MIRA INFORM REPORT

Report No. :	502344
Report Date :	11.04.2018

IDENTIFICATION DETAILS

Name :	ARTEMIDE LIGHTING INDIA PRIVATE LIMITED
Registered Office :	Unit No 5, Second Floor, Raghuvanshi Mill Compound, S. B. Marg, Lower Parel (West), Mumbai – 400013, Maharashtra
Tel. No.:	91-22-61774800
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	20.10.2010
Com. Reg. No.:	11-209179
Capital Investment / Paid-up Capital :	INR 17.447 Million
CIN No.: [Company Identification No.]	U51909MH2010PTC209179
IEC No.: [Import-Export Code No.]	0310075319
GSTN : [Goods & Service Tax Registration No.]	27AAICA9204D1ZW
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAICA9204D
Legal Form :	Private Limited Liability Company
Line of Business :	Trading in imported lighting fixtures and fittings. [Registered Activity] Trader, importer and distributor of decorative and architectural lightings. [Confirmed by management]
No. of Employees :	6 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2010. It is a subsidiary of Vectra Project Lighting Private Limited which holds 60% stake in the company and the remaining 40% stake is held by Artemide Group SpA. The company is a trader, importer and distributor of decorative and architectural lightings. As per the financial of 2017, the company has achieved a decent growth in its revenue as compared to the previous year and gained a negligible net profit margin of 0.11%. The company possesses moderate financial position marked by negative reserve base along with modest liquidity position. Rating takes into consideration the strength that the company receives from its holding company. Business is active. Payment seems to be slow but correct. In view of aforesaid, 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 11.04.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY

Name :	Mr. Anindya Roy
Designation :	Chief Executive Officer
Contact No.:	91-9953554435
Date :	10.04.2018

LOCATIONS

Registered Office :	Unit No 5, Second Floor, Raghuvanshi Mill Compound, S. B. Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-61774800
Mobile No.:	91-9953554435 (Mr. Anindya Roy)
Fax No.:	Not Available
E-Mail :	accounts@artemide.in
Location :	Rented
Locality :	Commercial
Warehouse :	Located at: · Bhiwandi

DIRECTORS

AS ON 31.03.2018

Name :

Mr. Prakash Sadhuram Chhabria

Designation :

Managing Director

Address :

51, Kshitij, 566, Hill Road, Opposite St Andrew Church, Bandra (West). Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

06.03.1969

Date of Appointment :

18.01.2011

DIN No.:

00096250

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U65993MH2002PTC136361	ALISHA HOLDINGS PRIVATE LIMITED	15/07/2005	-
U36912MH2011PTC221451	PROLEDS TECHNOLOGIES PRIVATE LIMITED	30/09/2015	-
U36101MH2011PTC214676	ASUN LIGHTING INDIA PRIVATE LIMITED	30/09/2015	-
U51909MH2010PTC207229	ENDO LIGHTING ACCESSORIES (INDIA) PRIVATE LIMITED	18/01/2011	-
U74120MH2010PTC201935	VECTRA PROJECT LIGHTING PRIVATE LIMITED	12/04/2010	-
U31500MH2007PTC174293	SHIMERA PROJECT LIGHTING PRIVATE LIMITED	22/08/2017	-
U31908MH2007PTC168137	GLO LIGHTING PRIVATE LIMITED	24/02/2007	-
U74210MH2003PTC143282	MEGACITY CONSULTANTS PRIVATE LIMITED	29/08/2005	-
U51900MH1999PTC117789	SHIMERA LIGHTING PRIVATE LIMITED	22/08/2017	-
U31909MH1982PTC026489	ASA PROJECTS PRIVATE LIMITED	01/07/1999	-

Name :

Ms. Sonia Prakash Chhabria

Designation :

Nominee Director

Address :

51, Kshitij, 566, Hill Road, Opposite St Andrew Church, Bandra (West). Mumbai – 400050, Maharashtra, India

Date of Appointment :

20.03.2015

DIN No.:

01769723

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51900MH1999PTC117789	SHIMERA LIGHTING PRIVATE LIMITED	13/04/2017	-
U31500MH2007PTC174293	SHIMERA PROJECT LIGHTING PRIVATE LIMITED	15/11/2007	-
U74120MH2010PTC201935	VECTRA PROJECT LIGHTING PRIVATE LIMITED	30/09/2015	-
U51909MH2010PTC207229	ENDO LIGHTING ACCESSORIES (INDIA) PRIVATE LIMITED	23/05/2015	-
U36101MH2011PTC214676	ASUN LIGHTING INDIA PRIVATE LIMITED	30/09/2014	-
U36912MH2011PTC221451	PROLEDS TECHNOLOGIES PRIVATE LIMITED	30/09/2014	-

Name :

Mr. Ernesto Gismondi

Designation :

Director

Address :

Piazza, S Nazaro In Brolo, B15 Milano Na, Italy

Date of Birth/Age :

25.12.1931

Date of Appointment :

21.09.2011

DIN No.:

03505964

Name :

Mr. Alain Taillandier

Designation :

Nominee Director

Address :

Building N. 8 Pierre Brossolette Villepreux Na, France

Date of Birth/Age :

20.10.1960

Date of Appointment :

21.12.2012

DIN No.:

06575959

Name :

Mr. Carlo Maconi

Designation :

Nominee Director

Address :

46 Via 20 Settembre Zelo Buon Persico 26839, Italy

Date of Birth/Age :

07.09.1974

Date of Appointment :

14.12.2016

DIN No.:

07638381

KEY EXECUTIVES

Name :	Mr. Anindya Roy
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders	No. of Shares
Vectra Project Lighting Private Limited	1046722
Artemide Group SPA	698000
Total	1744722

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2017

Category	Percentage
Promoters [Bodies corporate]	59.99
Promoters [Others (Foreign Body Corporate)]	40.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading in imported lighting fixtures and fittings. [Registered Activity]

Trader, importer and distributor of decorative and architectural lightings. [Confirmed by management]

Products / Services :

Name and Description of main products / services	ITC Code
Imported lighting fixtures and fittings	99611430

Brand Names :

Not Available

Agencies Held :

Artemide Lightings (Italy)

Exports :

Not Divulged

Imports :

Products :

· Decorative and Architectural Lightings

Countries :

· Italy

Terms :

Selling :

Advance Payment

Purchasing :

Advance Payment

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

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

Customers :

Retailers, End Users

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

No. of Employees :

6 (Approximately)

Bankers :

Banker Name :	Bank of Baroda
Branch :	Zaveri Bazar, Mumbai – 400002, Maharashtra, India
Person Name (With Designation) :	--
Contact Number :	91-22-22404443 (Continuously Ringing)
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Auditors :
Name :	Jitendra Sanghavi and Company Chartered Accountants
Address :	706A, Moti Mahal, 195 J. Tata Road, Churchgate, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-66765000
Fax No.:	91-22-66765010
E-Mail :	jsco@jitendrasanghavi.com
PAN No.:	AAHFJ1944M
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	· Vectra Project Lighting Private Limited [U74120MH2010PTC201935]
Other related parties :	· Shimera Project Lighting Private Limited · Artemide Architectural SAS · Artemide Group SPA · Artemide SPA · Shimera Project Lighting · Endo Lighting Accessories (India) Private Limited · Shimera Lighting Private Limited · Asun Lighting India Private Limited · Proleds Technologies Private Limited · Asa Projects Private Limited · Alisha Holdings Private Limited · Megacity Consultants Private Limited · Glo Lighting Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
1750000	Equity Shares	INR 10/- each	INR 17.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1744722	Equity Shares	INR 10/- each	INR 17.447 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	17.447	17.447	17.447
(b) Reserves & Surplus	(14.982)	(15.053)	(10.223)
(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)	2.465	2.394	7.224
(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	0.454	0.329	0.211
Total Non-current Liabilities (3)	0.454	0.329	0.211
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	20.480	11.579	15.801
(c) Other current liabilities	7.982	5.397	4.398
(d) Short-term provisions	0.006	0.005	0.007
Total Current Liabilities (4)	28.468	16.981	20.206
TOTAL	31.387	19.704	27.641
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.083	0.084	0.125
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.135	0.091	0.047
(d) Long-term Loan and Advances	0.004	0.005	0.003
(e) Other Non-current assets	0.129	0.120	0.000
Total Non-Current Assets	0.351	0.300	0.175
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6.207	7.175	8.165
(c) Trade receivables	22.906	9.813	15.341
(d) Cash and cash equivalents	0.381	0.339	2.881
(e) Short-term loans and advances	1.542	2.077	1.079
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	31.036	19.404	27.466
TOTAL	31.387	19.704	27.641

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2017	31.03.2016	31.03.2015
	SALES
			Income	67.051	47.518	53.342
			Other Income	0.796	1.963	0.744
			TOTAL	67.847	49.481	54.086
Less	EXPENSES
			Purchase of Stock-in-trade	42.125	29.278	34.880
			Changes in Inventories	0.465	1.188	(1.581)
			Employee Benefits Expenses	12.368	10.555	9.604
			Other Expenses	12.801	13.242	10.901
			TOTAL	67.759	54.263	53.804
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			0.088	(4.782)	0.282
Less	FINANCIAL EXPENSES			0.010	0.012	0.009
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			0.078	(4.794)	0.273
Less	DEPRECIATION/ AMORTISATION			0.050	0.081	0.169
	PROFIT/(LOSS) BEFORE TAX			0.028	(4.875)	0.104
Less	TAX			(0.043)	(0.045)	(0.050)
	PROFIT/(LOSS) AFTER TAX			0.071	(4.830)	0.154
	EARNINGS IN FOREIGN CURRENCY
		Sales – Free trade warehousing zone		1.498	3.556	4.489
	TOTAL EARNINGS			1.498	3.556	4.489
	IMPORTS
		Traded Goods of lighting fixtures and fittings		28.681	18.505	26.928
		Publication material		0.160	0.288	0.109
		Goods-in-transit		0.966	1.469	1.271
	TOTAL IMPORTS			29.807	20.262	28.308
	Earnings / (Loss) Per Share (INR)			0.04	(2.77)	0.11

Particulars	31.03.2018
Sales Turnover (Approximately)	36.600
	[Due to market fluctuation]

The above information has been parted by Mr. Anindya Roy (Chief Executive Officer)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	0.092	(2.503)	(5.705)
Net cash inflow/(outflow) from operating activities	0.092	(2.503)	(5.655)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	124.69	75.38	104.97
Account Receivables Turnover (Income / Sundry Debtors)	2.93	4.84	3.48
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	177.45	144.35	165.35
Inventory Turnover (Operating Income / Inventories)	0.01	(0.67)	0.03
Asset Turnover (Operating Income / Net Fixed Assets)	1.06	(56.93)	2.26

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.91	0.86	0.73
Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	11.55	7.09	2.80
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.03	0.04	0.02
Interest Coverage Ratio (PBIT / Financial Charges)	8.80	(398.50)	31.33

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
PAT to Sales ((PAT / Sales) * 100)	%	0.11	(10.16)	0.29
Return on Total Assets ((PAT / Total Assets) * 100)	%	0.23	(24.51)	0.56
Return on Investment (ROI) ((PAT / Networth) * 100)	%	2.88	(201.75)	2.13

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.09	1.14	1.36
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.87	0.72	0.96
G-Score Ratio Financial (Networth / Total Assets)	0.08	0.12	0.26
G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.00	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.09	1.14	1.36

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	17.447	17.447	17.447
Reserves & Surplus	(10.223)	(15.053)	(14.982)
Net worth	7.224	2.394	2.465
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	53.342	47.518	67.051
		(10.918)	41.107

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	53.342	47.518	67.051
Profit/(Loss)	0.154	(4.830)	0.071
	0.29%	(10.16%)	0.11%

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	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)	Yes
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 four years	Yes
27	Reasons for variation <> 20%	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION:

The company was incorporated on 20.10.2010 as a Private Limited Company under the Companies Act, 1956.

The principal activity of the company is to carry on the business of trading in imported lighting fixtures and fittings.

INDEX OF CHARGES: NO CHARGES EXISTS FOR COMPANY

FIXED ASSETS:

· Computer

· Mobile Phones

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 records 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	INR
US Dollar	1	INR 64.94
UK Pound	1	INR 91.75
Euro	1	INR 79.90

INFORMATION DETAILS

Information Gathered by :	PNM
Analysis Done by :	NYT
Report Prepared by :	NKT

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.