MIRA INFORM REPORT

 

 

Report No. :

311656

Report Date :

12.03.2015

 

IDENTIFICATION DETAILS

 

Name :

ORIGAMI CELLULO PRIVATE LIMITED

 

 

Registered Office :

No. 126A, Sri Ranga Complex, Ashwath Nagar, Above Canara Bank, Bangalore – 560094, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

15.02.2012

 

 

Com. Reg. No.:

08-062551

 

 

Capital Investment / Paid-up Capital :

Rs. 27.350 Million

 

 

CIN No.:

[Company Identification No.]

U21090KA2012PTC062551

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing and Distribution of Tissues Papers and Papers Products.

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 91000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record.

 

The company has taken huge external borrowing, which acts as threatening to the liquidity position of the company.

 

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

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 DECLINED BY

 

Management non co-operative

 

LOCATIONS

 

Registered Office :

No. 126A, Sri Ranga Complex, Ashwath Nagar, Above Canara Bank, Bangalore – 560094, Karnataka, India

Tel. No.:

91-80-43462000

Mobile No.:

Not Available

Fax No.:

91-80-43462099

E-Mail :

manoj@origamiindia.com

Website :

Not Available

 

 

 

DIRECTORS

 

As on : 29.09.2014

 

Name :

Mr. Manoj Kumar Pachisia

Designation :

Whole Time Director

Address :

No. 121, RMV 2nd Stage, 1st Block, 3rd Main, 4th Cross, Bangalore – 560094, India

Date of Birth/Age :

30.10.1964

Date of Appointment :

01.07.2013

DIN No.:

01200525

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

U33302WB1986PTC041027

TIME DESIGN PVT LTD

Director

13/08/2014

30/07/1986

-

Active

NO

2

U72400KA1999PTC025105

NEXT LINK PRIVATE LIMITED

Director

13/08/2014

26/04/1999

-

Active

NO

3

U21010MH1990PTC057219

INDUS PAPER BOARDS PRIVATE LIMITED

Director

01/11/2013

01/07/2011

-

Active

NO

4

U21090KA2012PTC062551

ORIGAMI CELLULO PRIVATE LIMITED

Whole-time director

01/07/2013

15/02/2012

-

Active

NO

 

 

Name :

Mrs. Neelam Pachisia

Designation :

Whole Time Director

Address :

No. 121, RMV 2nd Stage, 1st Block, 3rd Main, 4th Cross, Bangalore – 560094, India

Date of Birth/Age :

18.01.1963

Date of Appointment :

01.07.2013

DIN No.:

01238638

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

U33302WB1986PTC041027

TIME DESIGN PVT LTD

Director

23/08/1987

23/08/1987

-

Active

NO

2

U21010MH1990PTC057219

INDUS PAPER BOARDS PRIVATE LIMITED

Director

01/07/2011

01/07/2011

-

Active

NO

3

U21090KA2012PTC062551

ORIGAMI CELLULO PRIVATE LIMITED

Whole-time director

01/07/2013

15/02/2012

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Krishnamurthy and Vijayanagar

Designation :

Company Secretaries

Address :

No. 53/1, West Anjaneya Temple Road, Gandhi Nagar, Basavanagudi – 5600064, Bangalore, India

Phone No :

91-80-26614323 / 26612866

Mobile No :

91-9448513473

91-9916799987 (Mr. Naveen K)

Email :

Krishnamurthyhn@gmail.com

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on : 29.09.2014

 

Names of Shareholders

No. of Shares

%age

Manoj Kumar Pachisia

38585

14.11

Neelam Pachisia

59400

21.72

Harpy Ari Devi Pachisia

1235

0.45

M/s. Time Design Private Limited

79940

29.23

Manoj Kumar Pachisia (HUF)

51870

18.97

Manoharlal Pachisia

1235

0.45

Manoharlal Pachisia

20000

7.31

Divyanshu Pachisia

21235

7.76

Total

273500

100.00

 

 

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Bodies corporate

29.22

Directors or relatives of Directors

70.78

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Distribution of Tissues Papers and Papers Products.

 

 

Products :

Not Available

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

GENERAL INFORMATION

 

Suppliers :

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

Not Divulged 

 

 

Bankers :

Banker Name

Not Divulged

Branch Address

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

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Vehicle loans from Ratnakar Bank Limited

1.170

0.729

Working capital term loan from SIDBI

3.545

3.790

Term loan from M/s Sir Visvesvaraya Cooperative bank Limited

21.690

27.244

SHORT TERM BORROWING

 

 

Cash credit / packing credit facilities denominated in indian currency

118.801

36.560

Cash credit / packing credit facilities denominated in foreign currency

24.721

0.000

Total

169.927

68.323

 

Auditors :

 

Name :

NCS Raghvan and Company

Chartered Accountant

Address :

No. 27, Sri Venkateshwara Krupa, 1st Main Road, Vyalikaval, Bangalore – 560003, Karnataka, India

PAN No.:

AAAFN7098M

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Related parties / entities where common management exists :

·         M/s Indus paper Boards Private Limited

·         M/s Time Design Private Limited

·         M/s. Next Link Private Limited

·         M/s Origami

·         M/s Origami Industries

·         M/s Origami Tissues

·         M/s Origami Enterprise

·         M/s Origami Products

·         M/s Origami Ventures

·         M/s Midas Touch

 

 

 

CAPITAL STRUCTURE

 

As on : 29.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

400000

Equity Shares

Rs.100/- each

Rs. 40.000 Million

 

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

273500

Equity Shares

Rs.100/- each

Rs.27.3500 Million

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2014

31.03.2013

I.        EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

27.350

26.350

(b) Reserves & Surplus

 

4.385

1.467

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

Total Shareholders’ Funds (1) + (2)

 

31.735

27.817

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

26.717

31.762

(b) Deferred tax liabilities (Net)

 

0.270

0.373

(c) Other long term liabilities

 

0.300

0.300

(d) long-term provisions

 

0.000

0.000

Total Non-current Liabilities (3)

 

27.287

32.435

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

204.422

96.758

(b) Trade payables

 

120.254

128.574

(c) Other current liabilities

 

35.525

13.261

(d) Short-term provisions

 

1.650

0.463

Total Current Liabilities (4)

 

361.851

239.056

 

 

 

 

TOTAL

 

420.873

299.308

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

92.387

70.803

(ii) Intangible Assets

 

0.637

0.125

(iii) Capital work-in-progress

 

0.000

0.000

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

0.970

0.970

(c) Deferred tax assets (net)

 

0.000

0.000

(d)  Long-term Loan and Advances

 

9.368

5.143

(e) Other Non-current assets

 

1.319

1.319

Total Non-Current Assets

 

104.681

78.360

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

0.000

0.000

(b) Inventories

 

146.703

89.777

(c) Trade receivables

 

144.110

54.975

(d) Cash and cash equivalents

 

7.676

2.938

(e) Short-term loans and advances

 

17.452

73.148

(f) Other current assets

 

0.251

0.110

Total Current Assets

 

316.192

220.948

 

 

 

 

TOTAL

 

420.873

299.308

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

TOTAL                                    

 

719.435

95.966

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

 

677.800

84.962

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 

41.635

11.004

 

 

 

 

 

Less

FINANCIAL EXPENSES                        

 

26.227

5.411

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

 

15.408

5.593

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

 

10.785

3.399

 

 

 

 

 

 

PROFIT BEFORE TAX

 

4.623

2.194

 

 

 

 

 

Less

TAX                                                                 

 

1.706

0.728

 

 

 

 

 

 

PROFIT AFTER TAX

 

2.917

1.466

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

10.67

5.36

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2014

31.03.2013

Net Profit Margin

(PAT/Sales)

(%)

 

0.41

1.53

 

 

 

 

 

Operating Profit Margin

(PBDIT / Sales)

(%)
 

5.79

11.47

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

1.10

0.74

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.15

0.08

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 
 

7.28

4.62

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

0.87

0.92

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

Share Capital

26.350

27.350

Reserves & Surplus

1.467

4.385

Net worth

27.817

31.735

 

 

 

long-term borrowings

31.762

26.717

Short term borrowings

96.758

204.422

Total borrowings

128.520

231.139

Debt/Equity ratio

4.620

7.283

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

Sales

95.966

719.436

 

 

649.678

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

Sales

95.966

719.436

Profit

1.466

2.917

 

1.53%

0.41%

 

 

 

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

No

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last two years

Yes

12]

Profitability for last two 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

No

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

 

 

 

UNSECURED LOAN

(Rs. In Million)

 

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Business loan from banks

0.143

0.000

Business loans from NBFC’s

0.169

0.000

 

 

 

SHORT TERM BORROWING

 

 

From directors

3.000

4.956

From shareholders

31.800

31.541

From body corporates

26.100

23.700

Total

61.212

60.197

 

Company’s Performance :

 

Business environment through – out the year remained challenging as Paper prices remained high through – out the year and general economic situation remained very dull leading to very lower consumption in all the focus sectors. However, Board had taken adequate steps to take care of the growth plans of the Company and in view of the above, during the year under consideration, your company acquired the Bangalore Divisions of M/s Origami. In addition to the above, new branches were set in NCR region in addition to additional depots in Bhiwani and Bhandup. All these helped to increase the sale multi – folded compared to last year.

 

 

Situation on the Profitability front remained critical as the Company continued to absorb higher cost of inputs without passing on the same to end customers due to competitive market scenario. Also significant increase made on Promotional cost for increasing its foot print in new markets and Multi retail brand segments which resulted into lower than expected profitability during the year.

 

The Company is hopeful that with improvement in general market sentiments, softening of input material prices and normalization of promotional cost, the company will be able to improve its profitability in the year ahead.  

 

 

INDEX OF CHARGES

 

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10529426

28/10/2014

50,000,000.00

AXIS BANK LIMITED

CORPORATE BANKING BRANCH, EXPRESS BUILDING, QUEEN 
S ROAD, BANGALORE, Karnataka - 560001, INDIA

C32461725

2

10429420

17/11/2012

133,000,000.00

THE RATNAKAR BANK LIMITED

SHAHUPURI,KOLHAPUR,, VYAPARI PETH, KOLHAPUR, Maha 
rashtra - 416001, INDIA

B67292029

3

10360378

05/02/2014 *

148,500,000.00

THE RATNAKAR BANK LIMITED

SHAHUPURI,KOLHAPUR,, KOLHAPUR, Maharashtra - 41600 
1, INDIA

C01053958

4

10356043

12/04/2012

47,400,000.00

SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA

5th Floor, East Wing, Khanija Bhavan,, 49, Race C 
ourse Road,, Bangalore, Karnataka - 560001, INDIA

B39714217

 

 

FIXED ASSETS

 

·         Land

·         Building

·         Plant and Machinery

·         Vehicle

·         Furniture and Fixtures

·         Computer and Accessories

 

 

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.62.74

UK Pound

1

Rs.94.60

Euro

1

Rs.67.09

 

 

INFORMATION DETAILS

 

Information Gathered by :

KRN

 

 

Report Prepared by :

RNK

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

27

 

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.