MIRA INFORM REPORT

Report No. :	494565
Report Date :	28.02.2018

IDENTIFICATION DETAILS

Name :	LENOVO (INDIA) PRIVATE LIMITED (w.e.f. 13.05.2015)
Formerly Known As :	THINK PRODUCTS PRIVATE LIMITED (w.e.f. 28.04.2015) IBM PRODUCTS INDIA PRIVATE LIMITED
Registered Office :	Ferns Icon, Level 2, Doddenakundi Village, Marathhalli Outer Ring Road, Marathhalli Post, KR Puram, Hobli, Bangalore – 560037, Karnataka
Tel. No.:	91-80-30533000
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	08.03.2005
Com. Reg. No.:	08- 035783
Capital Investment / Paid-up Capital :	INR 8607.500 Million
CIN No.: [Company Identification No.]	U72900KA2005PTC035783
IEC No.: [Import-Export Code No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	29AABCI3372H1ZI
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCI3372H
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is primarily engaged in the business of trading, manufacture and sale of desktops, laptops, servers and smartphones. [Registered Activity]
No. of Employees :	Information denied by the management

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	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 24000000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Lenovo Asia Pacific Limited” Hong Kong. The company was incorporated in the year 2005. It is a manufactures and sells personal computing solutions and mobiles in India. It provides laptops, desktops and tablets. It also provides deployment and managed services, including maintenance and support services. For the financial year ended 2016, the revenue of the company has increased by 87.11% but has reported low profit margin of 0.39%. The moderate financial profile of the company is marked by negative reserve base. However, rating takes into consideration equity infused by its promoters and strong debt coverage indicators due to debt free balance sheet profile. Rating also takes into consideration strong financial and managerial support that the company receives from its holding entity backed by its well experienced management team. Rating also derives strength from the company’s well reputed name in I.T industry in production of Laptops and Note Book. Business is active. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. Note: As per the Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to financial for the year 31.03.2017 are not available from any sources.

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

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 31-03-2016.

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 28.02.2018

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 DENIED

MANAGEMENT NON-COOPERATIVE (91-80-30533000)

LOCATIONS

Registered Office :	Ferns Icon, Level 2, Doddenakundi Village, Marathhalli Outer Ring Road, Marathhalli Post, KR Puram, Hobli, Bangalore – 560037, Karnataka, India
Tel. No.:	91-80-30533000
Fax No.:	91-80-30533003
E-Mail :	vbaminee@lenovo.com
Website :	http://www.lenovo.com
Factory:	RS No:19/1A and 19/2A ECR Road, Thavalakuppam Revenue Village, Ariyankuppam Commune, Pondicherry – 605007, India
Branch Office:	Windsor House, Level Five, No 502, CST Road, Kalina, Santacruz (East), Mumbai – 400098, Maharashtra, India

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Rahul Agarwal

Designation :

Managing Director

Address :

E-902, Mantri Espana, Karvammana Agrahara Marathahalli, Ring Road, Sakara Hospital, Bangalore- 560103, Karnataka, India

Date of Appointment :

30.09.2015

DIN No.:

07251050

Name :

Mr. Amar Babu Radhakrishnan

Designation :

Director

Address :

1401, 14th Floor, Tower 2, 'A' Wing Sumer Trinity New Prabhadevi Road, Behind Maratha Udyog Bhawan, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

18.10.1965

Qualification :

Graduate

Date of Appointment :

30.07.2015

DIN No.:

01995655

PAN No.:

AGLPR7024E

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74999HR2017FTC067184	SHAREIT TECHNOLOGY INDIA PRIVATE LIMITED	23/01/2017	-

Name :

Mr. Nitin Garg

Designation :

Director

Address :

Flat # 4D, Habitat Crest, ITPL Road, Whitefield, Hoodi Circle, Bangalore- 560048, Karnataka, India

Date of Appointment :

27.09.2017

DIN No.:

07951310

Name :

Mr. Alok Garodia

Designation :

Additional Director

Address :

Flat No K 1201, Mantri Espana, Off Outer Ring Road Near Sakra Hospital, Kariyammana Agrahara, Bellandur Bangalore - 560103, Karnataka, India

Date of Appointment :

15.12.2017

DIN No.:

07297056

KEY EXECUTIVES

Name :	Mr. Baminee Viswanat
Designation :	Company Secretary
Address :	A-101, Casa Ansal Apartments, No.18, Bannerghata Road, Bangalore - 560078, Karnataka, India
Date of Birth/Age :	15.09.1966
Date of Appointment :	18.01.2006
PAN No.:	AFIPB8390K

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders	No. of Shares
Lenovo Asia Pacific Limited, Hong Kong	8607471513
Lenovo Hong Kong Limited, Hong Kong	1
Total	8607471514

Equity Share Break up (Percentage of Total Equity)

AS ON 28.09.2017

Category	Percentage
Promoters- Body corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is primarily engaged in the business of trading, manufacture and sale of desktops, laptops, servers and smartphones. [Registered Activity]

Products / Services :

Name and Description of main products / services	ITC Code of the Product/service
Automatic Data	8471

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 :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

Information denied by the management

Bankers :

Banker Name :	Not Divulged
Branch :	--
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Facilities :

(INR In Million)

SECURED LOAN	As on 31.03.2016	As on 31.03.2015
LONG TERM BORROWING
Long-term maturities of finance lease obligations	17.700	16.200
Total	17.700	16.200

Auditors :
Name :	Price Waterhouse LLP Chartered Accountants
Address :	Tower D, The Millenia,1 and 2 Murphy Road, Ulsoor Road, Bangalore-560008, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAFFP3698A
Memberships :	Not Available
Collaborators :	Not Available
Holding company (AS ON 31.03.2016):	Lenovo (BVI) Limited, China Lenovo (Asia Pacific) Limited, Hong Kong Lenovo International Limited, Hong Kong Lenovo(Singapore) Pte Limited, Singapore
Ultimate Holding company (AS ON 31.03.2016):	Lenovo Group Limited, Hong Kong
Fellow Subsidiary company (AS ON 31.03.2016):	Lenovo (Australia and New Zealand) Lenovo (Hefei) Electronics Technology Lenovo EMC Limited Lenovo Enterprise Solutions Lenovo PC (HK) Limited Lenovo HK Services Limited Lenovo Information Products (Shenzhen) Co. Limited Lenovo Mexico S. de R.L. de C.V. Lenovo Shanghai Electronics Technology Limited Lenovo Technologia (Brasil) Limited Lenovo Technology(United Kingdom) Limited Lenovo United States(Inc)

CAPITAL STRUCTURE

AS ON 28.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000000	Equity Shares	INR 1/- each	INR 12000.000 Million

Issued Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8607471514	Equity Shares	INR 1/- each	INR 8607.472 Million

AS ON 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000000	Equity Shares	INR 1/- each	INR 12000.000 Million

Issued Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8607500000	Equity Shares	INR 1/- each	INR 8607.500 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	8607.500	5296.400	5296.400
(b) Reserves & Surplus	(36.800)	(442.600)	(709.600)
(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)	8570.700	4853.800	4586.800
(3) Non-Current Liabilities
(a) long-term borrowings	17.700	16.200	11.700
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	827.100	650.600	477.500
(d) long-term provisions	409.000	383.900	352.700
Total Non-current Liabilities (3)	1253.800	1050.700	841.900
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	14063.900	8399.600	4948.800
(c) Other current liabilities	3426.600	2507.500	1933.200
(d) Short-term provisions	4311.200	2381.100	1248.100
Total Current Liabilities (4)	21801.700	13288.200	8130.100
TOTAL	31626.200	19192.700	13558.800
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	451.700	463.300	398.100
(ii) Intangible Assets	417.300	583.000	5.400
(iii) Capital work-in-progress	8.100	23.400	15.800
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	572.400	400.700	398.000
(e) Other Non-current assets	49.100	25.100	29.200
Total Non-Current Assets	1498.600	1495.500	846.500
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6007.000	3729.600	3085.000
(c) Trade receivables	20940.600	8904.200	4179.800
(d) Cash and cash equivalents	837.300	1713.000	1355.600
(e) Short-term loans and advances	2342.700	3350.400	4091.900
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	30127.600	17697.200	12712.300
TOTAL	31626.200	19192.700	13558.800

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Income	104836.300	56028.500	39942.200
	Other Income	689.600	643.600	338.100
	TOTAL	105525.900	56672.100	40280.300
Less	EXPENSES
	Cost of Materials Consumed	9255.800	9003.600	8899.100
	Purchases of Stock-in-Trade	84804.900	39055.100	24685.300
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1890.000)	(213.400)	220.300
	Employees benefits expense	1639.200	1388.000	1124.600
	Other expenses	10472.200	6509.100	5313.800
	TOTAL	104282.100	55742.400	40243.100
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1243.800	929.700	37.200
Less	FINANCIAL EXPENSES	399.600	398.200	373.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	844.200	531.500	(335.800)
Less/ Add	DEPRECIATION/ AMORTISATION	335.200	235.500	110.400
	PROFIT/ (LOSS) BEFORE TAX	509.000	296.000	(446.200)
Less	TAX	103.200	29.000	0.000
	PROFIT/ (LOSS) AFTER TAX	405.800	267.000	(446.200)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	36.100	41.600	59.600
	Earnings on other income	1361.500	1426.200	929.100
	TOTAL EARNINGS	1397.600	1467.800	988.700
	Earnings / (Loss) Per Share (INR)	0.07	0.05	(0.12)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	(3585.200)	1142.300	(1790.700)
Net cash flows from (used in) operating activities	(3585.200)	1142.300	(1790.700)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	72.91	58.01	38.20
Account Receivables Turnover (Income / Sundry Debtors)	5.01	6.29	9.56
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	54.57	63.79	53.78
Inventory Turnover (Operating Income / Inventories)	0.21	0.25	0.01
Asset Turnover (Operating Income / Net Fixed Assets)	1.42	0.87	0.09

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.69	0.69	0.60
Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	2.54	2.74	1.77
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.10	0.22	0.09
Interest Coverage Ratio (PBIT / Financial Charges)	3.11	2.33	0.10

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) * 100)	%	0.39	0.48	(1.12)
Return on Total Assets ((PAT / Total Assets) * 100)	%	1.28	1.39	(3.29)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	4.73	5.50	(9.73)

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.38	1.33	1.56
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.11	1.05	1.18
G-Score Ratio Financial (Networth / Total Assets)	0.27	0.25	0.34
G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.00	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.38	1.33	1.56

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

FINANCIAL ANALYSIS

[all figures are 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	5296.400	5296.400	8607.500
Reserves & Surplus	(709.600)	(442.600)	(36.800)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	4586.800	4853.800	8570.700
Long Term borrowings	11.700	16.200	17.700
Short Term borrowings	0.000	0.000	0.000
Total borrowings	11.700	16.200	17.700
Debt/Equity ratio	0.003	0.003	0.002

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	39942.200	56028.500	104836.300
		40.274	87.112

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	39942.200	56028.500	104836.300
Profit	(446.200)	267.000	405.800
	(1.12%)	0.48%	0.39%

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	No
8	Designation of contact person	No
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	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	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 CHARGE: NO CHARGES EXISTS FOR COMPANY

FIXED ASSETS:

Tangible assets

• Furniture and fixtures
• Computer equipments
• Leasehold improvements
• Plant and equipment
• Vehicles
• Office equipment
• Leasehold improvements

Intangible assets

• Goodwill
• 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 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 64.85
UK Pound	1	INR 90.58
Euro	1	INR 79.97

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	VAR
Report Prepared by :	KVT

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	NO
--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.