MIRA INFORM REPORT

 

 

Report Date :

08.06.2011

 

IDENTIFICATION DETAILS

 

Name :

KARUR K.C.P. PACKAGINGS LIMITED

 

 

Registered Office :

R.S. 112, Thiruvander Koil Post, Mannadipet Communie, Pondicherry-605102, Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

18.01.1991

 

 

Com. Reg. No.:

000730

 

 

Capital Investment / Paid-up Capital :

Rs.100.000 Millions

 

 

CIN No.:

[Company Identification No.]

L21029PY1991PLC000730

 

 

Legal Form :

Public Limited Liability Company.  The company’s shares are listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer of Extensible Sack Kraft Paper and Multiwall Paper Sacks.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (54)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 3700000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is an old and an established company having good track. Financial position of the company appears to be strong and healthy. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment.

 

The Company can be considered good for normal business dealings under 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

 

 

LOCATIONS

 

Registered Office/ Factory :

R.S. 112, Thiruvander Koil Post,Mannadipet Communie, Pondicherry - 605102, Tamilnadu, India

Tel. No.:

91-413-2640559/61

Fax No.:

91-413-2641009

E-Mail :

kkpl@eth.net

Website :

http://www.karurkcp.in

 

 

Corporate Office :

330/1, Cinna Andan Kiol Road, Karur - 639001, Tamilnadu, India

Tel. No.:

91-4324 240663 / 240163

Fax No.:

Fax: 91-4324 240963

 

 

Plant :

Paper Divisions

 

662/2, Marichinaickenpalayam, Pollachi-642103, India

 

Paper Bag Division

 

R.S. 112, Thiruvandarkoil Post, Mannadipet Commune, Puducherry - 605 102, Tamilnadu, India

 

Polypropylene Bag Division

 

S.F. 199-202, Trichy Main Road, Mayanur, Krishnarayapuram Taluk, Karur District -639108, Tamilnadu,  India

 

FIBC Division

 

S.F. 199-202, Trichy Main Road, Mayanur, Krishnarayapuram Taluk, Karur District - 639 108, Tamilnadu, India

 

Wind Mill

 

S.F. 304/1 (P), 305/2 of Poolankinar Village, Udumelpet Taluk, Coimbatore District. Karur, Tamilnadu, India

 

 

DIRECTORS

 

As on 31.03.2010

 

Name :

Mr. K.C. Pallani Shamy

Designation :

Chairman & Managing Director

 

 

Name :

Mr. K.C.P. Shivraman

Designation :

Joint Managing Director

 

 

Name :

Mrs. P. Annammal

Designation :

Non - Executive Director

 

 

Name :

Mr. K. Palaniappan

Designation :

Non - Executive Director

 

 

Name :

Dr. K. Mohan

Designation :

Non - Executive Director

 

 

Name :

Mr. S. Murali Krishnan

Designation :

Non - Executive Director

 

 

KEY EXECUTIVES

 

Name :

Mr. V. Venkatesan

Designation :

Company Secretary and Compliance Officer

 

 

Name :

Mr. K.C. Pallani Shamy

Designation :

Chief Executive Officer

 

 

Name :

Mr. K.C.P Shivraman

Designation :

Chief Financial Officer

 

 

Name :

Dr. K. Mohan

Designation :

Audit Committee

 

 

Name :

Mr. S. Murali Krishnan

Designation :

Audit Committee

 

 

Share Holders/ Investors Grievance Committee:

Mr. K. Palaniappan

Mr. K.C. Shivraman

Dr. K. Mohan

 

 

Remuneration Committee:

Mr. K. Palaniappan

Dr. K. Mohan

Mr. S. Murali Krishnan

 

 

Name :

Mr. S. Pasupathy

Designation :

General Manager (Commercial)

 

 

Name :

Mr. K. Govindarajan

Designation :

Deputy General Manager (Personnel and Purchase)

 

 

Name :

Mr. C. Karunanithi

Designation :

Chief General Manger

 

 

Name :

Mr. V. Sudharson

Designation :

General Manager Commercial

 

 

Name :

Mr. B.K. Ladha

Designation :

President Marketing

 

 

Name :

Mr. G. Kumar

Designation :

General Manager Operations

 

 

Name :

Mr. T. Madhaiyan

Designation :

General Manager Works

 

 

Name :

Mr. R. Subramaniam

Designation :

Assistant General Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.12.2010

 

Names of Shareholders

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Individuals / Hindu Undivided Family

7245500

72.46

Sub Total

7245500

72.46

(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

7245500

72.46

(B) Public Shareholding

 

 

(1) Institutions

 

 

(2) Non-Institutions

 

 

Bodies Corporate

1382083

13.82

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs.0.100 Million

844563

8.90

Individual shareholders holding nominal share capital in excess of Rs.0.100 Million

270485

2.70

Any Others (Specify)

212163

2.12

Non Resident Indians

34483

0.34

Clearing Members

94789

0.95

Hindu Undivided Families

82891

0.83

Sub Total

2754300

27.54

Total Public shareholding (B)

2754300

27.54

Total (A)+(B)

10000000

100.000

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

   (1) Promoter and Promoter Group

--

--

   (2) Public

--

--

   Sub Total

--

--

Total (A) + (B) + (C)

10000000

--

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Extensible Sack Kraft Paper and Multiwall Paper Sacks.

 

 

Products :

Product Description

Items Code

Paper

48042100

Paper Bag

48193000

PP Bag

39232990

 

PRODUCTION STATUS (As on 31.03.2010)

 

Particulars

Unit

Installed Capacity

Actual Production

Paper

MT

36000000

27478330

Paper bags

NOS

120000000

84088950

Polypropylene bags

MT

18000000

9692493

 

 

 

GENERAL INFORMATION

 

Bankers :
  • State Bank of India, Commercial Branch, Coimbatore.
  • The Karnataka Bank Limited, Karur
  • The Karur Vysya Bank Limited, Karur
  • Central Bank of India, Karur
  • Andhra Bank, Coimbatore
  • Union Bank of India, Coimbatore
  • ICICI Bank Limited, Coimbatore
  • The Shamrao Vithal Co-operative Bank Limited, Mumbai

 

 

Facilities :

Secured Loan

As on 31.03.2010

(Rs. in Millions)

Term Loan

 

From Banks

 

State Bank of India

75.549

Andhra Bank

12.634

State Bank of India

25.807

State Bank of India

44.018

The Shamrao Vithal Co-Operative Bank Limited

128.098

The Shamrao Vithal Co-Operative Bank Limited

31.803

Cash Credit Loan

 

From Banks

794.480

Total

1112.389

 

 

Unsecured Loan

 

Interest free deposit form managing directors

91.012

Interest free sales tax deferral loan

1.702

Foreign currency convertible bond

451.400

Short term loans

 

Banks

150.000

Others

24.541

Inter corporate deposit

50.692

Hire purchase finance

59.705

Total

829.052

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Miss Sriram and Company

Chartered Accountant

Address :

32, South Lakshmipuram, Karur-639001, Tamilnadu, India

Tel. No.:

91-4324-262587/329222

 

 

Associates/Subsidiaries :
  • Annam Lorry Forwarding Agencies
  • K.C. Palanisamy and Company
  • K.C.P. Paper Sacks
  • Arasi Gunny Bags Supplier
  • Arasi Hi-Tech Bio-Power Private Limited
  • SSR Buildtech Private Limited
  • SRSR Builders Private Limited
  • KSR Builders Private Limited
  • Pallani Shamy Properties Private Limited
  • Sriram Bio-Diesel Private Limited
  • K.C.P. Organic Mango Pulp Private Limited
  • Affordable Housing Private Limited
  • Affordable Homes Private Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

20000000

Equity Shares

Rs.10/- each

Rs.200.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

10000000

Equity Shares

Rs.10/- each

Rs.100.000 Millions

 

 

 

As on 30.09.2010

 

Authorised Capital : Rs. 200.000 Millions

 

 

Issued, Subscribed & Paid-up Capital : Rs. 112.500 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

100.000

100.000

100.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

832.425

762.107

667.098

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

932.425

862.107

767.098

LOAN FUNDS

 

 

 

1] Secured Loans

1112.389

1270.390

1226.705

2] Unsecured Loans

829.052

753.169

559.503

TOTAL BORROWING

1941.441

2023.559

1786.208

DEFERRED TAX LIABILITIES

200.163

201.775

215.542

 

 

 

 

TOTAL

3074.029

3087.441

2768.848

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1266.046

1300.249

1316.132

Capital work-in-progress

277.052

164.137

3.237

 

 

 

 

INVESTMENT

0.505

0.505

0.505

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
1124.805

1016.139
0.000

 

Sundry Debtors
666.218

958.582
0.000

 

Cash & Bank Balances
174.829

156.823
0.000

 

Other Current Assets
13.107

7.126
1829.669

 

Loans & Advances
115.153

78.902
235.036

 

Deposits

32.135

25.587
0.000

Total Current Assets
2126.247

2243.159

2064.705

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors and Other Current Liabilities
533.310

575.422
639.633

 

Provisions
71.631

61.700
0.000

Total Current Liabilities
604.941

637.122
639.633

Net Current Assets
1521.306

1606.039
1425.072

 

 

 

 

MISCELLANEOUS EXPENSES

9.120

16.511

23.902

 

 

 

 

TOTAL

3074.029

3087.441

2768.848

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

3161.356

3089.507

2696.180

 

 

Other Income

189.955

46.624

113.942

 

 

TOTAL                                     (A)

3351.311

3136.131

2810.122

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Manufacturing expenses

2637.910

2435.167

 

 

Administrative expenses

116.611

100.244

 

 

 

Repairs and maintenance

43.519

43.973

 

 

 

Selling expense

45.081

45.422

 

 

 

Directors remuneration

4.507

4.271

 

 

 

Miscellaneous

16.063

156.592

 

 

 

Prior period items

14.530

(142.925)

 

 

 

Increase / decrease in stocks

(34.578)

(27.467)

 

 

 

TOTAL                                     (B)

2843.643

2615.277

2326.040

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

507.668

520.854

484.082

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

265.927

271.073

240.880

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

241.741

249.781

243.202

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

96.374

95.586

85.532

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

145.367

154.195

157.670

 

 

 

 

 

Less

TAX                                                                  (H)

63.388

59.186

38.112

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

81.979

95.009

119.558

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

476.624

381.615

NA

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

51.553

0.000

NA

 

 

Dividend

10.000

0.000

NA

 

 

Tax on Dividend

1.661

0.000

NA

 

BALANCE CARRIED TO THE B/S

495.389

476.624

NA

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

 

510.549

 

 

Other Earnings

 

 

16.379

 

TOTAL EARNINGS

452.762

526.099

526.928

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

NA

NA

352.768

 

 

Stores & Spares

NA

NA

7.617

 

 

Capital Goods

NA

NA

0.000

 

 

Others

NA

NA

4.021

 

TOTAL IMPORTS

NA

NA

364.406

 

 

 

 

 

 

Earnings Per Share (Rs.)

8.20

9.50

11.96

 

QUARTERLY RESULTS

(Rs. In Millions)

PARTICULARS

30.06.2010

 

30.09.2010

31.12.2010

31.03.2011

 

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Net Sales

932.840

1023.170

925.620

962.710

Total Expenditure

811.070

889.850

782.710

847.790

PBIDT (Excl OI)

121.770

133.320

142.910

114.920

Other Income

0.000

0.000

0.000

0.000

Operating Profit

121.770

133.320

142.910

114.920

Interest

55.800

77.740

85.360

51.750

Exceptional Items

0.000

0.000

0.000

0.000

PBDT

65.980

55.580

57.550

63.170

Depreciation

25.360

24.880

25.770

26.960

Profit Before Tax

40.620

30.700

31.780

36.210

Tax

0.000

6.120

6.330

7.220

Provisions and contingencies

0.000

0.000

0.000

0.000

Profit After Tax

40.620

24.580

25.450

28.990

Extraordinary Items

0.000

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

0.000

Net Profit

40.620

24.580

25.450

28.990

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
2.45

3.03
4.25

 

 
 

 
 

Net Profit Margin

(PBT/Sales)

(%)
4.60

4.99
5.85

 

 
 

 
 

Return on Total Assets

(PBT/Total Assets}

(%)
4.29

4.35
4.66

 

 
 

 
 

Return on Investment (ROI)

(PBT/Networth)

 
0.16

0.18
0.21

 

 
 

 
 

Debt Equity Ratio

(Total Liability/Networth)

 
2.73

3.09
3.16

 

 
 

 
 

Current Ratio

(Current Asset/Current Liability)

 
3.51

3.52
3.23

 

 

LOCAL AGENCY FURTHER INFORMATION

 

PERFORMANCES:

 

The turnover for the Current year excluding other income was Rs. 3334.681 Millions as against Rs. 3340.374 Millions  for the previous year. The profit before tax of Rs. 145.367 Millions  for the current year is less by 5.73% compared to the Profit before tax of Rs. 154.196 Millions  for the previous year. A more detailed discussion is provided in the Management Discussion and Analysis Report.

 

The Board of Directors are pleased to recommend a Dividend @10%, for the financial year 2009-10 on the paid up share capital, absorbing a quantum of Rs.10.000 Millions . The tax free dividend will be paid to shareholders within 30 days from the date of its declaration.

 

Smt. P. Annammal, Director and Shri K.Palaniappan, Director retire by rotation at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment.

 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

 

Review of Karur K.C.P. Packkagings Limited's Business

 

The company had produced 27478.33 MTs of papers from Puducherry and Pollachi units which helped to meet the increased demand of Extensible Sack Kraft Paper (ESKP).

 

Industry Scenario and Development:-

 

With the boom in the Infrastructure Development and over all economic growth, the cement industries have already started expanding their production capacities which will facilitate increased demand of the company's products. With the increased production capacities the company is certainly well positioned to cater to the increased demands of the cement industries.

 

Opportunities

 

The opportunities of the company are:-

 

  • Large and growing domestic paper bags market and potential export market.
  • With the addition in the production capacity of ESKP at Pollachi unit, your company will be optimizing its performance by selling more ESKP with better realization. Also your company with wider range of products viz., Paper, Paper Bags, PP Bags and FIBC Bags will definitely have the advantage of catering to the requirements of most of the industries.
  • The growth of cement industries is very promising and major cement industries have already started expanding their production capacities.
  • This will directly help your company with increased off - take of its paper bags and polypropylene bags.
  • Favourable Government policies and Public awareness about the environment will help the industry for its additional sales of paper bags.
  • The locational advantage of being nearer to major cement industries will enable your Company to offer better services.
  • Increasing demand for your company's products will increase the market share of the company.

 

Outlook:-

 

The growth of cement industries is very promising and major cement industries have already started expanding their production capacities which will facilitate increased demand of the Company's products. With the increased production capacities the company is certainly well positioned to cater to the increased demands of the cement industries.

 

FIXED ASSETS:

 

  • Land
  • Factory Building
  • Building - Quarters
  • Plant and Machinery
  • Electrical Fittings
  • Furniture and Fittings
  • Office Equipments
  • Computers
  • Cycles
  • Vehicles
  • Windmill
  • Lorry

 

 

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.44.74

UK Pound

1

Rs.73.25

Euro

1

Rs.65.48

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

YES

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

54

 

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.