MIRA INFORM REPORT

Report No. :	354358
Report Date :	14.12.2015

IDENTIFICATION DETAILS

Name :	THE WEST INDIA POWER EQUIPMENTS PRIVATE LIMITED
Registered Office :	3, Kabir Marg, Lucknow – 226024, Uttar Pradesh
Tel. No.:	91-522-2215078
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.01.1986
Com. Reg. No.:	20-007640
Capital Investment / Paid-up Capital :	Rs.15.008 Million
CIN No.: [Company Identification No.]	U34102UP1986PTC007640
IEC No.:	0691000638
TAN No.: [Tax Deduction & Collection Account No.]	LKNT05051E
PAN No.: [Permanent Account No.]	AAACT8935C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of wiper blades, wiper arms, rubber components, wiper linkage, washer fluid and plastic parts for the automobiles. (Confirmed by Management)
No. of Employees :	800 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 660000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject was incorporated in 1986. It is an established company having satisfactory track. Management has failed to file its financial record with government department for the year 2015. The rating takes into consideration above average financial risk profile of the company marked by healthy networth base along with comfortable debt level in the year 2014. However, the rating also takes into consideration working capital intensive nature of operations. Trade relations are reported to be fair. Business is active. Payment terms are reported to be usually correct. In view of experience promoters, the company can be considered normal for business dealing 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CARE
Rating	Long term bank facilities=BB
Rating Explanation	Have inadequate credit quality and high credit risk.
Date	02.02.2015

Rating Agency Name	CARE
Rating	Short term bank facilities=A4
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	02.02.2015

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION PARTED BY

Name :	Ms. Dipika Gupta
Designation :	International Auditor
Contact No.:	91-9628370773
Date :	11.12.2015

LOCATIONS

Registered Office :	3 Kabir Marg, Lucknow-226001, Uttar Pradesh, India
Tel. No.:	91-522-2215078/ 2212733
Mobile No.:	91-9628370773 (Ms. Dipika Gupta)
Fax No.:	91-522-2210719/ 2107020
E-Mail :	rajeev2129@rediffmail.com lucknow@wlipleindia.com
Area :	400 Sq. Ft.
Location :	Rented
Locality:	Residential
Factory 1 :	C-29 and 30, Sector - 20, Jagdishpur Industrial Area, District Sultanpur-227817,Uttar Pradesh, India
Tel. No.:	91-5361-270071-73/ 270250/270260
Fax No.:	91-5361-270070
Email:	jagdishpur@wipeindia.com
Factory 2 :	Unit-3, Gat No 617, Mahalunge (I) T Chakan Talegaon Road, Chakan, Pune-410501, Maharashtra, India
Factory 3 :	Plot No. 79, Sector – 6, Growth Cnetre, Bawal, Haryana, India
Factory 4 :	Plot No. D – 35 and D – 36 at Industrial Area, Jagdishpur, Sultanpur, Uttar Pradesh, India
Factory 5 :	Plot No.9, Marai Marai Industrial Area, Phase II, Chennai, Tamilnadu, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Kamlesh Prasad

Designation :

Managing Director

Address :

3 Kabir Marg, Lucknow-226001, Uttar Pradesh, India

Date of Birth/Age :

02.07.1957

Date of Appointment :

21.01.1986

PAN No.:

AHGPP5988H

DIN No.:

00207861

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	U34102UP1986PTC007640	THE WEST INDIA POWER EQUIPMENTS PRIVATE LIMITED	Managing director	21/01/1986	21/01/1986	Active	NO
2	U29305UP2004PTC029254	THE WIPE HOTWIRE INDIA THERMAL EQUIPMENTS PRIVATE LIMITED	Director	24/11/2004	24/11/2004	Active	NO
3	U50300UP2006PTC031690	ONEUP MOTORS INDIA PRIVATE LIMITED	Managing director	25/04/2006	25/04/2006	Active	NO
4	U45201UP2006PTC032052	ONEUP ESTATES INDIA PRIVATE LIMITED	Director	23/06/2006	23/06/2006	Strike off	NO
5	U35911UP2006PTC032180	WIPE INDIA AUTOMOTIVE PRIVATE LIMITED	Managing director	24/07/2006	24/07/2006	Active	NO
6	U28910UP2000PTC025322	INTEGRATED WIPE INDUSTRIES INDIA PRIVATE LIMITED	Director	28/02/2011	28/02/2011	Active	NO

Name :

Mr. Paresh Prasad

Designation :

Whole Time Director

Address :

3 Kabir Marg, Lucknow-226001, Uttar Pradesh, India

Date of Birth/Age :

01.07.1960

Date of Appointment :

21.01.1986

PAN No.:

AGRPP9508P

DIN No.:

00207899

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	U34102UP1986PTC007640	THE WEST INDIA POWER EQUIPMENTS PRIVATE LIMITED	Whole-time director	21/01/1986	21/01/1986	Active	NO
2	U27104UP2000PTC025538	A.B.METAL CASTERS PRIVATE LIMITED	Director	20/07/2000	20/07/2000	Active	NO
3	U29305UP2004PTC029254	THE WIPE HOTWIRE INDIA THERMAL EQUIPMENTS PRIVATE LIMITED	Director	24/11/2004	24/11/2004	Active	NO
4	U50300UP2006PTC031690	ONEUP MOTORS INDIA PRIVATE LIMITED	Director	25/04/2006	25/04/2006	Active	NO
5	U45201UP2006PTC032052	ONEUP ESTATES INDIA PRIVATE LIMITED	Director	23/06/2006	23/06/2006	Strike off	NO
6	U35911UP2006PTC032180	WIPE INDIA AUTOMOTIVE PRIVATE LIMITED	Director	24/07/2006	24/07/2006	Active	NO
7	U28910UP2000PTC025322	INTEGRATED WIPE INDUSTRIES INDIA PRIVATE LIMITED	Director	28/02/2011	28/02/2011	Active	NO

Name :

Mr. Shivesh Prasad

Designation :

Director

Address :

3 Kabir Marg, Lucknow-226001, Uttar Pradesh, India

Date of Birth/Age :

07.01.1989

Date of Appointment :

29.09.2012

PAN No.:

AVTPP5879J

DIN No.:

05123425

KEY EXECUTIVES

Name :	Ms. Dipika Gupta
Designation :	International Auditor

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

NOTE: SHAREHOLDERS DETAILS FILE ATTACHED

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	83.13
Other	16.87
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of wiper blades, wiper arms, rubber components, wiper linkage, washer fluid and plastic parts for the automobiles. (Confirmed by Management)
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Finished Goods
Countries :	· Germany · South Africa
Imports :
Products :	Raw Material
Countries :	· China · Japan
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Bhushan Power and Steel Limited
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Wholesalers, Retailers and Manufactures

Reference:	Maruti Suzuki
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

800 (Approximately)

Bankers :

Bank Name:	State Bank of India
Branch:	Commercial Branch, 6a Way Road, Gokhley Marg, Luc  Know - 226001, Uttar Pradesh, India
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	40.861	43.408
Deferred payment for acquisition of fixed assets	18.017	14.395
Loans taken for vehicles	6.349	13.484
SHORT TERM BORROWINGS
Loans repayable on demand from banks	168.830	169.080
Total	234.057	240.367

Banking Relations :	--
Auditors :
Name :	Manoj Bhatnagar and Company Chartered AccountantS
Address :	2^nd Floor, 33 Nehru Road, Near Sadar Gurudwara Cant, Lucknow-226002, Uttar Pradesh, India
Tel. No.:	91-522-2480384/ 2630373
Income-tax PAN of auditor or auditor's firm :	AAIFM5659H
Memberships :	--
Collaborators :	--
Associates Companies :	· WIPE India Automotive Private Limited · Oneup Motors India Private Limited (U50300UP2006PTC031690) · Integrated Wipe Industries India Private Limited (U28910UP2000PTC025322) · A.B.Metal Casters Private Limited (U27104UP2000PTC025538)

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs. 10/- each	Rs. 30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,500,755	Equity Shares	Rs. 10/- each	Rs. 15.008 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	15.008	14.008	14.008
(b) Reserves & Surplus	216.234	179.607	145.390
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.997	0.997
Total Shareholders’ Funds (1) + (2)	231.242	194.612	160.395
(3) Non-Current Liabilities
(a) Long-term borrowings	65.227	71.287	73.326
(b) Deferred tax liabilities (Net)	20.777	17.540	18.074
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	6.670	5.123	3.470
Total Non-current Liabilities (3)	92.674	93.950	94.870
(4) Current Liabilities
(a) Short term borrowings	168.830	169.080	144.119
(b) Trade payables	230.955	201.771	146.757
(c) Other current liabilities	63.245	52.721	45.187
(d) Short-term provisions	10.831	7.823	4.408
Total Current Liabilities (4)	473.861	431.395	340.471
TOTAL	797.777	719.957	595.736
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	289.831	264.201	228.368
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	5.759	2.282	2.618
(iv) Intangible assets under development	0.000	0.000	0.222
(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	16.273	11.179	7.596
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	311.863	277.662	238.804
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	231.875	252.156	186.680
(c) Trade receivables	224.230	163.579	142.741
(d) Cash and cash equivalents	4.035	2.878	3.337
(e) Short-term loans and advances	24.730	23.063	23.396
(f) Other current assets	1.044	0.619	0.778
Total Current Assets	485.914	442.295	356.932
TOTAL	797.777	719.957	595.736

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Turnover	1367.016	1108.452	964.859
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		55.051	45.497	42.716
Less	TAX		20.424	11.280	13.201
	PROFIT/ (LOSS) AFTER TAX		34.627	34.217	29.515
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	96.739	65.272	62.798
	Earnings Per Share (Rs.)		23.07	24.43	21.07

Expected Sales (2015-2016): Rs. 2070.000 Million

The above information has been parted by Ms. Dipika Gupta (International Auditor)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	38.682	36.236	30.806
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operations	74.780	44.319	5.816

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.53	3.09	3.06
Return on Total Assets (PBT/Total Assets}	(%)	6.95	6.34	7.20
Return on Investment (ROI) (PBT/Networth)		0.24	0.23	0.27
Debt Equity Ratio (Total Debt/Networth)		1.18	1.42	1.55
Current Ratio (Current Asset/Current Liability)		1.03	1.03	1.05

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	14.008	14.008	15.008
Reserves & Surplus	145.390	179.607	216.234
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.997	0.997	0.000
Net worth	160.395	194.612	231.242
Long-term borrowings	73.326	71.287	65.227
Short term borrowings	144.119	169.080	168.830
CURRENT MATURITIES OF LONG-TERM DEBTS	30.806	36.236	38.682
Total borrowings	248.251	276.603	272.739
Debt/Equity ratio	1.548	1.421	1.179

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Turnover	964.859	1108.452	1367.016
		14.882	23.327

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Turnover	964.859	1108.452	1367.016
Profit	29.515	34.217	34.627
	3.06%	3.09%	2.53%

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	Yes
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	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
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	Yes
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

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10097269	08/11/2007	2,700,000.00	MARUTI SUZUKI INDIA LIMITED	11TH FLOOR,JEEVAN PRAKASH, 25, KASTURBA GANDHI MA  RG, NEW DELHI - 110001, INDIA	A36062867
2	80016596	06/02/2015 *	325,800,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 6A WAY ROAD, GOKHLEY MARG, LUC  KNOW - 226001, UTTAR PRADESH, INDIA	C45051174

* Date of charge modification

FINANCIAL RESULT

The turnover of the company excluding Excise duty during the year 2013-14 was Rs.1367.016 million, while the turnover during the preceding year 2012-13 was Rs 1108.452 million. The company has made a profit of Rs. 55.051 million before tax during the year in comparison to the profit before tax of Rs. 45.497 million in the previous year.

FIXED ASSETS:

Tangible Assets

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Computer Equipment’s
• Other Equipment’s

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.66.79
UK Pound	1	Rs.101.10
Euro	1	Rs.73.10

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KIN
Report Prepared by :	ARC

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	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.