MIRA INFORM REPORT

Report Date :

01.04.2014

NOTE: GIVEN NAME IS THE OLD NAME OF THE COMPANY.

IDENTIFICATION DETAILS

Name :	GKN LAND SYSTEMS INDIA PRIVATE LIMITED [w.e.f. 01.11.2013]
Formerly Known As :	GKN STROMAG INDIA PRIVATE LIMITED [w.e.f. 07.03.2012] STROMAG INDIA PRIVATE LIMITED
Registered Office :	T-153, MIDC, Bhosari, Pune-411026, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.07.2007
Com. Reg. No.:	11-134626
Capital Investment / Paid-up Capital :	Rs.22.241 Millions
CIN No.: [Company Identification No.]	U34200PN2007PTC134626
TAN No.: [Tax Deduction & Collection Account No.]	PNES21155B
PAN No.: [Permanent Account No.]	AALCS0999N
Legal Form :	Private Limited Liability Company
Line of Business :	The company’s primary business is to Manufacture Brakes for the Windmill Industry and Trading of Limit Switches, Couplings, Outches and Spares thereof.
No. of Employees :	18 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 58700
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred loss from its operational activities during the financial year 2013. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some caution.

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners.The aircraft has experienced a series of malfunctions since its debut in 2011.

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 PARTED BY

Name :	Mr. Mukund Amedkar
Designation :	Accounts Head
Contact No.:	91-20-40769900
Date :	01.04.2014

LOCATIONS

Registered / Corporate Office / Factory/ Service and Logistics Centre :	T-153, MIDC, Bhosari, Pune-411026, Maharashtra, India
Tel. No.:	91-20-40769900
Mobile No.:	91-8600739900 [Ms. VarshaGaikwad]
Fax No.:	91-20-40769910
E-Mail :	mukund.amedkar@gkn.com ashutosh.nakdarni@gkn.com
Website :	http://www.gkn.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. SudhirShyamlalKapur

Designation :

Director

Address :

C-49, Gulmohar Park, New Delhi-110049, India

Date of Birth/Age :

07.08.1945

Date of Appointment :

12.07.2007

Din No.:

00150127

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	L51496WB1996PLC079932	SOUTH ASIAN PETROCHEM LIMITED	Alternate director	30-10-2003	30-10-2003	26-12-2007	Amalgamated	NO
2	U74899DL2006PTC144671	COUNTRYSTRATEGY BUSINESS CONSULTENT PVT LTD	Director	01-04-2006	01-04-2006	-	Active	NO
3	L17111UP1974PLC003979	JINDAL POLY FILMS LIMITED	Nominee director	30-01-2007	30-01-2007	19-07-2010	Active	NO
4	U34200PN2007PTC134626	GKN LAND SYSTEMS INDIA PRIVATE LIMITED	Director	12-07-2007	12-07-2007	31-12-2013	Active	NO
5	U74200DL2007PTC167852	COUNTRYSTRATEGY ENGINEERING SERVICES PRIVATE LIMITED	Director	07-09-2007	07-09-2007	-	Active	NO
6	U74140DL2009PTC187716	SOLITEM INDIA PRIVATE LIMITED	Director	18-02-2009	18-02-2009	-	Strike off	NO
7	L29249GJ1986PLC009126	ELECTROTHERM (INDIA) LIMITED	Director	15-09-2009	13-04-2009	26-11-2012	Active	NO
8	U74999DL2011PTC222190	TWENTY SIX CELSIUS SUSTAINABILITY SOLUTIONS PRIVATE LIMITED	Director	12-07-2011	12-07-2011	-	Active	NO
9	U25209MH1997PTC110354	GOLDSEAL-SAARGUMMI INDIA PRIVATE LIMITED	Director	25-09-2013	24-09-2013	-	Active	NO

Name :

Jean Claude Marcel Orelu

Designation :

Director

Address :

28, Avenue Lamartine, Soisy Sous, Montmorency, 95230 NA France

Date of Birth/Age :

24.04.1957

Date of Appointment :

01.04.2009

Din No.:

02527377

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	Company/ LLP Status	Defaulting status
1	U34200PN2007PTC134626	GKN LAND SYSTEMS INDIA PRIVATE LIMITED	Director	30-09-2009	01-04-2009	Active	NO

Name :

Mr. AshutoshVasantNadkarni

Designation :

Director

Address :

A-604, Magnum, Vasant Marvel, Western Express Highway, Borivli (East), Mumbai-400066, Maharashtra, India

Date of Birth/Age :

24.03.1966

Date of Appointment :

03.12.2012

Din No.:

06426235

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	Company/ LLP Status	Defaulting status
1	U34200PN2007PTC134626	GKN LAND SYSTEMS INDIA PRIVATE LIMITED	Director	30-09-2013	03-12-2012	Active	NO

Name :

Mr. HemantCharudattaNighojkar

Designation :

Director

Address :

Flat P 1/303, Oxford Premium, Oxford Village, Wanowrie, Pune-411040, Maharashtra, India

Date of Birth/Age :

15.08.1961

Date of Appointment :

30.08.2013

Din No.:

02252423

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	Company/ LLP Status	Defaulting status
1	U29130PN1960PTC018827	GKN SINTER METALS Private LIMITED	Managing director	05-05-2008	05-05-2008	Active	NO
2	U34200PN2007PTC134626	GKN LAND SYSTEMS INDIA PRIVATE LIMITED	Director	30-09-2013	30-08-2013	Active	NO

Name :

Friedrich Robert Rank

Designation :

Director

Address :

Hedwig KoerlingStrasse 4, D-59755, Arnsberg

Date of Birth/Age :

06.05.1963

Date of Appointment :

21.09.2013

Din No.:

06696546

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	Company/ LLP Status	Defaulting status
1	U34200PN2007PTC134626	GKN LAND SYSTEMS INDIA PRIVATE LIMITED	Director	30-09-2013	21-09-2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Mukund Amedkar
Designation :	Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
GNK Stromag Ag, Germany	2224098
GKN Stromag Holding GmbH, Germany	1
TOTAL	2224099

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :	The company’s primary business is to Manufacture Brakes for the Windmill Industry and Trading of Limit Switches, Couplings, Outches and Spares thereof.
Imports :
Products :	Raw Material
Countries :	Germany
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Mahabal Metals

Customers :

Others

· Wind World India Limited

No. of Employees :

18 [Approximately]

Bankers :

HSBC Bank, Pune, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Short Term Borrowings
Cash Credit [Secured by letter of credit form the holding company]	29.685	30.033
TOTAL	29.685	30.033

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	Muttha Towers, 5^th Floor, Suite No. 8, Airport Road, Yerwada, Pune-411006, Maharashtra, India
PAN No:	AADFP9359C

CAPITAL STRUCTURE

AS ON 31.03.2013

AuthorisedCapital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2224099	Equity Shares	Rs.10/- each	Rs.22.241 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	22.241	22.241	22.241
(b) Reserves & Surplus	(7.560)	0.076	(6.247)
(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)	14.681	22.317	15.994
(3) Non-Current Liabilities
(a) Long-term borrowings	20.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	2.420	2.201	7.175
Total Non-current Liabilities (3)	22.420	2.201	7.175
(4) Current Liabilities
(a) Short term borrowings	29.685	30.033	4.728
(b) Trade payables	44.548	32.164	7.628
(c) Other current liabilities	32.800	13.585	4.401
(d) Short-term provisions	2.190	4.975	7.936
Total Current Liabilities (4)	109.223	80.757	24.693
TOTAL	146.324	105.275	47.862
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	42.622	11.636	9.659
(ii) Intangible Assets	0.041	0.332	0.546
(iii) Capital work-in-progress	0.000	0.000	0.000
(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)	0.136	3.901	3.215
(d) Long-term Loan and Advances	7.603	5.558	5.117
(e) Other Non-current assets	0.275	0.270	0.000
Total Non-Current Assets	50.677	21.697	18.537
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	27.781	46.427	10.269
(c) Trade receivables	64.712	33.428	16.859
(d) Cash and cash equivalents	1.588	1.671	1.013
(e) Short-term loans and advances	1.561	2.052	0.092
(f) Other current assets	0.005	0.000	1.092
Total Current Assets	95.647	83.578	29.325
TOTAL	146.324	102.275	47.862

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	152.954	194.357	103.942
		Other Income	10.728	3.674	6.037
		TOTAL	163.682	198.031	109.979
Less	EXPENSES
		TOTAL	162.532	185.706	103.095
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		1.150	12.325	6.884
Less/ Add	DEPRECIATION/ AMORTISATION		5.021	4.032	3.515
	PROFIT / (LOSS) BEFORE TAX		(3.871)	8.293	3.369
Less	TAX		3.764	1.969	0.039
	PROFIT / (LOSS) AFTER TAX		(7.635)	6.324	3.330
	EARNINGS IN FOREIGN CURRENCY		17.393	3.631	NA
	Earnings / (Loss) Per Share (Rs.)		(3.43)	2.84	1.50

Expected Sales (2013-14) : Rs.130.000 Millions. [Due to market down]

The above information has been parted by Mr. Mukund Amedkar.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(4.66)	3.19	3.03
Net Profit Margin (PBT/Sales)	(%)	(2.53)	4.27	3.24
Return on Total Assets (PBT/Total Assets}	(%)	(2.65)	8.18	7.55
Return on Investment (ROI) (PBT/Networth)		(0.26)	0.37	0.21
Debt Equity Ratio (Total Debt/Networth)		3.38	1.35	0.30
Current Ratio (Current Asset/Current Liability)		0.87	1.03	1.19

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	22.241	22.241	22.241
Reserves & Surplus	(6.247)	0.076	(7.560)
Net worth	15.994	22.317	14.681
long-term borrowings	0.000	0.000	20.000
Short term borrowings	4.728	30.033	29.685
Total borrowings	4.728	30.033	49.685
Debt/Equity ratio	0.296	1.346	3.384

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	103.942	194.357	152.954
		86.986	(21.303)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	103.942	194.357	152.954
Profit	3.330	6.324	-7.635
	3.20%	3.25%	-4.99%

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	Yes
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%	Yes
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

OPERATIONS:

During the financial year, due to economic slowdown in wind industry, the sales have dropped. The company has incurred a net loss of Rs.7.635 Millions as against net profit of Rs.6.324 Millions.

The directors are exploring various business opportunities and hence the proposed expansion of business objects is sought.

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Inter-Corporate Deposits From GKN Sinter Metals Private Limited	20.000	0.000
TOTAL	20.000	0.000

COMPANY OVERVIEW:

GKN Stromag India Private Limited, a subsidiary of GKN Stromag Ag, was incorporated under the companies act 1956 of India on July 12, 2007.

The company’s primary business is to manufacture brakes for the windmill industry and trading of Limit Switches, Couplings, Outches and Spares thereof.

FIXED ASSETS:

• Plant and Machinery
• Office Equipments
• Computer
• Furniture and Fixture
• Exhibition Material

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 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	Indian Rupees
US Dollar	1	Rs.60.10
UK Pound	1	Rs.99.85
Euro	1	Rs.82.57

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.