MIRA INFORM REPORT

 

 

Report Date :

24.01.2013

 

IDENTIFICATION DETAILS

 

Name :

LAFARGE AGGREGATES AND CONCRETE INDIA PRIVATE LIMITED

 

 

Registered Office :

1004, ‘B’ Wing, 10th Floor, Crescenzo, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra 

 

 

Country :

India

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

29.10.2007

 

 

Com. Reg. No.:

11-175495

 

 

Capital Investment / Paid-up Capital :

Rs. 11358.415 Millions

 

 

CIN No.:

[Company Identification No.]

U74900MH2007PTC175495

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUML06871E

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Seller of Ready Mixed Concrete and Trading of Aggregates.

 

 

No. of Employees :

Information declined by the management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (36)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 40900000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject is a part of France based Lafarge Group, which is globally one of the leading companies in Cement, Aggregates, Concrete and Gypsum.

 

It is an established company having a moderate track record. The latest financial are not made available with the government department.

 

As per previous year’s, there appear huge accumulated losses recorded by the company.

 

However, the capital base of the company appears to be strong. And company gets good financial support from its holding companies.

 

Trade relations are reported to be fair. Business is active. Payments are unknown.

 

In view of experience management, the company can be considered for business dealings with some caution.

 

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

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

Term loan : (ICRA) A-

Rating Explanation

Having adequate degree of safety regarding timely servicing of financial obligations it carry low credit risk.

Date

November 2012

 

 

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 DECLINED BY

 

Name :

Mr. Vinod Shah

Designation :

Accounts Department

Contact No.:

91-22-67692559/ 584

Date :

23.01.2013

 

 

LOCATIONS

 

Registered / Head Office :

1004, ‘B’ Wing, 10th Floor, Crescenzo, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India  

Tel. No.:

91-22-66306511 / 67692500

Fax No.:

91-22-66306510 / 67692517

E-Mail :

ajay.singh@in.lafarge.com

Website :

http://www.lafarge-india.com

 

 

Regional Sales Office:

Located at:

 

Ø       Kolkata

Ø       Raipur

Ø       Jamshedpur

Ø       Patna

Ø       Bhubaneswar

Ø       Chennai

 

 

DIRECTORS

 

AS ON 20.09.2012

 

Name :

Mr. Vikram Arvind Wagh

Designation :

Managing director

Address :

G-8, Gulab Baug A, Soares Road, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

03.01.1966

Date of Appointment :

20.09.2012

DIN No.:

00010979

 

 

Name :

Mr. Bradley Peter Mulroney

Designation :

Director

Address :

11 Jalan Setiakasih 9 Damansara Heights Kuala Lumpur Malaysia 50490

Date of Birth/Age :

02.12.1962

Date of Appointment :

31.03.2008

DIN No.:

02072508

 

 

Name :

Mr. Kumar Rajagopal Srinivasan

Designation :

Director

Address :

37-2, Old 34, New Vijayaragava Road, T Nagar, Chennai-600017, Tamilnadu, India

Date of Birth/Age :

22.10.1947

Date of Appointment :

29.09.2008

DIN No.:

01907681

 

 

KEY EXECUTIVES

 

Name :

Mr. Vinod Shah

Designation :

Accounts Department

 

 

Name :

Mr. Ajay Pratap Singh

Designation :

Secretary

Address :

A-1901, Videocon Towers, Thakur Complex, Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

10.10.1974

Date of Appointment :

11.06.2008

PAN No.:

AMDPS9689J

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 20.09.2012

 

Names of Shareholders

 

No. of Shares

 

Financiere Lafarge

 

1435841499

Uday Khanna

 

1

Lafarge India Private Limited, India

 

240000000

Total

 

1675841500

 

 

AS ON 20.09.2012

 

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]

 

85.68

Bodies corporate

 

14.32

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Seller of Ready Mixed Concrete and Trading of Aggregates.

 

 

PRODUCTION STATUS (AS ON 31.12.2010)

 

Particulars

Unit

Licensed Capacity

Installed Capacity

Actual Production

Ready Mix Concrete

Cum3

N.A.

7928000

3388510

 

Note: Licensed capacity for the products manufactured by the company is not mandated and hence not disclosed.

 

 

GENERAL INFORMATION

 

No. of Employees :

Information declined by the management.

 

 

Bankers :

Ø       HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Ø       The Hongkong and Shanghai Banking Corporation Limited, Plot No. 139-140B, Western Express Highway, Sahar Road, Junction, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Ø       Standard Chartered Bank, Box 725, 90 Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India

 

 

Facilities :

 

Secured Loans

31.03.2011

31.03.2010

 

 

(Rs. In Millions)

Term loan

2500.000

5000.000

Total

2500.000

5000.000

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S.R. Batliboi and Company

Chartered Accountants

Address :

Jalan Mill Compound, 95, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra, India

Tel. No.:

91-22-40356300

Fax No.:

91-22-40356400

Income-tax PAN of auditor or auditor's firm :

AALFS0506L

 

 

Holding Company:

Financiere Lafarge [Holds 100% of the equity share capital]

 

 

Ultimate Holding Company:

Lafarge SA

 

 

Fellow Subsidiaries:

Ø       Lafarge India Private Limited

Ø       Lafarge Boral Gypsum India Private Limited

Ø       Lafarge Concrete (Malaysia) Sdn Bhd

Ø       Lafarge Aggregates Limited, UK

Ø       Lafarge North America

Ø       Lafarge Canada Inc.

Ø       Lafarge Centre de Recherche

Ø       Lafarge A and C Egypt

Ø       Lafarge International Service Singapore Pte Limited

Ø       Lafarge Asia Sdn Bhd

Ø       Lafarge Shui On Sichuan Investment Company Limited

Ø       Lafarge Aggregates and Concrete Division China

Ø       Lafarge Concrete Vietnam Company Limited

Ø       Lafarge A and C Technical Service (Beijing) Company Limited

Ø       Batong Angono Aggregates Corporation

Ø       Lafarge UK Services Limited  

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,800,000,000

Equity Shares

Rs. 10/- each

Rs. 18000.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,675,841,500

Equity Shares

Rs. 10/- each

Rs. 16758.415 Millions

 

 

 

 

 

 

 

AS ON 31.12.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,500,000,000

Equity Shares

Rs.10/- each

Rs. 15000.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,135,841,500

Equity Shares

Rs.10/- each

Rs. 11358.415 Millions

 

 

 

 

 

NOTE: All the previous year 1135841500 equity shares are held by Financiere Lafarge France, the holding company and its nominee.

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.12.2010

(12 Months)

31.12.2009

(15 Months)

30.09.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

11358.415

11358.415

4030.900

2] Share Application Money

2760.000

0.000

498.700

3] Reserves & Surplus

0.000

0.000

0.000

4] (Accumulated Losses)

(3890.991)

(2355.381)

(41.883)

NETWORTH

10227.424

9003.034

4487.717

LOAN FUNDS

 

 

 

1] Secured Loans

2500.000

5000.000

0.000

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

2500.000

5000.000

0.000

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

12727.424

14003.034

4487.717

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

11835.940

13221.653

66.824

Capital work-in-progress

288.690

41.207

148.081

 

 

 

 

INVESTMENT

198.000

197.188

40.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
131.323

93.374

1.754

 

Sundry Debtors
1582.392

1362.384

0.370

 

Cash & Bank Balances
939.259

1195.679

4237.175

 

Other Current Assets
1.143

0.546

3.313

 

Loans & Advances
343.770

575.373

86.169

Total Current Assets
2997.887

3227.356

4328.781

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
2330.503

2374.803

90.384

 

Other Current Liabilities
270.366

420.172

4.790

 

Provisions
52.057

22.327

0.795

Total Current Liabilities
2652.926

2817.302

95.969

Net Current Assets
344.961

410.054

4232.812

 

 

 

 

MISCELLANEOUS EXPENSES

59.833

132.932

0.000

 

 

 

 

TOTAL

12727.424

14003.034

4487.717

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.12.2010

(12 Months)

31.12.2009

(15 Months)

30.09.2008

 

SALES

 

 

 

 

 

Income

10551.700

12006.700

11.600

 

 

Other Income

NA

NA

119.425

 

 

TOTAL                                     (A)

NA

NA

131.025

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

 

Administrative Expenses

NA

NA

168.825

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                     (B)

NA

NA

168.825

 

 

 

 

 

Less

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

591.500

376.200

(37.800)

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

572.000

760.200

0.500

 

 

 

 

 

 

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

19.500

(384.000)

(38.300)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

1558.600

1921.600

2.300

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX (E-F)                 (G)

(1539.100)

(2305.600)

(40.600)

 

 

 

 

 

Less

TAX                                                                  (H)

(3.500)

7.900

1.300

 

 

 

 

 

 

PROFIT / (LOSS) AFTER TAX (G-H)                  (I)

(1535.600)

(2313.500)

(41.900)

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(1.09)

(2.04)

(0.10)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2010

(12 Months)

31.12.2009

(15 Months)

30.09.2008

PAT / Total Income

(%)
NA

NA

(31.98)

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
(14.59)

(19.20)

(350.00)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
(10.38)

(14.02)

(0.92)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
(0.15)

(0.26)

(0.01)

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.50

0.87

0.02

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.13

1.15

45.11

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

SUNDRY CREDITORS DETAILS:

 

Particulars

31.12.2010

(12 Months)

31.12.2009

(15 Months)

30.09.2008

 

(Rs. In Millions)

Total outstanding dues of micro and small enterprises

16.103

3.912

0.000

Total outstanding dues of creditors other than above

2314.400

2370.891

90.384

Total

2330.503

2374.803

90.384

 

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

No

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

--

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

--

22]

Litigations that the firm / promoter involved in

--

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

--

26]

Buyer visit details

--

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

No

30]

Major Shareholders, if available

Yes

31]

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

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

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

No

34]

External Agency Rating, if available

Yes

 

 

OVERVIEW AND REVIEW OF OPERATIONS

 

With the bounce back in the real estate industry and other infrastructure projects in the country, the company in now well positioned to cater to the demand of the construction industry. The Company is putting more emphasis on the infrastructure projects by identifying the new potential areas throughout the country by setting up/operating onsite ready mix concrete plants to meet the demand of the ready mix concrete of the infrastructure projects. The company is further identifying various other potential areas for setting up the ready mix concrete plant so as to meet the demand of ready mix concrete of construction industry and infrastructure projects.

 

The company is pre-dominantly engaged in the business of manufacture and sale of ready mix concrete. During the year, the company has achieved a turnover of Rs.10551.000 Millions from the sale of the ready mix concrete and aggregates. The company recorded an EBITDA of Rs.591.000 Millions in comparison to Rs.376.000 Millions for the previous year. The company reduced the net loss after tax to 1535.000 Millions in comparison to Rs.2313.000 Millions for the previous year. During the year, the company prepaid part of the term loan to the extent of Rs. 2500.000 Millions fully funded through the capital infusion, resulting into significant reduction of the interest cost. The period is for a period of 12 months, thus the figures for the year are not comparable with the previous year.

 

In the aggregates space, the Company is aggressively identifying the minor mineral reserves in strategic locations of the country in order to set up the mining activities and stone crushing activities.

 

FUTURE OUTLOOK

 

With more focus on the big infrastructure projects, the company expects volumes of the ready mix concrete division of the company to grow further. In the Aggregates division of the Company, potential areas for the mining activities are being secured by the company. With increased focus on the sale of ready mix concrete to infrastructure and construction projects and planning to set up the mining activities for the aggregates division, the company expects to cater to the construction industry in a big way by supplying the various construction materials to the construction industry and infrastructure projects.

 

 

FIXED ASSETS:

 

Tangible Assets:

 

Ø       Factory Building

Ø       Plant and Machinery

Ø       Office Equipments

Ø       Computers

Ø       Furniture and Fixtures

Ø       Leasehold Land

Ø       Building

Ø       Vehicles

 

Intangible Assets:

 

Ø       Goodwill

Ø       Software

Ø       Trade Mark

Ø       Non Compete Agreement

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

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

 

1]         INFORMATION ON DESIGNATED PARTY

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

 

2]         Court Declaration :

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

 

3]         Asset Declaration :

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

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                  None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

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

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

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

 

8]         Affiliation with Government :

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

 

9]         Compensation Package :

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

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

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

 

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

 

 

CONTRAVENTION

 

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

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 53.77

UK Pound

1

Rs. 85.14

Euro

1

Rs. 71.57

 

 

INFORMATION DETAILS

 

Information Gathered by :

PDT

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--CREDIT LINES

1~10

4

--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

 

36

 

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.