MIRA INFORM REPORT

 

 

Report No. :

347178

Report Date :

29.10.2015

 

IDENTIFICATION DETAILS

 

Name :

ESKAY DYESTUFFS AND ORGANIC CHEMICALS PRIVATE LIMITED

 

 

Registered Office :

22-D.S.A. Brelvi Road, Fort, Mumbai-400001, Maharashtra 

Tel. No.:

91-22-22870305/22880647

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

24.04.1982

 

 

Com. Reg. No.:

11-027011

 

 

Capital Investment / Paid-up Capital :

Rs. 7.433 Million

 

 

CIN No.:

[Company Identification No.]

U24113MH1982PTC027011

 

 

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 :

Subject is engaged in manufacturing fluorescent whitening agents for textile, paper and detergent industries.

 

 

No. of Employees :

100 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an old established company incorporated in the year 1982. It has satisfactory track.

 

Rating takes into consideration strong financial risk profile of the company marked by adequate networth base and comfortable gearing in FY14.

 

Further the company has reported significant increase in sales turnover and profit along with fair profit margin in the year under consideration.

 

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

 

In view of long track record of business operations, the company can be considered for business dealings with 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 limit BB+

Rating Explanation

Inadequate credit quality and high credit risk.

Date

January, 2015

 

Rating Agency Name

ICRA

Rating

Non-fund based limit A4+

Rating Explanation

Minimal degree of safety very high credit risk.

Date

January, 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. Shavak Keki Bhumgara

Designation :

Director

Contact No.:

91-22-25128593

Date :

27.10.2015

 

 

LOCATIONS

 

Registered Office :

22-D.S.A. Brelvi Road, Fort, Mumbai-400001, Maharashtra, India 

Tel. No.:

91-22-22870305/22880647

Fax No.:

91-22-22870644

E-Mail :

eskay_dyestuffs@vsnl.com

Website :

http://www.skaywhit.com

Location :

Owned

Locality :

Commercial

 

 

Factory :

6, Kurla Industrial Estate, Ghatkopar, Mumbai 400 086, Maharashtra, India

 

 

Branch Office :

H-25, MIDC, Taloja, District Raigad, Maharashtra, India

 

 

DIRECTORS

 

As on 27.09.2014

 

Name :

Dr. Shavak Keki Bhumgara

Designation :

Director

Address :

738, Shirin Villa, Road No.5, Parsi Colony, Dadar, Mumbai-400014, Maharashtra, India

Date of Birth/Age :

16.08.1952

Date of Appointment :

24.04.1982

DIN No.:

00222790

 

 

Name :

Mrs. Meher Shavak Bhumgara

Designation :

Director

Address :

738, Shirin Villa, Road No.5, Parsi Colony, Dadar, Mumbai-400014, Maharashtra, India

Date of Birth/Age :

01.08.1954

Date of Appointment :

01.07.1996

DIN No.:

00222923

 

 

Name :

Mr. Rishad Shavak Bhumgara

Designation :

Director

Address :

738, Shirin Villa, Road No.5, Parsi Colony, Dadar, Mumbai-400014, Maharashtra, India

Date of Birth/Age :

24.10.1986

Date of Appointment :

01.04.2013

DIN No.:

06568889

 

 

Name :

Ms. Rhea Shavak Bhumgara

Designation :

Director

Address :

738, Shirin Villa, Road No.5, Parsi Colony, Dadar, Mumbai-400014, Maharashtra, India

Date of Birth/Age :

08.01.1984

Date of Appointment :

01.04.2013

DIN No.:

05157832

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 27.09.2014

 

SHAREHOLDING DETAILS FILE ATTACHED 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 27.09.2014

 

Category

Percentage

Directors or relatives of Directors

99.95

Other top fifty shareholders

0.05

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in manufacturing fluorescent whitening agents for textile, paper and detergent industries.

 

 

Products :

·         Optical Brighteners

·         Chemicals

·         Dye

·         Pigments

 

 

Brand Names :

SKAYWHIT

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Finished goods

Countries :

·         United States of America

·         Malaysia

·         Singapore

·         China

·         Thailand

·         France

·         Taiwan

·         European Countries

 

 

Imports :

 

Products :

Raw Material

Countries :

·         China

·         Germany

·         Japan

·         European Countries

 

 

Terms :

 

Selling :

Cash / L/C / Credit (30/60/90 Days)

 

 

Purchasing :

Cash / L/C / Credit (30/60/90 Days)

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour

Market Goodwill

Overall

Not Divulged

Not Divulged

Not Divulged

Remark:

Not Divulged

 

 

Customers :

End Users, OEMs

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality

Delivery Behaviour

Overall

Not Divulged

Not Divulged

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

100 (Approximately) 

 

 

Bankers :

Bank Name

State Bank of India

Branch

Ghatkopar West Branch, Near Ashok Mill Compound, L. B. S. Marg, Ghatkopar (West), Mumbai - 400086,

Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

91-22-25006223/338 (Ringing)

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.85.000 Million

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Term Loans

 

 

From State Bank of India against Machinery

(Secured By hypothecation of entire plant and Machinery, furniture and fixture. Electrical Storate tanks, pollution control Instruments)

25.378

17.946

Term of repayment

(Two term loans are to be repaid @ Rs. 0.100 Million per month each, one term loan is being repaid Rs. 0.200 million per month while one term loan is @ Rs. 0.803 Million per month.)

 

 

Less : repayable within one year

(6.588)

(5.764)

 

 

 

From Kotak Mahindra Prime Limited Against Car

(Secured against Motor Car No. MH-01-AX4637 Make - Volkswagen Vento)

(EM1 payable per month is Rs. 0.184 Million -till February 2016)

All the above loans are guaranteed by the Directors

0.380

0.547

Less : repayable within one year

(0.167)

(0.167)

 

 

 

Short-term borrowings

 

 

Loans repayable on demand

 

 

Cash Credit horn State Bank of India

53.024

37.973

Standby Limit from State Bank of India

0.000

5.000

EPC A/C.

(Secured By Equitable Mortgage of leased land Factory Building and hypothecation of Stock, and Finished Goods Raw Materials and Sales Bills)

13.554

13.787

Total

85.581

69.322

 

Auditors :

 

Name :

SHVRK and Company

Chartered Accountants

Address :

D/A-304, Regal Plaza, Lokpuram, Pokhran Road No.2, Thane-(West), Thane – 400607, Maharashtra, India

Tel. No.:

91-22-21716362

Mobile No.:

91-9702631631

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

AAEFN8028K

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

Not Available

 

CAPITAL STRUCTURE

 

As on 27.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

99,500

Equity Shares

Rs.100/- each

Rs. 9.950 Million

500

Preference Shares

Rs.100/- each

Rs. 0.050 Million

 

Total

 

Rs.10.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

74,327

Equity Shares

Rs.100/- each

Rs. 7.433 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

7.433

7.433

7.433

(b) Reserves & Surplus

73.338

65.198

57.195

(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)

80.771

72.631

64.628

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

91.907

82.509

74.975

(b) Deferred tax liabilities (Net)

3.011

2.230

2.118

(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)

94.918

84.739

77.093

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

66.578

56.761

55.224

(b) Trade payables

111.059

58.979

45.264

(c) Other current liabilities

25.812

20.020

12.223

(d) Short-term provisions

6.957

6.046

6.675

Total Current Liabilities (4)

210.406

141.806

119.386

 

 

 

 

TOTAL

386.095

299.176

261.107

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

110.946

96.307

102.246

(ii) Intangible Assets

0.062

0.062

0.062

(iii) Capital work-in-progress

0.000

3.773

1.315

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.004

0.004

0.004

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

5.044

2.824

3.006

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

116.056

102.970

106.633

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

110.094

74.785

60.339

(c) Trade receivables

126.964

96.912

81.508

(d) Cash and cash equivalents

2.767

2.654

1.387

(e) Short-term loans and advances

30.214

21.855

11.240

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

270.039

196.206

154.474

 

 

 

 

TOTAL

386.095

299.176

261.107

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Turnover

535.600

441.400

320.300

 

 

Other Income

NA

NA

NA

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

Less

EXPENSES

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

16.088

14.926

9.507

 

 

 

 

 

Less

TAX

6.209

5.196

3.221

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

9.879

9.730

6.286

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

200.933

175.387

130.209

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

132.91

130.90

84.57

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

600.000

 

 

The above information has been parted by Mr. Shavak Keki Bhumgara (Director)

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

6.756

6.006

6.665

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operation

NA

NA

NA

 

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

1.84

2.20

1.96

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

4.17

5.05

3.66

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.20

0.21

0.15

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

2.05

2.00

2.12

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.28

1.38

1.29

 

 

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

7.433

7.433

7.433

Reserves & Surplus

57.195

65.198

73.338

Net worth

64.628

72.631

80.771

 

 

 

 

long-term borrowings

74.975

82.509

91.907

Short term borrowings

55.224

56.761

66.578

Current maturities of long-term debts

6.665

6.006

6.756

Total borrowings

136.864

145.276

165.241

Debt/Equity ratio

2.118

2.000

2.046

 

 

 

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 Turnover

320.300

441.400

535.600

 

 

37.808

21.341

 

 

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 Turnover

320.300

441.400

535.600

Profit

6.286

9.730

9.879

 

1.96%

2.20%

1.84%

 

 

 

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

No

12]

Voter Id Card No. of Proprietor / Partners

No

13]

Type of business

Yes

14]

Line of Business

Yes

15]

Export/import details (if applicable)

Yes

16]

No. of employees

Yes

17]

Details of sister concerns

No

18]

Major suppliers

No

19]

Major customers

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 four 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

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 LOAN

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Loan from Directors

25.310

23.000

Loan from Shareholders

47.594

46.948

Total

72.904

69.948

 

 

OPERATIONS :

 

Total Sales Turnover for the year was Rs. 535.600 Million as against Rs.441.400 Million in the previous year. Out of the above sales Rs.200.9000 Million was on account of Exports as against Rs.175.400 Million in the previous year.

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

90226129

09/11/1998 *

11,300,000.00

STATE BANK OF INDIA

GHATKOPER, BOMBAY, Maharashtra, INDIA

-

2

90230919

04/02/2015 *

174,700,000.00

State Bank of India

Ghatkopar West Branch, Near Ashok Mill Compound, LBS Marg, Ghatkopar (West), Mumbai- 400086, Maharashtra , INDIA

C44919645

3

90226106

24/01/2002 *

4,300,000.00

STATE BANK OF INDIA

GHATKOPER, BOMBAY, Maharashtra, INDIA

-

4

90225894

11/03/1993

920,000.00

STATE BANK OF INDIA

GHATKOPER, BOMBAY, Maharashtra, INDIA

-

 

 

* Date of charge modification

 

 

FIXED ASSETS

 

·         Land

·         Buildings

·         Plant and Equipment

·         Furniture and Fixtures

·         Vehicles

·         Office equipment

·         Office Premises

·         Computer

 

 

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 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.65.04

UK Pound

1

Rs.99.58

Euro

1

Rs.71.75

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

KIN

 

 

Report Prepared by :

JYTK

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

44

 

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.