MIRA INFORM REPORT

Report Date :

14.09.2011

IDENTIFICATION DETAILS

Name :	NAMDHARI SEEDS PRIVATE LIMITED
Registered Office :	Sri Sai Arcade, No.8, 12^th Cross, 1^st Phase, Ideal Homes Town Ship, Rajarajeshwari Nagar, Bangalore – 560 098, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	08.11.1985
Com. Reg. No.:	08-007270
Capital Investment / Paid-up Capital :	Rs.50.000 Millions
CIN No.: [Company Identification No.]	U01119KA1985PTC007270
TAN No.: [Tax Deduction & Collection Account No.]	BLRN00606E
Legal Form :	Private Limited Liability Company
Line of Business :	Hybrid Seeds of Vegetables and Flowers.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 4054000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. General financial position of the company is good. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitments. 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 – 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 :	Sri Sai Arcade, No.8, 12^th Cross, 1^st Phase, Ideal Homes Town Ship, Rajarajeshwari Nagar, Bangalore – 560 098, Karnataka, India
Tel. No.:	91-80-28602167
Fax No.:	91-80-28602168
E-Mail :	info@namdhariseeds.com aswath@namdhariseeds.com
Website :	www.namdhariseeds.com
Head Office :	Bidadi, Bangalore – 562 109, Karnataka, India
E-Mail :	namdhariseeds@namdhariseeds.com

DIRECTORS

As On 30.09.2010

Name :

Mr. Uday Singh Thakur

Designation :

Chairman and Managing Director

Address :

Bidadi Post, Bangalore – 562 109, Karnataka, India

Date of Birth/Age :

05.07.1958

Qualification :

Graduate

Date of Appointment :

08.11.1958

DIN No.:

00032091

Other Directorships :

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	U01119KA1985PTC007270	NAMDHARI SEEDS PRIVATE LIMITED	Managing director	08-11-85	08-11-85	Active	NO
2	U70101DL1999PLC099892	SJS HOLDINGS LIMITED	Whole-time director	19-09-01	19-09-01	Active	NO
3	U00112KA2005PTC036674	NAMDHARI AGRO-FRESH PRIVATE LIMITED	Director	30-06-05	30-06-05	Active	NO
4	U01121KA2006PTC038469	NAMDHARI FARM FRESH PRIVATE LIMITED	Director	13-02-06	13-02-06	Active	NO
5	U01122KA2007PTC041514	NIKKO NAMDHARI FOODS PRIVATE LIMITED	Director	28-01-07	28-01-07	Active	NO
6	U15132KA2008PTC045521	ANGLO INDIAN FLOWER BREEDERS PRIVATE LIMITED	Director	06-03-08	06-03-08	Active	NO
7	U01120KA2010PTC052035	NAMDHARI HYBRID SEEDS INDIA PRIVATE LIMITED	Director	01-01-10	01-01-10	Active	NO

Name :

Mr. Buta Singh Kanwal

Designation :

Whole Time Director

Address :

639/37, 6^th Main, Vijay Nagar, Bangalore – 560 040, Karnataka, India

Date of Birth/Age :

11.07.1953

Qualification :

Graduate

Date of Appointment :

20.06.1994

DIN No.:

01444195

Other Directorships :

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	U01119KA1985PTC007270	NAMDHARI SEEDS PRIVATE LIMITED	Whole-time director	20-06-94	20-06-94	Active	NO
2	U01122KA2007PTC041514	NIKKO NAMDHARI FOODS PRIVATE LIMITED	Director	18-01-07	18-01-07	Active	NO

Name :

Dr. Narasimhan Anand

Designation :

Whole Time Director

Address :

B-3, 114, SFS 208, Yelahanka New Town, Bangalore – 560 065, Karnataka, India

Date of Birth/Age :

04.05.1950

Qualification :

Ph D

Date of Appointment :

01.07.2003

DIN No.:

00030162

Other Directorships :

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	U01119KA1985PTC007270	NAMDHARI SEEDS PRIVATE LIMITED	Whole-time director	01-07-03	01-07-03	Active	NO
2	U15132KA2008PTC045521	ANGLO INDIAN FLOWER BREEDERS PRIVATE LIMITED	Director	06-03-08	06-03-08	Active	NO
3	U01120KA2010PTC052035	NAMDHARI HYBRID SEEDS INDIA PRIVATE LIMITED	Director	01-01-10	01-01-10	Active	NO

Name :

Dr. V. Somasundar Rao

Designation :

Whole Time Director

Address :

88, 7^th Main, 3^rd Cross, W. C. Road, Bangalore – 560 079, Karnataka, India

Date of Birth/Age :

07.04.1939

Qualification :

Ph D

Date of Appointment :

20.06.1994

DIN No.:

00063721

Other Directorships :

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	U01119KA1985PTC007270	NAMDHARI SEEDS PRIVATE LIMITED	Whole-time director	20-06-94	20-06-94	Active	NO

Name :

Dr. Om Prakash Dutta

Designation :

Whole Time Director

Address :

4, Gokul Near Kupuswamy Garden, Anand Nagar, Bangalore – 560 032, Karnataka, India

Date of Birth/Age :

19.06.1947

Qualification :

Ph D

Date of Appointment :

01.07.2003

DIN No.:

00266817

Other Directorships :

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	U01119KA1985PTC007270	NAMDHARI SEEDS PRIVATE LIMITED	Whole-time director	01-07-03	01-07-03	Active	NO

Name :

Mr. Harpal Sukhdev Singh

Designation :

Whole Time Director

Address :

Namdhari Seeds, Namdhari Farms, Bidadi – 562 109, Karnataka, India

Date of Birth/Age :

10.12.1954

DIN No.:

00063795

Other Directorships :

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	U01119KA1985PTC007270	NAMDHARI SEEDS PRIVATE LIMITED	Whole-time director	20-06-94	20-06-94	31-03-08	Active	NO

KEY EXECUTIVES

Name :	Mr. T. Manjunath
Designation :	General Manager - Bidadi, Bangalore
Address :	No: G6,Swastik Manandi Arcade,401/2, S.C Road, Bangalore – 560 020, Karnataka, India
Name :	Mr. Rashpal Singh
Designation :	General Manager – North
Address :	C/O Pratap Trading Co., Hira Nagar, Opposite Transport Nagar, Sherpur Byepass, Ludhiana – 141 001, Punjab, India
Name :	Mr. Vishwanath Aithal
Designation :	General Manager – Bidadi, Bangalore
Address :	Bidadi, Bangalore – 562 109, Karnataka, India
Name :	Mr. Mukesh Patel
Designation :	Branch Manager – Ahmedabad
Address :	# 15, Bhumi Complex,Sarkhej-Sanand Highway, Near Shahil Hotel, Sarkhej, Ahmedabad – 382 210, Gujarat, India
Name :	Mr. Shakeel Ahmed
Designation :	Assistant Manager – Siliguri
Address :	No. 4, Sarat Bose Road, Dakshini Apartment Hakimpara, Siliguri – 734 401, West Bengal, India
Name :	Mr. Sunil Kumar Singh
Designation :	Branch Manager
Address :	Karishma Kunj, Sh 8/3 K-1, Ramjanakidham Colony, Shivpur - 221 003, Varansai, India
Name :	Mr. Pavan Kumar
Designation :	Assistant General Manager – Tamilnadu And Mysore
Address :	MIG 58, 4^th Main, A & B Block,Ramakrishna Nagar, Mysore – 570 020, Karnataka, India
Name :	Mr. Yeshwant Singh
Designation :	Branch Manager
Address :	Street - 6, H-8, V.V. Vihar (Near Prem Nagar) Mova, Raipur – 492 007, Chhattisgarh, India
Name :	Mr. Deepak Kumar Singh
Designation :	Country Manager – Bangladesh
Address :	149, DIT Extension Road, Bangladesh – 10000, Naya Paltan, India
Name :	Mr. Avijit Jana
Designation :	Assistant Manager
Address :	# 269/7, Dr. A.K. Paul Road, Behala – 70 0031, West Bengal, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Uday Singh Thakur	162000
Gursharan Kaur	78000
Jai Singh Sandhu	10000
Total	250000

AS ON 30.09.2010

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

BUSINESS DETAILS

Line of Business :	Hybrid Seeds of Vegetables and Flowers.
Products :	· Vegetable Seeds

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Canara Bank,

Bidadi, Bangalore-562109, Karnataka, India

· HDFC Bank,

Ludhiana, Punjab, India

· ICICI Bank

· Corporation Bank

Facilities :

Particulars	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Secured Loans
Canara Bank Cash Credit-Bidadi (secured against hypothecation of stock, book debt and deposit of title deeds of land)	65.578	138.288
Vehicle Loans Secured against hypothecation of Vehicles
Canara Bank-17979	1.161	1.544
Canara Bank-19016	0.298	0.404
Canara Bank-19090	0.364	0.462
Canara Bank-19091	0.423	0.535
Canara Bank-20531	0.683	0.824
Canara Bank-20534	0.409	0.538
Canara Bank-20535	0.401	0.527
Canara Bank-06566	0.254	0.000
Corporation Bank-90001	0.780	0.000
Corporation Bank-90011	1.070	0.000
Total	71.421	143.122

Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Book OD with Canara Bank, Madalur	0.006	0.017
Cholamandalam Finance Limited	0.092	0.200
HDFC – Bank – Ludhiana	0.209	0.462
HDFC – Bank Ludhiana – 08-09	0.305	0.435
ICICI Bank	0.000	0.215
Total	0.612	1.329

Banking Relations :	--
Auditors :
Name :	Mohan and Narayan Chartered Accountants
Address :	1/4, PR Layout, 1^st Main, Seshadripuram, Bangalore-560020, Karnataka, India
Tel. No.:	91-80-23311631 / 23315933
Telefax No.:	91-80-23440455
E-Mail :	mahonnnarayan@rediffmail.com
Pan No.:	ABQPC5273Q
Subsidiaries :	· Namdhari Farm Fresh Private Limited CIN: U01121KA2006PTC038469

CAPITAL STRUCTURE

AFTER AS ON 30.09.2010

Authorised Capital : Rs.60.000 millions

Issued, Subscribed & Paid-up Capital : Rs.50.000 Millions

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Share	Rs.200/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Share	Rs.200/- each	Rs.50.000 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		50.000	50.000	50.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		963.380	822.259	759.049
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1013.380	872.259	809.049
LOAN FUNDS
1] Secured Loans		71.421	143.122	142.502
2] Unsecured Loans		0.612	1.329	1.746
TOTAL BORROWING		72.033	144.451	144.248
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1085.413	1016.710	953.297
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		184.864	171.033	167.778
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		396.683	380.202	191.015
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	232.646	230.639	162.320
	Sundry Debtors	102.254	73.142	94.744
	Cash & Bank Balances	99.324	143.870	97.080
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	255.975	230.693	370.409
Total Current Assets		690.199	678.344	724.553
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	32.611	48.840	73.822
	Other Current Liabilities	107.284	123.478	16.931
	Provisions	46.438	40.551	39.296
Total Current Liabilities		186.333	212.869	130.049
Net Current Assets		503.866	465.475	594.504
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1085.413	1016.710	953.297

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	901.629	754.413	717.231
		Other Income	0.933	10.847	4.668
		TOTAL	902.562	765.260	721.899
	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses	745.075	679.022	616.298
		Financial Expenses
		TOTAL	745.075	679.022	616.298
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		165.887	86.239	143.121
Less/ Add	DEPRECIATION/ AMORTISATION		20.846	21.406	18.760
	PROFIT BEFORE TAX		145.041	64.833	124.361
Less	TAX		3.700	2.056	9.131
	PROFIT AFTER TAX		141.341	62.777	115.230
	Earnings Per Share (Rs.)		564.00	251.00	460.92

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	15.66	8.20	15.96
Net Profit Margin (PBT/Sales)	(%)	16.09	8.59	17.34
Return on Total Assets (PBT/Total Assets}	(%)	16.57	7.63	13.94
Return on Investment (ROI) (PBT/Networth)		0.14	0.07	0.15
Debt Equity Ratio (Total Liability/Networth)		0.25	0.41	0.34
Current Ratio (Current Asset/Current Liability)		3.70	3.19	5.57

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The registered office of the company has been shifted from 119, 9^th Main Road, Ideal Homes, Rajarajeshwari Nagar, Bangalore – 560 098, Karnataka to the present address w.e.f. 18.03.2011.

FINANCIAL RESULTS:

The Company has achieved a Turnover of Rs.901.629 millions as against a Turnover of Rs.754.413 millions during 2008-09 registering a growth of 19.51% in spite of stiff competition in the market and Global Economic Recession

However, the Directors are looking for new opportunities for accelerated growth and stronger performance.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10030474
Corporate identity number of the company	U01119KA1985PTC007270
Name of the company	NAMDHARI SEEDS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	119, 9^th Main Road, Ideal Homes, Rajarajeshwari Nagar, Bangalore-560098, Karnataka, India
Type of charge	Book Debts Movable Property
Particular of charge holder	Canara Bank, Bidadi, Bangalore-562109, Karnataka, India Email ID: blrr0426@canbank.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental common hypothecation agreement
Date of instrument Creating the charge	16.03.2009
Amount secured by the charge	Rs.155.346 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 11.25% per annum Terms of Repayment within 5 years in 60 monthly installments Margin 20% Extent and Operation of the charge charge will operate to the extent of outstanding loan and interest
Short particulars of the property charged	Hypothecation of two Bolero jeeps.

FIXED ASSETS

v Building

v Land

v Plant and Machinery

v Electrical Fitting

v Furniture and Fixtures

v Land

v Motor Vehicles

v Equipments

v Computer

v Solar Lighting

WEBSITE DETAILS

PROFILE:

Founded in 1985, Subject initially concentrated on contract seed production for exports.  In first decade, it emerged as one of the largest contract seed producer of vegetables and flowers.  Simultaneously breeding programs were started to develop suitable hybrids for the Indian market in important vegetable crops.  There first hybrids were released in the Indian market in 1992 which were very successful. Inspired by the success of there hybrids there was an increased emphasis and investment in breeding which resulted into the position of leadership in Indian vegetable seed industry. 

Presently, Subject is one of the largest vegetable seed companies in India. They offer more than 500 hybrids and varieties in 20 different crops globally.  There research team strives to develop suitable hybrids for diverse market requirements. Major emphasis is on regional preferences, adaptability, disease resistance, yield, taste and shelf life.  The product development team acts in close co-ordination with R and D and marketing and conducts trials, extensively in the farmer’s fields before releasing to the market.  Close interaction of marketing and product development team with the farmers ensures that best products reach the farmer. Although the major concentration of there production is in India, to overcome seasonal limitations, capabilities have been developed to produce seeds in different locations worldwide.

With successes achieved in the domestic scenario, Subject has also expanded its activities to S.E.Asian countries (Bangladesh, Thailand, Vietnam and Indonesia) and Middle East (Egypt, Jordan, Syria and Saudi) besides Turkey. There hybrids have been accepted in many of these markets. The company has now diversified into field crops and developed cotton and rice hybrids.

They at Subject understand the importance of the seeds in relation to livelihood and prosperity of the farmer.  They have also diversified into production, export and domestic retailing of fresh vegetables through there subsidiaries Namdhari Farm fresh and Namdhari Agro fresh. This has helped us to understand the difficulties of grower and the needs of end customer.

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.46.97
UK Pound	1	Rs.74.22
Euro	1	Rs.63.66

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		51

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.