MIRA INFORM REPORT

 

 

Report No. :

345112

Report Date :

12.10.2015

 

IDENTIFICATION DETAILS

 

Name :

LILA POLYMERS PRIVATE LIMITED

 

 

Registered Office :

123, Mittal Tower, C Wing, 12th Floor, Nariman Point, Mumbai – 400021, Maharashtra

Tel. No.:

91-22-40831111

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

24.12.2002

 

 

Com. Reg. No.:

11-138388

 

 

Capital Investment / Paid-up Capital :

Rs.2.345 Million

 

 

CIN No.:

[Company Identification No.]

U24134MH2002PTC138388

 

 

IEC No.:

0303018011

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUML04277A

 

 

PAN No.:

[Permanent Account No.]

AAACL8784H

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader and Exporter of Polymers and Petrochemical Products.

 

 

No. of Employees :

35 (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

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was established in the year 2002 by Mr. Jagdish Tanna. The company is engaged in Trading of Polymers and Petrochemical Products. It has satisfactory track record.

 

Profitability of the company is low during FY 2014. However, the rating takes into consideration decent networth base and significant improvement in gearing ratios. Further, it has achieved growth in its sales turnover and profit of the company.

 

The rating also takes into consideration long standing experience of the company’s promoters in the polymer trading business and its diversified customer profile.

 

Trade relations are fair. Business is active. Payment terms 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.

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

Fund based limits= BB

Rating Explanation

Have inadequate credit quality and carry high credit risk.

Date

September, 2015

 

 

Rating Agency Name

ICRA

Rating

Non-fund based limits= A4+

Rating Explanation

Have minimal degree of safety and carry very high credit risk.

Date

September, 2015

 

 

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. Mathew George

Designation :

Accounts Manager

Contact No.:

91-22-40831111

 

 

LOCATIONS

 

Registered Office :

123, Mittal Tower, C Wing, 12th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India

Tel. No.:

91-22-40831111 / 1112 (100 Lines) / 28514616 / 66306541

Mobile No.:

91-9987037405 (Mr. Mathew George)

Fax No.:

91-22-40831122

E-Mail :

mathew@lilapolymers.com

jrt@lilapolymers.com

Website :

http://www.lilapolymers.com

Area :

975 Sq. Ft.

Location :

Owned

 

 

Marketing Office :

10, Vivek Industrial Estate, Uswal Lane, Walbhat Road, Goregaon (East),
Mumbai - 400063, Maharashtra, India

Tel. No.:

91-22-26855342

Fax No.:

91-22-26855879

 

 

Warehouse :

205, M.K. Patel Estate, Godown No. 4, N.H. No. 8, Near L and T Company, Ranoli, Vadodara – 391350, Gujarat, India 

 

 

Branch Office 1 :

189/V, Shed No. 5, Bahutha Savli, Vadodara – 391770, Gujarat, India

 

 

Branch Office 2 :

890, Road No. 14-P, Behind Bharat Gas, Vishwakarma, Jaipur, Rajasthan, India

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Jagdish Ranjit Tanna

Designation :

Director

Address :

Flat No. 11, Neel Sagar, Agkhan Road, Worli Sea Face, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

11.04.1969

Date of Appointment :

24.12.2002

DIN No.:

00494471

 

 

Name :

Mr. Deveshkumar Kanubhai Magia

Designation :

Additional director

Address :

A 101 Kukreja Palace, Vallabh Baug Extension Lane, Ghatkopar – East, Mumbai – 400075, Maharashtra, India

Date of Birth/Age :

29.04.1965

Date of Appointment :

25.09.2012

DIN No.:

01686565

 

 

KEY EXECUTIVES

 

Name :

Mr. Mathew George

Designation :

Accounts Manager

 

 

MAJOR SHAREHOLDERS

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

% of Holding

Jagdish Ranjit Tanna

148200

63.21

Reshma Jagdish Tanna

63000

26.87

Archana Vinay Birla

9000

3.84

Quest Profinadvisor Private Limited

4000

1.71

ANS Global Private Limited

9000

3.84

Parth Jagdish Tanna

1250

0.53

 

 

 

Total

234450

100.00

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

 

Percentage

Directors or relatives of Directors

94.46

Others

5.54

 

 

Total

100.00

 

BUSINESS DETAILS

 

Line of Business :

Trader and Exporter of Polymers and Petrochemical Products.

 

 

Products :

Polymers

 

·        Polyethylene

Low Density Polyethylene (LDPE)

Linear Low Density Polyethylene (LLDPE)

High Density Polyethylene (HDPE)

Raffia Grade1

HMHDPE

 

·        Polypropylene

Polypropylene (PP)

 

·        Polyethylene Terephthalate (PET)

Bottle Grade

Fiber Grade

 

·        Polyvinyl Chloride

Polyvinyl Chloride (PVC)

 

·        Styrenes

General Purpose Polystyrene (GPPS)

High Impact Polystyrene (HIPS)

Acrylonitrile Butadiene Styrene (ABS)

 

Other Products

Carbon Black

HDPE PIPES

 

Chemicals

 

·         Alcohols

 

Methanol

 

·        Anhydrides

Phthalic Anhydride

 

·        Chloralkali Chemicals

Caustic Soda

 

·        Fibre Intermediates

Caprolactam (CPL)

Triethylene Glycol (TEG)

Monoethylene Glycol (MEG)

Diethylene Glycol (DEG)

 

·        Others

Phosphoric acid (Food Grade and Technical Grade)

Paraffin Wax (Fully refined and Semi refined)

Hydrogen Peroxide

Titanium Dioxide (Anatase and Rutile)

 

·        General Commodities

Finished Products

PP Ropes

Baler Twines

 

·        Metal Products

Iron and Steel

High Melting Scrap 1 (HMS 1)

High Melting Scrap 2 (HMS 2)

      Steel billets

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

 

Products :
  • Polymers
  • Petrochemical

Countries :

European Countries

 

 

Imports :

 

Products :

Raw Material

Countries :
  • Thailand
  • Dubai
  • Middle East
  • USA
  • Indonesia

 

 

Terms :

 

Selling :

Cash, Credit

 

 

Purchasing :

Cash, Credit

 

 

PRODUCTION STATUS – NOT AVAILABLE

 

 

 

GENERAL INFORMATION

 

Suppliers :

Company Name :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark :

Not Divulged

 

 

Customers :

Company Name :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark :

Not Divulged

 

 

No. of Employees :

35 (Approximately)

 

 

Bankers :

Banker Name :

The Saraswat Cooperative Bank Limited

Branch :

Fort Forex Branch, Fort, Mumbai – 400001, 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 :

Not Divulged

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

Non-Fund Base= Rs.370.000 Million

Fund Base= Rs.70.000 Million

Account Operation :

Not Divulged

Remark :

Not Divulged

 

 

Banker Name :

Development Bank of Singapore

Branch :

Fort, Mumbai – 400001, 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 :

Not Divulged

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

Non-Fund Base= Rs.120.000 Million

Account Operation :

Not Divulged

Remark :

Not Divulged

 

 

Facilities :

SECURED LOANS

31.03.2014

Rs. In Million

31.03.2013

Rs. In Million

Long Term Borrowings

 

 

Other loans and advances

15.475

26.450

 

 

 

Short Term Borrowings

 

 

Other loans and advances

84.358

108.441

 

 

 

Total

99.833

134.891

 

 

Auditors :

 

Name :

Jatin Gulabrai Solanki and Company

Chartered Accountants

Address :

2/59, Gokul, R.B. Mehta Marg, Ghatkopar (East), Mumbai - 400077, Maharashtra, India

Tel. No.:

91-22-21027981

PAN No:

AABPS5281J

 

 

Collaborators :

Not Divulged

 

 

Membership :

Not Divulged

 

 

Others :

L.B. Polymers Private Limited

 

 

Relatives of Key management personnel :

·         Engiplast (I) Corporation

·         B.L. Polymers

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity Shares

Rs.10/- each

Rs.5.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

234450

Equity Shares

Rs.10/- each

Rs.2.345 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

2.345

2.020

2.020

(b) Reserves & Surplus

82.685

63.081

53.607

(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)

85.030

65.101

55.627

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

33.011

52.667

30.085

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

33.011

52.667

30.085

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

84.358

108.441

29.824

(b) Trade payables

324.853

218.316

161.887

(c) Other current liabilities

0.000

0.000

0.000

(d) Short-term provisions

10.372

10.505

5.467

Total Current Liabilities (4)

419.583

337.262

197.178

 

 

 

 

TOTAL

537.624

455.030

282.890

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

7.632

3.510

3.977

(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

3.615

3.462

1.227

(c) Deferred tax assets (net)

0.162

0.192

0.143

(d)  Long-term Loan and Advances

0.616

0.660

3.867

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

12.025

7.824

9.214

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

87.888

101.279

40.543

(c) Trade receivables

280.258

221.510

123.185

(d) Cash and cash equivalents

108.402

94.972

79.640

(e) Short-term loans and advances

0.000

0.000

0.000

(f) Other current assets

49.051

29.445

30.308

Total Current Assets

525.599

447.206

273.676

 

 

 

 

TOTAL

537.624

455.030

282.890

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

 

31.03.2013

31.03.2012

 

 

 

 

 

 

SALES

2831.345

1999.160

1136.911

 

 

 

 

 

 

EXPENSES

NA

NA

NA

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX 

NA

NA

NA

 

 

 

 

 

 

TAX                                                                 

NA

NA

NA

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX

9.545

9.474

7.729

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

40.71

46.90

38.26

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

3660.000

 

Expected Sales (2015-2016): Rs.420.000 Million

 

The above information has been parted by Mr. Methew

 

 

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) operations

20.768

(12.345)

NA

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

PAT / Sales

(%)

0.34

0.47

0.68

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.38

2.47

1.08

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.25

1.33

1.39

 

 

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

2.020

2.020

2.345

Reserves & Surplus

53.607

63.081

82.685

Net worth

55.627

65.101

85.030

 

 

 

 

long-term borrowings

30.085

52.667

33.011

Short term borrowings

29.824

108.441

84.358

Total borrowings

59.909

161.108

117.369

Debt/Equity ratio

1.077

2.475

1.380

 

 

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

1136.911

1999.160

2831.345

 

 

75.841

41.627

 

 

 

 

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

1136.911

1999.160

2831.345

Profit

7.729

9.474

9.545

 

0.68%

0.47%

0.34%

 

 

 

 

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)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

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

Yes

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

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 LOANS:

 

Particulars

31.03.2014

Rs. In Million

31.03.2013

Rs. In Million

Long Term Borrowings

 

 

Loans and advances from directors

17.536

26.217

 

 

 

Total

17.536

26.217

 

 

INDEX OF CHARGE:

 

Sr. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10533370

26/11/2014

34,320,000.00

DBS Bank Ltd

3rd Floor, Fort House, Dr. D N Road, Fort, Mumbai, Maharashtra - 400001, India

C35044155

2

10533366

26/11/2014

120,000,000.00

DBS Bank Ltd

3rd Floor, Fort House, Dr. D N Road, Fort, Mumbai, Maharashtra - 400001, India

C35042803

3

90243793

05/09/2013 *

440,000,000.00

Canara Bank

Mandvi Branch, Sujeer House,, 74, 76, Kazi Sayed Street,, Mumbai, Maharashtra - 400003, India

B88192737

 

*Date of modification Charges

 

 

FIXED ASSETS:

 

·         Land

·         Building

·         Plant and Machinery

·         Furniture and Fixture

·         Office Equipment

·         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 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.64.78

UK Pound

1

Rs.99.54

Euro

1

Rs.73.08

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NKT

 

 

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

3

--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

YES

--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

NB

NEW BUSINESS

 

 

 

 

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.