MIRA INFORM REPORT

 

 

Report No. :

341260

Report Date :

19.09.2015

 

IDENTIFICATION DETAILS

 

Name :

RISK TECHNOLOGY INTERNATIONAL LIMITED

 

 

Registered Office :

Building No.1, Millennium Business Park, Sector III, A Block, TTC Industrial Area, Mahape, Navi Mumbai-400710, Maharashtra

Tel. No.:

91-22-67919595

 

 

Country :

India

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

27.07.2007

 

 

Com. Reg. No.:

11-172645

 

 

Capital Investment / Paid-up Capital :

Rs. 95.000 Million

 

 

CIN No.:

[Company Identification No.]

U72900MH2007PLC172645

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AADCR6786N

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Providing risk management services and risk technology solutions to financial institutions and risk software vendors.

 

 

No. of Employees :

Information declined by the management 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (26)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 235000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of Hexaware Technologies Limited, incorporated in the year 2007. It has a moderate track record.

 

Mr. Riten from finance department has informed that, the company has undertaken its business activities till the year 2013. During the year 2014, the company has not operated its business operations as it was involved in the operations of its sister company. Also, he claimed that the company has restarted it business activity in the year 2015.

 

As per the available financial for the year 2014, the company has moderate financial risk profile marked by modest networth position along with fluctuating business operations.

 

Trade relations are fair. Payments terms are slow but correct.

 

The company can be considered for business dealings with some cautions.

 

 

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 DENIED BY

 

Name :

Mr. Riten

Designation :

Finance Department

Contact No.:

91-22-67919595

Date :

15.09.2015

 

 

LOCATIONS

 

Registered Office :

Building No.1, Millennium Business Park, Sector III, A Block, TTC Industrial Area, Mahape, Navi Mumbai-400710, Maharashtra, India

Tel. No.:

91-22-67919595

Fax No.:

91-22-67919578

E-Mail :

gunjanm@hexaware.com

 

 

DIRECTORS

 

AS ON: 07.05.2015

 

Name :

Mr. Peruvemba Ramachandram Chandrashekar

Designation :

Director

Address :

37 Buffalo Run, East Brunswick-08816, United STATES of America

Date of Birth/Age :

28.09.1955

Date of Appointment :

30.06.2008

DIN No.:

02251080

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

U72900MH2007PLC172645

Risk Technology International Limited

Director

30/06/2008

02/06/2008

-

Active

NO

2

L72900MH1992PLC069662

HEXAWARE TECHNOLOGIES LIMITED

Director

30/06/2008

02/06/2008

-

Active

NO

3

U72900MH2004PLC146322

CALIBER POINT BUSINESS SOLUTIONS LIMITED

Director

01/07/2008

01/07/2008

-

Amalgamated

NO

 

 

Name :

Mr. Amberin Ayaz Memon

Designation :

Director

Address :

G2 Marian House, 6th Floor, 29th Road, off Water Field Road, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

17.10.1961

Date of Appointment :

30.04.2013

PAN No:

AHEPM7547H

DIN No.:

06496417

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

U72900MH2007PLC172645

Risk Technology International Limited

Director

30/04/2013

30/01/2013

-

Active

NO

 

 

Name :

Mr. John Ashok Harris

Designation :

Director

Address :

No 8, I Cross Seethamma Extension, Teyampet, Chennai-600018, Tamilnadu, India

Date of Birth/Age :

16.12.1965

Date of Appointment :

07.05.2015

DIN No.:

02729037

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

U74900TN2009PTC072545

MINDQUEST CONSULTING PRIVATE LIMITED

Director

11/08/2009

11/08/2009

-

Active

NO

2

U72900MH2007PLC172645

Risk Technology International Limited

Director

07/05/2015

16/09/2014

-

Active

NO

 

 

Name :

Mr. Nilay Indukumar Jhala

Designation :

Director

Address :

B/15, Sai Dharti, Saibaba Complex, Ciba India Road, Goregaon East, Mumbai-400063, Maharashtra, India

Date of Birth/Age :

14.01.1961

Date of Appointment :

07.05.2015

DIN No.:

07046261

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

U72900MH2007PLC172645

Risk Technology International Limited

Director

07/05/2015

06/02/2015

-

Active

NO

 

 

Name :

Mr. Naishadh Pravin Desai

Designation :

Director

Address :

402, Ganga Nivas, Sir P. M. Road, Vile Parle (East), Mumbai-400057, Maharashtra, India

Date of Appointment :

27.07.2007

DIN No.:

00670111

 

 

KEY EXECUTIVES

 

Name :

Mr. Riten

Designation :

Finance Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON: 07.05.2015

 

Names of Shareholders

 

No. of Shares

Hexaware Technologies Limited, India

 

9499994

Tilakraj Shambhulal Gada

 

1

Rajesh Natwarsinh Kanani

 

1

Gunjan Sumit Methi

 

1

Sandesh Vilas Patkar

 

1

Prafull Janardan Terse

 

1

Julius Mathew Kochukalam

 

1

 

 

 

Total

 

9500000

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON: 07.05.2015

 

Category

Percentage

Bodies corporate

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Providing risk management services and risk technology solutions to financial institutions and risk software vendors.

 

 

Services :
  • Risk management services
  • Risk technology solutions
  • Risk software vendors

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

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 :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

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 :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management 

 

 

Bankers :

Banker Name

Not Divulged

Branch Address

Not Divulged

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

 

Auditors :

 

Name :

K S Bhatia and Company

Chartered Accountants

Address :

201, Balaji Darshan, Above Hotel Shabari, Tilak Road , Santacruz West, Mumbai - 400054,Maharashtra, India

PAN No.:

AACPB4964E

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding company:
  • Hexaware Technologies Limited, India

 
  •  

Fellow Subsidiary

Company:
  • Hexaware Technologies Asia Pacific Pte Limited, Singapore
  • Hexaware Technologies Inc, United States of America

 

 

CAPITAL STRUCTURE

 

AS ON: 31.12.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000000

Equity Shares

Rs.10/- each

Rs. 100.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

9500000

Equity Shares

Rs.10/- each

Rs. 95.000 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.12.2014

31.12.2013

31.12.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

95.000

10.000

10.000

(b) Reserves & Surplus

(12.743)

(11.067)

(13.957)

(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)

82.257

(1.067)

(3.957)

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

200.000

0.000

0.000

(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)

200.000

0.000

0.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

2.996

3.880

8.675

(c) Other current liabilities

0.011

0.011

0.011

(d) Short-term provisions

0.000

0.000

0.400

Total Current Liabilities (4)

3.007

3.891

9.086

 

 

 

 

TOTAL

285.264

2.824

5.129

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

278.038

0.000

0.000

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

3.964

0.000

0.000

(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

0.313

0.508

0.385

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

282.315

0.508

0.385

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

0.000

0.000

0.000

(c) Trade receivables

0.000

0.000

3.762

(d) Cash and cash equivalents

2.949

2.316

0.982

(e) Short-term loans and advances

0.000

0.000

0.000

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

2.949

2.316

4.744

 

 

 

 

TOTAL

285.264

2.824

5.129

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.12.2014

31.12.2013

31.12.2012

 

SALES

 

 

 

 

Revenue from operations

0.000

5.113

5.697

 

Other Income

0.025

(0.298)

(0.693)

 

TOTAL (A)

0.025

4.815

5.004

 

 

 

 

 

Less:

EXPENSES

 

 

 

 

Employees benefits expense

0.000

1.098

1.465

 

Other expenses

1.195

0.101

0.138

 

TOTAL (B)

1.195

1.199

1.603

 

 

 

 

 

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

(1.170)

3.616

3.401

 

 

 

 

 

Less:

FINANCIAL EXPENSES (D)

0.099

0.045

0.031

 

 

 

 

 

 

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

(1.269)

3.571

3.370

 

 

 

 

 

Less:

DEPRECIATION/ AMORTISATION (F)

0.407

0.000

0.000

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)                (G)

(1.676)

3.571

3.370

 

 

 

 

 

Less:

TAX (H)

0.000

0.680

0.590

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)                   (I)

(1.676)

2.891

2.780

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

0.000

5.114

5.697

 

TOTAL EARNINGS

0.000

5.114

5.697

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(0.77)

2.89

2.78

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.12.2014

31.12.2013

31.12.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

(1.957)

2.582

(0.568)

Net cash flows from (used in) operating activities

(1.957)

1.379

(0.768)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2014

31.12.2013

31.12.2012

Net Profit Margin

(PAT / Sales)

(%)

0.00

56.54

48.80

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

0.00

70.72

59.70

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(0.60)

126.45

65.70

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.02)

(3.35)

(0.85)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

2.43

0.00

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.98

0.60

0.52

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.12.2012

31.12.2013

31.12.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

10.000

10.000

95.000

Reserves & Surplus

(13.957)

(11.067)

(12.743)

Net worth

(3.957)

(1.067)

82.257

 

 

 

 

long-term borrowings

0.000

0.000

200.000

Short term borrowings

0.000

0.000

0.000

Total borrowings

0.000

0.000

200.000

Debt/Equity ratio

0.000

0.000

2.431

 

 

 

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)

Total Income

5.004

4.815

0.025

 

 

(3.777)

(99.481)

 

 

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

5.004

4.815

0.025

Profit

2.780

2.891

(1.676)

 

55.56%

60.04%

(6704.00%)

 

 

 

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

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

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

No

21

Banking facility details

No

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

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

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

NOTE: Registered office of the company has been shifted from Building No 8, 4th Floor Millennium Business Park, TTC Industrial Area, A Block, Sector II, Mahape Navi Mumbai-400710, Maharashtra India to the present address w. e. f. 26.11.2009

 

 

UNSECURED LOAN:

 

PARTICULARS

31.12.2014

(Rs. in Million)

31.12.2013

(Rs. in Million)

LONG TERM BORROWINGS:

 

 

Loans and advances from others

200.000

0.000

 

 

 

Total

200.000

0.000

 

 

INDEX OF CHARGES:

 

No charges exist for the company

 

 

FIXED 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. 65.93

UK Pound

1

 Rs. 102.75

Euro

1

Rs. 75.13

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUV

 

 

Analysis Done by :

TRI

 

 

Report Prepared by :

THR

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILITY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--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

 

26

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.