MIRA INFORM REPORT

 

 

Report No. :

337424

Report Date :

20.08.2015

 

IDENTIFICATION DETAILS

 

Name :

SUNCITY SHEETS PRIVATE LIMITED

 

 

Registered Office :

E- 421, M.I.A. 2nd  Phase, Basni, Jodhpur – 342001, Rajasthan

Tel. No.:

91-2931-281378/2912747596

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

10.09.1981

 

 

Com. Reg. No.:

17-002301

 

 

Capital Investment / Paid-up Capital :

Rs. 142.000 Million

 

 

CIN No.:

[Company Identification No.]

U27107RJ1981PTC002301

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAHCS3761Q

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Importer of Stainless steel products.

 

 

No. of Employees :

150 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having a satisfactory track record.

 

External borrowings of the company has increased as compared to previous year. However, general financial position of the company seems to be decent.

 

Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered normal for business dealings at usual 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 – 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

 

 

Rating Agency Name

CARE

Rating

Long Term Bank Facilities = BB+

Rating Explanation

Have inadequate credit quality and high credit risk.

Date

31.03.2015

 

 

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. Mukesh Agarwal

Designation :

Director

Contact No.:

91-9829021107

Date :

19.08.2015

 

 

LOCATIONS

 

Registered Office :

E- 421, M.I.A. 2nd  Phase, Basni, Jodhpur – 342001, Rajasthan, India

Tel. No.:

91-2931-281378/2912747596

Mobile No.:

91-9829021107 (Mr. Mukesh Agarwal)

Fax No.:

91-2931-281378/2746458

E-Mail :

info@suncitytubes.com

suncity421@rediffmail.com

Website :

www.suncitytubes.com

Location :

Owned

 

 

Factory :

SP-862-863 and 866/867, IV Phase, Boranda Industrial Area, Jodhpur, Rajasthan, India

Location :

Owned

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Harish Agarwal

Designation :

Director

Address :

D – 17, Shastri Nagar, Jodhpur – 342001, Rajasthan, India

Date of Birth/Age :

08.04.1969

Date of Appointment :

01.04.2012

DIN No.:

00383427

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U27101RJ1996PTC012539

SUNCITY ALLOYS PRIVATE LIMITED

Director

01/01/1999

01/01/1999

-

Active

NO

2

U27107RJ1999PTC015859

SUNCITY METAL PRIVATE LIMITED

Director

28/03/2011

01/10/1999

-

Active

NO

3

U45203RJ2003PTC018754

RAHUL INFRASTRUCTURE PRIVATE LIMITED

Director

18/11/2003

18/11/2003

01/01/2010

Active

NO

4

U27107RJ2003PTC018616

SUNCITY STRIPS PRIVATE LIMITED

Director

21/02/2005

21/02/2005

-

Active

NO

5

U27100RJ2009PTC046910

SUNCITY STRIPS & TUBES PRIVATE LIMITED

Director

04/09/2009

04/09/2009

-

Active

NO

6

U45201RJ2011PTC035429

NIKI BUILDCON PRIVATE LIMITED

Director

07/06/2011

07/06/2011

-

Active

NO

7

U27107RJ1981PTC002301

SUNCITY SHEETS PRIVATE LIMITED

Director

01/04/2012

01/04/2012

-

Active

NO

 

 

Name :

Mr. Mukesh Agarwal

Designation :

Managing Director

Address :

A-320(B), Shastri Nagar, Jodhpur – 342001, Rajasthan, India

Date of Birth/Age :

30.06.1972

Date of Appointment :

11.08.2003

DIN No.:

00373379

 

 

Name :

Mr. Ram Avatar Agarwal

Designation :

 Director

Address :

A-320(B), Shastri Nagar, Jodhpur – 342001, Rajasthan, India

Date of Birth/Age :

28.03.1952

Date of Appointment :

10.04.2003

DIN No.:

00383259

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2014

 

Names of Equity Shareholders

 

No. of Shares

Ram Avatar Agarwal

 

157

Ajendra Agarwal

 

1043

Mukesh Agarwal

 

31300

Sangeeta Agarwal

 

2600

Ram Avtar Agarwal (HUF)

 

1900

Suncity Alloys Private Limited, India

 

14100

Suncity Strips Private Limited, India

 

27900

Harish Agarwal

 

10000

Chandra Kanta Singhal

 

1000

Mukesh Agarwal HUF

 

1000

Harish Agarwal HUF

 

1000

Total

 

92000

 

 

 

Names of Preference Shareholders

 

No. of Shares

Suncity Strips Private Limited, India

 

10000

Suncity Metal Private Limited, India

 

10000

Golden Era Merchants Private Limited, India

 

30000

Total

 

50000

 

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2014

 

Category

Percentage

Bodies corporate

45.65

Directors or relatives of Directors

54.35

Total

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Importer of Stainless steel products.

 

 

Products :

Item Code No.

Product Description

72261990

Stainless Steel Circles

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

 

Products :

Raw Material

Countries :
  • China
  • Malaysia

 

 

Terms :

 

Selling :

Cash, L/C and Credit

 

 

Purchasing :

Cash, L/C and Credit

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Jindal Stainless Steel Limited, Hisar, Jodhpur

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Wholesalers, Retailers and Others

 

Reference :

Ganesh Impex, Jodhpur,

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

150 (Approximately) 

 

 

Bankers :
  • State Bank of Bikaner and Jaipur, Industrial Estate, Jodhpur – 340015, Rajasthan, India

 

Bank Name

Bank of Baroda

Branch

Sez Riico Industrial Area, Jodhpur – 342012, Rajasthan, 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 Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Term loans from banks

148.012

76.512

 

 

 

Total

148.012

76.512

 

Auditors :

 

Name :

B.M. Kothari and Company

Chartered Accountants

Address :

947, 11th D Road, Sardarpura, Jodhpur, Rajasthan, India

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

AACFB2680F

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

Not Available

 

 

 

CAPITAL STRUCTURE

 

After 30.09.2014

 

Authorised Capital : Rs. 195.000 Million

 

Issued, Subscribed & Paid-up Capital : Rs. 177.000 Million

 

 

As on 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

95,000

Equity Shares

Rs.1000/- each

Rs. 95.000 Million

50,000

Preference  Shares

Rs.1000/- each

Rs. 50.000 Million

 

Total

 

Rs. 145.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

92,000

Equity Shares

Rs.1000/- each

Rs. 92.000 Million

50,000

Preference  Shares

Rs.1000/- each

Rs. 50.000 Million

 

Total

 

Rs. 142.000 Million

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

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

142.000

46.500

5.500

(b) Reserves & Surplus

33.373

30.461

29.953

(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)

175.373

76.961

35.453

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

188.798

87.368

13.489

(b) Deferred tax liabilities (Net)

6.292

0.123

0.155

(c) Other long term liabilities

0.000

0.000

2.384

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

195.090

87.491

16.028

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

70.672

0.000

0.000

(b) Trade payables

28.099

12.973

0.000

(c) Other current liabilities

37.989

0.758

0.000

(d) Short-term provisions

3.217

0.291

18.978

Total Current Liabilities (4)

139.977

14.022

18.978

 

 

 

 

TOTAL

510.440

178.474

70.459

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

288.705

40.162

40.363

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

12.132

80.698

14.058

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

1.084

0.998

0.591

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

301.921

121.858

55.012

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

79.879

0.000

0.000

(c) Trade receivables

70.659

0.000

4.147

(d) Cash and cash equivalents

17.683

4.519

3.377

(e) Short-term loans and advances

9.196

32.656

5.237

(f) Other current assets

31.102

19.441

2.686

Total Current Assets

208.519

56.616

15.447

 

 

 

 

TOTAL

510.440

178.474

70.459

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

 

Other Income

 

 

 

 

TOTAL (A)

261.910

1.471

7.035

 

 

 

 

 

Less

EXPENSES

 

 

 

 

TOTAL (B)

219.994

0.172

5.973

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

41.916

1.299

1.062

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

12.362

0.237

0.064

 

 

 

 

 

 

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

29.554

1.062

0.998

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

20.154

0.201

0.147

 

 

 

 

 

 

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

9.400

0.861

0.851

 

 

 

 

 

Less

TAX (H)

6.487

0.354

0.859

 

 

 

 

 

 

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

2.913

0.507

(0.008)

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

20.51

10.92

(1.48)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

31.000

0.000

0.000

Cash generated from operations

NA

NA

NA

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

1.11

34.47

-0.11

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

16.00

88.31

15.10

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.89

0.89

1.52

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.05

0.01

0.02

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.66

1.14

0.38

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.49

4.04

0.81

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

5.500

46.500

142.000

Reserves & Surplus

29.953

30.461

33.373

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

35.453

76.961

175.373

 

 

 

 

long-term borrowings

13.489

87.368

188.798

Short term borrowings

0.000

0.000

70.672

Current maturities of long-term debts

0.000

0.000

31.000

Total borrowings

13.489

87.368

290.470

Debt/Equity ratio

0.380

1.135

1.656

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

7.035

1.471

261.910

 

 

(79.090)

17,704.895

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

7.035

1.471

261.910

Profit

(0.008)

0.507

2.913

 

(0.11%)

34.47%

1.11%

 

 

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

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

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

 

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Loan and advances from related parties

40.786

10.856

 

 

 

SHORT TERM BORROWING

 

 

Loans repayable on demand from banks

70.672

0.000

 

 

 

Total

111.458

10.856

 

 

 

INDEX OF CHARGES:

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10388064

31/03/2015 *

610,500,000.00

BANK OF BARODA

SEZ RIICO INDUSTRIAL AREA, BORANADA, JODHPUR, Rajasthan - 342012, INDIA

C50708528

 

*Date of charge modification

 

 

FIXED ASSETS

  • Land
  • Buildings
  • Plant and equipment
  • Furniture and fixtures
  • Office equipment
  • Computer equipments

 

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.65.25

UK Pound

1

Rs.102.25

Euro

1

Rs.72.19

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ART

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

4

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

 

45

 

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.