MIRA INFORM REPORT

 

 

Report Date :

25.11.2014

 

IDENTIFICATION DETAILS

 

Name :

KIRAN EXPORTS (HONG KONG) LIMITED

 

 

Registered Office :

Unit 607-608, 6/F, Hider Centre, 2 Sung Ping Street, Hung Hom, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

12.11.2003

 

 

Com. Reg. No.:

870142

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trading of diamonds 

 

 

No. of Employees :

About 10 Employees

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No complaints

Litigation :

Clear

 

 

NOTES :

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

 

ECGC Country Risk Classification List – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Hong Kong

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

HONG KONG - ECONOMIC OVERVIEW

 

Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 12% of total system deposits in Hong Kong by the end of 2013. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's total trade by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 34.9 million in 2012, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies

 

Source : CIA

 

 

 

 

Contact Points

 

Company Name:

Kiran Exports (Hong Kong) Limited

Supplied Name:

Kiran Exports (HK) Ltd

Trading Address:

Unit 607-608, 6/F, Hider Centre, 2 Sung Ping Street, Hung Hom, Kowloon, Hong Kong

Supplied Address:

Room 607-608 6/F Hilder Centre 2 Sung Ping Street Hung Hom Kowloon

Notes: The exact name and address are as above.

 

 

Company Identification Details

 

Registered Name:

KIRAN EXPORTS (HONG KONG) LIMITED

Registered Address:

Unit 607-608, 6/F, Hider Centre, 2 Sung Ping Street, Hung Hom, Kowloon, Hong Kong

Telephone Number:

+852-2366-2488

Fax Number:

+852-2739-8288

E-mail:

infohk@kirangems.com

Date of Registration:

2003-11-12

Registered Number:

870142

Business Registration No.:

34110655

Registered Capital:

HKD 92,540,000 (USD 11,937,660)

(As of 2014.11, 1 HKD = 0.129 USD)

Paid-up Capital:

HKD 92,540,000 (USD 11,937,660) = 9,254,000 Shares@ HKD 10

Legal Form:

Private Limited Liability Company

SITC Code:

66729--Diamonds, non-industrial, otherwise worked, but not mounted or set (cm)

Principal Activities:

Trading of diamonds 

Staff:

About 10 Employees

Listed at Stock Exchange:

No

Date of Last Annual Return:

2013-11-12

 

 

History

 

Subject was incorporated on 2003-11-12 with the registered number 870142 as Private Limited Liability Company in Hong Kong.

 

 

Shareholders

 

Name

Subscription shares

Proportion of Investment (%)

Gautam Bhikhabhai Gopani

5,000

0.06

Kiranmani Diamonds Private Limited

30,000

0.32

Vimal Labhubhai Lakhani

15,000

0.16

Ashish Babulal Lakhani

9,204,000

99.46

Total

9,254,000

100%

 

Major Shareholder Information:

1

Name:

Gautam Bhikhabhai Gopani

Registered Address:

56/19 Pan Road, Silom Bangrak, Bangkok 10500 Thailand

2

Name:

Kiranmani Diamonds Private Limited

Registered Address:

109, Prasad Chambers Opera House, Mumbai-400 004 India

3

Name:

Vimal Labhubhai Lakhani

Registered Address:

30- Hoveniersstraat, Office 152, Box-246, 2018, Antwerpen, Belgium

4

Name:

Ashish Babulal Lakhani

Registered Address:

Plot #369 Vijay Raj Nagar, Street-5 Bhavnagar, Gujarat, India

 

 

Corporate Structure

 

Related Companies

1

Name:

Kiran Gems Pvt. Ltd.

Address:

FE5011, Bharat Diamond Bourse, G Block, Bandra Kurla Complex, Bandra (E),

Mumbai - 400 051. India.

Tel:

+91 22 4050 4444

Fax:

+91 22 4050 4455

E-mail:

info@kirangems.com

2

Name:

Kiran Exports B.V.B.A.

Address:

30 - Hoveniersstraat, Office 450, Box 246, 2018 Antwerp, Belgium.

Tel:

+323 225 3604

Fax:

+323 225 3605

E-mail:

infobvba@kirangems.com

3

Name:

Kiran Gems (Shanghai) Ltd.

Address:

Room B317, China Diamond Trading Center, 1701 Century Avenue, Pu Dong New Area, Shanghai - 200122. China.

Tel:

+86 755 2295 1161

Fax:

+852 2739 8288

E-mail:

china@kirangems.com

4

Name:

Kiran Jewels Inc.

Address:

529, Fifth Avenue, 17th Floor, New York, N.Y. 10017. USA.

Tel:

+1 212 819 0215

Fax:

+1 212 819 0443

E-mail:

infousa@kiranjewels.com

5

Name:

Kiran Jewels LLC.

Address:

P.O. Box 49946, 202, Gold Land Building, 2nd Floor, Gold Souk, Deira, Dubai, U.A.E.

Tel:

+971 4235 2982

Fax:

+971 4235 2983

E-mail:

ashish.lakhani@kiranjewels.com

 

 

Management Information

 

Core Management

 

Detailed Information of Directors:

1

Name:

Gautam Bhikhabhai Gopani

Registered Address:

56/19 Pan Road, Silom Bangrak, Bangkok 10500 Thailand

Position:

Director

Passport Number:

F0255361

Issuing Country:

India

2

Name:

Gopani Ami Gautam

Registered Address:

Flat B, 8/F, Tower 6, Laguna Verde Avenue, No. 8 Tai Wan Road East, Hung Hom, Kowloon, Hong Kong

Position:

Director

ID Number:

R444525(1)

3

Name:

Champion Corporate Limited

Address:

Unit 907, 9/F, Silvercord Tower 2, 30 Canton Road, Tsin Shat Sui, Kowloon, Hong Kong

Position:

Corporate Secretary

Registered Number:

657221

 

 

Personnel Structure

 

Total Employees

About 10 Employees

 

 

Operation Information

 

Offices & Factories

 

 

Office

Address:

Unit 607-608, 6/F, Hider Centre, 2 Sung Ping Street, Hung Hom, Kowloon, Hong Kong

 

 

Premises Information

 

Office address:

Address:

Workshop Unit No.07 On 6th Floor

Hilder Centre

No.2 Sung Ping Street

Kowloon

Owners:

Kiran Exports (Hong Kong) Limited

Memorial Number:

11122100320013

Date of Instrument:

2011-11-30

Date of Registration:

2011-12-21

Consideration Value:

HKD 26,625,000.00 (PT.)

 

 

History of Premises Owners’

 

1

Memorial No.:

13041900210020

Date of Instrument:

2013-4-16

Date of Registration:

2013-4-19

Nature:

Mortgage

In Favor of:

Industrial And Commercial Bank Of China (Asia) Limited

Consideration:

To Secure All Monies In Respect Of General Banking Facilities (Pt.)

2

Memorial No.:

11090700240038

Date of Instrument:

2011-9-1

Date of Registration:

2011-9-7

Nature:

Agreement For Sale And Purchase

In Favor of:

Kiran Exports (Hong Kong) Limited

Consideration:

HKD 27,500,000.00 (PT.)

3

Memorial No.:

11081900310021

Date of Instrument:

2011-7-26

Date of Registration:

2011-8-19

Nature:

Preliminary Sale And Purchase Agreement

In Favor of:

Kiran Exports (Hong Kong) Limited

Consideration:

HKD 27,500,000.00 (PT.)

Note: (PT.) means “part of”.

 

 

Production Information

 

Subject is engaged in trading of diamonds, etc. without any production activities.

It is introduced that subject’s group has factories in India for production.

 

 

Purchase Information

 

Subject mainly imports its products from its related factory of its group in India, etc.

 

 

Sales Information

 

The subject is a trader of diamonds, etc.

The major products sold by the subject are certified diamonds and loose diamonds parcels, etc.

The sales regions of the subject include domestic market, Japan, Korea, Other Asian Countries, Europe, America, etc.

Subject’s major customers are manufacturers and designers of watch, jewelry and etc.

It is introduced that subject is selling some diamonds with GIA certification.

 

 

Settlements

 

Purchase

 

Domestic Purchase

 

Subject has little domestic purchase.

 

Import

Products

Diamonds, etc.

Payment Terms

Interior Settlement, L/C, T/T, etc.

 

Sales

 

Domestic Markets

Product

Diamonds, etc.

Selling Terms

T/T, Cash, etc.

 

Export

Product

Diamonds, etc.

Selling Terms

L/C, T/T, etc.

 

 

Financial Information

 

The subject has no obligation to supply its financial statement to the third party according to the relevant policy in Hong Kong and the only source from which we can obtain the information is the subject itself.

Subject’s salesman rejected to disclose the financial information, from other resources we can not find it, either.

 

 

Bankers

 

Subject declined to disclose its bank details; from other source we cannot obtain the relevant information, either.

 

 

Public

 

Civil Litigation

 

Date:

2010-09-13

Court Name:

District Court Civil Action

Court No.:

3158

Claimant:

Kiran Exports (Hong Kong) Ltd

c/o

Room 905, 9/F,

Hilder Centre,

2 Sung Ping Street,

Hung Hom, Kln

c/o

Tsang, Chan & Woo

(a firm)

Defendant:

Draco Int'l Jewelry Mfg. Co Ltd

OR

Draco International Jewelry Manufacturing Co Ltd

c/o

Unit 1, 14/F,

Royal Commercial Centre,

56 Parkes Street,

Jordan, Kln

Reason:

Good Sold & Delivered

Amount:

USD 95,434.90

 

 

Mortgage Record

 

1

Company Name:

Kiran Exports (Hong Kong) Limited

Instrument of Creating Mortgage:

Mortgage

Date of Creating Mortgage:

2013-4-16

Amount Secured:

All principal, interest and other amounts from time to time owing by the mortgagor (whether individually or jointly or jointly and severally) to the lender on any current and/or other account and all other liabilities whatsoever of the mortgagor to the lender whether joint, several, present, future, actual and/or contingent.

Name of Mortgagee:

Industrial And Commercial Bank Of China (Asia) Limited

Address of Mortgagee:

33rd Floor, ICBC Tower, 3 Garden Road, Central, Hong Kong

Description of Property Mortgaged:

All those 21/1,148th parts or shares of and in Section B Of Kowloon Marine Lot No. 113 (Workshop Unit Nos. 7 and 8 on 8th Floor Of Hider Centre, No. 2 Sung Ping Street, Kowloon)

All those 43/534,325th parts or shares of and in Kowloon Inland Lot No. 11056 (Flat F on 29th Floor of Tower16 of Laguna Grande (Phase IV A) Laguna Verde, No. 8 Laguna Verde Avenue, Kowloon)

2

Company Name:

Kiran Exports (Hong Kong) Limited

Instrument of Creating Mortgage:

Debenture

Date of Creating Mortgage:

2012-5-30

Amount Secured:

“Secured Indebtedness” means all monies, obligations and liabilities now or at any time hereafter due, owing or incurred to the bank or any other secured party by the borrower (and if there is more than one person comprised in the expression jointly) whether on any banking or other account or otherwise in whatever manner and whether actual or contingent and in whatever on any banking or otherwise in whatever manner and whether actual or contingent and in whatever currency and whether solely or jointly (except where there is more than one person comprised in expression “borrower”, in which case the monies, obligations and liabilities must be must be owing or incurred by those person jointly) and in whatever bane, style or form and whether as principal debtor or as surety and whether principal, interest, fees or otherwise together with interest on all such monies at such rates as shall from time to time be charged by the bank or such secured party and all fees, commission and other costs, charges and expenses (including legal and other fees on a full basis) incurred by the bank or any other secured party and all fees, commissions and other costs, charges and expenses (including legal and other fees on a full indemnity basis) incurred by the bank or any other secured party in relation to the borrower (and if there is more than one person comprised in expression “borrower”, then only fees, commissions and other costs charges and expenses incurred in relation to such persons jointly) and all other monies hereby secured.

Name of Mortgagee:

STANDARD CHARTERED BANK (HONG KONG) (the “bank”) (as lender and as trustee for itself and each SCB Group Company (as defined herein) to which any moneys and/or obligations and/or liabilities secured by this debenture are owed from time to time (hereafter referred to as the “lender”)

Address of Mortgagee:

a banking corporation incorporated under the laws of Hong Kong whose registered office is situated at 32nd Floor, Standard Chartered Bank Building, Nos. 4-4A Des Voeux Road Central, Hong Kong

3

Company Name:

Kiran Exports (Hong Kong) Limited

Instrument of Creating Mortgage:

Debenture constituting a fixed and/or floating charge over all assets of the company (the “Debenture”)

Date of Creating Mortgage:

2010-9-29

Amount Secured:

All monies and liabilities in any currency due owing or incurred by the company to The Hongkong And Shanghai Banking Corporation Limited (“the bank”) at ant tine whether alone or jointly with any other person, whether actually or contingently, whether at the date of the Debenture or in future, or in any capacity including as principal or surety, interest on such monies and liabilities (both before and after demand or judgment) to the date on which the bank receives payment at the rated payable by the company or which would have been payable but for any circumstance which restricts payment and expenses of the company or which would have been payable but for any circumstance which restricts payment and expenses of the bank in enforcing the Debenture (the “monies and liabilities”)

Name of Mortgagee:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

Address of Mortgagee:

HEAD OFFICE, NO. 1 QUEEN’S ROAD CENTRAL, HONG KONG

4

Company Name:

Kiran Exports (Hong Kong) Limited

Instrument of Creating Mortgage:

Debenture (“the Debenture”)

Date of Creating Mortgage:

2008-4-16

Amount Secured:

All money and the discharge of all obligations and liabilities

Name of Mortgagee:

ANTWERPSE DIAMANTBANK NV also know as ANTWERP DIAMON BANK NV (“the bank”)

Address of Mortgagee:

54, Pelikaanstraat, B-2018 Antwerpen 1, Belgium (through its Hong Kong Representative Office of Room 3509A, Edinburgh Tower, the Landmark, 15 Queen’s Road Central, Hong Kong)

 

 

Interview Details

 

Department:

Sales Department

 

 

Industry Information

 

66729--Diamonds, non-industrial, otherwise worked, but not mounted or set (cm)

 

Unit: HKD/000

 

2014.05

2014.01~2014.05

 

Quantity

Value

Quantity

Value

Imports

United Arab Emirates

96,110

728,817

662,210

4,475,744

Armenia

--

--

461

1,049

Australia

1,756

23,658

3,733

54,816

Belgium

84,515

1,239,263

423,171

6,622,381

Canada

476

2,771

2,771

48,195

Switzerland

8,077

206,582

32,377

858,188

Germany

709

2,321

12,087

20,158

Britain

1,277

88,340

9,442

386,120

Israel

65,772

1,433,655

360,130

8,238,886

India

981,536

4,727,211

5,338,417

26,201,042

Malaysia

3,860

18,103

19,791

137,275

USA

129,016

1,115,405

703,068

6,169,441

The Mainland of China

114,204

798,063

516,495

3,689,202

Exports

United Arab Emirates

--

--

53

749

Israel

--

--

50

24,803

Japan

--

--

3

116

Singapore

--

--

17

208

Belgium

13

4,441

249

67,929

Thailand

--

--

251

732

USA

33

924

465

35,419

The Mainland of China

157

184

2,711

8,359

 

External Trade Information:

 

External Merchandise Trade Aggregate Figures

Unit: HKD/ Million

 

Imports

Domestic Exports

Re-exports

Total exports

Year-on-year % change of Total exports

Merchandise trade balance

2011

3,764,596

65,662

3,271,592

3,337,253

+10.1

-427,343

2012

3,912,163

58,830

3,375,516

3,434,346

+2.9

-477,817

2013

4,060,717

54,364

3,505,322

3,559,686

+3.6

-501,031

2013.03

340,857

5,073

286,638

291,711

+11.2

-49,146

2013.04

332,963

4,503

285,763

290,267

+9.0

-42,696

2013.05

335,809

4,818

286,724

291,542

-1.0

-44,267

2013.06

327,309

4,476

273,161

277,637

-0.2

-49,673

2013.07

342,565

4,783

300,630

305,413

+10.6

-37,152

2013.08

347,059

4,932

302,558

307,490

-1.3

-39,570

2013.09

359,841

4,395

313,436

317,830

+1.5

-42,010

2013.10

361,196

4,458

318,686

323,144

+8.8

-38,052

2013.11

370,104

4,587

320,935

325,522

+5.8

-44,581

2013.12

365,228

4,596

306,281

310,877

0.0

-54,351

2014.01

323,436

4,299

299,157

303,456

-0.4

-19,979

2014.02

266,587

3,276

209,638

212,914

-1.3

-53,673

2014.03

351,889

5,120

296,403

301,523

+3.4

-50,365

2014.04

340,972

4,867

280,816

285,682

-1.6

-55,290

2014.05

348,323

5,299

300,673

305,973

+4.9

-42,350

2014.06

352,316

4,802

304,409

309,211

+11.4

-43,105

 

*Total exports figures have been rounded to the nearest final digit after summing up the constituent trade figures.

 

 

Attachment

 

Unit 607-608, 6/F, Hider Centre, 2 Sung Ping Street, Hung Hom, Kowloon, Hong Kong

 

Unit 607-608, 6/F, Hider Centre, 2 Sung Ping Street, Hung Hom, Kowloon, Hong Kong

 

Unit 607-608, 6/F, Hider Centre, 2 Sung Ping Street, Hung Hom, Kowloon, Hong Kong

 

DIAMOND INDUSTRY – INDIA

 

-            From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8th Century B.C.  India, in fact, remained undisputed leader till 18th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

-            The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

-            The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

-            Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

-            Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

-            Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

-            Excerpts from Times of India dated 30th October 2010 is as under –

 

-            Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

 

-            The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.78

UK Pound

1

Rs.96.78

Euro

1

Rs.76.59

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

SDA

 

               

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.