MIRA INFORM REPORT

Report No. :	304106
Report Date :	27.01.2015

IDENTIFICATION DETAILS

Name :	HEXSTONE LTD.
Formerly Known As :	W.M.OWLETT & SONS LIMITED
Registered Office :	Opal Way, Stone Business Park Stone, Staffordshire St15 0SW
Country :	United Kingdom
Financials (as on) :	31.12.2013
Date of Incorporation :	03.06.1947
Com. Reg. No.:	00436243
Legal Form :	Private limited with Share Capital
Line of Business :	The wholesale of fasteners, industrial engineering products, hardware and ironmongery Wholesale hardware, plumbing Wholesale of hardware, plumbing and heating equipment and supplies
No. of Employee :	296

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)
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 identification

HEXSTONE LTD.	Telephone	01785 811300
OPAL WAY	Fax	01785 817199
STONE BUSINESS PARK STONE STAFFORDSHIRE ST15 0SW United Kingdom	Website	www.owlett-jaton.com

Company Number:	00436243	Status:	Active - Accounts Filed
Foundation:	03/06/1947	VAT No:	GB890195794

Comments

Company trades in an industry with a lower level of corporate failures.

This company has been treated as a Large company in respect of the rating/limit generated. This company’s ratio of total liabilities to total assets indicates the presence of moderate equity funding.

Basic information

Legal form

Private limited with Share Capital

Foundation

03/06/1947

Company No.

00436243

Previous Names

Date of Change	Previous Name
07/08/2006	W.M.OWLETT & SONS LIMITED

Shareholders

Name	Currency	Number of	Share type	Nominal value
		shares
ZYLO LTD	GBP	100,000	ORDINARY	1
Total Share Capital				GBP 100,000

Management

Directors
Name	Address:	Date of	Nationality	Appointment
		birth		date
Mr Douglas Talbot McNair	Opal Way, Stone Business Park, Stone, Staffordshire ST15 0SW	16/08/1947	British
Mr Keith Harrison	Opal Way, Stone Business Park, Stone, Staffordshire ST15 0SW	26/08/1952	British	01/11/2006
Mr Stephen Davies	Opal Way, Stone Business Park, Stone, Staffordshire ST15 0SW	24/08/1959	British	01/11/2006
Mr Roger David Goddard	Opal Way, Stone Business Park Stone, Staffordshire ST15 0SW	25/11/1953	British
Mr Geoffrey Alan	Opal Way, Stone Business Park, Stone, Staffordshire ST15 0SW	10/04/1946	British	01/11/2006

Company Secretary

Name	Address:	Appointment
Mr William Sones Woof	Opal Way, Stone Business Park, Stone,

Other Known Addresses

2 Horace Road, Kingston-upon-thames, Surrey KT1 2SL

20 Shenley Pavilions, Chalkdell Drive, Shenley Wood, Milton Keynes, Buckinghamshire MK5 6LB

Beldray Park-Mount Pleasant, Bilston, West Midlands WV14 7NH

Cherry Orchard North, Kembrey Park, Swindon, Wiltshire SN2 8UH

Opal Way, Stone Business Park, Stone, Staffordshire ST15 0SW

Unit A4, Old Power Way, Lowfields Business Park, Elland, West Yorkshire HX5 9DE

Victoria Way, Admirals Park, Crossways, Dartford, Kent DA2 6QD

Company relationships

Company No.	Name		Status		Country
Ultimate parent
US15718021	BLACKFRIARS CORP		Non Trading		USA
Affiliated companies
FC011246	KIPPINGTON ROAD LIMITED		Non Trading		United Kingdom
01521896	ELECTRICENTER LIMITED		Non Trading		United Kingdom
00678922	MOUNTBOND LIMITED		Non Trading		United Kingdom
07111792	MARLOWE HOLDINGS LIMITED		Active		United Kingdom
00462411	MARLOWE HOLDINGS INVESTMENTS		Active		United Kingdom
	LIMITED
00381796	WATERHOUSE ELECTRICAL WHOLESALERS		Non Trading		United Kingdom
	LIMITED
00481582	J.E. WILDBORE LIMITED		Non Trading		United Kingdom
00537971	SPECIALIST INSTRUMENT SERVICES LIMITED		Non Trading		United Kingdom
00556487	SPECIALIST LAMP DISTRIBUTORS LIMITED		Non Trading		United Kingdom
01043129	JBM HOLDINGS LIMITED		Non Trading		United Kingdom
01384086	SABEL ELECTRICAL DISTRIBUTORS LIMITED		Non Trading		United Kingdom
02821732	CABLE MANAGEMENT CENTRE LIMITED		Non Trading		United Kingdom
03069064	KNUTSFORD PROPERTIES LIMITED		Active		United Kingdom
03516881	PULSE ELECTRICAL DISTRIBUTORS LIMITED		Non Trading		United Kingdom
05159839	MARLOWE DC PENSION TRUSTEES LIMITED		Active		United Kingdom
05697089	EDMUNDSON EXPORT LIMITED		Non Trading		United Kingdom
05781471	A. & D. CARTWRIGHT DISTRIBUTORS LIMITED		Non Trading			United Kingdom
06026715	TUFF RUSCOE HOLDINGS LIMITED		Non Trading			United Kingdom
02488608	ROWLEY ELECTRICAL DISTRIBUTORS LIMITED		Non Trading			United Kingdom
06135008	E.P.H. SUPPLIES (WHOLESALE) LIMITED		Non Trading			United Kingdom
08328827	TRADESPARKY LIMITED		Active			United Kingdom
SC061083	A&DCDL LIMITED		Non Trading			United Kingdom
SC133197	BARWELL ENTERPRISES LIMITED		Non Trading			United Kingdom
00734186	BENNETT & FOUNTAIN LIMITED		Active			United Kingdom
03460011	ADVANCE ELECTRICAL DISTRIBUTORS LIMITED		Non Trading			United Kingdom
00175447	THE BRITISH CENTRAL ELECTRICAL COMPANY LIMITED		Non Trading			United Kingdom
04361967	CABLE MANAGEMENT CENTRE (SOUTH WEST) LIMITED		Non Trading			United Kingdom
01187708	EDMUNDSON DISTRIBUTION LIMITED		Non Trading			United Kingdom
02667012	EDMUNDSON ELECTRICAL LIMITED		Active			United Kingdom
01423069	EDMUNDSON ELECTRICAL PENSION TRUSTEES LIMITED		Active			United Kingdom
01267252	ELECTRIC CENTER LIMITED		Non Trading			United Kingdom
00396158	ELECTRICAL AND RADIO DISTRIBUTORS LIMITED		Non Trading			United Kingdom
03660895	EUROPEAN LAMP GROUP LIMITED		Non Trading			United Kingdom
03638035	ELG RELAMP LIMITED		Non Trading			United Kingdom
03638043	ELG PUBLISHING LIMITED		Non Trading			United Kingdom
04920069	LAMPWAYS LIMITED		Non Trading			United Kingdom
01297669	G C G ELECTRICAL WHOLESALERS LIMITED		Non Trading			United Kingdom
01928529	HEXSTONE HOLDINGS LIMITED		Active			United Kingdom
00724405	SWIFT HARDWARE DISTRIBUTORS LIMITED		Non Trading			United Kingdom
01728698	D.K. EAST LIMITED		Non Trading			United Kingdom
SC077997	S&MCL LIMITED		Non Trading			United Kingdom
00378046	JACK HINTON (ELECTRICAL) LIMITED		Non Trading			United Kingdom
03646817	J S C ELECTRICAL DISTRIBUTORS LIMITED		Non Trading			United Kingdom
02723962	MARLOWE INVESTMENTS LIMITED		Non Trading			United Kingdom
00573603	G A NICHOLAS LIMITED		Non Trading			United Kingdom
SC079442	SCOTT-COPPOLA ELECTRICAL DISTRIBUTORS LIMITED		Non Trading			United Kingdom
02510531	VINK HOLDINGS LIMITED		Active			United Kingdom
01220776	AMARI PLASTICS PUBLIC LIMITED COMPANY		Active			United Kingdom
01080385	SELF-ADHESIVE SUPPLIES LIMITED		Non Trading			United Kingdom
01435830	STEPHEN WEBSTER PLASTICS LIMITED		Non Trading			United Kingdom
01511231	A.I. INTERNATIONAL LAMINATES LIMITED		Non Trading			United Kingdom
01579960	UKAP LIMITED		Non Trading			United Kingdom
02062586	F.M.P. PLASTICS LIMITED		Non Trading			United Kingdom
03789344	AMARI PLASTICS PENSION TRUSTEES LIMITED		Non Trading			United Kingdom
05739845	RECYCLED PLASTICS LIMITED		Non Trading			United Kingdom
6491693	GRAPHIC PRINTING TECHNOLOGIES LTD	Non Trading		United Kingdom
03861230	KENILWORTH DAYLIGHT CENTRE LIMITED	Non Trading		United Kingdom
02741911	MARCO INDUSTRIES LIMITED	Non Trading		United Kingdom
04101213	A C M INDUSTRIES LIMITED	Non Trading		United Kingdom
01347169	PLASTESTRIP (PROFILES) LIMITED	Non Trading		United Kingdom
04258105	WESTERN ELECTRICAL HOLDING LIMITED	Active		United Kingdom
01962789	WESTERN ELECTRICAL LIMITED	Active		United Kingdom
02909003	WESTERN ELECTRICAL WHOLESALE LIMITED	Non Trading		United Kingdom
03004557	EXETER ELECTRICAL WHOLESALERS LIMITED	Non Trading		United Kingdom
03517002	PLYMOUTH ELECTRICAL WHOLESALERS LIMITED	Non Trading		United Kingdom
07169428	E-SUPPLY LIMITED	Pending		United Kingdom
02175078	CORNWALL ELECTRICAL WHOLESALERS LIMITED	Non Trading		United Kingdom
02434166	JCP FIXINGS LIMITED	Non Trading		United Kingdom
03699509	SRB LIMITED	Non Trading		United Kingdom
01960994	STAINLESS THREADED FASTENERS LIMITED	Non Trading		United Kingdom
02963719	GALAXY FASTENERS LIMITED	Non Trading		United Kingdom
03020185	ICON FASTENERS LIMITED	Non Trading		United Kingdom
03964352	STF EXPORT LIMITED	Non Trading		United Kingdom
Subsidiary companies
01331197	W M OWLETT & SONS LIMITED	Non Trading		United Kingdom
03112228	OWLETT-JATON LIMITED	Non Trading		United Kingdom
01284262	JATON LIMITED	Non Trading		United Kingdom
Immediate parent
04997457	ZYLO LIMITED	Active		United Kingdom

Business activities

Main activity
Principal Activity	The wholesale of fasteners, industrial engineering products, hardware and ironmongery.
SIC03	Wholesale hardware, plumbing etc.
SIC07	Wholesale of hardware, plumbing and heating equipment and supplies

Economic data

Turnover and Employees

Date of Accounts	Turnover	Employees
31/12/2011	GBP 63,585,000	328
31/12/2012	GBP 54,437,000	304
31/12/2013	GBP 55,357,000	296

Supplementary data

Banks

Bank Name	Bank Branch Sort Code
BARCLAYS BANK PLC

Auditor

Auditor name

PRICEWATERHOUSECOOPERS LLP

Events

Company history

Date	Action
06/10/2010	New Accounts Filed
06/10/2010	New Accounts Filed
25/10/2010	Annual Returns
10/10/2011	New Accounts Filed
10/10/2011	New Accounts Filed
17/10/2011	Annual Returns
12/10/2012	New Accounts Filed
12/10/2012	New Accounts Filed
26/10/2012	Annual Returns
28/09/2013	New Accounts Filed
22/10/2013	Annual Returns
06/09/2014	New Accounts Filed
20/10/2014	Annual Returns
20/10/2014	Annual Returns
20/10/2014	Annual Returns

Mortgages
Charge created	27/11/1980
Charge registered	28/11/1980
Status	SATISFIED
Entitled person	BARCLAYS BANK PLC
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE
	ON ANY ACCOUNT WHATSOEVER
Mortgage detail	F/H LAND TO THE NORTH EAST OF SANDPIT ROAD DARTFORD, KENT.
Charge created	03/12/1992
Charge registered	11/12/1992
Status	SATISFIED
Entitled person	HILL SAMUEL COMMERCIAL FINANCE LIMITED
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE CHARGE
Mortgage detail	FIXED CHARGE OVER ALL THE BOOKDEBTS
Charge created	01/05/2007
Charge registered	09/05/2007
Status	SATISFIED
Entitled person	NATIONAL WESTMINSTER BANK PLC
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Mortgage detail	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL UNCALLED CAPITAL BUILDINGS FIXTURES PLANT ANDMACHINERY SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Charge created	01/06/2011
Charge registered	10/06/2011
Status	OUTSTANDING
Entitled person	ANDREW LOWRIE STEPHEN DAVIES AND ROGER GODDARD
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE SECURED PARTY ON ANY ACCOUNT WHATSOEVER UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Mortgage detail	FIRST FLOATING CHARGE ALL PRESENT AND FUTURE ASSETS AND UNDERTAK-

County Court Judgments (CCJs)

There are no County Court Judgments listed against this company

Accounts

Profit & Loss

	31/12/2013	31/12/2012	31/12/2011	31/12/2010
	52	52	52	52
	GBP	GBP	GBP	GBP
	Group: No	Group: No	Group: No	Group: No
Turnover	55,357,000	54,437,000	63,585,000	54,320,000
Export	1,681,000	1,741,000	2,274,000	799,000
Cost of Sales	38,612,000	37,857,000	41,782,000	35,902,000
Gross Profit	16,745,000	16,580,000	21,803,000	18,418,000
Wages And Salaries	6,627,000	6,756,000	7,923,000	6,667,000
Directors Emoluments	332,000	367,000	421,000	294,000
Operating Profit	1,987,000	2,136,000	5,670,000	4,162,000
Depreciation	378,000	352,000	451,000	320,000
Audit Fees	36,000	35,000	45,000	30,000
Interests Payments	0	7,000	59,000	78,000
Pre Tax Profit	2,125,000	2,230,000	-2,412,000	4,152,000
Taxation	-572,000	-508,000	514,000	1,291,000
Profit After Tax	1,553,000	1,722,000	-1,898,000	5,443,000
Dividends Payable	0	0	0	0
Retained Profit	1,553,000	1,722,000	-1,898,000	5,443,000

Balance Sheet

	31/12/2013	31/12/2012	31/12/2011	31/12/2010
	52	52	52	52
	GBP	GBP	GBP	GBP
	Group: No	Group: No	Group: No	Group: No
Tangible Assets	792,000	942,000	904,000	2,637,000
Intangible Assets	167,000	267,000	0	0
Total Fixed Assets	959,000	1,209,000	904,000	2,637,000
Stock	17,108,000	17,670,000	21,001,000	16,244,000
Trade Debtors	11,204,000	10,856,000	13,268,000	9,937,000
Cash	6,960,000	1,678,000	10,398,000	5,088,000
Other Debtors	839,000	1,068,000	1,198,000	2,195,000
Miscellaneous Current Assets	12,183,000	12,565,000	0	0
Total Current Assets	48,294,000	43,837,000	45,865,000	33,464,000
Trade Creditors	8,268,000	5,159,000	6,082,000	6,861,000
Bank Loans and Overdraft	0	0	0	0
Other Short Term Finance	9,442,000	9,446,000	9,443,000	1,567,000
Miscellaneous Current Liabilities	1,418,000	1,673,000	2,225,000	1,296,000
Total Current Liabilities	19,128,000	16,278,000	17,750,000	9,724,000
Bank Loans and Overdrafts LTL	815,000	1,011,000	2,984,000	2,724,000
Other Long Term Finance	2,000	2,000	2,002,000	2,002,000
Total Long Term Liabilities	815,000	1,011,000	2,984,000	2,724,000

Capital & Reserves

	31/12/2013	31/12/2012	31/12/2011	31/12/2010
	52	52	52	52
	GBP	GBP	GBP	GBP
	Group: No	Group: No	Group: No	Group: No
Called Up Share Capital	100,000	100,000	100,000	100,000
P and L Account Reserve	29,210,000	27,657,000	25,935,000	23,553,000
Revaluation Reserve	0	0	0	0
Sundry Reserves	0	0	0	0
Shareholders Funds	29,310,000	27,757,000	26,035,000	23,653,000

Other Financial Items

	31/12/2013	31/12/2012	31/12/2011	31/12/2010
	52	52	52	52
	GBP	GBP	GBP	GBP
	Group: No	Group: No	Group: No	Group: No
Net Worth	29,143,000	27,490,000	26,035,000	23,653,000
Working Capital	29,166,000	27,559,000	28,115,000	23,740,000
Total Assets	49,253,000	45,046,000	46,769,000	36,101,000
Total Liabilities	19,943,000	17,289,000	20,734,000	12,448,000
Net Assets	29,310,000	27,757,000	26,035,000	23,653,000

Cash Flow

	31/12/2013	31/12/2012	31/12/2011	31/12/2010
	52	52	52	52
	GBP	GBP	GBP	GBP
	Group: No	Group: No	Group: No	Group: No
Net Cash Flow from Operations	0	0	0	0
Net Cash Flow before Financing	0	0	0	0
Net Cash Flow from Financing	0	0	0	0
Increase in Cash	5,282,000	-8,720,000	5,310,000	278,000

Miscellaneous

	31/12/2013	31/12/2012	31/12/2011	31/12/2010
	52	52	52	52
	GBP	GBP	GBP	GBP
	Group: No	Group: No	Group: No	Group: No
Capital Employed	30,125,000	28,768,000	29,019,000	26,377,000

Financial Ratios
Name	31/12/2013	31/12/2012	31/12/2011	31/12/2010
Pre Tax Profit Margin	3.84 %	4.10 %	-3.79 %	7.64 %
Current Ration	2.52	2.69	2.58	3.44
Sales or Net Working Capital	1.90	1.98	2.26	2.29
Gearing	2.78 %	3.64 %	11.46 %	11.52 %
Equity	59.71 %	61.99 %	55.67 %	65.52 %
Creditor Days	54.36	34.49	34.81	45.97
Debtor Days	73.67	72.59	75.95	66.58
Liquidity or Acid test	1.63	1.60	1.40	1.77
Return on Capital Employed	7.05 %	7.75 %	-8.31 %	15.74 %
Return on Total Assets Employed	4.31 %	4.95 %	-5.15 %	11.50 %
Current Debt Ratio	0.65 %	0.58 %	0.68 %	0.41 %
Total Debt Ratio	0.68 %	0.62 %	0.79 %	0.52 %
Stock Turnover Ratio	30.90 %	32.45 %	33.02 %	29.90 %
Return on Net Assets Employed	7.25 %	8.03 %	-9.26 %	17.55 %

Remarks

Achieving good levels of turnover and profitability. The general financial position appears to be in order and good reserves have been built up. Should continue to trade well for the foreseeable future.

Next accounts due to be filled by: 30/09/2015

Activity: Supplier of Fasteners, Fixings, Ironmongery, Hardware and associated products to the Distributor and Merchant Trade.

Trading Address: Opal Way Stone Business Park Stone Staffordshire ST15 0SW

You Give: Beldray Park-Mount Pleasant Bilston West Midlands WV14 7NH - Registered office

Branches: Group operates Worldwide

Employees: 296

Bank: Barclays Bank PLC

Please Note: Hexstone Ltd T/A Owlett-Jaton

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.49
UK Pound	1	Rs.92.16
Euro	1	Rs.69.61

INFORMATION DETAILS

Analysis Done by :	KRN
Report Prepared by :	DPT

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.