MIRA INFORM REPORT

 

 

Report Date :

09.12.2014

 

IDENTIFICATION DETAILS

 

Name :

UNITED FRAM FOOTWEAR (PTY) LTD

 

 

Registered Office :

18 Sprinz Avenue, Village Main, Johannesburg, Gauteng

 

 

Country :

South Africa

 

 

Date of Incorporation :

---

 

 

Com. Reg. No.:

---

 

 

Legal Form :

---

 

 

Line of Business :

---

 

 

No of Employees :

---

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Dormant company

Payment Behaviour :

---

Litigation :

---

 

 

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)

South Africa

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

South Africa ECONOMIC OVERVIEW

 

South Africa is a middle-income, emerging market with an abundant supply of natural resources; well-developed financial, legal, communications, energy, and transport sectors and a stock exchange that is the 16th largest in the world. Even though the country's modern infrastructure supports a relatively efficient distribution of goods to major urban centers throughout the region, unstable electricity supplies retard growth. The global financial crisis reduced commodity prices and world demand. GDP fell nearly 2% in 2009 but has recovered since then, albeit slowly with 2014 growth projected at about 2%. Unemployment, poverty, and inequality - among the highest in the world - remain a challenge. Official unemployment is at nearly 25% of the work force, and runs significantly higher among black youth. Eskom, the state-run power company, has built two new power stations and installed new power demand management programs to improve power grid reliability. Construction delays at two additional plants, however, mean South Africa is operating on a razor thin margin; economists judge that growth cannot exceed 3% until those plants come on line. South Africa's economic policy has focused on controlling inflation, however, the country has had significant budget deficits that restrict its ability to deal with pressing economic problems. The current government faces growing pressure from special interest groups to use state-owned enterprises to deliver basic services to low-income areas and to increase job growth.

 

Source : CIA

 

 

 

COMPANY NAME

 

UNITED FRAM FOOTWEAR (PTY) LTD

 

 

PHYSICAL ADDRESS

 

18 Sprinz Avenue

VILLAGE MAIN

Johannesburg

Gauteng

 

 

POSTAL ADDRESS

 

P O Box 260043

EXCOM

2023

 

TELEPHONE NUMBER: (011) 332-1500

 

           

On investigation it was established that UNITED FRAM FOOTWEAR is a division of KAP MANUFACTURING (PTY) LTD which report should be consulted. It was also established that UNITED FRAM FOOTWEAR had been sold off and is now dormant.

 

The subject had been in existence for over 100 years and changed style over the years.

 

 

 

Note:

(The information contained in this report, other than statutory data and comment by outside authorities, has been voluntarily supplied by officials of the subject):

 

 

COMPANY NAME

 

KAP MANUFACTURING (PTY) LTD

 

Formerly: FELTEX HOLDINGS (PTY) LTD, the name having been changed on 8 February 2013

Formerly: HOSAF FIBRES (PTY) LTD, the name having been changed on 9 February 2005

Formerly: HOECHST SOUTH AFRICA LTD, the name and entity having been changed on 7 March 2002

 

 

TRADING DIVISION

 

FELTEX AUTOMOTOVE: 

(MANUFACTURING DIVISION)

CARAVELLE AUTOMOTIVE CARPETS

FELTEX AUTOMOTIVE TRIM

FUTURIS FELTEX (FELTEX FOAMING CONVERTING)

FELTEX UNIFRAX

FELTEX FOAM

FELTEX FEHRER

AUTONEUM FELTEX

HOSAF PET

 

 

CONSUMER DIVISION

 

JORDAN & CO

BRENNER MILLS

 

 

INDUSTRIAL FOOTWEAR DIVISION

 

WAYNE PLASTICS

UNITED FRAM FOOTWEAR

MOSSOP WESTERN LEATHERS

CORPORATE SERVICES

 

 

PHYSICAL ADDRESS

 

Head Office

Block D

De Wagenweg Office Park

Stellentia Road

STELLENBOSCH

Western Cape

 

 

POSTAL ADDRESS

 

P O Box 3639    and       P O Box 18

PAARL                         STELLENBOSCH

7620                             7599

 

TELEPHONE NUMBER:+27 21 808 0900

FAX NUMBER:              +27 21 808 0800

 

On investigation contact was made with the financial director who confirmed that PROPET SA (PTY) LTD purchased the division, HOSAF FIBRES in March 2011. It is reported that a division HOSAF PET still remains.  The name of the subject remains the same as it has only sold off the HOSAF FIBRES division

 

The address of corner Potsdam and Sati Roads, Killarney Gardens, Western Cape belongs to the division HOSAF FIBRES.

 

The address of 291 Paisley Road, Jacobs, Durban, Tel no. 031 460 4200 belongs to the FELTEX AUTOMOTIVE TRIM FACTORY.

 

It is reported that the address supplied by our client of 149 Hime Street, Jacobs Durban belongs to the manufacturing division of HOSAF PET and can be contacted on +27 31 450 4111.

 

 

SHAREHOLDERS

 

100%    KAP INDUSTRIAL HOLDINGS LTD (Listed on the JSE LTD) (Registration Certificate Number: 1978/000181/06) which in turn is owned 61.86% by STEINHOFF AFRICA HOLDINGS (PTY) LTD (Registration Certificate Number: 1969/015042/07)  while the remainder of the shares are held by other general investors.

 

 

SUBSIDIARY COMPANIES

 

DURBAN FIBRES (PTY) LTD

(Registration Certificate Number: 1993/006893/07)

HOSAF RECYCLING (PTY) LTD

(Registration Certificate Number: 2003/013731/07)

DANO TEXTILE INDUSTRIES (PTY) LTD

(Registration Certificate Number: 1951/003269/07)

FELTEX LTD (dormant)

(Registration Certificate Number: 1933/016368/06)

JORDAN FOOTWEAR NAMIBIA (PTY) LTD

FELTEX FEHRER (PTY) LTD (74% owned)

(Registration Certificate Number: 1947/025764/07)

RIETER FELTEX AUTOMOTIVE MANUFACTURING (PTY) LTD, - 49% owned (Registration Certificate Number: 1997/011791/07), a joint venture with AUTONEUM in Switzerland

FELTEX FEHRER (PTY) LTD

(Registration Certificate Number: 1947/025764/07)

FUTURIS FELTEX (PTY) LTD

(Registration Certificate Number: 2005/002768/07)

AUTONEUM FELTEX (PTY) LTD

(Registration Certificate Number: 1997/011791/07)

BRENNER HOLDINGS (PTY) LTD

(Registration Certificate Number: 1998/023360/07)

BRENNER MILLS (PTY) LTD

(Registration Certificate Number: 1988/070346/07)

GLODINA (PTY) LTD

(Registration Certificate Number: 1951/003269/07)

HYDES AND SKIN BROKERS (PTY) LTD

(Registration Certificate Number: 2000/008005/07)

HOSAF RECYCLING (PTY) LTD

(Registration Certificate Number: 2003/013731/07)

STEITEX (PTY) LTD

(Registration Certificate Number: 1960/004027/07)

 

 

DIRECTORS

 

P C T SCHOUTEN (Chairman)                            ID No.   5410125002086

P WHITE                                                           ID No.   5106265168104

U M G FRIGERIO                                              ID No.   6007035856086

M BALLADON                                                   ID No.   6203135070088

J P HAVEMAN                                                  ID No.   7406115060081

B POLLOCK                                                      ID No.   4908215020082

MS C VAN DER SCHYFF                                  ID No.   7706140009080

F J GELDENHUYS                                            ID No.   5610125050089

K J GROVE                                                       ID No.   4905285049082

F P HUMAN                                                      ID No.   5509015121085

H ODENDAAL                                                   ID No.   5703305003083

N A SIEBRITS                                                   ID No.   6003055028086

T SIYOLO                                                         ID No.   6211275527080

N J WHITEHEAD (Alt Dir to B POLLOCK)                        Newly appointed

 

 

BANKERS

 

NEDBANK Corporate Branch, MIDRAND, Account Number: 1686027745, STANDARD BANK, Corporate Branch, Cape Town as well as FIRST NATIONAL BANK, Corporate Branch, Cape Town.  It was stated that the subject enjoys multi-function facilities to an extent of R836 000 000 for the group, secured by cross company guarantees.  

 

It is reported that the subject banks with ABSA BANK, Simmonds street. The subject has a very small account with ±R6 000 in debit as the account previously belonged to one of the divisions and was utilised as a debtors facility for customers.

 

 

DATE REGISTERED

 

27 June 1957

Registration Certificate Number: 1957/001891/07

 

It was stated that the subject changed its name and incorporated the assets and operations of FELTEX LTD and the JORDAN & CO a division of CONSHU TRADING (PTY) LTD on 1 July 2004.  It was stated that the subject also took over the MOSSOP WESTERN LEATHERS and FELTEX AUTOMOTIVE LEATHERS divisions of KOLOSUS LEATHERS (PTY) LTD in January 2005.

 

 

TAX NUMBER    

 

9950195712       KAP MANUFACTURING (PTY) LTD

 

 

VAT NUMBER

 

4130219829       GROUP H/OFFICE of the Division FELTEX          

4320254768       FELTEX HOLDINGS – LARGE BUSINESS                                  

4390222703       FELTEX HOLDINGS - STELLENBOSCH 

4640217263       WAYNE PLASTICS

4630226142       MOSSOP WESTERN LEATHERS

4380254765       BRENNER MILLS

4190254765       BRENNER MILLS – BELA BELA

4010254763       BRENNER MILLS – HEAD OFFICE

4070254760       BRENNER MILLS – ZOUTPANSBERG

4240254765       BRENNER MILLS / BRENNCO BRANDS

4200254763       BULL BRAND FOODS

4400220275       CARAVELLE AUTOMOTIVE HOLDINGS

 

 

MAJOR OPERATION

 

The divisions have various operations, some of them being: 

 

FELTEX AUTOMOTIVE TRIM manufactures integrated automotive trim and acoustic accessories

FELTEX FOAM CONVERTING manufactures slab stock and peeled foams used for lamination in the automotive industry

FELTEX UNIFRAX are suppliers of mats for catalytic converters for exhausts of motor vehicles

UNITED FRAM manufacturer of industrial leather footwear

MOSSOP WESTERN LEATHERS tannery supplying bovine leather to footwear and leather goods industry

HOSAF FIBRE manufacturers of polyester fibre and PET bottle resin.

JORDAN & CO is a branded fashion footwear and sport shoe manufacturer and distributor

CARAVELLE AUTOMOTIVE CARPETS manufactures carpets for cars and other vehicles

WAYNE PLASTICS manufactures of PVC boots

 

 

MAJOR SUPPLIERS

 

It was stated that each division deals with its own suppliers.

 

Previously, we have divulged the names of the major suppliers in our reports.  We have discontinued this practice to protect our valuable sources of trade            information. This has become necessary because we now give a description of       the goods or services to which the trade references relate.  This gives our client             the ability to assess whether  the purchases are vital to the subject’s operation and whether we have only been given their essential suppliers that must be paid promptly for the subject to maintain its operation.

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Automotive manufacturers, bottlers (Coca Cola), footwear, leather goods, lamination and catalytic converter industry as well as large retailers

 

 

AREA OF DISTRIBUTION AND SELLING

 

South Africa

 

 

EXPORTS

 

Europe, UK and African countries

 

 

TOTAL EMPLOYEES

 

±4 750 in the group

 

 

OTHER PREMISES

 

The subject’s head office is situated in Stellenbosch and its operations are situated in Johannesburg, Durban, Cape Town, Pretoria, Midrand, Port Elizabeth and Krugersdorp.  It was stated that Mossop Leathers has a plant in Wellington.

 

OWNED OR LEASED

 

Only one of the premises is reported to be leased.  The rest of the premises are stated to be owned by the subject, free of bond. 

 

 

AUTHORISED SHARE CAPITAL

 

R200 000 000 divided into 200 000 000 ordinary shares of R1 each

 

 

ISSUED SHARE CAPITAL

 

R169 000 000

 

 

SHARE PREMIUM ACCOUNT

 

R153 000 000

 

 

FINANCIALS

 

For financial information, please see attached JSE LTD handbook extract for financial results on the holding company for June 2014.

 

 

AUDITORS

 

DELOITTE & TOUCHE Cape Town          +27 21 427 5300

 

 

YEAR END

 

JUNE

 

INSURANCE BROKERS

 

MARSH INSURANCE BROKERS

 

 

TRADE REFERENCES – DECEMBER 2006

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    1997             R400 000       R200 000-       60 days    60 days        Excellent

                                               R400 000

 

2.    3 years         R  50 000       R  20 000-       30 days    30 days        Good

                                               R  50 000

 

3.    Old acc        R300 000       R  90 000-       30 days    30 days        Very Good

                          c/l                 R100 000

 

 

TRADE REFERENCES – AUGUST 2007 

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.        4 years        R  15 000       R  15 000        30 days    30 days        Good

 

2.    25 years       R300 000       R100 000        30 days    30 days        Excellent

                          c/l

 

3.    +10 years     R400 000       R300 000-       30 days    30 days        Excellent

                                               R400 000

 

 

TRADE REFERENCES – FEBRUARY 2008 

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Old acc        R1 000 000    R   900 000     30 days    30 days        Very Good

 

2.    Old acc        R2 500 000    R   700 000     30 days    30 days        Excellent

 

3.    Do not give trade references

 

TRADE REFERENCES - SEPTEMBER 2008

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    20 years       Declined        R   500 000     30 days    30 days        Very Good

 

2.    20 years       R22 000 000   Declined          90 days    90 days        Very Good

                          c/l

 

3.    10 years       Declined        R1 000 000      30 days    30 days        Very Good

 

 

 

TRADE REFERENCES – FEBRUARY 2009

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.        5 years        R1 000 000    R400 000        30 days    30 days        Good

                          c/l

 

2.    Old acc        R   760 000    R200 000-       30 days    30 days        Excellent

                          c/l                 R500 000

 

3.    10 years       R     50 000    R  15 000-       60 days    90 days        Slow

                                               R  20 000

 

4.    Do not give trade references

 

 

TRADE REFERENCES – OCTOBER 2009

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    ±20 years     +R1 000 000  ±R1 000 000    30 days    30 days        Excellent

 

2.    15 years       +R1 000 000  +R   300 000   30 days    30 days        Excellent

 

3.       Do not give trade references

 

4.       Do not give trade references

 

5.       Do not give trade references

 

TRADE REFERENCES – MAY 2010

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    10 years       Declined        Figures           30 days    30 days        Very Good

 

2.    Old               Declined        R    80 000      30 days    30 days        Excellent

                                                                                    less 2.5%

 

3.    5 Years        R5 000 000    R2 000 000-     30 days    30 days        Very Good

 

4.    Do not give trade references

 

 

TRADE REFERENCES – JUNE 2010

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    +5 years       R800 000       R200 000        30 days    30 days        Very Good

 

2.    Old               none              R100 000        30 days    25 days        Very Good

 

3.    +13 Years     none              R325 000        30 days    30 days        Excellent

 

 

TRADE REFERENCES – AUGUST 2010

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    +5 years       R850 000       R400 000-       30 days    30 days        Excellent

                          c/l                 R650 000

 

2.    10 years       R500 000       R200 000-       30 days    30 days        Excellent

                                               R250 000

 

3.    Do not give trade references

 

 

TRADE REFERENCES – DECEMBER 2010

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.       7 years         R850 000       R700 000        30 days    30 days        Very Good

                          c/l

 

2.    20 years       Declined        R250 000-       60 days    60 days        Very Good

                                               R400 000

 

3.    Do not give trade references

 

 

TRADE REFERENCES – MAY 2011

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Do not give trade references                                                         Very Good

 

2.    10 years       R1 000 000    R300 000-       30 days    30 days        Very Good

 

3.    Do not give trade references

 

 

TRADE REFERENCES – NOVEMBER 2011

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    2 years         R300 000         R  50 000-     60 days    60 days        Excellent

                          c/l                   R300 000

 

2.    8 years         R400 000       declined          30 days    30 days        Good

                          c/l

 

3.    9 years         R300 000       ±R200 000       30 days    ±35 days      Good

 

 

TRADE REFERENCES – AUGUST 2012 

CARAVELLE AUTOMOTIVE CARPETS

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.       Do not give trade references

 

2.       ±10 years     R850 000       R600 000        30 days    30 days        Excellent

 

3.       Closed Account of their own volition                                              Excellent

 

4.       Do not give trade references

 

 

TRADE REFERENCES – AUGUST 2012

FELTEX AUTOMOTIVE TRIM

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS        PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                             PATTERN

 

1.    Do not give trade references

 

2.    12 years       R850 000       R300 000-       30 days       30 days        Very Good

                                               R500 000

 

3.    Last purchase 2 years ago

 

4.    Debtors in Germany

 

5.       Do not give trade references

 

 

TRADE REFERENCES – APRIL 2013

 

      ACCOUNT    HIGHEST       AVERAGE       TERMS        PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                             PATTERN

 

1.       Unable to obtain.

 

2.    Aug 2001      R1 200 000    R400 000-       30 days       30 days        Very Good

                                               R700 000

 

3.    Have not purchased for more than 2 years.

 

4.    Debtors are done in Egypt

 

5.    Do not give trade references

 

TRADE REFERENCES – MAY 2013

 

       ACCOUNT   HIGHEST       AVERAGE      TERMS     PAYMENT    EXPERIENCE

       OPENED      CREDIT          CREDIT                          PATTERN

 

1.         Do not give trade references

 

2.         5 years        R500 000        ±R400 000      30 days     30 days        Very Good

 

3.         Have not dealt with them in over 2 years

 

4.         Debtors done in Egypt

 

5.         Do not give trade references

 

 

TRADE REFERENCES – DECEMBER 2013

 

       ACCOUNT   HIGHEST       AVERAGE      TERMS     PAYMENT    EXPERIENCE

       OPENED      CREDIT          CREDIT                           PATTERN

 

1.         Do not give trade references

 

2.         Unable to obtain trade reference

 

3.         Unable to obtain trade reference

 

4.         Debtors are in Egypt

 

5.         Do not give trade references

 

 

TRADE REFERENCES – APRIL 2014

 

       ACCOUNT   HIGHEST       AVERAGE      TERMS     PAYMENT    EXPERIENCE

       OPENED      CREDIT          CREDIT                          PATTERN

 

1.         Do not give trade references

 

2.         +10 years    R1 500 000     ±R1 000 000   30 days     30 days        Excellent

                    c/l

 

3.         Unable to obtain trade reference.  Debtors are administered in Egypt

 

4.         Do not give trade references

 

TRADE REFERENCES-APRIL 2014

 

       ACCOUNT   HIGHEST       AVERAGE      TERMS     PAYMENT    EXPERIENCE

       OPENED      CREDIT          CREDIT                          PATTERN

 

1.         Do not give trade references

 

            2.     Awaiting email trade reference

 

            3.     +10 years    R 250 000       R 150 000-      60 days     60 days        Very Good

                                      c/l                  R 200 000

 

            4.     ±10 years     Open              R 500 000       30 days     30 days        Good

 

            5.     +5 years      Declined         R 300 000-      60 days     60 days        Very Good

                                      c/l                  R 800 000

 

 

CURRENT TRADE REFERENCES

 

       ACCOUNT   HIGHEST       AVERAGE      TERMS     PAYMENT    EXPERIENCE

       OPENED      CREDIT          CREDIT                          PATTERN

 

            1.     +15 years    Open              ±R2 000 000   45 days     45 days        Excellent

 

            2.     +5 years      Declined         ±R500 000-     60 days     60 days        Very Good

                                                             R900 000

           

            3.     Awaiting emailed trade reference

 

 

NATURE OF GOODS OR SERVICES SUPPLIED

(These descriptions relate respectively by number to the above current trade transactions):

 

1.    Leather

2.    Footwear consumables

 

COMMENTS

 

This is a well-established and well-connected company meeting its obtainable commitments timeously. No adverse comments have been heard. The subject is considered as equal to its normal business engagements.

 


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

 

Analysis Done by :

RAS

 

 

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.