MIRA INFORM REPORT

Report No. :	338136
Report Date :	26.08.2015

IDENTIFICATION DETAILS

Name :	KIRLOSKAR OIL ENGINES LIMITED (W.E.F. 02.06.2010)
Formerly Known As :	KIRLOSKAR ENGINES INDIA LIMITED
Registered Office :	Laxmanrao Kirloskar Road, Khadki, Pune – 411003, Maharashtra
Tel. No.:	91-20-25810341
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	12.01.2009
Com. Reg. No.:	11-133351
Capital Investment / Paid-up Capital :	Rs.289.200 Million
CIN No.: [Company Identification No.]	L29120PN2009PLC133351
IEC No.:	3109009463
TAN No.: [Tax Deduction & Collection Account No.]	NSKK00041G
PAN No.: [Permanent Account No.]	AADCK5714H
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufactures and distributes diesel engines, agricultural pump sets, and generating sets.
No. of Employees :	2435 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (84)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 38000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an established company incorporated during the year 2009. It has an excellent track record. For the financial year 2015, the company has registered decent operational activity marked by increasing top line growth along with decent sales turnover and achieved profitability margin of 5.5%. Further, the company has healthy financial risk profile backed by comfortable capital structure. It has decent networth position and no borrowings taken by the company. Trade relations are reported as fair. Business is active. Payment terms are regular and as per commitment. In view of strong financial risk profile, the company can be considered for business dealings at usual trade terms and conditions. Note: Kirloskar Brothers Investments Limited and Pneumatic Holdings Limited has been amalgamated with Kirloskar Oil Engines Limited on June 30, 2015.

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	CRISIL
Rating	Long term bank facilities = AA
Rating Explanation	High degree of safety and very low credit risk.
Date	October 13, 2014

Rating Agency Name	CRISIL
Rating	Short term bank facilities = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	October 13, 2014

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 DENIED

Management non-co-operative (91-20-25810341)

LOCATIONS

Registered Office :	Laxmanrao Kirloskar Road, Khadki, Pune – 411003, Maharashtra, India
Tel. No.:	91-20-25810341
Fax No.:	91-20-25813208
E-Mail :	smita.raichurkar@kirloskar.com ashutosh.deshpande@kirloskar.com ashutoshd@koel.co.in
Website :	www.koel.kirloskar.com
Factories :	NASIK A-11/1, MIDC, Ambad, Nashik – 422010, Maharashtra, India KAGAL Plant I Plot No. D-1, Kagal-Hatkanangale 5 Star Industrial Area, At post Talandage, Tal – Hatkanangale, District Kolhapur – 416202, Maharashtra, India Plant II Plot No. A / 262, Phase – I, Kagal-Hatkanangale 5 Star Industrial Area, At post – Talandage, Tal – Hatkanangale, District Kolhapur – 416202, Maharashtra, India Plant III Plot No. E -18, Opposite Soktas India Limited, Kagal- Hatkanangale 5 Star Industrial Area, District Kolhapur, Maharashtra, India Spares Parts - Plot No. A / 262, Phase – III, Kagal-Hatkanangale 5 Star Industrial Area, At post – Talandage, Tal – Hatkanangale, District Kolhapur – 416202, Maharashtra, India RAJKOT Engines Division - Plot No. 2315/16, 2330/31, GIDC, Lodhika Industrial Estate, D4 Almighty Gate Road, Village Metoda, Rajkot – 360035, Gujarat, India Spares Parts – Plot No. 2320/2/A, GIDC, Lodhika Industrial Estate, D4 Almighty Gate Road, Village Metoda, Rajkot – 360035, Gujarat, India

DIRECTORS

As on 31.03.2015

Name :	Mr. Atul C. Kirloskar
Designation :	Executive Chairman
Name :	Mr. Gautam A. Kulkarni
Designation :	Executive Vice Chairman
Name :	Mr.Nihal G. Kulkarni
Designation :	Managing Director
Name :	Mr. Rajendra R. Deshpande
Designation :	Joint Managing Director (redesignated w.e.f. 29 April 2015)
Name :	Mr. Rahul C. Kirloskar
Designation :	Directors
Name :	Mr. Pratap G. Pawar
Designation :	Directors
Name :	R. Srinivasan
Designation :	Directors
Name :	Dr. Naushad D. Forbes
Designation :	Directors
Name :	M. Lakshminarayan
Designation :	Directors
Name :	Mr. Mahesh R. Chhabria
Designation :	Directors
Name :	Gauri Kirloskar
Designation :	Directors
Name :	U.V. Rao
Designation :	Directors (upto 24 January 2015)
Name :	Mr. Pradeep R. Rathi
Designation :	Directors (w.e.f. 31 March 2015)

KEY EXECUTIVES

Name :	T. Vinodkumar
Designation :	Chief Financial Officer
Name :	Smita A. Raichurkar
Designation :	Assistant Company Secretary

SHAREHOLDING PATTERN

As on 30.06.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	19266963	13.32
Bodies Corporate	85895033	59.40
Sub Total	105161996	72.72
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	105161996	72.72
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1363307	0.94
Financial Institutions / Banks	3924644	2.71
Insurance Companies	3622876	2.51
Foreign Institutional Investors	14804860	10.24
Any Others (Specify)	952544	0.66
Others	952544	0.66
Sub Total	24668231	17.06
(2) Non-Institutions
Bodies Corporate	951107	0.66
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	11479197	7.94
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	2123517	1.47
Any Others (Specify)	229813	0.16
Clearing Members	13671	0.01
Non Resident Indians	216142	0.15
Sub Total	14783634	10.22
Total Public shareholding (B)	39451865	27.28
Total (A)+(B)	144613861	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	144613861	100.00

BUSINESS DETAILS

Line of Business :	Manufactures and distributes diesel engines, agricultural pump sets, and generating sets.
Products :	Diesel Engines Agricultural Pump Sets Generating Sets
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

2435 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Not Divulged
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

• Bank of Maharashtra
• HDFC Bank Limited
• ICICI Bank Limited
• The HSBC Limited

Auditors :
Name :	P. G. Bhagwat Chartered Accountant
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Kirloskar Brothers Investments Limited
Fellow Subsidiary Companies :	Kirloskar Pneumatic Company Limited Pneumatic Holdings Limited Kirloskar Road Railer Limited (Subsidiary of Kirloskar Pneumatic Company Limited )
Enterprises over which Key Management Personnel exercise control/significant Influence :	Achyut and Neeta Holdings and Finance Private Limited Expert Quality Cloud Information Technology Private Limited Kirloskar Integrated Technologies Limited Kloudworks Consulting Services Ltd Lakeland Universal Limited BVI Navsai Investments Private Limited Snow Leopard Momentum LLP
Enterprises over which relatives of Key Management Personnel exercise control/ significant influence :	Alpak Investments Private Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital:

No. of Shares	Type	Value	Amount
200,000,000	Equity Shares	Rs.2/- each	Rs.400.000 Million

Issued and Subscribed Share Capital:

No. of Shares	Type	Value	Amount
144,614,326	Equity Shares	Rs.2/- each	Rs.289.200 Million

Subscribed and Fully Paid-up Capital:

No. of Shares	Type	Value	Amount
144,613,861	Equity Shares	Rs.2/- each	Rs.289.200 Million
465	Share capital suspense account Equity Shares of Rs.2 each to be issued and allotted to shareholders of erstwhile Shivaji Works Ltd. on amalgamation according to scheme sanctioned by BIFR, are kept in abeyance as per the Scheme of Arrangement.		---
	Total		Rs.289.200 Million

Reconciliation of shares outstanding (excluding share capital suspense account) at the beginning and at the end of the Reporting period

Equity Shares	No. of Shares	Rs. in Millions
At the beginning of the period	144613861	289.200
Reduction if any during the period	-	-
Outstanding at the end of the period	144613861	289.200

Terms/Rights attached to the equity shares

The Company has only one class of equity shares having par value of ` 2/- each. Each equity shareholder is entitled to one vote per share and has a right to receive dividend as recommended by Board of Directors subject to the necessary approval from the shareholders.

The Board of Directors has recommended a dividend of 250% (` 5/- per share) for the financial year. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Shares held by holding/ultimate holding Company and/or their subsidiaries/associates

Holding Company as per Section 2 (46) of the Companies Act, 2013

Name of Shareholder	Number of Shares	% holding
Kirloskar Brothers Investments Limited
Equity shares of Rs.2 each	80388514	160.800
Equity share holding percentage		555.900

Number of Shares held by each shareholder holding more than 5% Shares in the company

Name of Shareholder	Number of Shares	% holding
Kirloskar Brothers Investments Limited	80388514	55.59
Nalanda India Fund Limited	10896124	7.53

Aggregate number of bonus shares issued, share issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date:

Hon’ble High Court of Judicature at Bombay vide its order dated 31 July 2009 read with its order dated 19 March 2010 had approved the Scheme of Arrangement between Kirloskar Oil Engines Limited (now known as Kirloskar Industries Limited – Demerged Company) and Kirloskar Engines India Limited [now known as Kirloskar Oil Engines Limited – Resulting Company (“Company”)] and their respective shareholders and creditors. The appointed date was 1 April 2009 and the Scheme has become effective from 31 March 2010. The Engines and Auto Components business of Demerged Company was transferred and vested with the Company i.e. Kirloskar Oil Engines Limited on the Scheme of Arrangement becoming effective retrospectively with effect from 1 April 2009.

14,56,29,750 Equity Shares of Rs.2 each were issued and allotted on April 30, 2010 (out of which 465 equity shares of Rs.2/- each were kept in abeyance) for consideration other than cash under the said Scheme becoming effective from 31 March 2010, sanctioned by the Hon’ble High Court of the Judicature of Bombay.

The Board of Directors in its meeting held on 25 January 2012, had approved a buyback of fully paid up equity shares of the Company by way of open market purchase through stock exchange route at a maximum price of ` 170/- per share and the cumulative buyback value not exceeding Rs.736.250 Million which represents 10% of total paid up capital and free reserves computed as per the latest available audited balance sheet as on 31 March 2011. The buyback commenced on 5 March 2012.

As per the terms of the Public Announcement dated 16 February 2012, the Corrigendum to the said Public Announcement dated 1 March 2012 and the Post Offer Public Advertisement dated 24 January 2013 issued in relation to the completion of buyback, the buyback was closed on 24 January 2013.

The Company has bought back and extinguished 1015424 equity shares of Rs.2/- each for Rs.156.700 Million, at an average price of Rs.1543.400 Million under the Buyback Scheme, up to 24 January 2013.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	289.200	289.200	289.200
(b) Reserves & Surplus	13125.200	12383.100	11253.300
(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)	13414.400	12672.300	11542.500
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	288.900	302.700	341.000
(c) Other long term liabilities	168.400	130.700	299.800
(d) long-term provisions	244.600	246.400	215.000
Total Non-current Liabilities (3)	701.900	679.800	855.800
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	3375.800	3406.100	2843.100
(c) Other current liabilities	659.400	733.400	1097.200
(d) Short-term provisions	1172.500	1018.200	1094.700
Total Current Liabilities (4)	5207.700	5157.700	5035.000
TOTAL	19324.000	18509.800	17433.300
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4766.100	5377.900	5860.500
(ii) Intangible Assets	369.900	52.200	54.300
(iii) Capital work-in-progress	56.200	195.500	136.200
(iv) Intangible assets under development	156.900	224.200	132.600
(b) Non-current Investments	52.500	100.000	100.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1084.000	956.600	663.100
(e) Other Non-current assets	319.800	290.400	257.800
Total Non-Current Assets	6805.400	7196.800	7204.500
(2) Current assets
(a) Current investments	8710.600	5977.100	4076.100
(b) Inventories	1716.000	1668.200	1885.400
(c) Trade receivables	526.200	1773.600	2886.600
(d) Cash and cash equivalents	252.600	524.300	247.800
(e) Short-term loans and advances	1002.300	1017.200	927.700
(f) Other current assets	310.900	352.600	205.200
Total Current Assets	12518.600	11313.000	10228.800
TOTAL	19324.000	18509.800	17433.300

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	25071.100	23192.400	23573.300
	Other Income	589.300	378.000	395.000
	TOTAL	25660.400	23570.400	23968.300
Less	EXPENSES
	Cost of Materials Consumed	12691.300	12557.900	13385.500
	Purchases of Stock-in-Trade	3629.200	1862.600	1323.900
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(63.500)	14.600	(250.900)
	Employees benefits expense	1884.000	1625.800	1543.800
	Expenses capitalised	(31.600)	(26.300)	(12.500)
	Exceptional Items	0.000	0.000	190.800
	Other expenses	4475.700	4115.300	4135.000
	TOTAL	22585.100	20149.900	20315.600
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	3075.300	3420.500	3652.700
Less	FINANCIAL EXPENSES	2.000	3.000	18.700
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	3073.300	3417.500	3634.000
Less/ Add	DEPRECIATION/ AMORTISATION	1019.000	983.100	925.500
	PROFIT/ (LOSS) BEFORE TAX	2054.300	2434.400	2708.500
Less	TAX	622.900	649.900	720.100
	PROFIT/ (LOSS) AFTER TAX	1431.400	1784.500	1988.400
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	4439.100	3679.100	2735.500
Add	Earlier year excess proposed dividend and dividend distribution tax	0.000	0.000	0.000
Less	APPROPRIATIONS
	Transfer to General Reserve	143.100	178.500	198.800
	Dividend (Including proposed dividend and dividend distribution tax)	870.300	846.000	846.000
	other appropriation	49.600	0.000	0.000
	Total	1063.000	1024.500	1044.800
	Balance Carried to the B/S	4807.500	4439.100	3679.100
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	2109.800	1983.500	1678.400
	Others	1.900	0.000	0.000
	TOTAL EARNINGS	2111.700	1983.500	1678.400
	IMPORTS
	Raw Materials (including components, goods in transit, material in bonded warehouse)	945.900	1304.400	1151.300
	Capital Goods	41.100	30.500	131.300
	TOTAL IMPORTS	987.000	1334.900	1282.600
	Earnings / (Loss) Per Share (Rs.)	9.90	12.34	13.72

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current maturities of long term debt	NA	NA	NA
Net Cash generated from operations	4171.400	4359.400	2951.000
Net cash flow from operating activities	3392.600	3380.100	2155.400

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	5.71	7.69	8.43
Operating Profit Margin (PBIDT/Sales)	(%)	12.27	14.75	15.50
Return on Total Assets (PBT/Total Assets}	(%)	10.78	13.53	15.87
Return on Investment (ROI) (PBT/Networth)		0.15	0.19	0.23
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.40	2.19	2.03

STOCK PRICES

Face Value	Rs.2.00/-
Market Value	Rs.280.95/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	289.200	289.200	289.200
Reserves & Surplus	11253.300	12383.100	13125.200
Share Application money pending allotment	0.000	0.000	0.000
Net worth	11542.500	12672.300	13414.400
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	23573.300	23192.400	25071.100
		(1.616)	8.100

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	23573.300	23192.400	25071.100
Profit	1988.400	1784.500	1431.400
	8.43%	7.69%	5.71%

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	No
11	Pan Card No. of Proprietor / Partners	No
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	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS:

HIGH COURT OF BOMBAY
Bench:- Bombay
Stamp No. :	CAWST/23132/2013	Filing Date:-	21.08.2013	Reg. No.:-	CAW/2838/2013	Reg. Date:-	21.11.2013
Main Matter
Stamp No. :	WPST/22875/2013			Reg. No.:-	WP/10449/2013
Petitioner:-	MEERA AND CO. LIMITED		Respondent:-	KIRLOSKAR OIL ENGINES LIMITED
Petn. Adv:-	NEGANDHI, SHAH AND HIMAYATULLAI		Resp. Adv.:
District:-	PUNE
Bench:-	SINGLE
Status:-	Pre-Admission		Stage:-	FOR ADMISSION – AFTER NOTICE (CIVIL SIDE MATTERS)
Next Date:-	19.10.2015
Next Coram:	HON’BLE SHRI JUSTICE M.S.SONAK		Stage:-	FOR ORDERS (CIVIL SIDE MATTERS)
Last Date:-	13.06.2014
Last Coram:	HON’BLE SMT. JUSTICE R.P. SONDURBALDOTA

CONTINGENT LIABILITIES NOT PROVIDED FOR:

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
a. Disputed Central Excise Demands	51.500	45.800
b. Disputed Sales Tax and Octroi Demands	84.900	62.100
c. Disputed Customs Duty Demands	30.100	8.600
d. Disputed Income Tax Liability – matter under appeal	120.300	104.200
e. Claims against Company not acknowledged as debts	862.300	836.800
f. Bills discounted not matured	1012.400	378.400
Total

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10227030	12/09/2014 *	4,100,000,000.00	STATE BANK OF INDIA	TARA CHAMBERS, WAKDEWADI,, OLD MUMBAI-PUNE ROAD,  PUNE, MAHARASHTRA - 411003, INDIA	C24680142

* Date of charge modification

FINANCIAL PERFORMANCE

Despite the challenging macro economic environment, the net revenue from operations of the Company witnessed an increase of 8% and rose from Rs. 2319.000 Million in the previous fiscal to Rs. 25070.000 Million. Profit from operations (before exceptional items) was Rs. 2050.000 Million as against Rs. 243 crores in the previous year. The Profit After Tax was Rs. 143 crores as against Rs. 178.000 Million in the previous year.

AWARDS, RECOGNITIONS AND CERTIFICATIONS

The Company’s thrust towards excellence continued unabated. Some of the recognitions received for their

relentless efforts of quality delivery and operational excellence included :

• The Engineering Export Promotion Council (EEPC) conferred the ‘Star Performance Award’ to the Company for the sixth consecutive year. The award was presented by Smt. Anandiben Patel, Hon’ble Chief Minister of Gujarat.

• The Company’s Agri Crop Irrigation Business has been awarded for ‘Integrated Rural Marketing Campaign’ for its Jack Trout campaign across India. This award was presented in Rural Marketing Forum organized by Asia Retail Congress held at Mumbai.

• The Company’s Agri Farm Mechanisation Business has been awarded for ‘Innovation ideas for Rural Developement’ for Mega T (Power Tiller). This award was presented in Rural Marketing Forum organized by Asia Retail Congress held at Mumbai. Mega T (Power Tiller) also bagged Golden Award for its excellent graphics at SGIA Golden Image competition held at Las Vegas and “Breakthrough Product Innovation” in R&D category by AIMA Innovation Practitioners Summit 2015-Delhi.

• Pragati, Akshay and Yantra Quality Circle won “Par Excellent Award” at NCQC National Level and also bagged Gold Award at QCFI PUNE Chapter in Quality Circle and allied concept Competition.

COMPOSITE SCHEME OF ARRANGEMENT AND AMALGAMATION

The Board of Directors, based on recommendation of the Audit Committee, in its meeting held on 2 September 2014, had approved the Composite Scheme of Arrangement and Amalgamation between Kirloskar Brothers Investments Limited (KBIL - Transferor Company), Pneumatic Holdings Limited (PHL - Resulting Company) and Kirloskar Oil Engines Limited (KOEL - Transferee Company) and their respective shareholders and creditors under Section 391 to 394 and other relevant Sections of the Companies Act, 1956, and relevant Sections of the Companies Act, 2013, to the extent applicable. The Scheme was approved by public shareholders of the Company through Postal Ballot on 17 February 2015 pursuant to circulars of SEBI issued in this behalf and by the equity shareholders of the Company by the Court convened meeting held on 18 February 2015.The petition in this matter for seeking sanction of the Scheme has been filed before the Hon’ble Bombay High Court bearing CSP No. 161 of 2015. The hearing on said petition held concluded on 30 April 2015 and an order of the Hon’ble Bombay High Court is awaited till date.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMY AND MARKETS

Global growth in 2014 was lower than initially envisaged, continuing a pattern of disappointing out turns over the past several years. Growth picked up only marginally in 2014, to 2.6 percent, from 2.5 percent in 2013. Beneath these headline numbers, increasingly divergent trends are at work in major economies. While activity in the United States and the United Kingdom has gathered momentum as labour markets settle and monetary policy remains extremely accommodative, the recovery has been sputtering in the Europe Area and Japan as legacies of the financial crisis linger, intertwined with structural bottlenecks. China, meanwhile, is undergoing a carefully managed slowdown. Disappointing growth in other developing countries in 2014 reflected weak external demand, but also domestic policy tightening, political uncertainties and supply-side constraints.

Several major forces are driving the global outlook: soft commodity prices; persistently low interest rates but increasingly divergent monetary policies across major economies and weak world trade. In particular, the sharp decline in oil prices since mid-2014 will support global activity and help offset some of the headwinds to growth in oil-importing developing economies. However, it will dampen growth prospects for oil-exporting countries, with significant regional repercussions.

The slowdown in global trade has been driven by both cyclical factors, notably persistently weak import demand in high-income countries, and structural factors, including the changing relationship between trade and income. Specifically, world trade has become less responsive to changes in global income because of slower expansions of global supply chains and a shift in demand toward less import-intensive items.

2014-15 has been an eventful year for India. The BJP Government, had a landslide victory in May 2014 and with it came huge expectations for economic revival in the country. The ‘Make in India’ campaign was management discussion and analysis launched by the Central Government in October 2014 aimed at developing India as the manufacturing hub of the world. The campaign emphasised the importance of low cost manufacturing in India along with technology expertise is 25 large scale industries. While the business and investment sentiment has largely been positive and there are signs that point to a recovery in the making, no breakthrough momentum has been achieved as yet.

The GDP growth in 2014-15 is estimated at 7.4% as compared to the growth rate of 6.9% in the previous year.

Kirloskar Oil Engines Limited (KOEL) has been one of the pioneers of the ‘Made in India’ concept since independence. The Company has developed indigenous engines which are renowned in the agriculture, power generation and industrial off highway equipment segments. The Company’s engineering capabilities are backed by a strong R&D centre which works towards bringing innovative product offerings to the customer at competitive prices. The Company has developed a niche for itself in the markets it operates by launching new farm mechanization products and highly efficient diesel generator sets in India. Going beyond India, these solutions have reached the markets of Middle East, Africa, Europe, South Asia and the Americas, making the ‘Make in India’ campaign a reality.

INDUSTRY AND COMPANY OVERVIEW

POWER GENERATION BUSINESS

BUSINESS OVERVIEW

A contraction across all end-user/customer segments in terms of both volume and value, except the telecom sector, was witnessed in the DG sets market during Financial Year 2014-15. Real estate (both residential and commercial), Government (DGS&D, Railways and Defense) were the worst affected end-user segments. High interest rates have created a situation of deferred purchase decisions in the medium and high segments.

The power generation business of your Company successfully managed a smooth transition of CPCB-I to CPCB-II emission norms with zero inventory of CPCB–I engines and components.

In order to remain relevant and youthful and keeping with the overall transformation agenda, the business launched its much awaited new brand identity – KOEL Green. The revamped brand identity – ‘Efficiency Integrated’ reiterates the promise of enhanced efficiency on various business parameters together with proven reliability to its customers. A new range of petrol and diesel portable gensets in the 2-5 kVA segment was launched by the business. Financial Year 2014-15 also witnessed consolidation of the Kirloskar Generator Technologies (KGT) business which included Alternator and Battery sales.

After witnessing a market contraction of almost 20% in Financial Year 2013-14, the overall DG set market for Financial Year 2014-15 has been estimated at 100,700 units as compared to 101,550 units in Financial Year 2013-14 (an overall drop of ~ 0.8 percent ). On value basis, Financial Year 2014-15 is estimated at Rs. 5600 crores, a growth of approximately 10% Year on Year resulting primarily from the CPCBII enforced price increase. Under these trying circumstances, your Company continued to maintain market leadership. Your Company gained 0.5% market share by volume, and approximately 2% in value as compared to the previous Financial Year. On a Year on Year basis, the Power Generation business grew by 34% in value terms (including KGT). The

Company’s revenue from the Power Generation business stood at Rs. 9973.000 Million of which Rs. 2231.000 Million represented revenue from KGT sales. The success can be attributed to:

• Successful transition of CPCB-I to CPCB-II emission norms. New emission products are featured with best-in-class fuel efficiency, lower running costs, high reliability and durability

• Market improvement efforts through enhancement of product features in new emission norm regime, launch of new variants of the products and optimization and automation of existing system and processes to enhance the speed of operations

• Improved Customer engagement and centralized customer CARE centre

• Revamping of the entire supply chain management system and institutionalization of best in class processes

• The national roll-out of Project Pulse (Siebel CRM) was completed and the system is live at 500+ channel partner locations. The system has given KOEL a visibility and control on the secondary sales and customer relationship transactions New Product Development and launches

• 750 kVA engine launched

• KOEL Chotta Chilli portable genset range Launched

FUTURE OUTLOOK

Financial Year 2015-16 is expected to see an overall industrial revival. Infrastructure projects which were delayed due to recessionary issues and green clearances are expected to take off. The governments focus on infrastructure, construction, and mining sector should boost demand on the basis of a forecasted 7% GDP growth. Growth of 4G telecom is expected to enhance DG power demand. Declining inflation will have a positive impact on industrial recovery via increased consumption demand. Although both domestic and external demand is likely to provide support to the industrial recovery, major support will come from domestic demand. A number of announcements made in the recent budget to address the structural issues plaguing industrial and infrastructure sector are expected to gather pace in Financial Year 2015-16 besides a few more being announced during the year. Also, the government’s focus on ‘Make in India’ and improving the “ease of doing business”, will aid the manufacturing/industrial growth. These factors are expected to translate into an increased demand from manufacturing and process end user segment during the next fiscal year. We expect Power Generation industry to grow by 8-10% in the current Financial Year.

B. AGRICULTURE AND ALLIED BUSINESSES

BUSINESS OVERVIEW

The Agriculture and Allied business segment of the Company primarily focused on Diesel Engine pump sets. The business also supplied engines for other related applications. With improvement in rural electrification, the diesel pump set industry has been witnessing a steady decline over the last few years and in the last fiscal, shrunk by approximately 15%. There has been a steady shift from diesel engine driven pump sets to electrical pump sets and solar powered water pump sets.

The Agriculture and Allied business segment underwent a strategic transition through Financial Year 2014-15. To bring in sharper focus that caters to the diversified farming needs, the business is now divided in two units :

• Agriculture- Crop Irrigation Business

• Agriculture- Farm Mechanisation Business

FUTURE OUTLOOK

The Agriculture business has an inherent risk of climate dependency. While this risk cannot be eliminated, the Company is taking several steps to minimize the impact of this risk. Some of these include :

• Diversification of product portfolio with enhanced focus in the Farm mechanization space

• Moving the entire supply chain to consumption based pull system, where inventory levels remain dynamic thereby reducing risk of inventory pile up

• Maximizing utilisation of the extensive and deep distribution channel that has been established

In the Farm Mechanisation business, the focus will be to stabilize production and establish the Mega T globally and continue their focus on new product development to provide optimum mechanization solutions in the Farm Mechanisation space.

C. INDUSTRIAL ENGINES BUSINESS

BUSINESS OVERVIEW

The Industrial business revenues were directly impacted by the market slowdown. The Company, however, has managed to counter the free fall to some extent and though there has been a Year on Year decline of 5%, this is lower than the industry decline of 16%. KOEL retained all the customers as well as application segments.

As a result of the overall market shrinkage in the last three years there has been pressure on fixed costs and margins which the Company has been trying to overcome through profit improvement projects and operational effectiveness measures. The Company’s revenue from the industrial engines business stood at Rs.3303.000 Million for the current fiscal as compared to Rs. 3463.000 Million in Financial Year 2013-14.

FUTURE OUTLOOK

With the Government’s commitment to focus on infrastructure, construction and off highway business, the Industrial Business is expected to show an improvement in coming quarters especially in construction and earth moving equipment. Infrastructure projects which were delayed due to recessionary issues and green clearances are expected to pick up in H1 of Financial Year 2015-16. In addition, mining equipment market is expected to pick up as regulatory uncertainties are likely to be resolved. The business will continue to focus on developing new applications, maintaining minimum inventory levels with OEMs, effectively using the centralized customer CARE Centre and further improving its working capital cycle.

D. CUSTOMER SUPPORT

BUSINESS OVERVIEW

Despite lower power deficit and lesser economic activity across the industry, the customer support business of the Company remains committed to improve its high service standards through initiatives like:

• On line monitoring of Maximum Time to Repair (MTTR) at dealer level

• Timely escalation for delayed service

• Introduction of service outlets in unrepresented areas

• Improved spare parts availability

• Implementation of service and product satisfaction index

• Training of service engineers for capability enhancement

The Company’s commitment to provide quality service to all its customers continued with further expansion of service channel networks. Today, the Company has a service outlet within 80 kms radius, in any location, across the country. As a result of this formidable network, the Company’s ability to provide prompt, reliable and efficient service to all its customers is a benchmark for the industry. The business also implemented a customer satisfaction measurement system, centralized customer CARE Centre and centralized operating service dealer management system.

The customer support team undertook several customer reach initiatives which gave substantial growth in the sale of overhauling kits and consumables, focusing on specific customer segments.

FUTURE OUTLOOK

The growth in this business segment is to a large extent dependent on the growth in Power generation and Industrial business. That having said, outlook of the Customer Support business looks promising both in the short and long term due to higher forecasted GDP and the government’s focus on infrastructure, construction and mining sectors.

E. INTERNATIONAL BUSINESS

BUSINESS OVERVIEW

Revenue from exports in Financial Year 2014-15 was Rs.2060.000 Million as against Rs.1970.000 Million in the previous fiscal, thus registering a growth of 4.6% in a challenging macroeconomic environment. Industrial business in export markets has shown a significant growth of 56% during the year, while agricultural business and power generation business marginally declined. International business contributed 8.3% of KOELs total revenues in Financial Year 2014-15.

Middle-east and Africa continues to be the largest geographies for the Company, accounting for a significant portion of export revenues. Competition from multinational companies has intensified in export markets while the company faces severe price competition from Chinese and other domestic players in the agriculture export segment. Currently the company exports its products to over 40 countries including the USA, Europe, Middle East, Africa and South Asia/South East Asia through a network of three regional offices in UAE, South Africa and Kenya and channel partners and OEM customers.

Through close monitoring in various markets and course corrections where required, efforts were made to align actions with market expectations, resulting in sustaining growth. In Financial Year 2014-15 the Company carried out expansion of the power generation product range in existing markets and has pursued emission certification to advanced emission regulation norms for entry to the American and European markets in Financial Year 2016 and Financial Year 2017.

Some of the highlights in the International Business for the Financial Year 2014-15 include:

• Exports to markets like South Africa, Nigeria, Kuwait, Indonesia, Kenya, UAE, Zambia, Sri Lanka, Nepal and the USA has grown over 20% in the Financial Year 2014-15 over the previous year

• Achieved a big breakthrough in the Telecom segment in South Africa with MTN, the leading telecom utility, ordering 40 kVA DG sets

• The company’s business in mining repowering segment in South Africa grew by over 56% in the current fiscal over the previous year

• Achieved a breakthrough in FMUL firefighting engines in France and the non- FMUL segment in Bangladesh

• Entry into the Israel market with OEM partner for truck-mounted concrete mixers, and institutional Agri business segments in Nepal, Bangladesh and Angola

• Made an entry into the Australian market with a new channel partner

FUTURE OUTLOOK

The focus in Financial Year 2015-16 will be to increase market shares through penetration in the existing markets and also increase the market spread by entering new markets in Africa, South East Asia and America. Although USA is one of the largest genset markets in the world, KOEL’s presence has been negligible. With a view to bring in greater focus and establish our products in this market, we are in the process of incorporating a Company in USA, operations of which will begin in Financial Year 2015-16. Specific engines have been identified for EPA certification, thus making them eligible for sale in USA.

F. LARGE ENGINES BUSINESSES

BUSINESS OVERVIEW

During the year, Large Engines business successfully completed execution of the balance DG sets order from Nuclear Power Corporation of India Limited (NPCIL). Five DG sets were manufactured and dispatched to NPCIL in Financial Year 2014-15. With this, the entire order of 16 DG sets of 4.2 MW each was completed well within planned delivery schedules. The timely delivery of all sets was highly appreciated by NPCIL.

The license agreement with MAN (erstwhile SEMT Pielstick) expired on 30 July 2014. Consequent to the expiry of the MAN agreement, your Company has signed a Memorandum of Understanding (MOU) with MTU (a subsidiary of Rolls Royce) for the supply of MTU engines to cater to future requirements from NPCIL. The engines will be manufactured and supplied by MTU in Germany and KOEL will integrate the DG set for assembly and testing at the Nashik plant. The business successfully commissioned its fourth ship set of naval OPV class in Goa and its first ship set of ASW Corvette class at Kolkata.

FUTURE OUTLOOK

The Large Engines business will continue to drive its growth in the stationary power plants, Defence and marine power and propulsion segments. With the MTU MOU in place, your Company remains geared and capable to take on all future NPCIL orders. The Nashik plant will continue to be the main manufacturing and assembly hub for the business especially with all Defence and marine engines and DG sets assembly operating out of the plant.

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED ON 30.06.2015

(RS. IN MILLION)

		Particulars	Quarter Ended
			30.06.2015 (Unaudited)
1	Income from Operations
	a) Net Sales/Income from Operations (net of excise duty)		5771.600
	b) Other Operating Income		43.400
	Total Income from Operations (Net)		5815.000
2	Expenses
	a)	Cost of Materials consumed	3446.300
	b)	Purchase of stock in-trade	329.900
	c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	(44.600)
	d)	Employee benefit expenses	474.600
	e)	Depreciation and amortization expense	260.900
	f)	Other expenses	1081.900
	Total Expenses		5550.400
3		Profit /(Loss) from operations before other income, finance costs and exceptional items (1-2)	264.600
4	Other Income		191.300
5		Profit /(Loss) from ordinary activities before finance costs and exceptional items (3+4)	455.900
6	Finance Costs		0.300
7		Profit /(Loss) from ordinary activities after finance costs but before exceptional items (5-6)	455.600
8	Exceptional Items		--
9	Profit /(Loss) from ordinary activities before tax		455.600
10	Tax Expense		96.700
11	Net Profit /(Loss) from ordinary activities after tax (9-10)		358.900
12	Extraordinary items (net of tax expense)		--
13	Net Profit /(Loss) for the period (11-12)		358.900
14	Paid up equity share capital (Eq. shares of Rs.10/- each)		289.200
15	Reserve excluding revaluation reserves		--
16		Earnings per share (before/after extraordinary items) of Rs.10/- each
		Basic	2.48
		Diluted	2.48
A		PARTICULARS OF SHAREHOLDING
1		Public Shareholding
		- No. of Shares	39451865
		- Percentage of Shareholding	27.28
2		Promoters and promoter group shareholding
		a) Pledged/Encumbered
		- Number of shares	--
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	--
		- Percentage of shares (as a % of the total share capital of the Company)	--
		b) Non- encumbered
		- Number of shares	105161996
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	100.00
		- Percentage of shares (as a % of the total share capital of the Company)	72.72

	Particulars		Quarter ended 30.06.2015
B		Investor Complaints
		Pending at the beginning of the quarter	Nil
		Received during the quarter	2
		Disposed during the quarter	2
		Remaining unresolved at the end of the quarter	Nil

FIXED ASSETS

Tangible Assets

• Land
• Freehold Land
• Leasehold Buildings
• Plant and Equipment
• Furniture and Fixture
• Vehicles
• Aircraft
• Office Equipment
• Computers
• Electrical Installation

Intangible Assets

• Computer Software
• Drawings and Designs
• Technical Knowhow- Acquired
• Technical Knowhow- Internally generated

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.66.71
UK Pound	1	Rs.105.10
Euro	1	Rs.77.11

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	TRS
Report Prepared by :	PNM / SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	10
OPERATING SCALE	1~10	10
FINANCIAL CONDITION		--
--BUSINESS SCALE	1~10	9
--PROFITABILITY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	10
--CREDIT LINES	1~10	10
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		84

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.