MIRA INFORM REPORT

Report Date :

17.10.2011

IDENTIFICATION DETAILS

Name :	NIRLEP APPLIANCES LIMITED
Formerly Known As :	Duraware private limited
Registered Office :	B-5, M.i.d.c. Industrial Area, Railway Station Road, Aurangabad – 431 005, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.07.1979
Com. Reg. No.:	11-021470
Capital Investment / Paid-up Capital :	Rs. 21.968 Millions
CIN No.: [Company Identification No.]	U27200MH1979PLC021470
TAN No.: [Tax Deduction & Collection Account No.]	NSKD01728G
PAN No.: [Permanent Account No.]	AABCB3162G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Nonstick Cookware.

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 330000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established and a reputed company with satisfactory track. Directors are reported to be experienced and respectable businessmen. Trade relations are fair. Business is active. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings under 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 – 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

LOCATIONS

Registered Office/ Factory / Corporate Office :	B-5, M.i.d.c. Industrial Area, Railway Station Road, Aurangabad – 431 005, Maharashtra, India
Tel. No.:	91-240-2376121/ 2376788/ 2376085
Fax No.:	91-240-2376214/ 2376214
E-Mail :	mahesh.singhi@nirlep.com admin@nirlep.com autodiv@nirlep.com nityanand@nirlep.com mukund@nirlep.com
Website :	www.nirlep.com
Factory 1 :	B-6 and 7, M.I.D.C. Area, Station Road, Aurangabad – 431 005, Maharashtra, India
Factory 2 :	21A-24A, Additional M.I.D.C. Area, Jalana – 431 203, Maharashtra, India

DIRECTORS

As on 28.09.2010

Name :	Mr. Muknd Nilkanth Bhogale
Designation :	Managing Director
Address :	8, Mitramandal Co-Operative Housing Society, Osmanpura, Aurangabad – 431 005, Maharashtra, India
Date of Birth/Age :	13.05.1958
Date of Appointment :	01.08.1980
DIN No.:	00072564

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	U27200MH1979PLC021470	Nirlep Appliances Limited	Managing director	01-08-80	01-08-80	Active	NO
2	U24110MH1990PTC055621	Amulet Coatings Private Limited	Director	01-03-90	01-03-90	Active	NO
3	U67110MH1996PTC161974	Fulkrum Financial Services Private Limited	Director	15-08-96	15-08-96	Active	NO
4	U27200MH1995PLC092804	Amulet Industries Limited	Director	21-12-96	21-12-96	Active	NO
5	U29290MH1974PTC017277	Umasons Steelfab Private Limited	Director	26-06-97	26-06-97	Active	NO
6	U29130MH1988PTC046951	Marathwada Auto Compo Private Limited	Director	23-08-97	23-08-97	Active	NO
7	U34100MH2000PTC125510	Umasons Auto Compo Private Limited	Director	31-03-00	31-03-00	Active	NO
8	U91120MH2005NPL158483	Marathwada Auto Cluster	Director	30-12-05	30-12-05	Active	NO
9	U27203MH2006PTC162910	Bhogales Novac Engineering Private Limited.	Director	29-06-06	29-06-06	Active	NO
10	U28910MH2010PTC203315	Novaitalia Foodservice Products Private Limited	Director	17-05-10	17-05-10	Active	NO

Name :	Mr. Ramchandra Neelkanth Bhogale
Designation :	Director
Address :	20, Mitramandal Co-Operative Housing Society, Osmanpura, Aurangabad – 431 005, Maharashtra, India
Date of Birth/Age :	08.02.1955
Date of Appointment :	17.12.2006
DIN No.:	00292417

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	U29290MH1974PTC017277	Umasons Steelfab Private Limited	Director	28-02-82	28-02-82	Active	NO
2	U24110MH1990PTC055621	Amulet Coatings Private Limited	Director	01-03-90	01-03-90	Active	NO
3	U29130MH1988PTC046951	Marathwada Auto Compo Private Limited	Whole-time director	23-08-97	23-08-97	Active	NO
4	U34100MH2000PTC125510	Umasons Auto Compo Private Limited	Director	31-03-00	31-03-00	Active	NO
5	L24200MH1960PLC011807	Excel Industries Limited	Director	06-12-01	06-12-01	Active	NO
6	U67110MH1996PTC161974	Fulkrum Financial Services Private Limited	Director	15-08-06	15-08-06	Active	NO
7	U27200MH1979PLC021470	Nirlep Appliances Limited	Director	17-12-06	17-12-06	Active	NO
8	U36900PN2011PLC139372	Aarnava Precision Technologies Limited	Director	29-04-11	29-04-11	Active	NO

Name :	Mr. Nityanand Jayant Bhogale
Designation :	Director
Address :	21, Jayanagr, Aurangabad – 431 005, Maharashtra, India
Date of Birth/Age :	17.06.1961
Date of Appointment :	27.03.2001
DIN No.:	00072530

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	U27200MH1995PLC092804	Amulet Industries Limited	Whole-time director	01-07-07	27-06-98	Active	NO
2	U29130MH1988PTC046951	Marathwada Auto Compo Private Limited	Director	30-12-00	30-12-00	Active	NO
3	U27200MH1979PLC021470	Nirlep Appliances Limited	Director	27-03-01	27-03-01	Active	NO
4	U67110MH1996PTC161974	Fulkrum Financial Services Private Limited	Director	30-03-05	30-03-05	Active	NO
5	U27203MH2006PTC162910	Bhogales Novac Engineering Private Limited.	Director	29-06-06	29-06-06	Active	NO
6	U28910MH2010PTC203315	Novaitalia Foodservice Products Private Limited	Director	17-05-10	17-05-10	Active	NO

Name :	Mr. Vinayak Manik Joglekar
Designation :	Director
Address :	63/3 Swapnarekha, Karve Road, Pune – 411 004, Maharashtra, India
Date of Birth/Age :	27.05.1955
Date of Appointment :	20.07.1993
DIN No.:	00498121

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	U72200MH1988PTC049663	Alphonso Informex Private Limited	Managing director	17-11-88	17-11-88	Active	NO
2	U27200MH1979PLC021470	Nirlep Appliances Limited	Director	20-07-93	20-07-93	Active	NO
3	U72900PN2005PTC021071	Synerzip Softech India Private Limited	Managing director	01-04-10	27-07-05	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2010

Names of Shareholders	No. of Shares
Mukund Bhogale	21407
Rajani M. Bhogale	20448
Ramchandra Bhogale	20538
Ramchandra Bhogale (HUF)	200
Saurabh R. Bhogale	560
Shyamala R. Bhogale	16528
Anildatta C. Apte	115
Nityanand J. Bhogale	21438
Malini J. Bhogale	100
Suhas N. Bhogale	720
Fulkrum Financial Services Private Limited, India	94254
Madhav Y. Bhogale	100
Prabhavati S. Bhogale	1755
Atchyut M. Dhamdhere	75
Satish Kulkarni	305
Sanjay P. Sathe	200
Anant M. Kaley	395
Yashwant G. Bhogale	76
Mohan Y. Bhogale and Yashawant Bhogale	60
Vinayak M. Joglekar	100
Sharayu Joglekar	200
G D Sathe	620
Mukti M. Panse	50
Mukesh Sehgal	200
Arun S. Chitnis	180
Subhash K. Paranjape	115
Shanta K. Paranjape	170
Satish K. Paranjape	80
Uma Sons Auto Compco Private Limited, India	9890
Bhogale Coating and Paints Private Limited, India	7000
Prasanna M Bhogale	1200
Shweta M Bhogale	300
Gaurav N. Bhogale	300
Investpole Limited	42768
Total	262447

As on 28.09.2010

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]	16.29
Bodies corporate	42.35
Directors or relatives of directors	39.38
Other top fifty shareholders	1.98
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Nonstick Cookware.

Products :

Product Description	Item Code (ITC Code No.)
Aluminium Non-Stick, Cookware	7615.19
Aluminium Forging	8703.90
Pressure Cooker	76151910
Aluminium Hard Anodises, Enamal Ware, etc	76151940

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Non Stick Cookware	Annual No. of Pcs.	5000000	4549031

GENERAL INFORMATION

Customers :

· Keihin Fie

· Dynostar

· Btech Private Limited

· IPCL limited

· Keihin Fie

· Supreme Industries

· Elegant Coatings

· Bosch Chassis

· Systems India Limited

· Bajaj Auto

· Honda

· TVS Motors

· Mahindra and Mahindra

· Honda Motors and Scooters

· Hero Honda Limited

· Bajaj Auto Limited

Bankers :

· Bank of Maharashtra, Kranti Chowk Branch, J.M. Gandhi Building, Adalat Road, Aurangabad – 431 005, Maharashtra, India

· ICICI Bank Limited

• The Saraswat Co-Operative Bank Limited, RASEC, Kanchan Chambers, Kranti Chowk, Station Road, Aurangabad – 431005, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
I] Cash Credit account (Secured by hypothecation of Raw Materials, Stock in process, stores and book debts)
a. Cash Credit - Bank of Maharashtra, Aurangabad	34.530	18.545
b. Cash Credit - Bank of Maharashtra, Mumbai	0.621	0.951
c. Foreign Currency Denominated Loan	78.955	79.004
d. Packing Credit Limit	3.100	5.041
II] Term Loans (Against Equitable Mortgage of Land, Plant and Machinery, Building and Other fixed assets)
Term Loan - New Project B-6, and B-7	51.081	21.419
III] Car Loans
The Saraswat Co-Operative Bank Limited	0.076	0.217
Total	168.363	125.177

Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Deposit from Directors and Shareholders	9.170	6.259
Interest Free Sales Tax Deferral Loan	5.696	6.732
Security Deposit from Dealers	12.803	13.826
Total	27.669	26.817

Banking Relations :	-
Auditors :
Name :	S.V. Gogate and Company Chartered Accountants
Address :	5, Anuradha society, Sant Janabhai Path, Vile Parle, Aurangabad – 400 057, Maharashtra, India
Tel. No.:	91-22-26131839
Other Group Companies :	Marathwada Auto Compo Private Limited Umasons Auto Compo Private Limited Bhogale Coatings and Paints Amulet Coatings Private Limited Amulet Industries Private Limited

CAPITAL STRUCTURE

As on 28.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
335000	Equity Shares	Rs.100/- each	Rs.33.500 millions
15000	15% Preferences Shares	Rs.100/- each	Rs. 1.500 millions
	Total		Rs.35.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
262447	Equity Shares	Rs.100/- each	Rs.26.245 millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
335000	Equity Shares	Rs.100/- each	Rs.33.500 millions
15000	15% Preferences Shares	Rs.100/- each	Rs. 1.500 millions
	Total		Rs.35.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
219679	Equity Shares	Rs.100/- each	Rs.21.968 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		21.968	18.717	16.082
2] Share Application Money		4.500	0.000	0.000
3] Reserves & Surplus		55.630	44.178	32.515
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		82.098	62.895	48.597
LOAN FUNDS
1] Secured Loans		168.363	125.177	111.503
2] Unsecured Loans		27.669	26.817	29.212
TOTAL BORROWING		196.032	145.262	133.398
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		278.130	214.889	189.312
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		93.713	63.318	46.189
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.920	2.319	3.140
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	85.476	79.726	74.069
	Sundry Debtors	120.698	143.505	123.442
	Cash & Bank Balances	3.386	1.058	2.912
	Other Current Assets	0.496	0.496	0.496
	Loans & Advances	84.182	39.255	33.896
Total Current Assets		294.238	264.040	234.815
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	87.137	93.149	84.682
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	25.604	21.783	12.613
Total Current Liabilities		112.741	114.932	97.295
Net Current Assets		181.497	149.108	137.520
MISCELLANEOUS EXPENSES		0.000	0.144	2.463
TOTAL		278130	214.889	189.312

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	572.722	532.997	498.300
		Other Income	2.351	4.761	1.978
		TOTAL (A)	575.073	537.758	500.278
Less	EXPENSES
		Finished goods Consumed	150.438	135.324	139.725
		Raw Material Consumed	198.054	206.528	192.343
		Manufacturing Expenses	39.679	36.512	26.155
		Manpower Expenses	46.096	40.552	34.722
		Administration Expenses	29.310	23.756	21.822
		Advertising & Sales Promotion Expenses	67.485	52.334	49.643
		Preliminary Expenses Written Off	0.144	2.144	2.144
		TOTAL (B)	531.206	497.150	466.554
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		43.867	40.608	33.724
Less	FINANCIAL EXPENSES (D)		14.113	15.762	14.455
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		29.754	24.846	19.269
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.246	10.569	8.690
	PROFIT BEFORE TAX (E-F) (G)		15.508	14.277	10.579
Less	TAX (H)		8.932	6.566	4.635
	PROFIT AFTER TAX (G-H) (I)		6.576	7.711	5.944
	EARNINGS IN FOREIGN CURRENCY		NA	58.171	39.442
	IMPORTS
		Plant and Machinery	13.423	11.847	0.000
		Others	11.682	14.502	17.780
	TOTAL IMPORTS		25.105	26.349	17.780
	Earnings Per Share (Rs.)		29.93	41.20	36.96

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.14	1.43	1.19
Net Profit Margin (PBT/Sales)	(%)	2.71	2.68	2.12
Return on Total Assets (PBT/Total Assets}	(%)	4.00	3.23	3.76
Return on Investment (ROI) (PBT/Networth)		0.19	0.23	0.22
Debt Equity Ratio (Total Liability/Networth)		3.76	4.14	4.75
Current Ratio (Current Asset/Current Liability)		2.61	2.30	2.41

LOCAL AGENCY FURTHER INFORMATION

OPERATING RESULTS

The company has absorbed all the accumulated losses and having a surplus of Rs.15.508 millions before tax. Company is having surplus of Rs.8.927 millions after providing for Income Tax during this year. Sales turnover for the year was higher by 7.45% at Rs. 572.722 millions compared to Rs.533.000 millions in the previous year. Profit after tax and dividend was lower at Rs.6.575 millions as compared to Rs.7.710 millions in the previous year.

EXPORT

The export turnover for the year was lower at Rs.55.663 millions as compared to previous year’s Rs.58.171 millions. Decrease in export turnover was mainly on account of a fluctuation in Exchange rate of Foreign Currency.

Bankers Charges Report as per Registry

Corporate identity number of the company	U27200MH1979PLC021470
Name of the company	NIRLEP APPLIANCES LIMITED
Address of the registered office or of the principal place of business in India of the company	B-5, M.i.d.c. Industrial Area, Railway Station Road, Aurangabad – 431 005, Maharashtra, India E-Mail: mahesh.singhi@nirlep.com
This form is for	Creation of charge
Type of charge	Others (Hypothecation of vehicle to be purchased)
Particular of charge holder	The Saraswat Co-Operative Bank Limited, RASEC, Kanchan Chambers, Kranti Chowk, Station Road, Aurangabad – 431005, Maharashtra, India E-Mail: incharge_rasecstationroad@saraswatbank.com
Nature of description of the instrument creating or modifying the charge	Hypothecation agreement dated 22.05.2010.
Date of instrument Creating the charge	22/05/2010
Amount secured by the charge	Rs.1.946 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Interest to be paid @10%p.a. fixed with monthly rests or at such rates as may be prescribed in future by Bank from time to time. Interest to paid within 7 days from the date of intimation/monthly. Terms of Repayment: Term loan repayable by monthly installments of Rs. 41500.00 each (EMI). Margin: 15% Extent and Operation of the charge: As per agreement
Short particulars of the property charged	Hypothecation of vehicle to be purchased.

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.49.06
UK Pound	1	Rs.77.41
Euro	1	Rs.67.72

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
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	yes
--LISTED	YES/NO	no
--OTHER MERIT FACTORS	YES/NO	yes
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
--	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.