MIRA INFORM REPORT

 

 

Report No. :

334035

Report Date :

29.07.2015

 

IDENTIFICATION DETAILS

 

Name :

EBCO PRIVATE LIMITED  (w.e.f 29.09.1973)

 

 

Formerly Known As :

EARL BIHARI PRIVATE LIMITED

 

 

Registered Office :

402-403, Hyde Park, Saki Vihar Road, Opposite, Ansa Industrial Estate, Chandivali, Andheri (East), Mumbai - 400072, Maharashtra

Tel. No.:

91-22-67837777

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

29.09.1973

 

 

Com. Reg. No.:

11-016890

 

 

Capital Investment / Paid-up Capital :

Rs. 19.000 Million

 

 

CIN No.:

[Company Identification No.]

U29299MH1973PTC016890

 

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUME04633G

 

 

PAN No.:

[Permanent Account No.]

AAACE1625N

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter, Importer of Furniture Fittings and Defence Products like Cartridge Links

 

 

No. of Employees :

450 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (50)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an old and established company incorporated during the year 1973 having a satisfactory track record.

 

Available financial indicates company sound financial risk profile marked by healthy net worth position with low borrowings and favorable gap between trade payable and trade receivable

 

Further, the rating also takes into consideration good profitability margin of the company

 

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

 

In view of long standing record and sound financial base, the company can be considered normal for business dealings at usual trade terms and conditions. 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

EXTERNAL AGENCY RATING

 

 

Rating Agency Name

CRISIL

Rating

Long - Term Rating = BBB+

Rating Explanation

Moderate Degree of Safety and Moderate Credit Risk.

Date

24.06.2015

 

 

Rating Agency Name

CRISIL

Rating

Short - Term Rating = A2

Rating Explanation

Strong degree of safety and low credit risk

Date

24.06.2015

 

 

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

 

Name :

Mr. Lewis

Designation :

Finance Manager

Contact No.:

91-22-62837777

Date :

27.07.2015

 

 

LOCATIONS

 

Registered Office :

402-403, Hyde Park, Saki Vihar Road, Opposite, Ansa Industrial Estate, Chandivali, Andheri (East), Mumbai - 400072, Maharashtra, India

Tel. No.:

91-22-67837777

Mobile No.:

Not Available

Fax No.:

91-22-67837700

E-Mail :

info@ebco.in

accounts @ebco.in

 

 

Factory 1:

Saki Vihar Road, Near to Kelick Nixon, Andheri (East), Mumbai – 400072, Maharashtra, India

Tel. No.:

91-22-28573888/ 28575889/ 66925211

Fax No.:

91-22-66920700

E-Mail :

info@ebcofittings.com

Websites:

www.ebcofittings.com

 

 

Factory 2:

Plot No 27, Phase 2, Genisis Industiral Complex, Kolgaon, Palghar, Thane, Maharashtra, India 

 

 

Factory  3:

Plot No 12, Phase 2, Genisis Industiral Complex, Kolgaon, Palghar, Thane, Maharashtra, India 

 

 

Overseas Offices:

United Arab Emirates, Dubai,  M/s. Little Angel Building Materials LLC, P. O. Box No. 51267, BUR , Dubai UAE

Tel. No.:

9714-3557830

Fax No.:

9714-5473681

E-Mail :

jkagrana@yahoo.com

 

 

Corporate Office :

Chandivali Hyde Park, Andheri (East), Mumbai, Maharashtra, India

 

 

DIRECTORS

 

As on 08.07.2014

 

Name :

Mr. Geoffrey Biharilal Nagpal

Designation :

Managing director

Address :

148-Fairlawns, St. Cyril Road, Bandra (west), Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

08.01.1955

Date of Appointment :

10.06.1986

DIN No.:

00532081

 

 

Name :

Mr. Ashley Biharilal Nagpal

Designation :

Whole-time director

Address :

148/F St. Cyrle Road, Bandra (west), Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

16.02.1964

Date of Appointment :

31.03.1984

DIN No.:

01962630

 

 

Name :

Mr. Nishant Geoffrey Nagpal

Designation :

Whole-time director

Address :

148F Fairlawns St. Cyrils Road, Bandra (west) Mumbai - 400050, Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

15.05.1974

Date of Appointment :

08.07.2014

DIN No.:

06918014

 

KEY EXECUTIVES

 

Name :

Mr. Lewis

Designation :

Finance Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 08.07.2014

 

Names of Shareholders

No. of Shares

%age holding

Geoffrey Biharilal Nagpal

77996

41.22

Ashley Biharilal Nagpal

91950

48.59

Nishant Geoffrey Nagpal

2280

1.20

Karan Ashley Nagpal

17004

8.99

 

 

 

Total

1900000

100.00

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 08.07.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

 

 

Total

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter, Importer of Furniture Fittings and Defence Products like Cartridge Links

 

 

Products :

Furniture Fittings and Defence Products

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Finished Goods

Countries :

·         Middle east

·         Nepal

·         Austria

 

 

Imports :

 

Products :

Raw Material

Countries :

·         Taiwan

·         Switzerland

 

 

Terms :

 

Selling :

L/C, Cash and Credit

 

 

Purchasing :

L/C, Cash and Credit

 

PRODUCTION STATUS NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Wholesalers, Retailer and End Users

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

450 (Approximately) 

 

 

Bankers :

·       State Bank of India, Industrial Finance Branch Sakinaka, 1st Floor, Saki Vihar Road, Sakinaka, Andheri (East), Mumbai - 400072, Maharashtra, India

 

Bank Name

Kotak Mahindra Bank Limited

Branch

36-38a, Nariman Bhavan, 227,D, Nariman Point, Mumbai - 400021, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

91-22-61660000

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

61.753

101.150

Other Loans And Advance – Car Loans

3.414

4.777

 

 

 

SHORT TERM BORROWING

 

 

Loans repayable on demand

291.438

231.944

 

 

 

Total

356.605

337.871

 

Auditors :

 

Name :

Atul R Shah and Associates

Chartered Accountants

Address :

75/4, Nityanand Nagar Chs No.4,Behind Better Homes, Sahar Road, Opp. Railway Station, Andheri (E), Mumbai – 400 069, Maharashtra, India

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

AAAFA0556F

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

Name:

Effipress Engineering Private Limited, India

 

CIN No.:

U74210MH1994PTC076950

Address:

Palghar, Mumbai, Maharashtra, India

 

 

CAPITAL STRUCTURE

 

As on 08.07.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200000

Equity Shares

Rs.100/- each

Rs. 20.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

190000

Equity Shares

Rs.100/- each

Rs. 19.000 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

19.000

19.000

19.000

(b) Reserves & Surplus

407.265

331.747

280.249

(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)

426.265

350.747

299.249

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

65.167

106.943

144.308

(b) Deferred tax liabilities (Net)

36.551

30.995

26.667

(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)

101.718

137.938

170.975

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

303.241

238.793

193.892

(b) Trade payables

144.239

137.208

113.635

(c) Other current liabilities

5.593

6.669

7.677

(d) Short-term provisions

134.143

76.393

58.646

Total Current Liabilities (4)

587.216

459.063

373.850

 

 

 

 

TOTAL

1115.199

947.748

844.074

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

389.760

388.882

383.518

(ii) Intangible Assets

0.174

0.195

0.217

(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

0.271

0.271

0.271

(c) Deferred tax assets (net)

6.626

6.780

6.603

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

396.831

396.128

390.609

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

380.041

288.680

218.194

(c) Trade receivables

217.429

194.661

167.411

(d) Cash and cash equivalents

8.519

6.079

7.355

(e) Short-term loans and advances

112.314

62.109

60.371

(f) Other current assets

0.065

0.091

0.134

Total Current Assets

718.368

551.620

453.465

 

 

 

 

TOTAL

1115.199

947.748

844.074

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

1569.232

1268.043

1090.764

 

Other Income

N.A

N.A

N.A

 

TOTAL

N.A

N.A

N.A

 

 

 

 

 

Less

TOTAL EXPENSES

N.A

N.A

N.A

 

 

 

 

 

Less

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

226.158

174.515

161.910

 

 

 

 

 

Less

FINANCIAL EXPENSES

56.241

59.076

58.201

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

169.917

115.439

103.709

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

17.834

17.280

16.450

 

 

 

 

 

 

EXCEPTIONAL ITEM

(0.379)

(0.667)

 0.000

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

151.704

97.492

87.259

 

 

 

 

 

Less

TAX

53.957

31.642

27.955

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

97.747

65.850

59.304

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

2.004

3.007

1.432

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

52.500

52.500

50.000

 

Dividend

19.000

12.350

6.650

 

Tax on Dividend

3.229

2.003

1.079

 

Total

74.729

66.853

57.729

 

 

 

 

 

 

Balance Carried to the B/S

25.022

2.004

3.007

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 514.45

 346.57

 312.12

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

1940.000

 

 

The above information has been parted by Mr. Lewis

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

N.A

N.A

N.A

Cash generated from operations

N.A

N.A

N.A

Net cash flow from operating activity

58.883

64.826

45.443

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

6.23

5.19

5.44

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

14.41

13.76

14.84

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

13.69

10.36

10.42

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.36

0.28

0.29

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.86

0.99

1.13

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.22

1.20

1.21

 

 

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

19.000

19.000

19.000

Reserves & Surplus

280.249

331.747

407.265

Net worth

299.249

350.747

426.265

 

 

 

 

long-term borrowings

144.308

106.943

65.167

Short term borrowings

193.892

238.793

303.241

Total borrowings

338.200

345.736

368.408

Debt/Equity ratio

1.130

0.986

0.864

 

 

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

1090.764

1268.043

1569.232

 

 

16.253

23.752

 

 

 

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

1090.764

1268.043

1569.232

Profit

59.304

65.850

97.747

 

5.44%

5.19%

6.23%

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

No

22

Conduct of the banking account

Yes

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

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Term loan from bank

0.000

0.279

Term loan from other bank

 

0.737

SHORT TERM BORROWING

 

 

Loans repayable on demand

 

 

Loan repayable on demand –other parties

2.500

2.500

Loan repayable on demand –other parties

9.303

4.349

 

 

 

 

 

 

Total

 

 

 

 

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10285879

22/07/2013 *

538,000,000.00

KOTAK MAHINDRA BANK LIMITED

36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA

B83641415

 

 

 

FIXED ASSETS

  • Land
  • Building
  • Plant and Machinery
  • Air Conditioner
  • Computers
  • Factory and Building

 

 

 

 

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.63.89

UK Pound

1

Rs.99.71

Euro

1

Rs.70.62

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

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

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

6

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

50

 

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.