MIRA INFORM REPORT

 

 

Report No. :

314054

Report Date :

25.03.2015

 

IDENTIFICATION DETAILS

 

Name :

SOPAN O AND M COMPANY PRIVATE LIMITED

 

 

Registered Office :

C - 4, 2nd Floor Malviya Nagar, New Delhi - 110017

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

20.12.2001

 

 

Com. Reg. No.:

55-113494

 

 

Capital Investment / Paid-up Capital :

Rs.7.707 Million

 

 

CIN No.:

[Company Identification No.]

U11101DL2001PTC113494

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELS15640C

 

 

PAN No.:

[Permanent Account No.]

AAFCS9163C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Providing technological support and services in field of oil and energy.

 

 

No. of Employees :

Not Divulged 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (43)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 310000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track.

 

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

 

In view of experienced promoters, 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 – 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

CRISIL

Rating

Long term rating = “BBB-“

Rating Explanation

Moderate degree of safety and moderate credit risk

Date

12.12.2014

 

 

Rating Agency Name

CRISIL

Rating

Short term rating = “A3”

Rating Explanation

Moderate degree of safety and higher credit risk

Date

12.12.2014

 

 

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.

 

 

LOCATIONS

 

Registered Office :

C - 4, 2nd Floor Malviya Nagar, New Delhi – 110017, India

Tel. No.:

Not Available

Fax No.:

Not Available

E-Mail :

pankajsachar@yahoo.com

accountspune@sopan.oco.in

casacharpankaj@gmail.com

Website :

www.sopan.co.in

 

 

Administrative Office :
  • Pune
  • Ahmedabad

 

 

Factory :
  • Kheda
  • Pune

 

 

Head Office :

201-A AG, Trade Centre, NDA pashan Road, Ramnagar Colony Bavdhan, Pune – 411021, Maharashtra, India

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Chandrashekhar Vinayak Kadvekar

Designation :

Director

Address :

P-9, 2nd Floor, Malviya Nagar, New Delhi – 110017, India

Date of Birth/Age :

08.02.1956

Date of Appointment :

20.12.2001

DIN No.:

01000754

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

U11101DL2001PTC113494

SOPAN O AND M COMPANY PRIVATE LIMITED

Director

20/12/2001

20/12/2001

-

Active

NO

2

U37100PN2010PTC136857

GF- Power Technologies Private Limited

Director

15/07/2010

15/07/2010

-

Active

NO

3

U74999DL2014PTC266098

SCK Technical Services Private Limited

Director

10/03/2014

10/03/2014

-

Active

NO

 

 

Name :

Mr. Narayan Keshavda Jagasia

Designation :

Director

Address :

203, Rajkutir, 301 Linking Road, Khar, Mumbai – Mumbai, Maharashtra, India

Date of Appointment :

29.09.2012

DIN No.:

00119646

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Originaldate of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

L27290MH1978PLC020644

ARTSON ENGINEERING LIMITED

Director

25/04/2009

18/09/1978

17/08/2011

Active

NO

2

U11101DL2001PTC113494

SOPAN O AND M COMPANY PRIVATE LIMITED

Director

29/09/2012

22/11/2011

-

Active

NO

3

U74999MH2011PTC212524

Vyoman Oil and Gas Engineering Private Limited

Director

05/10/2012

05/10/2012

-

Active

NO

 

 

Name :

Ashwani Kadvekar

Designation :

Director

Address :

P-9, 2nd Floor, Malviya Nagar, New Delhi – 110017, India

Date of Appointment :

29.09.2012

DIN No.:

05126690

 

 

MAJOR SHAREHOLDERS

 

As on 30.09.2014

 

Note: Shareholding Details file Attached

 

 

As on 30.09.2014

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Directors or relatives of Directors

74.57

Other top fifty shareholders

25.43

Total

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Providing technological support and services in field of oil and energy.

 

 

Products and Services :
  • Gas conditioning Skids
  • Priority Panel
  • Hydraulic Booster compressor

 

 

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

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 :
  • Bank of Maharashtra, 28/14, East Patel Nagar, Delhi – 110008, India

 

  • HDFC Bank limited, HDFC Bank Hpusesenapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

 

 

Facilities :

(Rs. In Millions

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Term Loan

 

 

Banks

9.350

0.914

Others

0.053

0.427

 

9.403

1.341

SHORT TERM BORROWING

 

 

Repayable on Demand

2.032

25.510

 

 

 

Total

11.435

26.851

 

Note On Terms and Conditions Of Long Term Borrowings Unsecured As Well As Secured

 

  1. Company has taken interest bearing as well as interest free unsecured loan from related parties as well as others .No guarantee has been given by the directors as well as others . The company has not made any default in respect of repayment of loan and interest. The loan shall be repayable after 12 months from the date of notice.

 

  1. The company has taken a Auto loan of Rs. 0.300 Million for a period of thirty five months, from Kotak Mahindra Prime Limited @ 12.56%, having fixed monthly installments of Rs.0.011 Million including interest. The directors of the company have given personal guarantee for the same. The vehicle has also been hypothecated to the Kotak Mahindra Prime Ltd. No default has been made by the company in respect of the repayment of instalment as well as interest thereof.

 

  1. The company has taken a Auto loan of Rs. 0.229 Million for a period of thirty five months, from Kotak Mahindra Prime Limited. @ 12.56%, having fixed monthly installments of Rs.0.008 Million including interest. The directors of the company have given personal guarantee for the same. The vehicle has also been hypothecated to the Kotak Mahindra Prime Limited No default has been made by the company in respect of the repayment of instalment as well as interest thereof.

 

  1. The company has taken a property loan of Rs. 10.000 Million - for a period of ten years, @ 12.00% p.a. from HDFC Bank Limited, having fixed monthly installments of Rs.0.143 Million including interest. The office has also been mortgaged to the bank and the directors of the company have given personal guarantee for the same. No default has been made by the company in respect of the repayment of instalment as well as interest thereof.

 

 

Short Term Borrowing

 

The company has taken overdraft limit of Rs.27.000 lacsMillion from Bank of Maharashtra against fixed deposits of company. Directors of the company has also given gurantee for the same and property has also been morgtaged to the bank. The company has not made any default in respect of repayment of the loan as well as interest.

 

Auditors :

 

Name :

Pankaj Sachar  and Associates

Chartered Accountants

Address :

E-223, Naraina Vihar, New Delhi – 110028, India

Tel. No.:

91-11-45012925

PAN No.:

AAOPS0346P

 

 

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

 

 

 

 

2,000,000

Equity Shares

Rs.10/- each

Rs. 20.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

770,750

Equity Shares

Rs.10/- each

Rs. 7.707 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

7.707

7.607

7.607

(b) Reserves & Surplus

101.519

73.550

53.906

(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)

109.226

81.157

61.513

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

22.903

13.341

12.567

(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)

22.903

13.341

12.567

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

2.032

25.510

33.753

(b) Trade payables

131.181

140.256

112.699

(c) Other current liabilities

48.783

53.983

47.185

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

181.996

219.749

193.637

 

 

 

 

TOTAL

314.125

314.247

267.717

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

71.938

51.761

46.323

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

3.840

(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)

0.404

0.213

0.125

(d)  Long-term Loan and Advances

1.460

2.434

2.820

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

73.802

54.408

53.108

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

4.525

8.689

17.629

(c) Trade receivables

139.628

171.405

81.651

(d) Cash and cash equivalents

89.437

68.379

100.126

(e) Short-term loans and advances

1.355

4.534

3.910

(f) Other current assets

5.378

6.832

11.293

Total Current Assets

240.323

259.839

214.609

 

 

 

 

TOTAL

314.125

314.247

267.717

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Sales and Other Income (A)

491.731

572.945

411.670

 

 

 

 

 

Less

EXPENSES

 

 

 

 

TOTAL (B)

441.002

527.908

374.689

 

 

 

 

 

Less

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

50.729

45.037

36.981

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

4.377

6.774

7.431

 

 

 

 

 

 

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

46.352

38.263

29.550

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

6.275

6.542

5.503

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

40.077

31.721

24.047

 

 

 

 

 

Less

TAX (I)

13.304

10.309

7.920

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-I)   (J)

26.773

21.412

16.127

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

2.068

2.445

1.333

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

34.74

28.15

21.20

 

 

 

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

5.44

3.74

3.92

 

 

 

 

 

Operating Profit Margin

(PBDIT / Sales)

(%)

10.32

7.86

8.98

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

12.77

10.10

9.12

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.37

0.39

0.39

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.23

0.48

0.75

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.32

1.18

1.11

 

 

 

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

7.607

7.607

7.707

Reserves & Surplus

53.906

73.550

101.519

Net worth

61.513

81.157

109.226

 

 

 

 

long-term borrowings

12.567

13.341

22.903

Short term borrowings

33.753

25.510

2.032

Total borrowings

46.320

38.851

24.935

Debt/Equity ratio

0.753

0.479

0.228

 

 

 

 

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 and Other Income

411.670

572.945

491.731

 

 

39.176

(14.175)

 

 

 

 

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 and Other Income

411.670

572.945

491.731

Profit

16.127

21.412

26.773

 

3.92%

3.74%

5.44%

 

 

 

 

 

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 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

No

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

 

 

Note:

Registered office of the company has been shifted from 125-A, Shahpur Jet, 1st Floor, New Delhi – 110049, India

to the present address w.e.f.01.10.2011

 

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Related Party

12.000

10.500

Others

1.500

1.500

 

 

 

Total

13.500

12.000

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10480749

24/02/2014

15,000,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA

B97662670

2

10223617

27/02/2013 *

150,000,000.00

Bank of Maharashtra

28/14,, east Patel Nagar, New Delhi, Delhi - 110 008, INDIA

B73743544

3

10223615

27/04/2010

4,800,000.00

Bank of Maharashtra

28/14, East Patel Nagar, Delhi, Delhi - 110008, INDIA

A86973633

 

* Date of charge modification

 

 

FIXED ASSETS

 

  • Office Building
  • Factory Building
  • Furniture & Fixture
  • Computer & Software
  • Office Equipment
  • Plant & Machinery
  • Motar Vehicle

 

 

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 records 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.62.29

UK Pound

1

Rs.98.02

Euro

1

Rs.67.36

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

ART

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY 

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

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

 

43

 

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.