MIRA INFORM REPORT

Report No. :	355706
Report Date :	22.12.2015

IDENTIFICATION DETAILS

Name :	CONTINENTAL AUTOMOTIVE BRAKE SYSTEMS (INDIA) PRIVATE LIMITED (w.e.f.04.05.2012)
Formerly Known As :	CONTINENTAL RICO HYDRAULIC BRAKES INDIA PRIVATE LIMITED
Registered Office :	Plot No 179-180, Sector-5, IMT Manesar, Gurgaon - 122050, Haryana
Tel. No.:	91-124-3833742
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	03.01.2008
Com. Reg. No.:	05-037519
Capital Investment / Paid-up Capital :	Rs.2461.888 Million
CIN No.: [Company Identification No.]	U74900HR2008PTC037519
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	RTKC02399F
PAN No.: [Permanent Account No.]	AADCC2635B
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing, selling and distributing hydraulic brake systems in the India and overseas market. (Registered Activity)
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 2280000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2008 having moderate track. The company has huge accumulated losses which seems to be increasing over years. The rating also takes into consideration unfavorable gap between trade payables and trade receivables. Their trade relations are reported as fair. Business is active. Payments terms are reported as slow but correct. The company can be considered for business dealings 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 – 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Pankaj Mishra
Designation :	Assistant Manager
Contact No.:	91-124-3833742
Date :	19.12.2015

LOCATIONS

Registered Office/ Factory :	Plot No 179-180, Sector-5, IMT Manesar, Gurgaon - 122050, Haryana, India
Tel. No.:	91-124-3833742
Fax No.:	91-124-3833777
E-Mail :	vipul.parakh@continental-corporation.com sunil.lamba@continental-corporation.com automotive.india@continental-corporation.com prashant.3.kumar@continenetal-corporation.com
Website:	www.continental.corporation.com

DIRECTORS

As on 31.03.2015

Name :

Mr. Claude Alex D'gama Rose

Designation :

Alternate director

Address :

Flat No. 111, The Embassy, No. 15, Ali Askar Road, Bangalore, 560052, Karnataka, India

Date of Birth/Age :

29.10.1956

Date of Appointment :

25.11.2011

DIN No.:

01494440

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	U72900KA2007PTC043146	Continental Automotive Components (India) Private Limited	Managing director	01/01/2010	15/06/2007	-	Active	NO
2	U29130TN2007PLC064471	AUTOMOTIVE INFOTRONICS LIMITED	Director	17/08/2007	17/08/2007	16/11/2007	Under liquidation	NO
3	U74900HR2008PTC037519	Continental Automotive Brake Systems (I) Private Limited	Alternate director	25/11/2011	29/04/2008	-	Active	NO
4	U34200HR2007FTC037177	CONTINENTAL AUTOMOTIVE INDIA PRIVATE LIMITED	Director	29/06/2010	02/11/2009	-	Active	NO
5	U25203DL2006PLC153993	Continental India Limited	Director	25/09/2013	15/07/2011	-	Active	NO
6	U29299PN2005PTC021027	EMITEC EMISSION CONTROL TECHNOLOGIES INDIA PRIVATE LIMITED	Director	17/08/2015	27/04/2015	-	Active	NO

Name :

Mr. Matthias Ivo Matic

Designation :

Director

Address :

Auf Der Waldhohl 24, Frankfurt Am Main, 4009933046, Germany

Date of Birth/Age :

27.06.1967

Date of Appointment :

25.06.2014

DIN No.:

01730010

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	U74900HR2008PTC037519	Continental Automotive Brake Systems (I) Private Limited	Director	25/09/2014	03/01/2008	-	Active	NO

Name :

Mr. Paramjit Singh Chadha

Designation :

Director

Address :

H No 3/35-M, Dlf Phase 2 ,Block M,, Gurgaon - 122002, Haryana, India

Date of Birth/Age :

28.07.1962

Date of Appointment :

25.09.2014

DIN No.:

06972549

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	U74900HR2008PTC037519	Continental Automotive Brake Systems (I) Private Limited	Director	25/09/2014	03/01/2008	-	Active	NO

Name :

Mr. Thomas Greth

Designation :

Nominee director

Address :

Continental Teves Ag And Co. Ohg, Guerickestrabe 7, 60488 Frankfurt Main, Frankfurt Main, 60488, , Germany

Date of Birth/Age :

12.11.1963

Date of Appointment :

23.02.2010

DIN No.:

02915449

KEY EXECUTIVES

Name :	Mr. Prashant Kumar
Designation :	Secretary
Address :	3E3/16, Saraswati Vihar, Konsiwas Road, Rewari - 123401, Haryana, India
Date of Appointment :	06.10.2014
PAN No.:	BCNPK3901L
Name :	Mr. Pankaj Mishra
Designation :	Assistant Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Names of Shareholders	No. of Shares
Continental Automotive Holding Netherland B.V. , Netherlands	246188769
Continental Aktiengesellschaft, Germany	1
Total	246188770

Equity Share Break up (Percentage of Total Equity)

As on 26.06.2015

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing, selling and distributing hydraulic brake systems in the India and overseas market. (Registered Activity)

Products :

Item Code No.	Product Description
99622814	Related parts and accessories of all Motor vehicles

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 :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short-term borrowings
Loans repayable on demand from banks	136.431	342.302
Total	136.431	342.302

Auditors :
Name :	B S R and Associates LLP Chartered Accountants
Address :	Building No 10, 8^Th Floor, Tower-BDLF Cyber City, Phase II
PAN N Income-tax PAN of auditor or auditor's firm :	AAIFB0630K
Memberships :	--
Collaborators :	--
Ultimate holding company:	Continental AG, Germany
Holding company:	Continental Automotive Holding Netherland B.V.
Fellow subsidiaries:	Continental Aftermarket GmbH Continental Automotive GMBH Continental Automotive Czech Republic s.r.o. Continental Automotive Do Brasil Ltda Continental Automotive Holding Netherlands B.V Continental Automotive Components India Private Limited Continental Brakes ITALY S.p.A. Contitech Schlauch GmbH Contitech Vibration Control GmbH Contitech Vibration Control Slovakia S.R.O Continental Automotive Systems Slovakia S.R.O Continental Automotive Systems Changsu Company Limited Continental Teves AG and Company Contitech Mexicana SA de CV Continental Brake Systems (Shanghai) Company Limited Continental Automotive Systems Inc, USA Continental Teves U.K. Limited Continental Teves Portugal Contitech Vibration Control SAS (France)

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
250000000	Equity Shares	Rs.10/- each	Rs.2500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
246188770	Equity Shares	Rs.10/- each	Rs.2461.888 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2461.888	1668.020	1445.080
(b) Reserves & Surplus	(1664.925)	(1360.969)	(950.066)
(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)	796.963	307.051	495.014
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	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	20.018	14.600	8.691
Total Non-current Liabilities (3)	20.018	14.600	8.691
(4) Current Liabilities
(a) Short term borrowings	136.431	522.396	192.720
(b) Trade payables	631.546	627.598	356.754
(c) Other current liabilities	66.370	50.657	27.985
(d) Short-term provisions	5.294	4.397	2.711
Total Current Liabilities (4)	839.641	1205.048	580.170
TOTAL	1656.622	1526.699	1083.875
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	550.581	487.985	397.473
(ii) Intangible Assets	0.568	5.385	10.701
(iii) Capital work-in-progress	247.271	236.730	86.309
(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	23.476	60.927	49.841
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	821.896	791.027	544.324
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	120.775	241.441	116.405
(c) Trade receivables	257.432	248.349	193.482
(d) Cash and cash equivalents	189.413	31.852	88.878
(e) Short-term loans and advances	267.106	214.030	140.106
(f) Other current assets	0.000	0.000	0.680
Total Current Assets	834.726	735.672	539.551
TOTAL	1656.622	1526.699	1083.875

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	1480.412	1245.760	772.270
	Other Income	82.549	3.558	3.314
	TOTAL (A)	1562.961	1249.318	775.584
Less	EXPENSES
	Cost of Materials Consumed	1296.454	1072.202
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(4.465)	4.919
	Employees benefits expense	184.739	166.772
	Other expenses	263.992	326.357
	TOTAL (B)	1740.720	1570.250	978.101
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	(177.759)	(320.932)
Less	FINANCIAL EXPENSES (D)	17.197	8.516
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(194.956)	(329.448)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	109.000	81.455
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(303.956)	(410.903)	(202.517)
Less	TAX (H)	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(303.956)	(410.903)	(202.517)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	171.477	207.871	67.670
	TOTAL EARNINGS	171.477	207.871	67.670
	IMPORTS
	Raw Materials	575.087	731.387	351.665
	Capital Goods	55.451	72.713	0.575
	TOTAL IMPORTS	630.538	804.100	352.240
	Earnings / (Loss) Per Share (Rs.)	(1.48)	(2.57)	(0.82)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	(97.745)	(252.928)	(243.866)
Net cash flow from operating activity	(97.594)	(249.799)	(239.315)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(20.53)	(32.98)	(26.22)
Operating Profit Margin (PBIDT/Sales)	(%)	(12.01)	(25.76)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(21.57)	(31.85)	(20.30)
Return on Investment (ROI) (PBT/Networth)		(0.38)	(1.34)	(0.41)
Debt Equity Ratio (Total Debt /Networth)		0.17	1.70	0.39
Current Ratio (Current Asset/Current Liability)		0.99	0.61	0.93

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1445.080	1668.020	2461.888
Reserves & Surplus	(950.066)	(1360.969)	(1664.925)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	495.014	307.051	796.963
long-term borrowings	0.000	0.000	0.000
Short term borrowings	192.720	522.396	136.431
Total borrowings	192.720	522.396	136.431
Debt/Equity ratio	0.389	1.701	0.171

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	772.270	1245.760	1480.412
		61.311	18.836

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	772.270	1245.760	1480.412
Profit/ (Loss)	(202.517)	(410.903)	(303.956)
	(26.22%)	(32.98%)	(20.53%)

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	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	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	Yes
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	Yes
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

COMPANY OVERVIEW

The company is a private company incorporated in India on 3 January 2008 and is primarily engaged in the business of manufacturing, selling and distributing hydraulic brake systems in the India and overseas market. The Company was incorporated as a joint venture between Continental AG, Germany and Rico Auto Industries Limited, India. On 9 March 2012, Continental Automotive Holding Netherland B.V. acquired entire share capital held by Rico Auto Industries Limited in Continental Automotive Brake Systems (I) Private Limited.

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short-term borrowings
Other Loans and Advances	0.000	180.094
Total	0.000	180.094

INDEX OF CHARGES

No Charges Exist for Company

FIXED ASSETS

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

Intangible assets

• Computer software
• Copyrights
• Know-how

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.66.32
UK Pound	1	Rs.98.98
Euro	1	Rs.72.13

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	DIV
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.