MIRA INFORM REPORT

Report No. :	348866
Report Date :	09.11.2015

IDENTIFICATION DETAILS

Name :	LIPTOVSKE STROJARNE PLUS, A.S.
Registered Office :	1. Maja´ 1850, 031 80 Liptovsky´ Mikula´sˇ
Country :	Slovakia
Financials (as on) :	31.03.2015
Date of Incorporation :	25.04.1997
Com. Reg. No.:	Sa 10012/L
Legal Form :	Company limited by shares
Line of Business :	Manufacture of power-driven hand tools Manufacture of machinery for metallurgy Agents involved in the sale of furniture, household goods, hardware and ironmongery Wholesale of machine tools Real estate agencies Manufacture of industrial machinery and knives.
No. of Employee :	65

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear

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)
Slovakia	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SLOVAKIA - ECONOMIC OVERVIEW

Slovakia has made significant economic reforms since its separation from the Czech Republic in 1993. With a population of 5.4 million, the Slovak Republic has a small, open economy, with exports, at about 92% of GDP, serving as the main driver of GDP growth. Slovakia joined the European Union (EU) in 2004 and the Eurozone in 2009. The country’s banking sector is sound. Slovakia has led the region garnering FDI, because of its relatively low-cost, highly-skilled labor force, reasonable tax rates, and favorable geographic location in the heart of Central Europe. However, recent increases in corporate taxes, as well as changes to the Labor Code, slow dispute resolution, and ongoing corruption potentially threaten the attractiveness of the Slovak market. Moreover, the energy sector is characterized by high costs, unpredictable regulatory oversight, and growing government interference.

Source : CIA

Company identification

LIPTOVSKE STROJARNE PLUS, A.S.		Phone	0917/441065
1. maja´ 1850		Telefax	044/5522365
031 80 Liptovsky´ Mikula´sˇ		E-Mail	lsp@lsphaco.com
Slovakia
Crefo Nr.	9230023760	Registration:	Okresny´ sud´ Zilina
Statistical Nr.	36370827	Registration Nr.	Sa 10012/L
Tax Nr.	SK2020125701	Status	active

Economic situation

Business connection	Credits and the establishing of the business connection are allowed.	(21)
Terms of payment	Mostly no complaints, but occasional delays / reminders	(31)

Basic information

Legal form

Company limited by shares

Founded

25/04/1997 as Company limited by shares

24.04.2014

Registration

29/04/1997, Okresny´ sud´ Zilina, Sa 10012/L Statistical Nr.: 36370827

Tax Nr.: SK2020125701

Owners and Capital

Crefo Nr.	Name / Address / Status	From	Share
Shareholder
9230032160	HACO naamloze vennootschap		100,00 %
	Oekensestraat 120, 8800 Roeselare-Rumbere
	Belgium

Registered capital

Date	Currency	Value
29/04/1997	EUR	10 849 200,03
28/10/2009	EUR	10 851 187,60

divided into 326.843 shares with a nominal value off EUR 33,20

Management

Crefo Nr.	Name / Address / Status	Since	Power of attorney
Management
9230031840	Roger De Marez
	Bergstraat 32, Roeselare-Rumbeke Bulgaria
9230031839	Rogier Havegeer
	Oekensestraat 120, 8800 Roeselare-Rumbeke
	Belgium
9231353538	chairman		authorized to sign alone
	Stijn De Burghgraeve
	Demanov¨a´ 467, 031 01 Liptovsky´ Mikula´sˇ Slovakia
Supervisory Board
9230995380	Ing. Dirk Lucien Corneel Laheye
	Demanov¨a´ 465, 031 01 Liptovsky´ Mikula´sˇ Slovakia

9231024447	Member
	Ing. Miroslav Mlynarcˇ´ık
	134, Smrecanyˇ Slovakia
9230069800	Kurt Ben Havegeer
	Oekensestraat 118, Roeselare-Rumbeke Belgium

Company addresses

Valid from

Residence address

Valid until

1. maja´ 1850, 031 80 Liptovsky´ Mikula´s,ˇ Slovakia

. maja´ 1850, 031 80 Liptovsky´ Mikula´s,ˇ Slovakia

1.maja´ 1850, 031 80 Liptovsky´ Mikula´s,ˇ

Phone: 044/5526501

Phone: 044/5623550

Business activities

Main activity	Nace
Manufacture of power-driven hand tools	28.24
Additional activities	Nace
Manufacture of machinery for metallurgy	28.91
Agents involved in the sale of furniture, household goods, hardware and ironmongery	46.15
Wholesale of machine tools	46.62
Real estate agencies	68.31

manufacture of industrial machinery and knives

- member of HACO Group Int

Economic data

Turnover and Employees

Date	Turnover	Employees
2003	13 752 241 EUR
2004	15 219 943 EUR
2005	17 478 557 EUR
2006	22 076 977 EUR	176

2007	20 880 601 EUR	190
2009	11 766 853 EUR
2010	8 412 065 EUR
2012	7 450 095 EUR	89
2013	7 684 884 EUR	53
2014	9 207 996 EUR	58
31/03/2015	2 377 274 EUR	65

Import / Export

	Import	Export
Percentage	Unknown	Unknown
Countries	Belgium, Great-Britain, Ukraine, Slovenia	Russia, Canada, USA, Belgium, Great-Britain

Supplementary data

Remarks

Banks

Code	Bank name / Address	Account Nr.
300	ˇ
	CSOB a.s.
200	´
	VUB a.s.

Main indices

Payment experience and credit opinion

Terms of payment	Mostly no complaints, but occasional delays / reminders	(31)
Business connection	Credits and the establishing of the business connection are allowed.	(21)
Credit Limit	95 000	EUR

Business development

Company development	Company development constant	(30)
Business course	good	(20)

Events

No negative events registered.

Balances

Balance

		31/03/2015	31/12/2014	31/03/2014	31/12/2013
Name	Ref.	1	1	1	1
		EUR	EUR	EUR	EUR
		balance	balance	balance	balance
Total assets	01	13 780 366	13 094 418	13 094 418	12 433 959
Non-current assets	02	5 673 916	5 828 836	5 828 836	4 007 036
Intangible fixed assets	03	0	0	0	0
Development expenses	04	0	0	0	0
Software	05	0	0	0	0
Valuable rights	06	0	0	0	0
Goodwill	07	0	0	0	0
Other intangible fixed assets	08	0	0	0	0
Acquisition of intangible fixed assets	09	0	0	0	0
Advance payments for intangible fixed assets	10	0	0	0	0
Tangible fixed assets – total	11	5 549 971	5 710 521	5 710 521	3 759 721
Lands	12	1 109 398	1 109 398	1 109 398	1 109 398
Constructions	13	2 051 374	2 117 656	2 117 656	2 354 677
Separate movable assets and sets of movable as-	14	2 336 042	2 412 442	2 412 442	170 906
sets
Perennial crops	15	0	0	0	0
Breeding and draught animals	16	0	0	0	0
Other tangible fixed assets	17	0	0	0	0
Acquisition of tangible fixed assets	18	53 157	71 025	71 025	124 740
Advance payments for tangible fixed assets	19	0	0	0	0
Adjustment to acquired assets	20	0	0	0	0
Long-term financial investments	21	123 945	118 315	118 315	247 315
Shares and ownership interests in affiliated ac-	22	0	0	0	0
counting entities
Shares and ownership interests with participating	23	0	0	0	0
interest, except for affiliated accounting entities
Other available-for-sale securities and ownership	24	0	0	0	0
interests
Loans to affiliated accounting entities	25	0	0	0	0

		31/03/2015	31/12/2014	31/03/2014	31/12/2013
Name	Ref.	1	1	1	1
		EUR	EUR	EUR	EUR
		balance	balance	balance	balance
Loans within participating interest, except for affil-	26	0	0	0	0
iated accounting entities
Other loans	27	0	118 315	0	247 315
Debt securities and other non-current financial as-	28	0	0	0	0
sets
Loans and other non-current financial assets with	29	123 945	0	118 315	0
remaining maturity of up to one year
Bank accounts with notice period exceeding one	30	0	0	0	0
year
Acquisition of long-term financial investments	31	0	0	0	0
Advance payments for long-term assets	32	0	0	0	0
Current assets	33	8 098 053	7 153 432	7 153 432	8 418 674
Inventory - total	34	4 543 515	3 794 077	3 794 077	3 984 533
Material	35	2 940 919	2 464 128	2 464 128	3 423 881
Work-in-progress and semi-finished goods	36	841 008	751 183	751 183	359 242
Finished products	37	743 135	561 068	561 068	189 895
Animals	38	0	0	0	0
Merchandise	39	18 453	17 698	17 698	11 515
Advance payments made for inventory	40	0	0	0	0
Long-term receivables – total	41	0	0	0	0
Trade receivables	42	0	0	0	0
Trade receivables from affiliated accounting enti-	43	0	0	0	0
ties
Trade receivables within participating interest, ex-	44	0	0	0	0
cept for receivables from affiliated accounting enti-
ties
Other trade receivables	45	0	0	0	0
Net value of contract	46	0	0	0	0
Other receivables from affiliated accounting enti-	47	0	0	0	0
ties
Other receivables within participating interest, ex-	48	0	0	0	0
cept for receivables from affiliated accounting enti-
ties
Receivables from participants, members and as-	49	0	0	0	0
sociation
Receivables related to derivative transactions	50	0	0	0	0
Other receivables	51	0	0	0	0
Deffered tax asset	52	0	0	0	0
Short - term receivables – total	53	2 884 208	3 042 609	3 042 609	3 941 178
Trade receivables	54	2 449 970	2 591 466	2 591 466	3 602 940
Trade receivables from affiliated accounting enti-	55	0	1 511 886	0	1 883 405
ties
Trade receivables within participating interest, ex-	56	0	180 350	0	939 912
cept for receivables from affiliated accounting enti-
ties

		31/03/2015	31/12/2014	31/03/2014	31/12/2013
Name	Ref.	1	1	1	1
		EUR	EUR	EUR	EUR
		balance	balance	balance	balance
Other trade receivables	57	2 449 970	899 230	2 591 466	779 623
Net value of contract	58	0	0	0	0
Other receivables from affiliated accounting enti-	59	0	100 000	0	0
ties
Other receivables within participating interest, ex-	60	0	0	100 000	0
cept for receivables from affiliated accounting enti-
ties
Receivables from participants, members and as-	61	0	0	0	0
sociation
Social security	62	0	0	0	0
Taxation and subsidies	63	291 128	197 185	197 185	140 951
Receivables related to derivative transactions	64	0	0	0	0
Other receivables	65	143 110	153 958	153 958	197 287
Short-term financial assets	66	0	0	0	0
Current financial assets in affiliated accounting	67	0	0	0	0
entities
Current financial assets, not including current fi-	68	0	0	0	0
nancial assets in affiliated accounting entities
Own shares and own business shares	69	0	0	0	0
Acquisition of short-term financial assets	70	0	0	0	0
Financial accounts – total	71	670 330	316 746	316 746	492 963
Cash	72	5 396	6 182	6 182	6 782
Bank accounts	73	664 934	310 564	310 564	486 181
Prepayments	74	8 397	112 150	112 150	8 249
Deferred expenses long term	75	0	0	0	0
Deferred expenses short term	76	8 397	4 105	4 105	8 249
Accrued revenues long term	77	0	0	0	0
Accrued revenues short term	78	0	108 045	108 045	0
Total capital and liabilities	79	13 780 366	13 094 418	13 094 418	12 433 959
Capital	80	9 584 039	9 643 984	9 643 985	9 539 038
Registered capital - total	81	10 851 188	10 851 188	10 851 188	10 851 188
Registered capital – total	82	10 851 188	10 851 188	10 851 188	10 851 188
Change in registered capital	83	0	0	0	0
Receivables for subscriptions (for own equity cap-	84	0	0	0	0
ital)
Share premium	85	0	0	0	0
Other capital funds	86	0	0	0	0
Legal reserve funds	87	116 966	106 471	106 472	93 969
Legal reserve fund and non-distributable fund	88	116 966	106 471	106 472	93 969
Reserve fund for own shares and own ownership	89	0	0	0	0
interests
Other funds created from profit	90	0	0	0	0
Statutory funds	91	0	0	0	0
Other funds	92	0	0	0	0

		31/03/2015	31/12/2014	31/03/2014	31/12/2013
Name	Ref.	1	1	1	1
		EUR	EUR	EUR	EUR
		balance	balance	balance	balance
Differences from revaluation - total	93	0	0	0	0
Gains or losses from revaluation of assets and li-	94	0	0	0	0
abilities
Gains or losses from investments	95	0	0	0	0
Differences from revaluation in the event of a	96	0	0	0	0
merger, amalgamation into a separate accounting
entity or demerger
Retained profit or loss from previous years	97	-1 324 169	-1 418 621	-1 418 621	-1 531 135
Retained earnings from previous years	98	597 954	503 502	503 502	390 988
Retained earnings from previous years	99	-1 922 123	-1 922 123	-1 922 123	-1 922 123
Profit or loss for the accounting period	100	-59 946	104 946	104 946	125 016
Liabilities	101	4 196 323	3 450 430	3 450 429	2 894 917
Long-term liabilities - total	102	430 571	383 662	383 662	289 397
Long-term trade liabilities – total	103	0	0	0	0
Trade liabilities to affiliated accounting entities	104	0	0	0	0
Trade liabilities within participating interest, except	105	0	0	0	0
for liabilities to affiliated accounting entities
Other trade liabilities	106	0	0	0	0
Net value of contract	107	0	0	0	0
Other liabilities to affiliated accounting entities	108	0	253 871	0	253 871
Other liabilities within participating interest, except	109	244 309	0	253 871	0
for liabilities to affiliated accounting entities
Other long-term liabilities	110	476	1 891	1 891	7 361
Long-term advances received	111	0	0	0	0
Long-term bills of exchange to a paid	112	0	0	0	0
Bonds issued	113	0	0	0	0
Liabilities from social fund	114	3 090	3 004	3 004	1 715
Other non-current liabilities	115	0	0	0	0
Non-current liabilities related to derivative trans-	116	0	0	0	0
actions
Deffered tax liability	117	182 696	124 896	124 896	26 450
Long-term provisions	118	0	0	0	0
Legal provisions	119	0	0	0	0
Other provisions	120	0	0	0	0
Long-term bank loans	121	0	0	0	0
Short-term liabilities - total	122	2 270 454	1 498 421	1 498 420	1 014 148
Trade liabilities	123	2 155 263	1 422 170	1 422 169	964 013
Trade liabilities to affiliated accounting entities	124	0	286 824	0	366 526
Trade liabilities within participating interest, except	125	0	279 687	0	0
for liabilities to affiliated accounting entities
Other trade liabilities	126	2 155 263	855 659	1 422 169	597 487
Net values of contract	127	0	0	0	0
Other liabilities to affiliated accounting entities	128	0	0	0	0

		31/03/2015	31/12/2014	31/03/2014	31/12/2013
Name	Ref.	1	1	1	1
		EUR	EUR	EUR	EUR
		balance	balance	balance	balance
Other liabilities within participating interest, except	129	0	0	0	0
for liabilities to affiliated accounting entities
Liabilities to partners and participants in associa-	130	0	0	0	0
tion
Liabilities to employees	131	58 560	38 423	38 423	28 333
Social security liabilities	132	25 332	24 007	24 007	17 376
Taxation and subsidies	133	31 098	13 724	13 724	4 337
Liabilities related to derivative transactions	134	0	0	0	0
Other liabilities	135	201	97	97	89
Short-term provisions	136	53 715	46 871	46 871	19 787
Legal provisions	137	53 715	46 871	46 871	19 787
Other provisions	138	0	0	0	0
Current bank loans	139	1 441 583	1 521 476	1 521 476	1 571 585
Short-term financial assistance	140	0	0	0	0
Prepayments - total	141	4	4	4	4
Accrued expenses long term	142	0	0	0	0
Accrued expenses short term	143	0	0	0	0
Deferred revenues long term	144	0	0	0	0
Deferred revenues short term	145	4	4	4	4

Profit and loss accounts
		31/03/2015	31/12/2014	31/03/2014	31/12/2013
		1	1	1	1
Name	Ref.	EUR	EUR	EUR	EUR
		profit/loss	profit/loss	profit/loss	profit/loss
		account	account	account	account
Net turnover	01	2 377 274	9 207 996	9 207 996	0
Operating income - total	02	2 843 631	12 535 229	12 535 229	7 845 987
Revenue from the sale of merchandise	03	30	387 395	387 395	418 378
Revenue from the sale of own products	04	2 252 128	8 182 928	8 182 928	6 911 250
Revenue from the sale of services	05	125 116	637 673	637 673	355 256
Change in inventory	06	271 892	763 115	763 115	-462 997
Own work capitalized	07	0	1 897 664	1 897 664	4 439
Revenue from the sale of non-current intangible	08	47 563	251 832	251 832	261 681
assets, property, plant and equipment, and raw
materials
Other operating revenues	09	146 902	414 622	414 622	357 980
Operating expenses - total	10	2 834 200	12 251 694	12 251 694	7 650 049
Cost of merchandise sold	11	0	369 168	369 168	413 145
Consumed raw materials, energy consumption,	12	1 972 534	8 861 634	8 861 634	4 947 539
and consumption of other non-inventory supplies
Value adjustments to inventory	13	0	118 643	118 643	118 642
Services	14	247 679	955 914	955 914	465 920

		31/03/2015	31/12/2014	31/03/2014	31/12/2013
		1	1	1	1
Name	Ref.	EUR	EUR	EUR	EUR
		profit/loss	profit/loss	profit/loss	profit/loss
		account	account	account	account
Personnel expenses - total	15	246 094	751 106	751 106	615 610
Wages and salaries	16	184 289	541 530	541 530	446 177
Remuneration of board members	17	0	0	0	0
Social security expenses	18	53 040	178 072	178 072	144 513
Social expenses	19	8 765	31 504	31 504	24 920
Taxes and fees	20	13 339	117 798	117 798	60 160
Depreciation expense of intangible and tangible	21	160 550	538 170	538 170	382 656
fixed assets
Amortization of non-current intangible assets and	22	142 682	484 455	484 455	328 941
depreciation of property, plant and equipment
Value adjustments to non-current intangible as-	23	17 868	53 715	53 715	53 715
sets and property, plant and equipment
Net book value of fixed assets sold and material	24	41 117	215 950	215 950	238 961
sold
Value adjustments to receivables	25	0	3 150	3 150	3 150
Other operating expenses	26	152 887	320 161	320 161	404 266
Profit or loss from operations	27	9 431	283 535	283 535	195 938
Added value	28	428 953	1 563 416	1 563 416	1 281 080
Income from financial activities - total	29	1 016	6 751	6 751	80
Revenues from sales of shares and ownership	30	0	0	0	0
Revenues from long-term financial assest	31	0	0	0	0
Income from securities and ownership interests in	32	0	0	0	0
affiliated accounting entities
Income from securities and ownership interests	33	0	0	0	0
within participating interest, except for income of
affiliated accounting entities
Other income from securities and ownership inter-	34	0	0	0	0
ests
Revenues from short-term financial assest	35	0	0	0	0
Income from current financial assets in affiliated	36	0	0	0	0
accounting entities
Income from current financial assets within partic-	37	0	0	0	0
ipating interest, except for income of affiliated ac-
counting entities
Other income from current financial assets	38	0	0	0	0
Interest income	39	10	5 703	5 703	10
Interest income from affiliated accounting entities	40	0	0	0	10
Other interest income	41	10	5 703	5 703	0
Exchange rate gains	42	1 006	936	936	52
Revenues from revaluation of securities and rev-	43	0	0	0	0
enues from derivative operations
Other financial revenues	44	0	112	112	18
Expenses related to financial activities - total	45	11 871	79 303	79 303	67 229
Shares and ownership interests sold	46	0	0	0	0

		31/03/2015	31/12/2014	31/03/2014	31/12/2013
		1	1	1	1
Name	Ref.	EUR	EUR	EUR	EUR
		profit/loss	profit/loss	profit/loss	profit/loss
		account	account	account	account
Expenses for short-term financial assets	47	0	0	0	0
Value adjustments to financial assets	48	0	0	0	0
Interest expense	49	10 624	54 689	54 689	51 290
Interest expenses related to affiliated accounting	50	0	0	0	0
entities
Other interest expenses	51	10 624	54 689	54 689	51 290
Exchanges rate losses	52	64	8	8	359
Expenses for revaluation of securities and ex-	53	0	0	0	0
penses for derivative operations
Other financial expenses	54	1 183	24 606	24 606	15 580
Profit or loss from financial activities	55	-10 855	-72 552	-72 552	-67 149
Profit or loss from ordinary activities before	56	-1 424	210 983	210 983	128 789
tax
Income tax	57	58 522	106 037	106 037	3 773
Income tax - current	58	722	7 590	7 590	1 333
Income tax - deferred	59	57 800	98 447	98 447	2 440
Transfer of profit or loss to partners	60	0	0	0	0
Profit or loss of the accounting period after tax	61	-59 946	104 946	104 946	125 016
Receivables after due date
Liabilities after due date

Financial Ratios

Name	Ref.	31/03/2015	31/12/2014	31/12/2013	31/12/2012
Return on total assets ROA (in %)	1	-0,44	0,80	1,01	-1,83
Return on equity ROE (in %)	2	-0,63	1,09	1,31	-2,55
Return on sales ROS (in %)	3	-2,52	1,14	1,63	-3,79
Turnover of receivables (in days)	4	376,16	102,72	171,12	236,58
Turnover of liabilities (in days)	5	330,91	56,37	45,79	94,84
Turnover of inventories (days)	6	697,60	150,40	189,25	307,21
Net working capital	7	4386016,00	4133535,00	5832941,00	7315154,00
Ratio of accounts payable to accounts receivable	8	106,78	161,66	302,34	213,11
Ratio of profit/loss to tangible assets (in%)	9	238,67	63,30	52,14	54,79
Current ratio	10	2,18	2,37	3,26	2,84
Quick ratio	11	0,96	1,11	1,71	1,26
Cash ratio	12	0,18	0,10	0,19	0,00
Debt ratio I (in %)	13	30,45	26,35	23,28	28,10
Debt ratio II (in %)	14	30,45	26,35	23,28	28,10

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.79
UK Pound	1	Rs.99.95
Euro	1	Rs.71.55

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ASH

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	--

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%)

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.