MIRA INFORM REPORT

 

 

Report Date :

17.12.2014

 

IDENTIFICATION DETAILS

 

Name :

VIET PHU THINH RUBBER JSC

 

 

Registered Office :

4Fl Ha Phan Bldg 5 Phan Xich Long Ward 5, Phu Nhuan, Ho Chi Minh

 

 

Country :

Vietnam

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

14.05.2010

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer of Rubber & Products

 

 

No. of Employees

170

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Vietnam

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

VIETNAM ECONOMIC OVERVIEW

 

Vietnam is a densely-populated developing country that has been transitioning from the rigidities of a centrally-planned economy since 1986. Vietnamese authorities have reaffirmed their commitment to economic modernization in recent years. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries. Vietnam became an official negotiating partner in the Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to less than 20% in 2013, while industry's share increased from 36% to more than 42% in the same period. State-owned enterprises account for about 40% of GDP. Poverty has declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession hurt Vietnam's export-oriented economy, with GDP in 2013 growing at 5%, the slowest rate of growth since 1999. In 2013, however, exports increased by more than 12%, year-on-year; several administrative actions brought the trade deficit back into balance. Between 2008 and 2011, Vietnam's managed currency, the dong, was devalued in excess of 20%, but its value remained relatively stable in 2013. Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. In February 2011, the government shifted from policies aimed at achieving a high rate of economic growth, which had stoked inflation, to those aimed at stabilizing the economy, through tighter monetary and fiscal control. Although Vietnam unveiled a broad, "three pillar" economic reform program in early 2012, proposing the restructuring of public investment, state-owned enterprises, and the banking sector, little perceptible progress has been made. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses

 

Source : CIA

Company name and address

 

Organization Name

:

VIET PHU THINH RUBBER JSC

Address

:

4Fl Ha Phan Bldg 5 Phan Xich Long Ward 5, Phu Nhuan, Ho Chi Minh

Country

:

Vietnam

Phone (S)

:

[+84] 8-39903088

Facsimile

:

[+84] 8-39903499

Email

:

acc@viruco.com

Website

:

http://www.viruco.com

Primary Business Activity

:

Manufacturer

Key Industry

:

Rubber & Products

 

Registered Legal Address

:

125/11 Nguyen Cuu Van Ward 17, Binh Thanh, Ho Chi Minh

Operational Address

:

4Fl Ha Phan Bldg 5 Phan Xich Long Ward 5, Phu Nhuan, Ho Chi Minh

Trading Name

:

VIRUCO

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

0302910157

License Status

:

License exists - Normal.

Legal Form - Category

:

Joint Stock Company

Legal Form

:

Joint Stock Company

Legal Form - Abbreviation

:

JSC

Operational Status of Business

:

Normal

Date of Registration

:

14 May, 2010

Employees

:

170

Capital

:

US$ 1,981,290

 

 

Country

:

Vietnam

Business Entity Name

:

VIET PHU THINH RUBBER JSC

Primary Business Activity

:

Manufacturer

Primary Industry

:

Rubber & Products

 

Office Contact Details

Operating Address

:

4Fl Ha Phan Bldg 5 Phan Xich Long Ward 5, Phu Nhuan, Ho Chi Minh

Tel

:

[+84] 8-39903088

 

:

[+84] 8-39901548

Fax

:

[+84] 8-39903499

Email

:

acc@viruco.com
pkd@viruco-trading.com.vn
director@viruco.com

 

Factory Contact Details

Address

:

Hoa Vinh Hamlet Thanh Tam Communee, Chon Thanh Dist, Binh Phuoc

 

Website Details

Website

:

http://www.viruco.com

Status

:

Normal - operational

Country of Registration

:

Vietnam

Ownership Type

:

Registered ownership by Subject Business Entity

 

Tax / VAT Details

Tax Issuing Authority

:

Ministry of Finance

Local Name Used

:

Gia Trj Gia Tang (Value Added Tax)

Acronym

:

GTGT / VAT

GTGT / VAT Number

:

0302910157

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Chairman

Name

:

Mr. Phan Thanh Son

Nationality

:

Vietnamese

 

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Nguyen Quoc Cuong

Vietnamese

Vice Director

-

2

Ms. Phan Thi Cham Tu Lan

Vietnamese

Chief Accountant

Finance

3

Mr. Vu Anh Phong

Vietnamese

Managing Director

-

 

Management Details - 1

Personal Unique Identifier

:

MI03529715

Name

:

Mr. Nguyen Quoc Cuong

 

Date of Birth

:

1963

 

Management Details - 2

Personal Unique Identifier

:

MI02420163

Name

:

Ms. Phan Thi Cham Tu Lan

 

Date of Birth

:

1970

 

Management Details - 3

Personal Unique Identifier

:

MI02420154

Name

:

Mr. Vu Anh Phong

 

Date of Birth

:

1971

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI02420162

Name

:

Mr. Phan Thanh Son

Date of Birth

:

1970

 

2

 

 

Personal Unique Identifier

:

MI02420154

Name

:

Mr. Vu Anh Phong

Date of Birth

:

1971

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing the VIET PHU THINH RUBBER JSC's reputation within the respective industry failed to reveal any adverse information.

 

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

 

DISHONORED CHECKS

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

DEBT

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

LITIGATION

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

PERFORMANCE DEFAULTS

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

₫ 41,615,000,000

 

Date

Authorized Capital - History

6 Mar, 2003

9,850,000,000

2010

12,800,000,000

17 May, 2011

25,500,000,000

7 Aug, 2013

41,615,000,000

 

 

SHAREHOLDERS

 

Total number of shareholders

:

11

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Phan Thanh Son

Vietnam

n/a

n/a

24.68

2

Mr. Dinh Van Tien

Vietnam

n/a

n/a

19.37

3

Mr. Vu Anh Phong

Vietnam

n/a

n/a

19.16

4

Ms. Nguyen Thi Kim Hoa

Vietnam

n/a

n/a

17.54

5

Mr. Phan Thanh Long

Vietnam

n/a

n/a

11.15

6

Mr. Nguyen Quoc Cuong

Vietnam

n/a

n/a

2.21

7

Mr. Truong Van Bac

Vietnam

n/a

n/a

1.90

8

Mr. Dinh Van Ngoc

Vietnam

n/a

n/a

1.25

9

Ms. Le Thi Phuong

Vietnam

n/a

n/a

1.25

10

Ms. Phan Thi Cam Tu Lan

Vietnam

n/a

n/a

1.25

11

Ms. Truong Thi Thuy Tram

Vietnam

n/a

n/a

0.24

Total

n/a

n/a

100.00

Based on corporate statutory laws / regulations in Vietnam, there is no requirement for public disclosure of Shareholders. In this case, the Shareholders information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

 

 

PAYMENT INFORMATION

 

International Trade - Statistics  (Currency: USD - US Dollar)

Year

Imports

Exports

Total

2010

n/a

55,314,479

55,314,479

2011

n/a

52,867,672

52,867,672

2012

n/a

79,967,846

79,967,846

 

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

20%

International Sales (Export)

80%

 

 

Annual Purchases Analysis

Percentage

Imports

0%

Local Purchases

100%

 

 

PAYMENT TERMS

 

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

Export

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Received at time of transaction

 

Purchasing

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

LOCAL BRANCHES & MANAGEMENT

Branch

:

VIET PHU THINH RUBBER JSC - BINH THANH, HO CHI MINH

Branch Address

:

204 Phan Van Han Ward 17, Binh Thanh, Ho Chi Minh

Branch Email

:

giamdoc@viruco-trading.com.vn

License Status

:

License exists - Normal.

 

Branch

:

VIET PHU THINH RUBBER JSC - DISTRICT 3, HO CHI MINH

Branch Address

:

16/9 Ky Dong Ward 9, District 3, Ho Chi Minh

Branch Tel

:

84-8-39350543

Branch Fax

:

84-8-39350541

Branch Email

:

acc@viruco.com

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2010 Annual  

69,143,099

8,389,841

508,363

2011 Annual  

66,084,590

12,394,239

639,366

2012 Annual (*)

99,959,807

14,316,776

674,873

 

Sales Trend – Analysis

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-

-

-

-

-

-

-

http://www.asiancredit.com/Manage/image/up_arrow_04.gif

http://www.asiancredit.com/Manage/image/down_arrow_04.gif

http://www.asiancredit.com/Manage/image/up_arrow_04.gif

Note: (*)

Financials listed are the most recent available for this company.

 

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2009 Annual

30,661,306

5,853,808

526,962

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Current Assets

161,923,000,000

255,834,000,000

296,115,000,000

Non Current Assets

1,595,000,000

2,338,000,000

2,027,000,000

Non Current Liabilities

479,000,000

814,000,000

483,000,000

Share Capital

12,800,000,000

-

-

Total Reserves

-

-

-

Other long term assets 

Total Assets

163,518,000,000

258,172,000,000

298,142,000,000

Total Liabilities

139,771,000,000

221,483,000,000

258,406,000,000

Current Liabilities

139,292,000,000

220,669,000,000

257,923,000,000

Long term liabilities 

Shareholders Funds

23,747,000,000

36,689,000,000

39,736,000,000

 

Assets 

Current assets & short term investments

-

255,834,000,000

296,115,000,000

Cash & cash equivalents

-

15,285,000,000

6,547,000,000

Cash

-

15,285,000,000

6,547,000,000

Short term investments

-

60,000,000,000

-

Short term securities investments

-

60,000,000,000

-

Accounts receivable

-

102,781,000,000

190,142,000,000

Accounts receivable trade

-

77,704,000,000

127,209,000,000

Trade prepayment

-

10,852,000,000

35,288,000,000

Others receivables

-

14,225,000,000

27,645,000,000

Inventories

-

71,596,000,000

97,612,000,000

i. Other short term asset

-

6,172,000,000

1,814,000,000

Prepaid expenses

-

69,000,000

550,000,000

VAT deductible

-

6,067,000,000

987,000,000

ii. Other short term asset

-

36,000,000

277,000,000

Long term assets

-

2,338,000,000

2,027,000,000

Fixed assets

-

2,114,000,000

1,817,000,000

Tangible fixed assets

-

2,097,000,000

1,817,000,000

i. Cost

-

2,763,000,000

2,796,000,000

i. Accumulated depreciation

-

666,000,000

979,000,000

ii. Cost

-

12,000,000

12,000,000

ii. Accumulated depreciation

-

12,000,000

12,000,000

Construction in progress

-

17,000,000

-

Other long term assets

-

224,000,000

210,000,000

Total assets

-

258,172,000,000

298,142,000,000

Liabilities & Owner's Equity 

Liabilities

-

221,483,000,000

258,406,000,000

Current liabilities

-

220,669,000,000

257,923,000,000

Short term borrowings

-

194,471,000,000

216,218,000,000

Accounts payables-trade

-

21,440,000,000

34,233,000,000

Advances from customers

-

472,000,000

3,083,000,000

Taxes and payable to state budget

-

1,780,000,000

3,265,000,000

Accrued expenses payable

-

1,890,000,000

1,105,000,000

Other payables

-

616,000,000

19,000,000

Long term liabilities

-

814,000,000

483,000,000

Long term borrowings

-

814,000,000

483,000,000

i. Owner's equity

-

36,689,000,000

39,736,000,000

ii. Owner's equity

-

36,491,000,000

39,556,000,000

Business capital

-

25,500,000,000

25,500,000,000

Foreign exchange differences

-

90,000,000

(69,000,000)

Retained earnings

-

10,901,000,000

14,125,000,000

Budget sources

-

198,000,000

180,000,000

Bonus and welfare funds

-

198,000,000

180,000,000

Total resources

-

258,172,000,000

298,142,000,000

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Turnover

1,347,599,000,000

1,376,542,000,000

2,081,629,000,000

Profit (Loss) Before Tax

13,202,000,000

13,318,000,000

17,065,000,000

Profit After Tax attributable to Shareholders

9,908,000,000

13,318,000,000

14,054,000,000

 

Gross sales

-

1,376,542,000,000

2,081,629,000,000

Less deductions

-

596,000,000

2,659,000,000

Net income

-

1,375,946,000,000

2,078,970,000,000

Cost of goods sold

-

1,327,040,000,000

2,008,839,000,000

Gross margin

-

48,906,000,000

70,131,000,000

Income from financial activities

-

7,390,000,000

3,220,000,000

Expenses from financial activities

-

17,182,000,000

12,045,000,000

In which: Interest expenses

-

10,034,000,000

10,064,000,000

Selling expenses

-

17,672,000,000

38,534,000,000

General & administration expenses

-

6,947,000,000

5,415,000,000

Net income from operating activities

-

14,495,000,000

17,357,000,000

Extraordinary income

-

4,396,000,000

1,083,000,000

Extraordinary expenses

-

5,573,000,000

1,375,000,000

Extraordinary gains

-

(1,177,000,000)

(292,000,000)

Net profit before tax

-

13,318,000,000

17,065,000,000

Income tax

-

0

3,011,000,000

Net profit after tax

-

13,318,000,000

14,054,000,000

 

Financial Ratios

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

2.15

51.22

Profitability 

Profit Margin (%)

-

0.97

0.68

Return on Equity (%)

-

36.30

35.37

Return on Assets (%)

-

5.16

4.71

Leverage 

Total Debt Equity (Times)

-

6.04

6.50

Current Debt Equity (Times)

-

6.01

6.49

Long Term Debt to Equity

-

0.02

0.01

Total Asset To Total Equity

-

7.04

7.50

Asset Management 

Total Assets Turnover (Times)

-

5.33

6.98

Fixed Assets Turnover (Times)

-

588.77

1,026.95

Liquidity 

Current Ratio

-

1.16

1.15

Based on the corporate laws of Vietnam, legal entities which are Joint Stock Company are not required to make public disclosure of their annual financials. Although basic financials were obtained for reference.

 

 

FOREIGN EXCHANGE RATES

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000047 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

Chemicals

Manufacturing, Exporting

Consumer products

Manufacturing, Exporting

Natural rubber

Manufacturing, Exporting

Plastic resins

Manufacturing, Exporting

Rubber

Manufacturing, Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Chemical preparations, nspf

2899

Manufacturing, Exporting

Chemicals and Allied Products

2800

Manufacturing, Exporting

Fabricated rubber products, nspf

3069

Manufacturing, Exporting

Manufactured articles, nspf

3999

Manufacturing, Exporting

Rubber & Misc. Plastics

3000

Manufacturing, Exporting

Steel Foundries, NEC

3325

Manufacturing, Exporting

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Articles of iron or steel

7326

Manufacturing, Exporting

Iron & steel

7200

Manufacturing, Exporting

Miscellaneous articles of base metal

8300

Manufacturing, Exporting

Miscellaneous chemical products

3800

Manufacturing, Exporting

Miscellaneous manufactured articles

9600

Manufacturing, Exporting

Natural rubber, balata, chicle etc, prim form etc

4001

Manufacturing, Exporting

Rubbers & articles thereof

4000

Manufacturing, Exporting

Stainless steel in ingots etc & semifin products

7218

Manufacturing, Exporting

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description

Ranking

Activity

Steel

Primary

Manufacturing, Exporting

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of VIET PHU THINH RUBBER JSC is Manufacturing - Finished products.

Key products include :

Chemicals

Consumer products

Natural rubber

Plastic resins

Rubber

Steel


An integral part of the core business includes:

Distribution

 

Supplementary Business

In addition to the core business, VIET PHU THINH RUBBER JSC also is engaged in the following areas of business:

Exporting

Exporting - Finished products

 

 

BANK DETAILS

Bank Name

:

ASIA COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P0075118

Branch

:

District 3,Ho Chi Minh

Branch Address

:

PHAN DANG LUU

SWIFT Code

:

ASCBVNVX

 

Bank Name

:

HSBC BANK (VIETNAM) LTD

Global Identifier

:

32403760

Branch

:

District 1,Ho Chi Minh

Branch Address

:

HSBC BANK (VIETNAM) LTD - HO CHI MINH

SWIFT Code

:

HSBCVNVX

 

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

P1072025

Branch

:

Hanoi

Branch Address

:

31-33 Ngo Quyen Hanoi (Head Office)

SWIFT Code

:

BFTVVNVX

 

Bank Name

:

MILITARY COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P0387295

Branch

:

Dong Da,Hanoi

Branch Address

:

MILITARY COMMERCIAL JOINT STOCK BANK - HO CHI MINH

SWIFT Code

:

MSCBVNVX

 

Bank Name

:

VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK

Global Identifier

:

32408823

Branch

:

District 1,Ho Chi Minh

Branch Address

:

VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK CO, TAN SON NHAT

SWIFT Code

:

EBVIVNVX

 

INTERNATIONAL TRADE - Statistics (Currency: USD - US Dollar)

Year

Imports

Exports

Total

2009

n/a

27,595,175

27,595,175

 

 

INTERNATIONAL TRADE - Activity & Markets

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

High

Exporting

Europe

High

Exporting

Middle-East

High

Exporting

Cambodia

High

Exporting

China

High

Exporting

Germany

High

Exporting

India

High

Exporting

Indonesia

High

Exporting

Italy

High

Exporting

Malaysia

High

Exporting

Peru

High

Exporting

Russia

High

Exporting

Spain

High

Exporting

Sri Lanka

High

Exporting

Thailand

High

Exporting

Turkey

High

Exporting

 

OFFICE & FACILITIES

The following information relates to the Business Entity's office as listed above:

Name

:

VIET PHU THINH RUBBER JSC - PHU NHUAN, HO CHI MINH

Primary Use

:

Office & Administration facilities

Address

:

4Fl Ha Phan Bldg 5 Phan Xich Long Ward 5, Phu Nhuan, Ho Chi Minh

Country

:

Vietnam

Status

:

Operational

 

 

PREVIOUS BUSINESS LICENSE/S

License Date

License No.

6 Mar, 2003

4103001492

 

 

NOTES & COMMENTS

 

N/a

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.41

UK Pound

1

Rs.99.31

Euro

1

Rs.79.00

 

 

INFORMATION DETAILS

 

Report Prepared by :

TPT

 

 

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

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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.