MIRA INFORM REPORT

 

 

Report No. :

330548

Report Date :

03.07.2015

 

IDENTIFICATION DETAILS

 

Name :

SOHAM POLYMERS PRIVATE LIMITED

 

 

Registered Office :

1401, Belscot Tower CHS Limited, Lokhanwala Complex, Andheri East, Mumbai – 400053, Maharashtra

Tel. No.:

91-22-6526557

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

09.05.1995

 

 

Com. Reg. No.:

11-088223

 

 

Capital Investment / Paid-up Capital :

Rs. 9.773 Million

 

 

CIN No.:

[Company Identification No.]

U24110MH1995PTC088223

 

 

IEC No.:

0397022891

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AABCS1962K

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter and Importer of textile binder chemical.

 

 

No. of Employees :

50 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 160000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an old established company incorporated during the year 1995 having a satisfactory track record.

 

The company is progressing well. General financial position of the company is normal and acceptable for business dealings.

 

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

 

In view of long standing record and acceptable 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

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 31-03-2013.

 

INFORMATION PARTED BY

 

Name :

Mr. Ravi Naik

Designation :

Export Assistant

Contact No.:

91-9323224142

Date :

03.07.2015

 

 

LOCATIONS

 

Registered Office :

1401, Belscot Tower CHS Limited, Lokhanwala Complex, Andheri East, Mumbai – 400053, Maharashtra, India

Tel. No.:

91-22-6526557

Mobile No.:

91-9323224142 (Mr. Ravi Naik)

Fax No.:

91-22-2763009

E-Mail :

info@sohampolymers.com

sohampolymers@rediffmail.com

nidhi_1960@yahoo.co.in

Website :

www.sohampolymers.com

 

 

Factory :

N – 75, Additional Ambernath Industrial, Area, Anand Nagar, Ambernath , Thane, Maharashtra, India

 

 

DIRECTORS

 

As on 30.07.2014

 

Name :

Mr. Satish S. Modak

Designation :

Director

Address :

1401, Belscoat Tower, Lokhandwala Complex, Andheri (W), Mumbai- 400 053, Maharashtra, India

Date of Birth/Age :

08.10.1954

Date of Appointment :

09.05.1995

DIN No.:

00927794

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

U24110MH1995PTC088223

SOHAM POLYMERS PRIVATE LIMITED

Director

09/05/1995

09/05/1995

-

Active

NO

2

U24233MH2011PTC221384

VRUSHA ORGANICS PRIVATE LIMITED

Director

29/08/2011

29/08/2011

-

Active

NO

 

 

Name :

Mrs. Vrushali Satish Modak

Designation :

Director

Address :

1401, Belscoat Tower, Lokhandwala Complex, Andheri (W), Mumbai- 400053, Maharashtra, India

Date of Birth/Age :

10.04.1957

Date of Appointment :

08.11.2006

DIN No.:

00927779

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

U24110MH1995PTC088223

SOHAM POLYMERS PRIVATE LIMITED

Director

08/11/2006

08/11/2006

-

Active

NO

2

U24233MH2011PTC221384

VRUSHA ORGANICS PRIVATE LIMITED

Director

14/02/2013

14/02/2013

-

Active

NO

 

 

Name :

Mr. Atmaram G. Borge

Designation :

Director

Address :

Krishna Nilkant Vihar, A/203, Kurla Terminal, Vidyavihar, Mumbai- 400089,Maharashtra, India

Date of Birth/Age :

08.08.1962

Date of Appointment :

08.10.2011

DIN No.:

03552086

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

U24110MH1995PTC088223

SOHAM POLYMERS PRIVATE LIMITED

Director

08/10/2011

08/10/2011

-

Active

NO

2

U24233MH2011PTC221384

VRUSHA ORGANICS PRIVATE LIMITED

Director

22/06/2012

22/06/2012

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Ravi Naik

Designation :

Export Assistant

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.07.2014

 

SHAREHOLDING DETAILS FILE ATTACHED

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.07.2014

 

Category

Percentage

Directors or relatives of Directors

74.00

Other top fifty shareholders

26.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of textile binder chemical.

 

 

Products :

Not Available

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Finished good

Countries :

Thailand

 

 

Imports :

 

Products :

Raw Material

Countries :
  • Japan
  • Korea

 

 

Terms :

 

Selling :

Cash / Credit / L/C

 

 

Purchasing :

Cash / Credit / L/C

 

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 :

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 :

50 (Approximately) 

 

 

Bankers :

Bank Name

HDFC Bank Limited

Branch

HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai - 400013,

Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

91-22-61606161 (Ringing)

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

 

Karnataka Bank Limited, Andheri West Branch, Manish Nagar Shopping Complex, 4 Bunglows, Andheri (W), Mumbai - 400053, Maharashtra, India

 

Centurion Bank of Punjab Limited SME, 1st Floor, Plot No.19, Road No.16, 'C' Cross Road, MIDC, Andheri (East), Mumbai - 400093, Maharashtra, India

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

HDFC Bank Limited

0.000

0.058

HDFC Bank Limited Term Loan

8.665

2.801

 

 

 

Short-term borrowings

 

 

Cash credit from HDFC Bank Limited

35.280

43.502

Buyers Credit from HDFC Bank Limited

52.937

29.186

 

 

 

Total

96.882

75.547

 

Auditors :

 

Name :

Nidhi Shah and Associates

Chartered Accountants

Address :

F/403, Prabhat Kiran Society, Manish Park, Pump House, Mumbai – 400093, Maharashtra, India

Tel. No.:

91-22-28362806

Mobile No.:

91-9920062800

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

BJZPS8249C

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates :

Vrusha Organics Private Limited

 

 

CAPITAL STRUCTURE

 

As on 30.07.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,500,000

Equity Shares

Rs.100/- each

Rs.15.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

977,280

Equity Shares

Rs.100/- each

Rs. 9.773 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

9.773

9.773

9.770

(b) Reserves & Surplus

45.388

40.609

36.915

(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)

55.161

50.382

46.685

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

43.812

39.949

38.271

(b) Deferred tax liabilities (Net)

0.248

0.081

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)

44.060

40.030

38.271

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

88.218

72.688

37.594

(b) Trade payables

109.759

106.151

103.167

(c) Other current liabilities

5.855

4.033

1.799

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

203.832

182.872

142.560

 

 

 

 

TOTAL

303.053

273.284

227.516

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

18.514

6.832

7.844

(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

0.000

0.000

0.000

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

18.514

6.832

7.844

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

62.643

56.928

40.374

(c) Trade receivables

197.991

178.927

148.749

(d) Cash and cash equivalents

15.311

11.322

14.937

(e) Short-term loans and advances

8.594

19.275

15.612

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

284.539

266.452

219.672

 

 

 

 

TOTAL

303.053

273.284

227.516

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Revenue from operation

566.097

428.986

416.176

 

 

Other Income

5.754

6.195

3.911

 

 

TOTAL                                    

571.851

435.181

420.087

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

564.919

429.749

412.807

 

 

 

 

 

 

PROFIT BEFORE TAX

6.932

5.432

7.280

 

 

 

 

 

Less

TAX                                                                 

2.153

1.739

3.790

 

 

 

 

 

 

PROFIT AFTER TAX

4.779

3.693

3.490

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

53.598

43.155

59.060

 

TOTAL EARNINGS

53.598

43.155

59.060

 

 

 

 

 

 

Value of Import on CIF Basis

154.796

141.772

66.029

 

 

 

 

 

 

Earnings Per Share (Rs.)

4.89

3.78

3.57

 

 

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

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

0.84

0.86

0.84

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

2.29

1.99

3.20

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.13

0.11

0.16

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

2.39

2.24

1.63

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.40

1.46

1.54

 

 

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

9.770

9.773

9.773

Reserves & Surplus

36.915

40.609

45.388

Net worth

46.685

50.382

55.161

 

 

 

 

long-term borrowings

38.271

39.949

43.812

Short term borrowings

37.594

72.688

88.218

Total borrowings

75.865

112.637

132.030

Debt/Equity ratio

1.625

2.236

2.394

 

 

 

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)

Revenue from operation

416.176

428.986

566.097

 

 

3.078

31.962

 

 

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Revenue from operation

416.176

428.986

566.097

Profit

3.490

3.693

4.779

 

0.84%

0.86%

0.84%

 

 

 

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

No

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

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

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Loans from related parties

35.147

37.090

Total

35.148

37.090

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10543803

16/01/2015

12,500,000.00

DBS Bank Ltd

3rd Floor, Fort House, 221, Dr. D.N.Road, Fort, Mumbai, Maharashtra - 400001, INDIA

C40823171

2

10428677

27/05/2013

6,825,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W 
,MUMBAI, Maharashtra - 400013, INDIA

B76089879

3

10357701

20/03/2015 *

194,325,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W 
, MUMBAI, Maharashtra - 400013, INDIA

C50768936

4

10082179

18/06/2008 *

45,000,000.00

HDFC Bank Limited

SME, 1st Flr, Plot No.19, Road No.16,, "C" Cross Road, MIDC, Andheri East,, Mumbai, Maharashtra - 400093, INDIA

A41204116

 

 

FIXED ASSETS

 

  • Air conditioner
  • Land
  • Computer
  • Furniture and fixture
  • Factory building
  • Office equipment
  • Vacuum Cleaner
  • Tempo
  • Fax Machin
  • Electric Fan
  • Digital Scale

 

 

 

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.63.57

UK Pound

1

Rs.99.20

Euro

1

Rs.70.35

 

 

INFORMATION DETAILS

 

Information Gathered by :

DPA

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

JYTK

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

45

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

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NB

                                       New Business

 

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PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.