MIRA INFORM REPORT

Report No. :	494264
Report Date :	27.02.2018

IDENTIFICATION DETAILS

Name :	POWERICA LIMITED (w.e.f.05.10.1989)
Formerly Known As :	CONSOLIDATED POWER SYSTEMS LIMITED CONSOLIDATED POWER SYSTEMS PRIVATE LIMITED
Registered Office :	9^th Floor, Bakhtawar, Nariman Point, Mumbai – 400021, Maharashtra
Tel. No.:	91-22-66562525
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	04.05.1984
Com. Reg. No.:	11-032825
Capital Investment / Paid-up Capital :	INR 84.250 Million
CIN No.: [Company Identification No.]	U31100MH1984PLC032825
IEC No.:	0389015806
TIN No.:	Not Divulged
GST No :	27AAACP3812E1ZT
TIN No.:	27910330848
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACP3812E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Trader and Exporter of Diesel generating sets and components and Erection, Installation, Commissioning, Operation, Maintenance and Other Services Relating to Diesel Generating Sets and also Generation of electricity from Wind Turbine Generators. [Registered Activity and also Confirmed by Management]
No. of Employees :	1500 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A++

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Powerica was incorporated in 4th May 1984. The company is a global original equipment manufacturer for cummins and uses Cummins’s engines and alternators for manufacturing DG sets. Subject is a well-established company having excellent track records. As per Registrar of Companies the date of balance sheet (i.e, financial filed) is shown as 31-03-2017 but the documents related to the financial for the year 2017 are not available from any sources. As per available financials of 2016, the company has witnessed a growth in its revenue and has achieved fair profit margin at 5.67% (approx.). Rating reflects Powerica’s strong market position, its promoters extensive experience in the diesel generator (DG) set industry and its healthy financial risk profile, marked by strong net worth base and comfortable liquidity of the company. Fundamentals of the company are strong and healthy. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. In view of long track record and sound financial base, the company can be considered for normal 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating=AA
Rating Explanation	High degree of safety and very low credit risk
Date	06.04.2017
Rating Agency Name	CRISIL
Rating	Short Term Rating=A1
Rating Explanation	Very Strong degree of safety and carry lowest credit risk
Date	06.04.2017

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 27.02.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY [GENERAL DETAILS]

Name :	Mr. Santosh
Designation :	Assistant Finance Manager
Contact No.:	91-22-66562525
Date:	26.02.2018

LOCATIONS

Registered/ Corporate Marketing Office:	9^th Floor, Bakhtawar, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No. :	91-22-66562525/ 25411483/ 27405650
Mobile No. :	91-9822228853 (Mr. Sanjay Chakravorty)
Fax No. :	91-22-43152515
E-Mail :	atp@powericaltd.com services@powericaltd.com shashi.sonar@powericaltd.com komal.motwani@powericaltd.com
Website :	http://www.powericaltd.com
Location:	Commercial
Manufacturing Unit:	102/2, Village Khutli, Dushani Road, Opposite Hindalco Khanvel, Silvassa - 396230, Dadra and Nagar Haveli (U.T.), India
Other Manufacturing Units :	Also located at: · Chennai · Bommanahalli Village, Nelamangala, Taluka, Bangalore-562123, Karnataka, India · Khopoli, Raigarh
Service Centres :	Also located at: · Raigad · Mumbai · Chennai · Puducherry · Vellore · Hubli
Branch Office:	A-23, Second Floor, Thiruvika Industrial Estate, Guindy, Chennai-600032, Tamilnadu, India
Tel. No.:	91-44-42422222/ 22506374
Other Branch Offices :	Also Located at: · Gurugram · Faridabad · Ahmedabad · Nashik · Nagpur · Aurangabad · Hyderabad · Pune · Kolhapur · Hyderabad · Goa · Hospet · Goa · Bangalore · Coimbatore · Kochi · Madurai · Tirunelveli · Calicut · Thane · Mumbai · Trichy

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Naresh Chander Oberoi

Designation :

Managing Director

Address :

181-B, Jolly Maker Apartment, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

03.03.1942

Date of Appointment :

10.02.2011

PAN No.:

AAEPO2381A

DIN No.:

00009000

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U15100MH1991PTC060359	POWERICA GENERATORS PRIVATE LIMITED	08/06/2012	-
U40200MH1981PTC025580	EVEREST INDUSTRIAL GASES PVT LTD	01/09/2017	-
U40300MH2015PLC263258	NANDURPATHAR WINDFARM LIMITED	31/03/2015	-
U51900MH1980PTC022350	POWERICA SALES AND SERVICES PRIVATE LIMITED	14/09/2015	-
U55101MH1996PTC097667	DEGUSTIBUS HOSPITALITY PRIVATE LIMITED	29/09/2009	-

Name :

Mr. Krishen Dev

Designation :

Director

Address :

Plot No.16, Pallod Farms -II, Banner, Pune – 411 045, Maharashtra, India

Date of Birth/Age :

31.03.1939

Qualification :

Holds a graduation degree in Chemical Engineering from Indian Institute of Technology, Kharagpur.

Date of Appointment :

10.02.2011

DIN No.:

00001534

Name :

Mr. Kharati Ram Puri

Designation :

Director

Address :

50 Sunita, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

10.04.1926

Qualification :

Bachelors degree in Arts

Experience :

62 Years

Date of Appointment :

01.01.2007

PAN No. :

AAEPP8874D

DIN No.:

00015011

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U31100MH2005PTC153415	ASA ELECTRO POWER SYSTEMS PRIVATE LIMITED	01/10/2014	-
U51900MH1984PTC032117	ASHUTOSH TRADERS PVT LTD	16/10/1985	-
U51900MH1995NPL119984	ALL INDIA BUSINESS COUNCIL	01/01/2008	-

Name :

Mrs. Renu Naresh Oberoi

Designation :

Whole-time Director

Address :

181/B Jolly Maker Apartment 1 Cuffe Parade, Mumbai-400005, Maharashtra, India

Date of Appointment :

20.03.2017

AHVPM1018J

DIN No.:

00114588

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U15100MH1991PTC060359	POWERICA GENERATORS PRIVATE LIMITED	08/06/2012	-
U40200MH1981PTC025580	EVEREST INDUSTRIAL GASES PVT LTD	01/09/2017	-
U45200MH1994PTC081674	NISHKAMA JAGRUTI DEVELOPERS PRIVATE LIMITED	01/09/2011	-
U51900MH1980PTC022350	POWERICA SALES AND SERVICES PRIVATE LIMITED	01/04/2004	-

Name :

Mr. Bharat Naresh Oberoi

Designation :

Whole-Time Director

Address :

31-B, Maker Tower, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

22.02.1971

Qualification :

Bachelor’s Degree in Commerce from the University of Bombay

Date of Appointment :

01.11.2008

PAN No. :

AAAPO0724D

DIN No.:

00083664

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U40105GJ2013PTC077368	VARTAMAN WIND ENERGY PRIVATE LIMITED	20/09/2017	-
U40300MH2015PLC263258	NANDURPATHAR WINDFARM LIMITED	31/03/2015	-
U51900MH1980PTC022350	POWERICA SALES AND SERVICES PRIVATE LIMITED	06/03/2000	-

Name :

Mr. Dinesh Kumar

Designation :

Director

Address :

No.21, 17th Cross, Malleshwram Bangalore – 560 055, Karnataka, India

Date of Birth/Age :

02.12.1937

Qualification :

Holds a graduation degree from National Defence Academy and a post-graduation degree from Military studies from Defence Services Staff College, Wellington.

Date of Appointment :

25.06.2009

DIN No.:

01133565

Name :

Mr. Ghanshyam Dass

Designation :

Director

Address :

31A, Sobha Emerald, Sobha Suburb, 1A, Behind Jakkur Flying Club, Jakkur, Bangalore – 560 064, Karnataka, India

Date of Birth/Age :

07.11.1952

Qualification :

Bachelor’s degree with Honours in Economics from Delhi University and Masters in Linguistics (an Inter Disciplinary Course) from Jawaharlal Nehru University, New Delhi, India.

Date of Appointment :

10.02.2011

DIN No.:

01807011

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L24100UP2007PLC032909	JUBILANT INDUSTRIES LIMITED	23/08/2011	-
L29120MH1986PLC042028	JAIN IRRIGATION SYSTEMS LIMITED	26/09/2014	-
U02423KA2005PTC035749	BIOPURE HEALTHCARE PRIVATE LIMITED	28/01/2010	-
U15200MH2015PLC263338	JAIN FARM FRESH FOODS LIMITED	27/09/2016	-
U52100UP2008PLC035862	JUBILANT AGRI AND CONSUMER PRODUCTS LIMITED	26/08/2013	-
U74899DL1995PTC073584	MAYAR INFRASTRUCTURE DEVELOPMENT PRIVATE LIMITED	31/07/2011	-
U74899HR1990PTC053212	ONLINE RECHARGE SERVICES PRIVATE LIMITED	15/06/2012	-
U74899HR1995PTC053199	ESTEL TECHNOLOGIES PRIVATE LIMITED	23/08/2012	-
U74999MH2013PTC241792	BQ PADMAVATHY FINANCE ACADEMY PRIVATE LIMITED	11/07/2015	-

Name :

Mr. Prakash Yashwant Gurav

Designation :

Director

Address :

Mritinjaya Apartments, 3rd Floor, 54 Ideal Colony, Kothrud, Pune – 411 029, Maharashtra, India

Date of Birth/Age :

28.12.1953

Qualification :

Masters Degree in Commerce and is a Chartered Accountant

Date of Appointment :

28.05.2012

DIN No.:

02004317

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L24231UP1979PLC004837	COMMERCIAL ENGINEERS & BODY BUILDERS CO LIMITED	29/09/2014	-
L45200PN1991PLC129428	KOLTE-PATIL DEVELOPERS LIMITED	13/09/2014	-
U34201UP2006PTC041454	ADITHYA AUTOMOTIVE APPLICATIONS PRIVATE LIMITED	24/05/2014	-
U70102PN2005PLC140660	KOLTE-PATIL I-VEN TOWNSHIPS (PUNE) LIMITED	15/09/2015	-
U70102PN2006PLC021837	COROLLA REALTY LIMITED	15/09/2015	-

Name :

Mr. Udai Dhawan

Designation :

Nominee Director

Address :

6 (Second Floor) Poorvi Marg, Vasant Vihar, New Delhi-110057, India

Date of Birth/Age :

17.01.1973

Date of Appointment :

20.03.2017

DIN No.:

03048040

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L52599TN1961PLC028758	REDINGTON (INDIA) LIMITED	28/07/2017	-
L92100MH1997PLC108981	PRIME FOCUS LIMITED	27/09/2017	-
U05005TG1995PLC021217	OCEAN SPARKLE LIMITED	29/09/2017	-
U15134DL1965PLC129086	VARUN BEVERAGES (INTERNATIONAL) LIMITED	18/07/2011	-
U28991TZ1986PTC001816	CRAFTSMAN AUTOMATION PRIVATE LIMITED	28/04/2017	-
U28999KA2001PTC029937	FIREPRO SYSTEMS PRIVATE LIMITED	21/12/2012	-
U33120PN2014PLC172393	STERLITE POWER GRID VENTURES LIMITED	30/07/2014	-
U65910TN1989PTC017021	IFMR CAPITAL FINANCE PRIVATE LIMITED	15/12/2016	-
U74130MH2003PTC141496	STANDARD CHARTERED PRIVATE EQUITY ADVISORY (INDIA) PRIVATE LIMITED	18/09/2014	-

Name :

Mr. Pradeep Omprakash Gupta

Designation :

Whole-time Director

Address :

Flat No. 64, Building No. 3A, Kalpataru Estate, Majas VlG JV Link Road, Andheri – East, Mumbai – 400 093, Maharashtra, India

Date of Appointment :

02.09.2016

DIN No.:

00013424

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U18109MH2008PTC182417	TEXRICA INDIA ORGANICS PRIVATE LIMITED	19/05/2008	-
U40105GJ2013PTC077368	VARTAMAN WIND ENERGY PRIVATE LIMITED	20/09/2017	-
U40108MH2007PTC257393	AWT ENERGY PRIVATE LIMITED	01/01/2015	-
U40300MH2015PLC263258	NANDURPATHAR WINDFARM LIMITED	31/03/2015	-
U40300MH2015PTC270223	PARAMOUNT WINDFARMS PRIVATE LIMITED	17/11/2015	-
U40300MH2016PTC272791	AIRPOWER WINDFARMS PRIVATE LIMITED	06/02/2016	-
U51494MH2004PTC147119	ART-YARN EXPORTS (INDIA) PRIVATE LIMITED	01/01/2015	-
U74999MH2017PTC295652	SOVERIGN WINDFARMS PRIVATE LIMITED	01/06/2017	-
U74999MH2017PTC298318	VESPOWER WINDFARM PRIVATE LIMITED	07/08/2017	-

Name :

Mrs. Veena Bhagwan Thadhani

Designation :

Additional Director

Address :

32/1, Maitri Park, Sion Trombay Road, Chembur, Mumbai – 400 077, Maharashtra, India

Date of Appointment :

02.09.2016

DIN No.:

00490673

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24233MH2007PTC170960	NIRAMAYA HOLISTIC HEALTH SERVICES PRIVATE LIMITED	24/11/2014	-
U70100MH1964PLC012929	THE ASSOCIATION OF THE COMMERCE HOUSE BLOCK OWNERS LIMITED	22/09/2001	-

Name :

Mr. Vibhav Niren Parikh

Designation :

Alternate Director

Address :

15-D, Shanaz 90, Nepean Sea Road, Mumbai-400006, Maharashtra, India

Date of Appointment :

20.03.2017

DIN No.:

00848207

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U72200MH2008PLC179850	PRIME FOCUS TECHNOLOGIES LIMITED	26/08/2016	-

KEY EXECUTIVES

Name :	Mrs. Komal Manoj Nagdev
Designation :	Company Secretary
Address :	106, C Wing, Niloy CHS, Plot No.82, Bhidewadi, Ambernath, Thane – 421 501, Maharashtra, India
Date of Birth/Age :	08.10.1985
Date of Appointment :	12.06.2015
PAN No.:	AVRPM1256C
Name :	Mr. Sanjay Chakravorty
Designation :	Branch Head
Name :	Mr. Santosh
Designation :	Assistant Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2017

Names of Shareholders	No. of Shares	Percentage of Holding
Naresh Chander Oberoi	5476000	14.38
Bharat Naresh Oberoi	17902302	47.00
Puri Ram Kharati	5294808	13.90
Standard Chartered Private Equity Mauritius II Limited	614538	1.61
Standard Chartered Private Equity (Mauritius) III Limited	204845	0.54
Renu Naresh Oberoi	4633717	12.16
T. B. Nedungadi	322415	0.85
Sunil Kumar Khurana	2799	0.01
Marina West (Singapore) Pte Limited	3640705	9.56
Total	38092129	100.00

AS ON 28.09.2017

Equity Share Breakup	Percentage of Holding
Category
Promoters – Individual/Hindu Undivided Family (Indian)	87.44
Public/ Other than Promoters – Individual/Hindu Undivided Family (Indian)	0.85
Public/Other than Promoters - Foreign institutional investors	10.10
Public/Other than Promoters - Venture capital	1.61
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Trader and Exporter of Diesel generating sets and components and Erection, Installation, Commissioning, Operation, Maintenance and Other Services Relating to Diesel Generating Sets and also Generation of electricity from Wind Turbine Generators. [Registered Activity and also Confirmed by Management]

Products/ Services :

ITC Code No.	Product/ Service Descriptions
85023100	Dealing in Power Generating Set Business and Service Division
99691120	Electricity Generation from Wind Turbine Generators

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

· African Countries

· Qatar

· Spain

Imports :

Products :

Raw Material

Countries :

UK

Terms :

Selling :

Advance Payment, L/C, Cheque and Credit [30 and 60 days] and Others [RTGS]

Purchasing :

Advance Payment, L/C, Cheque and Credit [30 and 60 days] and Others [RTGS]

PRODUCTION STATUS: (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference:	Cummins India Limited
Name of the Person (Designation):	---
Contact Number:	---
Since how long known:	---
Maximum limit dealt:	---
Experience:	---
Remark	---

Customers :

Retailers and End Users

· Jupiter Hospital

· Lupin

· BRFL

· Siyarams

· Vivanta

· VH Group

· ARAI Project

· GE India Industrial Private Limited

· Chaithanya Projects Private Limited

No. of Employees :

1500 (Approximately)

Bankers :

Bank Name:	Canara Bank
Branch:	Mittal Tower, C Wing, Nariman Point, Mumbai - 400021, Maharashtra, India
Person Name (with Designation):	--
Contact Number:	91-22-22835118
Name of Account Holder:	--
Account Number:	--
Account Since (Date/ Year of A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	--
Account Operation:	--
Remarks:	Number is continuously ringing

· State Bank of Mysore

Cunningham Road Branch, Bangalore - 560052, Karnataka, India

· Kotak Mahindra Bank Limited

27BKC, C 27, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India

· Standard Chartered Bank

Abhijeet II, Ground Floor, New Mithakali Six Roads, Ahmedabad – 380 006, Gujarat, India

· BNP Paribas

· Citi Bank N.A.

Facilities :

SECURED LOANS	31.03.2016 (INR In Million)	31.03.2015 (INR In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	979.330	2810.710
Total	979.330	2810.710

Auditors :
Name :	Kapoor and Parekh Associates Chartered Accountants
Address :	701, Business Suites 9, S V Road, Santacruz (West), Mumbai – 400 054, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFK1612L
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary company:	· Quadrant Engineers Limited, India [U74140MH1981PLC024853] · Dev-Dwarka Wind Project Limited, India [U40300MH2014PLC257945] · Nandurpathar Windfarm Limited, India [U40300MH2015PLC263258] · Paramount Windfarms Private Limited, India [U40300MH2015PTC270223]
Associates :	· Powerica Sales and Services Private Limited, India [U51900MH1980PTC022350] · deGustibus Hospitality Private Limited, India [U55101MH1996PTC097667] · L.N Health Care Private Limited, India [U85190MH2010PTC209887]
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Oberoi Family Trust

CAPITAL STRUCTURE

AS ON 28.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	INR 2/- each	INR 200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
38092129	Equity Shares	INR 2/- each	INR 76.184 Million

AS ON 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	INR 2/- each	INR 200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
42123078	Equity Shares	INR 2/- each	INR 84.250 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET [STANDALONE]

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	84.250	84.250	93.610
(b) Reserves & Surplus	7722.800	7549.700	8078.740
(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)	7807.050	7633.950	8172.350
(3) Non-Current Liabilities
(a) Long-term borrowings	979.330	2810.710	2502.500
(b) Deferred tax liabilities (Net)	1047.550	1180.740	1325.020
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	16.930	16.030	10.610
Total Non-current Liabilities (3)	2043.810	4007.480	3838.130
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1297.220	1154.340	1024.320
(c) Other current liabilities	3333.070	1642.870	1550.640
(d) Short-term provisions	24.260	32.890	46.380
Total Current Liabilities (4)	4654.550	2830.100	2621.340
TOTAL	14505.410	14471.530	14631.820
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7349.120	8192.990	6117.340
(ii) Intangible Assets	9.890	7.840	7.040
(iii) Capital work-in-progress	121.280	54.110	299.980
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1263.320	192.960	38.300
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	779.600	977.460	2131.450
(e) Other Non-current assets	0.120	0.380	1.430
Total Non-Current Assets	9523.330	9425.740	8595.540
(2) Current assets
(a) Current investments	1017.760	1698.000	3390.950
(b) Inventories	1174.220	1381.720	964.970
(c) Trade receivables	1690.030	1338.010	1247.730
(d) Cash and cash equivalents	167.040	327.780	192.030
(e) Short-term loans and advances	916.760	298.510	240.260
(f) Other current assets	16.270	1.770	0.340
Total Current Assets	4982.080	5045.790	6036.280
TOTAL	14505.410	14471.530	14631.820

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2016	31.03.2015	31.03.2014
	SALES
		Revenue from Operations	12004.540	10227.160	11569.740
		Other Income	186.400	331.580	289.720
		TOTAL (A)	12190.940	10558.740	11859.460
Less	EXPENSES
		Cost of Materials Consumed	7431.780	6367.920	7639.720
		Purchases of Stock-in-Trade	703.100	707.320	777.680
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(5.640)	(50.060)	78.860
		Employees benefits expense	786.660	672.400	713.060
		Other expenses	1135.740	1055.330	1028.590
		TOTAL (B)	10051.640	8752.910	10237.910
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2139.300	1805.830	1621.550
Less	FINANCIAL EXPENSES (D)		255.880	201.900	83.720
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1883.420	1603.930	1537.830
Less/ Add	DEPRECIATION/ AMORTISATION (F)		993.340	895.230	919.300
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		890.080	708.700	618.530
Less	TAX (H)		210.000	(25.120)	159.500
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		680.080	733.820	459.030
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings (FOB basis)	349.970	376.780	117.940
		Earnings on other income	2.390	9.750	65.930
	TOTAL EARNINGS		352.360	386.530	183.870
	IMPORTS
		Raw Materials	206.380	10.120	49.730
		Stores & Spares	0.000	0.000	84.850
		Capital Goods	0.000	0.380	163.80
	TOTAL IMPORTS		206.380	10.500	298.380
	Earnings/(Loss) Per Share (INR)		16.99	16.12	9.81

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	1917.910	680.680	601.000
Net cash flows from (used in) operations	1681.560	1078.960	2518.130
Net cash flows from (used in) operating activities	1580.840	952.520	2473.960

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	51.39	47.75	39.36
Account Receivables Turnover (Income / Sundry Debtors)	7.10	7.64	9.27
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	58.20	59.55	44.42
Inventory Turnover (Operating Income / Inventories)	1.82	1.31	1.68
Asset Turnover (Operating Income / Net Fixed Assets)	0.29	0.22	0.25

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.52	0.44	0.39
Debt Equity Ratio (Total Liability / Networth)	0.37	0.46	0.38
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.60	0.37	0.32
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.96	1.08	0.79
Interest Coverage Ratio (PBIT / Financial Charges)	8.36	8.94	19.37

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) * 100)	%	5.67	7.18	3.97
Return on Total Assets ((PAT / Total Assets) * 100)	%	4.69	5.07	3.14
Return on Investment (ROI) ((PAT / Networth) * 100)	%	8.71	9.61	5.62

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.07	1.78	2.30
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.82	1.29	1.93
G-Score Ratio Financial (Networth / Total Assets)	0.54	0.53	0.56
G-Score Ratio Debt (Debts / Equity Capital)	34.39	41.44	33.15
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.07	1.78	2.30

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL DATA

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Share Capital	93.610	84.250	84.250
Reserves & Surplus	8078.740	7549.700	7722.800
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	8172.350	7633.950	7807.050
long-term borrowings	2502.500	2810.710	979.330
Short term borrowings	0.000	0.000	0.000
Current Maturities of Long term debt	601.000	680.680	1917.910
Total borrowings	3103.500	3491.390	2897.240
Debt/Equity ratio	0.380	0.457	0.371

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	11569.740	10227.160	12004.540
		(11.604)	17.379

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	11569.740	10227.160	12004.540
Profit	459.030	733.820	680.080
	3.97%	7.18%	5.67%

ABRIDGED BALANCE SHEET [CONSOLIDATED]

SOURCES OF FUNDS	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	84.250	84.250
(b) Reserves & Surplus	7704.630	7537.770
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	7788.880	7622.020
(3) Non-Current Liabilities
(a) Long-term borrowings	979.330	2810.710
(b) Deferred tax liabilities (Net)	1047.550	1180.740
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	16.930	16.030
Total Non-current Liabilities (3)	2043.810	4007.480
(4) Current Liabilities
(a) Short term borrowings	0.030	0.000
(b) Trade payables	1555.080	1154.390
(c) Other current liabilities	3333.730	1642.970
(d) Short-term provisions	24.260	32.890
Total Current Liabilities (4)	4913.100	2830.250
TOTAL	14745.790	14459.750
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7373.780	8219.040
(ii) Intangible Assets	9.890	7.840
(iii) Capital work-in-progress	378.740	54.110
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1210.010	164.250
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	780.000	962.210
(e) Other Non-current assets	0.120	0.380
Total Non-Current Assets	9752.540	9407.830
(2) Current assets
(a) Current investments	1017.760	1698.000
(b) Inventories	1174.220	1381.720
(c) Trade receivables	1690.030	1338.000
(d) Cash and cash equivalents	178.190	333.900
(e) Short-term loans and advances	916.780	298.530
(f) Other current assets	16.270	1.770
Total Current Assets	4993.250	5051.920
TOTAL	14745.790	14459.750

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2016	31.03.2015
	SALES
		Revenue from Operations	12004.540	10227.160
		Other Income	185.940	331.570
		TOTAL (A)	12190.480	10558.730
Less	EXPENSES
		Cost of Materials Consumed	7431.780	6367.920
		Purchases of Stock-in-Trade	703.100	707.320
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(5.640)	(50.060)
		Employees benefits expense	788.450	672.790
		Other expenses	1138.290	1055.740
		TOTAL (B)	10055.980	8753.710
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2134.500	1805.020
Less	FINANCIAL EXPENSES (D)		255.880	201.900
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1878.620	1603.120
Less/ Add	DEPRECIATION/ AMORTISATION (F)		994.760	896.720
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		883.860	706.400
Less	TAX (H)		210.020	(25.070)
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		673.840	731.470
	Earnings/(Loss) Per Share (INR)		16.00	16.06

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	Yes
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	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
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	Yes
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

INDEX OF CHARGES

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G20335204	100058538	KOTAK MAHINDRA BANK LIMITED	10/10/2016	-	-	1000000000.0	27BKC, C 27, G BLOCKBANDRA KURLA COMPLEX, BANDRA (E),MUMBAIMA400051IN
2	C69182145	10580513	STANDARD CHARTERED BANK	09/07/2015	20/10/2015	-	960000000.0	ABHIJEET II, GROUND FLOOR,NEW MITHAKALI SIX ROADAHMEDABADGJ380006IN
	G09840232	10580571	STANDARD CHARTERED BANK	09/07/2015	28/07/2016	-	295000000.0	ABHIJEET II, GROUND FLOORNEAR MITHAKALI SIX ROAD,AHMEDABADGJ380006IN
4	C21633359	10521092	STANDARD CHARTERED BANK	08/08/2014	-	-	150000000.0	ABHIJEET II, GROUND FLOOR,NEW MITHAKALI SIX ROADSAHMEDABADGJ380006IN
5	C69442655	10496714	STANDARD CHARTERED BANK	21/04/2014	13/10/2015	-	1220000000.0	ABHIJEET II, GROUND FLOOR,NEW MITHAKALI SIX ROADAHMEDABADGJ380006IN
6	B03356250	10261400	STANDARD CHARTERED BANK	15/12/2010	-	-	455000000.0	ABHIJEET II,MITHAKALI SIX ROADAHMEDABADGJ380006IN
7	B60828027	10208319	STANDARD CHARTERED BANK	08/03/2010	30/01/2012	-	450000000.0	ABHIJEET II, GROUND FLOORNEAR MITHAKALI SIX ROADSAHMEDABADGJ380006IN
8	A64034424	90229643	CITIBANK N.A.	09/02/2001	17/06/2009	-	350000000.0	BANDRA KURLA COMPLEX, G-BLOCKBANDRA EAST,MUMBAIMH400051IN
9	Y10334726	90231935	BANQUE NATIONALE DE PARIS	16/06/1995	16/10/1999	-	80000000.0	FRENCH BANK BUILDING 62 HOMJI STREETBOMBAYMH400001IN
10	Y10343326	90235689	BNP PARIBAS	16/06/1995	21/07/2006	-	80000000.0	FRENCH BANK BUILDING, 62, HOMJI STREETFORT,MUMBAIMH400001IN

DESCRIPTION OF STATE OF COMPANIES AFFAIR

GLOBAL ECONOMIC CONDITIONS IMPACTING PERFORMANCE OF THE COMPANY:

Global growth for 2015 was projected at 3.1 percent, 0.3 percentage point lower than in 2014, and 0.2 percentage point below the forecasts in the July 2015 World Economic Outlook (WEO) Update. Prospects across the main countries and regions remain uneven. Relative to last year, the recovery in advanced economies was expected to pick up slightly, while activity in emerging market and developing economies was projected to slow for the fifth year in a row, primarily reflecting weaker prospects for some large emerging market economies and oil-exporting countries. In an environment of declining commodity prices, reduced capital flows to emerging markets and pressure on their currencies, and increasing financial market volatility, downside risks to the outlook have risen, particularly for emerging market and developing economies. Global growth remained moderate—and once again more so than predicted a few months earlier. Although country-specific shocks and developments play a role, the persistently modest pace of recovery in advanced economies and the fifth consecutive year of growth declines in emerging markets suggest that medium-term and long-term common forces are also importantly at play. These include low productivity growth since the crisis, crisis legacies in some advanced economies (high public and private debt, financial sector weakness, low investment), demographic transitions, ongoing adjustment in many emerging markets following the postcrisis credit and investment boom, a growth realignment in China—with important cross-border repercussions—and a downturn in commodity prices triggered by weaker demand as well as higher production capacity.

In India, near-term growth prospects remain favorable, and the decrease in the current account deficit has lowered external vulnerabilities. The faster-than expected decline in inflation has created space for considering modest cuts in the nominal policy rate, but the real policy rate needs to remain tight for inflation to decline to the inflation target in the medium term, given upside risks to inflation. Continued fiscal consolidation is also essential, but it should be more growth friendly (tax reform, reduction in subsidies). With balance sheet strains in the corporate and banking sectors, financial sector regulation should be enhanced, provisioning increased, and debt recovery strengthened. Structural reforms should focus on relaxing long-standing supply constraints in the energy, mining, and power sectors. Priorities include market based pricing of natural resources to boost investment, addressing delays in the implementation of infrastructure projects, and improving policy frameworks in the power and mining sectors.

As explained in the Directors’ Report of financial year 2013-14, Government of India had notified revised Central Pollution Control Board (CPCB) norms, which has become effective from July 1, 2014.Despite of this change, the Company had managed to create positive impact on Performance and Profits of Company. Financial Year 2015-16 proved to be good year for the financial achievements.

POWER GENERATING SETS BUSINESS:

Powerica executes approximately 1100 MW power with Cummins diesel engines during the year under the review, with the supply & commissioning of over 6129 DG Sets. Cummins, a leader in engine manufacturing is associated with Powerica since its inception. Currently, Powerica markets the entire range of engines manufactured by Cummins from 7.5kVA to 3000kVA in Diesel and Gas.

WIND POWER GENERATION BUSINESS:

Powerica’s Wind Division is committed to responsible growth, especially as it opens the doors for Wind Project Development Business. As on the date of this report, Company holds a Government waste land bank of around 150MW out of the identified 260 MW potential wind sites in Khambhaliya District of Gujarat State.

They are doing Balance of Plant maintenance of 21 Wind Turbine Generators (WTGs) located in the state of Gujarat (11 WTGs in Jangi & 9 WTGs in Goinj & 1 WTG of other customer).

Wind Division is also doing Scheduling & Forecasting of Wind Data for 10 WTGs (9 WTGs of Powerica & 1 WTG of other customer) located in Goinj, Gujarat

Powerica Wind Division had also achieved ISO 9001:2015 certification along with ISO 14001:2015 (Environment Management) and ISO 18001:2007 OHSAS (Safety management).

CONTINGENT LIABILITIES:

Particulars	31.03.2016 (INR in million)	31.03.2015 (INR in million)
Bank Letter of Credit outstanding at the year end	515.810	104.280
Estimated amount of contracts remaining to be executed on capital account and not provided for, net of advances	1337.770	654.190
Sales Tax demand disputed, contested in appeal	4.400	2.160
Amount paid there against and shown as Advances Recoverable	2.160	2.160
Service Tax demand disputed, contested in appeal	0.310	0.310
Amount paid there against and shown as Advances Recoverable	Nil	Nil
Excise Duty demand disputed, contested in appeal	1.970	1.970
Amount paid there against and shown as Advances Recoverable	0.590	0.590
Commitment towards Capital Contribution	Nil	2.000

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

PRESS RELEASE:

GENERATOR MAKER POWERICA PLANNING INR 8000.000 MILLION ISSUE

Jun 28, 2017

Genset manufacturer Powerica has revived its IPO plans and will hit the primary market soon, after slowdown had affected its initial public offer (IPO) way back in 2011. The company looks to raise up to INR 8000.000 Million through the offering and is in talks with various banks to file the draft prospectus, said people familiar with the development.

In 2011, the company had filed a prospectus with the markets regulator seeking to offer a fresh issue worth INR 6000.000 Million, and an offer for sale of up to 41 lakh equity shares. However, weak secondary market conditions forced Powerica to shelve the plan.

Standard Chartered Private Equity (SCPEL) is planning to part-exit its ten-year-old investment in the initial public offer of the Mumbai-based firm, according to sources. SCPE had invested INR 1500.000 Million in Powerica and bought shares from one of the promoters for another INR 500.000 Million in October 2007. Currently, SCPE owns about 11.7 per cent stake in the company.

However, it could not be ascertained how much stake SCPEL would sell in the IPO. An email query sent to Powerica did not elicit any response till the time of going to press.

Powerica, owned by the Oberoi family, is one of the largest manufacturers of diesel generator sets in the country. It is also involved in the business of assembly, sales and service of diesel, heavy fuel oil and gas power plants.

The company executes approximately 1800 MW power with Cummins diesel engines every year with the supply and commissioning of over 10,000 diesel generator sets. It has recently commissioned 102 MW of Vestas windmill project in Gujarat and Tamil Nadu. The company had signed an agreement with Danish wind power turbine maker Vestas in 2010 construct and develop wind farms aggregating to up to 225 MW.

Proceeds from the fresh issue are likely to be used to finance the construction and development of the projects which are under way in Gujarat and Tamil Nadu to add another 100 MW.

For the financial year ended March 31, 2016, the company reported a 17 per cent year-on-year gain at INR 12004.000 Million. Its net profit fell 7.3 per cent to INR 680.000 Million during the same period. The company has given consistent dividend for more than 10 years. For the year ended March 2016, it had paid a dividend of 500 per cent, against 333 per cent in the previous financial year.

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 records 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 records 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	INR
US Dollar	1	INR 64.66
UK Pound	1	INR 90.65
Euro	1	INR 79.70

INFORMATION DETAILS

Information Gathered by :	PNM
Analysis Done by :	DIV
Report Prepared by :	ARC

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.