MIRA INFORM REPORT

 

 

Report No. :

332379

Report Date :

17.07.2015

 

IDENTIFICATION DETAILS

 

Name :

ASIAN PRE-LAM INDUSTRIES PRIVATE LIMITED

 

 

Registered Office :

B/704, Vaishaili Apartment, Love Lane, Byculla, Mumbai – 400010, Maharashtra

Tel. No.:

91-22-23540527

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

26.09.2010

 

 

Com. Reg. No.:

11-208216

 

 

Capital Investment / Paid-up Capital :

Rs.0.100 Million

 

 

CIN No.:

[Company Identification No.]

U20290MH2010PTC208216

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Laminated Particles, Medium Density Fiber Board, etc.

 

 

No. of Employees :

26 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (11)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record.

 

Company possesses weak operational performance and reported losses from its operational activities.

 

Rating further constrained on account of company's weak financial risk profile and it has incurred huge accumulated losses which has eroded net worth of the company.

 

Business is active. Payments are reported to be slow.

 

The company can be considered for business dealings on safe and secured 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.

 

 

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 :

Ms. Aditi Kadam

Designation :

HR / Admin Department

Contact No.:

91-22-64570160

Date :

16.07.2015

 

 

LOCATIONS

 

Registered Office :

B/704, Vaishaili Apartment, Love Lane, Byculla, Mumbai – 400010, Maharashtra, India

Tel. No.:

91-22-23540527

Mobile No.:

91-9833689456 (Mr. Mufazzal Ali Husain Pankhawala)

Fax No.:

Not Available

E-Mail :

mujaddal@asianprelam.com

vjshahco@rediffmail.com

kimehtaca@hotmail.com

mufazzal@asianprelam.com

Website:

www.asianprelam.com

Area :

950 Sq.ft.

Location:

Owned

 

 

Corporate Office :

156, Tardeo Road, Next to Everest Building, Mumbai – 400034, Maharashtra, India

Tel. No.:

91-22-23541527/ 23531525

Fax No.:

91-22-23540527

 

 

Factory :

Gat 111/112, Village Chal, Next To Taloja MIDC, Dist Raigad – 410208, Maharashtra, India

Tel. No.:

91-22-23541527

Area:

30000 sq.ft

Location :

Leased

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Nurul Hasan Erfan Shabbir Husain

Designation :

Director

Address :

92, Ajay Apartment, Byculla, Mumbai – 400027, Maharashtra, India

Date of Birth/Age :

12.05.1971

Date of Appointment :

26.09.2010

DIN No.:

00421055

 

 

Name :

Mr. Mufazzal Ali Husain Pankhawala

Designation :

Director

Address :

B-704, Vaishali Apartment, Love Lane, Byculla, Mumbai - 400010, Maharashtra, India

Date of Birth/Age :

07.05.1971

Date of Appointment :

26.09.2010

DIN No.:

03138702

 

 

Name :

Mrs. Fatima Mufazzal Pankhawala

Designation :

Director

Address :

B-704, Vaishali Apartment, Love Lane, Byculla, Mumbai - 400010, Maharashtra, India

Date of Birth/Age :

05.06.1973

Date of Appointment :

26.09.2010

DIN No.:

03201352

 

 

Name :

Mr. Tariq Sajjadhusain Kachwala

Designation :

Director

Address :

1303, Sarkar Tower II, 50, Nesbit Road, Mazgaon, Mumbai – 400010, Maharashtra, India

Date of Birth/Age :

26.06.1981

Date of Appointment :

26.09.2010

DIN No.:

00421286

 

 

KEY EXECUTIVES

 

Name :

Ms. Aditi Kadam

Designation :

HR / Admin Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

No. of Shares

Percentage of Holding

Nurul Shabbirhusain Irfan

250000

25.00

Mufazzal A.H. Pankhawala

250000

25.00

Fatima M. Pankhawala

250000

25.00

Tariq S. Kachwala

250000

25.00

Total

1000000

100.00

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Laminated Particles, Medium Density Fiber Board, etc.

 

 

Products :

Item Code No. (ITC Code)

Product Description

4410

Particle Board

4411

Medium Density Fiber Board

4412

Laminated Medium Density Fiber Board

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

L/C, Cash and Credit

 

 

Purchasing :

L/C, Cash and Credit

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

·         American Express Credit Card

·         Amol Engineering Works

·         Saraf Corporation

·         K K Enterprises

·         K K Printers

·         J K Electrical Works

·         Sai Cargo Transport Co

 

 

Customers :

Wholesalers and Retailers

 

·         ANJ Enterprises

·         ANJ Turnkey Projects Private Limited

·         C M India

·         Asian Plywood Depot

·         G V Associates

·         Indo Systems

·         Pooja Furniture Company

·         Safe Enterprises

 

 

No. of Employees :

26  (Approximately)

 

 

Bankers :

Banker Name

NKGSB Co-Operative Bank Limited

Branch Address

Laxmi Sadan, 361, Vithalbhai Patel Road, Girgaum, Mumbai - 400004, 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

 

 

Facilities :

(Rs. In Million)

 

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Term Loan from Bank

38.631

47.342

SHORT TERM BORROWING

0

 

NKGSB Co-Operative Bank Limited CC A/C No. 6050

19.913

10.947

The Zoroastrian Co-Operative Bank Limited A/c No. 954

(Secured against Hypothecation of Stock and Book debts as primary security and Equitable mortgage of factory land and Building)

24.079

10.820

Buyer’s credit avail against NKGSB Co-Operative Bank Limited LC

28.223

28.258

Total

110.846

97.367

 

Auditors :

 

Name :

K. I. Mehta and Company

Chartered Accountants

Address :

311, Vivek, 12 New MIG, Roop Nagar, Bandra (West), Mumbai – 400051, Maharashtra, India 

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

AAGPM5953L

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Related Party :

·         F G Glass Industries Private Limited

·         Asian Plywood Depot

·         Asian Exim’s

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs.10/- each

Rs.10.000 Million

 

 

 

 

 

Issued Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs.10/- each

Rs.10.000 Million

 

 

 

 

 

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs.10/- each

Rs.10.000 Million

 

 

 

 

 

Issued Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000

Equity Shares

Rs.10/- each

Rs.0.100 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

10.000

0.100

0.100

(b) Reserves & Surplus

(30.121)

(22.251)

(3.220)

(c) Money received against share warrants

0.000

9.900

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

9.900

Total Shareholders’ Funds (1) + (2)

(20.121)

(12.251)

6.780

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

121.761

127.750

101.777

(b) Deferred tax liabilities (Net)

0.000

0.000

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)

121.761

127.750

101.777

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

72.215

50.025

72.899

(b) Trade payables

109.895

79.525

52.573

(c) Other current liabilities

0.000

0.000

0.000

(d) Short-term provisions

13.366

7.075

14.194

Total Current Liabilities (4)

195.476

136.625

139.666

 

 

 

 

TOTAL

297.116

252.124

248.223

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

84.085

94.644

102.731

(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

0.616

0.316

0.316

(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

0.178

0.178

0.178

Total Non-Current Assets

84.879

95.138

103.225

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

56.854

55.001

62.671

(c) Trade receivables

126.741

83.936

66.086

(d) Cash and cash equivalents

24.092

13.146

11.078

(e) Short-term loans and advances

0.000

0.000

0.000

(f) Other current assets

4.550

4.903

5.163

Total Current Assets

212.237

156.986

144.998

 

 

 

 

TOTAL

297.116

252.124

248.223

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

393.536

308.011

192.266

 

Other Income

2.834

2.496

NA

 

TOTAL (A)

396.370

310.507

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

Purchases of Stock-in-Trade

259.262

190.703

 

 

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

(1.853)

7.670

 

 

Employees benefits expense

13.351

12.277

 

 

Other expenses

98.835

84.989

 

 

TOTAL (B)

369.595

295.639

NA

 

 

 

 

 

Less

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

26.775

14.868

 

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

22.282

20.160

 

 

 

 

 

 

 

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

4.493

(5.292)

2.244

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

12.363

13.739

5.439

 

 

 

 

 

 

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

(7.870)

(19.031)

(3.195)

 

 

 

 

 

Less

TAX (H)

0.000

0.000

0.000

 

 

 

 

 

 

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

(7.870)

(19.031)

(3.195)

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

211.774

169.237

155.445

 

Capital Goods

0.644

0.131

40.390

 

TOTAL IMPORTS

212.418

169.368

195.835

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(787.00)

(1903.00)

(375.00)

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

60.000

 

Expected Sales (2015-2016) : Rs.65.000 Million

 

The above information has been parted by Ms. Aditi Kadam

 

 

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

Net cash flows from (used in) operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

(2.00)

(6.18)

NA

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

6.80

4.83

NA

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(2.65)

(7.56)

(1.29)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.39

1.55

(0.47)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

(9.64)

(14.51)

25.76

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.09

1.15

1.04

 

 

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

0.100

0.100

10.000

Reserves & Surplus

(3.220)

(22.251)

(30.121)

Money received against share warrants

0.000

9.900

0.000

 Share Application money pending allotment

9.900

0.000

0.000

Net worth

6.780

(12.251)

(20.121)

 

 

 

 

long-term borrowings

101.777

127.750

121.761

Short term borrowings

72.899

50.025

72.215

Total borrowings

174.676

177.775

193.976

Debt/Equity ratio

25.763

(14.511)

(9.640)

 

 

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

192.266

308.011

393.536

 

 

60.200

27.767

 

 

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

192.266

308.011

393.536

Profit

(3.195)

(19.031)

(7.870)

 

(1.66%)

(6.18%)

(2.00%)

 

 

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

No

8

Designation of contact person

No

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)

No

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

Yes

19

Major customers

Yes

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 four years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

Yes

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

 

FINANCIAL RESULTS

 

This year witnessed a net loss of Rs. 7.870 Million after providing of deprecation of Rs. 12.363 Million.

 

 

UNSECURED LOAN

 

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Loan from Directors

64.631

68.813

Loan from Relatives and Directors

18.499

16.595

Total

83.130

85.408

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10285320

14/06/2013 *

267,500,000.00

NKGSB CO-OPERATIVE BANK LTD.

LAXMI SADAN, 361,, VITHALBHAI PATEL ROAD, GIRGAUM
, MUMBAI, MAHARASHTRA - 400004, INDIA

B81242919

 

* Date of charge modification

 

FIXED ASSETS

 

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.63.50

UK Pound

1

Rs.99.17

Euro

1

Rs.69.39

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILITY

1~10

--

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

1

--RESERVES

1~10

--

--CREDIT LINES

1~10

--

--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

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

11

 

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.