MIRA INFORM REPORT

Report Date :

19.12.2011

IDENTIFICATION DETAILS

Name :	TIRTHAK PAPER MILL PRIVATE LIMITED
Registered Office :	Survey No. 14, Lilapar Road, Lilapar, Taluka Morbi, Rajkot-363641, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	30.01.2006
Com. Reg. No.:	04-047622
Capital Investment / Paid-up Capital :	Rs.45.000 Millions
CIN No.: [Company Identification No.]	U21000GJ2006PTC047622
TAN No.: [Tax Deduction & Collection Account No.]	RKTT00707A
PAN No.: [Permanent Account No.]	AACCT3813F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Duplex Paper.
No. of Employees :	250 (In Office 20, In Factory 230) [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 330000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company is progressing well. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION PARTED BY

Name :	Mr. Deepak
Designation :	Accounts Manager
Contact No.:	91-2822-220277
Date :	17.12.2011

LOCATIONS

Registered Office/ Factory :	Survey No. 14, Lilapar Road, Lilapar, Taluka Morbi, Rajkot-363641, Gujarat, India
Tel. No.:	91-2822-220277
Fax No.:	91-2822-220377
E-Mail :	tirthakpaper@yahoo.co.in

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Kiritbhai Jivrajbhai Fultaria

Designation :

Director

Address :

Vidhyutnagar, Ravapar Road, Morbi-363641, Gujarat, India

Date of Birth/Age :

28.12.1975

Date of Appointment :

30.01.2006

Din No.:

00534561

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U17110GJ1998PTC034366	NACHIKETA COTTON PRIVATE LIMITED	Director	09-12-02	09-12-02	01-10-07	Active	NO
2	U21000GJ2006PTC047622	TIRTHAK PAPER MILL PRIVATE LIMITED	Director	30-01-06	30-01-06	-	Active	NO

Name :

Mr. Nagjibhai Jivrajbhai Fultaria

Designation :

Director

Address :

Vidhyutnagar, Ravapar Road, Morbi-363641, Gujarat, India

Date of Birth/Age :

05.07.1951

Date of Appointment :

30.01.2006

Din No.:

02360551

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U21019GJ1995PTC028130	DIVYANG PAPER MILLS PRIVATE LIMITED	Director	16-11-95	16-11-95	Active	NO
2	U21000GJ2006PTC047622	TIRTHAK PAPER MILL PRIVATE LIMITED	Director	30-01-06	30-01-06	Active	NO

Name :

Mr. Pravinbhai Kanjibhai Kasundra

Designation :

Director

Address :

At and Po. Bela, Taluka Jodia, District Jamnagar, Gujarat, India

Date of Birth/Age :

09.05.1976

Date of Appointment :

30.01.2006

Din No.:

00550629

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24221GJ2003PTC042679	ANTIQUE MARBONITE PRIVATE LIMITED	Director	25-07-03	25-07-03	23-06-08	Active	NO
2	U21000GJ2006PTC047622	TIRTHAK PAPER MILL PRIVATE LIMITED	Director	30-01-06	30-01-06	-	Active	NO

Name :

Mr. Nareshbhai Jivrajbhai Fultaria

Designation :

Director

Address :

Vidhyutnagar, Ravapar Road, Morbi-363641, Gujarat, India

Date of Birth/Age :

11.02.1980

Date of Appointment :

17.02.2011

Din No.:

03418275

Name :

Mr. Vipulkumar Vanjibhai Patel

Designation :

Director

Address :

Gautam Society, Ravapar Road, Morbi-363641, Gujarat, India

Date of Birth/Age :

09.09.1975

Date of Appointment :

17.02.2011

Din No.:

01172321

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U26914GJ2007PTC049849	SUNORA TILES PRIVATE LIMITED	Director	23-01-07	23-01-07	16-10-10	Active	NO
2	U26933GJ2010PTC059244	MOTTO TILES PRIVATE LIMITED	Director	18-01-10	18-01-10	03-03-11	Active	NO
3	U21000GJ2006PTC047622	TIRTHAK PAPER MILL PRIVATE LIMITED	Director	17-02-11	17-02-11	-	Active	NO

Name :

Mr. Arvindbhai Jivrajbhai Patel

Designation :

Director

Address :

Vidhyutnagar, Ravapar Road, Morbi-363641, Gujarat, India

Date of Birth/Age :

11.02.1980

Date of Appointment :

17.02.2011

Din No.:

00911134

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U21019GJ1995PTC028130	DIVYANG PAPER MILLS PRIVATE LIMITED	Director	31-12-01	31-12-01	-	Active	NO
2	U26933GJ2003PTC043224	SAINT CERAMIC PRIVATE LIMITED	Director	05-08-06	05-08-06	10-03-08	Active	YES
3	U21000GJ2006PTC047622	TIRTHAK PAPER MILL PRIVATE LIMITED	Director	17-02-11	17-02-11	-	Active	NO

Name :

Mr. Thobhanbhai Jivrajbhai Patel

Designation :

Director

Address :

202, Shaligram Apartments, Ravapar Road, Morbi, Gujarat, India

Date of Birth/Age :

05.07.1963

Date of Appointment :

17.02.2011

Din No.:

03418278

KEY EXECUTIVES

Name :	Mr. Deepak
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Kiritbhai Jivrajbhai Fultaria	646000
Vishal Bhanjibhai Fultaria	2500
Jivrajbhai Nagjibhai Fultaria	884690
Pravinbhai Kanjibhai Kasundra	96400
Arvindbhai Jivrajbhai Patel	568500
Nipaben Arivndbhai Fultaria	215000
Nareshbhai Jivrajbhai Fultaria	411500
Jayesh Vanjibhai Padliya	80000
Dharmishthaben Vipulbhai Padliya	90000
Bhagwatiben Jivrajbhai Kasundra	199200
Geetaben Jayantibhai Kasundra	300800
Vipul V Padaliya	70000
Vanjibhai Babubhai Patel	80000
Thobhanbhai Jivrajbhai Patel	130000
Jayshreeben D. Kasundra	115000
Mansukhlal K. Patel	115000
Alpaben Kiritbhai Fultaria	180000
Rukshmaniben Jivrajbhai Fultaria	172500
Simaben N. Fultaria	70910
Jignesh K. Fultaria	22500
Kanjibhai R. Patel	22500
Nayanaben B. Kasundra	27000
Total	4500000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Duplex Paper.
Imports :
Products :	Waste Paper
Countries :	· Dubai · Belgium
Terms :
Selling :	Cash and Credit (30 and 60 days)
Purchasing :	L/C / Cash and Credit (30 and 60 days)

PRODUCTION STATUS [AS ON 31.03.2010]

Particulars	Unit	Installed Capacity
Duplex Papers	MTPA	36000

Note: Being technical matter capacity as reported by the directors of the company.

Production	Qty in Mts.
Finished Goods	31112.151

GENERAL INFORMATION

Suppliers :

· United Trading Corporation

· Matrix Minerals and Chemicals

· Ambani Organics Private Limited

· Shree Hari Coal Corporation

· Dutt Nature Cure

· Fact Trading Company

· R.R. Rosin

· Tirupati Sales Corporation

· Parikh Sales

· Amtech Electronics (India) Limited

· Mahavir Steel, India

· Samay Tractors

· J K Fasteners

Customers :

Wholesalers, Retailers and End Users

· Bharat Pasti Bhandar

· Umiya Packaging

· Shiv Traders

· Om Marketing Services

· Super Packaging

· Sahara Packaging

· Daksh Packaging

· Mahalaxmi Sales Agency

· Yogi Traders

· Patel Papers

· M. Enterprises

· Parth Packaging

· Dollar Packaging

No. of Employees :

250 (In Office 20, In Factory 230) [Approximately]

Bankers :

· Syndicate Bank, Sudhara Sheri, Sardar Road, Morbi-363641, Gujarat, India

· ICICI Bank

· HDFC Bank

· Small Industries Development Bank of India

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
SIDBI Loan A/c	40.938	52.221
SIDBI Loan (50 Lacs) A/C	4.306	5.000
ICICI Bank Car Loan	0.000	0.020
Syndicate Bank CC	88.493	62.480
TML Financial Services Limited	0.000	0.175
HDFC Bank Alto Car Loan	0.008	0.103
HDFC Bank Innova Car Loan	0.673	0.967
ICICI Bank Magnum Car Loan	0.359	0.630
HDFC Bank Skoda Car Loan	0.305	0.639
HDFC Bank Octivia Car Loan	0.810	0.000
HDFC Bank Accent Car Loan	0.394	0.000
SIDBI Loan (Expansion) A/C	92.313	0.000
Total	228.599	122.235
Unsecured Loan
From Directors, Shareholders and Relatives of Directors	26.661	1.861
From Corporate Bodies	11.078	7.106
Total	37.739	8.967

Banking Relations :	--
Financial Institution:	TML Financial Services Limited
Auditors :
Name :	D.G. Hadial and Associates Chartered Accountants
Address :	Shakti Complex, 1^st Floor, Near Dr. Rupala Hospital, 16, Savsar Plot, Morbi-363641, Gujarat, India
Pan No.:	ABYPH8833R

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs.10/- each	Rs.45.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		45.000	40.000	40.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		37.625	19.407	2.222
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		82.625	59.407	42.222
LOAN FUNDS
1] Secured Loans		228.599	122.235	105.320
2] Unsecured Loans		37.739	8.967	12.644
TOTAL BORROWING		266.338	131.202	117.964
DEFERRED TAX LIABILITIES		2.584	2.391	1.464
TOTAL		351.547	193.000	161.650
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		239.699	105.664	97.907
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	61.233	40.401	45.788
	Sundry Debtors	95.151	92.587	44.194
	Cash & Bank Balances	11.191	6.175	3.767
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	27.999	18.874	11.455
Total Current Assets		195.574	158.037	105.204
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	64.837	53.106	33.695
	Other Current Liabilities	1.276	2.008	0.357
	Provisions	17.835	16.030	8.074
Total Current Liabilities		83.948	71.144	42.126
Net Current Assets		111.626	86.893	63.078
MISCELLANEOUS EXPENSES		0.222	0.443	0.665
TOTAL		351.547	193.000	161.650

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	563.628	546.107	262.777
		Other Income	0.597	0.877	0.311
		TOTAL (A)	564.225	546.984	263.088
Less	EXPENSES
		Raw Material Consumed		355.848	158.423
		Stores, Spares, Packing Consumed		21.256	8.668
		Power Fuel		91.724	56.755
		Manufacturing Expenses		2.338	0.365
		Employee Emoluments		8.709	4.348
		Other General Administrative Expenses	521.681	13.287	1.363
		Preliminary and Pre-operative Expenses		0.222	0.222
		Increase / Decrease in Stocks		(2.127)	0.759
		TOTAL (B)	521.681 [Including Financial Expenses]	491.257	230.903
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			55.727	32.185
Less	FINANCIAL EXPENSES (D)			14.730	11.535
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		42.544	40.997	20.650
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.294	14.765	14.857
	PROFIT BEFORE TAX (E-F) (G)		27.250	26.232	5.793
Less	TAX (H)		9.019	NA	NA
	PROFIT AFTER TAX (G-H) (I)		18.231	NA	NA
	Earnings Per Share (Rs.)		4.05	NA	NA

Particulars	31.03.2011
Sales Turnover [Approximately]	1500.000 [Due to expansion of business]

Expected Sales (2011-12) : Rs.2000.000 Millions.

The above information has been parted by Mr. Deepak.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.23	NA	NA
Net Profit Margin (PBT/Sales)	(%)	4.83	4.80	2.20
Return on Total Assets (PBT/Total Assets}	(%)	6.26	9.95	2.85
Return on Investment (ROI) (PBT/Networth)		0.33	0.44	0.14
Debt Equity Ratio (Total Liability/Networth)		4.23	3.41	3.79
Current Ratio (Current Asset/Current Liability)		2.33	2.22	2.50

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors for Goods and Expenses	64.837	53.106	33.695

PARTIAL DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors for Goods and Expenses
Ambani Organics Private Limited	4.087	3.374	1.282
Somnath Polypack Industries	1.011	0.525	0.000
Tirupati Sales Corporation	1.397	0.000	0.023
Deepak Engineering Works	1.540	0.000	0.000
Unique Forwarders	2.824	1.567	1.255
Renuka Enterprises	1.000	0.000	0.000
Devraj Paper Tech Machine	0.300	0.654	0.000

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
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	No
13) Reasons for variation <> 20%	Yes
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of sister concerns	No
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

FINANCIAL RESULTS:

Total income during the year was Rs.564.225 Millions as compared to the previous year’s total income of Rs.546.984 Millions. The company has earned net profit of Rs.27.250 Millions as against previous year profit of Rs.26.232 Millions with a view to conserve reserve, the directors do not recommend any dividend.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10032894
Corporate identity number of the company	U21000GJ2006PTC047622
Name of the company	TIRTHAK PAPER MILL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Survey No. 14, Lilapar Road, Lilapar, Taluka Morbi, Rajkot-363641, Gujarat, India
Type of charge	Book Debts Movable Property (not being pledge)
Particular of charge holder	Syndicate Bank, Sudhara Sheri, Sardar Road, Morbi-363641, Gujarat, India
Email	gj.7009ahmro@syndicatebank.co.in
Nature of description of the instrument creating or modifying the charge	Sup. Hypo. Agreement.
Date of instrument Creating the charge	17.03.2011
Amount secured by the charge	Rs.183.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest BR+6.25 % (As per Synd-5) Terms of Repayment On demand. Margin 25 % : Inventory, 30 % : Book debts. Extent and Operation of the charge Second charge of Bank over Immovable Properties subject to first charge of SIDBI.
Short particulars of the property charged	Hypothecation of all stocks including r/m, semi-finished and finished goods, book-debts, all current assets, all plant and machineries, present and future
Particulars of the present modification	The Bank enhanced credit facilities to Rs. 183.500 Millions.

FIXED ASSETS:

· Factory Land

· Factory Building

· Plant and Machinery

· Electrocutions

· Fax Machine

· Computer

· Mobile Instruments

· Maruti Alto Car

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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.81
UK Pound	1	Rs.82.00
Euro	1	Rs.68.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.