MIRA INFORM REPORT

 

 

Report Date :

02.01.2007

 

IDENTIFICATION DETAILS

 

Name :

WIRE & WIRELESS INDIA LIMITED

 

 

Registered Office :

135, Continental Building, Dr. Annie Besant Road, Worli, Mumbai – 400018 

 

 

Country :

India

 

 

Date of Incorporation :

24.03.2006

 

 

Com. Reg. No.:

11-160733

 

 

CIN No.:

[Company Identification No.]

U64200MH2006PLC160733

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMW02947A

 

 

Legal Form :

A Closely Held Public Limited Liability Company 

 

 

Line of Business :

Company is in engaged in to Undertake, Establish, Set Up, Take on Lease, Hire, Franchise, Time sharing or other wise acquire and or run, manage, conduct cable network, satellite systems, low power multichannel multipoint Distribution systems (LMDS) ground station and or connect link, centralize such systems for telecast, transmission, unlinking, down linking, broadcast, Narrow Cast, Display, Exhibtion, communication or Distribution, redistribution, exchange of audio, video, communication or other signals and exploit such network systems for own business or rent, franchise, leases or otherwise allow use to other in part or full

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

 

 

 

Status :

New Company

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Unknown

 

 

Comments :

Subject is a new company, promoted by Zee Group who are pioneere in Private television channel owners. Due to fierce completion in the company, now their margin are under severe pressure.

 

However, management is capable to raise require funds for the project.

 

Initially, the company can be considered for your proposed business dealings on safe and secured trade terms and conditions.  

 

LOCATIONS

 

Registered Office :

135, Continental Building, Dr. Annie Besant Road, Worli, Mumbai – 400018 

Tel. No.:

91-22-24903926

Fax No.:

91-22-24988728

Website.:

http://www.wwil.net

 

 

Head Office :

Madhu Industrial Estate, 4F Pandurang Budhkar Marg, Worli, Mumbai  – 400018

Tel. No.:

91-22-24992020

Fax No.:

91-22-24992000

E-Mail.:

feedback@wwil.net

 

 

Delhi Office.:

Essel house, B-10 Lawrence Road,
Industrial Area,
Delhi-110035
Phone: 91-11-27101145-54

 

DIRECTORS

 

Name :

Mr. Shri Rajiv Garg

Designation :

Director

Address :

403, Sibylle, Worli Hill Road, Worli, Mumbai – 400018

 

 

Name :

Mr. Himanshu Mody

Designation :

Director

Address :

1201/B, Gardenia Building, Vasant Valley, Film City Road, Malad (West), Mumbai – 400097 

 

 

Name :

Mr. Sanjay Agarwal

Designation :

Director

Address :

Flat No. 402, ‘C’ Wing, Lakshachandi Apartment, Gokuldham, Goregaon (East), Mumbai – 400063

 

 

Key Executive

 

Name :

Mr. Maj. Gen. C.L.Anand

Designation :

C.O.O

Profile

Gen Anand, 68, is an ex-army officer having had a distinguished career and wide experience spanning 35 years, retired as the Director General Financial Planning. Gen Anand has a rich blend of experience in the Cable Industry having handled various responsibilities in the past 10 years which cumulated in Managing Director of Indusind Media & Communications Limited. (IN CABLENET).

 

 

Name :

Mr. Sanjeev Kashyap

Designation :

C.T.O

Profile

Mr. Kashyap, 38, is a B.E. (Electronics & Communication) and Executive M.B.A. (IIM, Bangalore) having 15 years experience in varied technologies. He is responsible for driving the technological initiatives for the company

 

 

Name :

Mr. Subhash Chandra

Designation :

Chairman

Profile

Subhash Chandra is the maverick chairman of Zee Telefilms Limited and founder chairmen of Essel Group of Industries,having a market capitalization of approx   US $ 1.7 billions.

 

He heads a diverse business empire which includes industries like Broadcasting, Packaging, Entertainment Parks, Satellite Television, Cable TV distribution, Movie Production, Multiplexes, Education, Animation, Publishing, Satellite and Online Lottery.

 

He launched Essel Packaging Limited in 1982 to manufacture integrated multilayered laminated tubes to substitute use of Aluminum tubes in India.

 

He launched Zee TV on 2nd  October 1992, which made him a global media Baron. It eventually expanded into Zee Network which today reaches 32 million homes across India and 200 million people in South Asia. Its network expands to USA, Caribbean, the Middle East, Europe, Africa, Far East, Australia and New Zealand and reaches to more than 225,000 Asian households residing there. He also pioneered online lottery in India through Playwin Infravest Private Limited.

 

Chandra’s visit to amusement parks abroad made him develop Asia’s largest a amusement / theme parks in India, under the banner PAN INDIA PARYATAN LIMITED, which includes EsselWorld (developed in 1988) and Water Kingdom(developed in 1998) in the North – west Suburbs of Mumbai, spread on a 64 acre area of land. Esselworld is Asia’s first Eco-friendly amusement park.

 

 

Name :

Mr. Jagjit Singh Kohli

Designation :

C.E.O

Profile

Mr. Kohli, an engineer is a pioneer in Cable TV and Broadcasting industry with several path breaking achievements to his credit. He was among the first to start Cable TV services in the country and is acknowledged as the most experienced and respected man in the Cable TV industry. He has more than 20 years of experience in this field.

 

Mr. Kohli has been appointed as the CEO of Wire and Wireless (India) Limited. (WWIL), which is part of the ZEE group and currently is India’s largest Multi-system Operator (MSO). Mr. Kohli has the unique distinction of creating IN CABLENET and Win Cable; two of India’s leading MSOs from scratch and is heading the third MSO (WWIL) now. Mr. Kohli because of the pioneering efforts and stupendous experience in Cable TV, Broadcasting and Triple Play broadband, enjoys the respect of the TV Cable and Broadcast industry

 

MAJOR SHAREHOLDERS

 

Names of Shareholders

No. of Shares

Mr. Shri Rajiv Garg

16655

Mr. Himanshu Mody

16655

Mr. Sanjay Agarwal

16650

Mr. M Lakshminarayanan

10

Mr. Pushpal Sanghavi

10

Mr. Shailesh Dholakia

10

Mr. Vinod Desai

10

Total

50000

 

BUSINESS DETAILS

 

Line of Business :

Company is in engaged in to Undertake, Establish, Set Up, Take on Lease, Hire, Franchise, Time sharing or other wise acquire and or run, manage, conduct cable network, satellite systems, low power multichannel multipoint Distribution systems (LMDS) ground station and or connect link, centralize such systems for telecast, transmission, unlinking, down linking, broadcast, Narrow Cast, Display, Exhibtion, communication or Distribution, redistribution, exchange of audio, video, communication or other signals and exploit such network systems for own business or rent, franchise, leases or otherwise allow use to other in part or full

 

GENERAL INFORMATION

 

Bankers :

Not Available

 

 

Facilities :

--

 

 

 

Banking Relations :

Unknown

 

 

Associates/Subsidiaries :

Zee Telefilms Limited

 

Essel Packagings Limited

 

Essel World

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

50000

Equity Shares

Rs. 10/- Each

Rs. 0.500 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

50000

Equity Shares

Rs. 10/- Each

Rs. 0.500 Millions

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Nil

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Wire and Wireless India Limited (WWIL), is one of India’s largest Multi System Operators (MSO).

 

They have been serving a customer base of 6.7 million with presence in 35 cities with 400 centers in India. Wire and Wireless India Limited (WWIL) is a part of ESSEL Group, which has diverse National & Global business interest encompassing media  programming, broadcast & distribution, specialty packaging, entertainment, telecom and trading with a market capitalization of over $ 1.7 Billion.

 

They have been providing their services in analog as well as digital mode, having features like video on demand,pay per view,Electronic Program Guide (EPG), Live gaming through a Set Top Box (STB) and are in the process of being the first company in India to launch Headend In The Sky (HITS).

 

Wire and Wireless India Limited (WWIL), is the first company in India to provide TRIPLE play technology, which enables subscribers to get access to television channels, Internet and Voice Over Internet protocol (VOIP) services

 

Product & Services

 

Triple Play

 

 

In telecommunications, the Triple Play is a marketing term for providing three services: high-speed Internet, Television (Video on Demand or regular broadcasts) and Telephone service over a single broadband connection. Triple Play focuses on a combined business model.

 

WWIL offering of triple play services across India, makes it the first company to roll out video, data and voice services through a single set top box.

 

Wire and Wireless India Limited will roll out in 66 cities within three years. The subscribers will be acquired both on analogue cable and digital cable and also through headend in the sky (HITS).

 

Currently, Triple Play services are offered by cable television operators as well as by telecommunication operators. This paves the way for the service providers to compete with one another. It relies on the assumption that an integrated solution will increase opportunity costs for customers who may want to choose between service providers. Interoperability is not a design target.

 

HOW TRIPLE PLAY WORKS



For telephone local exchange carriers (LEC), Triple Play is delivered by using a combination of optical fiber and digital subscriber line (DSL) technologies (called fiber in the loop) to its residential base.

 

This configuration uses fiber communications to reach distant locations and uses DSL over an existing POTS twisted pair cable as last mile access to the subscriber's home.

 

Cable television operators use a similar architecture called hybrid fiber coaxial (HFC) to provide subscriber homes with broadband, but use the available coaxial cable for the last mile transmission standard.

Subscriber homes can be in a residential environment, multi-dwelling units, or even in business offices.

Using DSL over twisted pair, television content is delivered using IPTV where the content is streamed to the subscriber in an MPEG-2 transport format.

 

On an HFC network, television may be a mixture of analog and digital television signals.

 

A Set-Top-Box (STB) is used at the subscriber's home to allow the subscriber to control viewing and order new video services such as movies on demand.

 

Internet is delivered via ATM or DOCSIS, typically provided as a 10BASE-T Ethernet port to the subscriber. Voice can be delivered using a traditional Plain Old Telephone Service (POTS) interface as part of the legacy telephone network or can be delivered using Voice over IP (VoIP). In a HFC network, voice is delivered using VoIP.

 

Some service providers are also rolling out Ethernet to the home networks and fiber to the home, which support Triple Play services and bypass the disadvantages of adapting broadband transmission to a legacy network. This is particularly common in green field developments where the CAPEX is reduced by deploying one network to deliver all services.

 

Triple Play has led to the term "Quadruple play" (or 4play) where wireless communications is introduced as another media to deliver video, Internet and voice content. Advances in both CDMA and GSM standards, utilizing 3G, 4G or UMTS allow the service operators to enter into Quadruple Play and gain competitive advantage against other providers. The grouping together of services (as triple or quadruple play) is called multi-play.

 

Other advanced technologies such as WiMax or 802.16 have allowed new market entrants to achieve Triple Play. Many speculate that this means serious, new competition for the established providers of bundled telecommunications services.

 

The challenges in offering Triple Play are associated with determining the right business model, backend processes, customer care support and economic environment rather than technology.

 

For example, using the right billing platform to address a variety of subscriber demographics or having the appropriate subscriber density to financially justify introduction of the service are a few factors that affect decisions to offer Triple Play service.

 

There also exist a number of technical challenges with regards to the rollout of Triple Play services. Voice, video and high speed data all have different characteristics and place different burdens on the network that provides access to these services. Voice Services are greatly affected by jitter, whereas packet loss or packet reordering has a greater effect on Video and Data services. Using a shared network resource such as cable or DSL requires that the network equipment used employs Quality of Service mechanisms.

 

Digital

 

Digital cable is capable of delivering more then 1000 channels through a Set Top Box (STB) on any TV set of any make, any age.



Features of WWIL Digital services:     

                                        

 

Enhanced quality of transmission:

 

You get best DVD quality pictures & clear sound that gives you theater-like experience, high quality & international standard services without having to buy expensive equipment. The viewing experience will be the difference that one experiences between B/W T.V and Colour TV.

 

Enjoy the most advanced technology like Electronic Programming Guide (EPG), Scan program listings, reserve programs days in advance, set convenient on-screen reminders, parental control and many more.

 

Pay Per View :


GalaxZee allows the subscribers the never before available flexibility of paying only for what they actually watch. 

 

Multilingual function:

 

More variety, more choice, more entertainment from WWIL packages with an exciting mix of all popular channels ranging from General Entertainment, Sports, News, Movies, Music is now available in four language options. View every channel available in country with the added comfort of language option for better understanding. Offering includes city specific channels & local Channels to be aired exclusively for the WWIL users.

 

They also air the no 1 Hindi Movie channel Zee Cinema which boasts of the largest movie library and airs the best blockbusters.

 

Exclusive Channel:



WWIL offers exclusive channels with innovative and premium program package to provide rich entertainment experience & maximum values to its subscribers.

 

Electronic Program Guide (EPG):



Electronic Program Guide (EPG) is their always available guide enabling viewers to view programs, information and other options of interest without disrupting the program they are viewing. The EPG displays the name, start time, and date of all programs and also upcoming programs of all pay channels including their synopsis.



Lowest priced digital Set Top Box (STB):



WWIL's prime focus is to provide customers a truly cost effective Set Top Box with a bouquet of value added services.



Information Banners:



The on screen information banner allows the viewer to browse the schedule listing for the channel they want to watch. It also provides short program descriptions without disturbing their viewing.



Program Reservations & Reminders:



This feature empowers the viewer to reserve a program for future viewing. As the program's start time approaches the viewers gets a reminder message, or the box can also be set to automatically switch to the selected program.



Parental Controls:


This feature empowers subscriber to set password and block channels with certain ratings values from being viewed. Best applied to keep parental control over children regarding the channels viewable by them. 

 

 

 

 

Their Subscriber Base

 

WWIL Reach – 6.7 Millions

 

How was WWIL Formed

 

 

Reasons for restructuring:

 

 

How does it translate into market size

 

 

Competitive Scenario

 

 

Besides WWIL - Hathway, Incable, Sumangali, Ortel are existing large MSOs

 

 

 

 

Financial Evaluation

 

 

WWIL – On a high growth trajectory

 

WWIL

2006

2012

CAGR (%)

Subscribers (HH Mn)

0.8

9.6

51

Sales (USD Mn)

33.6

761

68

EBITDA (USD Mn)

0.4

193

--

 

Fuding Requirement

 

 

 

WWIL Shareholding

 

Mutual Funds – 15%

Promoters – 45%

FIls – 33%

 

Capex Requirement

 

   

Labour costs in digging trenches and laying cables much lower in India

STB prices have fallen to $ 40 a box from high s of $ 400.

Reduction in network equipment costs

 

 

Investment summary

 

Indian Cable – a US$ 4 billion business, transforming and growing at a rapid  pace

                Conversion of terrestrial to cable

                 Analog cable to Digital cable, HITS, DTH

 

Strong Promoter and Management Team

 

 

WWIL

 

            Analog Subscriber acquisitions in full swing

            First mover in digital cable and HITS

                  State of the art infrastructure in place

 

Listing Timelines

 

 

Zee overview

 

 

 

Current Structure of Various business 

 

 

Proposed structure of various business

 

# ZTL Global content business would include all non-news bearing channels in India and all international businesses; and retain 74% investment in Zee Turner, 51% investment in ETC Networks Limited and 26% stake in Aplab Limited.

 

Shares held by foreign promoters will be shifted to India as domestic holding to bring down the overall foreign holding to  about 35%. Cable business max foreign holding permissible is 49%.

 

@ As per scheme, ZTL shareholders get 137 shares of Zee News Limited for 100 shares in ZTL. ZTL foreign shareholders will be limited to a maximum of 26%. Any additional shares accruing to them would be converted into 1,781 Preference Shares for every 100 shares of ZTL.

 

^ ZTL shareholders would get 230 shares of ASCEL for every 100 shares held in ZTL; resulting in their holding 57% in Dish TV.

 

Wire & Wireless India to roll out set top boxes, VoIP

 

2006-07-21


Wire & Wireless India Limited (WWIL) announced that it welcomed the Division Bench, Delhi High Court order stating that CAS has to be implemented in the notified areas of Mumbai, Delhi and Calcutta with effect from 1st  January, 2007. The notification for the same has to be issued by the Government on 31st   July, 2006, thus giving 5 months time to all the stake holders i.e. the Broadcasters, MSOs and Last Mile Operators to finally prepare for CAS roll-out.


Commenting on the order, Jagjit Singh Kohli, CEO WWIL, said, “Wire & Wireless India Limited (WWIL) is fully prepared to roll-out Set Top Boxes not only in the notified areas but throughout the country.” WWIL is the only MSO using Headend in the Sky (HITS) technology that enables it to cover the entire country with a single Digital Headend. WWIL is the only MSO with capabilities of introducing Value Added boxes besides the plain vanilla Set Top Boxes being done by all others. He added, “The Set Top Boxes will also have full Triple Play features including facility for VOIP digital telephone lines using their existing telephone instruments.”


Among the other features being introduced by WWIL are Movie on Demand (MOD) / Video on Demand (VOD), Pay per View (PPV), Interactive Games, Smart Card based real time payment solution, E-Banking, etc. The Set Top Boxes are made available on a refundable deposit of Rs 999 on a rent of Rs 30 per month. Besides this there would be other attractive schemes for the subscribers to buy the Set Top Boxes along with the services at subsidized packages.


WWIL is also embarking on a major expansion-cum-acquisition spree in preparation for implementation of CAS next year. This will result in a big jump in the revenues as well as the profitability of WWIL. All the measures being implemented by WWIL now will result in total control over the contentious Last Mile Operators in even the non CAS areas thereby bringing transparency and accountability and realizing huge hidden values which in the past was unexploited due to under declaration by Last Mile Operators.

 

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Zee seeks nod to restructure FDI holdings in Zee News

Ambarish Mukherjee

New Delhi , Aug. 10

The Zee Group has decided to convert Zee News Limited (ZNL), created by hiving off Zee Telefilm Limited's (ZTL) news and current affairs division, into a 100 per cent Indian company before again incorporating 26 per cent foreign equity and has sought Government permission for the two-tiered transaction.

Following creation of ZNL out of ZTL, shareholders of ZTL are to be issued shares of ZNL in the ratio of 137 fully paid-up equity shares of Re 1 each of ZNL for 100 shares of Re 1 each held in ZTL. In an application to the FIPB, ZTL has sought permission to issue shares of ZNL that accrue to its foreign equity holders, namely Mauritius-based Delgrada Limited and Lazarus Investments Limited, because of their holding in ZTL.

ZTL has sought permission to issue 4,24,67,291 equity shares of ZNL to Delgrada and Lazarus, which would be immediately transferred back to the Indian promoters of ZTL, namely Jayneer Capital Private Limited.

Permission has also been sought to issue shares to foreign investors not exceeding 26 per cent of the equity capital of the company, which would be a maximum of 5,98,78,333 equity shares of Re 1 each.

Earlier in March this year, ZTL had announced its plans to restructuring itself into four companies. Apart from itself and ZNL, the other two companies would be regional channels and the direct-to-home and distribution. Siticable and the cable-related business of ZTL would be demerged into a new company called Wire and Wireless (India) Limited.

 

 

 

 

 

CMT REPORT [Corruption, Money laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                  None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.23

UK Pound

1

Rs.86.91

Euro

1

Rs.58.26

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

-

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

-

--CREDIT LINES

1~10

4

--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

TOTAL

 

24

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

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