MIRA INFORM REPORT

 

 

Report No. :

325228

Report Date :

04.06.2015

 

IDENTIFICATION DETAILS

 

Name :

PHOENIX MECANO (INDIA) PRIVATE LIMITED (w.e.f. 22.05.2012)

 

 

Formerly Known As :

PHOENIX MECANO (INDIA) LIMITED

 

 

Registered Office :

388-389, Village Bhare, Post Ghotawade,Mulshi Pirangut Industrial Area, , Pune-412108, Maharashtra, India

Tel. No.:

91-2242154571

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

11.11.1994

 

 

Com. Reg. No.:

11-140767

 

 

Capital Investment / Paid-up Capital :

Rs.299.452 Million

 

 

CIN No.:

[Company Identification No.]

U74999PN1994PTC140767

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMP16715G/ MUMP08076F

 

 

PAN No.:

[Permanent Account No.]

AAACP2452L

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacture and Sale of Enclosures, Aluminium Profile Assembly And Trading of Actuators

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (46)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

 

Maximum Credit Limit :

USD 1300000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is a subsidiary of “Phoenix Mecano AG”, Switzerland.

 

It is an established company having satisfactory track record.

 

The company has shown a significant growth in its turnover and profit during FY 2014. General Financial Position of the company is normal and acceptable for business dealing

 

Trade relations are reported as fair. Business is active. Payment 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 DEFAILTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAILTERS’ 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 DECLINED

 

Management Non-Corporative 91-22-42154571

 

 

 

 

 

 

 

LOCATIONS

 

Registered Office/Corporate office:

388-389, Village Bhare, Post Ghotawade,Mulshi Pirangut Industrial Area, , Pune-412108, Maharashtra, India

Tel. No.:

91-22-42154571

E-Mail :

a.dokania@pmipl-online.com

amol@pmipl-online.com

Website :

http://www.phoenixmecano.co.in

 

 

Sales Office1 :

Office No. 306, Marol Bhavan, Makwana Road, Marol, Andheri (East), Mumbai-400059, Maharashtra, India

Tel. No.:

91-22-42154571

Fax No.:

91-22-42154571

E-Mail :

pmibom@pmipl-online.com

Website :

http://www.phoenixmecano.co.in

 

 

Sales Office 2:

91-C, Phase - VI, Udyog Vihar, Pace City -II, Gurgaon - 122001, Haryana, India

Tel. No.:

91-124-6467135

Mobile No.:

91-9971119046

Fax No.:

91-20-66745126

E-Mail :

pmincr@pmipl-online.com

 

 

Sales Office 3:

Plot No. 2 A 3 Mahavir Garden, Ambattur Industrial Estate, Ambattur, Chennai-600058, Tamilnadu, India

Tel. No.:

91-44-43023018

Fax No.:

91-44-43023098

E-Mail :

pmiche@pmipl-online.com

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Saurabh Kamlesh Shukla

Designation :

Managing Director

Address :

B-503, Rolling Hills 2, Baner Road, Pune- 411007, Maharashtra, India.

Date of Birth/Age :

24.01.1977

Date of Appointment :

10.04.2014

DIN No.:

01751936

 

 

Name :

Mr. Joachim B Metzger

Designation :

Chairman

Address :

Ifina Holderlinstass, E7- D64668, Rimbach, Germany

Date of Birth/Age :

14.07.1951

Date of Appointment :

14.11.1994

DIN No.:

02631766

 

 

Name :

Mr. Benedikt Goldkamp

Designation :

Director

Address :

Rebstrasse 16, Lufingen - 8426, Switzerland

Date of Birth/Age :

29.01.1969

Date of Appointment :

29.09.2012

DIN No.:

06378637

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

No. of Shares

%age holding

Phoenix Mecano AG, Switzerland

2994514

100.00

Saurabh K Shukla

10

0.00

 

 

 

Total

2994524

100.00

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

99.99

Directors or relatives of Directors

0.01

 

 

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacture and Sale of Enclosures, Aluminium Profile Assembly And Trading of Actuators

 

 

Products :

Item Code No.

Product Description

85381010

Enclosures

76109020

Alum Profile Structure

76109090

Accessories

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

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 :

Information declined by the management

 

 

Bankers :

Bank Name

Not Divulged

Branch

Not Divulged

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

 

 

 

Auditors :

 

Name :

Chawla Vijay Arjundas

Chartered Accountant 

Address :

703, 7th Floor, Godrej Castlemaine, Next of Rubby Hall Clinic, Bund Garden Road, Pune - 411001, Maharashtra, India

PAN No.:

AAKFB4397F

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Fellow Subsidiary Company:

Rose Systemtechnik Gmbh, Germany

Bopla Gehause Systeme Gmbh, Germany

Phoenix Mecano Inc. (USA), United States

Phoenix Mecano S.E. Asia Pte. Limited. Singapore

Mecan oComponents (Shangai) Co. Limited., China

Phoenix Mecano Australia Pty Limited, Australia RK Rose + Krieger Gmbh, GERMANY

Dewert Antriebs-und Systemtechnik Gmbh, Germany

Hartmann Elektronik Gmbh, Germany

I F I N A Beteiligungsgesellschaft Gmbh, Germany

Rose Systemtechnik Middle East, United Arab Emirates

Phoenix Mecano Trading AG, Switzerland

Phoenix MecanoComemrciale Tecnica Ltda., Brazil

Phoenix Mecano Komponenten AG, Switzerland

Phoenix Mecano Management AG, Switzerland

Phoenix Mecano Kecskemet KFT, Hungary

 

 

Holding Company:

Phoenix Mecano AG, SWITZERLAND

 

 

 

 

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3050000

Equity Shares

Rs.100/- each

Rs. 305.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2994524

Equity Shares

Rs.100/- each

Rs. 299.452  Million

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

 

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

299.452

299.452

299.452

(b) Reserves & Surplus

180.083

106.062

97.762

(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)

479.535

405.514

397.214

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

47.928

44.376

58.477

(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

6.514

4.175

3.299

Total Non-current Liabilities (3)

54.442

48.551

61.776

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000 

 0.000

0.000

(b) Trade payables

169.941

98.254

99.143

(c) Other current liabilities

116.477

93.510

81.446

(d) Short-term provisions

24.295

18.169

4.705

Total Current Liabilities (4)

310.713

209.933

185.294

 

 

 

 

TOTAL

844.690

663.998

644.284

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

255.261

201.911

197.722

(ii) Intangible Assets

2.515

2.475

3.446

(iii) Capital work-in-progress

8.857

11.976

6.059

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

8.495

10.513

6.826

(d)  Long-term Loan and Advances

34.164

50.564

11.730

(e) Other Non-current assets

 0.000

1.215

0.825

Total Non-Current Assets

309.292

278.654

226.608

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 0.000

 0.000

 0.000

(b) Inventories

212.745

143.333

175.638

(c) Trade receivables

157.132

115.545

108.748

(d) Cash and cash equivalents

128.170

88.052

75.306

(e) Short-term loans and advances

36.727

37.796

57.630

(f) Other current assets

0.624

0.618

0.354

Total Current Assets

535.398

385.344

417.676

 

 

 

 

TOTAL

844.690

663.998

644.284

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

1060.170

833.665

743.619

 

Other Income

 21.380

 N.A

 N.A

 

TOTAL

1081.550

N.A

N.A

 

 

 

 

 

 

EXPENSES

 

 

 

 

TOTAL

N.A

N.A

N.A

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

118.160

45.650

N.A

 

 

 

 

 

 

TAX

44.140

37.350

N.A

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

 74.020

 8.300

40.960

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

24.71

2.77

 13.67

 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

77.883

72.111

62.545

Cash generated from operations

N.A

N.A

N.A

 

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

PAT / Total Income

(%)

6.98

1.00

5.51

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

N.A

N.A

N.A

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

13.98

6.87

N.A

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.25

0.11

0.00

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.10

0.11

0.15

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.72

1.84

2.25

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

299.452

299.452

299.452

Reserves & Surplus

97.762

106.062

180.083

Net worth

397.214

405.514

479.535

 

 

 

 

long-term borrowings

58.477

44.376

47.928

Short term borrowings

0.000

0.000

0.000

Current Maturities Of Long-Term Debts

62.545

72.111

77.883

Total borrowings

121.022

116.487

125.811

Debt/Equity ratio

0.305

0.287

0.262

 

 

 

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

743.619

833.665

1060.170

 

 

12.109

27.170

 

 

 

 

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

743.619

833.665

1060.170

Profit

40.960

8.299

74.020

 

5.51%

1.00%

6.98%

 

 

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

Yes

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

No

20

Banking Details

Yes

21

Banking facility details

Yes

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 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

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

Note : The Registered name of the company has been shifted to 388-389, Village Bhare, Post Ghotawade,Mulshi Pirangut Industrial Area, , Pune-412108, Maharashtra, India to present address. (w.e.f. 21.06.2012)

 

OPERATIONAL REVIEW:

Company is a wholly owned subsidiary company of Phoenix Mecano AG, Switzerland. During the year the Company continued in the business of manufacture & sale of enclosures, aluminium profile assembly & trading of actuators. Turnover, other operating income and other income of the company for the year ended 31st March 2014 were INR 1056.590 Million, INR 3.580 Million and 21.380 Million respectively. The company has registered sales growth of 28% as compared to last year. The company, during the year under report, earned profit before tax of INR 118.16 Million as compared to 45.65 Million during the last year. Profit after tax has increased to INR 74.020 Million from INR 8.300 Million during last year. The increase in profitability can be attributed to increased sales and effective cost control and favorable exchange rate movements. The Company is taking steps for appointing a whole- time company secretary as per the requirements of Section 203 of the Companies Act, 2014 read with Notification dated 9th June 2014. There are no adverse Auditor’s remarks which require any attention from the Board and are self explanatory.

 

UNSECURED LOAN

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Term Loan

47.928

44.376

 

 

 

Total

47.928

44.376

 

 

LITIGATION DETAILS

 

Case Details

Bench:- Bombay

Lodging No. :

ITXAL/1133/2014

Failing Date:-

13.06.2014

Reg No.:

ITXA/1182/2014

Reg Date.:

28.07.2014

Petitioner:-

COMMISSIONER OF INCOME TAX  - 8

Respondent:-

PHOENIX MECANO (INDIA) PRIVATE LIMITED

Petn.Adv:-

ARVIND PINTO (1583)

Resp. Adv.:

ATUL KARSANDAS JASANI (33)

District:-

MUMBAI

Bench:-

DIVISION

Category:-

TAX APPEALS

Status:-

Pre-Admission

Stage:-

Next Date:-

10.06.2015

Coram:-

ACCORDING TO SITTING LIST

ACCORDING TO SITTING LIST

 

 

Act. :

Income Tax Act,1961

Under Section 260A

 

FIXED ASSEST

  • Land
  • Building
  • Plant and Equipments
  • Furniture and fixture
  • Vehicle
  • Motor vehicle
  • Factory Equipments
  • Computer

 

 

INDEX OF CHARGES: NO CHARGES EXIT FOR THE COMPANY

 

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.63.85

UK Pound

1

Rs.98.12

Euro

1

Rs.71.28

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYA

 

 

Analysis Done by :

DIV

 

 

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

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

4

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--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

 

46

 

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.