MIRA INFORM REPORT

 

 

Report No. :

353112

Report Date :

04.12.2015

 

IDENTIFICATION DETAILS

 

Name :

INDUS SYSTEMS AND SERVICES PRIVATE LIMITED

 

 

Registered Office :

Unit No. 11B, 1st Floor, Vasudev Chamber, Mogra Village, Old Nagardas Road, Andheri (East), Mumbai – 400069, Maharashtra

Tel No.:

91-22-40476565

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

24.04.1998

 

 

Com. Reg. No.:

11-114628

 

 

Capital Investment / Paid-up Capital :

Rs.3.520 Million

 

 

CIN No.:

[Company Identification No.]

U72100MH1998PTC114628

 

 

IEC No.:

Not Divulged 

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMI05802G

 

 

PAN No.:

[Permanent Account No.]

AAACI4699C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trading and Maintenance of Computers. (Registered Activity)

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (46)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 82000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated in the year 1998 having satisfactory track record.

 

As per financial of the year 2015, the company possesses decent operational performance with fair profit margin.

 

Further, rating also considers company's acceptable financial risk profile supported by its adequate networth base and low debt balance sheet of the company.

 

Trade relations are reported as fair. Business is active. Payments are reported to be usually correct.

 

In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31, 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 31-03-2015.

 

 

INFORMATION DECLINED

 

MANAGEMENT NON CO-OPERATIVE (91-22-29262426)

 

 

LOCATIONS

 

Registered Office :

Unit No. 11B, 1st Floor, Vasudev Chamber, Mogra Village, Old Nagardas Road, Andheri (East), Mumbai – 400069, Maharashtra, India

Tel. No.:

91-22-40476565

Mobile No.:

91-9819700131 (Mr. Dhiren Pravinkumar Pancholi)

Fax No.:

91-22-26743255

E-Mail :

dpancholi@indussystem.com

Website :

www.indussystem.com

Area :

600 Sq. Ft.

Location :

Rented

 

 

Corporate Office:

121, Kuber Complex, 1st Floor, New Andheri Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Mr. Dhiren Pravinkumar Pancholi

Designation :

Director

Address :

A-201, Skyway Building, Shast Nagar, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

15.08.1959

Qualification :

B.Sc, Diploma in Computer Science

Date of Appointment :

24.04.1998

DIN No.:

00517317

 

 

Name :

Mr. Ashok Purshottam Sukhija

Designation :

Director

Address :

603, Sheffield Towers, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

08.10.1958

Qualification :

B.Sc, Diploma in Computer Science

Date of Appointment :

24.04.1998

DIN No.:

00517327

 

 

Name :

Mrs. Jagruti Dhiren Pancholi

Designation :

Director

Address :

A-201, Skyway Building, Shast Nagar, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

16.07.1965

Date of Appointment :

01.09.2011

DIN No.:

00517324

 

 

Name :

Mr. Kajal Ashok Sukhija

Designation :

Director

Address :

603, Sheffield Towers, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

28.11.1965

Date of Appointment :

01.09.2011

DIN No.:

00517331

 

 

MAJOR SHAREHOLDERS

 

AS ON 31.03.2015

 

Names of Shareholders

 

No. of Shares

% of Holding

Ashok Purshottam Sukhija

169846

48.25

Dhiren Pravinkumar Pancholi

169846

48.25

Jagruti Dhiren Pancholi

6154

1.75

Kajal Ashok Sukhija

6154

1.75

 

 

 

Total

352000

100.00

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

 

Directors or relatives of Directors

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Trading and Maintenance of Computers. (Registered Activity)

 

 

Products :

Computers

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

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 :

Banker Name

Axis Bank Limited

Branch Address

Ground Floor, Axis House, Bombay Dyeing Mills Compound, P B Marg, Worli, Mumbai, 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

 

 

Facilities :

(Rs. In Million)

 

SECURED LOAN

As on

31.03.2015

As on

31.03.2014

LONG TERM BORROWING

 

 

Car Loan A/C

(secured by Car No.MH 02 DJ 8950)

0.501

0.000

Car Loan A/C

(secured by Car No.MH 02 DJ 8951)

0.500

0.000

Edelweiss Retail Finance Limited

(secured by office premises at Vasudev Chabmers)

14.625

0.000

SHORT TERM BORROWING

 

 

Loans repayable on demand

 

 

From Bank of India

(secured by Book Debts & Residential flats of 2 Directors)

0.000

8.832

Axis Bank

(secured by Book Debts & Residential flats of 2 Directors)

27.833

0.000

Car Loan A/C

(secured by Car No.MH 02 DJ 8950)

0.413

0.000

Car Loan A/C

(secured by Car No.MH 02 DJ 8951)

0.413

0.000

Edelweiss Retail Finance Limited

(secured by office premises at Vasudev Chabmers)

0.372

0.000

Total

44.657

8.832

 

Banking Relations :

 

 

 

Financial details:

Edelweiss Retail Finance Limited, 2A and 2B, Savitri Tower, 3A, Dr. Martin Luther King, Sarani, (Formerly Upper Wood Street), Kolkata -700017, West Bengal, India

 

 

Auditors :

 

Name :

Gandhi Jain and Associates

Chartered Accountants

Address :

9/5, Manish Darshan, J. B. Nagar, Andheri (East), Mumbai – 400059, Maharashtra, India

Tel. No.:

91-22-28270129 / 28207327

E-Mail :

kmjca@yahoo.co.in

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

AACFG7024Q

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

---

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

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

 

 

 

 

352000

Equity Shares

Rs.10/- each

Rs.3.520 Million

 

 

 

 

 

 

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

3.520

3.520

3.520

(b) Reserves & Surplus

25.315

20.080

17.069

(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)

28.835

23.600

20.589

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

15.626

0.000

0.000

(b) Deferred tax liabilities (Net)

0.188

0.048

0.122

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

15.814

0.048

0.122

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

29.031

8.832

9.082

(b) Trade payables

78.843

43.098

52.861

(c) Other current liabilities

0.000

0.694

0.874

(d) Short-term provisions

2.845

2.732

1.973

Total Current Liabilities (4)

110.719

55.356

64.790

 

 

 

 

TOTAL

155.368

79.004

85.501

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

27.252

0.898

1.258

(ii) Intangible Assets

0.000

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

0.025

0.025

0.025

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

1.259

1.155

0.775

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

28.536

2.078

2.058

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

1.352

0.429

0.407

(b) Inventories

4.055

5.794

8.988

(c) Trade receivables

105.672

66.620

71.335

(d) Cash and cash equivalents

11.102

1.087

0.074

(e) Short-term loans and advances

0.000

0.000

0.000

(f) Other current assets

4.651

2.996

2.639

Total Current Assets

126.832

76.926

83.443

 

 

 

 

TOTAL

155.368

79.004

85.501

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

267.815

250.349

NA

 

Other Income

0.637

0.811

NA

 

TOTAL (A)

268.452

251.160

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

Cost of Materials Consumed

234.526

227.701

 

 

Employees benefits expense

16.045

12.926

 

 

Other administrative expenses

6.840

4.172

 

 

TOTAL (B)

257.411

244.799

NA

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

11.041

6.361

 

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

2.965

1.126

 

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

8.076

5.235

 

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

0.500

0.872

 

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

7.576

4.363

NA

 

 

 

 

 

Less

TAX (H)

2.341

1.352

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

5.235

3.011

4.100

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

20.079

17.068

12.968

 

 

 

 

 

 

Balance Carried to the B/S

25.314

20.079

17.068

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

15.00

9.00

NA

 

 

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

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

NA

NA

NA

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

1.95

1.20

NA

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

4.12

2.54

NA

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

4.88

5.52

NA

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.26

0.18

NA

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.55

0.37

0.44

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.15

1.39

1.29

 

 

 

 

 

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

3.520

3.520

3.520

Reserves & Surplus

17.069

20.080

25.315

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

20.589

23.600

28.835

 

 

 

 

long-term borrowings

0.000

0.000

15.626

Short term borrowings

9.082

8.832

29.031

Total borrowings

9.082

8.832

44.657

Debt/Equity ratio

0.441

0.374

1.549

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

Sales

250.349

267.815

 

 

6.977

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

Sales

250.349

267.815

Profit

3.011

5.235

 

1.20%

1.95%

 

 

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

Yes

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

No

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

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10553541

28/02/2015

15,000,000.00

EDELWEISS RETAIL FINANCE LIMITED

2A & 2B, SAVITRI TOWER, 3A, DR. MARTIN LUTHER KING
, SARANI, (FORMERLY UPPER WOOD STREET), KOLKATA,
WEST BENGAL - 700017, INDIA

C45841905

2

10491233

23/04/2014

30,000,000.00

AXIS BANK LIMITED

GROUND FLOOR, AXIS HOUSE,, BOMBAY DYEING MILLS CO
MPOUND, P B MARG, WORLI, MUMBAI, MAHARASHTRA - 400
025, INDIA

C04040994

 

FIXED ASSETS

 

Tangible Assets

 

 

Intangible Assets

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

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

 

1]         INFORMATION ON DESIGNATED PARTY

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

 

2]         Court Declaration :

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

 

3]         Asset Declaration :

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

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         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.66.75

UK Pound

1

Rs.99.61

Euro

1

Rs.70.67

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

HNA

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

46

 

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

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NB

                                       New Business

 

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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.