MIRA INFORM REPORT

 

 

Report No. :

329411

Report Date :

29.06.2015

 

IDENTIFICATION DETAILS

 

Name :

VANASPATI DISTRIBUTORS PRIVATE LIMITED

 

 

Registered Office :

45-B, Adhya Sradhya Ghat Road, Kolkata – 700 007, West Bengal

Tel. No.:

91-33-22596434

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

23.06.2009

 

 

Com. Reg. No.:

21-136114

 

 

Capital Investment / Paid-up Capital :

Rs.9.603 million

 

 

CIN No.:

[Company Identification No.]

U51109WB2009PTC136114

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CALV03268G

 

 

PAN No.:

[Permanent Account No.]

ADPPG5953N

AADCV0353K

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader, Dealer, Distributor and Wholesaler of Edible Oil and Vanaspati.

 

 

No. of Employees :

5 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (28)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was established in the year 2009 and it is a trader, dealer and distributor of edible oil and Vanaspati. It is an established company having moderate track record.

 

For the financial year ended 2014, company has reported sound operational performance and achieved 9.53% sales turnover growth during a year under a review. However, company fails to maintained profitability margins and reported low margins at 0.10%.

 

Rating further constrained on account of company’s moderate financial risk profile along below average networth base and average debt protection metrics of the company.

 

However, trade relations are fair. Business is active. Payments are reported to be slow but correct.

 

In view of leverage balance sheet profile along with low profitability margins, the company can be considered for business dealing with some caution.

 

NOTES :

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

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

RBI DEFAULTERS’ LIST STATUS

 

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

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

 

INFORMATION PARTED BY

 

Name :

Mr. Sanjeev Kumar Goyal

Designation :

Director

Contact No.:

91-9831018924

Date :

27.06.2015

 

 

LOCATIONS

 

Registered Office :

45-B, Adhya Sradhya Ghat Road, Kolkata – 700 007, West Bengal, India

Tel. No.:

91-33-22591475/ 1813 (Shop)

91-33-22596434/ 6435 (Office)

Mobile No.:

91-9831018924 (Mr. Sanjeev Kumar Goyal)

Fax No.:

91-33-22596435

E-Mail :

nitjags81@rediffmail.com

vanaspatidistributors@gmail.com

info@vanaspatidistributors.com

Website :

http://voil-sample.weebly.com

Area :

700 sq. ft.

Location :

Rented

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Sanjeev Kumar Goyal

Designation :

Director

Address :

5, Girish Avenue, 1st Floor, Kolkata – 700 003, West Bengal, India

Date of Birth/Age :

23.01.1970

Qualification :

B. Com

Experience :

25 Years

Date of Appointment :

02.04.2012

DIN No.:

02646093

PAN No.:

ADPPG5953N

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U51109WB2009PTC136114

VANASPATI DISTRIBUTORS PRIVATE LIMITED

Director

02/04/2012

23/06/2009

-

Active

NO

 

 

Name :

Ms. Monika Goyal

Designation :

Director

Address :

5, Girish Avenue, 1st Floor, Kolkata – 700 003, West Bengal, India

Date of Birth/Age :

26.12.1971

Qualification :

B.A.

Experience :

10 Years

Date of Appointment :

02.04.2012

DIN No.:

02656763

PAN No.:

ADXPG9015H

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U51109WB2009PTC136114

VANASPATI DISTRIBUTORS PRIVATE LIMITED

Director

02/04/2012

23/06/2009

-

Active

NO

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

Percentage of Holding

Sanjeev Kumar Goyal

650200

67.71

Monika Goyal

145000

15.10

Sanjeev Kumar Goyal (HUF)

165100

17.19

Total

960300

100.00

 

 

AS ON 30.09.2014

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Trader, Dealer, Distributor and Wholesaler of Edible Oil and Vanaspati.

 

 

Products :
  • Refined Palm Oil
  • Refined Soya Bean Oil
  • Refined Mustard Oil 
  • Refined Sunflower Oil
  • Refined Groundnut Oil
  • Refined Ricebran Oil
  • Kachighani Mustard Oil
  • All types of Edible Oil and Vanaspati Ghee

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

L/C, Cash and Others

 

 

Purchasing :

L/C, Cash, Credit (30 days) and Others

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Sresth Products Private Limited

Name of the Person :

Mr. Mukesh Kumar Agarwal (Director)

Contact No.:

91-9831261631

Since How Long Known :

Rs.5.000 million (monthly)

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour

Market Goodwill

Overall

Good

Good

Good

Remark:

They gave us positive response about subject company. They are satisfied with their payment behaviour and market goodwill.

 

 

Customers :

Wholesalers, Retailers and Others

 

Reference :

Swastik Refinery Private Limited

Name of the Person :

Mr. Ashok Agarwal (Director)

Contact No.:

91-9830185727

Since How Long Known :

20 Years

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality

Delivery Behaviour

Overall

Good

Good

Good

Remark:

They gave us positive response about subject. They are satisfied with their product quality and delivery behaviour.

 

 

No. of Employees :

5 (Approximately)

 

 

Bankers :

Banker Name

State Bank of India

Branch Address

SME Branch, N.S. Road, Kolkata, West Bnegal, India

Person Name (With Designation)

Mr. Apurva Vishwas

Contact Number

91-9674719478

Name of Account Holder

VANASPATI DISTRIBUTORS PRIVATE LIMITED

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

2007

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Cash Credit: Rs.25.000 million

Account Operation

Satisfactory

Remarks (If any)

Banker gave us positive response about the subject company. They are satisfied with their Banking transaction.

 

·         The South Indian Bank Limited

·         ING Vysya Bank Limited

·         HDFC Bank Limited

 

 

Facilities :

Secured Loans

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

LONG-TERM BORROWINGS

 

 

Intercorporate borrowings

1.731

0.000

Total

1.731

0.000

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Nitin Jagwayan

Chartered Accountant

Address :

46, Kali Krishna Tagore Street, Kolkata – 700 007, West Bengal, India

Tel. No.:

91-33-22592076/ 22595650

Fax No.:

91-33-22596731

E-Mail :

nitjags81@rediffmail.com

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

ACHPJ8060G

 

 

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

1000000

Equity Shares

Rs.10/- each

Rs.10.000 million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

960300

Equity Shares

Rs.10/- each

Rs.9.603 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

9.603

5.603

5.603

(b) Reserves & Surplus

4.723

3.674

2.680

(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)

14.326

9.277

8.283

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

1.731

6.097

6.831

(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)

1.731

6.097

6.831

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

3.500

1.859

0.000

(b) Trade payables

0.002

0.000

31.655

(c) Other current liabilities

32.136

37.381

25.679

(d) Short-term provisions

0.000

0.064

0.242

Total Current Liabilities (4)

35.638

39.304

57.576

 

 

 

 

TOTAL

51.695

54.678

72.690

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

10.555

11.143

9.689

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.033

0.033

0.000

(c) Deferred tax assets (net)

0.088

0.049

0.033

(d)  Long-term Loan and Advances

0.021

0.192

0.192

(e) Other Non-current assets

0.474

0.481

0.541

Total Non-Current Assets

11.171

11.898

10.455

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

1.341

3.449

8.928

(c) Trade receivables

29.757

29.622

38.742

(d) Cash and cash equivalents

9.299

9.259

13.975

(e) Short-term loans and advances

0.045

0.338

0.590

(f) Other current assets

0.082

0.112

0.000

Total Current Assets

40.524

42.780

62.235

 

 

 

 

TOTAL

51.695

54.678

72.690

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Revenue from Operations (Net)

1068.478

975.512

NA

 

 

Other Income

1.123

0.992

NA

 

 

TOTAL                                    

1069.601

976.504

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Purchases of stock-in-trade

1058.497

963.191

NA

 

 

Changes in inventories of finished goods, work-in-progress and stock-in-trade

2.108

5.480

NA

 

 

Employee benefit expense

0.238

0.245

NA

 

 

Other expenses

3.229

2.893

NA

 

 

TOTAL                                    

1064.072

971.809

NA

 

 

 

 

 

Less

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

5.529

4.695

NA

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

3.138

2.341

NA

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

2.391

2.354

2.913

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

0.784

0.818

0.837

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX

1.607

1.536

2.076

 

 

 

 

 

Less

TAX                                                                 

0.557

0.540

0.650

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX

1.050

0.996

1.426

 

 

 

 

 

 

Earnings/ (Loss) Per Share (Rs.)

1.09

1.78

NA

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

0.10

0.10

NA

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

0.52

0.48

NA

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

3.12

2.81

2.86

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.11

0.17

0.25

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.37

0.86

0.82

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.14

1.09

1.08

 

 

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

5.603

5.603

9.603

Reserves & Surplus

2.680

3.674

4.723

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

8.283

9.277

14.326

 

 

 

 

Long-term borrowings

6.831

6.097

1.731

Short term borrowings

0.000

1.859

3.500

Total borrowings

6.831

7.956

5.231

Debt/Equity ratio

0.825

0.858

0.365

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

 

31.03.2013

31.03.2014

 

 

(Rs. In Million)

(Rs. In Million)

Revenue from Operations (Net)

 

975.512

1068.478

 

 

 

9.530

 

 

NET PROFIT MARGIN

 

Net Profit Margin

 

31.03.2013

31.03.2014

 

 

(Rs. In Million)

(Rs. In Million)

Revenue from Operations (Net)

 

975.512

1068.478

Profit

 

0.996

1.050

 

 

0.10%

0.10%

 

 

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

Yes

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)

No

16

No. of employees

No

17

Details of sister concerns

No

18

Major suppliers

Yes

19

Major customers

Yes

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 two 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

 

 

Intercorporate borrowings

0.000

6.097

SHORT-TERM BORROWINGS

 

 

Loans repayable on demand from others

0.000

0.965

Deposits from shareholders

3.000

0.000

Loans and advances from directors

0.500

0.894

Total

3.500

7.956

 

 

INDEX OF CHARGES

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10333297

16/12/2011

25,000,000.00

STATE BANK OF INDIA

SME BRANCH, J.L. NEHRU ROAD,11TH FLOOR, JEEVAN DEEP BUILDING, 1, MIDDLETON STREET, KOLKATA - 700071, WEST BENGAL, INDIA

B31118508

2

10232258

16/12/2011 *

25,000,000.00

STATE BANK OF INDIA

SME BRANCH, J.L.NEHRU ROAD,11TH FLOOR, JEEVAN DEEP BUILDING, 1, MIDDLETON STREET, KOLKATA - 700071, WEST BENGAL, INDIA

B31117591

 

* Date of charge modification

 

 

FIXED ASSETS:

 

·         Buildings

·         Plant and Equipments

·         Vehicles

 

 

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.63.60

UK Pound

1

Rs.100.09

Euro

1

Rs.71.23    

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILITY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

28

 

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.