MIRA INFORM REPORT

 

 

Report No. :

304827

Report Date :

28.01.2015

 

IDENTIFICATION DETAILS

 

Name :

PEACOCKS STORES LIMITED

 

 

Formerly Known as : 

EWM (IP) LIMITED

 

 

Registered Office :

The Edinburgh Woollen Mill Limit Waverley Mills, Langholm Dumfriesshire, Dg130eb

 

 

Country :

United Kingdom

 

 

Financials (as on) :

01.03.2014

 

 

Date of Incorporation :

19.05.2005

 

 

Com. Reg. No.:

SC285031

 

 

Legal Form :

Private Limited With Share Capital

 

 

Line of Business :

·         Retail sale of Clothing, Footwear & Accessories for Womens, Mens, Boys  & Girls in Specialised Stores

·         Subject Manages, Maintain, Protect, Develop and enhance the Intellectual Property of Group Companies.

 

 

No of Employees :

5,455 (01.03.2014)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

Payment Behaviour :

Regular

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

PEACOCKS STORES LIMITED

 

Registered Address

THE EDINBURGH WOOLLEN MILL LIMIT WAVERLEY MILLS

LANGHOLM DUMFRIESSHIRE

DG130EB United Kingdom

 

Telephone        02920 270 000

Website            www.peacocks.co.uk

 

Head Office

Capital Link Windsor Road Cardiff CF24 5NG,

United Kingdom

 

 

Registration data

 

Company Number:        SC285031

Foundation:                  19/05/2005

Status                           Active - Accounts Filed N/A

 

 

Comments

 

This company's return on total assets employed ratio indicates a highly efficient use of assets. The company has more cash than short term bank borrowings.

 

This company trades in an industry with a higher level of corporate failures.

 

This company has been treated as a Large company in respect of the rating/limit generated. This company has made late payments on a medium percentage of invoices. This company's ratio of total liabilities to total assets indicates the presence of moderate equity funding.

 

 

Legal form

 

Private limited with Share Capital

 

 

Foundation

 

19/05/2005

 

Company No.

 

SC285031

 

Shareholders

 

Management

Name

Currency

Number of

Share type

Nominal value

 

 

shares

 

 

EWM (TOPCO) LTD

GBP

5,000,000

ORDINARY

1

Total Share Capital                                                                                                GBP 5,000,000

 

 

Previous Names

 

Date of Change               Previous Name

29/02/2012

EWM (IP) LIMITED

22/08/2005

PACIFIC SHELF 1316 LIMITED

 

 

Management

 

Directors

Name

Address:

Date of birth

Nationality

Appointment date

Mr Philip Edward Day

Hayton Hall, Edmund Castle Estate, Corby Hill, Carlisle, Cumbria CA4 8QD

25/10/1965

British

19/08/2005

Mr Kristian Brian Lee

The Edinburgh Woollen Mill Ltd, Waverley Mills, Langholm, Dumfriesshire DG13 0EB

13/05/1974

British

04/01/2012

Mr Stephen Robert Simpson

The Edinburgh Woollen Mill Ltd, Waverley Mills, Langholm, Dumfriesshire DG13 0EB

09/08/1968

British

17/02/2012

Mrs Carmel Leigh

The Edinburgh Woollen Mill Limited Waverley Mills, Langholm, Dumfriesshire DG13 0EB

14/10/1962

British

17/02/2012

 

Company Secretary

Name

Address:

Ms June Carruthers

Burnside House Maxwell Place, Langholm, Dumfriesshire DG13 0DY

 

 

Company relationships

 

Company No.

 

Status

Country

                                Ultimate parent

SC307281

THE EDINBURGH WOOLLEN MILL (GROUP) LIMITED

Active

United Kingdom

 

Affiliated Companies

SC396749

EWM (2011) LIMITED

Active

United Kingdom

SC473798

JANE NORMAN INTERNATIONAL LIMITED

Active

United Kingdom

SC392903

JANE NORMAN LIMITED

Pending

United Kingdom

SC346445

DUVETCO LIMITED

Active

United Kingdom

04425878

EWM (EBT) TRUSTEES LIMITED

Active

United Kingdom

SC024081

EDINBURGH WOOLLEN MILL LIMITED (THE)

Active

United Kingdom

SC079554

JAMES PRINGLE TEXTILES LIMITED

Non Trading

United Kingdom

SC248159

THE SWEATER SHOP LIMITED

Non Trading

United Kingdom

SC071934

ANTARTEX LIMITED

Non Trading

United Kingdom

SC113050

CLAN CENTRE LIMITED

Non Trading

United Kingdom

SC127204

THE COUNTRY TRADER LIMITED

Non Trading

United Kingdom

00621843

CRAFTCENTRE CYMRU (MANUFACTURING) CYFYNGEDIG

Non Trading

United Kingdom

00855603

CRAFTCENTRE CYMRU CYFYNGEDIG

Non Trading

United Kingdom

01187434

CRAFTCENTRE CYMRU GROUP CYFYNGEDIG

Non Trading

United Kingdom

SC139176

THE EDINBURGH SWEATER COMPANY LIMITED

Non Trading

United Kingdom

SC109508

EDINGLEN LIMITED

Non Trading

United Kingdom

SC104485

EQUORIAN LIMITED

Non Trading

United Kingdom

SC105231

GLENEAGLES CASHMERES LIMITED

Non Trading

United Kingdom

SC031532

GLENEAGLES OF SCOTLAND (WOOLLENS LIMITED

Non Trading

United Kingdom

SC105042

GLENEAGLES WOOLLEN MILLS LIMITED

Non Trading

United Kingdom

 

SC156609

THE GOLF COMPANY (ST. ANDREWS) LIMITED

Non Trading

United Kingdom

 

SC159107

THE GOLF SHOP LIMITED

Non Trading

United Kingdom

 

SC121259

GRAMPIAN WOOLLEN MILLS LIMITED

Non Trading

United Kingdom

 

SC017963

JAMES PRINGLE LIMITED

Non Trading

United Kingdom

 

SC063003

CLAN TARTAN CENTRE LIMITED

Non Trading

United Kingdom

 

02119792

JAMES PRINGLE

LLANFAIRPWLLGWYNGYLLGOGERYCH-WYRNDROBWLLLLANTYSILIOGOGOGOCH WOOLLEN MILL LIMITED

Non Trading

United Kingdom

 

SC083276

JAMES PRINGLE WOOLLEN MILL LIMITED

Non Trading

United Kingdom

 

SC080601

SKYE WOOLLEN MILL LIMITED

Non Trading

United Kingdom

 

SC055919

HOUSE OF GLENEAGLES LIMITED

Non Trading

United Kingdom

 

SC118796

LANGCO LIMITED

Non Trading

United Kingdom

 

SC097057

LLANFAIRPWLLGWYNGYLLGOGERY CHWYRNDROBWLLLLANTYSILIOGO GOGOCH WOOLLEN MILL LIMITED

Non Trading

United Kingdom

 

SC024542

MACDONALDS OF OBAN LIMITED

Non Trading

United Kingdom

 

00504655

MAIRI MACINTYRE (SCOTTISH SPORTSWEAR) LIMITED

Non Trading

United Kingdom

 

SC005530

THE MILLSHOP LIMITED

Non Trading

United Kingdom

 

00552110

CLAN ROYAL OF SCOTLAND LIMITED

Non Trading

United Kingdom

 

SC059231

HIGHLAND HOME INDUSTRIES LIMITED

Non Trading

United Kingdom

 

00360513

MOFFAT WOOLLENS LIMITED

Non Trading

United Kingdom

 

SC055476

PITLOCHRY KNITWEAR COMPANY LIMITED

Non Trading

United Kingdom

 

SC174064

JAMES PRINGLE OF INVERNESS LIMITED

Non Trading

United Kingdom

 

SC174065

JAMES PRINGLE WEAVERS OF INVERNESS LIMITED

Non Trading

United Kingdom

 

SC109825

SCOTTISH WOOLLENS GROUP LIMITED

Non Trading

United Kingdom

 

SC109824

THE SWEATER COMPANY LIMITED

Non Trading

United Kingdom

 

SC112678

TARTAN CENTRE LIMITED

Non Trading

United Kingdom

 

SC153052

THE WOOLLEN MILL (EDINBURGH) LIMITED

Non Trading

United Kingdom

 

SC153051

THE WOOLLEN MILL LIMITED

Non Trading

United Kingdom

 

SC139175

EWM (FINANCIAL SERVICES) LIMITED

Other

United Kingdom

 

04144788

EWM GROUP LIMITED

Active

United Kingdom

 

04144774

EWM HOLDINGS LIMITED

Active

United Kingdom

 

SC141199

EWM LEISURE LIMITED

Other

United Kingdom

 

SC148569

THE CASHMERE COMPANY LIMITED

Non Trading

United Kingdom

 

SC156996

ST. ANDREWS SPORTSWEAR COMPANY LIMITED

Non Trading

United Kingdom

 

SC028771

GIBSON & LUMGAIR (SCOTLAND) LIMITED

Non Trading

United Kingdom

 

02778150

PRIORY KNITWEAR LIMITED

Non Trading

United Kingdom

 

SC151264

RANDOTTE PLACE LIMITED

Non Trading

United Kingdom

 

SC126056

ROMANES & PATERSON LIMITED

Non Trading

United Kingdom

 

SC241463

PROQUIP HOLDINGS LIMITED

Non Trading

United Kingdom

 

SC241464

PROQUIP LIMITED

Active

United Kingdom

 

SC241465

PROQUIP IP LIMITED

Non Trading

United Kingdom

 

SC361501

SKY BORDER LOGISTICS LIMITED

Active

United Kingdom

SC118794

EWM PROPERTY COMPANY LIMITED

Non Trading

United Kingdom

SC460765

EDMOND CASTLE PROPCO LIMITED

Non Trading

United Kingdom

SC465467

EWM INVESTCO LIMITED

Active

United Kingdom

SC486427

HAYTON FARMS LIMITED

Active

United Kingdom

SC486428

HAYTON HOTELS LIMITED

Active

United Kingdom

07595712

GELTBRIDGE LAND LIMITED

Non Trading

United Kingdom

 

Immediate Parent

04542352

EWM (TOPCO) LIMITED

Active

United Kingdom

 

 

Business activities

 

Principal Activity

·         Retail sale of Clothing, Footwear & Accessories for Womens, Mens, Boys  & Girls in Specialised Stores

·         Subject Manages, Maintain, Protect, Develop and enhance the Intellectual Property of Group Companies.


Economic data

 

Turnover and Employees

 

Date of Accounts      Turnover                                                                          Employees

 

25/02/2012

GBP 2,578,000

65

02/03/2013

GBP 315,874,000

5,575

01/03/2014

GBP 324,874,000

5,455

 

 

Supplementary data

 

Banks

Bank Name

Bank Branch Sort Code

BARCLAYS BANK PLC

20-48-46

 

Auditor name

KPMG LLP

 

Events

 

Company history

Date

Action

14/06/2010

Annual Returns

07/07/2010

Mr A. Whitaker has left the board

27/11/2010

New Accounts Filed

27/11/2010

New Accounts Filed

25/05/2011

Annual Returns

03/12/2011

New Accounts Filed

24/01/2012

New Board Member Mr K.B. Lee appointed

21/02/2012

New Board Member Mr S.R. Simpson appointed

21/02/2012

New Board Member Mrs C. Leigh appointed

23/02/2012

Mr D.O. Houston has left the board

28/02/2012

New Board Member Mrs C. Leigh appointed

02/03/2012

Change of Name

13/03/2012

New Board Member Mr D.O. Houston appointed

22/03/2012

New Board Member Mr D.O. Houston appointed

15/06/2012

Annual Returns

07/09/2012

Mr D.O. Houston has left the board

03/12/2012

New Accounts Filed

03/12/2012

New Accounts Filed

07/06/2013

Annual Returns

04/01/2014

New Accounts Filed

04/01/2014

New Accounts Filed

12/06/2014

Annual Returns

16/10/2014

Change in Reg.Office

04/12/2014

New Accounts Filed

04/12/2014

New Accounts Filed

 

Mortgages

 

Charge created

07/09/2005

Charge registered

20/09/2005

Status

SATISFIED

Entitled person

BARCLAYS BANK PLC AS SECURITY TRUSTEE

Secured amount

ALL SUMS DUE OR TO BECOME DUE

Mortgage detail

UNDERTAKING AND ALL PROPERTY AND ASSETSPRESENT AND FUTURE OF THE COMPANY INCLUDING UNCALLED CAPITAL

 

Charge created

28/10/2009

Charge registered

05/11/2009

Status

SATISFIED

Entitled person

BARCLAYS BANK PLC

Mortgage detail

FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UN­CALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT AND MACHINERY

 

Charge created

22/07/2011

Charge registered

01/08/2011

Status

OUTSTANDING

Entitled person

BARCLAYS BANK PLC

Secured amount

ALL SUMS DUE OR TO BECOME DUE

Mortgage detail

UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, IN­CLUDING UNCALLED CAPITAL

 

Charge created

25/07/2011

Charge registered

05/08/2011

Status

OUTSTANDING

Entitled person

BARCLAYS BANK PLC

Secured amount

ALL SUMS DUE OR TO BECOME DUE

Mortgage detail

FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UN­CALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT AND MACHINERY

 

County Court Judgments (CCJs)

There are no County Court Judgments listed against this company

 


Accounts

 

Profit & Loss

 

01/03/2014

56 GBP Group: No

02/03/2013

61

GBP Group: No

25/02/2012

56 GBP Group: No

26/02/2011

56 GBP Group: No

Turnover

324,874,000

315,874,000

2,578,000

0

Export

-

-

-

0

Cost of Sales

249,749,000

242,459,000

1,325,000

53,000

Gross Profit

75,125,000

73,415,000

1,253,000

-53,000

Wages And Salaries

47,127,000

48,647,000

56,000

0

Directors Emoluments

0

0

0

0

Operating Profit

58,230,000

51,975,000

794,000

-108,000

Depreciation

911,000

367,000

0

0

Audit Fees

23,000

40,000

3,000

2,000

Interests Payments

669,000

697,000

84,000

257,000

Pre Tax Profit

58,471,000

51,657,000

710,000

-365,000

Taxation

-13,251,000

-12,501,000

-356,000

109,000

Profit After Tax

45,220,000

39,156,000

354,000

-256,000

Dividends Payable

0

0

0

0

Retained Profit

45,220,000

39,156,000

354,000

-256,000

 

Balance Sheet

 

01/03/2014

56 GBP Group: No

02/03/2013

61

GBP Group: No

25/02/2012

56 GBP Group: No

26/02/2011

56 GBP Group: No

Tangible Assets

5,996,000

4,270,000

2,000,000

0

Intangible Assets

0

0

-7,909,000

728,000

Total Fixed Assets

5,996,000

4,270,000

-5,909,000

728,000

Stock

28,916,000

34,163,000

26,129,000

0

Trade Debtors

294,000

273,000

54,000

0

Cash

118,102,000

74,540,000

5,255,000

0

Other Debtors

6,002,000

5,411,000

1,270,000

14,704,000

Miscellaneous Current Assets

0

0

0

0

Total Current Assets

153,314,000

114,387,000

32,708,000

14,704,000

Trade Creditors

21,686,000

19,370,000

0

0

Bank Loans and Overdraft

0

0

48,000

9,575,000

Other Short Term Finance

13,590,000

19,205,000

19,145,000

0

Miscellaneous Current Liabilities

30,076,000

32,039,000

1,436,000

42,000

Total Current Liabilities

65,352,000

70,614,000

20,629,000

9,617,000

Bank Loans and Overdrafts LTL

3,413,000

2,718,000

49,000

9,575,000

Other Long Term Finance

20,000

29,000

0

0

Total Long Term Liabilities

3,413,000

2,718,000

1,000

0

 


Capital & Reserves

 

01/03/2014

56 GBP Group: No

02/03/2013

61

GBP Group: No

25/02/2012

56 GBP Group: No

26/02/2011

56 GBP Group: No

Called Up Share Capital

5,000,000

5,000,000

5,000,000

5,000,000

P and L Account Reserve

85,545,000

40,325,000

1,169,000

815,000

Revaluation Reserve

0

0

0

0

Sundry Reserves

0

0

0

0

Shareholders Funds

90,545,000

45,325,000

6,169,000

5,815,000

 

Other Financial Items

 

01/03/2014

56 GBP Group: No

02/03/2013

61

GBP Group: No

25/02/2012

56 GBP Group: No

26/02/2011

56 GBP Group: No

Net Worth

90,545,000

45,325,000

14,078,000

5,087,000

Working Capital

87,962,000

43,773,000

12,079,000

5,087,000

Total Assets

159,310,000

118,657,000

26,799,000

15,432,000

Total Liabilities

68,765,000

73,332,000

20,630,000

9,617,000

Net Assets

90,545,000

45,325,000

6,169,000

5,815,000

 

 

Cash Flow

 

01/03/2014

02/03/2013

25/02/2012

26/02/2011

 

56

61

56

56

 

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

43,562,000      

69,285,000      

5,255,000

0

                                                               

Miscellaneous

 

 

01/03/2014

02/03/2013

25/02/2012

26/02/2011

 

56

61

56

56

 

GBP

GBP

GBP

GBP

 

Group: No

Group: No

Group: No

Group: No

Capital Employed

93,958,000

48,043,000

6,170,000

5,815,000

 

Financial Ratios

Name

01/03/2014

02/03/2013

25/02/2012

26/02/2011

Pre Tax Profit Margin

18.00 %

16.35 %

27.54 %

0.0%

Current Ration

2.35

1.62

1.59

1.53

Sales or Net Working Capital

3.69

7.22

0.21

0.00

Gearing

3.77 %

6.00 %

0.79 %

164.66 %

Equity

56.84 %

38.20 %

17.77 %

39.55 %

Creditor Days

24.29

22.75

0.00

0.00

Debtor Days

0.32

0.32

7.62

0.00

Liquidity or Acid test

1.90

1.13

0.31

1.52

Return on Capital Employed

62.23 %

107.52 %

11.50 %

-6.27 %

Return on Total Assets Employed

36.70 %

43.53 %

2.64 %

-2.36 %

Current Debt Ratio

0.72 %

1.55 %

3.34 %

1.65 %

Total Debt Ratio

0.75 %

1.61 %

3.34 %

1.65 %

Stock Turnover Ratio

8.90 %

10.81 %

1013.53 %

0.0%

Return on Net Assets Employed

64.57 %

113.97 %

11.50 %

-6.27 %

 

Remarks

Achieving high levels of turnover and profitability. The general financial position appears strong and substantial reserves have been built up. Company is part of large group whose turnover for 2014 amounted to GBP 551,904,000 and has 10,290 employees across the UK. Company should continue to trade well for the foreseeable future.

 

Next accounts due to be filled by 30/11/2015

 

Activity:                       

·         Retail sale of Clothing, Footwear & Accessories for Womens, Mens, Boys  & Girls in Specialised Stores

·         Subject Manages, Maintain, Protect, Develop and enhance the Intellectual Property of Group Companies.

 

Trading Address:           Capital Link, Windsor Road, Cardiff, South Glamorgan CF24 5NG

 

Branches:                     Across UK

 

Employees:                  5,455 (01.03.2014)

 

Bank:                            Barclays Bank PLC

 

 

 


 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.61.46

UK Pound

1

Rs.92.77

Euro

1

Rs.69.03

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

MNL

 

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.