MIRA INFORM REPORT

Report No. :	322999
Report Date :	27.05.2015

IDENTIFICATION DETAILS

Name :	MORVEL LABORATORIES PRIVATE LIMITED
Registered Office :	25, Jawahar Nagar Society, Vis Nagar, Mehsana-380010, Gujarat
Mobile No :	91-9825025541 (Rikinbhai)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.05.1983
Com. Reg. No.:	04-006187
Capital Investment / Paid-up Capital :	Rs. 1.300 Million
CIN No.: [Company Identification No.]	U24231GJ1983PTC006187
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Injectable Pharmaceuticals Formulations.
No. of Employees :	50 (Approximately)

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 12000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal 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

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 (GENERAL DETAILS)

Name :	Mr. Rikinbhai B Patel
Designation :	Director
Contact No.:	91-9825025541
Date :	18.05.2015

LOCATIONS

Registered Office :	25, Jawaharnagar Society, Visnagar, Mehsana – 382010, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9825025541 [Mr. Rikinbhai B Patel
Fax No.:	Not Available
E-Mail :	info@morvellab.com marvellab@gmail.com
Website :	http://www.morvellab.com
Location :	Owned
Locality:	Commercial
Factory/Marketing Office :	251, GIDC Estate, Phase-I, Mehsana – 384002, Gujarat, India
Tel. No.:	91-2762-255041/ 42
Fax No.:	91-2762-240145

DIRECTORS

As on: 25.09.2014

Name :

Mr. Rikin Bipinchandra Patel

Designation :

Director

Address :

25, Jawahar Society, Opposite Dagla Road, Taluka Visnagar - 384315, Gujarat, India

Date of Appointment :

08.09.2004

DIN No.:

01066258

Name :

Rinku Rikinkumar Patel

Designation :

Additional director

Address :

25, Jawahar Nagar Society, Taluka Visnagar - 384315, Gujarat, India

Date of Birth/Age :

05.01.1986

Date of Appointment :

25.09.2014

DIN No.:

06732686

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	U24231GJ1983PTC006187	MORVER LABORATORIES PRIVATE LIMITED	Director	25/09/2014	09/11/2013	-	Active	NO

Name :

Mrs. Shardaben Babhaidas Patel

Designation :

Additional director

Address :

25, Jawahar Nagar Society, Taluka Visnagar - 384315, Gujarat, India

Date of Birth/Age :

01.06.1956

Date of Appointment :

25.09.2014

DIN No.:

06732690

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	U24231GJ1983PTC006187	MORVER LABORATORIES PRIVATE LIMITED	Director	25/09/2014	09/11/2013	-	Active	NO

KEY EXECUTIVES

Name :	Ajit Mahendrakumar Santoki
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 25.09.2014

Names of Shareholders	No. of Shares
Patel Rikin	2869
Patel Shardaben	1690
Patel Meenaben	600
Patel Gangarambhai	200
Patel Jayantibhai	100
Patel Baldevbhai	410
Patel Parulben	400
Patel Jayesh	390
Patel Khemabhai	220
Patel Amratbhai	210
Patel Darshit	210
Patel Amratbhai	200
Patel Tribhovandas	200
Patel Arvind Kumar	200
Patel Deshrathlal	200
Patel Rameshbhai	200
Patel Dhavalkumar	200
Patel Pradipkumar	200
Patel Lalitaben	200
Patel Gangaben	200
Desai Sagarbhai	200
Patel Jyosnaben	200
Patel Sureshbhai	200
Patel Narayanbhai	200
Patel Jayantbhai	200
Patel Goordhanbhai	200
Patel Babubhai	200
Patel Gopalbhai	200
Patel Revabhai HUF	200
Patel Narottanmdas HUF	200
Patel Prahladbhai	200
Patel Maganbhai	180
Patel Jushumatiben	100
Patel Rinku	410
Patel Renu	210
Patel Kamalbhai	10
Patel Bharatkumar	10
Patel Hasmukhbhai	10
Gitaben Patel	400
Patel Bipinchandra Hiralal HUF	361
Total	13000

Equity Share Break up (Percentage of Total Equity)

As on: 25.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Injectable Pharmaceuticals Formulations.
Products :	Veterinary Injections Products Veterinary Analgesics Injection Veterinary Anesthetics Injections Veterinary Vitamin Injections Veterinary Minerals Injections Veterinary Injections Veterinary Feed Supplements
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Pharmaceuticals
Countries :	· South Africa · Nepal · Bangladesh
Imports :
Products :	Raw Material
Countries :	· China
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Cash and Advance Payment

PRODUCTION STATUS (As on 31.03.2014)

Licensed Capacity, Installed Capacity and Actual Production of Generic Product and Veterinary Products (As Certified by Management and Accepted by Auditor)

Particulars	31.03.2014
Licensed Capacity	Not Applicable
Installed Capacity	13500000 Vials
Actual Production	3906766 Vials

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 :

End Users

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 :

50 (Approximately)

Bankers :

Bank Name	· Axis Bank Limited
Branch	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 Baroda, Industrial Estate Branch, Opposite Simandhar Temple, Near Apollo Enclave, Highway Road, Mehsana- 384002, Gujarat, India
• The Mehsana Nagrik Sahkari Bank Limited, HO, Arvind Bag, Mehsana-384001, Gujarat - , India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
The Mehsana Nagrik Sahkari Bank Limited (Vehicle Loan)
Secured by Hypothecation of said vehicle	0.046	0.288
Total	0.046	0.288

Auditors :
Name :	Babubhai Patel and Company Chartered Accountants
Address :	2nd Floor, A/10 and 11, Ajanta Commercial Centre, Near Income Tax Office, Ashram Road, Ahmedabad – 380014, Gujarat, India
Tel. No.:	91-79-27540268
PAN N Income-tax PAN of auditor or auditor's firm :	ABCPP5322K
Memberships :	Not available
Collaborators :	Not available
Other Related Parties:	· Bipin Offset · Bipin Medical Stores

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15000	Equity Shares	Rs.100/- each	Rs. 1.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13000	Equity Shares	Rs.100/- each	Rs.1.300 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	1.300	1.300	1.300
(b) Reserves & Surplus	2.985	2.210	1.962
(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)	4.285	3.510	3.262
(3) Non-Current Liabilities
(a) long-term borrowings	0.046	0.288	0.579
(b) Deferred tax liabilities (Net)	(0.023)	0.026	0.104
(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)	0.023	0.314	0.683
(4) Current Liabilities
(a) Short term borrowings	8.811	8.697	8.319
(b) Trade payables	15.881	15.828	13.177
(c) Other current liabilities	3.477	2.864	2.827
(d) Short-term provisions	0.065	(0.145)	(0.085)
Total Current Liabilities (4)	28.234	27.244	24.238
TOTAL	32.542	31.068	28.183
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.605	6.377	7.140
(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	0.026	0.026	0.026
(c) Deferred tax assets (net)	0.000	0.000	0.000
(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	5.631	6.403	7.166
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5.374	6.165	5.751
(c) Trade receivables	10.935	10.030	9.257
(d) Cash and cash equivalents	8.678	6.796	4.459
(e) Short-term loans and advances	1.924	1.674	1.550
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	26.911	24.665	21.017
TOTAL	32.542	31.068	28.183

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	60.172	50.909	40.682
	Other Income	0.317	0.224	0.264
	TOTAL (A)	60.489	51.133	40.946
Less	EXPENSES
	Cost of Materials Consumed	30.586	24.262	19.475
	Other Manufacturing Expenses	12.950	12.514	10.310
	Purchases of Stock-in-Trade	0.268	0.523	0.239
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.651	0.041	(0.612)
	Employees benefits expense	2.960	2.525	2.379
	Other expenses	9.992	8.875	6.432
	TOTAL (B)	57.407	48.740	38.223
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)	3.082	2.393	2.723
Less	FINANCIAL EXPENSES (D)	1.035	1.025	0.959
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	2.047	1.368	1.764
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.921	1.103	0.997
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1.126	0.265	0.767
Less	TAX (H)	0.351	0.017	0.329
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	0.775	0.248	0.438
	IMPORTS ON C.I.F BASIS	0.831	0.371	0.000
	Earnings Per Share (Rs.)	59.66	19.07	0.03

CURRENT MATURITIES OF LONG TERM DEBT DETAILS:

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.29	0.49	1.08
Operating Profit Margin (PBIDT/Sales)	(%)	5.12	4.70	6.69
Return on Total Assets (PBT/Total Assets}	(%)	3.46	0.85	2.72
Return on Investment (ROI) (PBT/Networth)		0.26	0.08	0.24
Debt Equity Ratio (Total Debt /Networth)		2.07	2.56	2.73
Current Ratio (Current Asset/Current Liability)		0.95	0.91	0.87

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO:

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1.300	1.300	1.300
Reserves & Surplus	1.962	2.210	2.985
Net worth	3.262	3.510	4.285
long-term borrowings	0.579	0.288	0.046
Short term borrowings	8.319	8.697	8.811
Total borrowings	8.898	8.985	8.857
Debt/Equity ratio	2.728	2.560	2.067

YEAR-ON-YEAR GROWTH:

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Income	40.682	50.909	60.172
		25.139	18.195

NET PROFIT MARGIN:

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Income	40.682	50.909	60.172
Profit	0.438	0.248	0.775
	1.08%	0.49%	1.29%

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	Yes
8	Designation of contact person	Yes
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)	Yes
16	No. of employees	Yes
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	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN:

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short Term Borrowings:
Loans from Directors	2.975	1.668
Loans from Shareholders	5.836	7.030
Total	8.811	8.698

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10551311	13/02/2015	700,000.00	BANK OF BARODA	INDUSTRIAL ESTATE BRANCH, OPPOSITE SIMANDHAR TEMPLE,NEAR APOLLO ENCLAVE, HIGHWAY ROAD, MEHSANA-384002, Gujarat, INDIA	C44685790
2	10522250	17/09/2014	850,000.00	THE MEHSANA NAGRIK SHAHKARI BANK LIMITED	HO, ARVIND BAG, MEHSANA-384001 GUJARAT, INDIA	C22792121
3	90108640	02/04/1990	800,000.00	THE VISNAGAR NAGRIK SAHAKARI BANK LIMITED	VISNAGAR, VISNAGAR, Gujarat, INDIA	-
4	90108396	01/04/1987	600,000.00	THE VISNAGAR NAGRIK SAHAKARI BANK LIMITED	VISNAGAR, VISNAGAR, GUJARAT, INDIA	-
5	90108353	03/02/1987 *	400,000.00	THE VISNAGAR NAGRIK SAHAKARI BANK LIMITED	VISNAGAR, VISNAGAR, GUJARAT, INDIA	-
6	90108322	29/07/1985	1,235,000.00	GUJRAT STATE FINANCIAL CORPORATION	JALDARSHAN BUILDING, ASHRAM ROAD, NAVRANGPURA, AHMEDABAD-380009Gujarat, INDIA

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Guarantees Issued by Bank	0.842	0.439

FIXED ASSETS:

· Leasehold Land

· Building

· Plant and Machinery

· Electric Installation

· Laboratory Equipment

· Office Equipment

· Furniture and Fixture

· Vehicles

· Computer

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. 63.85
UK Pound	1	Rs. 98.38
Euro	1	Rs. 69.64

INFORMATION DETAILS

Information Gathered by :	MNU
Analysis Done by :	RSM
Report Prepared by :	THR

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	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		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
--	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.