MIRA INFORM REPORT

 

 

Report Date :

10.04.2013

 

IDENTIFICATION DETAILS

 

Name :

EXORIENS  CO.,  LTD.

 

 

Registered Office :

Unit  E,  16th  Floor,  Kamol  Sukosol  Building, 317  Silom  Road,  Silom,  Bangrak, Bangkok  10500

 

 

Country :

Thailand

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

04.03.2004

 

 

Com. Reg. No.:

0105547032556

 

 

Legal Form :

Private  Limited  Company

 

 

Line of Business :

Exporter  and  distributor of fruits  and  vegetable  products

 

 

No. of Employees :

26

 

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

(31.03.2012)

Current Rating

(30.06.2012)

Thailand

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

thailand - ECONOMIC OVERVIEW

 

With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.

 

Source : CIA

 

Company name

 

EXORIENS  CO.,  LTD.

 

 

SUMMARY

 

BUSINESS  ADDRESS                          :           UNIT  E,  16th  FLOOR,  KAMOL  SUKOSOL  BUILDING,

                                                                        317  SILOM  ROAD,  SILOM,  BANGRAK, 

BANGKOK  10500,  THAILAND

TELEPHONE                                         :           [66]   2631-2811

FAX                                                      :           [66]   2631-2812

E-MAIL  ADDRESS                                :           info@exoriens.com

REGISTRATION  ADDRESS                  :           SAME  AS  BUSINESS  ADDRESS

 

ESTABLISHED                                     :           2004

REGISTRATION  NO.                           :           0105547032556

TAX  ID  NO.                                         :           3031287105

CAPITAL REGISTERED                         :           BHT.   2,000,000

CAPITAL PAID-UP                                :           BHT.      700,000

SHAREHOLDER’S  PROPORTION         :           THAI                 :    75%

                                                                        AUSTRALIAN    :    25%

FISCAL YEAR CLOSING DATE              :           DECEMBER   31            

LEGAL  STATUS                                  :           PRIVATE  LIMITED  COMPANY

EXECUTIVE                                          :           MS. SARINYA  THIEBKAJIT,  THAI

                                                                        MANAGING  DIRECTOR           

 

NO.  OF  STAFF                                   :           26

LINES  OF  BUSINESS                          :           FRUITS  AND  VEGETABLE  PRODUCTS

                                                                        EXPORTER  AND  DISTRIBUTOR

                                               

                         

CORPORATE PROFILE

 

OPERATING  TREND                            :           STABLE                       

PRESENT  SITUATION                          :           OPERATING  NORMALLY                     

REPUTATION                                       :           GOOD  WITH  NORMAL  BUSINESS  ENGAGEMENT

MANAGEMENT  STANDARD                 :           MANAGEMENT  WITH  GOOD  PERFORMANCE                       

 

 

 

 

HISTORY

 

The  subject  was  established  on  March  4, 2004  as  a  private  limited  company under  the  registered  name  EXORIENS   CO.,  LTD.,   by  Thai  and  Australian  businessmen, with  the  business  objective  to  export  and  distribute  various  fruits  and  vegetable  products.   It  currently  employs  26  staff.  

 

The  subject’s  registered  address  is   Unit  E,  16th  Floor,  Kamol  Sukosol  Building,  317  Silom  Rd.,  Silom,  Bangrak,  Bangkok  10500,  and  this  is  the  subject’s  current  operation  address.   

 

 

THE  BOARD  OF  DIRECTOR

 

     Name

 

Nationality

Age

 

 

 

 

Mr. James  Robert  Sexton

 

Australian

38

Ms. Sarinya  Thiebkajit

 

Thai

43

 

 

AUTHORIZED  PERSON

 

One  of  the  above  directors  can  sign  on  behalf  of  the  subject  with   company’s  affixed.

 

 

MANAGEMENT

 

Ms. Sarinya  Thiebkajit   is  the  Managing  Director.

She  is  Thai  nationality  with  the  age  of  43  years  old.  

 

 

BUSINESS OPERATIONS

 

The  subject  is  engaged  in  exporting  and  distributing  wide  range  of  Thai  and  regional  fruits  and  vegetable  products.  The  product  categories  are  as  follows:

·         Fresh  fruits  and  vegetables  e.g. asparagus,  baby  corn,  ginger,  mango,  pineapple,  coconut,  okra,  mangosteen,  lychee,  tamarind,  durian,  longan and etc.

·         Aseptic  coconut  water & frozen  coconut  water  concentrate,  mainly  aseptic  coconut  water  and  frozen  coconut  water  concentrate   with  both  30  and  60  brix  varieties,  contained  in  PET  and  TETRA  bottlers

·         Frozen  fruits & IQF  fruits  and  vegetables,  with  varieties  including  freezing  fruit,  pieces  of  fruit/vegetables and  etc.

·         Ready-to-eat  can/jar  fruits  and  vegetables  with  wide  range  of  packaging

·         Juices,  concentrate & purees  under  its  own  brand  name  “LIFE”

·         Dry  goods & other  foodstuffs e.g.  coconut  milk,  curry  paste,  sauces,  herbs,  spices,  noodles,  rice,  flour,  utensils,  general  Asian  foodstuffs,  fresh  items,  canned  items,  fruits & vegetables,  flowers  and  others,  supply  to  hotel  chains,  restaurants  and  resorts  worldwide.

·         Flowers,  mainly  cut  orchids  for  garnishing  and  decoration,  and  live  Orchid  Plants.

 

PURCHASE

100%  of  the  products  is  purchased  from local  suppliers.

 

SALES 

The   products  are  supplied  to  hotel,  restaurant  and  resort  business.  95%  of  the  products  is  exported  to  U.S.A., U. K.,  Australia,  France,  Netherlands,  Germany, New Zealand,  Italy,  Japan,  Hong  Kong,  Singapore,  Republic  of  China,  Taiwan,  Korea,  etc.,  the  remaining  5%  is  sold  locally. 

 

MAJOR  CUSTOMER

World  Variety  Produce  Inc.                  :  U.S.A.

 

SUBSIDIARY  AND  AFFILIATED  COMPANY

The  subject  is  not  found  to  have  any  subsidiary  or  affiliated  company  here  in  Thailand.

 

LITIGATION

 

Bankruptcy  and  Receivership

There  are  no  litigation  on  bankruptcy  and  receivership  cases  filed  against  the  subject  found  at  Legal  Execution  Department  for  the  past  five  years.

 

Others

There  are  no  legal  suits  filed  against   the  subject  for  the  past  two  years.

 

CREDIT  

Sales  are  by  cash  or  on  the  credits  term  of  30-60  days.

Local  bills  are  paid  by  cash  or  on  the  credits  term  of  30-60  days.

Exports  are  againstT/T.

 

BANKING

The  banker’s  name  was  not  disclosed.

 

EMPLOYMENT

The  subject  currently  employs  26  staff.  

 

LOCATION  DETAILS

The  premise  is  rented for  administrative  office  at  the  heading  address.  Premise  is  located  in  a  prime  commercial  area.

 

COMMENT

Subject   has  moderate  business   during    the  past  several  years.   Increased  consumption   from  economic  improvement  had  risen   demand  of  the  products.  Moreover,  in  line with  the  economic  recovery in 2012,  the  global  food  products  has  witnessed  an  uptrend.  Increased consumption of  such  products  has  contributed  to  an  improvement  of  financial  result  for  the year.

 

The subject  still  maintains  its  moderate  business  and  continues  growing  consistently.

 

FINANCIAL INFORMATION

 

The  capital  was  registered  at  Bht.  2,000,000  divided  into 20,000  shares  of  Bht.  100     each,  with  the  current  capital  paid-up  at  Bht.  35  per  share  or  Bht.  700,000.

 

THE  SHAREHOLDERS  LISTED  WERE  :  [as  at  April  30,  2012]  at  Bht.  700,000  of  capitalization

       NAME

HOLDING

%

 

 

 

Ms. Malai  Prasalwan

Nationality:  Thai

Address     :  1  Moo  16,  T. Wangbor,  A. Nongbua,

                     Nakornsawan

10,000

50.00

Mr. James  Robert  Sexton

Nationality:  Australian

Address     :  39th  Floor,  34/245  Top  View  Tower, 

                     Thonglor,  Klongtoey,  Bangkok

  5,000

25.00

 Ms. Sarinya  Thiebkajit

Nationality:  Thai

Address     :  97/144  Moo  9,  Bangmod,  Jomthong,

                     Bangkok

  5,000

25.00

 

Total  Shareholders  :    3

 

Share  Structure  [as  at  April  30,  2012]

Nationality

Shareholders

No. of  Share

% Shares

 

 

 

 

Thai

2

15,000

75.00

Foreign - Australian

1

5,000

25.00

 

Total

 

3

 

20,000

 

100.00

 

NAME  OF  AUDITOR  &  CERTIFIED  PUBLIC  ACCOUNTANT  NO. :

Mrs. Supin  Harinsoot       No.  2181

 

 

BALANCE SHEET [BAHT]

 

The  latest  financial figures  published  as  at  December  31,  2011,  2010  &  2009  were:

          

ASSETS

                                                                                                

Current Assets

2011

2010

2009

 

 

 

 

Cash  and Cash Equivalents     

1,477,984.21

783,353.54

924,137.40

Trade  Accounts  Receivable-Foreign  

11,586,608.05

1,658,529.04

7,848,274.67

Revenue Department  Receivable

189,255.16

79,653.48

534,901.41

Lending  to  Director

24,310.00

1,125,690.00

996,000.00

Prepaid  Tax  Payment

-

-

60,750.00

Deferred  Interest

79,500.00

78,770.70

45,000.00

Unscheduled Purchasing Tax

249,875.10

52,290.57

88,665.94

Pre-paid  Expense

287,934.52

127,993.72

103,817.94

Deposit  for Goods           

30,595.15

391,856.44

740,565.00

 

 

 

 

Total  Current  Assets                

13,926,062.19

4,298,137.49

11,342,112.36

 

Guarantee            

 

154,370.00

 

154,370.00

 

154,370.00

Fixed  Deposit  at  Bank

1,500,000.00

-

-

Fixed  Assets

-

-

1,358,288.47

Loan Receivable  to  Director                    

2,625,690.00

1,500,000.00

504,000.00

 

Total  Assets                 

 

21,434,874.60

 

8,500,386.57

 

13,358,770.83

 

LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]

 

Current Liabilities

2011

2010

2009

 

 

 

 

Bank Overdraft   from

   Financial Institutions

 

4,995,176.46

 

-

 

-

Short-term  Loan  from

    Financial Institutions

 

-

 

466,029.96

 

-

Trade  Accounts   Payable    

5,254,124.78

2,935,187.78

10,705,920.42

Notes  Payable

245,826.72

60,964.68

121,827.31

Pre-received  Income-Goods

403,883.49

436,443.96

659,597.32

Accrued  Expenses

2,520,412.57

2,442,543.68

684,610.20

Hire-purchase  Payable

1,444,878.26

1,177,455.59

292,289.68

 

 

 

 

Total Current Liabilities

14,864,302.28

7,518,625.65

12,464,244.93

 

Long-term Loan from 

  Financial Institutions

 

 

4,569,286.37

 

 

-

 

 

-

 

Total  Liabilities            

 

19,433,588.65

 

7,518,625.65

 

12,464,244.93

 

 

 

 

Shareholders' Equity

 

 

 

 

 

 

 

Share  capital : Baht  100  par  value 

  Authorized  &  issued 

  share  capital  20,000  shares

 

 

2,000,000.00

 

 

2,000,000.00

 

 

2,000,000.00

 

 

 

 

Capital  Paid                      

700,000.00

700,000.00

700,000.00

Retained Earning  Unappropriated

1,301,285.95

281,760.92

194,525.90

 

Total Shareholders' Equity

 

2,001,285.95

 

981,760.92

 

894,525.90

 

Total  Liabilities  &  Shareholders' 

   Equity

 

 

21,434,874.60

 

 

8,500,386.57

 

 

13,358,770.83

                                                  

PROFIT &  LOSS  ACCOUNT

 

Revenue

2011

2010

2009

 

 

 

 

Sales  Income

71,402,183.84

51,716,087.79

55,230,191.66

Other  Income                 

33,513,503.62

23,263,752.96

27,984,571.49

Interest  Income

79,500.17

78,770.70

45,000.00

Gain on Exchange Rate

122,901.74

-

760,600.94

 

Total  Revenues           

 

105,118,089.37

 

75,058,611.45

 

84,020,364.09

 

Expenses

 

 

 

 

 

 

 

Cost  of  Goods  Sold  

68,274,543.11

48,632,435.14

55,222,198.80

Selling  and  Administrative  Expenses

34,865,460.56

25,035,080.71

29,358,122.94

 

Total Expenses             

 

103,140,003.67

 

73,667,515.85

 

84,580,321.74

 

 

 

 

Profit / [Loss]  before  Financial Cost

  &  Income  Tax

 

1,978,085.70

 

1,391,095.60

 

[559,957.65]

Financial  Costs

[596,110.77]

[185,419.96]

-

 

Profit / [Loss]  before   Income  Tax

 

1,381,974.93

 

1,205,675.64

 

[559,957.65]

Income  Tax

[362,449.90]

[224,224.66]

-

 

 

 

 

Net  Profit / [Loss]

1,019,525.03

981,450.98

[559,957.65]

 

 

FINANCIAL ANALYSIS

 

ITEM

UNIT

2011

2010

2009

 

 

 

 

 

LIQUIDITY RATIO

 

 

 

 

CURRENT RATIO

TIMES

0.94

0.57

0.91

QUICK RATIO

TIMES

0.89

0.49

0.83

 

 

 

 

 

ACTIVITY RATIO

 

 

 

 

FIXED ASSETS TURNOVER

TIMES

-

-

40.66

TOTAL ASSETS TURNOVER

TIMES

3.33

6.08

4.13

INVENTORY CONVERSION PERIOD

DAYS

-

-

-

INVENTORY TURNOVER

TIMES

-

-

-

RECEIVABLES CONVERSION PERIOD

DAYS

59.23

11.71

51.87

RECEIVABLES TURNOVER

TIMES

6.16

31.18

7.04

PAYABLES CONVERSION PERIOD

DAYS

28.09

22.03

70.76

CASH CONVERSION CYCLE

DAYS

31.14

(10.32)

(18.90)

 

 

 

 

 

PROFITABILITY RATIO

 

 

 

 

COST OF GOODS SOLD

%

95.62

94.04

99.99

SELLING & ADMINISTRATION

%

48.83

48.41

53.16

INTEREST

%

0.83

0.36

-

GROSS PROFIT MARGIN

%

51.60

51.10

52.14

NET PROFIT MARGIN BEFORE EX. ITEM

%

2.77

2.69

(1.01)

NET PROFIT MARGIN

%

1.43

1.90

(1.01)

RETURN ON EQUITY

%

50.94

99.97

(62.60)

RETURN ON ASSET

%

4.76

11.55

(4.19)

EARNING PER SHARE

BAHT

145.65

140.21

(79.99)

 

 

 

 

 

LEVERAGE RATIO

 

 

 

 

DEBT RATIO

TIMES

0.91

0.88

0.93

DEBT TO EQUITY RATIO

TIMES

9.71

7.66

13.93

TIME INTEREST EARNED

TIMES

3.32

7.50

-

 

 

 

 

 

ANNUAL GROWTH

 

 

 

 

SALES GROWTH

%

38.07

(6.36)

 

OPERATING PROFIT

%

42.20

(348.43)

 

NET PROFIT

%

3.88

275.27

 

FIXED ASSETS

%

-

(100.00)

 

TOTAL ASSETS

%

152.16

(36.37)

 

 

ANNUAL GROWTH : IMPRESSIVE

 

An annual sales growth is 38.07%. Turnover has increased from THB 51,716,087.79 in 2010 to THB 71,402,183.84 in 2011. While net profit has increased from THB 981,450.98 in 2010 to THB 1,019,525.03 in 2011. And total assets has increased from THB 8,500,386.57 in 2010 to THB 21,434,874.60 in 2011.                    

                       

                       

PROFITABILITY : EXCELLENT

 

 

PROFITABILITY RATIO

 

Gross Profit Margin

51.60

Impressive

Industrial Average

6.09

Net Profit Margin

1.43

Impressive

Industrial Average

(0.83)

Return on Assets

4.76

Impressive

Industrial Average

(0.75)

Return on Equity

50.94

Impressive

Industrial Average

(2.02)

 

Gross Profit Margin used to assess a firm's financial health by revealing the proportion of money left over from revenues after accounting for the cost of goods sold. Gross profit margin serves as the source for paying additional expenses and future savings. Gross Profit Margin is  51.6%. When compared with the industry average, the ratio of the company was higher, indicated that company was more profitable than the same industry.

 

Net Profit Margin is the indicator of the company's efficiency in that net profit takes into consideration all expenses of the company. A low profit margin indicates a low margin of safety, higher risk that a decline in sales will erase profits and result in a net loss. Net Profit Margin ratio is 1.43%, higher figure when compared with those of its average competitors in the same industry, indicated that business was an efficient operator in a dominant position within its industry.

 

Return on Assets measures how efficiently profits are being generated from the assets employed in the business when compared with the ratios of firms in a similar business. A low ratio in comparison with industry averages indicates an inefficient use of business assets. Return on Assets ratio is 4.76%, higher figure when compared with those of its average competitors in the same industry, indicated that business was an efficient profit in a dominant position within its industry.

 

Return on Equity indicates how profitable a company is by comparing its net income to its average shareholders' equity, ROE measures how much the shareholders earned for their investment in the company. Return on Equity ratio is 50.94%, higher figure when compared with those of its average competitors in the same industry, indicated that business was an efficient profit in a dominant position within its industry.

 

Trend of the average competitors in the same industry for last 5 years

 

Return on Assets                       Downtrend

Return on Equity                        Downtrend

 

LIQUIDITY : RISKY

 

LIQUIDITY RATIO

 

Current Ratio

0.94

Risky

Industrial Average

1.99

Quick Ratio

0.89

 

 

 

Cash Conversion Cycle

31.14

 

 

 

 

The Current Ratio is to ascertain whether a company's short-term assets are readily available to pay off its short-term liabilities. The company's figure is 0.94 times in 2011, increase from 0.57 times, then the company may have problems meeting its short-term obligations. When compared with the industry average, the ratio of the company was lower.

 

The Quick Ratio is a liquidity indicator that further refines the current ratio by measuring the amount of the most liquid current assets there are to cover current liabilities. The company's figure is 0.89 times in 2011, increase from 0.49 times, by excluding inventory, the company may have problems meeting current liabilities.

 

The Cash Conversion Cycle measures the number of days a company's cash is tied up in the production and sales process of its operations and the benefit from payment terms from its creditors. It meant the company could survive when no cash inflow was received from sale for 32 days.

 

Trend of the average competitors in the same industry for last 5 years

Current Ratio                 Uptrend

 

LEVERAGE : ACCEPTABLE

 

 

LEVERAGE RATIO

 

Debt Ratio

0.91

Acceptable

Industrial Average

0.66

Debt to Equity Ratio

9.71

Risky

Industrial Average

2.04

Times Interest Earned

3.32

Impressive

Industrial Average

0.45

 

Debt to Equity Ratio a measurement of how much suppliers, lenders, creditors and obligors have committed to the company versus what the shareholders have committed. A lower the percentage means that the company is using less leverage and has a stronger equity position.

 

Times Interest Earned measuring a company's ability to meet its debt obligations. Ratio is 3.32 higher than 1, so the company can pay interest expenses on outstanding debt.

 

Debt Ratio shows the proportion of a company's assets which are financed through debt. The company's figure is 0.91 greater than 0.5, most of the company's assets are financed through debt.

 

Trend of the average competitors in the same industry for last 5 years

Debt Ratio                                 Uptrend

Times Interest Earned                Uptrend

 

ACTIVITY : SATISFACTORY

 

 

ACTIVITY RATIO

 

Fixed Assets Turnover

-

 

Industrial Average

5.73

Total Assets Turnover

3.33

Impressive

Industrial Average

2.98

Inventory Conversion Period

-

 

 

 

Inventory Turnover

-

 

Industrial Average

17.95

Receivables Conversion Period

59.23

 

 

 

Receivables Turnover

6.16

Acceptable

Industrial Average

10.38

Payables Conversion Period

28.09

 

 

 

 

The company's Account Receivable Ratio is calculated as 6.16 and 31.18 in 2011 and 2010 respectively. This ratio measures the efficiency of the company in managing its trade debtors to generate revenue. A lower ratio may indicate over extension and collection problems. Conversely, a higher ratio may indicate an overtly stringent policy. In this case, the company's A/R ratio in 2011 decreased from 2010. This would suggest the company had deteriorated in the management of its debt collections.

 

The company's Total Asset Turnover is calculated as 3.33 times and 6.08 times in 2011 and 2010 respectively. This ratio is determined by dividing total assets into total sales turnover. The ratio measures the activity of the assets and the ability of the firm to generate sales through the use of the assets.

 

Trend of the average competitors in the same industry for last 5 years

Fixed Assets Turnover                Uptrend

Total Assets Turnover                 Uptrend

Inventory Turnover                      Uptrend

Receivables Turnover                  Uptrend

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.46

UK Pound

1

Rs.83.13

Euro

1

Rs.70.99

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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

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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.