MIRA INFORM REPORT

 

 

Report No. :

324658

Report Date :

03.06.2015

 

IDENTIFICATION DETAILS

 

Name :

NOVA COSMETICS PRIVATE LIMITED

 

 

Registered Office :

B/80, Additional MIDC, Anand Nagar, Ambernath (East), Thane – 421506, Maharashtra

Tel. No.:

91-251-2620132

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

30.06.2000

 

 

Com. Reg. No.:

11-127512

 

 

Capital Investment / Paid-up Capital :

Rs.0.500 Million

 

 

CIN No.:

[Company Identification No.]

U24240MH2000PTC127512

 

 

IEC No.:

2700000099

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEN03659F

 

 

PAN No.:

[Permanent Account No.]

AABCN1871C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and exporter of perfumes, fragrances.

 

 

No. of Employees :

70 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (47)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 84000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record.

 

There seems some dip in the profit of the company during FY 2014 However, reserves position of the company is decent. General financial position of the company is sound and healthy.

 

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

 

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

 

NOTES :

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

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

 

Rating Agency Name

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 31-03-2014.

 

INFORMATION PARTED BY (GENERAL INFORMATION)

 

Name :

Mr. Sanjay

Designation :

Director

Contact No.:

91-9820125282

Date :

29.05.2015

 

 

LOCATIONS

 

Registered Office/ Factory :

B/80, Additional MIDC, Anand Nagar, Ambernath (East), Thane – 421506, Maharashtra, India

Tel. No.:

91-251-2620132

Mobile No.:

91-9820125282/91-251-6552927

Fax No. :

91-251-2620132

E-Mail :

sanchita8081@rediffmail.com

raoles@yahoo.com

nova_cos@dataone.in

Location:

Owned

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mrs. Sanchita Kiran Desai

Designation :

Director

Address :

Flat No.12 – D, Tower B Vice Roy Park, off Thakur Village, Kandivli (East), Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

08.08.1967

Date of Appointment :

30.06.2000

DIN No.:

00549717

 

 

Name :

Mr. Sanjay Prabhakar Raole

Designation :

Director

Address :

Flat No.G-101, Bhoomi Park, Marve Road, (Malvani), Malad (West), Mumbai – 400095, Maharashtra, India

Date of Birth/Age :

08.04.1967

Date of Appointment :

30.06.2000

DIN No.:

00684823

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

Sanjay Prabhakar Raole

 

25000

Sanchita Kiran Desai

 

25000

 

 

 

Total

 

50000

 

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 and exporter of perfumes, fragrances

 

 

Products :
  • Perfumes
  • Fragrances

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

 

Countries :
  • America
  • USA
  • Gulf Countries

 

 

Imports :

 

Countries :
  • Europe
  • France

 

 

Terms :

 

Selling :

Cash, Advance Payment and Cheque

 

 

Purchasing :

Cash, Advance Payment and Cheque

 

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 :

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 :

70 (Approximately)

 

 

Bankers :

Bank Name

Thane Bharat Sahakari Bank Limited

Branch

Naupada, Thane - 400602, 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

 

 

Bank Name

ICICI Bank Limited

Branch

Thane, 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 :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term borrowings

 

 

Secured loans from Thane Bharat Sahakari Bank Limited

Term loan A/c no 2417/544

(Secured against Plant and Machinery)

0.200

0.327

Term loan A/c no2417/587

(Secured against land and Factory @B-80-1 and Plant and Machinery  )

0.929

1.434

Term loan A/c no2417/842

(Secured against land and Factory  Building @B-80-1 and Plant and Machinery  )

12.644

8.193

Term loan A/c no2417/587

(Secured against land and Factory  Building @B-80-1 and Plant and Machinery  )

3.315

0.000

 

 

 

Short-term borrowings

 

 

Bank OD From TBSB A/c no. 130

(Secured against Stock and Book Debts)

6.170

5.148

 

 

 

Total

23.260

15.103

 

Auditors :

 

Name :

Sarangdhar and Company

Chartered Accountants

Address :

306, Kamal Tower, Rambaug lane No.1, Santoshi Mata Road, Kalyan - 421301, Maharashtra, India

Tel. No.:

91-251-2202764/ 2210520/ 2323592

E-Mail :

saragdhar@gmail.com

Website :

www.casarangdhr.com

PAN No.:

ABLFS0207K

 

 

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

 

 

 

 

50,000

Equity Shares

Rs.10/- each

Rs. 0.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

50,000

Equity Shares

Rs.10/- each

Rs. 0.500 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

0.500

0.500

0.500

(b) Reserves & Surplus

29.024

26.826

21.915

(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)

29.524

27.326

22.415

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

17.149

10.654

5.103

(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)

17.149

10.654

5.103

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

6.17

5.148

6.755

(b) Trade payables

33.549

27.154

30.751

(c) Other current liabilities

14.156

5.313

6.322

(d) Short-term provisions

3.423

1.956

5.009

Total Current Liabilities (4)

57.298

39.571

48.837

 

 

 

 

TOTAL

103.971

77.551

76.355

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

12.403

12.286

17.401

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

28.391

14.609

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.500

0.500

0.254

(c) Deferred tax assets (net)

0.386

0.302

0.190

(d)  Long-term Loan and Advances

0.079

0.079

0.070

(e) Other Non-current assets

7.331

5.141

8.720

Total Non-Current Assets

49.090

32.917

26.635

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

32.178

21.28

15.844

(c) Trade receivables

18.437

18.676

16.644

(d) Cash and cash equivalents

2.585

1.785

15.497

(e) Short-term loans and advances

0.87

0.87

0.079

(f) Other current assets

0.811

2.023

1.656

Total Current Assets

54.881

44.634

49.720

 

 

 

 

TOTAL

103.971

77.551

76.355

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

 

 

 

 

Other Income

 

 

 

 

TOTAL

140.281

124.779

187.255

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

116.065

98.432

 

 

Exceptional Item

(1.572)

(1.422)

 

 

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

(3.469)

(0.384)

 

 

Employees benefits expense

9.965

7.956

 

 

Other expenses

12.002

10.973

 

TOTAL

132.991

115.555

157.751

 

 

 

 

 

Less

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

7.290

9.224

29.504

 

 

 

 

 

Less

FINANCIAL EXPENSES

1.205

1.471

1.535

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

6.085

7.753

27.969

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

1.666

1.642

1.612

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

4.419

6.111

26.357

 

 

 

 

 

Less

TAX

2.222

1.201

4.881

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

2.197

4.910

21.476

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 43.94

 98.2

 429.52

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

180.000

 

 

Expected Sales (2015-2016 ) : Rs. 200.000

 

The above information has been parted by Mr Sanjay.

 

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

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

1.57

3.93

11.47

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

5.20

7.39

15.76

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

5.92

9.83

34.72

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.15

0.22

1.18

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.79

0.58

0.53

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.96

1.13

1.02

 

 

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

0.500

0.500

0.500

Reserves & Surplus

21.915

26.826

29.024

Net worth

22.415

27.326

29.524

 

 

 

 

long-term borrowings

5.103

10.655

17.149

Short term borrowings

6.755

5.149

6.170

Total borrowings

11.858

15.804

23.319

Debt/Equity ratio

0.529

0.578

0.790

 

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

187.255

124.779

140.281

 

 

(33.364)

12.424

 

 

 

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

187.255

124.779

140.281

Profit

21.476

4.910

2.197

 

11.47%

3.93%

1.57%

 

 

 

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

Yes

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

No

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

From Director

 

 

Sanchita Desai

0.059

0.563

Sanjay Racle

 

0.136

Total

0.059

0.699

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10565121

10/04/2015

4,000,000.00

THANE BHARAT SAHAKARI BANK LIMITED

RIMZIM PREMISES, 1ST FLOOR, BAJI PRABHU DESHPANDE, MARG, NAUPADA, THANE (WEST), THANE, MAHARASHTRA - 400602, INDIA

C51542405

2

10479468

30/04/2014 *

7,500,000.00

Thane Bharat Sahakari Bank Limited

1ST FLOOR, SATYAM PREMISES, M G ROAD, NAUPADA, NEAR MALHAR TALKIES, THANE, MAHARASHTRA - 400602, INDIA

C05237375

3

10401109

26/12/2012

12,500,000.00

Thane Bharat Sahakari Bank Limited

SHATATARAKA, BAJI PRABHU DESHPANDE MARG, NAUPADA, THANE, MAHARASHTRA - 400602, INDIA

B67282145

4

10258857

25/10/2010

4,000,000.00

Thane Bharat Sahakari Bank Ltd.

SHATATARKA BAJI PRABHU DESHPANDE MARG,, VISHNU NA GAR, NAUPADA, THANE (W), THANE, MAHARASHTRA - 400602, INDIA

A98194657

5

90141069

10/04/2015 *

17,500,000.00

THANE BHARAT SAHAKARI BANK LIMITED

RIMZIM PREMISES, 1ST FLOOR, VISHNU NAGAR,BAJI PRABHU DESHPANDE MARG, NAUPADA, THANE (WEST), THANE, Maharashtra - 400602, INDIA

C51542900

 

 

FIXED ASSETS

 

  • Land
  • Building
  • Plant and Machinery
  • Furniture and Fixture
  • Office Equipment
  • Computer
  • Fan
  • Vehicle Motor
  • Laboratory equipment

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.83

UK Pound

1

Rs.97.10

Euro

1

Rs.69.74

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIV

 

 

Analysis Done by :

MAN

 

 

Report Prepared by :

RKI

 

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

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

7

--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

 

47

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

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NB

                                       New Business

 

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PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.