MIRA INFORM REPORT

 

 

Report No. :

350762

Report Date :

23.11.2015

 

IDENTIFICATION DETAILS

 

Name :

FILTREX TECHNOLOGIES PRIVATE LIMITED (w.e.f. 10.03.2005)

 

 

Formerly Known As :

FILTREX INTERNATIONAL PRIVATE LIMITED

 

 

Registered Office :

No. 36/4, Raghavendra Nagar, 4th Cross, Near Ring Road, HRBR Layout, Bangalore – 560043, Karnataka

Tel. No.:

91-9880919977

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

08.01.1999

 

 

Com. Reg. No.:

08-024621

 

 

Capital Investment / Paid-up Capital :

Rs.9.876 Million

 

 

CIN No.:

[Company Identification No.]

U85110KA1999PTC024621

 

 

IEC No.:

0798013761

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACF4091P

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

Manufacturer of Water Purification Equipment such as carbon block, Granular Activated Carbon (GAC), Standard Block, Custom Block.

 

 

No. of Employees :

Information declined by the management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (50)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 1200000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track. It was incorporated in the year 1999 and is engaged in manufacturing of water purification equipment’s.

 

Rating takes into consideration company’s strong financial profile with decent profitability, healthy networth base and good debt protection indicators.

 

Further, rating also considers company’s established market position and experienced management team in the industry.

 

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

 

In view of good financial position, the company can be considered for business dealings at usual trade terms 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

 

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 BY

 

Name :

Mr. Vivek Singh

Designation :

Director of Technology Department

Contact No.:

91-9880919977

Date :

20.11.2015

 

 

LOCATIONS

 

Registered Office :

No. 36/4, Raghavendra Nagar, 4th Cross, Near Ring Road, HRBR Layout, Bangalore – 560043, Karnataka, India

Tel. No.:

91-80-25442331

Mobile No.:

91-9880919977 (Mr. Vivek Singh)

Fax No.:

91-80-25448514

E-Mail :

shyamchandra@filtrex.co.in

Website :

www.filtrextechnologies.com

 

 

DIRECTORS

 

As on 12.07.2014

 

Name :

Mr. Kristi Garner Thomasson

Designation :

Additional Director

Address :

415 S. Circle Avenue, Port Barrington, 55125, United States of America

Date of Appointment :

31.07.2014

DIN No.:

05317631

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

U29296TG2011PTC077352

ASTHA AMARILLO GEAR PRIVATE LIMITED

Director

31/07/2012

31/07/2012

-

Active

NO

2

U85110KA1999PTC024621

FILTREX TECHNOLOGIES PRIVATE LIMITED

Additional director

31/07/2014

31/07/2014

-

Active

NO

3

U02310KA1999PTC025901

AQUA WORKS PRIVATE LIMITED

Additional director

31/07/2014

31/07/2014

-

Active

NO

 

 

Name :

Mr. Sham Chandra

Designation :

Additional Director

Address :

NO.13, 2nd Cross, KPA Block, Chandra Layout, Vijayanagar, Bangalore - 560040, Karnataka, India

Date of Appointment :

31.07.2014

DIN No.:

06937469

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

U85110KA1999PTC024621

FILTREX TECHNOLOGIES PRIVATE LIMITED

Additional director

31/07/2014

31/07/2014

-

Active

NO

2

U02310KA1999PTC025901

AQUA WORKS PRIVATE LIMITED

Additional director

31/07/2014

31/07/2014

-

Active

NO

3

U14210KA2010PTC053406

AQUAMATIC H2O SOLUTIONS PRIVATE LIMITED

Additional director

31/07/2014

31/07/2014

-

Active

NO

4

U29296TG2011PTC077352

ASTHA AMARILLO GEAR PRIVATE LIMITED

Alternate director

31/07/2015

31/07/2015

-

Active

NO

 

 

Name :

Ho Kwong Lai

Designation :

Additional Director

Address :

Apartment Blk, 341 Upper Bukit, Timah Road 03-14, Singapore, 588195, Singapore

Date of Appointment :

31.07.2014

DIN No.:

06937743

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

U85110KA1999PTC024621

FILTREX TECHNOLOGIES PRIVATE LIMITED

Additional director

31/07/2014

31/07/2014

-

Active

NO

2

U02310KA1999PTC025901

AQUA WORKS PRIVATE LIMITED

Additional director

31/07/2014

31/07/2014

-

Active

NO

3

U14210KA2010PTC053406

AQUAMATIC H2O SOLUTIONS PRIVATE LIMITED

Additional director

31/07/2014

31/07/2014

-

Active

NO

 

 

Name :

Mr. John Henry Schroeder

Designation :

Additional Director

Address :

41 Stanwyck Road, Mt. Laurel, New Jersey, 080544903, United States of America

Date of Appointment :

31.07.2014

DIN No.:

06937769

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

U85110KA1999PTC024621

FILTREX TECHNOLOGIES PRIVATE LIMITED

Additional director

31/07/2014

31/07/2014

-

Active

NO

2

U02310KA1999PTC025901

AQUA WORKS PRIVATE LIMITED

Additional director

31/07/2014

31/07/2014

-

Active

NO

3

U14210KA2010PTC053406

AQUAMATIC H2O SOLUTIONS PRIVATE LIMITED

Additional director

31/07/2014

31/07/2014

-

Active

NO

4

U29296TG2011PTC077352

ASTHA AMARILLO GEAR PRIVATE LIMITED

Alternate director

31/07/2015

31/07/2015

-

Active

NO

 

 

MAJOR SHAREHOLDERS

 

As on 12.07.2014

 

Names of Shareholders

No. of Shares

Percentage of Holding

FILTREX Holding Private Limited, Singapore

839925

85.05

FILTREX International Private Limited, Singapore

147658

14.95

Total

987583

100.00

 

 

As on 16.07.2014

 

Names of Shareholders

No. of Shares

FILTREX Holding Private Limited, Singapore

2571

Total

2571

 

As on 12.07.2014

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage of Holding

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

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Water Purification Equipment such as carbon block, Granular Activated Carbon (GAC), Standard Block, Custom Block.

 

 

Products :
  • Granular Activated Carbon (GAC)
  • Standard Block
  • Custom Block

 

 

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

HDFC Bank Limited

Branch Address

Kammanahalli Branch, Bangalore, Karnataka, 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

 

  • HSBC Limited, M.G.Road, Bangalore, Karnataka, India
  • State Bank of India, St. Marks Road, Bangalore, Karnataka, India

 

Auditors :

 

Name :

Rajagopal and Badri Narayanan

Chartered Accountants

Address :

No.25, Padmashree Mansions, 2nd Floor, 1st Cross, Sampige Road, Malleshwaram, Bangalore – 560003, Karnataka, India

PAN No.:

AACFR5386A

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company :
  • Filtrex Holding Private Limited

 

 

Subsidiary Company :
  • Aquamatic H2O Solutions Private Limited
  • Aqua Works Private Limited

 

 

Company under the same Management :
  • Aqua Works Private Limited
  • Global Ecocarb Private Limited
  • Bommi Holdings

 

 

CAPITAL STRUCTURE

 

After 12.07.2014

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs.10/-each

Rs.10.000 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

990154

Equity Shares

Rs.10/-each

Rs.9.902 Million

 

As on 12.07.2014

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs.10/-each

Rs.10.000 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

987583

Equity Shares

Rs.10/-each

Rs.9.876 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

9.876

9.875

9.875

(b) Reserves & Surplus

412.779

349.910

294.720

(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)

422.655

359.785

304.595

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

2.797

3.195

6.358

(b) Deferred tax liabilities (Net)

2.347

2.307

7.130

(c) Other long term liabilities

0.000

0.800

0.800

(d) long-term provisions

1.941

0.000

28.282

Total Non-current Liabilities (3)

7.085

6.302

42.570

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.837

1.912

0.000

(b) Trade payables

28.074

21.934

35.444

(c) Other current liabilities

269.501

216.372

168.335

(d) Short-term provisions

1.700

4.755

24.234

Total Current Liabilities (4)

300.112

244.973

228.013

 

 

 

 

TOTAL

729.852

611.060

575.178

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

126.805

134.300

136.142

(ii) Intangible Assets

1.456

1.606

1.093

(iii) Capital work-in-progress

4.228

12.639

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.100

11.499

11.499

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

4.541

20.183

49.002

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

137.130

180.227

197.736

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

94.001

63.669

51.015

(c) Trade receivables

149.311

138.838

178.787

(d) Cash and cash equivalents

254.319

161.998

88.147

(e) Short-term loans and advances

94.908

35.304

59.493

(f) Other current assets

0.183

31.024

0.000

Total Current Assets

592.722

430.833

377.442

 

 

 

 

TOTAL

729.852

611.060

575.178

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

 

 

Income

 

 

 

 

Other Income

 

 

 

 

TOTAL

813.840

649.240

576.500

 

 

 

 

 

EXPENSES

 NA

   NA

  NA

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

NA

 NA

 NA

 

 

 

 

 

Less

TAX

 NA

 NA

 NA

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

95.600

78.040

75.830

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

96.80

79.02

76.78

 

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

103.116

129.309

81.492

Net cash flows from operating activities

69.616

105.095

52.062

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.01

0.01

0.02

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.98

1.76

1.66

 

 

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

9.875

9.875

9.876

Reserves & Surplus

294.720

349.910

412.779

Net worth

304.595

359.785

422.655

 

 

 

 

long-term borrowings

6.358

3.195

2.797

Short term borrowings

0.000

1.912

0.837

Total borrowings

6.358

5.107

3.634

Debt/Equity ratio

0.021

0.014

0.009

 

 

 

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

576.500

649.240

813.840

 

 

12.618

25.353

 

 

 

 

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

576.500

649.240

813.840

Profit

75.830

78.040

95.600

 

13.15%

12.02%

11.75%

 

 

 

 

 

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

No

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

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

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

INDEX OF CHARGES NO CHARGES EXIST FOR COMPANY

 

 

UNSECURED LOANS

 

PARTICULAR

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

LONG TERM BORROWINGS

 

 

Filtrex Holdings Private Limited, Singapore

2.797

3.195

SHORT TERM BORROWINGS

 

 

Filtrex Holdings Private Limited, Singapore

0.837

1.912

Total

3.634

5.107

 

 

FIXED ASSETS

 

  • Land
  • Machinery and Equipments
  • Factory Shed
  • Building
  • Building-Let out
  • Apartments
  • Electrical Equipments
  • Furniture and Fixtures
  • Office Equipments
  • Computer
  • Vehicles

 

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.66.09

UK Pound

1

Rs.101.03

Euro

1

Rs.70.85

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

HNA

 

 

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

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--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

 

50

 

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.