MIRA INFORM REPORT

 

 

Report Date :

20.03.2014

 

IDENTIFICATION DETAILS

 

Name :

MOLIBDENOS Y METALES S.A.

 

 

Registered Office :

Camino Nos a Los Morros 66, Nos, San Bernardo / Región Metropolitana

 

 

Country :

Chile

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

28.10.1975

 

 

Legal Form :

Joint-Stock Company

 

 

Line of Business :

Extraction, Production and marketing of all kinds of metal and non-Metallic Mining

 

 

No. of Employees :

843

 

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, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Chile

A2

A2

           

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

CHILE - ECONOMIC OVERVIEW

 

Chile has a market-oriented economy characterized by a high level of foreign trade and a reputation for strong financial institutions and sound policy that have given it the strongest sovereign bond rating in South America. Exports of goods and services account for approximately one-third of GDP, with commodities making up some three-quarters of total exports. Copper alone provides 19% of government revenue. From 2003 through 2013, real growth averaged almost 5% per year, despite the slight contraction in 2009 that resulted from the global financial crisis. Chile deepened its longstanding commitment to trade liberalization with the signing of a free trade agreement with the US, which took effect on 1 January 2004. Chile has 22 trade agreements covering 60 countries including agreements with the European Union, Mercosur, China, India, South Korea, and Mexico. Chile has joined the United States and nine other countries in negotiating the Trans-Pacific-Partnership trade agreement. The Chilean Government has generally followed a countercyclical fiscal policy, accumulating surpluses in sovereign wealth funds during periods of high copper prices and economic growth, and generally allowing deficit spending only during periods of low copper prices and growth. As of 31 December 2012, those sovereign wealth funds - kept mostly outside the country and separate from Central Bank reserves - amounted to more than $20.9 billion. Chile used these funds to finance fiscal stimulus packages during the 2009 economic downturn. In May 2010 Chile signed the OECD Convention, becoming the first South American country to join the OECD.

 

Source : CIA

IDENTIFICATION

           

CORRECT COMPANY NAME

MOLIBDENOS Y METALES S.A.

TRADE NAME

MOLYMET

TAXPAYER REGISTRATION

RUT 936280005

MAIN ADDRESS

Camino Nos a Los Morros 66, Nos,

DEPT/PROV/REGION/STATE

San Bernardo / Región Metropolitana

COUNTRY

CHILE

TELEPHONE

(562) 29376600 – 29376653

CORPORATE E-MAIL

info@molymet.cl

WEB

www.molymet.cl

COMMENTS

 

Casilla 1974, Santiago, Chile.

 

 

EXECUTIVE SUMMARY

 

Date of foundation

1975

Capital stock

US$ 2,182,000.= Dollars

Shareholders' equity

897,308,000.00 Dollars (31DEC2012)

Annual revenues

US$ 1,194,043,000.00 Dollars (31DEC2012)

Profits (loss)

25,370,000.00 Dollars (31DEC2012)

permanent employees

843

Chief Executive

GRAELL MOORE, JOHN

Disposition

REPORT PREPARED FROM OUTSIDE SOURCES.

Payments policy

Usually to terms / good

Number of times that this company was required: 3

 

 

REPUTATION

 

NOTHING AGAINST COMPANY

 

 

LEGAL STRUCTURE

 

LEGAL STATUS

Joint-Stock Company

 

 

DATE OF INCORPORATION

28OCT1975

 

 

PLACE OF REGISTRY

Valparaiso

 

 

NOTARY OFFICE

Lic. Roberto Fuentes Hurtado

 

 

REGISTRATION

Pages 1215, Number 689 (23/12/1975)

 

 

CURRENT PAID-IN CAPITAL

US$ 2,182,000.= Dollars

 

 

SHAREHOLDERS EQUITY

897,308,000.00 Dollars (31DEC2012)

 

 

CURRENT EXCHANGE RATE (US$)

Ps$ 568.86 per 1USD

 

 

COMMENTS

 

Subject Company was incorporated in Valparaíso, by means of Public Deed dated October 28, 1975, before Notary Public Roberto Fuentes Hurtado, and was also amended by Public Deed dated November 20, 1975, before Notary Public Rafael Zaldívar Díaz from Santiago, and authorized by Resolution No. 463-C dated November 28, 1975.

 

The respective certificate was published in the Official Gazette dated December 30, 1975 and recorded in the Trade Registry of Valparaíso on December 23, 1975, pages 1.215, No. 689.

The company's current registration in the head office in Santiago was recorded in series 9915, pages 2.488, No. 1.359, in the Trade Registry of Santiago, on March 22, 1977, and the registration in the head office in San Bernardo was recorded in series 3201, pages 140 No. 132, in the Trade Registry of San Bernardo, on July 22, 2011.

 

Molibdenos y Metales S.A. has been recorded in the Registry of Securities since 04/04/1993, under No.0191.

 

According to publication dated 29/08/2013, we learned that Molymet approved an increase of capital for  US$117,1 million dollars.

 

As of December 31, 2012, there were 255 shareholders in the company.

 

 

DIRECTORS - EXECUTIVES – SHAREHOLDERS

 

FULL NAMES / COMPANY NAME

TITLE

%PART.

SINCE

GRAELL MOORE, JOHN

CEO

 

 

HURTADO RUIZ - TAGLE, CARLOS

Chairman of the Board

 

 

ANASTASSIOU MUSTAKIS, GEORGE

Vice President

 

 

BASCUŃAN OBACH, GONZALO

Vice President

 

 

ALAMOS LETELIER, RAUL

Director

 

 

BARRIGA GIANOLI, JOSE MIGUEL

Director

 

 

PIROLA GIANOLI, ALBERTO

Director

 

 

LARRAIN BUNSTER, JORGE GABRIEL

Director

 

 

IBAŃEZ LANGLOIS, GONZALO

Director

 

 

GUILISASTI GANA, EDUARDO

Director

 

 

SCHWARZKOPF, MICHAEL

Director

 

 

RENDON GRACIA, JESUS ADRIAN

Production Manager

 

 

DE LOS RIOS ELGUETA, FRANCISCO

Human Resources

 

 

PAPE ARELLANO, EDGAR

Finance Manager

 

 

ROPERT FUENTES, RODRIGO

Legal Manager

 

 

AVENDAŃO ROZAS, CLAUDIA

Auditor

 

 

JARA LEAL, MAXIMO

Corp. General Accountant

 

 

OSVALD WAGNER TRUST CO. INC.

Shareholder / Member

4.6844%

 

PHIL WHITE INTERNATIONAL CORP.

Shareholder / Member

4.6849%

 

ED HARNEY TRUST CORPORATION

Shareholder / Member

4.6849%

 

WHAR PLOT CORPORATION

Shareholder / Member

3.7433%

 

NUEVA CARENPA S.A.

Shareholder / Member

10.7028%

 

INVERSIONES LOMBARDIA S.A.

Shareholder / Member

10.4284%

 

MAREA SUR S.A.

Shareholder / Member

4.1509%

 

RENTAS E INVERSIONES OCTAY S.A.

Shareholder / Member

4.1509%

 

MINERA VALPARAISO S.A.

Shareholder / Member

3.6483%

 

PLANSEE LTDA.

Shareholder / Member

12.3248%

 

FUNDACION GABRIEL Y MARY MUSTAKIS

Shareholder / Member

6.2544%

 

THE ATLANTIC S.A.

Shareholder / Member

7.9348%

 

 

 

 

WHO IS WHO?

 

GRAELL MOORE, JOHN

TITLE

CEO

NATIONALITY

Chilean

PROFESSION

Industrial & Civil Engineer

TAX ID

61537848

 

 

 

 

HURTADO RUIZ - TAGLE, CARLOS

TITLE

Chairman of the Board

NATIONALITY

Chilean

PROFESSION

Economist

TAX ID

23008599

 

 

 

 

ANASTASSIOU MUSTAKIS, GEORGE

TITLE

Vice President

NATIONALITY

Chilean

PROFESSION

Architect

TAX ID

63742325

 

 

 

 

BASCUŃAN OBACH, GONZALO

TITLE

Vice President

NATIONALITY

Chilean

PROFESSION

Commercial Engineer

TAX ID

127970300

BACKGROUND INFORMATION

He is Commercial Vice President at Molibdenos y Metales S.A.

 

 

 

 

ALAMOS LETELIER, RAUL

TITLE

Director

PROFESSION

Commercial Engineer

TAX ID

55454752

 

 

ASSOCIATED AS PER OUR DATABASE TO

COMPANY

TITLE

TAX REG

COUNTRY

SUR-MART S.A.C.

 

20505453001

PERU

 

 

 

 

BARRIGA GIANOLI, JOSE MIGUEL

TITLE

Director

NATIONALITY

Chilean

PROFESSION

Civil Engineer

TAX ID

69789110

 

 

 

 

PIROLA GIANOLI, ALBERTO

TITLE

Director

NATIONALITY

Chilean

PROFESSION

Businessman

TAX ID

69571840

 

 

 

 

LARRAIN BUNSTER, JORGE GABRIEL

TITLE

Director

NATIONALITY

Chilean

PROFESSION

Commercial Engineer

TAX ID

41025816

 

 

ASSOCIATED AS PER OUR DATABASE TO

COMPANY

TITLE

TAX REG

COUNTRY

CMPC CELULOSA S.A.

Director

965323309

CHILE

EMPRESAS CMPC S.A.

Director

902220003

CHILE

 

 

 

 

IBAŃEZ LANGLOIS, GONZALO

TITLE

Director

NATIONALITY

Chilean

PROFESSION

Commercial Engineer

TAX ID

35985972

 

 

ASSOCIATED AS PER OUR DATABASE TO

COMPANY

TITLE

TAX REG

COUNTRY

SOCIEDAD PUNTA DEL COBRE S.A.

Director

965615601

CHILE

CLINICA SAN FELIPE S.A.

Director

20100162742

PERU

 

 

 

 

GUILISASTI GANA, EDUARDO

TITLE

Director

NATIONALITY

Chilean

PROFESSION

Civil Engineer

TAX ID

62903619

 

 

ASSOCIATED AS PER OUR DATABASE TO

COMPANY

TITLE

TAX REG

COUNTRY

VIŃA CONCHA Y TORO S.A.

 

902270000

CHILE

 

 

 

 

SCHWARZKOPF, MICHAEL

TITLE

Director

NATIONALITY

Chilean

PROFESSION

Mechanical Engineer

TAX ID

481534321

 

 

 

 

RENDON GRACIA, JESUS ADRIAN

TITLE

Production Manager

NATIONALITY

Chilean

PROFESSION

Chemical Engineer - Processes

TAX ID

239730280

 

 

 

 

DE LOS RIOS ELGUETA, FRANCISCO

TITLE

Human Resources

NATIONALITY

Chilean

PROFESSION

Chemical & Civil Engineer

TAX ID

55755353

 

 

 

 

PAPE ARELLANO, EDGAR

TITLE

Finance Manager

NATIONALITY

Chilean

PROFESSION

Civil & Industrial Engineer

TAX ID

141383973

BACKGROUND INFORMATION

He works as Corporate Finance Manager at Molibdenos y Metales S.A.

 

 

 

 

ROPERT FUENTES, RODRIGO

TITLE

Legal Manager

NATIONALITY

Chilean

PROFESSION

Lawyer

TAX ID

11946739k

BACKGROUND INFORMATION

He is Corporate Legal Manager at Molibdenos y Metales S.A.

 

 

 

 

AVENDAŃO ROZAS, CLAUDIA

TITLE

Auditor

NATIONALITY

Chilean

PROFESSION

Internal Corporate Audit

TAX ID

119592666

BACKGROUND INFORMATION

He works as Auditor-Accountant at Molibdenos y Metales S.A.

 

 

 

 

JARA LEAL, MAXIMO

TITLE

Corp. General Accountant

PROFESSION

Public Accountant-Auditor

TAX ID

91179318

BUSINESS HISTORY

 

The company adopted its current corporate name as from 1975 as a result of the division of the company called Carburo y Metalurgia S.A. (founded in 1936), being engaged in the production and sale of Molybdenum oxide, ferro molybdenum and byproducts.

 

Then, as part of its globalization process, Molymet has made several acquisitions abroad and new developments in Chile. Currently, this company, which has 38 years of experience, in the molybdenum industry, has Plants in Chile (2), Belgium, Mexico, Germany and China, reaching a processing capacity of 182 million pounds of molybdenum, which account for 38% of worldwide processing capacity. Besides, it has an additional processing capacity of 2,5 million pounds of metallic molybdenum. Today, it is a leading company in both the molybdedum  and rhenium market.

 

 

 

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

 

COMPANY NAME

COUNTRY

TAX REG.

RELATION %

MOLYMEX S.A. DE C.V.

MEXICO

(AC) MOL790530AHO

Related

PROVEEDORA INDUSTRIAL MINERA ANDINA S.A.

CHILE

(AC) 933050009

Related

 

 

 

BUSINESS

 

SIC Classification

Q - MINERIA METALICA Y NO METALICA (Extraction, Production and marketing of all kinds of metal and non-Metallic Mining)

Main activity

Molybdenum concentrate products for export.

Metallurgical industry: Molybdenum oxide, chemical products of molybdenum, rhenium in APR, metallic rhenium, perrhenic acid.

 

Registered Trademark: "MOLYMET"

O P E R A T I O N S

Import

Yes

Country

USA, Mexico, Canada, Belgium, Peru

ANNUAL Imports In US$ (CIF)

YEAR

AMOUNT

2013

340,425,449.80

2012

444,334,872.21

2011

597,269,479.04

2010

400,343,195.19

2009

373,393,034.32

Export

Yes

COUNTRY

Austria, Germany, Belgium, Korea, Holland, USA

Annual exports in US$ (FOB)

YEAR

AMOUNT

2013

592,414,108.95

2012

804,997,671.59

2011

1,010,457,553.09

2010

684,475,880.09

2009

643,083,733.80

% CASH SALES / METHOD

100%

% Ventas exterior (Paises)

95%

SELLING TerritorY

05%

EMPLOYEES

843

LOCATION

OTHER PREMISES

The Registered office and General Management operate at the main address.

 

PLANT:  Av. Pańuelas 0258, Nos, San Bernardo. Tel. (562)29376700, Fax (562)29376826. Casilla 390, San Bernardo, Chile.

It has an area of 319,000 m2, under Rolls 5.500 - 26- 27- 28- 31- 43 - 45 - 53 - 54 - 68 - 82 - 91 - 124 - 125 - 126 -127 -128 -129 -130 -139 -149, from which there are the respective deeds exempt from encumbrances, prohibitions and mortgages.

PREVIOUS ADDRESS

Huérfanos 812, pISO 6, Santiago - Chile.

Comments

 

Corporación del Cobre de Chile is a major supplier of molybdenum concentrates, raw material that is offered by four of its divisions: Andina, Codelco Norte, Salvador and El Teniente.

 

Molibdenos y Metales S.A. "Molymet" is a Chilean company processing molybdenum and rhenium. It produces molybdenum oxide in tehnical grades and pure, molybdenum salts, ferro molybdenum, metallic rhenium, ammonium perrhenate and perrhenic acid. The current consolidated capacity of Molymet's molybdenum toasting accounts for  35% of the worldwide market of molybdenum processing and nearly 50% of the rhenium processing industry. It has the plants MolymetNos and Molynor in Chile; Molymex in the state of Sonora, Mexico; Chemiemetall in Bitterfeld, Germany; and Sadaci in the port of Ghent, Belgium. The company also has commercial offices in London, Baltimore and Beijing.

 

MOLYMET plays an important role in the molybdenum market, with production facilities in Chile, Mexico, Germany and Belgium. Likewise, it has subsidiaries in Chile, the United States and Cayman Island where it provides commercial, technical and investment services.

 

Molybdenum concentrates are treated at the plants where technical molybdic oxide, ferro molybdenum, high purity chemicals are produced according to the specifications of its clients.

These products are supplied in the petrochemical industry, and especially in metal factories worldwide.

It has gas and sulfuric acid purification plants to treat waste gases in its calcinating facilities.

Production facilities have sophisticated laboratories where strict quality control is applied, which has made it earned the recognition and prestige.

It also complies with environmental protection standards and has ISO 14001 certification.

 

Rhenium is covered as a byproduct of molybdenum concentrates and then it isrefined for being used in turbine engine components.

 

There are 1,623 workers at group level.

 

 

FINANCIAL INFORMATION

 

Disposition

REPORT PREPARED FROM OUTSIDE SOURCES.

Interviewee(s)

Third-Party Sources

Information provided

Although we tried to contact Mr. Máximo Jara (Accountant), we could not do it because he is a very busy person and was never available.

 

Other contacted persons refused to disclose any information as they were not authorized for doing so.

 

Therefore, this report was prepared based on data gathered through reliable sources and official where we could obtain a summary of the audited Consolidated Balance Sheets of Molibdenos y Metales S.A and Subsidiaries as of 31/12/2012 and 31/12/2011 (12 months each), expressed in US Dollars.

 

 

BALANCE SHEET

 

 

Balance sheet date

31DEC2012

31DEC2011

 

 

Type of balance sheet

Consolidated

Consolidated

 

 

Period

12 months

12 months

 

 

Currency

Dollars

Dollars

 

 

Exchange rate per US$

1

1

 

 

A S S E T S

 

 

 

 

Cash/bank

235,198,000.00

226,469,000.00

 

 

Receivables

99,653,000.00

126,033,000.00

 

 

Inventory

242,651,000.00

296,570,000.00

 

 

Others

48,248,000.00

410,218,000.00

 

 

Current Assetsd

625,750,000.00

1,059,290,000.00

 

 

Fixed

469,430,000.00

450,699,000.00

 

 

Others

506,150,000.00

99,901,000.00

 

 

Total Assets

1,601,330,000.00

1,609,890,000.00

 

 

L I A B I L I T I E S

 

 

 

 

Current liabilities

274,255,000.00

291,596,000.00

 

 

Long term

429,767,000.00

427,118,000.00

 

 

TOTAL LIABILITIES

704,022,000.00

718,714,000.00

 

 

S H A R E H O L D E R S'  E Q U I T Y

 

 

 

 

Total shareholders equity

897,308,000.00

891,176,000.00

 

 

Total Liab. / Sh. equity

1,601,330,000.00

1,609,890,000.00

 

 

Sales

1,194,043,000.00

1,330,275,000.00

 

 

Profit (Loss)

25,370,000.00

105,104,000.00

 

 

 

R A T I O

 

Liquidity ratio

2.28

Current assets / Current liabilities

Debt-to-equity ratio

327.18 %

(Shareholders' equity / Current liabilities %)

Profitability margin

2.12 %

(Profits / Sales %)

Working capital

351,495,000.00

(Current assets - Current liabilities)

FINANCIAL SITUATION

A+: GOOD

According to the presented Consolidated Financial Statement as of 31/12/2012 and/or other analyzed factors, the company's Financial Standing is considered to be GOOD for the following reasons:

- Liquidity ratio is higher or similar than the average in the sector.

- Working capital is positive and allows it an orderly fulfillment of payments.

- Shareholders' equity largely covers current debts.

- Its results are slightly satisfactory.

Property of company comments

 

In its industrial plant at Nos, Molymet has preparation and mixing equipment for raw material; toasting furnaces with an annual capacity of above 90 million pounds of molybdene; gas washing and and dust removing units; leaching, drying and packing plants; industrial liquid waste treatment plant; recovery planst and manufacture of rhenium; ferro molybdene plant; pure product plant; gas gathering plant; AHM and ADM plant; concentrate conditioning plant; sulfuric acid plant; copper cement plant and copper cathode plant. In addition to administrative offices, the industrial plant has several support equipment such as laboratory, computer equipment, maintenance service, warehouses, casino and other facilities.

Main fixed assets of the company (general detail)

 

All the company's goods in Chile and abroad are covered by insurance: Fixed assets in plant and general offices, export and import insurance, electronic equipment and low voltage equipment and other smaller equipment.

On the other hand, the company has an insurance covering loss for temporary standstill of activities due to fire, earthquake, terrorist acts and others, in addition to public liability insurance.

Assets and facilities of subsidiary companies abroad are also covered by insurance policies of each country.

 

 

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

 

(Confidential Information)

TRADE REFERENCES

Supplier: DHL CHILE

Tel.: 56-2-22802000

Country: CHILE

Goods/Services? : Courier service

 

 

Highest credit? : DC 3,000,000.=

 

 

Client since? : 2004

Terms? : 30 days

Performance? : Prompt

Supplier: FEDERAL EXPRESS

Tel.: 54-11-46303481

Country: ARGENTINA

Goods/Services? : Courier service

 

 

Highest credit? : Not specified

 

 

Client since? : 2009

Terms? : Cash

Performance? : No experience

 

Note : Other suppliers did not provide information or could not be consulted

 

Supplier

Country

CODELCO S.A.

CHILE

CIA. MINERA LOS PELAMBRES

CHILE

SOUTHERN COOPER CORPORATION

PERU

MEXICANA DE COBRES SA DE CV

MEXICO

ANGLO AMERICAN SUR

CHILE

CIA MINERA ANTAMINA

PERU

KENNECOTT MOLYDENUM COMPANY

U.S.A.

ANLO AMERICAN NORTE

CHILE

MINERA VALLE CENTRAL S.A.

CHILE

 


CREDIT BUREAU COMMENTS

No protested checks, drafts or promissory notes have been published in the commercial information Bulletin.

No labor or social security infractions or bad debts have been found either.

 

 

Comments :

-BANCO CITIBANK -BANCO EMPRESARIAL PARA AMERICA LATINA -SECURITY -CORBANCA -BBVA CHILE -BANCO DEL ESTADO -BANCO DE CHILE -BANCO BICE -SCOTIABANK -BANCO CREDITO INVERSIONES -DESUTSCH BANK -CREDIT SUISE -BANCO SANTANDER Subject is a client of the above mentioned banks which do not provide any under the Bank Secrecy Act.

 

 

 

GENERAL INFORMATION

 

Explanation about commercial reputation                                                                                    

                                                                                                                                                                    

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.10

UK Pound

1

Rs.101.41

Euro

1

Rs.85.08

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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.