MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	507076
Report Date :	04.05.2018

IDENTIFICATION DETAILS

Name :	DEMPO INDUSTRIES PRIVATE LIMITED

Registered Office :	Dempo House, DB Bandodkar Road, Campal, Panaji-403001, Goa
Tel. No.:	91-832-2441300

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	15.12.1987

Com. Reg. No.:	24-000787

Capital Investment / Paid-up Capital :	INR 1000.000 Million

CIN No.: [Company Identification No.]	U15541GA1987PTC000787

IEC No.: [Import-Export Code No.]	Not Divulged

GSTN : [Goods & Service Tax Registration No.]	30AAACU1705F1Z3

TIN No.:	30240101277

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAACU1705F

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is in the business of printing and publishing of newspapers in the State of Goa and generation of wind energy in the State of Karnataka. [Registered activity and also confirmed by management]

No. of Employees :	130 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a part of “Dempo Group” and was incorporated in the year 1987. It is engaged in printing and publishing of newspaper in the state of Goa and generation of wind energy in the state of Karnataka. The company’s main product, The Navhind Times is Goa’s first English daily. For the financial year 2017, the company has achieved revenue growth of 2.43% as compared to the previous year along with a fair profit margin of 8.50%. The moderate financial profile of the company is marked by low reserve base as compared to its capital. Rating takes into consideration the subject’s negligible debt balance sheet profile and long established track record of business operations. Rating also takes into account the strong support that the company receives from its group backed by its well experienced management team. Payment seems to be slow but 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.

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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 04.05.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY

Name :	Mr. Naik
Designation :	Accounts Manager
Contact No.:	91-832-2441300
Date :	03.05.2018

LOCATIONS

Registered Office :	Dempo House, DB Bandodkar Road, Campal, Panaji-403001, Goa, India
Tel. No.:	91-832-2224556/2441314/2441300
Fax No.:	91-832-2228588/2225098
E-Mail :	secretarial@dempos.com info@dempos.com
Website :	www.dempos.com
Location:	Owned
Locality:	Commercial

Head Office :	Navhind Papers and Publications, Navhind Bhavan, Rusa Ismail Gracias, Panaji-403001, Goa, India
Tel No.:	91-832-6651112/2423501
Fax No.:	91-832-2224258

DIRECTORS

AS ON 31.03.2018

Name :	Mr. Shrinivas Vasudeva Dempo
Designation :	Managing Director
Address :	Dempo Villa, Altinho, Panaji-403001, Goa, India
Date of Birth/Age :	02.02.1969
Date of Appointment :	28.12.1999
Din No.:	00043413
PAN No.:	ABTPD0741M

Name :	Mrs. Pallavi Shrinivas Dempo
Designation :	Whole Time Director
Address :	Dempo Villa, Altinho, Panaji-403001, Goa, India
Date of Birth/Age :	15.02.1975
Date of Appointment :	27.12.2005
Din No.:	00003489
PAN No.:	ABTPD0735B

Name :	Mr. Balasubramanian Ganapathy
Designation :	Director
Address :	105, Mathura Nandanvan Complex, Caranzalem, Panaji, Goa, India
Date of Birth/Age :	29.10.1954
Date of Appointment :	25.06.2005
Din No.:	00020756

Name :	Mr. Sudin Manohar Usgaokar
Designation :	Director
Address :	XB-2, Sakhardande Apartment, Dr. Dada Vaidya Road, Panaji-403001, Goa, India
Date of Birth/Age :	25.11.1958
Date of Appointment :	25.06.2005
Din No.:	00326964

KEY EXECUTIVES

Name :	Mr. Naik
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders	No. of Equity Shares	No. of Preferences Shares
Shrinivas Vasudeva Dempo (Jointly with .S. Dempo Holdings Private Limited, India)	1	--
Soiru V. Dempo (Jointly with .S. Dempo Holdings Private Limited, India)	1	--
V.S. Dempo Holdings Private Limited, India	49999998	5000000
TOTAL	50000000	5000000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2017

Category	Percentage
Promoters- Individual/Hindu Undivided Family- Indian	0.000004
Promoters- Body corporate	99.999996
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is in the business of printing and publishing of newspapers in the State of Goa and generation of wind energy in the State of Karnataka. [Registered activity and also confirmed by management]

Products / Services :

Name and Description of main products / services	NIC Code of the Product/service
Printing & Publishing of Newspapers	22121
Wind Mill Energy	40108

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Products :

Raw material

Countries :

Russia

Terms :

Selling :

L/C and Others (NEFT)

Purchasing :

L/C and Others (NEFT)

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

End Users

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

130 (Approximately)

Bankers :

Banker Name :	HDFC Bank Limited
Branch :	--
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Kotak Mahindra Bank Limited, 27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India
Axis Bank Limited, Siddarth Bandodkar Bhavan, P. Shirgaonkar Road, Panjim - 403001, Goa, India

Facilities :

(INR In Million)

SECURED LOAN	As on 31.03.2017	As on 31.03.2016
LONG TERM BORROWING
Rupee term loans from banks	35.000	55.000
SHORT TERM BORROWING
Loans repayable on demand from banks	8.234	0.000
Total	43.234	55.000

Auditors :
Name :	R. Sundararaman and Company Chartered Accountants
Address :	No.30/2, Indira Colony, Ashok Nagar, Chennai-600083, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAHFR5192F

Memberships :	Not Available

Collaborators :	Not Available

Holding Company :	V. S. Dempo Holdings Private Limited

Fellow Subsidiaries:	Marmagoa Shipping and Stevedoring Co. Private Limited Dempo Shipbuilding and Engineering Private Limited Dempo Travels Private Limited Aparant Iron and Steel Private Limited Dempo Sports Club Private Limited Modest Infrastructure Private Limited Dempo Brothers Private Limited West Coast Hotels Private Limited Indo-Pacific Poly-Fibres Private Limited Goa Medical Research Private Limited V.S. Dempo Mining Corporation Private Limited Goa Carbon Limited

Wholly Owned Subsidiary:	Dempo Global Corporation Pte. Limited

Enterprises over which Key Managerial Personnel is able to exercise significance influence:	Devashri Nirman LLP Motown Trading Private Limited Hindustan Foods Limited Dempo Charities Trust Vasantrao Dempo Education and Research Foundation Devashri Investments Private Limited Dempo Higher Secondary School of Science Trust Vassudeva Dempo Family Private Trust Esmeralda International Exports LLP Monarch Enterprises Audio Visual Media

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

50000000	Equity Shares	INR 10/- each	INR 500.000 Million
5000000	preference shares	INR 100/- each	INR 500.000 Million
	Total		INR 1000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

50000000	Equity Shares	INR 10/- each	INR 500.000 Million
5000000	preference shares	INR 100/- each	INR 500.000 Million
	Total		INR 1000.000 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1000.000	1000.000	1000.000
(b) Reserves and Surplus	745.686	721.384	697.514
(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)	1745.686	1721.384	1697.514

(3) Non-Current Liabilities
(a) long-term borrowings	1140.356	310.123	171.310
(b) Deferred tax liabilities (Net)	12.900	17.741	19.234
(c) Other long-term liabilities	0.761	0.750	0.644
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1154.017	328.614	191.188

(4) Current Liabilities
(a) Short-term borrowings	8.234	0.000	0.000
(b) Trade payables	29.071	33.228	13.980
(c) Other current liabilities	44.303	133.813	46.124
(d) Short-term provisions	0.017	8.071	0.040
Total Current Liabilities (4)	81.625	175.112	60.144

TOTAL	2981.328	2225.110	1948.846

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	185.698	190.805	203.580
(ii) Intangible Assets	1.818	0.220	0.440
(iii) Tangible assets capital work-in-progress	267.153	267.153	235.958
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1046.636	1062.336	1062.336
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term loans and advances	258.053	6.551	11.086
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1759.358	1527.065	1513.400

(2) Current assets
(a) Current investments	1083.361	525.889	294.577
(b) Inventories	14.506	13.078	2.976
(c) Trade receivables	89.815	90.851	96.185
(d) Cash and bank balances	11.746	35.172	5.792
(e) Short-term loans and advances	15.741	15.831	16.255
(f) Other current assets	6.801	17.224	19.661
Total Current Assets	1221.970	698.045	435.446

TOTAL	2981.328	2225.110	1948.846

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	285.841	279.068	277.373
	Other Income	15.501	27.129	26.413
	TOTAL	301.342	306.197	303.786

Less	EXPENSES
	Cost of Materials Consumed	71.820	72.913	80.789
	Employee benefit expense	78.735	83.583	77.388
	CSR expenditure	5.000	5.600	5.000
	Other expenses	76.020	78.061	80.845
	Exceptional items	0.000	0.000	(33.923)
	TOTAL	231.575	240.157	210.099

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	69.767	66.040	93.687

Less	FINANCIAL EXPENSES	17.657	10.291	5.422

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	52.110	55.749	88.265

Less/ Add	DEPRECIATION/ AMORTISATION	15.549	14.171	14.035

	PROFIT/ (LOSS) BEFORE TAX	36.561	41.578	74.230

Less	TAX	12.259	17.708	15.167

	PROFIT/ (LOSS) AFTER TAX	24.302	23.870	59.063

	IMPORTS
	Raw Materials	29.989	29.085	36.950
	TOTAL IMPORTS	29.989	29.085	36.950

	Earnings / (Loss) Per Share (INR)	0.44	0.43	1.07

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	20.000	20.000	20.000

Cash generated from operations	NA	NA	NA

Net cash flows from (used in) operations	(283.379)	185.344	60.688

Net cash flows from (used in) operating activities	(313.176)	140.875	17.834

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income 365 Days)*	114.69	118.83	126.57

Account Receivables Turnover (Income / Sundry Debtors)	3.18	3.07	2.88

Average Payment Days (Sundry Creditors / Purchases 365 Days)*	147.74	166.34	63.16

Inventory Turnover (Operating Income / Inventories)	4.81	5.05	31.48

Asset Turnover (Operating Income / Net Fixed Assets)	0.15	0.14	0.21

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	114.69	118.83	126.57

Debt Equity Ratio (Total Liability / Networth)	3.18	3.07	2.88

Current Liabilities to Networth (Current Liabilities / Net Worth)	147.74	166.34	63.16

Fixed Assets to Networth (Net Fixed Assets / Networth)	4.81	5.05	31.48

Interest Coverage Ratio (PBIT / Financial Charges)	0.15	0.14	0.21

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) 100)*	%	8.50	8.55	21.29

Return on Total Assets ((PAT / Total Assets) 100)*	%	0.82	1.07	3.03

Return on Investment (ROI) ((PAT / Networth) 100)*	%	1.39	1.39	3.48

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	14.97	3.99	7.24

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	14.79	3.91	7.19

G-Score Ratio Financial (Networth / Total Assets)	0.59	0.77	0.87

G-Score Ratio Debt (Debts / Equity Capital)	1.17	0.33	0.19

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	14.97	3.99	7.24

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	1000.000	1000.000	1000.000
Reserves & Surplus	697.514	721.384	745.686
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1697.514	1721.384	1745.686

Long-term borrowings	171.310	310.123	1140.356
Short term borrowings	0.000	0.000	8.234
Current maturities of long-term debts	20.000	20.000	20.000
Total borrowings	191.310	330.123	1168.590
Debt/Equity ratio	0.113	0.192	0.669

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	277.373	279.068	285.841
		0.611	2.427

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	277.373	279.068	285.841
Profit/ (Loss)	59.063	23.870	24.302
	21.29 %	8.55 %	8.50 %

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	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	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

BUSINESS PERFORMANCE AND OUTLOOK:

The Company altered the object clause of Memorandum of Association for expanding its present scope of operations, to enable undertaking of new business of electronic news gathering and transmission, audio visual production, broadcasting, advertising, running TV channels and other related activities to be carried on with existing business.

UNSECURED LOANS:

(INR In Million)

Particulars	As on 31.03.2017	As on 31.03.2016
LONG TERM BORROWING
Fully convertible debentures others	853.856	0.000
Loans and advances from related parties	251.500	255.123
Total	1105.356	255.123

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G38777587	100084446	KOTAK MAHINDRA BANK LIMITED	02/03/2017	-	100000000.0	27BKC, C 27, G BLOCKBANDRA KURLA COMPLEX, BANDRA (E),MUMBAIMA400051IN
2	G40243669	100088100	AXIS BANK LIMITED	05/12/2016	-	172500000.0	SIDDARTH BANDODKAR BHAVANP. SHIRGAONKAR ROADPANJIMGA403001IN
3	A35859834	90077559	BANK OF INDIA	23/10/2003	08/04/2008	40000000.0	COMPALPANAJIGAIN

CONTINGENT LIABILITIES

(INR In Million)

Particulars

As on

31.03.2017

As on

31.03.2016

Claims against company not acknowledged as debt

44.650

44.643

FIXED ASSETS:

Tangible assets

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

Intangible assets

Computer software
Goodwill

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	INR
US Dollar	1	INR 66.61
UK Pound	1	INR 90.60
Euro	1	INR 79.86

INFORMATION DETAILS

Information Gathered by :	TEJ

Analysis Done by :	PRY

Report Prepared by :	KVT

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.