MIRA INFORM REPORT

 

 

Report No. :

343329

Report Date :

07.10.2015

 

IDENTIFICATION DETAILS

 

Name :

ENDRESS+HAUSER AG

 

 

Registered Office :

Kägenstrasse 2, 4153 Reinach/BL

 

 

Country :

Switzerland

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

1953

 

 

Com. Reg. No.:

280.3.004.793-2

 

 

Legal Form :

Company limited by shares

 

 

Line of Business :

  • Activities of holding companies
  • Manufacture of electronic components
  • Manufacture of instruments and appliances for measuring, testing and navigation

 

 

No. of Employee :

10,000-19,999

 

 


 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Switzerland

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 


 

SWITZERLAND - ECONOMIC OVERVIEW

 

Switzerland is a peaceful, prosperous, and modern market economy with low unemployment, a highly skilled labor force, and a per capita GDP among the highest in the world. Switzerland's economy benefits from a highly developed service sector, led by financial services, and a manufacturing industry that specializes in high-technology, knowledge-based production. Its economic and political stability, transparent legal system, exceptional infrastructure, efficient capital markets, and low corporate tax rates also make Switzerland one of the world's most competitive economies.

The Swiss have brought their economic practices largely into conformity with the EU's to enhance their international competitiveness, but some trade protectionism remains, particularly for its small agricultural sector. The fate of the Swiss economy is tightly linked to that of its neighbors in the euro zone, which purchases half of Swiss exports. The global financial crisis of 2008 and resulting economic downturn in 2009 stalled demand for Swiss exports and put Switzerland into a recession. During this period, the Swiss National Bank (SNB) implemented a zero-interest rate policy to boost the economy, as well as to prevent appreciation of the franc, and Switzerland's economy began to recover in 2010.

The sovereign debt crises unfolding in neighboring euro-zone countries, however, coupled with ongoing economic instability in Russia and other eastern European economies continue to pose a significant risk to the Swiss economy, driving up demand for the Swiss franc by investors seeking a safe-haven currency. In January 2015, the SNB abandoned the Swiss franc’s peg to the Euro, roiling global currency markets and making active SNB intervention a necessary hallmark of present-day Swiss monetary policy. The independent SNB has upheld its zero interest rate policy and conducted major market interventions to prevent further appreciation of the Swiss franc, but parliamentarians have urged it to do more to weaken the currency. The franc's strength has made Swiss exports less competitive and weakened the country's growth outlook; GDP growth fell below 2% per year from 2011-14.

In recent years, Switzerland has responded to increasing pressure from neighboring countries and trading partners to reform its banking secrecy laws, by agreeing to conform to OECD regulations on administrative assistance in tax matters, including tax evasion. The Swiss government has also renegotiated its double taxation agreements with numerous countries, including the US, to incorporate OECD standards, and is openly considering the possibility of imposing taxes on bank deposits held by foreigners.

 

Source : CIA

 

Company Name 

 

ENDRESS+HAUSER AG

 

 

address

 

Kägenstrasse 2

4153 Reinach/BL

Switzerland/CH

 

Telephone:                      061 7157700

Fax:                               061 7152888

Web site:                        http://www.endress.com

E-mail:                            info@endress.com

WIN Worldbox No.:         CH0000023182

VAT-No.:                        CHE-109.305.877 MWST

UID-No.:                         CHE109305877

 

 

 Profile

 

Established:                   1953

History:                          1953:      Established from Georg H. Endress + Ludwig Hauser

Line of Business:                          Financial services, Electro technology, Measurement and control technology

Industry Division:                          Services, Manufacturing

Industry-code (NACE):     6420       Activities of holding companies

                                    2611       Manufacture of electronic components

                                    2651       Manufacture of instruments and appliances for measuring, testing and navigation

Import/Export:                Export

Export sales:                  96,0%

Banks:                            UBS Ltd

                                    BLKB Basellandschaftliche Kantonalbank

Organisation level:          Ultimate Parent

 

 

Operational Figures

 

Coverage:                    Group

Employees:                  10,000-19,999

Sales:                          CHF 2-4 Bil

 

 

Activity

 

The Group is a global supplier in measurement instruments, services and automation solutions for industrial process engineering. The range of products includes sensors, instruments, systems and services for level, flow, pressure and temperature measurement, analytics and data acquisition. The customers come from a wide variety of industries like chemical & petrochemical, food & beverage, oil & gas, water & wastewater, power & energy, life sciences, primaries & metal, pulp & paper and marine industries.

 

 

Real Estate

 

Real Estate:                    The company owns buildings.

 

 

Company Register

 

Company No:                 280.3.004.793-2

UID-No.:                         CHE109305877

Legal form:                     Company limited by shares

Registration:                   16.08.2001

Legal status:                   active

Responsible Register:     Handelsregister des Kantons Basel-Landschaft

History:                          Date of Statutes: 11.09.2006

                                    Date of Statutes: 20.09.2001

                                    Date of Incorporation Statutes: 14.08.2001

 

Entry          Deleted      Name

21.09.2006                    Endress+Hauser AG

21.09.2006                    Endress+Hauser SA (Name translated)

21.09.2006                    Endress+Hauser Ltd (Name translated)

16.08.2001  21.09.2006  Endress + Hauser Holding AG

16.08.2001  21.09.2006  Endress + Hauser Holding SA (Name translated)

16.08.2001  21.09.2006  Endress + Hauser Holding Ltd (Name translated)

 

Entry          Deleted      Legal domicile

16.08.2001                    Reinach (BL), Switzerland

 

Entry          Deleted      Address

21.09.2006                    Kägenstrasse 2, 4153 Reinach/BL, Switzerland/CH

16.08.2001  21.09.2006  Kägenstrasse 7, 4153 Reinach/BL, Switzerland/CH

 

Entry          Deleted      Capital

24.09.2001                    Share Capital CHF 22,000,000, paidup CHF 22,000,000

 

Entry          Deleted      Capital Structure

24.09.2001                    2,200,000 Registered shares of CHF 10.--

 

 

Official Administration

 

Title                                           Name

President                                    Klaus Dieter Endress

                                                  Citizen: Schaffhausen, Switzerland

                                                  Residential address: Reinach/BL, Switzerland

                                                  single signature

                                                  Registered since: 16.08.2001

Director                                      Dr. Klaus Fritz Eisele

                                                  Citizen: Germany

                                                  Residential address: Stuttgart , Germany

                                                  joint signature of two

                                                  Registered since: 25.06.2002

Director                                      Hans-Peter Endress

                                                  Citizen: Schaffhausen, Switzerland

                                                  Residential address: Appleton, United Kingdom

                                                  joint signature of two

                                                  Registered since: 23.05.2014

Director                                      Fernando Fuenzalida Meinel

                                                  Citizen: Reinach BL, Switzerland

                                                  Residential address: 1236 Cartigny/GE, Switzerland

                                                  joint signature of two

                                                  Registered since: 08.05.2013

Director                                      Thomas Walter Kraus

                                                  Citizen: Germany

                                                  Residential address: Lohmar, Germany

                                                  joint signature of two

                                                  Registered since: 23.05.2014

Director                                      Antonietta Pedrazzetti

                                                  Citizen: Arbedo-Castione, Switzerland

                                                  Residential address: Münchenstein, Switzerland

                                                  joint signature of two

                                                  Registered since: 23.05.2014

 

 

Management

 

Title                                           Name

Director                                      Matthias Altendorf

                                                  Citizen: Germany

                                                  Residential address: Lörrach , Germany

                                                  joint signature of two

                                                  Registered since: 09.10.2009

Director                                      Pieter de Koning

                                                  Citizen: Netherlands

                                                  Residential address: Flüh, Switzerland

                                                  joint signature of two

                                                  Registered since: 08.09.2008

Director                                      Dr. Gerhard Jost

                                                  Citizen: Germany

                                                  Residential address: Mühltal , Germany

                                                  joint signature of two

                                                  Registered since: 09.10.2009

Director                                      Roland Kienzler

                                                  Citizen: Basel, Switzerland

                                                  Residential address: Biel-Benken/BE, Switzerland

                                                  joint signature of two

                                                  Registered since: 08.09.2008

Director                                      Nikolaus Andreas Alois (Nikolaus) Krüger

                                                  Citizen: Germany

                                                  Residential address: Grenzach-Wyhlen, Germany

                                                  joint signature of two

                                                  Registered since: 08.09.2008

Director                                      Dr. Luc Schultheiss

                                                  Citizen: Riehen, Switzerland

                                                  Residential address: Riehen, Switzerland

                                                  joint signature of two

                                                  Registered since: 23.12.2011

Director                                      Michael Ziesemer

                                                  Citizen: Germany

                                                  Residential address: Lörrach, Germany

                                                  joint signature of two

                                                  Registered since: 04.09.2002

Director, Company Secretary       Dr. Heiner Zehntner

                                                  Citizen: Basel, Reigoldswil , Switzerland

                                                  Residential address: Münchenstein, Switzerland

                                                  joint signature of two

                                                  Registered since: 19.05.2005

Member with procuration             Andreja Weber

                                                  Citizen: Oberwil BL, Switzerland

                                                  Residential address: Oberwil/BL, Switzerland

                                                  joint power of attorney of two

                                                  Registered since: 22.05.2008

 

 

External Positions

 

Title                                           Name

Auditor                                       PricewaterhouseCoopers AG

                                                  Residential address: Basel, Switzerland

                                                  Id: CHE-393.441.652

                                                  Registered since: 05.06.2008

 

 

Executive board

 

Title                                           Name

Chief Executive Officer               Matthias Altendorf

Chief Financial Officer                 Dr. Luc Schultheiss

Chief Operating Officer               Michael Ziesemer

Chief Marketing Officer,

Chief Sales Officer                      Nikolaus Andreas Alois (Nikolaus) Krüger

Chief Production Officer              Dr. Gerhard Jost

Chief Human Resources Officer   Roland Kienzler

Chief Information Officer             Pieter de Koning

Chief Legal Officer                      Dr. Heiner Zehntner

 

 

Direct owner/-s

 

No. of owner/-s:            9

Owner:                         The company is in family ownership.

 

Class:                          10-19%

Name:                          Christa Endress

City/Country:                Langackerweg 16, 4144 Arlesheim/BL, Switzerland/CH

Interest:                        12,00% voting right, 12,00% capital interest

 

Class:                          10-19%

Name:                          Dr. Georg A. Endress

City/Country:                9042 Speicher/AR, Switzerland/CH

Interest:                        12,00% voting right, 12,00% capital interest

 

Class:                          10-19%

Name:                          Hans-Peter Endress

City/Country:                Appleton s. Warrington, United Kingdom/GB

Interest:                        12,00% voting right, 12,00% capital interest

 

Class:                          10-19%

Name:                          Karin Endress

City/Country:                Rebgasse 44, 4144 Arlesheim/BL, Switzerland/CH

Interest:                        12,00% voting right, 12,00% capital interest

 

Class:                          10-19%

Name:                          Klaus Dieter Endress

City/Country:                4153 Reinach/BL, Switzerland/CH

Interest:                        12,00% voting right, 12,00% capital interest

 

Class:                          10-19%

Name:                          Yvonne Endress

City/Country:                Gobenweg 21, 4143 Dornach/BL, Switzerland/CH

Interest:                        12,00% voting right, 12,00% capital interest

 

Class:                          10-19%

Name:                          Urs H. Endress-Günthardt

City/Country:                Rebgasse 44, 4144 Arlesheim/BL, Switzerland/CH

Interest:                        12,00% voting right, 12,00% capital interest

 

Class:                          10-19%

Name:                          Jasmin Schellenberg-Endress

City/Country:                Alexis Creek, Canada/CA

Interest:                        12,00% voting right, 12,00% capital interest

 

Class:                          0-9%

Name:                          Georg H. Endress Stiftung

City/Country:                Reinach/BL, Switzerland/CH

Interest:                        4,00% voting right, 4,00% capital interest

 

 

Financial Data Endress+Hauser AG

 

Consolidation:                                    consolidated

Industry:                                             Trade/Industry

 

Fiscal year end:                                     31.12.2014        31.12.2013        31.12.2012        31.12.2011        31.12.2010

Number of months:                                      12                    12                    12                    12                    12

Currency:                                                 th. EUR            th. EUR            th. EUR            th. EUR            th. EUR

Statement norm:                                          IAS                   IAS                  IAS                   IAS                  IAS

 

 

Balance Sheet

 

Intangible fixed assets                              156,725.0          139,715.0           78,060.0           22,394.0           17,065.0

Land and buildings                                    382,963.0          338,700.0         292,728.0          288,901.0         273,980.0

Other tangible fixed assets                        253,336.0          229,502.0         217,494.0          171,567.0         159,037.0

Tangible fixed assets                                636,299.0          568,202.0         510,222.0          460,468.0         433,017.0

Financial fixed assets                                 34,763.0           30,221.0           31,165.0           35,825.0             4,927.0

other fixed assets                                       64,097.0           43,981.0           42,688.0           26,837.0           24,121.0

Fixed assets                                             891,884.0          782,119.0         662,135.0          545,524.0         479,130.0

 

Stocks                                                      228,733.0          219,794.0         188,985.0          185,944.0         140,030.0

Trade accounts receivable                         361,194.0          339,566.0         322,722.0          291,158.0         265,597.0

Cash & Cash Equivalents                          444,018.0          383,728.0         388,734.0          443,486.0         377,254.0

Securities                                                 125,617.0          110,369.0           54,419.0             2,529.0             2,954.0

other trade accounts                                   68,758.0           62,920.0           42,051.0           45,507.0           29,203.0

Accruals                                                     25,738.0           33,835.0           15,347.0             8,843.0             6,746.0

Other current assets                                  664,131.0          590,852.0         500,551.0          500,365.0         416,157.0

Current assets                                       1,254,058.0       1,150,212.0       1,012,258.0          977,467.0         821,784.0

 

Total assets                                           2,145,942.0       1,932,331.0       1,674,393.0       1,522,991.0       1,300,914.0

 

Capital                                                       14,842.0           14,842.0           14,842.0           14,842.0           14,842.0

Other shareholders funds                        1,440,986.0       1,271,028.0       1,153,547.0       1,041,914.0         871,622.0

Total shareholders equity                      1,455,828.0       1,285,870.0       1,168,389.0       1,056,756.0         886,464.0

 

Minority interests                                          8,942.0           24,482.0             6,067.0             2,060.0             2,006.0

long term debt (financial debts)                   11,860.0           43,964.0           13,707.0           29,998.0           36,738.0

Provisions                                                  30,199.0           27,944.0           26,752.0           23,145.0           23,022.0

Other non current liabilities                         281,010.0          208,391.0         200,850.0          136,434.0         124,728.0

Non current liabilities                              323,069.0          280,299.0         241,309.0          189,577.0         184,488.0

 

short term debt (financial debts)                  43,532.0           15,615.0             6,025.0           14,662.0           17,239.0

Trade accounts payable                              86,925.0           78,060.0           72,415.0           63,177.0           54,393.0

Provisions                                                  69,424.0           61,079.0           50,409.0           51,684.0           41,044.0

Accruals                                                     38,143.0           45,174.0           29,500.0           31,591.0           31,784.0

other accounts payable                             120,079.0          141,752.0         100,279.0          113,484.0           83,496.0

other current liabilities                                227,646.0          248,005.0         180,188.0          196,759.0         156,324.0

Current liabilities                                     358,103.0          341,680.0         258,628.0          274,598.0         227,956.0

 

Shareh. equity, min. int. & liabilities     2,145,942.0       1,932,331.0       1,674,393.0       1,522,991.0       1,300,914.0

 

 

Profit and loss account

 

Net sales                                                                       1,814,400.0       1,693,790.0       1,524,982.0       1,313,213.0

Other operating revenue                              23,644.0           18,558.0           22,556.0           25,022.0           24,315.0

Operating revenue                                 2,037,121.0       1,832,958.0       1,716,346.0       1,550,004.0       1,337,528.0

 

Cost of goods sold                                  568,495.0          484,898.0         463,386.0          420,801.0         361,731.0

Gross profit                                           1,468,626.0       1,348,060.0       1,252,960.0       1,129,203.0         975,797.0

Other operating expenses                       1,200,411.0       1,070,910.0         979,516.0          882,297.0         788,426.0

Operating result                                       268,215.0          277,150.0         273,444.0          246,906.0         187,371.0

 

Interest revenues                                          1,591.0             1,384.0             1,478.0             1,600.0             1,306.0

other financial revenues                               11,047.0             7,595.0             7,606.0                645.0             1,048.0

Financial income                                         12,638.0             8,979.0             9,084.0             2,245.0             2,354.0

Interest expenses                                         3,336.0             1,987.0             1,739.0             2,356.0             3,353.0

other financial expenses                               3,073.0           14,258.0           18,080.0             3,833.0           20,460.0

Financial expenses                                       6,409.0           16,245.0           19,819.0             6,189.0           23,813.0

Financial result                                             6,229.0            -7,266.0          -10,735.0            -3,944.0          -21,459.0

Result before extraordinary items            274,444.0          269,884.0         262,709.0          242,962.0         165,912.0

 

Result before taxes                                  274,444.0          269,884.0         262,709.0          242,962.0         165,912.0

 

Taxes                                                         82,746.0           82,566.0           79,227.0           65,742.0           39,307.0

Result before minority interests                  191,698.0          187,318.0         183,482.0          177,220.0         126,605.0

minority interests                                         -7,361.0                158.0                241.0                137.0                391.0

Result for the financial year                     199,059.0          187,160.0         183,241.0          177,083.0         126,214.0

 

 

Cash flow

 

Depreciation                                               85,482.0           74,170.0           73,689.0           58,090.0           58,563.0

Cash flow                                                 277,180.0          261,488.0         257,171.0          235,310.0         185,168.0

Cash flow from operating activities            260,543.0          270,022.0         241,821.0          205,114.0         189,820.0

Investments in tangible fixed assets           124,069.0          129,676.0         127,432.0           85,098.0           56,961.0

Cash flow from investing activities            -157,810.0         -221,168.0        -238,427.0         -112,835.0          -55,813.0

Cash flow from financing activities             -53,765.0          -43,861.0          -59,160.0          -34,127.0          -37,960.0

Others                                                        11,322.0            -9,999.0             1,014.0             8,080.0           36,933.0

Change in liquidity                                      60,290.0            -5,006.0          -54,752.0           66,232.0         132,980.0

Liquidity at beginning of the year               383,728.0          388,734.0         443,486.0          377,254.0         244,274.0

Liquidity at end of the year                        444,018.0          383,728.0         388,734.0          443,486.0         377,254.0

 

  Notes

 

Material costs                                           565,451.0          484,898.0         463,386.0          420,801.0         361,731.0

Cost of employees                                   759,127.0          679,278.0         624,200.0          573,540.0         517,431.0

Research and Development                       143,784.0          120,175.0         112,656.0          107,798.0           96,442.0

Added value                                          1,122,389.0       1,025,319.0         962,337.0          876,948.0         745,259.0

Working Capital                                         503,002.0          481,300.0         439,292.0          413,925.0         351,234.0

Net Current Assets                                    895,955.0          808,532.0         753,630.0          702,869.0         593,828.0

Sales per Employee                                        161.9                152.2                168.3                162.0                152.8

Gross cost land and buildings                   572,054.0          506,308.0         452,936.0          430,899.0         405,519.0

Gross cost other tangible fixed assets       649,285.0          581,506.0         545,549.0          469,089.0         439,073.0

Gross cost total                                     1,221,339.0       1,087,814.0         998,485.0          899,988.0         844,592.0

Insurance value total                                                       1,108,076.0         916,433.0          903,876.0         841,896.0

 

Employees  at year end                                 12,435              11,919              10,066                9,414                8,594

 

 

Investments

 

Class:                          100%

Name:                          Endress + Hauser AB

City/Country:                Solna, Sweden/SE

Interest:                        100,00% voting right, 100,00% capital interest (since 1966)

 

Class:                          100%

Name:                          Endress + Hauser Analytical Instruments (Suzhou) Co Ltd

City/Country:                Suzhou, China/CN

Interest:                        100,00% voting right, 100,00% capital interest (since 2005)

 

Class:                          100%

Name:                          Endress + Hauser Argentina SA

City/Country:                Buenos Aires, Argentina/AR

Interest:                        100,00% voting right, 100,00% capital interest

 

Class:                          100%

Name:                          Endress + Hauser AS

City/Country:                Lierskogen, Norway/NO

Interest:                        100,00% voting right, 100,00% capital interest (since 1973)

 

Class:                          100%

Name:                          Endress + Hauser AS

City/Country:                Soborg, Denmark/DK

Interest:                        100,00% voting right, 100,00% capital interest (since 1974)

 

Class:                          100%

Name:                          Endress + Hauser (Australia) Pty Ltd

City/Country:                North Ryde/New South Wales, Australia/AU

Interest:                        100,00% voting right, 100,00% capital interest (since 2001)

 

Class:                          100%

Name:                          Endress + Hauser (Baltic) UAB

City/Country:                Kaunas, Lithuania/LT

Interest:                        100,00% voting right, 100,00% capital interest (since 2009)

 

Class:                          100%

Name:                          Endress + Hauser BV

City/Country:                Naarden, Netherlands/NL

Interest:                        100,00% voting right, 100,00% capital interest (since 1960)

 

Class:                          100%

Name:                          Endress + Hauser (Canada) Ltd

City/Country:                Burlington, Canada/CA

Interest:                        100,00% voting right, 100,00% capital interest (since 1990)

 

Class:                          100%

Name:                          Endress + Hauser (Chile) Ltda

City/Country:                Santiago, Chile/CL

Interest:                        100,00% voting right, 100,00% capital interest (since 2000)

 

Class:                          100%

Name:                          Endress + Hauser Conducta GmbH + Co KG

City/Country:                Gerlingen, Germany/DE

Interest:                        100,00% voting right, 100,00% capital interest

 

Class:                          100%

Name:                          Endress + Hauser Conducta Inc

City/Country:                Anaheim/California, United States of America/US

Interest:                        100,00% voting right, 100,00% capital interest (since 1999)

 

Class:                          100%

Name:                          Endress + Hauser Conducta Verwaltungs-GmbH

City/Country:                Gerlingen, Germany/DE

Interest:                        100,00% voting right, 100,00% capital interest

 

Class:                          100%

Name:                          Endress + Hauser Controle e Automacao Ltda

City/Country:                Sao Paulo, Brazil/BR

Interest:                        100,00% voting right, 100,00% capital interest (since 1982)

 

Class:                          100%

Name:                          Endress + Hauser (Czech) sro

City/Country:                Praha, Czech/CZ

Interest:                        100,00% voting right, 100,00% capital interest (since 1999)

 

Class:                          100%

Name:                          Endress + Hauser doo

City/Country:                Ljubljana, Slovenia/SI

Interest:                        100,00% voting right, 100,00% capital interest

 

Class:                          100%

Name:                          Endress + Hauser doo

City/Country:                Zagreb, Croatia/HR

Interest:                        100,00% voting right, 100,00% capital interest (since 2005)

 

Class:                          100%

Name:                          Endress + Hauser Flowtec (China) Co Ltd

City/Country:                Suzhou, China/CN

Interest:                        100,00% voting right, 100,00% capital interest (since 2003)

 

Class:                          100%

Name:                          Endress + Hauser Flowtec (India) Private Limited

City/Country:                Aurangabad/Maharashtra, India/IN

Interest:                        100,00% voting right, 100,00% capital interest (since 2000)

 

Class:                          100%

Name:                          Endress + Hauser Gesellschaft mit beschränkter Haftung

City/Country:                Wien, Austria/AT

Interest:                        100,00% voting right, 100,00% capital interest (since 15.01.2002)

 

Class:                          100%

Name:                          Endress + Hauser GmbH + Co KG

City/Country:                Maulburg, Germany/DE

Interest:                        100,00% voting right, 100,00% capital interest

 

Class:                          100%

Name:                          Endress + Hauser (Hellas) SA

City/Country:                Kifisia-Adames, Greece/GR

Interest:                        100,00% voting right, 100,00% capital interest (since 2005)

 

Class:                          100%

Name:                          ENDRESS + HAUSER (HK) LIMITED

City/Country:                Tsim Sha Tsui / Kowloon, Hong Kong/HK

Interest:                        100,00% voting right, 100,00% capital interest (since 1989)

 

Class:                          100%

Name:                          Endress + Hauser (Hungary) Magyarorszäg Kft

City/Country:                Budapest, Hungary/HU

Interest:                        100,00% voting right, 100,00% capital interest (since 2001)

 

Class:                          100%

Name:                          Endress + Hauser Inc

City/Country:                Greenwood, United States of America/US

Interest:                        100,00% voting right, 100,00% capital interest (since 1970)

 

Class:                          100%

Name:                          ENDRESS + HAUSER (INDIA) PRIVATE LIMITED

City/Country:                Mumbai/Maharashtra, India/IN

Interest:                        100,00% voting right, 100,00% capital interest (since 2000)

 

Class:                          100%

Name:                          Endress + Hauser InfoServe GmbH + Co KG

City/Country:                Weil am Rhein, Germany/DE

Interest:                        100,00% voting right, 100,00% capital interest

 

Class:                          100%

Name:                          Endress + Hauser InfoServe Verwaltungs-GmbH

City/Country:                Weil am Rhein, Germany/DE

Interest:                        100,00% voting right, 100,00% capital interest

 

Class:                          100%

Name:                          Endress + Hauser Investments Limited

City/Country:                Manchester, United Kingdom/GB

Interest:                        100,00% voting right, 100,00% capital interest

 

Class:                          100%

Name:                          Endress + Hauser (Ireland) Ltd

City/Country:                Clane/Dublin, Ireland/IE

Interest:                        100,00% voting right, 100,00% capital interest (since 2001)

 

Class:                          100%

Name:                          Endress + Hauser Italia SpA

City/Country:                Cernusco, Italy/IT

Interest:                        100,00% voting right, 100,00% capital interest (since 1974)

 

Class:                          100%

Name:                          Endress + Hauser Japan Co Ltd

City/Country:                Tokyo, Japan/JP

Interest:                        100,00% voting right, 100,00% capital interest (since 1970)

 

Class:                          100%

Name:                          Endress + Hauser (Korea) Co Ltd

City/Country:                Seoul, South Korea/KR

Interest:                        100,00% voting right, 100,00% capital interest (since 1998)

 

Class:                          100%

Name:                          Endress + Hauser Limited

City/Country:                Manchester/Lancashire, United Kingdom/GB

Interest:                        100,00% voting right, 100,00% capital interest

 

Class:                          100%

Name:                          Endress + Hauser (M) Sdn Bhd

City/Country:                Shah Alam Selangor, Malaysia/MY

Interest:                        100,00% voting right, 100,00% capital interest (since 1990)

 

Class:                          100%

Name:                          Endress + Hauser Messtechnik GmbH + Co KG

City/Country:                Weil am Rhein, Germany/DE

Interest:                        100,00% voting right, 100,00% capital interest

 

Class:                          100%

Name:                          Endress + Hauser Messtechnik Verwaltungs-GmbH

City/Country:                Weil am Rhein, Germany/DE

Interest:                        100,00% voting right, 100,00% capital interest

 

Class:                          100%

Name:                          Endress + Hauser (Mexico) SA de CV

City/Country:                Mexico D.F., Mexico/MX

Interest:                        100,00% voting right, 100,00% capital interest (since 1999)

 

Class:                          100%

Name:                          Endress + Hauser (Netherlands) Holding BV

City/Country:                Naarden, Netherlands/NL

Interest:                        100,00% voting right, 100,00% capital interest (since 1960)

 

Class:                          100%

Name:                          Endress + Hauser Polska Spzoo

City/Country:                Warschau, Poland/PL

Interest:                        100,00% voting right, 100,00% capital interest

 

Class:                          100%

Name:                          Endress + Hauser (Portugal) Unipessoal Lda

City/Country:                Lissabon, Portugal/PT

Interest:                        100,00% voting right, 100,00% capital interest (since 2002)

 

Class:                          100%

Name:                          Endress + Hauser SA

City/Country:                Sant Just Desvern, Spain/ES

Interest:                        100,00% voting right, 100,00% capital interest (since 1990)

 

Class:                          100%

Name:                          Endress + Hauser SA-NV

City/Country:                Bruxelles, Belgium/BE

Interest:                        100,00% voting right, 100,00% capital interest (since 1962)

 

Class:                          100%

Name:                          Endress + Hauser SAS

City/Country:                Huningue, France/FR

Interest:                        100,00% voting right, 100,00% capital interest (since 1962)

 

Class:                          100%

Name:                          Endress + Hauser (SEA) Pte Ltd

City/Country:                Singapore, Singapore/SG

Interest:                        100,00% voting right, 100,00% capital interest (since 1987)

 

Class:                          100%

Name:                          Endress + Hauser Shanghai Automation Equipment Co. Ltd.

City/Country:                Shanghai, China/CN

Interest:                        100,00% voting right, 100,00% capital interest (since 2004)

 

Class:                          100%

Name:                          Endress + Hauser Sicestherm Srl

City/Country:                Pessano, Italy/IT

Interest:                        100,00% voting right, 100,00% capital interest

 

Class:                          100%

Name:                          Endress + Hauser (Suzhou) Automation Instrumentation Co Ltd

City/Country:                Suzhou, China/CN

Interest:                        100,00% voting right, 100,00% capital interest (since 2005)

 

Class:                          100%

Name:                          Endress + Hauser (Thailand) Ltd

City/Country:                Bangkok, Thailand/TH

Interest:                        100,00% voting right, 100,00% capital interest (since 1993)

 

Class:                          100%

Name:                          Endress + Hauser Verwaltungs-GmbH

City/Country:                Maulburg, Germany/DE

Interest:                        100,00% voting right, 100,00% capital interest

 

Class:                          100%

Name:                          Endress + Hauser Wetzer GmbH + Co KG

City/Country:                Nesselwang, Germany/DE

Interest:                        100,00% voting right, 100,00% capital interest

 

Class:                          100%

Name:                          Endress + Hauser Wetzer (India) Private Limited

City/Country:                AURANGABAD/Maharashtra, India/IN

Interest:                        100,00% voting right, 100,00% capital interest (since 2012)

 

Class:                          100%

Name:                          Endress + Hauser Wetzer (Suzhou) Co Ltd

City/Country:                Suzhou, China/CN

Interest:                        100,00% voting right, 100,00% capital interest (since 2006)

 

Class:                          100%

Name:                          Endress + Hauser Wetzer Verwaltungs-GmbH

City/Country:                Nesselwang, Germany/DE

Interest:                        100,00% voting right, 100,00% capital interest

 

Class:                          100%

Name:                          ENDRESS AND HAUSER (INDIA) AUTOMATION INSTRUMENTATION PRIVATE LIMITED

City/Country:                Aurangabad/Maharashtra, India/IN

Interest:                        100,00% voting right, 100,00% capital interest (since 2007)

 

Class:                          100%

Name:                          Endress and Hauser Investments (Pty) Ltd

City/Country:                Sandton, South Africa/ZA

Interest:                        100,00% voting right, 100,00% capital interest (since 1984)

 

Class:                          100%

Name:                          ENDRESS AND HAUSER PYROTEMP (Pty) Ltd.

City/Country:                Johannesburg, South Africa/ZA

Interest:                        100,00% voting right, 100,00% capital interest (since 01.09.2007)

 

Class:                          100%

Name:                          Endress Hauser AS

City/Country:                Istanbul, Turkey/TR

Interest:                        100,00% voting right, 100,00% capital interest (since 2007)

 

Class:                          100%

Name:                          Endress+Hauser (Brasil) Instrumentação e Automação Ltda.

City/Country:                Itatiba, Brazil/BR

Interest:                        100,00% voting right, 100,00% capital interest (since 2011)

 

Class:                          100%

Name:                          Endress+Hauser Consult AG

City/Country:                Reinach/BL, Switzerland/CH

Interest:                        100,00% voting right, 100,00% capital interest

 

Class:                          100%

Name:                          Endress+Hauser (Deutschland) AG+Co. KG

City/Country:                Weil am Rhein, Germany/DE

Interest:                        100,00% voting right, 100,00% capital interest (since 2002)

 

Class:                          100%

Name:                          Endress+Hauser Finanz AG

City/Country:                Reinach/BL, Switzerland/CH

Interest:                        100,00% voting right, 100,00% capital interest

 

Class:                          100%

Name:                          Endress+Hauser Flowtec AG

City/Country:                Reinach/BL, Switzerland/CH

Interest:                        100,00% voting right, 100,00% capital interest

 

Class:                          100%

Name:                          Endress+Hauser Flowtec (Brasil) Fluxômetros Ltda.

City/Country:                Itatiba, Brazil/BR

Interest:                        100,00% voting right, 100,00% capital interest (since 2012)

 

Class:                          100%

Name:                          Endress+Hauser InfoServe Inc

City/Country:                Greenwood/Indiana, United States of America/US

Interest:                        100,00% voting right, 100,00% capital interest (since 01.11.2011)

 

Class:                          100%

Name:                          Endress+Hauser InfoServe (Shanghai) Co. Ltd.

City/Country:                Shanghai, China/CN

Interest:                        100,00% voting right, 100,00% capital interest (since 2013)

 

Class:                          100%

Name:                          Endress+Hauser Instruments International AG

City/Country:                Reinach/BL, Switzerland/CH

Interest:                        100,00% voting right, 100,00% capital interest (since 2006)

 

Class:                          100%

Name:                          Endress+Hauser (International) Holding AG

City/Country:                Reinach/BL, Switzerland/CH

Interest:                        100,00% voting right, 100,00% capital interest

 

Class:                          100%

Name:                          Endress+Hauser Logistik GmbH+Co. KG

City/Country:                Weil am Rhein, Germany/DE

Interest:                        100,00% voting right, 100,00% capital interest (since 11.03.2008)

 

Class:                          100%

Name:                          Endress+Hauser Management AG

City/Country:                Reinach BL/BL, Switzerland/CH

Interest:                        100,00% voting right, 100,00% capital interest (since 13.09.2012)

 

Class:                          100%

Name:                          Endress+Hauser Process Solutions AG

City/Country:                Reinach BL/BL, Switzerland/CH

Interest:                        100,00% voting right, 100,00% capital interest (since 1999)

 

Class:                          100%

Name:                          Endress+Hauser Romania SRL

City/Country:                Bucharest, Romania/RO

Interest:                        100,00% voting right, 100,00% capital interest (since 01.01.2007)

 

Class:                          100%

Name:                          Endress+Hauser Services AG

City/Country:                Reinach/BL, Switzerland/CH

Interest:                        100,00% voting right, 100,00% capital interest (since 2006)

 

Class:                          100%

Name:                          Endress+Hauser Shanghai International Trading Co Ltd

City/Country:                Shanghai, China/CN

Interest:                        100,00% voting right, 100,00% capital interest (since 2011)

 

Class:                          100%

Name:                          Endress+Hauser Sternenhof AG

City/Country:                Reinach BL/BL, Switzerland/CH

Interest:                        100,00% voting right, 100,00% capital interest (since 2011)

 

Class:                          100%

Name:                          Endress+Hauser (USA) Automation Instrumentation Inc.

City/Country:                Greenwood/Indiana, United States of America/US

Interest:                        100,00% voting right, 100,00% capital interest (since 2008)

 

Class:                          100%

Name:                          Endress+Hauser (USA) Holding Inc

City/Country:                Greenwood, United States of America/US

Interest:                        100,00% voting right, 100,00% capital interest (since 2013)

 

Class:                          100%

Name:                          Endress+Hauser (Venezuela) S.A.

City/Country:                Caracas, Venezuela/VE

Interest:                        100,00% voting right, 100,00% capital interest (since 2008)

 

Class:                          100%

Name:                          Endress+Hauser Wetzer (USA) Inc.

City/Country:                Greenwood/Indiana, United States of America/US

Interest:                        100,00% voting right, 100,00% capital interest (since 01.01.2008)

 

Class:                          100%

Name:                          Endress+Hauser Yamanashi Co. Ltd.

City/Country:                Yamanashi, Japan/JP

Interest:                        100,00% voting right, 100,00% capital interest (since 01.01.2008)

 

Class:                          100%

Name:                          Innovative Sensor Technology IST AG

City/Country:                Ebnat-Kappel/SG, Switzerland/CH

Interest:                        100,00% voting right, 100,00% capital interest (since 2005)

 

Class:                          100%

Name:                          Innovative Sensor Technology sro

City/Country:                Roznov, Czech/CZ

Interest:                        100,00% voting right, 100,00% capital interest (since 2005)

 

Class:                          100%

Name:                          Innovative Sensor Technology USA Division

City/Country:                Las Vegas, United States of America/US

Interest:                        100,00% voting right, 100,00% capital interest (since 2007)

 

Class:                          100%

Name:                          Kaiser Optical Systems Inc

City/Country:                Ann Arbor/Michigan, United States of America/US

Interest:                        100,00% voting right, 100,00% capital interest (since 22.11.2013)

 

Class:                          100%

Name:                          Kaiser Optical Systems SARL

City/Country:                Ecully, France/FR

Interest:                        100,00% voting right, 100,00% capital interest (since 22.11.2013)

 

Class:                          100%

Name:                          LLC Endress + Hauser

City/Country:                Moscow, Russia/RU

Interest:                        100,00% voting right, 100,00% capital interest (since 2003)

 

Class:                          100%

Name:                          Mestra AG

City/Country:                Reinach/BL, Switzerland/CH

Interest:                        100,00% voting right, 100,00% capital interest

 

Class:                          100%

Name:                          M.H.T. Technology Limited

City/Country:                Melsonby/North Yorkshire, United Kingdom/GB

Interest:                        100,00% voting right, 100,00% capital interest

 

Class:                          100%

Name:                          PT. Endress+Hauser Indonesia

City/Country:                Jakarta, Indonesia/ID

Interest:                        100,00% voting right, 100,00% capital interest (since 2012)

 

Class:                          100%

Name:                          Société Générale de Métrologie  S.A.S

City/Country:                Vitrolles, France/FR

Interest:                        100,00% voting right, 100,00% capital interest (since 01.01.2014)

 

Class:                          100%

Name:                          SpectraSensors Inc

City/Country:                Houston/Texas, United States of America/US

Interest:                        100,00% voting right, 100,00% capital interest (since 26.06.2012)

 

Class:                          100%

Name:                          TrueDyne Sensors AG

City/Country:                Reinach BL/BL, Switzerland/CH

Interest:                        100,00% voting right, 100,00% capital interest (since 2000)

 

Class:                          100%

Name:                          Whessoe Limited

City/Country:                Newton Aycliffe, United Kingdom/GB

Interest:                        100,00% voting right, 100,00% capital interest (since 1997)

 

Class:                          50-100%

Name:                          Endress+Hauser (Schweiz) AG

City/Country:                Reinach/BL, Switzerland/CH

Interest:                        95,00% voting right, 95,00% capital interest (since 1973)

 

Class:                          50-100%

Name:                          AJ Blomesystem GmbH

City/Country:                Jena/Thüringen, Germany/DE

Interest:                        85,90% voting right, 85,90% capital interest (since 26.09.2013)

 

Class:                          50-100%

Name:                          AJ Innuscreen GmbH

City/Country:                Berlin/Berlin, Germany/DE

Interest:                        85,90% voting right, 85,90% capital interest (since 26.09.2013)

 

Class:                          50-100%

Name:                          AJ Roboscreen GmbH

City/Country:                Leipzig/Sachsen, Germany/DE

Interest:                        85,90% voting right, 85,90% capital interest (since 26.09.2013)

 

Class:                          50-100%

Name:                          AJ Vorratsgesellschaft mbH

City/Country:                Jena/Thüringen, Germany/DE

Interest:                        85,90% voting right, 85,90% capital interest (since 26.09.2013)

 

Class:                          50-100%

Name:                          ANALYTIK JENA AG

City/Country:                JENA, Germany/DE

Interest:                        85,90% voting right, 85,90% capital interest (since 26.09.2013)

 

Class:                          50-100%

Name:                          Analytik Jena France

City/Country:                St. Aubin, France/FR

Interest:                        85,90% voting right, 85,90% capital interest (since 26.09.2013)

 

Class:                          50-100%

Name:                          Analytik Jena Japan Co. Ltd.

City/Country:                Yokohama, Japan/JP

Interest:                        85,90% voting right, 85,90% capital interest (since 26.09.2013)

 

Class:                          50-100%

Name:                          Analytik Jena Shanghai Instruments Ltd. Co.

City/Country:                Shanghai, China/CN

Interest:                        85,90% voting right, 85,90% capital interest (since 26.09.2013)

 

Class:                          50-100%

Name:                          Analytik Jena US Inc.

City/Country:                Woburn/Massachusetts, United States of America/US

Interest:                        85,90% voting right, 85,90% capital interest (since 26.09.2013)

 

Class:                          50-100%

Name:                          Biometra GmbH

City/Country:                Göttingen/Niedersachsen, Germany/DE

Interest:                        85,90% voting right, 85,90% capital interest (since 26.09.2013)

 

Class:                          50-100%

Name:                          CyBio Central Europe GmbH

City/Country:                Jena/Thüringen, Germany/DE

Interest:                        85,90% voting right, 85,90% capital interest (since 26.09.2013)

 

Class:                          50-100%

Name:                          Cybio Northern Europe Ltd.

City/Country:                Maidstone, United Kingdom/GB

Interest:                        85,90% voting right, 85,90% capital interest (since 26.09.2013)

 

Class:                          50-100%

Name:                          Ultra-Violet Products Limited

City/Country:                Cambridge, United Kingdom/GB

Interest:                        85,90% voting right, 85,90% capital interest (since 26.09.2013)

 

Class:                          50-100%

Name:                          UVP LLC

City/Country:                Upland/California, United States of America/US

Interest:                        85,90% voting right, 85,90% capital interest (since 26.09.2013)

 

Class:                          50-100%

Name:                          AJ Instruments India Pvt. Ltd.

City/Country:                Delhi, India/IN

Interest:                        85,04% voting right, 85,04% capital interest (since 26.09.2013)

 

Class:                          50-100%

Name:                          Open Field Communications Pty Ltd

City/Country:                Bondi Junction/NSW, Australia/AU

Interest:                        70,00% voting right, 70,00% capital interest (since 01.04.2007)

 

Class:                          50-100%

Name:                          ETG Entwicklungs- und Technologie Gesellschaft mbH Ilmenau

City/Country:                Ilmenau/Thüringen, Germany/DE

Interest:                        68,72% voting right, 68,72% capital interest (since 26.09.2013)

 

Class:                          50-100%

Name:                          CodeWrights GmbH

City/Country:                Karlsruhe, Germany/DE

Interest:                        66,70% voting right, 66,70% capital interest (since 2002)

 

Class:                          50-100%

Name:                          Endress + Hauser (Pty) Ltd

City/Country:                Sandton, South Africa/ZA

Interest:                        66,70% voting right, 66,70% capital interest (since 1984)

 

Class:                          50-100%

Name:                          Analytik Jena Romania srl

City/Country:                Bucharest, Romania/RO

Interest:                        60,13% voting right, 60,13% capital interest (since 26.09.2013)

 

Class:                          50-100%

Name:                          Systemplan GmbH

City/Country:                Durmersheim/Baden-Württemberg, Germany/DE

Interest:                        60,00% voting right, 60,00% capital interest

 

Class:                          50-100%

Name:                          Endress and Hauser (Arabia) LLC

City/Country:                Al-Khobar, Saudi Arabia/SA

Interest:                        51,00% voting right, 51,00% capital interest (since 2011)

 

Class:                          40-49%

Name:                          Endress & Hauser Process Automation (UAE) Trading LLC

City/Country:                Dubai, United Arab Emirates/AE

Interest:                        49,00% voting right, 49,00% capital interest (since 2013)

 

Class:                          40-49%

Name:                          Endress + Hauser (Qatar) LLC

City/Country:                Doha, Qatar/QA

Interest:                        49,00% voting right, 49,00% capital interest (since 2009)

 

Class:                          40-49%

Name:                          Endress and Hauser Emirates Trading of Control Equipment and Measurement Devices LLC

City/Country:                Abu Dhabi, United Arab Emirates/AE

Interest:                        49,00% voting right, 49,00% capital interest (since 2013)

 

Class:                          40-49%

Name:                          Endress+Hauser Algérie SARL

City/Country:                Algier, Algeria/DZ

Interest:                        49,00% voting right, 49,00% capital interest (since 2013)

 

Class:                          40-49%

Name:                          comicon GmbH

City/Country:                Hamburg/Hamburg, Germany/DE

Interest:                        47,25% voting right, 47,25% capital interest (since 26.09.2013)

 

Class:                          40-49%

Name:                          CompuCal Calibration Solutions Ltd.

City/Country:                Little Island/Cork, Ireland/IE

Interest:                        44,90% voting right, 44,90% capital interest (since 02.07.2012)

 

Class:                          40-49%

Name:                          AJZ Engineering GmbH

City/Country:                Jena/Thüringen, Germany/DE

Interest:                        42,95% voting right, 42,95% capital interest (since 26.09.2013)

 

Class:                          40-49%

Name:                          Analytik Jena Far East (Thailand) Ltd.

City/Country:                Bangkok, Thailand/TH

Interest:                        42,09% voting right, 42,09% capital interest (since 26.09.2013)

 

Class:                          40-49%

Name:                          Finesse Solutions Inc

City/Country:                San Jose/California, United States of America/US

Interest:                        40,90% voting right, 40,90% capital interest (since 18.10.2011)

 

Class:                          20-29%

Name:                          Endress + Hauser (Tenaga) Sdn Bhd

City/Country:                Shah Alam Selangor, Malaysia/MY

Interest:                        0,00% capital interest (since 2002)

 

 

Legal Actions

 

Control date         Year                       No.             Amount CHF     Status

14.11.2013            2013                           0                                      Legal actions

31.12.2012            2012                           0                                      Legal actions

31.12.2011            2011                           0                                      Legal actions

31.12.2010            2010                           0                                      Legal actions

31.12.2009            2009                           0                                      Legal actions

31.12.2008            2008                           0                                      Legal actions

Official bankruptcy reports:

No bankruptcy publications available on the subject.

 

An updated legal action check is only available against proof of interest. e.g. a copy of an enquiry letter, and order or invoice relating to the subject company.

 

 

Sanctions List

 

The company is not listed in the WorldCompliance database.

 

 

Payment experiences

 

Payment experiences from pre-legal collection cases:

No payment experiences from pre-legal collection cases are available.

                                 

Payment experiences from collection cases:

No payment experiences from legal collection cases are available.

 

Mode of payment / Business conduct:

There are no complaints about the mode of payment and the business conduct.

 

 

Credit Information

 

Financial Situation:          The financial situation is very good.

Payment experiences:     Payments are made with arranged conditions.

 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.65.39

UK Pound

1

Rs.99.05

Euro

1

Rs.73.19

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ASH

 

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

 

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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.