MIRA INFORM REPORT

 

 

Report No. :

350184

Report Date :

19.11.2015

 

IDENTIFICATION DETAILS

 

Name :

SURFACES (INDIA) FLOORING PRIVATE LIMITED

 

 

Registered Office :

14A, Paper Box Estate, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra

Tel. No.:

91-22-66959352/ 66959353/ 66910336

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

24.08.2007

 

 

Com. Reg. No.:

11-173450

 

 

Capital Investment / Paid-up Capital :

Rs. 0.450 Million

 

 

CIN No.:

[Company Identification No.]

U45309MH2007PTC173450

 

 

IEC No.:

0307067980

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS57246A

 

 

PAN No.:

[Permanent Account No.]

AALCE1717L

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Distributor and Importer of Pergo Flooring, Wood Flooring and WPC Decking in Tile and Plank form.

 

 

No. of Employees :

19 (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 7200

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated in the year 2007 having moderate track record.

 

The rating reflects moderate financial risk profile marked by low profit margin and huge borrowings recorded by the company.

 

Their 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.

 

NOTE:

Subject was established in the year 1999 as a partnership concern with the name “SURFACES INDIA” and later during 2007 it got converted into private limited with the name “SURFACES (INDIA) FLOORING PRIVATE LIMITED”. 

 

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

 

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. Amit Jawarimal Dugar

Designation :

Director

Contact No.:

91-9819192285

Date :

16.11.2015

 

 

LOCATIONS

 

Registered Office :

14A, Paper Box Estate, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India

Tel. No.:

91-22-66959352/ 66959353/ 66910336

Mobile No.:

91-9819192285 (Mr. Amit Jawarimal Dugar)

Fax No.:

91-22-26871187

E-Mail :

surfacesindia@yahoo.com

amit@surfacesindia.co.in

ranawatca@yahoo.co.in

Website :

http://www.surfacesindia.co.in

Area :

2000 Sq. ft.

Location :

Owned

 

 

Warehouse 1 :

Gala No. 8, Prerana Complex, Building No. B-18, Ground Floor, Village Bhiwandi, District Thane – 421302, Maharashtra, India

 

 

Branch Office/ Warehouse 2 :

Shop No 8, Guru Mauli CHS Limited, Opposite Versova Police Station and Barfiwala College, D N Nagar, Andheri (West), Mumbai – 400053, Maharashtra, India

Tel. No.:

91-22-26255833

Fax No.:

91-22-65217997

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Jawarimal Manekchand Dugar

Designation :

Whole-time director

Address :

B-905, Highland Park, Co-Operative Housing Society, 9th Floor, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

11.08.1952

Date of Appointment :

24.08.2007

DIN No.:

01641161

 

 

Name :

Mr. Amit Jawarimal Dugar

Designation :

Whole-time director

Address :

B-905, Highland Park, Co-Operative Housing Society, 9th Floor, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

08.09.1980

Qualification :

B.Com

Date of Appointment :

24.08.2007

DIN No.:

01641205

 

 

Name :

Mr. Sumeet Jawarimal Dugar

Designation :

Whole-time director

Address :

B-905, Highland Park, Co-Operative Housing Society, 9th Floor, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

21.09.1984

Qualification :

B.Com

Date of Appointment :

24.08.2007

DIN No.:

01649888

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

No. of Shares

Percentage of Holding

Jawarimal Manekchand Dugar

15000

33.33

Amit Jawarimal Dugar

15000

33.33

Sumeet Jawarimal Dugar

15000

33.33

 

 

 

Total

 

45000

100.00

 

 

 

 

AS ON 30.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Directors or relatives of directors

100.00

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Distributor and Importer of Pergo Flooring, Wood Flooring and WPC Decking in Tile and Plank form.

 

 

Brand Names :

"PROMIX"

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

--

Countries :

--

 

 

Imports :

 

Products :

Wood Flooring

Countries :

·         Malaysia

·         China

·         Austria

·         European Countries

 

 

Terms :

 

Selling :

Cash and Credit [30 Days]

 

 

Purchasing :

Cash and Credit [30 Days]

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Royal Enterprises

Name of the Person (Designation):

Not Divulged  

Contact Number:

Not Divulged  

Since how long known:

Not Divulged  

Maximum limit dealt:

Not Divulged  

Experience:

Not Divulged  

Remark

Not Divulged  

 

·         Jahnvi Agencies

·         Saffron Interiors

·         Saji Enterprises

·         Synergy Impex

·         Cyrus Cama

·         Tent Limited 

 

 

Customers :

End Users and OEM’s

 

Reference:

Hvatt Hyderabad

Name of the Person (Designation):

Not Divulged  

Contact Number:

Not Divulged  

Since how long known:

Not Divulged  

Maximum limit dealt:

Not Divulged  

Experience:

Not Divulged  

Remark

Not Divulged  

 

·         Kalpataru, Mumbai

·         L & T Limited, Mumbai

·         Divine Décor

·         Alis Construction

·         Bling Accessories Private Limited

·         Charms Classic Deco

·         Décor Point

·         Elite Creation

·         Glory Impex

 

 

No. of Employees :

19 (Approximately)

 

 

Bankers :

Bank Name:

The Saraswat Cooperative Bank Limited

Branch:

SME Vile Parle Branch, Bholanath Co-operative Housing Society, Subhash Road, Vile Parle (East), Mumbai - 400057, 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 A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Cash Credit = Rs. 10.000 Millions

Account Operation:

Not Divulged

Remarks: Not Divulged

 

·         Bank of India

Lokhandwala Branch, Andheri (West), Mumbai, Maharashtra, India

 

·         HDFC Bank Limited

Ahura Centre, Andheri (East), Mumbai, Maharashtra, India

 

 

Facilities :

--

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Ranawat and Company

Chartered Accountants

Address :

107B/108, Sagar Shopping Centre, J.P. Road, Andheri (W), Mumbai – 400058, Maharashtra, India

Tel. No.:

91-22-26775965/ 26773676

-tax PAN of auditor or auditor's firm :

AADPR1231R

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital : Not Available

 

Issued, Subscribed & Paid-up Capital : Rs. 0.450 Million

 

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

50,000

Equity Shares

Rs. 10/- each

Rs. 0.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

45,000

Equity Shares

Rs. 10/- each

Rs. 0.450 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

0.450

0.450

0.450

(b) Reserves & Surplus

2.070

1.917

1.745

(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)

2.520

2.367

2.195

 

 

 

 

(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

0.000

0.000

0.000

Total Non-current Liabilities (3)

0.000

0.000

0.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

7.596

10.379

7.083

(b) Trade payables

1.694

1.471

3.466

(c) Other current liabilities

10.060

8.626

2.707

(d) Short-term provisions

0.068

0.191

0.118

Total Current Liabilities (4)

19.418

20.667

13.374

 

 

 

 

TOTAL

21.938

23.034

15.569

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

0.420

0.402

0.408

(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

0.025

0.025

0.137

(c) Deferred tax assets (net)

0.009

0.012

0.016

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

0.008

0.012

0.016

Total Non-Current Assets

0.462

0.451

0.577

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

15.208

18.216

11.433

(c) Trade receivables

2.433

2.572

1.597

(d) Cash and cash equivalents

0.469

0.146

0.264

(e) Short-term loans and advances

1.178

0.992

1.177

(f) Other current assets

2.188

0.657

0.521

Total Current Assets

21.476

22.583

14.992

 

 

 

 

TOTAL

21.938

23.034

15.569

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Revenue from Operations

41.687

48.832

NA

 

 

Other Income

1.945

1.118

NA

 

 

TOTAL                                     (A)

43.632

49.950

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Purchases of Stock-in-Trade

28.181

43.625

 

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

3.008

(6.784)

 

 

 

Employees benefits expense

3.582

4.049

 

 

 

Other expenses

7.379

8.011

 

 

 

TOTAL                                     (B)

42.150

48.901

NA

 

 

 

 

 

 

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

1.482

1.049

(Including Financial and Depreciation Expenses)

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

1.145

0.695

 

 

 

 

 

 

 

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

0.337

0.354

 

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

0.108

0.104

 

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

0.229

0.250

NA

 

 

 

 

 

Less

TAX                                                                  (H)

0.071

0.077

NA

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

0.158

0.173

0.315

 

 

 

 

 

 

CIF VALUE OF IMPORTS

NA

17.502

5.174

 

 

 

 

 

 

Earnings Per Share (Rs.)

3.51

3.84

7.00

 

 

The above information has been parted by Mr. Amit J. Dugar (Director)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

PARTICULARS

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

NA

NA

NA

 

 

 

 

Cash generated from operations

NA

NA

NA

 

 

 

 

Net Cash flow from (used in) Operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

0.38

0.35

NA

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

3.56

2.15

NA

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.05

1.09

NA

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.09

0.11

NA

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

3.01

4.38

2.05

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.11

1.09

1.16

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particulars

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

0.450

0.450

0.450

Reserves & Surplus

1.745

1.917

2.070

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

2.195

2.367

2.520

 

 

 

 

Long-term borrowings

0.000

0.000

0.000

Short term borrowings

7.083

10.379

7.596

Total borrowings

7.083

10.379

7.596

Debt/Equity ratio

3.227

4.385

3.014

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

Sales

48.832

41.687

 

 

-14.632

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

Sales

48.832

41.687

Profit

0.173

0.158

 

0.35%

0.38%

 

 


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

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 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

 

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10106668

25/06/2014 *

13,000,000.00

THE SARASWAT CO-OP BANK LIMITED

SME VILE PARLE BRANCH, BHOLANATH CO-OP HSG SOC, SUBHASH ROAD, VILE PARLE EAST, MUMBAI, MAHARASHTRA 
- 400057, INDIA

C11331600

 

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

SHORT TERM BORROWINGS

 

Loans from Directors

Amit J. Dugar

3.882

Jawarlmal Dugar

2.937

Sumeet J. Dugar

3.560

 

 

Total

 

10.379

 

 

FIXED ASSETS:

 

·         Furniture and Fitting

·         Office Equipment

·         Air Conditioners

·         Electronic Weighing Machine

·         Fire Extinguisher

·         Computer

·         Vehicles

·         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 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. 66.11

UK Pound

1

Rs. 100.51

Euro

1

Rs. 70.39

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUP

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

BVA


 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

3

--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

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTERS 

 

 

--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.