MIRA INFORM REPORT

 

 

Report No. :

348446

Report Date :

03.11.2015

 

IDENTIFICATION DETAILS

 

Name :

CONTRACT RESOURCES PETROCHEM SERVICES (INDIA) PRIVATE LIMITED

 

 

Registered Office :

802, Windfall, Sahar Plaza, J B Nagar, Andheri (East), Mumbai – 400 059, Maharashtra

Tel. No.:

91-22-65701556/ 8-57

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

17.12.1999

 

 

Com. Reg. No.:

11-123166

 

 

Capital Investment / Paid-up Capital :

Rs.17.500 Million

 

 

CIN No.:

[Company Identification No.]

U23200MH1999PTC123166

 

 

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 :

Subject is engaged into providing waste management and control services, chemical cleaning services, pipeline service and waste handling services.

 

 

No. of Employees :

205 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (46)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a wholly subsidiary of CR Asia Pte. Limited, Singapore. It was established in the year 1999 and has satisfactory track.

 

The rating takes into consideration sound financial risk profile of the company marked by adequate networth base and comfortable debt level in the year under consideration.

 

Further, the company has successfully wiped off the losses of preceding years by earning decent profitability.

 

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

 

In view of strong support from its holding company, the subject can be considered for business dealings with usual trade term 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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

RBI DEFAULTERS’ LIST STATUS

 

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

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Mukesh Jasani

Designation :

Finance Controller

Contact No.:

91-9167833841

Date :

03.11.2015

 

 

LOCATIONS

 

Registered Office :

802, Windfall, Sahar Plaza, J B Nagar, Andheri (East), Mumbai – 400 059, Maharashtra, India

Tel. No.:

91-22-65701556/ 8-57

Mobile No.:

91-9167833841 (Mr. Mukesh Jasani)

Fax No.:

91-22-28393049

E-Mail :

mjasani@crasia.net

crai@crasia.net

gshah@crasia.net

Website :

http://www.crasia.net

 

 

DIRECTORS

 

As on 25.09.2014

 

Name :

Mr. Mark Stansfield

Designation :

Director

Address :

65 Morgan Street, Carnegie, Victoria, 3113, Australia

Date of Birth/Age :

15.11.1960

Date of Appointment :

29.09.2009

DIN No.:

02573531

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

U23200MH1999PTC123166

CONTRACT RESOURCES PETROCHEM SERVICES (INDIA) PRIVATE LIMITED

Director

29/09/2009

05/03/2009

-

Active

NO

 

 

Name :

Mr. Gunavel Rathinam

Designation :

Director

Address :

9, V.P.R. Road, Chokkikulam, Madurai * 625002, Tamilnadu, India

Date of Birth/Age :

25.06.1965

Qualification :

MBA

Date of Appointment :

30.09.2013

DIN No.:

01688069

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

U29246GJ1992PTC039396

T D Williamson India Private Limited

Director

01/05/2002

01/05/2002

27/02/2013

Active

NO

2

U23200MH1999PTC123166

CONTRACT RESOURCES PETROCHEM SERVICES (INDIA) PRIVATE LIMITED

Director

30/09/2013

28/06/2013

-

Active

NO

 

 

Name :

Mr. Jacobus Cornelis Smits

Designation :

Director

Address :

Alpen-5, 7007 L V, Doetinchem, 7007, Netherlands

Date of Birth/Age :

05.05.1959

Date of Appointment :

25.09.2014

DIN No.:

06721821

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

U23200MH1999PTC123166

CONTRACT RESOURCES PETROCHEM SERVICES (INDIA) PRIVATE LIMITED

Director

25/09/2014

03/10/2013

-

Active

NO

 

KEY EXECUTIVES

 

Name :

Mr. Mukesh Jasani

Designation :

Finance Controller

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 25.09.2014

 

Names of Shareholders

 

No. of Shares

C R Asia Pte. Limited, Singapore

 

1674999

C R Asia (Singapore) Pte, Limited, Singapore

 

1

Total

 

1675000

 

 

As on 25.09.2014

 

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 :

Subject is engaged into providing waste management and control services, chemical cleaning services, pipeline service and waste handling services.

 

 

Products/ Services :
  • Waste Management
  • Control Services
  • Chemical Cleaning Services
  • Pipeline Service
  • Waste Handling

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Cash and Credit (30/ 60/ 90 Days)

 

 

Purchasing :

Cash and Credit (30/ 60/ 90 Days)

 

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Power Masters Engineers Private Limited, Vasai, Mumbai, Maharashtra, India

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

End Users and OEMs

Reference :

Essar Oil Limited

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

  • Hindustan Petroleum Corporation Limited

 

 

No. of Employees :

205 (Approximately)

 

 

Bankers :

Bank Name

Union Bank of India

Branch

Vile Parle (East), Mumbai, 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)

No Facilities

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

  • HDFC Bank Limited, Versova Branch

 

 

 

 

 

Auditors :

 

Name :

Suresh Surana and Associates

Chartered Accountants

Address :

13th Floor, Bakhthawar, 229, Nariman Point, Mumbai – 400021, Maharashtra, India

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

ACLFS1562L

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Holding Company:

(As on 31.03.2014)

CR Asia Pte. Limited

 

 

Fellow Subsidiaries:

(As on 31.03.2014)
  • CR Asia (Singapore) Pte. Limited
  • CR Industrial Services (Shanghai) Company Limited
  • CR Asia (Thailand) Company Limited
  • Contract Resources Petrochem (Malasia) sdn Bhd
  • CR Asia Group ROH Limited

 

 

CAPITAL STRUCTURE

 

After As on 31.03.2015

 

Authorised Capital : NA

 

Issued, Subscribed & Paid-up Capital : Rs.17.500 Million

 

 

As on 25.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1750000

Equity Shares

Rs.10/- each

Rs.17.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1675000

Equity Shares

Rs.10/- each

Rs.16.750 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2015

31.03.2014

31.03.2013

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

17.500

16.750

16.750

(b) Reserves & Surplus

262.656

124.835

136.952

(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)

280.156

141.585

153.702

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(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

0.792

0.697

0.616

Total Non-current Liabilities (3)

0.792

0.697

0.616

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

7.762

(b) Trade payables

118.710

121.497

56.720

(c) Other current liabilities

22.029

16.305

10.621

(d) Short-term provisions

2.275

2.592

1.707

Total Current Liabilities (4)

143.014

140.394

76.810

 

 

 

 

TOTAL

423.962

282.676

231.128

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

153.403

108.425

105.410

(ii) Intangible Assets

1.035

0.924

0.034

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

8.293

0.000

0.000

(d)  Long-term Loan and Advances

63.177

44.514

53.623

(e) Other Non-current assets

28.253

28.508

25.804

Total Non-Current Assets

254.161

182.371

184.871

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

0.000

3.365

0.000

(c) Trade receivables

35.549

16.594

21.477

(d) Cash and cash equivalents

37.810

24.611

3.387

(e) Short-term loans and advances

34.301

29.614

5.067

(f) Other current assets

62.141

26.121

16.326

Total Current Assets

169.801

100.305

46.257

 

 

 

 

TOTAL

423.962

282.676

231.128

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

421.310

257.628

157.459

 

Other Income

13.764

7.373

3.774

 

TOTAL (A)

435.074

265.001

161.233

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Employees benefits expense

53.158

36.291

34.538

 

Other expenses

294.438

226.308

171.030

 

Prior Period Items

 0.000

 0.000

2.666

 

TOTAL (B)

347.596

262.599

208.234

 

 

 

 

 

Less

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

87.478

2.402

(47.001)

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

0.160

0.983

1.931

 

 

 

 

 

 

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

87.318

1.419

(48.932)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

24.540

13.995

15.545

 

 

 

 

 

 

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

62.778

(12.576)

(64.477)

 

 

 

 

 

Less

TAX (H)

(8.293)

(0.459)

0.000

 

 

 

 

 

 

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

71.071

(12.117)

(64.477)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD  (K)

67.766

79.883

144.360

 

 

 

 

 

 

Balance Carried to the B/S (J+K+L-M)

NA

67.766

79.883

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

 NA

9.970

Nil

 

TOTAL EARNINGS

NA

9.970

Nil

 

 

 

 

 

 

IMPORTS

 

 

 

 

CIF Value of Imports

 NA

17.364

5.901

 

TOTAL IMPORTS

NA

17.364

5.901

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

42.24

(7.23)

(39.61)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

NA

0.000

2.700

Cash generated from operations

NA

NA

NA

Net Cash generated from/ (used in) operations

NA

48.092

(5.036)

Net cash flow from operating activity

NA

47.821

(15.170)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

16.87

(4.70)

(40.95)

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

20.76

0.93

(29.85)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

15.10

(4.45)

(27.90)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.22

(0.09)

(0.42)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.00

0.00

0.07

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.19

0.71

0.60

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

16.750

16.750

17.500

Reserves & Surplus

136.952

124.835

262.656

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

153.702

141.585

280.156

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

7.762

0.000

0.000

Total borrowings

10.462

0.000

0.000

Debt/Equity ratio

0.068

0.000

0.000

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

157.459

257.628

421.310

 

 

63.616

63.534

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

157.459

257.628

421.310

Profit/ (Loss)

(64.477)

(12.117)

71.071

 

(40.95%)

(4.70%)

16.87%

 

 

 

 

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

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)

No

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

No

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

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

INDEX OF CHARGES

 

No Charges Exist for Company

 

FIXED ASSETS

 

  • Freehold Land
  • Leasehold Improvements
  • Buildings
  • Plant and Equipments
  • Furniture and Fittings
  • Office Equipment
  • Computers
  • Leased Vehicle
  • Computer Software

 

 

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.65.47

UK Pound

1

Rs.101.06

Euro

1

Rs.72.21

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRP

 

 

Analysis Done by :

KIN

 

 

Report Prepared by :

SUD

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

6

--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

NO

--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

 

46

 

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.