MIRA INFORM REPORT

 

 

Report No. :

344607

Report Date :

10.10.2015

 

IDENTIFICATION DETAILS

 

Name :

CREATIVE CORRUPACK PRIVATE LIMITED

 

 

Registered Office :

65 , Krishna Niwas, 4th Floor, 496  Kalbadevi Road, Mumbai – 400002, Maharashtra

Tel. No.:

91-22-22067490

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

12.11.2003

 

 

Com. Reg. No.:

11-143097

 

 

Capital Investment / Paid-up Capital :

Rs.5.314 Million

 

 

CIN No.:

[Company Identification No.]

U21020MH2003PTC143097

 

 

IEC No.:

0305033751

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMC12800E

 

 

PAN No.:

[Permanent Account No.]

AACCC2374A

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Importer of all types of packaging and packaging materials like corrugated boxes, cartoons, sheets, rolls, plates, partitions, etc.

 

 

No. of Employees :

80 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (49)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 2003 having satisfactory track record.

 

For the FY 2014, the company has achieved sales turnover of Rs.231.75 Million marked by profitability margin of 1.80%. There is increase of 37.48% in its profit as compared to previous year.

 

The company possesses adequate networth marked by huge increase in cash and cash equivalents and there is favourable gap between trade payables and receivables.

 

Trade relations are fair. Business is active. Payment are usually correct.

 

The company can be considered for business dealings on 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 PARTED BY

 

Name :

Mr. Ramesh Ketan

Designation :

Director

Contact No.:

91-22-22067490

Date :

09.10.2015

 

 

LOCATIONS

 

Registered Office :

65 , Krishna Niwas, 4th Floor, 496  Kalbadevi Road, Mumbai – 400002, Maharashtra, India

Tel. No.:

91-22-22067490

Fax No.:

91-22-22078045

E-Mail :

creative.corrupack@gmail.com

Website :

www.creativecorrupack.in

Location :

Owned

 

 

Factory :

141-A, Sapronde Village, P. O. Uchat, Kondla Road, Kudus, Taluka Wada, District Thane, Maharahtra, India

Location:

Owned

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Nikhil Ramesh Khetan

Designation :

Director

Address :

C-22 Sunita Society Kopri Colony, Thane (East), Mumbai - 400603, Maharashtra, India

Date of Appointment :

12.11.2003

DIN No.:

01136697

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

U65990MH1990PTC056948

KHETAN CONSULTANTS AND INVESTMENT COMPANY PRIVATE LIMITED

Director

11/11/2002

11/11/2002

-

Active

NO

2

U21020MH2003PTC143097

CREATIVE CORRUPACK PRIVATE LIMITED

Director

12/11/2003

12/11/2003

-

Active

NO

3

U21098MH2011PTC223563

Creative Paperbox Private Limited

Director

01/11/2011

01/11/2011

-

Active

NO

 

 

Name :

Mr. Ramesh Sedulal Khetan

Designation :

Director

Address :

C-22 Sunita Society, Kopari Colony Thane (East), Mumbai - 400603, Maharashtra, India

Date of Appointment :

20.04.2004

DIN No.:

01177298

 

 

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

U21020MH2003PTC143097

CREATIVE CORRUPACK PRIVATE LIMITED

Director

20/04/2004

20/04/2004

-

Active

NO

2

U25200MH1998PTC114184

KHETAN PLASTOPET PRIVATE LIMITED

Director

01/11/2008

01/11/2008

-

Active

NO

3

U21098MH2011PTC223563

Creative Paperbox Private Limited

Director

01/11/2011

01/11/2011

-

Active

NO

 

 

MAJOR SHAREHOLDERS

 

As on 30.09.2014

 

Names of Shareholders

No. of Shares

%age holding

Nikhil R Khetan

40500

7.62

Ramesh S Khetan

84500

15.90

Manju R Khetan

118000

22.21

R K khetan HUF

6800

1.28

Avani Jain

145500

27.38

Khetan Plastopet Private Limited

136100

25.61

Total

531400

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Importer of all types of packaging and packaging materials like corrugated boxes, cartoons, sheets, rolls, plates, partitions, etc.

 

 

Products :
  • Corrugated Boxes
  • Sheets
  • Packaging Materials
  • Packaging Boxes
  • Cartoons
  • Sheets
  • Rolls
  • Plates
  • Partitions

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

 

Products :

Raw Material

Countries :

China

 

 

Terms :

 

Selling :

Cash, L/C and Credit

 

 

Purchasing :

Cash, L/C 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

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Wholesalers, Retailers and End Users

Reference :

Hindustan Unilever

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 :

80 (Approximately)

 

 

Bankers :

Banker Name

Canara Bank

Branch Address

Aman Chembers, 113 Queens Road, Mumbai – 400004, 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)

Cash and Credit = Rs.75.000 Million

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

  • Standard Chartered Bank, 1st Floor, 270 D. N. Road, Fort, Mumbai - 400001, Maharashtra, India

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Term loan from Canara Bank (Secured against hypothecation of plant and machinery)

0.273

1.296

Term loan from ICICI Bank Limited (Secured against of Forklift)

0.000

0.317

Term loan from ICICI Bank Limited (Secured against hypothecation of Lorry)

0.780

1.604

SHORT TERM BORROWING

 

 

Cash credit facility from Canara bank (Secured against book debt and stock and books debts and personal guarantee of directors)

66.742

61.759

Total

67.795

64.976

 

Auditors :

 

Name :

Dinesh Rungta and Company

Chartered Accountants

Address :

65, Krishna Niwas, 496, Kalbadevi Road, Mumbai – 400002, Maharashtra, India

PAN No.:

AAAPR5054P

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

As on 30.09.2014

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

750000

Equity Shares

Rs.10/- each

Rs.7.500 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

531400

Equity Shares

Rs.10/- each

Rs.5.314 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

5.314

5.314

5.314

(b) Reserves & Surplus

34.822

30.654

27.623

(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)

40.136

35.968

32.937

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

29.175

23.746

21.519

(b) Deferred tax liabilities (Net)

0.776

0.882

0.936

(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)

29.951

24.628

22.455

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

66.742

61.759

56.680

(b) Trade payables

18.964

8.136

12.844

(c) Other current liabilities

2.916

9.495

2.136

(d) Short-term provisions

3.239

1.930

1.712

Total Current Liabilities (4)

91.861

81.320

73.372

 

 

 

 

TOTAL

161.948

141.916

128.764

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

41.949

45.968

41.102

(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)

1.000

0.050

0.000

(d)  Long-term Loan and Advances

5.942

0.924

0.218

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

48.891

46.942

41.320

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

57.593

47.952

37.437

(c) Trade receivables

36.915

40.021

39.375

(d) Cash and cash equivalents

11.706

2.023

3.943

(e) Short-term loans and advances

6.843

4.978

6.689

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

113.057

94.974

87.444

 

 

 

 

TOTAL

161.948

141.916

128.764

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

231.753

223.074

235.402

 

Other Income

 0.000

0.000

 NA

 

TOTAL

231.753

223.074

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

172.029

158.957

 NA

 

Utilities Consumed

12.670

12.467

 NA

 

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

(11.013)

(6.019)

 NA

 

Other Manufacturing Expenses

16.691

16.032

 NA

 

Employees benefits expense

6.169

4.367

 NA

 

Other expenses

13.720

16.671

 NA

 

TOTAL

210.266

202.475

NA

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

21.487

20.599

NA

 

 

 

 

 

Less

FINANCIAL EXPENSES

9.275

10.433

NA

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION 

12.212

10.166

10.246

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

6.149

5.913

5.639

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

6.063

4.253

4.607

 

 

 

 

 

Less

TAX

1.895

1.222

1.443

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

4.168

3.031

3.164

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

0.569

3.159

0.000

 

Components and Stores parts

1.727

0.047

0.469

 

Capital Goods

0.200

0.000

0.000

 

TOTAL IMPORTS

2.496

3.206

0.469

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

7.84

5.70

5.95

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

300.000

 

Expected Sales (2015-16): Rs.360.000 Million

 

The above information has been parted by Mr. Ramesh Khetan (Director).

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

2.190

2.999

1.596

Cash generated from operations

NA

NA

NA

Net cash flows from

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

1.80

1.36

1.34

 

 

 

 

 

Operating Profit Margin

(PBDIT / Sales)

(%)

9.27

9.23

NA

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

3.77

3.00

3.58

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.15

0.12

0.14

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

2.44

2.46

2.42

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.23

1.17

1.19

 

 

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

5.314

5.314

5.314

Reserves & Surplus

27.623

30.654

34.822

Net worth

32.937

35.968

40.136

 

 

 

 

long-term borrowings

21.519

23.746

29.175

Short term borrowings

56.680

61.759

66.742

Current Maturities of Long Term Debt

1.596

2.999

2.190

Total borrowings

79.795

88.504

98.107

Debt/Equity ratio

2.423

2.461

2.444

 

 

 

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)

Sales

235.402

223.074

231.753

 

 

(5.237)

3.891

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

235.402

223.074

231.753

Profit

3.164

3.031

4.168

 

1.34%

1.36%

1.80%

 

 

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)

Yes

16

No. of employees

Yes

17

Details of sister concerns

No

18

Major suppliers

No

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 four years

Yes

27

Reasons for variation <> 20%

----------------------

28

Estimation for coming financial year

Yes

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

 

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Unsecured loan from members and inter corporate

28.122

20.529

Total

28.122

20.259

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10544613

23/01/2015

30,000,000.00

STANDARD CHARTERED BANK

1ST FLOOR, 270 D N ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA

C41230053

2

90367501

21/08/2015 *

83,150,000.00

CANARA BANK

113, AMAR CHAMBERS, QUEEN ROAD, GIRGAON, MUMBAI -400004, MAHARASHTRA, INDIA

C65198673

 

* Date of charge modification

 

 

FIXED ASSETS

 

  • Land
  • Building
  • Plant and Machinery
  • Boiler
  • Cable and Installation
  • Pipe and Fitting
  • Office Equipment
  • Computer
  • Furniture

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.64.78

UK Pound

1

Rs.99.54

Euro

1

Rs.73.08

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

AMT

 

 

Report Prepared by :

PNM

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY 

1~10

6

--LIQUIDITY

1~10

6

--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

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

49

 

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.