MIRA INFORM REPORT

 

 

Report No. :

346347

Report Date :

27.10.2015

 

IDENTIFICATION DETAILS

 

Name :

SPEARE PET PRIVATE LIMITED

 

 

Registered Office :

6-3-886, Flat No.B-303, My Home Hill View, Apartment, Somajiguda, Hyderabad – 500081, Telangana

Mob. No.:

91-9393843320 (Mr. Lakshmana Murthy)

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

07.05.2007

 

 

Com. Reg. No.:

36-053839

 

 

Capital Investment / Paid-up Capital :

Rs. 18.217 Million

 

 

CIN No.:

[Company Identification No.]

U25200TG2007PTC053839

 

 

IEC No.:

0907013911

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAKCS9312C

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

Manufacturer of Pet Sheets, Plastic Packaging Material, Plastic Raw Material and Plastic Pet Products.

 

 

No. of Employees :

35 (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 90000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 2007, having satisfactory track record.

 

For the FY 2014 the company has achieved decent sales turnover marked by satisfactory profitability margin. However there is dip of 28.41% in its sales turnover as compared to previous year.

 

The company possesses adequate net worth base marked increase in its cash accruals and there is favorable gap between trade payables and receivables.

 

Trade relations are fair. Business is active. Payments are usually met in time.

 

The company can be considered 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 :

Mr. V Lakshmana Murthy

Designation :

Accounts Manager

Contact No.:

91-40-40123231

Date :

26.10.2015

 

 

LOCATIONS

 

Registered Office :

6-3-886, Flat No.B-303, My Home Hill View, Apartment, Somajiguda, Hyderabad – 500081, Telangana, India

Tel. No.:

Not Available

Mobile No.:

91-9393843320 (Mr. Lakshmana Murthy)

Fax No.:

Not Available

E-Mail :

accounts@spearepet.co.in

Website :

spearepet@spearepet.co.in

 

 

Factory :

Survey No. 254, Palat Village, Manoharabad Post, Via – Kalakal, Medak – 502334, Andhra Pradesh, India

Tel. No.:

91-40-6633321

 

 

Head Office:

Flat No. 402, A-Block Prithvi Opulence, Spring Field Colony, Jeedimetla (V), Hyderabad – 500067, Telangana, India

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Randeep Gampa

Designation :

Managing Director

Address :

6-3-886, Flat No. B - 303, My Home Hill View, Apartments, Somajiguda, Hyderabad – 500082, Andhra Pradesh, India

Date of Birth/Age :

25.08.1974

Date of Appointment :

07.05.2007

DIN No.:

01448781

 

 

Name :

Udaydeep Gampa

Designation :

Director

Address :

1-2-412/5, Flat No.401, Carcharla Castal , Domalguda, Hyderabad – 500029, Andhra Pradesh, India

Date of Birth/Age :

14.09.1975

Date of Appointment :

07.05.2007

DIN No.:

01448750

 

 

Name :

Pallavi Gampa

Designation :

Director

Address :

8-3-886, Flat No.B303 My Home Hill View Apts., Raj Bhavan Road Somajiguda, Hyderabad – 500082, Andhra Pradesh, India

Date of Birth/Age :

09.01.1976

Date of Appointment :

01.09.2007

DIN No.:

01461718

 

 

Name :

Sreegowri Gampa

Designation :

Director

Address :

1-2-412/5, F-401, Carcharla Castle, Domulaguda, Hyderabad – 500029, Andhra Pradesh, India

Date of Birth/Age :

21.08.1975

Date of Appointment :

01.09.2007

DIN No.:

01461707

 

 

KEY EXECUTIVES

 

Name :

Mr. V Lakshmana Murthy

Designation :

Accounts Manager

 

 

MAJOR SHAREHOLDERS

 

AS ON 30.09.2014

 

SHAREHLDING DETAILS FILE ATTACHED.

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Pet Sheets, Plastic Packaging Material, Plastic Raw Material and Plastic Pet Products.

 

 

Products :

Not Divulged

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Cash, L/C and Credit

 

 

Purchasing :

Cash, L/C and Credit

 

 

 

GENERAL INFORMATION

 

Suppliers :

Not Divulged

Reference :

Sreenath Agencies

Name of the Person :

Mr. Suresh (Marketing Manager)

Contact No.:

91-9908016996

Since How Long Known :

6 Years

Experience :

Good

Maximum Limit Dealt :

Not Divulged

Remark :

They gave us positive response about subject company they are satisfied with their payment behavior and market goodwill.

 

 

Customers :

Wholesaler, Retailers and End Users

Reference :

J. R. Polymer

Name of the Person :

Mr. Muttukumar (Proprietor)

Contact No.:

91-9840317725

Since How Long Known :

7 Years

Experience :

Good

Maximum Limit Dealt :

Not Divulged

Remark :

They gave us positive response about subject company they are satisfied with their product quality and delivery behavior.

 

 

No. of Employees :

35 (Approximately)

 

 

Bankers :

Banker Name

Indiain Overseas Bank

Branch Address

Kalyan Nagar Branch, Moti Nagar, X Road, Hyderabad, Telangana, India

Person Name (With Designation)

Mr. Suren (Chief Manager)

Contact Number

91-40-23421518

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 Credit Rs. 22.000 Million

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2015

As on

31.03.2014

LONG TERM BORROWING

 

 

Term loans from banks

6.137

8.651

Vehicle loan from Other financial institutions

0.866

1.323

SHORT TERM BORROWING

 

 

Cash credit facilities

15.586

15.552

Letter of Credit

6.650

0.000

Total

29.239

25.526

 

Note:

 

Details of Loans taken from banks and financial institutions along with repayment schedules:

Particulars

Rate of Interest

Years

2015-2016

2016-2017

2017-2018

IOB Term Loan-300001 Vehicle Loan from BMW

12.75%

3.840

3.840

2.297

India Finance Limited

10.84%

0.452

0.504

0.361

Bajaj Finance Limited

20.22%

0.210

0.000

0.000

HDFC Bank Limited

17.00%

0.443

0.000

0.000

 

 

Note :

 

Loan from Indian Overseas Bank (IOB) is secured by hypothecation of plant and machinery and first charge on the blocked assets of the company present and future and collateral security of Factory Land, Building and personal guarantee of directors Mr. Randeep, Mr. Uday, Mrs. Pallavi and Mrs. Gowri

 

Vehicle loans from other financial institutions are secured by hypothecation of vehicles.

 

Loans taken from related parties are taken @11.75% interest and treated as long term as the company is not expecting any repayments during next financial year

 

Loan from bank represents loan taken from HDFC Bank Limited and carries an interest @ 17.00% p.a.

 

Auditors :

 

Name :

M. Anandam and Company

Chartered Accountants

Address :

7-a, 7th Floor, Surya Tower, Sardar Patel Road, Secunderabad – 500003, Andhra Pradesh, India

Tel. No.:

91-40-27812377/27812034

Fax No.:

91-40-27812091

E-Mail :

www.anandam.in

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Enterprise in which key management personnel have control :
  • Ganapa Enterprises
  • Vijaya Enterprises

 

 

CAPITAL STRUCTURE

 

As on 31.03.2015

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

2100000

Equity Shares

Rs.10/- each

Rs.21.000 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

1821653

Equity Shares

Rs.10/- each

Rs.18.217 Million

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2015

31.03.2014

31.03.2013

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

18.217

18.217

13.864

(b) Reserves & Surplus

13.468

11.364

9.596

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

1.009

Total Shareholders’ Funds (1) + (2)

31.685

29.581

24.469

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

17.671

19.083

14.215

(b) Deferred tax liabilities (Net)

6.282

6.486

6.123

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.310

0.204

0.000

Total Non-current Liabilities (3)

24.263

25.773

20.338

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

22.236

15.552

16.749

(b) Trade payables

5.417

5.034

11.808

(c) Other current liabilities

8.595

9.298

9.916

(d) Short-term provisions

0.016

0.151

0.029

Total Current Liabilities (4)

36.264

30.035

38.502

 

 

 

 

TOTAL

92.212

85.389

83.309

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

44.746

48.634

38.017

(ii) Intangible Assets

0.019

0.029

0.000

(iii) Capital work-in-progress

0.000

0.000

6.387

(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

1.001

0.739

1.777

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

45.766

49.402

46.181

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

32.405

25.079

26.547

(c) Trade receivables

9.884

7.709

6.532

(d) Cash and cash equivalents

2.095

0.230

1.727

(e) Short-term loans and advances

2.062

2.969

2.322

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

46.446

35.987

37.128

 

 

 

 

TOTAL

92.212

85.389

83.309

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

112.008

156.380

129.913

 

Other Income

0.026

0.130

0.081

 

TOTAL

112.034

156.510

129.994

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

84.106

116.392

110.715

 

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

(5.154)

5.663

(7.874)

 

Employees benefits expense

9.465

8.076

7.342

 

Other expenses

11.737

15.374

10.135

 

TOTAL

100.154

145.505

120.318

 

 

 

 

 

Less

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

11.880

11.005

9.676

 

 

 

 

 

Less

FINANCIAL EXPENSES

5.095

5.881

5.083

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION 

6.785

5.124

4.593

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

4.427

2.493

2.168

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

2.358

2.631

2.425

 

 

 

 

 

Less

TAX

0.254

0.863

0.740

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

2.104

1.768

1.685

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

1.032

0.000

NA

 

TOTAL EARNINGS

1.032

0.000

NA

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

1.16

1.24

1.21

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

4.945

5.968

5.607

Cash generated from operations

(8.812)

(8.828)

NA

Net cash flow from operating activities

2.481

1.884

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT/Sales)

(%)

1.88

1.13

1.30

 

 

 

 

 

Operating Profit Margin

(PBDIT / Sales)

(%)

10.61

7.04

7.45

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

2.56

3.08

3.15

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.07

0.09

0.10

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

1.42

1.37

1.49

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.28

1.20

0.96

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

13.864

18.217

18.217

Reserves & Surplus

9.596

11.364

13.468

Share Application money pending allotment

1.009

0.000

0.000

Net worth

24.469

29.581

31.685

 

 

 

 

long-term borrowings

14.215

19.083

17.671

Short term borrowings

16.749

15.552

22.236

Current Maturities of Long Term Debt

5.607

5.968

4.945

Total borrowings

36.571

40.603

44.852

Debt/Equity ratio

1.495

1.373

1.416

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

129.913

156.380

112.008

 

 

20.373

(28.374)

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

129.913

156.380

112.008

Profit

1.685

1.768

2.104

 

1.30%

1.13%

1.88%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

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

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

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

Yes

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

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

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

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

33

Market information

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

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2015

As on

31.03.2014

LONG TERM BORROWING

 

 

Loans from other financial institutions

0.000

0.209

Loans from related parties

10.668

8.450

Loans from banks

0.000

0.449

Total

10.668

9.108

 

 

 

 

 

INDEX OF CHARGES

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10080216

12/12/2013 *

46,600,000.00

Indian Overseas Bank

Kalyan Nagar Branch, Moti Nagar Cross Roads, Hyderabad - 500018, Telangana, INDIA

B93385177

 

* Date of charge modification

 

 

FIXED ASSETS

 

  • Building
  • Plant and Machinery
  • Computer
  • Vehicles
  • Electrical Equipment

 

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.64.96

UK Pound

1

Rs.99.54

Euro

1

Rs.71.64

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

AMT

 

 

Report Prepared by :

PNM / JYO

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY 

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

4

--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

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.