MIRA INFORM REPORT

Report Date :

31.10.2013

IDENTIFICATION DETAILS

Name :	Helios International Pte. Ltd.
Registered Office :	65, Chulia Street, 38-02/03, OCBC Centre, 049513
Country :	Singapore
Financials (as on) :	31.03.2012
Date of Incorporation :	10.06.2008
Com. Reg. No.:	200811403-M
Legal Form :	Private Limited
Line of Business :	Manufacturer of Piezo-Electric Devices
No. of Employees :	50

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 :	Slow but correct
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Singapore	A1	A1

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

SINGAPORE - ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

* Adopted abbreviations :	SC - Subject Company (the company enquired by you)
	N/A - Not Applicable

EXECUTIVE SUMMARY

REGISTRATION NO.	:	200811403-M
COMPANY NAME	:	HELIOS INTERNATIONAL PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	10/06/2008
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	65, CHULIA STREET, 38-02/03, OCBC CENTRE, 049513, SINGAPORE.
BUSINESS ADDRESS	:	65, CHULIA STREET, 38-02/03, OCBC CENTRE, 049513, SINGAPORE.
TEL.NO.	:	65-63272022
FAX.NO.	:	65-63272033
CONTACT PERSON	:	TAN TECK NGUAN ( DIRECTOR )
PRINCIPAL ACTIVITY	:	MANUFACTURE OF PIEZO-ELECTRIC DEVICES
ISSUED AND PAID UP CAPITAL	:	2.00 ORDINARY SHARE, OF A VALUE OF SGD 2.00
SALES	:	USD 9,923,618 [2012]
NET WORTH	:	USD 109,068 [2012]
STAFF STRENGTH	:	50 [2013]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	FAIR
PAYMENT	:	AVERAGE
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	N/A
CURRENCY EXPOSURE	:	N/A
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	MATURE

HISTORY / BACKGROUND

The SC is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The SC is principally engaged in the (as a / as an) manufacture of piezo-electric devices.

The immediate holding company of the SC is SUNGATE ORIENTAL LIMITED, a company incorporated in SINGAPORE.

The ultimate holding company of the SC is JRD INTERNATIONAL LTD, a company incorporated in BAHAMAS.

The major shareholder(s) of the SC are shown as follows :

Name	Address	IC/PP/Loc No	Shareholding	(%)
SUNGATE ORIENTAL LIMITED	NERINE CHAMBERS, PO BOX 905, ROAD TOWN, TORTOLA, VIRGIN ISLANDS, BRITISH.	T12UF3377	2.00	100.00
			---------------	------
			2.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR.MICHAEL TAN TECK NGUAN
Address	:	205, ANG MO KIO AVENUE 1, 07 - 1089, 560205, SINGAPORE.
IC / PP No	:	S1217289C
Nationality	:	SINGAPOREAN
Date of Appointment	:	10/06/2008

Management

1)	Name of Subject	:	TAN TECK NGUAN
	Position	:	DIRECTOR

Auditor

Auditor	:	AT ADLER
Auditor' Address	:	N/A

Company secretaries

1)	Company Secretary	:	JOCELYN YAP CHING CHING
	IC / PP No	:	S7048039E
	Address	:	626, UPPER THOMSON ROAD 05 - 38, MEADOWS @ PEIRCE, 787130, SINGAPORE.

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.

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	N/A
Overseas	:	N/A

The staff from the registered office refused to disclose the SC's suppliers. 

The SC refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT
Prompt 0-30 Days	[	]	Good 31-60 Days	[	]	Average 61-90 Days	[	X	]
Fair 91-120 Days	[	]	Poor >120 Days	[	]

CLIENTELE

Local	:	N/A
Overseas	:	N/A

The staff from the registered office refused to disclose the SC's clientele. 

OPERATIONS

Products manufactured

:

PIEZO-ELECTRIC DEVICES

Total Number of Employees:
YEAR	2013
GROUP	N/A
COMPANY	50

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) manufacture of piezo-electric devices. 

The staff from the registered office refused to disclose the SC's operation. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that:

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-63272022
Match	:	N/A
Address Provided by Client	:	2 WOODLAND SECTOR 1, NO. 03-14, WOODLAND 1, SPECTRUM SINGAPORE
Current Address	:	65, CHULIA STREET, 38-02/03, OCBC CENTRE, 049513, SINGAPORE.
Match	:	NO

Other Investigations

We contacted one of the staff from the registered office and she only provided limited information on the SC.

We found contact number based on the address provided at 65555825. However, it is not answered. Thus, we were unable to verify the address provided.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	<0.00%>	]
Profit/(Loss) Before Tax	:	Decreased	[	<1,140.99%>	]
Return on Shareholder Funds	:	Favourable	[	123.19%	]
Return on Net Assets	:	Favourable	[	135.14%	]
The higher turnover could be attributed to the favourable market condition.The management had succeeded in turning the SC into a profit making company. The profit could be due to better control of its operating costs and efficiency in utilising its resources. Generally the SC was profitable. The favourable return on shareholders' funds and return on net assets indicate that the SC's management was efficient in utilising the assets to generate returns.
Working Capital Control
Stock Ratio	:	Unfavourable	[	219 Days	]
Debtor Ratio	:	Favourable	[	0 Days	]
Creditors Ratio	:	Favourable	[	53 Days	]
The SC could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. The favourable debtors' days could be due to the good credit control measures implemented by the SC. The SC had a favourable creditors' ratio where the SC could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Unfavourable	[	0.18 Times	]
Current Ratio	:	Unfavourable	[	1.02 Times	]
A low liquid ratio means that the SC may be facing working capital deficiency. If the SC cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.
Solvency
Interest Cover	:	Favourable	[	5,082.48 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The interest cover showed that the SC was able to service the interest. The favourable interest cover could indicate that the SC was making enough profit to pay for the interest accrued. The SC had no gearing and hence it had virtually no financial risk. The SC was financed by its shareholders' funds and internally generated fund. During the economic downturn, the SC, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
The higher turnover had helped to reduce the SC's losses. Due to its weak liquidity position, the SC will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the SC. With the favourable interest cover, the SC could be able to service all the accrued interest without facing any difficulties. The SC was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The SC has good chance of getting loans, if the needs arises.
Overall financial condition of the SC : FAIR

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2008	2009	2010	2011	2012
Population (Million)	4.84	4.98	5.08	5.18	5.31
Gross Domestic Products ( % )	1.5	<0.8>	14.5	4.9	1.3
Consumer Price Index	6.6	0.6	2.8	5.2	4.6
Total Imports (Million)	450,892.6	356,299.3	423,221.8	459,655.1	474,554.0
Total Exports (Million)	476,762.2	391,118.1	478,840.7	514,741.2	510,329.0
Unemployment Rate (%)	2.2	3.2	2.2	2.1	2.0
Tourist Arrival (Million)	10.12	9.68	11.64	13.17	14.37
Hotel Occupancy Rate (%)	81.0	75.8	85.6	86.5	86.4
Cellular Phone Subscriber (Million)	1.31	1.37	1.43	1.50	1.52
Registration of New Companies (No.)	25,327	26,414	29,798	32,317	31,892
Registration of New Companies (%)	<2.2>	4.3	12.8	8.5	<1.3>
Liquidation of Companies (No.)	10,493	22,393	15,126	19,005	17,218
Liquidation of Companies (%)	13.7	113.4	<32.5>	25.6	9.4
Registration of New Businesses (No.)	24,850	26,876	23,978	23,494	24,788
Registration of New Businesses (%)	0.36	8.15	<10.78>	2.02	5.51
Liquidation of Businesses (No.)	21,150	23,552	24,211	23,005	22,489
Liquidation of Businesses (%)	<0.8>	11.4	2.8	<5>	<2.2>
Bankruptcy Orders (No.)	2,326	2,058	1,537	1,527	1,748
Bankruptcy Orders (%)	<15.9>	<11.5>	<25.3>	<0.7>	14.5
Bankruptcy Discharges (No.)	1,500	3,056	2,252	1,391	1,881
Bankruptcy Discharges (%)	<7.7>	103.7	<26.3>	<38.2>	35.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	<0.32>	3.25	<0.48>	4.25	3.64
Fish Supply & Wholesale	<6.31>	<1.93>	<10.5>	12.10	<0.5>
Manufacturing *	74.6	71.5	92.8	100.0	100.3
Food, Beverages & Tobacco	94.8	90.4	96.4	100.0	103.5
Textiles	180.1	145.9	122.1	100.0	104.0
Wearing Apparel	334.6	211.0	123.3	100.0	92.1
Leather Products & Footwear	128.2	79.5	81.8	100.0	98.6
Wood & Wood Products	132.0	101.4	104.0	100.0	95.5
Paper & Paper Products	101.0	95.4	106.1	100.0	97.4
Printing & Media	118.2	100.9	103.5	100.0	93.0
Crude Oil Refineries	113.1	96.4	95.6	100.0	99.4
Chemical & Chemical Products	84.5	80.3	97.6	100.0	100.5
Pharmaceutical Products	43.7	49.1	75.3	100.0	109.7
Rubber & Plastic Products	120.1	101.2	112.3	100.0	96.5
Non-metallic Mineral	96.5	91.9	92.5	100.0	98.2
Basic Metals	109.8	92.6	102.2	100.0	90.6
Fabricated Metal Products	101.3	90.8	103.6	100.0	104.3
Machinery & Equipment	65.0	57.3	78.5	100.0	112.9
Electrical Machinery	81.7	86.8	124.1	100.0	99.3
Electronic Components	93.1	85.2	113.6	100.0	90.6
Transport Equipment	102.0	96.0	94.0	100.0	106.3
Construction	45.90	<36.9>	14.20	20.50	28.70
Real Estate	<11.2>	1.4	21.3	25.4	31.9
Services
Electricity, Gas & Water	<1.3>	1.70	4.00	7.00	6.30
Transport, Storage & Communication	11.60	3.90	12.80	7.40	5.30
Finance & Insurance	<5.9>	<16.4>	<0.4>	8.90	0.50
Government Services	17.40	4.50	9.70	6.90	6.00
Education Services	0.50	0.10	<0.9>	<1.4>	0.30
* Based on Index of Industrial Production (2011 = 100)
(Source : Department of Statistics)

INDUSTRY ANALYSIS

INDUSTRY :	MANUFACTURING
The manufacturing sector contracted by 1.1% in the fourth quarter of 2012, led by declines in the electronics and precision engineering clusters. These clusters were weighed down by weak global demand for semiconductors and semiconductor-related equipment. For the whole year of 2012, the manufacturing sector grew by 0.1%, significantly lower than the 7.8% recorded in 2011 when the sector was boosted by a surge in the growth of the biomedical manufacturing cluster.
Output of the biomedical manufacturing cluster grew by 2.4% in the fourth quarter. The expansion was driven by the medical technology segment which grew by a healthy 9.2%, benefitting from robust export demand for medical devices. The pharmaceuticals segment also grew by a modest 1.1%. For 2012, the biomedical manufacturing cluster expanded by 9.9%.
Output of the transport engineering cluster expanded by 4.9% in the fourth quarter. The aerospace segment grew by 6.2%, supported by higher demand for repair jobs from commercial airlines. Similarly, the marine & offshore engineering segment expanded by 5.0%, on the back of higher contributions from oil rig projects and oilfield equipment components. In the year 2012, the transport engineering cluster surged by 11%.
The output of the precision engineering cluster shrank by 1.3% in the fourth quarter. The decline was led by the 5.3% contraction in the machinery & systems segment, which saw weak export demand for semiconductor-related equipment. On the other hand, the precision modules & components segment grew by 2.9%, supported by higher production of optical instruments & photographic equipment and electronic connectors. In 2012, the precision engineering cluster expanded by 1.3%.
The general manufacturing cluster's output grew by 1.2% in the fourth quarter, driven by the 6.4% growth in the miscellaneous industries segment. The segment's growth was supported by higher production of batteries and constructionrelated materials. By contrast, the printing and food, beverages & tobacco segments declined by 6.4% and 1.3% respectively. For 2012, the general manufacturing cluster grew by 2.0%.
The chemicals cluster's output grew by 7.7% in the fourth quarter. The petrochemicals and petroleum segments registered growth of 9.3% and 6.3% respectively, partly due to the low base from plant shutdowns in end of 2011. The specialty chemicals segment also expanded by 8.0% on the back of higher regional demand. For the year 2012, the chemicals cluster declined by 0.4%, primarily due to weak regional demand for specialty chemicals in the second and third quarter of 2012.
Output of the electronics cluster contracted by 10% in the fourth quarter, led by the semiconductors and computer peripherals segments which contracted by 13% and 15% respectively. By contrast, the data storage segment grew by 7.8%, mainly due to the low base in end of 2011 when floods in Thailand had disrupted the supply chain for data storage products. For the whole of 2012, the electronics cluster contracted by 11%.
OVERALL INDUSTRY OUTLOOK : MATURE

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2008, the SC is a Private Limited company, focusing on manufacture of piezo-electric devices. Having been in business for 5 years, the SC has established a remarkable clientele base for itself which has contributed to its business growth. Having strong support from its holding company has enabled the SC to remain competitive despite the challenging business environment.

The SC is operating on a medium scale and it has approximately 50 employees in its business operations. Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Based on the higher profitability, the SC has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. Being a zero geared company, the SC virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. However, due to its weak liquidity position, the SC may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the SC. Given a positive net worth standing at USD 109,068, the SC should be able to maintain its business in the near terms.

Having a strong assets backing, the SC possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises.

The SC's payment habit is average. With its adequate working capital, the SC should be able to pay its short term debts.

The industry has reached its optimum level and is generally stable. It is saturated and very competitive. Thus, the SC's growth prospect is very much depends on its capacity in sustaining its performance in the market.

Based on the above condition, we recommend credit be granted to the SC normally.

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

HELIOS INTERNATIONAL PTE. LTD.

Financial Year End	2012-03-31	2011-03-31
Months	12	12
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	USD	USD
TURNOVER	9,923,618	-
Other Income	40,391	-
	----------------	----------------
Total Turnover	9,964,009	-
Costs of Goods Sold	<9,796,443>	<4,372>
	----------------	----------------
Gross Profit	167,566	<4,372>
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	147,363	<14,156>
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	147,363	<14,156>
Taxation	<13,000>	-
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	134,363	<14,156>
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	<25,296>	<11,140>
	----------------	----------------
As restated	<25,296>	<11,140>
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	109,067	<25,296>
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	109,067	<25,296>
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Bank overdraft	29	46
	----------------	----------------
	29	46

BALANCE SHEET

HELIOS INTERNATIONAL PTE. LTD.

CURRENT ASSETS
Stocks	5,943,490	201,431
Other debtors, deposits & prepayments	1,013,561	14,742
Cash & bank balances	298,233	7,306
	----------------	----------------
TOTAL CURRENT ASSETS	7,255,284	223,479
	----------------	----------------
TOTAL ASSET	7,255,284	223,479
	=============	=============
CURRENT LIABILITIES
Trade creditors	1,410,573	209,299
Other creditors & accruals	175,353	7,764
Amounts owing to holding company	3,581,477	17,797
Amounts owing to related companies	1,965,813	13,914
Provision for taxation	13,000	-
	----------------	----------------
TOTAL CURRENT LIABILITIES	7,146,216	248,774
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	109,068	<25,295>
	----------------	----------------
TOTAL NET ASSETS	109,068	<25,295>
	=============	=============
SHARE CAPITAL
Ordinary share capital	1	1
	----------------	----------------
TOTAL SHARE CAPITAL	1	1
RESERVES
Retained profit/(loss) carried forward	109,067	<25,296>
	----------------	----------------
TOTAL RESERVES	109,067	<25,296>
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	109,068	<25,295>
	----------------	----------------
	109,068	<25,295>
	=============	=============

FINANCIAL RATIO

HELIOS INTERNATIONAL PTE. LTD.

TYPES OF FUNDS
Cash	298,233	7,306
Net Liquid Funds	298,233	7,306
Net Liquid Assets	<5,834,422>	<226,726>
Net Current Assets/(Liabilities)	109,068	<25,295>
Net Tangible Assets	109,068	<25,295>
Net Monetary Assets	<5,834,422>	<226,726>
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	7,146,216	248,774
Total Assets	7,255,284	223,479
Net Assets	109,068	<25,295>
Net Assets Backing	109,068	<25,295>
Shareholders' Funds	109,068	<25,295>
Total Share Capital	1	1
Total Reserves	109,067	<25,296>
LIQUIDITY (Times)
Cash Ratio	0.04	0.03
Liquid Ratio	0.18	0.09
Current Ratio	1.02	0.90
WORKING CAPITAL CONTROL (Days)
Stock Ratio	219	0
Debtors Ratio	0	0
Creditors Ratio	53	17,473
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	65.52	<9.83>
Times Interest Earned Ratio	5,082.48	<306.74>
Assets Backing Ratio	109,068.00	<25,295.00>
PERFORMANCE RATIO (%)
Operating Profit Margin	1.48	0.00
Net Profit Margin	1.35	0.00
Return On Net Assets	135.14	55.78
Return On Capital Employed	135.14	55.78
Return On Shareholders' Funds/Equity	123.19	55.96
Dividend Pay Out Ratio (Times)	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.49
UK Pound	1	Rs.98.71
Euro	1	Rs.84.49

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.