Active	NO
19	U35300DL2010PTC206230	DAYCO VIKAS POWER TRANSMISSION PRIVATE LIMITED	Director	23-07-10	23-07-10	-	Active	NO
20	U74899DL1993PTC051618	RISPANA LEASING FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	22-09-10	27-08-10	-	Active	NO
21	U35999DL2011PTC226494	SANDEN VIKAS PRECISION PARTS PRIVATE LIMITED	Director	19-10-11	19-10-11	-	Active	NO
22	U27310DL2005PTC239416	GARIMA VIKAS METALS PRIVATE LIMITED	Additional director	16-11-11	16-11-11	-	Active	NO
23	U35990DL2012PTC238732	VIKAS ALTECH PRIVATE LIMITED	Director	12-07-12	12-07-12	-	Active	NO

Name :

Mr. Dieter Etienne Poleyn

Designation :

Nominee Director

Address :

RUE Hector Denis, 51/1050 Ixelles, Belgium Belgian

Date of Birth/Age :

04.12.1972

Date of Appointment :

24.01.2012

DIN No.:

05205618

Name :

Mr. Michel Paul Marie Jacques Neuprez

Designation :

Nominee Director

Address :

Avenue Kersbeek, 61A,1190 Bruxcllcs, Belgium Belgian

Date of Birth/Age :

16.04.1947

Date of Appointment :

21.09.2012

DIN No.:

06385511

Name :

Mr. Stephen Arthur Bruford Hemsley

Designation :

Director

Address :

7 Buldowne Walk, Lymington, So 41 6du Sway 999999

Date of Birth/Age :

19.01.1962

Date of Appointment :

08.10.2012

DIN No.:

05183247

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2012

Names of Shareholders	No. of Shares
Sawhney Chekitan	533404
Schreder S A, Belgium	800106
Total	1333510

As on 24.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	60.00
Directors or relatives of Directors	40.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Exporter, Manufacturer and Supplier of Light fixture, outdoor fittings, abahjur

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ing Vysya Bank Limited, 5 E -1, Nit, Ground Floor, Railway Road, Fariadbad - 121001, Haryana, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
From Bank
Cash Bank	0.000	1.534
Term Loans	0.000	3.749
Total	0.000	5.283
Notes: Cash credit facility Rs. Nil is secured in hypothecation of stock and book debts of the company (Previous Year Rs. 1.534 Millions in respect of amalgamated company) Term Loan is secured by equitable mortgage of commercial property situated at Charmwood Piaza, No 209.10.11 and 12 Fandabad. Principal amount due within one year is Rs.3.749 Millions including Rs. 2.166 Millions in respect of amalgamating company

Banking Relations :	--
Auditors :
Name :	S. R. Dinodia and Company Chartered Accountants
Address :	K-39, Connaught Place, New Delhi – 110001, India
Tel. No.:	91-11-23418016 / 23417630 / 41521358 / 43703300
Fax No.:	91-11-41513666
E-Mail :	srdinodia@srdinodia.com
Website :	www.srdinodia.com
PAN.:	AACFS2559N
Holding Company :	Schreder S.A.

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1333510	Equity Shares	Rs.10/- each	13.335 Millions

Note:

During the year, the company has issued 333,528 Equity Shares of Rs. 10/- each pursuant to amalgamation arrangement approved by hon’ble high court vide order 19.04.2010.

Keselec Schreder Private Limited, is a subsidiary of Schreder S.A which holds 800.105 equity shares of Rs. 10/- each

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		13.335	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Share Capital Suspense Account		0.000	3.335	0.000
5] Reserves & Surplus		186.813	149.926	81.042
6] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		200.148	163.261	91.042
LOAN FUNDS
1] Secured Loans		0.000	5.283	3.103
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	5.283	3.103
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		200.148	168.544	91.145
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		55.680	41.786	22.886
Capital work-in-progress		1.139	0.295	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.752	1.638	0.314
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	76.096	60.154	79.178
	Sundry Debtors	101.638	108.063	106.852
	Cash & Bank Balances	49.212	44.238	5.270
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	19.045	18.143	12.758
Total Current Assets		245.991	230.598	204.058
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	47.575	60.517	98.196
	Other Current Liabilities	34.896	22.911	22.070
	Provisions	20.943	22.345	12.847
Total Current Liabilities		103.414	105.773	133.113
Net Current Assets		142.577	124.825	70.945
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		200.148	168.544	91.145

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	0.52	0.68	1.50
Current Ratio (Current Asset/Current Liability)	2.38	2.18	1.53

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	No
12]	Profitability for last three years	No
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	No
20]	Export / Import details (if applicable)	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U34506DL1996PTC079231
Name of the company	KESELEC SCHREDER PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	69, Friends Colony (West), New Delhi – 110065, India jugeshv@schreder.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80014309
Type of charge	· Book debts · Floating charge
Particular of charge holder	Ing Vysya Bank Limited, 5 E -1, Nit, Ground Floor, Railway Road, Fariadbad - 121001, Haryana, India cms@companiesinn.com
Nature of instrument creating charge	Supplemental Deed of Hypothecation.
Date of instrument Creating the charge	26.04.2011
Amount secured by the charge	Rs.95.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest ODSIT/BD : IVBR+4.00% BG : Commission 1.25% p.a. ILC : As per bank norms LEF : As per treasury rates. Terms of Repayment ODSIT/BD : On Demand BG : On Demand ILC : Usance period 90 days. LEF : 90 days. Margin ODSIT/BD : 25% on stocks and book debts. BG :15% with due noting of lien. ILC : Cash margin 10% LEF : Cash margin – Nil Extent and Operation of the charge First charge on the stocks and book debts of the company both present and future.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Entire stocks of the company both present and future at: 1. 55 Industrial Area, Faridabad NIT 2. 17/3 Industraial Area, Faridabad NIT 3. 1A/31, Faridabad NIT Entire book debts of the company both present and future.
Particulars of the present modification	The total limit has been reduced from Rs.97.750 Millions to Rs.95.000 Millions as follows: Limit Existing Modified (Amount Rs. in Millions) TL 2.750 Closed CC 20.000 20.000 BG 65.000 65.000 ILC 5.000 5.000 LEF 5.000 5.000 All other terms and conditions are remain same.

FIXED ASSETS

· Building

· Testing Equipments

· Office Equipments

· Air Conditions

· Tools and Dies

· Plant and Machinery

· Furniture’s and Fittings

· Computer

· 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 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.54.53
UK Pound	1	Rs.87.48
Euro	1	Rs.70.89

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		33

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.