MIRA INFORM REPORT

 

 

Report No. :

350855

Report Date :

12.12.2015

 

IDENTIFICATION DETAILS

 

Name :

KHYATI CHEMICALS PRIVATE LIMITED

 

 

Registered Office :

A/7, 4th Floor, Safal Profitaire, Opposite Auda Garden, Prahlad Nagar, Corporate Road, Satellite, Ahmedabad – 380015, Gujarat

Tel. No.:

91-79-40373880 / 40373881 / 40373882

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

25.07.1994

 

 

Com. Reg. No.:

04 - 22598

 

 

Capital Investment / Paid-up Capital :

Rs.9.931 Million

 

 

CIN No.:

[Company Identification No.]

U24231GJ1994PTC022598

 

 

IEC No.:

0898002168

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturers, Processers, Importers, Exporters, dealers, Seller, Buyer, consignees, agents, stockiest, suppliers of classes, kinds, types and nature of chemicals, dyes, pigments and auxiliaries. (Registered Activities)

 

 

No. of Employees :

Not Available

 

 

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

 

Maximum Credit Limit :

USD 900000

 

 

Status :

Satisfactory 

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated in the year 1994 having satisfactory track.

 

Available financial indicates sound financial risk profile marked by healthy net worth base along with comfortable liquidity position and good profit margin of the company.

 

Further, the ratings also takes into consideration favorable gap between trade payable and trade receivables.

 

Trade relations are reported as fair. Business is active.

 

Payment terms are reported as usually correct and as per commitment.

 

In view of long track record and sound financial base, 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

CRISIL

Rating

Long Term Ratings = BBB

Rating Explanation

Moderate degree of safety and carry moderate credit risk

Date

31.12.2014

 

Rating Agency Name

CRISIL

Rating

Short Term Ratings  = A3+

Rating Explanation

Moderate degree of safety and carry higher credit risk

Date

31.12.2014

 

 

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.

 

LOCATIONS

 

Registered Office :

A/7, 4th Floor, Safal Profitaire, Opposite Auda Garden, Prahlad Nagar, Corporate Road, Satellite, Ahmedabad – 380015, Gujarat, India

Tel. No.:

91-79-40373880 / 81 / 82

Fax No.:

91-79-40373887

E-Mail :

khyatichemicals@gmail.com

khyatiad1@sancharnet.in

Website :

http://www.khyatichemicals.com

 

 

Work Place:

 

Unit-I

243/3/4/5, G.I.D.C. Estate, Phase – II, Vatva, Ahmedabad – 382445, Gujarat, India.

Tel. No.:

91-79-25830486

 

 

Unit-II

C-1, 412/6, G.I.D.C. Estate, Phase – II, Vatva, Ahmedabad – 382445, Gujarat, India.

Tel. No.:

91-79-25891748

 

 

 

 

DIRECTORS

 

As on 25.09.2014

 

Name :

Mr. Rajiv Narpatmal Bhandari

Designation :

Chairman and Managing Director

Address :

14B, Ashok Vatika, B/H. Islok Temple, Ambali- Bopat Road, Ahmedabad – 380058, Gujarat, India.

Date of Birth/Age :

17.08.1957

Qualification :

B.Com , C.A.

Experience:

30 Years

Date of Appointment :

07.08.2008

PAN No.:

AAUPB1966C

DIN No.:

00159783

Other Directorship:

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

U24231GJ1994PTC022598

KHYATI CHEMICALS PVT LTD

Managing director

07-08-08

25-07-94

-

Active

NO

2

U24114GJ2010PTC061715

KHYATI DYECHEM PRIVATE LIMITED

Director

23-07-10

23-07-10

-

Under Process of Striking off

NO

 

 

 

 

Name :

Mrs. Shubha Rajiv Bhandari

Designation :

Whole Time Director

Address :

14B, Ashok Vatika, B/H. Islok Temple, Ambali- Bopat Road, Ahmedabad – 380058, Gujarat, India.

Date of Birth/Age :

17.06.1965

Qualification :

B.A., M.A

Experience:

16 Years

Date of Appointment :

02.04.1998

PAN No.:

AAUPB1967D

DIN No.:

00159813

Other Directorship:

.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

U24231GJ1994PTC022598

KHYATI CHEMICALS PVT LTD

Director

02-04-98

02-04-98

-

Active

NO

2

U24114GJ2010PTC061715

KHYATI DYECHEM PRIVATE LIMITED

Director

23-07-10

23-07-10

-

Under Process of Striking off

NO

 

KEY EXECUTIVES

 

Name :

Mr.Jaydeep N. Thanawala

Designation :

Secretory

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 25.09.2014

 

Names of Shareholders

No. of Shares

% age of Holding

Rajiv Narpatmal Bhandari

846660

85.25

Siddhant Rajiv Bhandari

45000

4.53

Shubha Rajiv Bhandari

101460

10.22

Total

993120

100.00

 

 

 

 

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 25.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers, Processers, Importers, Exporters, dealers, Seller, Buyer, consignees, agents, stockiest, suppliers of classes, kinds, types and nature of chemicals, dyes, pigments and auxiliaries. (Registered Activities)

 

 

Products :

Item Code No.

Product Description

3204 (ITC Code)

S O Dyes

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

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 :

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

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

Bank Name

State Bank of India,

Branch

Sales Hub, Laghu Udhyog Branch, Premises, Opposite Gandhigram Railway Station, Ahmedabad-380009, Gujarat, 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 :

Secured Loan

31.03.2014

31.03.2013

(Rs. in Million)

(Rs. in Million)

Long-term Borrowings

 

 

Long Term member

0.404

2.55

 

 

 

Short-term borrowings

 

 

Loans repayable on Demand

254.651

225.621

Total

255.055

228.171

 

Auditors :

 

Name :

Deepak Soni and Associates

Chartered Accountant

Address :

5, Jayshree Apartments, Udhyan Marg, Near Law Garden, Ahmedabad – 380006, Gujarat , India.

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

AFLPS9250E

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associated Company/Enterprise Where Common control exists:
  • Khyati Chemicals Industries
  • Shubh Industries

 

 

CAPITAL STRUCTURE

 

As on 25.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2000000

Equity Shares

Rs.10/- each

Rs.20.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

993120

Equity Shares

Rs.10/- each

Rs.9.931 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

9.931

9.931

9.931

(b) Reserves & Surplus

303.072

256.140

207.597

(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)

313.003

266.071

217.528

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

3.116

25.984

32.009

(b) Deferred tax liabilities (Net)

5.080

5.080

5.080

(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)

8.196

31.064

37.089

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

254.651

225.621

210.870

(b) Trade payables

161.832

193.962

116.367

(c) Other current liabilities

2.059

1.430

1.342

(d) Short-term provisions

5.591

4.617

3.880

Total Current Liabilities (4)

424.133

425.630

332.459

 

 

 

 

TOTAL

745.332

722.765

587.076

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

123.906

125.739

105.597

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

78.706

92.391

56.938

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

202.612

218.130

162.535

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

111.225

98.396

90.143

(c) Trade receivables

307.632

343.996

312.496

(d) Cash and cash equivalents

121.110

60.723

21.034

(e) Short-term loans and advances

0.000

0.000

0.000

(f) Other current assets

2.753

1.520

0.868

Total Current Assets

542.720

504.635

424.541

 

 

 

 

TOTAL

745.332

722.765

587.076

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

 

 

SALES AND OTHER INCOME

1392.288

1437.429

1019.805

 

 

 

 

 

Less

EXPENSES

1307.402

1353.025

1019.595

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

84.886

84.404

0.210

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

17.954

15.862

14.842

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

66.932

68.542

49.925

 

 

 

 

 

Less

TAX (H)

20.000

20.000

15.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

46.932

48.542

34.925

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

971.949

673.753

0.000

 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

0.000

0.000

0.000

Cash generated from operations

109.830

118.621

88.925

Net cash flow from operating activity

85.185

93.991

25.249

 

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

Net Profit Margin
(PAT / Sales)

(%)

3.37

3.38

3.42

 

 

 

 

 

Return on Total Assets (PBT/Total Assets)

(%)

8.98

9.48

8.50

 

 

 

 

 

Return on Investment (ROI) (PBT/Networth)

 

0.21

0.26

0.23

 

 

 

 

 

Debt Equity Ratio (Total Debt /Networth)

 

0.82

0.95

1.12

 

 

 

 

 

Current Ratio (Current Asset/Current Liability)

 

1.28

1.19

1.28

 

 

 

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

9.931

9.931

9.931

Reserves & Surplus

207.597

256.140

303.072

Net worth

217.528

266.071

313.003

 

 

 

 

Long-term borrowings

32.009

25.984

3.116

Short term borrowings

210.870

225.621

254.651

Total borrowings

242.879

251.605

257.767

Debt/Equity ratio

1.117

0.946

0.824

 

 

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

1019.805

1437.429

1392.288

 

 

40.951

(3.140)

 

 

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

1019.805

1437.429

1392.288

Profit / (Loss)

34.925

48.542

46.932

 

3.42%

3.38%

3.37%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

No

8

Designation of contact person

No

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

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

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

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

NOTE: Registered office of the company has been shifted from 905/906, Samudra Annexe, Sardar Patel Nagar, off. C.G. Road, Navrangpura Ahmedabad - 380001, Gujarat, India to the present address w.e.f. 06.05.2011.

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

31.03.2013

(Rs. in Million)

(Rs. in Million)

Long-term Borrowings

 

 

Long Term:

 

 

Loans and advances from Related parties

2.712

19.076

Other Loans and Advances

0.000

4.358

Total

2.712

23.434

 

 

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10361145

16/12/2014 *

435,000,000.00

State Bank of India

STATE BANK OF INDIA, REGIONAL BUSINESS OFFICE SHAHIBAUG, AHMEDABAD, Gujarat - 380004, INDIA 

C40568107

 

 

 

 

 

 

 

2

10361147

16/12/2014 *

435,000,000.00

State Bank of India

STATE BANK OF INDIA, REGIONAL BUSINESS OFFICE SHAHIBAUG, AHMEDABAD, Gujarat - 380004, INDIA 

C40569782

 

 

 

 

 

 

 

3

80006658

16/02/2011 *

270,900,000.00

State Bank of India

Sales Hub,Laghu Udhyog Branch Premises,, Opp.Gandhigram Railway Station, Ahmedabad, Gujarat - 38000 9, INDIA 

B08660318

 

 

 

 

 

 

 

4

80006657

15/02/2011 *

270,900,000.00

STATE BANK OF INDIA

SALES HUB,LAGHU UDHYOG BRANCH PREMISES,, OPP.GAND HIGRAM RAILWAY STATION,, AHMEDABAD, Gujarat - 380009, INDIA 

B08649089

 

 

 

 

 

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 records 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.66.78

UK Pound

1

Rs.101.10

Euro

1

Rs.73.10

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIV

 

 

Report Prepared by :

VLS

 

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

5

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--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

YES

--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.