MIRA INFORM REPORT

 

 

Report No. :

331943

Report Date :

11.07.2015

 

IDENTIFICATION DETAILS

 

Name :

SPARKLE  DIAM  BVBA

 

 

Registered Office :

Hoveniersstraat  2-Bus  334, 2018 Antwerpen

 

 

Country :

Belgium

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

05.07.1990

 

 

Com. Reg. No.:

441428885

 

 

Legal Form :

Private  Limited  Company

 

 

Line of Business :

Wholesale  of  diamonds  and other  precious  stones.

 

 

No. of Employees :

Not Available

 

 

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 :

Slow but correct

 

 

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 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 an 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

441428885

Branche  Unit  Number

2049655431

Company  name

SPARKLE  DIAM  BVBA

Address

HOVENIERSSTRAAT  2-BUS  334

 

2018 ANTWERPEN

Number  of  staff

0

Date  of  establishment

05/07/1990

Telephone  number

032266750

Fax  number

032266781

                                        

 

Commentary

 

The  business  was  established  over  25  years  ago.

The  business  has  1  employees.

The  business  has  been  at  the  address  for  over  6  years.

Operating  Result  in  the  latest  trading  period  increased  149%  on  the  previous  trading  period.

The  business  saw  a  decrease  in  their  Cash  Balance  of  27%  during  the  latest  trading  period

 

Accounts

 

DATE  OF  LATEST 

 ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING 

CAPITAL

31/12/2014

33,231,472

79,612

1,867,226

4,052,471

31/12/2013

38,385,557

-89,651

1,797,668

2,584,935

31/12/2012

27,618,923

71,570

1,097,852

2,003,141

 

Accounts

 

DATE  OF  LATEST 

ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2014

10,550,191

0

1,599,915

88,178

31/12/2013

9,506,388

0

1,599,915

-30,141

31/12/2012

8,206,494

1

848,600

76,515

 

 

Payment  expectations

 

Past  payments

 

Payment  expectation  days

7.15

Industry  average  payment

105.19

Industry  average  day  sales

183.16

expectation  days

 

outstanding

 

Day  sales  outstanding

87.42

 

 

 

Court data summary

BANKRUPTCY DETAILS

Court action type                      no

PROTESTED BILLS

Bill amount                              -

NSSO DETAILS

Date of summons

 

 

Company  information

 

Business  number

441428885

Company  name

SPARKLE  DIAM  BVBA

Fax  number

032266781

Date  founded

05/07/1990

Company  status

active

Company  type

Private  Limited  Company

 

 

 

(BL/LX)

Currency

Euro  (€)

Date  of  latest  accounts

31/12/2014

Activity  code

46761

Liable  for  VAT

yes

Activity  description

Wholesale  of  diamonds  and

VAT  Number

BE.0441.428.885  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

category

 

JIC  Code

324.02

Description

JSC  small  merchandisers  in  the  diamant  industry  and  trade

Category

 

 

 

Significant  Events

 

Event  Date

22/10/2013

Event  Description

 

Event  Details

De  68  nieuwe  aandelen  worden  toegekend  aan  de  vennootschap  naar  het  recht  van  de  Verenigde

 

Arabische  Emiraten  Kiran  Goldstar  DMCC.

 

 

Company  accounts

 

Assets

 

 

 

 

 

 

 

 

 

Annual  accounts

31-12-2014

%

31-12-2013

%

31-12-2012

%

31-12-2011

%

31-12-2010

Weeks

52

 

52

 

52

 

52

 

52

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total  fixed  assets

286,178

-5.02

301,311

3.15

292,097

-6.29

311,711

-15.00

366,703

Intangible  fixed  assets

457

-49.92

912

-33.27

1,367

-24.97

1,822

-

0

Tangible  fixed  assets

252,277

-6.87

270,896

-6.66

290,232

-6.19

309,391

-15.51

366,205

Land  &  building

212,873

-2.38

218,069

-2.33

223,265

-2.27

228,461

-17.60

277,269

Plant  &  machinery

36,646

-21.69

46,798

-19.96

58,469

-19.19

72,353

-8.98

79,490

Furniture  &  Vehicles

2,758

-54.25

6,029

-29.05

8,497

-0.93

8,577

-9.20

9,446

Leasing  &  Other  Similar  Rights

-

-

-

-

-

-

-

-

-

Other  tangible  assets

0

-

0

-

0

-

0

-

0

Financial  fixed  assets

33,444

13.36

29,502

5825

498

0

498

0

498

Total  current  assets

10,264,013

11.50

9,205,077

16.31

7,914,397

-5.08

8,337,907

33.55

6,243,123

Inventories

1,178,082

14.88

1,025,450

-54.04

2,230,957

-28.64

3,126,504

267

851,185

Raw  materials  &  consumables

-

-

-

-

-

-

-

-

-

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

1,178,082

14.88

1,025,450

-54.04

2,230,957

-28.64

3,126,504

267

851,185

Other  stocks

0

-

0

-

0

-

0

-

0

Trade  debtors

7,958,845

18.33

6,726,136

26.29

5,325,757

26.06

4,224,794

8.00

3,911,895

Other  amounts  receivable

139,330

35.59

102,756

41.69

72,522

-24.23

95,719

-15.58

113,388

Cash

982,025

-27.02

1,345,590

374

283,817

-67.90

884,038

-35.14

1,362,977

Miscellaneous  current  assets

5,731

11.39

5,145

282

1,344

-80.38

6,852

86.30

3,678

Total  Assets

10,550,191

10.98

9,506,388

15.84

8,206,494

-5.12

8,649,618

30.86

6,609,826

 

Liabilities

 

 

 

 

 

 

 

 

 

Total  shareholders  equity

1,867,683

3.84

1,798,580

63.62

1,099,220

5.21

1,044,761

22.28

854,380

Issued  share  capital

1,599,915

0.00

1,599,915

88.54

848,600

0

848,600

4462

18,600

Share  premium  account

-

-

-

-

-

-

-

-

-

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

267,768

34.78

198,665

-20.73

250,620

27.76

196,161

-76.53

835,780

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

-

-

-

-

59,137

-0.90

59,675

-

-

Creditors

8,682,508

12.65

7,707,808

9.36

7,048,137

-6.59

7,545,182

31.10

5,755,446

Other  long  term  loans

-

-

-

-

-

-

-

-

278,778

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

2,470,966

127

1,087,666

-4.33

1,136,880

-1.93

1,159,286

3.27

1,122,586

Total  long  term  debts

2,470,966

127

1,087,666

-9.06

1,196,018

-1.88

1,218,961

-13.02

1,401,364

Current  portion  of  long  term  debt

-

-

-

-

-

-

-

-

23,333

Financial  debts

5,489,649

2.89

5,335,649

47.67

3,613,265

259

1,006,428

-57.19

2,350,977

Trade  creditors

644,163

-47.32

1,222,884

-45.04

2,225,181

-58.18

5,320,306

172

1,952,694

Amounts  Payable  for  Taxes,

16,790

-67.67

51,941

-20.84

65,617

21.12

54,173

126

23,940

Remuneration  &  Social  Security

 

 

 

 

 

 

 

 

 

 

 

Miscellaneous  current  liabilities

 

60,940

530

9,669

34.40

7,194

44.21

4,989

59.01

3,137

Total  current  liabilities

 

6,211,542

-6.17

6,620,142

11.99

5,911,256

-7.43

6,385,896

46.66

4,354,082

Total  Liabilities

 

10,550,191

10.98

9,506,388

15.84

8,206,494

-5.12

8,649,618

30.86

6,609,826

 

 

Ratio   analysis

 

 

 

 

 

 

 

 

 

 

TRADING  PERFORMANCE

 

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

0.24

104

-0.23

-188

0.26

 

23.81

0.21

40.0

0.15

Return  on  capital  employed

1.83

58.84

-3.11

-199

3.12

 

-36.33

4.90

183

1.73

Return  on  total  assets  employed

0.75

79.79

-0.94

-208

0.87

 

-32.03

1.28

116

0.59

Return  on  net  assets  employed

4.26

85.54

-4.98

-176

6.51

 

-38.64

10.61

131

4.58

Sales  /  net  working  capital

8.20

-44.78

14.85

7.69

13.79

 

-49.74

27.44

102

13.57

Stock  turnover  ratio

3.55

32.96

2.67

-66.96

8.08

 

38.36

5.84

75.90

3.32

Creditor  days

7.15

-38.73

11.67

-60.65

29.66

 

-18.54

36.41

30.08

27.99

Debtor  days

87.42

36.68

63.96

-9.12

70.38

 

144

28.79

-48.32

55.71

 

SHORT  TERM  STABILITY

 

Current  ratio

1.65

18.71

1.39

3.73

1.34

2.29

1.31

-8.39

1.43

Liquidity  ratio  /  acid  ratio

1.46

17.74

1.24

29.17

0.96

17.07

0.82

-33.87

1.24

Current  debt  ratio

3.33

-9.51

3.68

-31.60

5.38

-11.95

6.11

19.80

5.10

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

88,178

292

-30,141

-139

76,515

-63.93

212,150

308

51,889

Net  worth

1,867,226

3.87

1,797,668

63.74

1,097,852

5.27

1,042,938

22.07

854,380

LONG  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Gearing

293.93

-0.92

296.66

-9.75

328.71

241

96.33

-68.98

310.53

Equity  in  percentage

17.70

-6.45

18.92

41.19

13.40

10.93

12.08

-6.57

12.93

Total  debt  ratio

4.65

8.39

4.29

-33.69

6.47

-11.13

7.28

8.01

6.74

Working  capital

4,052,471

56.77

2,584,935

29.04

2,003,141

2.62

1,952,011

3.33

1,889,041

 

 

Profit  &  loss

 

 

 

 

 

 

 

 

 

Operating  Income

33,238,983

-13.42

38,393,086

38.97

27,626,653

-48.46

53,605,614

109

25,632,016

Turnover

33,231,472

-13.43

38,385,557

38.98

27,618,923

-48.43

53,560,630

108

25,628,443

Total  operating  expenses

32,884,944

-14.02

38,246,415

39.65

27,386,983

-48.65

53,329,947

109

25,463,283

Gross  Operating  Margin

-

-

-

-

-

-

-

-

-

Operating  Charges

32,892,454

-14.02

38,253,945

39.64

27,394,713

-48.67

53,374,931

109

25,466,855

Employee  costs

80

-94.44

1,438

-94.24

24,980

132

10,749

26.97

8,465

Wages  and  salary

19

-97.99

945

-95.51

21,066

125

9,347

22.72

7,616

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

-

-

493

-83.11

2,919

194

991

168

369

Other  employee  costs

61

-

0

-100

995

141

411

-14.31

480

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

19,075

-12.55

21,813

-1.10

22,056

1.32

21,769

-0.43

21,864

Operating  result

346,528

149

139,142

-40.01

231,940

0.55

230,682

39.67

165,160

Total  financial  income

24,720

164

9,359

39.01

6,733

-23.87

8,844

27993

31

Total  financial  expenses

291,636

22.46

238,152

42.52

167,103

29.85

128,689

2.07

126,080

 

Results  on  ordinary  operations

79,612

88.80

-89,651

-225

71,570

-35.43

110,837

183

39,111

before  taxation

 

 

 

 

 

 

 

 

 

 

 

Extraordinary  Income

-

-

2,821

-57.66

6,663

-96.22

176,388

3188

5,364

Extraordinary  Charges

-

-

-

-

-

-

-

-

-

Extraordinary  items

0

-100

2,821

-57.66

6,663

-96.22

176,388

3188

5,364

 

 

Results  for  the  Year  Before

79,612

91.69

-86,830

-210

78,234

-72.76

287,225

545

44,475

Taxation

 

 

 

 

 

 

 

 

 

 

 

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

10,509

-56.68

24,262

-0.21

24,313

-34.59

37,169

157

14,450

Results  on  ordinary  operations after  taxation

69,103

60.66

-113,913

-341

47,258

-35.85

73,668

198

24,662

Net  result

69,103

133

-51,954

-195

54,459

-71.39

190,381

534

30,026

 

Profit  (Loss)  for  the  Year  to  be

69,103

9.87

62,893

13.31

55,504

-25.49

74,489

148

30,026

 

Dividends

-

-

-

-

-

-

-

-

-

 

 

Social  Balance  Sheet  Details

 

Social  Balance  Sheet  Details

 

 

 

Social  Balance  Sheet

 

Total

 

During  the  reporting  year

 

 

 

ended  31-12-2014

 

 

 

Full-time  Employees

 

-

 

Part-time  Employees

 

-

 

Total  Fte  Employees

 

-

 

Number  of  hours  worked

 

 

 

Full-time  Employees

 

-

 

Part-time  Employees

 

-

 

Total

 

-

 

Personnel  Charges

 

 

 

Full-time  Employees

 

-

 

Part-time  Employees

 

-

 

Total

 

-

 

Benefits  In  Addition  To  Wages

 

-

 

During  the  previous  reporting  year

 

 

 

Average  number  employees  in  Fte

 

0

 

Actual  working  hours

 

110

 

Personnel  Charges

 

-

 

Benefits  In  Addition  To  Wages

 

-

 

 

Type  of  Contract

Full-Time

Part-Time

Total  Fte

Unlimited  Duration

-

-

-

Contracts

 

 

 

Limited  Duration  Contracts

-

-

-

Contracts  For  Specific  Work

-

-

-

Contracts  Regarding

-

-

-

 

Gender  and  Education

 

 

 

Level

 

 

 

Men

Full-Time

Part-Time

Total  Fte

Primary  education

-

-

-

Secondairy  education

-

-

-

Higher  education  (non university)

-

-

-

Higher  education (university)

-

-

-

 

 

 

 

Women

Full-Time

Part-Time

Total  Fte

Primary  education

-

-

-

Secondairy  education

-

-

-

Higher  education  (non university)

-

-

-

Higher  education (university)

-

-

-

 

Working  Category

Full-Time

Part-Time

Total  Fte

Management

-

-

-

White  collar  worker

-

-

-

Blue  collar  worker

-

-

-

Other

-

-

-

 

Temporary  personnel

 

Total

 

Average  number  of  temporary  staff

 

-

 

Actual  working  hours

 

-

 

Cost  of  temporary  staff

 

-

 

 

New Starters

Full-Time

Part-Time

Total  Fte

Leavers

 

-

 

New Starters

 

-

 

 

 

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

64.48

rating

 

Industry  average  credit  limit

140177.31

Payment  Information

 

 

 

Payment  Information

 

Suspension  of  payments  /  moratorium  history

 

Amount

-

Details

-

 

Payment  expectations

 

Payment  expectation  days

7.15

Day  sales  outstanding

87.42

 

 

Industry  comparison

 

Activity  code

46761

Activity  description

Wholesale  of  diamonds  and  other  precious  stones

Industry  average  payment

105.19

expectation  days

 

Industry  average  day  sales

183.16

outstanding

 

 

 

Industry  quartile  analysis

 

Payment  expectations

 

Company  result

7.15

Lower

120.34

Median

75.69

Upper

45.40

 

 

Day  sales  outstanding

 

Company  result

87.42

Lower

102.33

Median

54.94

Upper

25.13

 

 

Shareholder  Details

 

Summary

 

Group  -  Number  of  Companies

0

Linkages  -  Number  of  Companies

0

Number  of  Countries

0

 

 

Group  Structure

 

No  group  structure  for  this  company.

 

 

Minority  Shareholders

 

No  minority  shareholders  found

 

 

Minority  Interests

 

No  minority  interests  found

 

 

Companies  that  match  this  address

 

no  Companies  Match  this  address

 

 

Linked  Companies

Summary

 

Group  -  Number  of  Companies

0

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

 

Name

AJIT  BARMECHA

Position

Principal  Manager

Start  Date

09/08/2010

Street

36 ARENDSNESTLAAN  EDEGEM

Post  code

2650

Country

Belgium

 

 

Former  director  details

 

Name

MEHTA  BAKULCHANDRA

Position

Principal  Manager

Start  Date

05/03/1998

End  Date

29/05/1995

Street

25 PRINS  ALBERTLEI  ANTWERPEN

Post  code

2600

Country

Belgium

 

 

DIAMOND INDUSTRY – INDIA

 

-            From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8th Century B.C.  India, in fact, remained undisputed leader till 18th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

-            The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

-            The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

-            Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

-            Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

-            Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

-            Excerpts from Times of India dated 30th October 2010 is as under –

 

-            Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

 

-            The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.38

UK Pound

1

Rs.97.65

Euro

1

Rs.70.43

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TRU

 

               

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.