MIRA INFORM REPORT

Report Date :

17.08.2013

IDENTIFICATION DETAILS

Name :	ZUARI ROTEM SPECIALITY FERTILIZERS LIMITED
Registered Office :	Jai Kisaan Bhawan, Zuari Nagar, Vasco – 403726, Goa
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.11.2007
Com. Reg. No.:	24-005489
Capital Investment / Paid-up Capital :	Rs.69.150 Millions
CIN No.: [Company Identification No.]	U01409GA2007PLC005489
TAN No.: [Tax Deduction & Collection Account No.]	BLRZ10952E
PAN No.: [Permanent Account No.]	AAACZ3153A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacture, Distribution, Marketing and Sale of Fertilizers.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 406000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a joint venture between Zuari Industries Limited, India and Rotem Amfert Negev Limited, Israel. It is an established company having satisfactory track record. The company has seen a better growth in its sales turnover. But there appears a slight dip in the net profitability during 2012. However, trade relations are fair. Business is active. Payments terms are usually correct. In view of strong parent company, the subject can be considered normal for 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based long term limits BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	March, 2013

Rating Agency Name	ICRA
Rating	Non fund based long term limits A3+
Rating Explanation	Moderate degree of safety and higher credit risk
Date	March, 2013

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/ Corporate Office/ Factory 1 :	Jai Kisaan Bhawan, Zuari Nagar, Vasco – 403 726, Goa, India
Tel. No.:	91-832-2592431/ 2592180
Mobile No.:	91-9850033545 (Mr. Suraj Sharma)
Fax No.:	91-832-2555279
E-Mail :	sagarhb@zuari.co.in raj@zuari.co.in ryp@zuari.co.in
Website :	http://zuari.in
Location :	Owned
Factory 2 :	Located at: v Baramati, Maharashtra, India
Location :	Owned

DIRECTORS

As on: 10.09.2012

Name :	Ms. Kirti Mohan Naithani
Designation :	Director
Address :	H No. 14, Birch Court, Nirvana Country, Sector 50, Gurgaon - 122001, Haryana, India
Date of Birth/Age :	27.07.1952
Date of Appointment :	19.11.2007
DIN No.:	01156617
Name :	Mr. Rajeev Nagendra Prasad Sinha
Designation :	Director
Address :	F-301, Essel Tower, Gurgaon – 122 001, Hayrana, India
Date of Birth/Age :	24.08.1957
Date of Appointment :	21.01.2011
DIN No.:	01156651
Name :	Mr. Joseph Zidon
Designation :	Director
Address :	No.1, Yahadut Hadmama Street, Herzliya - 46725, Israel
Date of Birth/Age :	08.01.1949
Date of Appointment :	19.11.2007
DIN No.:	01668896
Name :	Mr. Naveen Kumar Kapoor
Designation :	Chairman cum Managing Director
Address :	B 6, Zil Colony, Zauri Nagar, Vasco – 403726, Goa, India
Date of Birth/Age :	15.09.1953
Date of Appointment :	19.11.2007
DIN No.:	01680157
Name :	Mr. Narayanan Suresh Krishnan
Designation :	Director appointed in casual vacancy
Address :	B 1 Zil Residential Colony, Zuari Nagar, Vasco – 403726, Goa, India
Date of Birth/Age :	03.06.1964
Date of Appointment :	08.08.2012
DIN No.:	00021965

KEY EXECUTIVES

Name :	Mr. Kaushal Kumar Jaiswal
Designation :	Manager
Address :	101, Marvel Vivaldi Lane No 6, Kalyani Nagar Pune – 411006, Maharashtra, India
Date of Birth/Age :	24.11.1964
Date of Appointment :	09.05.2012
PAN No. :	ACJPJ3850C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 10.09.2012

Names of Shareholders	No. of Shares
Zuari Holdings Limited, India jointly with H.C. Shah	10
Zuari Holdings Limited, India jointly with Suresh Krishnan	10
Zuari Holdings Limited, India jointly with Naveen Kapoor	10
Zuari Holdings Limited, India jointly with R.Y. Patil	10
Zuari Holdings Limited, India jointly with B.K. Kinekar	10
Zuari Holdings Limited, India jointly with B.V. Patil	10
Zuari Holdings Limited, India jointly with George Ninan	10
Zuari Holdings Limited, India	3457431
Rotem Amfert Negev Limited, Israel	3457501
TOTAL	6915002

As on: 10.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture, Distribution, Marketing and Sale of Fertilizers.

Products :

Item Code No.	Product Description
31051000	NPK Water soluble fertilizer – Poorna 19 all
31051000	Atom- Traded goods
31051000	Boost- Traded goods

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Poorna19	MT	12,000	12,000	4,117.525

GENERAL INFORMATION

No. of Employees :

25 (Approximately)

Bankers :

Corporation Bank, Vasco-da-Gama Branch, Raghunath Apartments, F.L. Gomes Road, P.B. 86, Vasco-da-Gama – 403 802, Goa, India

Facilities :

Secured Loan	31.03.2012 [Rs. in Millions]	31.03.2011 [Rs. in Millions]
Long Term Borrowing
Rupee term loans from banks	62.550	91.205
Short Term Borrowing
Working capital loans from banks	40.483	0.000
Total	103.033	91.205

NOTE:

(Long Term Borrowing)

1. India rupee loan has been availed from Corporation Bank and carries floating interest rate at Corporation Bank Benchmark Advance Rate (COBAR) minus 2.25%. The loan is repayable in 54 monthly installments starting from October 2010. The loan is secured by first charge against the factory land and building, plant and machinery, movable assets of the project and a negative lien on the assets of the Company.

2. India rupee loan has been availed from Corporation Bank and carries floating interest rate at Corporation Bank Benchmark Advance Rate (COBAR) minus 2.25%. The loan is repayable in 54 monthly installments starting from October 2010. The loan is secured by first charge against the factory land and building, plant and machinery, movable assets of the project and a negative lien on the assets of the Company.

(Short Term Borrowing) :

A. Cash credit from banks (secured): 40483071 Cash credit is availed from Corporation Bank and carries floating rate of interest at Corporation Bank Benchmark Advance Rate (COBAR) plus 1.85%. Cash credit from bank is repayable on demand and is secured by hypothecation of inventory cum book debts and all current assets.

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	C-401, 4^th Floor, Panchshil Tech Park, Yerwada, Pune, Maharashtra, India
PAN No. :	AALFS0506L
Joint Venture :	v Zuari Industries Limited (holds 50% of the equity share capital) (Up to May 31, 2011) CIN No.: L65921GA1967PLC000157 v Zuari Holding Limited (holds 50% of the equity share capital) (From June 1, 2011) v Rotem Amfert Negev Limited (holds 50% of the equity share capital)
Subsidiary of Joint Venture :	v Fertilisers and Chemicals Limited , Israel v Indian Furniture Products Limited v Zuari Investments Limited v Zuari Managemant Services Limited
Group Company :	Chambal Fertilisers and Chemicals Limited
Related Party :	v Zuari Global Limited CIN NO. : L65921GA1967PLC000157 v Zuari Agro Chemicals Limited CIN No. : U65910GA2009PLC006177

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6915002	Equity Shares	Rs.10/- each	Rs.69.150 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	69.150	69.150
(b) Reserves & Surplus	32.585	18.205
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	101.735	87.355
(3) Non-Current Liabilities
(a) long-term borrowings	62.550	91.205
(b) Deferred tax liabilities (Net)	14.501	9.460
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.213	0.029
Total Non-current Liabilities (3)	77.264	100.694
(4) Current Liabilities
(a) Short term borrowings	40.483	0.000
(b) Trade payables	23.526	79.338
(c) Other current liabilities	37.637	36.192
(d) Short-term provisions	0.239	1.948
Total Current Liabilities (4)	101.885	117.478
TOTAL	280.884	305.527
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	171.465	175.413
(ii) Intangible Assets	0.007	0.022
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	9.883	8.121
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	181.355	183.556
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	59.042	106.843
(c) Trade receivables	14.577	4.475
(d) Cash and cash equivalents	24.318	9.613
(e) Short-term loans and advances	1.592	0.797
(f) Other current assets	0.000	0.243
Total Current Assets	99.529	121.971
TOTAL	280.884	305.527

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		69.150
2] Share Application Money		0.000
3] Reserves & Surplus		2.585
4] (Accumulated Losses)		0.000
NETWORTH		71.735
LOAN FUNDS
1] Secured Loans		127.916
2] Unsecured Loans		0.000
TOTAL BORROWING		127.916
DEFERRED TAX LIABILITIES		4.216
TOTAL		203.867
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		150.249
Capital work-in-progress		6.493
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	26.557
	Sundry Debtors	32.220
	Cash & Bank Balances	66.843
	Other Current Assets	0.000
	Loans & Advances	3.608
Total Current Assets		129.228
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	75.113
	Other Current Liabilities	6.597
	Provisions	0.393
Total Current Liabilities		82.103
Net Current Assets		47.125
MISCELLANEOUS EXPENSES		0.000
TOTAL		203.867

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	506.485	459.915	217.695
		Other Income	0.562	6.620	2.622
		TOTAL	507.047	466.535	220.317
Less	EXPENSES
		Cost of materials consumed	293.925	174.927
		Purchases of stock-in-trade	37.944	221.665
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	41.128	(36.192)
		Employee benefit expense	5.682	4.140
		Other expenses	77.684	56.302
		TOTAL	456.363	420.842	208.857
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		50.684	45.693	11.460
Less	FINANCIAL EXPENSES		20.234	14.769	0.508
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		30.450	30.924	10.952
Less/ Add	DEPRECIATION/ AMORTISATION		7.708	7.647	0.244
	TOTAL PROFIT BEFORE PRIOR PERIOD ITEMS, EXCEPTIONAL ITEMS, EXTRAORDINARY ITEMS AND TAX		22.742	23.277	10.708
Less	PRIOR PERIOD ITEMS BEFORE TAX		0.280	0.341	0.000
	PROFIT BEFORE TAX		22.462	22.936	10.708
Less	TAX		8.082	7.317	4.246
	PROFIT AFTER TAX		14.380	15.619	6.462
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		18.204	2.585	(3.877)
	BALANCE CARRIED TO THE B/S		32.584	18.204	2.585
	IMPORTS
		Raw materials and traded goods*	NA	381.519	193.951
		Capital Goods	NA	Nil	9.334
	TOTAL IMPORTS		NA	381.519	203.285
	Earnings Per Share (Rs.)		2.08	2.26	1.00

*Does not include material movement charge paid from port to factory.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.84	3.35	2.93
Net Profit Margin (PBT/Sales)	(%)	4.43	4.99	4.92
Return on Total Assets (PBT/Total Assets}	(%)	7.99	7.51	3.83
Return on Investment (ROI) (PBT/Networth)		0.22	0.26	0.15
Debt Equity Ratio (Total Debt /Networth)		1.01	1.04	1.78
Current Ratio (Current Asset/Current Liability)		0.98	1.03	1.57

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	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three 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	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	Yes
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

CORPORATE INFORMATION:

The Company was incorporated on November 15, 2007 under the Companies Act, 1956 with its registered office at Jaikisan Bhawan, Zuari Nagar, Goa. The Company was formed as a joint venture pursuant to the agreement between Rotem Amfert Negev Limited (Rotem) and Zuari Industries Limited (Zuari) dated August 3, 2007 with both Rotem and Zuari holding 50% each in the equity share capital of the Company. Rotem has the experience and knowhow for manufacture of Solid Water Soluble Fertilizers and related products and Zuari has necessary experience in manufacture, distribution, marketing and sale of fertilizers. The joint venture was entered into for conducting business in manufacturing, trading and marketing of fertilizer products for mutual benefit of both the parties. The manufacturing facilities of the Company are located at Baramati, near Pune in Maharashtra and the Company commenced its commercial production from March 27, 2010.

FIXED ASSETS:

v Land

v Plant and Equipment

v Computer Software

v Leasehold Land

v Furniture and Fixtures

v Factory Building

v Plant and Machinery

v Lab Equipments

v Office Equipments

v Computers

v Vehicles

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] 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.61.82
UK Pound	1	Rs.96.57
Euro	1	Rs.82.45

INFORMATION DETAILS

Report Prepared by :

ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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

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.