MIRA INFORM REPORT

 

 

Report Date :

05.01.2011

 

Note:

The registered office of the company has been shifted from C Wing, 7th Floor, Kapil Tower, Dr. Ambedkar Road, Pune – 411 001, Maharashtra to the present address w.e.f. 16.06.2008.

 

IDENTIFICATION DETAILS

 

Name :

VERTEX SOFTWARE PRIVATE LIMITED

 

 

Registered Office :

Server Space, S.No.127/1A, Plot No.8, Off ITI Road, Aundh, Pune – 411 007, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

30.04.1996

 

 

Com. Reg. No.:

11-099192

 

 

CIN No.:

[Company Identification No.]

U72200PN1996PTC099192

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEV04011A

 

 

PAN No.:

[Permanent Account No.]

AAACV5547N

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in providing IT solutions and services.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 680000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments.

 

The company can be considered normal 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 – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY (PARTIAL DETAILS)

 

Name :

Ms. Bharti

Designation :

Accounts Department

Date :

04.01.2011

 

LOCATIONS

 

Registered Office/ Factory :

Server Space, S.No.127/1A, Plot No.8, Off ITI Road, Aundh, Pune – 411 007, Maharashtra, India

Tel. No.:

91-20-66041500

Fax No.:

91-20-66041621

E-Mail :

india@vertexsoft.com

Website :

http://www.vertexsoft.com

 

 

Overseas Office :

Located at:

 

·         Canada-Toronto

·         US-Boston

·         Japan-Tokyo

 

 

DIRECTORS

 

As on 23.08.2010

 

Name :

Mr. Ashok R. Kalluraya

Designation :

Whole Time Director

Address :

Plot No.42, Vrindavan Housing Society, Panchvati, Pashan, Pune – 411 008, Maharashtra, India

Date of Birth/Age :

25.12.1970

Date of Appointment :

30.04.1996

 

 

Name :

Mr. Itsukazu Nakamura

Designation :

Director

Address :

2, Nakadou, Hiratsuka-Shi, Kanagawa 2540026

Date of Birth/Age :

05.10.1961

Date of Appointment :

21.08.2008

 

 

Name :

Mr. Takuya Iritani

Designation :

Director

Address :

2593-11, Yoshiki Yamaguchi-Shi, Yamaguchi 7530811

Date of Birth/Age :

10.11.1966

Date of Appointment :

21.08.2008

 

 

Name :

Mr. Tsuyoshi Kitani

Designation :

Director

Address :

Room No.102, Erukoto, Naritahigashi, Building 1, 2-19-18, Naritahigashi, Suginami-Ku, Tokyo

Date of Birth/Age :

22.02.1960

Date of Appointment :

07.09.2009

 

 

Name :

Mr. Ajit S. Patil

Designation :

Whole Time Director

Address :

Gomtesh, 3A, Vrindavan Society, Pashan, Pune – 411 008, Maharashtra, India

Date of Birth/Age :

02.05.1971

Date of Appointment :

30.04.1996

 

 

Name :

Mr. Shinichi Yamada

Designation :

Director

Address :

522, Aburanokouji-Doori Shikouji-Sagaru Higashi-Aburanokouji-chou, Shimogyou-Ku, Kyoto 6008235

Date of Birth/Age :

25.02.1952

Date of Appointment :

21.08.2008

 

 

Name :

Mr. Hiroshi Endo

Designation :

Director

Address :

605, 3-42-10, Minaminagasaki, Toshimo-Ku, Tokyo

Date of Birth/Age :

12.06.1957

Date of Appointment :

07.09.2009

 

 

Name :

Mr. Hiroshi Tomiyasu

Designation :

Director

 

 

Name :

Mr. Masaki Horikawa

Designation :

Director

 

 

Name :

Mr. Santoshi Hakomori

Designation :

Director

 

 

KEY EXECUTIVES

 

Name :

Mr. Ajit Patil

Designation :

Chief Executive Officer

 

 

Name :

Mr. Shigeki Nakamura

Designation :

Chief Executive Officer (Japan)

 

 

Name :

Mr. John Macdonald

Designation :

Chief Executive Officer (US and Canada)

 

 

Name :

Mr. Girish Shanbhag

Designation :

Vice President

 

 

Name :

Ms. Bharti

Designation :

Accounts Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 23.08.2010

 

Names of Shareholders

 

 

No. of Shares

Ajit Patil

 

138391

Ashok Kalluraya

 

138391

Ajay Patil

 

52012

Nitin Datar

 

66771

Avinash Patil

 

3584

Sudarshan Kulkarni

 

5869

NIT Data Corporation, Japan

 

983229

Shigeki Nakamura

 

65415

 

 

 

Total

 

1453662

 

As on 23.08.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

80.96

Directors or relatives of directors

 

19.04

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in providing IT solutions and services.

 

 

Product:

Product Description

Item Code

Computer Software

85238020

 

 

GENERAL INFORMATION

 

Customers :
  • Microsoft
  • Itelligence
  • Docomo
  • Softricity
  • StartOver
  • GuestLogix
  • Cirquent
  • Mitsui and Company Limited
  • Toyo Business Engineering Corporation
  • Progress Interactive

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :
  • Sumitomo Mitsui Banking Corporation, Japan
  • Bank of America, US
  • HDFC Bank Limited, India
  • Bank of Maharashtra, Pune Main Branch, “Lokmangal”, 1501, Shivaji Nagar, Pune – 411 005, Maharashtra, India

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

BSR and Associates

Chartered Accountants

Address :

703, 7th Floor, Godrej Castlemaine, Next to Ruby Hall Clinic, Bund Garden Road, Pune-411001, Maharashtra, India

Tel. No.:

91-20-30585764/30585765

Fax No.:

91-20-30585775

Website :

http://www.in.kpmg.com

 

 

Holding Company :

  • NIT Data Corporation, Japan

 

 

Associates/Subsidiaries :
  • Vertex Software Inc.
  • Vertex Software Corporation

 

 

Fellow Subsidiaries:

  • Cirquent GmbH, Germany
  • Revere Group, USA
  • Intelligence Inc, USA
  • Intelligence Asia Holding Limited, China
  • NT Data Agilenet LLC, USA
  • NT Data Europe GmbH and Company KG, Germany

 

 

CAPITAL STRUCTURE

 

As on 23.08.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

2000000

Equity Shares

Rs.10/- each

Rs.20.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1453662

Equity Shares

Rs.10/- each

Rs.14.536 millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

14.536

14.511

14.213

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

156.620

145.599

112.124

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

171.156

160.110

126.337

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

0.000

0.000

0.000

DEFERRED TAX LIABILITIES

0.000

0.000

0.625

 

 

 

 

TOTAL

171.156

160.110

126.962

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

30.313

30.866

11.443

Capital work-in-progress

0.686

0.697

0.000

 

 

 

 

INVESTMENT

19.642

14.961

4.600

DEFERREX TAX ASSETS

0.821

1.002

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
0.000

0.000

0.000

 

Sundry Debtors
76.275

43.302

31.164

 

Cash & Bank Balances
15.612

66.491

34.422

 

Other Current Assets
0.000

3.312

4.061

 

Loans & Advances
46.835

23.208

56.426

Total Current Assets
138.722

136.313

126.073

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
16.223

15.408

2.346

 

Other Current Liabilities
1.099

4.848

12.295

 

Provisions
1.706

3.473

0.513

Total Current Liabilities
19.028

23.729

15.154

Net Current Assets
119.694

112.584

110.919

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

171.156

160.110

126.962

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

 

 

 

 

Other Income

 

 

 

 

 

TOTAL                                    

263.560

282.790

216.670

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

239.100

228.970

203.070

 

 

 

 

 

Less

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

24.460

53.820

13.600

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

8.300

7.590

4.070

 

 

 

 

 

 

PROFIT BEFORE TAX

16.160

46.230

9.530

 

 

 

 

 

Less

TAX                                                     

5.470

16.640

3.220

 

 

 

 

 

 

PROFIT AFTER TAX

10.690

29.590

6.310

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export of Services – Software and Consultancy

247.829

246.520

208.729

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Capital Goods – Computer and Related Software/ Hardware

3.770

2.743

5.230

 

 

 

 

 

 

Earnings Per Share (Rs.)

7.36

21.71

NA

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
4.05

10.46

2.91

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
9.56

27.65

6.93

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.09

0.29

0.07

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.11

0.15

0.12

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
7.29

5.74

8.32

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Details of Sundry Creditors:

 

Particulars

 

31.03.2010

(Rs. in millions)

31.03.2009

(Rs. in millions)

31.03.2008

(Rs. in millions)

Sundry Creditors

16.223

15.408

2.346

 

 

BUSINESS OPERATION:

 

During the year the company saw as drop in the revenues form 1044 millions JPY (496 millions INR) last year to 933 millions JPY (477 millions INR) however there was a considerable growth in the business from the Japan market, which grew from 529 millions JPY (261 millions INR) to 706 million JPY (362 millions INR)

 

The Canada Branch of Vertex Software Inc., USA which was established in financial 2008-09 has started its independent operations in current year.

 

Bankers Charges Report as per Registry

 

Name of the company

VERTEX SOFTWARE PRIVATE LIMITED

Presented By

Mr. Ajit Patil, Director

1) Date and description of instrument creating the change

Deed of Hypothecation Dated 14th May, 2003

2) Amount secured by the charge/amount owing on the securities of charge

Term Loan of Rs.2.500 millions for purchase of equipment.

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Hypothecation charge over present and future movable plants, machineries such as computers, furniture, fixtures, office equipments, vehicles, EPABX, switches, Acs, generators, goods, stock of raw materials, items, inventories, stock in process, semi finished and finished goods, stores and spare parts, stock in trade, goods in process, movables in transit, book debts, and all the properties both present and future situated at any place or borrowers godown, and all outstanding monies, claims, receivables, book debts due or become due to borrower at any time and all rights, title or interest therein. 

4) Gist of the terms and conditions and extent and operation of the charge.

Rate of Interest: 3% over Prime Lending Rate

Additional Penal Interest @ 2% p.a.

5) Name and Address and description of the person entitled to the charge.

Bank of Maharashtra, Pune Main Branch, “Lokmangal”, 1501, Shivaji Nagar, Pune – 411 005, Maharashtra, India

6) Date  and brief description of instrument modifying the charge

Not Applicable

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Not Applicable 

 

Fixed Assets:

 

  • Lease Improvements
  • Computers
  • Furniture and Fixtures
  • Office Equipments
  • Vehicles
  • Computer Software

 

AS PER WEBSITE DETAILS:

 

BOARD OF DIRECTORS:

 

Hiroshi Endo: Chairman

 

Hiroshi Endo is Senior Vice President and Senior Executive Manager of System Platforms Sector, NTT DATA CORPORATION. He completed his Bachelor's in Engineering at Tohoku University, Japan, in March 1980. After his graduation, he joined Nippon Telephone and  Telegraph Corporation (known as NTT).

 

Tsuyoshi Kitani: Director

 

Tsuyoshi Kitani is Deputy Senior Executive Manager, director of Center for Applied Software Engineering, Research and Development Headquarters, NTT DATA CORPORATION. He was a visiting researcher at Carnegie Mellon University from 1991 to 1993 and a former president of NTT DATA AgileNet L.L.C. He received Ph. D. in electrical engineering from Keio University in 1995.

 

Hiroshi Tomiyasu: Director

 

Hiroshi Tomiyasu graduated from Tsukuba University in 1990 (major in basics engineering), and joined NTT DATA in the same year and engaged in the Rand D of the image recognition. He moved into Finance Business Sectors in 2003 and engaged in the system development of the financial institution. In 2006, he moved in Technology Development Sectors, in charge of Rand D and spread to NTT Data Group of JAVA FW.

 

Itsukazu Nakamura: Representative Director

 

Itsukazu Nakamura completed his master in Information Technology from Ibaraki University (national university). After his graduation, he joined NTT DATA and worked for Research and Development in information security. In 2002, he received his Doctors in information security research. Currently in NTT Data, he belongs to Software Business division and works as management and support personnel of its group companies including Vertex.

 

Tak Iritani: Executive Director

 

Tak Iritani has been a board member of Vertex Software since the inception of its partnership with NTT DATA in 2007. He is currently full-time Executive Director and responsible for Strategy and Finance. He has been with NTT DATA for over 15 years and exposed to global business environment. In his previous responsibility, he led significant global projects such as strategic acquisitions and restructuring of the non-core business for NTT DATA. He graduated from Columbia Business School in New York with his MBA. He is also a graduate of the University of Tokyo where he earned bachelor’s degree in laws.

 

Masaki Horikawa: Director, Japan

 

Joined NTTDATA since 1992, he has worked as Vice-president of NTTDATA Technomarkand Senior Executive Manager, Solution Sector of NTTDATA Intellilink. Currently his role is Senior Executive Manager, Planning Department of Global Software Development Business Unit, System Platforms Sector. He is a graduate of Tokyo Institute of Technology (Management Engineering).

 

Satoshi Hakomori: Auditor, Japan

 

Joined NTTDATA since 1988, he has worked for Research and Development in operating system and information security. Currently his designation is Senior Executive Manager of Planning Department in System Platforms Sector.

 

Shigeki Nakamura: Representative Director and CEO, Japan

 

Shigeki Nakamura brings with him a rich experience in sales and marketing. He has been at key positions in network integrator companies like NextCom (Now Mitsui Knowledge Industries) and Network Value Components. He played a key role in launching new services for major mobile phone operators in Japan.

 

Ajit Patil: Executive Director  and  CEO

 

Ajit Patil is one of the founder members of Vertex Software. He has worked to develop an atmosphere of trust, transparency and openness with customers, employees and investors. His obsession for uncompromised customer satisfaction and quality services has set high benchmarks for Vertex to achieve. Before co-founding Vertex he worked for large software companies in India and the United Kingdom (UK). He has meritoriously completed his Masters in Technology from IIT Kharagpur and Bachelors in Engineering from College of Engineering Pune.

 

Ashok Kalluraya: Executive Director - US and Europe

 

Ashok Kalluraya is co-founder of Vertex Software and a executive member of the Board of Directors. He completed his Bachelor's in Engineering from the Government College of Engineering, Pune and his Master's in Manufacturing from University of Massachusetts, Amherst, MA. Ashok is involved in US and Europe business and clientele development for Vertex.

 

Nitin Datar: Director of Vertex Software Corp.

 

Nitin Datar is a co-founder of Vertex. He initiated Vertex's forays in Japan market. He has acquired the MBA degree from International University of Japan at Niigata. Before joining Vertex as a full time director, he was senior consultant in eBusiness area with Deloitte Tohmatsu Consulting. Nitin has been instrumental in developing Japan business for Vertex. His Japanese and technological skills are helping Vertex to have a large customer base in the Japanese market.

 

Hirokazu Ishikawa: Representative Director

 

Hirokazu Ishikawa is working as a Representative Director, at Vertex. He is working in the network industry in Japan and has rich experience of more than 12 years. Major experience of working with Mobile Carriers, System Integrators, and enterprises. He is associated with Vertex since 2005, and has a good experience of working with India. In the role of business development manager, he is instrumental in being a communication interface with the customers. He has skills to generate strong and long lasting relationships with the customer.

 

 

 

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

Indian Rupees

US Dollar

1

Rs.44.84

UK Pound

1

Rs.69.32

Euro

1

Rs.59.79

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

-

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

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

45

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

-

NB

                                       New Business

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.