MIRA INFORM REPORT

Report No. :	305319
Report Date :	02.02.2015

IDENTIFICATION DETAILS

Name :	BHARAT DYNAMICS LIMITED
Formerly Known As :	BHARAT DYNAMICS PRIVATE LIMITED
Registered Office :	Kanchanbagh Post, Hyderabad – 500 058, Telangana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.07.1970
Com. Reg. No.:	36-001353
Capital Investment / Paid-up Capital :	Rs.1150.000 Millions
CIN No.: [Company Identification No.]	U24292TG1970GOI001353
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	HYDB02024B
PAN No.: [Permanent Account No.]	AAACB7880N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the design and manufacture of underwater guided weapon systems, air-to-air missiles and associated equipment for the defense sector.
No. of Employees :	3081 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (67)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 3700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a Government of India Company. It is a well-established and a reputed company having fine track record. Financial position of the company is sound. Fundamentals of the company are strong and healthy. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for business dealings at usual trade 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	Short term Rating (A1+)
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	January 30, 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 31-03-2014.

INFORMATION DECLINED

Management non co-operative (91-40-24340284)

LOCATIONS

Registered Office/ Corporate Office:	Kanchanbagh Post, Hyderabad – 500 058, Andhra Pradesh, India
Tel. No.:	91-40-24587466, 24587777 Marketing and Business Development: 91-40-24340712 Personnel and Administration: 91-40-24340261 Recruitment: 91-40-24587026 Commercial: 91-40-24347022 Finance: 91-40-24340284 Vigilance: 91-40-24340117 Public Relations: 91-40-24587054 RTI / CPIO: 91-40-24587015
Fax No.:	91-40-24340464
E-Mail :	Marketing and Business Development: bdbdl@ap.nic.in Personnel and Administration: edpna.bdl@nic.in Recruitment: bdlpersonnel@ap.nic.in Commercial: bdlcorpcomm@ap.nic.in Finance: dfbdl@ap.nic.in Vigilance: cvobdl@ap.nic.in Public Relations: bdbdl@ap.nic.in RTI / CPIO: edpna.bdl@nic.in
Website :	http://bdl.ap.nic.in
Bhanur Unit :	Bhanur, Patancheru Mandal, Medak District – 502 305, Andhra Pradesh, India
Tel. No.:	91-40-23469100
Fax No.:	91-40-23469552
E-Mail :	bdlbgpa@ap.nic.in
Vizag Unit :	3^rd Floor Admin Building, NSTL, NAD Cross Roads, Visakhapatnam – 530 027, Andhra Pradesh, India
Tel. No.:	91-891-2726742
Fax No.:	91-891-2586398
E-Mail :	bdlvizag@ap.nic.in
Liaison Office (New Delhi) :	Room No.84, Block No: ‘L’, Ministry of Defence, Church Road, New Delhi – 110 001, India
Tel. No.:	91-11-23093374, 23093268
Fax No.:	91-11-23094366
E-Mail :	bdllo@ap.nic.in

SOLE PROPRIETOR/PARTNERS/DIRECTORS

As on

Name :

Mr. Raj Ganesh Viswanathan

Designation :

Nominee Director

Address :

H No.763, Makhan Singh Block, Asiad Games, Village Complex, New Delhi – 110 049, India

Date of Birth/Age :

14.04.1964

Qualification :

M. Sc., M. Tech

Date of Appointment :

15.06.2011

DIN No.:

03558616

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	U74899DL1995PTC074334	BRAHMOS AEROSPACE PRIVATE LIMITED	Director	13/06/2011	13/06/2011	-	Active	NO
2	U24292TG1970GOI001353	BHARAT DYNAMICS LIMITED	Nominee director	15/06/2011	15/06/2011	-	Active	NO

Name :

Mr. Udaya Bhaskar Varanasi

Designation :

Whole Time Director

Address :

D-4, BDL Township, Bhanur Village and Post, Medak District, Hyderabad – 502 305, Andhra, Pradesh, India

Date of Birth/Age :

08.02.1959

Date of Appointment :

01.08.2013

DIN No.:

06669311

Name :

Mr. Anand Kumar Kapoor

Designation :

Director

Address :

A-134, 1^st Floor, Saraswati Vihar, New Delhi – 110 034, India

Date of Birth/Age :

07.01.1948

Qualification :

B. Tech, M. Tech.

Date of Appointment :

16.02.2012

DIN No.:

05243524

Name :

Mr. Raj Ganesh Viswanathan

Designation :

Nominee Director

Address :

H No.763, Makhan Singh Block, Asiad Games, Village Complex, New Delhi – 110 049, India

Date of Birth/Age :

14.04.1964

Qualification :

M. Sc., M. Tech

Date of Appointment :

15.06.2011

DIN No.:

03558616

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	U74899DL1995PTC074334	BRAHMOS AEROSPACE PRIVATE LIMITED	Director	13/06/2011	13/06/2011	-	Active	NO
2	U24292AP1970GOI001353	BHARAT DYNAMICS LIMITED	Nominee director	15/06/2011	15/06/2011	-	Active	NO

Name :

Air Vice Marshal N B Singh

Designation :

Director

Name :

Shri. S Som

Designation :

Director

Name :

S. V. Subba Rao

Designation :

Director (Finance)

Name :

D. K. Jayraman

Designation :

Director (DRDL)

KEY EXECUTIVES

Name :	M. Lakshmi Narayana Matukumalli
Designation :	Company Secretary
Address :	164/6, Mothi Nagar, Erra Gadda, Hyderabad – 500 018, Andhra Pradesh, India
Date of Birth/Age :	10.07.1955
Date of Appointment :	05.04.2012
PAN No.:	AHWPM2661E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Not Available

BUSINESS DETAILS

Line of Business :	Subject is engaged in the design and manufacture of underwater guided weapon systems, air-to-air missiles and associated equipment for the defense sector.
Products :	Not Available
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 :

3081 (Approximately)

Bankers :

• Andhra Bank, BDL Campus Branch, Kanchanbagh, Hyderabad - 500 058, Andhra Pradesh, India

· State Bank of India, Chandrayanagutta Branch, Kanchanbagh, Hyderabad – 500 058, Andhra Pradesh, India

• Axis Bank Limited

Auditors :
Name :	M/s. Laxminivwas Neeth and Company Chartered Accountants
Address :	Hyderabad, Telangana, India
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Institute of Public Enterprise (IPE), Hyderabad

CAPITAL STRUCTURE

As on 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.1000/- each	Rs.1250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1150000	Equity Shares	Rs.1000/- each	Rs.1150.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	1150.000	1150.000	1150.000
(b) Reserves & Surplus	11029.659	8382.986	6173.830
(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)	12179.659	9532.986	7323.830
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	449.869	469.428	488.988
(d) long-term provisions	638.962	627.334	496.651
Total Non-current Liabilities (3)	1088.831	1096.762	985.639
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	3981.545	3194.423	1628.573
(c) Other current liabilities	64616.408	57240.531	52229.559
(d) Short-term provisions	1426.277	1646.895	2004.103
Total Current Liabilities (4)	70024.230	62081.849	55862.235
TOTAL	83292.720	72711.597	64171.704
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3418.754	2673.309	1949.516
(ii) Intangible Assets	177.278	106.738	167.210
(iii) Capital work-in-progress	638.217	632.642	392.498
(iv) Intangible assets under development	63.316	62.616	62.216
(b) Non-current Investments	5.360	5.360	5.360
(c) Deferred tax assets (net)	293.603	412.921	544.473
(d) Long-term Loan and Advances	117.714	133.876	123.042
(e) Other Non-current assets	437.440	456.459	475.479
Total Non-Current Assets	5151.682	4483.921	3719.794
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	13825.052	10065.335	6025.712
(c) Trade receivables	3988.098	2815.473	883.919
(d) Cash and cash equivalents	42665.445	39622.556	42950.798
(e) Short-term loans and advances	15769.491	14468.446	9501.306
(f) Other current assets	1892.952	1255.866	1090.175
Total Current Assets	78141.038	68227.676	60451.910
TOTAL	83292.720	72711.597	64171.704

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	17740.529	10720.127	9557.014
		Other Income	5305.722	5226.219	4627.177
		TOTAL (A)	23046.251	15946.346	14184.191
Less	EXPENSES
		Cost of Materials Consumed	12260.102	7795.720	6335.303
		Purchases of Stock-in-Trade	1.128	9.069	6.517
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(245.957)	(1008.086)	(338.198)
		Employees benefits expense	3072.806	2589.850	2403.212
		Other expenses	1844.200	1697.065	1068.616
		Provision	707.862	347.607	844.165
		Expenses Relating to Capital Accounts	(98.296)	(91.103)	(121.803)
		TOTAL (B)	17541.845	10197.812	10197.812
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5504.406	4606.224	3986.379
Less	FINANCIAL EXPENSES (D)		4.446	3.611	1.992
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5499.960	4602.613	3984.387
Less/ Add	DEPRECIATION/ AMORTISATION (F)		414.078	411.979	502.465
	PROFIT BEFORE TAX (E-F) (G)		5085.882	4190.634	3481.922
Less	TAX (H)		1630.741	1306.604	1132.334
	PROFIT AFTER TAX (G-H) (I)		3455.141	2884.030	2349.588
Less	APPROPRIATIONS
		Transfer to General Reserve	2650.000	2210.000	1800.000
		Interim Dividend	580.000	0.000	0.000
		Tax on Interim Dividend	98.571	0.000	0.000
		Proposed Dividend	111.029	576.840	470.005
		Tax on Proposed Dividend	18.869	98.034	76.247
		Transfer to Capital Reserve	0.000	0.204	0.003
	BALANCE CARRIED TO THE B/S		(3.328)	674.030	3.333
	Earnings Per Share (Rs.)		300.400	250.800	204.312

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	19.48	26.90	24.58
Operating Profit Margin (PBDIT/Sales)	(%)	31.03	42.97	41.71
Return on Total Assets (PBT/Total Assets}	(%)	6.18	5.85	5.51
Return on Investment (ROI) (PBT/Networth)		0.42	0.44	0.48
Current Ratio (Current Asset/Current Liability)		1.12	1.10	1.08

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1150.000	1150.000	1150.000
Reserves & Surplus	6173.830	8382.986	11029.659
Net worth	7323.830	9532.986	12179.659
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	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	9557.014	10720.127	17740.529
		12.170	65.488

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	9557.014	10720.127	17740.529
Profit	2349.588	2884.030	3455.141
	24.58%	26.90%	19.48%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

WP 12763/2012		WPSR 66296/2012	Case Status : Pending
Pettioner	K. NARSINGAM, MEDAK DISTRICT AND 15OTH	Respondent	MD, BHARAT SYNAMICS LIMITED HYDERABAD AND ANR
Pet’s Adv:-	UDAY SRI	Resp. Adv.:	NARAYAN REDDY (ASST SOL GEN)
Subject :	SERVICE MATTERS	District	MEDAK
Filling Date :	24.04.2012	Posting Stage :	ADMISSION (CENTRAL GOVT.)
Reg. Date	26.04.2012	Listing Date	27.04.2012
STATUS	ADMIT	HON’BLE JUDGE (S)	VILAS V. AFZULPURKAR

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10254327	25/07/2011 *	1,000,000,000.00	State Bank of India	Chandrayanagutta Branch, Kanchanbagh, Hyderabad,  Andhra Pradesh - 500058, INDIA	B20946133
2	10154227	22/05/2013 *	2,100,000,000.00	Andhra Bank	BDL Campus Branch, Kanchanbagh, Hyderabad, Andhra  Pradesh - 500058, INDIA	B75682054
3	90337508	07/07/1977	1,000,000.00	STATE BANK OF INDIA	LOCAL HEAD OFFICE HYDERABAD, HYDERABAD, Andhra Pradesh, INDIA	-

* Date of charge modification

FIXED ASSETS:

Tangible Assets

· Land - Freehold

· Land - Leasehold

· Buildings

· Fencing and Compound Walls

· Roads and Drains

· Water Supply Installations

· Plant, Machinery and Equipment

· Furniture and Equipment

· Transport Vehicles

· Special Tools and Equipment

Intangible Assets

· Development Expenditure

· 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.61.75
UK Pound	1	Rs.93.13
Euro	1	Rs.70.02

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	DIV
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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	YES
--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		67

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.