MIRA INFORM REPORT

Report No. :	296505
Report Date :	12.01.2015

IDENTIFICATION DETAILS

Name :	UNIFIED ELECTRONICS (INDIA) LIMITED
Registered Office :	No. 19/2D, J.C. Industrial Estate, Bikasipura Road, Behind Metro, Bangalore - 560062, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.05.2006
Com. Reg. No.:	08-039577
Capital Investment / Paid-up Capital :	Rs. 19.006 Millions
CIN No.: [Company Identification No.]	U32109KA2006PLC039577
TAN No.: [Tax Deduction & Collection Account No.]	BLRU01700G
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Distributor of Electronic Items.
No. of Employees :	57 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 85000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management has failed to file its financials of 2014 with government department. Rating reflects moderate financial risk profile due to low reserves. However, trade relation are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some caution.

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	Long term rating : B
Rating Explanation	High risk of default.
Date	30.04.2013

Rating Agency Name	CRISIL
Rating	Short term rating : A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	30.04.2013

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Ganesh Mahabaleshwar Bhat
Designation :	Director
Contact No.:	91-9590008065
Date :	05.01.2015

LOCATIONS

Registered Office / Factory :	No. 19/ 2D, J.C. Industrial Estate, Bikasipura Road, Behind Metro, Bangalore-560062, Karnataka, India
Tel. No.:	91-80-26668566/ 32217221/ 26669006/ 88898618/ 88898619
Fax No.:	91-80-26668562/ 26860828
E-Mail :	manjunath@unified.co.in dinesh@unified.co.in
Website :	www.unifiedelectronics.com
Location :	Owned

DIRECTORS

As on 30.09.2013

Name :

Mr. Suresh Mehta

Designation :

Director

Address :

Flat No. 2, Gruhalakshmi Apartments, South End Road, Opposite Vijaya Bank, Basavanagudi, Bangalore-560004, Karnataka, India

Date of Birth/Age :

28.01.1966

Date of Appointment :

24.03.2007

DIN No.:

01445937

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	U32109KA2006PLC039577	UNIFIED ELECTRONICS ( INDIA) LIMITED	Director	24/03/2007	24/03/2007	-	Active	NO
2	U52339GJ2009PTC056107	BENSTAR POWERTRONICS Private Limited	Director	30/09/2010	04/03/2010	03/02/2011	Active	NO

Name :

Mr. Tarun Prakash Mehta

Designation :

Director

Address :

No. 67/3, H.B. Samaja Road, Near Basavanagudi, Medical Center, R. V. Road, Bangalore – 560004, Karnataka, India

Date of Birth/Age :

12.09.1983

Date of Appointment :

24.03.2007

DIN No.:

01530674

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	U32109KA2006PLC039577	UNIFIED ELECTRONICS ( INDIA) LIMITED	Director	24/03/2007	24/03/2007	-	Active	NO
2	U31104GJ2010PLC059402	ALF TECHNOLOGIES (INDIA) LIMITED	Director	03/02/2010	03/02/2010	22/03/2010	Active	NO
3	U52339GJ2009PTC056107	BENSTAR POWERTRONICS Private Limited	Director	30/09/2010	04/03/2010	03/02/2011	Active	NO
4	U31200KA2005PLC037281	SKAVA ELECTRIC LIMITED	Director	16/10/2012	16/10/2012	-	Active	NO

Name :

Mr. Ganesh Mahabaleshwar Bhat

Designation :

Director

Address :

60/61, Surve Nagar, Kalamba Road, Kolhapur - 416012, Maharashtra, India

Date of Birth/Age :

20.07.1959

Date of Appointment :

28.08.2008

DIN No.:

02166697

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Bharat Jain	8000	0.42
Mahavir Jain	7000	0.37
Kishore Jain	7000	0.37
Kalmesh Mehta	7000	0.37
Unified Electro-Tech Limited, India	1600000	84.18
Pujya Deepakbhai Desai	500	0.03
Mahavir Jain Trustee Navdarshan Ventures Family Trust, India	250000	13.15
Dinesh R. Mehta	7000	0.37
Suresh R. Mehta	7100	0.37
Tarun P. Mehta	7000	0.37
Total	1900600	100.00

Allottees as on 19.03.2014

Names of Allottees	No. of Shares
Suresh Mehta	250000
Saroj A. Jain	250000
Total	500000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	97.34
Directors or relatives of Directors	1.10
Others	1.56
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Distributor of Electronic Items.
Products :	· Solar Charge · Controllers · SMPS Power · Supplies and Adapters · Components and Subassemblies (MCPCBS and Luminaries) · Led Drivers · DC-DC Converters · Battery Chargers · Led Back Light · Module and Signages, etc.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Finished Goods
Countries :	Nepal
Imports :
Products :	Raw Material
Countries :	Hong Kong
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Sun Micro Company Private Limited, Bangalore
Name of the Person :	NOT DIVULGED
Contact No.:
Since How Long Known :
Maximum Limit Dealt :
Experience :
Remark:

Customers :

Wholesalers, Retailers and Manufacturer

Reference :	Fortune Led Lighting Private Limited, Secunderabad
Name of the Person :	NOT DIVULGED
Contact No.:
Since How Long Known :
Maximum Limit Dealt :
Experience :
Remark:

No. of Employees :

57 (Approximately)

Bankers :

· Canara Bank, Town Hall Branch, Stock Exchange Towers J C Road, Bangalore – 560027, Karnataka, India.

· State Bank of India

· Axis Bank Limited

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Term loans from banks
Secured (See additional details below)	12.609	16.688
Less: Current maturities grouped under other current liabilities	(5.338)	(12.295)
Short-term borrowings
From banks
Secured [See additional details below)	34.602	22.390
Bank overdraft	22.564	16.141
Total	64.437	42.924

NOTE

Long-term Borrowings

Term loan from banks carry interest at 73% p.a. The loans are repayable in 3 - 5 years (monthly installments). The loan are secured by hypothecation of Plant and Machineries of the Company. Further the loan are guaranteed by the personal guarantee of the Directors.

Short-term borrowings

· Working capital loans are taken against the hypothecation of stock & book debts, carrying interest ranging from 13 to 17% per annum.

· Overdraft from banks is secured against Directors house property and KIADB land. Overdraft is repayable on demand and carries varying rate from 11 to 14.5 % per annum.

Auditors :
Name :	NNMS and Company Chartered Accountants
Address :	Mahaveer Arcade, No. 180, 2^nd Floor, 2^nd Main Road, Chamarajapet, Bangalore – 560018, Karnataka, India
Tel. No.:	91-80-22410026/ 46
Fax No.:	91-80-22410036
PAN No.:	AAGFN3568E
Memberships :	--
Collaborators :	--
Holding Company:	Unified Electro-Tech Limited CIN No.: U64202KA2000PLC026519
Fellow Subsidiary :	Univa Technology Pte. Limited, Singapore

CAPITAL STRUCTURE

After 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2,500,000	Equity Shares	Rs.10/- each	Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,400,600	Equity Shares	Rs.10/- each	Rs. 24.006 Millions

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,900,600	Equity Shares	Rs.10/- each	Rs. 19.006 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	19.006	19.006	19.006
(b) Reserves & Surplus	10.905	9.531	8.432
(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)	29.911	28.537	27.438
(3) Non-Current Liabilities
(a) Long-term borrowings	7.271	4.393	31.933
(b) Deferred tax liabilities (Net)	1.880	2.007	2.184
(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)	9.151	6.400	34.117
(4) Current Liabilities
(a) Short term borrowings	57.166	38.531	0.000
(b) Trade payables	50.641	24.955	34.569
(c) Other current liabilities	5.563	13.386	0.365
(d) Short-term provisions	0.389	0.696	0.706
Total Current Liabilities (4)	113.759	77.568	35.640
TOTAL	152.821	112.505	97.195
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17.723	18.123	19.713
(ii) Intangible Assets	0.000	0.000	0.727
(iii) Capital work-in-progress	17.788	17.681	7.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.010	0.010
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.096	2.383	2.981
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	39.607	38.197	30.431
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	69.734	44.821	36.045
(c) Trade receivables	41.028	28.702	28.927
(d) Cash and cash equivalents	0.228	0.151	0.176
(e) Short-term loans and advances	0.473	0.406	1.173
(f) Other current assets	1.751	0.228	0.443
Total Current Assets	113.214	74.308	66.764
TOTAL	152.821	112.505	97.195

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	176.163	146.088	130.668
		Other Income	0.218	0.179	0.968
		TOTAL (A)	176.381	146.267	131.636
Less	EXPENSES
		Cost of Goods Sold	146.289	120.769	110.835
		Employees Benefits Expense	8.946	7.737	6.376
		Administrative and Other expenses	5.390	6.357	6.133
		TOTAL (B)	160.625	134.863	123.344
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.756	11.404	8.292
Less	FINANCIAL EXPENSES (D)		10.390	6.141	2.848
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.366	5.263	5.444
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.360	3.652	3.828
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		2.006	1.611	1.616
Less	TAX (I)		0.632	0.512	0.530
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)		1.374	1.099	1.086
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports (Including Intermediary Export)	11.443	17.952	19.203
	TOTAL EARNINGS		11.443	17.952	19.203
	IMPORTS
		Raw Materials and Traded Goods (Including Intermediary Import)	20.889	25.429	34.117
	TOTAL IMPORTS		20.889	25.429	s
	Earnings Per Share (Rs.)		0.72	0.58	0.57

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	0.78	0.75	0.83
Operating Profit Margin (PBIDT/Sales)	(%)	8.94	7.81	6.35
Return on Total Assets (PBT/Total Assets}	(%)	1.49	1.70	1.79
Return on Investment (ROI) (PBT/Networth)		0.07	0.06	0.06
Debt Equity Ratio (Total Debt /Networth)		2.15	1.50	1.16
Current Ratio (Current Asset/Current Liability)		1.00	0.96	1.87

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	19.006	19.006	19.006
Reserves & Surplus	8.432	9.531	10.905
Net worth	27.438	28.537	29.911
long-term borrowings	31.933	4.393	7.271
Short term borrowings	0.000	38.531	57.166
Total borrowings	31.933	42.924	64.437
Debt/Equity ratio	1.164	1.504	2.154

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	130.668	146.088	176.163
		11.801	20.587

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	130.668	146.088	176.163
Profit	1.086	1.099	1.374
	0.83%	0.75%	0.78%

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10380662	17/08/2012	1,530,000.00	CANARA BANK	51, J C ROAD, BANGALORE, KARNATAKA - 560002, INDIA	B59734996
2	10086145	10/12/2013 *	66,900,000.00	CANARA BANK	TOWNHALL BRANCH, STOCK EXCHANGE TOWERS, BANGALORE, KARNATAKA - 560027, INDIA	B92039973
3	10091221	27/12/2007	20,000,000.00	GLOBAL TRADE FINANCE LIMITED	6TH FLOOR, METROPOLITAN BUILDING, BANDRA-KURLA, COMPLEX, BANDRA(EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	A33968090

* Date of charge modification

CHANGE OF ADDRESS

The registered office of the company has been shifted from No. 33, Komal Mansion, 2nd Floor, Mavalli Tank Bund Road, Near Minerva Circle, Bangalore – 560002, Karnataka, India to the present address w.e.f. 20.04.2010.

NATURE OF OPERATIONS

Subject incorporated on May 29,2006 with the main objective of manufacturing and distribution of electronic items.

Subject is a pro-active and emerging Electronics Manufacturing Services (EMS) provider focused on delivering complete end-to-end manufacturing solutions to technology companies around the world. The service offerings include innovative product design and engineering, test solutions, manufacturing logistics and post-manufacturing services to various industries like Power, Automobile, Industrial, Telecommunication, Consumer electronics, etc.

FIXED ASSETS

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Data Processing Equipment’s

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.40
UK Pound	1	Rs.94.17
Euro	1	Rs.73.61

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUM
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.