MIRA INFORM REPORT

Report No. :	347181
Report Date :	29.10.2015

IDENTIFICATION DETAILS

Name :	HONEYWELL TECHNOLOGY SOLUTIONS LAB PRIVATE LIMITED

Registered Office :	151/1, Doraisani Palya, Bannerghatta Road, Bangalore – 560076, Karnataka
Tel. No.:	91-80-26588360

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	11.10.1994

Com. Reg. No.:	08-016379

Capital Investment / Paid-up Capital :	Rs. 50.000 Million

CIN No.: [Company Identification No.]	U72200KA1994FTC016379

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAACH4151J

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged into rendering Information Technology and Information Technology Enabled Services (ITES)

No. of Employees :	7498 (Approximately) (As on 31.03.2014)

RATING & COMMENTS

MIRA’s Rating :

Aa (78)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 48582000

Status :	Excellent

Payment Behavior :	Regular

Litigation :	Clear

Comments :	Subject is a wholly owned subsidiary of Honeywell International Inc. USA, which is an American multinational conglomerate company that produces a variety of commercial and consumer products, engineering services, and aerospace systems for a wide variety of customers, from private consumer to major corporations and governments. It is a Fortune 500 company. In India it is incorporated in the year 1994 and at present it has close to 15,000 employees, including 8,000 engineers, across 50 cities in India and it has five technology and engineering centers in Bangalore, Gurgaon, Hyderabad and Madurai. The rating takes into consideration strong financial risk profile of the company marked by debt free capital structure and strong networth base of Rs. 17003.000 Million in FY14. Further the company has reported decent revenue base along the excellent profit margin of nearly 17.34% in the year under consideration. Trade relations are praiseworthy. Business is active. Payment terms are regular and as per commitments. In view of technical and financial support from its holding company, the subject can be considered for normal business dealings with 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

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 31-03-2015.

INFORMATION DENIED BY

Name :	Ms. Priya
Designation :	Office Executive
Contact No.:	91-80-26588360
Date :	27.10.2015

LOCATIONS

Registered Office :	151/1, Doraisani Palya, Bannerghatta Road, Bangalore – 560076, Karnataka, India
Tel. No.:	91-80-26588360/41197222
Fax No.:	91-80-26584750
E-Mail :	murali.kalyanaraman@honeywell.com india.communications@honeywell.com
Website :	http://www.honeywell.com/country/in/

Technology and Engineering Centers	Located at: Bangalore Gurgaon Hyderabad Madurai

DIRECTORS

AS ON 29.09.2014

Name :

Mr. Mark Alan Natale

Designation :

Director

Address :

15, Park Place, Little Falls Newjersey, 07424, United States of America

Date of Birth/Age :

29.10.1965

Date of Appointment :

29.09.2007

DIN No.:

01532241

Name :

Mr. Suresh Venkatarayalu

Designation :

Director

Address :

No. 1793, 20th Main, 13th Cross, Sector 1 HSR Layout, Bangalore - 560102, Karnataka, India

Date of Birth/Age :

31.03.1973

Date of Appointment :

21.06.2013

DIN No.:

06552947

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	U72200KA1994FTC016379	HONEYWELL TECHNOLOGY SOLUTIONS LAB PRIVATE LIMITED	Director	21/06/2013	21/06/2013	-	Active	NO
2	U85100DL2014NPL269717	Honeywell Hometown Solutions India Foundation	Director	04/08/2015	26/02/2015	-	Active	N

Name :

Mr. Ramachandran Nandakumar

Designation :

Director

Address :

L-52, Kirloskar Colony, 3 Stage, 4th Block, Basaveswarnagar, Bangalore - 560079, Karnataka, India

Date of Birth/Age :

29.07.1956

Date of Appointment :

21.06.2013

DIN No.:

06553065

Name :

Mr. Alistair Gordon Robertson Kille

Designation :

Director

Address :

9B, Sky Gardens, 9th Floor, 12/1 Alexandra Road, Richmond Town, Bangalore - 560025, Karnataka, India

Date of Birth/Age :

02.11.1977

Date of Appointment :

21.06.2013

DIN No.:

06557609

KEY EXECUTIVES

Name :	Ms. Priya
Designation :	Office Executive

MAJOR SHAREHOLDERS

AS ON 29.09.2014

Names of Shareholders		No. of Shares
Honeywell International Inc, United Stated of America		4999989
Honeywell Aircraft Leasing LLC, United Stated of America		01
Total		4999990

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companies (s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged into rendering Information Technology and Information Technology Enabled Services (ITES)

Products/Services :

ITC Code	Product/Services Description
99831177	IT Enabled Services

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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 :

7498 (Approximately) (As on 31.03.2014)

Bankers :

Bank Name	Not Divulged
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

Auditors :
Name :	Lovelock and Lewes Chartered Accountants
Address :	Building 8, 7th and 8th Floor, Tower B, DLF Cyber City, Gurgaon - 122002, Haryana, India
PAN. No.:	AABFL5878L

Memberships :	-----

Collaborators :	-----

Holding Company	Honeywell International Inc., USA (HI Inc.)

Fellow Subsidiaries:	Honeywell Limited, Australia (HLA) Honeywell FM and T, USA Honeywell Europe SA, Belgium (HLB) Honeywell AHF USA Honeywell Asca Inc., Canada (HAC) BW Technologies LP Canada Honeywell Garrette S.A., France (HF) Honeywell Controls International Limited, USA Honeywell - AG GmbH, Germany (HAG) Honeywell Security USA Honeywell B.V., Netherlands (HBN) Honeywell Enraf Americas, Inc. USA Honeywell Control Systems Limited, UK (HCU) Honeywell Engineering SDN BHD Malaysia Honeywell Process Solutions Salisbury by Honeywell USA Honeywell Measurex (Ireland) Limited Honeywell Pte Limited, Singapore Honeywell Taiwan Limited, Taiwan (HT) Callidus Technologies LLC USA Honeywell (Tianjin) Limited, China (HCC) Honeywell, S.L. Spain Honeywell Control Systems Limited, Scotland (HCS) Honeywell After Market Europe S.A France Honeywell Intellectual Properties Inc., USA (HIPI) FMP Group (Australia) Pty Limited, Australia Honeywell Southern Africa Pty, South Africa (HSA) AlliedSignal Aerospace Service Honeywell Middle East Limited, UAE (HME) Honeywell ASASCO(ASASCO) Honeywell - Ademco Security Group, USA (HASG) Honeywell - Ademco Security Group, USA (HASG) AEROSPACE DOMESTIC HQ (HADHQ) Honeywell Automation India Limited, India (HAIL) TUCSON, AZ Honeywell International India Private Limited (HIIPL) Honeywell International Sarl - ACT (Oracle) AEROSPACE PHX AZ DEER VALLEY Honeywell Aircraft Leasing LLC (HAL) (HATS) Honeywell ATS (HATS) HONEYWELL SRL (HonSrl) Honeywell Korea (HK) HONEYWELL UOP (UOP) Honeywell OY (HF) Tridium Honeywell Technology Solutions Lab, Beijing (HTSLB) Honeywell Russia (HONRUS) Novar ED and S Limited System Sensor India Honeywell Aero Space Electronic Systems (HAES) Spec-Chem/Polymer US Honeywell International Asia Pacific Inc (HIAP) Northen Computer Honeywell Phoenix (HPnix) Turbo China Honeywell Turbo (India) Private Limited, (HTI) HONEYWELL ACS H and BC(HAHB) ACS Honeywell ECC/S and C UK (HS and C) Honeywell Control Systems Ltd (Corp)(HCSL) Honeywell Building Solutions GmbH Germany SPECIALTY MATERIALS HQ (MTO) Honeywell Canadian Business Canada (HCB) Honeywell Taeco Aerospace (XIAMEN) Honeywell - IAC Inc.

CAPITAL STRUCTURE

AS ON 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

4999990	Equity Shares	Rs.10/- each	Rs. 50.000 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	50.000	50.000	50.000
(b) Reserves & Surplus	16953.600	13653.100	9900.400
(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)	17003.600	13703.100	9950.400

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	20.700	43.700	43.100
(c) Other long term liabilities	210.300	194.300	133.500
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	231.000	238.000	176.600

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	333.900	262.400	199.300
(c) Other current liabilities	1194.100	1464.100	1177.600
(d) Short-term provisions	532.900	242.400	799.200
Total Current Liabilities (4)	2060.900	1968.900	2176.100

TOTAL	19295.500	15910.000	12303.100

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2467.800	2446.800	2688.200
(ii) Intangible Assets	389.000	358.400	339.000
(iii) Capital work-in-progress	272.900	362.100	146.400
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	548.700	471.900	356.000
(d) Long-term Loan and Advances	1144.100	1033.500	1174.700
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4822.500	4672.700	4704.300

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	2361.000	2528.600	2236.500
(d) Cash and cash equivalents	10600.000	7461.600	3884.200
(e) Short-term loans and advances	1434.200	1184.100	1400.000
(f) Other current assets	77.800	63.000	78.100
Total Current Assets	14473.000	11237.300	7598.800

TOTAL	19295.500	15910.000	12303.100

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Operating Income	18854.800	18122.700	14990.200
	Interest Income	719.900	465.700	344.400
	Other Income	537.700	39.900	24.400
	TOTAL	20112.400	18628.300	15359.000

Less	EXPENSES
	Operating expense	11828.600	11387.700	9936.500
	General and Administrative Expense	2104.100	1769.100	1837.500
	TOTAL	13932.700	13156.800	11774.000

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	6179.700	5471.500	3585.000

Less	FINANCIAL EXPENSES	25.200	20.900	0.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	6154.500	5450.600	3585.000

Less/ Add	DEPRECIATION/ AMORTISATION	1226.600	1142.500	1069.200

	PROFIT/ (LOSS) BEFORE TAX	4927.900	4308.100	2515.800

Less	TAX	1658.500	1355.800	4241.700

	PROFIT/ (LOSS) AFTER TAX	3269.400	2952.300	1725.900

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	18735.300	17962.900	14893.200
	TOTAL EARNINGS	18735.300	17962.900	14893.200

	Earnings / (Loss) Per Share (Rs.)	653.88	590.46	345.18

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	4917.600	5544.300	2176.400
Net cash flow from (used in) operations	3380.900	4194.400	1254.900

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Operating Income)	(%)	17.33	16.29	11.51

Operating Profit Margin (PBIDT/ Operating Income)	(%)	32.77	30.19	23.91

Return on Total Assets (PBT/Total Assets}	(%)	26.67	28.58	21.32

Return on Investment (ROI) (PBT/Networth)		0.29	0.31	0.25

Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00

Current Ratio (Current Asset/Current Liability)		7.02	5.71	3.49

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	50.000	50.000	50.000
Reserves & Surplus	9900.400	13653.100	16953.600
Net worth	9950.400	13703.100	17003.600

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 Million)	(Rs. In Million)	(Rs. In Million)
Operating Income	14990.200	18122.700	18854.800
		20.897	4.040

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Operating Income	14990.200	18122.700	18854.800
Profit	1725.900	2952.300	3269.400
	11.51%	16.29%	17.34%

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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

GENERAL INFORMATION

Subject was incorporated in 1994 for rendering Information Technology and Information Technology Enabled Services (ITES).

OPERATING RESULTS AND BUSINESS

Overall, 2013-14 has been a satisfying year.

- For fiscal year, the Company earned total revenue of Rs.18854.800 Million (Rs.18122.700 Million during the previous year).

- During the year, the Company earned Profit before interest, depreciation and taxes of Rs. 4922.100 Million, representing, 26.10% of the total revenue.

- The area of operations include Software Development, maintenance and enhancement, IT and IT Enabled Services, Business and Financial Analytics, Technical Support Centre and local market solutions.

- Total employee base is 7498.

FIXED ASSETS

Tangible Assets

Land
Buildings
Plant and Equipment
Furniture and Fixtures
Vehicles
Office Equipment
Computer Equipments
Leasehold Improvements
Other Equipments

Intangible Assets

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. 64.95
UK Pound	1	Rs. 99.73
Euro	1	Rs. 71.84

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	KIN

Report Prepared by :	SANS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	8
--MARGINS	-5~5	-----
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		78

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 unfavorable 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.