MIRA INFORM REPORT

 

 

Report No. :

335637

Report Date :

07.08.2015

 

IDENTIFICATION DETAILS

 

Name :

UJJWAL POLY PACK (INDIA) PRIVATE LIMITED

 

 

Registered Office :

Shed No. B-4, KSSIDC Kumbalagodu Industrial Estate, Kumbalagodu Village, Kengeri Hobli, Mysore Main Road, Bangalore- 560074, Karnataka

Tel. No.:

91-80-2843724/ 28437242

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

18.11.2009

 

 

Com. Reg. No.:

08-051531

 

 

Capital Investment / Paid-up Capital :

Rs. 0.100 Million

 

 

CIN No.:

[Company Identification No.]

U19123KA2009PTC051531

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRU02378F

 

 

PAN No.:

[Permanent Account No.]

AABCU1422C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Importer of Polythene Bags.

 

 

No. of Employees :

30 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (26)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Ujjwal Poly Pack India Private Limited is a Private Limited Company incorporated on 18 November 2009. It is having moderate track record.

 

It is classified as Indian Non-Government Company and is registered at Registrar of Companies, Bangalore. Its authorized share capital is Rs. 5.000 Million and its paid up capital is Rs. 0.100 Million.

 

Directors of Ujjwal Poly Pack India Private Limited are Ramachandra Karigowda and Maridevegowda Latha.

 

Management of the company has failed to file its financial for the year 2014 with the Government Department.

 

However, trade relations are fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for business dealings with some cautions.

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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

 

NOT AVAILABLE

 

 

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 31-03-2013.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Krishnaraj

Designation :

Accounts Department

Contact No.:

91-80-28437241

Date :

06.08.2015

 

 

LOCATIONS

 

Registered Office/ Factory :

Shed No. B-4, KSSIDC Kumbalagodu Industrial Estate, Kumbalagodu Village, Kengeri Hobli, Mysore Main Road, Bangalore- 560074, Karnataka, India

Tel. No.:

91-80-2843724/ 28437242

Mobile No.:

91-9972536868 (Mr. Gajendra)

Fax No.:

91-80-28437242

E-Mail :

chandru@ujjwals.com

Website :

http://www.ujjwals.com

 

 

DIRECTORS

 

AS ON 30.09.2013

 

Name :

Mr. Ramachandra Karigowda

Designation :

Director

Address :

No 68, 14th Main, 8th E Cross, RPC Layout, 2nd Stage, Attiguppe, Bangalore- 560040, Karnataka, India

Date of Birth/Age :

22.07.1968

Date of Appointment :

18.11.2009

DIN No.:

02735352

 

 

Name :

Mr. Maridevegowda Latha

Designation :

Director

Address :

No 68, 14th Main, 8th E Cross, 2nd Stage, Attiguppe, Bangalore-560040, Karnataka, India

Date of Birth/Age :

18.11.1976

Date of Appointment :

18.11.2009

DIN No.:

02735370

 

 

KEY EXECUTIVES

 

Name :

Mr. Krishnaraj

Designation :

Accounts Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2013

 

Names of Shareholders

No. of Shares

 

Percentage of Holding

Ramachandra Karigowda

5000

50.00

Maridevegowda Latha

5000

50.00

Total

10000

100.00

 

 

 

AS ON 30.09.2013

 

Equity Share Breakup

Percentage of Holding

Category

 

Directors or relatives of directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Importer of Polythene Bags.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

--

Countries :

--

 

 

Imports :

 

Products :

Raw Material

Countries :

Qatar

 

 

Terms :

 

Selling :

Cash, L/C and Credit

 

 

Purchasing :

Cash, L/C and Credit

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Company Name:

Reliance Industries Limited, Mumbai

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

·         GSK Automation Private Limited

·         M. Vijay Rao and Company

·         Widex India Private Limited

·         Popular Auto Work Private Limited

·         Mamtha Machinery Private Limited

 

 

Customers :

Wholesalers, Retailers and Others (Manufacturer)

 

Company Name:

K. Mohan and Company, Bangalore

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

·         Prasad Koch Technik Private Limited

·         Arvind Limited, Gujarat

·         S. V. Enterprises

·         Mamtha Machinery Private Limited

·         Prasanth Plastic Industries

 

 

No. of Employees :

30 (Approximately)

 

 

Bankers :

Bank Name:

Kotak Mahindra Bank Limited

Branch:

Lavelli Road, Bangalore, Karnataka, 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 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:

Not Divulged

 

 

Facilities :

SECURED LOANS

31.03.2013

(Rs. In Million)

31.03.2012

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Bank Over Draft With Ing Vysys Bank (Secured Against Hypothecation of Stock and Debtors)

21.805

17.042

Term loan with Ing Vysya Bank

1.496

2.178

Landover Loan A/c No.:269

0.000

2.142

Swift Car loan A/c No.:262

0.000

0.422

SVC (Mahendra Bolero)

0.360

0.000

Tata Capital Finance Service

2.833

0.000

Ing Vysys Bank Loan

12.214

0.000

Futura Capital Holding Limited

24.724

0.000

 

 

 

Total

63.432

21.784

 

Banking Relations :

--

 

 

Auditors :

 

Name :

E.R.S. Kumar and Associates

Chartered Accountants

Address :

No.49, K.H. Road, Bangalore-560027, Karnataka, India

Mobile No.:

91-9480321318

Fax No.:

91-80-22236024

E-Mail :

er_sampath@hotmail.com

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

AAASE3485E

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity Shares

Rs. 10/- each

Rs. 5.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000

Equity Shares

Rs. 10/- each

Rs. 0.100 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2013

31.03.2012

31.03.2011

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

0.100

0.100

0.100

(b) Reserves & Surplus

6.074

5.011

3.469

(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)

6.174

5.111

3.569

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

73.146

37.077

13.662

(b) Deferred tax liabilities (Net)

0.125

0.125

0.125

(c) Other long term liabilities

38.319

45.061

42.510

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

111.590

82.263

56.297

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.952

(b) Trade payables

43.152

22.819

45.220

(c) Other current liabilities

1.482

2.848

2.771

(d) Short-term provisions

2.370

4.239

3.471

Total Current Liabilities (4)

47.004

29.906

52.414

 

 

 

 

TOTAL

164.768

117.280

112.280

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

39.157

33.792

10.888

(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

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

2.726

0.722

14.162

(e) Other Non-current assets

0.050

0.075

0.100

Total Non-Current Assets

41.933

34.589

25.150

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

28.627

6.146

1.875

(c) Trade receivables

88.202

72.091

82.953

(d) Cash and cash equivalents

4.477

2.996

1.747

(e) Short-term loans and advances

1.529

1.458

0.555

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

122.835

82.691

87.130

 

 

 

 

TOTAL

164.768

117.280

112.280

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

TOTAL                                     (A)

220.381

189.094

197.038

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed -Purchases of Stock-in-Trade

212.222

167.909

 

 

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

(22.481)

(4.270)

 

 

 

Employees benefits expense

4.661

4.543

 

 

 

Other Administrative expenses

8.453

7.255

 

 

 

TOTAL                                     (B)

202.855

175.437

190.348

 

 

 

 

 

 

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

17.526

13.657

(Including Financial Expenses)

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

12.523

7.638

 

 

 

 

 

 

 

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

5.003

6.019

6.690

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

3.103

3.080

1.523

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

1.900

2.939

5.167

 

 

 

 

 

Less

TAX                                                                  (H)

0.834

1.691

1.698

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

1.066

1.248

3.469

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Import on C.I.F basis

7.671

1.376

14.500

 

TOTAL IMPORTS

7.671

1.376

14.500

 

 

 

 

 

 

Earnings Per Share (Rs.)

106.59

124.80

346.89

 

 

PARTICULARS

 

 

 

31.03.2015

 

Sales Turnover (Approximately)

 

 

280.000

 

 

 

 

 

Expected Sales (2015-2016): Rs. 280.000 Million

 

The above information has been parted by Mr. Krishnaraj (Accounts Department)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2013

31.03.2012

31.03.2011

Current Maturities of Long term debt

NA

NA

NA

 

 

 

 

Cash Generated from Operations

NA

NA

NA

 

 

 

 

Net Cash Flow from used in Operations

NA

NA

NA

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

Return on Total Assets

(PBT/Total Assets}

(%)

1.15

2.51

4.60

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.31

0.58

1.45

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

11.85

7.25

4.09

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.61

2.77

1.66

 

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

0.100

0.100

0.100

Reserves & Surplus

3.469

5.011

6.074

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

3.569

5.111

6.174

 

 

 

 

Long-term borrowings

13.662

37.077

73.146

Short term borrowings

0.952

0.000

0.000

Total borrowings

14.614

37.077

73.146

Debt/Equity ratio

4.095

7.254

11.847

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

197.038

189.094

220.381

 

 

(4.032)

16.546

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

197.038

189.094

220.381

Profit

3.469

1.248

1.066

 

1.76%

0.66%

0.48%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report

(Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

No

18

Major suppliers

Yes

19

Major customers

Yes

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

Yes

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10530199

28/10/2014

15,000,000.00

KOTAK MAHINDRA BANK LIMITED

27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST),, MUMBAI-400051, MAHARASHTRA , INDIA

C32948531

2

10363441

02/06/2012

400,000.00

THE SHAMRAO VITHAL CO-OP BANK LIMITED

MYSORE ROAD BRANCH, NO.342/18, BYATARAYANAPURA, MYSORE ROAD, BANGALORE- 560026, KARNATAKA, INDIA

B42791517

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Bajaj Loan

8.161

8.675

Bajaj Loan A/c No.

0.000

0.813

Barclays A/c No.

0.000

2.684

Refigare

1.553

3.121

 

 

 

Total

9.714

15.293

 

 

CHANGE OF ADDRESS:

 

The Registered Office of the company has been shifted from Plot No. 15, Sy No. 35 and 37, Kumbalagodu Industrial Area, Kumbalagodu Village, Kengeri Hobli, Bangalore-560060, Karnataka, India to the present address w.e.f 22.03.2012

 

 

OPERATIONS:

 

The company has done well for the year ended 31st March 2013 and is expecting to perform better in the next year

 

 

FIXED ASSETS:

 

Tangible Assets

 

·         Land

·         Buildings

·         Furniture and Fixtures

·         Vehicles

·         Office Equipment

·         Computer

 

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.  63.76

UK Pound

1

Rs.  99.60

Euro

1

Rs.  69.71

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

IND

 

 

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

3

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

2

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

26

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.