MIRA INFORM REPORT

Report Date :

07.12.2013

IDENTIFICATION DETAILS

Name :	SURI SHOES PRIVATE LIMITED
Registered Office :	117/Q/ 67, Sharda Nagar, Kanpur – 208 025, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.11.1992
Com. Reg. No.:	20-014872
Capital Investment / Paid-up Capital :	Rs.14.500 Millions
CIN No.: [Company Identification No.]	U19201UP1992PTC014872
TAN No.: [Tax Deduction & Collection Account No.]	KNPS00437D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufactures and Exports Safety and Fashion Leather Footwear for Men and Women.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 830000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered normal for business dealing at usuall 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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating=BB+
Rating Explanation	Have moderate risk of default.
Date	26.03.2013

Rating Agency Name	CRISIL
Rating	Short term Rating=A4+
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	26.03.2013

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/ Factory :	117 / Q / 67, Sharda Nagar, Kanpur – 208025, Uttar Pradesh, India.
Tel. No.:	91- 512- 2581155/ 2581177/ 2581616
Fax No.:	91- 512- 2581133/ 2583181
E-Mail :	surishoes@lw1.vsnl.net.in shoe@surishoes.com accounts@surishoes.com rakesh@surishoes.com ranjan@surishoes.com dhruv@surishoes.com simon@surishoes.co.uk dinesh@surishoes.com amitabh@surishoes.com chadha@surishoes.com dileep@surishoes.com abhishek@surishoes.com rajesh@surishoes.com
Website :	www.surishoes.com
Area :	41000 sq. ft.
Location :	Rented
Overseas Office	Mayfayre House, London Road, Denington Ind. Estate, Wellingborough, Northants, NN8 2QH, England
Tel. No.:	44-1933-277521
Fax No.:	44-1933-277511
E-Mail :	sales@shevalshoes.com
Factory 1 :	Kalyanpur – Bithoor Road, Kanpur – 208017, India
Tel. No.:	91-512-2572121, 2572256
Fax No.:	91-512-2572122
E-Mail :	unit2@surishoes.com
Factory 2 :	S.S. Leather, A-16, Sector – 57, Noida, India
Tel. No.:	91-120-2586101-03
Fax No.:	91-120-2585836
E-Mail :	noida@surishoes.com
UK Office :	17, Barnwell Court, Mawsley Village, Northamptonshire NH 14 FG
Tel No.:	91-844-2578810
Fax No.:	91-844-2578811
Email :	sales@suriseshoes.co.uk
Branches :	Located at · Delhi

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Rakesh Suri

Designation :

Managing Director

Address :

113 / 38, Swaroop Nagar, Kanpur – 208002, Uttar Pradesh , India

Date of Birth/Age :

26.09.1961

Date of Appointment :

11.11.1992

DIN No.:

00155648

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	U19201UP1992PTC014872	SURI SHOES PRIVATE LIMITED	Managing director	11/11/1992	11/11/1992	-	Active	NO
2	U18101DL1998PTC094736	HARSH FASHIONS PRIVATE LIMITED	Director	01/03/2000	01/03/2000	-	Active	NO
3	U75111DL2000PTC108389	LEATHER ONLINE PRIVATE LIMITED	Managing director	02/11/2000	02/11/2000	-	Active	NO
4	U19115UP2008PLC041646	KANPUR - UNNAO LEATHER CLUSTER DEVELOPMENT COMPANY LIMITED	Director	08/05/2008	11/04/2008	-	Active	NO
5	U91110UP1932NPL000467	MERCHANT CHAMBER OF UTTAR PRADESH	Director	04/10/2010	04/10/2010	22/09/2012	Active	NO
6	U52100UP2012PTC052752	URBAN COUNTRY RETAIL PRIVATE LIMITED	Director	26/09/2012	26/09/2012	-	Active	NO

Name :

Mr. Rajan Suri

Designation :

Director

Address :

113 / 38, Swaroop Nagar, Kanpur – 208002, Uttar Pradesh , India

Date of Birth/Age :

12.12.1956

Date of Appointment :

01.04.2006

DIN No.:

00155690

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	Company/ LLP Status	Defaulting status
1	U19201UP1991PTC013505	CUSHY SHOES PRIVATE LIMITED	Managing director	16/09/1991	16/09/1991	Active	NO
2	U18101DL1998PTC094736	HARSH FASHIONS PRIVATE LIMITED	Director	01/03/2000	01/03/2000	Active	NO
3	U19201UP1992PTC014872	SURI SHOES PRIVATE LIMITED	Director	01/04/2006	01/04/2006	Active	NO
4	U52100UP2012PTC052752	URBAN COUNTRY RETAIL PRIVATE LIMITED	Director	26/09/2012	26/09/2012	Active	NO

Name :

Mrs. Amita Suri

Designation :

Director

Address :

113 / 38, Swaroop Nagar, Kanpur – 208002, Uttar Pradesh , India

Date of Birth/Age :

20.09.1961

Date of Appointment :

11.11.1992

DIN No.:

00155674

MAJOR SHAREHOLDERS

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Rakesh Suri	440000
Amita Suri	455000
Rajan Suri	130000
Shalini Suri	130000
Karan Suri	38000
Dhruv Suri	110000
Rashim Suri	73500
Shrita Suri	73500
Total	1450000

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufactures and Exports Safety and Fashion Leather Footwear for Men and Women.

Products :

Products Description	Item Code No.
Shoe Uppers	640610
Shoes	640391

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Shoes	Prs	--	--	115769
Shoes Uppers	Prs	--	--	813906

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Overseas Branch, 15/54-B, Virendra Smriti, Civil Lines, Kanpur – 208001, Uttar Pradesh, India

· Allahabad Bank, The Mall Road, Civil Lines, Kanpur, Uttar Pradesh, India

· IDBI Bank, Civil Lines, Kanpur – 208001, Uttar Pradesh, India

· Punjab National Bank

· ICICI Bank

· State Bank of Patiala

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
From State Bank of India (Secured by charge on Entire Fixed Assets)	12.595	28.212
Short Term Borrowings
Export Packing Credit from:-
State Bank of India, Overseas Branch (P/C A/C) (Secured by Hypothecation of stock in hand and in transit)	142.928	154.977
State Bank of India, Overseas Branch (Current A/C)	10.243	14.976
State Bank of India, Overseas Branch (Post Shipment A/C)	16.121	29.023
Foreign Bills Purchases from:-
State Bank of India, Overseas Branch, Kanpur (Secured by Lien on Export Bills)	0.207	15.782
Total	182.094	242.970

Banking Relations :	--
Auditors :
Name :	Ram Kumar Gupta and Associates Chartered Accountants
Address :	Commerce Centre, IV Floor, 14/145, Chunniganj, Kanpur – 208001, Uttar Pradesh, India
Tel No.:	91-512-3021114
Fax No.:	91-512-3048892
PAN No.:	ACGPK0640L
Subsidiaries Company :	· Sheval Shoes Limited, UK
Associates Company :	· Leather Online Private Limited · Cushy Shoes Private Limited
Related Parties/Firms :	· S. S. Leathers · Amalgam Shoes · Ultimo

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs. 10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1450000	Equity Shares	Rs. 10/- each	Rs.14.500 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	14.500	14.500
(b) Reserves & Surplus	195.442	185.270
(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)	209.942	199.770
(3) Non-Current Liabilities
(a) long-term borrowings	22.872	34.089
(b) Deferred tax liabilities (Net)	16.125	15.663
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	38.997	49.752
(4) Current Liabilities
(a) Short term borrowings	169.499	214.758
(b) Trade payables	58.923	97.889
(c) Other current liabilities	0.062	0.309
(d) Short-term provisions	17.515	14.950
Total Current Liabilities (4)	245.999	327.906
TOTAL	494.938	577.428
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	175.120	177.782
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	1.581
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	2.900	2.900
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	5.156	7.988
(e) Other Non-current assets	1.586	1.416
Total Non-Current Assets	184.762	191.667
(2) Current assets
(a) Current investments	5.071	0.000
(b) Inventories	126.253	161.139
(c) Trade receivables	87.270	147.161
(d) Cash and cash equivalents	25.406	8.318
(e) Short-term loans and advances	66.176	68.138
(f) Other current assets	0.000	1.005
Total Current Assets	310.176	385.761
TOTAL	494.938	577.428

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		14.500
2] Share Application Money		0.000
3] Reserves & Surplus		183.052
4] (Accumulated Losses)		0.000
NETWORTH		197.552
LOAN FUNDS
1] Secured Loans		207.682
2] Unsecured Loans		0.050
TOTAL BORROWING		207.732
DEFERRED TAX LIABILITIES		15.310
TOTAL		420.594
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		183.308
Capital work-in-progress		0.000
INVESTMENT		3.666
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	140.279
	Sundry Debtors	111.762
	Cash & Bank Balances	19.699
	Other Current Assets	0.000
	Loans & Advances	60.784
Total Current Assets		332.524
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	78.217
	Other Current Liabilities	0.428
	Provisions	21.907
Total Current Liabilities		100.552
Net Current Assets		231.972
MISCELLANEOUS EXPENSES		1.648
TOTAL		420.594

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	693.946	678.157	563.163
		Other Income	13.893	6.915	64.197
		TOTAL (A)	707.839	685.072	627.360
Less	EXPENSES
		TOTAL (B)	637.249	639.841	583.807
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		75.590	45.231	43.553
Less	FINANCIAL EXPENSES (D)		32.799	24.531	21.161
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		37.791	20.700	22.392
Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.281	15.450	14.615
	PROFIT BEFORE TAX (E-F) (G)		21.510	5.250	7.777
Less	TAX (H)		7.103	1.323	2.632
	PROFIT AFTER TAX (G-H) (I)		14.407	3.927	5.145
	EARNINGS IN FOREIGN CURRENCY		606.856	563.508	552.366
	IMPORTS		170.771	108.110	83.417
	Earnings Per Share (Rs.)		9.94	2.71	3.55

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.04	0.58	0.82
Net Profit Margin (PBT/Sales)	(%)	3.10	0.77	1.38
Return on Total Assets (PBT/Total Assets}	(%)	4.43	0.93	1.51
Return on Investment (ROI) (PBT/Networth)		0.10	0.03	0.04
Debt Equity Ratio (Total Debt /Networth)		0.92	1.25	1.05
Current Ratio (Current Asset/Current Liability)		1.26	1.18	3.31

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	Yes
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 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	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

PERFORMANCE OF THE COMPANY:

During the subject has achieved turnover of Rs.693.946 Millions as against Rs.678.157 Millions in the previous year. The after depreciation and interests is Rs.21.510 Millions as against Rs.5.250 Millions in the previous year. The reason for improvement profit is mainly due to favorable foreign currency and reduction in cost in freight and clearing expenses. The Management is hopeful of achieving better growth both in terms of topline as well as bottomline.

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Loans and Advances from related Parties	10.277	5.877
Total	10.277	5.877

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80027671	20/03/2013 *	249,700,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, 15/54-B, VIRENDRA SMRITI COMPLE X, CIVIL LINES, KANPUR - 208001, UTTAR PRADESH, INDIA	B73333247

* Date of charge modification

FIXED ASSETS:

· Factory Building

· Office Building

· Staff Quarters

· Plant and Machinery

· Furniture and Fixture

· Electric Fitting

· Cad Systems

· Show Last and Moulds

· Office Equipment

· Vehicles

· Air Conditioners

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.61.67
UK Pound	1	Rs.100.65
Euro	1	Rs.84.25

INFORMATION DETAILS

Report Prepared by :

NKT

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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.P	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.