MIRA INFORM REPORT

 

 

Report No. :

348270

Report Date :

06.11.2015

 

IDENTIFICATION DETAILS

 

Name :

S.V.S. REFCOMP PRIVATE LIMITED (w.e.f. 24.06.2010)

 

 

Formerly Known As :

JAYNA STEEL PRIVATE LIMITED (w.e.f. 1996)

 

ADINATH WIRE PRIVATE LIMITED

 

 

Registered Office :

Shed No. 37, Phase IV Extension, I.D.A. Jeedimetla, Hyderabad – 500055, Telangana

Tel. No.:

91-40-23092271/23090050

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

31.12.1984

 

 

Com. Reg. No.:

36-005217

 

 

Capital Investment / Paid-up Capital :

Rs. 4.750 Million

 

 

CIN No.:

[Company Identification No.]

U31300TG1984PTC005217

 

 

IEC No.:

0910016682

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AABCJ5945K

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Importer of Wire Shelves, Freezer Baskets, Dish Washer Racks, Wire-on-Tube Condensers, Filter Driers Strainers etc.

 

 

No. of Employees :

100 (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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated on 31st December, 1984. It is engaged into business of manufacturing of condensers, wires, tubes (Refrigerator Components). It has moderate track record.

 

The company possesses an acceptable financial profile marked by modest networth base and hefty debt level which leads to create risk to liquidity position of the company.

 

However, trade relation are reported to be fair. Business is active. Payment are reported to be slow but correct.

 

The company can be considered for business dealing with some cautions.

 

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. Sashi Gupta

Designation :

Account Manager

Contact No.:

91-9703197755

Date :

05.11.2015

 

 

 

LOCATIONS

 

Registered Office :

Shed No. 37, Phase IV Extension, I.D.A. Jeedimetla, Hyderabad – 500055, Telangana, India

Tel. No.:

91-40-23092271/23090050

Mobile No.:

91-9703197755 (Mr. Sashi Gupta)

Fax No.:

91-40-23097228

E-Mail :

accounts@svs-wires.com

sashigupta@svsindia.co.in

Website :

http://www.svs-wires.com

 

 

Factory :

Gat No. 35/1, Village Karde, Taluka, Shirur, District Pune – 412210, Maharashtra, India

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Praveen Tyagi

Designation :

Director

Address :

No.41 and 45, Kiran Enclave, Sikh Road, Secunderabad – 500009, Andhra Pradesh, India

Date of Birth/Age :

13.11.1971

Date of Appointment :

24.06.2010

DIN No.:

00239677

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

U27209TG1996PTC024442

S. V. S. WIRES PRIVATE LIMITED

Director

01/08/2004

01/08/2004

-

Active

NO

2

U31300TG1990PTC011255

NER GLASSTECH PRIVATE LIMITED

Director

10/02/2007

10/02/2007

-

Active

NO

3

U31300TG1984PTC005217

S.V.S REFCOMP PRIVATE LIMITED

Director

24/06/2010

24/06/2010

-

Active

NO

4

U27200TG2012PTC080036

ASTER PRECITUBES PRIVATE LIMITED

Director

30/03/2012

30/03/2012

30/11/2013

Active

NO

 

 

Name :

Mr. Bhawana Tyagi

Designation :

Director

Address :

No.41 and 45, Kiran Enclave, Sikh Road, Secunderabad – 500009, Andhra Pradesh, India

Date of Birth/Age :

15.10.1973

Date of Appointment :

25.11.2007

DIN No.:

00253080

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

U31300TG1990PTC011255

NER GLASSTECH PRIVATE LIMITED

Director

01/02/2004

01/02/2004

-

Active

NO

2

U31300TG1984PTC005217

S.V.S REFCOMP PRIVATE LIMITED

Director

25/11/2007

25/11/2007

-

Active

NO

3

U27209TG1996PTC024442

S. V. S. WIRES PRIVATE LIMITED

Director

01/04/2009

01/04/2009

31/08/2009

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Sashi Gupta

Designation :

Account Manager

 

 

MAJOR SHAREHOLDERS

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

Suresh Kumar Tyagi

 

4875

Madhu Tyagi

 

6170

Praveen Kumar Tyagi

 

15300

Tarun Tyagi

 

4500

S.K.Tyagi and Sons HUF

 

8600

Preeti Tyagi

 

2325

Bhavna Tyagi

 

1500

C S Wires Private Limited, India

 

1000

Satish Kumar Tyagi

 

570

Sita Ram Gupta

 

1680

M Francis

 

200

Sumitra Devi

 

300

Rekha Rani

 

480

 

 

 

Total

 

47500

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

Bodies corporate

2.10

Directors or relatives of Directors

94.00

Other top fifty shareholders

3.90

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Importer of Wire Shelves, Freezer Baskets, Dish Washer Racks, Wire-on-Tube Condensers, Filter Driers Strainers etc.

 

 

Products :
  • Wire Shelves
  • Freezer Baskets
  • Dish Washer Racks
  • Wire-on-Tube Condensers
  • Filter Driers Strainers

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

 

Products :

Raw Material

Countries :

China

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

GENERAL INFORMATION

 

Suppliers :

 

Reference :

Somakanth Multi Tech Private Limited, Hyderabad, India

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 :

LG Electronics India 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

 

 

No. of Employees :

100 (Approximately)

 

 

Bankers :

Banker Name

HDFC Bank Limited

Branch Address

HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

91-22-66521000

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

 

 

  • HDFC Bank Limited, Chintal Branch, Hyderabad, Andhra Pradesh, India

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Term loan from bank

(Secured against hypothecation of plant and machinery, Motor car, collateral security of land and building and personally guaranteed by Directors)

5.221

7.932

 

 

 

SHORT TERM BORROWING

 

 

Secured loans from banks

(Secured against hypothecation of stocks and book debts)

31.278

35.740

 

 

 

Total

36.499

43.672

 

Auditors :

 

Name :

Dagliya and Company

Chartered Accountants

Address :

2nd Floor, Srinivas Building, Ranigunj, Secunderabad, Hyderabad – 500003, Telangana, India

PAN No.:

AAAFD6954E

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

--

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

100000

Equity Shares

Rs.100/- each

Rs. 10.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

47500

Equity Shares

Rs.100/- each

Rs. 4.750 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

4.750

4.750

4.750

(b) Reserves & Surplus

6.603

4.979

3.456

(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)

11.353

9.729

8.206

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

31.809

22.311

17.088

(b) Deferred tax liabilities (Net)

1.958

1.387

0.606

(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)

33.767

23.698

17.694

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

31.278

35.740

22.045

(b) Trade payables

29.739

29.556

42.455

(c) Other current liabilities

14.659

17.794

10.273

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

75.676

83.090

74.773

 

 

 

 

TOTAL

120.796

116.517

100.673

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

36.280

26.629

14.464

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

4.658

8.917

7.080

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.295

0.295

0.295

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

1.643

1.643

1.643

(e) Other Non-current assets

0.573

0.522

0.067

Total Non-Current Assets

43.449

38.006

23.549

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

22.185

18.940

23.346

(c) Trade receivables

39.044

51.350

44.979

(d) Cash and cash equivalents

8.980

3.849

4.159

(e) Short-term loans and advances

7.138

4.372

4.640

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

77.347

78.511

77.124

 

 

 

 

TOTAL

120.796

116.517

100.673

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

 

31.03.2013

31.03.2012

 

 

 

 

 

 

SALES

 

 

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

NA

4.855

2.624

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

NA

1.275

0.782

 

 

 

 

 

 

PROFIT BEFORE TAX

NA

3.580

1.842

 

 

 

 

 

Less

TAX                                                                 

NA

0.000

0.000

 

 

 

 

 

 

PROFIT AFTER TAX

NA

3.580

1.842

 

 

 

 

 

 

Earnings Per Share (Rs.)

NA

NA

NA

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

 

31.03.2013

31.03.2012

Current Maturities of Long term debt

3.090

2.512

NA

Cash generated from operations

NA

NA

NA

Net cash flow from (used in) operation

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Return on Total Assets

(PBT/Total Assets}

(%)

0.00

3.34

1.97

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.00

0.37

0.22

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

5.56

5.97

4.77

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.02

0.94

1.03

 

 

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

4.750

4.750

4.750

Reserves & Surplus

3.456

4.979

6.603

Share Application money pending allotment

0.000

0.000

0.000

Net worth

8.206

9.729

11.353

 

 

 

 

long-term borrowings

17.088

22.311

31.809

Short term borrowings

22.045

35.740

31.278

Total borrowings

39.133

58.051

63.087

Debt/Equity ratio

4.769

5.967

5.557

 

 

 

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)

Yes

16

No. of employees

Yes

17

Details of sister concerns

No

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 three years

No

27

Reasons for variation <> 20%

----

28

Estimation for coming financial year

No

29

Profitability for last two 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

 

 

NOTE: Registered office of the company has been shifted from 90/B/2 Phase – 10A, Jeedimetla, Hyderabad – 500055, Andhra Pradesh, India to the present address w.e.f. 24.06.2010.

 

 

UNSECURED LOAN

 

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

From directors and their relatives

26.588

14.379

 

 

 

Total

26.588

14.379

 

 

 

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10510905

09/06/2014

400,000.00

Axis Bank Limited

5-2-183/184,ASC Centre, III Floor, RP Road,

HYDERABAD,

Telangana - 500003,

INDIA

C13134655

2

10294364

07/01/2015 *

68,500,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI,

Maharashtra - 400013, INDIA

C39557079

3

90388624

14/09/2001

3,000,000.00

STATE BANK OF HYDERABAD

HYDERABAD, HYDERABAD,

Andhra Pradesh, INDIA

-

4

90388600

15/12/1997

600,000.00

S.B.H.

SHAPURNAGAR BRANCH, HYDERABAD, Andhra Pradesh,

 INDIA

-

5

90388596

11/09/1997

690,000.00

A.P. STATE FINANCIAL CORPORATION

CHIRAG ALI LANE, HYDERABAD,

Andhra Pradesh,

INDIA

-

6

90388526

27/05/1998 *

3,000,000.00

S.B.H.

SHAPURNAGAR BRANCH, HYDERABAD, Andhra Pradesh,

INDIA

-

7

90388515

28/02/1991

2,500,000.00

ANDHRA PRADESH STATE FINANCIAL CORPORATION

CHIRAG ALI LANE, RUNGATEDDY,

Andhra Pradesh,

INDIA

-

8

90388499

14/03/1990

1,180,000.00

A.P. STATE FINANCIAL CORPORATION

CHIRAG ALI LANE, HYDERABAD,

Andhra Pradesh,

 INDIA

-

9

90388423

21/06/1988 *

600,000.00

S.B.H.

SHAPURNAGAR BRANCH, HYDERABAD, Andhra Pradesh,

 INDIA

-

 

* Date of charge modification

 

 

FIXED ASSETS

 

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. 65.68

UK Pound

1

Rs. 101.02

Euro

1

Rs. 71.35

 

 

INFORMATION DETAILS

 

Information Gathered by :

SPR

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

JYO

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILITY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

2

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

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

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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.