MIRA INFORM REPORT

 

 

Report No. :

356010

Report Date :

28.12.2015

 

IDENTIFICATION DETAILS

 

Name :

SIGNET CHEMICAL CORPORATION PRIVATE LIMITED

 

 

Registered Office :

A-801, Crescenzo, C-38/39, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra

Tel. No.:

91-22-61462725

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

01.05.2007

 

 

Com. Reg. No.:

11-170478

 

 

Capital Investment / Paid-up Capital :

Rs. 17.500 Million

 

 

IEC No.:

0307015416

 

 

CIN No.:

[Company Identification No.]

u24100mh2007ptc170478

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS55855C

 

 

PAN No.:

[Permanent Account No.]

AAKCS7910A

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader and Dealer of active pharmaceutical ingredients and chemicals. (Confirmed by management)

 

 

No. of Employees :

45 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa (72)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 20000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject was established in the year 2007 engaged in manufacturing and supplying pharmaceutical raw materials. Its products include propylene oxide and native betadex under base catalysis, pharmaceutical formulation raw materials and other formulations. 

 

The company also offers monophthalic acid ester of hypromellose widely used a solvent based enteric coating agent to protect drugs.

 

For the financial year ended 2015, company has reported 11.70% revenue growth as compared to previous revenue and it has maintain decent profitability margins at 16.22% during the year under a review.

 

Rating takes into consideration company’s healthy financial profile marked by its adequate net worth base along with zero debt balance sheet profile and healthy debt coverage indicators. 

 

Rating also takes into account of company’s well established track record of business operations and extensive industry experience of promoters in pharmaceutical segment.

 

However, rating strength partially offset by company’s working capital intense nature of business operations and exposed to volatility in foreign exchange fluctuations besides adverse raw material price movements.

 

Trade relations are reported as fair. Payments are reported to be regular and as per commitment.

 

In view of aforesaid, the company can be considered good for normal 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

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 (GENERAL DETAILS)

 

Name :

Ms. Neha Joshi

Designation :

Accounts Manager

Contact No.:

91-22-61462725

 

 

LOCATIONS

 

Registered Office :

A-801, Crescenzo, C-38/39, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

Tel. No.:

91-22-61462725

Fax No.:

91-22-61462726

E-Mail :

taxaccounts@signetchem.com

sales@signetchem.com 

Website :

www.signetchem.com

 

 

Warehouse :

AE-AF, Shree Rajlaxmi Commercial Complex, Kalher Village, Bhiwandi, District Thane – 421302, Maharashtra, India

Tel. No.:

91-2522-277366

Fax No.:

91-2522-277366

E-Mail :

warehouse@signetchem.com

 

 

DIRECTORS

 

As on 31.03.2015

 

Name :

Mr. Harish Pravinchandra Shah

Designation :

Managing Director

Address :

9, Retreat, Saraswat Colony, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

28.10.1956

Qualification :

B.E.

Date of Appointment :

01.05.2007

PAN No.:

AAIPS6495H

DIN No.:

01282117

 

 

Name :

Mrs. Bina Harish Shah

Designation :

Whole-time Director

Address :

9, Retreat, Saraswat Colony, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

21.10.1959

Qualification :

B.E.

Date of Appointment :

01.05.2007

PAN No.:

AAQPS2050N

DIN No.:

01282103

 

 

Name :

Mr. Pravinchand Dhirajlal Shah

Designation :

Director

Address :

9, Retreat, Saraswat Colony, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

18.08.1928

Date of Appointment :

01.05.2007

PAN No.:

AAJPS3015L

DIN No.:

01282843

 

 

Name :

Wilson Kevin D'souza

Designation :

Director

Address :

S/o:- Xavier D'souza F-105/106, Sarita Lok Darshan Chs., Military Road, Marol, Andheri (East), Mumbai – 400059, Maharashtra, India

Date of Birth/Age :

19.02.1975

Date of Appointment :

01.07.2014

DIN No.:

06917222

 

 

KEY EXECUTIVES

 

Name :

Ms. Neha Joshi

Designation :

Accounts Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.03.2015

 

Names of Shareholders

 

No. of Shares

 

Harish P. Shah

 

525000

Bina H. Shah

 

455000

Amira H. Shah

 

25000

Anushka H. Shah

 

25000

Seher Private Trust, India

 

335000

Subah Private Trust, India

 

335000

 

 

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 :

Trader and Dealer of active pharmaceutical ingredients and chemicals. (Confirmed by management)

 

 

Products :

Item Code No. (ITC Code)

Product Description

17029090

Sugar Spheres

28352500

Dicalcium Phosphate Anhydrous

29054300

Mannitol USP

39059990

Povidone USP

39123919

Microcrystalline Cellulose

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Cash and Credit (30,60,90 Days)

 

 

Purchasing :

Cash and Credit (30,60,90 Days)

 

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

OEMS and Manufacturer

 

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 :

45 (Approximately)

 

 

Bankers :

Bank Name

Bank of Baroda

Branch

Dr A B Road, Worli, Mumbai, Maharashtra, 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

 

Auditors :

 

Name :

Kiran Parikh and Company

Chartered Accountants

Address :

A-34, 4th Floor, Navyug Niwas, 167, Lamington Road, Mumbai – 400007, Maharashtra, India

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

AAAFK1297M

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiary:

--

 

 

CAPITAL STRUCTURE

 

As on 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5000000

Equity Shares

Rs.10/- each

Rs. 50.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1750000

Equity Shares

Rs.10/- each

Rs. 17.500 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2015

31.03.2014

31.03.2013

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

17.500

17.500

17.500

(b) Reserves & Surplus

6835.927

5330.193

3939.157

(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)

6853.427

5347.693

3956.657

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

26.963

17.773

12.426

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

6.807

4.851

4.222

Total Non-current Liabilities (3)

33.770

22.624

16.648

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

262.852

267.844

111.798

(c) Other current liabilities

31.984

26.523

15.830

(d) Short-term provisions

51.175

44.980

25.916

Total Current Liabilities (4)

346.011

339.347

153.544

 

 

 

 

TOTAL

7233.208

5709.664

4126.849

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

439.565

451.857

866.145

(ii) Intangible Assets

1.300

3.030

1.247

(iii) Capital work-in-progress

390.472

390.472

2.300

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

2422.789

1123.520

480.128

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.607

3.499

6.508

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

3254.733

1972.378

1356.328

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

147.542

74.469

40.000

(b) Inventories

676.887

765.305

421.852

(c) Trade receivables

2927.000

2732.251

1967.797

(d) Cash and cash equivalents

73.571

59.853

88.243

(e) Short-term loans and advances

153.475

105.408

252.629

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

3978.475

3737.286

2770.521

 

 

 

 

TOTAL

7233.208

5709.664

4126.849

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

9342.711

8363.457

6971.310

 

Other Income

181.286

29.594

NA

 

TOTAL

9523.997

8393.051

NA

 

 

 

 

 

 

EXPENSES

 

 

 

 

Purchases of Stock-in-Trade

6764.764

6266.627

NA

 

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

88.417

(343.453)

NA

 

Employees benefits expense

205.810

155.688

NA

 

Other expenses

183.594

157.599

NA

 

TOTAL

7242.585

6236.461

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

2281.412

2156.590

1783.720

 

 

 

 

 

 

FINANCIAL EXPENSES

0.279

0.377

21.690

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION 

2281.133

2156.213

1762.030

 

 

 

 

 

 

DEPRECIATION/ AMORTISATION

15.688

32.427

34.380

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

2265.445

2123.786

1727.640

 

 

 

 

 

 

TAX

749.212

724.561

547.930

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

1516.233

1399.225

1179.720

 

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

NA

3554.160

2501.600

 

 

 

 

 

 

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

NA

140.000

120.000

 

Dividend

NA

7.000

6.120

 

Tax on Dividend

NA

1.190

1.040

 

Balance Carried to the B/S

1516.233

4805.190

3554.160

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

NA

50.690

45.070

 

TOTAL EARNINGS

NA

50.690

45.070

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

866.00

800.00

674.00

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

0.000

0.000

0.000

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

2038.970

1358.000

1259.239

Net cash flows from (used in) operating activities

1312.818

644.007

696.460

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

16.23

16.73

16.92

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

24.42

25.79

25.59

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

51.26

50.62

47.41

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.33

0.40

0.44

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.00

0.00

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

11.50

11.01

18.04

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

17.500

17.500

17.500

Reserves & Surplus

3939.157

5330.193

6835.927

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

3956.657

5347.693

6853.427

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

0.000

0.000

0.000

Total borrowings

0.000

0.000

0.000

Debt/Equity ratio

0.000

0.000

0.000

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

6971.310

8363.457

9342.711

 

 

19.970

11.709

 

 

NET PROFIT MARGIN

 

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

6971.310

8363.457

9342.711

Profit

1179.720

1399.225

1516.233

 

16.92%

16.73%

16.23%

 

 

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

Yes

17

Details of sister concerns

No

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

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

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

NOTE: The registered office of the company has been shifted from B-305, Neelam Centre, Hind Cycle Road, Worli, Mumbai – 400030, Maharashtra, India to the present address w.e.f. 01.04.2011.

 

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

 

COMPANY OVERVIEW:

 

Subject is a company dealing in excipients and other chemicals sourced from the companies across the world and distributing it mainly to pharmaceutical industry in India and other neighboring countries. The company occupies a stellar position as India’s largest excipients distributing company.

 

FIXED ASSETS

 

Tangible assets

  • Buildings
  • Furniture and fixtures
  • Vehicles
  • Office equipment
  • Computer Equipments
  • Other Equipments

 

Intangible assets

 

  • Computer software

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.20

UK Pound

1

Rs.98.30

Euro

1

Rs.72.41

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUP

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

KVT


 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILITY

1~10

8

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

8

--RESERVES

1~10

8

--CREDIT LINES

1~10

8

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

72

 

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.