MIRA INFORM REPORT

 

 

Report Date :

09.12.2014

 

IDENTIFICATION DETAILS

 

Name :

ATHARVA POLYMERS PRIVATE LIMITED

 

 

Registered Office :

Rajmudra Tours and Travels, Opposite MIDC Gate, Baekart Chowk, At Post Ranjangaon MIDC, Shirur, Pune – 412209, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

03.07.2008

 

 

Com. Reg. No.:

132368

 

 

Capital Investment / Paid-up Capital :

Rs. 13.292 Millions

 

 

CIN No.:

[Company Identification No.]

U24133PN2008PTC132368

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEA11067A

 

 

PAN No.:

[Permanent Account No.]

AAHCA1363L

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of all kinds of Plastic Materials.

 

 

No. of Employees :

75 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (29)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Maximum Credit Limit :

USD 208500

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record.

 

The company possesses a moderate financial profile marked by moderate networth base along with working capital intensive operations.

 

Management has witnessed a growth in its sales volume as well as net profitability from its modest scale of business operations during FY14.

 

However, trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct.

 

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.

 

 

ECGC Country Risk Classification List – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL SME

Rating

SE 2C

Rating Explanation

Low financial strength and high performance capability.

Date

February 2013

 

 

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 31-03-2014.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Anujit Shivaji Darade

Designation :

Director

Contact No.:

91-9860068205

Date :

06.12.2014

 

 

LOCATIONS

 

Registered Office :

Rajmudra Tours and Travels, Opposite MIDC Gate, Baekart Chowk, At Post Ranjangaon MIDC, Shirur, Pune – 412209, Maharashtra, India

Tel. No.:

91-2138-610600

Mobile No.:

91-9860068205 [Mr. Anujit Shivaji Darade]

Fax No.:

Not Available

E-Mail :

info@atharvapolymers.com

 

 

Factory :

Gate No. 596, Dhoke Sangvi, MIDC, Ranjangaon, Tal Shirur, Pune – 412026, Maharashtra, India 

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Mansing Nanasaheb Pachundkar

Designation :

Director

Address :

At Post Ranjangaon Ganpati, Shirur, Pune – 412210, Maharashtra, India

Date of Birth/Age :

02.06.1981

Date of Appointment :

03.07.2008

DIN No.:

02140459

 

 

Name :

Mr. Anujit Shivaji Darade

Designation :

Director

Address :

G-760, St. Dnyaneshwar Nagar, Mhada, Morwadi Pimpri, Pune – 411018, Maharashtra, India

Date of Birth/Age :

06.11.1984

Date of Appointment :

20.07.2008

DIN No.:

02237278

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

No. of Shares

 

Percentage of Holding

Mansing Nanasaheb Pachundkar

664618

50.00

Anujit Shivaji Darade

539618

40.60

Ashish S. Darade

10000

0.75

Sadana S. Darade

10000

0.75

Shivaji K. Darade

105000

7.90

 

 

 

Total

 

1329236

100.00

 

 

 

 

AS ON 30.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Directors or relatives of directors

100.00

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of all kinds of Plastic Materials.

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

 

Products :

Not Divulged

Countries :

Not Divulged

 

 

Imports :

 

Products :

Raw Material

Countries :

Taiwan

 

 

Terms :

 

Selling :

Cash and Cheque

 

 

Purchasing :

Cash and Cheque

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Experience:

Not Divulged

Maximum limit dealt:

Not Divulged

 

 

Customers :

Wholesalers and Retailers

 

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Experience:

Not Divulged

Maximum limit dealt:

Not Divulged

 

 

No. of Employees :

75 (Approximately)

 

 

Bankers :

Bank Name:

Janata Sahakari Bank Limited

Branch:

1444, Shukrawar Peth, Bajirao Road,

Through its Bajirao Road Branch, Pune - 411002, Maharashtra, India

Person Name (With Designation):

Mr. Rajan Kale [Manager]

Contact Number:

91-20-24452013

Name Of Account Holder:

Atharva Polymers Private Limited

Account Number:

Not Divulged

Account Since (Date/ Year Of A/C Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (Cc/Od/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Banker denied to provide their opinion about the company.

 

·         The Shamrao Vithal Co-Operative Bank Limited

Nandita, Jungli Maharaj Road, Deccan Gymkhana, Pune - 411004, Maharashtra, India

 

·         State Bank of India

 

 

Facilities :

 

SECURED LOANS

31.03.2014

(Rs. In Millions)

31.03.2013

(Rs. In Millions)

LONG-TERM BORROWINGS

 

 

Janata Sahakari Bank Limited

[Above term loan is repayable after a period of 12 months from the date of balance sheet and secured by hypothecation of personal guarantees of the directors and collaterally secured by mortgage of plot of land of the company and personal immovable property of one of the directors]

10.871

13.850

The Shamrao Vithal Co-Operative Bank Limited

[Above term loan is repayable after a period of 12 months from the date of balance sheet and secured by hypothecation of personal guarantees of the directors and collaterally secured by mortgage of plot of land of the company and personal immovable property of one of the directors]

26.066

39.773

Electronica Finance Limited

[Above term loan is repayable after a period of 12 months from the date of balance sheet and these are secured against deposit and specific asset [machinery] obtained under finance lease arrangement]

3.718

0.000

SHORT TERM BORROWINGS

 

 

Term Loan

- Repayable in one year

 The Shamrao Vithal Co-Operative Bank Limited

[Secured by hypothecation of personal guarantees of the directors and collaterally secured by mortgage of plot of land of the company and personal immovable property of one of the directors]

13.314

11.095

Janata Sahakari Bank Limited

[Secured by hypothecation of personal guarantees of the directors and collaterally secured by mortgage of plot of land of the company and personal immovable property of one of the directors]

2.867

2.486

Electronica Finance Limited

[Secured against deposit and specific asset [machinery] obtained under finance lease arrangement]

1.549

0.000

Cash Credit

The Shamrao Vithal Co-Operative Bank Limited

[Secured by hypothecation of inventory and book debts and collaterally secured by mortgage of personal immovable property of one of the directors]

57.313

37.659

 

 

 

Total

 

115.698

104.863

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Natu and Pathak

Chartered Accountants

Address :

#401-402, Utkarsha Apartments, Bhakti Marg, Law College Road, Pune – 411004, Maharashtra, India

Telefax :

91-20-25458074/ 25458075

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

AABFN5816E

 

 

Companies and other organisations under the control of the directors :

·         Rajmudra Tours and Travels Private Limited

·         Rajmudra Transport Private Limited

·         Rajmudra Logistics Private Limited

·         Prasad Plastic and Engineering Works

·         Atharva Tyres

·         Atharva Polyplast Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,500,000

Equity Shares

Rs. 10/- each

Rs. 15.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,329,236

Equity Shares

Rs. 10/- each

Rs. 13.292 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

13.292

13.292

3.600

(b) Reserves & Surplus

59.694

50.448

42.325

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.542

Total Shareholders’ Funds (1) + (2)

72.986

63.740

46.467

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

40.655

53.623

82.866

(b) Deferred tax liabilities (Net)

2.872

2.249

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

43.527

55.872

82.866

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

86.855

51.240

18.615

(b) Trade payables

71.023

53.210

43.570

(c) Other current liabilities

9.932

15.358

17.670

(d) Short-term provisions

1.317

0.000

0.576

Total Current Liabilities (4)

169.127

119.808

80.431

 

 

 

 

TOTAL

285.640

239.420

209.764

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

116.370

111.863

123.329

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

2.719

0.582

0.500

(c) Deferred tax assets (net)

0.000

0.000

0.215

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

119.089

112.445

124.044

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

74.238

67.062

45.980

(c) Trade receivables

84.739

52.941

29.520

(d) Cash and cash equivalents

1.660

1.682

4.151

(e) Short-term loans and advances

5.914

5.290

6.069

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

166.551

126.975

85.720

 

 

 

 

TOTAL

285.640

239.420

209.764

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

TOTAL                                    

403.834

310.676

209.139

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

391.304

302.067

195.783

 

 

 

 

 

 

PROFIT BEFORE TAX AND EXTRAORDINARY ITEMS             

12.530

8.609

13.356

 

 

 

 

 

Less/ Add

PRIOR PERIOD INCOMES / EXPENSES

0.060

1.269

0.010

 

 

 

 

 

 

PROFIT BEFORE TAX                         

12.470

7.340

13.346

 

 

 

 

 

Less

TAX                                                                 

3.223

4.064

1.726

 

 

 

 

 

 

PROFIT AFTER TAX

9.247

3.276

11.620

 

 

 

 

 

 

Earnings Per Share (Rs.)

6.96

2.46

32.28

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Return on Total Assets

(PBT/Total Assets}

(%)

4.41

3.07

6.38

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.17

0.12

0.29

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

1.75

1.65

2.18

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.98

1.06

1.07

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Share Capital

3.600

13.292

13.292

Reserves & Surplus

42.325

50.448

59.694

Share Application money pending allotment

0.542

0.000

0.000

Net worth

46.467

63.740

72.986

 

 

 

 

Long-term borrowings

82.866

53.623

40.655

Short term borrowings

18.615

51.240

86.855

Total borrowings

101.481

104.863

127.510

Debt/Equity ratio

2.184

1.645

1.747

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Total Income

209.139

310.676

403.834

 

 

48.550

29.986

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Total Income

209.139

310.676

403.834

Profit

11.620

3.276

9.247

 

5.56%

1.05%

2.29%

 

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

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

Yes

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

Yes

20]

Export / Import details (if applicable)

Yes

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

Yes

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

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10381753

24/09/2012

10,800,000.00

THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED

NANDITA, JUNGLI MAHARAJ ROAD, DECCAN GYMKHANA, PUNE, MAHARASHTRA - 411004, INDIA

B60150455

2

10268018

10/01/2011

19,200,000.00

JANATA SAHAKARI BANK LIMITED. PUNE

1444, SHUKRAWAR PETH, BAJIRAO ROAD,, THROUGH ITS 
BAJIRAO ROAD BRANCH, PUNE, MAHARASHTRA - 411002, INDIA

B06930564

3

10190759

09/10/2013 *

84,300,000.00

THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED

NANDITA, JUNGLI MAHARAJ ROAD, DECCAN GYMKHANA, PUNE, MAHARASHTRA - 411004, INDIA

B89217038

4

10190760

09/10/2013 *

130,800,000.00

THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED

NANDITA, JUNGLI MAHARAJ ROAD, DECCAN GYMKHANA, PUNE, MAHARASHTRA - 411004, INDIA

B89216063

 

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Millions)

31.03.2013

(Rs. In Millions)

SHORT TERM BORROWINGS

 

 

From Directors

9.312

0.000

From Relatives

2.500

0.000

 

 

 

Total

 

11.812

0.000

 

 

OPERATIONS

 

During the year, the Company could achieve a turnover of Rs. 403.834 Millions as against of Rs. 310.676 Millions in the preceding year. The Company has generated post tax surplus of Rs. 9.247 Millions as against of Rs. 3.276 Millions in previous year.

 

Owing to the growing business needs and the necessity to plough back the profits in business, the Directors do not recommend any dividend for the year. 

 

 

FIXED ASSETS:

 

·         Building

·         Plant and Machinery

·         Furniture and Fixtures

·         Land

·         Computer

·         Electrical Installation

·         Tools and Equipment

 

 

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 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. 61.93

UK Pound

1

Rs. 96.37

Euro

1

Rs. 76.10

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

SUB

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

DEFAULTERS 

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

29

 

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

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NB

                                       New Business

 

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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.