MIRA INFORM REPORT

Report No. :	506576
Report Date :	30.04.2018

IDENTIFICATION DETAILS

Name :	ENSTO INDIA PRIVATE LIMITED
Registered Office :	A - 2/78, Safdarjung Enclave, New Delhi – 110029
Tel. No.:	91-11-26161002
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	15.09.2009
Com. Reg. No.:	55-194309
Capital Investment / Paid-up Capital :	INR 48.849 Million
CIN No.: [Company Identification No.]	U31900DL2009FTC194309
IEC No.: [Import-Export Code No.]	0509056105
TIN No.:	06301934746
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCE2308Q
GSTN : [Goods & Service Tax Registration No.]	06AACCE2308Q1ZK
Legal Form :	Private Limited Liability Company
Line of Business :	· The Company is engaged in the business of manufacturing of Electrical connectors accessories and distribution boxes used for distribution of electricity (Registered Activity) · Manufacturer and Exporter of Electricity distribution equipment, Power capacitors, Electrical Capacitors, Insulated wires and cables and importer of raw material. (Confirmed by management)
No. of Employees :	108 (Approximately)

RATING & COMMENTS

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

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Ensto OY, Finland. It is an established company incorporated in the year 2009 having satisfactory track record. For the financial year ended 2017, the company has witnessed a growth in its revenue and has achieved good profit margin at 10.58% (Approximately). Rating takes into consideration sound financial profile marked by healthy net worth base along with low debt level of the company. The company also derives strength from its holding entity and its experienced management team. Trade relations are reported as fair. Business is active. Payment terms are seems to be usually correct and as per commitments In view of the aforesaid, the company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

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

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 31-03-2018.

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 30.04.2018

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. Ranvir
Designation :	Finance Control Manager
Contact No.:	91-9811974167
Date :	30.04.2018

LOCATIONS

Registered Office :	A- 2/78, Safdarjung Enclave, New Delhi – 110029, India
Tel. No.:	91-11-26161002
Mobile No.:	91-9811793084 (Mr. Ashok Kumar Kaushik) 91-9811055277 (Mr. Praveen)
Fax No.:	91-11-26162612
E-Mail :	ashok.kaushik@ensto.com india@ensto.com
Website:	www.ensto.com
Location:	Rented
Locality:	Residential cum Commercial
Manufacturing Unit:	Plot No. 241-242, Sector 6, IMT Manesar, Gurugram – 122050, Haryana, India
Tel. No.:	91-124-4974242
Fax No.:	91-124-4974243
Location:	Rented
Locality:	Industrial

DIRECTORS

As on 31.03.2017

Name :

Mr. Ashok Kumar Kaushik

Designation :

Managing director

Address :

Flat No. 16 Mahabhadrakali Apartment, Sector 13, Plot No. 6, Dwarka, New Delhi - 110078, India

Date of Birth/Age :

18.10.1971

Date of Appointment :

15.09.2009

DIN No.:

01919658

Name :

Mr. Markku Juhani Wederhorn

Designation :

Director

Address :

Koivikontie 6, Nurmijarvi, 01900, Finland

Date of Appointment :

08.04.2010

DIN No.:

02917993

Name :

Mr. Fernando Andres Trolia Slamic

Designation :

Director

Address :

Harbonkatu 7 E, Helsinki, 00980, Finland

Date of Appointment :

21.03.2013

DIN No.:

06535892

Name :

Mr. Shiv Shanker Agarwal

Designation :

Director

Address :

248, CA Apartments, A-3, Paschim Vihar, New Delhi-110063, India

Date of Appointment :

11.05.2016

DIN No.:

00164170

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74899DL1987PTC028835	AGARWAL JETLEY AND COMPANY PRIVATE LIMITED	06/08/1987	-
U74899DL1989PTC037418	AJC PETROCHEM PRIVATE LIMITED	17/08/1989	-
U74899DL1992PTC050561	H K PROPERTIES PRIVATE LIMITED	31/03/1993	-
U74899DL1992PTC049828	RAMRAJ EXPORTS PRIVATE LIMITED	19/07/1993	-
U74210DL1996PTC082340	WILKINSON ENVIRONMENTAL CONSULTING (INDIA) PRIVATE LIMITED	13/09/1996	-
U74990TN2011FTC078920	MOVENTAS INDIA PRIVATE LIMITED	21/01/2011	-
U93090DL2017FTC327025	AGROY FARMERS INDIA PRIVATE LIMITED	11/12/2017	-

KEY EXECUTIVES

Name :	Mr. Ranvir
Designation :	Finance Control Manager

MAJOR SHAREHOLDERS

As on 31.03.2017

Names of Shareholders	No. of Shares	% of Holding
Ensto OY, Finland	4856576	99.42
Ensto Finland OY, Finland	28302	0.58
Total	4884878	100.00

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2017

Category	Percentage
Promoters (Body corporate)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

· The Company is engaged in the business of manufacturing of Electrical connectors accessories and distribution boxes used for distribution of electricity (Registered Activity)

· Manufacturer and Exporter of Electricity distribution equipment, Power capacitors, Electrical Capacitors, Insulated wires and cables and importer of raw material. (Confirmed by management)

Products / Services :

Item Code No.	Products/Services Description
85321000	Electricity Distribution Equipment

Brand Names :

Not Available

Agencies Held :

Tata Power Delhi Distribution Limited

Exports :

Products :

Finished Goods

Countries :

· Finland

· Bhutan

· Nepal

Imports :

Products :

Raw Material

Countries :

· China

· France

· Finland

Terms :

Selling :

Cash, L/C, Cheque, Credit (60/90 Days)

Purchasing :

Cash, L/C, Cheque, Credit (60/90 Days)

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference :	Mahindra Composite Limited
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

Wholesalers, Retailers

Reference :	Tata Power Delhi Distribution Limited
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

108 (Approximately)

Bankers :

Banker Name :	IDBI Bank Limited
Branch :	Raheja Square, Ground Floor, IMT Manesar, Gurugram – 122050, Haryana, India
Person Name (With Designation) :	--
Contact Number :	91-124-43663058 (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 :	--

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
External commercial borrowings* (Foreign currency loan from parent company, Ensto OY)	69.250	75.100
Total	69.250	75.100

* Company obtained New ECB loan during FY 2015-16 and amount reported is equivalent to Euro 1000000 as on March 31, 2017

Auditors :
Name :	Agarwal Milind and Company Chartered Accountants
Address :	A-100, IIIRD Floor, Ashok Vihar, Phase – III, New Delhi – 110052, India
Mobile No.:	91-9873672223
E-Mail :	milind@agarwalmilind.com
Income-tax PAN of auditor or auditor's firm :	AGMPA1355N
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Ensto OY, Finland Ensto Finland OY, Finland
Fellow Subsidiary:	Ensto Ensek AS, Estonia

CAPITAL STRUCTURE

As on 28.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	INR 10/- each	INR 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4884878	Equity Shares	INR 10/- each	INR 48.849 Million

FINANCIAL DATA

[all figures are 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	48.849	48.849	48.849
(b) Reserves & Surplus	123.350	82.673	84.580
(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)	172.199	131.522	133.429
(3) Non-Current Liabilities
(a) long-term borrowings	69.250	75.100	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.167
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	7.492	5.772	4.922
Total Non-current Liabilities (3)	76.742	80.872	5.089
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	23.628
(b) Trade payables	102.862	106.982	109.251
(c) Other current liabilities	6.553	9.197	4.728
(d) Short-term provisions	0.246	0.076	0.058
Total Current Liabilities (4)	109.661	116.255	137.665
TOTAL	358.602	328.649	276.183
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	21.855	22.741	25.635
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	28.599	31.428	35.525
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	50.454	54.169	61.160
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	128.992	134.445	114.652
(c) Trade receivables	96.172	94.924	58.408
(d) Cash and cash equivalents	80.099	41.248	38.269
(e) Short-term loans and advances	2.885	3.863	3.694
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	308.148	274.480	215.023
TOTAL	358.602	328.649	276.183

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	384.460	277.186	190.572
	Other Income	13.601	1.943	25.523
	TOTAL	398.061	279.129	216.095
Less	EXPENSES
	Cost of Materials Consumed	236.873	189.980	134.271
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	9.407	(16.377)	4.900
	Employees benefits expense	40.587	34.384	31.654
	Other administrative expenses	47.005	52.737	36.243
	Operating Expense	17.625	14.523	10.013
	Amortization on Intangible Assets			0.126
	TOTAL	351.497	275.247	217.207
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	46.564	3.882	(1.112)
Less	FINANCIAL EXPENSES	0.778	0.572	0.208
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	45.786	3.310	(1.320)
Less/ Add	DEPRECIATION/ AMORTISATION	5.008	5.374	5.068
	PROFIT/ (LOSS) BEFORE TAX	40.778	(2.064)	(6.388)
Less	TAX	0.101	(0.157)	(1.062)
	PROFIT/ (LOSS) AFTER TAX	40.677	(1.907)	(5.326)
	IMPORTS
	Raw Materials
	From related parties	37.960	26.756	44.803
	From unrelated parties	9.220	9.830	7.600
	TOTAL IMPORTS	47.180	36.586	52.403
	Earnings / (Loss) Per Share (INR)	8.33	(0.39)	(1.09)

Particulars	31.03.2018
Sales Turnover (Approximately)	400.000
	(Due to Business Growth)

The above information has been parted by Mr. Ranvir (Finance Control Manager)

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	48.894	(45.998)	13.431
Net cash flows from (used in) operating activity	48.794	(45.998)	13.431

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	91.30	125.00	111.87
Account Receivables Turnover (Income / Sundry Debtors)	4.00	2.92	3.26
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	158.50	205.54	296.99
Inventory Turnover (Operating Income / Inventories)	0.36	0.03	(0.01)
Asset Turnover (Operating Income / Net Fixed Assets)	2.13	0.17	-0.04

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.50	0.58	0.50
Debt Equity Ratio (Total Liability / Networth)	0.40	0.57	0.18
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.64	0.88	1.03
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.13	0.17	0.19
Interest Coverage Ratio (PBIT / Financial Charges)	59.85	6.79	-5.35

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	10.58	(0.69)	(2.79)
Return on Total Assets ((PAT / Total Assets) * 100)	%	11.34	(0.58)	(1.93)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	23.62	(1.45)	(3.99)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	2.81	2.36	1.56
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.63	1.20	0.73
G-Score Ratio Financial (Networth / Total Assets)	0.48	0.40	0.48
G-Score Ratio Debt (Debts / Equity Capital)	1.42	1.54	0.48
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.81	2.36	1.56

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	48.849	48.849	48.849
Reserves & Surplus	84.580	82.673	123.350
Net worth	133.429	131.522	172.199
long-term borrowings	0.000	75.100	69.250
Short term borrowings	23.628	0.000	0.000
Total borrowings	23.628	75.100	69.250
Debt/Equity ratio	0.177	0.571	0.402

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	190.572	277.186	384.460
		45.449	38.701

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	190.572	277.186	384.460
Profit/ (Loss)	(5.326)	(1.907)	40.677
	(2.79%)	(0.69%)	10.58%

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)	Yes
16]	No. of employees	Yes
17]	Details of sister concerns	Yes
18]	Major suppliers	Yes
19]	Major customers	Yes
20]	Banking Details	Yes
21]	Banking facility details	Yes
22]	Conduct of the banking account	--
23]	Financials, if provided	Yes
24]	Capital in the business	Yes
25]	Last accounts filed at ROC, if applicable	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

BRIEF DESCRIPTION OF THE COMPANY'S WORKING/STATE OF AFFAIRS

During last financial year, the Company's revenue from operations were INR 384.460 Million, showing a substantial growth over the previous year revenues of INR 277.186 million. The Company has earned a profit of INR 40.677 million after tax. The Company expects more revenues and profitability in coming years

INDEX OF CHARGES

S No	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G21281308	10371290	DEUTSCHE BANK AG	18/08/2012	26/09/2016	-	50000000.0	ECE HOUSE28 KASTURBA GANDHI MARG NEW DELHI 110001 INDIA

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Stand by letter of credit (SBLC)	38.100	13.571
Bank Guarantees	27.232	11.897
Total	65.332	25.468

FIXED ASSETS

• Computers / Peripherals
• Furniture and Fixtures
• Laboratory Equipment’s
• Office Equipment’s
• Plant and Machinery
• Tools and Dies

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	INR
US Dollar	1	INR 66.83
UK Pound	1	INR 93.17
Euro	1	INR 81.38

INFORMATION DETAILS

Information Gathered by :	ARC
Analysis Done by :	DIV
Report Prepared by :	JYTK

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

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.

·