MIRA INFORM REPORT

Report Date :

21.09.2012

IDENTIFICATION DETAILS

Name :	CORPORACION DE INDUSTRIAS PLASTICAS S.A.
Registered Office :	Los Frutales 419, Urb. El Artesano, Ate Lima,3 Lima
Country :	PERU
Financials (as on) :	31.12.2011
Date of Incorporation :	16.06.1959
Legal Form :	Joint-Stock Company
Line of Business :	Subject Company is engaged in the manufacture of a wide range of plastic products through its three Divisions Industrial Division, Commercial Division, Coding Division
No. of Employees :	772

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

Maximum Credit Limited:	US$.800,000
Status :	Good
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)
Peru	A2	A2

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

PERU - ECONOMIC OVERVIEW

Peru's economy reflects its varied geography - an arid coastal region, the Andes further inland, and tropical lands bordering Colombia and Brazil. Important mineral resources are found in the mountainous and coastal areas, and Peru's coastal waters provide excellent fishing grounds. The Peruvian economy has been growing by an average of 6.4% per year since 2002 with a stable/slightly appreciating exchange rate and low inflation. Growth in 2010 was close to 9% and in 2011 almost 7%, due partly to a leap in private investment, especially in the extractive sector, which accounts for more than 60% of Peru's total exports. At 3.4%, inflation in 2011 exceeded somewhat the upper range of the Central Bank's 1%-3% target. Despite Peru's strong macroeconomic performance, dependence on minerals and metals exports and imported foodstuffs subjects the economy to fluctuations in world prices. Poor infrastructure hinders the spread of growth to Peru's non-coastal areas. Peru's rapid expansion coupled with cash transfers and other programs have helped to reduce the national poverty rate by 23 percentage points since 2002. A growing number of Peruvians are sharing in the benefits of growth but inequality persists posing a challenge for the new Ollanta HUMALA administration, which has championed indigenous and local disenfranchised groups. The administration seems committed to Peru's free-trade path. Since 2006, Peru has signed trade deals with the US, Canada, Singapore, China, Korea, Mexico, and Japan, concluded negotiations with the European Free Trade Association and Chile, and begun trade talks with Central American countries and others. The US-Peru Trade Promotion Agreement entered into force 1 February 2009, opening the way to greater trade and investment between the two economies. Trade agreements with South Korea, Japan, and Mexico also were signed in 2011. Although Peru has continued to attract foreign investment, political disputes and protests may impede development of some projects related to natural resource extraction.

Source : CIA

IDENTIFICATION

CORRECT COMPANY NAME

CORPORACION DE INDUSTRIAS PLASTICAS S.A.

TRADE NAME

CIPSA

TAXPAYER REGISTRATION

RUC 20100654025

MAIN ADDRESS

Los Frutales 419, Urb. El Artesano, Ate

POSTAL CODE

Lima,3

PROVINCE / DEPARTAMENT

Lima

STATE / REGION

Lima

COUNTRY

PERU

TELEPHONE

(511) 3134200

E-MAIL

ccepeda@cipsa.com.pe

WEB

www.cipsa.com.pe

COMMENTS

The investigated company does NOT appear in the Clinton List.

SUMMARY
Date of foundation	1959
Capital stock	S/.36,000,000.= Nuevos Soles
Shareholders' equity	65,430,234.00 Nuevos Soles (31DEC2011)
Annual revenues	US$ 45,630,191.92 Nuevos Soles (31DEC2011)
Profits (loss)	6,026,255.00 Nuevos Soles (31DEC2011)
permanent employees	772
Chief Executive	FALKON BENBASSAT, JACK MAURICE
Disposition	Poor.- Only general information without figures.
Payments policy	Usually to terms/good
Credit (**)	Risk is Minimal, Solvent, Satisfactory Financial Situation.

CREDIT OPINION
Requested credit	MAXIMUM ?
Suggested credit (*)	US$.800,000.=
(*) After analyzing different factors and other opinions.

LEGAL BACKGROUNDS
LEGAL STATUS	Joint-Stock Company
DATE OF INCORPORATION	16JUN1959
PLACE OF REGISTRY	Lima
DURATION	Indefinite
REGISTRATION	Index Card No.13145
CURRENT PAID-IN CAPITAL	S/.36,000,000.= Nuevos Soles
SHAREHOLDERS EQUITY	65,430,234.00 Nuevos Soles (31DEC2011)
CLASS OF SHARES	Registered
LISTED AT STOCK EXCHANGE	No
SHARE VALUE	S/.1.= Nuevo Sol
CURRENT EXCHANGE RATE (US$)	S/.2.61 per 1 USD
COMMENTS	By General Shareholders' Meeting held on 03.07.2007, it was agreed to accept the resignation of Marcos Enrique Falcon Alfandari to the company's Board of Directors. The Notarial deed was recorded at pages 66-69 of Minute Books No.3, authenticated by Public Notary Ortiz de Zevallos Villaran, under No.44004-2000. This is shown in a certified copy, dated 18.09.2007, by Public Notary Laos de Lama in replacement of the regular notary Ortiz de Zevallos Villaran, which was registered on Entry 01111604, page 43/43 of the National Superintendency of Public Registries - Registration Zone No.IX - Lima Headquarters, Registration Office of Lima. According to SUNAT (Tax Administration Service), Subject was incorporated into the scheme of VAT withholding agents (RS037-2002) from 01/06/2002.

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
KALIKSZTEIN FIHMAN, YOANA	Director
BLITCHTEIN WINICKI, MARCOS	Director		12/06/03
FALCON GORYN, SALVADOR BERTY	Director
FALKON BENBASSAT, ALAIN HENRY	Director		04/08/09
FALKON BENBASSAT, JACK MAURICE	General Manager		04/08/09
MORE CARRASCO, OSCAR	Administrative Manager		14/05/07
GARRIDO LECCA, MAX	Finance Manager
ALONSO PEREZ, ISABEL	Logistics Manager
CHACON NAVEDA, JOSE ANDRES	Commercial Sales Manager
CEPEDA, CARLOS	Head of Treasury &Finance
JACQUES FALKON Y CIA. S.A.	Shareholder / Member	50%
INVERSIONES 262 S.A.	Shareholder / Member	50%

WHO IS WHO?

KALIKSZTEIN FIHMAN, YOANA

NATIONALITY

Peruvian

ID

10219122

BLITCHTEIN WINICKI, MARCOS

NATIONALITY

Foreign

ID

CExt.. N108871

DOMICILE

Alfredo Benavides 330 of. 301, Miraflores, Lima

TELEPHONE

3433732

TAX ID

15508177256

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
MEGAMAR S.A.		20383292868	PERU

FALCON GORYN, SALVADOR BERTY

NATIONALITY

Peruvian

D.O.B.

13MAR1974

ID

DNI 06349261

CIVIL STATUS

Divorced to Talia Schwartzman Levy

DOMICILE

Belen 154 Dpto. 701, San Isidro, Lima

PROFESSION

Economist

TAX ID

10063492618

BACKGROUND INFORMATION

When consulting the Prosecuting Authority and the Lawcourts , found a lawsuit dated 23/06/2004 filed against Mr. Falcón by the 7th Criminal Provincial Prosecutor's Office of Lima, case 506010107-2004-311-D. 
Offenses: illegal seizure (personal property. sum. dinr), administrative fraud of legal entities, C.P.P. (Unlawful association), U.A.T.H (usurpation of functions), C.F.P. (misrepresentation). 
Offended Parties: Fresh Parvest Perú S.A.C - FHP S.A.C. and Luis Miguel Umbert Ureta (Representative).
 
Currently (sinceJanuary 2010) he is separated from his wife.

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
SHEVA S.A.C.		20518441575	PERU
SODAK GAMING INTERNATIONAL, INC			U.S.A.
QUESTO S.A.C. (EN LIQUIDACION)		20420711701	PERU
FINCORP LTD.			SAINT KITTS

FALKON BENBASSAT, ALAIN HENRY

NATIONALITY

Peruvian

D.O.B.

30AUG1970

ID

DNI 06286580

DOMICILE

Jacinto Lara 405, San isidro, Lima

TELEPHONE

4229343

TAX ID

10062865801

FALKON BENBASSAT, JACK MAURICE

NATIONALITY

Peruvian

D.O.B.

24OCT1964

ID

DNI 08219145

CIVIL STATUS

Married to Raquel Soued Nathan

DOMICILE

Alfredo Salazar 1030, San Isidro, Lima

TELEPHONE

4223333

PROFESSION

Engineer

TAX ID

10082191459

BACKGROUND INFORMATION

His Taxpayer ID No. 10082191459 was issued on January 1, 2000 and updated on November 5, 2002 to be engaged as a Natural Person in activities related to business consulting.
Tax domicile:Av. Alfredo Salazar 1030, a una cuadra de Belen, San Isidro (Lima 27). Tel.: 422.3333/437.3636.
 

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
VITA VIDA S.A.		20344552364	PERU
JMFALKON EIRL		20508730722	PERU
VERIDATA SAC		20476425230	PERU
QUALITY STORE SAC		20466814360	PERU
BENBASSAT DE FALKON ANNIE RACHEL DENISE		15507816310	PERU
ENVIROTECH DEL PERU S.A.		20336285101	PERU
FBJ SERVICIOS E.I.R.L		20293576760	PERU
QUALITY PRODUCTS S.A.		20293503967	PERU
JFB CONSULTORES EIRL		20290462399	PERU
CONSTRUCTORA CANDELARIA SAC		20131179180	PERU
SEMACON & FALKON ASOCIADOS S.C.R.L.		20122373836	PERU
BOSS STABIL SERVICE EIRL	Owner / Manager	20295085691	PERU
GRUPO AXIS S.A.		20501709183	PERU
QUESTO S.A.C. (EN LIQUIDACION)		20420711701	PERU

MORE CARRASCO, OSCAR

NATIONALITY

Peruvian

D.O.B.

09APR1938

ID

DNI 07273190

CIVIL STATUS

Married to Ana María Saco Portugal

PROFESSION

Bussinessman

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
VITA VIDA S.A.		20344552364	PERU

GARRIDO LECCA, MAX

NATIONALITY

Peruvian

ID

DNI 08265557

ALONSO PEREZ, ISABEL

NATIONALITY

Spaniard

ID

C. Ext 000218297

CHACON NAVEDA, JOSE ANDRES

NATIONALITY

Peruvian

D.O.B.

10JAN1956

ID

DNI 07214264

CIVIL STATUS

Married to Ana María Jesús Corzo Tejada

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
DRAGON IMPEX SAC		20469647219	PERU

BUSINESS HISTORY

Subject Company was incorporated on June 16,1959, under the current corporate name, with the aim of providing the Peruvian market a line of plastic products derived from polyvinyl chloride (PVC).
 
Subject's founders were Enrique Falkon Franco, Alberto Falkon Franco and Salvador Falkon Danon (who died on November 7, 2007).
 
Down the years, Subject took over by merger the following companies: SERVICIOS DE MOLDEO S.A., PELOPLAST S.A. and INMOBILIARIA COMERCIAL PACIFICO S.A., which were dissolved.

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
BOSS STABIL SERVICE EIRL	PERU	20295085691	Related
GOOD FOODS S.A.	PERU	20379163581	Related
GRUPO CORIL SOCIEDAD ADMINISTRADORA DE FONDOS S.A.	PERU	20379859888	Related
INVERSIONES 262 S.A.	PERU	20522228690	Shareholder / Member
JACQUES FALKON Y CIA. S.A.	PERU	20100650208	Shareholder / Member
VITA VIDA S.A.	PERU	20344552364	Related

BUSINESS

SIC Classification
3 0 - RUBBER AND MISCELLANEOUS PLASTICS INDUSTRY. (Tires, rubber and plastics footwear, belts, miscellaneous plastics products.)

Main activity

Subject Company is engaged in the manufacture of a wide range of plastic products through its three Divisions:
 
Industrial Division: It develops containers and packaging according to the requirements of each client and daily demands. Among products manufactured by Subject are PET bottles (Terephthalate Polyethylene ), PEAAD bottles (high density polyethylene), polystyrene used in advertising (printed advertising posters and thermoformed products, basis for cakes, etc.; PVC (Chloride Polyvinyl) under different presentation: Rigid PVC (its rigidity keeps a specific flexibility which enables material to be transformed), Semi-Rigid PVC (it enables a higher flexibility avoiding it to be transformed), Plastified PVC (cristali plastified PVC), and PVC Film (for the candy industry).
 
Commercial Division: It started with the introduction of VINIFAN (innovative PVC plastic covers for books and notebooks). Later, its own technology was developed and launched VINIBALL (a line of balls for sports and recreation). It recently introduced VINIFILE (plastic files for presentation and protection of documents).
 
Coding Division: It started in 1994 as a result of the incorporation of International quality standards in the Peruvian market. This required marking and coding of production dates, software for storage control, expiration, lot numbers, bar codes, etc. 
This division represents and distributes in Peru equipment and inputs from worldwide leading companies such as DOMINO AMJET, ZEBRA TECHNOLOGIES and NORWOOD MARKING SYSTEMS.
 
Trademarks: VINIBALL (balls), VINIFAN (coverings for notebooks), VINIFILE (folders), VINITOYS (plastic toys), VINIPLAY (plasticine), VINIFLEX (erasers).

Import

Yes

Country

Argentina, Brasil, Canada, Chile, China, Colombia, the Czech Republic, France, Germany, Hong Kong, Italy, Japan, Malaysia, Mexico, Pakistan, Singapore.

ANNUAL Imports In US$ (CIF)

YEAR	AMOUNT
2012	8,465,660.00
2011	17,683,907.00
2010	14,648,617.00
2009	9,947,629.00
2008	12,826,397.00
2007	9,017,179.00
2006	7,420,269.00
2005	7,653,639.00

Export

Yes

COUNTRY

Colombia, Ecuador, Japan, Mexico, USA

Annual exports in US$ (FOB)

YEAR	AMOUNT
2012	2,429,043.00
2011	3,808,206.00
2010	3,837,903.00
2009	3,168,213.00
2008	3,289,608.00
2007	3,376,117.00
2006	2,781,264.00
2005	2,547,074.00

% CASH SALES / METHOD

06%

% Credit SALES / Terms

94% (terms: 30, 60 and 90 days)

% Ventas exterior (Paises)

09%

% DOMESTIC PURCHASES

48%

% FOREIGN PURCHASES

52%

SELLING TerritorY

91% Domestic market

EMPLOYEES

772

LOCATION
PREMISES	Own
FLOORS	3
OTHER PREMISES	The address in the identification of report corresponds to the Headquarters. REPRESENTATION OFFICES: - Calle Las Gemas 130, Trujillo - La Libertad - Peru. (Rented premises). - Calle Tacna 345, Piura - Piura - Peru. (Rented premises). BRANCH: - Jr. Las Maquinarias 282, Zona Industrial Bocanegra, Callao. WAREHOUSES: - Av. La Molina 400, Ate, Lima. - Av. Los Forestales, Lote 6, Mz.F, Villa El Salvador, Lima. - Calle 1, Mz.B, Lt.4, Zona Industrial Santa Raquel, Ate, Lima.

Comments

Its main economic activity registered is manufacturing plastic products.
As secondary activities mention the sale of machinery, equipment and materials as well as other types of retail.
 
It also makes imports from Spain, Taiwan, Thailand, UK, USA, Vietnam
 
Main Clients and Distributors:
- Tienda por Departamento Ripley SA
- Saga Falabella SAA
- Tai Heng SA
- Clorox del Pacífico SA
- Supermercados Peruanos S.A
- Molitarlia S.A.
- Corporación Lindey S.A
- Kraft Foods Perú S.A.
 
Main Foreign Clients:
- Laboratorios Alcos (Bolivia)
- Avant Garde (Panama)

FINANCIAL INFORMATION

Interviewee(s)

Carlos Cepeda

Position(s)

Head of Teasury and Finance

Disposition

Poor.- Only general information without figures.

Information provided

The person interviewed very kindly provided trade data and key figures of latest balance sheet available at 31/12/2011 (12 months), expressed in Nuevos Soles, which we place next to the figures of previous period.
 
It should be noted we found some additional data of interest regarding the company in public sources.

BALANCE SHEET
Balance sheet date	31DEC2011	31DEC2010
Type of balance sheet	Annual	Annual
Period	12 months	12 months
Currency	Nuevos Soles	Nuevos Soles
Exchange rate per US$	2.6	2.8
A S S E T S
Current Assetsd	84,538,968.00	81,784,022.00
Fixed	46,186,228.00	46,959,015.00
Others	2,024,190.00
Total Assets	132,749,386.00	128,743,037.00
L I A B I L I T I E S
Current liabilities	56,422,268.00	56,502,085.00
Long term	10,896,884.00	5,499,315.00
TOTAL LIABILITIES	67,319,152.00	62,001,400.00
S H A R E H O L D E R S'  E Q U I T Y
Total shareholders equity	65,430,234.00	66,741,637.00
Total Liab. / Sh. equity	132,749,386.00	128,743,037.00
Sales	118,638,499.00	110,754,820.00
Profit (Loss)	6,026,255.00	9,102,370.00

RATIO
Liquidity ratio	1.50	Current assets / Current liabilities
Debt-to-equity ratio	115.97 %	(Shareholders' equity / Current liabilities %)
Profitability margin	5.08 %	(Profits / Sales %)
Working capital	28,116,700.00	(Current assets - Current liabilities)

FINANCIAL SITUATION

A+: GOOD
Taking into account the last Financial Statement presented and / or other factors analyzed, we estimate the financial situation of the Subject is: GOOD, due to the following considerations:
- Liquidity Ratio is higher than or similar to industry average.
- Working capital is positive allowing prompt fulfillment of payments.
- Equity covers the current liabilities in excess.
- The economic and financial results have been satisfactory.
-The trend of the company is positive.
-The support of the owners is important. 
 
Besides, Subject's credit experience with financial sector entities is normal, according to the latest report of the SBS.

INSURANCE

COMPANY	AGAINST	EXPIRATION	AMOUNT
MAPFRE PERU SEGUROS Y REASEGURORS	Not specified	31/12/2012	US$32,764,132.=

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Supplier	Country	Comment
COMPAÑÍA QUÍMICA SA	PERU
KURESA SA	PERU
PRODUCTOS QUÍMICOS SA	PERU
AG.AD. TRANSOCEANICA SA	PERU
REPSOL YPF COMERCIAL DEL PERÚ	PERU
BOLSIPOL SA	PERU
AGENCIA DE ADUANA TRANSOCEANIC S.A.	PERU
UNIVERSAL ADUANERA S.A.C.	PERU
DHL EXPRESS ADUANAS PERU S.A.C.	PERU
MARUBENI CORPORATION	JAPAN
POLIQUÍMICOS SA	COLOMBIA
HOECHST AG	GERMANY
DAY GIO COLOR CORPORATION	U.S.A.
DOMINO	CHILE
ZEBRA	U.S.A.
HOLLANDS COLOURS	U.S.A.
DOMINIO	DOMINICAN REP.
ARKEMA	FRANCE
CLARIANT	U.S.A.
MEXICHEM	MEXICO
PETROQUÍMICA COLOMBIANA	COLOMBIA
CARBOQUÍMICA	COLOMBIA
ELF ATOCHEM	SPAIN

SUPERINTENDENCY OF BANK & INSURANCE (SBS)

Debt structure for bank. SBS Latest Consolidated Credit Report as of : 31/07/2012

Bank	Debt Rating	Current Debt
		S/.	US$
CONTINENTAL	NORMAL	8,946,557.00	5,372,302.00
CREDITO	NORMAL	5,730.00	1,618,284.00
SCOTIABANK	NORMAL		15,560,731.00
HSBC BANK PERU	NORMAL		454,740.00
Total		8,952,287.00	23,006,057.00
Guarantees		291,914.00	5,971,044.00

CONSOLIDATED DEBT (ALL BANKS)                              ENTITIES NUMBER : 4                           31/07/2012

		Domestic Currency	Foreign Currency
LOANS	:	8,775,000.00	2,389,029.00
FINANCIAL LEASING	:	17,395.00	3,877,966.00
FOREIGN TRADE	:		4,011,688.00
CREDIT CARDS	:	5,678.00	9,442.00
OTHER INDIRECT CONTINGENT DEBTS	:	86,294.00	12,645,172.00
	:	67,920.00	72,760.00
		--------------------------------------------	--------------------------------------------
TOTAL DEBT	:	8,952,287.00	23,006,057.00
		=========================	=========================
	:		67,345.00

Comments :

The SBS does not record any debts of Subject Company subsequent to 31/08/2012.

RATING DESCRIPTION ACCORDING TO THE SBS (Caption)
Normal	Good Finantial Situation, Prompt payments, Consistent information. Increasing Trend, Creditworthy.
Potential Problem	Satisfactory Finantial Situation but cash flow can be weak. Irregular payments. Irregular Trend.
Deficient	Fair Finantial Situation, cash problems, profits shortage, delayed and overdue payments.
Doubtful	Heavy Finantial Situation, liquidity shotage, notorious delayed payments, Judicial Collection, Bad Management.
Loss	Bad Finantial Situation, Insufficient funds, declared bankruptcy, debt default.

CREDIT HISTORY

Previous reports showed an excellent payment performance.

BANKERS

Banking is with:
BANCO DE CREDITO DEL PERU 
SCOTIABANK PERU SAA
BBVA BANCO CONTINENTAL
HSBC BANK PERU 

GENERAL INFORMATION

REPUTATION

NOTHING AGAINST COMPANY

CREDIT OPINION
Consulted Credit Amount :	MAXIMUM ?
Suggested Credit :	US$.800,000.=
NOTE : The opinion given is confidential, referential and with out liability.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.34
UK Pound	1	Rs.87.91
Euro	1	Rs.70.57

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.