MIRA INFORM REPORT

 

 

Report Date :

07.02.2013

 

IDENTIFICATION DETAILS

 

Name :

Silk Jewelry (Thailand) Co., Ltd.

 

 

Registered Office :

Gemopolis  Industrial  Estate,  8/4  Soi  Sukhapiban  2  Soi  31,  Dokmai, Pravet,  Bangkok  10250

 

 

Country :

Thailand

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

13.07.2009

 

 

Com. Reg. No.:

0105552068393

 

 

Legal Form :

Private  Limited  Company

 

 

LINE OF BUSINESS :

THE  SUBJECT  IS  ENGAGED  IN    MANUFACTURING CONTRACT  VARIOUS  KINDS  OF  GOLD  AND  SILVER  JEWELRY  PRODUCTS,  ACCORDING  TO  CUSTOMER’S  REQUIREMENT.

 

 

No. of Employees :

20

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Slow

Litigation :

Clear

 

 

NOTES :

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

 

ECGC Country Risk Classification List – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

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

 

SILK  JEWELRY  [THAILAND]  CO.,  LTD.

 

 

SUMMARY

 

BUSINESS  ADDRESS                          :           GEMOPOLIS  INDUSTRIAL  ESTATE, 

                                                                        8/4  SOI  SUKHAPIBAN  2  SOI  31,  DOKMAI,

                                                                        PRAVET,  BANGKOK  10250,  THAILAND

TELEPHONE                                         :           [66]  2727-0977-8,  086  772-4068

FAX                                                      :           [66]  2727-0979

E-MAIL  ADDRESS                                :           silkjewelry-thai@hotmail.com

REGISTRATION  ADDRESS                  :           SAME  AS  BUSINESS  ADDRESS

 

ESTABLISHED                                     :           2009

REGISTRATION  NO.                           :           0105552068393

TAX  ID  NO.                                         :           3033529654

CAPITAL REGISTERED                                     :           BHT.   11,000,000

CAPITAL PAID-UP                                :           BHT.   11,000,000

SHAREHOLDER’S  PROPORTION         :           SOUTH  KOREAN   :   100%

FISCAL YEAR CLOSING DATE              :           DECEMBER   31            

LEGAL  STATUS                                  :           PRIVATE  LIMITED  COMPANY

EXECUTIVE                                          :           MR. KIM  ZI  KIANG,  SOUTH  KOREAN

                                                                        MANAGING  DIRECTOR           

 

NO.  OF  STAFF                                   :           20

LINES  OF  BUSINESS                          :           GOLD  AND  SILVER  JEWELRY  PRODUCTS

                                                                        CONTRACTED  MANUFACTURER

                                                                       

 

CORPORATE PROFILE

 

OPERATING  TREND                            :           STABLE                       

PRESENT  SITUATION                          :           OPERATING  NORMALLY                     

REPUTATION                                       :           FAIR  WITH  NORMAL  BUSINESS  ENGAGEMENT

MANAGEMENT  STANDARD                 :           MANAGEMENT  WITH  LOW  PERFORMANCE             

 

 

 

 

HISTORY

 

The  subject  was  established  on  July  13,  2009  as  a  private  limited  company under  the  registered  name   SILK  JEWELRY  [THAILAND]   CO.,  LTD.,  by  South  Korean  groups,  with  the  business  objective  to  provide    manufacturing  contract  various  kinds  of  gold  and  silver  jewelry  products  to  both  domestic  and  international  markets.  It  currently  employs  approximate  20  staff. 

 

The  subject  is  also a  subsidiary of  Silk  Jewelry  Co.,  Ltd.,  in  South  Korea.

 

The  subject’s  registered  address  is  Gemopolis  Industrial  Estate,  8/4  Soi  Sukhapiban  2 Soi  31,  Dokmai,  Pravet,  Bangkok  10250,  and  this  is  the  subject’s  current  operation  address.  

 

 

THE  BOARD  OF  DIRECTOR

 

Mr. Kim  Zi  Kiang

 

 

AUTHORIZED PERSON

 

The  above  director    signs  on  behalf  of  the  subject  with  company’s  affixed.

 

 

MANAGEMENT

 

Mr. Kim  Zi  Kiang   is  the  Managing  Director.

He  is  South  Korean  nationality  with  the  age  of  53  years  old.  

 

 

BUSINESS  OPERATIONS

 

The  subject  is  engaged  in    manufacturing contract  various  kinds  of  gold  and  silver  jewelry  products,  according  to  customer’s  requirement.

 

PURCHASE

 

Raw   materials  and  components  are  purchased  from  suppliers  both  domestic  and  overseas,  mainly  in  Korea.

 

MAJOR  SUPPLIER

 

Silk  Jewelry  Co.,  Ltd.  :  South  Korea

 

SALES 

 

The   products  are  sold  to  customers  both  local  and  overseas,  in  South  Korea,  Japan,  U.S.A.,  U.K.,  France  and  India.

 

 

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.

Imports  are  by  L/C  at  sight  or  T/T.

Exports  are  against  T/T.

 

 

BANKING

 

The  banker’s  name  was  not  disclosed.

 

 

EMPLOYMENT

 

The  subject  currently  employs  approximately  20  staff.  

 

 

LOCATION  DETAILS

 

The  premise  is  rented for  administrative  office  and  factory  at  the  heading  address.  Premise  is  located  in  jewelry  industrial  area.

 

 

COMMENT

 

The subject  operates  as a  manufacturing  contract of gold  and silver  jewelry  products.  While  its  sales  were  moderate,  but  operating  resulted  were ended  with  loss  for  many  consecutive  years.  Overall   growth  is  relatively  slow.

 

 

FINANCIAL  INFORMATION

 

The  capital  was  registered  at  Bht.  10,000,000  divided  into  100,000   shares  of  Bht.  100     each  with  fully  paid.

 

On  November  4,  2010,  registered  capital  was  increased  to  Bht. 11,000,000  divided  into    110,000  shares  of  Bht. 100  each  with  fully  paid.

 

THE  SHAREHOLDERS  LISTED  WERE  :  [as  at  April  30,  2012]

 

       NAME

HOLDING

%

 

 

 

Silk  Jewelry  Co.,  Ltd.

Nationality:  South  Korean

Address     :  901  Wolgye  Technotown,  562  Wolgye, 

                     2-Dong,  Nowon-gu,  Seoul,  South  Korea 

100,000

90.91

Mr. Kim  Zi  Kiang

Nationality:  South  Korean

Address     :  Inson,  South  Korea

  9,999

9.09

Ms. Kanittha  Thongdaeng

Nationality:  Thai

Address     :  142/16  Moo  5,  T. Nong-Iroon, 

                     A. Banbueng,  Chonburi

         1

-

 

Total  Shareholders  :   3

 

Share  Structure  [as  at  April  30,  2012]

 

Nationality

Shareholders

No. of  Share

% Shares

 

 

 

 

Thai

1

1

-

Foreign-South  Korean

2

109,999

100.00

 

Total

 

3

 

110,000

 

100.00

 

NAME  OF  AUDITOR  &  CERTIFIED  PUBLIC  ACCOUNTANT  NO. :

 

Ms. Siriporn  Rungroj        No.  9389

 

 

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     

263,336.82

586,938.48

499,231.13

Trade  Accounts  & Other  Receivable 

6,402,309.93

11,243,474.81

-

Inventories     

57,660.00

85,985.00

-

Other  Current  Assets                  

 -

-

700,829.00

 

 

 

 

Total  Current  Assets                

6,723,306.75

11,916,398.29

1,200,060.13

 

 

 

 

Fixed Assets

5,259,691.52

7,111,591.96

8,890,241.60

 

Total  Assets                 

 

11,982,998.27

 

19,027,990.25

 

10,090,301.73

 

 

LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]

 

Current Liabilities

2011

2010

2009

 

 

 

 

Trade  Accounts  &  Other  Payable    

271,867.62

249,011.73

-

Short-term Loan from Person  or

  Related  Company

 

12,834,922.26

 

11,226,928.94

 

9,834,735.00

Other  Current  Liabilities

-

-

323,825.68

 

 

 

 

Total Current Liabilities

13,106,789.88

11,475,940.67

10,158,560.68

 

Total  Liabilities            

 

13,106,789.88

 

11,475,940.67

 

10,158,560.68

 

 

 

 

Shareholders' Equity

 

 

 

 

 

 

 

Share  capital : Baht  100  par  value 

  authorized,  issued  and  fully 

  paid  share  capital  110,000  shares

  in  2011  & 2010;  100,000  shares   in

  2009  respectively

 

 

 

 

11,000,000.00

 

 

 

 

11,000,000.00

 

 

 

 

10,000,000.00

 

 

 

 

Capital  Paid                      

11,000,000.00

11,000,000.00

2,500,000.00

Retained Earning  Unappropriated

[12,123,791.61]

[3,447,950.42]

[2,568,258.95]

 

Total Shareholders' Equity

 

[1,123,791.61]

 

7,552,049.58

 

[68,258.95]

 

Total Liabilities &  Shareholders' 

   Equity

 

 

11,982,998.27

 

 

19,027,990.25

 

 

10,090,301.73

                                                  

 

PROFIT & LOSS ACCOUNT

 

Revenue

2011

2010

July  13,  2009 –

Dec.  31,  2009

 

 

 

 

Service  Income

19,979,564.25

13,060,465.21

607,182.28

Other  Income                 

530,762.01

915.88

689.75

 

Total  Revenues           

 

20,510,326.26

 

13,061,381.09

 

607,872.03

 

Expenses

 

 

 

 

 

 

 

Cost  of  Service

26,315,956.08

9,255,906.82

2,138,869.51

Administrative  Expenses

2,870,211.37

4,685,165.74

1,037,261.47

 

Total Expenses             

 

29,186,167.45

 

13,941,072.56

 

3,176,130.98

 

Profit / [Loss]  before   Income  Tax

 

[8,675,841.19]

 

[879,691.47]

 

[2,568,258.95]

Income  Tax

-

-

-

 

 

 

 

Net  Profit / [Loss]

[8,675,841.19]

[879,691.47]

[2,568,258.95]

 

 

FINANCIAL  ANALYSIS

 

ITEM

UNIT

2011

2010

2009

 

 

 

 

 

LIQUIDITY RATIO

 

 

 

 

CURRENT RATIO

TIMES

0.51

1.04

0.12

QUICK RATIO

TIMES

0.51

1.03

0.05

 

 

 

 

 

ACTIVITY RATIO

 

 

 

 

FIXED ASSETS TURNOVER

TIMES

3.80

1.84

0.07

TOTAL ASSETS TURNOVER

TIMES

1.67

0.69

0.06

INVENTORY CONVERSION PERIOD

DAYS

0.80

3.39

-

INVENTORY TURNOVER

TIMES

456.40

107.65

-

RECEIVABLES CONVERSION PERIOD

DAYS

116.96

314.22

-

RECEIVABLES TURNOVER

TIMES

3.12

1.16

-

PAYABLES CONVERSION PERIOD

DAYS

3.77

9.82

-

CASH CONVERSION CYCLE

DAYS

113.99

307.79

-

 

 

 

 

 

PROFITABILITY RATIO

 

 

 

 

COST OF GOODS SOLD

%

131.71

70.87

352.26

SELLING & ADMINISTRATION

%

14.37

35.87

170.83

INTEREST

%

-

-

-

GROSS PROFIT MARGIN

%

(29.06)

29.14

(252.15)

NET PROFIT MARGIN BEFORE EX. ITEM

%

(43.42)

(6.74)

(422.98)

NET PROFIT MARGIN

%

(43.42)

(6.74)

(422.98)

RETURN ON EQUITY

%

-

(11.65)

-

RETURN ON ASSET

%

(72.40)

(4.62)

(25.45)

EARNING PER SHARE

BAHT

(78.87)

(8.00)

(102.73)

 

 

 

 

 

LEVERAGE RATIO

 

 

 

 

DEBT RATIO

TIMES

1.09

0.60

1.01

DEBT TO EQUITY RATIO

TIMES

(11.66)

1.52

(148.82)

TIME INTEREST EARNED

TIMES

-

-

-

 

 

 

 

 

ANNUAL GROWTH

 

 

 

 

SALES GROWTH

%

52.98

2,051.00

 

OPERATING PROFIT

%

886.24

(65.75)

 

NET PROFIT

%

(886.24)

65.75

 

FIXED ASSETS

%

(26.04)

(20.01)

 

TOTAL ASSETS

%

(37.02)

88.58

 

 

 

ANNUAL GROWTH : ACCEPTABLE

 

An annual sales growth is 52.98%. Turnover has increased from THB 13,060,465.21 in 2010 to THB 19,979,564.25 in 2011. While net profit has decreased from THB -879,691.47 in 2010 to THB -8,675,841.19 in 2011. And total assets has decreased from THB 19,027,990.25 in 2010 to THB 11,982,998.27 in 2011.                  

                       

PROFITABILITY : RISKY

 

 

 

PROFITABILITY RATIO

 

Gross Profit Margin

(29.06)

Deteriorated

Industrial Average

15.83

Net Profit Margin

(43.42)

Deteriorated

Industrial Average

0.22

Return on Assets

(72.40)

Deteriorated

Industrial Average

0.24

Return on Equity

-

 

Industrial Average

0.39

 

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. The company's figure is -29.06%. When compared with the industry average, the ratio of the company was lower, this indicated that company may have problems with control over its costs.

 

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. The company's figure is -43.42%. When compared with the industry average, the ratio of the company was lower.

 

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. When compared with the industry average, it was lower, the company's figure is -72.4%.

 

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

0.51

Risky

Industrial Average

1.69

Quick Ratio

0.51

 

 

 

Cash Conversion Cycle

113.99

 

 

 

 

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 0.51 times in 2011, decreased from 1.04 times, then the company may not be efficiently using its current assets. 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 0.51 times in 2011, decreased from 1.03 times, then the company has not enough current assets that presumably can be quickly converted to cash for pay financial obligations.

 

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 114 days.

 

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

Current Ratio                 Uptrend

 

 

LEVERAGE : RISKY

 

 

LEVERAGE RATIO

 

Debt Ratio

1.09

Risky

Industrial Average

0.56

Debt to Equity Ratio

(11.66)

Risky

Industrial Average

1.31

Times Interest Earned

-

 

Industrial Average

0.96

 

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 higher the percentage means that the company is using less equity and has stronger leverage position.

 

Debt Ratio shows the proportion of a company's assets which are financed through debt. The company's figure is 1.09 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                                 Downtrend

Times Interest Earned                Downtrend

 

ACTIVITY : IMPRESSIVE

 

 

ACTIVITY RATIO

 

Fixed Assets Turnover

3.80

Satisfactory

Industrial Average

4.89

Total Assets Turnover

1.67

Impressive

Industrial Average

1.36

Inventory Conversion Period

0.80

 

 

 

Inventory Turnover

456.40

Impressive

Industrial Average

2.04

Receivables Conversion Period

116.96

 

 

 

Receivables Turnover

3.12

Satisfactory

Industrial Average

3.46

Payables Conversion Period

3.77

 

 

 

 

The company's Account Receivable Ratio is calculated as 3.12 and 1.16 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 increased from 2010. This would suggest the company had good performance in the management of its debt collections.

 

Inventory Turnover in Days Ratio indicates the liquidity of inventory. It estimates the number of days that it will take to sell the current inventory. Inventory is particularly sensitive to change in business activities. The inventory turnover in days has decreased from 3 days at the end of 2010 to 1 day at the end of 2011. This represents a positive trend. And Inventory turnover has increased from 107.65 times in year 2010 to 456.4 times in year 2011.

 

The company's Total Asset Turnover is calculated as 1.67 times and 0.69 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                Downtrend

Total Assets Turnover                 Downtrend

Inventory Turnover                      Downtrend

Receivables Turnover                  Downtrend

 

 

DIAMOND INDUSTRY – INDIA

 

-          From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8th Century B.C.  India, in fact, remained undisputed leader till 18th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

-          The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

-          The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

-          Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

-          Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

-          The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.

-          Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

-          Excerpts from Times of India dated 30th October 2010 is as under –

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

-          Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.09

UK Pound

1

Rs.83.12

Euro

1

Rs.72.02

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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.