MIRA INFORM REPORT

 

 

Report No. :

344183

Report Date :

07.10.2015

 

IDENTIFICATION DETAILS

 

Name :

OMKAR PUF INSULATION PRIVATE LIMITED

 

 

Registered Office :

R-875, TTC Industrial Area, MIDC, Near Golden Garage Rabale, Navi Mumbai – 400 701, Maharashtra

Tel. No.:

91-22-27641347

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

13.04.2005

 

 

Com. Reg. No.:

11-152614

 

 

Capital Investment / Paid-up Capital :

Rs.0.100 Million

 

 

CIN No.:

[Company Identification No.]

U26999MH2005PTC152614

 

 

IEC No.:

0307027627

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMO03679E

 

 

PAN No.:

[Permanent Account No.]

AAACO7384C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is primarily engaged in business of producing PUF required for insulation purpose and industrial use.

 

 

No. of Employees :

50 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (46)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 53000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated during the year 2005 having satisfactory track.

 

Available financial indicates company’s acceptable financial risk profile marked by decent reserves position with low borrowings recorded and fair profitability of the company.

 

Further, the rating also takes into consideration favorable gap between trade payables and trade receivables.

 

Trade relations are reported to be fair. Business is active. Payment terms are reported to be usually correct and as per commitments.

 

The company can be considered normal for business dealing 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 PARTED BY

 

Name :

Ms. Mayuri Jungade

Designation :

Admin Manager

Contact No.:

91-22-27641347

 

 

LOCATIONS

 

Registered Office/ Factory :

R-875, TTC Industrial Area, MIDC, Near Golden Garage Rabale, Navi Mumbai – 400 701, Maharashtra, India

Tel. No.:

91-22-27641347/ 27641362/ 61/ 63/ 2764136

Mobile No.:

91-9821024110 (Mr. Sanjay Haripant Valsangkar)

Fax No.:

91-22-27641347

E-Mail :

omkarpufinsulation@yahoo.co.in

response@omkarpufinsulation.com

Website :

www.omkarpufinsulation.com

Area :

6000 sq. ft.

Location :

Owned

Locality :

Industrial

 

 

DIRECTORS

 

AS ON 26.09.2014

 

Name :

Mr. Sanjay Haripant Valsangkar

Designation :

Director

Address :

1003, Chandan Apartment, Huttatma Chaphekar Bandhu Marg, Mulund (East), Mumbai – 400 081, Maharashtra, India

Date of Birth/Age :

05.11.1961

Date of Appointment :

24.05.2007

DIN No.:

00145880

 

Name :

Mr. Prafull Sadanand Joshi

Designation :

Director

Address :

305, 3rd Floor, Chintamani Co-Operative Housing Society, B K Road, Mulund (East), Mumbai – 400 081, Maharashtra, India

Date of Birth/Age :

08.01.1961

Date of Appointment :

13.04.2005

DIN No.:

00671385

 

Name :

Mr. Yugandhara Sanjay Valsangkar 

Designation :

Director

Address :

A/4, Vishakha Co-Operative Housing Society, Sane Guruji Nagar, Mulund (East), Mumbai – 400 081, Maharashtra, India 

Date of Birth/Age :

31.05.1969

Date of Appointment :

13.04.2005

DIN No.:

00671591

 

Name :

Mrs. Pravina Prafulla Joshi

Designation :

Director

Address :

305, 3rd Floor, Chintamani Co-Operative Housing Society, B.K. Road, Mulund (East), Mumbai – 400 081, Maharashtra, India

Date of Birth/Age :

16.10.1964

Date of Appointment :

13.04.2005

DIN No.:

02639850

 

 

KEY EXECUTIVES

 

Name :

Ms. Mayuri Jungade

Designation :

Admin Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 26.09.2014

 

Names of Shareholders

 

No. of Shares

Percentage of Holding

Sanjay Haripant Valsangkar

2500

25.00

Prafull Sadanand Joshi

2500

25.00

Yugandhara Sanjay Valsangkar 

2500

25.00

Pravina Prafull Joshi

2500

25.00

Total

10000

100.00

 

 

 

AS ON 26.09.2014

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is primarily engaged in business of producing PUF required for insulation purpose and industrial use.

 

 

Products :

·         PUF Pipe Section

·         PUF Pipe Support and Clamp

·         PUF Slab

·         PUF Sandwich Panels  

·         PUF Doors

·         In-Situ Foaming

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Rigid Polyurethane

Countries :

Qatar

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Cash, Cheque and Credit 

 

 

Purchasing :

Cash, Cheque and Credit 

 

 

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

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour

Market Goodwill

Overall

Not Divulged

Not Divulged

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality

Delivery Behaviour

Overall

Not Divulged

Not Divulged

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

50 (Approximately)

 

 

Bankers :

Banker Name

Bank of India

Branch Address

Mulund (East) Branch,  Shree Vallabh Apartment, Hanuman Chowk, Lokmanya Tilak Road, Mulund (East), Mumbai – 400 080, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

Secured Loans

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

LONG TERM BORROWINGS

 

 

Term Loans – From Banks

 

 

Bank of India

(Secured against Plant and Machinery)

(The Loan is Repayable in 60 monthly installments of Rs.0.075 million)

0.000

0.822

Less: Repayment of Loan due in next 12 months

0.000

(0.822)

SHORT TERM BORROWINGS

 

 

Term Loan repayable in 12 months

[Installment of Rs.0.075 million per month less interest (Previous year Rs.0.050 million)]

0.000

0.822

Loan Payable on Demand

 

 

Overdraft facilities with Bank of India

 

 

Secured against debtors

3.810

1.528

Secured against stock

1.498

1.499

Total

5.308

3.849

 

Banking Relations :

--

 

 

Auditors :

 

Name :

CVK and Associates

Chartered Accountants

Address :

A-103/ 104, Varad Laxmi, Gokhale Road, Mulund (East), Mumbai – 400 081, Maharashtra, India

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

AAAFC3657K

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

AS ON 26.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

50000

Equity Shares

Rs.10/- each

Rs.0.500 million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

10000

Equity Shares

Rs.10/- each

Rs.0.100 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

0.100

0.100

0.100

(b) Reserves & Surplus

18.448

16.526

15.130

(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)

18.548

16.626

15.230

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

10.909

12.786

12.984

(b) Deferred tax liabilities (Net)

0.672

0.642

0.616

(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)

11.581

13.428

13.600

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

5.308

3.849

1.665

(b) Trade payables

10.754

6.505

7.255

(c) Other current liabilities

4.277

2.551

2.841

(d) Short-term provisions

0.829

1.805

4.321

Total Current Liabilities (4)

21.168

14.710

16.082

 

 

 

 

TOTAL

51.297

44.764

44.912

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

15.124

15.209

14.044

(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

0.332

0.322

0.378

(e) Other Non-current assets

1.539

2.608

4.741

Total Non-Current Assets

16.995

18.139

19.163

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

7.043

6.277

5.125

(c) Trade receivables

22.385

18.203

19.366

(d) Cash and cash equivalents

4.771

1.787

0.897

(e) Short-term loans and advances

0.103

0.358

0.361

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

34.302

26.625

25.749

 

 

 

 

TOTAL

51.297

44.764

44.912

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Turnover

123.721

88.964

89.504

 

 

Other Income

NA

NA

NA

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION & EXCEPTIONAL ITEMS

4.874

4.018

5.910

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

2.093

1.953

1.997

 

 

 

 

 

 

EXCEPTIONAL ITEMS

0.000

0.000

0.613

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX

2.781

2.065

3.300

 

 

 

 

 

Less

TAX                                                                 

0.859

0.669

1.020

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX

1.922

1.396

2.280

 

 

 

 

 

 

Earnings/ (Loss) Per Share (Rs.)

192.19

139.59

NA

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

150.000

 

 

 

 

 

The above information has been parted by Ms. Mayuri Jungade (Admin Manager).

 

 

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

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Turnover)

(%)

1.55

1.57

2.55

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

5.42

4.61

7.35

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.15

0.12

0.22

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.87

1.00

0.96

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.62

1.81

1.60

 

 

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

0.100

0.100

0.100

Reserves & Surplus

15.130

16.526

18.448

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

15.230

16.626

18.548

 

 

 

 

Long-term borrowings

12.984

12.786

10.909

Short term borrowings

1.665

3.849

5.308

Total borrowings

14.649

16.635

16.217

Debt/Equity ratio

0.962

1.001

0.874

 

 

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)

Turnover

89.504

88.964

123.721

 

 

(0.603)

39.069

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Turnover

89.504

88.964

123.721

Profit

2.280

1.396

1.922

 

2.55%

1.57%

1.55%

 

 

 

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

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 four 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

 

NOTE:

 

The registered office of the company has been shifted from Navsagar Factory Compound, Lake Road, Bhandup (West), Mumbai – 400 078, Maharashtra, India to the present address w.e.f. 01.12.2006.

 

 

UNSECURED LOAN

 

Particulars

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

LONG TERM BORROWINGS

 

 

Loans and advances from Related Parties (Directors)

 

 

Prafull Joshi

4.322

4.956

Sanjay Valsangkar

4.443

5.018

Pravina Joshi

0.573

1.001

Yugandhara Valsangkar

1.571

1.811

Total

10.909

12.786

 

 

INDEX OF CHARGES:

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10058736

19/06/2007

1,420,000.00

BANK OF INDIA

MULUND [EAST] BRANCH, MULUND, MUMBAI, MAHARASHTRA - 400081, INDIA

A18361055

2

90365684

03/12/2013 *

15,691,000.00

BANK OF INDIA

MULUND (EAST) BRANCH, SHREE VALLABH APARTMENTS, HANUMAN, CHOWK, LOKMANYA TILAK ROAD, MULUND (EAST), MUMBAI, MAHARASHTRA - 400080, INDIA

B91487686

 

* Date of charge modification

 

 

FIXED ASSETS:

 

·         Land

·         Buildings

·         Plant and Machinery

·         Furniture and Fixtures

·         Vehicles

·         Office Equipment

·         Computer

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

Indian Rupees

US Dollar

1

Rs.65.29

UK Pound

1

Rs.99.05

Euro

1

Rs.73.19      

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

JYTK

 

 

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

5

--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

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

 

46

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

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NB

                                       New Business

 

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PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.