MIRA INFORM REPORT

Report Date :

06.12.2012

IDENTIFICATION DETAILS

Name :	CENTRAL PHARMACEUTICAL COMPANY N03

Registered Office :	No.115 Ngo Gia Tu, Hai Chau District, Da Nang City

Country :	Vietnam

Financials (as on) :	31.12.2011

Year of Establishment :	1969

Com. Reg. No.:	0400102077

Legal Form :	State Single Limited Liability Company

Line of Business :	Trading in material and medicines products

No. of Employees :	150 employees

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Vietnam

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

vietnam - ECONOMIC OVERVIEW

Vietnam is a densely-populated developing country that in the last 30 years has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. While Vietnam's economy remains dominated by state-owned enterprises, which still produce about 40% of GDP, Vietnamese authorities have reaffirmed their commitment to economic liberalization and international integration. They have moved to implement the structural reforms needed to modernize the economy and to produce more competitive export-driven industries. Vietnam joined the World Trade Organization in January 2007 following more than a decade-long negotiation process. Vietnam became an official negotiating partner in the developing Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to about 22% in 2011, while industry's share increased from 36% to 40% in the same period. Deep poverty has declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession has hurt Vietnam's export-oriented economy, with GDP in 2009-11 growing less than the 7% per annum average achieved during the last decade. In 2011, exports increased by more than 33%, year-on-year, and the trade deficit, while reduced from 2010, remained high, prompting the government to maintain administrative trade measures to limit the trade deficit. Vietnam's managed currency, the dong, continues to face downward pressure due to a persistent trade imbalance. Since 2008, the government devalued it in excess of 20% through a series of small devaluations. Foreign donors pledged nearly $8 billion in new development assistance for 2011. However, the government's strong growth-oriented economic policies have caused it to struggle to control one of the region's highest inflation rates, which reached as high as 23% in August 2011 and averaged 18% for the year. In February 2011, Vietnam shifted its focus away from economic growth to stabilizing its economy and tightened fiscal and monetary policies. In early 2012 Vietnam unveiled a broad "three pillar" economic reform program, proposing the restructuring of public investment, state-owned enterprises and the banking sector. Vietnam's economy continues to face challenges from low foreign exchange reserves, an undercapitalized banking sector, and high borrowing costs. The near-bankruptcy and subsequent default of the state-owned-enterprise Vinashin, a leading shipbuilder, led to a ratings downgrade of Vietnam's sovereign debt, exacerbating Vietnam's borrowing difficulties.

Source : CIA

SUBJECT IDENTIFICATION & LEGAL FORM

Current legal status
English Name		CENTRAL PHARMACEUTICAL COMPANY N⁰3
Vietnamese Name		CONG TY TNHH MOT THANH VIEN DUOC TRUNG UONG 3
Short name		CENTERPHARCO
Type of Business		State single limited liability company
Year Established		1969
Establishment Decision		392/BYT-QD
Date of Issuance		20 Mar 1993
Place of Issuance		Ministry of health
Business Registration No.		0400102077
Date of Registration		19 Oct 2010
Place of Registration		Da Nang Department of Planning & Investment
Chartered capital		VND 11,183,716,595
Status		Unlisted
Tax code		0400102077
Total Employees		150
Notes: + The given name "CENTRAL PHARMACEUTICAL COMPANY NO 3" is not very correct. The correct one is as above. +The subject is about to raise the chartered capital to VND 20 billion. +As planned, the subject will become a joint stock company in June 2013.

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Business Registration No: 3206000193 Changed to: The same tax code No. 0400102077	19 Oct 2010
2	Subject has got former Type of Business: State owned company Changed to: State single limited liability company	19 Oct 2010
3	Subject has got former Registered Vietnamese Name: CONG TY DUOC TW 3 Changed to: CONG TY TNHH MOT THANH VIEN DUOC TW 3	19 Oct 2010
4	Subject has got former Business Registration No: 104040 Changed to: No. 3206000193	18 Sep 2007
5	Subject has got former Chartered capital: VND 16.226 billion Changed to: VND 11.183 billion	N/A
6	Subject has got former Board Of Director: Director is Mr Pham Hung Thinh Changed to: Mr Nguyen Thanh Linh	N/A

company ADDRESSES

Head Office
Address		No.115 Ngo Gia Tu, Hai Chau District, Da Nang City, Vietnam
Telephone		(84-511) 381 6687/ 389 7866/ 382 2745
Fax		(84-511) 382 2767
Email		ctyduoctw3@dng.vnn.vn

Branch in Ha Noi
Address		No.95 Lang Ha, Dong Da District, Ha Noi City, Vietnam
Telephone		(84-4) 3856 2365 / 35141881
Fax		(84-4) 3856 2584

Branch in Ho Chi Minh
Address		No.284/7/1 Ly Thuong Kiet str, ward 14, 10 District, Ho Chi Minh City, Vietnam
Telephone		(84-8) 3868 5166/3868 7817/ 3868 5162
Fax		(84-8) 3868 7435/ 3868 5166
Note: Opposite to this address is the subject's stock that is located at No.284/10, Ly Thuong Kiet Str, ward 14, 10 District, Ho Chi Minh City, Vietnam. The stock is also the former registered address of this branch

SUBSIDIARIES AND RELATED COMPANIES

1. PARENT COMPANY - VIETNAM PHARMACEUTICAL CORPORATION
Business Registration		0106001031
Date of Registration		16 Dec 2008
Place of Registration		Ha Noi City Department of Planning and Investment
Chartered Capital		VND 1,338,544,248,430
Tax code		0100109385
Address		No.138B Giang Vo Str, Ba Dinh District, Ha Noi City, Vietnam
Tel		(84-4) 3844 3153/ 3844 3151
Fax		(84-4) 3844 3665
Website		http://www.vinapharm.net.vn

DIRECTORS

1. NAME		Mr. NGUYEN THANH LINH
Position		Chairman cum Director
Date of Birth		25 Jul 1964
ID Number/Passport		200259887
ID Issue Date		01 Jul 1997
ID Issue Place		Department Of Public Security Of Da Nang City
Resident		No 29 Hai Phong St - Thach Thang Ward, Hai Chau District, Da Nang City, Vietnam
Nationality		Vietnamese
Qualification		Pharmacist

2. NAME		Mr. LE DUC LOI
Position		Business Manager
Date of Birth		1964
Nationality		Vietnamese

3. NAME		Ms. PHAM THI OANH
Position		Vice Director
Resident		No.80/2 Tran Phu, Hai Chau District, Da Nang City, Vietnam
Nationality		Vietnamese
Qualification		Pharmacist

4. NAME		Mr. TRUONG THOAI NHAN
Position		Chief Accountant
Nationality		Vietnamese
Tel		(84-511) 3822745
Mobile phone		+ 84 905 565 455

5. NAME		Mr. TRUONG VAN VIET
Position		Administration Manager
Nationality		Vietnamese

BUSINESS NATURE AND ACTIVITIES

The subject registered in the following lines of business:
• Trading in material and medicines products
• Trading in oriental medicines, medical equipment
• Manufacturing some kinds of simple medicines
• Trading in vaccine, biology finished products

IMPORT & EXPORT ACTIVITIES

IMPORT:
 Market		The Subject imported medicines, medical equipment and material for pharmaceutical industry from Europe, USA, Korea, India, Taiwan, etc.
 Mode of payment		TT/ L/C

EXPORT:
 Market		The Subject mainly exports oriental medicines to Czech Public, Russia, Turkey.
 Mode of payment		TT/ L/C
 Ratio		Very Little

BANKERS

1. VIETNAM BANK FOR AGRICULTURAL AND RURAL DEVELOPMENT DA NANG CITY BRANCH
Address		No. 23 Phan Dinh Phung Str, Hai Chau District, Da Nang City, Vietnam
Telephone		(84-511) 382 1166
Fax		(84-511) 382 3495

2. VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE DA NANG BRANCH
Address		No.172 Nguyen Van Linh, Thanh Khe District, Da Nang City, Vietnam
Telephone		(84-511) 2691345

3. JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM DA NANG BRANCH
Address		No. 140 – 142 Le Loi Str, Hai Chau District, Da Nang City, Vietnam
Telephone		(84-511) 3822110
Fax		(84-511) 3826062

SHAREHOLDERS

1. NAME		VIETNAM PHARMACEUTICAL CORPORATION
Business Registration		0106001031
Date of Registration		16 Dec 2008
Place of Registration		Ha Noi City Department of Planning and Investment
Chartered Capital		VND 1,338,544,248,430
Tax code		0100109385
Address		No.138B Giang Vo Str, Ba Dinh District, Ha Noi City, Vietnam
Tel		(84-4) 3844 3153/ 3844 3151
Fax		(84-4) 3844 3665
Email		vinapharm@hn.vnn.vn
Website		http://www.vinapharm.net.vn
Value of shares		VND 11,183,716,595
Percentage		100%

FINANCIAL DATA

BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2011	31/12/2010	31/12/2009
Number of weeks	52	52	52
Audit status	Unaudited	Unknown	Unknown
ASSETS
A – CURRENT ASSETS	126,135,000,000	74,802,000,000	81,622,475,599
I. Cash and cash equivalents	11,034,000,000	7,285,000,000	3,547,538,553
1. Cash	11,034,000,000	7,285,000,000	3,547,538,553
2. Cash equivalents	0	0	0
II. Short-term investments	0	0	0
1. Short-term investments	0	0	0
2. Provisions for devaluation of short-term investments	0	0	0
III. Accounts receivable	63,994,000,000	40,097,000,000	50,797,118,503
1. Receivable from customers	53,304,000,000	35,567,000,000	43,144,985,010
2. Prepayments to suppliers	8,112,000,000	1,896,000,000	3,253,969,906
3. Inter-company receivable	0	0	300,544,979
4. Receivable according to the progress of construction	0	0	0
5. Other receivable	2,578,000,000	2,634,000,000	4,097,618,608
6. Provisions for bad debts	0	0	0
IV. Inventories	50,103,000,000	26,232,000,000	26,503,087,538
1. Inventories	50,103,000,000	26,232,000,000	26,503,087,538
2. Provisions for devaluation of inventories	0	0	0
V. Other Current Assets	1,004,000,000	1,188,000,000	774,731,005
1. Short-term prepaid expenses	51,000,000	0	0
2. VAT to be deducted	408,000,000	423,000,000	526,837,549
3. Taxes and other accounts receivable from the State	0	0	0
4. Other current assets	545,000,000	765,000,000	247,893,456
B. LONG-TERM ASSETS	13,502,000,000	14,555,000,000	15,749,557,467
I. Long term accounts receivable	0	0	0
1. Long term account receivable from customers	0	0	0
2. Working capital in affiliates	0	0	0
3. Long-term inter-company receivable	0	0	0
4. Other long-term receivable	0	0	0
5. Provisions for bad debts from customers	0	0	0
II. Fixed assets	13,458,000,000	14,463,000,000	15,707,719,863
1. Tangible assets	13,458,000,000	14,463,000,000	15,707,719,863
- Historical costs	21,948,000,000	21,376,000,000	21,427,941,985
- Accumulated depreciation	-8,490,000,000	-6,913,000,000	-5,720,222,122
2. Financial leasehold assets	0	0	0
- Historical costs	0	0	0
- Accumulated depreciation	0	0	0
3. Intangible assets	0	0	0
- Initial costs	0	0	0
- Accumulated amortization	0	0	0
4. Construction-in-progress	0	0	0
III. Investment property	0	0	0
Historical costs	0	0	0
Accumulated depreciation	0	0	0
IV. Long-term investments	0	0	0
1. Investments in affiliates	0	0	0
2. Investments in business concerns and joint ventures	0	0	0
3. Other long-term investments	0	0	0
4. Provisions for devaluation of long-term investments	0	0	0
V. Other long-term assets	44,000,000	92,000,000	41,837,604
1. Long-term prepaid expenses	44,000,000	92,000,000	41,837,604
2. Deferred income tax assets	0	0	0
3. Other long-term assets	0	0	0
VI. Goodwill	0	0	0
1. Goodwill	0	0	0
TOTAL ASSETS	139,637,000,000	89,357,000,000	97,372,033,066

LIABILITIES
A- LIABILITIES	121,115,000,000	71,843,000,000	79,375,552,040
I. Current liabilities	107,692,000,000	71,248,000,000	78,266,269,540
1. Short-term debts and loans	26,864,000,000	27,215,000,000	25,900,167,706
2. Payable to suppliers	73,534,000,000	36,243,000,000	39,421,380,830
3. Advances from customers	5,609,000,000	6,575,000,000	5,626,130,646
4. Taxes and other obligations to the State Budget	452,000,000	731,000,000	1,011,023,182
5. Payable to employees	621,000,000	318,000,000	366,461,080
6. Accrued expenses	0	0	0
7. Inter-company payable	0	0	300,544,979
8. Payable according to the progress of construction contracts	0	0	0
9. Other payable	612,000,000	166,000,000	5,640,561,117
10. Provisions for short-term accounts payable	0	0	0
11. Bonus and welfare funds
II. Long-Term Liabilities	13,423,000,000	595,000,000	1,109,282,500
1. Long-term accounts payable to suppliers	0	0	0
2. Long-term inter-company payable	10,000,000,000	0	0
3. Other long-term payable	0	0	0
4. Long-term debts and loans	233,000,000	559,000,000	1,109,282,500
5. Deferred income tax payable	0	0	0
6. Provisions for unemployment allowances	36,000,000	36,000,000	0
7. Provisions for long-term accounts payable	0	0	0
8. Unearned Revenue
9. Science and technology development fund
B- OWNER’S EQUITY	18,522,000,000	17,514,000,000	17,996,481,026
I. OWNER’S EQUITY	18,031,000,000	17,106,000,000	17,521,627,289
1. Capital	16,804,000,000	16,804,000,000	16,804,458,096
2. Share premiums	0	0	0
3. Other sources of capital	0	0	0
4. Treasury stocks	0	0	0
5. Differences on asset revaluation	0	0	0
6. Foreign exchange differences	0	-227,000,000	0
7. Business promotion fund	0	0	0
8. Financial reserved fund	0	0	0
9. Other funds	0	0	0
10. Retained earnings	1,227,000,000	529,000,000	717,169,193
11. Construction investment fund	0	0	0
12. Business arrangement supporting fund
II. Other sources and funds	491,000,000	408,000,000	474,853,737
1. Bonus and welfare funds (Elder form)	491,000,000	408,000,000	474,853,737
2. Sources of expenditure	0	0	0
3. Fund to form fixed assets	0	0	0
MINORITY’S INTEREST	0	0	0
TOTAL LIABILITIES AND OWNER’S EQUITY	139,637,000,000	89,357,000,000	97,372,033,066

PROFIT & LOSS STATEMENT
Description	FY2011	FY2010	FY2009
1. Total Sales	436,910,000,000	329,877,000,000	203,353,133,321
2. Deduction item	5,255,000,000	2,810,000,000	815,526,507
3. Net revenue	431,655,000,000	327,067,000,000	202,537,606,814
4. Costs of goods sold	403,423,000,000	305,940,000,000	187,471,012,907
5. Gross profit	28,232,000,000	21,127,000,000	15,066,593,907
6. Financial income	351,000,000	470,000,000	126,477,519
7. Financial expenses	4,885,000,000	6,385,000,000	4,324,776,286
- In which: Loan interest expenses	2,656,000,000	2,834,000,000	0
8. Selling expenses	13,452,000,000	8,683,000,000	6,176,499,371
9. Administrative overheads	8,137,000,000	6,021,000,000	4,382,254,687
10. Net operating profit	2,109,000,000	508,000,000	309,541,082
11. Other income	25,000,000	21,000,000	79,891,950
12. Other expenses	1,035,000,000	0	0
13. Other profit /(loss)	-1,010,000,000	21,000,000	79,891,950
14. Total accounting profit before tax	1,099,000,000	529,000,000	389,433,032
15. Current corporate income tax	0	0	0
16. Deferred corporate income tax	0	0	0
17. Interest from subsidiaries/related companies	0	0	0
18. Profit after tax	1,099,000,000	529,000,000	389,433,032

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS

Description	FY2011	FY2010	FY2009	Average Industry
Current liquidity ratio	1.17	1.05	1.04	1.65
Quick liquidity ratio	0.71	0.68	0.70	1.04
Inventory circle	8.05	11.66	7.07	4.14
Average receive period	54.11	44.75	91.54	105.37
Utilizing asset performance	3.09	3.66	2.08	1.20
Liability by total assets	86.74	80.40	81.52	53.11
Liability by owner's equity	653.90	410.20	441.06	159.74
Ebit / Total assets (ROA)	2.69	3.76	0.40	10.37
Ebit / Owner's equity (ROE)	20.27	19.20	2.16	23.03
Ebit / Total revenue (NPM)	0.86	1.02	0.19	10.15
Gross profit / Total revenue (GPM)	6.46	6.40	7.41	25.88
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data

CASH FLOW STATEMENT
*(Direct method)*
Items	FY2011	FY2010
I. Cash flows from operating activities
1.Cash received from customers	580,443,000,000	506,102,000,000
2. Cash paid to suppliers	-559,248,000,000	-477,687,000,000
3. Cash paid to employees	-9,826,000,000	-7,543,000,000
4. Interest paid	-4,139,000,000	-3,615,000,000
5. Income taxes paid	0
6. Other operating cash receipts	14,008,000,000	1,186,000,000
7. Other operating payments	-16,526,000,000	-15,421,000,000
Net cash flows from operating activities	4,712,000,000	3,022,000,000
II. Cash flows from investing activities
1. Purchases and construction of fixed assets and other long-term assets	-25,000,000	-73,000,000
2. Gains from disposals and liquidation of fixed assets and other long-term assets	0	0
3. Loans given and purchases of debt instruments of other entities	0	0
4. Recovery of loans given and disposals of debt instruments of other entities	0	0
5. Investments into other entities	0	0
6. Withdrawals of investments in other entities	0	0
7. Receipts of loan interests, dividends and profit shared	138,000,000	104,000,000
Net cash flows from investing activities	113,000,000	31,000,000
III. Cash flows from financing activities
1. Gains from stock issuance and capital contributions from shareholders	0	0
2. Repayment for capital contributions and re-purchases of stocks already issues	0	0
3. Short-term and long-term loans received	73,248,000,000	76,588,000,000
4. Loan principal amounts repaid	-74,322,000,000	-75,761,000,000
5. Payments for financial leasehold assets	0	0
6. Dividends and profit already paid to the owners	0	-142,000,000
Net cash flows from financing activities	-1,074,000,000	685,000,000
Net cash flows during the year	3,751,000,000	3,738,000,000
Beginning cash and cash equivalents	7,285,000,000	3,547,000,000
Effects of fluctuations in foreign exchange rates	-2,000,000	0
Ending cash and cash equivalents	11,034,000,000	7,285,000,000

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

Trade Morality		Fair
Liquidity		Medium
Payment status		Average
Financial Situation		Average
Development trend		Stable
Litigation data		No Record
Bankruptcy		No Record
Payment Methods		L/C
Sale Methods		Retailer and Wholesaler
Public opinion		Well-known

INTERPRETATION ON THE SCORES

The subject has a long time in operation and development, which was originally found 1969 as a small factory to serve for Vietnamese people to fight against invader. It was re-established in 1976. In 1993, under the decision to set up corporation, the subject became member of Vietnam Pharmaceutical Corporation. Its operation is under the management of parent company, which is very large with many subsidiaries located in most provinces of Vietnam.

Nowadays, the company operation under business registration No 0400102077 with Chartered Capital is VND 11.183 billion. The products of the subject are about 40 kinds of common medicines such as Medicated Oil, Balm, Berberin, etc. The main business line to make profit is importing and trading in pharmaceutical for the local market. It also takes part in manufacturing with the small factory in Da Nang city. In addition, the subject is state owned companies, which is responsible for price stabilization of medicine in case of hard fluctuation of prices and to prepare medicine for prevention of the spread of epidemics when disasters happen. The subject has met three pharmaceutical standards, including GMP, GSP and GLP. The management capacity is normal. It will be more developed if the subject improves its management capability.

According to financial data, its capital structure is not safe. Financial leverage ratio is high in comparison with average industry, together with liquidity ratio is low. Besides, although its turnover was improved year after year, profitability is still limited. Total revenue in 2011 was VND 436.9 billion, increasing VND 107 billion compared with 2007. But profit after tax was little improvement. The main reasons were the high of cost of goods sold and financial expenses.

In short, the subject is a State owned company, so it receives much support, relying on that it has ability to adverse changes in circumstances and economic conditions. No caution needed for small business transactions.

APPENDIX

INDUSTRY DATA

Industry code	Growth speed by price compared with 1994 (%)		Total enterprises 2010		Total employees 2011 (Thous.pers.)	Annual average capital of enterprises 2010 (billion dongs)
	2011	2010
Agriculture, Forestry and Fishing	4.00	2.78	8,887		24,362.9	95,227
Industry and Construction	5.53	7.70	95,217		10,718.9	3,641,376
Trade and Services	6.69	7.52	187,195		15,270.2	6,957,082

ECONOMIC INDICATORS

			2011	2010		2009
Population (Million person)			87.84	86.93		86.02
Gross Domestic Products (USD billion)			119	102.2		91
GDP Growth (%)			5.89	6.78		5.32
GDP Per Capita (USD/person/year)			1,300	1,160		1,080
Inflation (% Change in Composite CPI)			18.58	11.75		6.88
State Budget Deficit compared with GDP (%)			4.9	5.8		6.9

SERVICE TRADE PERFORMANCE

Billion USD			2011	2010		2009
Exports			96.3	72.2		57.1
Imports			105.8	84.8		69.9
Trade Balance			-9.5	-12.6		-12.8

Source: General Statistics Office

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.57
UK Pound	1	Rs.87.90
Euro	1	Rs.71.53

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.