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MIRA INFORM REPORT

 

 

Report Date :

23.05.2013

 

IDENTIFICATION DETAILS

 

Name :

ALFA TRADING LIMITED

 

 

Registered Office :

Level 6(D) Main Office Tower Financial Park Labuan Complex Jalan Merdeka, P.O. Box 80887, 87018 Labuan, Wilayah Persekutuan

 

 

Country :

Malaysia

 

 

Date of Incorporation :

17.04.2007

 

 

Com. Reg. No.:

LL04726-L

 

 

Legal Form :

Unknown

 

 

Line of Business :

Administration Services And Offshore Trading

 

 

No. of Employees :

Not Available

 

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 :

Poor

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

--

 

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, 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Malaysia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

malaysia - ECONOMIC OVERVIEW

 

Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. NAJIB's Economic Transformation Program (ETP) is a series of projects and policy measures intended to accelerate the country's economic growth. The government has also taken steps to liberalize some services sub-sectors. The NAJIB administration also is continuing efforts to boost domestic demand and reduce the economy's dependence on exports. Nevertheless, exports - particularly of electronics, oil and gas, palm oil and rubber - remain a significant driver of the economy. As an oil and gas exporter, Malaysia has profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with strained government finances, has forced Kuala Lumpur to begin to reduce government subsidies. The government is also trying to lessen its dependence on state oil producer Petronas. The oil and gas sector supplies about 35% of government revenue in 2011. Bank Negera Malaysia (central bank) maintains healthy foreign exchange reserves, and a well-developed regulatory regime has limited Malaysia's exposure to riskier financial instruments and the global financial crisis. Nevertheless, Malaysia could be vulnerable to a fall in commodity prices or a general slowdown in global economic activity because exports are a major component of GDP. In order to attract increased investment, NAJIB has raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but he has encountered significant opposition, especially from Malay nationalists and other vested interests.

Source : CIA

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

LL04726-L

COMPANY NAME

:

ALFA TRADING LIMITED

FORMER NAME

:

N/A

INCORPORATION DATE

:

17/04/2007

COMPANY STATUS

:

EXIST

LEGAL FORM

:

UNKNOWN

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

LEVEL 6(D) MAIN OFFICE TOWER FINANCIAL PARK LABUAN COMPLEX JALAN MERDEKA, P.O. BOX 80887, 87018 LABUAN, WILAYAH PERSEKUTUAN, MALAYSIA.

BUSINESS ADDRESS

:

LEVEL 6D, MAIN OFFICE TOWER, FINANCIAL PARK, JALAN MERDEKA, 87011 LABUAN, WILAYAH PERSEKUTUAN, MALAYSIA.

TEL.NO.

:

N/A

FAX.NO.

:

N/A

CONTACT PERSON

:

CHEW MEE MEE ( SECRETARY )

INDUSTRY CODE

:

84111

PRINCIPAL ACTIVITY

:

ADMINISTRATION SERVICES AND OFFSHORE TRADING

AUTHORISED CAPITAL

:

N/A

ISSUED AND PAID UP CAPITAL

:

N/A

SALES

:

N/A

NET WORTH

:

N/A

STAFF STRENGTH

:

N/A

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

N/A

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

 

 

HISTORY / BACKGROUND

 

The SC is principally engaged in the (as a / as an) administration services and offshore trading.

The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).


CHARACTERISTICS OF OFFSHORE COMPANIES


To participate in the offshore activities and enjoy the special tax advantage provided under the Labuan Offshore Business Activity Tax Act 1990, an entity must be an offshore company.


An offshore company in Labuan shall have the following characteristics:


(a) It must be a company limited by shares (sec 14(3) of the Offshore Companies Act 1990);


(b) Any person may form an offshore company by subscribing to a memorandum;


(c) It is required to engage a trust company which is a company registered under the Labuan Trust Companies Act 1990 to discharge its statutory duties seince all documents required to be filed with the Labuan Financial Services Authority must be filed through a trust company;


(d) There is no minimum capital requirement;


(e) It can be alter its share capital by a special resolution (sec. 51(10 of the Offshore Companies Act 1990);


(f) It can reduce its share capita special resolution (sec.51(10 of the Offshore Companies Act 1990);


(g) It may purchase its own shares (sec. 48(2)(3) of the Offshore Companies Act 1990); and;


(h) There is no restriction in issuing share warrants.


PROHIBITED ACTIVITES


Offshore companies are prohibited from carrying on the following activities:


(a) the business of banking or insurance or any such similar business unless it is licensed so to do under the relevant laws currently in force in Malaysia;

(b) it must only carry on business in, from or through Labuan;

(c) it must not:


(1) except as permitted by the Offshore Banking Act 1990 or by the Labuan Financial Services Authority carry on business with a resident of Malaysia;


(2) except as permitted by the Offshore Banking Act 1990, carry on banking business;


(3) Except for defraying its administrative and statutory expenses and where Sec. 147 of the Offshore Companies Act 1990 applies, carry on business in Malaysian currency;


(4) Except as permitted by the Offshore Insurance Act 1990, carry on business as an insurance or a reinsurance company;

(5) Carry on shipping or petroleum operations in Malaysia; or


(6) Carry on any business of a trust company.


PERMITTED ACTIVIES


An offshore company may do the following:


(a) Make or maintain deposits with a person carrying on business within Malaysia;


(b) Make or maintain professional contacts with any counsel and attorney, accountant, book-keeper, trust company, domestic company wholly owned by a trust company made available by the trust company to act or be appointed as a resident director or a resident secretary of an offshore company;


(c) Prepare or maintain books and record with Malaysia;


(d) Hold, within Malaysia, meetings of its directors or members;


(e) Acquire or hold any lease of any property for the purpose of its operation or as accommodation for its offices or employees; or


(f) Hold shares, debt obligations or other securities for the purposes of a transaction entered into in the ordinary course of business in connection with the lending of money.

 

No shareholders was found in our databank at the time of investigation



DIRECTOR


No director found in our databank.

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

CHEW MEE MEE

 

Position

:

SECRETARY

 

 

 

AUDITOR


No Auditor found in our databank

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. CHEW MEE MEE

 

New IC No

:

701223-10-6024

 

Address

:

472, JALAN 68, AMPANG NEW VILLAGE, 58000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

 

 

 

BANKING


No Banker found in our databank.

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation.

 

 

LEGAL CHECK AGAINST SC


* A check has been conducted in our databank againt the SC whether the subject has been involved in any litigation. Our databank consists of 99% of the wound up companies in Malaysia.


No legal action was found in our databank.


No winding up petition was found in our databank.

 

 

DEFAULTER CHECK AGAINST SC


* We have checked through the SC in our defaulters' database which comprised of debtors that have been blacklisted by our customers and debtors that have been placed or assigned to us for collection since 1990. Information was provided by third party where the debt amount can be disputed. Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed.

No blacklisted record & debt collection case was found in our defaulters' databank.

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A


The SC's company secretary, Ms Chew Mee Mee refused to reveal any information on the SC's payment record as it is confidential.



CLIENTELE

 

Local

:

N/A

Overseas

:

N/A


The SC's Company Secretary Ms Chew Mee Mee refused to reveal any information on the SC's clientele record as it is confidential.

 

OPERATIONS

 

Services

:

ADMINISTRATION SERVICES AND OFFSHORE TRADING

 

 

 

 

 

Branch

:

NO

 

Other Information:


The SC is principally engaged in the (as a / as an) administration services and offshore trading.

The SC is an offshore trading company registered in Labuan. Ms Chew Mee Mee from the Registered Company, Portcullis Trusnet (Labuan) Limited informed us that she is unable to reveal any information on the SC as it is confidential.

 

 

PROJECTS


No projects found in our databank



CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

N/A

Match

:

N/A

 

 

 

Address Provided by Client

:

LEVEL 7, F2 MAIN OFFICE TOWER, FINANCIAL PARK, JALAN MERDEKA, P O BOX 80107 87011 LABUAN F.T. LABUAN

Current Address

:

LEVEL 6D, MAIN OFFICE TOWER, FINANCIAL PARK, JALAN MERDEKA, 87011 LABUAN, WILAYAH PERSEKUTUAN, MALAYSIA.

Match

:

NO

 

 

 

Latest Financial Accounts

:

NO

 

Other Investigations


On 22nd May 2013, we contacted the SC's company secretary Ms Chew Mee Mee. She provided limited information of the SC.


The SC had shifted from the address provided.


Ms Chew Mee Mee refused to disclose the number of employees of SC and the SC's banker.




FINANCIAL ANALYSIS

 

 

No latest financial accounts are available at the Registry Office, thus we are not able to comment on the SC's financial performance.

Overall financial condition of the SC : N/A

 

 

 

MALAYSIA ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators:

2009

2010

2011

2012*

2013**

 

 

 

 

 

 

Population ( Million)

28.13

28.35

28.70

29.30

29.80

Gross Domestic Products ( % )

<0.5>

7.2

5.1

5.6

5.3

Domestic Demand ( % )

2.9

6.3

8.2

9.4

5.6

Private Expenditure ( % )

<2.7>

8.1

8.2

8.0

7.4

Consumption ( % )

0.7

6.7

7.1

1.0

5.7

Investment ( % )

<17.2>

17.7

12.2

11.7

13.3

Public Expenditure ( % )

5.2

3.8

8.4

13.3

1.2

Consumption ( % )

3.1

0.2

16.1

11.3

<1.2>

Investment ( % )

8.0

2.8

<0.3>

15.9

4.2

 

 

 

 

 

 

Balance of Trade ( MYR Million )

89,650

118,356

116,058

106,300

110,700

Government Finance ( MYR Million )

<28,450>

<40,482>

<45,511>

<42,297>

<39,993>

Government Finance to GDP / Fiscal Deficit ( % )

<4.8>

<5.6>

<5.4>

<4.5>

<4.0>

Inflation ( % Change in Composite CPI)

<5.2>

5.1

3.1

1.6

2.5

Unemployment Rate

4.5

3.9

3.3

3.2

3.0

 

 

 

 

 

 

Net International Reserves ( MYR Billion )

331

329

415

427

-

Average Risk-Weighted Capital Adequacy Ratio ( % )

2.87

2.20

3.50

2.20

-

Average 3 Months of Non-performing Loans ( % )

11.08

15.30

14.80

14.70

-

Average Base Lending Rate ( % )

5.53

6.30

6.60

6.53

-

Business Loans Disbursed( % )

10.5

14.7

15.3

32.2

-

Foreign Investment ( MYR Million )

22,156.8

22,517.9

23,546.1

26,230.4

-

Consumer Loans ( % )

-

-

-

-

-

 

 

 

 

 

 

Registration of New Companies ( No. )

41,578

44,148

45,455

45,441

-

Registration of New Companies ( % )

<0.1>

6.2

3.0

<0.0>

-

Liquidation of Companies ( No. )

39,075

25,585

132,476

-

-

Liquidation of Companies ( % )

39.6

<34.5>

417.8

-

-

 

 

 

 

 

 

Registration of New Business ( No. )

312,581

271,414

284,598

324,761

-

Registration of New Business ( % )

-

-

-

-

-

Business Dissolved ( No. )

19,345

19,738

20,121

-

-

Business Dissolved ( % )

2.4

2.0

1.9

-

-

 

 

 

 

 

 

Sales of New Passenger Cars (' 000 Unit )

486.3

543.6

535.1

552.2

-

Cellular Phone Subscribers ( Million )

30.1

32.8

35.3

38.5

-

Tourist Arrival ( Million Persons )

23.6

24.6

24.7

25.0

-

Hotel Occupancy Rate ( % )

58.0

63.0

60.6

62.4

-

 

 

 

 

 

 

Credit Cards Spending ( % )

12.8

14.1

15.6

12.6

-

Bad Cheque Offenders (No.)

36,667

33,568

32,627

26,982

-

Individual Bankruptcy ( No.)

16,228

18,119

19,167

19,575

-

Individual Bankruptcy ( % )

16.7

11.7

5.8

2.1

-



INDUSTRIES ( % of Growth ):

2009

2010

2011

2012*

2013**

 

 

 

 

 

 

Agriculture

0.4

2.1

5.9

0.6

2.4

Palm Oil

<1.1>

<3.4>

10.8

<2.8>

-

Rubber

<19.8>

9.9

6.1

<0.6>

-

Forestry & Logging

<5.9>

<3.3>

<7.6>

<2.2>

-

Fishing

5.5

5.6

2.1

<0.7>

-

Other Agriculture

9.0

7.9

7.1

6.4

-

Industry Non-Performing Loans ( MYR Million )

413.7

508.4

634.1

-

-

% of Industry Non-Performing Loans

1.3

2.1

3.2

-

-

 

 

 

 

 

 

Mining

<3.8>

0.2

<5.7>

1.5

2.7

Oil & Gas

2.1

0.5

<1.7>

-

-

Other Mining

-

-

-

-

-

Industry Non-performing Loans ( MYR Million )

44.2

49.7

46.5

-

-

% of Industry Non-performing Loans

0.1

0.1

0.1

-

-

 

 

 

 

 

 

Manufacturing #

<9.4>

11.4

4.7

4.2

4.9

Exported-oriented Industries

<19.0>

12.1

2.8

4.1

-

Electrical & Electronics

<30.3>

28.4

<4.9>

1.6

-

Rubber Products

<10.1>

25.3

15.4

3.6

-

Wood Products

<24.1>

20.1

<4.9>

4.6

-

Textiles & Apparel

<19.5>

<0.4>

14.8

<7.1>

-

Domestic-oriented Industries

<9.8>

16.3

6.5

8.6

-

Food, Beverages & Tobacco

0.2

3.0

4.2

-

-

Chemical & Chemical Products

<7.7>

16.2

5.5

9.9

-

Plastic Products

<9.1>

2.4

3.8

-

-

Iron & Steel

<32.7>

29.3

2.4

-

-

Fabricated Metal Products

<2.5>

14.9

25.2

-

-

Non-metallic Mineral

<15.5>

20.2

27.1

6.6

-

Transport Equipment

<13.5>

36.5

<10.4>

13.7

-

Paper & Paper Products

<5.0>

18.7

14.8

<7.8>

-

Crude Oil Refineries

0.2

<11.4>

9.3

-

-

Industry Non-Performing Loans ( MYR Million )

6,007.3

6,217.5

6,537.2

-

-

% of Industry Non-Performing Loans

18.3

23.8

25.7

-

-

 

 

 

 

 

 

Construction

5.8

5.1

4.4

15.5

11.2

Industry Non-Performing Loans ( MYR Million )

3,241.8

4,038.5

3,856.9

-

-

% of Industry Non-Performing Loans

9.9

10.7

10.2

-

-

 

 

 

 

 

 

Services

2.6

6.5

6.4

5.5

5.6

Electric, Gas & Water

0.4

8.5

5.6

4.8

-

Transport, Storage & Communication

1.6

7.7

6.5

7.3

-

Wholesale, Retail, Hotel & Restaurant

2.8

4.7

5.2

6.9

-

Finance, Insurance & Real Estate

3.8

6.1

6.3

6.5

-

Government Services

2.0

6.7

7.6

5.6

-

Other Services

4.4

4.2

5.4

5.7

-

Industry Non-Performing Loans ( MYR Million )

6,631.3

7,384.6

6,825.2

-

-

% of Industry Non-Performing Loans

20.2

25.7

23.4

-

-

 

 

 

 

 

 

 

 

 

 

 

 

* Estimate / Preliminary

 

 

 

 

 

** Forecast

 

 

 

 

 

# Based On Manufacturing Production Index
(Source : Department of Statistics / Economic Report / Bank Negara Report)



INDUSTRY ANALYSIS

 

MSIC CODE

84111 : General (overall) public administration activities

 

 

INDUSTRY :

ECONOMY

The country's gross domestic product (GDP) expanded by 6.4% in the 4th quarter ended Dec 31 2012 on a year-on-year basis driven by sustained domestic demand and high investment growth. For the full year 2012, the GDP growth hit 5.6%, well above the government's revised forecast of 4.5%-5.0% made in year 2011. Despite the weak and uncertain global economic conditions, there is remarkable optimism that Malaysia's economy could still continue to grow at a relatively healthy pace. The government has, in fact, targeted a gross domestic product (GDP) growth rate of between 4.5% and 5.5% for 2013. This is quite an encouraging growth rate, and an achievable one at that, according to most economists.

Additionally, tepid economic growth in advanced economies and the slowdown of emerging economies especially in China and India, point to weakening global economic prospects. The deterioration in the external environment and correction in commodity prices are expected to weigh on Malaysia's export performance during the second half of 2012. Nevertheless, the vibrant domestic demand is expected to be sustained during the second half of 2012, supported by both public and private sectors amid conducive financial market conditions, stable prices and a favourable labour market. The external sector provided little support with exports showing a slower pace of decrease in 4th quarter of year 2012 to -1.5%, while imports also decreased by -0.9% resulting in an actual increase in the level of net exports compared to 3rd quarter of year 2012, although growth remained negative relative to 4th quarter of year 2012.

Domestic demand will be the main driver of the Malaysian economy supported by private and public sector expenditure. Growth in private consumption is expected to be buoyed by stable employment and income coupled with lower inflation. The salary revision and bonus for civil servants, cash assistance under Bantuan Rakyat 1Malaysia (BR1M), reward to the Federal Land Development Authority (FELDA) settlers and other cash payments to assist various groups supported private consumption. Private investment is envisaged to drive economic growth over the medium term, underpinned by the ongoing implementation of the Economic Transformation Programme (ETP) and vibrant construction activity. Growth in private investment will be broad-based in line with positive investors' confidence and strong domestic demand. Public investment will be largely led by the Non-Financial Public Enterprises' (NFPEs) capital spending on oil and gas (O&G), telecommunications and transportrelated industries. The Investment expenditure was about evenly divided between structures and machinery & equipment, but the former category showed continued strong growth at 25.0% over the 4th quarter ended Dec 31 2011, while growth in the latter category slowed to 7.6% from 22.3% in 3rd quarter ended Sept 30 2012.

 

Growth was broad based with all major sectors registering increases. The only subsectors that posted declines were the textile manufacturing and forestry and logging activities. The construction sector posted the strongest growth, hitting 15% on the year 2012, not surprising given the spate of major projects and related private sector property investment over the year. Besides, the agriculture sectors had a slightly grew at 0.6% while the manufacturing and mining industries continued growth at 4.2% and 1.5% respectively. The service sector had drop to 5.5%. However, according to the Minister of Finance, the agriculture and construction sectors are projected to expand 2.4% and 11.2% respectively while the manufacturing and the mining industries are forecast to grow 4.9% and 2.7& respectively. Meanwhile, the service sector is expected to grow 5.6%.

With domestic demand remaining robust and signs of improvement in the external sector, there are far less grounds for an interest rate cut, unlike in the rest of the region where growth has, with the exception of Thailand, been less than impressive. High capacity utilisation, strong credit growth and the need to rein in household debt are all mitigating factors against an easing of policy. Meanwhile, in maintaining the balance between economic growth and inflationary pressures in Malaysia, it is expected that interest rates in the country will remain stable through 2013. The benchmark overnight policy rate (OPR) currently stands at 3%, which has been supportive of the country's economic growth amid a low inflation environment with consumer price index (CPI) growing at less than 2% in 2012. But with price pressures expected to pick up in year 2014, with CPI expected to increase around 2% to 3%, some economists expect the OPR to likely be raised by 25 basis points to 3.25% in the second half of year 2014.

In conclusion, the outlook for the Malaysian economy is going to be challenging, with the ongoing global economic slowdown in view of the debt crisis in Europe and the weakening of the US economy. Besdies, the loss of growth momentum in Malaysia will continue and become serious enough to sidetrack the country from its long-term development goals. Thus, nominal Gross National Income (GNI) per capita is expected to increase 6.4% to RM32,947 in year 2013. In terms of Public-Private Partnership (PPP) Facilitation Fund, per capita income is expected to grow 4.4% to reach USD16,368.

 

 

OVERALL INDUSTRY OUTLOOK : Marginal Growth



 

CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2007, the SC is focusing on administration services and offshore trading.

The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the SC's future performance is very much depend on its marketing strategies in order to retain its position in the market.

Based on the above unfavourable condition, we regard granting credit to the SC to be quite risky. Hence, credit is not recommended.



 

FINANCIAL ACCOUNT


No latest financial accounts are available at the Registry Office.



FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.99

UK Pound

1

Rs.84.19

Euro

1

Rs.71.86

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.