MIRA INFORM REPORT

Report Date :

22.07.2014

IDENTIFICATION DETAILS

Name :	GALBRAITH'S LIMITED
Formerly Known As :	GALBRAITH WRIGHTSON LIMITED
Registered Office :	Bridgegate House 124-126 Borough High Street London SE1 1BL
Country :	United Kingdom
Financials (as on) :	31.12.2012
Date of Incorporation :	13.12.1967
Com. Reg. No.:	00924579
Legal Form :	Private Limited with Share Capital
Line of Business :	Subject is engaged in professional, scientific and technical activities
No. of Employees	69

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 :	Slow but correct
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 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
United Kingdom	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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. 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, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. 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. Falling 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 included 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 aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to 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 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of £375 billion (approximately $605 billion) as of December 2013. 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). In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase

Source : CIA

Company name and address

Company Name: GALBRAITH'S LIMITED

Company No: 00924579

Registered Address: BRIDGEGATE HOUSE

124-126 BOROUGH HIGH STREET

LONDON SE1 1BL

Company summary

Registered Address: BRIDGEGATE HOUSE

124-126 BOROUGH HIGH STREET

LONDON SE1 1BL

Trading Address: 124-126 BOROUGH HIGH STREET

LONDON SE1 1BL

Previous name GALBRAITH WRIGHTSON LIMITED

Website Address : http://www.galibraths.co.uk

Tel No : 02073786363

TPS No

FPS No

Type Private Limited with Share Capital

Date of change 26.01.1984

Filing date of accounts 27.09.2013

Currency GBP

SIC07 74909

Share Capital Euro 50,000

Activity professional, scientific and technical activities

Principal Activity Shipbroking

DIRECTORS/MANAGEMENT

Total Current Directors	5
Total Current Secretaries	0
Total Previous Directors / Company Secretaries	30

Current Directors

Name	Bjorn Andersen	Date of Birth	23/03/1968
Officers Title	Mr	Nationality	Norwegian
Present Appointments	3	Function	Director
Appointment Date	01/01/2005
Address	Bridgegate House, 124-126 Borough High Street, London, SE1 1BL
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Keith Anthony Amato	Date of Birth	07/11/1953
Officers Title	Mr	Nationality	British
Present Appointments	6	Function	Director
Appointment Date	03/04/2012
Address	Bridgegate House, 124-126 Borough High Street, London, SE1 1BL
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Edward John Royle	Date of Birth	25/02/1985
Officers Title	Mr	Nationality	British
Present Appointments	3	Function	Director
Appointment Date	28/02/2012
Address	Bridgegate House, 124-126 Borough High Street, London, SE1 1BL
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Halvor Ellefsen	Date of Birth	21/04/1965
Officers Title	Mr	Nationality	Norwegian
Present Appointments	2	Function	Director
Appointment Date	28/02/2012
Address	Bridgegate House, 124-126 Borough High Street, London, SE1 1BL
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	David George Butler	Date of Birth	15/08/1958
Officers Title	Mr	Nationality	British
Present Appointments	7	Function	Director
Appointment Date	01/01/2014
Address	8 St Thomas Street, London, SE1 9RS
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Timothy Henry Bees	0	6
Timothy Henry Bees	0	6
Nigel Claude Bell	5	3
Charles Arthur Fowle	1	8
James Alec Hall	0	4
Michael James Hickling	13	3
Peter Kenneth Spencer	0	3
Martin John Goodall Ashford	0	3
Richard John Sayer	3	14
Hamish Ian Whitelaw Wilson	0	5
John Michael Sharpe	0	15
John Michael Sharpe	0	15
Francis Gallagher	0	3
Alan Arthur Edward Moore	0	3
Anthony Edward Demby	2	28
Anthony Edward Demby	2	28
Neil Edward Rokison	0	8
James William Palmer	1	4
Grahame Stuart Fleet	0	4
Jon Norman Deakin	1	6
Alan George Burgess	0	7
Peter Hiron Bartleet	1	3
Terrence George Parmenter	0	3
Simon William Romer-Lee	0	2
Sean Martin Miller	1	2
Nicholas Brian Fortescue Hubbard	3	2
Michael Kenneth Drayton	5	7
Jiulong Huang	0	2
Simon William Romer-Lee	1	2
Richard James Harmsworth	2	3

NEGATIVE INFORMATION

Mortgage Summary

Total Mortgage 5

Outstanding 4

Satisfied 1

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	-

Exact CCJ Details

No CCJs found

Possible CCJs Details

There are no possible CCJ details

Writ Details

No writs found

Mortgage Details

Mortgage Type:	DEBENTURE
Date Charge Created:	25/07/03
Date Charge Registered:	06/08/03
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	SVENSKA HANDELSBANKEN AB
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE
Details:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

Mortgage Type:	MEMORANDUM OF CASH DEPOSIT
Date Charge Created:	18/09/92
Date Charge Registered:	25/09/92
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMS OF THE CHARGE
Details:	ALL MONIES STANDING TO THE CREDIT OF ACCOUNT NO. 91009471

Mortgage Type:	MEMORANDUM OF CASH DEPOSIT
Date Charge Created:	18/09/92
Date Charge Registered:	25/09/92
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMS OF THE CHARGE
Details:	ALL MONIES STANDING TO THE CREDIT OF ACCOUNT NO. 91009498

Mortgage Type:	DEBENTURE
Date Charge Created:	23/02/90
Date Charge Registered:	07/03/90
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

Mortgage Type:	ASSIGNMENT AND COVENANTS
Date Charge Created:	15/03/85
Date Charge Registered:	02/04/85
Date Charge Satisfied:	13/08/92
Status:	SATISFIED
Person(s) Entitled:	MIDLAND BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMS OF A CHARTER - PARTY DATED 15 MARCH 1985.
Details:	ALL THE COMPANY\S RIGHT AND TITLE TO AND INTEREST IN:- THE DENISE CHARTER INCLUDING ALL AMOUNTS PAYABLE BY THE OWNERS TO THE COMPANY UNDER THE DENISE CHARTER FOLLOWING THE SALE OR TOTAL LOSS OF THE VESSEL. (SEE DOC NO M 45 FOR FURTHER DETAILS).

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
GALBRAITH HOLDINGS LTD	GBP	49,999	ORDINARY	1	100
BJORN ANDERSEN	GBP	1	ORDINARY	1	0

PAYMENT INFORMATION

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 0

Total Value of Documented Trade £0

Trade Payment Information

Average Invoice Value	3121.33
Invoices available	3
Paid	3
Outstanding	0

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

Average Invoice Value	£3121.33
Invoices available	3
Paid	3
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	0	2	1	0	0
Outstanding	0	0	0	0	0

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	4 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	GALBRAITH HOLDINGS LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	GALBRAITH HOLDINGS LIMITED

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
GALBRAITH HOLDINGS LIMITED	02171917	31.12.2012	Y	£9,394,000
GALBRAITH'S LIMITED	00924579	31.12.2012	N	£9,249,000
BANKSIDE LOGISTICS L...	03932798	31.12.2012	N
MARINE & GENERAL INVES...	00599566	31.12.2012	N

FINANCIAL INFORMATION

Profit & Loss

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
	Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
	Turnover	£9,249,000	0.6%	£9,194,000	-24.5%	£12,177,000	11.1%	£10,961,000	-40.9%	£18,555,000
	Export	-	-	-	-	-	-	-	-	-
	Cost of Sales	-	-	-	-	-	-	-	-	-
	Gross Profit	-	-	-	-	-	-	-	-	-
	Wages & Salaries	£6,548,000	-2.3%	£6,703,000	-16.3%	£8,005,000	1.9%	£7,857,000	-34.6%	£12,006,000
	Directors Emoluments	£1,555,000	-19.4%	£1,929,000	-25.5%	£2,590,000	-3.6%	£2,686,000	-48.7%	£5,232,000
	Operating Profit	£619,000	999.9%	£37,000	-98.2%	£2,099,000	74.6%	£1,202,000	-5.7%	£1,275,000
	Depreciation	£93,000	2.2%	£91,000	4.6%	£87,000	-17.1%	£105,000	-18%	£128,000
	Audit Fees	£39,000	11.4%	£35,000	-	£35,000	9.4%	£32,000	-20%	£40,000
	Interest Payments	£1,292,000	-0.2%	£1,295,000	999.9%	£53,000	71%	£31,000	-97.8%	£1,425,000
	Pre Tax Profit	£564,000	999.9%	£31,000	-98.5%	£2,079,000	58.9%	£1,308,000	-2.7%	£1,344,000
	Taxation	-£287,000	1.7%	-£292,000	55.9%	-£662,000	-32.1%	-£501,000	11.6%	-£567,000
	Profit After Tax	£277,000	206.1%	-£261,000	-118.4%	£1,417,000	75.6%	£807,000	3.9%	£777,000
	Dividends Payable	-	-100%	£160,000	-33.3%	£240,000	-25%	£320,000	-	£320,000
	Retained Profit	£277,000	165.8%	-£421,000	-135.8%	£1,177,000	141.7%	£487,000	6.6%	£457,000

Balance Sheet

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
	Tangible Assets	£360,000	-7.9%	£391,000	-4.6%	£410,000	-7.2%	£442,000	-20.1%	£553,000
	Intangible Assets	0	-	0	-	0	-	0	-	0
	Total Fixed Assets	£360,000	-7.9%	£391,000	-4.6%	£410,000	-7.2%	£442,000	-20.1%	£553,000
	Stock	0	-	0	-	0	-	0	-	0
	Trade Debtors	£1,171,000	-25.8%	£1,579,000	-3.4%	£1,635,000	-12.9%	£1,877,000	-24.6%	£2,491,000
	Cash	£882,000	-39.2%	£1,450,000	-45.4%	£2,654,000	230.9%	£802,000	-87.2%	£6,277,000
	Other Debtors	£4,308,000	30%	£3,314,000	-9.7%	£3,670,000	13.9%	£3,221,000	32.5%	£2,431,000
	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
	Total Current Assets	£6,361,000	0.3%	£6,343,000	-20.3%	£7,959,000	34.9%	£5,900,000	-47.3%	£11,199,000
	Trade Creditors	£696,000	7.6%	£647,000	30.4%	£496,000	-24.2%	£654,000	-42.8%	£1,143,000
	Bank Loans & Overdrafts	£358,000	115.7%	£166,000	144.1%	£68,000	9.7%	£62,000	264.7%	£17,000
	Other Short Term Finance	£657,000	-4.4%	£687,000	0.9%	£681,000	-23.7%	£892,000	6.2%	£840,000
	Miscellaneous Current Liabilities	£1,900,000	-24.2%	£2,506,000	-27.5%	£3,455,000	50.8%	£2,291,000	-56%	£5,207,000
	Total Current Liabilities	£3,611,000	-9.9%	£4,006,000	-14.8%	£4,700,000	20.5%	£3,899,000	-45.9%	£7,207,000
	Bank Loans & Overdrafts and LTL	£1,135,000	-3.7%	£1,179,000	125%	£524,000	-22.1%	£673,000	-72.5%	£2,448,000
	Other Long Term Finance	0	-	0	-	0	-	0	-	0
	Total Long Term Liabilities	£777,000	-23.3%	£1,013,000	122.1%	£456,000	-25.4%	£611,000	-74.9%	£2,431,000

Capital & Reserves

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
	Called Up Share Capital	£50,000	-	£50,000	-	£50,000	-	£50,000	-	£50,000
	P & L Account Reserve	£1,392,000	47%	£947,000	-64.4%	£2,657,000	94.8%	£1,364,000	-29.4%	£1,932,000
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	£891,000	24.1%	£718,000	41.9%	£506,000	21.1%	£418,000	216.7%	£132,000
	Shareholder Funds	£2,333,000	36%	£1,715,000	-46.6%	£3,213,000	75.4%	£1,832,000	-13.3%	£2,114,000

Other Financial Items

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
	Net Worth	£2,333,000	36%	£1,715,000	-46.6%	£3,213,000	75.4%	£1,832,000	-13.3%	£2,114,000
	Working Capital	£2,750,000	17.7%	£2,337,000	-28.3%	£3,259,000	62.9%	£2,001,000	-49.9%	£3,992,000
	Total Assets	£6,721,000	-0.2%	£6,734,000	-19.5%	£8,369,000	32%	£6,342,000	-46%	£11,752,000
	Total Liabilities	£4,388,000	-12.6%	£5,019,000	-2.7%	£5,156,000	14.3%	£4,510,000	-53.2%	£9,638,000
	Net Assets	£2,333,000	36%	£1,715,000	-46.6%	£3,213,000	75.4%	£1,832,000	-13.3%	£2,114,000

Miscellaneous

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
	Contingent Liability	YES	-	YES	-	YES	-	YES	-	YES
	Capital Employed	£3,110,000	14%	£2,728,000	-25.6%	£3,669,000	50.2%	£2,443,000	-46.2%	£4,545,000
	Number of Employees	69	-1.4%	70	-5.4%	74	7.2%	69	-6.8%	74
	Auditors	MOORE STEPHENS LLP
	Auditor Comments	The audit report contains no adverse comments
	Bankers	THE ROYAL BANK OF SCOTLAND PLC
	Bank Branch Code	16-10-29

Ratios

	Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
	Pre-tax profit margin %	6.10	0.34	17.07	11.93	7.24
	Current ratio	1.76	1.58	1.69	1.51	1.55
	Sales/Net Working Capital	3.36	3.93	3.74	5.48	4.65
	Gearing %	48.60	68.70	16.30	36.70	115.80
	Equity in %	34.70	25.50	38.40	28.90	18
	Creditor Days	27.39	25.61	14.82	21.71	22.42
	Debtor Days	46.08	62.51	48.87	62.33	48.86
	Liquidity/Acid Test	1.76	1.58	1.69	1.51	1.55
	Return On Capital Employed %	18.13	1.13	56.66	53.54	29.57
	Return On Total Assets Employed %	8.39	0.46	24.84	20.62	11.43
	Current Debt Ratio	1.54	2.33	1.46	2.12	3.40
	Total Debt Ratio	1.88	2.92	1.60	2.46	4.55
	Stock Turnover Ratio %	-	-	-	-	-
	Return on Net Assets Employed %	24.17	1.80	64.70	71.39	63.57

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Commentary

No exact match CCJs are recorded against the company.

Sales in the latest trading period increased 0.6% on the previous trading period.

Net Worth increased by 36% during the latest trading period.

A 0.2% decline in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 999.9% compared to the previous trading period.

The company saw a decrease in their Cash Balance of 39.2% during the latest trading period.

The audit report contains no adverse comments.

The company has undergone recent changes in its directorships.

The company is part of a group.

The company was established over 46 years ago.

Show more

Enquiries Trend

There have been 22 enquiries in the last 12 months.

There are an average of 2 reports taken each month.

	3 MONTHS	6 MONTHS	9 MONTHS
Enquiries	9	15	19

Status History

No Status History found

Event History

Date	Description
27/05/2014	Annual Returns
13/05/2014	Mr A.E. Demby has left the board
21/03/2014	Mr A.E. Demby has resigned as company secretary
15/01/2014	New Board Member Mr D.G. Butler appointed
07/10/2013	New Accounts Filed
07/10/2013	New Accounts Filed
26/09/2013	Mr S.M. Miller has left the board
24/05/2013	Annual Returns
12/10/2012	Mr C.A. Fowle has left the board
01/10/2012	New Accounts Filed
01/10/2012	New Accounts Filed
25/05/2012	Annual Returns
18/05/2012	Mr N.E. Rokison has left the board
26/04/2012	New Board Member Mr K.A. Amato appointed
19/04/2012	Change of Company Postcode

Previous Company Names

Date	Previous Name
26/01/1984	GALBRAITH WRIGHTSON LIMITED

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.19
UK Pound	1	Rs.102.87
Euro	1	Rs.81.48

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIS

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.