MIRA INFORM REPORT

 

 

Report No. :

330714

Report Date :

06.07.2015

 

IDENTIFICATION DETAILS

 

Name :

FLEMING LABORATORIES LIMITED

 

 

Registered Office :

Survey No. 270, 275, 276, 353 and 354,  Navabpet Village, Sivampet Mandal, Medak – 502313, Telangana

Tel No :

91-40-23416771 / 27767911

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

23.07.1992

 

 

Com. Reg. No.:

01-014560

 

 

Capital Investment / Paid-up Capital :

Rs. 125.115 Million

 

 

CIN No.:

[Company Identification No.]

U24230TG1992PLC014560

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

HYDF00230G

 

 

PAN No.:

[Permanent Account No.]

AAACF3245M

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturing of chemicals and pharmaceutical Bulk Drugs

 

 

No. of Employees :

50 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (47)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 1300000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record.

 

The rating reflects company sound financial risk profile marked by healthy net worth position and decent profitability of the company.

 

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

 

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

CARE

Rating

Long term bank Facilities BBB-

Rating Explanation

Moderate degree of safety and carry moderate credit risk

Date

08.01.2015

 

Rating Agency Name

CARE

Rating

Short term bank Facilities A3

Rating Explanation

Moderate degree of safety and carry higher credit risk

Date

08.01.2015

 

 

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 (GENERAL DETAIL)

 

Name :

Mr. Anand

Designation :

Key Executive

Contact No.:

91-40-23416771 / 2776791

 

LOCATIONS

 

Registered Office :

6th Floor (B), Ashoka Janardhan Chambers, Begumpet Main Road, Hyderabad – 500016, Telangana, India

Tel. No.:

91-40-23416771 / 27767911

Fax No.:

91-40-27767922

E-Mail :

dir-fin@fleminglabs.com

nukala2000@gmail.com

info@fleminglabs.com

Website :

www.fleminglabs.com

Location :

Owned

Locality :

Commercial

 

 

Factory 1/ Corporate Office :

6-3-865, 4th Floor, Madhupala Opp. Green Lands, Ameer pet. Hyderabad – 500034, Telangana, India

 

 

Factory 2 :

Survey No. 270, 275, 276, 353 and 354,  Navabpet Village, Sivampet Mandal, Medak – 502313, Telangana, India

Tel. No.:

91-8458-275366

Fax No.:

91-8458-274200

 

 

Factory 3 :

Plot No 152 and 160, Phase - V, IDA Jeedimetla, Hyderabad - 500055, Telangana, India

Tel. No.:

91-40-23093655

Fax No.:

91-40-23090129

 

 

DIRECTORS

 

As on : 30.09.2014

 

Name :

Mr. Ravishankar Balasubramaniam

Designation :

Managing director

Address :

H. No. 19, Polisetti Enclave, Vikrampuri, Kharkana, Secunderabad – 500009, Telangana, India

Date of Birth/Age :

09.11.1960

Qualification :

B.Sc. (Agriculture)

Date of Appointment :

03.03.2015

PAN No.:

ABXPB8843N

DIN No.:

01342850

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

U29219AP1989PTC010800

PROGRESSIVE INDUSTRIETECHNICK PVT LTD

Managing director

20/12/1989

20/12/1989

-

Strike off

NO

2

U24230TG1993PTC015406

JOFLO INDUSTRIES PRIVATE LIMITED

Director

17/02/1993

17/02/1993

10/11/2007

Active

NO

3

U24230TG1992PLC014560

FLEMING LABORATORIES LIMITED

Director

03/03/2015

18/08/1994

-

Active

NO

 

 

Name :

Mr. Pulla Rao Polsani

Designation :

Director

Address :

8-3-684/3/16/A/102P, No. 16, Sri Sai Apartment, LIC Colony, Yellareddyguda, Hyderabad – 500073, Telangana, India

Date of Birth/Age :

01.12.1950

Qualification :

M.Sc ,Phd

Date of Appointment :

29.09.2007

DIN No.:

01895855

 

Name :

Mr. Balasubramaniam Mahalakshmi

Designation :

Director

Address :

H. No. 19, Polisetti Enclave, Vikrampuri, Kharkana, Secunderabad – 500009, Telangana, India

Date of Birth/Age :

12.09.1966

Qualification :

B. Com

Date of Appointment :

29.08.2008

 

 

KEY EXECUTIVES

 

Name :

Mr. Anand

Designation :

Key Executive

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on : 30.09.2014

 

Names of Shareholders

 

No. of Shares

B. Ravishankar

 

10607280

Mahalakshami

 

100

B. Srinivas

 

1903700

Vijaylakshami

 

100

Rama Subramaniyam

 

100

Suresh

 

100

B. Shiva Kumar

 

100

Total

 

12511480

 

 

As on : 30.09.2014

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing of chemicals and pharmaceutical Bulk Drugs

 

 

Products :

Product Description

Item Code No. (ITC Code)

Laboratories

9993

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Cheque

 

 

Purchasing :

Cheque

 

 

GENERAL INFORMATION

 

Suppliers :

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Wholesalers

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

50 (Approximately)

 

 

Bankers :

Banker Name

State Bank of India

Branch Address

Commercial Branch, Secunderabad 500003, India, Telangana, 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 :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Term loan from Bank

103.551

116.927

(The existing capacity from 320KL to 570KL at Unit 1 situated at Navabpet Village, Medak Dist and Secured by all assets of the expansion project and EM of land to be acquired for the said purpose)

 

 

SHORT TERM BORROWING

 

 

Loan repayable on demand from Banks

136.481

99.483

First chage (Hyp) of Stocks, receivables, and other currentassets of the company first charge on fixed assets of the company inclusing factory land at Nawabpet

 

 

Total

240.032

216.410

 

Auditors :

 

Name :

LNP and Company

Chartered Accountant

Address :

H No 7-1-636/23, 2nd Floor, Sri Ganesh Nilayam, Model Colony, Beside E S I Hospital, Erragadda, Hyderabad – 500038, Talanagan, India

PAN No.:

AAFFG9421L

 

 

Memberships :

Not available

 

 

Collaborators :

Not available

 

 

Associates/Subsidiaries :

Not available

 

 

CAPITAL STRUCTURE

 

As on : 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

14000000

Equity Shares

Rs.10/- each

Rs.140.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

12511480

Equity Shares

Rs.10/- each

Rs.125.115 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

125.115

112.575

99.112

(b) Reserves & Surplus

340.340

246.850

145.453

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

62.700

32.500

Total Shareholders’ Funds (1) + (2)

465.455

422.125

277.065

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

103.551

116.927

57.818

(b) Deferred tax liabilities (Net)

4.292

13.141

8.559

(c) Other long term liabilities

44.351

36.250

18.165

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

152.194

166.318

84.542

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

136.481

99.483

106.281

(b) Trade payables

124.557

50.377

148.759

(c) Other current liabilities

111.976

136.872

83.993

(d) Short-term provisions

50.965

44.478

36.257

Total Current Liabilities (4)

423.979

331.210

375.290

 

 

 

 

TOTAL

1041.628

919.653

736.897

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

482.431

400.373

170.690

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

1.471

0.858

121.738

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.200

0.200

0.200

(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

10.840

11.523

12.472

Total Non-Current Assets

494.942

412.954

305.100

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

179.793

164.510

131.857

(c) Trade receivables

207.156

154.879

146.781

(d) Cash and cash equivalents

26.606

12.288

59.760

(e) Short-term loans and advances

10.564

87.049

9.016

(f) Other current assets

122.567

87.973

84.383

Total Current Assets

546.686

506.699

431.797

 

 

 

 

TOTAL

1041.628

919.653

736.897

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

559.567

534.043

430.062

 

Other Income

0.143

4.681

6.541

 

TOTAL (A)

559.710

538.724

436.603

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

221.868

243.112

224.050

 

Prior Period items before tax

15.241

0.010

(51.808)

 

Exceptional Items

1.031

1.032

9.540

 

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

(1.023)

(26.059)

0.000

 

Employees benefits expense

73.166

78.671

70.461

 

Other expenses

129.361

135.252

91.790

 

TOTAL (B)

439.644

432.018

344.033

 

 

 

 

 

Less

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

120.066

106.706

92.570

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

48.384

22.414

24.251

 

 

 

 

 

 

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

71.682

84.292

68.319

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

25.366

12.457

12.153

 

 

 

 

 

 

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

46.316

71.835

56.166

 

 

 

 

 

Less

TAX (I)

2.986

24.288

22.175

 

 

 

 

 

 

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

43.330

47.547

33.991

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

3.46

4.22

3.43

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

7.74

8.90

7.90

 

 

 

 

 

Operating Profit Margin

(PBDIT / Sales)

(%)

21.46

19.98

21.52

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

4.45

7.82

9.13

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.10

0.17

0.20

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.52

0.51

0.59

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.29

1.53

1.15

 

 

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

99.112

112.575

125.115

Reserves & Surplus

145.453

246.850

340.340

Share application money Pending allotment

32.500

62.700

0.000

Net worth

244.565

359.425

465.455

 

 

 

 

long-term borrowings

57.818

116.927

103.551

Short term borrowings

106.281

99.483

136.481

Total borrowings

164.099

216.410

240.032

Debt/Equity ratio

0.671

0.602

0.516

 

 

 

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

430.062

534.043

559.567

 

 

24.178

4.779

 

 

 

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

430.062

534.043

559.567

Profit

33.991

47.547

43.330

 

7.90%

8.90%

7.74%

 

 

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

Yes

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

Ns

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

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

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 address of the company has been shifted from 6th floor (B), Ashoka Janardhan Chambers, Bengumpet Main Road, Hyderabad – 500016, Telanagan, India, to the present address w.e.f. 12.12.2012.

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10280574

05/03/2011

80,000,000.00

SBI GLOBAL FACTORS LIMITED

6TH FLOOR, METROPOLITAN BUILDING, BANDRA-KURLA, COMPLEX, BANDRA(EAST), MUMBAI, Maharashtra – 400051, INDIA

B10548097

2

90139963

25/01/2014 *

420,000,000.00

State Bank of India

COMMERCIAL BRANCH, COMMERCIAL BRANCH, SECUNDERABAD, Andhra Pradesh - 500003, INDIA

B96861372

3

90138968

29/06/2005 *

13,500,000.00

STATE BANK OF INDIA COMMERCIAL

SECUNDERABAD, SECUNDEABAD, Andhra Pradesh - 50003,  INDIA

-

* Date of charge modification

 

 

FIXED ASSETS

 

  • Land
  • Buildings
  • Factory building
  • Plant and Equipment
  • Factory equipment
  • Furniture and Fixture
  • Vehicles
  • Motor Vehicles
  • Office Equipment
  • Computer equipment

 

 

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.63.36

UK Pound

1

Rs.98.94

Euro

1

Rs.70.33

 

 

INFORMATION DETAILS

 

Information Gathered by :

MNJ

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

RKI

 

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

6

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--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

 

47

 

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.