MIRA INFORM REPORT

Report Date :

02.04.2013

IDENTIFICATION DETAILS

Name :	GUJARAT RAFFIA INDUSTRIES LIMITED
Registered Office :	Plot No. 455, Santej-Vadsar Road, Taluka Kalol, Gandhinagar-382721, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.07.1984
Com. Reg. No.:	04-007124
Capital Investment / Paid-up Capital :	Rs.49.947 Millions
CIN No.: [Company Identification No.]	L17110GJ1984PLC007124
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on The Stock Exchanges.
Line of Business :	Manufacturing of PE, Tarpaulin, HDPE/PP Woven Sacks and Fabrics.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 375000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company seems to have moderate networth and modest scale of operation. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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	A1	A1

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

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 / Factory :	Plot No. 455, Santej-Vadsar Road, Taluka Kalol, Gandhinagar-382721, Gujarat, India
Tel. No.:	91-2764-286672/32/321312/286673/286674 91-79-26852953
Fax No.:	91-2764-286652 91-79-40052191
E-Mail :	pb@griltarp.com info@griltarp.com accounts@griltarp.com
Website :	www.griltarp.com

DIRECTORS

AS ON 31.03.2012

Name :	Mr. Pradeep Bhutoria
Designation :	Chairman and Managing Director
Name :	Mr. Alpesh R Tripathi
Designation :	Director
Name :	Mr. Prakash D Ramnani
Designation :	Director
Name :	Mr. Dipen M Shah
Designation :	Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2012

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1148165	22.99
Bodies Corporate	541814	10.85
Sub Total	1689979	33.83
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1689979	33.83
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	52002	1.04
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	34900	0.70
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	3160199	63.27
Any Others (Specify)	57695	1.16
Clearing Member & NRI	57695	1.16
Sub Total	3304796	66.17
Total Public shareholding (B)	3304796	66.17
Total (A)+(B)	4994775	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	4994775	0.00

BUSINESS DETAILS

Line of Business :

Manufacturing of PE, Tarpaulin, HDPE/PP Woven Sacks and Fabrics.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Finance Lease Obligation
From Banks	0.284	0.213
Working Capital Loans from Banks* [Secured against entire stock of Raw Material (imported / indigenous), semi-finished goods, Finished Goods, Book Debts and collateral Security of Factory Land and Building, Plant and Machinery].	16.953	17.857
TOTAL	17.237	18.070

Banking Relations :	--
Auditors :
Name :	PGT and Associates Chartered Accountants
Other Related Parties :	· Asian Gases Limited · Bangal Business Limited · Mahanagar Realestate Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs.10/- each	Rs.110.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4994775	Equity Shares	Rs.10/- each	Rs.49.947 Millions

NOTES:

TERMS/RIGHTS ATTACHED TO EQUITY SHARES:

The company has only one class of equity shares having par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share the company declares and pays dividends in Indian rupees. The Dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting, except in case of Interim dividend. The equity shares rank pari passu and carry equal rights with respect to voting and dividend. In the event of liquidation of the Company, the equity shareholders shall be entitled to proportionate share of their holding in the assets remained after distribution of all preferential amounts.

DETAILS OF SHARE HOLDERS HOLDING MORE THAN 5% OF EQUITY SHARES OF RS. 10/- EACH FULLY PAID:

NAME OF SHAREHOLDERS	AS ON 31.03.2012
	NO. OF SHARES	% OF HOLDING
Pradeep Bhutoria	375157	7.51
Ratanlal Bhutoria - HUF	280261	5.61
Bengal Business Limited	250579	5.02

As per of the company, including its register of shareholders/members and declaration received from the shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

The Equity Share Capital of the Company had been reduced from 10,21,87,000 comprising of 1,02,18,700 shares of Rs.10/- per share fully 99,89,550 equity shares of Rs.5/- each fully paid up. The reduction in capital had been approved under section 100 of the Companies Act, 1961 by the High Court of Gujarat vide its order dated Sept.21, 2007. The company then converted its reduced face value of shares from Rs 5 each to Rs 10 each vide special resolution passed in Extra-ordinary General Meeting dated October 15, 2007.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		49.947	49.947
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		43.924	38.229
4] (Accumulated Losses)		0.000	0.000
NETWORTH		93.871	88.176
LOAN FUNDS
1] Secured Loans		17.237	18.070
2] Unsecured Loans		41.728	30.117
TOTAL BORROWING		58.965	48.187
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		152.836	136.363
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		32.855	48.099
Capital work-in-progress		8.100	3.910
INVESTMENT		0.500	0.501
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	104.892	83.777
	Sundry Debtors	29.799	13.602
	Cash & Bank Balances	0.585	10.927
	Other Current Assets	0.000	0.000
	Loans & Advances	14.873	16.629
Total Current Assets		150.149	124.935
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.497	5.153
	Other Current Liabilities	30.242	31.212
	Provisions	5.029	4.717
Total Current Liabilities		38.768	41.082
Net Current Assets		111.381	83.853
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		152.836	136.363

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income	274.523	256.516
		Other Income	2.472	2.195
		TOTAL (A)	276.995	258.711
Less	EXPENSES
		Cost of Materials Consumed	223.688	191.904
		Employee Benefits Expense	7.957	4.591
		Other Expenses	47.696	40.035
		Changes in Inventories of Finished goods, Work-in-progress and Stock-in-Trade	(17.230)	6.213
		TOTAL (B)	262.111	242.743
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		14.884	15.968
Less	FINANCIAL EXPENSES (D)		2.545	2.288
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.339	13.680
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.294	6.788
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		7.045	6.892
Less	TAX (H)		1.350	1.278
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		5.695	5.614
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	107.492	122.383
	Earnings / (Loss) Per Share (Rs.)		1.14	1.12

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	76.700	58.900	50.200
Total Expenditure	72.700	55.600	45.500
PBIDT (Excl OI)	4.000	3.300	04.700
Other Income	0.000	0.500	(0.300)
Operating Profit	4.000	3.800	4.400
Interest	0.600	0.700	1.200
PBDT	3.400	3.100	3.100
Depreciation	1.300	1.300	1.300
Profit Before Tax	2.100	1.700	1.800
Tax	0.300	0.400	0.300
Profit After Tax	1.800	1.300	1.500
Net Profit	1.800	1.300	1.500

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011
PAT / Total Income	(%)	2.05	2.17
Net Profit Margin (PBT/Sales)	(%)	2.57	2.69
Return on Total Assets (PBT/Total Assets}	(%)	3.85	3.98
Return on Investment (ROI) (PBT/Networth)		0.07	0.07
Debt Equity Ratio (Total Debt/Networth)		0.63	0.55
Current Ratio (Current Asset/Current Liability)		3.87	3.04

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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	No
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	Yes
30]	Major Shareholders, if available	No
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
From Others
Inter corporate deposits	41.728	30.117
TOTAL	41.728	30.117

REVIEW OF OPERATIONS, SALES AND WORKING RESULTS:

The director report that during the year, in spite of economic slowdown the Company has recorded a total sales of Rs.291.805 Millions as compared to Rs.273.763 Millions and earned other income of Rs.2.472 Millions (12 months) as compared to Rs.2.195 Millions for 12 months ended 31.03.2011.The Profit before tax for the period is Rs.7.043 Millions as compared to Rs.6.892 Millions (12 months) in the previous which is gone up by 2.19% due to sales increase. The Profit after tax during the year is Rs.5.694 Millions as against Rs.5.614 Millions (12 months) in the previous year 2010-11.

MANAGEMENT DISCUSSION AND ANALYSIS:

INDUSTRY STRUCTURE AND DEVELOPMENTS:

The Industry is dependent on performance of core sectors like agriculture, fertilizer, cement and exports. Due to indifferent monsoon during last few years and in general due to economic slowdown; the performance of the above sectors was hit. The policy changes in infrastructure and good monsoon during the year will lead towards the brighter future of the company.

SEGMENT WISE PERFORMANCE:

The Company is operating only in one segment. The turnover/performance of the Company has been disclosed in the Directors report under the Head “Review of Operations, sales and working results.”

RECENT TREND AND FUTURE OUTLOOK:

In spite of economic slowdown, the company is quite positive of better results as the Company has sizable presence in fertilizer sector. The opening up of food grains sector will enable the woven sacks industry to see better times again.

FIXED ASSETS:

· Freehold Land

· Building

· Plant and Equipments

· Furniture and Fixtures

· Vehicles

· Office Equipments

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31^ST DECEMBER, 2012

Rs. in Million

Sr. No.	Particular	Quarter Ended		Year Ended
		31.12.2012 (Unaudited)	30.09.2012 (Unaudited)	31.12.2012 (Unaudited)
1.	Net Sales/Income from Operations	50.225	58.913	185.850
	Other Operating Income	0.000	0.000	0.000
	Total Income From Operations (Net)	50.225	58.913	185.850
2.	Expenditure
	Cost of materials consumed	42.548	54.526	148.859
	Employee benefits expenses	2.611	2.672	7.581
	Depreciation and amortization expenses	1.324	1.323	3.971
	Other expenses	9.722	10.898	31.216
	Changes in inventories of finished goods, work in progress and stock in trade	(9.344)	(12.502)	(13.313)
	Total Expenses	46.861	56.917	178.314
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	3.364	1.996	7.536
4.	Other Income	(0.328)	0.467	0.139
5.	Profit Before Interest and Exceptional Items (3+4)	3.036	2.463	7.675
6.	Interest	1.219	0.734	2.562
7.	Profit After Interest but before Exceptional Items (5-6)	1.817	1.729	5.113
8.	Exceptional Items	--	--	--
9.	Profit from Ordinary Activities before Tax (7+8)	1.817	1.729	5.113
10.	Tax Expense	0.300	0.400	1.000
11.	Net Profit from Ordinary Activities after Tax (9-10)	1.517	1.329	4.113
12.	Extraordinary Item (net of expense)	--	--	--
13.	Net Profit for the period (11-12)	1.517	1.329	4.113
14.	Paid-up Equity Share Capital (Face Value of Rs.10/- Each)	49.948	49.948	49.948
15.	Reserves Excluding Revaluation Reserve	38.229	38.229	43.924
16.	Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised
	a) Basic and diluted EPS before extraordinary items	0.30	0.27	0.82
	b) Basic and diluted EPS after extraordinary items	0.30	0.27	0.82
17.	Public Shareholding
	-Number of Shares	3304796	3304796	3304796
	- Percentage of Shareholding	66.17	66.17	66.17
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	Nil	Nil	Nil
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	Nil	Nil	Nil
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	Nil	Nil	Nil
	b) Non Encumbered
	- Number of Shares	1689979	1689979	1689979
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100%	100%	100%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	33.83	33.83	33.83

Particulars	3 Months ended on 31.12.2012
Pending at the beginning of the quarter	Nil
Received during the quarter	3
Disposed of during the quarter	3
Remaining unresolved at the end of the quarter	Nil

NOTES:

1. The above results have been reviewed by the audit committee and approved by the board of directors at its meeting held on 9^th February, 2013.

2. The statutory auditor of the company has carried out limited review pursuant to the requirement of clause 41 of the listing agreements.

3. Company operated in only one business segment i.e. manufacturing PE Tarpaulin, HDPE/PP Woven Sacks, Fabrics Business and hence there is no other primary reportable segment as required by AS-17 on “Segment Reporting” issue by ICAL.

4. The figures of the previous period have been regroup/rearranged whenever necessary.

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.54.39
UK Pound	1	Rs.82.32
Euro	1	Rs.69.54

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.