MIRA INFORM REPORT

 

 

Report No. :

342914

Report Date :

28.09.2015

 

IDENTIFICATION DETAILS

 

Name :

HI- TECH INKS PRIVATE LIMITED

 

 

Registered Office :

Plot No.633-634-635, 100 Shed Area, G.I.D.C., Vapi – 396195, Gujarat

Tel. No.:

91-260-2452656

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

05.01.2007

 

 

Com. Reg. No.:

04-079661

 

 

Capital Investment / Paid-up Capital :

Rs.58.915 Million

 

 

CIN No.:

[Company Identification No.]

U24222GJ2007PTC079661

 

 

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 :

Manufacturer, Exporter and Importer of Printing Ink, Allied products.

 

 

No. of Employees :

100 (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 380000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated in the year 2007. It has satisfactory track.

 

For the financial year ended 2014, the company has healthy operational activity marked by decent increase in revenue along with good profit earnings.

 

The company has comfortable capital structure, efficient net worth along with favourable gap between trade payables and receivables.

 

Trade relations are fair. Business is active. Payments are usually correct.

 

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

 

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. Pritesh Lad

Designation :

Assistant Manager

Contact No.:

91-260-2452656

Date :

28.09.2015

 

 

LOCATIONS

 

Registered Office / Factory :

Plot No.633-634-635, 100 Shed Area, G.I.D.C., Vapi – 396195, Gujarat, India

Tel. No.:

91-260-2452656/2453113

Mobile No.:

91-7574869202 (Mr. Pritesh)

Fax No.:

91-260-2452988

E-Mail :

Pritesh.lad@hitechinks.co.in

uday.desai@hitechinks.co.in

Website :

www.hitechinks.co.za

Location:

Owned

Locality:

Industrial

 

 

Storage :

Plot No. 632, 636, 100, Shed Area, GIDC, Vapi – 396195, Gujarat, India

 

 

DIRECTORS

 

AS ON 25.09.2014

 

Name :

Mr. Vishal Sandhir

Designation :

Director

Address :

S 360, Greater Kailash - I, New Delhi - 110048, India

Date of Appointment :

05.10.2007

DIN No.:

00099174

 

 

Name :

Mr. Arun Bakshi

Designation :

Director

Address :

42, Todar Mal Road, Bengali Market, New Delhi - 110001, India

Date of Appointment :

05.01.2007

DIN No.:

00099183

 

 

Name :

Mr. Rajesh Kumar Rajendra Kumar Mahajan

Designation :

Director

Address :

S-234, Panchsheel Park, Delhi  - 110017, India

Date of Appointment :

01.06.2007

DIN No.:

01969965

PAN No.:

AAEPM1003H

 

 

Name :

Mr. Karan Rajesh Mahajan

Designation :

Director

Address :

Flat No 6, Plot No 1, Sunder Nagar, S.V. Road, Malad West, Mumbai - 400064, Maharashtra, India

Date of Appointment :

01.07.2014

DIN No.:

06904447

PAN No.:

AFXPM4980M

 

 

KEY EXECUTIVES

 

Name :

Mr. Pritesh Lad

Designation :

Assistant Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 25.09.2014

 

Names of Shareholders

 

No. of Shares

Arun Bakshi

 

900

Vishal Sandhir

 

100

Allan Francis Peters

 

1103

Alfred Hugo Mccreadie

 

1104

Glenn Anthony Peters

 

1104

Graham George Palmer

 

1104

Hi Tech Inks Holdings Pty Limited, Endenwale

 

348072

Rajesh Kumar Mahajan

 

235658

Total

 

589145

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 25.09.2014

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

59.83

Directors or relatives of Directors

40.17

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of Printing Ink, Allied products.

 

 

Products :

Description of product

ITC code

Printing INK

32151990

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Finished Goods

Countries :
  • Dubai
  • Africa

 

 

Imports :

 

Products :

Raw Material

Countries :
  • China
  • Switzerland

 

 

Terms :

 

Selling :

L/C, Cash and Credit

 

 

Purchasing :

L/C, Cash and Credit

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Vraj Traders, Vapi, Gujarat, India

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 :

Jhaveri Flexo India Limited, Silvassa

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 :

100 (Approximately)

 

 

Bankers :

Banker Name

Axis Bank Limited

Branch Address

Commercial Plot No. C7/67/p. N.H. No. 8, Near Kopal Road, G.I.D.C., Hotel Fortune Galaxy, VAPI - 396195, 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 Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

 

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Rupee term loans from banks

(Secured against Equitable mortgage of Factory Land and Building and hypothecation of Movable Fixed Assets of the Company including Plant and Machinery, Furniture and fixtures)

4.095

7.861

Term loans from others

0.000

0.103

SHORT TERM BORROWING

 

 

Term loans from banks

81.216

62.924

Total

85.311

70.888

 

Auditors :

 

Name :

Kapadia Shah and Company

Chartered Accountants

Address :

CM-20, Above State Bank of India, Silvasa Road, GIDC, Vapi-396195, Gujarat, India

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

AAGFK2662N

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Ultimate Holding company:
  • Hitech Ink Pty Limited

 

 

Associate:
  • Hi Tech Inks Pty. Limited
  • Hi Tech inks FZC

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

700000

Equity Shares

Rs.100/- each

Rs. 70.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

589145

Equity Shares

Rs.100/- each

Rs. 58.915 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

58.915

58.915

58.915

(b) Reserves & Surplus

73.503

58.301

51.483

(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)

132.418

117.216

110.398

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

11.595

15.864

24.494

(b) Deferred tax liabilities (Net)

0.096

0.065

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)

11.691

15.929

24.494

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

81.216

62.924

68.653

(b) Trade payables

148.358

104.065

84.856

(c) Other current liabilities

5.649

5.793

1.246

(d) Short-term provisions

11.345

2.967

5.091

Total Current Liabilities (4)

246.568

175.749

159.846

 

 

 

 

TOTAL

390.677

308.894

294.738

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

66.157

67.636

63.726

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

2.358

4.206

6.970

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.387

0.387

(c) Deferred tax assets (net)

0.000

0.000

0.572

(d)  Long-term Loan and Advances

2.289

2.740

2.641

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

70.804

74.969

74.296

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

68.780

48.338

63.310

(c) Trade receivables

212.103

161.299

133.509

(d) Cash and cash equivalents

8.377

2.641

0.859

(e) Short-term loans and advances

30.613

21.647

22.764

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

319.873

233.925

220.442

 

 

 

 

TOTAL

390.677

308.894

294.738

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

505.048

380.252

321.559

 

Other Income

NA

NA

NA

 

TOTAL

NA

NA

NA

 

 

 

 

 

Less

EXPENSES

NA

NA

NA

 

 

 

 

 

Less

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

45.267

32.672

32.171

 

 

 

 

 

Less

FINANCIAL EXPENSES

12.607

13.087

10.427

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

32.660

19.585

21.744

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

10.096

9.444

10.239

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

22.564

10.141

11.505

 

 

 

 

 

Less

TAX

7.362

3.323

3.780

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

15.202

6.818

7.725

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

25.80

NA

NA

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

600.000

 

Expected Sales (2015-2016) : Rs.800.000 Million

 

The above information has been parted by Mr. Pritesh Lad

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

7.893

35.482

44.463

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

3.01

1.79

2.40

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

8.96

8.59

10.00

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

5.81

3.33

4.01

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.17

0.09

0.10

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.70

0.67

0.84

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.30

1.33

1.38

 

 

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

58.915

58.915

58.915

Reserves & Surplus

51.483

58.301

73.503

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

110.398

117.216

132.418

 

 

 

 

long-term borrowings

24.494

15.864

11.595

Short term borrowings

68.653

62.924

81.216

Total borrowings

93.147

78.788

92.811

Debt/Equity ratio

0.844

0.672

0.701

 

 

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

321.559

380.252

505.048

 

 

18.253

32.819

 

 

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

321.559

380.252

505.048

Profit

7.725

6.818

15.202

 

2.40%

1.79%

3.01%

 

 

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)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

Yes

19

Major customers

Yes

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last four years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

Yes

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

REVIEW OF BUSINESS:

 

The Company has achieved a rise in the turnover by about 32.82 % as compared to last year. It has registered a net profit after tax of Rs.15.202 Million which is higher by about 122.95 % compared to last year. The Directors are exploring various other opportunities to further improve the working results during the current year.

 

CORPORATE INFORMATION

 

The Company is in the business of manufacture of Printing inks, concentrates and mediums. Its Registered office and Works is located at Plot no 633-634-635, 100 Shed Area, GIDC, Vapi, Gujarat. It is a majority owned subsidiary of Hi tech Inks and Holdings Pty Limited, a Company formed in South Africa.

 

UNSECURED LOAN

 

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Loans and advances from related parties

7.500

7.900

Total

7.500

7.900

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10471228

13/05/2015 *

132,900,000.00

AXIS BANK LIMITED

COMMERCIAL PLOT NO.C7/67/P, N.H.NO.8,, NEAR KOPER
LI ROAD, G.I.D.C., HOTEL FURTUNE GALAXY,, VAPI, GU
JARAT - 396195, INDIA

C55673404

2

10453928

12/05/2015 *

132,900,000.00

AXIS BANK LIMITED

COMMERCIAL PLOT NO.C7/67/P, N. H. NO.8, NEAR KOPE
RLI ROAD, G.I.D.C, HOTEL FORTUNE GALAXY,, VAPI, GU
JARAT - 396195, INDIA

C55676761

 

* Date of charge modification

 

FIXED ASSETS

 

Tangible assets

 

 

Intangible 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 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.66.10

UK Pound

1

Rs.100.89

Euro

1

Rs.73.96

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

TRI

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

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

YES

--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

 

 

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.