MIRA INFORM REPORT

 

 

Report No. :

338419

Report Date :

26.08.2015

 

IDENTIFICATION DETAILS

 

Name :

T D WILLIAMSON INDIA PRIVATE LIMITED (w.e.f. 23.06.2014)

 

 

Formerly Known As :

T D WILLIAMSON INDIA LIMITED (w.e.f. 25.10.2013)

 

T D W INDIA LIMITED

 

 

Registered Office :

Plot No.16,Phase-III, Alindra-Savli Gidc, Opposite Overhead Tank, Savli, District Vadodara-391775, Gujarat

Tel. No.:

91-2667-619900

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

03.11.1992

 

 

Com. Reg. No.:

04-039396

 

 

Capital Investment / Paid-up Capital :

Rs. 298.997 Million

 

 

CIN No.:

[Company Identification No.]

U29246GJ1992PTC039396

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BRDT00229F

 

 

PAN No.:

[Permanent Account No.]

AABCT3531D

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is in the business of enhancing Pipeline Performance by Performing Hot Tapping and Plugging Services, Inline Inspection and Pipeline Integrity Services and selling Hot Tapping, Plugging and Fitting and Pigging Products.

 

 

No. of Employees :

Information declined by the Management

 

 

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 :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of “T.D. WILLIAMSON, INC”. UNITED STATES. It is an established company incorporated during the year 1992. It has a satisfactory track record.

 

For the financial year 2014, the company has improved it operational activity marked increase in its profit earnings as compared to losses in past years.

 

Further, the company has fine financial risk profile backed by improved capital structure along with above average net worth position and low borrowings taken by the company.

 

Trade relations are reported as fair. Business is active. Payments terms are usually correct.

 

In view of strong and managerial support from its holding company, it can be considered 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.

 

 

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 DECLINED

 

MANAGEMENT NON-COOPERATIVE

 

(Contact No: 91-2667-619900)

 

 

LOCATIONS

 

Registered Office/ Factory :

Plot No.16,Phase-III, Alindra-Savli Gidc, Opposite Overhead Tank, Savli, District Vadodara-391775, Gujarat, India

Tel. No.:

91-2667-619900

Fax No.:

91-2667-619501

E-Mail :

anjeev.pandey@tdwilliamson.com

Website :

http://www.tdwilliamson.com

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Anjeev Pandey

Designation :

Whole-Time Director

Address :

406a, Subbreeze Tower I, Vaishali Sector-5, Ghaziabad-210101, Uttar Pradesh, India

Date of Birth/Age :

21.03.1971

Qualification :

Graduate

Date of Appointment :

01.06.2012

PAN No.:

AKJPP9794M

DIN No.:

01799059

 

 

Name :

Mr. Samyak Gulshanlal Sahani

Designation :

Whole-Time Director

Address :

5A, Pragati Nagar Society, Near Arvanchal Housing Society, Subhanpura, Baroda-390023, Gujarat, India

Date of Birth/Age :

11.07.1974

Qualification :

Graduate

Date of Appointment :

01.06.2010

PAN No.:

APKPS6179K

DIN No.:

03153922

 

 

Name :

Mr. Robert Doyle McGrew

Designation :

Director

Address :

11119, S.Harvard Avenue, Tulsa, 74137, United States of America

Date of Appointment :

03.04.2006

DIN No.:

00065381

 

 

Name :

Mr. Robert Allen Johnson

Designation :

Director

Address :

11002 South Toledo, Tulsa-741377121, U.S.A.

Date of Appointment :

20.08.1999

DIN No.:

01339510

 

 

Name :

Mr. Dixit Babulal Kadakia

Designation :

Director

Address :

7425 E 98th St, Tulsa, 74133, , United States Of America

Date of Birth/Age :

01.04.1955

Qualification :

Graduate

Date of Appointment :

15.05.2013

DIN No.:

02447007

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

No. of Shares

 

T D Williamson Inc, USA

29899573

Richard Brooks Williamson

2

Samyak Sahani

10

Robert Allen Johnson

1

Dixit Babulal Kadakia

20

Vasant Patel

24

Mayurprabhu Melanaturu

10

Easo George

10

Total

29899650

 

 

AS ON 30.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is in the business of enhancing Pipeline Performance by Performing Hot Tapping and Plugging Services, Inline Inspection and Pipeline Integrity Services and selling Hot Tapping, Plugging and Fitting and Pigging Products.

 

 

Products :

ITC Code No.

Product Descriptions

73079990

Pipeline performance by performing Hot Tapping and Plugging services, Inline Inspection and Pipeline Integrity Services and selling Hot Tapping, Plugging and Fitting and Pigging Products

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

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

 

 

Customers :

Reference:

Not Divulged

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

 

 

No. of Employees :

Information declined by the Management

 

 

Bankers :

Bank Name:

Not Divulged

Branch:

Not Divulged

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 :

--

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Price Waterhouse and Company

Chartered Accountants

Address :

252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai, Maharashtra, India

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

AAAFP8828M

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Holding Company:

T.D. Williamson, Inc., United States

 

 

Fellow Subsidiary Company:

·         TDW Services, Inc

·         TDW Offshore Services AS

·         PT. TD Williamson Indonesia

·         T. D. Williamson China

·         T.D. Williamson (France) S.A.S

·         T.D. Williamson (Thailand) Company Limited

·         T.D. Williamson (UK) Limited

·         T.D. Williamson Asia Pacific Pte Limited

·         T.D. Williamson Italiana S.r.l.

·         T.D. Williamson Middle East FZE

·         T.D. Williamson S.A

·         T.D. Williamson Services  Latinoamericana CA

·         TD Williamson Australia Pty Limited

·         Wimaco BVBA

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

50000000

Equity Shares

Rs. 10/- each

Rs. 500.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

29899650

Equity Shares

Rs. 10/- each

Rs. 298.997 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

(12 months)

31.03.2013

(15 months)

31.12.2011

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

298.997

100.176

3.176

(b) Reserves & Surplus

190.467

155.189

244.314

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

198.821

42.000

Total Shareholders’ Funds (1) + (2)

489.464

454.186

289.490

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

0.000

0.000

0.000

(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

11.449

5.240

2.621

Total Non-current Liabilities (3)

11.449

5.240

2.621

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

96.040

120.941

302.007

(b) Trade payables

516.931

370.044

222.986

(c) Other current liabilities

96.962

92.988

67.030

(d) Short-term provisions

1.433

2.513

0.000

Total Current Liabilities (4)

711.366

586.486

592.023

 

 

 

 

TOTAL

1212.279

1045.912

884.134

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

354.587

374.814

309.322

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

3.932

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

17.580

(d)  Long-term Loan and Advances

51.494

47.636

71.944

(e) Other Non-current assets

0.000

0.050

32.436

Total Non-Current Assets

410.013

422.500

431.282

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

192.395

159.594

123.957

(c) Trade receivables

417.557

311.772

231.550

(d) Cash and cash equivalents

157.741

132.989

76.017

(e) Short-term loans and advances

33.970

18.047

21.328

(f) Other current assets

0.603

1.010

0.000

Total Current Assets

802.266

623.412

452.852

 

 

 

 

TOTAL

1212.279

1045.912

884.134

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

(12 months)

31.03.2013

(15 months)

31.12.2011

 

SALES

 

 

 

 

 

Income

779.215

355.958

 

 

Other Income

 

15.385

37.226

 

 

TOTAL                                     (A)

744.510

794.600

393.184

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

292.789

148.665

 

 

Purchases of Stock-in-Trade

 

24.909

0.000

 

 

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

 

(7.827)

30.935

 

 

Employees benefits expense

 

186.445

110.281

 

 

Other expenses

 

277.215

143.001

 

 

TOTAL                                     (B)

709.232

773.531

432.882

 

 

 

 

 

 

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

(Including Financial and Depreciation Expenses)

21.069

(39.698)

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

 

30.567

28.370

 

 

 

 

 

 

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

 

(9.498)

(68.068)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

 

66.230

40.104

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

35.278

(75.728)

(108.172)

 

 

 

 

 

Less

TAX                                                                  (H)

0.000

13.397

(16.138)

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

35.278

(89.125)

(92.034)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

383.210

254.742

NA

 

TOTAL EARNINGS

383.210

254.742

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

1.18

(10.97)

(289.81)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

(12 months)

31.03.2013

(15 months)

31.12.2011

Current Maturities of Long term debt

NA

NA

NA

 

 

 

 

Cash Generated from Operations

NA

NA

NA

 

 

 

 

Net Cash Flow from (used in) Operations

126.198

9.087

(60.395)

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

(12 months)

31.03.2013

(15 months)

31.12.2011

Net Profit Margin

(PAT / Sales)

(%)

NA

(11.44)

(25.86)

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

NA

2.70

(11.15)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

2.92

(7.24)

(12.48)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.07

(0.17)

(0.37)

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.20

0.27

1.04

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.13

1.06

0.76

 

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

 

31.12.2011

 

31.03.2013
(15 months)

31.03.2014
(12 months)

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

3.176

100.176

298.997

Reserves & Surplus

244.314

155.189

190.467

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

42.000

198.821

0.000

Net worth

289.490

454.186

489.464

 

 

 

 

Long-term borrowings

0.000

0.000

0.000

Short term borrowings

302.007

120.941

96.040

Total borrowings

302.007

120.941

96.040

Debt/Equity ratio

1.043

0.266

0.196

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

 

31.12.2011

 

31.03.2013
(15 months)

31.03.2014
(12 months)

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

393.184

794.600

744.510

 

 

102.094

(6.304)

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

 

31.12.2011

 

31.03.2013
(15 months)

31.03.2014
(12 months)

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

393.184

794.600

744.510

Profit

(92.034)

(89.125)

35.278

 

(23.41%)

(11.22%)

4.74%

 

 

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

Yes

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

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

No

21

Banking facility details

No

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

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

 

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

SHORT TERM BORROWINGS

 

 

Working Capital loans from banks

96.040

120.941

 

 

 

Total

96.040

120.941

 

 

GENERAL INFORMATION:

 

To Williamson India Private Limited is a wholly owned subsidiary of T D Williams on Inc, USA. The company has its registered office of at Allndra Sav ll GIDC , Vadodara, The company is in the business of enhancing Pipeline performance by performing Hot Tapping and Plugging services , Inline Inspection and Pipeline Integrity Services and selling Hot Tapping, Plugging and Fitting and Pigging Products .


FIXED ASSETS:

 

Tangible Assets

 

·         Land

·         Buildings

·         Plant and Equipment

·         Furniture and Fixtures

·         Vehicles

·         Office Equipment

·         Computer Equipments

·         Other 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. 66.71

UK Pound

1

  Rs. 105.10

Euro

1

Rs. 77.11

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

TRI

 

 

Report Prepared by :

IND

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

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

NO

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

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.