MIRA INFORM REPORT

Report Date :

29.06.2012

IDENTIFICATION DETAILS

Name :	HANDICRAFT AND ART ARTICLES EXPORT- IMPORT CORPORATION
Registered Office :	Artexport House Building - No. 2A - Pham Su Manh Str ., Phan Chu Trinh Ward, Hoan Kiem District, Ha Noi City
Country :	Vietnam
Financials (as on) :	31.12.2011
Year of Establishment :	1964
Com. Reg. No.:	0100107356
Legal Form :	Joint stock company
Line of Business :	Trading, importing and exporting handcrafts and art articles, material, machines and equipment for construction, office electric.
No. of Employees :	200

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Viet Nam	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	HANDICRAFT AND ART ARTICLES EXPORT- IMPORT CORPORATION
Vietnamese Name	CONG TY CO PHAN XUAT NHAP KHAU THU CONG MY NGHE
Short name	ARTEXPORT HA NOI
Type of Business	Joint stock company
Year Established	1964
Establishment Decision	617/BNGT-TCCB
Date of Issuance	23 Dec 1964
Place of Issuance	Ministry of Foreign Trade
Business Registration No.	0100107356
Date of Registration	30 Mar 2011
Place of Registration	Hanoi Planning and Investment Department
Chartered capital	VND 93,742,000,000
Status	Unlisted
Tax code	0100107356
Total Employees	200
Size	Large
Note: The given subject’s name is incorrect. The correct one is as above.

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Business Registration No: 0103006536 Changed to: 93,742,000,000	30 Mar 2011
2	Subject has got former Board Of Director: Mr. Trinh Quoc Thai Changed to: Mr. Do Van Khoi	08 Sep 2010
3	Subject has got former chartered capital: 85,220,000,000 VND Changed to: 93,742,000,000 VND	16 Jun 2010
4	Subject has got former Business Registration No: 108474 issued on May 14, 1993 Changed to: 0103006536 Dated 18 January 2005	18 Jan 2005
5	Subject has got former chartered capital: 55,000,000,000 VND Changed to: 85,220,000,000 VND	N/A
6	Subject has got former Type of Business: State Owned Enterprise Changed to: Joint Stock Company	N/A
7	Subject has got former Registered English Name: HANDICRAFT AND ART ARTICLES EXPORT- IMPORT JOINT STOCK COMPANY Changed to: HANDICRAFT AND ART ARTICLES EXPORT- IMPORT CORPORATION	N/A

ADDRESSES
Head Office
Address	Artexport House Building - No. 2A - Pham Su Manh Str ., Phan Chu Trinh Ward, Hoan Kiem District, Ha Noi City, Vietnam
Telephone	(84-4) 3826 5438, 38252760, 38266576
Fax	(84-4) 3825 9275
Email	trade@artexport.com.vn
Website	http://www.artexport.com.vn
Note: The correct address is as above.
Workshop Address
Address	EMBROIDERY WORKSHOP Thanh Lan Commune, Thanh Tri District, Ha Noi City, Vietnam
Telephone	(84–4) 38610093/ 36446003/ 36446191
Workshop Address
Address	DONG MY WOOD WORKSHOP Hamlet 1, Dong My commune, Thanh Tri District, Ha Noi City, Vietnam
Telephone	(84–4) 3686022/ 38615244
Branch in Hai Phong
Address	No. 25 Da Nang - May To Ward , Ngo Quyen District, Hai Phong City, Vietnam
Telephone	(84-31) 3836537/ 3836516
Fax	(84-31) 3836704
Branch in Ho Chi Minh
Address	No. 31 Tran Quoc Thao Str Ward 6, 3 District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 39304357/ 38244357 / 39303748
Fax	(84-8) 3930383
Email	arthcm@hcm.fpt.vn
Website	www.artexporthcm.com

SUBSIDIARIES AND RELATED COMPANIES
1. SERVICES AND TRADING ARTEXPORT COMPANY LIMITED
Business Registration	0104005892
Address	Floor 9 ARTEXPORT BUILDING - No. 31-33 Ngo Quyen Hang Bai Ward, Hoan Kiem District, Ha Noi City, Vietnam

DIRECTORS
1. NAME	Ms. DUONG THI NGAN
Position	Chairwoman
Nationality	Vietnamese
Tel/Mobile phone	(84-4) 38265438
2. NAME	Mr. DO VAN KHOI
Position	General Director
Education	Bachelor of Foreign Trade
Date of Birth	07 Apr 1956
ID Number/Passport	010060392
ID Issue Date	08 May 1997
ID Issue Place	Ha Noi Police
Resident	No. 15 - Kim Dong Str Giap Bat Ward, Hoang Mai District, Ha Noi City, Vietnam
Current resident	No 51F, Yen Phu Hamlet Yen Phu Street, Tay Ho District, Ha Noi City, Vietnam
Nationality	Vietnamese
Qualification	Management

BUSINESS NATURE AND ACTIVITIES

The company is involving in:
Trading, importing and exporting handcrafts and art articles, material, machines and equipment for construction, office electric
Producing and processing wooden products, fine arts, embroideries, consumer goods
Trading real estate, office leasing
Trading agent for producers, commerce, organizer trade fairs, handicrafts and art articles exhibition in Vietnam and foreign countries
Trading vehicles
Importing and exporting products of the company

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Types of products	Equipments and Materials
· Market	USA, Japan, Germany, China, England and Singapore.
· Mode of payment	L/C, TT
EXPORT:
· Market	Japan, Europe countries, USA
· Ratio	100%
· Mode of payment	L/C, TT

BANKERS
1. JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM
Address	No. 198 Tran Quang Khai Street, Hoan Kiem District, Ha Noi City, Vietnam
Telephone	(84-4) 3934 3137 / (84-4) 3814 8919
Fax	(84-4) 3826 9067 / (84-4) 3825 1322
2. VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK HA NOI BRANCH
Address	No.18 Tran Hung Dao Street, Hai Ba Trung District, Ha Noi City, Vietnam
Telephone	(84-4) 38242 306
Fax	(84-4) 38267 798
SWIFT Code	EBVIVNVX

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
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	813,120
Value of shares	VND 8,131,200,000
Percentage	8.67%
2. NAME	Mr. NGUYEN VAN BINH
Date of Birth	20 Mar 1962
ID Number/Passport	010194842
Issued on	07 Jul 1998
Issued Place	Police station of Hanoi City
Resident	07 Nam Trang Str Truc Bach Ward, Ba Dinh District, Ha Noi City, Vietnam
Nationality	Vietnamese
Number of Shares	676,049
Value of shares	VND 6,760,490,000
Percentage	7.21%
3. NAME	Mr. NGUYEN VAN CAN
ID Number/Passport	010060393
Resident	No.20 Branch 26 - Alley 162 Doi Can Doi Can Ward, Ba Dinh District, Ha Noi City, Vietnam
Nationality	Vietnamese
Number of Shares	52,316
Value of shares	VND 523,160,000
Percentage	0.56%
4. NAME	Ms. LE THI MY HOAN
ID Number/Passport	011152771
Resident	No. 13 Phu Dong Thien Vuong Ngo Thi Nham Ward, Hai Ba Trung District, Ha Noi City, Vietnam
Nationality	Vietnamese
Number of Shares	45,342
Value of shares	VND 453,420,000
Percentage	0.48%
5. NAME	Ms. NGUYEN THI KIM HUONG
ID Number/Passport	010065157
Resident	No. 24 - Alley 4 - Nguyen Son Str Bo De Ward, Long Bien District, Ha Noi City, Vietnam
Nationality	Vietnamese
Number of Shares	35,068
Value of shares	VND 350,680,000
Percentage	0.37%
6. NAME	Mr. HA XUAN KHANG
ID Number/Passport	011485968
Resident	No. 12E - Van Ho 2 Le Dai Hanh Ward, Hai Ba Trung District, Ha Noi City, Vietnam
Nationality	Vietnamese
Number of Shares	1,322,770
Value of shares	VND 13,227,700,000
Percentage	1.42%
7. NAME	Mr. DO VAN KHOI
Position	General Director
Date of Birth	07 Apr 1956
ID Number/Passport	010060392
Issued on	08 May 1997
Issued Place	Ha Noi Police
Resident	No. 15 - Kim Dong Str Giap Bat Ward, Hoang Mai District, Ha Noi City, Vietnam
Current Resident	No 51F, Yen Phu Hamlet Yen Phu Street, Tay Ho District, Ha Noi City, Vietnam
Nationality	Vietnamese
Number of Shares	418,625
Value of shares	VND 4,186,250,000
Percentage	4.47%
8. NAME	Mr. VU VAN PHUC
Date of Birth	17 Oct 1951
ID Number/Passport	011075325
Issued on	29 Jun 1999
Issued Place	Hanoi Department of Police
Resident	135/73/3 - No. 20. Doi Can Str Ngoc Ha Ward, Ba Dinh District, Ha Noi City, Vietnam
Nationality	Vietnamese
Number of Shares	61,303
Value of shares	VND 613,030,000
Percentage	0.65%
9. NAME	354 OTHER SHAREHOLDERS
Number of shares	5,949,607
Value of shares	VND 59,496,070,000
Percentage	76.17%

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	Audited	Audited	Audited
ASSETS
A – CURRENT ASSETS	235,392,865,109	111,841,189,373	132,649,799,428
I. Cash and cash equivalents	26,238,581,247	18,019,238,390	7,789,939,369
1. Cash	13,738,581,247	7,788,199,254	7,789,939,369
2. Cash equivalents	12,500,000,000	10,231,039,136	0
II. Short-term investments	0		0
1. Short-term investments	0		0
2. Provisions for devaluation of short-term investments	0		0
III. Accounts receivable	150,833,508,518	66,634,543,266	101,040,635,240
1. Receivable from customers	105,415,184,517	39,449,945,110	79,715,319,202
2. Prepayments to suppliers	56,657,952,693	30,815,344,251	18,285,627,898
3. Inter-company receivable	0		0
4. Receivable according to the progress of construction	0		0
5. Other receivable	2,224,874,777	3,988,691,562	3,039,688,140
6. Provisions for bad debts	-13,464,503,469	-7,619,437,657	0
IV. Inventories	50,602,939,517	19,439,959,177	13,786,654,503
1. Inventories	51,072,831,628	19,439,959,177	13,786,654,503
2. Provisions for devaluation of inventories	-469,892,111		0
V. Other Current Assets	7,717,835,827	7,747,448,540	10,032,570,316
1. Short-term prepaid expenses	2,117,296,991	62,656,447	0
2. VAT to be deducted	4,953,307,964	7,330,329,236	7,391,537,032
3. Taxes and other accounts receivable from the State	0		2,641,033,284
4. Other current assets	647,230,872	354,462,857	0
B. LONG-TERM ASSETS	101,197,382,504	104,927,270,752	121,237,269,772
I. Long term accounts receivable	0		0
1. Long term account receivable from customers	0		0
2. Working capital in affiliates	0		0
3. Long-term inter-company receivable	0		0
4. Other long-term receivable	0		0
5. Provisions for bad debts from customers	0		0
II. Fixed assets	41,287,396,327	50,192,863,797	92,141,779,980
1. Tangible assets	39,966,830,964	44,057,114,783	89,050,773,812
- Historical costs	65,317,845,830	66,901,053,737	122,809,094,687
- Accumulated depreciation	-25,351,014,866	-22,843,938,954	-33,758,320,875
2. Financial leasehold assets	0		0
- Historical costs	0		0
- Accumulated depreciation	0		0
3. Intangible assets	1,313,759,888	1,326,189,500	0
- Initial costs	1,364,238,848	1,364,238,848	0
- Accumulated amortization	-50,478,960	-38,049,348	0
4. Construction-in-progress	6,805,475	4,809,559,514	3,091,006,168
III. Investment property	53,680,046,579	48,729,153,802	0
Historical costs	73,668,143,426	65,025,316,727	0
Accumulated depreciation	-19,988,096,847	-16,296,162,925	0
IV. Long-term investments	5,100,000,000	4,800,000,000	25,400,000,000
1. Investments in affiliates	300,000,000		0
2. Investments in business concerns and joint ventures	0		1,600,000,000
3. Other long-term investments	4,800,000,000	4,800,000,000	23,800,000,000
4. Provisions for devaluation of long-term investments	0		0
V. Other long-term assets	1,129,939,598	1,205,253,153	3,695,489,792
1. Long-term prepaid expenses	1,129,939,598	1,184,877,621	3,695,489,792
2. Deferred income tax assets	0	20,375,532	0
3. Other long-term assets	0		0
VI. Goodwill	0
1. Goodwill	0
TOTAL ASSETS	336,590,247,613	216,768,460,125	253,887,069,200
LIABILITIES
A- LIABILITIES	203,864,942,015	99,363,987,548	147,722,795,736
I. Current liabilities	177,714,228,241	73,493,628,228	124,994,525,421
1. Short-term debts and loans	73,388,402,427	17,124,901,979	36,669,394,578
2. Payable to suppliers	54,409,485,545	18,697,338,498	17,505,883,546
3. Advances from customers	33,632,093,249	27,588,329,743	50,234,688,855
4. Taxes and other obligations to the State Budget	8,054,952,379	4,076,548,925	12,765,808,481
5. Payable to employees	2,201,422,465	2,237,900,133	1,777,582,301
6. Accrued expenses	682,887,156	196,192,167	443,167,869
7. Inter-company payable	0		0
8. Payable according to the progress of construction contracts	0		0
9. Other payable	5,344,985,020	3,572,416,783	5,597,999,791
10. Provisions for short-term accounts payable	0		0
II. Long-Term Liabilities	26,150,713,774	25,870,359,320	22,728,270,315
1. Long-term accounts payable to suppliers	0		0
2. Long-term inter-company payable	0		0
3. Other long-term payable	10,329,413,130	593,374,048	7,000,000
4. Long-term debts and loans	15,697,040,269	19,057,915,269	22,599,396,219
5. Deferred income tax payable	124,260,375		0
6. Provisions for unemployment allowances	0	47,094,620	121,874,096
7. Provisions for long-term accounts payable	0	6,171,975,383	0
B- OWNER’S EQUITY	132,725,305,598	117,404,472,577	106,164,273,464
I. OWNER’S EQUITY	132,725,305,598	116,867,642,122	105,790,893,009
1. Capital	93,742,000,000	93,742,000,000	85,220,000,000
2. Share premiums	9,578,000,000	9,578,000,000	18,100,000,000
3. Other sources of capital	0		0
4. Treasury stocks	-27,500,000	-27,500,000	-27,500,000
5. Differences on asset revaluation	0		0
6. Foreign exchange differences	1,874,326,734	99,280,858	688,458,316
7. Business promotion fund	1,512,100,933	1,575,910,443	678,732,075
8. Financial reserved fund	1,593,105,559	234,024,250	234,024,250
9. Other funds	0		0
10. Retained earnings	24,453,272,372	11,665,926,571	897,178,368
11. Construction investment fund	0		0
II. Other sources and funds	0	536,830,455	373,380,455
1. Bonus and welfare funds	0	536,830,455	373,380,455
2. Sources of expenditure	0		0
3. Fund to form fixed assets	0		0
MINORITY’S INTEREST	0		0
TOTAL LIABILITIES AND OWNER’S EQUITY	336,590,247,613	216,768,460,125	253,887,069,200

PROFIT & LOSS STATEMENT
Description	FY2011	FY2010	FY2009
1. Total Sales	588,849,710,060	539,180,408,686	548,437,903,859
2. Deduction item	0		0
3. Net revenue	588,849,710,060	539,180,408,686	548,437,903,859
4. Costs of goods sold	516,168,613,297	466,185,043,661	481,232,504,456
5. Gross profit	72,681,096,763	72,995,365,025	67,205,399,403
6. Financial income	7,084,322,434	18,641,458,738	12,616,136,828
7. Financial expenses	8,715,305,224	20,250,457,712	18,050,831,589
- In which: Loan interest expenses	1,552,799,610		0
8. Selling expenses	20,719,080,432	28,296,009,716	24,463,112,499
9. Administrative overheads	15,410,828,543	15,741,193,434	7,498,114,674
10. Net operating profit	34,920,204,998	27,349,162,901	29,809,477,469
11. Other income	328,696,769	128,617,611	744,307,435
12. Other expenses	1,939,940,553	298,874,847	4,433,224,558
13. Other profit /(loss)	-1,611,243,784	-170,257,236	-3,688,917,123
14. Total accounting profit before tax	33,308,961,214	27,178,905,665	26,120,560,346
15. Current corporate income tax	8,300,720,105	6,409,294,250	4,518,983,332
16. Deferred corporate income tax	124,260,375	-20,375,532	0
17. Interest from subsidiaries/related companies	0
18. Profit after tax	24,883,980,734	20,789,986,947	21,601,577,014

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	FY2011	FY2010	FY2009	Average Industry
Current liquidity ratio	1.32	1.52	1.06	1.94
Quick liquidity ratio	1.04	1.26	0.95	0.98
Inventory circle	14.74	23.98	34.91	9.29
Average receive period	93.49	45.11	67.25	54.01
Utilizing asset performance	1.75	2.49	2.16	2.21
Liability by total assets	60.57	45.84	58.18	58.72
Liability by owner's equity	153.60	84.63	139.15	256.76
Ebit / Total assets (ROA)	10.36	12.54	10.29	7.90
Ebit / Owner's equity (ROE)	26.27	23.15	24.60	25.68
Ebit / Total revenue (NPM)	5.92	5.04	4.76	4.18
Gross profit / Total revenue (GPM)	12.34	13.54	12.25	15.30
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data

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, TT
Sale Methods	To contracts
Public opinion	Good

INTERPRETATION ON THE SCORES

Formerly, the subject was founded in 1964 as a state owned enterprise. Up to 2005, the company made its equitization to become a joint stock company according to the business registration number 0103006536 dated on 18 January 2005 by Hanoi City Department of Planning and Investment. On 30th March 2011, it business registration number was changed to 010010735.

The subject is focusing on trading, importing and exporting handicraft and art articles, material, machines and equipment for construction, office electric, producing and processing wooden products, fine arts, embroideries. Moreover, the company is also engaging in trading real estate, office leasing, trading agent for producers, comer, organizer trade fairs, handicrafts and articles exhibition in Vietnam and foreign countries, trading vehicles. The subject imports equipments and materials from USA, Japan, Germany, China, England and Singapore. Its products of the company are now exported to a lot of countries such as Japan, Europe countries, USA.

Its head office is located in Artexport House Building - No. 2A - Pham Su Manh Street - Phan Chu Trinh Ward - Hoan Kiem District - Ha Noi City – Vietnam. Besides, the subject has two workshops in Ha Noi City and three branches in Ho Chi Minh City and Hai Phong City. The facilities of the subject are modern and standard. Its management ability is also fair. Now, it has about 300 employees. The subject is quite transparent in disclosure of the company’s information.

According to the financial statement in the past, we found that the subject's operating was fairly good. These figures of revenue show it is operating with acceptable market share. Despite of economic downturn in 2011, the subject got positive business result.

In 2011 the subject's debt rate increased and was high because of the large increase in liabilities. Its debt rate increased from 45.84% to 60.57% but its capital structure was still safe. Thus, its self-financing and solvency were fairly good.

Despite of the moderate debt ratio, the subject's liquidity was not high. The subject's current liquidity was low because the current liabilities rate was high. However, as it remained the small amount inventory, its quick liquidity ratio was fairly good.

In 2011, the subject's utilizing asset performances decreased and it was still lower the industry. Its receivables turnover was low because the subject applied the looser credit policies for its customers. Moreover, its inventory turnover was reduce so its sale policy worked less efficiently.

In general, the subject is the strong company in this field in Viet Nam. The business activities of the company are quite busy. Its operation and activities are effective. The subject has ability to meet all normal financial commitments.

------------ 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)
	2011	2010
Agriculture, Forestry and Fishing	4.00	2.78	8,749		23,896.3	81,559
Industry and Construction	5.53	7.70	85,115		10,630	2,751,975
Trade and Services	6.69	7.52	154,978		14,522	4,939,069
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.56.92
UK Pound	1	Rs.88.91
Euro	1	Rs.71.25

INFORMATION DETAILS

Report Prepared by :

PRL

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.