MIRA INFORM REPORT

 

 

Report No. :

345569

Report Date :

15.10.2015

 

IDENTIFICATION DETAILS

 

Name :

PHEONIX IMPEX PRIVATE LIMITED

 

 

Registered Office :

Raheja Centre, Office No. - 206, 2nd Floor, 214, Free Press Journal Marg, Nariman Point, Mumbai – 400021, Maharashtra

Tel. No.:

91-22-22841414

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

18.08.2004

 

 

Com. Reg. No.:

11-148075

 

 

Capital Investment / Paid-up Capital :

Rs.110.333 Million

 

 

CIN No.:

[Company Identification No.]

U51420MH2004PTC148075

 

 

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 :

Trader of HR Coils/Sheets and CR Coils/Sheets.

 

 

No. of Employees :

25  (Approximately)

 

 

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

 

Maximum Credit Limit :

USD 1400000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 2004 and it is a trader of HR. coils/sheet and CR. Coils/sheet.

 

For the financial year ended 2014, company reported marginal growth of 2.95% in its revenue profile whereas profitability margins remains low at 0.16% during the year under a review.

 

Rating takes into consideration extensive industry experience of promoters in trading business marked by company's established track record of business operations along with above average financial base and favorable gap between trade payables to its receivables.

 

Rating strength partially offset by its trading nature of business operations and moderate debt coverage indicators.

 

Trade relations are reported as fair. Payment terms are reported to be slow but correct.

 

In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

 

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 :

Mr. Sandeep Goyal

Designation :

Finance Manager

Contact No.:

91-9004637966

Date :

14.10.2015

 

 

LOCATIONS

 

Registered Office :

Raheja Centre, Office No. - 206, 2nd Floor, 214, Free Press Journal Marg, Nariman Point, Mumbai – 400021, Maharashtra, India

Tel. No.:

91-22-22841414

Mobile No.:

91-9004637966 (Mr. Sandeep Goyal)

Fax No.:

Not Available

E-Mail :

Andeep.goyal@topworthgroup.com

Area :

2500 Sq ft

Location :

Rented

Locality:

Commercial

 

 

Warehouse :

Plot No. C, Phase –9/12, Taloja Industrial Area, MID Taloja, Taluka – Panvel, Raigad – 410208, Maharashtra, India 

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Mr. Narendra Champalal Lodha

Designation :

Managing director

Address :

Flat No. 4, Cozy Mansion, 100/25, Gidney Park,, Salisbury Park,, Pune - 411037, Maharashtra, India

Date of Birth/Age :

29.12.1947

Date of Appointment :

01.04.2009

DIN No.:

00164574

PAN No.:

ABNPL3509R

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

U51420MH2004PTC148075

PHEONIX IMPEX PRIVATE LIMITED

Managing director

1/4/2009

18/08/2004

-

Active

NO

2

U51420PN2005PTC021380

AKSHATA SALES PRIVATE LIMITED

Director

6/10/2005

6/10/2005

-

Active

NO

3

U27109MH1993PLC074950

TOPWORTH URJA & METALS LIMITED

Director

30/09/2006

30/09/2006

4/8/2014

Active

NO

4

U27109CT2004PTC016643

CREST STEEL AND POWER PRIVATE LIMITED

Director

5/6/2007

5/6/2007

4/8/2014

Active

NO

5

U45200PN2010PTC136746

GVN DEVELOPERS PRIVATE LIMITED

Director

5/7/2010

5/7/2010

-

Active

NO

6

U93000DL2010NPL198079

ABHAY NARENDRA LODHA FOUNDATION

Director

15/01/2011

15/01/2011

-

Active

NO

 

 

Name :

Mr. Jayantkumar R Kasliwal

Designation :

Director

Address :

501, Amit Apartments, 5th Floor,, Raut Lane, Juhu,, Mumbai - 400049, Maharashtra, India

Date of Appointment :

25.10.2004

DIN No.:

00161506

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

U27106TG2003PTC040783

ROYALOAK STEELS PRIVATE LIMITED

Director

2/7/2003

2/7/2003

15/02/2013

Active

NO

2

U51420MH2004PTC148075

PHEONIX IMPEX PRIVATE LIMITED

Director

25/10/2004

25/10/2004

-

Active

NO

3

U51420MH2002PTC136512

NAVMI STEEL TRADERS PRIVATE LIMITED

Director

18/03/2005

18/03/2005

1/10/2009

Active

NO

4

U45209MH2011PTC216231

ASSEMBLE INFRA AND POWER PRIVATE LIMITED

Director

13/04/2011

13/04/2011

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Sandeep Goyal

Designation :

Finance Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2013

 

Names of Shareholders

 

No. of Shares

Abhay N. Lodha

 

706000

Ashwin N. Lodha.

 

695000

Vajendla R. Rao

 

2000

Narendra C. Lodha

 

12000

Navmi Steel Traders Private Limited, India

 

1530000

Pheonix Realtors Private Limited, India

 

1982000

Poscho Steels Private Limited, India

 

13000

Champalal Motilal Steel Company Private Limited, India

 

685000

Riya Real Estates Private Limited, India

 

1390000

Akshata Mercantile Private Limited, India

 

685000

Total

 

7700000

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2013

 

Category

Percentage

Bodies corporate

81.62

Directors or relatives of Directors

18.36

Other top fifty shareholders

0.02

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Trader of HR Coils/Sheets and CR Coils/Sheets.

 

 

Products :
  • HR Coils/Sheets
  • CR Coils/Sheets

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

PRODUCTION STATUS: NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Yatin Steels India Private Limited

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 :

Reference :

Harsh Steel Trade Private Limited

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 :

25  (Approximately)

 

 

Bankers :

Banker Name

State Bank of India

Branch Address

Backbay Reclamation Branch,

Raheja Chambers, Nariman Point, Mumbai - 400021, 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 :

(Rs. In Million)

 

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

SHORT TERM BORROWING

 

 

Loans repayable on demand

(Short Term Borrowing from Bank referred under

secured loan are secured by way of hypothecation of all types of inventories and Book debts)

245.772

246.119

Total

245.772

246.119

 

Auditors :

 

Name :

Jain and Chhoriya

Chartered Accountant

Address :

6, Bhiwandiwala Terrace, 2nd Floor, Above LG, Court Naka, Thane (West),

400 601, Maharashtra, India

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

AADFJ9495M

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates:
  • Topworth Pipes and Tubes Private Limited, India [U29120MH2005PTC157395]

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

12000000

Equity Shares

Rs.10/- each

Rs. 120.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

11033335

Equity Shares

Rs.10/- each

Rs. 110.333 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

110.333

77.000

77.000

(b) Reserves & Surplus

397.112

265.909

256.401

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

150.000

0.000

Total Shareholders’ Funds (1) + (2)

507.445

492.909

333.401

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

399.953

399.953

42.150

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

258.197

258.197

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

658.150

658.150

42.150

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

697.922

698.269

253.390

(b) Trade payables

310.557

363.424

467.449

(c) Other current liabilities

17.306

15.987

220.164

(d) Short-term provisions

94.639

85.274

27.527

Total Current Liabilities (4)

1120.424

1162.954

968.530

 

 

 

 

TOTAL

2286.019

2314.013

1344.081

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

0.006

0.009

0.010

(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

424.325

424.325

0.500

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

160.000

160.000

0.000

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

584.331

584.334

0.510

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

68.348

(b) Inventories

851.155

459.332

785.788

(c) Trade receivables

406.314

590.533

443.818

(d) Cash and cash equivalents

71.995

82.919

3.830

(e) Short-term loans and advances

66.489

46.129

41.787

(f) Other current assets

305.735

550.766

0.000

Total Current Assets

1701.688

1729.679

1343.571

 

 

 

 

TOTAL

2286.019

2314.013

1344.081

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Gross Income

8467.800

(Approximately)

8715.600

(Approximately)

8215.060

 

Other Income

NA

NA

 

 

TOTAL

NA

NA

8215.060

 

 

 

 

 

Less

EXPENSES

NA

NA

 

 

 

 

 

 

Less

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

NA

NA

166.325

 

 

 

 

 

Less

FINANCIAL EXPENSES

NA

NA

107.574

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

NA

NA

58.751

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

NA

NA

0.005

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

21.518

14.075

58.746

 

 

 

 

 

Less

TAX

6.982

4.567

19.060

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

14.536

9.508

39.686

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

1.32

1.23

NA

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

8000.000

 

Expected Sales (2015-2016) : Rs.8200.000 Million

 

The above information has been parted by Mr. Sandeep Goyal

 

 

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 flows from (used in) operations

(3.595)

(1307.721)

NA

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Return on Total Assets

(PBT/Total Assets}

(%)

1.16

0.74

4.37

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.04

0.03

0.18

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

2.16

2.23

0.89

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.52

1.49

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

77.000

77.000

110.333

Reserves & Surplus

256.401

265.909

397.112

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

150.000

0.000

Net worth

333.401

492.909

507.445

 

 

 

 

long-term borrowings

42.150

399.953

399.953

Short term borrowings

253.390

698.269

697.922

Total borrowings

295.540

1098.222

1097.875

Debt/Equity ratio

0.886

2.228

2.164

 

 

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

Yes

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

Yes

17

Details of sister concerns

Yes

18

Major suppliers

Yes

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

 

NOTE: Registered office of the company has been shifted from Raheja Centre Off No 4214, Free Press Journal Marg, Nariman Point, Mumbai -400021, Maharashtra, India to the present address w.e.f. 27.02.2014

 

UNSECURED LOAN

 

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Rupee term loans from others

399.953

399.953

SHORT TERM BORROWING

 

 

Loans repayable on demand

450.000

450.000

Other loans and advances, others

2.150

2.150

Total

852.103

852.103

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

80004058

15/09/2008 *

550,000,000.00

STATE BANK OF INDIA

MID CORPORATE LOAN ADMINISTARATION UNIT, SHREE HA
RI BUILDING, FOUR BUNGLOW, ANHERI (W), MUMBAI, MAH
ARASHTRA - 400053, INDIA

A49890601

 

* Date of charge modification

 

FIXED ASSETS

 

Tangible 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.65.11

UK Pound

1

Rs.99.50

Euro

1

Rs.74.24

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

KVT

 

 

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

4

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--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

YES

--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.