MIRA INFORM REPORT

 

 

Report Date :

21.09.2012

 

IDENTIFICATION DETAILS

 

Name :

MALDIVES TRANSPORT & CONTRACTING CO PLC

 

 

Registered Office :

MSL Bldg Orchid Magu, Male

 

 

Country :

Maldives

 

 

Financials (as on) :

2011

 

 

Date of Incorporation :

18.12.1980

 

 

Com. Reg. No.:

Not Available 

 

 

Legal Form :

Public Limited Company

 

 

Line of Business :

Subject is engaged in specialized professional services :-

·         Building construction

Equipment rental

Marine transportation

Road construction

Shipping agency

Transportation

 

 

No. of Employees :

900

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Maldives

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Maldvies - ECONOMIC OVERVIEW

 

Tourism, Maldives' largest economic activity, accounts for 28% of GDP and more than 60% of foreign exchange receipts. Over 90% of government tax revenue comes from import duties and tourism-related taxes. Fishing is the second leading sector, but the fish catch has dropped sharply in recent years. Agriculture and manufacturing continue to play a lesser role in the economy, constrained by the limited availability of cultivable land and the shortage of domestic labor. Most staple foods must be imported. In the last decade, real GDP growth averaged around 6% per year except for 2005, when GDP declined following the Indian Ocean tsunami, and in 2009, when GDP shrank by nearly 5% as tourist arrivals declined and capital flows plunged in the wake of the global financial crisis. Falling tourist arrivals and fish exports, combined with high government spending on social needs, subsidies, and civil servant salaries contributed to a balance of payments crisis, which was eased with a December 2009, $79.3 million IMF standby agreement. However, after the first two disbursements, the IMF withheld subsequent disbursements due to concerns over Maldives' growing budget deficit. Maldives has had chronic budget deficits in recent years and the government's plans to cut expenditures have not progressed well. A new Goods and Services Tax on Tourism (GST) was introduced in January 2011 and a new Business Profit Tax is to be introduced during 2012. These taxes are expected to increase government revenue by about 25%. The government has privatized the main airport and is partially privatizing the energy sector. Tourism will remain the engine of the economy. The Government of the Maldives has aggressively promoted building new island resorts. Due to increasing tourist arrivals, GDP growth climbed to 8% in 2010 and around 6% in 2011. Diversifying the economy beyond tourism and fishing, reforming public finance, and increasing employment opportunities are major challenges facing the government. Over the longer term Maldivian authorities worry about the impact of erosion and possible global warming on their low-lying country; 80% of the area is 1 meter or less above sea level.

 

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

Organization Name

:

MALDIVES TRANSPORT & CONTRACTING CO PLC

Address

:

7Fl MTCC Tower 24 Bodu

 

 

thakurufaau Magu, Magu, Male 20057

Country

:

Maldives

Phone (S)

:

[+960]-3326822

Facsimile

:

[+960]-3323221

Email

:

info@mtcc.com.mv

Website

:

www.mtcc.com.mv

Primary Business Activity

:

Service

Key Industry

:

Transportation

 

Key Facts

Registered Legal Address

:

MSL Bldg Orchid Magu, Male

Operational Address

:

7Fl MTCC Tower 24 Boduthakurufaau Magu, Magu, Male 20057

Issuing Authority

:

Ministry of Trade & Industries

License Number

:

C-680/1980

License Status

:

License exists - Normal.

Legal Form - Category

:

Public Listed Company

Legal Form

:

Public Limited Company

Legal Form - Abbreviation

:

PLC

Operational Status of Business

:

Normal

Date of Registration

:

18 Dec, 1980

Employees

:

900

Capital

:

US$ 820,749

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Chairman

Name

:

Mrs. Aminath Athifa

Nationality

:

Maldivian

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Dr. Ahmed Adham Abdullah

Maldivian

Chief Executive Officer - CEO

-

2

Mr. Shifau Ali

Maldivian

Executive

Finance

3

Mr. Ismail Fariq

Maldivian

Executive

Logistical Operation

4

Mr. Usman Hafeez

Maldivian

Executive

Building Services & Security

5

Ms. Aishath Susan Haneef

Maldivian

Executive

Business Development

6

Ms. Hawwa Huzaima

Maldivian

Executive

-

7

Mr. Ibrahim Latheef

Maldivian

Executive

Procurement

8

Mr. Hamid Nasheed Mohamed

Maldivian

Executive

-

9

Mr. Ahmed Naseem

Maldivian

Executive

Human Resources

10

Ms. Sheereen Naseem

Maldivian

Executive

Corporate

11

Ms. Abida Rasheed

Maldivian

Executive

Administration

12

Ms. Aminach Shahyn

Maldivian

Representative

-

13

Mr. Ihusaan Shareef

Maldivian

Executive

-

14

Mr. Mohamed Zameel

Maldivian

Chief Operating Officer - COO

-

Management Details - 1

Personal Unique Identifier

:

MI03188659

Name

:

Dr. Ahmed Adham Abdullah

 

Management Details - 2

Personal Unique Identifier

:

MI02481558

Name

:

Mr. Shifau Ali

 

Date of appointment

:

28 Mar, 2010

Country

University / College name

Qualification

Major

United Kingdom

UNIVERSITY OF EAST LONDON

n/a

Accounting

Management Details - 3

Personal Unique Identifier

:

MI02481559

Name

:

Mr. Ismail Fariq

 

Date of appointment

:

26 Apr, 2010

Country

University / College name

Qualification

Major

Australia

UNIVERSITY OF QUEENSLAND

Bachelor's Degree

Business Management

Management Details - 4

Personal Unique Identifier

:

MI02481562

Name

:

Mr. Usman Hafeez

 

Date of appointment

:

1985

Management Details - 5

Personal Unique Identifier

:

MI02481567

Name

:

Ms. Aishath Susan Haneef

 

Country

University / College name

Qualification

Major

United Kingdom

UNIVERSITY OF EAST LONDON

Master's Degree

Business Administration

Management Details - 6

Personal Unique Identifier

:

MI02481560

Name

:

Ms. Hawwa Huzaima

 

Date of appointment

:

2000

Country

University / College name

Qualification

Major

Australia

GRIFFITH UNIVERSITY

Bachelor's Degree

Accounting

Management Details - 7

Personal Unique Identifier

:

MI02984526

Name

:

Mr. Ibrahim Latheef

 

Date of appointment

:

1999

Management Details - 8

Personal Unique Identifier

:

MI02481557

Name

:

Mr. Hamid Nasheed Mohamed

 

Date of appointment

:

1995

Country

University / College name

Qualification

Major

Australia

ADELAIDE TAFE INSTITUTE

Diploma

Science

Management Details - 9

Personal Unique Identifier

:

MI02481554

Name

:

Mr. Ahmed Naseem

 

Date of appointment

:

28 Mar, 2010

Country

University / College name

Qualification

Major

United Kingdom

COVENTRY UNIVERSITY

n/a

n/a

Management Details - 10

Personal Unique Identifier

:

MI02481287

Name

:

Ms. Sheereen Naseem

 

Date of appointment

:

1981

Management Details - 11

Personal Unique Identifier

:

MI02481555

Name

:

Ms. Abida Rasheed

 

Date of appointment

:

1983

Management Details - 12

Personal Unique Identifier

:

MI03189360

Name

:

Ms. Aminach Shahyn

 

Management Details - 13

Personal Unique Identifier

:

MI02481565

Name

:

Mr. Ihusaan Shareef

 

Date of appointment

:

1999

Country

University / College name

Qualification

Major

India

UNIVERSITY OF MADRAS

Bachelor's Degree

Science

Management Details - 14

Personal Unique Identifier

:

MI02984520

Name

:

Mr. Mohamed Zameel

 

Date of appointment

:

1 Dec, 2010

Country

University / College name

Qualification

Major

Australia

CURTIN UNIVERSITY OF TECHNOLOGY

Bachelor's Degree

Business Information Technology

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03188659

Name

:

Dr. Ahmed Adham Abdullah

Nationality

:

Maldivian

2

 

 

Personal Unique Identifier

:

MI02481473

Name

:

Mr. Ali Shafeeu

Nationality

:

Maldivian

Date of Appointment

:

19 Aug, 2009

3

 

 

Personal Unique Identifier

:

MI02481466

Name

:

Mr. Hussain Haaly

Nationality

:

Maldivian

Date of Appointment

:

27 Aug, 2005

4

 

 

Personal Unique Identifier

:

MI03188661

Name

:

Mr. Imran Wajdhi

Nationality

:

Maldivian

5

 

 

Personal Unique Identifier

:

MI02481468

Name

:

Mr. Mansoor Zubair

Nationality

:

Maldivian

Date of Appointment

:

29 Apr, 2009

6

 

 

Personal Unique Identifier

:

MI03188660

Name

:

Mr. Mohamed Ali

Nationality

:

Maldivian

7

 

 

Personal Unique Identifier

:

MI03188662

Name

:

Mr. Mujuthaba Jaleel

Nationality

:

Maldivian

8

 

 

Personal Unique Identifier

:

MI03188658

Name

:

Mrs. Aminath Athifa

Nationality

:

Maldivian

APPROVED SIGNATURES

The Company Director/s listed below maintain the legal right to sign on behalf of the company:

Name

Dr. Ahmed Adham Abdullah

Mrs. Aminath Athifa

Ms. Sheereen Naseem

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing the MALDIVES TRANSPORT & CONTRACTING CO PLC's reputation within the respective industry failed to reveal any adverse information.

ADVERSE DATA MONITORING

 

DISHONORED CHECKS

 

No Record Found

 

 

DEBT

 

No Record Found

 

 

LITIGATION

 

No Record Found

 

 

PERFORMANCE DEFAULTS

 

No Record Found

 

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

SHAREHOLDERS

Total number of shareholders

:

3

Total number of shares

:

250,000

 

Currency

:

MVR - Maldives Rufiyaa

 

No.

Shareholders

Country

Shares

Number

Amount (MVR)

%

1

MINISTRY OF FINANCE & TREASURY

Maldives

119,661

5,983,050

47.86

2

Public Shareholding traded via Stock Exchange

n/a

111,628

5,581,400

44.65

3

MALDIVES NATIONAL SHIP MANAGEMENT LTD

Maldives

18,711

935,550

7.48

Total

250,000

12,500,000

100.00

 

 

 

 

Capital

:

US$ 820,749

 

 

PAYMENT INFORMATION

 

Supplementary Business

In addition to the core business, MALDIVES TRANSPORT & CONTRACTING CO PLC also is engaged in the following areas of business:

1.                  Importing

·                     Importing - Finished products

2.                  Trading

·                     Trading - General products

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

100%

International Sales (Export)

0%

 

Annual Purchases Analysis

Percentage

Local Purchases

70%

Imports

30%

 

PAYMENT TERMS

 

Selling

 

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

 

Purchasing

 

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

Import

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Executed at time of transaction

 

OVERSEAS SUPPLIERS

Name

Global Identifier

Country

HIMOINSA FAR EAST PTE LTD

P0978335

Spain

SIGMAKALON INDONESIA PT

P0722650

Indonesia

YANMAR DIESEL INDONESIA PT

30634672

Indonesia

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

LEGAL ADVISORS

 

Legal Advisor Name

MAZLAN & MURAD LAW & ASSOCIATES

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2009

 

36,986,599

56,577,796

-1,114,150

2010

 

32,759,714

55,199,777

-1,177,517

2011

 

32,903,993

44,486,002

-541,765

 

Sales Trend – Analysis

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

-

-

-

-

-

-

-

Missing Financials

Reasons

2012, 2nd Qtr

Financials not yet released.

 

Financial Ratios

Financial Highlights

2009 Annual

2010 Annual

2011 Annual

 

Growth % 

Year-on-Year Growth

(30.83)

(11.43)

20.45

 

Profitability 

Profit Margin (%)

(3.01)

(3.59)

(1.65)

 

Return on Equity (%)

(4.86)

(5.36)

(3.58)

 

Return on Assets (%)

(1.97)

(2.13)

(1.22)

 

Leverage 

Total Debt Equity (Times)

1.47

1.51

1.94

 

Current Debt Equity (Times)

1.04

1.02

1.89

 

Long Term Debt to Equity

0.43

0.50

0.05

 

Total Asset To Total Equity

2.47

2.51

2.94

 

Asset Management 

Total Assets Turnover (Times)

0.65

0.59

0.74

 

Fixed Assets Turnover (Times)

1.23

1.26

2.40

 

Liquidity 

Current Ratio

1.12

1.30

1.08

 

 

 

FOREIGN EXCHANGE RATES

 

Today's Exchange rate

:

1.00 MVR
Maldives Rufiyaa

=

0.065660 USD
United States Dollars

 

ADDITIONAL INFORMATION

 

Registered Legal Address

:

MSL Bldg Orchid Magu, Male

Operational Address

:

7Fl MTCC Tower 24 Boduthakurufaau Magu, Magu, Male 20057

Issuing Authority

:

Ministry of Trade & Industries

License Number

:

C-680/1980

License Status

:

License exists - Normal.

Legal Form - Category

:

Public Listed Company

Legal Form

:

Public Limited Company

Legal Form - Abbreviation

:

PLC

Operational Status of Business

:

Normal

Date of Registration

:

18 Dec, 1980

Employees

:

900

 

Report Details

 

 

Country

:

Maldives

 

 

Business Entity Name

:

MALDIVES TRANSPORT & CONTRACTING CO PLC

 

 

Acronym

:

MTCC

 

 

Primary Business Activity

:

Service

 

 

Primary Industry

:

Transportation

 

 

Office Contact Details

 

 

Operating Address

:

7Fl MTCC Tower 24 Boduthakurufaau Magu, Magu, Male 20057

 

 

Tel

:

[+960]-3326822

 

 

Fax

:

[+960]-3323221

 

 

Email

:

info@mtcc.com.mv
logistics@mtcc.com.mv 

 

 

Website Details

 

 

Website

:

www.mtcc.com.mv

 

 

Country of Registration

:

Maldives

 

 

Ownership Type

:

Registered ownership by Subject Business Entity

 

 

Primary Products

Products / Materials / Services Description

Activity

Auctions

Service

Building construction

Service

Construction equipment rental

Service

Contracting

Service

Dredging

Service

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

Product/Service Description

Code

Activity

Arrange Trans Freight/Cargo

4731

Service

Business Svcs, NEC

7389

Service

Chemical preparations, nspf

2899

Trading, Importing

Chemicals and Allied Products

2800

Trading, Importing

Chemicals/Allied Prdts, NEC

5169

Trading

Electric motors, generators, generator sets, rotating converters, and parts and accessories, nspf

3621

Trading, Importing

Equipment Rental/Leasing, NEC

7359

Service

Heavy Construction, NEC

1629

Service

Industrial gases

2813

Trading, Importing

Internal combustion engines, nspf

3519

Trading, Importing

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

Product/Service Description

Code

Activity

Business services, health, financial/insur. legal/real estate, hotels, and misc repairs

9900

Service

Chemical products and preparations of the chemical or allied industries

3824909060

Trading, Importing

Dredgers

8905100000

Service

Electric motors and generators (no sets)

8501

Trading, Importing

Engines and motors nesoi, and parts thereof

8412

Trading, Importing

Equipment rental and leasing, nec

9913

Service

Freight transportation arrangement, nvocc, customs brokerage

9852

Service

Heavy construction

9818

Service

Highway and street construction

9815

Service

Insulated wire, cable etc; opt sheath fib cables

8544

Trading, Importing

 

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

 

 

Products / Materials / Services Description

Ranking

Activity

Equipment rental

Primary

Service

Ferry

Primary

Service

Logistic services

Primary

Service

Marine transportation

Primary

Service

Reclamation

Primary

Service

Road construction

Primary

Service

Salvage operation

Primary

Service

Sheet piling

Primary

Service

Shipping agency

Primary

Service

Shore-line protection

Primary

Service

Cables

Secondary

Trading, Importing

Castrol lubricant & oil

Secondary

Trading, Importing

 

 

CORE BUSINESS DESCRIPTION

 

 

Core Business

 

 

The primary business focus of MALDIVES TRANSPORT & CONTRACTING CO PLC is Specialized professional services, including:

·                     Building construction

·                     Equipment rental

·                     Marine transportation

·                     Road construction

·                     Shipping agency

·                     Transportation

 

 

STOCK EXCHANGE LISTING DETAILS

 

 

Country

:

Maldives

Name of Stock Exchange

:

Name

Acronym

MALDIVES STOCK EXCHANGE

MSE

Stock Symbol / No.

:

MTCC

Date of listing

:

n/a

 

 

BANK DETAILS

 

 

Bank Name

:

BANK OF CEYLON

Global Identifier

:

P1047829

Branch

:

Male

Branch Address

:

Male 20006 (Head Office)

SWIFT Code

:

BCEYMVMV

Bank Name

:

BANK OF MALDIVES PLC

Global Identifier

:

P0766836

Branch

:

Male

Branch Address

:

BML Bldg 11 Boduthakurufaanu Magu Male 200094 (Head Office)

SWIFT Code

:

MALBMVMV

Bank Name

:

HABIB BANK LTD

Global Identifier

:

P0899936

Branch

:

Male

Branch Address

:

Male

SWIFT Code

:

HABBMVMV

Bank Name

:

HONG KONG & SHANGHAI BANKING CORP LTD, THE

Global Identifier

:

P0324977

Branch

:

Male

Branch Address

:

1Fl MTCC Tower 24 Boduthakurufaau Magu Male 2005 (Head Office)

SWIFT Code

:

HSBCMVMV

Bank Name

:

STATE BANK OF INDIA

Global Identifier

:

P1066361

Branch

:

Male

Branch Address

:

Male

SWIFT Code

:

SBINMVMV

 

 

 

LOCAL BRANCHES & MANAGEMENT

Branch

:

MALDIVES TRANSPORT & CONTRACTING CO PLC - THILAFUSHI

Branch Address

:

Thilafushi

Branch Email

:

tbd@mtcc.com.mv

Branch

:

MALDIVES TRANSPORT & CONTRACTING CO PLC - MAGU

Branch Address

:

MTCC Plaza Buruzu, Magu

Branch Email

:

therentals@mtcc.com.mv

Branch

:

MALDIVES TRANSPORT & CONTRACTING CO PLC - LAAMU ATOLL

Branch Address

:

Laamu Atoll

Branch

:

MALDIVES TRANSPORT & CONTRACTING CO PLC - GDH THINADHOO

Branch Address

:

GDh Thinadhoo

Branch

:

MALDIVES TRANSPORT & CONTRACTING CO PLC - ADDU MULAKU

Branch Address

:

Addu Mulaku

Branch

:

MALDIVES TRANSPORT & CONTRACTING CO PLC - MAGU, MALE

Branch Address

:

Dhathuruvehi 3 Boduthakurufaanu, Magu, Male 20057

Branch Email

:

tsd@mtcc.com.mv

Branch

:

MALDIVES TRANSPORT & CONTRACTING CO PLC - MAGU, MALE

Branch Address

:

H Sawmill Filigas, Magu, Male 20057

Branch Email

:

salesdept@mtcc.com.mv

Branch

:

MALDIVES TRANSPORT & CONTRACTING CO PLC - MAGU, MALE

Branch Address

:

2Fl MTCC Tower Boduthakurufaanu, Magu, Male 20057

Branch Email

:

careers@mtcc.com.mv

 

INTERNATIONAL TRADE : ACTIVITY & MARKETS

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing

Europe

Medium

Importing

Indonesia

Medium

Importing

Spain

Medium

Importing

 

AUDITORS

 

Auditor Name

ERNST & YOUNG

KPMG FORD, RHODES, THORNTON & CO

 

 

 

 

OFFICE & FACILITIES

Name

:

MALDIVES TRANSPORT & CONTRACTING CO PLC - MAGU, MALE

Address

:

7Fl MTCC Tower 24 Boduthakurufaau Magu, Magu, Male 20057

Country

:

Maldives

Status

:

Operational

 

 

COMPANY HISTORY

Date

Details

1980 - Dec

Incorporaterd as the first public company in the Maldives.

2006 - Feb

Opened Gdh. Thinadhoo Regional Office.

2006 - Oct

Opened L. Gan Regional Office.

2007 - Feb

Inaugurated MTCC Atoll Ferry Network by the Former President.

2007 - Apr

Opened Passenger Sales Office at MTCC Thinadhoo Regional Office.

2007 - May

Introduced Suzuki outboard engines to Maldivian market.

2007 - Jun

Inaugurated bus transfer services by Former President, Mr. Maumoon Abdul Gayyoom.

2008 - Mar

Opened Raa. Ungoofaaru Regional Office.

2011 - Feb

Launched Cargo Ferry & Airport Express Service.

 

AWARDS

 

#

Award Name

Awarded by

Awarded Date

1

2007 Achievement Award

SUZUKI CORP

2008 - Mar

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.34

UK Pound

1

Rs.87.91

Euro

1

Rs.70.57

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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

----

 

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%)

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.