MIRA INFORM REPORT

Report Date :

24.12.2012

IDENTIFICATION DETAILS

Name :	PE ELECTRONICS LIMITED

Registered Office :	Auto Cars Compound, Adalat Road, Aurangabad – 431 005, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	12.01.2010

Com. Reg. No.:	11-198794

Capital Investment / Paid-up Capital :	Rs.0.500 Million

CIN No.: [Company Identification No.]	U32109MH2010PLC198794

TAN No.: [Tax Deduction & Collection Account No.]	NSKP04037F

PAN No.: [Permanent Account No.]	AAFCP2913H

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Subject is engaged in trading of Electrical and Electronic Goods.

No. of Employees :	350 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 3000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is a part of the Videocon Group. It is a flagship company of Videocon Industries Limited. Subject is relatively newly established company having satisfactory track record. Company has performed well in its first year of operation but the profitability is low. However, company receives good support from its group company. Trade relations are reported to be fair. Business is active. Payments are usually correct and as per commitment. The company can be considered 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 – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BBB- (Long Term Bank Facilities)
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk.
Date	August 1, 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Auto Cars Compound, Adalat Road, Aurangabad – 431 005, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9076547940 (Mr. Anil Matre)
Fax No.:	Not Available
E-Mail :	pe.electro@gmail.com satishgupta@pemail.in
Location :	Owned

Corporate Office/ Warehouse :	PE Electronics Corporation Center, 5^th Floor, Andheri Kurla Road, Andheri (East), Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-22-61534567/ 61171000

Branch Office :	Located at: v Bangalore v Delhi v Chennai v Pune v Mumbai

DIRECTORS

Name :

Mr. Sanjay Shantilal Gandhi

Designation :

Additional Director

Address :

Flat No. 101, Heritage Complex, Kothi, Station Road, Ahmednagar – 414 001, Maharashtra, India

Date of Birth/Age :

01.06.1962

Date of Appointment :

18.10.2012

DIN No.:

05202348

Name :

Ms. Pooja Anirudh Dhoot

Designation :

Director

Address :

101, Videocon House, 99, Manav Mandir Road, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

31.05.1980

Date of Appointment :

03.01.2012

DIN No.:

00574379

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U32201DL1991PTC046064	ROSHI FINANCE PRIVATE LIMITED	Director	31/01/2005	31/01/2005	-	Active	NO
2	U32204DL1993PTC056389	SOUTH WEST INVESTMENTS PRIVATE LIMITED	Director	31/01/2005	31/01/2005	-	Active	NO
3	U32109DL1993PTC056386	GANDAK INVESTMENTS PRIVATE LIMITED	Director	31/01/2005	31/01/2005	-	Active	NO
4	U99999MH1982PTC028960	DHANAPUR INVESTMENTS PRIVATE LIMITED	Director	25/08/2006	25/08/2006	-	Active	NO
5	U32109MH2010PLC198794	PE ELECTRONICS LIMITED	Director	03/01/2012	03/01/2012	-	Active	NO
6	U17290MH2012PLC232825	CLOTHING CULTURE LIMITED	Director	10/07/2012	10/07/2012	-	Active	NO

Name :

Chandrakant Sidram Jyoti

Designation :

Director

Address :

Twin Bunglow No.12, Pratap Nagar Clny, Osmanpura, Aurangabad – 431 005, Maharashtra, India

Date of Birth/Age :

20.01.1963

Date of Appointment :

03.01.2012

DIN No.:

03375482

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U63000MH2003PTC143152	MESSENGER CARGO MOVERES AND LOGISTICS PRIVATE LIMITED	Director	17/11/2003	17/11/2003	-	Active	NO
2	U32204MH2011PLC212756	SILVER CREST ELECTRONICS LIMITED	Director	27/01/2011	27/01/2011	-	Active	NO
3	U32109MH2010PLC198794	PE ELECTRONICS LIMITED	Director	03/01/2012	03/01/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders		No. of Shares
Tekcare India Private Limited, India		9500
Dome-Bell Electronics India Private Limited, India		9500
Synergy Appliances Private Limited, India		9500
Force Appliances Private Limited, India		9500
Greenfield Appliances Private Limited, India		9500
Millennium Appliances India Limited, India		2490
Subhash Shamsundra Dayama		10
Total		50000

As on 31.03.2012

Names of Allottees		No. of Shares
Tekcare India Private Limited, India		1890500
Dome-Bell Electronics India Private Limited, India		1890500
Synergy Appliances Private Limited, India		1890500
Force Appliances Private Limited, India		1890500
Greenfield Appliances Private Limited, India		1890500
Shree Dhoot Trading and Agencies Limited, India		497500
Total		9950000

As on 29.09.2011

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		99.98
Directors or relatives of directors		0.02
Total		100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in trading of Electrical and Electronic Goods.

GENERAL INFORMATION

No. of Employees :

350 (Approximately)

Bankers :

v IDBI Bank, Santacruz (East), Branch, Maharashtra, India

v Bank of Baroda, Corporate Finance Branch, Mantri Court, 1^st Floor, 39-Rambai Ambedkar Road, Pune – 411 001, Maharashtra, India

v State Bank of Hyderabad, 1204, Ashok Mahal, Tulloch Road, Colaba, Mumbai – 400 039, Maharashtra, India

v Corporation Bank, Industrial Finance Branch, 14, Pune-Mumbai Road, Wakdewadi, Pune – 411 003, Maharashtra, India

v Dena Bank, Dena Corporate Centre, C-10, G-Block, Bandra Kurla Complex, Mumbai – 400 023, Maharashtra, India

v Andhra Bank, 16^th Floor, Earnest House, NCPA Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India

v Vijaya Bank, Industrial Finance Branch, 2^nd Floor, New Excelsior Building, Wallace Street, Fort, Mumbai – 400 001, Maharashtra, India

v UCO Bank, Flagship Corporate Branch, 1^st Floor, Mafatlal Centre, Nariman Point, Mumbai – 400 021, Maharashtra, India

v United Bank of India, Corporate Finance Branch, United Bank of India Building, 2^nd Floor, 25, Sir P.M. Road, Fort, Mumbai – 400 001, Maharashtra, India

Facilities :

Unsecured Loans

31.03.2011

(Rs. in Millions)

31.03.2010

(Rs. in Millions)

Working capital loans others unsecured

517.900

0.000

Total

517.900

0.000

Banking Relations :	--

Auditors :
Name :	Kadam and Company Chartered Accountants
Address :	"Vedant" 8/9, Viraj estate, Opposite Tarkpur Bus Stand, Ahmednagar – 414 003, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAIFK3708R

CAPITAL STRUCTURE

After 29.09.2011

Authorised Capital:

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

As on 29.09.2011

Authorised Capital:

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

As on 31.03.2011

Authorised Capital:

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.500	0.500
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.168	0.000
4] (Accumulated Losses)		0.000	(0.022)
NETWORTH		0.668	0.478
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		517.900	0.000
TOTAL BORROWING		517.900	0.000
DEFERRED TAX LIABILITIES		0.000	0.000

TOTAL		518.568	0.478

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		22.165	0.000
Capital work-in-progress		0.000	0.000

INVESTMENT		0.025	0.000
DEFERRED TAX ASSETS		0.697	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1100.233	0.000
	Sundry Debtors	872.864	0.000
	Cash & Bank Balances	112.760	0.500
	Other Current Assets	0.114	0.000
	Loans & Advances	35.872	0.000
Total Current Assets		2121.843	0.500
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1397.592	0.000
	Other Current Liabilities	214.341	0.022
	Provisions	14.229	0.000
Total Current Liabilities		1626.162	0.022
Net Current Assets		495.681	0.478

MISCELLANEOUS EXPENSES		0.000	0.000

TOTAL		518.568	0.478

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Operating revenue, net	3371.058	0.000
		Other Income	0.121	0.000
		TOTAL (A)	3371.179	0.000

Less	EXPENSES
		Consumption materials changes inventories	2272.744	0.000
		Manufacturing service costs	232.014	0.000
		Employee related expenses	268.049	0.000
		Administrative selling other expenses	595.136	0.022
		TOTAL (B)	3367.943	0.022

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.236	(0.022)

Less	INTEREST FINANCIAL EXPENSES (D)		0.000	0.000

	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.236	(0.022)

Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.223	0.000

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		1.013	(0.022)

Less	TAX (H)		0.823	0.000

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.190	(0.022)

	IMPORTS
		Raw Materials	185.601	0.000
	TOTAL IMPORTS		185.601	0.000

	Earnings/ (Loss) Per Share (Rs.)		3.81	(0.44)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	0.01	0.00

Net Profit Margin (PBT/Sales)	(%)	0.03	0.00

Return on Total Assets (PBT/Total Assets}	(%)	0.05	(4.40)

Return on Investment (ROI) (PBT/Networth)		1.52	(0.05)

Debt Equity Ratio (Total Liability/Networth)		3209.67	0.05

Current Ratio (Current Asset/Current Liability)		1.30	22.73

LOCAL AGENCY FURTHER INFORMATION

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	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last one year two months	Yes
12) Profitability for last one year two months	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
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	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	No
30) Major Shareholders, if available	Yes
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	Yes

OPERATIONS AND FINANCIAL RESULTS:

During the year, the Company has successfully commenced its business activity. The Company is engaged in the business of trading of consumer electronics goods and home appliances.

The Company has earned total Income of Rs.3371.180 Millions as against NIL total Income for the previous year and total expenditure amounted to Rs.3370.170 Millions as against Rs.0.020 Million for the previous year. The profit after tax for the current year amounted to Rs.0.190 Million as against Loss of Rs.0.020 Million for the previous year.

The overall performance of the Company has been satisfactory. The Directors are hopeful of an improved performance in the coming year.

After the Balance Sheet date the authorised share capital of the Company was increased from Rs.0.500 Million to Rs.250.000 Millions, to fund the proposed augmentation in the volume of activities.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

Particulars

31.03.2011

(Rs. in millions)

a. Letters of Guarantees

Includes Bank Guarantees given to Sales Tax Department

5.528

b. Sales Tax Demand under dispute

Amount paid under protest Rs.0.078 million

0.256

Bankers Charges Report as per Registry

Corporate identity number of the company	U32109MH2010PLC198794
Name of the company	PE ELECTRONICS LIMITED
Address of the registered office or of the principal place of business in India of the company	Auto Cars Compound, Adalat Road, Aurangabad – 431 005, Maharashtra, India E-Mail: pe.electro@gmail.com
This form is for	Creation of charge
Type of charge	Book Debts Movable Property (not being pledge) Others (Current Assets)
Particular of charge holder	State Bank of Hyderabad, 1204, Ashok Mahal, Tulloch Road, Colaba, Mumbai – 400 039, Maharashtra, India E-Mail: sbhosbmumbai@yahoo.co.in
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation dated 9th November, 2012 executed by PE Electronics Limited (the Company) in favour of State Bank of Hyderabad (the Bank).
Date of instrument Creating the charge	09.11.2012
Amount secured by the charge	Rs.1000.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Rate of Interest shall be floating linked to SBI Base Rate plus Spread of 4.0%. Terms of Repayment: 6 months from the date of first disbursement. Margin: Nil Extent and Operation of the charge: The subservient charge operates as inter alia, security for the due repayment, redemption and discharge by the Company of the term loan facility of Rs.1000.000 millions availed by the Company from the Bank together with all interest, additional interest, default interest and any other amounts, fees, costs, charges, expenses and other monies due and payable to the Lender under the Facility Agreement. Others: As may be agreed to between the Company and the Bank from time to time.
Short particulars of the property charged	Subservient charge by way of hypothecation of the Company's entire movables, including movable machinery, machinery spares, tools and accessories, furniture and fixtures, vehicles and all other movable assets including stock of raw materials, consumable stores etc. present and future and on the current assets both present and future of the Company more specifically described in Section 3 of the Deed of Hypothecation.

FIXED ASSETS:

Tangible Assets

v Office Equipments

v Computer Equipments

v Furniture and Fixtures

Intangible Assets

v Computer Software

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 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.55.09
UK Pound	1	Rs.89.54
Euro	1	Rs.72.77

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.