MIRA INFORM REPORT

 

 

 

 

 

Report No. :

345224.2

Report Date :

28.10.2015

 

IDENTIFICATION DETAILS

 

Name :

VIPUL WATER PROOFERS PRIVATE LIMITED

 

 

Registered Office :

A-2 and 3, Jay Appartments, Opposite Dev-20, Azad Society Road, Ambawadi, Ahmedabad-380015, Gujarat

Tel. No.:

91-79-26752251/ 26732027

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

15.05.1996

 

 

Com. Reg. No.:

04-029623

 

 

Capital Investment / Paid-up Capital :

Rs. 0.100 Million

 

 

CIN No.:

[Company Identification No.]

U45209GJ1996PTC029623

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMV00114C

 

 

 

PAN No.:

[Permanent Account No.]

AAACV4998H

 

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Dealer and Applicator of Water Proofers.

 

 

No. of Employees :

30 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 19900

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated in the year 1996, engaged in providing general water proofing products, roof garden water proofing products, etc. It has satisfactory track.

 

For the financial year ended 2014, company possesses above average operational performance with fair profitability.

 

Further, rating also considers company’s acceptable financial profile supported by adequate net worth base, good liquidity position and favourable gap between trade payable to its receivables.

 

Trade relations are fair. Business is active. Payment terms are reported to be usually correct.

 

In view of aforesaid, 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.

 

 

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. Shreyas

Designation :

Accountant

Contact No.:

91-9879514953

Date :

27.10.2015

 

 

LOCATIONS

 

Registered Office :

A-2 and 3, Jay Appartments, Opposite Dev-20, Azad Society Road, Ambawadi, Ahmedabad-380015, Gujarat, India

Tel. No.:

91-79-26752251/ 26732027

Mobile No.:

91-9825414946 (Mr. Bharatbhushan Babulal Shah)

91-9978914953 (Mr. Deepak)

Fax No.:

Not Available

E-Mail :

vipulwaterproofer@yahoo.com

 

 

Warehouse :

Agam Aditya Estate, Opposite Kankuba Hall, Near N.H. 8, Aslali Gam, Ahmedabad, Gujarat, India

 

 

DIRECTORS

 

AS ON 27.09.2014

 

Name :

Mr. Kalpesh Jayantilal Shah

Designation :

Director

Address :

E 401, Tulip Citadel, Ambawadi, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

20.12.1953

Date of Appointment :

15.05.1996

DIN No.:

00148454

 

 

Name :

Mr. Bharatbhushan Babulal Shah

Designation :

Director

Address :

4, Shakti Edifis, Near Ashwamegh Bunglow - III, Near Bileshwar Mahadev, Satellite, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

28.11.1954

Date of Appointment :

15.05.1996

DIN No.:

00158663

 

 

KEY EXECUTIVES

 

Name :

Mr. Shreyas

Designation :

Accountant

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 27.09.2014

 

Names of Shareholders

 

No. of Shares

 

Bharatbhushan Babulal Shah

 

1500

Kalpesh Jayantilal Shah

 

1500

Bharatbhushan Babulal Shah as a Karta of Bharatbhushan B. Shah HUF

 

700

Dipikaben Bharatbhushan Shah

 

700

Kalpesh Jayantilal Shah as a Karta of Kalpesh J. Shah HUF

 

700

Pallaviben Kaplesh Shah

 

700

Madhuben Jayantilal Shah

 

700

Babulal Dalichand Shah

 

499

Khevna Kalpesh Shah

 

700

Harsh Bharatbhushan Shah

 

600

Namrata Kalpesh Shah

 

700

Madhuben Babulal Shah

 

1

Ami Shah, and Kartik Shah

 

700

Nisha H. Shah

 

200

Harsh B. Shah as a  Karta of Harsh B. Shah HUF

 

100

Total

 

10000

 

 

AS ON 27.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Directors or relatives of directors

100.00

Total

 

 

 

BUSINESS DETAILS

 

Line of Business :

Dealer and Applicator of Water Proofers.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

--

Countries :

--

 

 

Imports :

 

Products :

--

Countries :

--

 

 

Terms :

 

Selling :

Credit (30 days)

 

 

Purchasing :

Credit (30 days, 60 days and 90 days/ 120 days) (Depend on Volume)

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

End Users and OEMs

 

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

30 (Approximately)

 

 

Bankers :

Bank Name:

Nutan Nagarik Sahakari Bank Limited

Branch:

Central Office, Near Samartheshwar Mahadevji, Near Law Garden, Ellisbridge, Ahmedabad - 380006, Gujarat, 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 A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

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

Cash Credit= Rs. 10.000 Million

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         State Bank of India

Monkey Bag Branch, Ambavadi, Ahmedabad-380015, Gujarat, India

OD=Rs. 1.400 Million

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

State Bank of India OD A/c

0.232

0.000

 

 

 

SHORT TERM BORROWINGS

 

 

N.N.S.B. A/c

3.214

3.433

 

 

 

Total

3.446

3.433

 

Banking Relations :

--

 

 

Auditors :

 

Name :

R. R. Tibrewala and Company

Chartered Accountants

Address :

403, Samudra, Opposite Old High Court, Off Ashram Road, Ahmedabad-380014, Gujarat, India

Tel. No.:

91-79-27545691/ 92

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

AABFR9087R

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Sister Concern :

Diparth Enterprise

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10,000

Equity Shares

Rs. 10/- each

Rs. 0.100 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10,000

Equity Shares

Rs. 10/- each

Rs. 0.100 Million

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

0.100

0.100

0.100

(b) Reserves & Surplus

6.881

5.443

3.994

(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)

6.981

5.543

4.094

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

12.214

7.771

3.973

(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)

12.214

7.771

3.973

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

3.214

3.433

0.000

(b) Trade payables

14.450

20.194

16.295

(c) Other current liabilities

0.609

0.369

0.023

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

18.273

23.996

16.318

 

 

 

 

TOTAL

37.468

37.310

24.385

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

1.708

2.102

1.675

(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

0.100

0.100

0.100

(c) Deferred tax assets (net)

0.113

0.082

0.076

(d)  Long-term Loan and Advances

7.235

5.819

3.223

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

9.156

8.103

5.074

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

0.000

0.000

0.000

(c) Trade receivables

23.154

23.181

13.829

(d) Cash and cash equivalents

3.104

4.120

4.691

(e) Short-term loans and advances

2.054

1.906

0.791

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

28.312

29.207

19.311

 

 

 

 

TOTAL

37.468

37.310

24.385

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Revene from Operations

82.400

84.507

71.321

 

 

Other Income

0.519

0.650

0.651

 

 

TOTAL                                     (A)

82.919

85.157

71.972

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Purchases of Stock-in-Trade

46.762

51.394

40.703

 

 

Manufacturing Expenses

18.461

15.935

15.370

 

 

Employees benefits expense

10.238

10.256

7.919

 

 

Other expenses

3.584

4.277

5.352

 

 

TOTAL                                     (B)

79.045

81.862

69.344

 

 

 

 

 

 

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

3.874

3.295

2.628

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

1.329

0.720

0.592

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

2.545

2.575

2.036

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

0.462

0.451

0.421

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

2.083

2.124

1.615

 

 

 

 

 

Less

TAX                                                                  (H)

0.645

0.676

0.465

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

1.438

1.448

1.150

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

5.442

3.994

2.844

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

6.880

5.442

3.994

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

 

 

Basic

143.83

144.85

115.04

 

Diluted

143.83

144.85

115.04

 

PARTICULARS

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

97.500

 

 

 

 

 

Expected Sales (2015-2016): Rs. 100.000 Million

 

The above information has been parted by Mr. Shreyas (Accountant)

 

 

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

NA

NA

NA

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

1.75

1.71

1.61

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

4.70

3.90

3.68

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

5.59

5.72

6.67

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.30

0.38

0.39

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

2.21

2.02

0.97

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.55

1.22

1.18

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

0.100

0.100

0.100

Reserves & Surplus

3.994

5.443

6.881

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

4.094

5.543

6.981

 

 

 

 

Long-term borrowings

3.973

7.771

12.214

Short term borrowings

0.000

3.433

3.214

Total borrowings

3.973

11.204

15.428

Debt/Equity ratio

0.970

2.021

2.210

 

 

 

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

71.321

84.507

82.400

 

 

18.488

(2.493)

 

 

 

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

71.321

84.507

82.400

Profit

1.150

1.448

1.438

 

1.61%

1.71%

1.75%

 

 

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

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

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

 

 

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

90110135

07/08/2014 *

10,000,000.00

NUTAN NAGARIK SAHAKARI BANK LIMITED

"CENTRAL OFFICE" NEAR SAMARTHESHWAR MAHADEVJI, N
EAR LAW GARDEN,ELLISBRIDE, AHMEDABAD-
380006, GUJARAT, INDIA

C15546286

 

 

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Loans from Directors

0.291

0.190

Loans from Shareholders

11.691

7.581

 

 

 

Total

11.982

7.771

 

 

CHANGE OF ADDRESS:

 

The Registered Office of the company has been shifted from B-4, Arbuda Appartment, Near Jain Derasar, Nehrunagar Char Rasta , Ambawadi, Ahmedabad-380015, Gujarat, India to the present address w.e.f 04.05.2011

 

 

FIXED ASSETS:

 

Tangible Assets

 

·         Air Conditioner

·         Computer

·         Drill Machine

·         Scooter

·         New Office Furniture

·         Cutter Machine

 

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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

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

 

3]         Asset Declaration :

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

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

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

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

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

 

8]         Affiliation with Government :

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

 

9]         Compensation Package :

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

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

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

 

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

 

 

CONTRAVENTION

 

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

 

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

Indian Rupees

US Dollar

1

Rs. 64.96

UK Pound

1

Rs. 99.73

Euro

1

Rs. 71.84

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

HNA

 

 

Report Prepared by :

IND

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

45

 

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.