MIRA INFORM REPORT

Report Date :

09.09.2011

IDENTIFICATION DETAILS

Correct Name :	CHINBAR, PJSC
Formerly Known As :	Zakryte Aktsionerne Tovarystvo CHYNBAR
Registered Office :	21 Kurenivska str., Kiev, 04073
Country :	Ukraine
Financials (as on) :	31.03.2011
Date of Incorporation :	10.12.1993
Com. Reg. No.:	00307856
Legal Form :	Public Joint-Stock Company
Line of Business :	Leather Processing

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	----

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^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Ukraine	b2	b2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Identification

Full Name

:

Publichne Aktsionerne Tovarystvo CHYNBAR

Name in English

:

CHINBAR, PJSC

Previous Names

:

-	Zakryte Aktsionerne Tovarystvo CHYNBAR
-	Pidpryemets CHYNBAR

Office address

:

21 Kurenivska str., Kiev, 04073, Ukraine

Legal Address

:

21 Kurenivska str., Kiev, 04073, Ukraine

Contacts

:

-	Phone	:	(+380 44) 4684271, 4685015
-	Fax	:	(+380 44) 4685294
-	E-mail	:	chinbar@iptelecom.net.ua
-	WWW	:	www.chinbar.com.ua

Company SUMMARY

Legal Form : PAT (Public Joint-Stock Company by Ukrainian Law)

Incorporation : 1993

Staff : 150

Litigation events : n/a Remarks on payments : n/a

Sales :	6 371.00 th UAH ( for 3 months, ended 31.03.2011 )
	26 942.00 th UAH ( for 12 months, ended 31.12.2010 )

Credit Opinion

Credit Limit

:

Credit against security is acceptable

Incorporation

:

1993

Registration Data

Date of registration

:

10.12.1993

Registration number

:

00307856

Registr. authority

:

Local Administration (Kiev, Ukraine)

Number of the Certificate of State Registration: 596439 Series of the Certificate: A00

VAT number

:

003078526542

Registr. place

:

Ukraine

Number of VAT-certificate: 100336517 Date of issue: 16.05.2011

Legal Form

:

PAT (Public Joint-Stock Company by Ukrainian Law)

since 21.04.2011

Share Capital

:

1 861 587 UAH (registered)

since 05.07.2000

Shareholders

:

Mass-media data: According to the mass-media data of 03.02.2011 the principal shareholders of the company are: ZAT "Kompaniya "Asotsiatsiya Ukraina" (registration number: 24085320), share - 19.0288%; Private persons (Ukraine), share - 50.7073%. Source: http://smida.gov.ua/db/participant/00307856

Board / Executives

Executives

Director

:

Mr Lischuk, Viktor Ivanovich (Ukraine)
	pers. code: 1942802835

Director

:

Mr Lischuk V.I. (Ukraine)

( the data cancelled since 11.09.1998 )

Authorised signature

:

Mr Lischuk, Viktor Ivanovich

Mr Lischuk V.I.

( the data cancelled since 11.09.1998 )

Changes in Registration Data

- 21.04.2011

:

name, legal form

- 05.07.2000

:

share capital

- 07.10.1999

:

share capital

- 11.09.1998

:

managers, authorised signature

- 29.12.1994

:

name, legal form

Activities

:

-	3111	Leather Processing
		(NACE 1910: Tanning and dressing of leather)
-	3111	Industrial Leather Products
		(NACE 1910: Tanning and dressing of leather)
-	5159	Feathers, Hides & Pelts
		(NACE 5124: Wholesale of hides, skins and leather)
-	5199	Leather, Leather Goods & Furs
		(NACE 5119: Agents involved in the sale of a variety of goods)

Processing and wholesale of leather goods.

Staff employed

:

150 [E]

Staff History

:

-	177
	( the data as of 31.03.2010 )
-	177
	( the data as of 31.12.2009 )
-	Company's administration data:
	180 [E]
	( the data as of 29.04.2009 )
-	Official data:
	253
	( the data as of 31.12.2007 )
-	Official data:
	280
	( the data as of 31.12.2006 )

Export

- 01.05.2011

:

Fiscal period: 4 month(s), currency: UAH

2 317 798.00

India, Czech Republic, Moldova, Poland, Italy

- 01.01.2011

:

Fiscal period: 12 month(s), currency: UAH

5 576 407.00

- 01.01.2010

:

Fiscal period: 12 month(s), currency: UAH

2 218 644.00

Import

- 01.01.2010

:

Fiscal period: 12 month(s), currency: UAH

948 168.00

- 01.01.2009

:

Fiscal period: 12 month(s), currency: UAH

5 220 207.00

:

none

Facilities

Real estate

:

own:
-	Premises - Office and production
	address	:	21 Kurenivska str., Kiev, 04073, Ukraine

Branches

:

-	Recreation centre
	name	:	Children's recreation camp Vognyk
	Registration number: 25411158.

Subsidiaries and Participation

:

There are 7 subsidiaries in Ukraine.

Bankers

:

-	Brokbiznesbank (Ukraine)
	bank code	:	300249
	account(s)	:	00260020031010 USD, EUR, RUB; 00260570031010 USD;00260580031000 UAH
-	Hreschatyk (Ukraine)
	bank code	:	322595
	account(s)	:	02600222021748 USD; 02600922031748 EUR; 02600522011748 UAH

Clients

:

-	AERO CLUB (India)
-	IURTEL-PSV S.R.L. (Moldova)
-	NIKONOS LEATHERS (Italy)
-	WIGAL spotka z o.o. (Poland)
-	??? spol. s.r.o. (Czech Republic)

Litigation

:

According to the data of Bulletin of the State Registration as of 05.09.2011, there are no bankruptcy registered in the name of the subject company.

There are no suits/litigation files recorded in the name of CHYNBAR company registered at the web-site of the Unified State Register of the Legal Judgements.

Remarks on payment

:

No official information is available according to the Ukrainian legislation.

Financial Elements

Period, months	3	12	12
Ended	31.03.2011	31.12.2010	31.12.2009
Currency	UAH th	UAH th	UAH th
Non-current assets	233 993.00	234 226.00	34 394.00
incl: - Fixed assets	32 417.00	32 649.00	33 165.00
- Financial assets	11.00	11.00	11.00
Current assets	11 319.00	10 822.00	7 831.00
incl: - Stock	6 147.00	5 716.00	6 085.00
- Debtors	4 702.00	4 935.00	1 613.00
- Cash	460.00	126.00	91.00
ASSETS TOTAL	245 363.00	245 123.00	42 299.00
Equity	24 851.00	25 396.00	27 143.00
incl: - Share capital	1 862.00	1 862.00	1 862.00
Liabilities Total	220 426.00	219 689.00	15 072.00
incl: - Long-term liabilities	211 800.00	211 800.00	11 910.00
- Short-term liabilities	8 626.00	7 889.00	3 162.00
EQUITY AND LIABILITIES TOTAL	245 363.00	245 123.00	42 299.00
Net sales	6 371.00	26 942.00	20 600.00
Cost of goods sold	5 563.00	21 923.00	15 504.00
Operating profit	-158.00	589.00	2 682.00
Profit before taxation	-545.00	-1 747.00	47.00
Net profit	-545.00	-1 747.00	21.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	-8.55	-6.48	0.23
Profit before taxation / Net sales
Operating margin of profit, %	-2.48	2.19	13.02
Operating profit / Net sales
Return on investment, %	-2.19	-6.88	0.17
Profit before taxation / Equity
Current assets turnover	0.56	2.49	2.63
Net sales / Current assets
Working capital	2 693.00	2 933.00	4 669.00
Current assets - Short-term liabilities
Leverage	0.10	0.10	0.64
Equity / Total assets
Current ratio	1.31	1.37	2.48
Current assets / Short-term liabilities
Quick ratio	0.60	0.65	0.55
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	8.87	8.65	0.56
Total liabilities / Equity

The company is registered as a taxpayer at the State Tax Administration.

FINAL COMMENTS

The information given in this report was collected from all the sources accessible. We contacted Mrs Mayboroda Viktoriya (officer) on 05.09.2011 by the tel. number: +38 044 4684271. She confirmed the general information and asked us to send a questionnaire. An inquiry was sent for the attention of the Director but no answer was received. When the additional information comes in we will update the subject report.

Legal Form History

- 29.12.1994

:

ZAT (Private Joint-Stock Company by Ukrainian Law)

( the data as of 29.12.1994, cancelled since 21.04.2011 )

- 10.12.1993

:

Pidpriemets (Private Businessman by Ukrainian Law)

( the data as of 10.12.1993, cancelled since 29.12.1994 )

Capital History

- 07.10.1999

:

3 076 180 UAH (registered)

( the data as of 07.10.1999, cancelled since 05.07.2000 )

- 11.09.1998

:

3 076 227 UAH (registered)

( the data as of 11.09.1998, cancelled since 07.10.1999 )

COUNTRY REVIEW

UKRAINIAN COUNTRY REVIEW, UPDATE AS OF AUGUST 2010 (DATA OF THE MINISTRY OF ECONOMI

CS)

Gross Domestic Product

By a preliminary estimate, GDP in the first quarter of 2010, (in invariable prices

of 2007) grew by 4.8% in comparison with the first quarter of 2009.

Real GDP for 2009 in comparison with 2008 decreased by 15.1%, nominal GDP for the r

eporting period amounted to 914.7 bln UAH .

Reduction of gross added cost in 2009 compared to 2008 has occurred in construction

(by 45.9%), processing industry (by 26.6%), commerce (by 15.7%), production and di

stribution of electricity, gas and water (11.7%), extraction industry (by 10.5%), t

ransport and communication (by 9.1%).

Industrial sector

The volume of industrial production for January-June 2010 compared to the relevant

period of the last year increased by 12.0%. Industrial output of processing industr

y grew by 13.8%, extraction industry - by 6,1%, production and distribution of elec

tricity, gas and water - by 12.5%.

In June 2010 compared to May 2010 the total industrial output decreased by 0.5%.

In the processing industry production output decreased by 0.4%. The volume of indus

trial production reduced significantly among enterprises of metallurgical productio

n and manufacturing of finished metal products - by 11.0%, coke production, petrole

um refining products - by 10.1%. However, production increased in light industry (b

y 20.2%), pulp and paper production, publishing (by 9.6%), mechanical engineering (

7.6%) and wood processing and manufacturing of wood products, except furniture (by

6.7%), manufacture of other nonmetallic mineral products (by 3.4%),

food beverages and tobacco (by 2.7%).

In the mining industry industrial output decreased compared to May 2010 by 2.7%, in

cluding industrial output in mining operations, except energy minerals mining which

decreased by 4.1% and mining of energy minerals - by 1.6% down.

Industrial production for individual activities

Mechanical engineering.* Industrial production of engineering enterprises (machine-

building industry) increased by 30.1% in January-June 2010 compared to the relevant

period of the last year. The growth of the machinery production is caused by the i

ncrease in production at enterprises, which produce railway rolling stock - by 156.

7%, machinery and equipment for agriculture and forestry - by 74.5%, machinery and

equipment for the mining industry and construction - by 44.6%, production of equipm

ent for radio, television and communication - by 23.7%, electric machines and equip

ment - by 12.9%, machinery and equipment for metallurgy - by 7.3%,

road transportation - by 2.2%. In January-May 2010 the number of profitable enterpr

ises was 52.2% (last year - 50.7%).

*Iron and steel production and manufacture of fabricated metal products.*

In January-June 2010 industry output compared to the corresponding period in 2009 i

ncreased by 19.1%. The metallurgical enterprises showed the 25,7 increase in the ou

tput of other types of primary processing of steel, fabricated metal products: +19.

8%, iron, steel and ferroalloys: +18.8%, pipes: +13.9%, production of nonferrous me

tals: +12,8%. In January-May 2010 the number of profitable enterprises was 48.4% (l

ast year - 43.2%).

*Chemical and petrochemical industries.*

Industrial output in January-June 2010 compared to the corresponding period of 2009

increased by 21.4%, including the increase in the production of basic chemical pro

ducts - by 20,8%, pharmaceutical products - by 37.6% soap and detergents, cleaner a

nd polish, perfume and cosmetics - by 9.2%, varnishes and paints - by 2.5%, rubber

and plastic products - by 16.7% and 7.7% accordingly. In January-May 2010 the numbe

r of profitable enterprises was 63.2% (last year - 62.6%).

*Production of food, beverages and tobacco products.*

Industrial output of the branch in January-June 2010 compared to the corresponding

period of the last year increased by 0.8%. At the enterprises which produce oils an

d fats production growth was 10.3%, meat industry - 5.3%, confectionery industry -

4.6%. Production reduced in processing and preservation of fruits and vegetables (b

y 5.8%), in dairy and beverage industry (by 4.0%), manufacture of tobacco products

(by 2.3%). In January-May 2010 the number of profitable enterprises was 57.1% (last

year - 59.2%).

*Light industry.*

In January-June 2010 compared to the corresponding period of the last year output g

rew by 7.5%. The enterprises of textile manufacture, clothes, fur and fur productio

n output increased by 8.2%, leather production, leather and other materials - by 5.

1%. In January-May 2010 the number of profitable enterprises constituted 52.6% (las

t year � 54.8%).

Wholesale and retail trade

The physical volume of wholesale trade turnover in January-June 2010 compared to th

e corresponding period of the last year increased by 5.0% (last year - decreased by

24.6%).

Retail trade turnover in January-June 2010 compared to the corresponding period in

2009 increased by 2.3% (last year - was reduced by 15.2%).

Volume of retail trade of enterprises, which operate in retail trade and restaurant

business, in January-June 2010 increased in comparable prices against the same per

iod of the last year by 2.5% (last year - was reduced by 19.9%).

Foreign trade in goods

In January-May 2010 export of goods amounted to 18,769.0 mln USD and increased comp

ared to the corresponding period of 2009 by 31.4% and import amounted to 20,869.3 m

ln USD that is 25.9% up. A negative balance of foreign trade amounted to 2,100.3 ml

n USD (last year negative balance amounted to 2,290.3 mln USD).

Import-export ratio of goods in January-May 2010 amounted to 0.90 (last year - 0.86

).

The largest volume of export was supplied to Russian Federation � 24.9% of total ex

port, Turkey - 6.6%, Italy - 4.6%, Belarus - 3.5%, Poland - 3.2%, Germany - 3 1%, I

ndia - 2.9%. In January-May 2010, compared to the corresponding period of 2009, exp

ort to Russia increased by 68.2%, import � 2.2 times. The balance of foreign trade

with Russia was negative and amounted to 3,054.2 mln USD.

The greatest import to Ukraine came from Russia - 37.1% of total imports, Germany -

7.3%, China � 6.9%, Poland � 4.1%, Belarus - 3.2%, the USA � 2.9%, Italy - 2.4%.

*Labour market*

During June 2010 the number of citizens who had the status of unemployed has decrea

sed by 4.9% and amounted 398.7 million people as of July 1, 2010. Since 2010 the nu

mber of registered unemployed has decreased by 25.0% (in comparison with June 2009

- by 39.5%).

Registered unemployment rate on July 1, 2010 amounted to 1.4% of the population of

working age. The highest unemployment rate was observed in Zhytomyr (2.6%), Poltava

(2.4%), Rivne and Sumy (2.3% each) regions and the lowest one - in Kyiv (0.3%).

APPENDIX A

Financial Statements

Period, months	3	12	12
Ended	31.03.2011	31.12.2010	31.12.2009
Currency	UAH th	UAH th	UAH th
PROFIT AND LOSS ACCOUNT (s)
010 Sales revenue (Income from sales of goods, work,	6 371.00	26 942.00	20 600.00
services
015 VAT tax	915.00	3 523.00	3 067.00
020 Excise tax	0.00	0.00	0.00
025
030 Other compulsory payments	0.00	0.00	0.00
035 Net sales revenue	5 456.00	23 419.00	17 533.00
040 Cost of goods, work, services	5 563.00	21 923.00	15 504.00
050 Gross profit	0.00	1 496.00	2 029.00
055 Gross loss	107.00	0.00	0.00
060 Other operating income	2 054.00	8 141.00	4 872.00
070 Administrative and management costs	512.00	1 883.00	1 618.00
080 Distribution costs	92.00	314.00	221.00
090 Other operating charges	1 501.00	6 851.00	2 380.00
100 Operating profit	0.00	589.00	2 682.00
105 Operating loss	158.00	0.00	0.00
110 Income from capital participating	0.00	0.00	0.00
120 Other financial income	10 350.00	38 614.00	0.00
130 Other income	333.00	0.00	26.00
140 Financial charges	10 997.00	41 342.00	2 638.00
150 Capital participating expenses	0.00	0.00	0.00
160 Other expenses	73.00	73.00	23.00
170 Profit from ordinary activity before taxation	0.00	0.00	47.00
175 Loss from ordinary activity before taxation	545.00	2 212.00	0.00
180 Ordinary activity Income-tax	0.00	0.00	26.00
190 Profit from ordinary activity	0.00	0.00	21.00
195 Loss from ordinary activity	545.00	1 747.00	0.00
200 Extraordinary income	0.00	0.00	0.00
205 Extraordinary charges	0.00	0.00	0.00
210 Extraordinary activity Income-Tax	0.00	0.00	0.00
220 Net profit	0.00	0.00	21.00
225 Net loss	545.00	1 747.00	0.00
Operating charges details:
230 Tangible expenses	3 831.00	16 566.00	10 942.00
240 Payroll costs	536.00	2 128.00	1 788.00
250 Allocation to social needs	356.00	1 396.00	984.00
260 Amortization charges	333.00	1 396.00	1 755.00
270 Other operating charges	813.00	2 819.00	2 710.00
280 Operating charges total	5 869.00	24 305.00	18 179.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
I. NON-CURRENT ASSETS
Intangible assets
010 residual value	26.00	27.00	34.00
011 acquisition cost	79.00	79.00	78.00
012 depreciation	53.00	52.00	44.00
020 Construction in progress	164.00	164.00	185.00
Fixed assets
030 residual assets	32 253.00	32 485.00	32 980.00
031 acquisition cost	63 824.00	64 295.00	63 445.00
032 depreciation	31 571.00	31 810.00	30 465.00
Long-term financial assets
040 Capital participation in other enterprises	0.00	0.00	0.00
045 Other financial investments	11.00	11.00	11.00
050 Long-term accounts receivable	199 890.00	199 890.00	0.00
060 Deferred tax charges	1 649.00	1 649.00	1 184.00
070 Other non-current assets	0.00	0.00	0.00
080 NON-CURRENT ASSETS TOTAL	233 993.00	234 226.00	34 394.00
II. CURRENT ASSETS
Stock
100 Raw materials, consumables and supplies	1 948.00	1 804.00	2 311.00
110 Working and productive animals	0.00	0.00	0.00
120 Construction in progress	1 344.00	2 569.00	2 211.00
130 Finished goods	2 834.00	1 293.00	1 526.00
140 Goods for resale	21.00	50.00	37.00
150 Bills of exchange receivable	0.00	0.00	0.00
Trade debtors:
160 net realizable value	1 270.00	964.00	905.00
161 acquisition cost	1 270.00	964.00	905.00
162 doubtful debts reserve	0.00	0.00	0.00
Accounts receivable
170 Budget accounts receivable	15.00	58.00	382.00
180 Payments in advance	191.00	183.00	223.00
190 Accrued income	3 220.00	3 450.00	0.00
200 Internal payments	0.00	0.00	0.00
210 Other current accounts receivable	6.00	280.00	103.00
220 Current financial investments	0.00	0.00	0.00
Cash at bank and in hand
230 Funds in local currency	255.00	39.00	91.00
240 Funds in foreign currencies	205.00	87.00	0.00
250 Other current assets	10.00	45.00	42.00
260 CURRENT ASSETS TOTAL	11 319.00	10 822.00	7 831.00
270 III. DEFERRED CHARGES	51.00	75.00	74.00
280 ASSETS TOTAL	245 363.00	245 123.00	42 299.00
EQUITY AND LIABILITIES
I. CAPITAL AND RESERVES
300 Authorized capital	1 862.00	1 862.00	1 862.00
310 Share capital	0.00	0.00	0.00
320 Additional contributed capital	0.00	0.00	0.00
330 Other additional capital	24 304.00	24 304.00	24 304.00
340 Reserve capital	0.00	0.00	491.00
350 Retained earnings (loss)	-1 315.00	-770.00	486.00
360 Unpaid capital (minus)	0.00	0.00	0.00
370 Retired capital (minus)	0.00	0.00	0.00
380 CAPITAL AND RESERVES TOTAL	24 851.00	25 396.00	27 143.00
II. PROVISIONS FOR EXPENSES AND
LIABILITIES
400 Provisions for payments to personnel	86.00	38.00	84.00
410 Other provisions	0.00	0.00	0.00
415 Insurance reserves	0.00	0.00	0.00
416 portion covered by insurers	0.00	0.00	0.00
420 Special-purpose funding	0.00	0.00	0.00
430 PROVISIONS FOR EXPENSES AND	86.00	38.00	84.00
LIABILITIES TOTAL
III. LONG-TERM LIABILITIES
440 Long-term amounts owed to credit institutions	211 800.00	211 800.00	11 910.00
450 Other financial liabilities	0.00	0.00	0.00
460 Deferred tax liabilities	0.00	0.00	0.00
470 Other long-term liabilities	0.00	0.00	0.00
480 TOTAL LONG-TERM LIABILITIES	211 800.00	211 800.00	11 910.00
IV. SHORT-TERM LIABILITIES
500 Short-term amounts owed to credit institutions	500.00	500.00	0.00
510 Short-term portion of long-term liabilities	0.00	0.00	0.00
520 Bills of exchange payable	0.00	0.00	0.00
530 Trade creditors	3 511.00	3 326.00	2 306.00
Accounts payable:
540 Advance payments	703.00	290.00	285.00
550 Budget accounts payable	142.00	97.00	115.00
560 Non-budget accounts payable	0.00	0.00	0.00
570 Insurance payments	39.00	0.00	59.00
580 Accrued payroll	97.00	14.00	147.00
590 Liabilities to shareholders	0.00	0.00	0.00
600 Internal payments	0.00	0.00	0.00
610 Other short-term liabilities	3 634.00	3 662.00	250.00
620 SHORT-TERM LIABILITIES TOTAL	8 626.00	7 889.00	3 162.00
630 V. DEFERRED INCOME	0.00	0.00	0.00
640 EQUITY AND LIABILITIES TOTAL	245 363.00	245 123.00	42 299.00

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.46.18
UK Pound	1	Rs.73.65
Euro	1	Rs.64.95

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.