MIRA INFORM REPORT

 

 

Report No. :

334068

Report Date :

30.07.2015

 

IDENTIFICATION DETAILS

 

Name :

CIMTRIX SYSTEMS PRIVATE LIMITED

 

 

Registered Office :

No.16, II A Cross, SBI Colony, III Block, Koramangala, Bangalore – 560 037, Karnataka

Tel. No.:

91-80-28360141

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

21.07.1994

 

 

Com. Reg. No.:

08-015964

 

 

Capital Investment / Paid-up Capital :

Rs.4.200 million

 

 

CIN No.:

[Company Identification No.]

U30007KA1994PTC015964

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRC00915F

 

 

PAN No.:

[Permanent Account No.]

AAACC9061C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Specific High Value Machines.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (42)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 46400

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record.

 

For the financial year ended 2014, sales turnover of the company has declined which has resulted into dip in profit of the company during a year under a review.

 

However, rating takes into consideration company’s sound financial risk profile marked by above average networth base and fair protection metrics of the company.

 

Trade relations are fair. Business is active. Payment terms are reported to be slow but correct.

 

The company can be considered for business dealings at usual trade terms and condition.

 

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.

 

LOCATIONS

 

Registered Office :

No.16, II A Cross, SBI Colony, III Block, Koramangala, Bangalore – 560 037, Karnataka, India

Tel No :

Not Available

Fax No :

Not Available

E-Mail :

ksnam@cimtrix.com

sales@cimtrix.com

support@cimtrix.com

Website :

http://www.cimtrix.com

 

 

Head Office/ Factory :

No.320, 8th Cross, 4th Phase, Peenya Industrial Area, Bangalore – 560 058, Karnataka, India

Tel No :

91-80-28360141/ 41179301/ 41179365

Fax No :

91-80-28360140

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Sahasranam Krishnan

Designation :

Managing Director

Address :

A-002, Raheja Residency, 3rd Block, Koramangala, Bangalore – 560 034, Karnataka, India

Date of Birth/Age :

19.10.1956

Date of Appointment :

21.07.1994

DIN No.:

01794631

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

U30007KA1994PTC015964

CIMTRIX SYSTEMS PRIVATE LIMITED

Managing director

21/07/1994

21/07/1994

-

Active

NO

2

U85110KA1999PTC025367

OMNESYS TRADENET PRIVATE LIMITED

Director

23/06/1999

23/06/1999

23/01/2015

Active

NO

3

U72200KA1998PTC024536

TRIBI SYSTEMS PRIVATE LIMITED

Director

01/11/2002

01/11/2002

07/01/2008

Active

NO

 

 

Name :

Mr. Shrikant Pandit

Designation :

Director

Address :

No.764, 7th Cross, 15th Main, BTM Layout, 2nd Stage, Bangalore – 560 076, Karnataka, India

Date of Birth/Age :

09.11.1955

Date of Appointment :

21.07.1994

DIN No.:

00195633

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

U30007KA1994PTC015964

CIMTRIX SYSTEMS PRIVATE LIMITED

Director

21/07/1994

21/07/1994

-

Active

NO

2

U32109KA1986PTC007801

GANA YANTRIKA SYSTEMS PRIVATE LIMITED

Managing director

18/02/1997

18/02/1997

-

Active

NO

3

U74140KA1997PTC021830

OMNESYS TECHNOLOGIES PRIVATE LIMITED

Nominee director

12/09/2013

18/02/1997

-

Active

NO

4

U85110KA1999PTC025367

OMNESYS TRADENET PRIVATE LIMITED

Additional director

20/01/2015

23/06/1999

-

Active

NO

5

U72200KA1998PTC024536

TRIBI SYSTEMS PRIVATE LIMITED

Managing director

25/10/2000

20/10/2000

03/12/2013

Active

NO

6

U67120KA2000PTC028374

OTN COMMODITIES PRIVATE LIMITED

Managing director

29/12/2000

29/12/2000

-

Active

NO

7

U72300TN2007PTC065572

OMNESYS IT SOLUTIONS PRIVATE LIMITED

Director

25/07/2012

25/07/2012

23/09/2013

Active

NO

8

U74999MH2003PTC138509

THOMSON REUTERS INTERNATIONAL SERVICES PRIVATE LIMITED

Additional director

13/02/2015

13/02/2015

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Omkar Upadhyay

Designation :

Coordinate Measuring Machine Department

E-Mail :

omkar@cimtrix.com

 

 

Name :

Mr. K. Sahasra Nam

Designation :

Motor Manufacturing Solutions Department

E-Mail :

ksnam@cimtrix.com

 

 

Name :

Mr. Yathish B.N.

Designation :

Battery Machinery / Servo and Automation Solutions Department

E-Mail :

yathi@cimtrix.com

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

 

 

No. of Shares

Sahasranam Krishnan

 

1701

Shanti Lakshmi

 

1

Sabina S. Pandit

 

3900

Prashanth Alva

 

2000

C.K. Chandra Sekharan

 

2000

Uday Baindur

 

500

Ganayntrika Systems Private Limited, India

 

29198

Jitendra Veer Singh

 

700

B.N. Yatish

 

2000

Total

 

42000

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Specific High Value Machines.

 

 

Products/ Services :

·         Co-ordinate Measurement Machines-CMMs

·         Special Purpose Machines for Motor Manufacture

·         Enveloping Machine for Battery Industry

·         Servo System Solutions

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Not Available

 

 

Purchasing :

Not Available

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Maximum Limit Dealt :

Not Available

Experience :

Payment Behaviour

Market Goodwill

Overall

Not Available

Not Available

Not Available

Remark:

Not Available

 

 

Customers :

Reference :

Mahindra

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Maximum Limit Dealt :

Not Available

Experience :

Product Quality

Delivery Behaviour

Overall

Not Available

Not Available

Not Available

Remark:

Not Available

 

·         SKF

·         Bajaj

·         Force

·         Exide

·         FAL Industries Limited

·         Mitsuba

·         Whiteline

·         Preethi

 

 

No. of Employees :

Not Available

 

 

Bankers :

Banker Name

Union Bank of India

Branch Address

Industrial Finance Branch, No.23, 1st Floor, Archana Complex, J.C. Road, Bangalore – 560 002, Karnataka, India

Person Name (With Designation)

Not Available

Contact Number

Not Available

Name of Account Holder

Not Available

Account Number

Not Available

Account Since (Date/Year of Account Opening)

Not Available

Average Balance Maintained (If Possible)

Not Available

Credit Facilities Enjoyed (If any)

Not Available

Account Operation

Not Available

Remarks (If any)

Not Available

 

 

Facilities :

Secured Loans

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

LONG TERM BORROWINGS

 

 

From Others

 

 

Vehicle Loan - RNS Motors

0.988

0.000

SHORT TERM BORROWINGS

 

 

From Banks

 

 

Cash Credit with Union Bank of India

(Secured by the Hypothecation of present and future movable goods and assets, tangible movable machineries, plant and machinery, fixtures, fittings, other installations etc. all book debts, outstanding monies receivable etc.)

8.351

9.824

Total

9.339

9.824

 

 

 

Auditors :

 

Name :

Srinaga and Giridharan

Chartered Accountants

Address :

136/1, 1st Floor, Nadi Gruha, 5th Main, Chamarajpet, Bangalore – 560 018, Karnataka, India

Tel. No.:

91-80-26615548

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

ACPPG2638H

 

 

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

50000

Equity Shares

Rs.100/- each

Rs.5.000 million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

42000

Equity Shares

Rs.100/- each

Rs.4.200 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

4.200

4.200

4.200

(b) Reserves & Surplus

12.043

11.569

9.411

(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)

16.243

15.769

13.611

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

1.530

0.874

10.870

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

3.006

1.938

1.417

(d) Long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

4.536

2.812

12.287

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

8.351

9.824

0.000

(b) Trade payables

11.744

13.151

11.781

(c) Other current liabilities

14.045

4.992

20.281

(d) Short-term provisions

0.882

1.461

0.846

Total Current Liabilities (4)

35.022

29.428

32.908

 

 

 

 

TOTAL

55.801

48.009

58.806

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

6.677

7.335

5.726

(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

0.010

0.010

0.010

(c) Deferred tax assets (net)

0.105

0.063

0.002

(d)  Long-term Loan and Advances

3.829

4.010

5.191

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

10.621

11.418

10.929

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

25.944

12.119

16.007

(c) Trade receivables

10.061

16.977

22.591

(d) Cash and cash equivalents

2.578

2.778

4.527

(e) Short-term loans and advances

6.597

4.717

4.752

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

45.180

36.591

47.877

 

 

 

 

TOTAL

55.801

48.009

58.806

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

73.003

124.447

105.950

 

 

Other Income

 

 

 

 

 

TOTAL                                    

73.003

124.447

105.950

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

72.278

121.333

103.056

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX

0.725

3.114

2.894

 

 

 

 

 

Less

TAX                                                                 

0.251

0.956

0.852

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX

0.474

2.158

2.042

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

10.769

12.722

0.709

 

 

 

 

 

 

Earnings/ (Loss) Per Share (Rs.)

11.29

51.38

48.62

 

 

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/Total Income)

(%)

0.65

1.73

1.93

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.30

6.50

4.92

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.04

0.20

0.21

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.61

0.68

0.80

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.29

1.24

1.45

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particulars

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

4.200

4.200

4.200

Reserves & Surplus

9.411

11.569

12.043

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

13.611

15.769

16.243

 

 

 

 

Long-term borrowings

10.870

0.874

1.530

Short term borrowings

0.000

9.824

8.351

Total borrowings

10.870

10.698

9.881

Debt/Equity ratio

0.799

0.678

0.608

 

 

 

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)

Total Income

105.950

124.447

73.003

 

 

17.458

(41.338)

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

105.950

124.447

73.003

Profit

2.042

2.158

0.474

 

1.93%

1.73%

0.65%

 

 

 

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

No

17

Details of sister concerns

No

18

Major suppliers

No

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 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

No

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

 

 

Loan from Directors/ Shareholders

0.542

0.874

Total

0.542

0.874

 

 

INDEX OF CHARGES:

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

80005478

23/04/2015 *

23,968,752.00

UNION BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, NO.23, 1ST FLOOR, ARCHANA COMPLEX, J C ROAD, BANGALORE – 560 002, KARNATAKA, INDIA

C52860780

 

* Date of charge modification

 

 

FIXED ASSETS:

 

·         Air Compressor

·         Buildings-KSSIDC

·         Plant and Machinery

·         Computers Equipments

·         DG Sets

·         Electrical Fittings

·         Furniture and Fixtures

·         Vehicles

·         Office Equipments

·         Tools

 

 

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 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]         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.63.89

UK Pound

1

Rs.99.71

Euro

1

Rs.70.63                   

 

 

INFORMATION DETAILS

 

Analysis Done by :

DRT

 

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

4

--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

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

 

42

 

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.