MIRA INFORM REPORT

 

 

Report No. :

337325

Report Date :

20.08.2015

 

IDENTIFICATION DETAILS

 

Name :

TM SYSTEMS PRIVATE LIMITED

 

 

Registered Office :

804, Aditya Building, 8th Floor, Mithakhli Six Road, Near Sardar Patel Seva Samaj, Navrangpura, Ahmedabad – 380006, Gujarat

Tel. No.:

91-79-26402338/ 26404570/ 26462556

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

09.09.1994

 

 

Com. Reg. No.:

04-022984

 

 

Capital Investment / Paid-up Capital :

Rs. 9.910 Million

 

 

CIN No.:

[Company Identification No.]

U74999GJ1994PTC022984

 

 

IEC No.:

0803001941

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACT5653R

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Service Provider of Software and IT Solutions.

 

 

No. of Employees :

200 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (48)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 1994 and it is engaged in to providing software and IT solutions. Subject is an established company having satisfactory track record.

 

For the financial year ended 2014, company possesses sound operational performance and it has maintained adequate profitability margins during a year under a review.

 

Rating also takes into account of company’s sound financial risk profile marked by adequate net worth base and above average debt protection metrics.

 

Trade relations are reported as fair. Payment terms are reported to be usually correct.

 

In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition. 

 

NOTES :

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

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

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. Saumil Surendrabhai Shah

Designation :

Managing Director

Contact No.:

91-9825048933

Date :

18.08.2015

 

 

LOCATIONS

 

Registered Office :

804, Aditya Building, 8th Floor, Mithakhli Six Road, Near Sardar Patel Seva Samaj, Navrangpura, Ahmedabad – 380006, Gujarat, India

Tel. No.:

91-79-26402338/ 26404570/ 26462556

Mobile No.:

91-9825048933 (Mr. Saumil Shah)

Fax No.:

91-79-26402338/ 26404570/ 26462556

E-Mail :

info@tmspl.com

tmsys@vsnl.com

Website :

http://www.tmspl.com

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Saumil Surendrabhai Shah

Designation :

Managing Director

Address :

19, New Brahmakshatriya Society, Ellisbridge, Ahmedabad - 380006, Gujarat, India

Date of Birth/Age :

18.12.1960

Date of Appointment :

09.09.1994

DIN No.:

00094153

 

 

Name :

Mr. Surendrabhai Trikamlal Shah

Designation :

Director

Address :

19, New Brahmakshatriya Society, Ellisbridge, Ahmedabad - 380006, Gujarat, India

Date of Birth/Age :

08.10.1927

Date of Appointment :

09.09.1994

DIN No.:

01715605

 

 

Name :

Mr. Maunish Dineshbhai Shah

Designation :

Director

Address :

Sannish, Opposite Little Flower School, Bhattha, Ahmedabad - 380006, Gujarat, India

Date of Birth/Age :

25.05.1969

Date of Appointment :

31.03.1997

DIN No.:

00094205

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2014

 

Names of Shareholders

 

No. of Shares

Saumil Shah

 

940720

Surendra Shah

 

20010

Maunish Shah

 

250

Illaben N. Jhaveri

 

10

Gaurav N. Nanavaty

 

10

A. S. Corporation, India

 

10

Surendra T. Shah (HUF)

 

10000

Amola Shah

 

20000

Total

 

991010

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Service Provider of Software and IT Solutions.

 

 

Products :

Not Available

 

 

Brand Names :

Not Available

 

 

Agencies Held :

·         CISCO

·         D-Link

·         Lenovo

·         Novell

·         SYBASE

·         Trend

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Cash / Credit (30/60/90 Days)

 

 

Purchasing :

Cash / Credit (30/60/90 Days)

 

PRODUCTION STATUS NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

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 :

Reference :

Center for environmental planning and technology

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

 

Reference :

Pragati Nagarik Shakari Bank Limited

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 :

200 (Approximately)

 

 

Bankers :

Bank Name

Textile Traders Co-Operative Bank Limited

Branch

6, Vasant Vihar Society, Near Mithakhali Six Road, Navrangpura, Ahmedabad - 380009, Gujarat, India

Person Name (With Designation)

Not Divulged

Contact Number

91-79-26430968 (Ringning)

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)

Cash / Credit  Rs. 4.000 Million

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

  • Axis Bank Limited, Trishol 3rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India
  • Kotak Mahindra Bank Limited, Ahmedabad, Gujarat, India
  • HDFC Bank Limited
  • United Co-Operative Bank
  • Rajkot Nagrik Sahakari Bank

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Textile Traders Co. Op. Bank

(Secured against Office No. 804/805/806)

1.098

3.614

Textile Traders Co. Op. Bank 

(Secured By Personal Asset of the Director)

1.480

0.000

Saraspur Co Op Bank Limited

(Secured Against CAR)

1.501

0.000

United Co. Op. Bank

(Secured against Office No. 905)

0.000

1.941

 

 

 

Short-term borrowings

 

 

Textile Traders Co. Op. Bank 

(Secured By Personal Asset of the Director)

1.958

0.000

United Co. Op. Bank

(Secured against Office No. 905)

0.000

0.439

HDFC Loan [ TL ]

(Secured By Personal Asset of the Director)

0.000

9.290

Textile Traders Co. Op. Bank

(Secured against Office No. 804/805/806)

2.497

0.927

Saraspur Co Op Bank Limited

(Secured Against CAR)

0.359

0.000

Total

8.893

16.211

 

 

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Shreekant S Shah and Company

Chartered Accountants

Address :

11, Krishna Apartments, 2nd Floor, Near Choice Restaurant, Navrangpura, Ahmedabad – 380009, Gujarat, India

Tel. No.:

91-79-26425541/ 26441102

Fax No.:

91-79-26430843

E-Mail :

shreekant@cashreekantshah.com

shreekant.shah@gmail.com

PAN No.:

ACVPS6968C

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

Not Divulged

 

 

CAPITAL STRUCTURE

 

As on 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,000,000

Equity Shares

Rs.10/- each

Rs.10.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

991,010

Equity Shares

Rs.10/- each

Rs. 9.910 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

9.910

9.910

9.910

(b) Reserves & Surplus

24.873

10.080

5.831

(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)

34.783

19.990

15.741

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

4.080

5.555

11.334

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.600

1.265

Total Non-current Liabilities (3)

4.080

6.155

12.599

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

4.814

10.656

7.356

(b) Trade payables

37.717

39.775

22.085

(c) Other current liabilities

17.588

15.850

10.197

(d) Short-term provisions

4.868

4.460

3.289

Total Current Liabilities (4)

64.987

70.741

42.927

 

 

 

 

TOTAL

103.850

96.886

71.267

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

12.029

11.155

7.442

(ii) Intangible Assets

0.111

0.185

0.340

(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

0.295

0.207

0.054

(c) Deferred tax assets (net)

0.410

0.535

0.263

(d)  Long-term Loan and Advances

0.000

0.000

1.676

(e) Other Non-current assets

0.481

0.888

0.624

Total Non-Current Assets

13.326

12.970

10.399

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

4.734

2.246

5.203

(c) Trade receivables

53.055

62.564

38.257

(d) Cash and cash equivalents

11.105

3.380

6.204

(e) Short-term loans and advances

9.865

8.124

5.498

(f) Other current assets

11.765

7.602

5.706

Total Current Assets

90.524

83.916

60.868

 

 

 

 

TOTAL

103.850

96.886

71.267

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

365.629

280.424

219.934

 

 

Other Income

NA

NA

NA

 

 

TOTAL                                     (A)

NA

NA

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                     (B)

NA

NA

NA

 

 

 

 

 

Less

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

27.285

10.963

8.814

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

2.368

2.305

2.746

 

 

 

 

 

 

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

24.917

8.658

6.068

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

2.889

2.142

2.383

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

22.028

6.516

3.685

 

 

 

 

 

Less

TAX                                                                  (H)

7.235

2.267

1.385

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

14.793

4.249

2.300

 

 

 

 

 

 

Earnings Per Share (Rs.)

14.93

4.29

2.32

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

450.000

 

The above information has been parted by Mr. Saumil Surendrabhai Shah (Managing Director)

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operation

NA

NA

NA

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

4.05

1.52

1.05

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

7.46

3.91

4.01

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

21.36

6.78

5.19

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.63

0.33

0.23

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.26

0.81

1.19

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.39

1.19

1.42

 

 

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

9.910

9.910

9.910

Reserves & Surplus

5.831

10.080

24.873

Net worth

15.741

19.990

34.783

 

 

 

 

long-term borrowings

11.334

5.555

4.080

Short term borrowings

7.356

10.656

4.814

Total borrowings

18.690

16.211

8.894

Debt/Equity ratio

1.187

0.811

0.256

 

 

 

 

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)

Sales

219.934

280.424

365.629

 

 

27.504

30.384

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

219.934

280.424

365.629

Profit

2.300

4.249

14.793

 

1.05%

1.52%

4.05%

 

 

 

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)

No

16]

No. of employees

Yes

17]

Details of sister concerns

No

18]

Major suppliers

No

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 four 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

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

10539739

05/12/2014

103,000.00

Saraspur Nagarik Co. Operative Bank Limited

1, DARSHAN SOCIETY,, STADIUM COMMERCE ROAD, NAVRA 
NGPURA,, AHMEDABAD, Gujarat - 380009, INDIA

C38698239

2

10536501

11/11/2014

2,800,000.00

KOTAK MAHINDRA BANK LIMITED

27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E),, Mumbai, Maharashtra - 400051, INDIA

C36891356

3

10515705

05/08/2014

636,000.00

Saraspur Nagarik Co. Operative Bank Limited

1, DARSHAN SOCIETY,, STADIUM COMMERCE ROAD, NAVRA 
NGPURA,, AHMEDABAD, Gujarat - 380009, INDIA

C17062480

4

10452698

14/09/2013

2,013,000.00

Saraspur Nagarik Co. Operative Bank Limited

1, DARSHAN SOCIETY,, STADIUM COMMERCE ROAD, NAVRA 
NGPURA,, AHMEDABAD, Gujarat - 380009, INDIA

B86518123

 

* Date of charge modification

 

 

FIXED ASSETS

 

Tangible Assets

·         Building

·         Computer

·         Furniture and fixture

·         Car

·         Office equipment

·         Scooter

 

Intangible Assets

·         Computer Software

 

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.65.22

UK Pound

1

Rs.102.23

Euro

1

Rs.72.39

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRP

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

JYTK

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--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

 

48

 

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.