MIRA INFORM REPORT

Report No. :	305057
Report Date :	23.01.2015

IDENTIFICATION DETAILS

Name :	SOUTHERN ELECTRONICS (BANGALORE) PRIVATE LIMITED
Registered Office :	16-A, Peenya Industrial Area, Peenya Phase-I, Bangalore – 560058, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.09.1971
Com. Reg. No.:	08-002095
Capital Investment / Paid-up Capital :	Rs.2.310 Millions
CIN No.: [Company Identification No.]	U31909KA1971PTC002095
TIN No.:	Not Available
IEC No.:	0789001098
TAN No.: [Tax Deduction & Collection Account No.]	BLRS00694B
PAN No.: [Permanent Account No.]	AADCS1905Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer Avionics Equipment, Benches, Rigs and Hydraulic System.
No. of Employees :	178 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Thea rating reflects company’s healthy operational risk profile marked by sound liquidity position and decent profitability margins of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. 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 – 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

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. S.R. Gururaj Vittal
Designation :	Senior Marketing Manager
Contact No.:	91-8762997722
Date :	23.01.2015

LOCATIONS

Registered Office/ Factory :	16-A, Peenya Industrial Area, Peenya Phase-I, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80-28394292 / 28398545 / 39280341 / 42 / 43
Mobile No.:	91-8762997722 (Mr. S.R. Gururaj Vittal)
Fax No.:	91-80-28372902
E-Mail :	southern@vsnl.com seonics@airtelmail.in admin@seonics.co.in markerting@seonics.co.in gururajvittal@gmail.com accounts@seonics.co.in
Website :	http://www.seonics.co.in
Location :	Owned
Corporate Office :	24/ 7, Kumaracot Layout 1, High Grounds, Bangalore – 560001, Karnataka, India
Tel. No.:	91-80-39280343 / 39280345
Location :	Owned

DIRECTORS

Name :

Mr. Bhaskar Melacauvery Ramamurthy

Designation :

Whole-time director

Address :

8/ 1, 14^th “A” Cross, 10^th Main, Malleshwaram, Bangalore – 560003, Karnataka, India

Date of Birth/Age :

12.07.1961

Date of Appointment :

14.09.1996

DIN No.:

00390570

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	U31909KA1971PTC002095	SOUTHERN ELECTRONICS ( BANGALORE ) PRIVATE LIMITED	Whole-time director	14/09/2006	14/09/2006	-	Active	NO
2	U29222KA1979PTC003461	INTEGRAL SYSTEM AND COMPONENTS PRIVATE LIMITED	Director	25/09/2008	25/06/2008	-	Active	NO
3	U31101KA1991PTC011943	SUMAN CONTROLS PRIVATE LIMITED	Director	13/02/2012	13/02/2012	-	Active	NO

Name :

Mr. Srinivasan Sitharaman

Designation :

Whole Time Director

Address :

284, TTK Road, Alwarpet, Chennai - 600018, Tamilnadu , India

Date of Appointment :

26.01.2004

DIN No.:

00390578

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	U31909KA1971PTC002095	SOUTHERN ELECTRONICS ( BANGALORE ) PRIVATE LIMITED	Whole-time director	26/01/2004	26/01/2004	-	Active	NO
2	U31101KA1991PTC011943	SUMAN CONTROLS PRIVATE LIMITED	Director	13/02/2012	13/02/2012	-	Active	NO
3	U29222KA1979PTC003461	INTEGRAL SYSTEM AND COMPONENTS PRIVATE LIMITED	Director	08/10/2012	08/10/2012	-	Active	NO

Name :

Mr. Gopalkrishna Natarajan

Designation :

Director

Address :

283, TTK Road, Alwarpet, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

14.11.1946

Date of Appointment :

09.07.1980

DIN No.:

01089846

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	U31909KA1971PTC002095	SOUTHERN ELECTRONICS ( BANGALORE ) PRIVATE LIMITED	Director	09/07/1980	09/07/1980	-	Active	NO
2	U45201TN1996PTC034319	GOJAN ENTERPRISES PRIVATE LIMITED	Director	20/10/2005	20/10/2005	-	Active	NO
3	L31501TN1983SGC009836	TAMILNADU INDUSTRIAL EXPLOSIVES LIMITED	Director	28/09/2006	28/09/2006	-	Active	NO
4	U80301TN2008PTC069099	GOJAN EDUCATION ACADEMY PRIVATE LIMITED	Director	01/09/2008	01/09/2008	-	Active	NO
5	U01300TN2003PTC051331	KALASAKTHI AGRO PRIVATE LIMITED	Director	31/07/2010	31/07/2010	-	Active	NO
6	U31901TN1979PTC007784	PRESCO (INDIA) PRIVATE LIMITED	Director	03/01/2011	03/01/2011	-	Active	NO
7	U15132TN2010PTC077455	SJ KALA AGRO FOODS PRIVATE LIMITED	Director	06/01/2011	06/01/2011	-	Active	NO
8	U36999TN1982PTC009446	TANKAL REALTY PRIVATE LIMITED	Director	06/01/2015	06/01/2015	-	Active	NO

Name :

Mr. Ganapathy Srikanth

Designation :

Director

Address :

D128 F Rajamannar Street, West K K Nagar, Chennai - 600078, Tamilnadu, India

Date of Appointment :

20.01.2014

DIN No.:

02151822

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	U27109TN2003PTC051030	PRECITECH MANUFACTURING PRIVATE LIMITED	Director	09/10/2009	09/10/2009	-	Active	NO
2	U31909KA1971PTC002095	SOUTHERN ELECTRONICS ( BANGALORE ) PRIVATE LIMITED	Director	20/01/2014	20/01/2014	-	Active	NO
3	U74120TN2014PTC097976	GSV CORPORATE ADVISORY AND RESEARCH PRIVATE LIMITED	Director	11/11/2014	11/11/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. S.R. Gururaj Vittal
Designation :	Senior Marketing Manager

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares
G. Narayanaswamy	739
M.R. Bhaskar	2905
A.R. Krishnamurthy	1301
Kapila Krishnamurthy	1300
Mangalam Narayanaswamy	1891
Janaki Sitharaman	1892
Brindha Natarjan	2266

BUSINESS DETAILS

Line of Business :	Manufacturer Avionics Equipment, Benches, Rigs and Hydraulic System.
Products :	· Cheetah / Chetak Helicopter · Advanced Light Helicopter (Alh) · Kiran Aircraft · Light Combat Aircraft (LCA) · Jaguar Aircraft · AN – 32 Aircraft · Sea Harrier Aircraft · 68mm Rocket Pod · Cable Harness For Fighter Aircraft and Missiles
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Credit (30 Days)
Purchasing :	Credit (30 Days)

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

178 (Approximately)

Bankers :

· Small Industries Development Bank Of India, V Floor East Wing Khanija Bhavan, 49 Race Course Road, Bangalore, Karnataka - 560001, India

· State Bank Of India, Sme Branch, Kumara Park, No.20, Badaganadu Sangha Road, Bangalore, Karnataka - 560020, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Term Loans From Banks	0.000	0.221
SHORT TERM BORROWINGS
Bank Overdraft (Secured against Stock and Trade receivables)	12.112	12.433
Total	12.112	12.654

Auditors :
Name :	S N C and Associates Chartered Accountants
Address :	28, Anugraha, Marry’s Gate Road, Alwarpet, Chennai – 600018, Tamilnadu, India
Memberships :	--
Collaborators :	--
Subsidiary Company :	Integral Systems and Components Private Limited Address: D-388/1, First Cross, First Stage, Peenya Industrial Estate, Bangalore – 560058, Karnataka, India Suman Controls Private Limited Address: 41/1, 3^rd, A Cross, Keionics Layout, Peenya 3rd Stage, Thigaralapalya Main Road, Bangalore – 560058, Karnataka, India

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.100/- each	Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23100	Equity Shares	Rs.100/- each	Rs.2.310 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	2.310	1.310	1.310
(b) Reserves & Surplus	161.391	112.506	91.638
(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)	163.701	113.816	92.948
(3) Non-Current Liabilities
(a) long-term borrowings	18.395	16.920	17.424
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	18.395	16.920	17.424
(4) Current Liabilities
(a) Short term borrowings	12.112	12.433	7.834
(b) Trade payables	45.260	27.788	23.056
(c) Other current liabilities	22.244	13.277	1.648
(d) Short-term provisions	16.453	8.575	38.952
Total Current Liabilities (4)	96.069	62.073	71.490
TOTAL	278.165	192.809	181.862
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	25.089	23.719	23.904
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	12.065	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	20.471	20.471	22.645
(c) Deferred tax assets (net)	0.463	0.334	0.194
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	58.088	44.524	46.743
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	38.872	32.948	20.275
(c) Trade receivables	81.064	73.791	56.960
(d) Cash and cash equivalents	8.523	2.805	6.558
(e) Short-term loans and advances	54.568	22.525	12.158
(f) Other current assets	27.050	16.216	39.168
Total Current Assets	210.077	148.285	135.119
TOTAL	268.165	192.809	181.862

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	297.515	173.210	203.255
		Other Income	1.219	1.355	0.730
		TOTAL (A)	298.734	174.565	203.985
Less	EXPENSES
		Cost of Materials Consumed	115.973	54.992	78.514
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(5.329)	(2.466)	(5.337)
		Employee Benefits Expenses	68.597	48.204	44.000
		Other Expenses	52.674	36.460	37.692
		TOTAL (B)	231.915	137.190	154.869
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		66.819	37.375	49.116
Less	FINANCIAL EXPENSES (D)		3.396	3.819	3.733
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		63.423	33.556	45.383
Less	DEPRECIATION/ AMORTISATION (F)		4.372	3.770	3.577
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		59.051	29.786	41.806
Less	TAX (H)		19.167	8.917	13.604
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		39.884	20.869	28.202
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		108.446	87.577	59.376
	BALANCE CARRIED TO THE B/S		148.330	108.446	87.577
	Earnings / (Loss) Per Share (Rs.)		1.73	1.59	2.15

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	13.41	12.05	13.88
Operating Profit Margin (PBDIT/Sales)	(%)	22.46	21.58	24.16
Return on Total Assets (PBT/Total Assets}	(%)	25.11	17.32	26.29
Return on Investment (ROI) (PBT/Networth)		0.36	0.26	0.45
Debt Equity Ratio (Total Debt /Networth)		0.19	0.26	0.27
Current Ratio (Current Asset/Current Liability)		2.19	2.39	1.89

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	1.310	1.310	2.310
Reserves & Surplus	91.638	112.506	161.391
Share Application money pending allotment	0.000	0.000	0.000
Net worth	92.948	113.816	163.701
Long Term borrowings	17.424	16.920	18.395
Short Term borrowings	7.834	12.433	12.112
Total borrowings	25.258	29.353	30.507
Debt/Equity ratio	0.272	0.258	0.186

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	203.255	173.210	297.515
		(14.782)	71.765

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	203.255	173.210	297.515
Profit	28.202	20.869	39.884
	13.88%	12.05%	13.41%

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	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
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	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	No

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Loans from Related Parties	16.550	16.550
Other Long term Liability Provision for Gratuity	1.845	0.149
Total	18.395	16.699

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10229946	31/05/2010	3,000,000.00	Small Industries Development Bank Of India	V Floor East Wing Khanija Bhavan, 49 Race Course Road, Bangalore, Karnataka - 560001, India	A88135397
2	90190620	01/02/2014 *	38,000,000.00	State Bank Of India	Sme Branch, Kumara Park, No.20, Badaganadu Sangha  Road, Bangalore, Karnataka - 560020, India	B95573101

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.69
UK Pound	1	Rs.93.33
Euro	1	Rs.71.49

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.