MIRA INFORM REPORT

 

 

Report No. :

325728

Report Date :

04.06.2015

 

IDENTIFICATION DETAILS

 

Name :

UFLEX LIMITED (w.e.f. 19.03.2007)

 

 

Formerly Known As :

FLEX INDUSTRIES LIMITED

 

 

Registered Office :

305, 3rd Floor, Bhanot Corner, Pamposh Enclave, Greater Kailash – I, New Delhi – 110048

Tel No. :

91-11-26440917

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

21.06.1988         

 

 

Com. Reg. No.:

55-032166

 

 

Capital Investment / Paid-up Capital :

Rs.722.100 Million

 

 

CIN No.:

[Company Identification No.]

L74899DL1988PLC032166

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELF00184C / MRTF00050B

 

 

PAN No.:

[Permanent Account No.]

AAACF0109J

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacture and Seller of flexible packaging products and offer a complete flexible packaging solution

 

 

No. of Employees :

5090 (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 established company having satisfactory track record.

 

The rating reflects company’s above-average operational risk profile supported by established market position in the packaging films as well as flexible packaging business and sound financial base of the company.

 

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

 

The company can be considered 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

ICRA

Rating

Term Long =  BBB+

Rating Explanation

Moderate degree of safety and moderate credit risk

Date

December, 2013

 

 

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 DENIED BY

 

Name :

Mr. Rajeev Malthora

Designation :

General Manager in Commercial

Contact No.:

91-11-26440917

Date :

16.02.2015

 

 

LOCATIONS

 

Registered Office/ Factory:

305, 3rd Floor, Bhanot Corner, Pamposh Enclave, Greater Kailash – I, New Delhi – 110048, India

Tel. No.:

91-11-26440917/ 26440925

Fax No.:

91-11-26216922

Email :

khanmg@uflexltd.com

flexsec@vsnl.net

feedback@uflexltd.com

Website :

http://www.uflexltd.com

http://www.flexfilm.com

 Location:

Owned  

 

 

Corporate Office:

A-107-108, Sector IV, Noida – 201301, Uttar Pradesh, India

Tel. No.:

91-120-4012345

Fax No.:

91-120-2556040

Email :

hrd@uflexltd.com

 

 

Head Office :

A-2, Sector – 60 Noida, District Gautam Budh Nagar – 201307, Uttar Pradesh, India

Tel. No.:

91-120-3982371/ 3982121/ 4002121/ 4002118/ 4002322/ 4002371

Fax No.:

91-120-2584527/ 3982380/ 2580089/ 4002380

E-mail :

marketing@flexenggltd.com

flexind@flexindustriesltd.com

 

 

Corporate Office 1 :

110, 1st Floor, Bhanot Corner, Pamposh Enclave, Greater Kailash – I, New Delhi – 110048, India

 

 

Corporate Office 2 :

A-107-108, Uflex Sector – IV, Noida – 201301, Uttar Pradesh, India

Tel. No.:

91-120-4012345

Fax No.:

91-120-2556040

E-mail :

hrd@uflexltd.com 

flexind@flexindustriesltd.com

flexmum@bom8.vsnl.net.in

 

 

Film Division :

 A-1, Sector-60, District Gautam Budh Nagar, Noida – 201301, Uttar Pradesh, India

Tel. No.:

91-120-4002137/ 4002138/ 4002121/ 2580500/ 3982121

Fax No.:

91-120-2585992/ 25802511/ 2580003/ 2580152/ 2580089/ 2582532/ 2580422/ 2580322

Email :

ptyle@flexfilm.com

enquiry@flexfilm.com

flecsec@vsnl.net

 

 

Plant 1 :

D-1-2, 15-16, Sector 59, Noida, Uttar Pradesh, India

 

 

Plant 2:

29-B, Malanpur Industrial Area, District Bhind, Gwalior, Madhya Pradesh, India

 

 

Plant 3:

A-2A, Sector – 60, Noida, Uttar Pradesh, India

 

 

Plant 4:

C-3, Sector – 57, Phase – III, Noida, Uttar Pradesh, India

 

 

Plant 5:

C-5-8, Sector – 57, Phase III, Noida, Uttar Pradesh, India

 

 

Plant 6:

L-1, Industrial Area, Ghirongi (Malanpur), District Bhind, Madhya Pradesh, India

 

 

Plant 7 :

Unit I and Unit III Lane 3, Sidco Industrial Complex, Bari Brahmana, Jammu – 181133, Jammu and Kashmir, India

 

 

Plant 8 :

Unit I, Lane 2, Sidco Industrial Complex, Bari Brahmana, Jammu – 181133, Jammu and Kashmir, India

 

 

Overseas Plant 1 :

Dubai,

P.O. Box No. 17930, Near Round About 12, Jebel Ali Free Zone Area, Dubai United Arab Emirates

 

 

Overseas Plant 2 :

Mexico,

Boulevard De Los Rios #5680 Zona Puerto Industiral, C.P. 89603 Altamira, Tamaulipas, Mexico

 

 

Overseas Plant 3 :

Egypt

R 2 Plot No. 3, Engineering Square, North Extension of Industrial Zones 6th of October City, Arab Republic of Egypt

 

 

Overseas Plant 4 :

Poland

62-300 Wrzesnia, ul. Gen. Wladyslawa Sikorskiego 48, Poland

 

 

Overseas Plant 5 :

USA

1221, North Black Branch Road, Elizabethtown, KY 42701

 

 

Branch Office :

FMC Fortuna” Unit No. A-16, 2nd Floor, 234/3A, A.J.C. Bose Road, Kolkata – 700 020, West Bengal, India

 

 

Zonal Office 1 :

Unit No. 402, IVth Floor, Naman Center, Block-G, Bandra Kurla Complex, Plot No.C-31, Bandra, Mumbai-400051, Maharashtra, India

 

 

Zonal Office 2 :

A-16, FMC Fortuna, 234/3A (2nd Floor), Acharya Jagdish Chandra Bose Road, Kolkata - 700 020, West Bengal, India

 

 

Zonal Office 3 :

443, 2nd Floor, 7th Block, Koramangala, Bangalore - 560 095, Karnataka, India

 

 

DIRECTORS

 

As on 31.03.2014

 

Name:

Mr. Ashok Chaturvedi

Designation :

Chairman and Managing Director

Qualification :

B.Sc.

Date of Appointment:

01.08.1988

 

 

Name :

Mr. Ravi Kathpalia

Designation :

Director

Date of Birth:

18.08.1937

Qualification:

M.A., M. Phill, I.A.A.S

Date of Appointment :

22.03.2002

Directorship in other public limited companies :
  • Fair Field Atlas limited
  • Lord Chloro Alkali Limited
  • U Tech Developers limited
  • Dhir and Dhir ARC Limited

 

 

Name :

Mr. M.G. Gupta

Designation:

Director

 

 

Name :

Mr. Achintya Karati

Designation:

Nominee – ICICI Bank

Date of Birth:

23.03.1946

Qualification:

30.05.2013

Date of Appointment :

B.Com., LL.B.

Directorship in other public limited companies :
  • J.K. Cement Limited
  • Jay Bharat Maruti Limited
  • Shyam Telecom Limited
  • Sangam (India) Limited
  • Delton Cables Limited
  • Tech Process Payment Services Limited

 

 

Name :

Mr. S.K Kaushik

Designation:

Whole-time Director

Date of Birth:

20.11.1939

Qualification:

FCA

Date of Appointment :

31.07.2005

Directorship in other public limited companies :
  • Flex Foods Limited
  • UTech Developers Limited

 

 

Name :

Mr. Vijay Kumar Gupta

Designation:

Nominee IFCI

 

 

KEY EXECUTIVES

 

Name :

Mr. Ajay Krishna

Designation :

Senior  Vice President (Legal) and Company Secretary

 

 

SHAREHOLDING PATTERN

 

As on 31.03.2015

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

2321729

3.22

http://www.bseindia.com/include/images/clear.gifBodies Corporate

29462110

40.80

http://www.bseindia.com/include/images/clear.gifSub Total

31783839

44.02

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

31783839

44.02

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

617

0.03

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

132978

0.19

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

5479943

7.62

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

0.00

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

5613538

7.84

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

7647931

10.62

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

8495416

12.85

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

6902583

9.58

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

5436956

7.53

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

5165156

7.15

http://www.bseindia.com/include/images/clear.gifShares in transit

271800

0.38

http://www.bseindia.com/include/images/clear.gifSub Total

28482886

40.57

Total Public shareholding (B)

34096424

48.42

Total (A)+(B)

65880263

92.43

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

5465840

7.57

http://www.bseindia.com/include/images/clear.gifSub Total

5465840

7.57

Total (A)+(B)+(C)

71346103

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacture and Seller of flexible packaging products and offer a complete flexible packaging solution

 

 

Products :

ITC Code No.

Products Description

 

39206290

 

Printed Articles of Plastic in Roll Form

39239090

 

Printed Articles of Plastic in Pouch Form

39206220

 

Polyester Film

39202020

 

Bopp Film

84425010

 

Rotogravure Cylinder

49009990

 

Hologram

39151990

 

Printing Inks Rotogravures and Flexo Graphic Inks

35069910

 

Adhesives Based on Synthetic Resins

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

Not Available

 

 

GENERAL INFORMATION

 

Suppliers :

Not Available

 

 

Customers :

Not Available

 

 

No. of Employees :      

5090 (Approximately)

 

 

Bankers :

UFLEX Limited, India - Bankers

  • ICICI Bank Limited
  • Canara Bank
  • Bank of Baroda
  • Punjab National Bank
  • State Bank of India
  • Bank of India
  • Allahabad Bank
  • Oriental Bank of Commerce
  • Corporation Bank
  • The Jammu and Kashmir Bank Limited
  • Syndicate Bank
  • CTBC Bank Company Limited

Flex Middle East FZE, Dubai - Bankers

  • United Arab Bank, Dubai
  • Bank of India, New York

Flex Americas S.A. de C.V., Mexico - Bankers

  • KFW IPEX Bank, Germany
  • KBC Bank Deutschland AG, Germany
  • DZ Bank AG Deutsche Zentral-
  • Genossenschaftsbank, Germany
  • State Bank of India, New York

 

Flex P. Films (Egypt) S.A.E., Egypt - Bankers

  • KFW IPEX Bank, Germany
  • Qatar National Bank Alahli, S.A.E., Egypt
  • National Bank for Development, Egypt
  • National Bank of Abu Dhabi, Egypt

 

Flex Films Europa Sp. z.o.o., Poland- Bankers

  • KFW IPEX Bank, GmbH - Germany
  • PKO Bank Polski, Poznan

 

Flex Films (USA) Inc., Kentucky, USA- Bankers

  • KBC Bank, Deutschland AG, Germany
  • JP Morgan Chase Bank N.A., USA

 

 

Facilities :

 

Secured Loan

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Long Term Borrowings

 

 

Term Loan

 

 

From Banks

NA

4950.508

From IFCI Limited

NA

1713.600

 

 

 

Short Term Borrowings

 

 

Working Capital Facilities

 

 

From Banks

NA

2538.554

 

 

 

Total

NA

9202.662

 

 

Banking Relations :

---

 

 

Statutory Auditors :

 

Name :

Vijay Sehgal and Company

Chartered Accountants 

Address :

100, New Rajdhani Enclave, Delhi – 110092, India

Tel. No.:

91-11-32906809

Fax No.:

91-11-22025054

E-Mail :

vsandco@vsandco.com

 

 

Internal Auditors :

 

Name :

Jain Singhal and Associates

Chartered Accountants 

Address :

2nd Floor, M - 6, M Block Market, Greater Kailash - II, New Delhi – 110048, India

 

 

Cost Auditors :

 

Name :

Jitender, Navneet and Company

Cost Accountants

Address :

2-D, OCS Apartments, Mayur Vihar, Phase-I, Delhi - 110 091, India

 

 

Secretarial Auditors :

M/s Mahesh Gupta and Company

Chartered Accountants 

Address :

110, Wadhwa Complex, D 288/10, Laxmi Nagar, Delhi-110 092, India

 

 

Wholly Owned Subsidiaries (As on 31.03.2014):
  • Flex America Inc. (Up to 7th January, 2014)
  • Flex Middle East FZE
  • UFlex Europe Limited
  • UFlex Packaging Inc.
  • UPET Holdings Limited
  • UTech Developers Limited
  • Flex Films
  • (USA) Inc. (Up to 6th December, 2013)
  • Flex P Films (Brasil) Comercio De Films Plasticos Limiteda
  • USC Holograms Private Limited

 

 

Fellow Subsidiaries (As on 31.03.2014) :
  • Flex Films Europa Sp. Z.o.o,
  • Flex P Films (Egypt) S.A.E.
  • UPET (Singapore) PTE Limited
  • Flex Americas S.A. DE C.V.
  • SD Buildwell Private Limited
  • Flex Films (USA) Inc. (w.e.f 7th December, 2013)
  • Flex America Inc. (w.e.f 8th January, 2014)

 

 

Associate (As on 31.03.2014):

Flex Foods Limited

 

 

Joint Venture (As on 31.03.2014):

Qcell Limited (Till 30th September 2013)

 

 

Enterprises in which the persons referred in (v) along with their relatives exercise significant

Influence (As on 31.03.2014):

Flex International Private Limited.

Anshika Investments Private Limited

Ultimate Flexipack Limited.

A.R.Infrastructure and Projects Private Limited

 Anant Overseas Private Limited

Apoorva Extrusion Private Limited,

Anshika Consultants Private Limited

 A.R. Leasing Private  Limited

 Cinflex Infotech Private Limited

 Ultimate Enterprises Private Limited

AR Aerotech Private Limited

AR Airways Private Limited

 Kaya Kalpa Medical Services Private Limited

AC Infrastructures Private Limited

Club One Airways Private Limited

Flex Industries Private Limited

 AC Infratech Private Limited

 RC Properties Private Limited

A to Z Infratech Private Limited

Ultimate Infratech Private Limited

 AKC Investments Private Limited

Ganadhipati Investments Private Limited

Ultimate Prepress LLP,

AKC Retailers Limited.,

Niksar Finvest Private Limited

Refex Energy (Rajasthan) Private Limited

 A-One Infratech Private Limited

Ganadhipati Infraproject Private Limited

Nirman Overseas Private Limited,

Holofix Urban Infrastructures Private Limited

Laurel Real Estates Private Limited

Sungrace Products (India) Private Limited

Virgin Infrastructures Private Limited

Vendee Builders Private Limited,

Ultimate Energy Limited.,

Modern Info Technology Private Limited

 Liberal Advisory Services Private Limited

Saga Realtors Private Limited

Genius Infratech Private Limited and Naveli

Collections Private Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2015

 

Authorised Capital : Not Available

 

Issued, Subscribed & Paid-up Capital : Rs. 722.100 Million

 

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

150000000

Equity Shares

Rs. 10/- each

Rs. 1500.000 Million

19000000

Preferences Shares

Rs. 100/- each

Rs. 1900.000 Million

 

 

 

 

 

Total

 

Rs. 3400.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

72211486

Equity Shares

Rs. 10/- each

Rs.722.115 Million

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2015

31.03.2014

31.03.2013

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

722.100

722.115

722.115

(b) Reserves & Surplus

16155.200

15215.060

14132.706

(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)

16877.300

15937.175

14854.821

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

3475.500

4572.633

5514.744

(b) Deferred tax liabilities (Net)

1054.400

1426.938

1593.238

(c) Other long term liabilities

32.100

39.829

37.273

(d) long-term provisions

107.400

90.211

87.413

Total Non-current Liabilities (3)

4669.400

6129.611

7232.668

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

2928.800

2677.054

2825.209

(b) Trade payables

4657.300

4454.810

4410.225

(c) Other current liabilities

2916.300

3815.178

4350.279

(d) Short-term provisions

605.500

671.801

620.191

Total Current Liabilities (4)

11107.900

11618.843

12205.904

 

 

 

 

TOTAL

32654.600

33685.629

34293.393

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

13081.400

12757.308

13879.145

(ii) Intangible Assets

0.000

67.995

94.958

(iii) Capital work-in-progress

0.000

727.150

144.467

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

4482.600

5304.859

6580.094

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

1661.500

654.778

844.675

(e) Other Non-current assets

14.600

42.847

123.695

Total Non-Current Assets

19240.100

19554.937

21667.034

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

20.000

(b) Inventories

2887.700

2166.581

2185.752

(c) Trade receivables

7818.900

8089.475

7124.169

(d) Cash and cash equivalents

726.100

1440.257

903.407

(e) Short-term loans and advances

1970.400

2280.213

2155.666

(f) Other current assets

11.400

154.166

237.365

Total Current Assets

13414.500

14130.692

12626.359

 

 

 

 

TOTAL

32654.600

33685.629

34293.393

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Income

33271.700

31792.695

31563.656

 

 

Other Income

612.900

812.534

240.300

 

 

TOTAL                                     (A)

33884.600

32605.229

31803.956

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of materials consumed

21255.000

19675.555

17229.164

 

 

Purchase of Stock-in-trade

407.500

743.139

2860.614

 

 

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

(114.400)

110.083

(197.240)

 

 

Employee benefits expense

2512.100

2234.705

1844.731

 

 

Other expenses

393.900

5273.843

5417.209

 

 

Expenses Allocated to Self-Constructed Assets

0.000

(159.372)

(319.811)

 

 

Power and Fuel

1531.100

0.000

0.000

 

 

TOTAL                                     (B)

29525.200

27877.953

26834.667

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)       (C)

4359.400

4727.276

4969.289

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

1164.400

1672.269

1747.846

 

 

 

 

 

 

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

3195.000

3055.007

3221.443

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

1639.400

1468.123

1468.260

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

1555.600

1586.884

1753.183

 

 

 

 

 

Less

TAX                                                                  (H)

135.800

293.320

368.480

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

1419.800

1293.564

1384.703

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

Export Earnings

 

5023.401

5511.180

 

 

Design and Art Work Recovery

 

10.521

21.590

 

 

Technical and Support Services

 

316.557

648.154

 

 

Interest on loans granted to subsidiaries

NA

13.379

15.868

 

 

Misc. Income

 

0.000

0.000

 

 

Commission for extension of Corporate Guarantee for Subsidiaries

 

61.138

51.452

 

TOTAL EARNINGS

 

5424.996

6248.244

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

 

5210.358

5587.727

 

 

Stores and Spares

 

107.235

129.698

 

 

Capital Goods

 

422.472

215.719

 

 

Material-in-Transit-Raw Material

NA

37.857

36.402

 

 

Material-in-Transit-Capital Goods/Spare Parts

 

0.578

0.000

 

TOTAL IMPORTS

 

5778.500

5969.546

 

 

 

 

 

 

Earnings Per Share (Rs.)

19.66

17.91

19.18

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT/Sales)

(%)

4.27

4.07

4.39

 

 

 

 

 

Operating Profit Margin

(PBDIT / Sales)

(%)

13.10

14.87

15.74

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

5.52

5.74

6.36

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.09

0.10

0.12

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.38

0.45

0.56

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.21

1.22

1.03

 

                                                          

 

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

722.115

722.115

722.100

Reserves & Surplus

14132.706

15215.060

16155.200

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

14854.821

15937.175

16877.300

 

 

 

 

long-term borrowings

5514.744

4572.633

3475.500

Short term borrowings

2825.209

2677.054

2928.800

Total borrowings

8339.953

7249.687

6404.300

Debt/Equity ratio

0.561

0.455

0.379

 

                                          

 

 

                   

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

31563.656

31792.695

33271.700

 

 

0.726

4.652

 

 

 

 

NET PROFIT MARGIN

 

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

31563.656

31792.695

33271.700

Profit

1384.703

1293.564

1419.800

 

4.39%

4.07%

4.27%

 

 

           

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

----------------------

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

----------------------

22]

Litigations that the firm / promoter involved in

----------------------

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

----------------------

26]

Buyer visit details

----------------------

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

 

UNSECURED LOAN

 

Particulars

31.03.2014

(Rs. in Million)

31.03.2014

(Rs. in Million)

Long Term Borrowings

 

 

From Bodies Corporate 

NA

263.179

Current Portion

NA

(2354.654)

Short Term Borrowings

 

 

From Others*

* Guaranteed by Chairman and Managing Director of the company

NA

138.500

 

 

 

Total

NA

(1952.975)

 

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

 

Charge Holder

Address

Service Request Number (SRN)

1

10504071

24/05/2014

1,516,500,000.00

CANARA BANK

PCB CONNAUGHT PLACE, NEW DELHI, DELHI, DELHI - 11 
0001, INDIA

C07265069

2

10488516

24/03/2014

500,000,000.00

JAMMU AND KASHMIR BANK LIMITED

JAMMU AND KASHMIR BANK LIMITED, LAJPAT NAGAR IV, NE 
W DELHI, DELHI - 110024, INDIA

C02530079

3

10485032

21/07/2014 *

1,549,750,000.00

CANARA BANK

PRIME CORPORATE BRANCH II, WORLD TRADE TOWER, BAR 
AKHAMBA LANE, NEW DELHI, DELHI - 110001, INDIA

C15938467

4

10452372

14/08/2013

9,300,000.00

JAMMU AND KASHMIR BANK LIMITED

P-2,JOP PLAZA, SECTOR-18, NOIDA, NOIDA, UTTAR PRA 
DESH - 201301, INDIA

B86388923

5

10417881

04/09/2013 *

1,250,000,000.00

CANARA BANK

PCB CONNAUGHT PLACE, WORLD TRADE TOWER,BARAKHAMBA 
LANE, NEW DELHI, DELHI - 110001, INDIA

B85561819

6

10410566

14/11/2013 *

500,000,000.00

IFCI LIMITED

IFCI TOWER, 61 NEHRU PLACE, NEW DELHI, DELHI - 11 
0019, INDIA

B89298582

7

10395743

27/08/2013 *

500,000,000.00

THE JAMMU AND KASHMIR BANK LIMITED

A-17, RING ROAD, LAJPAT NAGAR IV, NEW DELHI, DELH 
I - 110024, INDIA

B84727890

8

10335387

27/05/2013 *

150,000,000.00

CANARA BANK

PRIME CORPORATE BRANCH, IIND FLOOR, WORLD TRADE T 
OWER, BARAKHAMBA LANE, DELHI - 110001, INDIA

B76836014

9

10301923

12/08/2011

750,000,000.00

SYNDICATE BANK

LARGE CORPORATE BRANCH, 3RD FLOOR,NO.10 HOMJI STR 
EET,FORT, MUMBAI, MAHARASHTRA - 400023, INDIA

B18609917

10

10281550

14/11/2013 *

2,000,000,000.00

IFCI LIMITED

IFCI TOWER, 61 NEHRU PLACE, DELHI - 110019, INDIA 
, DELHI, DELHI - 110019, INDIA

B89299838

11

10223626

27/07/2012 *

1,000,000,000.00

BANK OF INDIA

NEW DELHI LARGE CORPORATE BRANCH, PTI BUILDING,4 
SANSAD MARG, NEW DELHI, DELHI - 110001, INDIA

B55797419

12

10219536

27/07/2012 *

2,400,000,000.00

ALLAHABAD BANK

INDUSTRIAL FINANCE BRANCH, 1ST FLOOR, 17 PARLIAME 
NT STREET, NEW DELHI, DELHI - 110001, INDIA

B55797146

13

10182472

27/07/2012 *

1,600,000,000.00

ICICI BANK LIMITED

LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ 
ARAT - 390015, INDIA

B55803779

14

10173188

21/07/2014 *

5,650,000,000.00

CANARA BANK

PRIME CORPORATE BRANCH II, WORLD TRADE TOWER, BAR 
AKHAMBA LANE, NEW DELHI, DELHI - 110001, INDIA

C15808454

15

10114823

02/06/2009 *

75,000,000.00

CANARA BANK

PRIME CORPORATE BRANCH-II, IIND FLOOR, WORLD TRAD 
E TOWER, BARAKHAMBA LANE, NEW DELHI, DELHI - 11000 
1, INDIA

A66123217

16

10000468

09/11/2006 *

435,000,000.00

ALLAHABAD BANK

INDUSTRIAL FINANCE BRANCH, 17, PARLIAMENT STREET, 
NEW DELHI, DELHI - 110001, INDIA

A00155556

17

80057655

16/08/2005

255,725,000.00

IFCI LIMITED

IFCI TOWER, 61, NEHRU PLACE , NEW DELHI, DELHI - 
110019, INDIA

-

18

90063472

26/11/2010 *

100,000,000.00

PUNJAB NATIONAL BANK

LARGE CORPORATE BRANCH, TOLOSTOY HOUSE TOLSTOY MA 
RG, NEW DELHI, DELHI - 110001, INDIA

B00842500

19

80023749

06/05/2010 *

350,000,000.00

ALLAHABAD BANK

INDUSTRIAL FINANCE BRANCH, 1ST FLOOR, 17 PARLIAME 
NT STREET, NEW DELHI, DELHI - 110001, INDIA

A86230687

20

90063342

21/12/2004

110,000,000.00

CANARA BANK

INDUSTRIAL FINANCE BRANCH, 2ND; FLOOR WORLD TRADE 
TOWER; BARAKHAMBA LANE, NEW DELHI, DELHI, INDIA

-

21

90063301

29/01/2009 *

755,600,000.00

ALLAHABAD BANK

INDUSTRIAL FINANCE BRANCH, 17, PARLIAMENT STREET, 
NEW DELHI, DELHI - 110001, INDIA

A58802406

22

80043885

18/07/2003

37,000,000.00

CANARA BANK

INDUSTRIAL FINANCE BRANCH, WORLD TRADE TOWER, BA 
RAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA

-

23

80057738

18/05/2001

371,800,000.00

ICICI LIMITED

ICICI TOWER, NBCC PLACE, BISHAM PITAMAH MARG, PRA 
GATI VIHAR, NEW DELHI, DELHI - 110003, INDIA

-

24

80057739

18/05/2001

371,800,000.00

ICICI LIMITED

ICICI TOWER, NBCC PLACE, BISHAM PITAMAH MARG, PRA 
GATI VIHAR, NEW DELHI, DELHI - 110003, INDIA

-

25

80057744

01/09/2001 *

250,857,800.00

THE WESTERN INDIA TRUSTEE AND EXECUTOR CO LIMITED

16TH FLOOR, C WING, MITTAL COURT, , NARIMAN POINT 
, MUMBAI, MAHARASHTRA - 400021, INDIA

-

26

80045787

16/08/2005 *

215,937,344.00

IFCI LIMITED

IFCI TOWER,, 61, NEHRU PLACE , NEW DELHI, DELHI - 
110019, INDIA

-

27

90046939

09/02/2001 *

32,500,000.00

VIJAYA BANK

A -5 ; SEC. -19, NOIDA, UTTAR PRADESH - 201301, IN 
DIA

-

28

80064010

05/07/1997

24,000,000.00

BANK OF BARODA

15-A/14, W.E.A KAROL BAGH, , NEW DELHI, DELHI - 1 
10005, INDIA

-

29

80064004

05/07/1997

65,700,000.00

BANK OF BARODA

15-A/14, , W.E.A , KAROL BAGH, NEW DELHI, DELHI - 
110005, INDIA

-

30

90046784

29/01/2009 *

65,000,000.00

ORIENTAL BANK OF COMMERCE

A - 135A, SECTOR - 27, NOIDA, UTTAR PRADESH - 201 
301, INDIA

A58555608

31

90060963

25/03/1997 *

83,700,000.00

ING BANK

7TH; FLOOR; HAECHST HOUSE; POST BAG NO.9971, NARI 
MAN POINT, BOMBAY, MAHARASHTRA, INDIA

-

32

90041725

29/01/2009 *

40,500,000.00

CORPORATION BANK

16/10, ARYA SAMAJ ROAD,, KAROL BAGH, NEW DELHI, D 
ELHI - 110005, INDIA

A58415704

33

90041656

09/12/1999 *

500,000,000.00

ICICI LIMITED.

ICICI TOWERS, BANDRA KURLA COMPLEX; BANDRA, MUMBA 
I, MAHARASHTRA, INDIA

-

34

80057734

25/03/1997 *

23,000,000.00

ICICI BANK LIMITED

163, BACKBAY RECLAMATION , MUMBAI, MAHARASHTRA - 4 
00005, INDIA

-

35

80057735

25/03/1997 *

23,000,000.00

ICICI BANK LIMITED

163, BACKBAY RECLAMATION , MUMBAI, MAHARASHTRA - 4 
00005, INDIA

-

36

90060832

25/03/1997 *

83,700,000.00

ING BANK

7TH; FLOOR; HAECHST HOUSE; POST BAG NO.9971, NARI 
MAN POINT, BOMBAY, MAHARASHTRA, INDIA

-

37

90046434

09/02/2001 *

42,500,000.00

THE ICICI BANK LIMITED.

9-A ; CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, 
INDIA

-

38

80045786

15/02/2010 *

20,000,000.00

IFCI LIMITED

IFCI TOWER, 61 NEHRU PLACE, NEW DELHI, DELHI - 1 
10019, INDIA

A80119902

39

90060723

25/03/1997 *

900,000,000.00

INDUSTRIAL FINANCE CORPORATION OF INDIA LIMITED

BANK OF BARODA BUILDING, 16; SANSAD MARG; P. B. N 
O. 363, NEW DELHI, DELHI - 110003, INDIA

-

40

80000384

09/03/2006 *

936,617,160.00

INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF IN 
DIA LIMITED

163, BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 40 
0020, INDIA

A00136994

41

90060446

29/01/2009 *

168,300,000.00

PUNJAB NATIONAL BANK

LARGE CORPORATE BRANCH, 1ST FLOOR, TOLSTOY HOUSE, 
TOLSTOY MARG,, NEW DELHI, DELHI - 110001, INDIA

A58426750

42

80045190

29/01/2009 *

145,000,000.00

PUNJAB NATIONAL BANK

LARGE CORPORATE BRANCH, 1ST FLOOR, TOLSTOY HOUSE, 
TOLSTOY MARG,, NEW DELHI, DELHI - 110001, INDIA

A58599838

43

90041277

12/02/2002 *

26,500,000.00

BANK OF BARODA

15A/14; WESTERN EXTENSION AREA, KAROL BAGH, NEW D 
ELHI, DELHI - 110005, INDIA

-

44

90060444

03/08/1994

98,000,000.00

THE INDUSTRIAL CREDIT AND INVESTMENT

163; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 40 
0020, INDIA

-

45

90060369

29/01/2009 *

298,300,000.00

BANK OF BARODA

CORPORATE FINANCIAL SERVICES BRANCH, 11TH FLOOR, 
BOB BUILDING, 16 SANSAD MARG, NEW DELHI, DELHI - 1 
10001, INDIA

A58244237

46

90041197

12/02/2002 *

10,000,000.00

BANK OF BARODA

15A/14; WESTERN EXTENSION AREA, KAROL BAGH, NEW D 
ELHI, DELHI - 110005, INDIA

-

47

80000447

16/07/1993

282,187,500.00

THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION O 
F INDIA

163, BACBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400 
020, INDIA

-

48

90060270

14/06/2000 *

282,187,500.00

ICICI LIMITED

ICICI TOWERS, BANDRA KURLA COMPLEX; BANDRA EAST, 
MUMBAI, MAHARASHTRA - 400051, INDIA

-

49

90060241

25/03/1997 *

15,000,000.00

THE INDUSTRIAL CREDIT AND INVESTMENT CORP OF INDIA

163; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 40 
0020, INDIA

-

50

80064074

20/03/1993

10,000,000.00

CANARA BANK

INDL. FINANCE BRANCH, WORLD TRADE TOWER, BARAKHAM 
BA ROAD, NEW DELHI, DELHI - 110001, INDIA

-

51

80064003

28/05/1992

2,200,000.00

CANARA BANK

INDUSTRIAL FIFNANCE BRANCH, , NEW DELHI, DELHI - 
110005, INDIA

-

52

90045847

06/02/1992

7,500,000.00

CANARA BANK

NEW DELHI, NEW DELHI, DELHI, INDIA

-

53

90045839

21/01/1992

7,670,000.00

THE PRADESHIYA INDUSTRIAL AND INVESTMENT CORPN. OF 
U.P. LIMITED.

PICUP BHAWAN, GOMTI NAGAR, LUCKNOW, UTTAR PRADESH 
- 226021, INDIA

-

54

90045778

16/04/1991

194,063.00

FINANCE LIMITED.

413 ; SWAPNA LOK COMPLEX, S.D. ROAD, SECUNDERABAD 
, UTTAR PRADESH, INDIA

-

55

90059963

25/03/1997 *

7,100,000.00

THE INDUSTRIAL FINACNE CORP OF INDIA

BANK OF BARODA BUILDING, 16; SANSAD MARG, NEW DEL 
HI, DELHI, INDIA

-

56

90045612

02/06/2009 *

419,000,000.00

CANARA BANK

PRIME CORPORATE BRANCH-II, IIND FLOOR, WORLD TRAD 
E TOWER, BARAKHAMBA LANE, NEW DELHI, DELHI - 11000 
1, INDIA

A66233834

57

80064009

15/03/2001 *

25,000,000.00

CANARA BANK

INDUSTRIAL FINANCE BRANCJ, , NEW DELHI, DELHI - 1 
10001, INDIA

-

58

80064001

23/01/1990

76,900,000.00

CANARA BANK

NEHRU PLACE , , NEW DELHI, DELHI - 110019, INDIA

-

59

80043886

02/06/2009 *

316,500,000.00

CANARA BANK

PRIME CORPORATE BRANCH-II, IIND FLOOR, WORLD TRAD 
E TOWER, BARAKHAMBA LANE, NEW DELHI, DELHI - 11000 
1, INDIA

A66236266

60

90045446

15/10/1988

2,300,000.00

CANARA BANK

NEHRU PLACE, NEW DELHI, DELHI, INDIA

-

61

90052136

03/04/1989 *

1,250,000.00

CANARA BANK

NEHRU PLACE, NEW DELHI, DELHI, INDIA

-

62

90052111

12/03/1987

45,500.00

U.P. FINANCIAL CORPORATION

KANPUR, KANPUR, UTTAR PRADESH, INDIA

-

63

90052033

01/06/1985

1,800,000.00

U.P. FINANCIAL CORPORATION

14/88; CIVIL LINES, KANPUR, UTTAR PRADESH, INDIA

-

 

* Date of charge modification

 

 

FIXED ASSETS

 

·         Freehold Land

·         Leasehold Land

·         Buildings

·         Plant and Machinery

·         Electrical Installations

·         Office Equipments

·         Furniture and Fixtures

·         Vehicles

·         Software

·         Aircraft 

·         Patent

·         Technical Know-How

 

 

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 :

GYT

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ART

 

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

5

--CREDIT LINES

1~10

6

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--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.