MIRA INFORM REPORT

Report Date :

03.01.2012

IDENTIFICATION DETAILS

Name :	THANH HOA MEDICAL MATERIALS PHARMACEUTICAL JOINT STOCK COMPANY
Registered Office :	No. 232, Tran Phu Street, Lam Son Ward, Thanh Hoa City, Thanh Hoa Province
Country :	Vietnam
Financials (as on) :	31.12.2010
Year of Establishment :	1961
Com. Reg. No.:	2800231948
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing and trading in oriental medicament, pharmaceuticals, medical chemicals
No. of Employees :	951

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Vietnam	b1	b1

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

SUBJECT IDENTIFICATION & LEGAL FORM

Current legal status
English Name	THANH HOA MEDICAL MATERIALS PHARMACEUTICAL JOINT STOCK COMPANY
Vietnamese Name	CONG TY CO PHAN DUOC - VAT TU Y TE THANH HOA
Short name	THEPHACO
Type of Business	Joint stock company
Year Established	1961
Business Registration No.	2800231948
Date of Registration	15 Dec 2009
Place of Registration	Thanh Hoa Department of Planning and Investment.
Current registered capital	VND 67,930,410,000
Status	Unlisted
Tax code	2800231948
Total Employees	951
Note: The given name – THANH HOA PHARMACEUTICAL & MEDICAL MATERIALS JOINT STOCK COMPANY is not correct. The correct name is as above.

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Registered capital: 40,388,000,000 VND Changed to: 67,930,410,000 VND	29 Dec 2010
2	Subject has got former Registered capital: 39,188,000,000 VND Changed to: 40,388,000,000 VND	15 Dec 2009
3	Subject has got former Business Registration No: 2603000052 Changed to: 2800231948	15 Dec 2009
4	Subject has got former Type of Business: State Owned Company Changed to: Joint Stock Company	05 Nov 2002
5	Subject has got former Registered English Name: THANH HOA PHARMACEUTICAL STATE ENTERPRISE Changed to: THANH HOA MEDICAL MATERIALS PHARMACEUTICAL JOINT STOCK COMPANY	05 Oct 2002
6	Subject has got former Registered capital: 15,800,000,000 VND Changed to: 39,188,000,000 VND	N/A

company ADDRESSES

Head Office
Address	No. 232, Tran Phu Street, Lam Son Ward, Thanh Hoa City, Thanh Hoa Province, Vietnam
Telephone	(84-37) 3852 691/ 3 852 286
Fax	(84-37) 3855 209
Email	thephacoth@hn.vnn.vn
Website	http://www.thephaco.com.vn
Note: The given tel and fax are not correct. The correct ones is as above location
Factory Address
Address	No. 4 Quang Trung Str, Thanh Hoa City, Thanh Hoa Province, Vietnam
Telephone	(84-37) 3852 317
Fax	(84-37) 3852 317
Email	Thephaco.th@hn.vnn.vn
Branch in Ha Noi
Address	Ha Binh Phuong Industrial Zone , Thuong Tin District, Ha Noi City, Vietnam
Telephone	(84-4) 36640542
Fax	(84-4) 36645776
Email	thephacohn@hn.vnn.vn
Branch in Ho Chi Minh
Address	652/25/4 Cong Hoa, Ward 13, Tan Binh District, Ho Chi Minh City, Vietnam
Telephone	(84- 8) 38497234
Fax	(84-8) 38497246
Note: The address - 666/64/21, 3/2 Street, 14 Ward, District 10, Ho Chi Minh City, Vietnam is former branch of subject.
Branch in Hai Phong
Address	No. 28 The Lu Street, Ha Ly Ward, Hong Bang District, Hai Phong City, Vietnam
Telephone	(84-31) 3842 884
Fax	(84-31) 3842 884/ 8600 524

DIRECTORS

1. NAME	Mr. LUONG VAN SON
Position	General Director & Chairman
Date of Birth	26 Jan 1948
ID Number/Passport	170009066
ID Issue Date	07 Jul 1999
ID Issue Place	Thanh Hoa Province Police
Resident	No.44 No5 Dong Bac Ga group, Dong Tho Ward, Thanh Hoa City, Thanh Hoa Province, Vietnam
Nationality	Vietnamese
Tel/Mobil phone	(84-37) 3852 286
Qualification	Pharmacist specialist II
2. NAME	Ms. PHAM THI HONG
Position	Deputy General Director
Date of Birth	19 Feb 1958
ID Number/Passport	171502821
ID Issue Date	24 Nov 2005
ID Issue Place	Thanh Hoa Province Police
Resident	No. 114 Han Thuyen Str., Ba Dinh Ward, Thieu Hoa District, Thanh Hoa Province, Vietnam
Nationality	Vietnamese
Tel/Mobil phone	(84-37) 3853 043/ +84 912395192
Qualification	Bachelor of Economics
3. NAME	Mr. TRINH DANG HUNG
Position	Deputy General Director
Resident	Thanh Hoa Province, Vietnam
Nationality	Vietnamese
4. NAME	Mr. KHUONG VAN NGHI
Position	Deputy General Director
Resident	Thanh Hoa Province, Vietnam
Nationality	Vietnamese
Tel/Mobil phone	(84-37) 3852 317
5. NAME	Mr. VU TRONG PHUNG
Position	Deputy General Director
Resident	Thanh Hoa Province, Vietnam
Nationality	Vietnamese
Tel/Mobil phone	(84-37) 3853 052

BUSINESS NATURE AND ACTIVITIES

-Manufacturing and trading in oriental medicament, pharmaceuticals, medical chemicals.

- Manufacturing medical materials, equipment.

-Providing health care services.

IMPORT & EXPORT ACTIVITIES

IMPORT:
· Types of products	Medical Materials
· Market	Korea, China, India (three key import markets), Europe market (Canada, France, Germany...).
· Mode of payment	LC
EXPORT:
· Types of products	Pharmaceutical products
· Market	Russia, Northern Korea (The subject is finishing registration document to export products to these markets)
· Mode of payment	LC

BANKERS

1. VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE HOANG MAI BRANCH
Address	No. 2 - 4 Kim Dong str., Giap Bat ward, Hoang Mai District, Ha Noi City, Vietnam
Telephone	(84-4) 36648701
2. VIETNAM BANK FOR INDUSTRY AND TRADE - THANH HOA BRANCH
Address	Phan Chu Trinh Str., Dien Bien Ward, Thanh Hoa City, Thanh Hoa Province, Vietnam
Telephone	(84-37) 3852 316
Fax	(84-37) 3852 039
VND Account	710A 60 140

SHAREHOLDERS

Below is list of founding shareholders:
1. NAME	STATE CAPITAL INVESTMENT CORPORATION
Business Registration	0101992921
Date of Registration	09 Jul 2010
Place of Registration	Ha Noi Planning and Investment Department
Representative	Mr. LUONG VAN SON
Registered Capital	VND 19,000,000,000,000
Tax code	0101992921
Address	No. 15A Tran Khanh Du Str., Hoan Kiem District, Ha Noi City, Vietnam
Tel	(84-4) 62780126
Fax	(84-4) 62780136
Number of shares	1,482,110
Value of shares	VND 14,821,100,000
Percentage	21.82%
2. NAME	Mr. LUONG VAN SON
Position	General Director & Chairman
Date of Birth	26 Jan 1948
ID Number/Passport	170009066
Issued on	07 Jul 1999
Issued Place	Thanh Hoa Province Police
Resident	No.44 No5 Dong Bac Ga group - Dong Tho ward, Thanh Hoa City, Thanh Hoa Province, Vietnam
Work phone	(84-37) 3852 286
Nationality	Vietnamese
Number of Shares	44,251
Value of shares	VND 442,510,000
Percentage	0.65%
3. NAME	Mr. LE MINH BAN
Resident	No. 15/130 Tan Lap Str. - Truong Thi Ward, Thanh Hoa City, Thanh Hoa Province, Vietnam
Nationality	Vietnamese
Number of Shares	13,447
Value of shares	VND 134,470,000
Percentage	0.2%
4. NAME	Ms. PHAM THI HONG
Position	Deputy General Director
Date of Birth	19 Feb 1958
ID Number/Passport	171502821
Issued on	24 Nov 2005
Issued Place	Thanh Hoa Province Police
Resident	No. 114 Han Thuyen Str. - Ba Dinh Ward, Thieu Hoa District, Thanh Hoa Province, Vietnam
Work phone	(84-37) 3853 043
Mobile phone	+84 912395192
Nationality	Vietnamese
Number of Shares	44,251
Value of shares	VND 442,510,000
Percentage	0.65%
5. NAME	Mr. DOAN CONG CUONG
Resident	No. 43 Phung Khac Khoan Str. - Dong Ve ward, Thanh Hoa City, Thanh Hoa Province, Vietnam
Nationality	Vietnamese
Number of Shares	25,120
Value of shares	VND 251,500,000
Percentage	0.37%

FINANCIAL DATA

BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2010	31/12/2009	31/12/2008
Number of weeks	52	52	52
ASSETS
A – CURRENT ASSETS	349,144,209,447	333,457,497,434	241,885,094,198
I. Cash and cash equivalents	46,331,660,909	63,294,387,229	32,609,580,981
1. Cash	46,331,660,909	63,294,387,229	32,609,580,981
2. Cash equivalents	0	0	0
II. Short-term investments	750,390,412	1,293,604,179	1,859,876,371
1. Short-term investments	750,390,412	1,293,604,179	1,859,876,371
2. Provisions for devaluation of short-term investments	0	0	0
III. Accounts receivable	160,345,233,977	127,690,119,364	83,304,137,795
1. Receivable from customers	128,092,091,966	112,472,221,015	78,201,978,346
2. Prepayments to suppliers	26,079,203,610	9,229,069,523	1,978,261,906
3. Inter-company receivable	0	0	0
4. Receivable according to the progress of construction	0	0	0
5. Other receivable	6,173,938,401	5,988,828,826	3,123,897,543
6. Provisions for bad debts	0	0	0
IV. Inventories	140,604,899,115	140,936,445,193	123,453,876,489
1. Inventories	140,604,899,115	140,936,445,193	123,453,876,489
2. Provisions for devaluation of inventories	0	0	0
V. Other Current Assets	1,112,025,034	242,941,469	657,622,562
1. Short-term prepaid expenses	0	0	0
2. VAT to be deducted	0	0	0
3. Taxes and other accounts receivable from the State	845,908,593	17,271,932	183,232,662
4. Other current assets	266,116,441	225,669,537	474,389,900
B. LONG-TERM ASSETS	50,646,529,724	38,133,966,843	40,043,307,912
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	45,862,018,677	34,978,336,814	38,080,879,490
1. Tangible assets	44,146,243,931	33,763,575,200	37,557,221,002
- Historical costs	123,308,678,190	100,799,559,238	92,502,649,424
- Accumulated depreciation	-79,162,434,259	-67,035,984,038	-54,945,428,422
2. Financial leasehold assets	0	0	0
- Historical costs	0	0	0
- Accumulated depreciation	0	0	0
3. Intangible assets	94,516,895	121,716,895	0
- Initial costs	136,000,000	136,000,000	0
- Accumulated amortization	-41,483,105	-14,283,105	0
4. Construction-in-progress	1,621,257,851	1,093,044,719	523,658,488
III. Investment property	0	0	0
Historical costs	0	0	0
Accumulated depreciation	0	0	0
IV. Long-term investments	3,410,000,000	2,410,000,000	760,000,000
1. Investments in affiliates	0	0	0
2. Investments in business concerns and joint ventures	3,000,000,000	2,000,000,000	350,000,000
3. Other long-term investments	410,000,000	410,000,000	410,000,000
4. Provisions for devaluation of long-term investments	0	0	0
V. Other long-term assets	1,374,511,047	745,630,029	1,202,428,422
1. Long-term prepaid expenses	1,144,431,705	515,550,687	972,349,080
2. Deferred income tax assets	230,079,342	230,079,342	230,079,342
3. Other long-term assets	0	0	0
TOTAL ASSETS	399,790,739,171	371,591,464,277	281,928,402,110
LIABILITIES
A- LIABILITIES	272,948,971,011	292,881,777,359	211,078,820,828
I. Current liabilities	272,948,971,011	292,567,108,109	208,611,315,882
1. Short-term debts and loans	131,083,570,313	120,308,458,658	91,684,655,971
2. Payable to suppliers	92,442,938,897	122,976,764,151	84,947,862,933
3. Advances from customers	2,932,511,344	5,428,030,390	4,140,133,863
4. Taxes and other obligations to the State Budget	2,234,915,261	2,413,090,893	923,240,849
5. Payable to employees	12,725,467,640	15,303,752,750	4,925,770,483
6. Accrued expenses	0	0	0
7. Inter-company payable	0	0	0
8. Payable according to the progress of construction contracts	0	0	0
9. Other payable	31,529,567,556	26,137,011,267	21,989,651,783
10. Provisions for short-term accounts payable	0	0	0
II. Long-Term Liabilities	0	314,669,250	2,467,504,946
1. Long-term accounts payable to suppliers	0	0	0
2. Long-term inter-company payable	0	0	0
3. Other long-term payable	0	0	0
4. Long-term debts and loans	0	314,669,250	2,467,504,946
5. Deferred income tax payable	0	0	0
6. Provisions for unemployment allowances	0	0	0
7. Provisions for long-term accounts payable	0	0	0
B- OWNER’S EQUITY	126,841,768,160	78,709,686,918	70,849,581,282
I. OWNER’S EQUITY	120,421,684,667	73,573,677,204	69,585,197,404
1. Capital	67,930,410,000	40,388,000,000	39,188,845,451
2. Share premiums	43,563,475,451	28,125,105,451	27,165,100,000
3. Other sources of capital	0	0	0
4. Treasury stocks	-43,930,000	-41,170,000	-39,480,000
5. Differences on asset revaluation	0	0	0
6. Foreign exchange differences	593,495,698	-1,624,890,965	0
7. Business promotion fund	6,862,579,943	5,589,072,943	2,861,558,338
8. Financial reserved fund	1,515,653,575	1,137,559,775	409,173,615
9. Other funds	0	0	0
10. Retained earnings	0	0	0
11. Construction investment fund	0	0	0
II. Other sources and funds	6,420,083,493	5,136,009,714	1,264,383,878
1. Bonus and welfare funds	6,420,083,493	5,136,009,714	1,219,556,139
2. Sources of expenditure	0	0	44,827,739
3. Fund to form fixed assets	0	0	0
MINORITY’S INTEREST	0	0	0
TOTAL LIABILITIES AND OWNER’S EQUITY	399,790,739,171	371,591,464,277	281,928,402,110

PROFIT & LOSS STATEMENT
Description	FY2010	FY2009	FY2008
1. Total Sales	871,113,372,328	838,625,410,416	652,470,758,616
2. Deduction item	4,815,904,856	2,082,770,283	10,640,067,028
3. Net sale	866,297,467,472	836,542,640,133	641,830,691,588
4. Costs of goods sold	731,799,675,210	733,944,405,085	567,210,647,376
5. Gross profit	134,497,792,262	102,598,235,048	74,620,044,212
6. Financial income	1,492,292,769	1,180,081,150	5,821,679,558
7. Financial expenses	21,449,849,845	11,667,264,148	14,701,325,963
- In which: Loan interest expenses	13,732,539,112	7,017,906,814	9,619,632,584
8. Selling expenses	82,279,843,798	55,797,443,514	39,562,782,720
9. Administrative overheads	16,642,550,469	23,106,568,256	15,290,005,510
10. Net operating profit	15,617,840,919	13,207,040,280	10,887,609,577
11. Other income	3,875,670,741	5,853,974,946	1,221,634,861
12. Other expenses	42,267,883	521,626,711	223,700,831
13. Other profit /(loss)	3,833,402,858	5,332,348,235	997,934,030
14. Total accounting profit before tax	19,451,243,777	18,539,388,515	11,885,543,607
15. Current corporate income tax	4,846,974,694	4,618,242,129	3,276,359,710
16. Deferred corporate income tax	0	0	0
18. Profit after tax	14,604,269,083	13,921,146,386	8,609,183,897

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	FY2010	FY2009	FY2008	Average Industry
Current liquidity ratio	1.28	1.14	1.16	1.74
Quick liquidity ratio	0.76	0.66	0.57	1.02
Inventory circle	5.20	5.55	4.59	3.74
Average receive period	67.56	55.71	47.37	76.97
Utilizing asset performance	2.17	2.25	2.28	1.31
Liability by total assets	68.27	78.82	74.87	49.32
Liability by owner's equity	215.19	372.10	297.93	129.21
Ebit / Total assets (ROA)	8.30	6.88	7.63	8.55
Ebit / Owner's equity (ROE)	26.16	32.47	30.35	18.02
Ebit / Total sale (NPM)	3.81	3.05	3.30	6.82
Gross profit / Total sale (GPM)	15.44	12.23	11.44	21.89
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data

CASH FLOW STATEMENT
(Direct method)
Items	FY2010	FY2009
I. Cash flows from operating activities
1.Cash received from customers	709,898,768,360	651,724,865,776
2. Cash paid to suppliers	-171,447,110,167	-171,104,619,915
3. Cash paid to employees	-56,223,690,784	-41,216,587,641
4. Interest paid	-13,732,539,112	-7,017,906,814
5. Income taxes paid	-5,421,598,917	-1,367,805,600
6. Other operating cash receipts	2,458,095,762	5,059,632,918
7. Other operating payments	-24,705,412,923	-48,162,606,820
Net cash flows from operating activities	440,826,512,219	387,914,971,904
II. Cash flows from investing activities
1. Purchases and construction of fixed assets and other long-term assets	-23,000,618,952	-8,352,361,472
2. Gains from disposals and liquidation of fixed assets and other long-term assets	174,758,181	761,815,700
3. Loans given and purchases of debt instruments of other entities	-6,159,070,000	0
4. Recovery of loans given and disposals of debt instruments of other entities	706,049,346	2,284,255,891
5. Investments into other entities	-1,000,000,000	-1,650,000,000
6. Withdrawals of investments in other entities
7. Receipts of loan interests, dividends and profit shared	1,307,560,769	578,337,570
Net cash flows from investing activities	-27,971,320,656	-6,377,952,311
III. Cash flows from financing activities
1. Gains from stock issuance and capital contributions from shareholders	42,980,780,000	2,160,000,000
2. Repayment for capital contributions and re-purchases of stocks already issues	0	0
3. Short-term and long-term loans received	6,674,000,000	5,954,570,000
4. Loan principal amounts repaid	-475,347,787,181	-351,689,940,645
5. Payments for financial leasehold assets	0	0
6. Dividends and profit already paid to the owners	-4,718,406,400	-7,276,842,700
Net cash flows from financing activities	-430,411,413,581	-350,852,213,345
Net cash flows during the year	-17,556,222,018	30,684,806,248
Beginning cash and cash equivalents	63,294,387,229	32,609,580,981
Effects of fluctuations in foreign exchange rates	593,495,698	0
Ending cash and cash equivalents	46,331,660,909	63,294,387,229

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

Trade Morality	Fair
Liquidity	Medium
Payment status	Average
Financial Situation	Above Average
Development trend	Positive
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	L/C
Sale Methods	Distributor
Public opinion	Good

CREDIT INQUIRY: 125,000 USD Against da interns.

Acceptable.

INTERPRETATION ON THE SCORES

Founded in 1961 and operated under the name THANH HOA PHARMACEUTICAL STATE ENTERPRISE, the subject has been known as THANH HOA MEDICAL MATERIALS PHARMACEUTICAL JOINT STOCK COMPANY since the Equitization Decision 3664/QD-CT granted by People Committee of Thanh Hoa Province on November 5th, 2002. Currently, the subject is operating under business registration no. 2800231948 with registered capital of VND 67,930,410,000.

Headquartered at No. 232, Tran Phu Str., Lam Son Ward, Thanh Hoa City, Thanh Hoa Province, Vietnam. The subject has some branches in big cities such as Hanoi, Ho Chi Minh, Hai Phong City and 29 branches in Thanh Hoa Province. The subject has the factory at No. 4 Quang Trung Str, Thanh Hoa City, Thanh Hoa Province, Vietnam. The subject will open a factory at Tay Bac Ga Industrial Zone, Thanh Hoa City, Thanh Hoa Province.

THEPHACO is principally engaged in manufacturing and trading in oriental medicament, pharmaceuticals, medical chemicals together with importing and producing medical materials and equipment. Besides, it supplies health care services. Materials for production are imported from major markets such as Korea, China and India. The finished products of subject are mainly supplied in the domestic market.

Financially, the subject business result was improved year on year. In 2010, total sales reached VND 871,113,372,328 and profit after tax of VND 14,604,269,083, which were higher than ones of 2009 and 2008.

In general, the management capacity is fairly good. The subject has paid attention to upgrade machines and equipment for production.

APPENDIX

INDUSTRY DATA
Industry code	Growth speed by price compared with 1994 (%)		Total enterprises 2009		Total employees 2010 (Thous.pers.)	Annual average capital of enterprises 2009 (billion dongs)
	2010	2009
Agriculture, Forestry and Fishing	2.78	1.82	8,749		23,896.3	81,559
Industry and Construction	7.70	5.52	85,115		10,630	2,751,975
Trade and Services	7.52	6.63	154,978		14,522	4,939,069
ECONOMIC INDICATORS
			2010	2009		2008
Population (Million person)			86.93	86.02		86.1
Gross Domestic Products (US$ billion)			102.2	91		84.9
GDP Growth (%)			6.78	5.32		6.2
GDP Per Capita (US$)			1,160	1,080		1,040
Inflation (% Change in Composite CPI)			11.75	6.88		24.4
SERVICE TRADE PERFORMANCE
Billion USD			2010	2009		2008
Exports			72.2	57.1		62.7
Imports			84.8	69.9		80.7
Trade Balance			-12.6	-12.8		-18

Source: General Statistics Office

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.30
UK Pound	1	Rs.82.66
Euro	1	Rs.68.91

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.