MIRA INFORM REPORT

 

 

Report Date :

08.01.2008

 

IDENTIFICATION DETAILS

 

Name :

GANZ MEROGYAR KORLATOLT FELELOSSEGU TARSASAG

 

 

Registered Office :

2100 Godollo, Tancsics Mihaly utca 11.

 

 

Country :

Hungary

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

17.07.1989

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacture of instruments and appliances for measuring, checking, tes

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

name and address of the company

 

GANZ Merogyar Korlatolt Felelossegu Tarsasag
2100 Godollo, Tancsics Mihaly utca 11.
Phone: +36-28-520600
Telefax: +36-28-520605
E-Mail: info@godollo.actaris.com
Web: www.actaris.com

 

 

Legal form

Limited liability company (Ltd.)

 

 

Established on

17/07/1989 - Limited liability company (Ltd.)

 

Legal predecessor:
Actaris Development Magyarorszag Vagyonkezelo Korlatolt Felelossegű Tarsasag
CrefoNr.: 931 1111837
Reg Nr.: 13 09 095495
2100 Gödöllő, Tancsics Mihaly u. 11.


Merging

 

Registered on

08/12/1989 Cj. Pest megye, 13 09 060524
Tax number: 10278587-2-44
EU Community VAT identification number: HU10278587
KSH number: 10278587

Registered capital

 

HUF

1.000.000.000,-

 

 

Owner

Actaris Holding 6, S. A.
Avenue Louise 480., 1050 Brusszel, Belgium
member of Ltd.

 

 

 

 

Actaris Holding Hungary Vagyonkezelo Korlatolt Felelősségű Tarsasag
1053 Budapest, Karolyi Mihaly u. 12.
Direct leading member

 

 

 

 

Manager

Bela Bodi
1141 Budapest, Godolloi u. 21.
Office-bearer
authorized to sign alone

 

Ferenc Puskas
1126 Budapest, Szendro u. 50.
Employee authorized to company registration
authorized to collective sign

 

 

Istvan Bíro
2100 Godollo, Ligeti Juliska u. 2/a.
Office-bearer
authorized to sign alone

 

Istvan Szabo
2116 Zsambok, Deak Ferenc u. 511.
chief accountant
authorized to collective sign

 

 

Jozsef Toth
2194 Tura, Kossuth u. 31.
Person authorized to sign
authorized to collective sign

 

Maria Bense
1046 Budapest, Erdosor u. 58.
economic director
authorized to collective sign

 

 

Maria Juhasz
2100 Godollo, Kossuth L. u. 40. II/4.
director
authorized to collective sign

 

Matyas Szovényi-Lux
1025 Budapest, Pusztaszeri ut 36.
commercial manager
authorized to collective sign

 

Supervisory Board

Gautier Jean-Jacques
rue d'Estienne d'Orves 188., 91370 Verrieres-Le-Buisson, France
member of the supervisory board

 

Janos Gazdag
2100 Godollő, Antalhegyi út 138.
member of the supervisory board

 

 

Pimenta de Miranda Thierry
Avenue Leo Errera 94., 1180 Uccle ( Brussels ), Belgium
member of the supervisory board

Auditor

dr. Tremmel Zoltan
5667 Magyarbanhegyes, Kossuth L. u. 19.

 

 

 

 

 

Ernst & Young Konyvvizsgaló Korlatolt Felelősségű Tarsasag
1132 Budapest, Vaci út 20.

 

 

 

General data

Main activity:
Manufacture of instruments and appliances for measuring, checking, tes

 

 

 

Other activities:
Manufacture of electricity distribution and control apparatus

 

 

Manufacture of other electrical equipment nec

 

 

 

Wholesale trade of other electronic parts and equipment

 

 

Wholesale of other machinery for use in industry, trade and navigation

 

 

 

Activities of other transport agencies

 

 

Publishing of software

 

 

 

Other software consultancy and supply

 

 

Data processing

 

 

 

Research and experimental development on natural sciences and engineer

 

 

Full name
GANZ Merogyar Korlatolt Felelossegu Tarsasag

 

 

Name in foreign language
GANZ Meter Company Ltd.

 

Short name
GANZ Merogyar Kft.

 

 

Export:
Bulgaria
Morocco
Romania

 

Import:
France
Germany

 

 

General contacts:
Phone:
+36-28-520600
Telefax:
+36-28-520605
E-Mail:
iszabo@godollo.actaris.com
info@godollo.actaris.com
biro@godollo.actaris.com
Web:
www.actaris.com

 

Residence address:
2100 Godollo, Tancsics Mihaly utca 11.

 

 

Delivery address:
2101 Godollo, Pf. 396.

 

The company has ISO 9001 quality certificate.

 

 

Main activity:

 

manufacture of electronic measuring

 

 

instruments, one- and three-phase

 

electric meters, switch-clocks,

 

 

cerfificating electric meters,

 

central low frequency steering

 

 

systems.

 

Agency for measuring instrumenst

 

 

(as electric consumption, heating

 

consumption meters, water

 

 

consumption meters) of the Group

 

Schlumberger.

 

Employees

2007

440 employees

 

2008

427 employees

 

Annual turnover

2000

Net income

HUF

5.870.260.000,-

 

 

2001

Net income

HUF

7.880.497.000,-

 

 

 

2002

Net income

HUF

8.796.261.000,-

 

 

2003

Net income

HUF

12.164.827.000,-

 

 

 

2004

Net income

HUF

11.897.940.000,-

 

 

2005

Net income

HUF

11.594.568.000,-

 

 

 

2006

Net income

HUF

13.967.962.000,-

 

Property

Company's property: property

Book value: 921.484.000,- HUF (According to balance - 2006)

 

Balance sheets

2006. Egyszerusített merleg (12/31/2006 - 1000 HUF)
2005. évi Éves beszamoló MÉRLEG "A" valtozat Eszkozok + Forr (12/31/2005 - 1000 HUF)
2004. evi Eves beszamolo MÉRLEG "A" valtozat Eszkozok + Forr (12/31/2004 - 1000 HUF)

 

2006. Egyszerusített "A" eredmenykimutatas (12/31/2006 - 1000 HUF)
2005. évi Éves beszamoló Forgalmi koltség eljarassal keszíte (12/31/2005 - 1000 HUF)
2004. évi Éves beszamoló Forgalmi koltseg eljarassal készíte (12/31/2004 - 1000 HUF)

 

 

2004.évi "B" eredménykimutatas (12/31/2004 - 1000 HUF)

Remarks

The enclosed balance sheet for 2004 is originated from official source, it is authenticated by the auditor.
The enclosed balance sheet for 2005 is originated from official source, it is authenticated by the auditor.
The enclosed balance sheet of 2006 is originated from official source, it is authenticated by the auditor.
The representative of the company has not provided data because of referring to other engagements.

 

 

Suppliers:

 

- EMT Hungaria Kft. (Ltd.)

 

 

- Karsai Plast Kft. (Ltd.)

 

- Max-Magyar Kft. (Ltd.)

 

 

 

 

References:

 

 

most of the Hungarian electricity,

 

gas and water provider companies.

 

Interests

Interested party:

9315829132

Bíro Istvan

 

 

Interest:

9310133775

FLOGISTON Gazmérőgyartó, Javító, Hitelesíto es Kereskedelmi Korlatolt Felelősségű Tarsasag

Supervisory Board

 

 

Interested party:

9315829132

Bíró Istvan

 

 

Interest:

9310202777

KARSAI PLAST Muanyagfeldolgozó Korlatolt Felelősségű Tarsasag

Supervisory Board

 

Bank relations

Budapest Bank Nyrt. Godolloi fiok:
Central address: HU Godollő, Szabadsag tér 6.
Account number: 101038360547063900000006

Citibank Zrt:
Central address: HU Budapest, Szabadsag ter 7.
Account number: 108000074393801800000000
Account number: 108000075393802600000000

CALYON Bank:
Central address: HU Budapest, Jozsef nador ter 7.
Account number: 136000191002369020000177

Citibank Zrt:
Central address: HU Budapest, Szabadsag tér 7.
Account number: 108000073000001003938502

Company development

Company development stagnative

 

 

Business course

satisfactory

 

Terms of payment

in so far as known, punctually

 

 

Business connection

The establishing of the busness connection is allowed

 

Credit limit

HUF 99.999.999,-
EUR 393.000,-

Referring to the significance of the company, according
to our calculation, the credit limit can be extended
until HUF 355.036.000,- (EUR 1.395.291,-) but for own responsibility.

 

ASSETS INVESTED

3.687.971

0.8

4.576.736

0.7

6.805.170

Intangible assets

1.443.314

0.6

2.357.614

0.7

3.271.541

- Rights representing assets

 

 

 

 

 

- Goodwill

 

 

2.353.623

0.7

3.268.503

Advanced money given for intagible assets

 

 

 

 

 

- Intellectual products

 

 

3.991

1.3

3.038

- Capitalized value of experimental development

 

 

 

 

 

- Capitalized value of incorporation/reorganization

 

 

 

 

 

- Adjustment of the value of intangible assets

 

 

 

 

 

Tangible assets

2.228.714

1

2.202.879

1.2

1.796.329

- Immovables

 

 

938.468

1.2

758.618

- Technological equipment, machinery and vehicles

 

 

1.041.555

1.2

897.561

- Other equipment, appliances and vehicles

 

 

103.437

1

103.009

animals for breeding

 

 

 

 

 

- Investments

 

 

109.995

3.2

34.548

- Advance payments made towards investments

 

 

9.424

3.6

2.593

- Adjustment of the value of tangible assets

 

 

 

 

 

Financial means invested

15.943

1

16.243

0

1.737.300

Permanent interest in associated company

 

 

 

 

 

Permanent loan given in associated company

 

 

 

 

1.723.558

Other permanent interest

 

 

 

 

 

Permanent loan given in other participating relation

 

 

 

 

 

Other loan given to a longer period

 

 

16.243

1.2

13.742

Security personifying permanent credit relation

 

 

 

 

 

- Adjustment of the value of liquid assets invested

 

 

 

 

 

CURRENT ASSETS

3.746.863

1.3

2.842.443

1

2.723.173

Inventories

1.060.146

1.1

948.979

1.1

837.480

- Materials

 

 

541.988

1.2

449.436

- Commodities

 

 

186.367

1.4

134.827

- Advance payments made towards inventories

 

 

2.397

1.7

1.416

- Livestock

 

 

 

 

 

- Incomplete production and semi-finished products

 

 

127.854

1.9

68.439

- Finished products

 

 

90.373

0.5

183.352

Accounts receivable

1.962.670

1.2

1.650.137

1.1

1.436.504

- Receivables from clients on account of deliveries

 

 

948.539

1.2

802.402

Receivables from associated company

 

 

551.791

1.1

509.978

Receivables from other participating relation

 

 

 

 

 

- Bills receivable

 

 

 

 

 

- Other receivables

 

 

149.807

1.2

124.124

Securities

24

1

24

1

24

Interest in associated company

 

 

 

 

 

Other interest

 

 

 

 

 

Securities personifying circulational credit relation aim

 

 

24

1

24

Treasury stock, business quotas

 

 

 

 

 

Liquid assets

724.023

3

243.303

0.5

449.165

- Cash at hand and cheques

 

 

5.631

1

5.556

- Bank deposits

 

 

237.672

0.5

443.609

ACCRUED AND DEFERRED ASSETS

12.919

0.9

14.692

1

15.342

Accrued and deferred assets of revenues

 

 

12.681

1.1

11.798

Accrued and deferred assets of expenses, expenditures

 

 

2.011

0.6

3.544

Postponed expenditures

 

 

 

 

 

TOTAL ASSETS

7.447.753

1

7.433.871

0.8

9.543.685

SHAREHOLDERS' EQUITY

1.728.439

1

1.658.347

0.8

2.026.402

Capital subscribed

1.000.000

1

1.000.000

1

1.000.000

own shares redeemed at par value

 

 

 

 

 

Capital subscribed but not yet paid

 

 

 

 

 

Capital reserve

 

 

 

 

 

Profit reserve

658.347

0.8

801.377

-13

-61.863

Locked-up reserve

 

 

 

 

 

Provision for re-evaluation differences

 

 

 

 

 

Result as per balance-sheet

70.092

-0.5

-143.030

-0.1

1.088.265

SPECIFIC RESERVES

100.880

0.9

114.181

1.1

104.085

Specific reserves for anticipated liabilities

 

 

114.181

1.1

104.085

Provisions for the future expenses

 

 

 

 

 

Other provisions

 

 

 

 

 

LIABILITIES

5.414.390

1

5.437.220

0.8

7.176.390

Other liabilities

 

 

 

 

 

Long-term liabilities

3.468.037

1

3.640.621

0.6

5.856.456

- Investment and development credits

 

 

 

 

 

- Other long-term credits

 

 

 

 

 

- Long-term loans received

 

 

 

 

 

Convertible securities

 

 

 

 

 

- Debts assumed on the issue of bonds

 

 

 

 

 

Permanent liabilities to associated company

 

 

3.640.621

0.6

5.856.456

Permanent liabilities to other participating relation

 

 

 

 

 

- Other long-term liabilities

 

 

 

 

 

Short-term liabilities

1.946.353

1.1

1.796.599

1.4

1.319.934

- Advance payments received from customers

 

 

385

0.1

2.715

- Liabilities from deliveries and services (suppliers)

 

 

884.347

1.5

595.442

- Bills payable

 

 

 

 

 

Short-term liabilities towards affiliated companies

 

 

779.921

1.3

609.078

Short-term liabilities towards companies in which other participations are held

 

 

 

 

 

- Short-term credits

 

 

 

 

 

- Short-term loans

 

 

 

 

 

from this: convertible securities

 

 

 

 

 

- Other short-term liabilities

 

 

131.946

1.2

112.699

ACCRUED EXPENSES

204.044

0.9

224.123

0.9

236.808

Accrued expenses of revenues

 

 

6.926

 

 

Accrued expenses of costs, expenditures

 

 

151.948

0.6

236.808

Postponed revenues

 

 

65.249

 

 

TOTAL LIABILITIES

7.447.753

1

7.433.871

0.8

9.543.685

Balance indices

A

 

B

 

C

Liquidity 1

1.9251

 

1.5821

 

2.0631

Liquidity 2

1.3804

 

1.0539

 

1.4286

Rate of sources (Liabilities/Shareholders' equity)

313.25%

 

327.87%

 

354.14%

Rate of tangible assets (Tangible assets/Fixed assets)

29.92%

 

29.63%

 

18.82%

Rate of current assets (Current assets/Fixed assets)

50.31%

 

38.24%

 

28.53%

Capital (Shareholders' equity/Sources)

23.21%

 

22.31%

 

21.23%

Measure of indebtedness (liability / all sources)

72.70%

 

73.14%

 

75.20%

Security of fixed assets (shrhldr's equity / fixed assets)

46.87%

 

36.23%

 

29.78%

Liquidation acid test ratio: financial assets/ current liabilities

37.20%

 

13.54%

 

34.03%

 

A. 2006. Egyszerűsített "A" eredménykimutatas (12/31/2006 - 1000 HUF) - Warning! The figures stated in the balance sheet may contain error(s).
B. 2005. évi Éves beszamoló Forgalmi koltség eljarassal készíte (12/31/2005 - 1000 HUF)
C. 2004. évi Éves beszamoló Forgalmi koltség eljarassal készíte (12/31/2004 - 1000 HUF)

 

Balance row

A

A <- B%

B

B <- C%

C

- Net returns from domestic sales

4.283.828

1.1

4.008.312

1.1

3.721.818

- Net returns from export sales

9.684.134

1.3

7.686.254

0.9

8.176.122

Net returns from sales

13.967.962

1.2

11.694.566

1

11.897.940

Other revenues

138.829

1.3

107.327

0.8

131.690

-- Prime costs of distribution as reckoned up

 

 

7.926.767

1

7.789.581

Purchase value of the goods sold and the value of subcontractors' performance

 

 

1.684.394

1.1

1.467.199

Value of sold (intermediate) services

 

 

 

 

 

Direct cost of sales

 

 

9.611.161

1

9.256.780

Gross profit or loss

 

 

2.083.405

0.8

2.641.160

-- Distribution costs

 

 

426.683

0.9

454.333

Administrative expenses

 

 

438.970

1.2

381.378

Other general expenses

 

 

889.159

2.2

411.635

Direct costs of sales

 

 

1.754.812

1.4

1.247.346

Capitalized value of own performance

 

 

 

 

 

Depreciation

 

 

89.958

4.4

20.554

Material--type costs

 

 

 

 

 

Staff costs

 

 

 

 

 

Depreciation

 

 

 

 

 

Other expenditures

159.804

0.5

303.587

1.2

245.215

Depreciation

 

 

82.078

0.9

92.646

TRADING PROFIT/INCOME FROM OPERATIONS

447.014

3.4

132.333

0.1

1.280.289

Dividends received and profit sharing

 

 

 

 

 

Received from associated company

 

 

 

 

 

Exchange profit and interest of the invested liquid assets

 

 

 

 

 

Received from associated company

 

 

 

 

 

Other revenues from financial transactions

 

 

101.242

1.1

92.499

Revenues from financial transactions

240.303

1.6

151.822

1.2

127.781

Depreciation of the invested liquid assets

 

 

 

 

 

Given to associated company

 

 

 

 

 

Interest paid and interest related expenses

 

 

305.141

2.1

142.353

Given to associated company

 

 

303.070

2.1

142.208

Depreciation of interests, shares and bank deposits

 

 

 

 

 

Other expenditures on financial. transactions

 

 

126.344

1.1

118.031

Expenses on financial transactions

502.927

1.2

431.485

1.7

260.384

PROFIT FROM FINANCIAL TRANSACTIONS

-262.624

0.9

-279.663

2.1

-132.603

PROFIT FROM ORDINARY ACTIVITIES

184.390

-1.3

-147.330

-0.1

1.147.686

Extraordinary incomes

23.057

0.8

29.888

0.8

35.739

Extraordinary expenditures

11.383

0.7

16.504

0.5

34.767

EXTRAORDINARY PROFITS

11.674

0.9

13.384

13.8

972

PRE-TAX PROFITS

196.064

-1.5

-133.946

-0.1

1.148.658

Tax payable

25.972

2.9

9.084

0.2

60.393

AFTER-TAX PROFIT

170.092

-1.2

-143.030

-0.1

1.088.265

Use of accumulated profit reserve for dividends and profit sharing

 

 

225.025

 

 

Dividend and profit sharing approved and paid

 

 

225.025

 

 

PROFIT AS PER BALANCE-SHEET

70.092

-0.5

-143.030

-0.1

1.088.265

Balance indices

A

 

B

 

C

Rentability

1.40%

 

-1.15%

 

9.65%

Annual change of the net return of sales

20.47%

 

-1.71%

 

 

 

A. 2004.évi "B" eredménykimutatas (12/31/2004 - 1000 HUF)

 

Balance row

A

A <- B%

B

B <- C%

C

- Net returns from domestic sales

3.721.818

 

 

 

 

-- to the mother and affiliated companies

 

 

 

 

 

-- to companies under joint management

 

 

 

 

 

-- to associated companies

 

 

 

 

 

-- to other entrepreneurs

 

 

 

 

 

- Net returns from export sales

8.176.122

 

 

 

 

-- to the mother and affiliated companies

 

 

 

 

 

-- to companies under joint management

 

 

 

 

 

-- to associated companies

 

 

 

 

 

-- to other entrepreneurs

 

 

 

 

 

Net returns from sales

11.897.940

 

 

 

 

Other revenues

131.690

 

 

 

 

-- from the mother and affiliated companies

 

 

 

 

 

-- from companies under joint management

 

 

 

 

 

-- from associated companies

 

 

 

 

 

-- from other entrepreneurs

 

 

 

 

 

-- Prime costs of distribution as reckoned up

7.789.581

 

 

 

 

Purchase value of the goods sold and the value of subcontractors' performance

1.467.199

 

 

 

 

Value of sold (intermediate) services

 

 

 

 

 

Direct cost of sales

9.256.780

 

 

 

 

Gross profit or loss

2.641.160

 

 

 

 

-- Distribution costs

454.333

 

 

 

 

Administrative expenses

381.378

 

 

 

 

Other general expenses

411.635

 

 

 

 

Direct costs of sales

1.247.346

 

 

 

 

Other expenditures

245.215

 

 

 

 

TRADING PROFIT/INCOME FROM OPERATIONS

1.280.289

 

 

 

 

Interest receivable and similar income

35.282

 

 

 

 

-- from the mother and affiliated companies

 

 

 

 

 

-- from companies under joint management

 

 

 

 

 

-- from associated companies

 

 

 

 

 

-- from other entrepreneurs

 

 

 

 

 

Dividends received and profit sharing

 

 

 

 

 

-- (Dividends received and profit sharing) from the mother and affiliated companies

 

 

 

 

 

-- from companies under joint management

 

 

 

 

 

-- from associated companies

 

 

 

 

 

- from other entrepreneurs

 

 

 

 

 

Other revenues from financial transactions

92.499

 

 

 

 

Revenues from financial transactions

127.781

 

 

 

 

Interest paid and interest related expenses

142.353

 

 

 

 

-- in favour of the mother and affiliated companies

 

 

 

 

 

-- in favour of companies under joint management

 

 

 

 

 

-- in favour of associated companies

 

 

 

 

 

-- in favour of other entrepreneurs

 

 

 

 

 

Write-offs for financial investments

 

 

 

 

 

Other expenditures on financial. transactions

118.031

 

 

 

 

Expenses on financial transactions

260.384

 

 

 

 

PROFIT FROM FINANCIAL TRANSACTIONS

-132.603

 

 

 

 

PROFIT FROM ORDINARY ACTIVITIES

1.147.686

 

 

 

 

Extraordinary incomes

35.739

 

 

 

 

Extraordinary expenditures

34.767

 

 

 

 

EXTRAORDINARY PROFITS

972

 

 

 

 

PRE-TAX PROFITS

1.148.658

 

 

 

 

Tax payable

60.393

 

 

 

 

AFTER-TAX PROFIT

1.088.265

 

 

 

 

Use of accumulated profit reserve for dividends and profit sharing

 

 

 

 

 

Dividend and profit sharing approved and paid

 

 

 

 

 

-- to the mother and affiliated companies

 

 

 

 

 

-- to companies under joint management

 

 

 

 

 

-- to associated companies

 

 

 

 

 

-- to other entrepreneurs

 

 

 

 

 

PROFIT AS PER BALANCE-SHEET

1.088.265

 

 

 

 

Balance indices

A

 

B

 

C

Rentability

9.65%

 

 

 

 

Annual change of the net return of sales

-2.19%

 

 

 

 

 

 

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

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