MIRA INFORM REPORT

 

 

Report Date :

17.09.2012

 

IDENTIFICATION DETAILS

 

Name :

ORIENT TECHNOLOGIES PRIVATE LIMITED

 

 

Registered Office :

2 and 3, Niraj Industrial Estate, Off Mahakali Caves Road, Andheri (East), Mumbai-400059, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

04.07.1997

 

 

Com. Reg. No.:

11-109219

 

 

Capital Investment/ Paid-up Capital:

Rs.50.000 Millions

 

 

CIN No.:

[Company Identification No.]

U64200MH1997PTC109219

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMO01906C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing, Purchase, Imports, Sell and provide Service in Office Automation, Computers, Telecommunication and other Electronics Goods and their Parts and Peripherals.

 

 

No. of Employees:

Information denied by management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (49)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 721000

 

 

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.

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

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 31-03-2012.

 

INFORMATION DENIED BY

 

Name :

Mr. Ajay Sawant 

Designation :

Director

Contact No.:

91-9792749731

Date :

15.09.2012

 

 

LOCATIONS

 

Registered Office :

2 and 3, Niraj Industrial Estate, Off Mahakali Caves Road, Andheri (East), Mumbai-400059, Maharashtra, India

Tel. No.:

91-22-24960808 / 89

Fax No.:

91-22-55021180 / 24921016

E-Mail :

bhupendrarathod@orientindia.net

Location :

Rented

 

 

DIRECTORS

 

As on 30.09.2011

 

Name :

Mr. Ajay Baliram Sawant

Designation :

Director

Address :

10/101, Mhada Housing Board, Oshiwara, Andheri (West), Mumbai – 400 058, Maharashtra, India

Date of Birth/Age :

06.05.1967

Qualification :

B.E.

Date of Appointment :

04.07.1997

Din No.:

00111001

 

 

Name :

Mr. Ujjwal Arvind Mhatre

Designation :

Whole Time Director

Address :

10/201 Mhada Housing Board, Oshiwara, Andheri (West), Mumbai – 400 058, Maharashtra, India

Date of Birth/Age :

07.03.1968

Qualification :

D.I.E

Date of Appointment :

04.07.1997

Din No.:

00111148

 

 

Name :

Mr. Jayesh Manoharlal Shah

Designation :

Director

Address :

09/201, 2nd Floor,  Mhada Housing Board, Oshiwara, Andheri (West), Mumbai – 400 058, Maharashtra, India

Date of Birth/Age :

07.03.1968

Qualification :

B.E.

Date of Appointment :

04.07.1997

Din No.:

00111598

 

 

Name :

Mr. Umesh Navnitlal Shah

Designation :

Director

Address :

23, Nupur, 2nd Floor, J. V. P. D. Scheme, Near Gulmohar, Cross Road No. 4, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

02.09.1969

Qualification :

B.E.

Date of Appointment :

04.07.1997

Din No.:

00111751

 

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2011

 

Names of Shareholders

 

No. of Shares

Ajay Baliram Sawant

 

125000

Ujjwal Arvind Mhatre

 

125000

Jayesh Manoharlal Shah

 

125000

Umesh Navnitlal Shah

 

125000

Total

 

500000

 

As on 11.01.2012

 

Names of Allottes

 

No. of Shares

Ajay Baliram Sawant

 

137500

Ujjwal Arvind Mhatre

 

137500

Jayesh Manoharlal Shah

 

137500

Umesh Navnitlal Shah

 

137500

Total

 

550000

 

As on 05.01.2012

 

Names of Allottes

 

No. of Shares

Ajay Baliram Sawant

 

12500

Ujjwal Arvind Mhatre

 

12500

Jayesh Manoharlal Shah

 

12500

Umesh Navnitlal Shah

 

12500

Total

 

50000

 

 

As on 30.09.2011

 

Category

 

Percentage

 

 

 

Directors or relatives of directors

 

100.00

 

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing, Purchase, Imports, Sell and provide Service in Office Automation, Computers, Telecommunication and other Electronics Goods and their Parts and Peripherals

 

 

 

 

GENERAL INFORMATION

 

 

 

Customers :

·         Aditya Birla

·         Ambuja Cement

·         Ashok Leyland

·         Atlas Copco

·         Bank of America

·         Barclays

·         Blue Star

·         BMC

·         Bosch

·         BSES

·         CDAC

·         Cox & Kings

·         D&B TransUnion

·         Darashaw

·         Deloitte

·         DHL

·         Essar

·         Eureka Forbes

·         Fame

 

 

No. of Employees :

Information denied by management.

 

 

Bankers :

·         Citi Bank N.A, Trent House, 2nd Floor, G Block, Plot No. C60, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India.

 

 

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Santosh G. Ghag and Company

Chartered Accountant

Address :

14/CD, Kakubhai Manchharam Building, Ground Floor, Zaobawadi, Thakurdwar, Mumbai - 400002

Pan No.:

AAFPG1909B

 

 

 

 

CAPITAL STRUCTURE

 

After 30.09.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1100000

Equity Shares

Rs.100/- each

Rs.110.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

 

 

1100000

Equity Shares

Rs.100/- each

Rs.110.000 Millions

 

 

 

 

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity Shares

Rs.100/- each

Rs.50.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

 

 

500000

Equity Shares

Rs.100/- each

Rs.50.000 Millions

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

50.000

17.500

17.500

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

130.154

128.044

103.179

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

180.154

145.544

120.679

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

0.000

 

 

 

 

TOTAL

180.154

145.544

120.679

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

16.452

14.741

14.173

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.126

0.126

0.126

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
35.308

9.148
4.290

 

Sundry Debtors
234.016

152.263
129.380

 

Cash & Bank Balances
3.575

9.120
4.229

 

Other Current Assets
0.000

0.000
33.705

 

Loans & Advances
75.016

67.275
49.016

Total Current Assets
347.915

237.806

220.620

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
29.403

62.360
68.075

 

Other Current Liabilities
89.332

6.720
1.608

 

Provisions
65.604

38.049
44.557

Total Current Liabilities
184.339

107.129

114.240

Net Current Assets
163.576

130.677

106.380

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

180.154

145.544

120.679

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

 

SALES

 

 

 

 

 

Income

 

777.680

870.114

 

 

Other Income

 

1.358

1.132

 

 

TOTAL                                     (A)

 

779.038

871.246

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of goods sold

 

602.463

718.976

 

 

Administrative expense 

 

98.659

83.943

 

 

Marketing expense

 

21.805

8.069

 

 

TOTAL                                     (B)

 

722.927

810.988

 

 

 

 

 

Less

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

 

56.111

60.258

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

 

1.914

2.426

 

 

NA

 

 

 

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

 

54.197

57.832

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

 

2.633

2.765

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

 

51.564

55.067

 

 

 

 

 

Less

TAX                                                                  (H)

 

18.499

19.249

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

 

33.065

35.818

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Dividend

 

3.150

3.500

 

 

Tax on Dividend

 

0.535

0.595

 

BALANCE CARRIED TO THE B/S

 

29.380

31.723

 

 

 

 

 

 

Earnings Per Share (Rs.)

85.21

59.45

204.67

 

 

The above information has been denied by Mr. Ajay Sawant 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)

NA

4.24

4.11

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

NA

6.63

6.33

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

NA

20.42

23.45

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

NA

0.35

23.45

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

1.01

0.74

0.95

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.89

2.22

1.93

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Check List by Info Agents

Available in Report [Yes/No]

Year of Establishment

Yes

Locality of the Firm

Yes

Constitution of the firm

Yes

Premises details

No

Type of Business

Yes

Line of Business

Yes

Promoters background

Yes

No. of Employees

No

Name of Person Contacted

No

Designation of contact person

No

Turnover of firm for last two years

Yes

Profitability for last three years

Yes

Reasons for variation <> 20%

-

Estimation for coming financial year

No

Capital the business

Yes

Details of sister concerns

No

Major Suppliers

No

Major Customers

Yes

Payment Terms

Yes

Export / Import Details [If Applicable]

No

Market Information

-

Litigations that the firm / promoter involved in

-

Banking Details

Yes

Banking Facility Details

Yes

Conduct of the banking account

-

Buyer visit details

-

Financials, if provided

Yes

Incorporation details, if applicable

Yes

Last accounts filed at ROC

Yes

Major Shareholders, if applicable

Yes

Date of Birth of Proprietor/Partner/Director, if available

Yes

PAN of Proprietor/Partner/Director, if available

No

Voter ID No of Proprietor/Partner/Director, if available

No

External Agency Rating, if available

No

 

SUNDRY CREDITORS DETAILS:

(Rs. In Millions)

 

Particulars

31.03.2011

31.03.2010

31.03.2009

 

 

 

 

Sundry Creditors due to Micro, Small and Medium Enterprises

29.403

62.360

68.075

Sundry Creditors due to Others

0.000

0.000

0.000

Total

29.403

  62.360

68.075

 

 

FORM 8

 

Corporate identity number of the company

U64200MH1997PTC109219

Name of the company

ORIENT TECHNOLOGIES PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

2 and 3, Niraj Industrial Estate, Off Mahakali Caves Road, Andheri (East), Mumbai-400059, Maharashtra, India

Email : bhupendrarathod@orientindia.net 

This form is for

Modification of charge

Charge identification (ID) number of the charge to be modified

10185603

Type of charge

·         Book debts

·         Movable property (not being pledge)

·         Floating charge

Particular of charge holder

Citi Bank N.A, Trent House, 2nd Floor, G Block, Plot No. C60, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India.

Email: vlaxman@vsnl.com

Nature of instrument creating charge

Deed of Modification.

Date of instrument Creating the charge

30.03.2012

Amount secured by the charge

Rs. 65.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of interest

Interest to be charged at such rate/s as may be determined by the Bank from time to time.

 

Term of Payment:

On demand.

 

Margin

 As may be stipulated by the Bank from time to time.

 

Extent and operation of the charge

The Current Assets to the Bank more particularly described in item No.15 below hypothecated by way of first exclusive charge, as security for the repayment of Rs.65.000 Millions, together with all interest, liquidated damages, premia on prepayment or on redemption, costs, charges and other expenses payable by the Company to the Bank.

 

Short particulars of the property charged (Including location of the property)

Hypothecation by way of first exclusive charge on Current Assets of the Company both present and future.

Date of last modification prior to the present modification

19.09.2012

Particulars of the present modification

The charge shall now stand increased from Rs.45.000 Millions to Rs.65.000 Millions in favour of Citibank N.A against the security by way of first exclusive charge on the current assets of the Borrower.

 

Fixed Assets:

 

  • Furniture and Fixture
  • Computers and Printers and Mon.
  • Air Conditioner
  • Pager
  • Refrigerator
  • Mobile
  • Office Equipment
  • HP Calculator
  • Motor Car
  • EPABX Machine
  • Motor Cycle
  • Borther Fax Machine
  • CD Player
  • Music System
  • Ultima 600 Series 33U Rack
  • Compaq Proliant ML35G and Ultima 600 Series Rack
  • Hp 1215Copier Xerox
  • Water Cooler
  • IBM Thinkcentre 8175-114Q with Monitor

 

AS PER WEB SITE DETAILS

 

MANAGEMENT TEAM 

 

Ajay Sawant is a seasoned entrepreneur with a track record of success. He is an innovator and trend-setter who has founded Orient Group of Companies. He is Graduate Engineer in Electronics from Mumbai University with more than 25 years of experience in Sales, Engineering and Business Development of various products and Services. He brings a combination of aggressive execution and top class operating experience, required to build and scale rapidly growing IT companies. Ajay Sawant is CEO and Managing Director. Ajay leads the organization and under his able leadership Orient has grown leaps and bounds. Ajay is mentor to the core team and enjoys playing role of Strategist. His qualifications, expertise and broad-based experience give him the edge in high-end consulting.

 

Jayesh Shah is a Graduate Engineer in Electronics from Mumbai University. He is Microsoft Specialist and has earned certifications on Microsoft, CISCO, Citrix and various other technologies. Having 20+ years of proven track record in business development and Consulting, Jayesh has extensively worked on Networking, Security and Microsoft technologies. Alliance with vendors and managing relations with them is the key responsibility that he is driving within Orient. He brings in a strong perspective of delivering value, focus and innovation to clients.

 

Ujjwal Mhatre is Director- Marketing having completed graduation in Engineering is the founder member. He is responsible for driving sales team and manages business across India. He has been involved in the some large and prestigious wins for Orient. Having 22+ years of proven track record in, corporate strategy, Systems and Consulting, His qualifications, expertise and broad-based experience gives him the edge in high-end consulting

 

Umesh Shah a graduate Engineer from Mumbai University holds 18+ years experience in IT. He contributes in setting up processes within Orient. He manages finance and service delivery portfolio. Umesh has interest in learning new technologies and also using them. Umesh carries a very strong commitment to values and quality of deliverables. He is associated with different certification bodies for third party audit which covers ISO 27001, 9001, ITIL.

 

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.54.73

UK Pound

1

Rs.88.61

Euro

1

Rs.71.34

 

 

INFORMATION DETAILS

 

 

Information Gathered by :

PJA

 

 

Report Prepared by :

BYI

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

5

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

49

 

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.