MIRA INFORM REPORT

 

 

Report No. :

330928

Report Date :

10.07.2015

 

IDENTIFICATION DETAILS

 

Name :

CASTELLINS NV

 

 

Registered Office :

Drieslaan 4 8560 Wevelgem

 

 

Country :

Belgium

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

30.09.1976

 

 

Com. Reg. No.:

416412684

 

 

Legal Form :

Public Limited Liability Company (BE)

 

 

Line of Business :

Wholesale of other intermediare products, n.e.c.

 

 

No. of Employee :

15

 

 

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 complains

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Belgium

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

BELGIUM ECONOMIC OVERVIEW

 

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the the budget deficit was 3.2% of GDP. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

 

Source : CIA

 

Company summary

 

Business number                     416412684

Branche Unit Number               2039690759

Company name                        CASTELLINS NV

Address                                   DRIESLAAN 4

8560 WEVELGEM

Number of staff                        15

Date of establishment               30/09/1976

Telephone number                  056438860

Fax number                              056438866

 

 

Commentary

 

The business was established over 38 years ago.

The business has 15 employees.

The business is part of a group.

The business has been at the address for over 15 years.

Operating Result in the latest trading period decreased 42% on the previous trading period.

Pre-tax profits decreased by 89% compared to the previous trading period.

The business saw an increase in their Cash Balance of 66% during the latest trading period.

 

 

Accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/03/2014

20,099,246

134,202

6,573,001

6,227,318

31/03/2013

22,994,870

1,311,343

6,840,730

6,517,577

31/03/2012

18,833,176

2,309,703

6,314,275

6,085,001

 

ACCOUNTS

 

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/03/2014

16,775,059

15

111,552

143,514

31/03/2013

15,301,721

17

111,552

902,010

31/03/2012

13,623,576

18

111,552

1,859,423

 

 

Trends

 

Profitability

Liquidity

Net worth

 

 

Payment expectations

 

Past  payments

 

Payment  expectation  days

130.48

Industry  average  payment

103.32

Industry  average  day  sales

181.89

expectation  days

 

outstanding

 

Day  sales  outstanding

128.62

 

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type                       No

 

PROTESTED BILLS

Bill amount                                --

 

NSSO DETAILS

Date of summons                     –

 

 

Company information

 

Business  number

416412684

Company  name

CASTELLINS  NV

Fax  number

056438866

Date  founded

30/09/1976

Company  status

active

Company  type

Public  Limited  Liability

 

 

 

Company  (BE)

Currency

Euro  (€)

Date  of  latest  accounts

31/03/2014

Activity  code

46769

Liable  for  VAT

yes

Activity  description

Wholesale  of  other intermediare  products,  n.e.c.

VAT  Number

BE.0416.412.684  Check  VAT number

Belgian  Bullettin  of  Acts Publications

moniteur  belge

 

 

 

 

Contractor details

 

Registered  contractor

-

number

 

Contractor  description

-

Date  struck  off  register

 

 

PERSONNEL  (NSSO  CLASSIFICATION)

 

Code

-

Description

-

 

JOINT  INDUSTRIAL  COMMITTEE  (JIC)

 

JIC  Code

214

Description

JC  for  the  employees  in  the  textile  industry  and  the  knitting

category

 

JIC  Code

120.02

Description category

JSC  for  the  flax  production

 

SIGNIFICANT  EVENTS

 

Event  Date

31/08/2008

Event  Description

re-appointment  of  director(s)

Event  Details

Commentaar 31-08-2008: Herbenoeming bestuurders: Yves Van De Casteele (tevens gedelegeerd bestuurder en voorzitter van de raad van bestuur), Martine Vlieghe en NV Storex voor de duur van 6 jaar.

 

 

Company accounts

 

ASSETS

 

Annual  accounts

31-03-2014

%

31-03-2013

%

31-03-2012

%

31-03-2011

%

31-03-2010

Weeks

52

 

52

 

52

 

52

 

52

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total  fixed  assets

345,683

6.97

323,153

40.95

229,274

-22.03

294,053

-5.30

310,512

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

345,188

6.98

322,657

46.65

220,022

-23.36

287,068

-6.79

307,970

Land  &  building

-

-

-

-

-

-

-

-

-

Plant  &  machinery

312,346

8.38

288,189

72.04

167,514

12.93

148,340

-9.88

164,595

Furniture  &  Vehicles

32,842

-4.72

34,468

-34.36

52,508

-62.15

138,728

-3.24

143,375

Leasing  &  Other  Similar  Rights

-

-

-

-

-

-

-

-

-

Other  tangible  assets

0

-

0

-

0

-

0

-

0

Financial  fixed  assets

496

0

496

-94.64

9,252

32.46

6,985

174

2,542

Total  current  assets

16,429,375

9.69

14,978,568

11.83

13,394,302

10.66

12,103,847

10.81

10,922,975

Inventories

5,320,649

36.26

3,904,655

-33.65

5,884,998

9.92

5,354,089

22.23

4,380,448

Raw  materials  &  consumables

4,440,214

48.15

2,997,183

-36.36

4,709,803

5.55

4,462,315

10.46

4,039,846

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

880,435

-2.98

907,472

-22.78

1,175,195

31.78

891,773

161

340,602

Other  stocks

0

-

0

-

0

-

0

-

0

Trade  debtors

7,082,521

-11.40

7,994,207

38.84

5,757,716

-8.96

6,324,541

-2.37

6,478,392

Other  amounts  receivable

191,055

-49.04

374,943

275

99,769

238

29,447

-27.47

40,600

Cash

3,834,993

66.87

2,298,244

142

946,400

142

390,701

1611

22,823

Miscellaneous  current  assets

157

-99

406,518

-32.63

603,419

11800

5,070

611

713

Total  Assets

16,775,059

9.63

15,301,721

12.32

13,623,576

9.89

12,397,900

10.37

11,233,487

 

 

LIABILITIES

 

Total  shareholders  equity

6,573,001

-3.91

6,840,730

8.34

6,314,275

31.10

4,816,307

45.03

3,320,803

Issued  share  capital

111,552

0

111,552

0

111,552

0

111,552

0

111,552

Share  premium  account

-

-

-

-

-

-

-

-

-

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

6,461,449

-3.98

6,729,178

8.49

6,202,723

31.84

4,704,755

46.60

3,209,250

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

-

-

-

-

-

-

1,325

-65.12

3,800

Creditors

10,202,058

20.58

8,460,991

15.76

7,309,301

-3.57

7,580,268

-4.16

7,908,885

Other  long  term  loans

-

-

-

-

-

-

-

-

-

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-

0

-

0

-

0

-

0

Total  long  term  debts

0

-

0

-

0

-100

1,325

-65.12

3,800

Current  portion  of  long  term  debt

-

-

-

-

-

-

3,179,883

17.21

2,713,000

Financial  debts

-

-

-

-

-

-

1,175,000

-

-

Trade  creditors

6,949,618

49.79

4,639,420

33.92

3,464,314

39.88

2,476,574

-47.43

4,710,711

Amounts  Payable  for  Taxes,

102,439

-32.71

152,231

-38.61

247,991

36.03

182,304

105

88,835

Remuneration  &  Social  Security

 

 

 

 

 

 

 

 

 

Miscellaneous  current  liabilities

3,150,000

-14.15

3,669,339

2.01

3,596,997

534

566,507

42.93

396,339

Total  current  liabilities

10,202,058

20.58

8,460,991

15.76

7,309,301

-3.57

7,580,268

-4.16

7,908,885

Total  Liabilities

16,775,059

9.63

15,301,721

12.32

13,623,576

9.89

12,397,900

10.37

11,233,487

 

 

 

 

RATIO ANALYSIS

 

TRADING  PERFORMANCE

 

Profit  Before  Tax

0.67

-88.25

5.70

-53.51

12.26

6.79

11.48

307

2.82

Return  on  capital  employed

2.04

-89.36

19.17

-47.59

36.58

-22.52

47.21

294

11.98

Return  on  total  assets  employed

0.80

-90.67

8.57

-49.44

16.95

-7.58

18.34

416

3.55

Return  on  net  assets  employed

2.04

-89.36

19.17

-47.59

36.58

-22.53

47.22

293

12.00

Sales  /  net  working  capital

3.23

-8.50

3.53

13.87

3.10

-29.22

4.38

-6.41

4.68

Stock  turnover  ratio

26.47

55.89

16.98

-45.66

31.25

15.61

27.03

-12.89

31.03

Creditor  days

130.48

68.30

77.53

1.95

76.05

49.09

51.01

-58.19

121.99

Debtor  days

128.62

1.36

126.89

13.71

111.59

-4.24

116.53

-30.43

167.50

 

SHORT  TERM  STABILITY

 

Current  ratio

1.61

-9.04

1.77

-3.28

1.83

14.38

1.60

15.94

1.38

Liquidity  ratio  /  acid  ratio

1.09

-16.79

1.31

27.18

1.03

15.73

0.89

7.23

0.83

Current  debt  ratio

1.55

25.00

1.24

6.90

1.16

-26.11

1.57

-34.03

2.38

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

143,514

-84.09

902,010

-51.49

1,859,423

-0.58

1,870,206

397

376,069

Net  worth

6,573,001

-3.91

6,840,730

8.34

6,314,275

31.10

4,816,307

45.03

3,320,803

 

LONG  TERM  STABILITY

 

Gearing

-

-

-

-

-

-

90.42

10.67

81.70

Equity  in  percentage

39.18

-12.37

44.71

-3.54

46.35

19.31

38.85

31.43

29.56

Total  debt  ratio

1.55

25.00

1.24

6.90

1.16

-26.11

1.57

-34.03

2.38

Working  capital

6,227,318

-4.45

6,517,577

7.11

6,085,001

34.52

4,523,579

50.08

3,014,090

 

 

PROFIT & LOSS

 

Operating  Income

20,278,808

-11.03

22,791,750

18.99

19,154,471

-6.08

20,394,278

46.58

13,913,575

Turnover

20,099,246

-12.59

22,994,870

22.10

18,833,176

-4.93

19,809,952

40.33

14,117,117

Total  operating  expenses

19,440,624

-11.00

21,842,877

31.37

16,626,751

-6.17

17,719,936

25.72

14,095,221

Gross  Operating  Margin

-

-

-

-

-

-

-

-

-

Operating  Charges

19,620,186

-9.33

21,639,757

27.68

16,948,046

-7.41

18,304,261

31.76

13,891,679

Employee  costs

645,714

-6.27

688,941

11.96

615,365

12.69

546,090

18.49

460,892

Wages  and  salary

428,318

-7.73

464,211

4.49

444,283

14.11

389,355

18.36

328,946

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

184,229

-4.92

193,771

34.77

143,783

9.05

131,852

26.87

103,923

Other  employee  costs

33,167

7.13

30,958

13.40

27,299

9.71

24,883

-11.20

28,022

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

111,243

47.23

75,555

22.79

61,530

-30.83

88,952

29.02

68,945

Operating  result

658,622

-42.83

1,151,993

-47.79

2,206,425

5.57

2,090,017

9445

21,896

Total  financial  income

16,466

-96.16

428,833

7.86

397,565

-16.87

478,265

-18.90

589,745

Total  financial  expenses

540,886

100

269,482

-8.43

294,287

0.11

293,954

37.85

213,245

Results  on  ordinary  operations

134,202

-89.77

1,311,343

-43.22

2,309,703

1.56

2,274,328

470

398,396

before  taxation

 

 

 

 

 

 

 

 

 

Extraordinary  Income

-

-

-

-

-

-

-

-

6,500

Extraordinary  Charges

-

-

175,000

977

16,236

-

-

-

-

Extraordinary  items

0

0

-175,000

-977

-16,236

-

0

-100

6,500

Results  for  the  Year  Before

134,202

-88.19

1,136,343

-50.45

2,293,467

0.84

2,274,328

461

404,896

Taxation

 

 

 

 

 

 

 

 

 

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

101,931

-67.11

309,889

-37.64

496,899

0.27

495,548

392

100,721

Results  on  ordinary  operations after  taxation

32,271

-96.78

1,001,455

-44.76

1,812,804

1.91

1,778,780

497

297,675

Net  result

32,271

-96.10

826,455

-54.03

1,797,893

0.93

1,781,254

479

307,124

Profit  (Loss)  for  the  Year  to  be appropiated

32,271

-94.28

563,955

-46.31

1,050,466

1.39

1,036,058

231

312,847

Dividends

300,000

0

300,000

0.03

299,925

4.96

285,750

-8.63

312,750

 

 

Social Balance Sheet Details

 

Social  Balance  Sheet

Total

During  the  reporting  year

 

ended  31-03-2014

 

Full-time  Employees

14

Part-time  Employees

3

Total  Fte  Employees

16

Number  of  hours  worked

 

Full-time  Employees

19,511

Part-time  Employees

3,260

Total

22,771

Personnel  Charges

 

Full-time  Employees

534,810

Part-time  Employees

110,904

Total

645,714

Benefits  In  Addition  To  Wages

-

During  the  previous  reporting  year

 

Average  number  employees  in  Fte

17

Actual  working  hours

24,913

Personnel  Charges

688,941

Benefits  In  Addition  To  Wages

-

 

 

Type  of  Contract

Full-Time

Part-Time

Total  Fte

Unlimited  Duration

13

3

15

Contracts

 

 

 

Limited  Duration  Contracts

-

-

-

Contracts  For  Specific  Work

-

-

-

Contracts  Regarding

-

-

-

 

 

Gender  and  Education Level

 

Men

Full-Time

Part-Time

Total  Fte

Primary  education

13

-

13

Secondairy  education

-

-

-

Higher  education  (non university)

-

-

-

Higher  education (university)

-

-

-

Women

Full-Time

Part-Time

Total  Fte

Primary  education

-

3

2

Secondairy  education

-

-

-

Higher  education  (non university)

-

-

-

Higher  education (university)

-

-

-

 

 

Working  Category

Full-Time

Part-Time

Total  Fte

Management

-

-

-

White  collar  worker

-

2

2

Blue  collar  worker

13

1

14

Other

-

-

-

 

 

Temporary  personnel

Total

Average  number  of  temporary  staff

1

Actual  working  hours

727

Cost  of  temporary  staff

18,737

 

 

New  staff  and  leavers

Full-Time

Part-Time

Total  Fte

New  Starters

-

-

-

Leavers

2

-

2

 

 

Total  of  formal  continuing  vocational  training  initiatives

 

 

for  workers  paid  by  the  employer

Male

Female

Number  of  employees

-

-

Number  of  training  hours

-

-

Net  costs  for  enterprise

1,197

247

Total  of  less  formal  and  informal  continuing  vocational

 

 

training  initiatives  for  workers  paid  by  the  employer

Male

Female

Number  of  employees

-

-

Number  of  training  hours

-

-

Net  costs  for  enterprise

-

-

Total  of  initial  training  initiatives  at  the  expense  of  the

 

 

employer

Male

Female

Number  of  employees

-

-

Number  of  training  hours

-

-

Net  costs  for  enterprise

-

-

 

 

Industry comparison

 

Activity code                46769

Activity description      Wholesale of other intermediare products, n.e.c.

 

 

Payment Information

 

PAYMENT INFORMATION SUMMARY

 

Total number of Invoices available                                                                                                         42

Total number of Invoices paid within or up to 30 days after the due date                                               29

Total number of Invoices paid more than 30 days after the due date                                                      10

Total number of Invoices currently outstanding where the due date has not yet been reached   3

Total number of Invoices currently outstanding beyond the due date                                                     0

 

 

SUSPENSION OF PAYMENTS / MORATORIUM HISTORY

 

Amount                         --

Details                          --

 

 

PAYMENT EXPECTATIONS

 

Payment expectation days                    130.48

Day sales outstanding              128.62

 

 

INDUSTRY COMPARISON

 

Activity code                                        46769

Activity description                              Wholesale of other intermediare products, n.e.c.

Industry average payment

expectation days                                  103.32

Industry average day sales

Outstanding                                         181.89

 

Industry quartile analysis

 

Payment expectations

Company result 130.48

Lower 117.11

Median 75.33

Upper 45.49

 

Day sales outstanding

Company result 128.62

Lower 101.92

Median 53.69

Upper 24.84

 

 

Shareholder Details

 

SUMMARY

Group - Number of Companies 5

Linkages - Number of Companies 0

Number of Countries 0

 

 

GROUP STRUCTURE

Company  Name

Number

Latest

 

 

financials

- STOREX  NV

427173449

30-09-2014

- - CASTELLINS  NV

416412684

31-03-2014

- - SPINNERIJKAAI  NV

455392828

31-12-2014

- - DISTRICOM SOC.ETR. E.P.B.

 

 

- - MAGASTORE SOC.ETR. E.P.B.

 

 

 

 

MINORITY SHAREHOLDERS

No minority shareholders found

 

MINORITY INTERESTS

No minority interests found

 

 

Linked Companies

 

SUMMARY

Group - Number of Companies             5

Linkages - Number of Companies        0

Number of Countries                            0

 

SUMMONS

There is no data for this company

 

PROTESTED BILLS

There is no data for this company

 

BANKRUPTCY AND OTHER LEGAL EVENTS

There is no data for this company

 

 

Director details

 

CURRENT DIRECTOR DETAILS

 

Name

LAURATEX  BVBA

Position

Legal  Representative

Start  Date

01/01/2013

Date  of  birth

19/12/2012

Street

4 DRIESLAAN  WEVELGEM

Post  code

8560

Country

Belgium

 

 

FORMER DIRECTOR DETAILS

 

Name

YVES  JEAN-MARIE  VAN  DE  CASTEELE

Position

Managing  Director

Start  Date

13/10/1997

End  Date

31/12/2012

Date  of  birth

02/04/1954

Street

3 WIELEWALENLAAN  KNOKKE-HEIST

Post  code

8300

Country

Belgium

 

 

Position

Director

Start  Date

30/09/2002

End  Date

01/01/2013

Date  of  birth

02/04/1954

Street

3 WIELEWALENLAAN  KNOKKE-HEIST

Post  code

8300

Country

Belgium

 

 

Position

Chairperson

Start  Date

13/10/1997

End  Date

01/01/2013

Date  of  birth

02/04/1954

Street

3 WIELEWALENLAAN  KNOKKE-HEIST

Post  code

8300

Country

Belgium

 

 

Name

LAURATEX  BVBA

Position

Director

Start  Date

01/01/2013

End  Date

31/08/2014

Date  of  birth

19/12/2012

Street

4 DRIESLAAN  WEVELGEM

Post  code

8560

Country

Belgium

 

 

Name

MARTINE  MARIE-LOUISE  VLIEGHE

Position

Director

Start  Date

16/10/2010

End  Date

31/08/2014

Date  of  birth

02/07/1959

Street

3 WIELEWALENLAAN  KNOKKE-HEIST

Post  code

8300

Country

Belgium

 

 

Name

STOREX  NV

Position

Chairman  of  the  Board

Start  Date

01/01/2013

End  Date

Unknown  date

Date  of  birth

29/03/1985

Street

4 DRIESLAAN  WEVELGEM

Post  code

8560

Country

Belgium

 

 

Position

Managing  Director

Start  Date

31/08/2008

End  Date

31/08/2014

Date  of  birth

29/03/1985

Street

4 DRIESLAAN  WEVELGEM

Post  code

8560

Country

Belgium

 

 

Position

Director

Start  Date

31/08/2008

End  Date

Unknown  date

Date  of  birth

29/03/1985

Street

4 DRIESLAAN  WEVELGEM

Post  code

8560

Country

Belgium

 

 

Position

Legal  Representative

Start  Date

31/08/2008

End  Date

Unknown  date

Date  of  birth

29/03/1985

Street

4 DRIESLAAN  WEVELGEM

Post  code

8560

Country

Belgium

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.51

UK Pound

1

Rs.97.85

Euro

1

Rs.70.50

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ANK

 

 

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.