MIRA INFORM REPORT

 

 

Report No. :

352613

Report Date :

08.12.2015

 

IDENTIFICATION DETAILS

 

Name :

PRERANA ENGINEERS AND CONSULTANTS PRIVATE LIMITED

 

 

Registered Office :

28 D, Ramkrishan Samadhi Road, Kolkata – 700054, West Bengal

Tel. No.:

91-33-23587258/ 23202507

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

14.08.1992

 

 

Com. Reg. No.:

21-056293

 

 

Capital Investment / Paid-up Capital :

Rs.1.960 Million

 

 

CIN No.:

[Company Identification No.]

U30009WB1992PTC056293

 

 

IEC No.:

0203015851

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AABCP5990L

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader, Importer and Service Provider of Boilers and Thermic Fluid Heated, Waste Water Treatment, Hydraulic Motors, Reverse Osmosis Plants etc. (Confirmed by management)

 

 

No. of Employees :

50 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (29)

 

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 :

Subject is an established company incorporated in the year 1992 having moderate track.

 

As per Registrar of Companies, the date of balance sheet i.e. financial filed is shown as 31.03.2015 but the documents related to the financials for the year 2015 are not available from any sources.

 

As per available financial of 2014, profit margin of the company is low. Borrowings recorded by the company is huge and increasing.

 

Moreover, the rating weakness is partially offset by company’s long track record of business operation.

 

Their trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct.

 

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

 

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

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 31-03-2015.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Bikram Bakshi

Designation :

Director

Contact No.:

91-33-40069335

Date :

04.12.2015

 

LOCATIONS

 

Registered Office/ Head Office :

28 D, Ramkrishan Samadhi Road, Kolkata – 700054, West Bengal, India

Tel. No.:

91-33-23587258/ 7259// 40069335/ 9336/ 23202507/

Fax No.:

91-33-20202507

E-Mail :

piorecto@cal2.vsnl.net.in

prerana.engineers@vsnlnet

preranaengg@vsnl.net

Website:

www.preranaengineers.com

 

 

Warehouse:

Located At:

 

Kolkata, West Bengal.

 

 

Branch Office:

Located At:

 

Burdwan, West Bengal

 

 

Resident Engineers:

Located At:

 

  • Tinsukia, West Bengal
  • Durgapur, West Bengal
  • Bandel, West Bengal

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Tapan Kumar Bakshi

Designation :

Director

Address :

28D, Ramkrishna Samadhi Road, Kolkata – 700054, West Bengal, India

Date of Birth/Age :

11.06.1944

Date of Appointment :

14.08.1992

Voter ID No.:

WB/22/159/399248

DIN No.:

01886953

 

 

Name :

Ms. Mira Bakshi

Designation :

Director

Address :

28D, Ramkrishna Samadhi Road,  Kolkata – 700054, West Bengal, India

Date of Birth/Age :

15.11.1948

Date of Appointment :

14.08.1992

Voter ID No.:

WB/22/159/399249

DIN No.:

01887238

 

 

Name :

Mr. Bikram Bakshi

Designation :

Director

Address :

28D, Ramkrishna Samadhi Road, Kolkata – 700054, West Bengal,  India

Date of Birth/Age :

01.07.1972

Date of Appointment :

23.08.2011

Voter ID No.:

WB/22/159/399273

DIN No.:

03625414

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2015

 

Names of Shareholders

No. of Shares

%age holding

Tapan Kumar Bakshi

63500

32.40

Mira Bakshi

42500

21.68

Bikram Bakshi

158000

45.92

Total

264000

100.00

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2014

 

Category

Percentage of Holding

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Trader, Importer and Service Provider of Boilers and Thermic Fluid Heated, Waste Water Treatment, Hydraulic Motors, Reverse Osmosis Plants etc. (Confirmed by management)

 

 

Products :
  • Filter Softner
  • D.M. Plants
  • Planetary Gear Box
  • Reverse Osmosis Plants
  • Venturi Scrubbers

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

 

Products :

Raw Material

Countries :
  • Italy
  • Germany

 

 

Terms :

 

Selling :

Advance Payment and Credit (30/ 60 Days)

 

 

Purchasing :

Advance Payment and Credit (30/ 60 Days)

 

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

A.D. Technical Services

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

 

  • Air Integrated System
  • KSB Pumps Limited
  • N.K. Industries
  • Sunita Enterprises
  • Debson Pumps (Private) Limited
  • Global  Adsorbents Private Limited
  • Masyor Engineering
  • Pratham Filter Industries

 

 

Customers :

End Users

Reference :

Radha Rice Mill

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

 

  • R.K. Rice Mill
  • Raja Udyog Private Limited
  • Satyam Smelters Private  Limited
  • Rasandik Engineers Private Limited
  • Sajee Baba Grains Private Limited
  • Smritikona Agro Prducts  (Private) Limited
  • Yashoda Agri Foods (Private) Limited

 

 

No. of Employees :

50 (Approximately)

 

 

Bankers :

Bank Name

Dena Bank

Branch

Manicktolla Branch, P - 241, CIT Road, Scheme VI-M, BRS 10, Kankurgachi, Kolkata – 700054, West Bengal,  India

Person Name (With Designation)

Not Divulged

Contact Number

91-33-23205124

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)

We spoke to General Manager, He told to send mail after that he will revert on mail.

 

  • Indian Bank
  • Corporation Bank
  • HDFC Bank

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term borrowings

 

 

Term loan from Banks

 

 

Cash Credit loan from Dena Bank

(Secured by Hypothecation of Stock and Book Debts)

0.409

2.390

From HDFC Bank Limited (Car Finance)

(Secured by Hypothecation of Car)

0.638

1.038

From Standard Chartered Bank

(Guaranteed by Director)

3.457

0.952

Total

4.504

4.380

 

 

 

Auditors :

 

Name :

P.N.  Pathak and Associates

Chartered Accountants

Address :

Ezra Mansion, 10 Govt  Place East, 2nd Floor,  Kolkata – 700069, West Bengal, India

Tel No.:

91-33-22102482/2242-3786 (Office)

91-33-23205314 (Residential)

E-Mail:

pnpathak_asso@yahoo.co.in

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

AAFFP4398F

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Group of Companies:
  • Pioneer Consultant and Engineers
  • Power Projects and Services

 

CAPITAL STRUCTURE

 

As on 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200000

Equity Shares

Rs.10/- each

Rs. 2.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

196000

Equity Shares

Rs.10/- each

Rs. 1.960 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

1.960

1.960

1.960

(b) Reserves & Surplus

3.863

3.489

2.880

(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)

5.823

5.449

4.840

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

8.638

4.464

4.760

(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

0.000

0.000

Total Non-current Liabilities (3)

8.638

4.464

4.760

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

19.356

15.584

9.542

(c) Other current liabilities

2.685

2.355

1.573

(d) Short-term provisions

0.000

0.000

0.000

(e) Advance from Customers

9.879

9.381

9.886

Total Current Liabilities (4)

31.920

27.320

21.001

 

 

 

 

TOTAL

46.381

37.233

30.601

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

1.528

1.967

2.454

(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

2.565

0.000

0.000

(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

4.093

1.967

2.454

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

9.958

1.532

1.235

(c) Trade receivables

28.874

22.379

15.682

(d) Cash and cash equivalents

0.655

3.488

2.211

(e) Short-term loans and advances

2.801

3.394

4.931

(f) Other current assets

0.000

4.473

4.088

Total Current Assets

42.288

35.266

28.147

 

 

 

 

TOTAL

46.381

37.233

30.601

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

138.518

143.057

108.607

 

 

Other Income

0.361

2.583

1.887

 

 

TOTAL                                     (A)

138.879

145.640

110.494

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Purchases of Stock-in-Trade

100.570

103.778

75.971

 

 

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

(8.426)

(0.296)

1.327

 

 

Employees benefits expense

12.582

10.392

8.823

 

 

Other expenses

31.945

29.655

22.042

 

 

TOTAL                                     (B)

136.671

143.529

108.163

 

 

 

 

 

 

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

2.208

2.111

2.331

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

0.970

0.470

0.417

 

 

 

 

 

 

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

1.238

1.641

1.914

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

0.570

0.692

0.733

 

 

 

 

 

 

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

0.668

0.949

1.181

 

 

 

 

 

Less

TAX                                                                  (H)

0.295

0.339

0.425

 

 

 

 

 

 

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

0.373

0.610

0.756

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD  (K)

3.490

2.880

2.124

 

 

 

 

 

 

Balance Carried to the B/S (J+K+L-M)

3.863

3.490

2.880

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

1.90

3.11

3.86

 

 

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 flow from operating activity

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)
0.27

0.43

0.70

 

 
 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)
1.59

1.48

2.15

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.52

2.55

3.86

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.11

0.17

0.24

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.48

0.82

0.98

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.32

1.29

1.34

 

 

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

1.960

1.960

1.960

Reserves & Surplus

2.880

3.489

3.863

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

4.840

5.449

5.823

 

 

 

 

long-term borrowings

4.760

4.464

8.638

Total borrowings

4.760

4.464

8.638

Debt/Equity ratio

0.983

0.819

1.483

 

 

 

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

108.607

143.057

138.518

 

 

31.720

(3.173)

 

 

 

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

108.607

143.057

138.518

Profit

0.756

0.610

0.373

 

0.70%

0.43%

0.27%

 

 

 

 

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

Yes

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

Yes

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

No

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

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

UNSECURED LOAN

 

 

Unsecured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term borrowings

 

 

From Related Parties

 

 

Share Holders and Director Bikram Bakshi

4.134

0.084

 

 

 

Total

4.134

0.084

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

90248557

08/04/2011 *

5,000,000.00

DENA BANK

MANICKTOLLA BRANCH, P - 241, CIT ROAD, SCHEME VIM, KANKURGACHI, KOLKATA, West Bengal - 700054,

INDIA

B12338992

 

 

FIXED ASSETS

 

  • Air Conditioner
  • Computer
  • Fax Machine
  • Furniture
  • Generator
  • Motor Car

 

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.66.62

UK Pound

1

Rs.100.65

Euro

1

Rs.72.40

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUP

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SUD

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILITY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

29

 

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.