MIRA INFORM REPORT

Report No. :	507203
Report Date :	03.05.2018

IDENTIFICATION DETAILS

Name :	DANITECH S.R.L.
Registered Office :	Via Boccaccio Giovanni, 29 , 20123- Milano(MI) -IT
Country :	Italy
Financials (as on) :	31.12.2016
Date of Incorporation :	15.10.2015
Legal Form :	Limited liability company
Line of Business :	Manufacture of other general-purpose machinery
No. of Employees :	From 6 to 10

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Italy	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

ITALY - ECONOMIC OVERVIEW

Italy’s economy compromises a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, with a legacy of unemployment and underdevelopment. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors.

Italy is the third-largest economy in the euro zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, reaching 131% of GDP in 2017. Investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's longstanding structural economic problems, including labor market inefficiencies, a sluggish judicial system, and a weak banking sector. Italy’s economy returned to modest growth in late 2014 for the first time since 2011. In 2015-16, Italy’s economy grew at about 1% each year, and in 2017 growth accelerated to 1.5% of GDP. In 2017, overall unemployment was 11.4%, but youth unemployment remained high at 37.1%.

Source : CIA

COMPANY NAME AND ADDRESS

Danitech S.r.l.

Via

Boccaccio Giovanni,

29

20123

- Milano

(MI)

-IT-

Summary

Fiscal Code	:	09237630968
Legal Form	:	Limited liability company
start of Activities	:	10/11/2015
Equity	:	400.000
Turnover Range	:	5.000.000/6.500.000
Number of Employees	:	fom 6 to 10

Activity

Manufacture of other general-purpose machinery

Legal Data

Legal Form : Limited liability company

Fiscal Code : 09237630968

Chamber of Commerce no. : 2077891 of Milano since 21/10/2015

V.A.T. Code : 09237630968

Establishment date	: 15/10/2015
Start of Activities	: 10/11/2015
Legal duration	: 31/12/2050
Nominal Capital	: 117.650
Subscribed Capital	: 105.884
Paid up Capital	: 105.884

Legal mail :

DANITECHSRL@LEGALMAIL.IT

Members

Bettelli

Roberto

Born in Milano

(MI)

on 06/08/1967

- Fiscal Code : BTTRRT67M06F205Z

Residence:

Del Golf

, 27/A

- 22060

Carimate

(CO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	27/07/2017
Managing Director	27/07/2017

No Prejudicial events are reported

No Protests registered

Yin

Jie

Born in Jiangxi

( )

on 04/07/1972

- Fiscal Code : YNIJIE72L44Z210A

Residence:

Roma

, 8

- 20020

Cesate

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	27/07/2017

Cagnazzi

Danilo

Born in Milano

(MI)

on 26/06/1961

- Fiscal Code : CGNDNL61H26F205I

Residence:

Roma

, 8

- 20020

Cesate

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	27/07/2017
Board Chairman	27/07/2017

No Prejudicial events are reported

No Protests registered

Verzeni

Dario Rossano

Born in Milano

(MI)

on 17/09/1971

- Fiscal Code : VRZDRS71P17F205L

Residence:

Cardinal Riboldi

, 47

- 20037

Paderno Dugnano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	10/10/2017

No Prejudicial events are reported

No Protests registered

Bonfieni

Paolo

Born in Adria

(RO)

on 24/04/1965

- Fiscal Code : BNFPLA65D24A059G

Residence:

Monte Grappa

, 258

- 21040

Uboldo

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	10/10/2017

No Prejudicial events are reported

No Protests registered

Jdc S.r.l.

Position	Since	Shares Amount	% Ownership
Partner

No Prejudicial events are reported

No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

In this module are listed the companies in which members hold or have holded positions.

Bettelli

Roberto

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Ds Smith Holding Italia S.p.a.	Milano (MI) - IT -	01307260461	Attorney with special power	Withdrawn	Registered
Arioli S.p.a.	Gerenzano (VA) - IT -	05757800965	Director	Withdrawn	Registered
Arioli S.p.a.	Gerenzano (VA) - IT -	05757800965	Managing Director	Withdrawn	Registered
Jimlar Italy S.r.l. In Liquidazione	Firenze (FI) - IT -	05846000486	Attorney with special power	Withdrawn	Registered

Cagnazzi

Danilo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Brazzoli S.p.a.	Senago (MI) - IT -	02003880966	Attorney with special power	Withdrawn	Ceased

The indication "REGISTERED" as Firm Status could refer to Firms in Liquidation, Active, Inactive, etc.

For more information, in this case, we advise to request further investigations.

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Dbi Morningstar Limited			5.882 .Eur	5,55
Jdc S.r.l.		09715080967	100.002 .Eur	94,44

Direct Participations

The Company under review has no participations in other Companies.

Firm's location and structure

In order to carry out its activities the firm uses the following locations:

-	Legal and operative seat

Boccaccio Giovanni

, 29

- 20100

- Milano

(MI)

- IT -

Legal mail

: DANITECHSRL@LEGALMAIL.IT

-

Branch

(Factory)

since 09/11/2017

Europa

, 4 B/C

- 20030

- Senago

(MI)

- IT -

Employees

: 9

Fittings and Equipment for a value of 19.000

Eur

Stocks for a value of 26.000

Eur

Protests

Protests checking on the subject firm has given a negative result.

Data Base Prejudicial Events Search

Search performed on a National Scale

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

None reported, standing to the latest received edition of the Official Publications.

National Real Estates Survey

The requested subject is not present c/o the CADASTRE OFFICES.

All responsibilities are declined regarding any possible omissions concerning the given results. Therefore, we advise to request for "Hypothecating Survey Inspection" c/o the locally competent RR.II. Immovables Registry, as this service doesn't fully guarantees the actual title of the Real Estates of the requested Subject.

Financial and Economical Analysis

Subject under review started the activities in 2015.

The economic-financial analysis has been made on the base of the latest 2 balance sheets.

During the last years, it achieved profits (r.o.e. 25,72% on 2016) and during the last financial year an increase in sales volume was registered (more then 100% in 2016).

The return on Investment in the last financial year was positive (4,35%) and in line with the sector's average.

The amount of the operating result for the year 2016 is of Eur. 130.493 with a more then 100% growth.

The G.O.M. amounted to Eur. 148.386 growing by more then 100% if compared to the year before.

The ratio between shareholder's equity and borrowed capital is not well balanced, the indebtedness level is equal to 8,12 which is also improving if compared to the previous year.

Subject can manage an equity capital funds for an amount of Eur. 305.135 with a growth of 1246,4% in 2016.

The financial management has recorded total debts amounting to Eur. 2.681.870, with a growth equal to more then 100%.

The company does not exceed in bank credits; payments average period is instead slightly high (116,91 gg.) however still within the sector's average.

Liquidity is not completely adequate.

Accounts receivable average term is high (114,15 days). within the standard level of the average of the sector.

2016 financial year closed with a cash flow of Eur. 96.365

Labour cost expenses amount to Eur. 264.153 , representing 4,89% on the total of production costs. and a 4,79% incidence on sales volumes.

Financial Data

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	5.515.396
Profit (Loss) for the period	78.472

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	43.192
Profit (Loss) for the period	2.663

Balance Sheets

From our constant monitoring of the relevant Public Administration offices, no more recent balance sheets result to have been filed.

- Balance Sheet as at 31/12/2016 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2015 - 12 Mesi - Currency: - Amounts x 1

Years

2016

2015

BALANCE SHEET ACCOUNTS

ASSETS
CREDITS VS PARTNERS
. Deposits not yet withdrawn
. Deposits already withdrawn
Total credits vs partners
FIXED ASSETS
. INTANGIBLE FIXED ASSETS
. . Start-up and expansion expenses	13.953
. . Research,develop. and advert.expens.
. . Industrial patent rights	30.503
. . Concessions,licenses,trademarks,etc.	1.160
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets
. Total Intangible Fixed Assets	45.616	29.545
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery	18.989
. . Industrial and commercial equipment	189
. . Other assets	24.595
. . Assets under construction and advances
. Total Tangible fixed assets	43.773	16.046
. FINANCIAL FIXED ASSETS
. . Equity investments	150.000
. . . Equity invest. in subsidiary companies	150.000
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies
. . Financial receivables	350.000
. . . . Within 12 months	350.000
. . . . Beyond 12 months
. . . Receivab due from subsidiaries	350.000
. . . . Within 12 months	350.000
. . . . Beyond 12 months
. . . Receivables due from assoc.comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from third parties
. . . . Within 12 months
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	500.000
Total fixed assets	589.389	45.591
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	5.000
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	21.000
. . Advance payments
. Total Inventories	26.000
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	2.156.224	122.235
. . Beyond 12 months
. . Trade receivables	1.748.870
. . . . Within 12 months	1.748.870
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	168.269
. . . . Within 12 months	168.269
. . . . Beyond 12 months
. . Receivables for anticipated taxes
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from third parties	239.085
. . . . Within 12 months	239.085
. . . . Beyond 12 months
. Total Credits not held as fixed assets	2.156.224	122.235
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.
. . Equity invest. in associated companies
. . Equity invest. in holding companies
. . Other equity investments
. . Own shares
. . . Total nominale value
. . Other securities
. Total Financial Assets
. LIQUID FUNDS
. . Bank and post office deposits	203.245
. . Checks
. . Banknotes and coins	1.182
. Total Liquid funds	204.427	185.829
Total current assets	2.386.651	308.064
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	24.151	11.342
Total adjustments accounts	24.151	11.342
TOTAL ASSETS	3.000.191	364.997
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	35.000	20.000
. Additional paid-in capital	189.000
. Revaluation reserves
. Legal reserve	133
. Reserve for Own shares
. Statute reserves	2.530
. Other reserves
. Accumulated Profits (Losses)
. Profit( loss) of the year	78.472	2.663
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	305.135	22.663
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds
Total Reserves for Risks and Charges
Employee termination indemnities	12.247	550
ACCOUNTS PAYABLE
. . . . Within 12 months	2.681.870	337.458
. . . . Beyond 12 months
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing	394.000
. . . . Within 12 months	394.000
. . . . Beyond 12 months
. . Due to banks
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	488.000
. . . . Within 12 months	488.000
. . . . Beyond 12 months
. . Trade payables	1.659.799
. . . . Within 12 months	1.659.799
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	60.401
. . . . Within 12 months	60.401
. . . . Beyond 12 months
. . Due to social security and welfare inst.	22.843
. . . . Within 12 months	22.843
. . . . Beyond 12 months
. . Other payables	56.827
. . . . Within 12 months	56.827
. . . . Beyond 12 months
Total accounts payable	2.681.870	337.458
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	939	4.326
Total adjustment accounts	939	4.326
TOTAL LIABILITIES	3.000.191	364.997

MEMORANDUM ACCOUNTS

Third party goods

Investment accounts

Risk accounts

Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	5.515.396	43.192
. Changes in work in progress	21.000
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	943	1.373
. . Contributions for operating expenses
. . Different income and revenues	943	1.373
Total value of production	5.537.339	44.565
PRODUCTION COSTS
. Raw material,other materials and consum.	3.918.728	833
. Services received	1.144.034	18.508
. Leases and rentals	48.109	2.325
. Payroll and related costs	264.153	11.445
. . Wages and salaries	196.927	8.048
. . Social security contributions	54.332	2.847
. . Employee termination indemnities	11.697	550
. . Pension and similar
. . Other costs	1.197
. Amortization and depreciation	17.893	2.921
. . Amortization of intangible fixed assets	11.733	1.318
. . Amortization of tangible fixed assets	6.160	1.603
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid
. Changes in raw materials	-5.000
. Provisions to risk reserves
. Other provisions
. Other operating costs	18.929	3.308
Total production costs	5.406.846	39.340
Diff. between value and cost of product.	130.493	5.225
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	163	3
. . Financ.income from receivables
. . . Towards subsidiary companies
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies
. . Financ.income from secur. t.f.assets
. . Financ.income from secur. cur.assets
. . Financ.income other than the above	163	3
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	163	3
. Interest and other financial expense	35	-2
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	198	1
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation
. . Of equity investments
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income		1
. . Gains on disposals
. . Other extraordinary income		1
. Extraordinary expense
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense
Total extraordinary income and expense		1
Results before income taxes	130.691	5.227
. Taxes on current income	52.219	2.564
. . current taxes	52.219	2.564
. . differed taxes(anticip.)
. Net income for the period	78.472	2.663
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	78.472	2.663

RATIOS	Value Type	as at 31/12/2016	as at 31/12/2015	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,20	0,12	0,18
Elasticity Ratio	Units	0,80	0,84	0,79
Availability of stock	Units	0,01	n.c.	0,21
Total Liquidity Ratio	Units	0,79	0,84	0,52
Quick Ratio	Units	0,07	0,51	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	8,12	6,69	3,01
Self Financing Ratio	Units	0,10	0,06	0,19
Capital protection Ratio	Units	0,63	0,00	0,66
Liabilities consolidation quotient	Units	0,00	0,00	0,16
Financing	Units	8,79	14,89	3,56
Permanent Indebtedness Ratio	Units	0,11	0,06	0,34
M/L term Debts Ratio	Units	0,00	0,00	0,10
Net Financial Indebtedness Ratio	Units	0,62	n.c.	0,69
CORRELATION
Fixed assets ratio	Units	0,54	0,51	1,65
Current ratio	Units	0,89	0,91	1,18
Acid Test Ratio-Liquidity Ratio	Units	0,88	0,91	0,86
Structure's primary quotient	Units	0,52	0,50	1,02
Treasury's primary quotient	Units	0,08	0,55	0,06
Rate of indebtedness ( Leverage )	%	983,23	1610,54	509,92
Current Capital ( net )	Value	-295.219	-29.394	330.495
RETURN
Return on Sales	%	1,75	12,93	3,79
Return on Equity - Net- ( R.O.E. )	%	25,72	11,75	6,70
Return on Equity - Gross - ( R.O.E. )	%	42,83	23,06	18,82
Return on Investment ( R.O.I. )	%	4,35	1,43	4,89
Return/ Sales	%	2,37	12,10	4,78
Extra Management revenues/charges incid.	%	60,14	50,97	29,96
Cash Flow	Value	96.365	5.584	165.166
Operating Profit	Value	130.493	5.225	225.594
Gross Operating Margin	Value	148.386	8.146	376.080
MANAGEMENT
Credits to clients average term	Days	114,15	n.c.	111,07
Debts to suppliers average term	Days	116,91	n.c.	127,44
Average stock waiting period	Days	1,70	n.c.	62,88
Rate of capital employed return ( Turnover )	Units	1,84	0,12	1,10
Rate of stock return	Units	212,13	n.c.	5,58
Labour cost incidence	%	4,79	26,50	18,94
Net financial revenues/ charges incidence	%	0,00	0,00	-1,15
Labour cost on purchasing expenses	%	4,89	29,09	18,99
Short-term financing charges	%	n.c.	0,00	2,55
Capital on hand	%	54,40	845,06	90,89
Sales pro employee	Value	689.424		199.007
Labour cost pro employee	Value	33.019		34.820

Remarks

1) Protests checking (relative to the last five years) performed by crossing and matching the members names and the Firm's Style with the reported addresses, is supplied by the Informatic Registry managed by the Italian Chamber of Commerce. If the fiscal code is not indicated, the eventual homonymous cases are submitted to expert staff evaluation in order to limit wrong matching risks.

2) The Legal Data, supplied and retrived from the Firm's Registry of the Italian Chamber of Commerce, are in line with the last registered modifications.

3) Risk evaluation and Credit Opinion have been performed on the base of the actual data at the moment of their availability.

Market / Territory Data

Population living in the province	:	3.839.216
Population living in the region	:	9.393.092
Number of families in the region	:	3.858.736

Monthly family expences average in the region (in Eur..) :

- per food products	:	460
- per non food products	:	2.090
- per energy consume	:	114

Sector Data

The values are calculated on a base of 1.964 significant companies.

The companies cash their credits on an average of 111 dd.

The average duration of suppliers debts is about 127 dd.

The sector's profitability is on an average of 3,79%.

The labour cost affects the turnover in the measure of 18,94%.

Goods are held in stock in a range of 63 dd.

The difference between the sales volume and the resources used to realize it is about 1,10.

The employees costs represent the 18,99% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered lowly risky.

In the region 50.886 protested subjects are found; in the province they count to 24.765.

The insolvency index for the region is 0,55, , while for the province it is 0,66.

Total Bankrupt companies in the province : 22.523.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.66
UK Pound	1	INR 90.66
Euro	1	INR 80.01
Euro	1	INR 79.84

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.