MIRA INFORM REPORT

Report No. :	330724
Report Date :	04.07.2015

IDENTIFICATION DETAILS

Name :	COSMA INTERNATIONAL (INDIA) PRIVATE LIMITED
Registered Office :	Plot #A-12, MIDC Talegaon, Navlakh Umbare, Maval District, Pune–410507, Maharashtra
Mobile No.:	91-9921624925 (Mr. Kedar Shrotriya)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.05.2009
Com. Reg. No.:	11-133906
Capital Investment / Paid-up Capital :	Rs. 3645.081 Million
CIN No.: [Company Identification No.]	U34200PN2009FTC133906
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	PNEC07876B
PAN No.: [Permanent Account No.]	AADCC6465D
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is primarily engaged in the manufacture of components for passenger and commercial vehicles and other allied service.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2009. It is dealing in the business of manufacturing of auto components. It has a moderate track. For the financial year ended 2014, the company has incurred huge accumulated losses from its operational activities. Further, the company has leverage balance sheet profile marked by weak networth base along with huge borrowings. Moreover, it has unfavourable gap between trade receivables to its payables. However, it has an increase in its sales turnover during the year under a review. Trade relations are fair. Business is active. Payment terms are slow. In view of age balance sheet profile, 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 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Kedar Shrotriya
Designation :	Assistant Finance Controller
Contact No.:	91-9921624925

LOCATIONS

Registered Office :	Plot #A-12, MIDC Talegaon, Navlakh Umbare, Maval District, Pune–410507, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9921624925 (Mr. Kedar Shrotriya) 91-9921624925 (Mr. Sagar)
Fax No.:	Not Available
E-Mail :	Kishore.Kotagiri@vehmaintl.com schakraborty@cosma.com ashind@cosma.com kshrotriya@cosma.com danand@cosma.com
Website :	www.cosma.com
Factory :	RNS-11, SIPCOT Indsutrial Growth Centre, Oragadam, Vadakupattu, Sriperimbudur Taluk Kanchipuram – 603204, Tamilnadu, India

DIRECTORS

AS ON 30.11.2013

Name :	Mr. Eric Jon Wilds
Designation :	Director
Address :	22540, Arden Glen Ct., Novi, Michigan - 48374, USA
Date of Birth/Age :	04.03.1967
Date of Appointment :	07.05.2009
DIN No.:	02387126
Name :	Mr. Vasudevan Rajagopalan
Designation :	Managing Director
Address :	32 B, Diamond Park, Park Street, Wakad, PCMC, Pune – 411057, Maharashtra, India
Date of Birth/Age :	24.09.1951
Date of Appointment :	30.11.2013
DIN No.:	02959498
Name :	Mr. Richard Jean Smith
Designation :	Director
Address :	23, Mackay Drive, Richmond Hill, Ontario, Canada L4C6N9
Date of Birth/Age :	02.05.1972
Date of Appointment :	29.12.2012
DIN No.:	06422282
Name :	Mr. Dhruv Satish Anand
Designation :	Director
Address :	B-505, Leela Garden, 10^th Road, Kalyani Nagar, Yerwada, Pune – 411006, Maharashtra, India
Date of Birth/Age :	13.11.1981
Date of Appointment :	30.11.2013
DIN No.:	06700723

KEY EXECUTIVES

Name :	Saurabh Vijay Joshi
Designation :	Secretary
Address :	Flat No D-304, Gera Emerald City (South), Kharadi, Pune - 411014, Maharashtra, India
Date of Appointment :	05.01.2015
PAN No.:	AHQPJ3187J
Name :	Mr. Kedar Shrotriya
Designation :	Assistant Finance Controller

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.11.2013

Names of Shareholders	No. of Shares
Magna Cyprus Holding Limited, Cyprus	289364099
Magna Steyr Inc, Canada	1
TOTAL	289364100

AS ON 24.02.2014

Names of Allottee	No. of Shares Allotted
Magna Cyprus Holding Limited, Cyprus (Company Incorporated in Cyprus and undertaking business)	75144000
TOTAL	75144000

AS ON 25.04.2014

Names of Allottee	No. of Shares Allotted
Magna Financing Luxembourg Sarl, Cyprus (Company Incorporated in Cyprus and undertaking business)	90300000
TOTAL	90300000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.11.2013

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 :

The Company is primarily engaged in the manufacture of components for passenger and commercial vehicles and other allied service.

Products :

Product Description	Item Code No.
Posts and Beams	44186000
CHASSIS FR VHCLS HDNG	87060029

Brand Names :

---

Agencies Held :

---

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	Citi Bank
Branch	Pune Branch, Maharashtra, 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 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

Auditors :
Name :	S.V. Ghatalia and Associates LLP Chartered Accountants
Address :	C-401, 4th Floor, Panchshil Tech Park, Yerwada, Pune-411006, Maharashtra, India
PAN No.:	ACHFS9181P
Memberships :	--
Collaborators :	--
Ultimate Holding Company :	Magna International Inc, Canada
Holding Company :	Magna Cyprus Holding Limited, Cyprus
Fellow Subsidiaries :	Autotek Industrial De Mexico SA DE CV, Mexico Cosma International Inc., Canada Cosym LLC, Russia Cosma Tooling (Die) Engineering, South Korea Cosma Die Technology, USA Cosma International of America Inc, USA Cosma Do Brazil Produtos E Servicos Automotivos Ltda, Brazil Cosma Engineering Europe AG, Austria Deco Automotive, Canada Drive Automotive Industries, Inc., USA Halewood Assemblies, U.K. Karmax Heavy Stamping, Canada Magna Automotive Technology amd Services (Shanghai) Company Limited, China Magna Automotive Services Gmbh, Germany Magna Closures Automotive Private Limited, India Magna International GmbH, Germany Magna International, Japan Magna Tech and Tools Systems, China Promatek Research Center, Canada Shin Young Company Limited, China (Associate of the Ultimate Holding Company) Sonora Forming S.A. De C.V., Mexico Peterform LLC, Russia Magna Automotive (Thailand) Limited, Thailand Magna Automotive Holding, AG, Austria Venest Industries, Canada Vehma Engineering Solutions India Private Limited, India Vehma International of America Inc., USA

CAPITAL STRUCTURE

AS ON 29.09.2014

Authorised Capital : Rs.7420.000 Million

Issued, Subscribed & Paid-up Capital : Rs.7055.407 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
562,000,000	Equity Shares	Rs.10/- each	Rs.5620.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
36,45,08,100	Equity Shares	Rs.10/- each	Rs. 3645.081 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012 [15 Months]
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3645.081	2029.225	1225.000
(b) Reserves & Surplus	(3634.602)	(1859.101)	(644.346)
(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)	10.479	170.124	580.654
(3) Non-Current Liabilities
(a) long-term borrowings	7399.260	5220.250	2326.050
(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	0.000	5.940	1.552
Total Non-current Liabilities (3)	7399.260	5226.190	2327.602
(4) Current Liabilities
(a) Short term borrowings	1678.000	1275.654	747.000
(b) Trade payables	894.724	882.031	440.946
(c) Other current liabilities	2470.929	2172.597	858.455
(d) Short-term provisions	92.328	118.748	25.227
Total Current Liabilities (4)	5135.981	4449.030	2071.628
TOTAL	12545.720	9845.344	4979.884
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7591.383	6006.556	647.549
(ii) Intangible Assets	0.893	0.976	1.212
(iii) Capital work-in-progress	1351.556	1642.730	1987.088
(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	1056.798	747.568	975.776
(e) Other Non-current assets	0.150	0.150	0.000
Total Non-Current Assets	10000.780	8397.980	3611.625
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	168.550	82.163	27.943
(c) Trade receivables	245.382	113.244	45.582
(d) Cash and cash equivalents	419.204	345.783	816.747
(e) Short-term loans and advances	1473.249	818.093	477.832
(f) Other current assets	238.555	88.081	0.155
Total Current Assets	2544.940	1447.364	1368.259
TOTAL	12545.720	9845.344	4979.884

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012 [15 Months]
	SALES
		Income / Turnover	957.279	267.911	245.840
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(1290.599)	(1059.657)	(568.791)
Less/ Add	DEPRECIATION/ AMORTISATION		460.326	155.098	17.962
	PROFIT / (LOSS) BEFORE TAX		(1750.925)	(1214.755)	(586.753)
Less	TAX		0.000	0.000	0.000
	PROFIT / (LOSS) AFTER TAX		(1750.925)	(1214.755)	(586.753)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1859.101)	(644.346)	(57.593)
	BALANCE CARRIED TO THE B/S		(3610.026)	(1859.102)	(644.346)
	EARNINGS IN FOREIGN CURRENCY		147.007	76.124	42.942
	Earnings / (Loss) Per Share (Rs.)		(4.80)	(5.99)	(4.79)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012 [15 Months]
Current Maturities of Long term debt	610.500	0.000	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012 [15 Months]
Net Profit Margin (PAT / Sales)	(%)	(182.91)	(453.42)	(238.67)
Return on Total Assets (PBT/Total Assets}	(%)	(15.64)	(14.81)	(19.61)
Return on Investment (ROI) (PBT/Networth)		(167.09)	(7.14)	(1.01)
Debt Equity Ratio (Total Debt /Networth)		866.23	38.18	5.29
Current Ratio (Current Asset/Current Liability)		0.50	0.33	0.66

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012 [15 Months]	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1225.000	2029.225	3645.081
Reserves & Surplus	(644.346)	(1859.101)	(3634.602)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	580.654	170.124	10.479
long-term borrowings	2326.050	5220.250	7399.260
Short term borrowings	747.000	1275.654	1678.000
Total borrowings	3073.050	6495.904	9077.260
Debt/Equity ratio	5.292	38.183	866.233

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012 [15 Months]	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	245.840	267.911	957.279
		8.978	257.312

NET PROFIT MARGIN

Net Profit Margin	31.03.2012 [15 Months]	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	245.840	267.911	957.279
Profit/Loss	(586.753)	(1214.755)	(1750.925)
	(238.67%)	(453.42%)	(182.91%)

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	Yes
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	Yes
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

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Other external commercial borrowings	7399.260	5220.250
Short-term borrowings
Rupee term loans from banks	1678.000	1275.000
Working capital loans from banks	0.000	0.655
Total	9077.260	6495.905
Note : Long-term Borrowings The Company has taken an External Commercial Borrowing (ECB) under automatic route of the Reserve Bank of India from its holding company. The Company has utilized certain portion of such borrowing for working capital purpose. The management of Company has approached the relevant authorities seeking waiver for the said matter and believes that the impact, if any, with regards to the aforesaid will not be significant. Consequently no adjustments have been made to the financial statements. Short-term borrowings External commercial borrowings represents foreign currency loan for USD 131,200,000 (31 March, 2013: USD 95,000,000) borrowed by the Company from its holding company. The interest rate on borrowing is ranging between USD LIBOR plus 420 to 450 basis points. The loans are repayable in a staggered manner over a period of 9 years commencing from financial year 2014 -15. The Company has availed working capital loan facility from Citibank against the guarantee issued by Magna International Inc, Canada (Ultimate holding company). The overall limit of the facility is Rs. 1825.000 Million (31 March 2013: Rs. 1275.000 Million). The loan is repayable on demand and carries interest rate ranging between 11.00% to 12.25% p.a. (31 March 2013: 10.00% to 12.00% p.a.). Further the Company had availed unsecured temporary cash credit facility from Citi Bank. The cash credit carried interest of 11.25%.

INDEX OF CHARGES : NO CHARGES EXIST FOR COMPANY

NOTE

The registered office of the company has been shifted from Satav Industrial Estate, Industrial Gala No. # 03, Gat # 376, Kharabwadi, Behind Racold, Chakan-Talegaon Road, Khed Taluka, Pune – 410501, Maharashtra, India to the present address w.e.f. 03.07.2012.

PERFORMANCE

The turnover during the year was Rs.957.279 Million. The management of the Company has taken several steps subsequent to the Balance Sheet date, to aggressively better the performance of the Company in coming years.

CORPORATE INFORMATION

The company is primarily engaged in the manufacture of sheet metal parts for passenger cars. The Company has been incorporated on May 7, 2009 under the Companies Act, 1956. The Company is a 99.99% subsidiary of Magna Cyprus Holding Limited, Cyprus. The CIN of the Company is U34200PN2009FTC133906.

FIXED ASSETS

TANGIBLE ASSETS

• Building
• Leasehold Land
• Leasehold Improvements
• Plant and machinery
• Computers
• Furniture and fixtures
• Office and other equipments

INTANGIBLE ASSETS

• 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 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.63.39
UK Pound	1	Rs.98.94
Euro	1	Rs.70.33

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	TRS
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	2
--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		29

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.