MIRA INFORM REPORT

 

 

Report Date :

20.12.2014

 

 

IDENTIFICATION DETAILS

 

Name :

THRACE SYNTHETIC PACKAGING LIMITED

 

 

Formerly Known as :

SYNTHETIC INDUSTRIES LIMITED

 

 

Registered Office :

Clara Co Offaly 163220

 

 

Country :

Ireland

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

18.07.1984

 

 

Com. Reg. No.:

IE102221

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale of Chemical Products.

 

 

No of Employees :

23 (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 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Ireland

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

IRELAND - ECONOMIC OVERVIEW

 

Ireland is a small, modern, trade-dependent economy. Ireland was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity has dropped sharply since the onset of the world financial crisis. Ireland entered into a recession in 2008 for the first time in more than a decade, with the subsequent collapse of its domestic property market and construction industry. Property prices rose more rapidly in Ireland in the decade up to 2007 than in any other developed economy. Since their 2007 peak, average house prices have fallen 47%. In the wake of the collapse of the construction sector and the downturn in consumer spending and business investment, the export sector, dominated by foreign multinationals, has become an even more important component of Ireland's economy. Agriculture, once the most important sector, is now dwarfed by industry and services. In 2008 the former COWEN government moved to guarantee all bank deposits, recapitalize the banking system, and establish partly-public venture capital funds in response to the country's economic downturn. In 2009, in continued efforts to stabilize the banking sector, the Irish Government established the National Asset Management Agency (NAMA) to acquire problem commercial property and development loans from Irish banks. Faced with sharply reduced revenues and a burgeoning budget deficit, the Irish Government introduced the first in a series of draconian budgets in 2009. In addition to across-the-board cuts in spending, the 2009 budget included wage reductions for all public servants. These measures were not sufficient to stabilize Ireland’s public finances. In 2010, the budget deficit reached 32.4% of GDP - the world's largest deficit, as a percentage of GDP - because of additional government support for the country’s deeply troubled banking sector. In late 2010, the former COWEN government agreed to a $92 billion loan package from the EU and IMF to help Dublin recapitalize Ireland’s fragile banking sector and avoid defaulting on its sovereign debt. Since entering office in March 2011, the new KENNY government has intensified austerity measures to try to meet the deficit targets under Ireland's EU-IMF program. Ireland has grown slowly since 2011, but managed to reduce the budget deficit to 7.2% of GDP in 2013. In late 2013, Ireland formally exited its EU-IMF bailout program, benefiting from its strict adherence to deficit-reduction targets and success in refinancing a large amount of banking-related debt.

 

Source : CIA

 

Company Name and address

 

THRACE SYNTHETIC PACKAGING LIMITED

 

Company No:                            IE102221

Company Status:                      Active - Accounts Filed

Registered Address:                  Clara Co Offaly 163220

Legal Form:                              Limited Company

 

 

Company Summary

 

Registered Address                                           CLARA CO OFFALY 163220

Trading Address                                                CLARA CO OFFALY CO OFFALY 163220

Website Address                                              -

Telephone Number

Fax Number

TPS                                                                  No

FPS                                                                  No

Incorporation Date                                             18/07/1984

Previous Name                                                  SYNTHETIC INDUSTRIES

Type Other                                                        LIMITED

FTSE Index                                                       -

Date of Change                                                 -

Filing Date of Accounts                                                 –

Currency                                                           EUR

Share Capital                                                    €1,000,000

SIC07                                                               46750

Charity Number                                                 -          

SIC07 Description

WHOLESALE OF CHEMICAL PRODUCTS

Principal Activity

The distribution of polypropylene products.

 

 

Key Financials

Year to Date          Turnover               Pre Tax Profit        Shareholder           Funds Employees

31/12/2013             €9,254,680             €813,511                €2,718,589              23

31/12/2012             €8,654,204             €417,036                €2,350,078              17

31/12/2011             €8,580,846             €431,896                €5,768,979              17

 

 

Mortgage Summary

Total Mortgage                                                  4

Outstanding                                                      1

Satisfied                                                            3

 

 

Trade Debtors / Bad Debt Summary

 

Total Number of Documented Trade 0

Total Value of Documented Trade €0

 

 

Commentary

 

No exact match CCJs are recorded against the company.

Sales in the latest trading period increased 6.9% on the previous trading period.

Net Worth increased by 15.7% during the latest trading period.

A 2.2% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 95.1% compared to the previous trading period.

 

CJ

 

Total Number of Exact CJs -

0

Total Value of Exact CJs -

€0

Total Number of Possible CJs -

0

Total Value of Possible CJs -

€0

Total Number of Satisfied CJs -

0

Total Value of Satisfied CJs -

€0

 

 

Payment Information

 

Trade Payment Information

 

Average Invoice Value

456.56

6

Invoices available

7

 

Paid

7

 

Outstanding

0

0

 

Enquiries Trend

 

The last enquiry date was 03/12/2014

There have been 43 enquiries in the last 12 months.

There are an average of 4 reports taken each month

 

 

Total Current Directors                           6

Total Current Secretaries                        1

Total Previous Directors /

Company Secretaries                            11

 

 

Current Directors

 

Name

KONSTANTINIS CHALIORIS

Date of Birth

02/09/1962

 

Officers Title

 

Nationality

 

 

Present Appointments

2

Function

Director

 

Appointment Date

04/07/2000

 

 

 

Address                        20 MARINOU ANTIPA STR, 17455 ATHENS, GREECE

 

 

Name

AIDAN DEVERY

Date of Birth

13/09/1960

 

 

Officers Title

 

Nationality

 

Present Appointments

2

Function

Director

Appointment Date

28/02/2001

 

 

Address                        LISSANISKY, CLARA, CO. OFFALY

 

                                    

Name

KEVIN CROTHERS

Date of Birth

16/04/1970

Officers Title

 

Nationality

 

 

 

 

 

Present Appointments

2

Function

Director

Appointment Date

01/04/2008

 

 

Address

12 COLLEGE HILL, MULLINGAR, CO. WESTMEATH, IRELAND

 

 

Name

COLIN JOHNSON

Date of Birth

19/05/1969

Officers Title

 

Nationality

 

Present Appointments

1

Function

Director

Appointment Date

01/01/2011

 

 

Address                        11 CHALLUM PLACE, BROUGHTY FERRY, DUNDEE DD5 3SZ, SCOTLAND

 

 

                         

Name

DIMITRIS MALAMOS

Date of Birth

16/02/1976

Officers Title

 

Nationality

 

Present Appointments

1

Function

Director

Appointment Date

01/01/2011

 

 

Address                        5 IKAROU STREET, 14564 KIFISSIA, ATHENS, GREECE

 

Name

GEORGIOS BRAIMIS

Date of Birth

18/12/1966

Officers Title

 

Nationality

 

Present Appointments

1

Function

Director

Appointment Date

12/01/2012

 

 

Address                        30 B KIFISSON STREET, ATHENS 14562, GREECE

 

 

CURRENT COMPANY SECRETARY

 

Name

KEVIN CROTHERS

Date of Birth

16/04/1970

Officers Title

 

Nationality

 

Present Appointments

2

Function

Company Secretary

Appointment Date

29/09/2010

 

 

 

 

TOP 20 SHAREHOLDERS

 

Name                                              Currency    Share Count     Share Type     Nominal Value

SYNTHETIC HOLDINGS LTD             EUR           800,000             ORDINARY      1.25

 

Unable to report percentage holdings as filed Shareholder listing is not full.

 

 

Profit & Loss

 

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

Currency

EUR

(%)

EUR

(%)

EUR

(%)

EUR

(%)

EUR

Consolidated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

N

Turnover

€9,254,680

6.9%

€8,654,204

0.9%

€8,580,846

5.6%

€8,128,797

-0. 4%

€8,161,806

Export

€1,545,880

-9.5%

€1,707,848

9.5%

€1,559,487

-0.4%

€1,564,997

5.6%

€1,481,437

Cost of Sales

€7,623,568

9.6%

€6,955,332

-1.1%

€7,031,502

8.3%

€6,493,918

-0.2%

€6,506,408

Gross Profit

€1,631,112

-4%

€1,698,872

9.7%

€1,549,344

-5.2%

€1,634, 879

-1.2%

€1,655,398

-."i Wages & Salaries

€391,038

-46.6%

€732,465

28%

€572,355

-28.2%

€796,916

4.4%

€763,324

Directors Emoluments

€231,658

-0.7%

€233,407

-6.7%

€250,209

0.6%

€248,81 3

5. 4%

€236,131

Operating Profit

€815,511

90. 5%

€428,036

-5.1%

€450, 896

-1. 3%

€456, 774

-1 9.3%

€566,361

Depreciation

€28, 032

15%

€24,385

-5.6%

€25,824

7. 5%

€24, 020

18.3%

€20,299

Audit Fees

€15, 133

-18.2%

€18,500

-

€18,500

1.4%

€18,250

-36.5%

€28,720

Interest Payments

€8,000

-75.8%

€33,000

-29.8%

€47,000

9.3%

€43,000

16.2%

€37,000

Pre Tax Profit

€813,511

95.1%

€417,036

-3.4%

€431,896

-3.5%

€447,774

-19.4%

€555,364

Taxation

-€112,195

-75.6%

-€63,896

-9.9%

-€58,115

0.5%

-€58,380

31.7%

-€85,426

Profit After Tax

€701,316

98.6%

€353,140

-5.5%

€373,781

-4%

€389,394

-17.1%

€469,938

Dividends Payable

€349,430

-

-

-100%

€3,500,000

-

-

-

-

Retained Profit

€351,886

-0.4%

€353,140

111.3%

-€3,126,219

-902.8%

€389,394

-17.1%

€469,938

 

BALANCE SHEET

Date Of

Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Tangible Assets

€568,932

179.3%

€203,703

-3.4%

€210,830

-13%

€242,264

-2.6%

€248,790

Intangible Assets

0

-

 

-

0

-

0

-

 

Total Fixed Assets

€568,932

179.3%

€203,703

-3. 4%

€210,830      13%

€242,264    

-2.6%       €248,790

Stock

€1,902,009

13.5%

€1,675,410

0.4%

€1,669,434

31.8%

€1,266,887

-6.5%

€1,355,523

Trade Debtors

€1,592,582

-2.3%

€1,629,457

10.4%

€1,475,799

-22.6%

€1,907,749

9.7%

€1,738,334

Cash

€259,761

-38.7%

€423,557

-29.7%

€602,791

193.8%

€205,137

-50.6%

€415,495

Other Debtors

€85,773

-77.5%

€380,539

-88.8%

€3,403,904

-46.7%

€6,380,747

8.1%

€5,900,059

Miscellaneous Current Assets

0

-

 

-

0

-

0

-100%

€996

Total Current Assets

€3,840,125  -6.5%

€4,108, 963

-42. 5%

€7,151,928  26.7%  

€9,760, 520    3.7%      

 

€9,410,407

Trade Creditors

€410,290

115.8%

€190,103

38.3%

€137,499

127%

€60,581

40.2%

€43,221

Bank Loans & Overdrafts

0

-

0

-

0

-

0

-

0

Other Short Term Finance

€1,057,012

-7.3%

€1,140,609

9.1%

€1,045,154

113.2%

€490,162

-2.9%

€504,912

Miscellaneous

 

 

 

 

 

 

 

 

 

Current

€223,166

-11%

€250,876

18.3%

€212,126

-23.5%

€277,218 -16.7%

€332,760

Liabilities

 

 

 

 

 

 

 

 

 

 

Total Current

Liabilities

€1,690, 468

6.9%

€1,581, 588

13. 4%

€1,394, 779

68. 5%

€827,961 6%

€880, 893

Bank Loans & Overdrafts and LTL

0

-100%

€381,000

91.5%

€199,000

-22.3%

€256,  4.8%

000

€269,000

Other Long Term Finance

0

-

0

-

0

-

0 -

0

Total Long Term Liabilities

0

-100%

€381, 000

91. 5%

€199, 000 -

22. 3%

€256,  4.8%

000 -

€269, 000

Capital & Reserves

 

 

 

 

 

 

 

 

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10 (%)

31/12/09

Called Up Share Capital

€1,000,000

-

€1,000,000

-78.3%

€4,609,291

-

€4,609,291 -

€4,609,291

P & L Account Reserve

€1,606,894

29.8%

€1,238,383

18.2%

€1,047,993

-75%

€4,19710.8%

,837

€3,788,318

Revaluation Reserve

€38,912

-

€38,912

-

€38,912

-

€38,912 -

€38,912

Sundry Reserves

€72,783

-

€72,783

-

€72,783

-

€72,783 -

€72,783

Shareholder Funds

€2,718,589

15. 7%

€2,350,078 -59.3%

€5,768,979   35.3%    

€8,918,8234.8%        

                      €8,509,304

 

OTHER FINANCIAL ITEMS

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Net Worth

€2,718,589

15. 7%

€2, 350, 078

-59. 3%

€5,768,979

-35.3%

€8,918,823 4.8%

€8,509,304

Working Capital

€2,149,657

-14. 9%

€2, 527, 375

-56. 1%

€5,757,149

-35.5%

€8,932,559 4.7%

€8,529,514

Total Assets

€4,409,057

2.2%

€4, 312, 666

-41. 4%

€7, 362,758

-26.4%

€10,002,784 3.6%

€9,659,197

Total Liabilities

€1,690,468

-13.9%

€1,962,588

23.1%

€1,593,779

47%

€1,083,961 -5.7%

€1,149,893

Net Assets

€2,718,589

15.7%

€2,350,078

-59.3%

€5,768,979

-35.3%

€8,918,823 4.8%

€8,509,304

 

CASH FLOW

Date Of

Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10 (%)

31/12/09

Net Cashflow from Operations

€624,623

-81.8%

€3,430,057

-12%

€3,897,654

999.9%

-€190,358 -192.9%

€204,869

Net Cashflow before Financing

€185,634

-94.6%

€3,430,057

-12%

€3,897,654

999.9%

-€210,358 -233.6%

€157,412

Net Cashflow from Financing

-€349,430

90.3%

-€3,609,291

-3.1%

-€3,500,000

-

- -

-

Increase in Cash

-€163,796

8.6%

-€179,234

-145.1%

€397,654

289%

-€210,358 -233.6%

€157,412

 

MISCELLANEOUS

 

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10 (%)

31/12/09

Contingent Liability

NO

-

NO

-

NO

-

NO -

NO

Capital Employed

€2,718,589

-0.5%

€2,731,078

-54.2%

€5,967,979

-35%

€9,174,823 4.5%

€8,778,304

Number of Employees

23

35.3%

17

-

17

13.3%

15 -16.7%

18

 

 

RATIOS

 

Date of Accounts

31/12/13

31/12/12

31/12/11

31/12/10

31/12/09

Pre-tax profit margin %

8.79

4.82

5.03

5.51

6.80

Current ratio

2.27

2.60

5.13

11.79

10.68

Sales/Net Working Capital

4.31

3.42

1.49

0.91

0.96

Gearing %

0

16.20

3.40

2.90

3.20

Equity in %

61.70

54.50

78.40

89.20

88.10

Creditor Days

16.13

7.99

5.83

2.71

1.92

Debtor Days

62.63

68.53

62.60

85.42

77.52

Liquidity/Acid Test

1.14

1.53

3.93

10.25

9.14

Return On

 

 

 

 

 

Capital

29.92

15.27

7.23

4.88

6.32

Employed %

 

 

 

 

 

Return On Total

 

 

 

 

 

Assets

18.45

9.67

5.86

4.47

5.74

Employed %

 

 

 

 

 

Current Debt Ratio

0.62

0.67

0.24

0.09

0.10

Total Debt Ratio

0.62

0.83

0.27

0.12

0.13

Stock Turnover Ratio %

20.55

19.35

19.45

15.58

16.60

Return on Net

 

 

 

 

 

Assets

29.92

17.74

7.48

5.02

6.52

Employed %

 

 

 

 

 

 

 

REPORT NOTES

 

There are no notes to display.

 

STATUS HISTORY

 

No Status History found

 

 

Event History

 

Date

Description

 

30/06/2014

New Accounts Filed

 

30/06/2014

New Accounts Filed

 

27/06/2014

Annual Returns

 

03/03/2014

STEPHEN DUFFY has left the board

22/06/2013

New Accounts Filed

 

22/06/2013

New Accounts Filed

 

20/06/2013

Annual Returns

 

29/08/2012

New Accounts Filed

 

29/08/2012

New Accounts Filed

 

28/08/2012

Annual Returns

 

12/01/2012

New Board Member (GEORGIOS BRAIMIS) appointed

29/06/2011

Annual Returns

 

29/06/2011

New Accounts Filed

 

29/06/2011

New Accounts Filed

 

01/01/2011

New Board Member (DIMITRIS MALAMOS) appointed

 

 

Previous Company Names

 

Date                                         Previous Name

N/A                                           Industries Synthetic Limited

 

Received Documents

 

Writ Details

 

No writs found

 

Statistics

 

Summary

 

Group

8 companies

Holding Company

SYNTHETIC (HOLDINGS)

Linkages

29 companies

 

LIMITED

Countries

In 11 countries

Ownership Status

Intermediately Owned

 

 

Group structure

 

Company Name

Registered Number Number

Latest Key Financials

Consol. Accounts

THRACE PLASTICS CO SA

 N/A

-

-

DON & LOW LIMITED

07127000SC005657

31.12.2013

Y

DON & LOW (HOLDINGS)...

07135317SC026425

31.12.2013

N

DON & LOW NONWOVENS. ..

07129140SC014156

31.12.2013

N

SYNTHETIC (HOLDINGS) L...

07021895NI026913

31.12.2013

N

THRACE SYNTHETIC PAC...

00096353 IE102221

31.12.2013

N

ARNO LIMITED

00232315 IE238183

31.12.2013

N

SYNTHETIC TEXTILES L...

07008075NI011181

31.12.2013

N

 

Other Linked companies

 

Name

Latest Key Financials

Turnover

THRACE PLASTICS

31.12.2013

€265,322,000

DELTA REAL ESTATE INVESTMENTS, LLC

-

 

PROPEX OPERATING CO LLC

-

$43,000,000

THRACE LINQ INC

-

 

 

Mortgage Details

 

Mortgage Type:

FIXED & FLOATING CHARGE.

Date Charge Created:

24/03/93

Date Charge Registered:

02/04/93

Date Charge Satisfied: -

Status:

NOT SATISFIED

Person(s) Entitled:

THE GOVERNOR & CO OF THE BANK OF IRELAND

Amount Secured:

0

Details:

ALL SUMS DUE AND/OR TO BECOME DUE UNDER SPECIFIC AGREEMENT(S)

Mortgage Type:

A DEBENTURE.

Date Charge Created:

06/06/85

 

Date Charge Registered:

21/06/85

 

Date Charge Satisfied:

12/11/93

 

Status:

FULLY SATISFIED

 

Person(s) Entitled:

ALLIED IRISH BANKS PLC

 

Amount Secured:

0

 

Details:

ALL SUMS NOW DUE OR HEREAFTER TO BECOME DUE FROM THE COMPANY TO THE PERSON(S) ENTITLED

 

Mortgage Type:

A DEBENTURE.

 

Date Charge Created:

19/11/84

 

Date Charge Registered:

29/11/84

 

Date Charge Satisfied:

04/10/93

 

Status:

FULLY SATISFIED

 

Person(s) Entitled:

FIRST NATIONAL BANK OF BOSTON

 

Amount Secured:

0

 

Details:

ALL SUMS NOW DUE OR HEREAFTER TO BECOME DUE FROM THE COMPANY TO THE PERSON(S) ENTITLED

 

Mortgage Type:

A MORTGAGE DEBENTURE.

 

Date Charge Created:

19/11/84

 

Date Charge Registered:

29/11/84

 

Date Charge Satisfied:

02/08/88

 

Status:

FULLY SATISFIED

 

Person(s) Entitled:

FOIR TEORANTA

 

Amount Secured:

Details:

ALL SUMS NOW DUE OR HEREAFTER TO BECOME DUE FROM THE COMPANY TO THE PERSON(S) ENTITLED

 

 

 

Previous Director/Company Secretaries

Name                                                                      Current Directorships                     Previous Directorships

GEORGIAN CORPORATE LIMITED

2 2

 

GOODBODY SECRETARIAL LIMITED

0 53

 

IAN HARRY HUTCHINSON

0 5

 

WILTON SECRETARIAL LIMITED

2 9

 

JAMES WALSH

0 2

 

STEPHEN DUFFY

0 2

 

ROBERT BRIAN CARSON

0 2

 

JAMES ANTHONY MC'CORMACK

0 1

 

WILLIAM BAXTER

0 2

 

KEVIN MC'GIVERN

0 1

 

ROBERT DUNN

0 1

 

 

Average Invoice Value

€456.56

 

Invoices available

7

 

Paid

7

 

Outstanding

0

 

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

 

Within Terms                  0-30 Days             31-60 Days               61-90 Days              91+ Days

 

Paid 2

5                        0                           0 0

 

Outstanding 0

0                        0                           0 0

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.07

UK Pound

1

Rs.98.73

Euro

1

Rs.77.46

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ANK

 

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.