MIRA INFORM REPORT

 

 

Report No. :

354209

Report Date :

16.12.2015

 

IDENTIFICATION DETAILS

 

Name :

K.G.K. DIAMONDS BVBA

 

 

Registered Office :

Hoveniersstraat 2 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

27.11.1989

 

 

Com. Reg. No.:

439113159

 

 

Legal Form :

Private limited liability company

 

 

Line of Business :

Wholesale of diamonds and other precious stones

 

 

No. of Employee :               

10

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No complaints

 

 

Litigation :

Clear

 

 

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)

Belgium

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 


 

BELGIUM ECONOMIC OVERVIEW

 

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the budget deficit was 3.2% of GDP. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium's high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue a reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

 

Source : CIA

 

 

Company summary

 

Business number                     439113159

Branche Unit Number               2046208070

Company name                        K.G.K. DIAMONDS BVBA

Address                                   HOVENIERSSTRAAT 2

2018 ANTWERPEN

Number of staff                        10

Date of establishment               27/11/1989

Telephone number                   032131157

Fax number                              032131158

 

 

Commentary

 

The business was established over 26 years ago.

The business has 10 employees.

The business is part of a group.

The business has been at the address for over 1 month.

The business has been at the address for less than 6 months.

Net Worth increased by 25% during the latest trading period.

The business saw an increase in their Cash Balance of 1174% during the latest trading period.

Turnover in the latest trading period increased 24% on the previous trading period.

 

 

Accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/03/2015

374,767,418

1,009,901

29,169,598

60,573,333

31/03/2014

300,045,473

883,599

23,313,467

42,373,622

31/03/2013

252,319,204

765,024

22,535,319

42,633,365

 

ACCOUNTS

 

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/03/2015

176,936,540

10

27,031,799

1,124,868

31/03/2014

151,330,417

9

20,531,799

1,035,158

31/03/2013

146,773,726

7

20,531,799

538,891

 

 

Trends

 

Profitability

Liquidity

Net worth

 

 

Payment expectations

 

Past  payments

 

Payment  expectation  days

25.50

Industry  average  payment

187.73

Industry  average  day  sales

194.38

expectation  days

 

outstanding

 

Day  sales  outstanding

122.45

 

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type                       No

 

PROTESTED BILLS

Bill amount                                --

 

NSSO DETAILS

Date of summons                    

 

 

Company information

 

Business  number

439113159

Company  name

K.G.K.  DIAMONDS  BVBA

Fax  number

032131158

Date  founded

27/11/1989

Company  status

active

Company  type

Private  limited  liability

 

 

 

company

Currency

Euro  (€)

Date  of  latest  accounts

31/03/2015

Activity  code

46761

Liable  for  VAT

yes

Activity  description

Wholesale  of  diamonds  and

VAT  Number

BE.0439.113.159  Check  VAT

 

other  precious  stones

 

number

Belgian  Bullettin  of  Acts Publications

moniteur  belge

 

 

 

 

Contractor details

 

Registered  contractor

-

number

 

Contractor  description

-

Date  struck  off  register

 

 

 

PERSONNEL  (NSSO  CLASSIFICATION)

 

Code

-

Description

-

 

 

JOINT  INDUSTRIAL  COMMITTEE  (JIC)

 

JIC  Code

218

Description

Additional  national  joint  committee  for  the  employees

 

 

 

SIGNIFICANT EVENTS

 

Event Date

24/03/2015

Event Description

 

Event Details

De 1774 nieuwe aandelen worden toegekend aan de vennootschap Prime International DMCC.

 

 

Company accounts

 

ASSETS

 

Annual  accounts

31-03-2015

%

31-03-2014

%

31-03-2013

%

31-03-2012

%

31-03-2011

Weeks

52

 

52

 

52

 

52

 

52

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total  fixed  assets

6,211,125

59.21

3,901,249

7.73

3,621,419

-3.43

3,749,938

8.48

3,456,694

Intangible  fixed  assets

7,024

-39.55

11,620

-43.93

20,723

47.26

14,073

-9.32

15,519

Tangible  fixed  assets

6,197,614

61.68

3,833,303

7.58

3,563,370

-3.74

3,701,964

8.45

3,413,513

Land  &  building

5,401,325

87.14

2,886,310

10.82

2,604,525

-2.50

2,671,397

-2.44

2,738,270

Plant  &  machinery

670,489

-11.80

760,204

-0.72

765,734

-2.79

787,738

41.25

557,688

Furniture  &  Vehicles

125,800

-32.65

186,789

-3.27

193,112

-20.47

242,829

106

117,556

Leasing  &  Other  Similar

0

-

0

-

0

-

0

-

0

Rights

 

 

 

 

 

 

 

 

 

Other  tangible  assets

0

-

0

-

0

-

0

-

0

Financial  fixed  assets

6,486

-88.48

56,326

50.90

37,326

10.10

33,901

22.56

27,661

Total  current  assets

170,725,416

15.80

147,429,167

2.99

143,152,306

3.22

138,680,126

30.01

106,671,565

Inventories

39,556,200

64.55

24,038,597

-33.40

36,095,197

-17.19

43,585,363

71.55

25,406,982

Raw  materials  &

0

-

0

-

0

-

0

-

0

consumables

 

 

 

 

 

 

 

 

 

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

39,556,200

64.55

24,038,597

-33.40

36,095,197

-17.19

43,585,363

71.55

25,406,982

Other  stocks

0

-

0

-

0

-

0

-

0

Trade  debtors

125,722,004

3.61

121,339,320

14.54

105,939,698

15.03

92,097,509

14.88

80,170,908

Other  amounts  receivable

1,260,784

-24.73

1,675,085

206

545,914

-69.18

1,771,419

578

260,975

Cash

4,075,569

1174

319,790

-37.47

511,389

-56.56

1,177,120

53.05

769,091

Miscellaneous  current

110,859

96.65

56,375

-6.21

60,108

23.39

48,715

-23.42

63,610

assets

 

 

 

 

 

 

 

 

 

Total  Assets

176,936,540

16.92

151,330,417

3.10

146,773,726

3.05

142,430,064

29.33

110,128,259

 

 

LIABILITIES

 

Total  shareholders  equity

29,176,622

25.09

23,325,087

3.41

22,556,041

17.01

19,277,234

29.86

14,844,172

Issued  share  capital

27,031,799

31.66

20,531,799

0

20,531,799

32.19

15,531,799

32.32

11,737,884

Share  premium  account

0

-

0

-

0

-

0

-

0

Revaluation  reserve

0

-

0

-

0

-

0

-

0

Reserves

2,144,823

-23.22

2,793,288

37.99

2,024,243

-45.95

3,745,435

20.58

3,106,287

Provisions  for  Liabilities  &

0

-100

125,973

-

0

-

0

-

0

Charges

 

 

 

 

 

 

 

 

 

Deffered  taxes

0

-

0

-

0

-

0

-

0

Creditors

147,759,918

15.55

127,879,357

2.95

124,217,684

0.86

123,152,830

29.25

95,284,087

Other  long  term  loans

2,610,363

-88.38

22,461,178

-3.63

23,308,270

51.75

15,359,823

41.37

10,864,890

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

34,997,472

9550

362,634

-7.13

390,472

4.30

374,364

6.37

351,939

Total  long  term  debts

37,607,835

63.87

22,949,785

-3.16

23,698,743

50.62

15,734,186

40.27

11,216,829

Current  portion  of  long  term

393,330

30.42

301,587

5.09

286,975

-14.59

335,985

13.41

296,256

debt

 

 

 

 

 

 

 

 

 

Financial  debts

83,350,280

9.74

75,950,187

2.98

73,749,316

7.82

68,400,931

94.11

35,237,626

Trade  creditors

25,955,669

-8.73

28,437,324

8.40

26,234,885

-31.73

38,430,552

-20.55

48,371,385

Amounts  Payable  for  Taxes,

227,629

16.17

195,941

-3.77

203,616

4.24

195,340

45.85

133,932

Remuneration  &  Social

 

 

 

 

 

 

 

 

 

Security

 

 

 

 

 

 

 

 

 

Miscellaneous  current

225,175

32.06

170,506

286

44,150

-20.93

55,836

98.99

28,060

liabilities

 

 

 

 

 

 

 

 

 

Total  current  liabilities

110,152,083

4.85

105,055,545

4.51

100,518,941

-6.42

107,418,644

27.78

84,067,258

Total  Liabilities

176,936,540

16.92

151,330,417

3.10

146,773,726

3.05

142,430,064

29.33

110,128,259

 

 

RATIO ANALYSIS

 

TRADING  PERFORMANCE

Profit  Before  Tax

0.27

-6.90

0.29

-3.33

0.30

-16.67

0.36

5.88

0.34

Return  on  capital  employed

1.51

-20.94

1.91

15.76

1.65

-25.00

2.20

-24.66

2.92

Return  on  total  assets  employed

0.57

-1.72

0.58

11.54

0.52

-3.70

0.54

-21.74

0.69

Return  on  net  assets  employed

3.46

-8.71

3.79

11.80

3.39

-15.25

4.00

-22.03

5.13

Sales  /  net  working  capital

6.19

-12.57

7.08

19.59

5.92

-14.33

6.91

-29.27

9.77

Stock  turnover  ratio

10.55

31.71

8.01

-44.03

14.31

-29.09

20.18

75.48

11.50

Creditor  days

25.50

-27.14

35.00

-8.85

38.40

-41.61

65.77

-18.89

81.09

Debtor  days

122.45

-17.04

147.61

-3.68

153.25

-1.55

155.67

17.49

132.50

 

SHORT  TERM  STABILITY

 

Current  ratio

1.55

10.71

1.40

-1.41

1.42

10.08

1.29

1.57

1.27

Liquidity  ratio  /  acid  ratio

1.19

1.71

1.17

9.35

1.07

20.22

0.89

-8.25

0.97

Current  debt  ratio

3.78

-16.00

4.50

0.90

4.46

-19.93

5.57

-1.59

5.66

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

1,124,868

8.67

1,035,158

92.09

538,891

-36.82

852,994

8.98

782,685

Net  worth

29,169,598

25.12

23,313,467

3.45

22,535,319

16.99

19,263,161

29.90

14,828,653

 

 

LONG  TERM  STABILITY

 

Gearing

295.97

-30.07

423.21

-1.94

431.57

-1.07

436.25

39.57

312.57

Equity  in  percentage

16.49

7.01

15.41

0.26

15.37

13.52

13.54

0.45

13.48

Total  debt  ratio

5.06

-7.83

5.49

-0.36

5.51

-13.77

6.39

-0.47

6.42

Working  capital

60,573,333

42.95

42,373,622

-0.61

42,633,365

36.38

31,261,482

38.30

22,604,307

 

 

Profit  &  loss

 

 

 

 

 

 

 

 

 

Operating  Income

374,883,147

24.90

300,151,717

18.91

252,410,024

16.79

216,115,155

-2.21

221,010,050

Turnover

374,767,418

24.90

300,045,473

18.92

252,319,204

16.84

215,946,214

-2.22

220,854,762

Total  operating  expenses

371,536,710

25.27

296,598,021

18.95

249,356,417

16.92

213,267,529

-2.05

217,730,014

Gross  Operating  Margin

-

-

-

-

-

-

-

-

-

Operating  Charges

371,652,439

25.26

296,704,264

18.94

249,447,238

16.87

213,436,469

-2.04

217,885,303

Employee  costs

451,473

19.03

379,309

40.50

269,977

20.98

223,165

16.61

191,374

Wages  and  salary

330,813

15.42

286,616

38.60

206,800

26.06

164,048

16.28

141,074

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security

96,228

16.88

82,333

41.30

58,269

30.89

44,516

26.47

35,198

contributions

 

 

 

 

 

 

 

 

 

Other  employee  costs

24,432

135

10,360

111

4,909

-66.38

14,602

-3.31

15,102

Director  remuneration

125,200

-

-

-

100,000

-

-

-

-

Amortization  and

273,333

2.71

266,112

2.32

260,083

21.62

213,847

54.72

138,211

depreciation

 

 

 

 

 

 

 

 

 

Operating  result

3,230,708

-6.29

3,447,453

16.36

2,962,787

10.61

2,678,686

-14.28

3,124,748

Total  financial  income

2,284,316

447

416,937

-50.70

845,780

-37.41

1,351,344

215

428,983

Total  financial  expenses

4,505,123

51.14

2,980,790

-2.06

3,043,543

-6.63

3,259,828

16.76

2,791,908

Results  on  ordinary

1,009,901

14.29

883,599

15.50

765,024

-0.67

770,201

1.10

761,823

Extraordinary  Income

25,395

218

7,967

-99

2,057,599

96652

2,127

-

-

Extraordinary  Charges

23,999

-

-

-

2,046,492

-

-

-

-

Extraordinary  items

1,396

-82.48

7,967

-28.27

11,107

422

2,127

-

0

Results  for  the  Year  Before

1,011,297

13.43

891,566

14.87

776,130

0.49

772,328

1.38

761,823

Taxation

 

 

 

 

 

 

 

 

 

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

159,762

30.40

122,521

-75.36

497,322

273

133,181

13.49

117,349

Results  on  ordinary

850,139

11.70

761,078

184

267,701

-57.98

637,021

-1.16

644,474

operations  after  taxation

 

 

 

 

 

 

 

 

 

Net  result

851,535

10.73

769,045

175

278,808

-56.38

639,147

-0.83

644,474

Profit  (Loss)  for  the  Year  to be  appropiated

851,535

10.73

769,045

175

278,808

-56.38

639,147

-0.83

644,474

Dividends

-

-

-

-

-

-

-

-

-

 

Social Balance Sheet Details

 

Social  Balance  Sheet

 

Total

During  the  reporting  year

 

ended  31-03-2015

 

Full-time  Employees

9

Part-time  Employees

1

Total  Fte  Employees

10

Number  of  hours  worked

 

Full-time  Employees

15,565

Part-time  Employees

1,539

Total

17,104

Personnel  Charges

 

Full-time  Employees

410,850

Part-time  Employees

40,623

Total

451,473

Benefits  In  Addition  To  Wages

-

During  the  previous  reporting  year

 

Average  number  employees  in  Fte

9

Actual  working  hours

14,986

Personnel  Charges

379,309

Benefits  In  Addition  To  Wages

-

 

 

Type  of  Contract

 

Full-Time

Part-Time

Total  Fte

Unlimited  Duration

7

1

8

Contracts

 

 

 

Limited  Duration  Contracts

-

-

-

Contracts  For  Specific  Work

-

-

-

Contracts  Regarding

-

-

-

Substitution

 

 

 

 

 

Gender  and  Education

 

 

 

Level

 

 

 

Men

Full-Time

Part-Time

Total  Fte

Primary  education

2

-

2

Secondairy  education

2

-

2

Higher  education  (non university)

-

-

-

Higher  education (university)

-

-

-

Women

Full-Time

Part-Time

Total  Fte

Primary  education

1

1

2

Secondairy  education

2

-

2

Higher  education  (non university)

-

-

-

Higher  education (university)

-

-

-

 

 

Working  Category

 

Full-Time

Part-Time

Total  Fte

Management

-

-

-

White  collar  worker

7

1

8

Blue  collar  worker

-

-

-

Other

-

-

-

 

 

Temporary  personnel

 

Total

Average  number  of  temporary  staff

-

Actual  working  hours

-

Cost  of  temporary  staff

-

 

 

New  staff  and  leavers

 

Full-Time

Part-Time

Total  Fte

New  Starters

1

-

1

Leavers

3

-

3

 

 

Total  of  formal  continuing  vocational  training  initiatives

 

 

for  workers  paid  by  the  employer

Male

Female

Number  of  employees

-

-

Number  of  training  hours

-

-

Net  costs  for  enterprise

-

-

Total  of  less  formal  and  informal  continuing  vocational

 

 

training  initiatives  for  workers  paid  by  the  employer

Male

Female

Number  of  employees

-

-

Number  of  training  hours

-

-

Net  costs  for  enterprise

-

-

Total  of  initial  training  initiatives  at  the  expense  of  the

 

 

employer

Male

Female

Number  of  employees

-

-

Number  of  training  hours

-

-

Net  costs  for  enterprise

-

-

 

 

Industry comparison

 

Activity code                            46761

Activity description                  Wholesale of diamonds and other precious stones

industry average credit

rating                                       68.11

Industry average credit limit     215207.04

 

Payment Information

 

PAYMENT  INFORMATION  SUMMARY

 

 

Total  number  of  Invoices  available

18

Total  number  of  Invoices  paid  within  or  up  to  30  days  after  the  due  date

10

Total  number  of  Invoices  paid  more  than  30  days  after  the  due  date

0

Total  number  of  Invoices  currently  outstanding  where  the  due  date  has  not  yet  been  reached

0

Total  number  of  Invoices  currently  outstanding  beyond  the  due  date

8

 

 

SUSPENSION  OF  PAYMENTS  /  MORATORIUM  HISTORY

 

Amount

-

Details

-

 

PAYMENT  EXPECTATIONS

 

Payment  expectation  days

25.50

Day  sales  outstanding

122.45

 

 

INDUSTRY  COMPARISON

 

Activity  code

46761

Activity  description

Wholesale  of  diamonds  and  other  precious  stones

Industry  average  payment

187.73

Industry average day sales

outstanding

194.38

 

 

Industry quartile analysis

 

PAYMENT EXPECTATIONS

 

Company result            25.50

Lower                           132.91

Median                         60.64

Upper                           28.62

 

 

DAY SALES OUTSTANDING

 

Company result            122.45

Lower                           131.59

Median                         85.12

Upper                           46.95

 

 

Shareholder Details

 

SUMMARY

 

 

Group  -  Number  of  Companies

2

Linkages  -  Number  of  Companies

0

Number  of  Countries

0

 

 

GROUP STRUCTURE

 

Company  name

 

Number

Latest financials

- K.G.K.  DIAMONDS  BVBA

439113159

31-03-2015

- - K.G.K. FINE JEWELLERY EBVBA

472549455

31-12-2014

 

 

MINORITY SHAREHOLDERS

 

Number

Company  name

 

Date of accounts

838225795

PRIME INTERNATIONAL DMCC

--

 

 

 

 

 

MINORITY INTERESTS

 

Number

Company  name

 

Date of accounts

822903854

MUNIC SOURCING NV

31/12/2014

 

 

 

 

 

Linked Companies

 

SUMMARY

 

Group - Number of Companies             2

Linkages - Number of Companies        0

Number of Countries                            0

 

 

 

SUMMONS

There is no data for this company

 

 

PROTESTED BILLS

There is no data for this company

 

 

BANKRUPTCY AND OTHER LEGAL EVENTS

There is no data for this company

 

 

Director details

 

CURRENT DIRECTOR DETAILS

 

Position

Permanent  representative  legal  entity

Start  Date

28/09/2010

Street

 

Post  code

 

Country

 

Name

MANJU  KOTHARI

Name

SANJAY  KOTHARI

Position

Permanent  representative  legal  entity

Start  Date

28/09/2010

Street

 

Post  code

 

Country

 

Name

SINO  CHARM  LIMITED  BO

Position

Permanent  representative  legal  entity

Start  Date

28/09/2010

Street

 

Post  code

 

Country

 

Name

Yash  Jain

Position

Manager

Start  Date

01/04/2014

Street

14 LANGE  KIEVITSTRAAT  ANTWERPEN

Post  code

2018

Country

Belgium

Name

PRIME  INTERNATIONAL  DMCC  BO

Position

Manager

Start  Date

28/09/2010

Street

 

Post  code

 

Country

 

Name

Rajesh  Jain

Position

Manager

Start  Date

25/02/1991

Street

47 MOLENVELDLAAN  EDEGEM

Post  code

2650

Country

Belgium

 

 

CURRENT MANDATES IN OTHER COMPANIES

 

Name

K.G.K.  FINE  JEWELLERY  EBVBA

Business  number

472549455

Position

Permanent  representative  legal  entity

Start  Date

16/06/2008

Business  number

472549455

Position

Manager

Start  Date

16/06/2008

 

 

FORMER DIRECTOR DETAILS

 

Name

PRIME  INTERNATIONAL  FZCO  BO

Position

Manager

Start  Date

20/10/2006

End  Date

28/09/2010

Street

 

Post  code

 

Country

 

 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.67.04

UK Pound

1

Rs.101.67

Euro

1

Rs.73.93

EUR

1

Rs.73.04

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 


 

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

--

NB

                                       New Business

 

--

 

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%)

 

 

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.