MIRA INFORM REPORT

Report Date :

02.05.2014

IDENTIFICATION DETAILS

Name :	ECOF INDUSTRIES PRIVATE LIMITED
Registered Office :	New No. 3, Old No. 46, Bheemanna Garden Street, Abhiramapuram, Chennai – 600018, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.05.1995
Com. Reg. No.:	18-031245
Capital Investment / Paid-up Capital :	Rs.2.720 Millions
CIN No.: [Company Identification No.]	U24246TN1995PTC031245
TAN No.: [Tax Deduction & Collection Account No.]	CHEE02140F
PAN No.: [Permanent Account No.]	AAACE2287Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Household Cleaning Products.
No. of Employees :	500 (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 1075000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal business dealing 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating BBB- (Suspended)
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	November 20, 2013

NOTE:

Reason for Suspension: The suspension of ratings is on account of non-cooperation by company with crisil’s effort to undertake a review of the ratings outstanding.

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. Nithya Srinivasan
Designation :	Senior Manager Finance
Contact No.:	91-44-42987510
Date :	29.04.2014

LOCATIONS

Registered Office :	New No. 3, Old No. 46, Bheemanna Garden Street, Abhiramapuram, Chennai – 600018, Tamilnadu, India
Tel. No. :	91-44-42987510
Fax No. :	91-44-42987511
E-Mail :	rsj@ecofindia.com nithya@ecofindia.com
Website :	www.ecofindia.com
Location :	Owned
Factory :	Located At: Salem, Tamilnadu, India Haskste, Karnataka, India Grntur, Andhra Pradesh, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Ragunath Suresh Jayaseelan

Designation :

Managing director

Address :

No. 46, Beemanna Garden Street, Abhiramapuram, Chennai, 600018, Tamilnadu, India

Date of Birth/Age :

09.01.1958

Date of Appointment :

04.03.2000

DIN No. :

00576691

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	U02424KA1999PTC025516	SCIENTIFIC COMPOUNDS AND PROCESSES PRIVATE LIMITED	Managing director	17/02/1989	17/02/1989	-	Amalgamated	NO
2	U24246TN1995PTC031245	ECOF INDUSTRIES PRIVATE LIMITED	Managing director	04/03/2000	04/03/2000	-	Active	NO
3	U15142TN1996PTC036046	DYNAVISTA INDUSTRIES PRIVATE LIMITED	Managing director	09/04/2005	09/04/2005	-	Active	NO
4	U01403KA2004PTC033466	EVERGREEN HYDROPONICS PRIVATE LIMITED	Director	18/07/2005	18/07/2005	-	Active	NO

Name :

Mr. Govindarajan Parimelazhagan

Designation :

Director

Address :

No. 120, Thengur Selva Vinayagar Koil Street, (T S V koil street), Mylapore, Chennai, 600004, Tamilnadu, India

Date of Birth/Age :

09.02.1975

Date of Appointment :

02.08.2001

DIN No. :

02027607

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	U24246TN1995PTC031245	ECOF INDUSTRIES PRIVATE LIMITED	Director	02/08/2001	02/08/2001	-	Active	NO
2	U02424KA1999PTC025516	SCIENTIFIC COMPOUNDS AND PROCESSES PRIVATE LIMITED	Director	30/09/2006	30/09/2006	-	Amalgamated	NO

Name :

Mr. Gomathi Suresh Jayaseelan

Designation :

Director

Address :

New No. 3, old No. 46, Bheemanna Garden Street, Alwarpet, Chennai 600018, Tamilnadu, India

Date of Birth/Age :

28.09.1960

Date of Appointment :

16.06.2006

DIN No. :

02027648

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	U01403KA2004PTC033466	EVERGREEN HYDROPONICS PRIVATE LIMITED	Director	27/02/2004	27/02/2004	-	Active	NO
2	U15142TN1996PTC036046	DYNAVISTA INDUSTRIES PRIVATE LIMITED	Director	30/11/2004	30/11/2004	-	Active	NO
3	U02424KA1999PTC025516	SCIENTIFIC COMPOUNDS AND PROCESSES PRIVATE LIMITED	Director	09/04/2005	09/04/2005	-	Amalgamated	NO
4	U24246TN1995PTC031245	ECOF INDUSTRIES PRIVATE LIMITED	Director	16/06/2006	16/06/2006	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nithya Srinivasan
Designation :	Senior Manager Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	%age
Ragunath suresh jayaseelan	13993	51.44
Nalini Veerapandian	3485	12.81
G. Parimelazhagan	2581	9.49
Veera Karthik	1930	7.10
Veera Kenkatesh	1930	7.10
Gomathi Suresh Jayaseelan	1213	4.46
Chitra Rajan	139	0.51
Tharshiv Sharan	965	3.55
Tarun Siddarth	965	3.55
Total	27201	%age

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Household Cleaning Products.
Exports :
Products :	Finished Goods
Countries :	Singapore USA
Imports :
Products :	Raw Material
Countries :	Saudi Arabia
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

500 (Approximately)

Bankers :

State Bank of India SME Adyar Branch, #5, First Cross Street, Kasturba Nagar, Adyar, Chennai - 600020, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
From Bank
State Bank of India
Term loan No. 1	6.960	8.890
Term loan No. 2	80.038	72.328
HDFC Bank Limited
Car loan A/c No. 16686119	0.102	0.179
Car loan A/c No. 16817005	0.210	0.358
Car loan A/c No. 17659414	0.153	0.237
Car loan A/c No. 17722816	0.147	0.223
Car loan A/c No. 15204798	0.270	1.030
Sundaram Finance Limited
Ca loan agreement No. FZ299468	0.000	0.066
SHORT TERM BORROWINGS
From Bank
State Bank of India -I	0.000	10.006
State Bank of India -II	14.529	5.697
Total	102.409	99.014

Banking Relations :	--
Financial Institution :	Sundaram Finance Limited, No. 21, Patullos Road, Chennai – 600002, Tamilnadu, India
Auditors :
Name :	Chandran and Raman Chartered Accountants
Address :	Paragon, 2, Dr. Radhakrishnan Road, 2^nd Street, Mylapore, Chennai – 600004, Tamilnadu, India
Tel. No. :	91-44-28474667 / 28474775
Fax No. :	91-44-28473665
E-Mail :	chennai@chandranandraman.com
Website :	www.chandranandraman.com
PAN No. :	AAAFC3239R
Subsidiaries :	² ECOF Australia Pty Limited ² Dynavista Industries Private Limited
Enterprises significantly influenced by key management personal	² Gainen Solution LLC ² Gainen Solutio LLP

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
27201	Equity Shares	Rs.100/- each	Rs.2.720 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.720	2.720	2.720
(b) Reserves & Surplus	266.037	232.329	221.710
(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)	268.757	235.049	224.430
(3) Non-Current Liabilities
(a) long-term borrowings	107.539	103.007	35.138
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	20.076	16.019	15.722
Total Non-current Liabilities (3)	127.615	119.026	50.860
(4) Current Liabilities
(a) Short term borrowings	16.809	19.283	17.901
(b) Trade payables	53.431	47.428	53.130
(c) Other current liabilities	52.839	57.364	24.656
(d) Short-term provisions	4.961	5.950	4.525
Total Current Liabilities (4)	128.040	130.025	100.212
TOTAL	524.412	484.100	375.502
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	101.268	101.027	110.134
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	185.125	153.044	1.933
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	106.256	106.246	106.248
(c) Deferred tax assets (net)	4.974	3.869	3.503
(d) Long-term Loan and Advances	10.758	14.358	22.607
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	408.381	378.544	244.425
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	54.696	47.880	39.362
(c) Trade receivables	3.702	3.095	1.922
(d) Cash and cash equivalents	28.743	26.391	71.173
(e) Short-term loans and advances	23.875	19.279	9.851
(f) Other current assets	5.015	8.911	8.769
Total Current Assets	116.031	105.556	131.077
TOTAL	524.412	484.100	375.502

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	897.699	767.891	681.968
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	846.255	737.755	645.075
	PROFIT/ (LOSS) BEFORE TAX		51.444	30.136	36.893
Less	TAX		17.736	6.017	16.248
	PROFIT/ (LOSS) AFTER TAX		33.708	24.119	20.645
	EARNINGS IN FOREIGN CURRENCY		0.109	1.198	0.000
	IMPORTS (C.I.F VALUE)		22.022	19.124	14.347
	Earnings / (Loss) Per Share (Rs.)		1239.22	886.69	759.31

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.75	3.14	3.03
Return on Total Assets (PBT/Total Assets}	(%)	22.56	13.64	13.98
Return on Investment (ROI) (PBT/Networth)		0.19	0.13	0.16
Debt Equity Ratio (Total Debt/Networth)		0.46	0.52	0.24
Current Ratio (Current Asset/Current Liability)		0.91	0.81	1.31

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	2.720	2.720	2.720
Reserves & Surplus	221.710	232.329	266.037
Net worth	224.430	235.049	268.757
long-term borrowings	35.138	103.007	107.539
Short term borrowings	17.901	19.283	16.809
Total borrowings	53.039	122.290	124.348
Debt/Equity ratio	0.236	0.520	0.463

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	681.968	767.891	897.699
		12.599	16.904

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	681.968	767.891	897.699
Profit	20.645	24.119	33.708
	3.03%	3.14%	3.75%

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

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Deferred payment liability
Interest free sales tax loan	19.659	19.696
SHORT TERM BORROWINGS
Loans and advance from related parties
Loan from share holders	2.280	3.580
Total	21.939	23.276

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10332999	11/07/2011	141,600,000.00	State Bank of India	SME Adyar Branch, #5, First Cross Street, Kasturba Nagar, Adyar, Chennai, Tamil Nadu - 600020, INDIA	B26047407
2	90291538	13/12/2003	40,000,000.00	CANARA BANK	NUNGAMBAKKAM BRANCH, CHENNAI, Tamil Nadu - 600034, INDIA	-

FIXED ASSETS

œ Leasehold Land

œ Factory Building

œ Office Building

œ Furniture and Fixture

œ Vehicles

œ Plant and Machinery

œ Electrical Fittings

œ Office equipment

œ Computers

œ Technical and Knowhow

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.60.34
UK Pound	1	Rs.101.45
Euro	1	Rs.83.31

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	RAS
Report Prepared by :	ANK

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
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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
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.