MIRA INFORM REPORT

 

 

Report No. :

343178

Report Date :

06.10.2015

 

IDENTIFICATION DETAILS

 

Name :

BALAJI S. S. SHEETS PRIVATE LIMITED

 

 

Registered Office :

20, Industrial Area, Behind New Power House, Jodhpur – 342003, Rajasthan

Tel. No.:

91-9314710731 (Mr. Vishnu Mittal)

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

04.03.1994

 

 

Com. Reg. No.:

17-008103

 

 

Capital Investment / Paid-up Capital :

Rs. 6.540 Million

 

 

CIN No.:

[Company Identification No.]

U25201RJ1994PTC008103

 

 

IEC No.:

Not Available

 

 

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 :

Manufacturing, trading and supplying of stainless steels.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (41)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 1994. It is into manufacturing, trading and supplying of stainless steels.

 

For the FY 2014, the company has recorded sales turnover of Rs. 953.160 Million but failed to maintain its profitability which was as low as 0.034 %.

 

The company possesses adequate net worth base and there is favourable gap between trade payables and receivables.

 

However, trade relations are fair. Business is active. Payment are slow but correct.

 

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

 

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 DENIED BY

 

Name :

Mr. Vishnu Mittal

Contact No.:

91-9314710731

Date :

05.10.2015

 

 

LOCATIONS

 

Registered Office :

20, Industrial Area, Behind New Power House, Jodhpur – 342003, Rajasthan, India

Tel. No.:

Not Available

Mob. No.:

91-9314710731 (Mr. Vishnu Mittal)

Fax No.:

Not Available

E-Mail :

agbsspl@yahoo.com

 

 

Sales Office :

47, Balakrishna Niwas, 2nd Floor, Room No. 57, 2nd Panjara Pole Lane, Sion (East), Mumbai – 400004, Maharashtra, India

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Bhanwar Lal Mittal

Designation :

Director

Address :

15, New Power House Road, Masuria Sector-7 Ext., Jodhpur - 342003, Rajasthan, India

Date of Birth/Age :

19.04.1928

Date of Appointment :

04.03.1994

DIN No.:

01006411

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

U25201RJ1994PTC008103

BALAJI S.S. SHEETS PRIVATE LIMITED

Director

04/03/1994

04/03/1994

-

Active

NO

2

U24114RJ1997PTC014230

B.S.B. DYECHEM PRIVATE LIMITED

Director

15/09/1997

15/09/1997

-

Active

NO

3

U40106RJ2010PTC032479

MITTAL NATURAL RESOURCES PRIVATE LIMITED

Director

29/07/2010

29/07/2010

-

Active

NO

 

 

Name :

Pawan Mittal

Designation :

Director

Address :

15, New Power House Road, Masuria Sector-7 Ext., Jodhpur - 342003, Rajasthan, India

Date of Birth/Age :

20.12.1964

Date of Appointment :

01.04.2004

DIN No.:

01006523

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

U25201RJ1994PTC008103

BALAJI S.S. SHEETS PRIVATE LIMITED

Director

01/04/2004

01/04/2004

-

Active

NO

2

U40106RJ2010PTC032479

MITTAL NATURAL RESOURCES PRIVATE LIMITED

Director

29/07/2010

29/07/2010

-

Active

NO

3

U45208RJ2010PLC032793

RAJASTHAN INDUSTRIAL INFRASTRUCTURE COMPANY LIMITED

Director

31/12/2010

31/12/2010

-

Active

NO

 

 

Name :

Shobha Mittal

Designation :

Director

Address :

15, New Power House Road, Masuria Sector-7 Ext., Jodhpur - 342003, Rajasthan, India

Date of Birth/Age :

27.04.1963

Date of Appointment :

01.04.2004

DIN No.:

01006523

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

U25201RJ1994PTC008103

BALAJI S.S. SHEETS PRIVATE LIMITED

Director

01/04/2004

01/04/2004

-

Active

NO

2

U40106RJ2010PTC032479

MITTAL NATURAL RESOURCES PRIVATE LIMITED

Director

29/07/2010

29/07/2010

-

Active

NO

3

U45208RJ2010PLC032793

RAJASTHAN INDUSTRIAL INFRASTRUCTURE COMPANY LIMITED

Director

31/12/2010

31/12/2010

-

Active

NO

 

 

MAJOR SHAREHOLDERS

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

Bhanwar Lal Mittal

 

8170

Shobha Mittal

 

4358

Pawan Mittal

 

10540

Vishnu Kumar Mital

 

20263

Manju Mittal

 

4100

Narendra Mittal

 

500

Shiv Nath Yadav

 

440

Suresh N Shah

 

170

Bharat N Shah

 

150

Pawan Kumar Mittal HUF

 

1500

Chandmal Mittal

 

2600

Narendra Kumar Mittal HUF

 

10

Bsb Dyechem Private Limited, India

 

4600

Rajendra Kumar Agarwal

 

5000

Mehul Mittal

 

3000

 

 

 

Total

 

65401

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

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

7.65

Bodies corporate

7.03

Directors or relatives of Directors

84.16

Other top fifty shareholders

1.16

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing, trading and supplying of stainless steels.

 

 

Products :

Not Divulged

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

GENERAL INFORMATION

 

Suppliers :

Not Divulged

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 :

Not Divulged

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

Bank of Baroda

Branch Address

MIA Branch, Industrial Area, Phase IInd, Basni, Jodhpur – 342001, Rajasthan, 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

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

SHORT TERM BORROWING

 

 

Kotak Mahindra Bank Limited – Cash Credit A/C

23.766

9.990

Bank of Baroda, MIA Jodhpur Cash Credit A/C

0.000

20.048

Axis Bank Limited – Car Loan A/C 1

0.000

0.314

Axis Bank Limited – Car Loan A/C 2

0.000

0.314

 

 

 

Total

23.766

30.665

 

Auditors :

 

Name :

B.M. Kothari and Company

Chartered Accountants

Address :

947, 11th D Road, Sardarpura, Jodhpur – 342003, Rajasthan, India

PAN No.:

AACFB2680F

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

--

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

80000

Equity Shares

Rs.100/- each

Rs. 8.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

65401

Equity Shares

Rs.100/- each

Rs. 6.540 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

6.540

6.540

6.540

(b) Reserves & Surplus

23.693

23.367

23.072

(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)

30.233

29.907

29.612

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

2.387

2.387

2.387

(c) Other long term liabilities

0.001

0.001

0.001

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

2.388

2.388

2.388

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

24.879

30.666

26.944

(b) Trade payables

5.384

27.679

5.071

(c) Other current liabilities

1.081

1.149

2.673

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

31.344

59.494

34.688

 

 

 

 

TOTAL

63.965

91.789

66.688

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

4.166

4.540

3.527

(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

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

3.948

6.515

4.947

(e) Other Non-current assets

0.212

0.399

0.400

Total Non-Current Assets

8.326

11.454

8.874

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

5.557

4.969

6.848

(c) Trade receivables

48.851

74.620

49.992

(d) Cash and cash equivalents

0.640

0.294

0.750

(e) Short-term loans and advances

0.000

0.030

0.000

(f) Other current assets

0.591

0.422

0.224

Total Current Assets

55.639

80.335

57.814

 

 

 

 

TOTAL

63.965

91.789

66.688

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

 

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

 

 

Other Income

 

 

 

 

TOTAL                                    

953.156

876.257

452.094

 

 

 

 

 

Less

EXPENSES

948.837

871.925

449.210

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

4.319

4.332

2.884

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

3.474

3.466

2.487

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

0.845

0.866

0.397

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

0.374

0.439

0.261

 

 

 

 

 

 

PROFIT BEFORE TAX

0.471

0.427

0.136

 

 

 

 

 

Less

TAX                                                                 

0.145

0.131

0.001

 

 

 

 

 

 

PROFIT AFTER TAX

0.326

0.296

0.135

 

 

 

 

 

 

Earnings Per Share (Rs.)

4.98

4.53

2.06

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

 

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flow from (used in) operation

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

0.03

0.03

0.03

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

0.45

0.49

0.64

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

0.74

0.47

0.20

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.02

0.01

0.00

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.82

1.03

0.91

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.78

1.35

1.67

 

 

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

6.540

6.540

6.540

Reserves & Surplus

23.072

23.367

23.693

Share Application money pending allotment

0.000

0.000

0.000

Net worth

29.612

29.907

30.233

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

26.944

30.666

24.879

Current Maturities of Long Term Debt

0.000

0.000

0.000

Total borrowings

26.944

30.666

24.879

Debt/Equity ratio

0.910

1.025

0.823

 

 

 

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

452.094

876.257

953.156

 

 

93.822

8.776

 

 

 

 

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

452.094

876.257

953.156

Profit

0.135

0.296

0.326

 

0.03%

0.03%

0.03%

 

 

 

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

No

17

Details of sister concerns

No

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

----

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

----

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

----

33

Market information

----

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

UNSECURED LOAN

 

Particulars

As on

31.03.2014

As on

31.03.2013

SHORT TERM BORROWING

 

 

Ritu Traders

1.113

0.000

Total

1.113

0.000

 

 

 

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10315841

02/05/2014 *

50,000,000.00

KOTAK MAHINDRA BANK LIMITED

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

C03991320

 

* 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. 65.29

UK Pound

1

Rs. 99.31

Euro

1

Rs. 73.39

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

AMT

 

 

Report Prepared by :

JYO

 

 

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

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

41

 

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.