MIRA INFORM REPORT

 

 

Report Date :           

21.02.2012

 

IDENTIFICATION DETAILS

 

Name :

HUHTAMÄKI OYJ

 

 

Formerly Known As :

Huhtamäki Van Leer Oyj 

 

 

Registered Office :

Keilaranta 10, 02150, ESPOO

 

 

Country :

Finland

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

10.01.1941

 

 

Legal Form :

Public Limited Company

 

 

Line of Business :

Activities of head offices

 

 

No. of Employees :

51

 

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

 

Maximum Credit Limit :

50.000 Euro

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Finland

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 


REGISTERED NAME & COMPANY SUMMARY

 

Trading Name

Huhtamäki Oyj

Trade Registry Number

90511

 

Company Name

Huhtamäki Oyj

Business ID

01408796

 

Previous Name

Huhtamäki Van Leer Oyj 

 

 

 

Telephone Number

0106867000

Registered Address

Keilaranta 10, 02150, ESPOO

 

Fax Number

0106867992

Visiting Address

Keilaranta 10, 02150, ESPOO

 

Home Municipality

Espoo

Postal Address

-, -, -

 

Incorporation Date

10.01.1941

Branches

1  

 

Company Type

Public limited company

Website Address

 

 

Primary Sic Code

70100

Accountant

Ernst & Young Oy

Primary Sic Description

Activities of head offices

Last Accounts Date

31.12.2010

 

 

Share Capital (€)

360.615.288

Ultimate Holding Company

 

 

 

Deals in importing

Yes

Foreign Ownership

No

 

 

Deals in exporting

Yes

Currency

EUR

 

 

 

 

CREDIT RECOMENDATION

 

Current Credit Limit: 50.000 Euro

 

 

DIRECTORS/MANAGEMENT

 

Current Directors

Name

Ailasmaa Eija Aulikki

 

 

Date of Birth

12.09.1950

Appointment Date

10.05.2011

Nationality

FINLAND

Function

Actual Member of Board

 

Name

Barker William Robert

 

 

Date of Birth

24.08.1949

Appointment Date

10.05.2011

Nationality

UNITED STATES

Function

Actual Member of Board

 

Name

Turner Sandra

 

 

Date of Birth

21.08.1952

Appointment Date

10.05.2011

Nationality

GREAT BRITAIN

Function

Actual Member of Board

 

Name

Lien Siaou-Sze

 

 

Date of Birth

31.03.1950

Appointment Date

10.05.2011

Nationality

SINGAPORE

Function

Actual Member of Board

 

Name

Moisio Jukka Matias

 

 

Date of Birth

04.05.1961

Appointment Date

01.04.2008

Nationality

FINLAND

Function

Managing director

 

Name

Lilius Percy Henrik Mikael

 

 

Date of Birth

03.12.1949

Appointment Date

10.05.2011

Nationality

FINLAND

Function

Chairman of Board

 

Name

Turner Sandra

 

 

Date of Birth

21.08.1952

Appointment Date

10.05.2011

Nationality

UNITED KINGDOM

Function

Actual Member of Board

 

Name

Börjesson Rolf Libert

 

 

Date of Birth

27.09.1942

Appointment Date

10.05.2011

Nationality

SWEDEN

Function

Actual Member of Board

 

Name

Suominen Jukka Antero

 

 

Date of Birth

05.06.1947

Appointment Date

10.05.2011

Nationality

FINLAND

Function

Actual Member of Board

 

Other Company Officials

Name

Le Lay Eric Pascal

 

 

Date of Birth

09.01.1962

Appointment Date

19.04.2010

Nationality

FRANCE

Function

Procurist

 

Name

Aganimov Kim Janos

 

 

Date of Birth

15.12.1963

Appointment Date

19.04.2010

Nationality

FINLAND

Function

Procurist

 

Name

Keski-Mattila Timo Tapani

 

 

Date of Birth

20.11.1962

Appointment Date

19.04.2010

Nationality

FINLAND

Function

Procurist

 

Name

O'Dea John

 

 

Date of Birth

30.10.1956

Appointment Date

19.04.2010

Nationality

IRELAND

Function

Procurist

 

Name

Iitti Tarja Tuulikki

 

 

Date of Birth

07.03.1959

Appointment Date

19.04.2010

Nationality

FINLAND

Function

Procurist

 

Name

Soro Ville Juhani

 

 

Date of Birth

28.12.1976

Appointment Date

19.04.2010

Nationality

FINLAND

Function

Procurist

 

Name

Dunn Clayton James

 

 

Date of Birth

21.03.1957

Appointment Date

19.04.2010

Nationality

UNITED STATES

Function

Procurist

 

Name

Lahtela Juhani Arvid

 

 

Date of Birth

11.05.1957

Appointment Date

19.04.2010

Nationality

FINLAND

Function

Procurist

 

Name

Erander Tom Erik Marko

 

 

Date of Birth

25.11.1971

Appointment Date

19.04.2010

Nationality

FINLAND

Function

Procurist

 

Name

Pärssinen Harri Kalevi

 

 

Date of Birth

15.09.1963

Appointment Date

19.04.2010

Nationality

FINLAND

Function

Principal accountant

 

Name

Salonen Timo Veikko

 

 

Date of Birth

16.04.1958

Appointment Date

19.04.2010

Nationality

FINLAND

Function

Procurist

 

Name

Anderzen Tom Henrik

 

 

Date of Birth

19.08.1956

Appointment Date

19.04.2010

Nationality

FINLAND

Function

Procurist

 

Name

Lindholm Sari Sisko Johanna

 

 

Date of Birth

21.01.1969

Appointment Date

19.04.2010

Nationality

FINLAND

Function

Procurist

 

Name

Koponen Olli Pertti

 

 

Date of Birth

19.01.1959

Appointment Date

19.04.2010

Nationality

FINLAND

Function

Procurist

 

Name

Pauni Sami-Jukka

 

 

Date of Birth

10.06.1974

Appointment Date

19.04.2010

Nationality

FINLAND

Function

Procurist

 

Name

Portnoj Joel Israel

 

 

Date of Birth

21.09.1949

Appointment Date

19.04.2010

Nationality

FINLAND

Function

Procurist

 

Name

Salonen Juha Sakari

 

 

Date of Birth

10.11.1949

Appointment Date

19.04.2010

Nationality

FINLAND

Function

Procurist

 

Name

Hellström Karl Johan Mikael

 

 

Date of Birth

23.07.1965

Appointment Date

19.04.2010

Nationality

FINLAND

Function

Procurist

NEGATIVE INFORMATION

 

No negative information found.

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Shareholder Information

Year

31.12.2010

Total Value of Shares

360.615.288

Number of Shares

106.063.320

Value of Shares

 

 

Minority Shares

Company Name

 

Country

Trade Registry Number

Business ID

Latest Key Financials

Ownership

HIATUS B.V.

 

NETHERLANDS

-

-

-

50%

LAMINOR S.A.

 

BRAZIL

-

-

-

50%

HUHTAMAKI PT ASABA INDONESIA

 

INDONESIA

-

-

-

50%

ARABIAR PAPER PRODUCTS CO

 

SAUDI ARABIA

-

-

-

40%

 

 

PAYMENT INFORMATION

 

Na

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Group Structure

Company Name

 

Country

Trade Registry Number

Business ID

Latest Key Financials

Ownership

HUHTAMAKI CONSUMER GOODS HOLDING II B.V.

 

NETHERLANDS

-

-

-

100%

HUHTAMAKI CONSUMER GOODS HOLDING I B.V.

 

NETHERLANDS

-

-

-

100%

HUHTANED CAPITAL BV

 

NETHERLANDS

-

-

-

100%

HIATUS B.V.

 

NETHERLANDS

-

-

-

50%

HUHTAMAKI MOLDED FIBER TECHNOLOGY B.V.

 

NETHERLANDS

-

-

-

100%

HUHTAMAKI GROENLO B.V.

 

NETHERLANDS

-

-

-

100%

HUHTAMAKI PROTECTIVE PACKAGING B.V.

 

NETHERLANDS

-

-

-

100%

HUHTAMAKI PAPER RECYCLING B.V.

 

NETHERLANDS

-

-

-

100%

HUHTAMAKI BRAZIL INVESTMENTS B.V.

 

NETHERLANDS

-

-

-

100%

HUHTAVEFA B.V.

 

NETHERLANDS

-

-

-

100%

HUHTAMAKI FINANCE CO II BV

 

NETHERLANDS

-

-

-

100%

HUHTAMAKI FINANCE CO I BV

 

NETHERLANDS

-

-

-

100%

HUHTAMAKI NEDERLAND B.V.

 

NETHERLANDS

-

-

-

100%

HUHTAMAKI BEHEER XI B.V.

 

NETHERLANDS

-

-

-

100%

HUHTAMAKI BEHEER V B.V.

 

NETHERLANDS

-

-

-

100%

P.M.S. PACKAGING MANUFACTURING SERVICES B.V.

 

NETHERLANDS

-

-

-

100%

HUHTAMAKI FINANCE B.V.

 

NETHERLANDS

-

-

-

75%

HUHTAMAKI ARGENTINA S.A.

 

ARGENTINA

-

-

-

91%

HUHTAMAKI HOLDINGS PTY LTD

 

AUSTRALIA

-

-

-

100%

HUHTAMAKI AUSTRALIA PTY LIMITED

 

AUSTRALIA

-

-

-

100%

LAMINOR S.A.

 

BRAZIL

-

-

-

50%

HUHTAMAKI DO BRAZIL LTDA

 

BRAZIL

-

-

-

100%

HUHTAMAKI EGYPT LLC

 

EGYPT

-

-

-

75%

LIERPUN SL

 

SPAIN

-

-

-

100%

HUHTAMAKI FINANCE B.V.Y. CIA, SOCIEDADA COLLECTIVA

 

SPAIN

-

-

-

100%

HUHTAMAKI SPAIN S.L.

 

SPAIN

-

-

-

100%

HUHTAMAKI SOUTH AFRICA (PTY) LTD

 

SOUTH AFRICA

-

-

-

100%

HUHTAMAKI (GUANGZHOU) LTD

 

HONG KONG

-

-

-

100%

HUHTAMAKI HONG KONG LIMITED

 

HONG KONG

-

-

-

100%

HUHTAMAKI PT ASABA INDONESIA

 

INDONESIA

-

-

-

50%

THE PAPER PRODUCTS LIMITED

 

INDIA

-

-

-

59%

HUHTAMAKI SPA

 

ITALY

-

-

-

100%

HUHTAMAKI (TIANJIN) LIMITED

 

CHINA

-

-

-

100%

UAB HUHTAMAKI LIETUVA

 

LITHUANIA

-

-

-

100%

HUHTALUX SARL

 

LUXEMBOURG

-

-

-

100%

HUHTALUX SUPRA SARL

 

LUXEMBOURG

-

-

-

100%

HUHTAMAKI (MALAYSIA) SDN BHD

 

MALAYSIA

-

-

-

100%

HUHTAMAKI SERVICIOS S.A. DE C.V.

 

MEXICO

-

-

-

100%

HUHTAMAKI MEXICANA S.A. DE C.V.

 

MEXICO

-

-

-

100%

HUHTAMAKI CONSORCIO MEXICAN SA DE C.V

 

MEXICO

-

-

-

69%

HUHTAMAKI (NORWAY) HOLDINGS A/S

 

NORWAY

-

-

-

100%

HUHTAMAKI NORWAY A/S

 

NORWAY

-

-

-

100%

HUHTAMAKI POLSKA SP. Z.O.O.

 

POLAND

-

-

-

99%

HUHTAMAKI HOLDING S.A.S.

 

FRANCE

-

-

-

100%

HUHTAMAKI PROCEDES MODERDES D''IMPR

 

FRANCE

-

-

-

100%

HUHTAMAKI PARTICIPATIONS FRANCE S.N.C

 

FRANCE

-

-

-

100%

HUHTAMAKI LA ROCHELLE SNC

 

FRANCE

-

-

-

100%

HUHTAMAKI FRANCE S.A.S.

 

FRANCE

-

-

-

100%

HUHTAMAKI HOLDINGS FRANCE SNC

 

FRANCE

-

-

-

100%

HUHTAMAKI SWEDEN HOLDING AB

 

SWEDEN

-

-

-

100%

HUHTAMAKI SWEDEN AB

 

SWEDEN

-

-

-

100%

HUHTAMAKI MANAGEMENT GMBH

 

GERMANY

-

-

-

100%

HUHTAMAKI VIERTE BETEILIGUNGS GMBH

 

GERMANY

-

-

-

100%

HUHTAMAKI DRITTE BETEILIGUNGS GMBH

 

GERMANY

-

-

-

100%

HUHTAMAKI REAL ESTATE GMBH

 

GERMANY

-

-

-

100%

HUHTAMAKI GERMAN HOLDINGS SUPRA BV

 

GERMANY

-

-

-

100%

HUHTAMAKI DEUTSCHLAND GMBH & CO. KG

 

GERMANY

-

-

-

75%

HUHTAMAKI GERMAN HOLDINGS B.V.

 

GERMANY

-

-

-

100%

HUHTAMAKI GRUNDST. GMBH RONSBERG

 

GERMANY

-

-

-

94%

HUHTAMAKI GRUNDST. GMBH FORCHEIM

 

GERMANY

-

-

-

94%

HUHTAMAKI GRUNDST. GMBH ALF

 

GERMANY

-

-

-

94%

ARABIAR PAPER PRODUCTS CO

 

SAUDI ARABIA

-

-

-

40%

HUHTAMAKI SINGAPORE PTE LTD

 

SINGAPORE

-

-

-

100%

HUHTAMÄKI FOODSERVICE FINLAND OY

 

FINLAND

-

22233497

31.12.2010

100%

HUHTAMÄKI CONSUMER GOODS FINLAND OY

 

FINLAND

-

22232734

31.12.2010

100%

HUHTAMÄKI HOLDING OY

 

FINLAND

-

20432521

-

100%

HUHTAMÄKI SECURITIES OY

 

FINLAND

451915

07635957

-

100%

PARTNER POLARCUP OY

 

FINLAND

408954

07038343

-

100%

HUHTAMAKI (THAILAND) LTD

 

THAILAND

-

-

-

100%

HUHTAMAKI CESKA REPUBLIKA A.S.

 

CZECH REPUBLIC

-

-

-

100%

LEOCZECH SPOL S.R.O

 

CZECH REPUBLIC

-

-

-

60%

HUHTAMAKI ISTANBUL SANAYI A.S.

 

TURKEY

-

-

-

100%

HUHTAHUNG KFT

 

HUNGARY

-

-

-

100%

HUHTAMAKI HUNGARY KFT

 

HUNGARY

-

-

-

100%

HUHTAMAKI (NZ) HOLDINGS LTD

 

NEW ZEALAND

-

-

-

100%

HUHTAMAKI HENDERSON LTD

 

NEW ZEALAND

-

-

-

100%

HUHTAMAKI (NEW ZEALAND) LTD

 

NEW ZEALAND

-

-

-

100%

OAO OSTNATSKA

 

RUSSIAN FEDERATION

-

-

-

98%

OOO HUHTAMAKI SNG

 

RUSSIAN FEDERATION

-

-

-

95%

OOO PASTILKI

 

RUSSIAN FEDERATION

677784

-

30.06.2011

100%

HUHTAMAKI (VIETNAM) LTD

 

VIET NAM

-

-

-

100%

HUHTAMAKI (LISBURN) LIMITED

 

UNITED KINGDOM

-

-

-

100%

HUHTAMAKI PLASTONA LIMITED

 

UNITED KINGDOM

-

-

-

100%

HUHTAMAKI PACKAGING (UK) LIMITED

 

UNITED KINGDOM

-

-

-

100%

HUHTAMAKI (LURGAN) LIMITED

 

UNITED KINGDOM

-

-

-

100%

HUHTAMAKI UK HOLDINGS LTD

 

UNITED KINGDOM

-

-

-

100%

HUHTAMAKI ANGLO HOLDING UNLIMITED

 

UNITED KINGDOM

-

-

-

100%

PLASTONA LIMITED

 

UNITED KINGDOM

-

-

-

100%

HUHTAMAKI METALLIZED PRODUCTS LTD

 

UNITED KINGDOM

712839

-

-

100%

HUHTAMAKI TAY LIMITED

 

UNITED KINGDOM

-

-

-

100%

HUHTAMAKI (UK) LIMITED

 

UNITED KINGDOM

-

-

-

100%

SWEETHEART INTERNATIONAL LTD

 

UNITED KINGDOM

-

-

-

100%

MARLI (BEVERAGES) LTD

 

UNITED KINGDOM

-

-

-

100%

BELLAPLAST (UK) LTD

 

UNITED KINGDOM

-

-

-

100%

HUHTAMAKI LTD

 

UNITED KINGDOM

-

-

-

100%

HUHTAMAKI FOODSERVICE INC.

 

UNITED STATES

-

-

-

100%

HUHTAMAKI COMPANY MANUFACTURING

 

UNITED STATES

-

-

-

100%

HUHTAMAKI -EAST PROVIDENCE INC

 

UNITED STATES

-

-

-

100%

HUHTAMAKI PACKAGING INC

 

UNITED STATES

-

-

-

100%

HUHTAMAKI CONSUMER PACKAGING INC

 

UNITED STATES

-

-

-

100%

HUHTAMAKI AMERICAS INC

 

UNITED STATES

-

-

-

100%

HUHTAMAKI PLASTICS INC

 

UNITED STATES

-

-

-

100%

HUHTAMAKI FLEXIBLES INC

 

UNITED STATES

-

-

-

100%

HUHTAMAKI METALLIZED PRODUCTS USA

 

UNITED STATES

-

-

-

100%

HUHTAMAKI (LISBURN) LIMITED

 

GREAT BRITAIN

-

-

-

100%

HUHTAMAKI PLASTONA LIMITED

 

GREAT BRITAIN

-

-

-

100%

HUHTAMAKI PACKAGING (UK) LIMITED

 

GREAT BRITAIN

-

-

-

100%

HUHTAMAKI (LURGAN) LIMITED

 

GREAT BRITAIN

-

-

-

100%

HUHTAMAKI UK HOLDINGS LTD

 

GREAT BRITAIN

-

-

-

100%

HUHTAMAKI ANGLO HOLDING UNLIMITED

 

GREAT BRITAIN

-

-

-

100%

PLASTONA LIMITED

 

GREAT BRITAIN

-

-

-

100%

HUHTAMAKI METALLIZED PRODUCTS LTD

 

GREAT BRITAIN

712839

-

-

100%

HUHTAMAKI TAY LIMITED

 

GREAT BRITAIN

-

-

-

100%

HUHTAMAKI (UK) LIMITED

 

GREAT BRITAIN

-

-

-

100%

SWEETHEART INTERNATIONAL LTD

 

GREAT BRITAIN

-

-

-

100%

MARLI (BEVERAGES) LTD

 

GREAT BRITAIN

-

-

-

100%

BELLAPLAST (UK) LTD

 

GREAT BRITAIN

-

-

-

100%

HUHTAMAKI LTD

 

GREAT BRITAIN

-

-

-

100%

HUHTAMAKI FOODSERVICE INC.

 

UNITED STATES

-

-

-

100%

HUHTAMAKI COMPANY MANUFACTURING

 

UNITED STATES

-

-

-

100%

HUHTAMAKI -EAST PROVIDENCE INC

 

UNITED STATES

-

-

-

100%

HUHTAMAKI PACKAGING INC

 

UNITED STATES

-

-

-

100%

HUHTAMAKI CONSUMER PACKAGING INC

 

UNITED STATES

-

-

-

100%

HUHTAMAKI AMERICAS INC

 

UNITED STATES

-

-

-

100%

HUHTAMAKI PLASTICS INC

 

UNITED STATES

-

-

-

100%

HUHTAMAKI FLEXIBLES INC

 

UNITED STATES

-

-

-

100%

HUHTAMAKI METALLIZED PRODUCTS USA

 

UNITED STATES

-

-

-

100%

HUHTAMAKI CESKA REPUBLIKA A.S.

 

CZECH REPUBLIC

-

-

-

100%

LEOCZECH SPOL S.R.O

 

CZECH REPUBLIC

-

-

-

60%

 

 


FINANCIAL INFORMATION

 

Key Financials

Year

31.12.2010

%

31.12.2009

%

31.12.2008

%

31.12.2007

Turnover (€)

Unknown

 

Unknown

 

107.400.000

1%

106.800.000

Result After Taxes(€)

1.700.000

114%

-12.100.000

61%

-31.400.000

-38%

-22.800.000

Total Assets(€)

2.112.400.000

-17%

2.530.100.000

1%

2.514.600.000

-2%

2.562.400.000

Number of Employees

51

4%

49

-93%

723

-12%

825

Estimated Shareholders Funds

1.373.060.000

-1%

1.391.555.000

-5%

1.458.468.000

-5%

1.537.440.000

 

Ratios

Year

31.12.2010

 

31.12.2009

 

31.12.2008

 

31.12.2007

Solvency Ratio

65% 

 

55% 

 

58% 

 

60% 

 

Exceptionally Low Indebtedness

 

Low Indebtedness

 

Low Indebtedness

 

Low Indebtedness

Operating Result Ratio

35,60

 

21,80

 

-1,80

 

7,00

Turnover Employee Ratio

-

 

-

 

14.855,00

 

12.945,00

 

Solvency Ratio Definitions

Solvency Ratio is calculated as:

Shareholders Funds
      Total Assets

 

 

FOREIGN EXCHANGE RATES

 

Na

 

 

ADDITIONAL INFORMATION

 

Business History

Date

Event

Source Company Name

31.12.2003

Merger

Huhtamäki Finance Oy   merged into   Huhtamäki Oyj

31.12.2003

Merger

Keskinäinen Kiinteistöosakeyhtiö Pakkaus   merged into   Huhtamäki Oyj

19.03.1998

Merger

01115555   merged into   Huhtamäki Oyj

20.11.1997

Merger

07800377   merged into   Huhtamäki Oyj

01.04.1993

Merger

08938773   merged into   Huhtamäki Oyj

27.09.1989

Merger

01312647   merged into   Huhtamäki Oyj

 

 

NOTES & COMMENTS

 

Na

 


FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.49.21

UK Pound

1

Rs.77.75

Euro

1

Rs.64.58

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

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

 

Unlimited

71-85

Aa

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

 

Large

56-70

A

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

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

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

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

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NB

New Business

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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

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