MIRA INFORM REPORT

Report Date :

15.03.2011

IDENTIFICATION DETAILS

Name :	WEST END HOSPITAL
Registered Office :	Plot No.C-1120, Sector 6, CDA Cuttack – 753014, Orissa, India
Country :	India
Financials (as on) :	31.03.2010
Year of Establishment :	2003
Legal Form :	Sole Proprietory Concern.
Line of Business :	Navigated Joint Replacement Surgery. Advanced Fracture Management Arthroscopic Surgery.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear
Comments :	Subject is a hospital, which is operating from a leasehold premises. Dr. Das is reported to be having satisfactory means of his own. No valuation report has been provided due to the nature of its holding. No complaints have been heard from indirect sources. It would be advisable to take adequate securities while dealing with the subject.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. C. P. Das
Designation :	Managing Director
Contact No.:	91-9437027046
Date :	02.03.2011

LOCATIONS

Registered Office :	Plot No.C-1120, Sector 6, CDA Cuttack – 753014, Orissa, India
Tel. No.:	91-674-2360708
Mobile No.:	91-9437027046 – (Mr. C. P. Das)
E-Mail :	chitta_prasad@hotmail.com
Location :	Leased

SOLE PROPRIETOR

Name :	Mr. Chitta Prasad Das
Designation :	Proprietor
Date of Birth/Age :	01.02.1958
Qualification :	MBBS, MS, ODTS (England)
Experience :	14 years
Pan No.:	AEKPD2482B

KEY EXECUTIVES

Name :	Mr. R. K. Panda
Designation :	Office Supervisor cum Marketing Executive
Name :	Mr. A. Nayak
Designation :	Marketing Executive cum Corporates
Name :	Mr. C. P. Das
Designation :	Managing Director

BUSINESS DETAILS

Line of Business :

Navigated Joint Replacement Surgery. Advanced Fracture Management. Arthroscopic Surgery.

GENERAL INFORMATION

Suppliers :

· Aesculap (Germany)

· Synthes (Switzerland)

· Stryker (USA)

· Depuy (USA)

· Inor-Bombay, Arthrex (USA)

No. of Employees :

11

Bankers :

· Corporation Bank

· HDFC Bank

· Axis Bank

Badambadi, Cuttack, Orissa, India

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)
HDFC Bank LAN – 1640390	0.085
HDFC Bank LAN – 0090422407	1.914
Axis Bank A/c No.3384	0.540
Axis Bank A/c No.3388	0.255
Life Insurance Corporation of India	0.470
Total	3.264
Unsecured Loans	31.03.2010 (Rs. In Millions)
Dr. B. Parida	0.234
From Others	0.100
Total	0.334

Banking Relations :	--
Auditors :
Name :	Sunil Das an d Associates Chartered Accountant
Address :	75 – Surya Vihar, Cuttack – 12, Orissa, India

CAPITAL STRUCTURE

PROPRIETOR’S CAPITAL ACCOUNT

(RS. IN MILLIONS)

Particulars	31.03.2010
Capital Account
Opening Balance	2.197
Add: Profit during the year	1.907
	4.104
Less: Drawings	0.614
Sub – Total	Rs.3.490 Millions

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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		3.490	2.197	1.504
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.490	2.197	1.504
LOAN FUNDS
1] Secured Loans		3.264	1.896	2.479
2] Unsecured Loans		0.334	0.334	0.282
TOTAL BORROWING		3.598	2.230	2.761
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		7.088	4.427	4.265
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.673	4.395	4.016
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.079	0.079	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.025	0.086	0.000
	Cash & Bank Balances	2.301	0.268	0.318
	Other Current Assets	0.287	0.173	0.181
	Loans & Advances	0.264	0.053	0.255
Total Current Assets		2.877	0.580	0.754
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.161	0.274	0.211
	Other Current Liabilities	0.380	0.353	0.294
	Provisions	0.000	0.000	0.000
Total Current Liabilities		0.541	0.627	0.505
Net Current Assets		2.336	(0.047)	0.249
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		7.088	4.427	4.265

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		IPD and OPD Income	8.488	5.660	4.357
		Other Income	0.115	0.049	0.019
		TOTAL (A)	8.603	5.709	4.376
Less	EXPENSES
		Salary and Wages	0.667	0.371	0.324
		Professional Charges	0.406	0.338	0.000
		Supervision Charges	0.304	0.000	0.000
		Staff Training Expenses	0.155	0.206	0.022
		Rent	0.575	0.551	0.552
		Consumable Goods	0.668	0.135	0.089
		Medicine Expenses	0.205	0.076	0.027
		Electricity Charges	0.227	0.213	0.229
		Telephone Expenses	0.085	0.055	0.64
		Travelling and Conveyance	0.258	0.165	0.211
		Repairs and Maintenance	0.532	0.335	0.454
		Other Expenses	0.971	0.887	0.131
		TOTAL (B)	5.053	3.332	2.679
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.550	2.377	1.697
Less	FINANCIAL EXPENSES (D)		0.267	0.298	0.292
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.283	2.079	1.405
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.726	0.674	0.604
	PROFIT BEFORE TAX (E-F) (G)		2.557	1.405	0.801
Less	TAX (H)		0.650	NA	NA
	PROFIT AFTER TAX (G-H) (I)		1.907	NA	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	22.17	NA	NA
Net Profit Margin (PBT/Sales)	(%)	30.12	24.82	18.38
Return on Total Assets (PBT/Total Assets}	(%)	33.87	28.24	16.79
Return on Investment (ROI) (PBT/Networth)		0.73	0.64	0.53
Debt Equity Ratio (Total Liability/Networth)		1.19	1.30	2.17
Current Ratio (Current Asset/Current Liability)		5.32	0.93	1.49

LOCAL AGENCY FURTHER INFORMATION

OPERATING STATEMENT

(RS. IN MILLIONS)

Particulars	31.03.2011	31.03.2012
	(Estimated)	(Projected)
Gross Sales
Domestic Sales	11.023	12.860
Exports Sales	0.000	0.000
Total Gross Sales	11.023	12.860
Less : Excise Duty	0.000	0.000
Net Sales	11.023	12.860
% rise [+] or fall [-] in net sales as compared to previous year	29.87%	16.67%
Cost of Sales
Raw Materials Consumed (Including Stores and Other Items Used in the Process of Manufacture)
Imported	0.000	0.000
Indigenous	1.346	1.571
Others Stores and Spares	0.000	0.000
Power and Fuel	0.324	0.378
Direct Labour	1.728	2.016
Other Manufacturing Expenses	0.000	0.000
Depreciation	0.689	0.689
Sub Total	4.087	4.654
Add: Opening Stock of Process WIP	0.000	0.000
Sub Total	4.087	4.654
Less: Closing Stock in process	0.000	0.000
Total Cost of Production	4.087	4.654
Add: Opening Stock of Finished Goods	0.000	0.000
Sub Total	4.087	4.654
Less: Closing Stock of Finished Goods	0.000	0.000
Total Cost of Sales	4.087	4.654
Gross Profit	0.000	0.000
Gross Profit (%)	0.000	0.000
Selling, General and Administrative Expenses	3.307	3.858
Operating Profit Before Interest	3.629	4.348
Interest	0.775	1.319
Operating Profit after Interest	2.854	3.029
Add : Non- Operating income	0.000	0.000
Deduct Non –Operating Expenses	0.000	0.000
Net of other non operating Income / Expenses	0.000	0.000
Profit before Tax/ Loss [PBT]	2.854	3.029
Provision for taxes	0.000	0.000
Net Profit / Loss [PAT]	2.854	3.029
Equity dividend Paid Amount (Already Paid + B. S. Provision)	0.000	0.000
Dividend Rate	0.000	0.000
Other Appropriates	1.149	1.391
Retained profit	1.705	1.638
Retained Profit/ Net profit %	59.74%	54.08%

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BALANCE SHEET

(RS. IN MILLIONS)

Particulars	31.03.2011	31.03.2012
	(ESTIMATED)
CURRENT LIABILITIES
Short term borrowings from banks (Including bills purchased, discounted and excess borrowings placed on repayment bases)
From applicant bank	0.000	0.000
From other banks	1.100	1.300
Of which BP&BD	0.000	0.000
	1.100	1.300
Sub Total (A)
Short term borrowings from others	0.000	0.000
Sundry creditors(trade)	0.100	0.125
Advance payments from customers/deposits from dealers	0.000	0.000
Provision for taxation	0.000	0.000
Dividend payable/expenses payable	0.000	0.000
Other statutory liabilities(payable within one year)	0.000	0.000
Deposits/ Installments of term loans/ DPGs/ debentures, etc.(due within one year)	2.080	1.791
Other current liabilities and provisions(due within one year)--specify major items	0.000	0.000
Sub Total	2.180	1.916
TOTAL CURRENT LIABILITIES	3.280	3.216
TERM LIABILITIES
Debentures [not maturing within one year]	0.000	0.00
Preference Shares [Redeemable after 1 year]	0.000	0.000
Term loans [excluding installments  payable within one year]	7.084	5.293
Loans (Unsecured from Promoters)	0.000	0.000
Deferred Sales Tax / Deferred Loan Deferred Payment Credit [Excluding installments due within one year]	0.000	0.000
Term deposit [repayable after one year]	0.000	0.000
Other Term Liabilities	0.000	0.000
TOTAL TERM LIABILITIES	7.084	5.293
TOTAL OUT LIABILITIES	10.364	8.509
NET WORTH
Ordinary Shares Capital Quasi Capital	2.038	2.038
General Reserve	0.000	0.000
Revaluation Reserve	0.000	0.000
Shares Premium	0.000	0.000
Surplus [+] or deficit [-] in Profit and Loss Account	4.491	6.129
Other (Specify)	0.000	0.000
TOTAL NET WORTH	6.529	8.167
TOTAL LIABILITIES	16.893	16.676
CURRENT ASSETS
Cash and Bank Balance	2.130	2.502
Investments	0.000	0.000
Receivable	0.000	0.000
Export Receivables	0.000	0.000
INVENTORY
Raw Material Consumed
Imported	0.000	0.000
Indigenous	0.000	0.000
Stock in Process	0.000	0.000
Finished Goods	0.000	0.000
Other Consumable Spares	0.000	0.000
Advances Suppliers of Stores and Spares	0.000	0.000
Advances Payment of Taxes	0.000	0.000
Other Current Assets	1.500	1.500
TOTAL CURRENT ASSETS	3.630	4.002
FIXED ASSETS
Gross Block (Land and Building, Machinery, Work-In-Progress)	15.377	15.377
Depreciation to date	2.693	3.382
NET BLOCK	12.684	11.995
OTHER NON – CURRENT ASSETS
Investments/ book/ debts/ advances/ deposits which are not Current Assts
a. Deposits	0.579	0.679
b. FD for Margin Money with Bank for L/C and B/ G	0.000	0.000
ii] Advances to suppliers of capital goods and contractors	0.000	0.000
iii] Deferred receivables [maturity exceeding one year]	0.000	0.000
iv] Others	0.000	0.000
Miscellaneous Deposits	0.000	0.000
Non consumables Stores and Spares	0.000	0.000
Other non – current assets including dues from directors (Deferred Tax Assets)	0.000	0.000
TOTAL OTHER NON – CURRENT ASSETS	0.579	0.679
Intangible assets [Patents, goodwill, prelim, expenses, bad/ doubtful expenses Not provided for etc.]	0.000	0.000
TOTAL ASSETS	16.893	16.676
TANGIBLE NET WORTH	6.529	8.167
Net Working Capital	0.350	0.786
Current Ratio	1.11	1.24
Total Outside Liabilities/ Tangible Net worth	1.59	1.04
Total Term Liabilities/ Tangible Net worth	1.09	0.65

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COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS IN MILLIONS)

Particulars	31.03.2011	31.03.2012
	(ESTIMATED)
Raw Materials
[a] Imported	0.000	0.000
Months Consumption	0.000	0.000
[b] Indigenous	0.000	0.000
Months Consumption	0.000	0.000
Other consumable spares
Excluding those included 1 above
[a] Imported	0.000	0.000
Months Consumption	0.000	0.000
[b] Indigenous	0.000	0.000
Months Consumption	0.000	0.000
Stock in process	0.000	0.000
Months cost of production	0.000	0.000
Finished goods	0.000	0.000
Months cost of sales	0.000	0.000
Receivable other than export and deferred receivables [including bills purchased and discounted by bankers]	0.000	0.000
Months domestic sales	0.000	0.000
Export receivables [including bills purchased and discounted by bankers]	0.000	0.000
Months export sales	0.000	0.000
Advances to suppliers of raw materials and stores/ spares consumable	0.000	0.000
Other current Assets including cash and bank balances and deferred receivable due within one year	3.630	4.002
TOTAL CURRENT ASSETS	3.630	4.002
B CURRENT LIABILITIES
[Other than bank borrowing for working capital]
Creditors for purchases of raw materials and stores and consumable spares	0.100	0.125
Months Purchases	(0.89)	(0.95)
Advances from customers	0.000	0.000
Statutory Liabilities	0.000	0.000
Other current liability including short term borrowing dividend payable, installment of DPG public deposit, debentures etc	2.080	1.791
TOTAL	2.080	1.791

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FUNDS FLOW STATEMENT

(RS IN MILLIONS)

Particulars	31.03.2011	31.03.2012
	(Estimated)	(Projected)
SOURCES
Net Profit	2.854	3.029
Depreciation	0.689	0.689
Increase in Capital	1.334	0.000
Increase in Term Liabilities	3.486	0.000
Decrease in:
- Fixed Assets	0.000	0.000
- Other Non Current Assets	0.000	0.000
- Intangible Assets	0.000	0.000
SUB TOTAL	8.363	3.718
USES
Net Loss	0.000	0.000
Decrease in Capital	0.000	1.791
Decrease in Term Liabilities (Including Public deposits)	0.000	0.000
Increase in:
- Fixed Assets	8.701	0.000
- Other Non Current Assets	0.500	0.100
- Intangible Assets	0.000	0.000
Dividend Payment	0.000	0.000
Others –Tax Payment	0.000	0.000
SUB TOTAL	9.201	1.891
Long Term Surplus (+) Deficit (-)	(0.838)	1.827
Increase/ decrease in Current Assets	0.753	0.372
Increase/ decrease in current Liabilities other than Bank Borrowings	1.640	(0.264)
Increase / Decrease in Working Capital Gap	(0.887)	0.636
Net Surplus [+] / Deficit [-] [Difference of 3 & 6]	0.049	1.191
Increase / Decrease in Bank Borrowings	1.100	0.200
INCREASE / DECREASE IN NET SALES	2.535	1.837
BREAK UP OF (4)
Increase/ Decrease in Goods	0.000	0.000
Increase/ Decrease in Stocks in Process	0.000	0.000
Increase/ Decrease in Finished Goods	0.000	0.000
Increase/ Decrease in Receivables
- Domestic	(0.025)	0.000
- Export	0.000	0.000
Increase/ Decrease in Stores and Spares	0.000	0.000
Increase/ Decrease in Other current Assets	0.778	0.372
TOTAL INCREASE/ DECREASE IN CURRENT ASSETS	0.753	0.372

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COMPUTATION OF INCOME

(RS. IN MILLIONS)

PARTICULARS	2010-11
INCOME FROM PROFESSION
Net Income from Westend Hospital as per profit and loss account			2.557
Total			2.557
TAXABLE INCOME
Deductions under chapter – VI
Less: deduction u/s 80c	0.280	0.100
U/s – 80D Mediclaim	0.011	0.011
U/s – 80U Physical Disability	0.075	0.075
U/s – 80GG Rent Paid	0.024	0.024
	0.390	0.210	0.210
			2.347
Tax Due			0.608
Add: 3% Edu. Cess			0.018
Total			0.626
Less: Advance Tax Paid
Axis Bank, Badambadi, 6360218 Sl No.02219 09.09.2009	0.100
Axis Bank, Badambadi, 6360218 Sl No.57605 15.12.2009	0.100
Axis Bank, Badambadi, 6360218 Sl No.52524 12.03.2010	0.160
			0.360
TDS			0.027
			0.387
Tax Payable			0.239
Add Interests
234A		0.000
234B		0.014
234C		0.010	0.024
Tax and Interest Paid			0.263

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STATEMENT OF ASSETS AND LIABILITIES

NET WORTH STATEMENT

DR. CHITTA PRASAD DAS

(RS. IN MILLIONS)

PARTICULARS	31.03.2010
ASSETS
Capital Balance In West End Hospital Plot No.C/1120, Sector – 6, CDA, Cuttack – 753014, India	6.502
Land at Shelter Chhak, Cuttack Plot No.28, Millennium B, 2000 sq. ft.	1.000
LIC Surrender value	0.550
Cash balance	0.250
Jewellery	0.350
Other Assets	0.200
TOTAL ASSETS	8.852
LIABILITIES
Loan From HDFC	1.584
Loan from UTI	0.486
LIP Payable	0.470
TOTAL LIABILITIES	2.540
NET WORTH = (ASSETS – LIABILITIES)	6.312

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PERSONAL ASSETS OF THE PROPRIETOR

Name	Description of the Assets	Amount (Rs. In Millions)
Dr. C. P. Das	Land at Shelter Chhak, Cuttack,	1.000
Dr. C. P. Das	Capital in West End Hospital	3.962
Dr. C. P. Das	Cash in Hand, Jwellery at others	1.350

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FIXED ASSETS:

· Furniture and Fixture

· Instruments and Equipments

· Camera

· Generator an Inverter

· Telephone Instrument

· Air Conditioner

· Euro Cleaner

· Car

· Computers

· Aqua Guard

· Bed Materials

· Books

· Electrical Installation

· Colour Television

· Washing Machine

· Refrigerator

· Interier Remodeling

· Fan

· Cease Fire Equipments

· Printers

· Card Punching Machine

· Land

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 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.45.15
UK Pound	1	Rs.72.59
Euro	1	Rs.62.95

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.