MIRA INFORM REPORT

Report Date :

25.09.2012

IDENTIFICATION DETAILS

Name :	CENTRAL PHARMACEUTICAL COMPANY NO.2
Registered Office :	No. 334 (former No.136) To Hien Thanh Str, Ward 14, 10^th District, Ho Chi Minh City
Country :	Vietnam
Financials (as on) :	31.12.2011
Year of Establishment :	1993
Com. Reg. No.:	0300483319
Legal Form :	One member liability limited company
Line of Business :	Import - export, trading, distributing, and marketing pharmaceutical formulations, pharmaceutical raw materials, cosmetics and nutritional products.
No. of Employees :	426

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 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
Viet Nam	B1	B1

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

VIET NAM - 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 NO.2
Vietnamese Name	CONG TY TNHH MOT THANH VIEN DUOC PHAM TRUNG UONG 2
Short name	CODUPHA
Type of Business	One member liability limited company
Year Established	1993
Establishment Decision	No. 409/BYT-QD
Date of Issuance	22 Apr 1993
Place of Issuance	Ministry of Health
Business Registration No.	0300483319
Date of the latest (3^rd) adjustment	18 Aug 2010
Place of Registration	Business Registration Office – Planning and Investment Department of Hochiminh City
Current registered capital	VND 102,777,872,638
Tax code	0300483319
Total Employees	426

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Registered English Name: NATIONAL PHARMACEUTICAL COMPANY NO.2 Changed to: CENTRAL PHARMACEUTICAL COMPANY NO 2	18 Aug 2010
2	Subject has got former Registered Vietnamese Name: CONG TY DUOC PHAM TRUNG UONG 2 Changed to: CONG TY TNHH MOT THANH VIEN DUOC PHAM TRUNG UONG 2	18 Aug 2010
3	Subject has got former Type of Business: State Owned Company Changed to: One Member Liability Limited Company	18 Aug 2010
4	Subject has got former chartered capital: VND 66,632,937,611 Changed to: VND 102,777,872,638	18 Aug 2010
5	Subject has got former Business Registration No: 4106000298 Changed to: 0300483319	18 Aug 2010
6	Subject has got former Business Registration 102654 issued on May 10^th, 1993 Changed to: 4106000298	11 Sep 2006

ADDRESSES
Head Office
Address	No. 334 (former No.136) To Hien Thanh Str, Ward 14, 10^th District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 38650938 – 38658638
Fax	(84-8) 38650750 – 38665840
Email	codupha@hcm.fpt.vn
Website	www.codupha.com.vn
Branch in Ha Noi
Address	No. 60B Nguyen Huy Tuong Str, Thanh xuan Trung ward, Thanh Xuan District, Ha Noi City, Vietnam
Telephone	(84-4) 38586059/35588246
Fax	(84-4) 38584368
Email	Haicodupha@yahoo.com
Branch in Can Tho
Address	No. 132A Nguyen Van Cu Str (extended), An Khanh ward, Can Tho City, Vietnam
Telephone	(84-71) 3899099 - 3899398
Fax	(84-71) 3899011
Email	coduphacantho@yahoo.com.vn
Branch in Nghe An
Address	71 Tran Phu street, Vinh City, Nghe An Province, Vietnam
Telephone	84-38 3 595277
Branch in Dak Lak
Address	59 Hung Vuong street, Tu An ward, Buon Ma Thuot City, Dak Lak Province, Vietnam
Branch in Quang Ngai
Address	433 Le Loi street, Nghia Lo ward, Quang Ngai City, Quang Ngai Province, Vietnam
Branch in Hai Phong
Address	16 Le Dai Hanh street, Minh Khai ward, Hong Bang District, Hai Phong City, Vietnam
Other
Address	136 To Hien Thanh street, ward 15, 10^th District, Ho Chi Minh City, Vietnam

DIRECTORS
1. NAME	Mr. LE VAN SON
Position	Director
Date of Birth	07 Jul 1962
ID Number/Passport	024353738
Date of Issuance	04 Jun 2005
Place of Issuance	Police station of Ho Chi Minh City
Resident Address	385/5 Dien Bien Phu, Ward 4, District 3, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Qualification	Bachelor
2. NAME	Mr. BUI HUU HIEN
Position	Deputy Director
Nationality	Vietnamese
3. NAME	Mr. TRUONG XUAN LIEN
Position	Deputy Director
Date of Birth	10 Aug 1960
Nationality	Vietnamese
4. NAME	Mr. LE XUAN HAI
Position	Deputy Director
Nationality	Vietnamese
5. NAME	Mr. NGUYEN VAN TUAT
Position	Chief Accountant
Date of Birth	1958
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

+ Import - export, trading, distributing, and marketing pharmaceutical formulations, pharmaceutical raw materials, cosmetics and nutritional products.
+ Import - export, trading, distributing, marketing oriental medicines, chemicals (excluding harmful and poisonous chemicals), excipients for production of preventive and curative medicines, pharmaceutical packaging materials and other medical products, hygienic products, essential oils, flavors, herbal and animal oils, medical equipments, pharmaceutical production machinery and equipment, bandages, sun glasses, optical glasses, diagnostics and testing chemicals.
+ Logistics and warehousing services.
+ Trading, processing pharmaceuticals with local and foreign companies and factories.
+ Import pharmaceutical oriental and western medicines, vaccines, pharmaceutical raw materials and excipients, pharmaceutical packaging materials, cosmetics, nutritional products, chemicals; pharmaceutical production machines and equipments for pharmaceutical factories and medical instruments and apparatus for treatment units at all levels.
+ Participating in joint-venture projects, co-operating with foreign companies to develop the production and the distribution of medicines
+ Pharmaceutical packing of drug units in case of flood, natural calamities

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Types of products	Medicine, pharmaceutical products
· Market	USA, Canada, France, Spain, Italy, Netherlands, UK, Russia, Turkey, India, Thailand, China, Singapore, Korea, Taiwan, and Japan…
· Ratio	80%
· Mode of payment	T/T, L/C
EXPORT:
· Types of products	Medicines, health rubber
· Market	Russia, Laos
· Ratio	2%
· Mode of payment	T/T, L/C

BANKERS
1. BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM- HCM CITY BRANCH
Address	134 Nguyen Cong Tru Street, Nguyen Thai Binh Ward, 1^st District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 38230125, 8290410
Fax	(84-8) 38298862/ 8213917
2. DEUTSCHE BANK AG, HO CHI MINH CITY BRANCH
Address	Floor 13, 14 - Saigon Center Building- No. 65 Le Loi Street, Ben Nghe Ward, 1^st District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3822 2667
Fax	(84-8) 3822 2760
3. FAR EAST NATIONAL BANK
Address	17^th Floor, 2-4A Ton Duc Thang str, Ben Nghe ward, 1^st District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 38220566
Fax	(84-8) 38275307
4. CITI BANK - BRANCH IN HO CHI MINH CITY
Address	No. 115 Nguyen Hue Str, Ben Nghe Ward, 1^st District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 38242118
Fax	(84-8) 38242267

SHAREHOLDERS
NAME	VIETNAM PHARMACEUTICAL CORPORATION
Business Registration	0106001031
Date of Registration	16 Dec 2008
Place of Registration	Ha Noi City Department of Planning and Investment
Registered 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
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
Audited	Yes	Yes	Yes
Auditor	Auditing and Accounting Financial Consultancy Service Company Limited (AASC)
ASSETS
A – CURRENT ASSETS	1,135,222,181,938	1,072,494,349,843	1,043,892,000,000
I. Cash and cash equivalents	41,927,466,144	41,772,213,021	21,483,000,000
1. Cash	41,927,466,144	41,772,213,021	21,483,000,000
2. Cash equivalents		0	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	618,253,106,306	561,658,492,216	505,672,000,000
1. Receivable from customers	576,126,913,329	515,610,608,912	474,718,000,000
2. Prepayments to suppliers	6,470,835,857	9,554,001,844	9,089,000,000
3. Inter-company receivable	3,340,339,603	3,188,972,694	7,854,000,000
4. Receivable according to the progress of construction	33,551,870,307	0	0
5. Other receivable	-1,236,852,790	34,254,908,933	14,011,000,000
6. Provisions for bad debts		-950,000,167	0
IV. Inventories	461,086,084,434	458,822,421,182	502,020,000,000
1. Inventories	461,086,084,434	458,822,421,182	506,069,000,000
2. Provisions for devaluation of inventories		0	-4,049,000,000
V. Other Current Assets	13,955,525,054	10,241,223,424	14,717,000,000
1. Short-term prepaid expenses	232,472,614	834,535,400	129,000,000
2. VAT to be deducted	6,921,903,699	4,670,077,924	7,638,000,000
3. Taxes and other accounts receivable from the State	0	40,305,794	1,407,000,000
4. Other current assets	6,801,148,741	4,696,304,306	5,543,000,000
B. LONG-TERM ASSETS	80,643,352,197	59,752,008,659	31,632,000,000
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	66,607,983,897	45,713,640,359	17,593,000,000
1. Tangible assets	8,691,511,352	8,897,253,072	10,085,000,000
- Historical costs	48,986,381,479	46,898,821,940	45,775,000,000
- Accumulated depreciation	-40,294,870,127	-38,001,568,868	-35,690,000,000
2. Financial leasehold assets		0	0
- Historical costs		0	0
- Accumulated depreciation		0	0
3. Intangible assets	6,942,944,109	6,960,920,148	7,176,000,000
- Initial costs	8,874,340,778	8,874,340,778	8,874,000,000
- Accumulated amortization	-1,931,396,669	-1,913,420,630	-1,698,000,000
4. Construction-in-progress	50,973,528,436	29,855,467,139	332,000,000
III. Investment property		0	0
Historical costs		0	0
Accumulated depreciation		0	0
IV. Long-term investments	14,035,368,300	14,038,368,300	14,039,000,000
1. Investments in affiliates	13,535,808,300	0	0
2. Investments in business concerns and joint ventures	499,560,000	13,535,808,300	13,536,000,000
3. Other long-term investments		502,560,000	503,000,000
4. Provisions for devaluation of long-term investments		0	0
V. Other long-term assets		0	0
1. Long-term prepaid expenses		0	0
2. Deferred income tax assets		0	0
3. Other long-term assets		0	0
TOTAL ASSETS	1,215,865,534,135	1,132,246,358,502	1,075,524,000,000
LIABILITIES
A- LIABILITIES	1,102,513,073,171	1,021,580,301,659	970,113,000,000
I. Current liabilities	1,088,759,585,420	1,019,592,330,889	967,640,000,000
1. Short-term debts and loans	491,816,332,288	581,236,432,754	494,136,000,000
2. Payable to suppliers	441,284,301,516	344,436,547,570	373,240,000,000
3. Advances from customers	19,008,053,057	20,937,918,713	17,202,000,000
4. Taxes and other obligations to the State Budget	7,086,306,101	5,960,775,926	6,931,000,000
5. Payable to employees	5,996,745,071	7,734,328,339	8,754,000,000
6. Accrued expenses	5,120,986,667	50,650,000	139,000,000
7. Inter-company payable	0	2,572,244,222	3,072,000,000
8. Payable according to the progress of construction contracts		0	0
9. Other payable	118,446,860,720	56,663,433,365	64,166,000,000
10. Provisions for short-term accounts payable			0
II. Long-Term Liabilities	13,753,487,751	1,987,970,770	2,473,000,000
1. Long-term accounts payable to suppliers	11,444,077,693	0	0
2. Long-term inter-company payable	1,917,040,058	0	0
3. Other long-term payable	392,370,000	0	456,000,000
4. Long-term debts and loans		0	0
5. Deferred income tax payable		0	0
6. Provisions for unemployment allowances		1,987,970,770	2,017,000,000
7. Provisions for long-term accounts payable		0	0
B- OWNER’S EQUITY	113,352,460,964	110,666,056,843	105,411,000,000
I. OWNER’S EQUITY	113,335,916,022	110,539,760,131	102,978,000,000
1. Capital	64,953,432,430	62,735,191,829	60,893,000,000
2. Share premiums		0	0
3. Other sources of capital		0	0
4. Treasury stocks		0	0
5. Differences on asset revaluation		0	-2,608,000,000
6. Foreign exchange differences	-4,334,247,749	0	0
7. Business promotion fund	39,200,319,511	35,795,625,450	33,764,000,000
8. Financial reserved fund	13,516,411,830	12,008,942,852	10,729,000,000
9. Other funds		0	200,000,000
10. Retained earnings			0
11. Construction investment fund		0	0
II. Other sources and funds	16,544,942	126,296,712	2,433,000,000
1. Bonus and welfare funds	16,544,942	126,296,712	2,433,000,000
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	1,215,865,534,135	1,132,246,358,502	1,075,524,000,000

PROFIT & LOSS STATEMENT
Description	FY2011	FY2010	FY2009
1. Total Sales	2,462,128,376,305	2,115,667,576,238	1,840,640,000,000
2. Deduction item	29,789,596,260	15,893,391,866	16,532,000,000
3. Net revenue	2,432,338,780,045	2,099,774,184,372	1,824,108,000,000
4. Costs of goods sold	2,207,968,013,346	1,919,810,835,847	1,676,009,000,000
5. Gross profit	224,370,766,699	179,963,348,525	148,099,000,000
6. Financial income	34,383,340,702	28,059,177,669	33,011,000,000
7. Financial expenses	113,781,716,709	78,297,119,094	59,961,000,000
- In which: Loan interest expenses	95,141,479,508	56,192,514,199	25,743,000,000
8. Selling expenses	99,064,127,337	80,421,975,291	75,283,000,000
9. Administrative overheads	26,347,303,357	28,783,953,140	28,787,000,000
10. Net operating profit	19,560,959,998	20,519,478,669	17,079,000,000
11. Other income	3,228,230,735	1,005,089,156	2,226,000,000
12. Other expenses	24,609,917	1,450,000	0
13. Other profit /(loss)	3,203,620,818	1,003,639,156	2,226,000,000
14. Total accounting profit before tax	22,764,580,816	21,523,117,825	19,305,000,000
15. Current corporate income tax	5,689,891,037	5,348,817,841	4,818,000,000
16. Deferred corporate income tax		0	0
17. Interest from subsidiaries/related companies
18. Profit after tax	17,074,689,779	16,174,299,984	14,487,000,000

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	FY2011	FY2010	FY2009	Average Industry
Current liquidity ratio	1.04	1.05	1.08	1.65
Quick liquidity ratio	0.62	0.60	0.56	1.04
Inventory circle	4.79	4.18	3.34	4.14
Average receive period	92.78	97.63	101.18	105.37
Utilizing asset performance	2.00	1.85	1.70	1.20
Liability by total assets	90.68	90.24	90.20	53.11
Liability by owner's equity	972.80	924.29	920.31	159.74
Ebit / Total assets (ROA)	9.70	6.86	4.19	10.37
Ebit / Owner's equity (ROE)	104.03	70.31	42.74	23.03
Ebit / Total revenue (NPM)	4.79	3.67	2.45	10.15
Gross profit / Total revenue (GPM)	9.11	8.51	8.05	25.88
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data

PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Good
Liquidity	Medium
Payment status	Average
Financial Situation	Above Average
Development trend	Positive
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	Direct payment or through its corresponding bank. (L/C) or (T/T)
Sale Methods	Wholesaler

INTERPRETATION ON THE SCORES

CODUPHA was established under the Decision No. 409/BYT-QD issued on April 22^nd 1993 by the Ministry of Health. In August 18^th, 2010, the subject changed type of business from State Owned Company to One Member Liability Limited Company with name ”CONG TY TNHH MOT THANH VIEN DUOC PHAM TRUNG UONG 2”. Head office of the subject is located at No. 334 To Hien Thanh St- Ward 14 - Dist 10 - Ho Chi Minh City.

The subject’s main activities are directly export and import, trading and distributing pharmaceutical products, cosmetics, nutritional products, raw materials... The subject imports pharmaceutical products and goods from USA, Canada, France, Spain, Italy, Netherlands, UK, Russia, Turkey, India, Thailand, China, Korea, Taiwan and Japan. Currently, CODUPHA exports its products to Laos.

The subject is the distributor for products of Mekophar, Ranbaxy, Sanofi, Roussel and many other manufactures. The position in the industry of the subject is good. CODUPHA is ranked in the top ten companies in Vietnam pharmaceutical association with high revenue. The market share of the subject is fairly large. It has built a wide distribution system in many provinces nationwide. The subject has advantaged for distribution system and marketing.

According to the financial data, this subject has been on the way of development and expanding business activities. However, to be strongly supported from parent company and lean on its trade name, loan capital and payable account occupied from its suppliers is high that may push this subject fall into liquidity troubles. This issue may be equivalent by a length history of development, investment and trade name, the future of this subject seems to be bright especially in pharmaceutical industry which strong protected by local government. It is notable that the liquidity ratio decreased gradually though each year, on the contrary the liability ratio increased respectively. The subject is also using high financial leverage on-going basis to boost the sale, and not intend to reduce its gearing ratio. In overview, the business situation is relative when revenue and profit after tax in 2011 are also greater against previous years continuously.

The BBB credit estimate on this subject reflects that this subject has capacity to meet with all medium business transactions.

------------ 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.53.29
UK Pound	1	Rs.86.43
Euro	1	Rs.68.95

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.