MIRA INFORM REPORT

Report Date :

31.07.2013

IDENTIFICATION DETAILS

Name :	METZELER AUTOMOTIVE PROFILES INDIA PRIVATE LIMITED
Formerly Known As :	METZELER AUTOMOTIVE INDIA PRIVATE LIMITED
Registered Office :	301-302, Tolstoy House, 15, Tolstoy Marg, New Delhi-110001
Country :	India
Financials (as on) :	31.12.2012
Date of Incorporation :	04.09.1963
Com. Reg. No.:	55-004019
Capital Investment / Paid-up Capital :	Rs. 225.547 Millions
CIN No.: [Company Identification No.]	U34102DL1963PTC004019
TAN No.: [Tax Deduction & Collection Account No.]	DELM08055F
PAN No.: [Permanent Account No.]	AAACW0019N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers, Exporters and Importers of and Dealers in Sheet Metal (Ferrous and Non - Ferrous) and Sheet Metal Articles of all Kinds.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 2500000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The company has comfortable financial risk profile characterized by low leverage level, strong debt protection and healthy cash generation. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

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^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Cash credit: A
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation. It carry low credit risk.
Date	June 2013

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 31-03-2012.

INFORMATION DENIED BY

Management Non co-operative.

LOCATIONS

Registered Office :	301-302, Tolstoy House, 15, Tolstoy Marg, New Delhi-110001, India
Tel. No.:	91-11-23712804
Fax No.:	91-11-23357097
E-Mail :	sidhartha.rastogi@maps-in.com
Website :	http://www.investing.businessweek.com

DIRECTORS

As on: 19.03.2013

Name :

Mr. Ravi Shankar Gupta

Designation :

Director

Address :

A 73/3, SFS Flats, Saket, New Delhi, India

Date of Birth/Age :

25.04.1956

Qualification :

B.E.

Experience :

29 Years

Date of Appointment :

30.09.1998

DIN No.:

00100578

Previous Employment:

Gillette Limited

Name :

Mr. Prasant Kumar Sengupta

Designation :

Director

Address :

B – 153 Sector 14, Noida-201301, Uttar Pradesh, India

Date of Birth/Age :

01.06.1944

Date of Appointment :

15.09.2012

DIN No.:

00121007

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	U19202DL1993PTC052247	Fila Sport India Private Limited	Director	26/06/1997	26/06/1997	-	Active	NO
2	U74999DL2001PTC111414	Stanadyne Systems Pvt. Ltd	Director	25/06/2001	25/06/2001	-	Strike off	NO
3	U34102DL1963PTC004019	Metzeler Automotive Profiles India Private Limited	Alternate director	15/09/2012	29/06/2005	-	Active	NO
4	U74210DL2007PTC158478	Heinkel Aero Engineering India Private Limited	Director	29/01/2007	29/01/2007	-	Under Process of Striking off	NO
5	U72300DL2007PTC162723	Technova Equipments Private Limited	Director	30/04/2007	30/04/2007	16/08/2010	Active	NO
6	U74210KA2007PTC043176	Cebenetwork Cades Engineering India Private Limited	Director	19/06/2007	19/06/2007	-	Under Process of Striking off	NO
7	U74900PN2008FTC139492	Etem Composite Materials India Private Limited	Director	11/04/2008	11/04/2008	05/07/2011	Active	NO

Name :

Mr. Nobuyunki Shimizu

Designation :

Director

Address :

10-9 Hattan, Moriyama,-KU Nagoya City Aichi Pref - 4528564

Date of Birth/Age :

26.09.1951

Date of Appointment :

31.03.2009

DIN No.:

02575765

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	U25111KA1998PTC024273	Tg Kirloskar Automotive Private Limited	Nominee director	27/07/2012	05/02/2009	-	Active	NO
2	U28111RJ2008PTC026385	Toyoda Gosei Minda India Private Limited	Director	17/11/2011	10/02/2009	-	Active	NO
3	U34102DL1963PTC004019	Metzeler Automotive Profiles India Private Limited	Director	31/03/2009	31/03/2009	-	Active	NO

Name :

Mr. Ramsey Changoo

Designation :

Director

Address :

No.117 Elite Villa Garden, Lane 399, Gaojing Road, Qingpu District Shanghai - 201702

Date of Birth/Age :

24.02.1968

Date of Appointment :

19.03.2013

DIN No.:

06449608

Name :

Mr. Atsushi Sumida

Designation :

Alternate Director

Address :

2-4-15, Gokiso, Showaku, Nagoya City Aichi – 4660051

Date of Birth/Age :

26.10.1954

Date of Appointment :

18.03.2013

DIN No.:

03581863

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	U28111RJ2008PTC026385	Toyoda Gosei Minda India Private Limited	Managing director	01/12/2012	07/07/2011	-	Active	NO
2	U34102DL1963PTC004019	Metzeler Automotive Profiles India Private Limited	Alternate director	18/03/2013	18/03/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Siddhartha Rastogi
Designation :	Secretary
Address :	109, Siddharth Niketan, Kaushambi, Sector-14, Ghaziabad, Uttar Pradesh, India
Date of Birth/Age :	25.10.1979
Date of Appointment :	15.10.2005
PAN No.:	AGYPR9420K
Name :	Mr. Bimal Luthra
Designation :	Chief Financial Officer
Date of Birth/Age :	52 Years
Qualification:	C. A.
Experience :	25 Years
Date of Appointment :	01.08.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 19.03.2013

Names of Shareholders	No. of Shares
Toyoda Gosei Company Limited, Japan	586421
Cooper Standard Automotive Inc., USA	1669046
Total	2255467

Equity Share Break up (Percentage of Total Equity)

As on: 19.03.2013

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers, Exporters and Importers of and Dealers in Sheet Metal (Ferrous and Non - Ferrous) and Sheet Metal Articles of all Kinds
Products :	Aluminium and Steel Hinges Tower Bolts and Other Hardware Items Automatic Door Closer Galvanised and Aluminium Buckets, etc

PRODUCTION STATUS (As on 31.12.2011)

Particulars	Unit	Installed Capacity	Actual Production
Automobile profiles	Mtr	53913600	48105131
Compound	Kg	--	683720
Tooling	Nos	--	22

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Union Bank of India, Industrial Finance Branch, M-11, 1^st Floor, Middle Circle, Connaught Circus, New Delhi – 110001,India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.12.2012	As on 31.12.2011
Short term borrowing
Loans repayable on demand from bank	154.189	91.128
Total	154.189	91.128

Banking Relations :	--
Financial Institution:	The Pradeshiya Industrial and Investment Corporation of UPL, Picup Bhawan, Gomit Nagar, Lucknow, Uttar Pradesh, India
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	Golf View Corporate Tower-B, Sector 42, Sector Road, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-4644000
Fax No.:	91-124-4644050
PAN No.:	AALFS0506L
Holding company :	Cooper Standard Automotive Inc., U.S.A.
Associates:	Toyoda Gosei Company Limited, Japan
Fellow subsidiaries:	Cooper Standard Automotive SPA, Italy Toyota Tsusho Corporation, Japan Cooper Standard Automotive Polska Sp z.o.o (Poland) Toyota Tsusho India Private Limited Toyotsu Chemiplas Corporation – Japan Metzeler Automotive Profiles, Lindau Cooper Standard Automotive (Kunshan) Company limited Metzeler Automotive Profiles, Germany Cooper Standard Automotive, Chennai

CAPITAL STRUCTURE

As on: 19.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2400000	Equity Shares	Rs.100/- each	Rs.240.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2255467	Equity Shares	Rs.100/- each	Rs.225.547 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2012	31.12.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	225.547	225.547
(b) Reserves & Surplus	406.095	377.857
(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)	631.642	603.404
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	84.390	67.812
Total Non-current Liabilities (3)	84.390	67.812
(4) Current Liabilities
(a) Short term borrowings	174.189	111.128
(b) Trade payables	695.882	654.242
(c) Other current liabilities	45.478	49.742
(d) Short-term provisions	9.025	10.391
Total Current Liabilities (4)	924.574	825.503
TOTAL	1640.606	1496.719
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	553.230	477.247
(ii) Intangible Assets	35.601	44.951
(iii) Capital work-in-progress	52.306	51.702
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	2.159	5.606
(d) Long-term Loan and Advances	12.893	12.978
(e) Other Non-current assets	4.865	2.731
Total Non-Current Assets	661.054	595.215
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	225.655	249.228
(c) Trade receivables	558.189	433.034
(d) Cash and cash equivalents	76.422	28.578
(e) Short-term loans and advances	77.569	102.467
(f) Other current assets	41.717	88.197
Total Current Assets	979.552	901.504
TOTAL	1640.606	1496.719

SOURCES OF FUNDS		31.12.2010
SHAREHOLDERS FUNDS
1] Share Capital		225.547
2] Share Application Money		0.000
3] Reserves & Surplus		615.974
4] (Accumulated Losses)		(291.211)
NETWORTH		550.310
LOAN FUNDS
1] Secured Loans		76.834
2] Unsecured Loans		12.500
TOTAL BORROWING		89.334
DEFERRED TAX LIABILITIES		0.000
TOTAL		639.644
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		463.716
Capital work-in-progress		39.152
INVESTMENT		0.000
DEFERREX TAX ASSETS		1.137
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	177.789
	Sundry Debtors	397.032
	Cash & Bank Balances	59.102
	Other Current Assets	48.972
	Loans & Advances	69.000
Total Current Assets		751.895
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	436.162
	Other Current Liabilities	99.297
	Provisions	80.797
Total Current Liabilities		616.256
Net Current Assets		135.639
MISCELLANEOUS EXPENSES		0.000
TOTAL		639.644

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2012	31.12.2011	31.12.2010
	SALES
		Income (Gross)	3653.520	3038.100	2486.225
		Other Income	NA	NA	30.692
		TOTAL (A)	NA	NA	2516.917
Less	EXPENSES
		Raw Material Consumed			1408.090
		Cost of Goods Sold Tooling			91.622
		Manufacturing Coast			263.869
		Personnel Expense			329.435
		Operating and other expense			245.364
		Increase / Decrease in inventories			(18.472)
		TOTAL (B)	NA	NA	2319.908
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		161.515	196.798	197.009
Less	FINANCIAL EXPENSES (D)		32.863	20.429	15.376
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		128.652	176.369	181.633
Less/ Add	DEPRECIATION/ AMORTISATION (F)		85.277	81.958	64.364
	PROFIT BEFORE TAX (E-F) (G)		43.375	94.411	117.269
Less	TAX (H)		15.454	41.087	40.274
	PROFIT AFTER TAX (G-H) (I)		27.921	53.324	76.995
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(237.888)	(291.212)	(368.207)
	BALANCE CARRIED TO THE B/S		(209.967)	(237.888)	(291.212)
	EARNINGS IN FOREIGN CURRENCY
		Export at F.B.O value	110.881	46.891	NA
	TOTAL EARNINGS		110.881	46.891	NA
	IMPORTS
		Raw Materials	796.145	681.767	NA
		Stores & Spares	86.903	5.837	NA
		Capital Goods	44.826	38.886	NA
	TOTAL IMPORTS		927.874	726.490	NA
	Earnings Per Share (Rs.)		12.38	39.86	34.14

KEY RATIOS

PARTICULARS		31.12.2012	31.12.2011	31.12.2010
PAT / Total Income	(%)	NA	NA	3.06
Net Profit Margin (PBT/Sales)	(%)	1.19	3.11	4.71
Return on Total Assets (PBT/Total Assets}	(%)	2.73	6.56	9.65
Return on Investment (ROI) (PBT/Networth)		0.07	0.16	0.21
Debt Equity Ratio (Total Debt/Networth)		0.28	0.18	0.16
Current Ratio (Current Asset/Current Liability)		1.06	1.09	1.22

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.12.2012	As on 31.12.2011
Short term borrowing
Working capital loans from banks	20.000	20.000
Total	20.000	20.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10260086	15/12/2010	20,000,000.00	UNION BANK OF INDIA	CONNAUGHT PLACE, NEW DELHI, Delhi -10001, INDIA	B02787828
2	10029924	08/12/2006	2,600,000.00	MARUTI UDYOG LTD	11 TH FLOORJEEVAN PRAKASH 25 KASTURBA, GANDHI MAGH, NEW DELHI, Delhi - 110001, INDIA	A08393605
3	10015299	19/07/2006	1,014,450.00	KOTAK MAHINDRA PRIME LIMITED	36-38B NARIMAN BHAVAN 227NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	A03063815
4	90061382	31/05/1999 *	8,000,000.00	ANZ GRINDLAYS BANK	H-BLOCK, CON. CIR., NEW DELHI, Delhi - 110001, INDIA	-
5	90061223	24/03/1998 *	10,000,000.00	ANZ GRINDLAYS BANK	H-BLOCK, CON. CIR., NEW DELHI, Delhi - 110001, INDIA	-
6	80021798	10/10/2012 *	320,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, M-11, 1ST FLOOR, MIDDLE CIRCLE, CONNAUGHT CIRCUS, NEW DELHI, Delhi - 110001, INDIA	B61374443

PERFORMANCE OF THE COMPANY

The Company has gained higher acceptability with the customers on account of its consistent performance in terms of quality and timely delivery. This has resulted in acquiring new businesses and growth with existing customers.

During the year, the Company has successfully catered to the new business acquired from the existing customers. The company has also bagged additional business from Nissan K2 and Volkswagen Polo, Vento and other are in finalization stages.

FIXED ASSETS:

• Building
• Plant and Machinery
• Tools
• Vehicles
• Furniture and Fittings
• Office Equipments
• Computers

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. 59.82
UK Pound	1	Rs. 91.76
Euro	1	Rs. 79.32

INFORMATION DETAILS

Information Gathered by :	PLV
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.