MIRA INFORM REPORT

Report No. :	342215
Report Date :	23.09.2015

IDENTIFICATION DETAILS

Name :	andrew telecommunicationS India private LIMITED
Registered Office :	Plot No. N-2, Phase IV, Verna Industrial Estate, Verna, Salcette – 403511, Goa
Tel. No.:	91-832-6685025
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.10.1997
Com. Reg. No.:	24-002452
Capital Investment / Paid-up Capital :	Rs. 49.404 Million
CIN No.: [Company Identification No.]	U32204GA1997PTC002452
IEC No.:	1797000683
TAN No.: [Tax Deduction & Collection Account No.]	BLRA04908B
PAN No.: [Permanent Account No.]	AABCA8820A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Telecommunication Equipments.
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 5775300
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Andrew LLC, U.S.A.’ and it is a Manufacturer of telecommunication Equipment. For the financial year ended 2014, company has reported growth of 40.67% in its sales turnover profile and achieved profile of Rs. 117.214 Million as compared to over previous loss of Rs. (349.232) Million. Rating takes into consideration healthy business profile supported by adequate financial base and sound net worth position of the company. Rating also takes into consideration well experienced management team backed by wide spread business networks around globe and strong financial as well as managerial that company receives from its holding company. Trade relations are reported as fair. Payments are reported to be regular and as per commitment. In view of aforesaid, the company can be considered good for normal 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

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Mukul Alve
Designation :	Accounts Manager
Contact No.:	91-832-6685142
Date :	21.09.2015

LOCATIONS

Registered Office/ Factory :	Plot No. N-2, Phase IV, Verna Industrial Estate, Verna, Salcette – 403511, Goa, India
Tel. No.:	91-0832-6685200/ 201/ 202/ 2407303/ 6685107
Fax No.:	91-0832-6685025/ 6685104/ 6685107/ 6685210
E-Mail :	suresh.narayan@commscope.com mukul.alve@commscope.com yatin.gaitonde@andrew.com arun.kohli@andrew.com allan.koch@andrew.com
Website :	http://www.andrew.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Antonio Augusto Do Rego

Designation :

Managing Director

Address :

Apartment 145/155, Casa Del SOL, Opposite Marriott, Beach Resort, Miramar Panjim – 403001, Goa, India

Date of Birth/Age :

24.09.1960

Qualification :

B.E. (Electrical Engg.)

Date of Appointment :

01.04.2014

PAN No.:

AAPPD3860N

DIN No.:

01895508

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	Company/ LLP Status	Defaulting status
1	U32204GA1997PTC002452	ANDREW TELECOMMUNICATIONS INDIA PRIVATE LIMITED	Managing director	01/04/2014	20/11/2007	Active	NO

Name :

Mr. Michael David Coppin

Designation :

Director

Address :

1546, Withers Dr. Denver NC 28037-5466, Denver NC, 280375466, USA

Date of Birth/Age :

26.09.1964

Date of Appointment :

30.09.2008

DIN No.:

02135137

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	Company/ LLP Status	Defaulting status
1	U32204GA1997PTC002452	ANDREW TELECOMMUNICATIONS INDIA PRIVATE LIMITED	Director	30/09/2008	20/05/2008	Active	NO

Name :

Mr. Daniel John Hartnett

Designation :

Director

Address :

110 South Quincy, Hinsdale, Illinois, USA – 60521

Date of Birth/Age :

16.10.1955

Date of Appointment :

10.11.1998

DIN No.:

00438363

KEY EXECUTIVES

Name :	Mr. Mukul Alve
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Andrew LLC, USA	4940431
Commscope Netherlands BV, Netherlands	1
Total	4940432

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Telecommunication Equipments.

Products :

ITC Code No.	Product Descriptions
85291011	Antennas
85442010	Cables
85444119	Cable Assemblies

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Telecommunication Equipments

Countries :

· USA

· European Countries

· Asian Countries

Imports :

Products :

Raw Material

Countries :

· China

· European Countries

Terms :

Selling :

Cash and Credit [30 Days, 60 Days and 90 Days]

Purchasing :

Cash and Credit [30 Days, 60 Days and 90 Days]

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

End Users and OEMs

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

2000 (Approximately)

Bankers :

Bank Name:	HDFC Bank Limited
Branch:	Panaji (Branch), Goa, 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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

Facilities :

--

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company LLP Chartered Accountants
Address :	12th, 14th, 15th, 16th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ACHFS9180N
Memberships :	--
Collaborators :	--
Holding company :	Andrew LLC, U.S.A.
Ultimate Holding company :	CommScope Holding Company Inc.
Fellow Subsidiary company :	· Andrew LLC, Warren · Andrew AG (Switzerland) · Andrew Espana S A Spain · Andrew International Corporation, Hong Kong Branch · Andrew Japan (KK) · Andrew LLC, Taiwan Branch · Andrew Limited (UK) · Andrew Telecommunication Systems (Singapore) Pte Limited · Andrew Telecommunications (China) Co. Limited · Andrew Telecommunications S.R.O (Czech Republic) · Andrew Wireless Newton, NC · Andrew Wireless Solutions Africa · Andrew Wireless Systems GmbH, Germany · Argus Technologies China Limited · Commscope Solutions (India) Private Limited [U32106KA2004PTC035235] · CommScope (Suzhou) Trading Co. Limited · CommScope Asia Suzhou Technologies Co. Limited, China · CommScope Cobos Do Brazil Ltda · CommScope Inc. of North Carolina, U.S.A. · CommScope Solutions Singapore Pte Ltd · Commscope Australia Pty Limited · Commscope Canada Inc · Commscope Czech Republic SRO · Commscope EMEA Limited, Ireland · Commscope International Corporation, Hong Kong Branch · Commscope Italy Srl · Commscope Netherlands BV · Commscope Solutions Int'l Inc, UAE · Commscope Technologies (Hong Kong) Limited · Forem (Shenzhen) Company, Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs. 10/- each	Rs. 200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,940,432	Equity Shares	Rs. 10/- each	Rs. 49.404 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	49.404	49.404	49.404
(b) Reserves & Surplus	1971.955	1855.774	2206.464
(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)	2021.359	1905.178	2255.868
(3) Non-Current Liabilities
(a) Long-term borrowings	1199.240	1199.240	1199.240
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	1199.240	1199.240	1199.240
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1825.570	1071.166	1112.546
(c) Other current liabilities	302.801	100.605	89.157
(d) Short-term provisions	18.830	15.100	10.296
Total Current Liabilities (4)	2147.201	1186.871	1211.999
TOTAL	5367.800	4291.289	4667.107
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	558.651	517.352	721.652
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	14.200	15.525	6.518
(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	742.318	700.761	607.668
(e) Other Non-current assets	0.943	12.789	6.345
Total Non-Current Assets	1316.112	1246.427	1342.183
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	887.525	841.069	861.958
(c) Trade receivables	2048.358	846.171	775.023
(d) Cash and cash equivalents	226.371	756.030	1269.633
(e) Short-term loans and advances	783.377	555.971	385.909
(f) Other current assets	106.057	45.621	32.401
Total Current Assets	4051.688	3044.862	3324.924
TOTAL	5367.800	4291.289	4667.107

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	6308.658	4484.463	4252.708
Less	EXPENSES
		TOTAL	6041.700	4709.965	4245.019
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		266.958	(225.502)	7.689
Less/ Add	DEPRECIATION/ AMORTISATION		98.154	123.730	180.141
	PROFIT/ (LOSS) BEFORE TAX		168.804	(349.232)	(172.452)
Less	TAX		51.590	0.000	1.795
	PROFIT/ (LOSS) AFTER TAX		117.214	(349.232)	(174.247)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		383.773	733.005	907.252
	BALANCE CARRIED TO THE B/S		500.987	383.773	733.005
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	2324.029	1239.325	933.419
		Agency Commission	8.329	2.015	9.127
		Sale of Services	130.116	76.075	23.167
	TOTAL EARNINGS		2462.474	1317.415	965.713
	Earnings Per Share (Rs.)		13.44	(20.62)	(10.29)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from (used in) Operations	(298.180)	(274.334)	(851.816)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	3.15	(8.17)	(3.70)
Return on Investment (ROI) (PBT/Networth)		0.08	(0.18)	(0.08)
Debt Equity Ratio (Total Debt/Networth)		0.59	0.63	0.53
Current Ratio (Current Asset/Current Liability)		1.89	2.57	2.74

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

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	49.404	49.404	49.404
Reserves & Surplus	2206.464	1855.774	1971.955
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	2255.868	1905.178	2021.359
Long-term borrowings	1199.240	1199.240	1199.240
Short term borrowings	0.000	0.000	0.000
Total borrowings	1199.240	1199.240	1199.240
Debt/Equity ratio	0.532	0.629	0.593

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)
Total Income	4252.708	4484.463	6308.658
		5.450	40.678

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	4252.708	4484.463	6308.658
Profit/ (Loss)	(174.247)	(349.232)	117.214
	(4.10%)	(7.79%)	1.86%

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	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY 

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Debentures	1199.240	1199.240
Total	1199.240	1199.240

BACKGROUND

Andrew Telecommunications India Private Limited ("the Company" or "Andrew") is registered in India as a wholly-owned subsidiary company of Andrew LLC, U.S.A. (formerly known as Andrew Corporation, U.S.A.); the ultimate holding company being CommScope Holding Co. Inc. (effective 14 January 2011 and CommScope Inc prior to such date)

CommScope or formerly Andrew group is engaged in providing telecommunication solutions. CommScope Group is the foremost global supplier of one-stop, end-to-end radio frequency subsystem solutions. The group designs, manufactures and delivers complete solutions for wireless infrastructure, including top-of-the-tower base station antennas to cable systems, radio frequency site solutions, signal distribution and network optimization solutions. Andrew Telecommunication India Private Limited is primarily engaged in the business of providing complete solutions to customers in the telecommunication industry. The Company supplies telecommunication products such as co-axial cables, base station antennas, micro-wave antennas and similar allied products to its customers as a single complete solution and the solution may include such products which may be manufactured from raw materials or imported as finished goods, depending on the requirement of the end customers and enterprise products which include copper cable, copper apparatus, copper patch cords, fiber cable and fiber apparatus A premises connectivity system, or distribution system, allows telephones, computers, control systems and other devices such as video surveillance cameras to communicate with each other. The Company also provides information technology support services and sales services to entities within the organization located outside India.

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
In respect of sales tax and entry tax matter	228.709	202.052
In respect of direct tax matters	213.847	189.955
In respect of excise matters	12.488	0.000
Total	455.044	392.007

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipment

· Factory Equipments

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

· Leasehold Improvements

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. 65.63
UK Pound	1	Rs. 101.73
Euro	1	Rs. 73.26

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		60

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.