MIRA INFORM REPORT

Report Date :

23.09.2013

IDENTIFICATION DETAILS

Name :	CELIO FUTURE FASHION LIMITED
Registered Office :	Knowledge House, Shyam Nagar, Off Jogeshwari Vikhroli Link Road, Jogeshwari (East), Mumbai - 400060, Maharashtra
Country :	India
Financials (as on) :	31.01.2013
Date of Incorporation :	05.05.2008
Com. Reg. No.:	11-181891
Capital Investment / Paid-up Capital :	Rs.26.389 Millions
CIN No.: [Company Identification No.]	U74994MH2008PLC181891
TAN No.: [Tax Deduction & Collection Account No.]	MUMC16102C
PAN No.: [Permanent Account No.]	AADCC3844J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Retailer of Men’s Wear.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of “Celio International S.A.”. It is an established company having moderate track record. There appears accumulated losses of the company which has eroded networth of the company. However, trade relations are fair. Business is active. Payment terms are slow. The company can be considered for business dealings on a safe and secured 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.

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.

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.

INFORMATION DECLINED BY

Name :	Mr. Romio Dsouza
Designation :	Area Sales Manager
Contact No.:	91-7498405346
Date :	20.09.2013

LOCATIONS

Registered Office :	Knowledge House, Shyam Nagar, Off Jogeshwari Vikhroli Link Road, Jogeshwari (East), Mumbai - 400060, Maharashtra, India
Tel. No.:	91-22-30841300
Fax No.:	91-22-66442201
E-Mail :	manoj.gagvani@futuregroup.in

DIRECTORS

As on: 11.07.2013

Name :	Mr. Rakesh Biyani
Designation :	Director
Address :	304, Jeevan Vihar, Manav Mandir Road, Malabar Hill, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	05.04.1972
Date of Appointment :	05.05.2008
DIN No.:	00005806
Name :	Mr. Krishan Kant Rathi
Designation :	Director
Address :	B/72, Dakshina Park, Plot No-15, N.S. Road, 10th JVPD Scheme, Mumbai- 400049, Maharashtra, India
Date of Birth/Age :	30.12.1961
Date of Appointment :	27.10.2010
DIN No.:	00040094
Name :	Mr. Kailash Mahesh Anand Bhatia
Designation :	Director
Address :	Flat No. 2603, Odyssey-II, Hiranandani Gardens, Powai, Mumbai - 400 076, Maharashtra, India
Date of Birth/Age :	01.01.1956
Date of Appointment :	05.05.2008
DIN No.:	00859957
Name :	Mr. Lalit Mathur
Designation :	Director
Address :	A-15, Rear Ground Floor, Nizamuddin (West), New DeIhi-110 013, India
Date of Birth/Age :	06.09.1974
Date of Appointment :	05.05.2008
DIN No.:	01444758
Name :	Mr. Pierre R G Parlongue
Designation :	Director
Address :	Avenue Des, Ramiers 35, Rixensart 1330, Belgium
Date of Birth/Age :	07.01.1962
Date of Appointment :	26.09.2008
DIN No.:	02337302

KEY EXECUTIVES

Name :	Mr. Rajiv Nair
Designation :	Chief Executive Officer
Date of Birth/Age :	40 Years
Qualification :	B.com, M.M.M. and PGPMAX
Experience :	18 years
Date of Appointment :	02.01.2012
Name :	K Bindu and Associates
Designation :	Company Secretaries
Address :	Panchsheel 3A/101, Raheia Township, Rani Sati Mara, Malad (East), Mumbai – 400097, Maharashtra, India
Tel. No.:	91-22-28784043 / 28779546
E-Mail :	kbindudshah@gmail.com

MAJOR SHAREHOLDERS

As on: 11.07.2013

Names of Shareholders	No. of Shares
Celio International, Belgium	1319442
Indus-League Clothing Limited, India	1319436
Indus-League Clothing Limited Jointly with Rathi Ramprasad Sanjay	1
Indus-League Clothing Limited Jointly with Singh Arvind Neeta	1
Indus-League Clothing Limited Jointly with Dhruve Kumduchandra Vimal	1
Indus-League Clothing Limited Jointly with Gagvani Prataprai Manoj	1
Indus-League Clothing Limited Jointly with Bihani Harish Gopal	1
Total	2638883

Equity Share Break up (Percentage of Total Equity)

As on: 11.07.2013

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	50.01
Bodies corporate	49.99
Total	100.00

BUSINESS DETAILS

Line of Business :	Retailer of Men’s Wear.
Brand Names :	Celio

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

Societe Generale, Maker Chamber IV, 13th Floor, Nariman Point,, Mumbai - 400021, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.01.2013	As on 31.01.2012
LONG TERM BORROWINGS
Term loans from Societe Generale Bank	64.375	94.375
SHORT TERM BORROWINGS
Working Capital Loan from Societe Generale Bank	100.000	105.000
Total	164.375	199.375
NOTES (a) Comprising: (1) Rs. 25.000 Millions, repayable in 12 quarterly installments of Rs. 3.125 Millions from February, 2013 upto November, 2015. Average rate of interest 11.70% p.aas at year end; and (ii) Rs. 39.375 Millions, repayable in 13 quarterly installments of Rs. 4.375 Millions from February, 2013 upto February, ,2016. Average rate of interest .12.32% p.a. as at year.end. (b) Secured by first and exclusive hypothecation charge over the present and future current assets and moveable fixed assets of the Company. Further, the loans are also secured, by: (i) letter of credit / guarantee from Societe Generale, Paris for Rs. 140.000 Millions (previous year: Rs. 140.000 Ucs) for which counter guarantee Is given by the Holding Company; and (ii) pledge of 348,832 equity shares held in the Company; by a Joint Venturer, namely, Indus League Clothing Limited, and corporate guarantee from the said Joint Venturer covering Rs. 140.000 Millions Previous vear: Rs. 140.000 Millions). (c) Instalments falling due in respect of this loan upto January 31, 2014 (previous yean January 31, 2013) have been grouped under "Current maturities of long term borrowings. Secured by first and exclusive hypothecation chargeibver the present and future current assets and moveable fixed assets of the" Company. Further, the loans are also secured by: (i) letter of credit/ guarantee from Societe Generale, Paris for Rs. 140.000 Millions (previous year; Rs. 140.000 Millions) for which counter guarantee is given by the Holding Company; and (ii) pledge of 348,832 equity shares held in the Company by a Joint Venturer, namely, Indus League Clothing Limited, and corporate guarantee from the said Joint Venturer covering Rs. 140.000 Millions (previous year: Rs. 140.000 Millions).

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	'Heritage', 3rd Floor, Near Gujarat Vidyapith, Off Ashram Road, Ahmedabad - 380014, Gujarat, India
PAN No.:	AABFD7191A
Holding Company :	Celio international SA
Joint Ventures :	Indus League Clothing Limited
Fellow Subsidiary :	Celio Sourcing Limited

CAPITAL STRUCTURE

As on: 31.01.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2638883	Equity Shares	Rs.10/- each	Rs.26.389 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.01.2013	31.01.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	26.389	23.850
(b) Reserves & Surplus	(281.487)	(79.485)
(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)	(255.098)	(55.635)
(3) Non-Current Liabilities
(a) long-term borrowings	64.375	94.375
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	2.450	1.219
Total Non-current Liabilities (3)	66.825	95.594
(4) Current Liabilities
(a) Short term borrowings	100.000	305.000
(b) Trade payables	686.523	523.397
(c) Other current liabilities	42.308	77.093
(d) Short-term provisions	68.206	55.110
Total Current Liabilities (4)	897.037	960.600
TOTAL	708.764	1000.559
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	132.661	167.022
(ii) Intangible Assets	0.210	0.724
(iii) Capital work-in-progress	7.554	0.455
(iv) Intangible assets under development	1.384	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	84.488	71.122
(e) Other Non-current assets	0.375	0.409
Total Non-Current Assets	226.672	239.732
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	227.198	293.803
(c) Trade receivables	224.752	248.659
(d) Cash and cash equivalents	23.483	211.074
(e) Short-term loans and advances	6.573	7.242
(f) Other current assets	0.086	0.049
Total Current Assets	482.092	760.827
TOTAL	708.764	1000.559

SOURCES OF FUNDS		31.01.2011
SHAREHOLDERS FUNDS
1] Share Capital		11.628
2] Share Application Money		60.000
3] Reserves & Surplus		228.372
4] (Accumulated Losses)		(202.463)
NETWORTH		97.537
LOAN FUNDS
1] Secured Loans		102.500
2] Unsecured Loans		0.000
TOTAL BORROWING		102.500
DEFERRED TAX LIABILITIES		0.000
TOTAL		200.037
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		91.994
Capital work-in-progress		2.709
Advance for capital Expenditure		7.205
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	143.786
	Sundry Debtors	143.636
	Cash & Bank Balances	12.643
	Other Current Assets	0.000
	Loans & Advances	45.871
Total Current Assets		345.936
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	213.249
	Other Current Liabilities	1.846
	Provisions	32.712
Total Current Liabilities		247.807
Net Current Assets		98.129
MISCELLANEOUS EXPENSES		0.000
TOTAL		200.037

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.01.2013	31.01.2012	31.01.2011
	SALES
		Income	648.625	524.029	323.577
		Other Income	2.366	0.650	0.178
		TOTAL (A)	650.991	524.679	323.755
Less	EXPENSES
		Purchases of stock-in-trade (Apparels)	360.521	573.222	(385.796)
		Changes in inventories of stock-in-trade	66.215	(148.505)
		Employee Benefit Expenses	108.285	78.730
		Other expenses	343.617	285.235
		TOTAL (B)	878.638	788.682	(385.796)
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(227.647)	(264.003)	(62.041)
Less	FINANCIAL EXPENSES (D)		25.867	22.020	4.950
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(253.514)	(286.023)	(66.991)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		43.948	27.149	17.305
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(297.462)	(313.172)	(84.296)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(297.462)	(313.172)	(84.296)
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on FOB basis	36.658	0.000	0.000
	TOTAL EARNINGS		36.658	0.000	0.000
	IMPORTS
		Finished Goods	307.116	380.438	33.893
		Packing and other ancillary materials	0.000	1.206	0.481
	TOTAL IMPORTS		307.116	381.644	34.374
	Earnings Per Share (Rs.)		(124.58)	(177.84)	(72.50)

KEY RATIOS

PARTICULARS		31.01.2013	31.01.2012	31.01.2011
PAT / Total Income	(%)	(45.69)	(59.69)	(26.04)
Net Profit Margin (PBT/Sales)	(%)	(45.86)	(59.76)	(26.05)
Return on Total Assets (PBT/Total Assets}	(%)	(42.51)	(31.31)	(18.82)
Return on Investment (ROI) (PBT/Networth)		1.17	5.63	0.86
Debt Equity Ratio (Total Debt /Networth)		(0.64)	(7.18)	1.05
Current Ratio (Current Asset/Current Liability)		0.54	0.79	1.40

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF CURRENT MATURITIES OF LONG-TERM DEBT

(Rs. in Millions)

PARTICULARS	31.01.2013	31.01.2012	31.01.2011
Current maturities of long-term borrowings from Societe Generale Bank	30.000	25.625	NA

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	Yes
10]	Designation of contact person	Yes
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	No

UNSECURED LOAN

(Rs. in Millions)

Particulars	As on 31.01.2013	As on 31.01.2012
SHORT TERM BORROWINGS
Loans and advances from related parties	0.000	200.000
Total	0.000	200.000

BUSINESS OVERVIEW:

During the financial year, ended 31st January, 2013 total revenue of the Company has gone up by 24% over the previous year. The revenue for the year was Rs. 650.991 Millions as compared to Rs. 524.679 Millions for the previous year. During the year, the Company has opened 3 SAS and 15 SIS. The total loss after tax for the fiscal 2013 was Rs. 297.462 Millions as compared to Rs. 313.172 Millions for the fiscal 2012. The Company has, during the year undertaken various marketing activities to increase' brand awareness. The supply chain operations of the Company have also improved during the year leading to faster clearance at customs and timely replenishment of stocks at the stores.

FUTURE OUTLOOK:

The Company being under expansion mode proposes to open 12 SAS and 14 SIS during the current financial year. The Company has initiated efforts to improve performance of its existing stores and control markdown at store level. The Company has also planned

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10247638	06/07/2011 *	120,000,000.00	Societe Generale	Maker Chamber IV, 13th Floor, Nariman Point, Mumbai, Maharashtra - 400021, INDIA	B17403197
2	10247637	16/08/2013 *	160,000,000.00	Societe Generale	Maker Chamber IV, 13th Floor, Nariman Point, Mumbai, Maharashtra - 400021, INDIA	B84210855

* Date of charge modification

FIXED ASSETS:

• Office equipment
• Furniture and Fixtures
• Vehicles
• Electrical Installation
• Computers

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.62.24
UK Pound	1	Rs.99.20
Euro	1	Rs.84.23

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		12

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.