MIRA INFORM REPORT

 

 

Report Date :

14.05.2013

 

IDENTIFICATION DETAILS

 

Name :

THYSSENKRUPP ENERGOSTAL SA

 

 

Formerly Known as:

ENERGOSTAL SA

 

 

Registered Office :

ul. Grudziądzka 159, 87-100 Toruń

 

 

Country :

Poland

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

14.10.1996

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

wholesale and retail sale of smelting articles; welding services; Metal processing; transport services; sale of plastic products, aluminum sections for doors and windows; plastic materials processing.

 

 

No. of Employees :

778

 

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 – March 31st 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Poland

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

poland ECONOMIC OVERVIEW

 

Poland has pursued a policy of economic liberalization since 1990 and Poland's economy was the only one in the European Union to avoid a recession through the 2008-09 economic downturn. Although EU membership and access to EU structural funds have provided a major boost to the economy since 2004, GDP per capita remains significantly below the EU average while unemployment continues to exceed the EU average. The government of Prime Minister Donald TUSK steered the Polish economy through the economic downturn by skillfully managing public finances without stifling economic growth and adopted controversial pension and tax reforms to further shore up public finances. While the Polish economy has performed well over the past five years, growth slowed in 2012, in part due to the ongoing economic difficulties in the euro zone. The key policy challenge is to provide support to the economy through monetary easing, while maintaining the pace of structural fiscal consolidation. Poland's economic performance could improve over the longer term if the country addresses some of the remaining deficiencies in its road and rail infrastructure and its business environment. An inefficient commercial court system, a rigid labor code, red tape, and a burdensome tax system keep the private sector from realizing its full potential.

 

Source : CIA

 

 

 

Company name & address

 

ThyssenKrupp Energostal SA

ul. Grudziądzka 159

87-100 Toruń

Phone:              56 6119444

56 6119494

 

Fax:                  56 6119432

56 6119575

E-mail:              biuro@tk.energostal.pl

Website:           http://www.tk.energostal.pl

 

 

Company summary

 

Legal form                    Joint Stock Company

Stat.no.                        870422397

Tax ID PL                      9561627586

Establishment               14.10.1996

 

Changes of names and addresses

14.10.1996        ENERGOSTAL SA

19.10.2001        ThyssenKrupp Energostal SA

 

Registration:     18.06.2001, District Court Toruń, VII Department, KRS 20529

 

Data concerning previous registrations:

31.12.1996, District Court Toruń, RHB 2071

 

Shareholders

ThyssenKrupp Materials AG, Düsseldorf, Hans-

Günther-Sohl-Str. 1, 40235 Duesseldorf,

Germany

 

Percent of owned shares                       84.00%

 

Roman Czyżykowski ` , personal ID no. (PESEL) 69080908754

 

Percent of owned shares                       8.00%

 

Ryszard Bojarski , personal ID no. (PESEL)

63011310993, Kiełpiny, 87-640 Czernikowo

 

Percent of owned shares                       8.00%

shareholders' list as at 30.09.2009

Share capital                                         PLN 15 000 000,00

Share capital divided into 5000 shares of PLN 3 000,00 each

 

Series of shares

4000 C

1000 A

 

Management

 

Ryszard Bojarski , personal ID no. (PESEL) 63011310993, Kiełpiny,

87-640 Czernikowo

- president

 

Robert Tomasz Buchnajzer , personal ID no. (PESEL) 73110406255

- vice president

 

Roman Czyżykowski ` , personal ID no. (PESEL) 69080908754

- vice president

 

Proxies:

Witold Martewicz , personal ID no. (PESEL) 69032201850

- joint proxy with a board member

 

Director of the financial department

Mariusz Błażejewicz , personal ID no. (PESEL) 74080917415

 

- joint proxy with a board member

Director of the stainless steel and nonferrous metals department

 

Representation:

Two members of the board of directors jointly or member of the board of directors and proxy jointly

 

Supervisory board

·         Gerd Krasshöfer

·         Martin Stillger

·         Marek Maria Rissmann , personal ID no. (PESEL) 58111403456

 

 

Main activity                 wholesale and retail sale of smelting articles;

welding services; Metal processing;

transport services;

sale of plastic products, aluminum sections

for doors and windows;

plastic materials processing;

 

Import 2010 Czech Republic, Hungary,

Belarus, Luxembourg, Slovakia, Latvia,

Switzerland, United Kingdom, Turkey, Germany

Export 2010 (4.50%) Netherlands, Czech

Republic, Hungary, Russian Federation,

Belarus, Moldova, Republic of, Slovakia,

Lithuania, Latvia, Ukraine, Germany

Import 2012 Czech Republic, Hungary,

Belarus, Luxembourg, Slovakia, Latvia,

Switzerland, United Kingdom, Turkey, Germany

Export 2012 (6.70%) Netherlands, Czech

Republic, Hungary, Russian Federation,

Belarus, Moldova, Republic of, Slovakia,

Lithuania, Latvia, Ukraine, Germany

Branches NACE 2007:

Other wholesale (G.46.72.Z)

Other wholesale (G.46.90.Z)

Wholesale of hardware, plumbing and heating

equipment and supplies

(G.46.74.Z)

Treatment and coating of metals (C.25.61.Z)

Other transportation activities (H.49.41.Z)

 

 

Employment                2009: 624 employees

2010: 695 employees

2011: 794 employees

2012: 786 employees

2013: 778 employees

 

Turnover                      01.10.2008 - 30.09.2009 PLN 1 231 747 220,38

01.10.2009 - 30.09.2010 PLN 1 513 242 418,66

01.10.2010 - 30.09.2011 PLN 2 261 944 979,57

01.10.2011 - 30.09.2012 PLN 2 244 802 242,15

01.01.2013 - 31.03.2013 PLN 560 235 000,00

 

 

Financial statements

 

Source of financial data           Subject                        Monitor Polski B

F01                               annual

Personal balance sheet as at  31.03.2013                      30.09.2011

Amount in (PLN) Currency                              

 

-A. Fixed assets...................... 222 970 000,00              191 719 764,50

- I. Intangible assets.............                                         8 298 396,26

- II. Tangible assets...............                                        161 244 865,31

- IV. Long term investments.........                                  22 176 502,93

- 1. Real estate...................                                           22 087 352,93

- 4. Other long-term investments.....                                89 150,00

-B. Current assets....................476 732 000,00              548 642 585,99

- I. Stock.........................          298 440 000,00 263 865 135,57

- 1. Raw materials.................     37 007 000,00

- 3. Finished products.............   3 183 000,00

- 4. Goods for re-sale.............   257 436 000,00

- II. Short-term receivables......... 115 941 000,00             171 633 997,95

- 2. Other receivables ............                                        171 633 997,95

- a) Due to deliveries and

services with payment period:...                                     171 633 997,95

- III. Short term investments........ 61 278 000,00              113 143 452,47

- 1. Short-term financial assets... 61 277 000,00              113 143 452,47

- c) cash and other liquid

assets................................      34 870 000,00                113 143 452,47

-IV. Short-term prepayments and

accrued income........................ 1 073 000,00

-D. Total assets...................... 699 702 000,00 740 362 350,49

-A. Shareholders' equity............310 888 000,00             298 147 696,33

- I. Basic share capital...........                                        15 000 000,00

- VI. Other reserve capital.........                                      226 944 979,19

- VIII. Net profit (loss)............    6 665 000,00                 56 202 717,14

-B. Liabilities and reserves for

liabilities..........................        388 814 000,00 442 214 654,16

- I. Reserves for liabilities......     3 222 000,00                 100 000,00

- 2. Reserves for pensions and

similar social payments.............                                                100 000,00       

- - long-term....................                                              100 000,00

-II. Long-term liabilities...........                                        3 106 832,00

- 2. Other liabilities...............                                          3 106 832,00

- d) Other.........................                                             3 106 832,00

-III. Short-term liabilities..........    376 858 000,00 439 007 822,16

- 2. Other liabilities...............      376 858 000,00              439 007 822,16

- a) Loans.........................        113 922 000,00 34 055 968,41

- d)Due to deliveries and

services with payment period:.   220 823 000,00 401 330 827,52

- e) Advances received............. 1 398 000,00

- g) Due to taxes, subsidies,

insurances, duties, etc............... 23 974 000,00              1 030 520,00

- h) Due to salaries...............                                         2 590 506,23

-IV. Accruals and deferred income....                              8 734 000,00

-D. Total liabilities.................   699 702 000,00              740 362 350,49

 

 

Source of financial data

Subject                        Monitor Polski B

annual                          annual

 

Personal balance sheet as at                30.09.2012                    30.09.2010

Amount in (PLN) currency

 

-A. Fixed assets......................                          226 732 377,28 194 882 315,20

- I. Tangible assets.................               197 447 797,85 163 302 270,70

- II. Intangible assets..............                7 941 196,05                 8 570 422,02

- V. Investment real estate..........            21 254 233,38                22 920 472,48

- VI. Long term financial assets.....         89 150,00

-VII. Investments in associated and

dependant companies valued with

method of ownership rights/ Shares

and quotas in units consolidated by

method of ownership rights............

89 150,00

-B. Current Assets....................            514 492 303,22 537 308 779,93

- I. Stocks..........................                   254 407 285,05 214 098 914,14

- IV. Trade receivables and other

receivables/ supply and services

receivables and other receivables.....      177 905 224,93 321 634 973,70

- VIII. Cash and cash equivalents....        82 179 793,24                1 574 892,09

-Total assets.........................                741 224 680,50 732 191 095,13

-A. Equity............................                 300 121 882,30 266 954 175,37

- I. Initial capital.................                    15 000 000,00                15 000 000,00

- VII. Other reserve capital.........             255 046 337,76 201 935 783,01

- XI. Retained earnings..............                         30 075 544,54                50 018 392,36

-B. Long term liabilities.............           3 221 810,00                 234 173,00

- III. Liabilities due to

employees' benefits...................                       100 000,00                    100 000,00

- VII. Reserve due to deferred

income tax/ Liabilities due to

deferred income tax...................                       3 121 810,00                 134 173,00

-C. Short term liabilities............           437 880 988,20 465 002 746,76

- I. Credits and loans/ Current

account credits.......................              91 557 471,35                203 505 010,87

- VIII. Liabilities due to income

tax/ current..........................                  725 920,00                    447 600,00

- IX. Trade and other liabilities....            343 060 426,06 256 348 839,55

- X. Reserve for employees' benefits.                                         4 701 296,34

- Liabilities for employee benefits..         2 537 170,79

-Total liabilities....................                741 224 680,50 732 191 095,13

 

 

Source of financial data           Subject            Subject            Monitor Polski B          Monitor Polski B

F01                   annual              annual                          annual

individual

PROFIT AND LOSS A/C            01.01.2013-       01.10.2011-       01.10.201-                     01.10.2009-

31.03.2013        30.09.2012        30.09.2011                    30.09.2010

Amount in Currency (PLN)

 

-A. Income from sales and

Similar                                560 235 000,00       2 244 802 242,15 2 261944 979,57          1 513 242 418,66

- - including related companies..                         21 585 723,11     23 292 054,62               7 285 490,08

- I. Net income on sales........... 44 519 000,00     262 916 446,75  224 047 262,48  117 584 898,95

- II. Change in value of stock

(+, -).................................        54 977 000,00    12 103 096,51       39 268 759,48 3 137 196,88

- IV. Income from sales of goods

and materials.........................   460 739 000,00 1 969 782 698,89  1 998 628 957,61         1 392 520 322,83

-B. Operational costs............... 544 099 000,00 2 184 031 697,65  2 175 763 321,57        1 436 824 058,67

- I. Depreciation..................       3 537 000,00     12 393 791,46       12 193 509,94             11 814 515,60

- II. Materials and energy.......... 90 579 000,00    237 017 231,86    231 672 186,01            89 405 534,54

- III. Third party services.......... 16 102 000,00     73 256 988,13      73 627 518,90 42 062 114,96

- IV. Taxes and duties.............. 1 162 000,00      3 712 750,21        3 526 389,37               3 249 585,63

- V. Salaries and wages............ 11 922 000,00    50 169 632,97     46 172 597,48              40 490 646,74

- VI. Social security............... 2 670 000,00         10 440 296,94     9 586 874,11                7 251 516,29

- VII. Other.........................    1 538 000,00         6 121 064,34        7 121 918,98               5 272 786,67

- VIII.Costs of goods and materials

sold..................................        416 589 000,00             1 790 919 941,74 1 791 862 326,78         1 237 277 358,24

-C. Profit on sale................    16 136 000,00      60 770 544,50 86  181 658,00                 76 418 359,99

-D. Other operating incomes.. 447 000,00         1 450 784,88        308 439,89                 550 823,34

- I. Incomes from disposal

non-financial assets..................     61 000,00

- III. Other operating incomes....... 386 000,00

 

-E. Other operating costs............2 169 000,00               1 294 349,78     622 072,60                    1 073 065,25

- III. Other operating costs.........    2 169 000,00

-F. Profit on operating activities. 14 414 000,00             60 926 979,60    85 868 025,29                75 896 118,08

-G. Financial incomes................. 1 463 000,00                         6 115 383,42     11 998 807,80                2 979 310,44

- II. Interest received.............        863 000,00

- - including related companies.... 114 000,00

- V. Other.........................         600 000,00

-H. Financial costs................... 6 536 000,00                 30 074 369,48    27 447 547,95                16 866 922,16

- I. Interest......................           937 000,00

- - related companies..............   918 000,00

- IV. Other.........................        5 599 000,00

-I. Profit on economic activity..9 341 000,00                  36 967 993,54    70 419 285,14                62 008 506,36

-K. Gross profit......................   9 341 000,00                 36 967 993,54    70 419 285,14                62 008 506,36

-L. Corporation tax................... 2 676 000,00                6 892 449,00     14 216 568,00                11 990 114,00

- a) current part....................      2 676 000,00

-N. Net profit........................     6 665 000,00                 30 075 544,54    56 202 717,14                50 018 392,36

 

 

AUDITOR

 

Balance sheet as at 30.09.2011

 

KPMG AUDYT Sp. z o.o. Sp. Komandytowa                                                      No. 3546

Expert auditor Przemysław Kulesza                                                                    No. 12036

 

Balance sheet as at 30.09.2010

KPMG AUDYT Sp. z o.o. Sp. Komandytowa                                                      No. 3546

Expert auditor Mirosław Matusik                                                                         No. 90048

 

 

Ratios

01.01.2013

-

31.03.2013

01.10.2011

-

30.09.2012

01.10.2010

-

30.09.2011

01.10.2009

-

30.09.2010

Current ratio

1, 27

1, 17

1, 25

1,16

Quick ratio

0, 47

0,59

0, 65

0, 70

Immediate ratio

0, 09

0, 19

0,26

 

Return on sale

1, 32

1, 35

2, 53

3, 31

Return on assets

0, 95

4,06

7,59

6, 83

Return on eguity

2, 14

10, 02

18,85

18,74

Average trade debtors' days

20, 65

29,16

28,19

77,74

Average stock turnover's days

53,16

41,70

43,33

51,75

average payables payment period

67,13

71,78

72, 09

112,39

Total indebtedness ratio

55,57

59,51

59,73

63,54

 

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in

 

(G.46.72.Z - NACE 2007), as at :            31.12.2012  31.12.2011  31.12.2010  31.12.2009 31.12.2008

Current ratio............................              1,37                  1,34                  1,23      1,09                  1,17

Quick ratio..............................              0,71                  0,77                  0,73      0,65                  0,55

Immediate ratio..........................                       0,04                  0,04                  0,04      0,03                  0,06

Return on sale...........................                        -0,18                 0,99                  1,87      -0,96                 2,48

Return on assets.........................          -0,36                 2,22                  2,89      -1,38                 4,32

Return on equity.........................           -1,25                 6,30                  6,99      -3,21                 11,67

Average trade debtors' days..............    50,75                56,32                72,05    71,74                48,96

Average stock turnover's days............   53,29                45,82                54,39    52,09                65,04

average payables payment period.......... 81,11               81,10                109,55  119,28             105,56

Total indebtedness ratio.................       70,88                64,74                58,63   56,90                62,99

Percent share in the examinated group

of companies with net profit.............     57,40                82,20                76,10      56,20              78,30

Sales/revenue per employee in th. PLN...1 643,88           1 927,15            1 301,41  1 134,59         1 538,24

 

Average sales/revenue per company in

th. PLN..................................               183 450,40      218 153,02          175 040,02  141 539,88    206 157,43

 

(G.46.90.Z - NACE 2007), as at :            31.12.2012        31.12.2011 31.12.2010 31.12.2009 31.12.2008

Current ratio............................              1,37                  1,34                  1,35      1,36                  1,39

Quick ratio..............................              0,92                  0,91                  0,92      0,93                  0,95

Immediate ratio..........................                       0,11                  0,12                 0,13      0,17                  0,16

Return on sale...........................                        1,98                 2,37                 2,52      2,30                  2,78

Return on assets.........................          4,39                  4,83                  5,29      4,75                  5,76

Return on equity.........................           10,68                12,19                12,58   10,74                13,62

Average trade debtors' days..............    53,54                60,01                55,55   53,42                58,76

Average stock turnover's days............   32,07               34,73                33,41   31,26               33,02

average payables payment period.......... 74,05               84,44                79,60    78,58                80,33

Total indebtedness ratio.................       58,95                60,38               57,95    55,79                57,74

Percent share in the examinated group

of companies with net profit.............     84,00                85,20                88,30      84,50              83,10

Sales/revenue per employee in th. PLN.1 251,19             1 194,06      1 096,92       1 041,26          1 030,83

Average sales/revenue per company in

th. PLN..................................               212 247,13        200 401,36  168 306,09 167 458,62         182 396,25

according to the Central Statistical Office

 

Locations: seat:

ul. Grudziądzka 159, 87-100 Toruń

 

Phone:              56 6119444

56 6119460

56 6119494

Fax: 56 6119431

56 6119432

56 6119433

56 6119575

 

E-mail:              SPeszynski@tk.energostal.pl

biuro@tk.energostal.pl

 

Website:           WWW.THYSSENKRUPP-ENERGOSTAL.PL/

http://www.tk.energostal.pl

 

branches:

ul. Grudziądzka 159, 87-100 Toruń

Phone:              56 6119444

56 6119460

56 6119494

 

Fax:                  56 6119431

56 6119432

56 6119433

56 6119575

 

E-mail:              SPeszynski@tk.energostal.pl

biuro@tk.energostal.pl

Website:           WWW.THYSSENKRUPP-ENERGOSTAL.PL/

http://www.tk.energostal.pl

 

·         ul. Obywatelska 137, 94-104 Łódź

·         ul. Przędzalniana 60, 15-688 Białystok

·         ul. Toruńska 7, 41-303 Dąbrowa Górnicza

 

Real Estate                   Verification of information on real estate

ownership position through the Real Estate

Register is not covered by the standard

report.

 

Shares in other companies

PRZEDSIĘBIORSTWO WIELOBRANŻOWE CENTROSTAL - POZNAŃ SPÓŁKA

AKCYJNA W LIKWIDACJI NIP 7811007152, ul. Lutycka 1, 60-580

Poznań - 100 %

 

Data concerning shares in other companies are valid as at: 16.04.2013.

 

Connections:

Marek Maria Rissmann , personal ID no. (PESEL) 58111403456

 

- PRZEDSIĘBIORSTWO WIELOBRANŻOWE CENTROSTAL - POZNAŃ

SPÓŁKA AKCYJNA W LIKWIDACJI NIP 7811007152, ul. Lutycka 1,

60-580 Poznań

· member of supervisory board

 

- RISSMANN CONSULTING SPÓŁKA Z O.O. NIP 9561956396, ul.

Rynek Nowomiejski 16/8, 87-100 Toruń

· shareholder: PLN 45 900,00 (90,00%)

· president

 

- APATOR METRIX SA NIP PL 5930100081, ul. Piaskowa 3,

83-110 Tczew

· member of board of directors

Ryszard Bojarski , personal ID no. (PESEL) 63011310993

 

- PRZEDSIĘBIORSTWO WIELOBRANŻOWE CENTROSTAL - POZNAŃ

SPÓŁKA AKCYJNA W LIKWIDACJI NIP 7811007152, ul. Lutycka 1,

60-580 Poznań

· liquidator

Robert Tomasz Buchnajzer , personal ID no. (PESEL)

73110406255

 

- "DWÓR ELIZY" sp. z o.o. NIP 8811453685, ul. Zdrojowa

22, 57-520 Długopole-Zdrój

· shareholder: PLN 632 000,00 (25,21%)

· vice president

Roman Czyżykowski ` , personal ID no. (PESEL) 69080908754

 

- PRZEDSIĘBIORSTWO WIELOBRANŻOWE CENTROSTAL - POZNAŃ

SPÓŁKA AKCYJNA W LIKWIDACJI NIP 7811007152, ul. Lutycka 1,

60-580 Poznań

· liquidator

 

- POLSKA UNIA DYSTRYBUTORÓW STALI NIP 5222507423, ul.

Chałubińskiego 8, 00-613 Warszawa

· member of supervisory board

Gerd Krasshöfer

Martin Stillger

 

Connections have not been determined due to no possibility

of identification of the persons or subjects which appear

in the company.

 

Data concerning connections are valid as at: 16.04.2013.

 

Certificates:                              ISO 9001:2000

 

General information                   On 01.10.2006 the company THYSSENKRUPP ENERGOSTAL SA took over the

activity of the company THYSSENKRUPP APLEX PLASTICS Sp. z o.o. w

likwidacji (KRS 73229).

 

On 24.09.2007 the company THYSSENKRUPP APLEX PLASTICS Sp. z o.o. was

crossed out from the National Court Register.

 

Membership:

Polska Unia Dystrybutorów Stali [Polish Union of Steel Distributors],

BCC

 

Banks                                       Bank Handlowy w Warszawie SA O. w Bydgoszczy (10301090)

ul. Jagiellońska 21, 85-950 Bydgoszcz

 

Deutsche Bank Polska SA Centrala (18800009)

al. Armii Ludowej 26, 00-609 Warszawa

 

Payment Manner                       According to available sources, pays to terms


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.92

UK Pound

1

Rs.84.44

Euro

1

Rs.71.32

 

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

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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.