MIRA INFORM REPORT

 

 

Report No. :

347800

Report Date :

02.11.2015

 

IDENTIFICATION DETAILS

 

Name :

FLIPKART INDIA PRIVATE LIMITED

 

 

Registered Office :

Vaishnavi Summit, Ground Floor, 7th Main, 80 Feet Road, 3rd Block, Koramangala Industrial Layout, Bangalore – 560034, Karnataka

Tel. No.:

91-80-67302000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

19.09.2011

 

 

Com. Reg. No.:

08-060489

 

 

Capital Investment / Paid-up Capital :

Rs.2.434 Million

 

 

CIN No.:

[Company Identification No.]

U51909KA2011PTC060489

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AABCF8078M

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is owns and operates an online portal flipkart.com, it offers books, apparel, footwear, lifestyle accessories, baby care products, toys, posters, sports and fitness accessories, consumer electronics and gadgets.

 

 

No. of Employees :

Information declined by the management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (51)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 16050000

 

 

Status :

Good

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Filpkart India Private Limited is an e-commerce company. The company was founded in 2007 and is based in Bangalore, Karnataka.

 

It owns and operates an online portal flipkart.com. It offers books, apparel, footwear, lifestyle accessories, baby care products, toys, posters, sports and fitness accessories, consumer electronics and gadgets. It is having good track record.

 

The company is showing significant growth in its turnover however, incurring heavy losses.

 

The rating takes into consideration strong networth position and debt free balance sheet of the company.

 

The rating further takes into consideration the growing trend of online shopping. Online buying has grown exponentially. Growth of online shopping has been characterized by strong consumer demands and the increasing number and type of goods available.

 

The company also receives strength from its holding and its experienced management.

 

Trade relations are reported as fair. Business is active. Payments are reported as slow but correct.

 

In view of the aforesaid, the company can be considered good for normal business dealings at usual trade terms and condition.

 

 

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 31-03-2015.

 

INFORMATION DENIED

 

Management non co-operative (91-80-67302000)

 

 

LOCATIONS

 

Registered Office :

Vaishnavi Summit, Ground Floor, 7th Main, 80 Feet Road, 3rd Block, Koramangala Industrial Layout, Bangalore – 560034, Karnataka, India

Tel. No.:

91-80-67302000

Fax No.:

Not Available

E-Mail :

mekin@flipkart.com

Website :

www.flipkart.com

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Mekin Maheshwari

Designation :

Director

Address :

No.215, Block C, Raheja Residency, Koramangala, Bangalore - 560034, Karnataka, India

Date of Birth/Age :

21.08.1980

Date of Appointment :

27.11.2012

DIN No.:

03621431

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

U72200KA2008PTC048012

FLIPKART ONLINE SERVICES PRIVATE LIMITED

Additional director

20/09/2011

20/09/2011

30/09/2011

Active

NO

2

U51909KA2011PTC060489

FLIPKART INDIA PRIVATE LIMITED

Director

27/11/2012

03/10/2011

-

Active

NO

3

U72900DL2010PTC210181

Flipkart Digital Media Private Limited

Director

10/04/2012

05/04/2012

-

Active

NO

4

U72900KA2013PTC068427

FLIPKART DIGITAL SERVICES PRIVATE LIMITED

Director

04/04/2013

04/04/2013

-

Strike off

NO

5

U93000KA2013NPL070630

Rang De India Micro Capital Foundation

Director

01/03/2014

01/03/2014

-

Active

NO

 

 

Name :

Mr. Mukund Saraf

Designation :

Additional Director

Address :

Flat No. F 509, Red Wood Block, Raheja Residncy, Kormangala 3rd  Block, Bangalore - 560034, Karnataka, India

Date of Birth/Age :

08.09.1820

Date of Appointment :

02.09.2015

DIN No.:

07255898

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

U74900KA2011PTC061609

Flipkart Logistics Private Limited

Additional director

21/08/2015

21/08/2015

-

Active

NO

2

U51909KA2011PTC060489

FLIPKART INDIA PRIVATE LIMITED

Additional director

02/09/2015

02/09/2015

-

Active

NO

3

U72200HR2013PTC049090

DSYN TECHNOLOGIES PRIVATE LIMITED

Director

30/09/2015

30/09/2015

-

Active

NO

 

 

MAJOR SHAREHOLDERS

 

As on 30.09.2014

 

Names of Shareholders

 

No. of Shares

Flipkart Private Limited, Singapore

 

4271190

Flipkart Marketplaces Private Limited, Singapore

 

1

Total

 

4271191

 

As on 04.12.2014

 

Names of Allottee

 

No. of Shares Allotted

Flipkart Private Limited, Singapore

 

467768

Total

 

467768

 

As on 30.09.2014

 

Equity Share Break up (Percentage of Total Equity)

 

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 :

Subject is owns and operates an online portal flipkart.com, it offers books, apparel, footwear, lifestyle accessories, baby care products, toys, posters, sports and fitness accessories, consumer electronics and gadgets.

 

 

Products :

Product Description

Item Code No. (ITC Code)

Miscellaneous

consumer goods n.e.c.

99622590

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

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 :

Information declined by the management.

 

 

Bankers :

Banker Name

Kotak Mahindra Bank Limited

Branch Address

27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

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

 

 

 

Auditors :

 

Name :

S.V. Ghatalia and Associates LLP

Chartered Accountants

Address :

12th and 13th  Floor, Canberra Block, UB City, No. 24, Vittal Mallya Road, Bangalore – 560001, Karnataka, India

PAN No.:

ACHFS9181P

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding company :

Flipkart Private Limited, Singapore

 

 

Fellow subsidiaries :
  • Flipkart Marketplace Private Limited, Singapore
  • Flipkart Internet Private Limited, India
  • Flipkart Payment Gateway Services Private Limited, India
  • Flipkart Digital Media Private Limited, India

 

 

Company under the same management :

Flipkart Online Services Private Limited, India

 

 

CAPITAL STRUCTURE

 

After 30.09.2014

 

Authorised Capital: Rs.10.000 Million

 

Issued, Subscribed & Paid-up Capital: Rs.5.406 Million

 

 

As on 30.09.2014

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

10000000

Equity Shares

Re.1/- each

Rs.10.000 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

4271191

Equity Shares

Re.1/- each

Rs.4.271 Million

 

As on 31.03.2014

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

10000000

Equity Shares

Re.1/- each

Rs.10.000 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

2433817

Equity Shares

Re.1/- each

Rs.2.434 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

2.434

1.584

0.963

(b) Reserves & Surplus

5614.532

3672.595

2142.677

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

750.372

Total Shareholders’ Funds (1) + (2)

5616.966

3674.179

2894.012

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

2.444

4.554

1.413

(c) Other long term liabilities

14.072

10.348

10.334

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

16.516

14.902

11.747

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

5901.659

1029.532

358.008

(c) Other current liabilities

47.189

124.390

8.194

(d) Short-term provisions

36.824

30.173

32.220

Total Current Liabilities (4)

5985.672

1184.095

398.422

 

 

 

 

TOTAL

11619.154

4873.176

3304.181

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

705.384

198.652

134.858

(ii) Intangible Assets

24.772

20.224

79.822

(iii) Capital work-in-progress

6.539

262.333

12.109

(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)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

124.155

121.427

168.970

(e) Other Non-current assets

0.082

0.000

0.000

Total Non-Current Assets

860.932

602.636

395.759

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

140.796

332.892

0.000

(b) Inventories

4235.231

1052.578

267.430

(c) Trade receivables

1091.858

473.894

155.088

(d) Cash and cash equivalents

4272.508

1329.209

2359.815

(e) Short-term loans and advances

916.659

1033.243

113.839

(f) Other current assets

101.170

48.724

12.250

Total Current Assets

10758.222

4270.540

2908.422

 

 

 

 

TOTAL

11619.154

4873.176

3304.181

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

 

 

Other Income

 

 

 

 

TOTAL

28461.279

11800.660

2048.167

 

 

 

 

 

 

EXPENSES

32282.767

13662.707

2656.793

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION 

(3821.488)

(1862.047)

(608.626)

 

 

 

 

 

 

DEPRECIATION/ AMORTISATION

179.688

60.652

4.884

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(4003.616)

(1924.947)

(614.163)

 

 

 

 

 

 

TAX

0.000

892.395

485.132

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

(4003.616)

(2817.342)

(1099.295)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

Sale of Services

0.640

0.000

0.008

 

TOTAL EARNINGS

0.640

0.000

0.008

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(937.35)

(659.61)

(257.37)

 

 

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

Net cash flows from operating activities

(2941.385)

(3086.170)

(1373.248)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Total Income)

(%)

(14.07)

(3.87)

(53.67)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(34.48)

(41.75)

(18.66)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.71)

(0.52)

(0.21)

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.00

0.00

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.80

3.61

7.30

 

 

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

0.963

1.584

2.434

Reserves & Surplus

2142.677

3672.595

5614.532

Share Application money pending allotment

750.372

0.000

0.000

Net worth

2894.012

3674.179

5616.966

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

0.000

0.000

0.000

Total borrowings

0.000

0.000

0.000

Debt/Equity ratio

0.000

0.000

0.000

 

 

 

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)

Total Income

2048.167

11800.660

28461.279

 

 

476.157

141.184

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

2048.167

11800.660

28461.279

Profit

(1099.295)

(2817.342)

(4003.616)

 

(53.67%)

(23.87%)

(14.07%)

 

 

 

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

No

5

Buyer visit details

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

6

Contact numbers

Yes

7

Name of the person contacted

No

8

Designation of contact person

No

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)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

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 three 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

No

35

Negative Reporting by Auditors in the Annual Report

No

 

Note:

The Registered address has been shifted from the No.447/C, 1st Floor, 1st A Cross, 12th Main, 4th Block, Koramangala, Bangalore – 560034, Karnataka, India to the present address w.e.f. 06.08.2012

 

 

INDEX OF CHARGES

 

S. NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10591468

23/09/2015 *

8,200,000,000.00

KOTAK MAHINDRA BANK LIMITED

27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI - 400051, MAHARASHTRA, INDIA

C65948226

 

* Date of charge modification

 

 

FIXED ASSETS

 

  • Plant and Equipment
  • Furniture and Fixtures
  • Vehicles
  • Motor Vehicles
  • Office Equipment
  • Computer Equipments
  • Other Equipments

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.65.22

UK Pound

1

Rs.99.93

Euro

1

Rs.71.67

 

 

INFORMATION DETAILS

 

Information Gathered by :

SPR

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

PNM

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY 

1~10

3

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

7

--CREDIT LINES

1~10

6

--MARGINS

-5~5

---

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

51

 

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.