MIRA INFORM REPORT

 

 

Report Date :

08.10.2012

 

IDENTIFICATION DETAILS

 

Name :

EURO FOODS GROUP LTD.

 

 

Registered Office :

Unit E Langland Way, Newport, NP19 4PT, Newport County

 

 

Country :

United Kingdom

 

 

Financials (as on) :

28.02.2011

 

 

Date of Incorporation :

02.03.1995

 

 

Com. Reg. No.:

03028250

 

 

Legal Form :

Private Independent

 

 

Line of Business :

Distribution of frozen meats and vegetables to thecatering industry and wholesale businesses

 

 

No. of Employees :

762

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

UNITED KINGDOM - ECONOMIC OVERVIEW

 

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aims to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 23% by 2015. The Bank of England (BoE) implemented an asset purchase program of up to £325 billion (approximately $525 billion) as of February 2011. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU)

Source : CIA

Company name and address

 

Euro Foods Group Ltd.

 

Unit E Langland Way

Newport, NP19 4PT

United Kingdom

Tel:

01633636000

Fax:

01633636001

 

www.eurofoods.co.uk

 

Employees:

762

Company Type:

Private Independent

Quoted Status:

Non-quoted Company

Incorporation Date:

02-Mar-1995

Auditor:

Hodge Bakshi

 

Fiscal Year End:

28-Feb-2011

Reporting Currency:

British Pound Sterling

Annual Sales:

124.6  1

Net Income:

1.9

Total Assets:

37.1

 

 

Business Description     

 

 

Distribution of frozen meats and vegetables to thecatering industry and wholesale businesses.

 

 

Industry    

 

 

Industry

Food Processing

ANZSIC 2006:

3602 - Meat, Poultry and Smallgoods Wholesaling

NACE 2002:

5132 - Wholesale of meat and meat products

NAICS 2002:

424470 - Meat and Meat Product Merchant Wholesalers

UK SIC 2003:

5132 - Wholesale of meat and meat products

UK SIC 2007:

4632 - Wholesale of meat and meat products

US SIC 1987:

5147 - Meats and Meat Products

 

 

Key Executives   

                                                            

 

Name

Title

Shelim Hussain

Managing Director

Heidi McKee-Hearne

PA to Managing Director

Rahim Miah

Sales Director

Shahid Gaffer

Human Resources Manager

Siable Jabbar

Director

 

 

News

          

 

Title

Date

Asian cuisine group has delicious prospects with new pounds 2m depot
Western Mail (Wales) (312 Words)

11-Aug-2012

 

 

                                                                          Financial Summary   

 

 

FYE: 28-Feb-2011

USD (mil)

Key Figures

 

Current Assets

27.00

Fixed Assets

10.08

Total Liabilities

27.54

Net Worth

6.96

 

Key Ratios

 

Current Ratio

0.98

Acid Test

0.61

Debt Gearing

20.34

 

 

Registered No.(UK)

 

03028250

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6472256

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6148171

 

 

Corporate Overview

 

Location
Unit E Langland Way
Newport, NP19 4PT
Newport County
United Kingdom

 

Tel:

01633636000

Fax:

01633636001

 

www.eurofoods.co.uk

Sales GBP(mil):

80.6

Assets GBP(mil):

22.8

Employees:

762

Fiscal Year End:

28-Feb-2011

 

Industry:

Food Processing

Registered Address:
Churchgate House
3 Church Road Whitchurch
Cardiff, CF14 2DX
United Kingdom

 

Incorporation Date:

02-Mar-1995

Company Type:

Private Independent

Quoted Status:

Not Quoted

Registered No.(UK):

03028250

 

Managing Director:

Shelim Hussain

 

Industry Codes

 

ANZSIC 2006 Codes:

3602

-

Meat, Poultry and Smallgoods Wholesaling

360

-

Grocery, Liquor and Tobacco Product Wholesaling

 

NACE 2002 Codes:

5132

-

Wholesale of meat and meat products

5138

-

Wholesale of other food including fish, crustaceans and molluscs

 

NAICS 2002 Codes:

424470

-

Meat and Meat Product Merchant Wholesalers

424460

-

Fish and Seafood Merchant Wholesalers

 

US SIC 1987:

5147

-

Meats and Meat Products

514

-

Groceries and Related Products

 

UK SIC 2003:

5132

-

Wholesale of meat and meat products

5138

-

Wholesale of other food including fish, crustaceans and molluscs

 

UK SIC 2007:

4632

-

Wholesale of meat and meat products

4638

-

Wholesale of other food, including fish, crustaceans and molluscs

Top

Business Description

Distribution of frozen meats and vegetables to thecatering industry and wholesale businesses.

Source: Experian Ltd.

More Business Descriptions

Food Product Manufacturers

Source: 118 Info

Top

Financial Data

Financials in:

GBP(mil)

Revenue:

80.6

Net Income:

1.2

Assets:

22.8

Current Assets:

16.6

Fixed Assets:

6.2

Long Term Debt:

1.1

Total Liabilities:

18.0

Issued Capital:

0.0

Working Capital:

-0.3

Net Worth:

4.3

Date of Financial Data:

28-Feb-2011

1 Year Growth

9.9%

NA

NA

Top

Key Corporate Relationships

Auditor:

Hodge Bakshi

Bank:

Barclays Bank PLC

Auditor:

Hodge Bakshi

 

GBP(mil)

Audit Fees:

0.0

Audit Fiscal Year:

02-28-2011

 

 

 

Euro Foods Group Ltd.

Newport, , United Kingdom, Tel: 01633636000, URL: http://www.eurofoods.co.uk

 

Executives Report

 

Board of Directors

 

Name

Title

Function

Siable Jabbar

Director

Director/Board Member

Age: 47

Shah Jahan

Director

Director/Board Member

Age: 35

Bronwen Morgan

Director

Director/Board Member

Age: 54

 

Executives

 

Name

Title

Function

Shelim Hussain

Managing Director

Managing Director

Age: 39

Social:

Heidi McKee-Hearne

PA to Managing Director

Managing Director

Shahid Gaffer

Human Resources Manager

Human Resources Executive

Rahim Miah

Sales Director

Sales Executive

Age: 41

 

Directors and Shareholders Report

 

Main Office Address:
Unit E Langland Way
Newport
United Kingdom NP19 4PT

Tel: 01633636000
Fax: 01633636001
URL: http://www.eurofoods.co.uk

Annual Return Date: 02 Mar 2012
Total Issued Capital (GBP 000): 30

 

Individual Directors

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

Bronwen
Morgan

Current

23 Jun 1958

10 Castle Street,
Usk, Gwent NP5 1BU

04 Sep 2000

NA

Current:1
Previous:1
Disqualifications:0

Shah
Jahan

Current

24 Apr 1977

612 Chepstow Road,
Newport, Newport NP19 9BZ

01 Aug 2007

NA

Current:2
Previous:0
Disqualifications:0

Shelim
Hussain

Current

20 Feb 1973

55B Oakfield Road,
Newport, Gwent NP9 4LX

02 Mar 1995

NA

Current:12
Previous:1
Disqualifications:0

Rahim
Miah

Current

15 Oct 1970

The Oaks Ruperra Close, Old St Mellons,
Cardiff, Cardiff CF3 6HX

19 Jul 1997

NA

Current:6
Previous:0
Disqualifications:0

Siable
Jabbar

Current

09 Mar 1965

8 The Rose Garden,
Newport, Newport NP20 5BS

02 Mar 1995

NA

Current:2
Previous:0
Disqualifications:0

Clive
Brock

Previous

06 Sep 1959

30 Heol Teifi,
Caldicot, Newport NP26 4PQ

12 Dec 2005

22 Dec 2007

Current:0
Previous:1
Disqualifications:0

Pankaj Shantilal
Bakshi

Previous

04 Aug 1954

Churchgate House Church Road, Whitchurch,
Cardiff, Cardiff CF14 2DX

14 Mar 2003

18 Oct 2006

Current:7
Previous:1
Disqualifications:0

 

 

 

Corporate Directors

Company Name

Status

Registered Address

Appointment Date

Resignation Date

Key Legal Services (Nominees) Limited

Previous

20 Station Road, Radyr,
Cardiff, Cardiff CF15 8AA

02 Mar 1995

02 Mar 1995

 

 

 

Individual Secretaries

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

Rahim
Miah

Current

15 Oct 1970

The Oaks Ruperra Close, Old St Mellons,
Cardiff, Cardiff CF3 6HX

02 Mar 1995

NA

Current:6
Previous:0
Disqualifications:0

 

 

 

Corporate Secretaries

Company Name

Status

Registered Address

Appointment Date

Resignation Date

Key Legal Services (Secretarial) Limited

Previous

20 Station Road, Radyr,
Cardiff, Cardiff CF15 8AA

02 Mar 1995

02 Mar 1995

 

 

 

Individual Shareholders

Name

Share Details
(As Reported)

Share Type

# of Shares

Share Price (GBP)

Share Value (GBP)

% of Total Shares

Rahim Miah

3000 Ordinary GBP 1.00

Ordinary

3,000

1.00

3,000.00

10.00

Shah Jahan

1500 Ordinary GBP 1.00

Ordinary

1,500

1.00

1,500.00

5.00

Shelim Hussain

22500 Ordinary GBP 1.00

Ordinary

22,500

1.00

22,500.00

75.00

Siable Jabbar

3000 Ordinary GBP 1.00

Ordinary

3,000

1.00

3,000.00

10.00

 

Corporate Shareholders

There are no corporate shareholders for this company.

 

 

News

Asian cuisine group has delicious prospects with new pounds 2m depot
Western Mail (Wales) (312 Words)

11-Aug-2012

 

Articles: 0 Matches


Euro Foods Group Ltd.

Annual Profit & Loss

Newport, United Kingdom, Tel: 01633636000, URL: http://www.eurofoods.co.uk

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

 

  Financial Glossary

 

 

28-Feb-2011

28-Feb-2010

28-Feb-2009

29-Feb-2008

28-Feb-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.647226

0.631243

0.575434

0.499536

0.533995

Consolidated

Yes

Yes

Yes

Yes

Yes

 

 

 

 

 

 

Turnover (UK)

122.7

110.5

117.4

118.3

106.7

Turnover (Exports)

1.8

5.7

1.7

3.1

0.0

Total Turnover

124.6

116.2

119.1

121.4

106.7

Cost of Sales

107.6

101.1

103.8

104.4

91.0

Gross Profit

16.9

15.1

15.3

17.0

15.8

Depreciation

0.6

0.7

1.4

1.1

1.1

Other Expenses

14.2

13.6

14.4

15.8

14.6

Other Income

0.5

0.8

0.7

0.8

0.3

Interest Paid

0.4

0.7

0.5

0.7

0.9

Exceptional Income

0.0

0.0

0.0

0.0

0.0

Discontinued Operations

0.0

0.0

0.0

0.0

-

Profit Before Taxes

2.8

1.6

1.2

1.4

0.6

Tax Payable / Credit

0.8

0.5

0.2

0.2

0.0

Extraordinary Items/Debits

0.0

0.0

0.0

0.0

0.0

Dividends

0.0

0.0

0.0

0.3

0.1

Profit After Taxes

1.9

1.0

0.9

0.8

0.5

Minority Interests (Profit & Loss)

-0.1

-0.1

-0.1

-0.1

0.0

Audit Fees

0.0

0.0

0.0

0.0

0.0

Number of Employees

762

841

849

1,016

780

Wages

5.6

5.4

5.9

6.6

5.9

Social Security Costs

0.4

0.4

0.5

0.6

0.5

Pensions

0.0

0.0

0.0

0.0

0.0

Other Pension Costs

0.0

0.0

0.0

0.0

0.0

Employees Remuneration

6.1

5.8

6.4

7.2

6.5

Directors Emoluments

0.3

0.4

-

-

0.4

Other Costs

0.0

0.0

0.4

0.7

0.0

Directors Remuneration

0.4

0.4

0.4

0.8

0.4

Highest Paid Director

0.1

0.2

0.1

0.2

-

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

  Financial Glossary

 

 

28-Feb-2011

28-Feb-2010

28-Feb-2009

29-Feb-2008

28-Feb-2007

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.614817

0.656858

0.701582

0.502715

0.510269

Consolidated

Yes

Yes

Yes

Yes

Yes

 

 

 

 

 

 

Land & Buildings

5.6

5.0

3.9

5.2

6.1

Fixtures & Fittings

0.7

0.8

0.6

0.8

0.9

Plant & Vehicles

3.6

3.7

3.9

4.4

4.8

Total Tangible Fixed Assets

9.9

9.4

8.4

10.4

11.9

Intangible Assets

0.0

0.0

0.0

0.0

0.0

Investments

0.2

0.0

0.3

0.2

0.1

Total Fixed Assets

10.1

9.5

8.7

10.7

12.0

Stocks

10.2

9.4

6.3

10.1

7.3

Work in Progress

0.0

0.0

0.0

0.0

0.0

Total Stocks Work In Progress

10.2

9.4

6.3

10.1

7.3

Trade Debtors

13.8

13.1

11.2

15.4

12.0

Inter-Company Debtors

0.5

1.0

0.4

0.3

1.1

Director Loans

0.1

0.0

0.0

0.0

0.0

Other Debtors

2.5

2.1

1.5

1.7

1.4

Total Debtors

16.8

16.2

13.1

17.4

14.4

Cash and Equivalents

0.1

0.1

0.1

0.0

0.1

Other Current Assets

0.0

0.0

0.0

0.0

0.0

Total Current Assets

27.0

25.7

19.5

27.6

21.7

Total Assets

37.1

35.2

28.2

38.2

33.7

Trade Creditors

15.1

16.8

12.3

18.0

15.5

Bank Overdraft

2.5

0.5

0.7

3.0

1.4

Inter-Company Creditors

0.0

0.0

-

0.0

-

Director Loans (Current Liability)

0.0

0.0

0.0

0.0

0.0

Hire Purchase (Current Liability)

0.4

0.4

-

-

-

Finance Lease (Current Liability)

0.0

0.0

-

-

-

Total Finance Lease/Hire Purchase (Current Liability)

0.4

0.4

0.4

0.6

0.8

Total Short Term Loans

6.9

7.8

6.5

7.0

6.8

Accruals/Deferred Income (Current Liability)

0.6

0.5

0.5

0.9

1.0

Social Security/VAT

0.7

0.7

0.5

0.3

0.2

Corporation Tax

1.3

0.7

0.3

0.2

-

Dividends (Current Liability)

0.0

0.0

-

0.0

-

Other Current Liabilities

0.0

0.0

0.0

0.0

0.2

Total Current Liabilities

27.5

27.4

21.3

30.1

26.0

Group Loans (Long Term Liability)

0.0

0.0

0.0

0.0

2.4

Director Loans (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Hire Purchase (Long Term Liability)

0.2

0.3

-

-

-

Leasing (Long Term Liability)

0.0

0.0

-

-

-

Total Hire Purchase Loans (Long Term Liability)

0.2

0.3

0.5

0.5

0.9

Other Long Term Loans

1.3

1.5

1.8

2.1

0.0

Accruals/Deferred Income (Long Term Liability)

0.4

0.4

0.5

0.9

0.0

Other Long Term Liabilities

0.0

0.0

0.0

0.0

1.0

Total Long Term Liabilities

1.8

2.3

2.7

3.5

4.3

Deferred Taxation

0.4

0.4

0.4

0.6

0.5

Other Provisions

0.0

0.0

0.0

0.0

0.0

Total Provisions

0.4

0.4

0.4

0.6

0.5

Issued Capital

0.0

0.0

0.0

0.1

0.1

Share Premium Accounts

0.0

0.0

0.0

0.0

0.0

Revaluation Reserve

0.0

0.0

0.0

0.0

0.0

Retained Earnings

6.8

4.6

3.4

3.7

2.9

Other Reserves

0.1

0.1

0.2

0.1

0.0

Minority Interests (Balance Sheet)

-0.4

-0.3

-0.2

-0.1

0.0

Total Shareholders Funds

7.0

4.7

3.6

3.9

2.9

Net Worth

7.0

4.7

3.6

3.9

2.9

 

 

Annual Cash Flows

Financials in: USD (mil)

 

  Financial Glossary

 

 

28-Feb-2011

28-Feb-2010

28-Feb-2009

29-Feb-2008

28-Feb-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.647226

0.631243

0.575434

0.499536

0.533995

Consolidated

Yes

Yes

Yes

Yes

Yes

 

 

 

 

 

 

Net Cash Flow From Operating Activities

1.4

2.5

2.8

-0.9

3.0

Net Cash Flow from ROI and Servicing of Finance

-0.4

-0.6

-0.4

-0.2

-0.9

Taxation

-0.2

-0.1

-0.1

0.1

-0.2

Capital Expenditures

-1.0

-1.3

-1.9

0.6

-0.6

Acquisitions and Disposals

0.0

0.0

0.0

0.0

0.0

Paid Up Equity

-0.1

0.0

0.0

-0.3

-0.1

Management of Liquid Resources

0.0

0.0

0.0

0.0

0.0

Net Cash Flow From Financing

-0.2

-0.2

0.1

-0.6

-1.1

Increase in Cash

-0.5

0.3

0.6

-1.3

0.0

 

 

Annual Ratios

Financials in: USD (mil)

 

 

28-Feb-2011

28-Feb-2010

28-Feb-2009

29-Feb-2008

28-Feb-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.614817

0.656858

0.701582

0.502715

0.510269

Consolidated

Yes

Yes

Yes

Yes

Yes

 

 

 

 

 

 

Current Ratio

0.98

0.94

0.91

0.92

0.84

Liquidity Ratio

0.61

0.60

0.62

0.58

0.56

Stock Turnover

12.90

11.94

15.56

11.89

15.39

Credit Period (Days)

38.37

42.97

41.69

46.63

39.06

Working Capital by Sales

-0.41%

-1.56%

-1.90%

-2.09%

-3.81%

Trade Credit by Debtors

1.10

1.28

1.10

1.17

1.30

Return on Capital

31.33%

19.74%

14.19%

16.86%

7.94%

Return on Assets

8.06%

4.36%

3.45%

3.59%

1.82%

Profit Margin

2.28%

1.37%

1.00%

1.14%

0.55%

Return on Shareholders Funds

42.94%

32.32%

27.13%

34.87%

21.05%

Borrowing Ratio

160.73%

223.17%

274.95%

339.23%

422.24%

Equity Gearing

18.77%

13.48%

12.73%

10.29%

8.63%

Debt Gearing

20.34%

39.94%

62.00%

66.89%

112.32%

Interest Coverage

6.53

2.34

2.52

2.07

0.64

Sales by Tangible Assets

13.29

11.82

11.65

11.60

9.40

Average Remuneration per Employee

0.0

0.0

0.0

0.0

0.0

Profit per Employee

0.0

0.0

0.0

0.0

0.0

Sales per Employee

0.2

0.1

0.1

0.1

0.1

Capital Employed per Employee

0.0

0.0

0.0

0.0

0.0

Tangible Assets per Employee

0.0

0.0

0.0

0.0

0.0

Total Assets per Employee

0.0

0.0

0.0

0.0

0.0

Employee Remuneration by Sales

4.87%

5.02%

5.37%

5.94%

6.05%

Creditor Days (Cost of Sales Based)

48.80

63.29

52.84

63.28

59.59

Creditor Days (Sales Based)

42.16

55.08

46.03

54.42

50.78

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.61

UK Pound

1

Rs.83.57

Euro

1

Rs.67.17

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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

 

--

 

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.