MIRA INFORM REPORT

Report No. :	350064
Report Date :	23.11.2015

IDENTIFICATION DETAILS

Name :	ROTHE ERDE INDIA PRIVATE LIMITED
Registered Office :	Gat No. 429, Village Wadivarhe, At Post : Gonde, Taluka : Igatpuri, Nashik – 422403, Maharashtra
Tel No.:	91-2533-225615 / 302231 / 302317
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.04.2006
Com. Reg. No.:	11-161325
Capital Investment / Paid-up Capital :	Rs.1190.570 Million
CIN No.: [Company Identification No.]	U27109MH2006PTC161325
IEC No.:	3106012714
TAN No.: [Tax Deduction & Collection Account No.]	NSKR02482E
PAN No.: [Permanent Account No.]	AADCR3029G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing, trading, distributing or otherwise dealing in all types and nature of bearings and parts thereof as well as steel and non-ferrous metal rings.
No. of Employees :	Information denied by management

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Thyssenkrupp Rothe Erde GmbH”, Germany. It is engaged in manufacturing bearings. Its products include raber bearings, bush bearings and slewing bearings. Rating takes into consideration company’s sound operating efficiencies supported by its moderate financial profile along with satisfactory debt protection indicates and sound liquidity position. Rating also takes into account of strong financial and managerial support that company receives from its patent entity backed by its well experience management team. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for 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, 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

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

Management non-cooperative (91-2553-302231)

LOCATIONS

Registered Office / Corporate Office / Factory :	Gat No. 429, Village Wadivarhe, At Post : Gonde, Taluka : Igatpuri, Nashik – 422403, Maharashtra, India
Tel. No.:	91-2533-225615 / 302231 / 302317
Fax No.:	91-2553-225613 / 302300
E-Mail :	sarvesh.Verma@thyssenkrupp.com vikas.borvankar@thyssenkrupp.com re_india@vsnl.net info@rotheerdeindia.com mandar.parashare@thyssenkruppl.com
Website :	www.rotherde.com

DIRECTORS

As on 26.09.2014

Name :

Mr. Pawan Kumar Singh

Designation :

Managing director

Address :

Gat No. 429, Village Wadivarhe, Post Gonde, Igatpuri Nashik - 422403, Maharashtra, India

Date of Birth/Age :

25.05.1976

Date of Appointment :

01.01.2010

PAN No.:

BLCPS1814A

DIN No.:

02885751

Name :

Winfried Schulte

Designation :

Director

Address :

Marie – Curie- Str. 23, Luedinghausen, Germany 59348

Date of Birth/Age :

08.04.1964

Date of Appointment :

04.05.2006

DIN No.:

00176721

Name :

Mr. Kesava Iyer Venkatesan

Designation :

Director

Address :

Plot No.41, SSA, Ashvin Nagar, CIDCO, Nashik- 422009, Maharashtra, India

Date of Birth/Age :

14.07.1962

Date of Appointment :

03.07.2006

DIN No.:

00056671

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	U27109DL1991NPL042878	COLD ROLLED STEEL MANUFACTURERS ASSOCIATION OF INDIA	Director	20/08/2002	20/08/2002	08/10/2014	Active	NO
2	U27100MH2000PTC127807	THYSSENKRUPP ELECTRICAL STEEL INDIA PRIVATE LIMITED	Managing director	01/04/2010	23/06/2004	-	Active	NO
3	U27109MH2006PTC161325	Rothe Erde India Private Limited	Director	03/07/2006	03/07/2006	-	Active	NO
4	U31100MH1982PTC028406	RISHABH INSTRUMENTS PRIVATE LIMITED	Director	30/12/2014	29/09/2014	-	Active	NO

Name :

Arno Schuppert

Designation :

Director

Address :

Wortbergroude 18, Essen, Germany 45149

Date of Birth/Age :

22.04.1957

Date of Appointment :

18.09.2006

DIN No.:

00682258

Name :

Mr. Wilfried Spintig

Designation :

Director

Address :

Kleefeld 60, 59558 Lippstadt ST Rixbeck, Lippstadt, NA, Germany

Date of Birth/Age :

19.12.1963

Date of Appointment :

26.09.2014

DIN No.:

06744481

MAJOR SHAREHOLDERS

As on 26.09.2014

Names of Shareholders	No. of Shares
Rothe Erde GmbH, Germany	119056990
Rothe Erde Metallurgica Rossi S.P.A., Italy	10
Total	119057000

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2014

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 :

Manufacturing, trading, distributing or otherwise dealing in all types and nature of bearings and parts thereof as well as steel and non-ferrous metal rings.

Products :

Product Description	Item Code No. (ITC Code)
Large Diameter Bearing	84821090

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

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
Experience :	Not Divulged
Maximum Limit Dealt :	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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

Information denied by management

Bankers :

Banker Name	Deutsche Bank
Branch Address	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

• Axis Bank Limited
• HDFC Bank Limited
• Hong Kong and Shanghai Banking Corp Limited
• State Bank of India

Auditors :
Name :	Price Water House and Company Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai - 400028, Maharashtra, India
PAN No.:	AADFP9359C
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Thyssenkrupp Rothe Erde GmbH, Germany
Ultimate Holding Company :	ThyssenKrupp AG, Germany
Fellow Subsidiaries :	ThyssenKrupp Industrial Solutions (India) Private Limited CIN No.: U74200MH1977PTC020041 Thyssenkrupp Electrical Steel India Private Limited, India CIN No.: U27100MH2000PTC127807 Thyssenkrupp Industries Limited, India CIN No.: U74999MH1947PTC005508 Nippon Roballo, Japan PSL a.s. Roballo Engineering Company Limited, U.K Rothe Incorporated, USA Thyssenkrupp AG Xuzhou Rothe Erde Ring Mill Company Limited, China Xuzhou Rothe Erde Slewing Bearing Company Limited, China Uhde India Private Limited, India Rothe Rede Iberica, South Africa

CAPITAL STRUCTURE

As on 26.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
130000000	Equity Shares	Rs.10/- each	Rs.1300.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
119057000	Equity Shares	Rs.10/- each	Rs.1190.570 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014 (12 Months)	31.03.2013 (18 Months)	30.09.2011 (12 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1190.570	1190.570	1190.570
(b) Reserves & Surplus	503.507	498.747	293.156
(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)	1694.077	1689.317	1483.726
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	109.101	106.512	73.253
(c) Other long term liabilities	9.794	30.100	49.619
(d) long-term provisions	11.966	9.539	4.703
Total Non-current Liabilities (3)	130.861	146.151	127.575
(4) Current Liabilities
(a) Short term borrowings	479.130	500.000	275.000
(b) Trade payables	74.020	98.325	140.320
(c) Other current liabilities	136.347	108.598	53.034
(d) Short-term provisions	1.514	1.136	2.057
Total Current Liabilities (4)	691.011	708.059	470.411
TOTAL	2515.949	2543.527	2081.712
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1516.604	1350.957	1278.966
(ii) Intangible Assets	0.072	0.179	0.112
(iii) Capital work-in-progress	329.021	265.548	98.235
(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	17.350	12.783	107.077
(e) Other Non-current assets	0.000	0.000	0.044
Total Non-Current Assets	1863.047	1629.467	1484.434
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	243.496	276.679	272.165
(c) Trade receivables	144.404	206.990	131.861
(d) Cash and cash equivalents	1.496	164.096	32.848
(e) Short-term loans and advances	263.506	266.295	160.404
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	652.902	914.060	597.278
TOTAL	2515.949	2543.527	2081.712

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014 (12 Months)	31.03.2013 (18 Months)	30.09.2011 (12 Months)
	SALES
		Income	959.565	1,644.009	1,160.338
		Other Income	40.663	36.235	8.981
		TOTAL	1000.228	1680.244	1169.319
Less	EXPENSES		778.896	1099.618	764.916
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		221.332	580.626	404.403
Less	FINANCIAL EXPENSES		52.685	52.460	28.139
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		168.647	528.166	376.264
Less	DEPRECIATION/ AMORTISATION		161.298	219.802	105.510
	PROFIT/(LOSS) BEFORE TAX		7.349	308.364	270.754
Less	TAX		2.589	102.773	91.517
	PROFIT/(LOSS) AFTER TAX		4.760	205.591	179.237
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		498.747	293.156	113.919
	BALANCE CARRIED TO THE B/S		503.507	498.747	293.156
	EARNINGS IN FOREIGN CURRENCY		32.651	50.281	NA
	Earnings / (Loss) Per Share (Rs.)		0.04	1.73	1.51

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014 (12 Months)	31.03.2013 (18 Months)	30.09.2011 (12 Months)
Current Maturities of Long term debt	0.000	0.000	0.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	219.409	400.165	287.857

KEY RATIOS

PARTICULARS		31.03.2014 (12 Months)	31.03.2013 (18 Months)	30.09.2011 (12 Months)
Net Profit Margin (PAT/Sales)	(%)	0.50	12.51	15.45
Operating Profit Margin (PBDIT/Sales)	(%)	23.07	35.32	34.85
Return on Total Assets (PBT/Total Assets}	(%)	0.34	13.54	13.65
Return on Investment (ROI) (PBT/Networth)		0.00	0.18	0.18
Debt Equity Ratio (Total Debt /Networth)		0.28	0.30	0.19
Current Ratio (Current Asset/Current Liability)		0.94	1.29	1.27

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	30.09.2011 (12 Months)	31.03.2013 (18 Months)	31.03.2014 (12 Months)
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	1190.570	1190.570	1190.570
Reserves & Surplus	293.156	498.747	503.507
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1483.726	1689.317	1694.077
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	275.000	500.000	479.130
Current Maturities of Long term debt	0.000	0.000	0.000
Total borrowings	275.000	500.000	479.130
Debt/Equity ratio	0.185	0.296	0.283

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.09.2011 (12 Months)	31.03.2013 (18 Months)	31.03.2014 (12 Months)
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	1160.338	1644.009	959.565
		41.684	(41.633)

NET PROFIT MARGIN

Net Profit Margin	30.09.2011 (12 Months)	31.03.2013 (18 Months)	31.03.2014 (12 Months)
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	1,160.338	1,644.009	959.565
Profit	179.237	205.591	4.760
	15.45%	12.51%	0.50%

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	No
8	Designation of contact person	No
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)	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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
SHORT TERM BORROWINGS
Intercorporate borrowings	0.000	500.000
Loans and advances from related parties	479.130	0.000
Total	479.130	500.000

BACKGROUND

The Company was incorporated on 24th April, 2006 as a 100% subsidiary of Thyssenkrupp Rothe Erde GmbH which is a ThyssenKrupp Group company. The principal activities of the Company include manufacturing, trading, distributing or otherwise dealing in all types and nature of bearings and parts thereof as well as steel and non-ferrous metal rings. The Plant was commissioned on 1st October, 2007.

REVIEW OF OPERATIONS

Total production for the year was 2026 Tons (3352Bearings) as against 3,626 Tons (5,714 Bearings) and Sales was 2213 Tons (3495 Bearings) as against 3,494Tons (5559 Bearings) of previous year. Figures of 2013-14 are not comparable to previous period as it was of 18 months. Economic slowdown and more particularly withdrawal of benefits of Wind Energy Sector by Government resulted into liquidity problems in Wind Energy Sector which has badly affected their business. Further weakening of Rupee affected the raw material cost as large part of their raw materials is imported. So, lower sales due to slowdown in economy and increase in raw material cost affected the results of their company.

INDUSTRY: OVERVIEW AND OUTLOOK

The period from April 2013 to March 2014 was a very difficult period for the Indian economy. The industries had to cope with the global slowdown in the economy, further devaluation of the Indian Rupee and worst of all a policy paralysis in the ruling government. This had a very negative effect on the investor’s sentiments which resulted in a more or less stoppage of new investments or indefinite postponement of new projects.

Demand in the infrastructure and Energy sector in India has started picking up but still challenge being faced by the business houses in India is to manage the working capital due to the high interest rates and depreciation of the Indian Rupee against the US Dollar and Euro.

There is a stable Government in the Centre now and it has taken positive and aggressive steps like restoration of the Additional Depreciation benefit earlier available to Wind Energy Sector etc., which is improving the sentiments of the investors. Further new Government is focusing more on the infrastructure and manufacturing sector, due to which demand is expected to increase in coming months. Due to stable Government and positive steps being taken by the Government, overall industry outlook is positive.

The company still holds the privilege of being a leading and reliable supplier in the country. The turmoil in the industry has actually strengthened their position due to their local presence. All economic indicators show an improvement in the last few months and they are confident that the new government would deliver its promise of a healthier and stronger India. With investments in place, the company is geared up to the increase in demand expected in the future.

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY 

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.66.09
UK Pound	1	Rs.101.03
Euro	1	Rs.70.85

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	PNM

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
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		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.