MIRA INFORM REPORT

 

 

Report No. :

323862

Report Date :

25.05.2015

 

IDENTIFICATION DETAILS

 

Name :

CHEMIZOL ADDITIVES PRIVATE LIMITED

 

 

Registered Office :

No.3, 17th Cross, KR Road, Industrial Layout, Banashankari 2nd Stage, Bangalore – 560070, Karnataka

Tel No.:

91-80-26771555

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

13.09.2007

 

 

Com. Reg. No.:

08-043855

 

 

Capital Investment / Paid-up Capital :

Rs.13.600 Million

 

 

CIN No.:

[Company Identification No.]

U24240KA2007PTC043855

 

 

TIN No.:

Not Available

 

 

IEC No.:

0708001734

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRC07614F

 

 

PAN No.:

[Permanent Account No.]

AADCC1712H 

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Trader and Exporter of Additives and Lubricants, Manufacturing is through Job work.

 

 

No. of Employees :

46 (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

 

Maximum Credit Limit :

USD 1780000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is established company having moderate track record.

 

The company has incurred a huge loss from its operation during 2014. However, the company is operating on its owned funds.

 

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

 

The company can be considered for business dealings with some caution.

 

 

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

 

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 PARTED BY (GENERAL DETAILS)

 

Name :

Mr. Rajdev

Designation :

Assistant Manager

Contact No.:

91-80-26771555

Date :

23.05.2015

 

 

LOCATIONS

 

Registered Office :

No.3, 17th Cross, KR Road, Industrial Layout, Banashankari 2nd Stage, Bangalore – 560070, Karnataka, India

Tel. No.:

91-80-26771555 / 41531003

Fax No.:

91-80-26771565

E-Mail :

accounts@chemizol.com

info@chemizol.com

Website :

http://www.chemizol.com

Location :

Owned

 

 

Corporate Office and Research Center:

1922, 30 Cross, BSK, 2nd Stage, Bangalore - 560070, Karnataka, India

Area :

6000 Sq. Ft.

Location :

Owned

 

 

DIRECTORS

 

As on 26.09.2014

 

Name :

Mrs. Jayanthi Ravi Girimagi

Designation :

Director

Address :

1629, 31st Cross, 16th Main Banashankari, 2nd Stage, Bangalore – 560070, Karnataka, India

Date of Birth/Age :

21.11.1962

Date of Appointment :

13.09.2007

DIN No.:

00470257

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

U85110KA1997PTC022393

STANDARD OIL ADDITIVES PRIVATE LIMITED

Director

16/06/1997

16/06/1997

-

Active

NO

2

U24240KA2007PTC043855

CHEMIZOL ADDITIVES PRIVATE LIMITED

Director

13/09/2007

13/09/2007

-

Active

NO

3

U24297KA2013PTC067506

CHEMIZOL LUBRICANTS PRIVATE LIMITED

Director

21/09/2013

16/01/2013

-

Active

NO

 

 

Name :

OOI Boon Aun

Designation :

Director

Address :

BLK 4, Pandan Valley #16-408, Singapore 597628

Date of Birth/Age :

03.031958

Date of Appointment :

20.12.2012

DIN No.:

06428188

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

U24240KA2007PTC043855

CHEMIZOL ADDITIVES PRIVATE LIMITED

Director

21/09/2013

20/12/2012

-

Active

NO

2

U24297KA2013PTC067506

CHEMIZOL LUBRICANTS PRIVATE LIMITED

Director

13/01/2014

13/01/2014

-

Active

NO

 

 

Name :

Mr. XU Jing

Designation :

Director

Address :

No.62-4-2, Xiangyang Street, Zhongshan District Dalian Liaoning Province  166021

Date of Birth/Age :

12.041965

Date of Appointment :

17.06.2013

DIN No.:

06605427

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

U24240KA2007PTC043855

CHEMIZOL ADDITIVES PRIVATE LIMITED

Director

21/09/2013

17/06/2013

-

Active

NO

 

 

Name :

Mr. Jairaj Shankarappa

Designation :

Director

Address :

313-314, Richmond Towers, 12, Richmond Road, Bangalore - 560025, Karnataka, India

Date of Birth/Age :

20.11.1955

Date of Appointment :

26.02.2014

DIN No.:

06847461

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

U24297KA2013PTC067506

CHEMIZOL LUBRICANTS PRIVATE LIMITED

Director

26/02/2014

26/02/2014

-

Active

NO

2

U24240KA2007PTC043855

CHEMIZOL ADDITIVES PRIVATE LIMITED

Director

26/09/2014

26/02/2014

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mrs. Sweta Singh

Designation :

Secretary

Address :

Flat No. 218, B1 Block, Sumadhura Sawan MTB, Beside Euro School, Graphite India Road, Hoodi, Bangalore - 560048, Karnataka, India

Date of Birth/Age :

09.09.1982

Date of Appointment :

22.08.2014

PAN No.:

BTUPS2165L

 

 

MAJOR SHAREHOLDERS

 

As on 26.09.2014

 

Names of Shareholders

 

No. of Shares

Jairaj Shankarappa

 

1

Pharaos International Trading Pte Limited, Singapore

 

6426699

Total

 

6426700

 

Equity Share Break up (Percentage of Total Equity)

 

As on 26.09.2014

 

Category

Percentage

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

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Trader and Exporter of Additives and Lubricants, Manufacturing is through Job work.

 

 

Products :

Additives and Lubricants

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

Additives and Lubricants

Countries :
  • Netherlands
  • European Countries

 

 

Imports :

 

Products :

Lubricants

Countries :

China

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

 

Suppliers :

Reference :

Environ Specialty Chemical Private Limited 

Name of the Person :

Not Divulged 

Contact No.:

Not Divulged 

Since How Long Known :

Not Divulged 

Experience :

Not Divulged 

Maximum Limit Dealt :

Not Divulged 

Remark :

Not Divulged 

 

 

Customers :

Reference :

B R B International, UAE

Name of the Person :

Not Divulged 

Contact No.:

Not Divulged 

Since How Long Known :

Not Divulged 

Experience :

Not Divulged 

Maximum Limit Dealt :

Not Divulged 

Remark :

Not Divulged 

 

 

No. of Employees :

46 (Approximately)

 

 

Bankers :
  • State Bank of India, Bangalore City Branch, No.22, J. C. Road, Bangalore - 560002, Karnataka, India
  • Union Bank of India, Industrial Finance Branch, No.23, Archana Complex, J. C. Road, Bangalore - 560002, Karnataka, India
  • HSBC Bank, JCR, Bangalore, Karnataka, India 

 

 

Facilities :

SECURED LOANS

31.03.2014

Rs. In Million

31.03.2013

Rs. In Million

SHORT TERM BORROWINGS

 

 

From Banks

(Secured by Hypothecation of all Movable Properties and Current Assets of the company and Mortgage of all Immovable Property belonging to the Directors as well as Personal guarantee of the Director)

0.000

16.698

Total

0.000

16.698

 

 

 

Auditors :

 

Name :

AJS and Associates

Chartered Accountants

Address :

313-314, Richmond Towers, 12, Richmond Road, Bangalore  - 560025, Karnataka, India

Tel. No.:

91-80-22219261 / 2

Fax No.:

91-80-22217293

E-Mail :

office@ajsca.com

PAN No.:

AAHSA3729M

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Sister Concern :

Not Divulged 

 

 

CAPITAL STRUCTURE

 

 

As on 26.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000000

Equity Shares

Rs.10/- each

Rs.100.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

6426700

Equity Shares

Rs.10/- each

Rs.64.267 Million

 

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1500000

Equity Shares

Rs.10/- each

Rs.15.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1360000

Equity Shares                  

Rs.10/- each

Rs.13.600 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

13.600

13.600

4.000

(b) Reserves & Surplus

244.993

287.929

57.150

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

365.591

0.000

0.000

Total Shareholders’ Funds (1) + (2)

624.184

301.529

61.150

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

2.183

6.383

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

1.677

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

0.000

2.183

8.060

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

16.698

0.016

(b) Trade payables

24.760

6.074

3.228

(c) Other current liabilities

0.876

9.359

4.179

(d) Short-term provisions

4.001

1.101

25.203

Total Current Liabilities (4)

29.637

33.232

32.626

 

 

 

 

TOTAL

653.821

336.944

101.836

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

111.665

54.355

22.919

(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

107.818

52.048

0.000

(c) Deferred tax assets (net)

0.000

0.121

0.352

(d)  Long-term Loan and Advances

13.791

11.533

7.583

(e) Other Non-current assets

0.602

0.599

0.020

Total Non-Current Assets

233.876

118.656

30.874

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

18.571

8.475

22.983

(c) Trade receivables

15.587

13.297

7.603

(d) Cash and cash equivalents

95.116

151.336

28.982

(e) Short-term loans and advances

290.671

44.863

11.346

(f) Other current assets

0.000

0.317

0.048

Total Current Assets

419.945

218.288

70.962

 

 

 

 

TOTAL

653.821

336.944

101.836

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

NA

152.773

(They are concentrating on Research and Development)

321.984

 

 

Other Income

NA

NA

NA

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

 

EXPENSES

NA

NA

NA

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX

(46.624)

8.046

47.842

 

 

 

 

 

Less

TAX                                                                 

0.121

2.800

16.020

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX

(46.745)

5.246

31.822

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

31.525

26.279

47.701

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

0.000

0.000

30.000

 

 

Dividend

0.000

0.000

20.000

 

 

Tax on Dividend

0.000

0.000

3.244

 

BALANCE CARRIED TO THE B/S

(15.220)

31.525

26.279

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

137.457

138.245

294.900

 

TOTAL EARNINGS

137.457

138.245

294.900

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(7.27)

3.86

85.99

 

 

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)

(%)

NA

3.43

9.88

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(8.54)

2.83

47.14

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.07)

0.03

0.78

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.00

0.06

0.10

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

14.17

6.57

2.18

 

 

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

4.000

13.600

13.600

Reserves & Surplus

57.150

287.929

244.993

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

365.591

Net worth

61.150

301.529

624.184

 

 

 

 

Long Term borrowings

6.383

2.183

0.000

Short Term borrowings

0.016

16.698

0.000

Current Maturities of Long term debt

0.000

0.000

0.000

Total borrowings

6.399

18.881

0.000

Debt/Equity ratio

0.105

0.063

0.000

 

 

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

No

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)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

Yes

19

Major customers

Yes

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

----------

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 LOANS:

 

Particulars

31.03.2014

Rs. In Million

31.03.2013

Rs. In Million

LONG TERM BORROWINGS

 

 

G S Ravi

0.000

1.943

Jayanthi G Ravi

0.000

0.240

Total

0.000

2.183

 

 

BACKGROUND

 

Subject is incorporated on 13th September 2007.

 

 

STATE OF AFFAIRS OF THE COMPANY:

 

As reflected in the financial results, the company has earned a Loss of Rs.46.624 Million during the year against the previous year's profit of Rs.8.046 Million. The directors are confident of improving the performance in the coming years.

 

 

NO CHARGES EXIST FOR COMPANY

 

 

 

FIXED ASSETS:

 

·         Land

·         Building

·         Plant and Machinery

·         Computer

·         Vehicles

·         Furniture and Fixture

 

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.63.57

UK Pound

1

Rs.99.67

Euro

1

Rs.70.83

 

 

INFORMATION DETAILS

 

Information Gathered by :

RKH

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

VNT

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILITY

1~10

1

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

3

--RESERVES

1~10

4

--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

YES

--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

NB

NEW BUSINESS

 

 

 

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.