MIRA INFORM REPORT

 

 

Report No. :

333021

Report Date :

27.07.2015

 

IDENTIFICATION DETAILS

 

Name :

INVESTA SP. Z O.O.

 

 

Registered Office :

ul. Zastawna 27 83-000 Pruszcz Gdański

 

 

Country :

Poland

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

30.06.1987

 

 

Legal Form :

Limited liability company

 

 

Line of Business :

  • Storage and sale of steel and steel products 
  • Metal processing
  • Transport services

 

 

No. of Employee :

330       employees

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Poland

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

POLAND ECONOMIC OVERVIEW

 

Poland has pursued a policy of economic liberalization since 1990 and Poland's economy was the only one in the EU to avoid a recession through the 2008-09 economic downturn. Although EU membership and access to EU structural funds have provided a major boost to the economy since 2004, GDP per capita remains significantly below the EU average. The unemployment rate is now below the EU average. The government of Prime Minister Donald TUSK steered the Polish economy through the economic downturn by skillfully managing public finances and adopting controversial pension and tax reforms to further shore up public finances. While the Polish economy has performed well over the past five years, growth slowed in 2013 and picked back up in 2014. Short-term, the key policy challenge will be to consolidate debt and spending without stifling economic growth. Over the longer term, Poland's economic performance could improve if the country addresses some of the remaining deficiencies in its road and rail infrastructure, business environment, rigid labor code, commercial court system, government red tape, and burdensome tax system, especially for entrepreneurs. Poland’s long-term challenges include diversifying Poland’s energy mix and sources of supply, as well as stemming the outflow of educated young Poles to other EU Member States, especially in light of a coming demographic contraction as the Solidarity-era baby boom generation ages.

Source : CIA

 


compay name and Address

 

INVESTA SP. Z O.O.

ul. Zastawna 27 83-000 Pruszcz Gdański

Phone:    58 7739701

58 7739725

Fax:      58 7739700

E-mail:   investa@investa.pl

Website:  investa.pl

 

 

 

Company summary

 

Legal form

Limited liability company

Stat.no.

008008662

Tax ID

PL 5840253645

 

 

 

Establishment

30.06.1987 as Joint Stock Company

 

30.12.2004  as Limited liability company

Changes of names and addresses

ul. Załogowa 6, 80-557 Gdańsk

 

30.06.1987 KANTOR SA

 

05.01.1993 INVESTA SA

 

01.10.2001  ul. Zastawna 27, 83-000 Pruszcz Gdański

 

30.12.2004 INVESTA sp. z o.o.

 

Registration:

12.01.2005, District Court Gdańsk, VII Department, KRS 226221

Data concerning previous registrations:
05.08.1987, District Court Gdańsk, RHB 586

18.06.2001, District Court Gdańsk, KRS 20235

 

Shareholders

AMARI METALS EUROPE LTD.

PLN

12 050 000,00
100,00%

 

 

 

 

 

list entered to NCR /KRS/ on  27.04.2012

 

 

 

Initial Capital

 

PLN 12 050 000,00

 

Initial capital divided into 241000 shares of PLN 50,00 each

 

 

Changes of initial capital

 

 

- since 31.05.2011  until 04.11.2011  the capital estimated

PLN 12 162 500,00

 

- since 31.03.2011  until 31.05.2011  the capital estimated

PLN 162 500,00

 

- since 12.01.2005  until 31.03.2011  the capital estimated

PLN 112 500,00

 

 

Management

Dariusz Maciej Czapiewski , personal ID no. (PESEL) 58101801932, ul. Nadmorska 13, 80-341 Gdańsk
 - president

David Sims , Heathfield 1, KT 112 QY Cobham Surrey, United Kingdom
 - member of board of directors

 

Proxies:
Barbara Kaszubska , personal ID no. (PESEL) 64031611383, ul. Serdeczna 10, 80-176 Gdańsk
 - joint proxy
  

Maciej Radosław Suska , personal ID no. (PESEL) 73010402517, ul. Gryfa Pomorskiego 3C, 80-299 Gdańsk
 - joint proxy

 

Representation:
In the case of a collective board, the president of the company individually or two members of the management board jointly, or one board member together with a proxy are authorized to file statements on behalf of the company. In the case of a one-man board, the president of the board is autorized to file statements on behalf of the company.

 

Main activity

Storage and sale of steel and steel products 
Metal processing
Transport services

 

Import Finland, Norway, France, Italy, Germany

 

Export Lithuania, Latvia

 

Branches NACE 2007:

 

Other wholesale

 

General mechanical engineering

 

Employment

2009:              204       employees
2010:              215       employees
2011:              240       employees
2012:              297       employees
2013:              330       employees

 

Turnover

2010

PLN

263 597 750,00

 

2011

PLN

338 790 032,00

 

2012

PLN

370 671 121,00

 

2013

PLN

402 581 454,00

 

2014

PLN

502 286 374,00

 

 

 

 

 

Financial statements

 

 

Source of financial data

Court

Court

Court

Court

 

annual

annual

annual

annual

Personal balance sheet as at

31.12.2014
(PLN)

31.12.2013
(PLN)

31.12.2012
(PLN)

31.12.2011
(PLN)

-A. Fixed assets......................

29 855 220,00

17 360 211,00

18 290 053,00

17 395 072,00

-  I.   Intangible assets.............

262 955,00

24 901,00

280 878,00

78 196,00

-  II.  Tangible assets...............

24 809 966,00

15 588 972,00

16 427 582,00

15 368 540,00

-    1. Fixed goods...................

22 090 295,00

15 471 727,00

16 248 597,00

15 058 718,00

-      a) land........................

 

 

 

1 623 407,00

-      b) buildings, premises,
facilities............................

272 377,00

314 701,00

364 979,00

395 519,00

-      c) machinery and equipment.....

18 499 267,00

12 646 324,00

12 946 608,00

11 224 579,00

-      d) fleet of motor vehicles.....

1 985 573,00

1 608 399,00

1 864 011,00

895 730,00

-      e) other fixed goods...........

1 333 078,00

902 303,00

1 072 999,00

919 483,00

-    2. Fixed goods under
construction..........................

550 335,00

 

 

 

-    3. Prepayments for fixed goods
under construction....................

2 169 336,00

117 245,00

178 985,00

309 822,00

-  IV.  Long term investments.........

923 680,00

46 334,00

 

 

-    3. Long term financial assets....

923 680,00

46 334,00

 

 

-      a) in affiliated companies.....

923 680,00

46 334,00

 

 

-        - participations or shares...

46 880,00

 

 

 

-        - granted loans..............

876 800,00

 

 

 

-V. Long-term prepayments and
accrued income........................

3 858 619,00

1 484 004,00

1 581 593,00

1 948 336,00

-  1. Deferred tax assets.............

3 858 619,00

1 484 004,00

1 581 593,00

1 948 336,00

-B. Current assets....................

193 971 223,00

139 168 410,00

132 226 755,00

107 263 553,00

-  I.   Stock.........................

84 878 440,00

65 663 243,00

67 871 492,00

47 600 403,00

-    1. Raw materials.................

306 028,00

384 851,00

217 309,00

353 252,00

-    4. Goods for re-sale.............

84 526 071,00

65 234 052,00

67 640 659,00

47 223 887,00

-    5. Advance payments .............

46 341,00

44 340,00

13 524,00

23 264,00

-  II. Short-term receivables.........

73 712 220,00

52 136 797,00

48 230 969,00

46 461 120,00

-    1. Receivables from affiliated
companies.............................

8 743 940,00

2 182 454,00

924 516,00

 

-      a) Due to deliveries and
services with payment period:.........

8 732 890,00

 

924 516,00

 

-        - up to 12 months............

8 732 890,00

 

924 516,00

 

-      b) Other.......................

11 050,00

2 182 454,00

 

 

-    2. Other receivables ............

64 968 279,00

49 954 344,00

47 306 453,00

46 461 120,00

-      a) Due to deliveries and
services with payment period:.........

64 783 936,00

49 389 736,00

46 580 144,00

45 155 833,00

-        - up to 12 months............

64 783 936,00

49 389 736,00

46 580 144,00

45 155 833,00

-      b) Due to taxes, subsidies,
insurances, duties, etc...............

133 834,00

244 701,00

334 503,00

1 095 645,00

-      c) Other.......................

50 509,00

319 907,00

391 806,00

209 642,00

-  III. Short term investments........

34 610 985,00

20 734 254,00

15 527 261,00

12 612 683,00

-    1. Short-term financial assets...

34 610 985,00

20 734 254,00

15 527 261,00

12 612 683,00

-      c) cash and other liquid
assets................................

34 610 985,00

20 734 254,00

15 527 261,00

12 612 683,00

-        - cash in hand and on bank
account...............................

34 610 985,00

20 734 254,00

15 527 261,00

12 612 683,00

-IV. Short-term prepayments and
accrued income........................

769 578,00

634 115,00

597 033,00

589 347,00

-D. Total assets......................

223 826 443,00

156 528 621,00

150 516 808,00

124 658 625,00

-A. Shareholders' equity..............

48 571 797,00

32 187 757,00

22 670 672,00

13 139 704,00

-  I.   Basic share capital...........

12 050 000,00

12 050 000,00

12 050 000,00

12 050 000,00

-  IV.  Statutory reserve capital.....

25 103 733,00

15 588 648,00

6 057 680,00

201 718,00

-  VI.  Other reserve capital.........

201 718,00

201 718,00

201 718,00

 

-  VII. Profit (loss) carried forward.

-5 169 694,00

-5 169 694,00

-5 169 694,00

-5 169 694,00

-  VIII. Net profit (loss)............

16 384 040,00

9 517 085,00

9 530 967,00

6 057 680,00

-B. Liabilities and reserves for
liabilities...........................

175 254 646,00

124 340 864,00

127 846 136,00

111 518 921,00

-  I.   Reserves for liabilities......

15 063 273,00

6 007 338,00

5 689 963,00

2 069 813,00

-    1. Deferred income tax reserves..

344 307,00

347 847,00

329 482,00

211 520,00

-    3. Other reserves................

14 718 966,00

5 659 491,00

5 360 481,00

1 858 293,00

-      - short-term...................

14 718 966,00

5 659 491,00

5 360 481,00

1 858 293,00

-II.  Long-term liabilities...........

29 083 358,00

33 540 301,00

34 702 386,00

38 606 962,00

-  2. Other liabilities...............

29 083 358,00

33 540 301,00

34 702 386,00

38 606 962,00

-    a) Loans.........................

15 000 000,00

25 000 000,00

25 000 000,00

29 545 037,00

-    c) Other financial liabilities...

14 083 358,00

8 540 301,00

9 702 386,00

9 061 925,00

-III. Short-term liabilities..........

131 063 418,00

84 793 226,00

87 396 653,00

70 809 946,00

-  1. Due to affiliated companies.....

142 296,00

 

260 704,00

 

-    a) Due to deliveries and
services with payment period:.........

142 296,00

 

 

 

-  2. Other liabilities...............

130 823 190,00

84 705 591,00

87 020 001,00

70 690 098,00

-    b) Issued securities.............

 

 

 

3 015 373,00

-    c) Other financial liabilities...

6 482 691,00

4 006 518,00

3 928 626,00

 

-    d)Due to deliveries and
services with payment period:.........

119 165 315,00

77 652 166,00

81 975 308,00

63 623 890,00

-      - up to 12 months..............

119 165 315,00

77 652 166,00

81 975 308,00

63 623 890,00

-    e) Advances received.............

86 692,00

46 387,00

19 339,00

45 168,00

-    g) Due to taxes, subsidies,
insurances, duties, etc...............

5 064 538,00

2 888 863,00

1 075 535,00

3 990 630,00

-    h) Due to salaries...............

 

661,00

21 193,00

863,00

-    i) Other.........................

23 955,00

110 996,00

 

14 174,00

-  3. Special funds...................

97 932,00

87 634,00

115 948,00

119 848,00

-IV.  Accruals and deferred income....

44 597,00

 

57 134,00

32 200,00

-  2. Other accruals..................

44 597,00

 

57 134,00

32 200,00

-    - short-term.....................

44 597,00

 

57 134,00

32 200,00

-D. Total liabilities.................

223 826 443,00

156 528 621,00

150 516 808,00

124 658 625,00

 

 

 

 

 

Source of financial data

Court

Court

Court

Court

 

annual

annual

annual

annual

individual PROFIT AND LOSS ACCOUNT

01.01.2014-
31.12.2014
(PLN)

01.01.2013-
31.12.2013
(PLN)

01.01.2012-
31.12.2012
(PLN)

01.01.2011-
31.12.2011
(PLN)

-A. Income from sales and similar.....

502 286 374,00

402 581 454,00

370 671 121,00

338 790 032,00

-  - including related companies......

34 215 457,00

 

2 193 442,00

 

-  I.   Net revenue form sale of
products..............................

91 525 818,00

75 388 985,00

66 854 374,00

39 783 707,00

-  II.  Net revenue from sale of
goods.................................

410 760 556,00

327 192 469,00

303 816 747,00

299 006 325,00

-B.Cost of products, goods sold.......

412 261 029,00

340 849 833,00

314 870 886,00

290 957 299,00

-  - including related companies......

30 990 090,00

15 012 526,00

2 108 174,00

 

-  I.  Cost of production of
products sold.........................

69 731 956,00

59 769 571,00

53 525 603,00

33 080 534,00

-  II.  Value of products sold........

342 529 073,00

281 053 262,00

261 345 283,00

257 876 765,00

-C. Gross profit on sale..............

90 025 345,00

61 731 621,00

55 800 235,00

47 832 733,00

-D. Costs of sale.....................

43 927 505,00

38 590 093,00

34 231 549,00

31 667 508,00

-E. General management costs..........

4 697 632,00

4 789 847,00

4 316 471,00

3 845 866,00

-F. Profit on sale....................

41 400 208,00

18 351 681,00

17 252 215,00

12 319 359,00

-G. Other operating incomes...........

1 614 889,00

2 368 540,00

1 899 345,00

3 333 425,00

-  I.   Incomes from disposal of
fixed assets..........................

221 888,00

37 466,00

356 917,00

616 416,00

-  II.  Subsidies.....................

 

2 331 074,00

 

 

-  III. Other operating incomes.......

1 393 001,00

12 000,00

1 542 428,00

2 717 009,00

-H. Other operating costs.............

15 930 608,00

6 263 144,00

6 297 594,00

3 081 871,00

-  I.   Loss on dsiposal of
non--financial fixed assets...........

 

6 263 144,00

 

 

-  III. Other operating costs.........

15 930 608,00

 

6 297 594,00

3 081 871,00

-I. Profit on operating activities....

27 084 489,00

14 457 077,00

12 853 966,00

12 570 913,00

-J. Financial incomes.................

51 273,00

331 802,00

2 370 084,00

2 483 896,00

-  I.   Dividends received............

 

36 545,00

 

 

-  II.  Interest received.............

41 273,00

295 257,00

130 421,00

91 901,00

-    - including related companies....

 

 

9 616,00

 

-  V.   Other.........................

10 000,00

 

2 239 663,00

2 391 995,00

-K. Financial costs...................

6 813 213,00

3 056 301,00

3 170 066,00

10 031 825,00

-  I.   Interest......................

1 420 189,00

1 518 992,00

1 733 598,00

1 514 213,00

-  IV.  Other.........................

5 393 024,00

1 537 309,00

1 436 468,00

8 517 612,00

-L. Gross profit on economic activity.

20 322 548,00

11 732 578,00

12 053 984,00

5 022 984,00

-N. Gross profit......................

20 322 548,00

11 732 578,00

12 053 984,00

5 022 984,00

-O. Corporation tax...................

3 938 508,00

2 099 539,00

2 523 017,00

-1 034 696,00

-  a) current part....................

6 316 663,00

 

2 038 313,00

 

-  b) deferred part...................

-2 378 155,00

 

484 704,00

 

-P. Other statutory charges...........

 

115 954,00

 

 

-R. Net profit........................

16 384 040,00

9 517 085,00

9 530 967,00

6 057 680,00

 

 

 

 

 

 

AUDITOR

 

Balance sheet as at 31.12.2012

MOORE STEPHENS TRZEMŻALSKI, KRYNICKI I PARTNERZY KANCELARIA BIEGŁYCH REWIDENTÓW Sp. z o.o., ul. Franciszka Rogaczewskiego 9/19, 80-804 Gdańsk

No. 372

Expert auditor Maciej Trzemżalski

No. 11023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios

01.01.2014-
31.12.2014

01.01.2013-
31.12.2013

01.01.2012-
31.12.2012

01.01.2011-
31.12.2011

 

Current ratio

1,48

1,64

1,51

1,51

 

Quick ratio

0,83

0,86

0,73

0,83

 

Immediate ratio

0,26

0,24

0,18

0,18

 

Return on sale

3,26

2,36

2,57

1,79

 

Return on assets

7,32

6,08

6,33

4,86

 

Return on equity

33,73

29,57

42,04

46,10

 

Average trade debtors' days

53,56

47,27

47,62

50,06

 

Average stock turnover's days

61,68

59,53

67,02

51,28

 

average payables payment period

95,24

76,88

86,30

76,29

 

Total indebtedness ratio

78,30

79,44

84,94

89,46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

While rating the company, it is advisable
to take into consideration information about the branch, the company is acting in

(G.46.72.Z - NACE 2007), as at :

31.03.2015

31.12.2014

31.12.2013

31.12.2012

31.12.2011

Current ratio............................

1,51

1,53

1,15

1,37

1,34

Quick ratio..............................

0,75

0,71

0,58

0,71

0,77

Immediate ratio..........................

0,04

0,06

0,03

0,04

0,04

Return on sale...........................

0,96

2,83

0,81

-0,18

0,99

Return on assets.........................

0,51

6,09

1,60

-0,36

2,22

Return on equity.........................

1,56

18,53

4,48

-1,25

6,30

Average trade debtors' days..............

47,74

42,77

49,15

50,75

56,32

Average stock turnover's days............

51,89

56,17

56,58

53,29

45,82

average payables payment period..........

73,80

72,56

99,07

81,11

81,10

Total indebtedness ratio.................

67,41

67,16

64,30

70,88

64,74

Percent share in the examinated group
of companies with net profit.............

70,50

80,50

71,40

57,40

82,20

Sales/revenue per employee in th. PLN....

497,63

2 127,06

1 780,62

1 643,88

1 927,15

Average sales/revenue per company in
th. PLN..................................

60 461,73

258 048,27

219 863,81

183 450,40

218 153,02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

according to the Central Statistical Office

 

Locations:

seat:
ul. Zastawna 27, 83-000 Pruszcz Gdański
Phone:                   58 7739701
                         58 7739725
                         58 7739777
Fax:                     58 7739700
E-mail:                  investa@investa.pl
Website:                 investa.pl

place of running the activity:
ul. Plonów 21, 41-200 Sosnowiec
ul. 3 Maja 8 (budynek B9), 05-800 Pruszków
ul. Giełdowa 12M, 52-438 Wrocław
ul. Lubelska 44e, 10-409 Olsztyn
Phone:                   89 7674513
ul. Magazynowa 10, 62-030 Luboń

 

Real Estate

ul. Zastawna 27, 83-000 Pruszcz Gdański
ownership, plot of area 20 000 sq.m. 
buildings of area 2 990 sq m,

 

 

 

Book value of buildings as at 31.12.2014

PLN

272 377,00

 

Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

 

 

 

Means of transport

Car fleet - status as at 05.08.2014 :
20 - Passenger cars (ownership) 

As at 31.12.2014  book value of car fleet was: PLN 1 985 573,00

 

Shares in other companies

As at 22.06.2015 there are no shares in other companies.

 

 

Connections:

Dariusz Maciej Czapiewski , personal ID no. (PESEL) 58101801932
-  STOWARZYSZENIE STAL NIERDZEWNA NIP 9542738184, ul. Ligocka 103/-, 40-568 Katowice
  · member of supervisory board
-  Z 27 Sp. z o.o. NIP 6040012739, ul. Zastawna 27, 83-000 Pruszcz Gdański
  · president
-  DARCZA Sp. z o.o. NIP 5932269996, ul. Zastawna 27, 83-000 Pruszcz Gdański
  · shareholder: PLN 40 260 000,00 (99,99%)
  · president


David Sims 
Connections have not been determined due to no possibility of identification of the persons or subjects which appear in the company.

 

 

Data concerning connections are valid as at: 22.06.2015.

 

 

Taking overs

31.03.2011 (Entry date) - merger
INVESTA sp. z o.o., ul. Zastawna 27, 83-000 Pruszcz Gdański
(as taking over)
 INVESTA METALE Sp. z o.o. KRS 217902, al. Jana Pawła II 29, 00-867 Warszawa
(as taken over) (Resolution date 28.02.2011 )

 

Certificates:

ISO 9001:2008
valid until 31.08.2015

 

General information

The company has approximately 2,000 customers. Suppliers are mainly steel mills from Germany, Norway, Finland, Italy and France.
The company is an authorized distributor of products in Poland of the following companies: ALFA LAVAL, DEFINOX (Group Defontaine) and Dockweiler.

 

Banks

Bank Millennium SA Millennium - Centrum Rozliczeniowe  (11602202)
ul. Wały Jagiellońskie 10/16, 80-887 Gdańsk
Acc.no. 65116022020000000061893297

 Societe Generale SA Oddział w Polsce Oddział w Polsce  (18400007)
Marszałkowska 111, 00-102 Warszawa
Acc.no. 15184000072911606008101519

 MBANK SA O. Korporacyjny Gdańsk  (11401065)
ul. Wały Jagiellońskie 8, 80-900 Gdańsk
Acc.no. 62114010650000400284001001

 

Payment Manner

Nothing detrimental noted.

Credit capability

Business connections are permissible.
Maximum credit PLN  2 000 000,00

 

Due to the size of the subject company the higher amount of credit cannot be estimated.

 

 

 

 

 


 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.63.89

UK Pound

1

Rs.99.10

Euro

1

Rs.70.12

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SDA

 

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.