MIRA INFORM REPORT

 

 

Report Date :

26.12.2013

 

IDENTIFICATION DETAILS

 

Name :

ELGAS, S.R.O.

 

 

Registered Office :

Ohrazenice 211, 533 53 Pardubice 

 

 

Country :

Czech Republic

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

01.10.1992

 

 

Com. Reg. No.:

C 2884

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturer of instruments and appliances for measuring, testing and navigation

 

 

No. of Employees :

118 (2013)

 

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

 

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, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Czech Republic

B1

B1

 

Risk Category

ECGC Classification

 

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Czech Republic - ECONOMIC OVERVIEW

 

The Czech Republic is a stable and prosperous market economy closely integrated with the EU, especially since the country's EU accession in 2004. While the conservative, inward-looking Czech financial system has remained relatively healthy, the small, open, export-driven Czech economy remains sensitive to changes in the economic performance of its main export markets, especially Germany. When Western Europe and Germany fell into recession in late 2008, demand for Czech goods plunged, leading to double digit drops in industrial production and exports. As a result, real GDP fell 4.7% in 2009, with most of the decline occurring during the first quarter. Real GDP, however, slowly recovered with positive quarter-on-quarter growth starting in the second half of 2009 and continuing throughout 2011. In 2012, however, the economy fell into a recession due to a slump in external demand. The auto industry remains the largest single industry, and, together with its upstream suppliers, accounts for nearly 24% of Czech manufacturing. The Czech Republic produced more than a million cars for the first time in 2010, over 80% of which were exported. Foreign and domestic businesses alike voice concerns about corruption especially in public procurement. Other long term challenges include dealing with a rapidly aging population, funding an unsustainable pension and health care system, and diversifying away from manufacturing and toward a more high-tech, services-based, knowledge economy.

 

Source : CIA

 

Company name & address

 

ELGAS, s.r.o.
Ohrazenice 211 
533 53 Pardubice 


Telephone:        00420/ 466 414 500
Telefax:             00420/ 466 411 190
E-Mail:              obchod@elgas.cz
Web:                www.elgas.cz

 

 

Company summary

 

 

Company development

Constant company development

 

 

Order situation

Satisfactory order situation

 

Terms of payment

no complaints

 

 

Business connection

Business connections appear permissible

 

 

Legal form

Private limited company

 

 

Foundation

01/10/1992 - Private limited company

Comp. Register

01/10/1992, Krajský soud Hradec Králové, RegNr.: C 2884
Statistical number: 47469978
Tax number: CZ47469978

 

Share Capital

15/06/1993

CZK

100 000,-

 

Shareholders

Ing. Petr Krčil (03.04.1957)
Ráby 160, 533 52 Staré Hradiště u Pardubic

CZK

50 000,-

 

 

 

Ivana Krčilová (07.07.1958)
Ráby 160, 533 52 Staré Hradiště u Pardubic

CZK

50 000,-

 

Management

Ing. Petr Krčil (03.04.1957)
Ráby 160, 533 52 Staré Hradiště u Pardubic 
Executive Manager

 

 

Ivana Krčilová (07.07.1958)
Ráby 160, 533 52 Staré Hradiště u Pardubic 
Executive Manager

General Data

Manufacture and sale of devices for measuring, processing
and transfer of data in the branch of gas industry. 

 

 

Main activity:
Manufacture of instruments and appliances for measuring, testing and navigation

 

 

Former name(s)
ELGAS s. r. o. 
Beginning of validity: 01.10.1992
End of validity: 24.11.1997

 

 

Trade name(s)
ELGAS, s.r.o.
Beginning of validity: 24.11.1997

 

Export:
European Union

 

 

 

 

 

Address:
Ohrazenice 211, 533 53 Pardubice 
Beginning of validity: 24.11.1997
telephone:
00420/ 466 414 500
telefax:
00420/ 466 411 190
e-mail:
obchod@elgas.cz
Web:
www.elgas.cz

 

 

533 52 Ráby čp. 119, Staré Hradiště 
Beginning of validity: 01.10.1992
End of validity: 24.11.1997

 

Branches of the business:
Dukelská 55, 533 74 Horní Jelení 
telephone:
00420/ 466 673 224

 

Staff

2009

40 employees

 

2010

52 employees

 

 

2012

60 employees

 

2013

118 employees

 

Annual Sales

2005

actual sales

CZK

116 510 000,-

 

 

2006

actual sales

CZK

218 164 000,-

 

 

 

2007

actual sales

CZK

187 328 000,-

 

 

2008

actual sales

CZK

227 157 000,-

 

 

 

2009

actual sales

CZK

167 964 000,-

 

 

2010

actual sales

CZK

209 392 000,-

 

 

 

In despite of efforts it was not possible to obtain more actual data or financials.

Property

Property of the company: 
Elgas components s.r.o.
CZ-533 53 Pardubice , Ohrazenice 211

Property of the company: Business premises 
(verified in the real estate registry)
CZ-533 74 Horní Jelení, Dukelská 55

 

 

Contractual right of lien.

Balance sheets

The enclosed balance of 2010 from business register, -. (31.12.2010 - 1 CZK)
The enclosed balance of 2009 from business register, -. (31.12.2009 - 1 CZK)
The enclosed balance of 2008 from business register, -. (31.12.2008 - 1 CZK)
The enclosed balance of 2007 from business register, -. (31.12.2007 - 1 CZK)

 

 

The enclosed balance of 2010 from business register, -. (31.12.2010 - 1 CZK)
The enclosed profit/loss account of 2009 from business register, -. (31.12.2009 - 1 CZK)
The enclosed profit/loss account of 2008 from business register, -. (31.12.2008 - 1 CZK)
The enclosed profit/loss account of 2007 from business register, -. (31.12.2007 - 1 CZK)

Remarks

The final accounts for the year 2012 are not available yet.


The company is a holder of ISO 9001 and ISO 14001 certificates.


The company contrary to the Act on Accounting did not store its current 
final accounts to the Companies Register.


We have asked the firm management in written form to send final account.
In case that we receive account statements, we will send you a. 


All the sources of negative data accessible to public (insolvency registers, databases of debtors of health insurance institutions, commercial bulletin, collection database others) are currently monitored.


The final accounts for the year 2011 are not available yet.


 

 

Management:
Ing. Petr Bartl, business director,
phone: 00420/ 466 414 562, e-mail: petr.bartl@elgas.cz

Further participations: 
Ing. Petr Krčil
- Elgas components s.r.o., IČ 25 26 70 94, share 50% 

Ivana Krčilová
- Elgas components s.r.o., IČ 25 26 70 94, share 50% 

According to information of Mrs. Petrlíková, the accountant:
- the company´s management will be in the second half of January 2014
back in the company
- the economic data are not allowed to be provided without approval 
of the company´s management
- in the years 2011, 2012 there was increase of annual sales

Contact: 
Miloslava Petrlíková, accountant,
phone: 00420/ 466 414 500, e-mail: petrlikova@elgas.cz
Veronika Štěpánková, assistent of the management,
e-mail: veronika.stepankova@elgas.cz

Bankers

Komerční banka, a.s. 
Account number: 78-9163610277/0100

Československá obchodní banka, a. s. 
Account number: 271988903/0300

Account number: 43-3840750297/0100
Account number: 43-3840850247/0100

UniCredit Bank Czech Republic and Slovakia, a.s. 
Account number: 2109728213/2700

Account number: 2109728221/2700

 

 

Copyright: s.r.o. Praha

This information is addressed exclusively to the addressee. Contractor obligates to provide updated information. Although it is always put maximum effort to collect actual and exact information, it is not confirmed as delinquency if there are particular inaccurateness contained within the information, which are not considered as essential in terms of the objective for which the information is provided to the addressee. Contractor and recipient conform to the rules of the Name and Description Security Act, Nub.101/2000. According to the Name and Description Security Act, recipient has the right to process or to use forwarding data only for the purpose for which information has been sent to the recipient. Usage for other purpose is acceptable only in case referring to valid regulations of the above mentioned act.

 

 

Financial data

 

 

Balance

31.12.2007 (CZK)

31.12.2008 (CZK)

31.12.2009 (CZK)

31.12.2010 (CZK)

r1

TOTAL ASSETS

90 954 000

140 329 000

85 995 000

158 691 000

r2

Receivables for subscriptions

0

0

0

0

r3

Fixed assets

19 733 000

34 668 000

6 891 000

11 073 000

r4

Intangible fixed assets

219 000

451 000

304 000

117 000

r5

Incorporation expenses

0

0

0

0

r6

Research and development

0

0

0

0

r7

Software

219 000

451 000

304 000

117 000

r8

Valuable rights

0

0

0

0

r9

Goodwill

0

0

0

0

r10

Other intangible fixed assets

0

0

0

0

r11

Intangible fixed assets under construction

0

0

0

0

r12

Advance payments for intangible fixed assets

0

0

0

0

r13

Tangible fixed assets

19 514 000

34 217 000

6 587 000

10 956 000

r14

Lands

475 000

4 004 000

132 000

132 000

r15

Constructions

14 404 000

23 699 000

5 319 000

4 925 000

r16

Equipment

3 565 000

6 000 000

736 000

226 000

r17

Perennial corps

3 000

1 000

0

0

r18

Breeding and draught animals

0

0

0

0

r19

Other tangible fixed assets

0

0

0

0

r20

Tangible fixed assets under construction

1 067 000

513 000

400 000

5 673 000

r21

Advance payments for tangible fixed assets

0

0

0

0

r22

Adjustment to acquired assets

0

0

0

0

r23

Long-term financial assets

0

0

0

0

r24

Shares in controlled and managed organizations

0

0

0

0

r25

Shares in accounting units with substantial influence

0

0

0

0

r26

Other securities and shares

0

0

0

0

r27

Loans to controlled and managed organizations and to accounting unit with substantial influence

0

0

0

0

r28

Other financial investments

0

0

0

0

r29

Financial investments acquired

0

0

0

0

r30

Advance payments for long-term financial assets

0

0

0

0

r31

Current assets

66 752 000

102 421 000

76 681 000

145 552 000

r32

Inventory

48 573 000

54 805 000

43 476 000

64 239 000

r33

Materials

34 989 000

44 221 000

33 481 000

40 956 000

r34

Work in progress and semi-products

8 211 000

5 415 000

5 648 000

8 588 000

r35

Finished products

5 137 000

4 929 000

4 079 000

14 457 000

r36

Animals

0

0

0

0

r37

Merchandise

236 000

240 000

268 000

238 000

r38

Advance payments for inventory

0

0

0

0

r39

Long-term receivables

0

0

0

0

r40

Trade receivables

0

0

0

0

r41

Receivables from controlled and managed organizations

0

0

0

0

r42

Receivables from accounting units with substantial influence

0

0

0

0

r43

Receivables from partners, cooperative members and association members

0

0

0

0

r44

Long-term deposits given

0

0

0

 

r45

Estimated receivable

0

0

0

0

r46

Other receivables

0

0

0

0

r47

Deferred tax receivable

0

0

0

0

r48

Short-term receivables

6 995 000

17 240 000

29 329 000

59 313 000

r49

Trade receivables

4 968 000

14 643 000

27 510 000

45 915 000

r50

Receivables from controlled and managed organizations

0

0

0

0

r51

Receivables from accounting units with substantial influence

0

0

0

0

r52

Receivables from partners, cooperative members and association members

0

0

0

0

r53

Receivables from social security and health insurance

0

0

0

0

r54

Due from state - tax receivable

0

0

0

5 459 000

r55

Short-term deposits given

1 412 000

2 597 000

1 690 000

7 335 000

r56

Estimated receivable

0

0

0

0

r57

Other receivables

615 000

0

129 000

604 000

r58

Short-term financial assets

11 184 000

30 376 000

3 876 000

22 000 000

r59

Cash

443 000

2 595 000

425 000

1 567 000

r60

Bank accounts

10 741 000

27 781 000

3 451 000

20 433 000

r61

Short-term securities and ownership interests

0

0

0

0

r62

Short-term financial assets acquired

0

0

0

0

r63

Accruals

4 469 000

3 240 000

2 423 000

2 066 000

r64

Deferred expenses

4 469 000

3 076 000

2 421 000

2 020 000

r65

Complex deferred costs

0

0

0

0

r66

Deferred income

0

164 000

2 000

46 000

r67

TOTAL LIABILITIES

90 954 000

140 329 000

85 995 000

158 691 000

r68

Equity

47 350 000

61 427 000

5 513 000

25 849 000

r69

Registered capital

100 000

100 000

100 000

100 000

r70

Registered capital

100 000

100 000

100 000

100 000

r71

Company’s own shares and ownership interests (-)

0

0

0

0

r72

Changes of registered capital ( +/- )

0

0

0

0

r73

Capital funds

0

0

0

0

r74

Share premium

0

0

0

0

r75

Other capital funds

0

0

0

0

r76

Differences from revaluation of assets and liabilities ( +/- )

0

0

0

0

r77

Differences from revaluation in transformation ( +/- )

0

0

0

0

r78

Reserve funds, statutory reserve account for cooperatives, and other retained earnings

10 000

10 000

10 000

10 000

r79

Legal reserve fund / indivisible fund

10 000

10 000

10 000

10 000

r80

Statutory and other funds

0

0

0

0

r81

Profit / loss - previous years

25 980 000

34 454 000

0

1 900 000

r82

Retained earnings from previous years

25 980 000

34 454 000

0

1 900 000

r83

Accumulated losses from previous years

0

0

0

0

r84

Profit / loss - current year (+/-)

21 260 000

26 863 000

5 403 000

23 839 000

r85

Liabilities

42 838 000

76 751 000

72 285 000

130 680 000

r86

Reserves

1 500 000

3 000 000

0

0

r87

Reserves under special statutory regulations

1 500 000

3 000 000

0

0

r88

Reserves for pension and similar payables

0

0

0

0

r89

Income tax reserves

0

0

0

0

r90

Other reserves

0

0

0

0

r91

Long-term payables

0

0

0

0

r92

Trade payables

0

0

0

0

r93

Payables to controlled and managed organizations

0

0

0

0

r94

Payables to accounting units with substantial influence

0

0

0

0

r95

Payables from partners, cooperative members and association members

0

0

0

0

r96

Long-term advances received

0

0

0

0

r97

Issues bonds

0

0

0

0

r98

Long-term notes payables

0

0

0

0

r99

Estimated payables

0

0

0

0

r100

Other payables

0

0

0

0

r101

Deferred tax liability

0

0

0

0

r102

Short-term payables

26 525 000

27 172 000

29 789 000

82 103 000

r103

Trade payables

6 623 000

3 822 000

16 266 000

70 671 000

r104

Payables to controlled and managed organizations

0

0

0

0

r105

Payables to accounting units with substantial influence

0

0

0

0

r106

Payables from partners, cooperative members and association members

136 000

227 000

0

0

r107

Payroll

1 343 000

1 984 000

694 000

1 336 000

r108

Payables to social securities and health insurance

1 244 000

1 547 000

390 000

745 000

r109

Due from state - tax liabilities and subsidies

935 000

3 330 000

3 004 000

-472 000

r110

Short-term deposits received

176 000

121 000

357 000

371 000

r111

Issues bonds

0

0

0

0

r112

Estimated payables

311 000

363 000

5 707 000

429 000

r113

Other payables

15 757 000

15 778 000

3 371 000

9 023 000

r114

Bank loans and financial accommodations

14 813 000

46 579 000

42 496 000

48 577 000

r115

Long-term bank loans

14 813 000

360 000

0

0

r116

Short-term bank loans

0

46 219 000

42 496 000

48 577 000

r117

Short-term accommodations

0

0

0

0

r118

Accruals

766 000

2 151 000

8 197 000

2 162 000

r119

Accrued expenses

766 000

2 151 000

8 197 000

2 162 000

r120

Deferred revenues

0

0

0

0

 

 

 

 

profit/loss account

31.12.2007 (CZK)

31.12.2008 (CZK)

31.12.2009 (CZK)

31.12.2010 (CZK)

a1

Turnover

187 328 000

227 157 000

167 964 000

209 392 000

a2

Revenues from sold goods

3 587 000

2 920 000

23 000

20 000

a3

Expenses on sold goods

3 405 000

2 936 000

62 000

11 000

a4

Sale margin

182 000

-16 000

-39 000

9 000

a5

Production

177 725 000

221 231 000

170 707 000

224 642 000

a6

Revenues from own products and services

183 741 000

224 237 000

167 941 000

209 372 000

a7

Change in inventory of own products

-6 016 000

-3 006 000

2 766 000

15 270 000

a8

Capitalization

0

0

0

0

a9

Production consumption

105 741 000

127 612 000

102 628 000

129 251 000

a10

Consumption of material and energy

90 462 000

105 792 000

78 455 000

93 417 000

a11

Services

15 279 000

21 820 000

24 173 000

35 834 000

a12

Added value

72 166 000

93 603 000

68 040 000

95 400 000

a13

Personnel expenses

34 241 000

42 026 000

19 159 000

20 090 000

a14

Wages and salaries

24 878 000

30 819 000

14 080 000

14 463 000

a15

Renumeration of board members

0

0

0

0

a16

Social security expenses and health insurance

8 560 000

10 263 000

4 185 000

4 756 000

a17

Other social expenses

803 000

944 000

894 000

871 000

a18

Taxes and fees

165 000

109 000

967 000

101 000

a19

Depreciations of intangible and tangible assets

3 148 000

4 714 000

967 000

705 000

a20

Revenues from disposals of fixed assets and materials

45 000

1 517 000

450 000

1 954 000

a21

Revenues from disposals of fixed assets

45 000

59 000

450 000

479 000

a22

Revenues from disposals of materials

0

1 458 000

0

1 475 000

a23

Net book value of disposed fixed assets and materials

0

0

0

1 512 000

a24

Net book value of sold fixed assets

0

0

0

0

a25

Net book value of sold material

0

0

0

1 512 000

a26

Change in operating reserves and adjustments and complex deferred costs ( + / - )

1 500 000

0

0

0

a27

Other operating revenues

655 000

1 119 000

492 000

427 000

a28

Other operating expenses

1 295 000

2 233 000

48 446 000

39 717 000

a29

Transfer of operating revenues

0

0

0

0

a30

Transfer of operating expenses

0

0

0

0

a31

Operating profit / loss

32 517 000

47 157 000

-557 000

35 656 000

a32

Revenues from sales of securities and ownership interests

0

0

0

0

a33

Sold securities and ownership interests

0

0

0

0

a34

Revenues from long-term financial assets

0

0

0

0

a35

Revenues from shares in controlled and managed organizations and in accounting units with substantial influence

0

0

0

0

a36

Revenues from others securities and ownership interests

0

0

0

0

a37

Revenues from other long-term financial assets

0

0

0

0

a38

Revenues from short-term financial assets

0

0

0

0

a39

Expenses associated with financial assets

0

0

0

0

a40

Revenues from revaluation of securities and derivatives

0

0

0

0

a41

Cost of revaluation of securities and derivatives

0

0

0

0

a42

Change in financial reserves and adjustments ( + / - )

0

1 500 000

0

0

a43

Interest revenues

46 000

77 000

10 000

3 000

a44

Interest expenses

1 947 000

3 962 000

2 634 000

1 687 000

a45

Other financial revenues

969 000

3 044 000

2 840 000

1 471 000

a46

Other financial expenses

2 800 000

10 131 000

4 962 000

4 402 000

a47

Transfer of financial revenues

0

0

0

0

a48

Transfer of financial expenses

0

0

0

0

a49

Profit / loss from financial operations ( transactions )

-3 732 000

-12 472 000

-4 746 000

-4 615 000

a50

Income tax on ordinary income

7 525 000

7 822 000

0

6 475 000

a51

Due tax

7 525 000

7 822 000

0

6 475 000

a52

Tax deferred

0

0

0

0

a53

Operating profit / loss ordinary activity

21 260 000

26 863 000

-5 303 000

24 566 000

a54

Extraordinary revenues

0

0

16 505 000

0

a55

Extraordinary expenses

0

0

3 488 000

727 000

a56

Income tax on extraordinary income

0

0

2 312 000

0

a57

Due tax

0

0

2 312 000

0

a58

Tax deferred

0

0

0

0

a59

Operating profit / loss extraordinary activity

0

0

10 705 000

-727 000

a60

Transfer profit ( loss ) to partners (+/-)

0

0

0

0

a61

Profit / loss of current accounting period (+/-)

21 260 000

26 863 000

5 402 000

23 839 000

a62

Profit / loss before tax (+/-)

28 785 000

34 685 000

7 714 000

30 314 000

 

Receivables more than 180 days after due date

0

 

0

0

 

Liabilities more than 180 days after due date

0

 

0

0

 

 

Balance indices

 

31.12.2007

31.12.2008

31.12.2009

31.12.2010

Return on total assets ROA (in %)

a62/r1 * 100

31,65

24,72

8,97

19,10

Return on equity ROE (in %)

a62/r68 * 100

60,79

56,47

139,92

117,27

Return on sales ROS (in %)

a62/a1 * 100

15,37

15,27

4,59

14,48

Turnover of receivables (in days)

r49/a1 * 365

9,68

23,53

59,78

80,04

Turnover of liabilities (in days)

r103/a1 * 365

12,90

6,14

35,35

123,19

Turnover of inventories (days)

r32/a1 * 365

94,64

88,06

94,48

111,98

Net working capital (in ths. CZK)

r31 - r102 - r116 - r117

40 227,00

29 030,00

4 396,00

14 872 000,00

Ratio of accounts payable to accounts receivable (in %)

(r39+r48) / (r91+r102) * 100

26,37

63,45

98,46

72,24

Ratio of profit/loss to tangible assets (in%)

r3 / a1 * 100

10,53

15,26

4,10

5,29

Current ratio

r31 / (r102+r116+r117)

2,52

1,40

1,06

1,11

Quick ratio

(r58+r48) / (r102+r116+r117)

0,69

0,65

0,46

0,62

Cash ratio

r58 / (r102+r116+r117)

0,42

0,41

0,05

0,17

Debt ratio I (in %)

(1-r68/r67) * 100

47,94

56,23

93,59

83,71

Debt ratio II (in %)

r85/r67 * 100

47,10

54,69

84,06

82,35

 

 

 

 


 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.61.87

UK Pound

1

Rs.101.10

Euro

1

Rs.84.65

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.