MIRA INFORM REPORT

Report No. :	499288
Report Date :	23.03.2018

IDENTIFICATION DETAILS

Name :	COSMA INTERNATIONAL (INDIA) PRIVATE LIMITED
Registered Office :	Plot #A-12, MIDC Talegaon, Navlakh Umbare, Maval, Pune – 410507, Maharashtra
Tel. No.:	91-20-67235808
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	07.05.2009
Com. Reg. No.:	11-133906
Capital Investment / Paid-up Capital :	INR 7636.357 Million
CIN No.: [Company Identification No.]	U34200PN2009FTC133906
IEC No.: [Import-Export Code No.]	Not Divulged
PAN No.: [Permanent Account No.]	AADCC6465D
GSTN : [Goods & Service Tax Registration No.]	27AADCC6465D1ZQ
TIN No.:	27080719450
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject company is engaged in manufacturing of a comprehensive range of body, chassis and vehicle engineering solutions for Original Equipment Manufacturers (OEMs). Subject is engaged in the manufacture of sheet metal parts for passenger cars. (Registered Activity)
No. of Employees :	Information denied by the management

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 :	Slow but correct
Litigation :	Exists
Comments :	Subject is a subsidiary of “Magna Cyprus Holding Limited” based in Cyprus but its ultimate holding is “Magna International Inc.” based in Canada. It was incorporated in the year 2009 and is a manufacturer of motor vehicles components. As per financials of March 2017, the company has registered a growth of 32.01% in its revenue as compared to its previous year’s revenue but has reported losses. Rating takes into consideration the company’s satisfactory track record of business operations marked by sound capital base along with debt free balance sheet and decent liquidity position. Rating also takes into account the strong financial and managerial support received from its holding entity and well experienced management team. However, ratings strength is partially offset by negative reserves of the company. Payments seems to be slow but correct. In view of 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.

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 31-03-2016.

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 23.03.2018

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 DENIED BY

Management non-cooperative (Tel No.:91-2114-667500 / 91-20-67235846)

Mobile No.:91-8939976563 (Not Reachable)

LOCATIONS

Registered Office :	Plot #A-12, MIDC Talegaon, Navlakh Umbare, Maval District, Pune–410507, Maharashtra, India
Tel. No.:	91-2114-667500 91-20-67235846
Mobile No.:	91-8939976563 (Mr. Saravanan)
Fax No.:	91-2114-667527
E-Mail :	swarang.tanksali@magna.com danand@cosma.com
Website :	www.cosma.com www.magna.com
Branch Offices :	Located at: Talegaon- Pune (Maharashtra) Chennai (Tamilnadu) Sanand (Gujarat).

DIRECTORS

As on 2018

Name :	Mr. Pankaj Chowdhary
Designation :	Managing Director
Address :	Fl-B-201 Myworld S-128/1+2 Near-Orchid School Baner, Pune-411045, Maharashtra, India
Date of Birth/Age :	07.10.1966
Qualification :	B.E. Mech. Engg.
Date of Appointment :	15.09.2015
PAN No.:	AAGPC8050N
DIN No.:	07284001
Name :	Mr. Patrick William David Mccann
Designation :	Director
Address :	15, Hilldale Road, Aurora Ontario L4G6C9 CA
Date of Appointment :	07.10.2016
DIN No.:	07579264
Name :	Lakshmi Narayanan Balasubramanian
Designation :	Additional Director
Address :	D/1, Ganga Terrace, Mundhwa Road, Pune 411036
Date of Appointment :	16.03.2018
DIN No.:	08015067

KEY EXECUTIVES

Name :	Mrs. Swapna Tejas Tike
Designation :	Company Secretary
Address :	C/O Sudha Punde, Flat No.11, B4, Saudamini Society, Right Bhusari Colony, Near Royal Enfield Showroom, Pune-411038, Maharashtra, India
Date of Appointment :	10.05.2016
PAN No.:	AIPPN6290E

MAJOR SHAREHOLDERS

As on 31.03.2017

Names of Shareholders	No. of Shares
Magna Cyprus Holding Limited	426528099
Magna Steyr Inc	1
Magna Financing Luxembourg SARL	337107600
Total	763635700

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2017

Category	Percentage
Promoters (Body corporate)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

• Subject company is engaged in manufacturing of a comprehensive range of body, chassis and vehicle engineering solutions for Original Equipment Manufacturers (OEMs).

• Subject is engaged in the manufacture of sheet metal parts for passenger cars. (Registered Activity)

Products / Services :

Item Code No.	Products/Services Description
87060029	Chassis For Vehicles of Heading

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

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

Customers :

• Mahindra and Mahindra
• Ford Motors
• Tata Motors
• General Motors

No. of Employees :

Information denied by the management

Bankers :

Banker Name :	Not Divulged
Branch :	--
Person Name (With Designation) :	--
Contact Number :	--
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 :	Deloitte Haskins and Sells LLP Chartered Accountants
Address :	706, B Wing, 7^th Floor, ICC Trade Tower, International Convention Centre Senapati Bapat Road, Pune-411016, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AACFD4815A
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	Magna Cyprus Holding Limited, Cyprus
Ultimate Holding Company:	Magna International Inc., Canada
Associate:	Magna Financing Luxembourg SARL, Luxembourg
Fellow Subsidiaries:	Bowling Green Metalforming L.L.C., USA Christy Industries Inc., USA Cosma Automotive (Chongqing) Co. Ltd, China Cosma Automotive (Shanghai) Co. Ltd, China Cosma do Brazil Produtos E Servicos Automotivos Ltda., Brazil Kamtek Inc., USA Magna Automotive (Thailand) Ltd, Thailand Magna Automotive India Private Limited, India Magna Automotive Services GmbH, Germany Magna International (Germany) GmbH, Germany Magna International Japan Inc., Japan Magna International Stanztechnik GmbH, Germany Magna Steyr India Private Limited, India Magna Structural System Inc., Canada Magna Technology and Tooling Systems (Tianjin) Co Limited, China Peterform LLC, Russia Shin Young Co. Limited., China Sonora Forming Administrative Services, S.A. de C.V., Mexico Vehma Engineering Solutions India Private Limited, India Vehma International of America Inc., USA

CAPITAL STRUCTURE

After 29.09.2017

Authorised Capital : INR 17203.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
763635700	Equity Shares	INR 10/- each	INR 7636.357 Million

As on 29.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
876000000	Equity Shares	INR 10/- each	INR 8760.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
763635700	Equity Shares	INR 10/- each	INR 7636.357 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	7636.357	7636.357	7055.407
(b) Reserves & Surplus	(7218.299)	(6575.696)	(5242.859)
(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)	418.058	1060.661	1812.548
(3) Non-Current Liabilities
(a) long-term borrowings	8399.254	8538.011	7058.976
(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	27.842	19.977	12.572
Total Non-current Liabilities (3)	8427.096	8557.988	7071.548
(4) Current Liabilities
(a) Short term borrowings	2266.250	2716.250	2698.000
(b) Trade payables	1584.326	1557.242	1324.422
(c) Other current liabilities	1173.337	764.274	2546.939
(d) Short-term provisions	14.365	17.579	114.253
Total Current Liabilities (4)	5038.278	5055.345	6683.614
TOTAL	13883.432	14673.994	15567.710
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8023.161	8785.871	8255.767
(ii) Intangible Assets	39.703	49.630	50.935
(iii) Capital work-in-progress	808.372	797.526	1239.523
(iv) Intangible assets under development	0.000	0.000	2.583
(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	511.494	548.745	719.265
(e) Other Non-current assets	0.150	0.150	0.150
Total Non-Current Assets	9382.880	10181.922	10268.223
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	642.479	594.675	428.483
(c) Trade receivables	1284.409	995.017	762.733
(d) Cash and cash equivalents	710.543	589.795	459.219
(e) Short-term loans and advances	1696.245	1687.444	3570.521
(f) Other current assets	166.876	625.141	78.531
Total Current Assets	4500.552	4492.072	5299.487
TOTAL	13883.432	14673.994	15567.710

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Revenue from operations	6698.844	5074.395	3040.743
	Other Income	194.229	41.690	42.845
	TOTAL	6893.073	5116.085	3083.588
Less	EXPENSES
	Cost of Materials Consumed	4628.437	3549.451	2195.992
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(34.689)	(22.897)	(86.452)
	Employee benefit expense	599.839	599.342	439.193
	Other expenses	844.303	931.936	972.900
	TOTAL	6037.890	5057.832	3521.633
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	855.183	58.253	(438.045)
Less	FINANCIAL EXPENSES	702.449	654.095	597.222
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	152.734	(595.842)	(1035.267)
Less/ Add	DEPRECIATION/ AMORTISATION	801.483	735.739	576.631
	PROFIT/ (LOSS) BEFORE TAX	(648.749)	(1331.581)	(1611.898)
Less	TAX	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	(648.749)	(1331.581)	(1611.898)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	176.321	377.666	292.057
	TOTAL EARNINGS	176.321	377.666	292.057
	IMPORTS
	Raw Materials	316.754	207.226	92.764
	Components and spare parts	0.000	0.000	0.000
	Capital Goods	57.074	36.549	22.274
	TOTAL IMPORTS	373.828	243.776	115.038
	Earnings / (Loss) Per Share (INR)	(0.850)	(1.744)	(2.111)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	14.414	8.101	634.800
Net cash flows from (used in) operations	1505.566	149.303	(1795.870)
Net cash flows from (used in) operating activities	1492.419	150.941	(1806.096)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	69.98	71.57	91.56
Account Receivables Turnover (Income / Sundry Debtors)	5.22	5.10	3.99
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	124.94	160.14	220.13
Inventory Turnover (Operating Income / Inventories)	1.33	0.10	(1.02)
Asset Turnover (Operating Income / Net Fixed Assets)	0.10	0.01	(0.05)

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.97	0.93	0.92
Debt Equity Ratio (Total Liability / Networth)	25.55	10.62	5.73
Current Liabilities to Networth (Current Liabilities / Net Worth)	12.05	4.77	3.69
Fixed Assets to Networth (Net Fixed Assets / Networth)	21.22	9.08	5.27
Interest Coverage Ratio (PBIT / Financial Charges)	1.22	0.09	(0.73)

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	(9.68)	(26.24)	(53.01)
Return on Total Assets ((PAT / Total Assets) * 100)	%	(4.67)	(9.07)	(10.35)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(155.18)	(125.54)	(88.93)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.89	0.89	0.79
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.77	0.77	0.73
G-Score Ratio Financial (Networth / Total Assets)	0.03	0.07	0.12
G-Score Ratio Debt (Debts / Equity Capital)	1.40	1.47	1.47
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.89	0.89	0.79

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	7055.407	7636.357	7636.357
Reserves & Surplus	(5242.859)	(6575.696)	(7218.299)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1812.548	1060.661	418.058
Long-term borrowings	7058.976	8538.011	8399.254
Short term borrowings	2698.000	2716.250	2266.250
Current maturities of long-term debts	634.800	8.101	14.414
Total borrowings	10391.776	11262.362	10679.918
Debt/Equity ratio	5.733	10.618	25.546

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	3040.743	5074.395	6698.844
		66.880	32.013

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	3040.743	5074.395	6698.844
Profit/ (Loss)	(1611.898)	(1331.581)	(648.749)
	(53.01 %)	(26.24 %)	(9.68 %)

LEGAL CASES

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	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	Yes
20]	Banking Details	No
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 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	Yes
33]	Market information	--
34]	Payments terms	No
35]	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION

The Company is primarily engaged in the manufacture of sheet metal parts for passenger cars. The Company was incorporated on May 7, 2009 under the Companies Act, 1956. The Company is a 55.85% subsidiary of Magna Cyprus Holding Limited, Cyprus and a 44.15 % associate of Magna Financing Luxembourg SARL, Luxembourg. The Company has manufacturing facilities in Pune, Sanand and Chennai.

NATURE OF BUSINESS

The company is engaged in manufacturing of a comprehensive range of body, chassis and vehicle engineering solutions for Original Equipment Manufacturers (OEMs). Your company is a subsidiary of Magna Cyprus Holding Limited. The ultimate holding Company is Magna International Inc., Canada which is the flagship company of Magna Group. Magna group primarily supplies to the automobile sector in India and outside India.

The major customers of the Company are Mahindra and Mahindra, Ford Motors, Tata Motors, General Motors, etc. It has its manufacturing facilities in Talegaon- Pune (Maharashtra), Chennai (Tamilnadu) and Sanand (Gujarat).

UNSECURED LOAN

PARTICULAR	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Other external commercial borrowings	8399.254	8538.011
Short-term borrowings
Rupee term loans from banks	2266.250	2716.250
Total	10665.504	11254.261

INDEX OF CHARGES: NO CHARGES EXISTS FOR COMPANY 

FIXED ASSETS

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipment’s

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 64.87
UK Pound	1	INR 90.48
Euro	1	INR 79.91

INFORMATION DETAILS

Information Gathered by :	SAV
Analysis Done by :	VIV
Report Prepared by :	RKI

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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.