MIRA INFORM REPORT

Report Date :

17.09.2014

IDENTIFICATION DETAILS

Name :	Imerys Minerals Limited

Formerly Known As :	ECC INTERNATIONAL LIMITED

Registered Office :	Par Moor Centre, Par Moor Road, Par, Cornwall PL24 2SQ

Country :	United Kingdom

Financials (as on) :	31.12.2013

Date of Incorporation :	12.10.1932

Com. Reg. No.:	00269255

Legal Form :	Private Limited with Share Capital

Line of Business :	· Operation of Gravel and Sand Pits Mining and Processing of Kaolin, Ball Clay and Calcium Carbonate.

No of Employees :	1077

RATING & COMMENTS

MIRA’s Rating :

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 – June 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

United Kingdom

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

REGISTERED NAME & COMPANY SUMMARY

Company Name:	IMERYS MINERALS LIMITED
Company Number:	00269255

Registered Address	PAR MOOR CENTRE PAR MOOR ROAD PAR PL24 2SQ	Trading Address	Parmoor Centre Par Moor Road Par Cornwall PL24 2SQ
Website Address	http://www.imerys.com		Telephone Number
01726818000	Fax Number		TPS
No	FPS	No	Incorporate Date
12/10/1932			Previous Name
ECC INTERNATIONAL LIMITED	Type	Private limited with Share Capital
	FTSE Index	-	Date of Change
06/01/2000	Filing Date of Accounts	07/08/2014	Currency
GBP	Share Capital	£64,967,000	SIC07
08120	Charity Number	-	SIC07 Description
OPERATION OF GRAVEL AND SAND PITS			Principal Activity
Mining and processing kaolin, ball clay and calcium carbonate.

DIRECTORS/MANAGEMENT

Current Directors

Name	Thierry Salmona	Date of Birth	28/04/1954
Officers Title		Nationality	French
Present Appointments	4	Function	Director
Appointment Date	29/01/2002
Address	1 Villa Sommeiller, Paris, 75016
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Ashley John Shopland	Date of Birth	18/11/1966
Officers Title	Mr	Nationality	British
Present Appointments	5	Function	Director
Appointment Date	28/07/2003
Address	22 Bay View Park, St Austell, Cornwall, PL25 3TR
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Pierre Louis Marie Daniellou	Date of Birth	18/06/1958
Officers Title	Mr	Nationality	French
Present Appointments	1	Function	Director
Appointment Date	19/04/2010
Address	Par Moor Centre, Par Moor Road, Par, Cornwall, PL24 2SQ
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Christopher Edward Cleaves	Date of Birth	28/04/1958
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	19/04/2010
Address	Par Moor Centre, Par Moor Road, Par, Cornwall, PL24 2SQ
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Theresa Dennett	Date of Birth	08/04/1970
Officers Title	Mrs	Nationality	British
Present Appointments	6	Function	Director
Appointment Date	12/04/2010
Address	Par Moor Centre Par Morr Road, Par, Cornwall, PL24 2SQ
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Francois MacQuet	Date of Birth	16/06/1969
Officers Title	Mr	Nationality	French
Present Appointments	1	Function	Director
Appointment Date	20/09/2011
Address	Par Moor Centre, Par Moor Road, Par, Cornwall, PL24 2SQ
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Malcolm Francis Rogers	Date of Birth	21/07/1958
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	12/12/2012
Address	Par Moor Centre, Par Moor Road, Par, Cornwall, PL24 2SQ

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Barry John Whitford	1	1
Cyril Charles Pierre Giraud	0	1
Serge Leroy	0	4
Roger Duncan Preston	17	13
Philip Reeve Larson	0	5
Richard Bown	1	4
Luc Karcher	2	9
Mark Cameron Jones	3	6
Oliver Hautin	0	1
Christine Berardo Wheatley	1	9
Alan Longden	31	11
Guy Eugene Paul Pierre Chardon	0	12
Christophe Daulmerie	0	3
Michael McLoughlin	0	9
Anton Edward Richard Rowe	2	6
John Richard Sylvester	4	4
Graham Lovering	0	12
Michel Delville	0	1
Olivier Rene Gilbert Frantz	0	1
Paul Bazireau	0	1
Dalvir Dhesi	0	7
Reginald Rowse	0	1
Denis Philippe Marie Musson	9	8
Frederic Beucher	1	1
Henri Simon Trahair-Davies	8	7
David Pierre Besnault	0	1
Peter Muir Elliott	8	119
Clive William Gronow	0	13
Alan Geoffrey Hawken	28	17
Gerald Lance Toms	0	2
Barry Randall Jennings	0	4
Andrew Hubert Teare	0	24
Thomas Ashley Clough	0	1
Jeremy Coldstream Croggon	0	1
Dudley Cyril Rowe	0	1
Roland Theodore Simpson	0	1
Roger Eastmead Trenerry	0	6
Patrick Drayton	2	11
Dennis Louis Rediker	0	3
Carl Anthony Price	1	7
Adrian David Hare	0	6
John Boyd Dobson	1	8
John Michael Takerer	0	1
Gerard Buffiere	0	3
Jerome Pecresse	0	3

NEGATIVE INFORMATION

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

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
IMERYS UK LTD	GBP	64,967,000	ORDINARY	1	100

PAYMENT INFORMATION

Mortgage Summary

Total Mortgage	0
Summary	0
Satisfied	0

Trade debtors / Bad debts Summary

Total Number of Documented Trade	1
Total Value of Documented Trade	£255

Trade Payment Information

Average Invoice Value	366.41
Invoices available	4911
Paid	4553
Outstanding	358

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

Trade Debtors / Bad Debt Detail

	Total Number of Documented Trade	Total Value of Documented Trade
Trade Debtors	1	£255

Company Name	Amount	Statement Date
Technological Metallurgical Services (T M S) Limited	£255	24/07/2012

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid	3197	673	355	284	44
Outstanding	3	175	160	5	15

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	24 companies
Linkages	168 companies
Countries	In 34 countries

Summary

Holding Company	IMERYS UK LIMITED
Ownership Status	Intermediately Owned
Ultimate Holding Company	IMERYS

Other Linked companies

Name	Number	Latest Key Financials	Turnover
IMERYS TC	449354224	31.12.2013	€345,808,633
PLR REFRACTAIRES SAS U	434264297	31.12.2012
MIRCAL BRESIL	451374474	31.12.2013
MIRCAL ITALIA S.P.A.	RE201902	31.12.2011	€702,331
IMERYS MINERALS INTERNATIONAL SALES	B52699	31.12.2012	€45,350,309
IMERYS TALC EUROPE	599802006	31.12.2012	€21,934,227
IMERYS CERAMICS FRANCE	490096591	31.12.2013	€96,582,000
DAMREC	414635367	31.12.2013	€58,449,000
IMERYS TALC LUZENAC FRANCE	935580191	31.12.2012	€83,753,523
MIRCAL ASIA	444384101	31.12.2013
ELITECH GROUP SAS	527913479	31.12.2013	€4,297,071
CALDERYS DEUTSCHLAND GMBH	HRB 15019	31.12.2012	€153,463,731
IMERYS TABLEWARE FRANCE	329679146	31.12.2013	€10,462,799
CALDERYS FRANCE	702031030	31.12.2013	€95,636,625
IMERYS MINERAL AB	5560990177	31.12.2013	709,296 KSEK
IMERYS MINERAUX FRANCE SA	780112835	31.12.2013	€15,748,075
A G S	320091119	31.12.2013	€42,883,359
CAPTELIA	480097955	31.12.2013	€777,113
IMERYS MINERALI CORSICO S.R.L.	MI1339807	31.12.2013	€7,181,641
MIRCAL CHILI	434143574	31.12.2013

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder	Funds Employee
31/12/2013	£160,681,000	£22,896,000	£122,821,000	1077
31/12/2012	£157,741,000	£15,612,000	£100,923,000	1136
31/12/2011	£164,169,000	£19,192,000	£123,890,000	1158

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	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£160,681,000	1.9%	£157,741,000	-3.9%	£164,169,000	-24.4%	£217,264,000	-15.7%	£257,844,000
Export	£128,604,000	0.8%	£127,607,000	-7.3%	£137,607,000	-27.2%	£189,092,000	-16.3%	£225,802,000
Cost of Sales	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-
Wages & Salaries	£33,790,000	-19%	£41,699,000	7%	£38,954,000	4%	£37,450,000	-3.1%	£38,660,000
Directors Emoluments	£525,000	-10.3%	£585,000	2.1%	£573,000	20.4%	£476,000	52.1%	£313,000
Operating Profit	£19,381,000	134.6%	£8,262,000	-49%	£16,188,000	24.3%	£13,023,000	999.9%	-£957,000
Depreciation	£11,832,000	-8.4%	£12,923,000	-6.7%	£13,854,000	-9.6%	£15,323,000	-6%	£16,302,000
Audit Fees	£181,000	41.4%	£128,000	5.8%	£121,000	4.3%	£116,000	-20%	£145,000
Interest Payments	£493,000	-23.7%	£646,000	-	£646,000	-53.8%	£1,398,000	-95.3%	£29,906,000
Pre Tax Profit	£22,896,000	46.7%	£15,612,000	-18.7%	£19,192,000	19.8%	£16,018,000	999.9%	-£1,195,000
Taxation	-£5,981,000	-125.4%	-£2,654,000	31.7%	-£3,888,000	-164.1%	£6,066,000	203.6%	-£5,854,000
Profit After Tax	£16,915,000	30.5%	£12,958,000	-15.3%	£15,304,000	-30.7%	£22,084,000	413.3%	-£7,049,000
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	£16,915,000	30.5%	£12,958,000	-15.3%	£15,304,000	-30.7%	£22,084,000	413.3%	-£7,049,000

Balance Sheet

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Tangible Assets	£130,182,000	0.2%	£129,926,000	15.2%	£112,815,000	-1.6%	£114,638,000	-1.2%	£116,071,000
Intangible Assets	£5,734,000	999.9%	£300,000	-14%	£349,000	-17.5%	£423,000	-51.3%	£868,000
Total Fixed Assets	£135,916,000	4.4%	£130,226,000	15.1%	£113,164,000	-1.6%	£115,061,000	-1.6%	£116,939,000
Stock	£17,860,000	9.8%	£16,271,000	-6.3%	£17,363,000	11.6%	£15,560,000	-52.5%	£32,739,000
Trade Debtors	£25,761,000	8.2%	£23,809,000	2.7%	£23,176,000	5.7%	£21,936,000	-34.1%	£33,271,000
Cash	£2,147,000	-65.1%	£6,146,000	324.2%	£1,449,000	-18.1%	£1,770,000	-58.2%	£4,238,000
Other Debtors	£45,093,000	-0.4%	£45,276,000	-23.5%	£59,189,000	10.5%	£53,574,000	237%	£15,899,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£90,861,000	-0.7%	£91,502,000	-9.6%	£101,177,000	9%	£92,840,000	7.8%	£86,147,000
Trade Creditors	£18,044,000	26.4%	£14,278,000	-9.5%	£15,769,000	28.5%	£12,268,000	23.2%	£9,961,000
Bank Loans & Overdrafts	0	-	0	-	0	-100%	£49,000	-92.5%	£657,000
Other Short Term Finance	£8,493,000	46.4%	£5,801,000	8.1%	£5,368,000	5.3%	£5,097,000	-59.9%	£12,707,000
Miscellaneous Current Liabilities	£16,678,000	-28.8%	£23,427,000	24%	£18,891,000	-15.1%	£22,242,000	-9.5%	£24,567,000
Total Current Liabilities	£43,215,000	-0.7%	£43,506,000	8.7%	£40,028,000	0.9%	£39,656,000	-17.2%	£47,892,000
Bank Loans & Overdrafts and LTL	£60,681,000	-21.5%	£77,299,000	53.3%	£50,423,000	-10.7%	£56,446,000	-18.6%	£69,380,000
Other Long Term Finance	£134,000	-65.6%	£389,000	-37.8%	£625,000	-25.9%	£844,000	-92.3%	£10,917,000
Total Long Term Liabilities	£60,681,000	-21.5%	£77,299,000	53.3%	£50,423,000	-10.6%	£56,397,000	-17.9%	£68,723,000

Capital & Reserves

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Called Up Share Capital	£64,967,000	-	£64,967,000	-	£64,967,000	-	£64,967,000	-	£64,967,000
P & L Account Reserve	£10,930,000	197%	-£11,267,000	-203.2%	£10,915,000	851.2%	-£1,453,000	94.7%	-£27,410,000
Revaluation Reserve	£45,703,000	-1.1%	£46,202,000	-1.9%	£47,075,000	-0.3%	£47,209,000	-0.8%	£47,597,000
Sundry Reserves	£1,281,000	25.5%	£1,021,000	9.4%	£933,000	-17.1%	£1,125,000	-14.6%	£1,317,000
Shareholder Funds	£122,881,000	21.8%	£100,923,000	-18.5%	£123,890,000	10.8%	£111,848,000	29.3%	£86,471,000

Other Financial Items

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Net Worth	£117,147,000	16.4%	£100,623,000	-18.6%	£123,541,000	10.9%	£111,425,000	30.2%	£85,603,000
Working Capital	£47,646,000	-0.7%	£47,996,000	-21.5%	£61,149,000	15%	£53,184,000	39%	£38,255,000
Total Assets	£226,777,000	2.3%	£221,728,000	3.4%	£214,341,000	3.1%	£207,901,000	2.4%	£203,086,000
Total Liabilities	£103,896,000	-14%	£120,805,000	33.6%	£90,451,000	-5.8%	£96,053,000	-17.6%	£116,615,000
Net Assets	£122,881,000	21.8%	£100,923,000	-18.5%	£123,890,000	10.8%	£111,848,000	29.3%	£86,471,000

Cash Flow

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

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	£183,562,000	3%	£178,222,000	2.2%	£174,313,000	3.6%	£168,245,000	8.4%	£155,194,000

Ratios

Date Of Accounts	31/12/13	31/12/12	31/12/11	31/12/10	31/12/09
Pre-tax profit margin %	14.25	9.90	11.69	7.37	-0.46
Current ratio	2.10	2.10	2.53	2.34	1.80
Sales/Net Working Capital	3.37	3.29	2.68	4.09	6.74
Gearing %	49.40	76.60	40.70	50.50	80.20
Equity in %	55.60	45.60	57.90	53.90	42.80
Creditor Days	40.87	32.94	34.96	20.55	14.06
Debtor Days	58.35	54.94	51.38	36.75	46.96
Liquidity/Acid Test	1.68	1.72	2.09	1.94	1.11
Return On Capital Employed %	12.47	8.75	11.01	9.52	-0.77
Return On Total Assets Employed %	10.09	7.04	8.95	7.70	-0.58
Current Debt Ratio	0.35	0.43	0.32	0.35	0.55
Total Debt Ratio	0.84	1.19	0.73	0.85	1.34
Stock Turnover Ratio %	11.11	10.31	10.57	7.16	12.69
Return on Net Assets Employed %	18.63	15.46	15.49	14.32	-1.38

FOREIGN EXCHANGE RATES

N/A

ADDITIONAL INFORMATION

Current Company Secretary

Name	Henri Simon Trahair-Davies	Date of Birth	26/09/1971
Officers Title	Mr	Nationality	British
Present Appointments	9	Function	Company Secretary
Appointment Date	01/04/2009
Address	Corner House Bosorne, St. Just, Penzance, Cornwall, TR19 7NR

Number of Employees	1077	-5.2%	1136	-1.9%	1158	2.5%	1130	-3.8%	1175
Auditors	ERNST & YOUNG LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	--
Bank Branch Code	--

Status History

No Status History found

Event History

Date	Description
21/08/2014	New Accounts Filed
18/02/2014	Annual Returns
08/10/2013	New Accounts Filed
02/09/2013	Mr B.J. Whitford has left the board
25/02/2013	Annual Returns
22/02/2013	New Board Member Mr M.F. Rogers appointed
18/02/2013	Mr R. Rowse has left the board
09/10/2012	New Accounts Filed
09/10/2012	New Accounts Filed
17/02/2012	Annual Returns
22/12/2011	New Board Member Mr F. MacQuet appointed
07/10/2011	New Accounts Filed
07/10/2011	New Accounts Filed
28/09/2011	Mr C.C. Giraud has left the board
18/02/2011	Annual Returns

Previous Company Names

Date	Previous Name
06/01/2000	ECC INTERNATIONAL LIMITED
01/01/1986	ENGLISH CLAYS LOVERING POCHIN & COMPANY LIMITED

NOTES & COMMENTS

Commentary

No exact match CCJs are recorded against the company.

Sales in the latest trading period increased 1.9% on the previous trading period.

Net Worth increased by 16.4% during the latest trading period.

A 2.3% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 46.7% compared to the previous trading period.

The company saw a decrease in their Cash Balance of 65.1% 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 81 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.10
UK Pound	1	Rs.99.05
Euro	1	Rs.79.03

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	NIT

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.