MIRA INFORM REPORT

Report Date :

13.10.2012

IDENTIFICATION DETAILS

Name :	APOLLO HEAT EXCHANGERS PRIVATE LIMITED
Registered Office :	Plot No. 109, Indo Industrial Estate No.2, Navghar Village, Vasai Road (East), (Near Mumbai Western Railway), Thane – 401210, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.09.1994
Com. Reg. No.:	11-81525
Capital Investment / Paid-up Capital :	Rs.10.000 millions
CIN No.: [Company Identification No.]	U28920MH1994PTC081525
TAN No.: [Tax Deduction & Collection Account No.]	PNEA13130F
PAN No.: [Permanent Account No.]	AAACA3597P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Aluminium Brazed Heat Exchangers.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 107000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a part of Apollo Group of companies. It is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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 – 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.

INFORMATION PARTED BY

Name :	Mr. Mani Nair
Designation :	General Manager
Contact No.:	91-9820159084
Date :	12.10.2012

LOCATIONS

Registered Office/ Factory :	Plot No. 109, Indo Industrial Estate No.2, Navghar Village, Vasai Road (East), (Near Mumbai Western Railway), Thane – 401210, Maharashtra, India
Tel. No.:	91-250-2391695 / 2390257 / 2391960
Mobile No.:	91-9820159084 (Mr. Mani Nair)
Fax No.:	91-250-2392121
E-Mail :	apollo2000@vsnl.net
Website :	http://www.appoloheatexchangers.com
Area :	10000 sq. ft.
Location :	Owned

DIRECTORS

As on 27.09.2012

Name :

Mr. Naresh Ratanshi Shah

Designation :

Chairman and Managing Director

Address :

3, Siddharth Apartment, Nandadeep Society, Off J P Road No. 5, Goregaon (East), Mumbai – 400063, Maharashtra, India

Date of Birth/Age :

16.03.1952

Qualification :

Engineering Graduate

Date of Appointment :

28.09.1994

DIN No. :

00466947

Name :

Ms. Nandita Naresh Shah

Designation :

Director

Address :

3, Siddharth Apartment, Nandadeep Society, Off J P Road No. 5, Goregaon (East), Mumbai – 400063, Maharashtra, India

Date of Birth/Age :

28.09.1957

Qualification :

B.Com

Date of Appointment :

15.11.1997

DIN No. :

00466845

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	U28920MH1994PTC081525	APOLLO HEAT EXCHANGERS PRIVATE LIMITED	Director	15/11/1997	15/11/1997	-	Active	NO
2	U80103MH2010NPL198255	RADHEE DISASTER AND EDUCATION FOUNDATION	Director	01/01/2010	01/01/2010	-	Active	NO

Name :

Mr. Yash Naresh Shah

Designation :

Director

Address :

3, Siddharth Apartment, Nandadeep Society, Off J P Road No. 5, Goregaon (East), Mumbai – 400063, Maharashtra, India

Date of Birth/Age :

06.12.1987

Qualification :

B.E.

Date of Appointment :

15.01.2007

DIN No. :

01298052

KEY EXECUTIVES

Name :	Mr. Mani Nair
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2012

Names of Shareholders	No. of Shares
Shah Ratanshi Naresh	301000
Shah Ratanshi Naresh HUF	134000
Shah Naresh Nandita	165000
Shah Naresh Rina	100000
Shah Naresh Avani	100000
Shah Naresh Yash	200000
Total	1000000

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Aluminium Brazed Heat Exchangers.
Products :	· All Aluminium Vacuum Brazed Heat Exchangers in Bar and Plate Design · All Aluminium Tube-Fin Type Compact Heat Exchangers
Imports :
Products :	Raw Material
Countries :	· China · Japan · Italy · Germany
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Adent Engineer Works

· Adsorbtech Engineer Private Limited

· A. K. Industries

· Akshay Enterprises

· Air Conditioning Corporation Limited

· Ambika Sales

· A.M.Wooden Packaging

· Apekshaa Engineering

· Apollo Industrial Corporation

· Aquatherm Technologies (Mumbai) Private Limited

· Aryan Wooden Box

· Ashok Hardware Centre

· Ardh Metals and Alloys Private Limited

· Aurora Engineering Company

· Avi Infotech Private Limited

· Bharat Colour Point

· Bharati Engineers

· Bharat Welding Works

· Bombay Gas Supply Services Private Limited

· Chamunda Fabricators

· Commercial Enterprise

· Cotmac Private Limited

· Deepak Traders

· Deep Corporation

· Dhanalaxmi Enterprises

· Dynachem Engineering

· Dynamatic Technologies Limited

· Everfine Plastic Industries Private Limited

· Fitrite Traders

· Fine Coats

· Flow Fuild Power

· Flow process Equipments Private Limited

· Galaxy Industrial Gases

· Gupta Kerosinwala

· Hyloc Hydrotechnic Private Limited

· Indo Woosung Vacuum Private Limited

· Jaas Enterprises

· Jai Mahalaxmi and Company

· Jeekay Enterprises

Customers :

· Action Construction Equipment Limited

· Apollo Industrial Corporation

· Apollo Infratech Private Limited

· Atlas Copco (India) Limited,Pune

· Atlas Copco (India) Limited, Nashik(Spares)

· Bharat Earth Movers Limited -KGF EM DIV

· Bharat Earth Movers Limited

· BND Engg Private Limited

· Cairn Energy India Private Limited

· Combat Vehicles Research and Development

· Cooper Corporation Private Limited

· Department of Atomic Energy (CHE)

· Dynatech Furnaces Bombay Private Limited

· Escorts Constructions Equipment Limited

· Escorts Constructions Equipment Limited

· Foshan-Kamui Heat Exchanger Company Limited

· Global Engineering Services

· Greeves Cotton Limited

· Greeves Cotton HEU Unit (IV)

· Greeves Cotton Limited (Unit-I)

· Greeves Cotton Limited (Unit-II)

· Jagan Associates

· JCB Manufacturing Limited

· Jessop and Company Limited

· Keaser Compressors (India) Private Limited

· Kirloskar Ferrous Industries Limited

· Kirloskar Pneumatic Company Limited

· Kirloskar Oil Engine Limited (Casting Div.)

· Kirloskar Pneumatic Company Limited, (Spares)

· KLR Industries Limited

· Mahindra and Mahindra Limited

· Maxmech Equipments Private Limited

· NELCO Limited

· Rajkumar Scrap Mart

· Rites Limited

· Sanper Microfilters Private Limited

· Sany Heavy Industry India Private Limited

· Shakti Mining Equipments Private Limited

· Susumo Engineering

· Tata Motors Limited

· Tata Motors Limited (Lucknow)

· Unidyne Energy Environment Systems Private Limited

· Universal Const. Machines and Equipment Limited

· Universal Const. Machines and Equipment Private Limited

· Venkateshwar Filaments Private Limited

· Warkin Equipments Private Limited

No. of Employees :

100 (Approximately)

Bankers :

· State Bank of India, Small Enterprise Credit Cell, Local Head Office, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India.

· Bank of Baroda, Vasai (East) Branch, Gauri Commercial Complex, Vasai - 401210, Maharashtra, India

Facilities :

CC – Rs.10.000 Millions (From State Bank of India)

(Rs. in millions)

Secured Loans	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
State Bank of India, Goregaon (East) CC A/c (Hypothecation against stock and Debtors and Secured by Mortgage of Industrial Gala)	4.117	0.641
Total	4.117	0.641

Unsecured Loans	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
A. N. Shah	3.110	3.110
N. N. Shah	9.247	7.329
N. R. Shah	11.360	10.305
N. R. Shah (HUF)	3.196	0.731
R. N. Shah	3.100	3.100
Y. N. Shah	10.076	10.083
Total	40.089	34.658

Banking Relations :	--
Auditors :
Name :	N. L. Pasad and Company Chareterd Accountant
Address :	5/507, Rajgor Chambers, 99, Surat Street, Masjid Bander, Mumbai-400009, Maharashtra, India
Tel. No.:	91-22-23480181
Tele Fax No.:	91-22-23481716
E-Mail :	chirag_pasad@yahoo.com
Income-tax PAN of auditor or auditor’s firm :	AAFPP5302B
Memberships :	E.E.P.C (Engineering Export Promotion Council)
Associates/Subsidiaries :	· Apollo Industrial Corporation Add: Vasai Road (East), Thane, Maharashtra, India Line of Business: Manufacturer of Aluminium Brazed Heat Exchangers.

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

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		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		16.915	16.180	12.884
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		26.915	26.180	22.884
LOAN FUNDS
1] Secured Loans		4.117	0.641	0.000
2] Unsecured Loans		40.089	34.658	28.400
TOTAL BORROWING		44.206	35.299	28.400
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		71.121	61.479	51.284
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.666	10.563	11.787
Capital work-in-progress		19.846	19.267	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.178	0.145	0.105
CURRENT ASSETS, LOANS & ADVANCES
	Advances to Suppliers	1.895	2.311	1.482
	Advance Taxes, TDS etc.	4.449	5.023	2.910
	Inventories	18.346	12.882	15.306
	Sundry Debtors	30.246	23.678	25.287
	Cash & Bank Balances	0.063	0.070	1.284
	Other Current Assets	1.195	0.275	0.197
	Loans & Advances	0.014	0.026	0.026
Total Current Assets		56.208	44.265	46.492
Less : CURRENT LIABILITIES & PROVISIONS
	Advance From Customers	0.053	0.005	0.000
	Sundry Creditors	6.023	7.751	3.266
	Other Current Liabilities	0.080	0.056	0.094
	Duties and Taxes	0.074	0.064	0.089
	Statutory Provisions	7.789	4.635	3.922
	Other Provisions	0.758	0.597	0.536
Total Current Liabilities		14.777	13.108	7.907
Net Current Assets		41.431	31.157	38.585
MISCELLANEOUS EXPENSES		0.000	0.347	0.807
TOTAL		71.121	61.479	51.284

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	TURNOVER		52.602	58.210	48.234
	EXPENSES		NA	NA	NA
	PROFIT BEFORE TAX		4.632	4.856	3.722
Less	TAX		1.467	1.560	1.185
	PROFIT AFTER TAX		3.165	3.296	2.537
Less	FBT WRITTEN OFF OF PREVIOUS YEAR (05-06)		0.048	0.000	0.000
Less	FBT WRITTEN OFF OF PREVIOUS YEAR (06-07)		0.045	0.000	0.000
Less	FBT WRITTEN OFF OF PREVIOUS YEAR (07-08)		0.006	0.000	0.000
Add	EXCESS PROVISION FOR FBT (08-09)		0.000	0.000	0.000
Add	EXCESS PROVISION FOR I.T (07-08)		0.001	0.000	0.000
Add	EXCESS PROVISION FOR I.T (06-07)		0.000	0.000	0.002
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		16.180	12.884	10.345
Less	APPROPRIATIONS
		Proposed Dividend	2.000	0.000	0.000
		Dividend Tax on Proposed Dividend	0.332	0.000	0.000
	BALANCE CARRIED TO THE B/S		16.915	16.180	12.884
	Earnings Per Share (Rs.)		3.16	3.30	--

Particulars	31.03.2012
Sales Turnover (Approximately)	100.000

Expected Sales (2012-2013): Rs.150.000 Millions

The above information has been parted by Mr. Mani Nair (General Manager)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	8.80	8.34	7.72
Return on Total Assets (PBT/Total Assets}	(%)	7.03	8.86	6.39
Return on Investment (ROI) (PBT/Networth)		0.17	0.19	0.16
Debt Equity Ratio (Total Liability/Networth)		2.19	1.85	1.59
Current Ratio (Current Asset/Current Liability)		3.80	3.38	5.88

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The Registered office of the company has been shifted from Siddharth Apartment, Nandadeep Society, Off J P Road No. 5, Goregaon (East), Mumbai – 400063, Maharashtra, India, to the present address w.e.f.01.04.2009.

OPERATIONS:

The Company achieved a turnover of Rs.52.602 Millions (Previous Year Rs.58.210 Millions). There is a decrease of 10 % in turnover

FUTURE PROSPECTS:

1. There are rise in infrastructure boom and the company has received orders from Greeves Limited, Escorts, ACE, Revathi, which is expected to increase during the next financial year.

2. Compressor industry growth has given rise to more business with new customer like Keaser Compressor and Sullair Compressor.

3. Water shortage in Textile Industry in Silvassa and the South has opened a new market segment in the RETROFITMENT industry whose orders started coming last year expected to increase during the next financial year.

4. CVRDE, VRDE, in the Defence Sector are expected to give more orders.

5. Railway’s Chittaranjan Locomotive Works and Zonal Railways are expected to give more regular and development order since we have become Part I supplier.

6. New multinational companies like Kirloskar Oil Engine Ltd, Crompton Greaves, Ashok Leland, Tata Motor, BOSCH , Sany, Tata, Godrej started giving us orders since we have received ISO 9001-2008 certification.

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 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	Indian Rupees
US Dollar	1	Rs.52.70
UK Pound	1	Rs.84.51
Euro	1	Rs.68.16

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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.