MIRA INFORM REPORT

 

 

Report Date :

25.03.2013

 

IDENTIFICATION DETAILS

 

Name :

SPECIALISED WELDING PRODUCTS LTD.

 

 

Registered Office :

Unit 1, Farringdon Industrial Centre, The Old Station Yard Farringdon, Alton, GU34 3DD

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

15.01.1991

 

 

Com. Reg. No.:

2573967

 

 

Legal Form :

Private Subsidiary Company

 

 

Line of Business :

wholesaler and exporter of welding products, consumables and safety equipment

 

 

No. of Employees :

40

 

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 – 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 & address

 

Specialised Welding Products Ltd.

Unit 1

Farringdon Industrial Centre

The Old Station Yard Farringdon

Alton, GU34 3DD

United Kingdom

(Trading Address)

Tel:       01420588180

Fax:      01420588184

Web:    www.specialisedwelding.co.uk

           

 

Synthesis

 

Employees:                 40

Company Type:            Private Subsidiary

Corporate Family:          2 Companies

Ultimate Parent:             New Swp Ltd.

Quoted Status:             Non-quoted Company

Incorporation Date:        15-Jan-1991

Auditor:                                   Rothman Pantall LLP    

Financials in:                 USD (Millions)

Fiscal Year End:            31-Mar-2012

Reporting Currency:       British Pound Sterling

Annual Sales:               14.5  1

Net Income:                 0.1

Total Assets:                 7.0

 

 

Business Description     

 

Specialised Welding Products is a wholesaler and exporter of welding products, consumables and safety equipment. Founded in 1991, Specialised Welding Products Limited has grown to become one of the UK's leading suppliers of welding and safety equipment, whilst maintaining its core beliefs of quality, service and value, provided by a dedicated team with extensive product knowledge. Our head office is based in a 2800 sq m office and warehouse complex near Alton, Hampshire and it is from here we despatch orders from stock up to 7.00pm for next day delivery. We also have a depot in Haydock, just off the M6 at junction 23. As well as stocking the most popular product lines, it also offers our constantly evolving range of Air Tools and Battery Powered Tools. This depot also offers next day delivery and, in addition, a Trade Counter service enables you to collect your orders personally. These two sites combine to provide nationwide delivery of quality products allied to the welding industry - and beyond.

 

Industry            

Industry           Miscellaneous Capital Goods

ANZSIC 2006:   3499 - Other Machinery and Equipment Wholesaling Not Elsewhere Classified

NACE 2002:      5187 - Wholesale of other machinery for use in industry, trade and navigation

NAICS 2002:     423490 - Other Professional Equipment and Supplies Merchant Wholesalers

UK SIC 2003:    5187 - Wholesale of other machinery for use in industry, trade and navigation

UK SIC 2007:    4669 - Wholesale of other machinery and equipment

US SIC 1987:    508 - Machinery, Equipment, and Supplies

 

           

Key Executives   

 

Name                           Title    

Nicola Packer                Secretary         

Jeremy David Packer     Director           

 

 

Financial Summary    

 

 

FYE: 31-Mar-2012

USD (mil)

Key Figures

 

Current Assets

6.89

Fixed Assets

0.12

Total Liabilities

3.47

Net Worth

3.46

 

Key Ratios

 

Current Ratio

1.99

Acid Test

1.56

Debt Gearing

0.68

 

 

 

 

Registered No.(UK): 02573967

 

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6267523

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6281078

 

 

Corporate Overview

 

Location

Unit 1

Farringdon Industrial Centre

The Old Station Yard Farringdon

Alton, GU34 3DD

Hampshire County

United Kingdom

Tel:       01420588180

Fax:      01420588184

Web:    www.specialisedwelding.co.uk

           

Sales GBP(mil):             9.1

Assets GBP(mil):           4.4

Employees:                  40

Fiscal Year End:            31-Mar-2012

Industry:                       Miscellaneous Capital Goods

                       

Registered Address:

Unit 1

Farringdon Industrial Estate

Alton, GU34 3DD

United Kingdom

 

Incorporation Date:        15-Jan-1991

Company Type:             Private Subsidiary

Quoted Status:              Not Quoted

Registered No.(UK):      02573967

Director:                       Jeremy David Packer

 

Industry Codes

 

ANZSIC 2006 Codes:

3499     -          Other Machinery and Equipment Wholesaling Not Elsewhere Classified

 

NACE 2002 Codes:

5187     -          Wholesale of other machinery for use in industry, trade and navigation

 

NAICS 2002 Codes:

423490  -          Other Professional Equipment and Supplies Merchant Wholesalers

 

US SIC 1987:

508       -          Machinery, Equipment, and Supplies

 

UK SIC 2003:

5187     -          Wholesale of other machinery for use in industry, trade and navigation

 

UK SIC 2007:

4669     -          Wholesale of other machinery and equipment

 

Business Description

Sale of welding equipment, air compressors and related products.

 

More Business Descriptions

Engineers (General)

 

Specialised Welding Products is a wholesaler and exporter of welding products, consumables and safety equipment. Founded in 1991, Specialised Welding Products Limited has grown to become one of the UK's leading suppliers of welding and safety equipment, whilst maintaining its core beliefs of quality, service and value, provided by a dedicated team with extensive product knowledge. Our head office is based in a 2800 sq m office and warehouse complex near Alton, Hampshire and it is from here we despatch orders from stock up to 7.00pm for next day delivery. We also have a depot in Haydock, just off the M6 at junction 23. As well as stocking the most popular product lines, it also offers our constantly evolving range of Air Tools and Battery Powered Tools. This depot also offers next day delivery and, in addition, a Trade Counter service enables you to collect your orders personally. These two sites combine to provide nationwide delivery of quality products allied to the welding industry - and beyond.

 

Financial Data

Financials in:

GBP(mil)

 

Revenue:

9.1

Net Income:

0.0

Assets:

4.4

Current Assets:

4.3

 

Fixed Assets:

0.1

 

Long Term Debt:

0.0

 

Total Liabilities:

2.2

 

Issued Capital:

0.0

 

Working Capital:

2.2

 

Net Worth:

2.2

 

 

 

Date of Financial Data:

31-Mar-2012

 

1 Year Growth

20.5%

NA

96.6%

 

Key Corporate Relationships

Auditor:

Rothman Pantall LLP

 

Auditor:

Rothman Pantall LLP

 

Auditor History

Rothman Pantall LLP

31-Mar-2012

Rothman Pantall LLP

31-Mar-2011

Rsm Tenon Audit Ltd.

31-Mar-2010

Tenon Ltd.

31-Mar-2009

Fox And Co (Accountants) Ltd.

31-Mar-2008

 

 

 

GBP(mil)

Audit Fees:

0.0

Audit Fiscal Year:

03-31-2012

 

 

 

 

 

 

Corporate Family

Corporate Structure News:

 

New Swp Ltd.
Specialised Welding Products Ltd.

Specialised Welding Products Ltd. 
Total Corporate Family Members: 2 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

New Swp Ltd.

Parent

Alton

United Kingdom

Miscellaneous Capital Goods

14.5

40

 

Specialised Welding Products Ltd.

Subsidiary

Alton

United Kingdom

Miscellaneous Capital Goods

14.5

40

 

 

 

 

 

Executive report  

 

Board of Directors

 

Name

Title

Function

 

Jeremy David Packer

 

Director

Director/Board Member

 

Age: 46

 

 

Executives

 

Name

Title

Function

 

Nicola Packer

 

Secretary

Company Secretary

 

Age: 45

 


Directors and Shareholders Report

 

Main Office Address:
Unit 1
Farringdon Industrial Centre
Alton
United Kingdom GU34 3DD

Tel: 01420588180
Fax: 01420588184
URL:http://www.specialisedwelding.co.uk

Annual Return Date: 18 Jan 2012
Total Issued Capital (GBP 000): 40

 

Individual Directors

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Jeremy David 
Packer

Current

10 Apr 1966

Greenoaks 86 Wellhouse Road, Beech,
Alton, Hampshire GU34 4AG

01 Feb 2001

NA

Current:2
Previous:1
Disqualifications:0

 

Anthony John 
Packer

Previous

NA

Waverley House, 
Alton, Hampshire GU34 4LL

01 Feb 2001

09 Sep 2009

Current:0
Previous:2
Disqualifications:0

 

Carole Winifred 
Packer

Previous

25 Jul 1938

Waverley House, Lower Froyle, 
Alton, Hampshire GU34 4LL

15 Jan 1991

01 Feb 2001

Current:0
Previous:1
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Directors

There are no corporate directors for this company.

 

 

Individual Secretaries

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Nicola 
Packer

Current

NA

Greenoaks 86 Wellhouse Road, Beech, 
Alton, Hampshire GU34 4AG

09 Sep 2009

NA

Current:2
Previous:0
Disqualifications:0

 

Anthony John 
Packer

Previous

NA

Waverley House, 
Alton, Hampshire GU34 4LL

01 Apr 1995

09 Sep 2009

Current:0
Previous:2
Disqualifications:0

 

Jeremy David 
Packer

Previous

10 Apr 1966

Greenoaks 86 Wellhouse Road, Beech, 
Alton, Hampshire GU34 4AG

NA

01 Apr 1995

Current:2
Previous:1
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Secretaries

There are no corporate secretaries for this company.

 

 

Individual Shareholders

There are no individual shareholders for this company.

 

 

 

 

 

 

 

 

 

 

Corporate Shareholders

Company Name

Registration Number

Share Details 
(As Reported)

Share Type

# of Shares

Share Price (GBP)

Share Value (GBP)

% of Total Shares

New SWP Limited

06967466

39996 A Ordinary GBP 1.00

A Ordinary

39,996

1.00

39,996.00

99.99

New SWP Limited

06967466

2 D Ordinary GBP 1.00

D Ordinary

2

1.00

2.00

<0.01

New SWP Limited

06967466

2 C Ordinary GBP 1.00

C Ordinary

2

1.00

2.00

<0.01

New SWP Limited

06967466

1 B Ordinary GBP 1.00

B Ordinary

1

1.00

1.00

<0.01

 

 

Annual Profit & Loss

 

Financials in: USD (mil),

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

 

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.626752

0.643394

0.627794

0.592803

0.498361

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Turnover (UK)

13.0

10.3

-

-

-

Turnover (Exports)

1.6

1.4

-

-

-

Total Turnover

14.5

11.8

10.9

-

-

Cost of Sales

10.3

8.4

7.6

-

-

Gross Profit

4.3

3.3

3.3

3.4

-

Depreciation

0.1

0.0

0.0

0.0

0.1

Other Expenses

3.5

3.0

2.6

2.8

-

Operating Profit

0.8

-

-

0.5

-

Other Income

0.0

0.0

0.0

0.0

-

Interest Paid

0.0

0.0

0.0

0.0

-

Exceptional Income

0.0

0.0

0.0

0.0

-

Discontinued Operations

0.0

0.0

0.0

0.0

-

Profit Before Taxes

0.8

0.3

0.8

0.5

-

Tax Payable / Credit

0.2

0.1

0.2

0.1

-

Extraordinary Items/Debits

0.0

0.0

0.0

0.0

-

Dividends

0.5

0.3

0.3

0.4

-

Profit After Taxes

0.1

-0.1

0.3

0.0

-

Minority Interests (Profit & Loss)

0.0

0.0

0.0

0.0

-

Audit Fees

0.0

0.0

0.0

0.0

-

Number of Employees

40

41

40

45

-

Wages

1.6

1.5

1.4

1.6

-

Social Security Costs

0.2

0.1

0.1

0.2

-

Pensions

-

-

-

0.1

-

Other Pension Costs

0.1

0.0

0.0

0.1

-

Employees Remuneration

1.8

1.6

1.5

1.9

-

Directors Emoluments

-

-

-

0.1

-

Other Costs

-

-

-

0.0

-

Directors Remuneration

0.0

0.0

0.0

0.1

-

Highest Paid Director

-

0.0

0.0

-

-

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.628108

0.62385

0.659239

0.697666

0.503145

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Land & Buildings

0.0

0.1

0.1

0.1

-

Fixtures & Fittings

0.0

0.0

0.1

0.0

-

Plant & Vehicles

0.1

0.1

0.1

0.0

-

Total Tangible Fixed Assets

0.1

0.2

0.2

0.1

0.1

Intangible Assets

0.0

0.0

0.0

0.0

0.0

Investments

0.0

0.0

0.0

0.0

0.0

Total Fixed Assets

0.1

0.2

0.2

0.1

0.1

Stocks

1.5

1.5

1.6

1.8

-

Work in Progress

0.0

0.0

0.0

0.0

-

Total Stocks Work In Progress

1.5

1.5

1.6

1.8

1.6

Trade Debtors

3.7

3.5

2.9

2.2

-

Inter-Company Debtors

1.5

1.7

1.9

-

-

Director Loans

-

-

0.0

0.0

-

Other Debtors

0.1

0.1

0.1

0.5

-

Total Debtors

5.3

5.2

4.8

2.7

4.2

Cash and Equivalents

0.1

0.1

0.0

0.1

0.4

Other Current Assets

0.0

0.0

0.0

0.0

0.0

Total Current Assets

6.9

6.8

6.4

4.7

6.2

Total Assets

7.0

6.9

6.6

4.8

6.3

Trade Creditors

0.5

0.4

0.8

1.2

-

Bank Overdraft

0.0

0.2

0.1

0.2

-

Director Loans (Current Liability)

-

-

0.0

-

-

Hire Purchase (Current Liability)

0.0

0.0

0.0

0.0

-

Finance Lease (Current Liability)

0.0

0.0

0.0

0.0

-

Total Finance Lease/Hire Purchase (Current Liability)

0.0

0.0

0.0

0.0

-

Total Short Term Loans

2.1

2.1

-

-

-

Accruals/Deferred Income (Current Liability)

0.3

0.2

0.1

0.1

-

Social Security/VAT

0.3

0.3

0.2

0.2

-

Corporation Tax

0.2

0.2

0.2

0.2

-

Other Current Liabilities

0.0

0.0

1.8

0.0

2.3

Total Current Liabilities

3.5

3.3

3.2

1.9

2.3

Group Loans (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Director Loans (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Hire Purchase (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Leasing (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Total Hire Purchase Loans (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Other Long Term Loans

0.0

0.0

0.0

0.0

0.0

Accruals/Deferred Income (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Other Long Term Liabilities

0.0

0.0

0.0

0.0

0.0

Total Long Term Liabilities

0.0

0.0

0.0

0.0

0.0

Deferred Taxation

-

-

0.0

0.0

0.0

Other Provisions

0.1

0.1

0.0

0.0

0.0

Total Provisions

0.1

0.1

0.0

0.0

0.0

Issued Capital

0.1

0.1

0.1

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

3.4

3.3

3.3

2.8

3.9

Other Reserves

0.0

0.0

0.0

0.0

0.0

Minority Interests (Balance Sheet)

0.0

0.0

0.0

0.0

0.0

Total Shareholders Funds

3.5

3.4

3.3

2.9

4.0

Net Worth

3.5

3.4

3.3

2.9

4.0

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.626752

0.643394

0.627794

0.592803

0.498361

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Net Cash Flow From Operating Activities

0.7

0.0

0.5

0.8

-

Net Cash Flow from ROI and Servicing of Finance

0.0

0.0

0.0

0.0

-

Taxation

-0.1

-0.1

-0.1

0.0

-

Capital Expenditures

0.1

0.3

-2.0

0.0

-

Acquisitions and Disposals

0.0

0.0

0.0

0.0

-

Paid Up Equity

-0.5

-0.3

-0.3

-0.4

-

Management of Liquid Resources

0.0

0.0

0.0

0.0

-

Net Cash Flow From Financing

0.0

0.2

1.9

0.0

-

Increase in Cash

0.2

-0.1

-0.1

0.3

-

 

Annual Ratios

Financials in: USD (mil)

 

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.628108

0.62385

0.659239

0.697666

0.503145

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Current Ratio

1.99

2.02

2.00

2.54

2.67

Liquidity Ratio

1.56

1.58

1.51

1.54

1.97

Stock Turnover

9.74

8.17

6.61

-

-

Credit Period (Days)

93.38

104.45

100.31

-

-

Working Capital by Sales

23.59%

28.21%

30.79%

-

-

Trade Credit by Debtors

0.12

0.10

0.27

0.55

-

Return on Capital

21.45%

8.12%

21.21%

14.57%

-

Return on Assets

10.84%

4.20%

10.90%

8.94%

-

Profit Margin

5.24%

2.40%

6.91%

-

-

Return on Shareholders Funds

21.97%

8.53%

21.68%

14.79%

-

Borrowing Ratio

62.97%

68.85%

3.85%

5.87%

-

Equity Gearing

49.34%

49.24%

50.25%

60.46%

63.12%

Debt Gearing

0.68%

0.84%

0.87%

-

-

Interest Coverage

108.66

61.74

104.06

17.92

-

Sales by Tangible Assets

120.89

73.96

55.45

-

-

Average Remuneration per Employee

0.0

0.0

0.0

0.0

-

Profit per Employee

0.0

0.0

0.0

0.0

-

Sales per Employee

0.4

0.3

0.3

-

-

Capital Employed per Employee

0.1

0.1

0.1

0.1

-

Tangible Assets per Employee

0.0

0.0

0.0

0.0

-

Total Assets per Employee

0.2

0.2

0.2

0.1

-

Employee Remuneration by Sales

12.41%

13.73%

13.91%

-

-

Creditor Days (Cost of Sales Based)

16.15

15.02

38.37

-

-

Creditor Days (Sales Based)

11.38

10.77

26.70

-

-

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.34

UK Pound

1

Rs.82.56

Euro

1

Rs.70.10

 

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.