MIRA INFORM REPORT

 

 

Report No. :

325718

Report Date :

06.06.2015

 

IDENTIFICATION DETAILS

 

Name :

GLOBAL CASTINGS PRIVATE LIMITED

 

 

Registered Office :

1, Sardar Sankar Road, 1st Floor, Kolkata – 700026, West Bengal

Tel. No.:

91-33-24635185

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

26.10.2007

 

 

Com. Reg. No.:

21-120086

 

 

Capital Investment / Paid-up Capital :

Rs.24.346 Million 

 

 

CIN No.:

[Company Identification No.]

U27310WB2007PTC120086

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacture of ductile and grey iron castings products which include automotive, Industrial and sanitary castings.

 

 

No. of Employees :

Information declined by the management 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (46)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 550000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is a well-established company incorporated in 2007. It is having satisfactory track record.

 

It manufactures ductile and grey iron castings products which include automotive, Industrial and sanitary castings.

 

Profitability of the company seems to be low during 2014. However, general financial position of the company seems to be decent.

 

The ratings also takes into considerations the extensive experience of GCPL's promoters in the castings business and its established customer relationship.

 

Trade relations we fair. Business is active. Payment terms are reported to slow but correct.

 

The subject 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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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

CRISIL

Rating

Long term rating: BB+

Rating Explanation

Have inadequate credit quality and high credit risk.

Date

15.05.2014

 

 

Rating Agency Name

CRISIL

Rating

Short term rating: A4+

Rating Explanation

Have minimal degree and carry high credit risk.

Date

15.05.2014

 

 

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 31-03-2013.

 

INFORMATION DECLINED BY

 

Name :

Mr. D Datta

Designation :

Purchase Manager

Contact No.:

91-8420000564

Date :

03.06.2015

 

 

LOCATIONS

 

Registered Office :

1, Sardar Sankar Road, 1st Floor, Kolkata – 700026, West Bengal, India

Tel. No.:

91-33-24635185

Mobile No.:

91-8420000564 (Mr. D Datta)

Fax No.:

91-33-24635030

E-Mail :

shahgrp@gmail.com

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Rajiv Shah

Designation :

Director

Address :

16/8, Mondal Temple Lane, Block - P, Newalipore, Kolkata - 700053, West Bengal, India

Date of Birth/Age :

29.12.1955

Date of Appointment :

26.10.2007

DIN No.:

00676392

 

 

Name :

Mr. Saurav Shah

Designation :

Director

Address :

16/8, Mondal Temple Lane, Kolkata - 700053, West Bengal, India

Date of Birth/Age :

04.12.1981

Date of Appointment :

26.10.2007

DIN No.:

00676495

 

 

KEY EXECUTIVES

 

Name :

Mr. D Datta

Designation :

Purchase Manager

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 28.09.2013

 

SHAREHOLDING DETAIL FILE ATTACHED

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 28.09.2013

 

Category

Percentage

Bodies corporate

60.50

Directors or relatives of Directors

39.34

Other top fifty shareholders

0.16

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacture of ductile and grey iron castings products which include automotive, Industrial and sanitary castings.

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

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 :

Information declined by the management 

 

 

Bankers :

Banker Name

State Bank of India

Branch Address

SME Exim Branch, Block-A, 6th Floor, LHO Samriddhi Bhavan, 1, Strand Road, Kolkata- 700001, West Bengal, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Rupee term loan *

110.082

168.104

Vehicle Loan **

0.700

0.000

SHORT TERM BORROWING

 

 

Cash credit ***

75.000

44.747

Packing credit loan***

20.083

11.629

Total

205.865

224.480

 

LONG TERM BORROWING

 

*Secured against land and building (including factory building, plant and machinery and all other fixed assets as well as current, both present and future, by way of first charge)

 

** Against hypothecation of motor vehicles

 

SHORT TERM BORROWING

 

*** Secured against land and building (including factory building, plant and machinery and all other fixed assets as well as current, both present and future, by way of first charge)

 

 

Auditors :

 

Name :

Sanjay Vidhi and Company

Chartered Accountant

Address :

25, 3rd Floor, Chopra House, 133 Canning Street, Kolkata – 700001, West Bengal, India

Tel. No.:

91-33-22319173

E-Mail :

sanvidco@gmail.com

PAN N Income-tax PAN of auditor or auditor's firm :

ACHPA9252F

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Trustee is relatives of director:
  • Mridvika Shah Trust
  • Vatsankit Shah Trust
  • Arghya Shah Trust

 

 

Associate Proprietorship Firms:
  • Laminated Products (India )
  • LPI
  • Mint Design
  • Republic Engineering Company
  • R K Trading Company
  • S M Impex

 

 

Associate Body Corporate:

  • Super Tower Private Limited
  • Global Stones Limited
  • Mayanak Commercial Private Limited
  • Shah Projects Limited

 

 

CAPITAL STRUCTURE

 

AFTER 30.09.2014

 

Authorised Capital : Rs. 50.000 Million

 

Issued, Subscribed & Paid-up Capital : Rs. 28.346 Million

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5000000

Equity Shares

Rs.10/- each

Rs. 50.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2434621

Equity Shares

Rs.10/- each

Rs. 24.346 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

24.346

47.980

40.980

(b) Reserves & Surplus

168.338

115.519

87.408

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

31.500

Total Shareholders’ Funds (1) + (2)

192.684

163.499

159.888

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

269.933

282.383

196.467

(b) Deferred tax liabilities (Net)

3.699

3.256

3.397

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

1.100

0.820

0.337

Total Non-current Liabilities (3)

274.732

286.459

200.201

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

122.801

56.376

68.829

(b) Trade payables

17.075

4.265

52.699

(c) Other current liabilities

39.691

45.761

26.281

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

179.567

106.402

147.809

 

 

 

 

TOTAL

646.983

556.360

507.898

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

302.320

313.383

166.582

(ii) Intangible Assets

0.177

0.295

0.470

(iii) Capital work-in-progress

0.000

0.000

140.047

(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

0.243

0.305

11.183

(e) Other Non-current assets

0.564

0.000

0.000

Total Non-Current Assets

303.304

313.983

318.282

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

132.900

91.520

73.901

(c) Trade receivables

143.251

114.887

91.327

(d) Cash and cash equivalents

8.611

6.764

5.359

(e) Short-term loans and advances

58.256

28.933

18.867

(f) Other current assets

0.661

0.273

0.162

Total Current Assets

343.679

242.377

189.616

 

 

 

 

TOTAL

646.983

556.360

507.898

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

692.892

514.689

321.769

 

Other Income

19.229

10.770

2.357

 

TOTAL

712.121

525.459

324.126

 

 

 

 

 

Less

EXPENSES

NA

521.028

321.808

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

NA

4.431

2.318

 

 

 

 

 

Less

TAX

 NA

0.820

0.336

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

4.166

3.611

1.982

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(0.901) 

(4.512)

(6.494)

 

 

 

 

 

 

Balance Carried to the B/S

3.265

(0.901)

(4.512)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

241.508

132.620

5.621

 

f o b Value of services

16.924

0.000

1.247

 

TOTAL EARNINGS

258.432

132.620

6.868

 

 

 

 

 

 

IMPORTS

 

 

 

 

Capital Goods /Raw Materials

6.591

0.000

8.840

 

TOTAL IMPORTS

6.591

0.000

8.840

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

1.88

NA

NA

 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

30.127

30.200

20.757

Cash generated from operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

0.60

0.70

0.62

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

110.07

0.80

0.63

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

3.70

0.03

0.01

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

2.19

2.26

1.79

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.91

2.28

1.28

 

 

 

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

40.980

47.980

24.346

Reserves & Surplus

87.408

115.519

168.338

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

31.500

0.000

0.000

Net worth

159.888

163.499

192.684

 

 

 

 

long-term borrowings

196.467

282.383

269.933

Short term borrowings

68.829

56.376

122.801

Current Maturities Of Long-Term Debts

20.757

30.200

30.127

Total borrowings

286.053

368.959

422.861

Debt/Equity ratio

1.789

2.257

2.195

 

 

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

321.769

514.689

692.892

 

 

59.956

34.623

 

 

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

321.769

514.689

692.892

Profit

1.982

3.611

4.166

 

0.62%

0.70%

0.60%

 

 

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

No

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)

No

16

No. of employees

No

17

Details of sister concerns

Yes

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

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

LITIGATION DETAILS

 

CALCUTTA HIGH COURT

CASE STATUS INFORMATION SYSTEM 

Case Status     :   Pending

 

Status of          COMPANY PETITIONS (CP)   616        of    2014      RE : SUHAL PROJECTS LTD -AND-   

 

                Vs.                  RE : GLOBAL CASTINGS PVT LTD

 

Pet's Adv.        :   A P AGARWALLA                   

 

Res's Adv.       :       

 

Court No.        :  23    

Last Listed On :  Monday, May 04, 2015     

   

Category           :   NO CATEGORY MENTIONED

 

CONNECTED APPLICATION (S)

CONNECTED MATTER (S)

No Connected Application

No Connected Matter

Case Updated on:   Thursday, April 30, 2015 

 

 

UNSECURED LOAN

 

Particulars

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

LONG TERM BORROWING

 

 

From directors

0.411

0.346

From shareholders

31.484

50.562

From others

127.257

63.371

SHORT TERM BORROWING

 

 

Book Overdraft in current account

27.717

0.000

Total

186.869

114.279

 

 

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10200842

30/05/2014 *

414,900,000.00

STATE BANK OF INDIA

SME EXIM BRANCH, BLOCK-A, 6TH FLOOR, LHO SAMRIDDH
I BHAVAN, 1, STRAND ROAD, KOLKATA, WEST BENGAL - 7
00001, INDIA

C09296633

2

10200858

30/05/2014 *

414,900,000.00

STATE BANK OF INDIA

SME EXIM BRANCH, BLOCK-A, 6TH FLOOR, LHO SAMRIDDH
I BHAVAN, 1, STRAND ROAD, KOLKATA, WEST BENGAL - 7
00001, INDIA

C09297318

 

* Date of charge modification

 

FIXED ASSETS

 

Tangible Asset

 

 

Intangible Assets

 

 

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.63.90

UK Pound

1

Rs.97.98

Euro

1

Rs.71.82

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

4

--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

YES

--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

 

46

 

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

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NB

                                       New Business

 

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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.