MIRA INFORM REPORT

 

 

Report Date :

29.11.2012

 

IDENTIFICATION DETAILS

 

Name :

E LAND WORLD LTD.

 

 

Registered Office :

19-8, Changjeon-dong, Mapo-gu, Seoul

 

 

Country :

South Korea

 

 

Financials (as on) :

30.09.2012

 

 

Date of Incorporation :

16.02.1982

 

 

Reg. No.:

105-81-44184

 

 

Legal Form :

Co., Ltd by shares

 

 

Line of Business :

Manufacture of Shirts and Sports Garments

 

 

No. of Employees :

2,289

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

South Korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

South Korea - ECONOMIC OVERVIEW

 

South Korea over the past four decades has demonstrated incredible growth and global integration to become a high-tech industrialized economy. In the 1960s, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion dollar club of world economies, and currently is among the world's 20 largest economies. Initially, a system of close government and business ties, including directed credit and import restrictions, made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods, and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea''s development model including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4% annually between 2003 and 2007. With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.3% in 2009. In the third quarter of 2009, the economy began to recover, in large part due to export growth, low interest rates, and an expansionary fiscal policy, and growth was 3.6% in 2011. In 2011, the US-South Korea Free Trade Agreement was ratified by both governments and is projected to go into effect in early 2012. The South Korean economy''s long term challenges include a rapidly aging population, inflexible labor market, and heavy reliance on exports - which comprise half of GDP.

 

Source : CIA

Basic Information

 

Company Name

E LAND WORLD LTD.

Registered Address

19-8, Changjeon-dong, Mapo-gu, Seoul, Korea

Building

E-Land Bldg.

Zip Code

121-751

Tel

+82-2-323-0456

Fax

+82-2-332-6445

E-mail

ellena@eland.co.kr

Website

www.eland.co.kr

Trading Address

371-12, Gasan-dong, Geumcheon-gu, Seoul 153-803 Korea

Tel

+82-2-2082-9875

Fax

+82-2-866-5307

Other Address-Bundang Branch

10, Gumi-dong, Bundang-gu, Seongnam-si, Gyeonggi-do, Korea

Tel

+82-31-719-2001

Other Address-Yeoeuido Branch

13-3, Yeoeuido-dong, Yeongdeungpo-gu, Seoul, Korea

Tel

+82-2-6670-7207

Fax

+82-2-6670-7301

Other Address-Dangsan Branch

16-7, Dangsandong 5-ga, Yeongdeungpo-gu, Seoul, Korea

Tel

+82-2-2068-2001

Other Address-Sinchon Branch

19-8, Changjeon-dong, Mapo-gu, Seoul, Korea

Tel

+82-2-323-0456

Other Address-Joonggye Branch

509, Junggye-dong, Nowon-gu, Seoul, Korea

Tel

+82-2-948-2001

Other Address-Anyang Branch

627-287, Anyang-dong, Manan-gu, Anyang-si, Gyeonggi-do, Korea

Tel

+82-31-449-2001

Type

Export

Industry

Manufacture of Shirts and Sports Garments

  Main Business

Women`s Casual Apparel, Children`s Apparel, Branded Department Stores, Hotels

  Sub Business

Manufacture of Working Clothes and Similar Garments

Established (mm/dd/yyyy)

02/16/1982

The Subject owns the premises of registered HQ address and Sinchon Branch.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Undergarments(53102300)

Sell

Clothing(53100000)

Sell

Distribution(80141700)

Sell

Fine jewelry necklaces(54101502)

Sell

Fine jewelry rings(54101503)

Sell

Fabrics and leather materials(11160000)

 

 

CEO’s

 

Name

Park Sung-Kyung

Date of Birth

01/03/1957

Title

Co-President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

37,486,855,000

Employees

2,289

Formation

Co., Ltd by shares

A Company of E-Land Group

Bank Details

Shinhan Bank-HQ Office

Woori Bank

Korea Exchange Bank

Kookmin Bank

Korea Development Bank

Hana Bank

Corporate Registered No.

110111-0365797

Business Registered No.

105-81-44184

Permit & Licenses

Int’l Trade No.: 30345470

Shareholder Position

Name

Shares

%

TREASURY STOCK

2,112,103

44.09

PARK SUNG-SOO

1,961,862

40.95

KWAK SOOK-JAE

396,884

8.28

E LAND WELFARE FOUNDATION(116132-0007818)

269,134

5.62

OTHERS

50,810

1.06

TOTAL

4,790,793

100.00

Company History

02/16/1982 Established as KUI JOO CO., LTD.

10/26/1989 Acquired by E-Land Group

03/05/1990 Changed company name to Appenzeller Co., Ltd.

08/30/1991 Changed company name to Hanse Development Co., Ltd.

12/28/1998 Acquired EH International Co., Ltd, and changed company name to 2001 OUTLET CO., LTD.

09/30/1999 EL International Co., Ltd has acquired ROEM CO., LTD and LLOYD CO., LTD.

04/21/2004 Rented New Manhattan Hotel for 10 years and re-opened as Lexington Hotel

12/27/2004 2001 OUTLET CO., LTD has acquired ELE International Co., LTD., and E-Land World Ltd., and changed company name to the present name

12/31/2005 The Subject has acquired the Investment Business Division of E-LAND LTD.

08/31/2009 Spin off Distribution Business(2001 Outlet), and NEWCORE CO., LTD.(110111-0243800) acquired Distribution Business, and NEWCORE CO., LTD.(110111-0243800) has changed its company name to E LAND RETAL CO., LTD.(110111-0243800)

 

 

Detailed Information

 

Management

 

Job Description

Title

Name

Sex

Nationality

Date of Birth

Co-President & CEO

Mr.

Park Sung-Kyung

Male

Korean

1957.01.03

Co-President & CEO

M/S.

Min Hye-Jung

Female

Korean

1968.12.07

Director / CFO

Mr.

Lee Kyu-Jin

Male

Korean

1964.03.05

Director / CSO

Mr.

Kim Il-Kyu

Male

Korean

1957.08.20

Auditor

Mr.

Lee Kyu-Chang

Male

Korean

1966.02.07

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

(*)09/2012

1,112,063,000,000

2,299,809,000,000

22,232,000,000

(*)2011

1,338,033,000,000

2,089,108,000,000

40,624,000,000

(*)2010

1,045,804,000,000

1,622,265,000,000

27,438,000,000

2009

990,190,435,448

1,446,015,626,128

70,043,110,276

2008

1,184,060,310,138

1,845,584,896,839

(-)468,274,525

2007

1,128,051,859,813

1,381,941,831,097

3,969,793,800

2006

938,064,490,537

1,379,698,651,668

17,417,315,949

2005

670,581,565,530

930,963,941,542

90,826,856,502

2004

104,039,402,747

666,049,171,700

42,192,876,854

2003

80,520,960,710

157,424,050,658

36,664,738,166

(*Figures are based on the K-IFRS Accounting System.

 

 

Financial Description

 

Authorized Capital(KRW)

200,000,000,000

Paid-Up Capital(KRW)

23,953,965,000

Total Issues Shares

4,790,793

 

Balance Sheet

Unit : Million Korean Won

01/01/2012~09/30/2012

As of 12/31/2011

As of 12/31/2010

Total Assets

2,299,809

2,089,108

1,622,265

Current Assets

763,206

702,125

430,469

Cash & Cash Equivalents

18,499

10,431

6,049

Current Financial Instruments

33,460

47,526

48,334

 Marketable Financial Instruments

9,463

9,757

-

Other Financial Assets

4,572

3,977

475

Trade Receivables

104,866

106,561

61,158

Other Receivables

96,678

81,959

47,479

Inventories

474,098

420,349

256,532

Other Current Assets

21,570

21,565

10,442

Non-Current Assets

1,536,603

1,386,983

1,191,796

Non-Current Financial Instruments

36,429

23,350

5,434

Other Receivables

57,149

51,693

40,851

Marketable Financial Instruments

16,708

15,716

10,183

Investment_Related Companies

1,130,424

1,030,023

936,988

Tangibles

262,272

234,119

169,492

Intangibles

5,945

7,037

6,475

Investment_Real Estates

9,087

9,491

7,089

Other Non-Current Assets

18,589

15,554

15,284

Total Liabilities

1,447,584

1,260,162

920,191

Current Liabilities

900,163

715,745

570,631

Trade Payables

62,363

57,133

55,489

 Other Payables

45,711

66,057

64,380

Short-Term Borrowings

790,153

580,090

439,059

Accrued Income Tax

-

7,858

8,806

Other Current Financial Debts

-

1,231

-

Other Current Liabilities

1,936

3,376

2,897

Non-Current Liabilities

547,421

544,417

349,560

Long-Term Trade Payables

84,833

85,549

54,897

Other Payables

375,184

374,913

205,584

Provision for Severance & Retirement

7,758

7,218

4,986

Deferred Income Tax Credit

70,278

69,342

78,390

Other Non-Current Financial Debts

5,219

2,520

2,884

Other Non-Current Liabilities

4,149

4,875

2,819

Capital Stock

23,954

23,954

24,179

Profit Surplus

547,268

525,036

481,141

Installments

2,904

1,858

1,096

Others

278,099

278,098

195,658

Total Equity

852,225

828,946

702,074

Liab. & Shareholder’s Equity

2,299,809

2,089,108

1,622,265

 

Income Statement

Unit : Million Korean Won

01/01/2012~09/30/2012

As of 12/31/2011

As of 12/31/2010

Sales

1,112,063

 1,338,033

1,045,804

Cost of Sold Goods

533,087

   736,441

603,309

Gross Profit

578,976

   601,592

442,495

Selling & Admin. Expenses

540,493

   541,220

388,774

Other Operating Income

52,551

    65,903

35,897

Other Operating Expenses

9,973

    20,529

11,352

Operating Income

81,061

   105,746

78,266

Finance Income

11,014

    10,792

7,705

Finance Expenses

66,352

    69,536

52,920

Income Before Taxes

25,723

    47,002

33,051

Income Taxes Expenses

3,491

     6,378

5,613

Net Income

22,232

    40,624

27,438

 

Cash Flows

Unit : Million Korean Won

01/01/2012~09/30/2012

As of 12/31/2011

As of 12/31/2010

Operating Activities Cash Flows

-45,268

-22,891

   20,242

Cash Flows from Operating

-15,846

-6,487

35,354

Interests Received

3,374

            4,401

            2,148

Interests Paid

-51,610

-63,663

-43,065

Dividends Received

31,674

           53,939

           25,248

Income Taxes

-12,860

-11,081

              557

Cash Flows from Investing

-64,693

-84,994

-175,878

Cash Flows from Financing

118,033

    105,582

137,104

Increase/Decrease in Cash

8,072

-2,304

-18,532

Cash at the Beginning of Year

10,431

            6,049

24,636

Cash at the End of Year

18,499

     10,431

6,049

 

 

Products, Technologies, Services Description

 

Main Products & Services

Investment Business

 

Distribution Service

-10 outlet shops (4% Domestic M/S)

-Seorak Kensington Star Hotel & Lexington Hotel

 

Fashion Business

-Garments for Kinds(13% Domestic M/S) : 15 brands including Little Bren, E-land Junior, Baby Hunt

-Inner Wear : 10 Brands including Hunt Inner Ware

-Women’s Casual : 6 Brands including ROEM, The Day

-SPA(specialty store retailer of private label apparel)-SPAO, MIXXO

-Fashion Accessories : 4 Brands including LLOYD

 

Food Business : PIZZA MALL

 

Division

Garment

Distribution

Hotel

Total

Sales

(Mil. KRW)

677,514

316,436

4,716

998,666

Operating Income

(Mil. KRW)

25,655

19,221

(80)

44,796

Detailed Products Spec.

 

Technologies Acquired

 

 

 

Trade Partners & Competitors

 

Suppliers

TAEKYUNG WORLD APPAREL CO., LTD.(110111-3319822)

INNO TRADE CO., LTD.(121111-0164334)

TAEJEPON BANGJEOK CO., LTD.(214911-0005225)

WISH TRADING (SHANGHAI)CO., LTD.(CHINA)

Customers

 

Competitors

SAE-A TRADING CO., LTD.

8TH FL., SAE-A VENTURE TOWER, 946-12, DAECHI 2-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-6252-7000  FAX:+82-2-6252-7002

 

KYUNG SEUNG TRADING CO., LTD.

4TH FL., KYUNGSEUNG BLDG., 960, DAECHI-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-550-1414  FAX:+82-2-566-6867

 

GREEN TEXTILE CO., LTD.

6TH FL., PYEONGHWA BLDG., 289-12, SEONGSU 2-GA 3-DONG, SEONGDONG-GU, SEOUL, KOREA

TEL:+82-2-6496-6400  FAX:+82-2-6496-6510

 

 

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates-Domestic

E LAND CO., LTD.(110111-0536859)

(53.6% held by the subject company)

 

NETISHION.COM CO., LTD.(110111-0409858)

(35.0% held by the subject company)

 

E LAND RETAL CO., LTD.(110111-0243800)

(61.3% held by the subject company)

 

DECO CO., LTD.(110111-0242985)

(80.0% held by the subject company)

 

E LAND DEVELOPMENT CO., LTD.(110111-0841688)

(100.0% held by the subject company)

 

LEAD CO., LTD.(110111-0723555)

(80.9% held by the subject company)

 

E LAND SYSTEMS CO., LTD.(110111-0747224)

(100.0% held by the subject company)

 

FRANCIA CO., LTD.(120111-0101733)

(100.0% held by the subject company)

 

E LAND LEISURVICE CO., LTD.(144411-0000098)

(6.4% held by the subject company)

 

SAVE ZONE(115911-0018731)

(11.7% held by the subject company)

 

E-SERBIZ CO., LTD.(110111-3656688)

(100.0% held by the subject company)

 

FREMONT CO., LTD.(110111-3683251)

(58.7% held by the subject company)

 

OLIVESTUDIO LIMITED(110111-3354571)

(44.3% held by the subject company)

 

GLOBAL SPORTS CO., LTD.(110111-2111386)

(100.0% held by the subject company)

 

E LAND CHINA FASHION DESIGN CO., LTD.(110111-3814020)

C&C MOKSAN CO., LTD.(110111-3894999)

E LAND WORLD CO., LTD.(110111-0365797)

NEWCORE CO., LTD.(110111-0243800)

LEADON CO., LTD.(110111-2999352)

KIMS CLUB MART CO., LTD.(110111-0167498)

WINE CASTLE CO., LTD.(134211-0080103)

OLIVE R&D CO., LTD.(121111-0173799)

Affiliates-Overseas

E.LAND FASHION （SHANGHAI） CO.，LTD.    PRC

E.LAND INTERNATIONAL FASHION （SHANGHAI) CO.  PRC

WISH FASHION (SHANGHAI) CO., LTD. PRC

WISH TRADING (SHANGHAI) CO., LTD. PRC

E.LAND FURNITURE （SHANGHAI） CO., LTD.  PRC

E.LAND （SHANGHAI) INVESTMENT MANAGEMENT CO., LTD. PRC

E-LAND ACCESSORIES TRADING (SHANGHAI) CO.,LTD.           PRC

SHANGHAI E.LAND INDUSTRIAL CO., LTD.        PRC

BEIJING E.LAND BRIGHT TRADING CO., LTD.    PRC

SHENZHEN E.LAND TRADING CO., LTD.           PRC

XI AN E.LAND TRADING CO., LTD.         PRC

SHANGHAI E.LAND INTERNATIONAL TRADING CO., LTD.          PRC

BEIJING E.LAND INTERNATIONAL BRIGHT TRADING CO. LTD.   PRC

SHENZHEN E.LAND INTERNATIONAL TRADING CO., LTD.         PRC

CHENGDU E.LAND INTERNATIONAL TRADING CO., LTD.           PRC

XI AN E.LAND INTERNATIONAL TRADING CO., LTD.       PRC

CHENGDU  E.LAND TRADING CO., LTD.            PRC

DECO FASHION （SHANGHAI）CO., LTD.         PRC

BEIJING ELANDSYSTEMS TECHNIQUE DEVELOPMENT CO., LTD.            PRC

ELAND (SHANGHAI) FOOD&BEVERAGE MANAGEMENT CO., LTD            PRC

SHANGHAI NEWCORE SUPERMARKET CO, . LTD        PRC

LEAD (SHANGHAI) TRADING CO.,LTD.  PRC

SHANGHAI KATE SPADE TRADING CO.,LTD.    PRC

ELAND (SHANGHAI) INTERNATIONAL TRAVEL SERVICE CO,, LTD.            PRC

KS CHINA CO., LTD.     HK

E.LAND INTERNATIONAL LIMITED.        HK

WISH HONGKONG        HK

E-LAND FASHION HONG KONG, LIMITED          HK

E-LAND FASHION CHINA HOLDINGS, LIMITED   CAYMAN

E-LAND ASIA HOLDINGS PTE, LTD       SINGAPORE

E-LAND FASHION INDIA PRIVATE LIMITED        INDIA

ELPHIS LANKA LIMITED            SRI LANKA

E.LAND VIETNAM CO., LTD.      VIETNAM

THANH CONG TEXTILE GARMENT INVESTMENT           TRADING JOINT STOCK COMPANYVIETNAM

MUDRA LIFESTYLE, LTD           INDIA

Affiliates-Overseas

ELAND MANUFACTURING LTD.(JEWOO)           MYANMAR

MICRONESIA RESORT, INC      SIPAN

E.LAND U.S.A   USA

EL INTERNATIONAL (USA), INC.            USA

EL INTERNATIONAL WEST INC USA

WHOAU HOLDINGS INC            USA

EURO E.LAND  UK

GLOVERALL     UK

LOCHCARRON JOHN BUCHAN LIMITED            UK

LOCHCARRON USA INC.           USA

BURNETTS & STRUTH SCOTTISH REGELIA LTD.           CANADA

BELFE S.A.      LUXEMBOURG

BELFE ITALIA  S.R.L     ITALY

LARIO 1898 CALZATURIFICIO S.P.A      ITALY

LARIO FRANCE            ITALY

NEBULONI        ITALY

BRESSAN & VERDELLI ITALY

LORENZO BANFI DONNA          ITALY

COCCINELLE S.P.A      ITALY

THANH CHI       VIETNAM

THANH PHUC   VIETNAM

VUNG TAU GOLF          VIETNAM

THANH CONG CLINIC    VIETNAM

TCSC    VIETNAM

THANH QUANG VIETNAM

SY VINA JOINT STOCK COMPANY        VIETNAM

DECO (TIANJIN) GARMENTS CO., LTD   PRC

MANDARINA DUCK S.P.A         ITALY

MANDARINA DUCK ESPANA S.A.         SPAIN

MANDARINA DUCK FRANCE SAR         FRANCE

MANDARINA DUCK GMBH        GERMANY

PLASTIWEB S.R.L        ITALY

PLASTIWEB US INC      USA

Overseas Office

 

Liaison Office

 

Overseas Branch

 

Joint Venture

 

Subsidiary

ELPHIS LANKA LIMITED

(100.00% held by the subject company)

 

E.LAND INTERNATIONAL LIMITED

(100.00% held by the subject company)

 

E.LAND U.S.A INC

(100.00% held by the subject company)

 

EL INTERNATIONAL (USA), INC.

(100.00% held by the subject company)

 

EURO E.LAND COMPANY LIMITED

(8.90% held by the subject company)

 

E.LAND FURNITURE CO,LTD

(100.00% held by the subject company)

 

WHOAU HOLDINGS INC

(100.00% held by the subject company)

 

E.LAND(SHANGHAI)INVESTMENT MANAGEMENT

(100.00% held by the subject company)

Corporate Ownership

 

Major Shareholders

 

Cooperative Enterprise

-INSURED COMPANY

FIRST FIRE & MARINE INSURANCE CO., LTD.(110111-0017586)

SAMSUNG LIFE INSURANCE CO., LTD.(110111-0005953)

DONGBU INSURANCE CO., LTD.(110111-0095285)

 

-Brands(Roem, E Land, Scofield, Teenie Weenie, Prich, Scat) Usage Agreement to

E.LAND FASHION SHANGHAI CO., LTD.

 

 

Sales by Region (Activity & Markets)

 

Sales/ Unit :Mil KRW

09/2012

2011

2010

Export

 38,008

49,624

34,917

Domestic

1,074,055

1,474,197

1,261,306

Total

 1,112,063

1,523,821

1,296,223

The Subject imports from China.

 

 

Court Action

 

Case No.

Court

Plaintiff(s)/ Creditor(s)/ Applicant(s)

Defendant(s)/ Debtor(s)/ Respondent(s)

Cause

Amount (Million KRW)

Status

 

Seoul Seobu District Court

The Subject Company

An Individual

Claim for Receivables

923

Proceeding

 

Seoul Seobu District Court

The Subject Company

An Individual

Claim for Compensation

244

Proceeding

 

Chuncheon District Court

An Individual

The Subject Company

Claim for Compensation

1

Proceeding

 

Seoul High Court

EL C&C, Kim Nam-Hee

The Subject Company

Claim for Compensation

7,500

Proceeding

 

 

News Clipping

 

Not Available

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.70

UK Pound

1

Rs.89.34

Euro

1

Rs.72.35

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.