MIRA INFORM REPORT

 

 

Report Date :

22.11.2014

 

IDENTIFICATION DETAILS

 

Name :

EXXONMOBIL LUBRICANTS PRIVATE LIMITED

 

 

Formerly Known As :

INDO MOBIL PRIVATE LIMITED

 

 

Registered Office :

E-20, 1st and 2nd Floor, Hauz Khas, Main Market, New Delhi – 110016

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

04.03.1994

 

 

Com. Reg. No.:

55-057721

 

 

Capital Investment / Paid-up Capital :

Rs.863.985 millions

 

 

CIN No.:

[Company Identification No.]

U74899DL1994PTC057721

 

 

IEC No.:

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELE03094A

 

 

PAN No.:

[Permanent Account No.]

AABCE0207H

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Manufacturing and Selling of Lubricants.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (11)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having  moderate track record.

 

Profitability of the company is under pressure. There are accumulated losses recorded by the company which has eroded net worth of the company.

 

Business is active. Payment terms are slow.

 

The company can be considered for business dealing on a safe and secured trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

N E W S

 

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

 

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

 

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

 

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

 

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

 

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

 

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

 

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

 

 

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 DENIED BY

 

Name :

Roli Ray

Designation :

Sr. Account Manager

Contact No.:

91-124-4951369

Date :

14.11.2014

 

 

LOCATIONS

 

Registered Office :

E-20, 1st and 2nd Floor, Hauz Khas, Main Market, New Delhi – 110016, India

Tel. No.:

91-124-4951300

Mobile No.:

91-9930944306 (Ms. Nisha)

Fax No.:

91-124-4217069

E-Mail :

manuj.sehgal@exxonmobil.com

subha.guha@exxon.mobil.com

Website :

http://www.exxonmobil.com

 

 

Head Office :

3rd Floor, Signature Towers, Tower-A, South City-1, N.H.-8, Gurgaon – 122001, Haryana, India

 

 

Factory :

Located at:

v  Taloja (Near Mumbai)

 

 

Branch Office :

Plot No.107, Ground Floor, Kalpataru  Point, Kamani Marg, Road No.8, Sion (East), Mumbai, Maharashtra, India

 

 

DIRECTORS

 

As on 26.09.2014

 

Name :

Mr. Raymond Keng An Wong

Designation :

Director

Address :

712, Residential Apartment, Aralias, DLF Golf Course Road, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

19.11.1973

Date of Appointment :

20.09.2011

DIN No.:

03306802

 

 

Name :

Mr. Vincent Sy Feng Chong

Designation :

Additional Director

Address :

7, Figaro Garden, Singapore 454982

Date of Birth/Age :

02.11.1969

Date of Appointment :

25.06.2013

DIN No. :

06614006

 

 

Name :

Chew Poh Ann

Designation :

Additional director

Address :

137, Poh Huat Road, Block Park Seven, West # 02- 08, Singapore  546687

Date of Birth/Age :

02.11.1964

Date of Appointment :

06.03.2013

DIN No. :

06519539

 

 

KEY EXECUTIVES

 

Name :

Mr. Manuj Sehgal

Designation :

Secretary

Address :

B-2/84, 3rd Floor, Sector – 16, Rohini, Delhi – 110085

Date of Birth/Age :

17.05.1978

Date of Appointment :

19.10.2006

PAN No.:

ARTPS3844A

 

 

Name :

Roli Ray

Designation :

Sr. Account Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 26.09.2014

 

Names of Equity Shareholders

 

No. of Shares

 

Mobil Petroleum Company Inc., USA 

 

63398499

Mobil International Petroleum Corporation, USA

 

1

Total

 

63398500

 

 

Names of Preference Shareholders 

 

No. of Shares

 

ESSO Global Investments Limited, USA

 

2300000

Total

 

2300000

 

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage of Holding

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Selling of Lubricants

 

 

Products :

Not Divulged

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

 

Products :

Not Divulged

Countries :

Not Divulged

 

 

Imports :

 

Products :

Not Divulged

Countries :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

 

GENERAL INFORMATION

                                   

Suppliers :

Not Divulged

 

 

Customers :

Not Divulged

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

Banker Name

Bank Of America

Branch Address

DLF Center, 1st Floor, Sansad Marg, New Delhi – 110001, Delhi India. 

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

  

 

Banker Name

Societe General Bank

Branch Address

6th Floor, Mohan Dev Building, 13, Tolstoy Marg, New Delhi - 110 001, India 

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Millions)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

Short Term Borrowing

 

 

Working Capital Loans from Banks

117.000`

100.000

 

 

 

Total

117.000`

100.000

 

 

 

Banking Relations :

---

 

 

Auditors :

 

Name :

Price Waterhouse and company

Chartered Accountant

Address :

Building No. 8, 7th and 8th Floor, Tower B, DLF Cyber City, Gurgaon – 122002, Haryana, India

PAN No.:

AAHFP0187A

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Ultimate Holding Company:

·         Exxon Mobil   Corporation

 

 

Fellow Subsidiary Company :

·         ExxonMobil Marine Limited

·         ExxonMobil Asia Pacific Pte Limited

·         ExxonMobil Gas (India) Private Limited

·         ExxonMobil Company India Private Limited

·         ExxonMobil Lubricants Trading Inc.

·         Mobil Korea Lube Oil Inc

·         ExxonMobil  Oil Corporation

·         ExxonMobil Lubricant Specialities Europe

·         ExxonMobil International Corporation

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

80000000

Equity Shares

Rs.10/- each

Rs.800.000 millions 

5000000

Preference Shares

Rs.100/- each

Rs.500.000 millions

 

Total

 

Rs.1300.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

63398500

Equity Shares

Rs.10/- each

Rs.633.985 millions

2300000

Preference Shares

Rs.100/- each

Rs.230.000 millions

 

Total

 

Rs.863.985 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

863.990

863.990

863.985

(b) Reserves & Surplus

(1562.110)

(771.110)

(289.871)

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

(698.120)

92.880

574.114

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

1630.000

1442.000

0.000

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

2.090

1.460

0.000

(d) long-term provisions

22.610

29.240

20.895

Total Non-current Liabilities (3)

1654.700

1472.700

20.895

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

117.000

100.000

1222.000

(b) Trade payables

1826.890

985.510

1013.484

(c) Other current liabilities

206.360

199.850

210.821

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

2150.250

1285.360

2446.305

 

 

 

 

TOTAL

3106.830

2850.940

3041.314

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

62.180

74.780

15.026

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

54.831

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

29.624

(d)  Long-term Loan and Advances

343.110

275.980

245.048

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

405.290

350.760

344.529

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

1418.380

1305.030

1406.562

(c) Trade receivables

864.010

875.210

817.594

(d) Cash and cash equivalents

162.470

50.470

135.332

(e) Short-term loans and advances

256.680

269.470

337.297

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

2701.540

2500.180

2696.785

 

 

 

 

TOTAL

3106.830

2850.940

3041.314

 

 

                                                          PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

 

5389.419

5148.319

 

 

Other Income

 

19.681

13.850

 

 

TOTAL                                     (A)

 

5409.100

5162.169

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

 

2637.849

2433.701

 

 

Purchases of Stock-in-Trade

 

1023.827

1086.789

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

54.853

(135.377)

 

 

Employees benefits expense

 

285.804

261.951

 

 

Other expenses

 

1655.150

1345.662

 

 

TOTAL                                     (B)

 

5657.483

4992.726

 

 

NA

 

 

Less

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

 

(248.383)

169.443

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

 

133.698

114.784

 

 

 

 

 

 

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

 

(382.081)

54.659

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

 

15.398

2.768

 

 

 

 

 

 

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

 

(397.479)

51.891

 

 

 

 

 

Less

TAX                                                                  (H)

 

30.493

13.751

 

 

 

 

 

 

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

(791.000)

(481.241)

38.140

 

 

 

 

 

 

Earnings Per Share (Rs.)

(91.55)

(55.70)

4.41

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

PAT / Sales

(%)

NA

(8.93)

0.74

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

NA

(4.61)

3.29

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

NA

(13.94)

1.75

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

NA

(4.28)

0.09

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

(2.50)

16.60

2.13

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.26

1.95

1.10

 

 

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

863.985

863.990

863.990

Reserves & Surplus

(289.871)

(771.110)

(1562.110)

Net worth

574.114

92.880

(698.120)

 

 

 

 

long-term borrowings

0.000

1442.000

1630.000

Short term borrowings

1222.000

100.000

117.000

Total borrowings

1222.000

1542.000

1747.000

Debt/Equity ratio

2.128

16.602

(2.502)

 

 

 

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

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

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

No

 

 

UNSECURED LOAN

(Rs. In Millions)

 

As on

31.03.2014

As on

31.03.2013

Long Term Borrowing

 

 

Intercorporate Borrowing

1630.000

1442.000

 

 

 

Total

1630.000

1442.000

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10452872

16/09/2013

440,000,000.00

Bank of America

DLF Center, 1st Floor, Sansad Marg, New Delhi, De 
lhi - 110001, INDIA

B86579042

2

80007300

04/06/2014 *

400,000,000.00

SOCIETE GENERALE

6TH FLOOR, MOHAN DEV, 13 TOLSTOY ROAD, NEW DELHI, 
Delhi - 110001, INDIA

C09128232

 

* Date of charge modification

 

 

FIXED ASSETS

  • Plant and Machinery
  • Moulds and Tools
  • Furniture and Fixtures
  • Computers
  • Office 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.62.10

UK Pound

1

Rs.97.31

Euro

1

Rs.77.91

 

 

INFORMATION DETAILS

 

Information Gathered by :

HNA

 

 

Analysis Done by :

SUM

 

 

Report Prepared by :

SPR

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

1

OPERATING SCALE

1~10

1

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILIRY

1~10

1

--LIQUIDITY

1~10

1

--LEVERAGE

1~10

1

--RESERVES

1~10

1

--CREDIT LINES

1~10

1

--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

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

11

 

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.