MIRA INFORM REPORT

Report Date :

21.03.2014

IDENTIFICATION DETAILS

Name :	BRITISH POLYTHENE LIMITED
Formerly Known As :	TREVOR JONES LIMITED
Registered Office :	One London Wall, London EC2Y 5AB
Country :	United Kingdom
Financials (as on) :	31.12.2012
Date of Incorporation :	17.03.1939
Com. Reg. No.:	00350729
Legal Form :	Private limited with Share Capital
Line of Business :	Manufacture of other plastic products [We tried to confirm / obtain the detailed activity but the same is not available from any sources]
No. of Employees :	1646

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	£850,000
Status :	Moderate
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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
United Kingdom	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

UNITED KINGDOM - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership. 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:	BRITISH POLYTHENE LIMITED
Company No:	00350729
Registered Address:
ONE
LONDON WALL
LONDON
EC2Y 5AB

Summary – company information

Company Name	BRITISH POLYTHENE LIMITED	Company Number	00350729
Registered Address	ONE LONDON WALL LONDON EC2Y 5AB	Trading Address	One London Wall London EC2Y 5AB
Website Address	http://www.bpipoly.com
Telephone Number	-
TPS	-
Incorporation Date	17/03/1939	Company Status	Active - Accounts Filed
Previous Name	TREVOR JONES,LIMITED	Type	Private limited with Share Capital
Date of Change	21/12/1993	Filing Date of Accounts	18/04/2013
		Share Capital	£40,000,000
SIC03	2524	Currency	GBP
SIC03 Description	Manufacture of other plastic products
SIC07	22290
SIC07 Description	MANUFACTURE OF OTHER PLASTIC PRODUCTS
Principal Activity	The largest producer of polythene film products.

Credit Limit

Todays Limit

£850,000

Commentary

No exact match CCJs are recorded against the company.

There has been no significant change in the company's credit rating.

Sales in the latest trading period decreased 5% on the previous trading period.

Net Worth decreased by 7.5% during the latest trading period.

A 5% decline in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 100.5% compared to the previous trading period.

The company saw a decrease in their Cash Balance of 100% during the latest trading period.

The audit report contains no adverse comments.

No recent changes in directorship are recorded.

The company is part of a group.

The company has changed its registered address recently.

The company was established over 74 years ago.

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2012	£322,500,000	£100,000	£13,500,000	1646
31/12/2011	£339,500,000	-£22,100,000	£14,600,000	1715
31/12/2010	£335,400,000	£500,000	£1,500,000	1784

Payment Information Summary

Days Beyond Terms

Trend Indicator

5	15
Company DBT	UK Average DBT

Steady

Improving Worsening

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

There are no exact CCJ details

Possible CCJ Details

There are no possible CCJ details

Writ Details

There are no writ details

Mortgage Summary

Outstanding	0
Satisfied	3

Directors

Total Current Directors	7
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	12

Current Directors

Name	Cameron McLatchie	Date of Birth	18/02/1947
Officers Title	Mr	Nationality	British
Present Appointments	9	Function	Director
Appointment Date	29/05/1991
Address	One, London Wall, London, EC2Y 5AB

Name	David George Duthie	Date of Birth	25/01/1956
Officers Title	Mr	Nationality	British
Present Appointments	3	Function	Director
Appointment Date	03/10/1994
Address	One, London Wall, London, EC2Y 5AB

Name	John Thomson Langlands	Date of Birth	22/04/1952
Officers Title	Mr	Nationality	British
Present Appointments	23	Function	Director
Appointment Date	03/10/1994
Address	One, London Wall, London, EC2Y 5AB

Name	David Thompson Pendlebury	Date of Birth	04/04/1953
Officers Title	Mr	Nationality	British
Present Appointments	3	Function	Director
Appointment Date	28/01/2008
Address	One, London Wall, London, EC2Y 5AB

Name	Andrew Samuel Green	Date of Birth	01/02/1964
Officers Title	Dr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	28/01/2008
Address	One, London Wall, London, EC2Y 5AB

Name	David William Harris	Date of Birth	11/01/1972
Officers Title	Mr	Nationality	British
Present Appointments	42	Function	Director
Appointment Date	28/01/2008
Address	One, London Wall, London, EC2Y 5AB

Name	Hilary Anne Kane	Date of Birth	21/07/1962
Officers Title	Ms	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	01/09/2012
Address	British Polythene Industries 96 Port Glasgow Road, Greenock, Renfrewshire, PA15 2UL

Current Company Secretary

Name	Hilary Anne Kane	Date of Birth	-
Officers Title	Ms	Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	01/09/2012
Address	British Polythene Industries, 96 Port Glasgow Road, Greenock, Renfrewshire, PA15 2UL

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
BRITISH POLYTHENE INDUSTRIES PLC	GBP	39,999,999	ORDINARY	1	100
R.B. BROOKSBANK	GBP	1	ORDINARY	1	0

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	£322,500,000	£339,500,000	£335,400,000	£301,400,000	£343,300,000
Export	£64,000,000	£67,800,000	£67,600,000	£62,700,000	£67,500,000
Cost of Sales	£283,900,000	£299,300,000	£295,900,000	£259,000,000	£307,300,000
Gross Profit	£38,600,000	£40,200,000	£39,500,000	£42,400,000	£36,000,000
Wages & Salaries	£51,700,000	£73,600,000	£53,800,000	£55,600,000	£59,300,000
Directors Emoluments	£900,000	£800,000	£590,000	£7,000,000	£4,600,000
Operating Profit	£2,900,000	-£18,400,000	£2,800,000	£3,500,000	-£5,900,000
Depreciation	£7,200,000	£7,500,000	£7,500,000	£7,900,000	£9,800,000
Audit Fees	£100,000	£100,000	£100,000	£100,000	£100,000
Interest Payments	£2,800,000	£3,700,000	£2,300,000	£3,200,000	£4,900,000
Pre Tax Profit	£100,000	-£22,100,000	£500,000	£300,000	-£10,800,000
Taxation	-£800,000	£5,300,000	-£400,000	-£400,000	£2,800,000
Profit After Tax	-£700,000	-£16,800,000	£100,000	-£100,000	-£8,000,000
Dividends Payable	-	-	-	-	-
Retained Profit	-£700,000	-£16,800,000	£100,000	-£100,000	-£8,000,000

Balance Sheet

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Tangible Assets	£35,500,000	£33,400,000	£34,000,000	£34,900,000	£36,650,000
Intangible Assets	0	0	0	0	0
Total Fixed Assets	£35,500,000	£33,400,000	£34,000,000	£34,900,000	£36,650,000
Stock	£45,600,000	£44,200,000	£41,800,000	£39,800,000	£39,100,000
Trade Debtors	£29,500,000	£31,800,000	£38,300,000	£35,000,000	£42,100,000
Cash	0	£2,500,000	0	£500,000	£300,000
Other Debtors	£18,700,000	£24,200,000	£23,400,000	£23,900,000	£25,050,000
Miscellaneous Current Assets	0	0	0	0	0
Total Current Assets	£93,800,000	£102,700,000	£103,500,000	£99,200,000	£106,550,000
Trade Creditors	£34,600,000	£33,800,000	£34,800,000	£33,500,000	£30,200,000
Bank Loans & Overdrafts	£1,100,000	0	£5,200,000	£8,200,000	£3,800,000
Other Short Term Finance	£38,600,000	£47,400,000	£20,800,000	£16,400,000	£27,800,000
Miscellaneous Current Liabilities	£10,900,000	£8,200,000	£8,200,000	£7,400,000	£6,200,000
Total Current Liabilities	£85,200,000	£89,400,000	£69,000,000	£65,500,000	£68,000,000
Bank Loans & Overdrafts and LTL	£31,700,000	£32,100,000	£72,200,000	£75,600,000	£77,700,000
Other Long Term Finance	£30,600,000	£32,100,000	£67,000,000	£67,400,000	£73,900,000
Total Long Term Liabilities	£30,600,000	£32,100,000	£67,000,000	£67,400,000	£73,900,000

Capital & Reserves

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Called Up Share Capital	£40,000,000	£40,000,000	£10,000,000	£10,000,000	£10,000,000
P & L Account Reserve	-£27,000,000	-£26,300,000	-£9,500,000	-£9,600,000	-£9,500,000
Revaluation Reserve	-	-	-	-	-
Sundry Reserves	£500,000	£900,000	£1,000,000	£800,000	£800,000
Shareholder Funds	£13,500,000	£14,600,000	£1,500,000	£1,200,000	£1,300,000

Other Financial Items

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Net Worth	£13,500,000	£14,600,000	£1,500,000	£1,200,000	£1,300,000
Working Capital	£8,600,000	£13,300,000	£34,500,000	£33,700,000	£38,550,000
Total Assets	£129,300,000	£136,100,000	£137,500,000	£134,100,000	£143,200,000
Total Liabilities	£115,800,000	£121,500,000	£136,000,000	£132,900,000	£141,900,000
Net Assets	£13,500,000	£14,600,000	£1,500,000	£1,200,000	£1,300,000

Cash Flow

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Net Cashflow from Operations	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-
Increase in Cash	-	-	-	-	-

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	£44,100,000	£46,700,000	£68,500,000	£68,600,000	£75,200,000
Number of Employees	1646	1715	1784	1868	1966
Auditors	KPMG AUDIT PLC
Auditor Comments	The audit report contains no adverse comments
Bankers	LLOYDS TSB BANK PLC
Bank Branch Code

Ratios

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Pre-tax profit margin %	0.03	-6.51	0.15	0.10	-3.15
Current ratio	1.10	1.15	1.50	1.51	1.57
Sales/Net Working Capital	37.50	25.53	9.72	8.94	8.91
Gearing %	234.80	219.90	4813.30	6300	5976.90
Equity in %	10.40	10.70	1.10	0.90	0.90
Creditor Days	39.05	36.23	37.76	40.45	32.02
Debtor Days	33.29	34.09	41.56	42.26	44.63
Liquidity/Acid Test	0.56	0.65	0.89	0.90	0.99
Return On Capital Employed %	0.22	-47.32	0.72	0.43	-14.36
Return On Total Assets Employed %	0.07	-16.23	0.36	0.22	-7.54
Current Debt Ratio	6.31	6.12	46	54.58	52.30
Total Debt Ratio	8.57	8.32	90.66	110.75	109.15
Stock Turnover Ratio %	14.13	13.01	12.46	13.20	11.38
Return on Net Assets Employed %	0.74	-151.36	33.33	25	-830.76

Status History

No Status History found

Event History

Date	Description
17/06/2013	Annual Returns
01/05/2013	New Accounts Filed
01/05/2013	New Accounts Filed
18/12/2012	Change of Company Postcode
07/09/2012	New Accounts Filed
07/09/2012	New Accounts Filed
07/09/2012	New Board Member Ms H.A. Kane appointed
05/09/2012	Mr R.B. Brooksbank has resigned as company secretary
05/09/2012	New Company Secretary Ms H.A. Kane appointed
29/06/2012	Dr R.I. McDarmaid has left the board
23/06/2012	Annual Returns
23/09/2011	Change of Company Postcode
07/06/2011	Annual Returns
11/04/2011	New Accounts Filed
11/04/2011	New Accounts Filed

Previous Company Names

Date	Previous Name
21/12/1993	TREVOR JONES,LIMITED

Statistics

Group	58 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	BRITISH POLYTHENE INDUSTRIES PLC
Ownership Status	Wholly Owned
Ultimate Holding Company	BRITISH POLYTHENE INDUSTRIES PLC

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
BRITISH POLYTHENE INDUST...	00108191	31.12.2012	Y	£478,700,000
POLYTHENE FILMS LIMITED	00559148	31.12.2012	N
KARDON LIMITED	00588804	31.12.2012	N
MINSTER POLYTHENE FILM...	01078900	31.12.2012	N
V M B LIMITED	01083481	31.12.2012	N
ZEDCOR LIMITED	01310087	31.12.2012	N
SUSSEX POLYTHENE LIMITED	01346778	31.12.2012	N
BIBBY AND BARON GROUP...	02993243	31.12.2012	N
BPI INTERNATIONAL LIMITED	03332723	31.12.2012	N
FLEXFILM LIMITED	03379307	31.12.2012	Y	£13,471,511
JORDAN PLASTICS LIMITED	NI009907	31.12.2012	N
BPI EMPLOYEES TRUST LI...	03438070	31.12.2012	N
BPI INTERNATIONAL (NO...	03467631	31.12.2012	N
BPI PENSION TRUSTEES L...	07524899	31.12.2012	N
ADVANCED FILMS LIMITED	02318796	31.12.2012	N
ANAPLAST LIMITED	01757494	31.12.2012	N
BPI LIMITED PARTNER LI...	SC390442	31.12.2012	N
BPI 2007 LIMITED	00845005	31.12.2012	N
BPI 2010 LIMITED	00935693	31.12.2012	N
BPI 2002 LIMITED	01114922	31.12.2012	N
BPI 2012 LIMITED	SC035651	31.12.2012	N
BRAMPTON FILMS LIMITED	02733544	31.12.2012	N
BRITHENE FILMS LIMITED	00513001	31.12.2012	N
BRITISH POLYTHENE LIMITED	00350729	31.12.2012	N	£322,500,000
EXCELSIOR PACKAGING...	02406369	31.12.2012	N
CALNAY LIMITED	01513851	31.12.2012	N
CLINGTECH FILMS LIMITED	00961191	31.12.2012	N
CLINGTECH PACKAGING LI...	02158854	31.12.2012	N
DELTA POLYTHENE LIMITED	01362410	31.12.2012	N
EDINBURGH PLASTICS LIM...	SC060192	31.12.2012	N
FLEXER SACKS LIMITED	00343329	31.12.2012	N
FLEXOSET LIMITED	01710023	31.12.2012	N
HIGH PERFORMANCE FILMS...	02325893	31.12.2012	N
IRISH POLYTHENE INDUST...	IE213624	31.12.2012	N	€783,000
CVP LIMITED	IE208441	31.12.2012	N
IRISH ROPES LIMITED	IE285849	31.12.2012	N
TREVOR JONES LIMITED	SC041189	31.12.2012	N
MEGAFILM LIMITED	00060792	31.12.2012	N
MOORE AND COMPANY (NOT...	00147339	31.12.2012	N
NOVATHENE FILMS LIMITED	02739188	31.12.2012	N
PAVELODGE PACKAGING LI...	02763141	31.12.2012	N
PCL RECYCLING LIMITED	SC114717	31.12.2012	N
POLYCON LIMITED	SC176578	31.12.2012	N
AGRIPAC (DUNDEE) L...	SC086420	31.12.2012	N
TAY FLEXIBLE PACKAGI...	SC151658	31.12.2012	N
PLASTI-COVERS LIMITED	SC062391	31.12.2012	N
POLYCROP LIMITED	00370987	31.12.2012	N
PROMOPACK LIMITED	SC079157	31.12.2012	N
RIVERSIDE TRADING LIMITED	02947076	31.12.2012	N
ROLL-A-RAP LIMITED	01258066	31.12.2012	N
JAMES SCOTT & SONS LIM...	SC027541	31.12.2012	N
SCOTT & ROBERTSON LIMITED	SC012767	31.12.2012	N
BPI PLC	01734308	31.12.2012	N	£4,869,000
SINGLETON FLINT LIMITED	02719326	31.12.2012	N
U.K. POLYTHENE LTD.	01727947	31.12.2012	N
UK POLYFILM LIMITED	02059609	31.12.2012	N
VALENTINE MANN & BROWN...	00888020	31.12.2012	N
WIDNES FILMS LIMITED	01578531	31.12.2012	N

Statistics

Group	58 companies
Linkages	0 companies
Countries	In 0 countries

Exact CCJ Details

No CCJs found

Possible CCJs Details

There are no possible CCJ details

Writ Details

No writs found

Mortgage Details

Mortgage Type:	RENT & SERVICE CHARGE DEPOSIT DEED
Date Charge Created:	07/06/10
Date Charge Registered:	08/06/10
Date Charge Satisfied:	17/07/10
Status:	SATISFIED
Person(s) Entitled:	CHARLES DAVID FORBES ADAM
Amount Secured:
Details:	CASH DEPOSIT

Mortgage Type:	CHARGE
Date Charge Created:	01/02/85
Date Charge Registered:	21/02/85
Date Charge Satisfied:	23/02/91
Status:	SATISFIED
Person(s) Entitled:	CLYDESDALE BANK 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 BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERY

Mortgage Type:	CHARGE
Date Charge Created:	05/03/82
Date Charge Registered:	26/03/82
Date Charge Satisfied:	12/12/88
Status:	SATISFIED
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND LTD
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FLOATING CHARGE ON UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING UNCALLED CAPITAL

Creditor Details

	No Creditor Data
Total Value		-

Trade Debtors / Bad Debt Detail

	No Debtor Data
Total Value		-

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Angus Neilson MacDonald	0	92
Angus Neilson MacDonald	0	92
John Ferguson Paton	1	46
Raymond Bernard Brooksbank	32	100
Raymond Bernard Brooksbank	32	100
James Lightbody	0	2
Robert Ian McDarmaid	0	3
Keith Jeffery Stenning	0	14
Kenneth David George Grove	1	2
Trevor Rhys Jenkins	0	2
Anne Thorburn	17	41
John Bunnell	1	34

Average Invoice Value	£665.82
Invoices available	1944
Paid	1872
Outstanding	72

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	1662	71	73	52	14
Outstanding	32	35	2	0	3

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.13
UK Pound	1	Rs.101.17
Euro	1	Rs.84.59

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.