MIRA INFORM REPORT

 

 

Report No. :

337761

Report Date :

22.08.2015

 

IDENTIFICATION DETAILS

 

Name :

AVNET TECHNOLOGY SOLUTIONS (INDIA) PRIVATE LIMITED (w.e.f 18.05.2009)

 

 

Formerly Known As :

ONTRACK SOLUTIONS PRIVATE LIMITED

 

 

Registered Office :

A-301, 3rd Floor, Supreme Business Park, Behind Lake Castle, Hiranandani Garden, Powai, Mumbai - 400076, Maharashtra

Tel. No.:

91-22-44200300

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

21.06.1995

 

 

Com. Reg. No.:

11-089798

 

 

Capital Investment / Paid-up Capital :

Rs.2.507 Million

 

 

CIN No.:

[Company Identification No.]

U72200MH1995PTC089798

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMO01083F

 

 

PAN No.:

[Permanent Account No.]

AAACD3686M

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trading and maintenance service of information technology products.

 

 

No. of Employees :

Information denied 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 an established company having a moderate track record. There seems huge accumulated losses recorded by the company. Further eroding its net-worth. The external borrowing seems be huge which act as a threat to the liquidity.

 

However, business is active. Payments are reported to be slow.

 

The company can be considered for business dealings on a safe and secured trade terms and condition.

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

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 31-03-2013.

 

 

INFORMATION DECLINED BY

 

Name :

Ms. Pallavi

Designation :

Legal Department

Contact No.:

91-22-44200300

Date :

20.08.2015

 

 

LOCATIONS

 

Registered Office / Branch Office 1 :

A-301, 3rd Floor, Supreme Business Park, Behind Lake Castle, Hiranandani Garden, Powai, Mumbai - 400076, Maharashtra, India

Tel. No.:

91-22-44200200

Fax No.:

91-22-44200201

E-Mail :

pallavi.shah@avnet.com

Website :

www.ats.avnet.co.in

 

 

Branch Office 2 :

Located at:

 

  • Kolkata 
  • Ahmedabad 
  • Pune 
  • Bangalore 
  • Chennai 
  • Hyderabad
  • Delhi

 

 

DIRECTORS

 

As on 26.09.2014

 

Name :

Mr. Naresh Ambelal Desai

Designation :

Director

Address :

204, Prime Rose A, Lokhandwala Complex, Versova, Andheri (West), Mumbai-400053, Maharashtra, India

Date of Birth/Age :

27.03.1962

Qualifications :

BE

Date of Appointment :

21.06.1995

PAN No.:

AACPD0723D

DIN No.:

00085255

Other Directorship:

 

 

Name :

Mr. Michael Ryan Mccoy

Designation :

Additional director

Address :

6125 E, Wethersfield Road, Scottsdale, AZ 85254 USA

Date of Birth/Age :

02.01.1976

Date of Appointment :

30.09.2013

DIN No.:

06470664

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

U72200TN2011FTC079244

Avnet Services Private Limited

Director

14/08/2013

28/12/2012

-

Active

NO

2

U72200MH1995PTC089798

AVNET TECHNOLOGY SOLUTIONS (INDIA) PRIVATE LIMITED

Director

30/09/2013

09/01/2013

-

Active

NO

 

 

Name :

Russell Raymond Murdaugh

Designation :

Director

Address :

2433 W Praiano Way Phoenix 85086

Date of Birth/Age :

31.03.1966

Date of Appointment :

30.09.2013

DIN No.:

00482332

 

 

Name :

Mr. Radhakrishnan Vaidyanathan

Designation :

Additional director

Address :

370D, Alexandra Road,, #02-09,, Singapore, 159957, , Singapore

Date of Appointment :

23.02.2015

DIN No.:

07004306

 

 

KEY EXECUTIVES

 

Name :

Ms. Pallavi

Designation :

Legal Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 26.09.2014

 

Names of Shareholders

No. of Shares

Avnet India Private Limited, India

250749

Naresh Ambelal Desai

1

Total

250750

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 26.09.2014

 

Category

Percentage

Bodies corporate

99.99

Directors or relatives of Directors

0.01

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Trading and Maintenance Service of Information Technology Products.

 

 

Products :

Not Divulged

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

Bank Name

HDFC Bank Limited

Branch

HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai-400013, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

  • The Saraswat Co-Operative Bank Limited Andheri Branch; Raja Market  Co-Operative Society, New Nagardas Road, Mumbai - 400069, Maharashtra, India
  • Thane Janata Sahakari Bank Limted Naik Wadi, Aarey Road, Goregaon, Mumbai - 400063, Maharashtra, India
  • The Hongkong And Shanghai Banking Branch Corporation Network Service Centre, Sudam Kalu  Ahire Marg; Worli, Mumbai - 400025, Maharashtra, India

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Short-term Borrowings

 

 

Intercorporate borrowings

226.094

226.094

Other loans and advances

1669.146

1211.227

Total

1895.240

1437.321

 

Auditors :

 

Name :

Walker Chandiok and Company. LLP

Chartered Accountants

Address :

16th Floor Tower II, India bulls Finance Centre, S. B. Marg, Elphinstone (West), Mumbai-400013, Maharashtra, India

PAN N Income-tax PAN of auditor or auditor's firm :

AAAFW4298E

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Ultimate Holding Company :
  • Avnet Inc., USA, United States

 

 

Holding Company :
  • Avnet India Private Limited, India

U31909KA1998PTC034391

 

 

Fellow subsidiary :

  • Avnet Asia Pte Limited, Singapore
  • Avnet Technology Hong Kong Limited, Hong Kong
  • Ascendant Software Technology India Private Limited, India

U72200TN2011FTC079244

 

 

Entity controlled by key management personnel :
  • Integrity Consultancy Private Limited

U74140WB2009PTC135857

 

 

CAPITAL STRUCTURE

 

As on 26.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity Shares

Rs.10/- each

Rs.5.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

250750

Equity Shares

Rs.10/- each

Rs.2.507 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

2.507

2.507

2.508

(b) Reserves & Surplus

(874.973)

(637.658)

(352.070)

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

(872.466)

(635.151)

(349.562)

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

8.203

9.948

1.342

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

4.454

4.831

3.181

Total Non-current Liabilities (3)

12.657

14.779

4.523

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

2310.893

1848.062

1411.571

(b) Trade payables

1808.220

2118.947

960.321

(c) Other current liabilities

332.139

239.393

154.604

(d) Short-term provisions

3.156

4.379

2.109

Total Current Liabilities (4)

4454.408

4210.781

2528.605

 

 

 

 

TOTAL

3594.599

3590.409

2183.566

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

48.014

56.049

18.848

(ii) Intangible Assets

0.026

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

505.326

384.330

275.270

(e) Other Non-current assets

0.004

0.004

0.128

Total Non-Current Assets

553.370

440.383

294.246

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

334.193

194.649

273.362

(c) Trade receivables

2629.238

2421.371

1588.114

(d) Cash and cash equivalents

2.747

4.511

11.096

(e) Short-term loans and advances

75.051

529.495

16.748

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

3041.229

3150.026

1889.320

 

 

 

 

TOTAL

3594.599

3590.409

2183.566

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

TOTAL INCOME

8730.722

7349.184

5201.888

 

 

 

 

 

Less

TOTAL EXPENSES

8969.783

7624.645

5452.534

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(239.061)

(275.461)

(250.646)

 

 

 

 

 

Less

TAX

(1.746)

10.126

10.731

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

(237.315)

(285.587)

(261.377)

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(946.42)

(1138.93)

(1042.38)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flow from operating activity

(369.925)

(1821.093)

37.827

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Total Income)

(%)

(2.72)

(3.89)

(5.02)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(6.65)

(7.67)

(11.48)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.27

0.43

0.72

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

(2.65)

(2.91)

(4.04)

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.68

0.75

0.75

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

2.508

2.507

2.507

Reserves & Surplus

(352.070)

(637.658)

(874.973)

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

(349.562)

(635.151)

(872.466)

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

1411.571

1848.062

2310.893

Total borrowings

1411.571

1848.062

2310.893

Debt/Equity ratio

(4.038)

(2.910)

(2.649)

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

5201.888

7349.184

8730.722

 

 

41.279

18.799

 

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

5201.888

7349.184

8730.722

Profit

(261.377)

(285.587)

(237.315)

 

(5.02%)

(3.89%)

(2.72%)

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

Yes

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

NOTE: Registered office of the company has been shifted from D/4131-39 Oberoi Gardenestati Off Saki Vihar Road Chandivli, Andheri (East), Mumbai – 400072, Maharashtra India to the present address w.e.f. 16.05.2012

 

 

BACKGROUND OF THE COMPANY

 

Avnet Technology Solutions (India) Private Limited was originally incorporated as Ontrack Solutions Private Limited on 21 June 1995. In 2008-09, the Company became a 100% subsidiary of Avnet India Private Limited and subsequently changed its name to Avnet Technology Solutions (India) Private Limited, effective 18 May 2009. The ultimate holding Company is Avnet Inc. USA.

 

The Company has its registered office in Mumbai. The Company is primarily engaged in the business of trading and providing maintenance service of information technology products.

 

 

OPERATIONS REVIEW

 

The Company has achieved a total income of Rs. 8730.722 Million for the year ended March 31, 2014 as against Rs. 7349.184 Million achieved during the previous year ended March 31, 2013. The Company incurred a Net loss of Rs. 237.315 Million for the year ended March 31, 2014 as against Net Loss of Rs. 285.587 Million for the previous year.

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Short Term Borrowings

 

 

Other loans and advances

415.653

410.741

Total

415.653

410.741

 

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

 

 

CONTINGENT LIABILITIES:

 

(Rs. in million)

PARTICULARS

31.03.2014

31.03.2013

Value added tax and central sales tax

167.552

0.576

Income tax

81.541

56.632

 

 

FIXED ASSETS

 

Tangible assets

 

  • Furniture and fixtures
  • Office equipment
  • Leasehold improvements

 

Intangible assets

 

  • Computer software

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.82

UK Pound

1

Rs.103.38

Euro

1

Rs.74.26

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SUJ

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

1

--PROFITABILITY

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.