MIRA INFORM REPORT

Report Date :

27.12.2014

IDENTIFICATION DETAILS

Name :	SAMSUNG ELECTRO-MECHANICS CO., LTD.

Registered Office :	150, Maeyeong-ro, Yeongtong-gu, Suwon-si, Gyeonggi-do

Country :	Korea (South)

Financials (as on) :	30.09.2014

Date of Incorporation :	08.08.1973

Com. Reg. No.:	124-81-00979

Legal Form :	Listed Company (Korea Stock Exchange : 009150) as of 02/1979 A Company of Samsung Group

Line of Business :	Manufacture of Computer Output/Input Units and Peripheral Equipment Manufacture of Diodes, Transistors and Similar Semi-conductor Devices

No. of Employee :	12,921

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Exist

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)

Korea (South)

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

KOREA (SOUTH) ECONOMIC OVERVIEW

South Korea over the past four decades has demonstrated incredible growth and global integration to become a high-tech industrialized economy. In the 1960s, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion-dollar club of world economies, and is currently the world's 12th largest economy. Initially, a system of close government and business ties, including directed credit and import restrictions, made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods, and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea's development model including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. South Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4% annually between 2003 and 2007. South Korea's export focused economy was hit hard by the 2008 global economic downturn, but quickly rebounded in subsequent years, reaching 6.3% growth in 2010. The US-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Throughout 2012 and 2013 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The administration in 2014 is likely to face the challenge of balancing heavy reliance on exports with developing domestic-oriented sectors, such as services. The South Korean economy's long term challenges include a rapidly aging population, inflexible labor market, dominance of large conglomerates (chaebols), and heavy reliance on exports, which comprise about half of GDP.

Source : CIA

Basic

Company Name	SAMSUNG ELECTRO-MECHANICS CO., LTD.
Registered Address	150, Maeyeong-ro, Yeongtong-gu, Suwon-si, Gyeonggi-do, Korea
Building
Zip Code	443-743
Tel	+82-31-210-5114
Fax	+82-31-210-5087
E-mail	sank@samsung.co.kr;jihye657.baek@samsung.com
Website	www.sem.samsung.co.kr
Trading Address	150, Maeyeong-ro, Yeongtong-gu, Suwon-si, Gyeonggi-do, Korea (Old Address System : 314, Maetan 3-dong, Yeongtong-gu, Suwon-si, Gyeonggi-do, Korea)
Tel	+82-31-210-5114
Fax	+82-31-210-5087
Other Address-Busan Factory	1623-2, Songjeong-dong, Gangseo-gu, Busan, Korea
Tel	+82-51-970-7114
Fax	+82-51-970-8702
Other Address-Daejeon Factory	581, Myeonghak-ri, Dong-myeon, Yeongi-gun, Chungcheongnam-do, Korea
Tel	+82-41-861-1214
Fax	+82-41-861-1333
Other Address-Seoul Office	21FL., Samsung Seocho Tower, 1320-10, Seocho 2-dong, Seocho-gu, Seoul, Korea
Tel	+82-31-210-5114
Fax	+82-2-2255-2850
Type	Export/Import
Industry	Manufacture of Computer Output/Input Units and Peripheral Equipment
Main Business	Multi Layer Ceramic Capacitor, Optical Pick-Up, LED, HDI, Bluetooth Modules, Vibration Motors, Wireless Keyboard
Sub Business	Manufacture of Diodes, Transistors and Similar Semi-conductor Devices
Established (mm/dd/yyyy)	08/08/1973

The Subject owns the premises of registered HQ address(244,822㎡), Daejeon Factory (157,451㎡)and Busan Factory(263,324㎡).

Detailed Products

Activity	Detailed Products (UNSPSC)
Sell	Network service concentrators or hubs(43222610)
Sell	Electrical resistance or conductance sensors(41111943)
Sell	Computer display accessories(43212000)
Sell	Vehicle sound systems and components(25174410)
Sell	Loudspeakers(52161512)
Sell	Electronic Components and Supplies(32000000)
Sell	Power conditioning equipment(39121000)
Sell	Video cassette players or recorders(52161529)
Sell	Wireless network interface cards(43201409)
Sell	System Cards(43201400)
Sell	Network service equipment(43222600)
Sell	Electronic filters(40161512)
Sell	Computer mouse or trackballs(43211708)
Sell	Keyboards(43211706)
Sell	Magnetic coils(39121010)
Sell	Integrated circuits(32101600)
Sell	Floppy drives(43201801)
Sell	Hardware or telephony adapters(43201552)
Sell	Resistors(32121600)
Sell	Capacitors(32121500)
Sell	Radio access equipment(43221705)
Sell	Step motors(26101614)
Sell	Motors(26101600)
Sell	Power supply units(39121004)
Sell	Inverters(32121705)
Sell	Power adapters or inverters(39121006)
Sell	Signal converters(39121008)
Sell	Discrete components(32121700)
Sell	Isolators(32101522)
Sell	Telephony equipment(43222800)
Sell	Drum motor drives(26111525)
Sell	Motors(26101600)
Sell	Couplers(32101517)
Sell	Amplifiers(32101514)
Sell	Crystal oscillators(32111706)
Sell	Compact disk players or recorders(52161515)
Sell	Laser diodes(32111512)
Sell	Actuators(31251500)
Sell	Radio frequency RF filters(32101521)
Sell	Crystal oscillators(32111706)
Sell	Vehicle handsfree phone set(43191615)

CEO’s

Name	Choi Chi-Joon
Address
Date of Birth	11/1958
Title	President & CEO
Sex	Male
Nationality	Korean

Profiles

Capital (KRW)

388,003,400,000

Employees

12,921

Formation

Listed Company (Korea Stock Exchange : 009150) as of 02/1979

A Company of Samsung Group

Bank Details

Woori Bank-Namdaemun Branch

Corporate Registered No.

130111-0001626

Business Registered No.

124-81-00979

Permit & Licenses

10/1996 ISO 14001

12/2001 TL 9000

07/2002 ISO 9001

08/2003 ISO 14001

09/2005 ISO 14001

Int’l Trade No.: 840071

Shareholder Position

Name	Shares	%
SAMSUNG ELECTRONICS CO., LTD.(130111-0006246)	17,693,084	22.80
NATIONAL PENSION SERVICE(110171-0007134)	4,937,259	6.36
OTHERS	54,970,337	70.84
TOTAL	77,600,680	100.00

Company History

08/1973 Incorporated as Samsung-Sanyo Parts Co., Ltd.

03/1974 Changed company name to Samsung Electrical Parts Co., Ltd.

05/1977 Changed company name to Samsung Electronic Parts Corporation

02/1987 Changed company name to Samsung Electro-Mechanics Co., Ltd.

06/1987 Changed stock par value from KRW 500 to KRW 5,000

Detailed Information

Management

Job Description	Title	Name	Nationality	Date of Birth	Education
President & CEO	Mr.	Choi Chi-Joon	Korean	1958.11.	KAIST, Korea
Vice President	Mr.	Koo Ja-Hyun	Korean	1958.04.	Busan National University, Korea
Sr. Executive Director	Mr.	Hur Kang-Hern	Korean	1963.03.	Seoul National University, Korea
Outside Director	Mr.	Kwon Tae-Kyun	Korean	1955.11	Chungang University, Korea
Outside Director	M/S.	Choi Hyun-Ja	Korean	1962.04	Seoul National University, Korea
Outside Director	Mr.	Han Min-Koo	Korean	1948.07.21	Johns Hopkins University, USA Prof., of Seoul National University
Outside Director	Mr.	Lee Seung-Jae	Korean	1953.08.29	Korea University, Korea Ex. Commissioner General, Korea Cost Guard

Financials

Year / Unit : KRW	Sales	Assets	Net Income
(*)09/2014	3,895,523,780,824	5,280,119,136,170	-63,918,063,298
(*)2013	6,119,486,380,223	5,628,443,818,641	244,228,739,260
(*)2012	5,469,200,411,886	5,498,819,755,573	498,072,640,534
(*)2011	4,064,237,614,478	5,008,746,496,389	294,260,920,615
(*)2010	3,632,078,347,469	4,950,905,683,016	435,800,261,813
2009	3,192,031,127,318	4,209,563,291,999	278,476,226,596
2008	3,099,820,742,847	3,193,249,785,757	48,080,092,619
2007	2,690,431,370,054	3,189,998,433,172	112,803,409,915
2006	2,393,645,358,585	3,076,514,915,022	97,963,620,131
2005	2,231,204,182,714	2,774,120,344,426	(-)67,290,585,1
2004	2,687,444,292,391	2,612,591,936,512	95,419,301,894
2003	2,591,349,149,265	2,813,860,958,425	(-)219,117,707,459

(*)Figures are based on the K-IFRS Accounting System.

Financial Description

Authorized Capital(KRW)	1,000,000,000,000
Paid-Up Capital(KRW)	388,003,400,000
Total Issued Shares	77,600,680 (Common:74,693,696, Preferable:2,906,984)

Balance Sheet
Unit : Korean Won	01/01/2014~09/30/2014	As of 12/31/2013	As of 12/31/2012
Total Assets	5,280,119,136,170	5,628,443,818,641	5,498,819,755,573
Current Assets	2,025,940,945,704	1,811,939,938,993	1,821,416,397,206
Cash & Cash Equivalents	248,293,590,853	582,757,975,341	564,425,726,964
Current Financial Instruments	42,278,674,898	31,914,264,341	24,973,967,881
Trade Receivables & Other Receivables	917,298,399,463	826,603,620,173	891,102,800,650
Short-Term Receivables	7,879,500,000	31,659,000,000	32,202,000,000
Advance Payments	78,158,000	3,273,053,230	2,023,058,360
Prepaid Expenses	73,597,186,083	26,709,305,260	16,061,325,933
Prepaid Taxes	2,655,171,576
Inventories	311,115,010,403	309,022,720,648	290,627,517,418
Assets to be Sold	422,745,254,428
Non-Current Assets	3,254,178,190,466	3,816,503,879,648	3,677,403,358,367
Investment_Related Companies	30,048,853,389	30,048,853,389	30,048,853,389
Investment_Subsidiaries	840,941,873,281	828,673,329,729	660,732,698,632
Marketable Financial Instruments	618,122,892,927	1,215,402,078,795	1,325,538,363,572
Long-Term Trade Receivables			32,132,708,343
Tangibles	1,609,127,983,978	1,615,244,047,610	1,538,093,704,965
Intangibles	62,815,264,301	57,758,124,720	48,156,055,381
Other Financial Assets	62,352,858,674	48,172,366,830	37,910,781,186
Prepaid Expenses	30,768,463,916	21,205,078,575	4,790,192,899
Total Liabilities	1,487,091,164,417	1,645,362,504,951	1,741,769,838,394
Current Liabilities	1,183,073,627,557	969,758,622,801	1,072,619,172,579
Trade Payables & Other Payables	673,899,249,999	687,067,659,862	697,991,023,345
Short-Term Borrowings	181,027,290,202	213,115,395,290	146,296,165,439
Advance Receipts	70,226,212	80,575,066	333,479,418
Other Current Financial Debts	17,938,052,692	22,963,275,393	12,542,482,137
Accrued Income Tax		12,048,562,896	78,753,644,151
Current Portion of Long-Term Debts	307,879,500,000	31,659,000,000	132,133,000,000
Unearned Income	122,141,448	78,410,135	2,088,557,462
Provision for Sales Guarantee	2,137,167,004	2,745,744,159	2,480,820,627
Non-Current Liabilities	304,017,536,860	675,603,882,150	669,150,665,815
Long-Term Borrowings		300,000,000,000	332,133,000,000
Long-Term Trade Payables & Other Payables	5,453,032,088	6,498,192,492	11,920,595,611
Confirmed Salaries	202,767,247,977	228,758,112,583	180,771,657,693
Deferred Income Tax Credit	95,797,256,795	140,347,577,075	144,325,412,511
Capital Stock	388,003,400,000	388,003,400,000	388,003,400,000
Capital Surplus	1,014,665,717,368	1,014,882,217,282	1,014,563,096,614
Others	2,452,229,864,896	2,331,021,903,421	1,901,888,306,030
Profit Surplus	-61,871,010,511	249,173,792,987	452,595,114,535
Total Equity	3,793,027,971,753	3,983,081,313,690	3,757,049,917,179
Liab. & Shareholder’s Equity	5,280,119,136,170	5,628,443,818,641	5,498,819,755,573

Income Statement
Unit : Korean Won	01/01/2014~09/30/2014	As of 12/31/2013	As of 12/31/2012
Sales	3,895,523,780,824	6,119,486,380,223	5,469,200,411,886
Cost of Sold Goods	-3,421,461,961,304	-5,024,508,740,904	-4,377,857,194,465
Gross Profit	474,061,819,520	1,094,977,639,319	1,091,343,217,421
Selling & Admin. Expenses	-593,744,951,438	-810,264,567,152	-717,953,099,418
Operating Income	-119,683,131,918	284,713,072,167	373,390,118,003
Non-Operating Income	45,804,239,372	-10,543,947,473	276,320,474,701
Finance Income	7,623,163,808	14,053,670,396	20,314,186,827
Finance Expenses	-4,713,300,923	-8,121,042,778	-22,978,082,961
Other Income	116,343,479,134	141,887,362,115	426,789,821,029
Other Expenses	-73,449,102,647	-158,363,937,206	-147,805,450,194
Income Before Taxes	-73,878,892,546	274,169,124,694	649,710,592,704
Income Taxes Expenses	9,960,829,248	-29,940,385,434	-151,637,952,170
Net Income	-63,918,063,298	244,228,739,260	498,072,640,534

Cash Flows
Unit : Korean Won	01/01/2014~09/30/2014	As of 12/31/2013	As of 12/31/2012
Operating Activities Cash Flows	-39,033,766,093	560,656,402,420	634,854,007,256
Net Income	-63,918,063,298	244,228,739,260	498,072,640,534
Adjustment	260,568,375,712	468,933,866,771	224,658,235,602
Changes in Asset/ & Liability	-215,243,038,176	-46,252,926,643	-52,831,415,782
Interests Received	7,005,442,172	13,117,183,495	18,529,297,468
Income Taxes	-27,446,482,503	-119,370,460,463	-53,574,750,566
Cash Flows from Investing	-174,456,953,520	-389,721,093,381	-118,550,072,801
Cash Flows from Financing	-120,687,479,979	-152,347,904,254	-378,896,163,807
Increase/Decrease in Cash	-334,178,199,592	18,587,404,785	137,407,770,648
Cash at the Beginning of Year	582,757,975,341	564,425,726,964	428,261,591,645
Cash at the End of Year	248,293,590,853	582,757,975,341	564,425,726,964

Products, Technologies, Services Description

Main Products & Services

Electronics Parts

(1) General Parts

-PCB(Printed Circuit Board)

-Switch

-Tuner, Deck

(2) Electronics Devices

-CRT(Cathode-Ray Tube)

-LCD(Liquid Crystal Display)

-LD(Laser Diode)

-LED(Light Emitting Diode)

ACI:HDI, BGA, FCB

LCR: MLCC(Multi Layer Ceramic Capacitor), Tantal Capacitor, Chip Inductor, Chip Resistor, Crystal

CDS:Power Module, Tuner Module, Network Module

OMS:Camera Module, Precision Motor

Detailed Products Spec.

Technologies Acquired

Trade Partners & Competitors

Suppliers

HERAEUS ORIENTAL HITEC CO., LTD.(110111-0375497)

HEESUNG METAL, LTD.(120111-0003567)

SAMSUNG ELECTRONICS CO., LTD.(130111-0006246)

SHOEI CHEMICAL INC.

MICRON SEMI CONDUCTOR PRODUCTS

TEXAS INSTRUMENT

BROADCOM ASIA DISTRIBUTION PTE LTE

FUJITSU MICROELECRTONICS

Customers

SAMSUNG ELECTRONICS CO., LTD.(130111-0006246)

SAMSUNG SDI CO.,LTD.(110111-0394174)

LG ELECTRONICS INC.(110111-2487050)

STATS CHIPPAC

UNIQUE

NOKIA

INTEL

AMKOR

Competitors

TDK, CERA, ALPS, ROHM, IBIDEN, And Japanese Companies

The subject has been ranked as 6^th player next to Rohm.

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

Affiliates-Domestic	SAMSUNG C&T CORPORATION 1321-20, SEOCHO 2-DONG, SEOCHO-GU, SEOUL, KOREA TEL:+82-2-2145-2114 FAX:+82-2-2145-3114 INDUSTRY: WHOLESALE OF NON-SPECIALIZED GOODS SAMSUNG FINE CHEMICALS CO., LTD. 190, YEOCHEON-DONG, NAM-GU, ULSAN, KOREA TEL:+82-52-270-6114 FAX:+82-52-272-7925 INDUSTRY: MANUFACTURE OF NITROGENOUS, PHOSPHATIC AND POTASSIC FERTILIZERS SAMSUNG ELECTRO-MECHANICS CO., LTD. 314, MAETAN 3-DONG, YEONGTONG-GU, SUWON, KYONGGI-DO 443-743 KOREA TEL:+82-31-210-5114 FAX:+82-31-210-5087 INDUSTRY: MANUFACTURE OF COMPUTER OUTPUT/INPUT UNITS AND PERIPHERAL EQUIPMENT SAMSUNG SDI CO., LTD. 575, SIN-DONG, YEONGTONG-GU, SUWON, KYONGGI-DO 443-731 KOREA TEL:+82-31-210-7114 FAX:+82-31-210-7161 INDUSTRY: MANUFACTURE OF ELECTRONIC VALVES AND TUBES SAMSUNG TECHWIN CO., LTD. 28, SEONGJU-DONG, CHANGWON, GYEONGNAM-DO 641-120 KOREA TEL:+82-55-260-2114 FAX:+82-55-260-2230 INDUSTRY: MANUFACTURE OF ENGINES FOR AIRCRAFT SEOUL COMMTECH CO., LTD. 448-11, SEONGNAE 3-DONG, GANGDONG-GU, SEOUL 134-847 KOREA TEL:+82-2-2225-6550 FAX:+82-2-2225-6080 INDUSTRY: MANUFACTURE OF COMMUNICATION APPARATUSES WITHOUT ANY LINE CONNECTION AND RADIO OR TELEVISION BROADCASTING APPARATUSES SAMSUNG ECONOMIC RESEARCH INSTITUTE 8FL., KUKJE CENTER BLDG., 191, HANGANGNO 2-GA, YONGSAN-GU, SEOUL 140-702 KOREA TEL:+82-2-3780-8000 FAX:+82-2-3780-8005 INDUSTRY: RESEARCH AND EXPERIMENTAL DEVELOPMENT ON ECONOMICS SAMSUNG SDS CO., LTD. ILOK BLDG., 707-19, YEOKSAM 2-DONG, GANGNAM-GU, SEOUL 135-918 KOREA TEL:+82-2-3429-2174 FAX:+82-2-3429-2100 INDUSTRY: COMPUTER SYSTEM DESIGN AND CONSULTANCY SAMSUNG NETWORKS INC. 8 FL., ASEM TOWER, 159-1, SAMSEONG 1-DONG, GANGNAM-GU, SEOUL 135-798 KOREA TEL:+82-2-2192-3114 FAX:+82-2-3415-6801 INDUSTRY: OTHER SOFTWARE CONSULTANCY AND SUPPLY
Affiliates-Domestic	SAMSUNG CORNING CO., LTD. 472, SIN-DONG, YEONGTONG-GU, SUWON, KYONGGI 443-732 KOREA TEL:+82-31-219-7114 FAX:+82-31-219-7010 INDUSTRY: MANUFACTURE OF LABORATORY AND OTHER INDUSTRIAL GLASSWARE SAMSUNG LIONS CO., LTD. 6, GOSEONG 3-GA, BUK-GU, DAEGU 702-073 KORE TEL:+82-53-859-3155 FAX:+82-53-859-3118 INDUSTRY: SPORTS TEAMS AND CLUBS MEMC KOREA COMPANY 27, OMOK-RI, SEONGGEO-EUP, CHEONAN-SI, CHUNGNAM-DO 330-831 KOREA TEL:+82-41-550-4114 FAX:+82-41-550-4498 INDUSTRY: MANUFACTURE OF DIODES, TRANSISTORS AND SIMILAR SEMI-CONDUCTOR DEVICES SAMSUNG CORNING PRECISION GLASS CO., LTD. 644-1, JINPYEONG-DONG, GUMI, GYEONGBUK-DO 730-360 KOREA TEL:+82-54-470-4114 FAX:+82-54-470-4381 INDUSTRY: MANUFACTURE OF LABORATORY AND OTHER INDUSTRIAL GLASSWARE SAMSUNG HEAVY INDUSTRIES CO., LTD. KIPS, 647-9, YEOKSAM-DONG, GANGNAM-GU, SEOUL 135-080 KOREA TEL:+82-2-3458-7000 FAX:+82-2-3458-7100 INDUSTRY: BUILDING OF STEEL SHIPS HOTEL SHILLA LTD. 202, JANGCHUNGDONG 2-GA, JUNG-GU, SEOUL 100-856 KOREA TEL:+82-2-2230-3226 FAX:+82-2-2230-3795 INDUSTRY: HOTELS CHEIL COMMUNICATIONS INC. 736-1, HANNAM-DONG, YONGSAN-GU, SEOUL 140-210 KOREA TEL:+82-2-3780-2114 FAX:+82-2-3780-2462 INDUSTRY: MEDIA ADVERTISING AGENCIES SAMSUNG PETROCHEMICAL CO., LTD. 500, BUGOK-DONG, NAM-GU, ULSAN 680-110 KOREA TEL:+82-52-278-6000 FAX:+82-52-273-9971 INDUSTRY: MANUFACTURE OF BASIC ORGANIC PETROCHEMICALS NOVITA CO., LTD. SAN 22, JAEUNGA-RI, JIKSAN-EUP, CHEONAN, CHUNGNAM-DO 330-815 KOREA TEL:+82-41-580-7728 FAX:+82-41-583-4320 INDUSTRY: MANUFACTURE OF OTHER DOMESTIC ELECTRIC APPLIANCES SAMSUNG GWANGJU ELECTRONICS CO., LTD. 271, OSEON-DONG, GWANGSAN-GU, GWANGJU 506-253 KOREA TEL:+82-62-950-6114 FAX:+82-62-950-6710 INDUSTRY: MANUFACTURE OF OTHER DOMESTIC ELECTRIC APPLIANCES
Affiliates-Domestic	SAMSUNG CARD CO., LTD. 2ND FL., EUNSEOK BLDG. WEST., 1-7, YEONJI-DONG, JONGNO-GU, SEOUL 110-754 KOREA TEL:+82-2-2172-8819 FAX:+82-2-2172-8023 INDUSTRY: CREDIT CARD AND INSTALLMENT FINANCE COMPANIES STECO LTD. 588, MYEONGHAK-RI, DONG-MYEON, YEONGI-GUN, CHUNGNAM-DO 339-863 KOREA TEL:+82-41-861-1823 FAX:+82-41-861-1896 INDUSTRY: MANUFACTURE OF DIODES, TRANSISTORS AND SIMILAR SEMI-CONDUCTOR DEVICES DNS KOREA CO., LTD. 623-5 EOPSEONG-DONG CHEONAN-SI CHUNGNAM-DO 330-290 KOREA TEL:+82-41-620-8000 SECRON CO., LTD. ADDRESS (330-200) 4-4, CHAAM-DONG, CHEONAN-SI, CHUNGNAM-DO 330-200 KOREA TEL:+82-41-620-5050 FAX:+82-41-620-5069 INDUSTRY: MANUFACTURE OF SEMICONDUCTOR- MAKING MACHINERY SAMSUNG ELECTRONICS SERVICE CO., LTD. SAMSUNG ELECTRONICS CS ACADEMY, 327, WONCHEON-DONG, YEONGTONG-GU, SUWON, KYONGGI 443-822 KOREA TEL:+82-31-270-2611 FAX:+82-31-270-2644 INDUSTRY: REPAIR SERVICES OF ELECTRICAL HOUSEHOLD MACHINERY AND APPLIANCES SAMSUNG THALES CO., LTD. 259, GONGDAN-DONG, GUMI, GYEONGBUK-DO 730-030 KOREA TEL:+82-54-460-8511 FAX:+82-54-460-8529 INDUSTRY: MANUFACTURE OF OTHER ELECTRONIC VALVES, TUBES AND ELECTRONIC COMPONENTS N.E.C. LIVING PLAZA CO., LTD. 261-1, SEOHYEON-DONG, BUNDANG-GU, SEONGNAM, KYONGGI 463-824 KOREA TEL:+82-2-3460-6770 FAX:+82-2-3460-6775 INDUSTRY: WHOLESALE OF HOUSEHOLD ELECTRIC APPLIANCES BLUE-TEK CO., LTD. 416, MAETAN 3-DONG, YEONGTONG-GU, SUWON, KYONGGI 443-803 KOREA TEL:+82-31-200-4140 FAX:+82-31-200-4112 INDUSTRY: WHOLESALE OF HOUSEHOLD ELECTRIC APPLIANCES SAMSUNG ELECTRONICS LOGITECH CO., LTD. 401, SIN-DONG, YEONGTONG-GU, SUWON, KYONGGI 443-390 KOREA TEL:+82-31-200-1800 FAX:+82-31-200-1822 INDUSTRY: ALL OTHER SUPPORTING TRANSPORT SERVICES N.E.C. SAMSUNG ELECTRONICS FOOTBALL CLUB CO., LTD.(135811-0160126)
Affiliates-Domestic	STEMCO,LTD.(164711-0003266) (30.00% held by the subject company) SAMSUNG ECONOMIC RESEARCH INSTITUTE(110111-0766670) (23.80% held by the subject company)
Affiliates-Overseas	SAMSUNG JAPAN CO., LTD. SAMSUNG AMERICA INC. SAMSUNG FINANCE CORPORATION. SAMSUNG MEXICO ENGINEERING & CONSTRUCTION CANADA TRADE GROUP INC. FISHROUND, INC. ZIREX CORPORATION INC. SAMSUNG TEXAS CONSTRUCTION INC. SAMSUNG OIL & GAS USA CORP SAMSUNG DEUTSCHLAND GMBH SAMSUNG (U.K) LTD. SAMSUNG TRADING PLC. XIOD DISTRIBUTION SAMSUNG FRANCE S.A.S. SAMSUNG ENGINEERING & CONSTRUCTION (M) SDN.BHD. SAMSUNG MALAYSIA SDN. BHD. ERDSAM CO., LTD. SAMSUNG PETROLEUM SINGAPORE LTD. P.T. SAMSUNG DEVELOPMENT SAMSUNG DEVELOPMENT (THAILAND) CO., LTD. SAMSUNG THAILAND CO., LTD. CHEIL HOLDING INC. SAMSUNG CONST. CO. PHILS.,INC. SAMSUNG DESIGN PHILIPPINES INC SAMSUNG (AUSTRALIA) PTY., LTD. SAMSUNG OIL & GAS(TIMOR SEA 06-102) LTD. SAMSUNG (HONGKONG) LTD. S.S. TAIWAN CO., LTD. SAMSUNG E&C (SHANGHAI) CO.,LTD. DONGGUAN SAMSUNG STEEL CENTER CO., LTD. SAMSUNG NIGERIA CO., LTD. SAMSUNG ASIA PRIVATE LTD. SAMSUNG SDI AMERICA, INC. SAMSUNG SDI (MALAYSIA) SDN. BHD. SAMSUNG SDI (HONG KONG) LTD. SAMSUNG SDI BRASIL LTDA. ASSOCIATED WOOL EXPORTERS PTY., LTD. ESAMSUNG JAPAN CORPORATION. SAMSUNG FINANCE CORPORATION. SAMSUNG PACIFIC CONSTRUCTION INC. MEADOWLAND DISTRIBUTION SAMSUNG WEBTRADE.COM INC. ZIREX CORPORATION INC. WEB2ZONE., INC.
Affiliates-Overseas	SAMSUNG FOODS AUSTRALIA PTY. LTD. SAMSUNG ITALIA S.A.R.L. S.C. OTELINOX S.A XIOD DISTRIBUTION JSC RUSTONA SS KUKDONG JASATERA J/V SETIS CO., LTD SAMSUNG CONST. CO. PHILS.,INC. SAMSUNG THAILAND CO., LTD. KARSON INDUSTRIAL CO., LTD. ENTERPRISE CO., LTD. SAMSUNG (CHINA) LOGISTICS LTD. SAMSUNG CORPORATION (GAUNGZHOU) LIMITED. DONGGUAN SAMSUNG STEEL CENTER CO., LTD. SINO-SAMSUNG LOGISTICS CO., LTD SAMSUNG YOKOHAMA RESEARCH INSTITUTE SAMSUNG ELECTRONICS AMERICA INC. SAMSUNG ELECTRONICS CANADA INC. SAMSUNG ELECTRONICS MEXICO S.A. DE C.V. SAMSUNG ELECTRONICS (UK) LTD. SAMSUNG ELECTRONICS LTD. SAMSUNG ELECTRONICS HOLDING GMBH SAMSUNG ELECTRONICS IBERIA, S.A. SAMSUNG ELECTRONICS FRANCE S.A.S SAMSUNG ELECTRONICS HUNGARIAN RT. SAMSUNG ELECTRONICS ITALIA S.P.A. SAMSUNG ELECTRONICS EUROPE LOGISTICS B.V. SAMSUNG ELECTRONICS BENELUX B.V. SAMSUNG ELECTRONICS OVERSEAS B.V. SAMSUNG ELECTRONICS POLSKA, SP.ZO.O SAMSUNG ELECTRONICS PORTUGUESA S.A. SAMSUNG ELECTRONICS NORDIC AKTIEBOLAG SAMSUNG ELECTRONICS AUSTRIA GMBH SAMSUNG ELECTRONICS SLOVAKIA S.R.O SAMSUNG ELECTRONICS DISPLAY (M) SDN.OMD.(HSD) SAMSUNG ELECTRONICS MALAYSIA SDN.BHD. SAMSUNG VINA ELECTRONICS CO., LTD. SAMSUNG ASIA PRIVATE LTD. SAMSUNG INDIA ELECTRONICS PRIVATE. LTD SAMSUNG INDIA SOFTWARE OPERATIONS PVT. LTD. SAMSUNG TELECOMMUNICATIONS INDIA SAMSUNG ELECTRONICS AUSTRALIA PTY. LTD. SAMSUNG ELECTRO-MECHANICS INDONESIA, PT THAI-SAMSUNG ELECTRONICS CO. LTD. SAMSUNG ELECTRONIC PHILIPPINE MANUFACTURING CORP. SAMSUNG MALAYSIA ELECTRONICS (SME) SDN. BHD. SAMSUNG ELECTRONICS ASIA HOLDING PTE LTD SAMSUNG ELECTRONICS HONG KONG CO., LTD. SOUZHOU SAMSUNG ELECTRONICS CO., LTD SAMSUNG (CHINA) INVESTMENT CO., LTD
Affiliates-Overseas	SAMSUNG ELECTRONICS SOUZHOU SEMICONDUCTOR CO., LTD. SAMSUNG ELECTRONICS DIGITAL PRINTING SAMSUNG ELECTRONICS HUIZHOU CO., LTD. TIANJIN SAMSUNG ELECTRONICS CO., LTD. SAMSUNG ELECTRONICS TAIWAN CO., LTD. TIANJIN SAMSUNG ELECTRONICS DISPLAY CO., LTD. TIANJIN SAMSUNG TELECOM TECHNOLOGY CO., LTD. SHANGHAI SAMSUNG SEMICONDUCTOR CO., LTD. SAMSUNG ELECTRONICS SUZHOU COMPUTER CO.,LCD SAMSUNG ELECTRONICS SUZHOU LCD CO.,LCD SHENZHEN SAMSUNG KEJIAN MOBILE TELECOM. TECH. CO., LTD. SAMSUNG SEMICONDUCTOR CHINA R&D.,LTD. SAMSUNG ELECTRONICS HAINAN FIBEROPTICS CO., LTD HANGZHOU SAMSUNG EASTCOM NETWORK TECHNOLOGY CO., LTD. SAMSUNG GULF ELECTRONICS CO., LTD. SAMSUNG ELECTRONICS SOUTH AFRICA (PTY) LTD. SAMSUNG ELECTRONICS LATIN AMERICA PANAMA (ZONA LIBRE) S.A. SAMSUNG ELECTRONICA DA AMAZONIA LTDA. SAMSUNG ELECTRONICS ARGENTINA S.A. SAMSUNG ELECTRONICS CHILE LIMITADA(LTDA) SAMSUNG-CROSNA JOINT STOCK COMPANY SAMSUNG ELECTRONICS RUS CO. SAMSUNG RUSSIA SERVICE CENTER SAMSUNG SDI BRASIL LTDA. SEMES AMERICA,INC.(FORMER, KDNSA)
Affiliates-Overseas	SCOMMTECH JAPAN CO.LTD SAMSUNG TELECOMMUNICATIONS AUSTRALIA PTY LTD. SAMSUNG ELECTRONICS HUIZHOU CO., LTD. SAMSUNG RECEIVABLES CORPORATION SAMSUNG SEMICONDUCTOR INC. SAMSUNG INFORMATION SYSTEMS AMERICA INC. SAMSUNG INTERNATIONAL INC. SAMSUNG TELECOMMUNICATIONS AMERICA LIMITED LIABILITY COMPANY SAMSUNG AUSTIN SEMICONDUCTOR LLC. SAMSUNG RECEIVABLES CORPORATION SAMSUNG SEMICONDUCTOR INTERNATIONAL.INC. SAMSUNG SEMICONDUCTOR MEXICO, S.A.DE C.V. TASMAN PROPERTIES, INC. SAMSUNG AUSTIN SEMICONDUCTOR LLC. SAMSUNG MEXICANA S.A. DE C.V. SAMSUNG ELECTRONICS MANUFACTURING (U.K.) LTD. SAMSUNG TELECOMS (UK) LTD. SAMSUNG SEMICONDUCTOR EUROPE LIMITED SAMSUNG SEMICONDUCTOR EUROPE GMBH SAMSUNG ELECTRONICS GMBH SAMSUNG SEMICONDUCTOR FRANCE S.A.R.L SAMSUNG SEMICONDUCTOR ITALIA S.R.L SAMSUNG SEMICONDUCTOR SWEDEN AB SAMSUNG ELECTRONICS SLOVAKIA S.R.O SAMSUNG TELECOMMUNICATIONS BENELUX SAMSUNG ELECTRONICS RUS SAMSUNG ELECTRONICS UKRAINE SAMSUNG ELECTRONICS KAZAKHSTAN TIANJIN SAMSUNG ELECTRONICS DISPLAY CO., LTD. SAMSUNG ELECTRONICS DISPLAY (M) SDN.OMD.(HSD) SAMSUNG ELECTRONICS PHILIPPINES CORPORATION (FORMER, SMC) SAMSUNG SDI (MALAYSIA) SDN. BHD. SAMSUNG ELECTRO-MECHANICS THAILAND CO., LTD. ESAMSUNG ASIA (HOLDINGS) PTE LTD. ESAMSUNG GREATER CHINA CO., LTD. P.T. SAMSUNG TELECOMMUNICATIONS INDONESIA BATINO REALTY CORP.
Overseas Office	PHOENIX OFFICE 4505 E. CHANDLER BLVD. SUITE 115, PHOENIX, AZ 85048, U.S.A TEL:+1-480-592-0180 FAX:+1-480-592-0186 SAN JOSE OFFICE 85 W. TASMAN DRIVE, SAN JOSE, CA 95134, USA TEL:+1-408-544-5274 FAX:+1-408-544-4967 CHICAGO OFFICE 1870 W. WINCHESTER RD. SUITE 247, LIBERTYVILLE, IL 60048, USA TEL:+1-847-549-9421~4 FAX:+1-847-549-9419 SAO PAULO OFFICE 04578-910 AVENIDA DAS NACOES UNIDAS 12901, TORRE OESTE 6 ANDAR - BROOKLIN NOVO, SAO PAULO SP, BRAZIL TEL:+55-11-5105-5353 FAX:+55-11-5105-5356 LONDON OFFICE SAMSUNG HOUSE 1000, HILLSWOOD DRIVE CHERTSEY SURREY KT16 0PS, U.K. TEL:+44-1932-45-5480, 5483 FAX:+44-1932-45-5484 ISTANBUL OFFICE HARMAN CADDESI, POLAT PLAZA B-BLOCK NO.4, KAT4 LEVENT-80640 ISTANBUL, TURKEY TEL:+90-212-324-0856~8 FAX:+90-212-270-0077 PARIS OFFICE C.A. LA BOURSIDIERE, RN 186, BAT, CHAMPAGNE, BP202 92357 LE PLESSIS ROBINSON, FRANCE TEL:+33-1-46-313940 FAX:+33-1-46-318934 HELSINKI OFFICE 02151 P.O.BOX 302 (TEKNIIKANTIE 12) ESPOO FINLAND TEL:+358-9-2517-2255 FAX:+358-9-2517-2258 HUNGARY OFFICE SAMSUNG ELECTRO-MECHANICS GMBH(HUNGARIAN BRANCH OFFICE) H2310 LESHEGY U, 2-4 SZIGETSZENTMIKLOS, HUNGARY TEL:+36-24-551-44 FAX:+36-24-551-104
Overseas (Sales) Office	BANGKOK OFFICE 23RD FLOOR, LAKE RAJADA OFFICE COMPLEX 193/89, RACHADAPISEK ROAD, KHET KLONGTOEY, BANGKOK 10110, THAILAND TEL:+662-661-8004~5 FAX:+662-661-8006 NEW DELHI OFFICE IFCI TOWER, 9TH FLOOR, 61 NEHRU PLACE NEW DELHI, NEW DELHI, INDIA TEL:+91-11-4659-0976 FAX:+91-11-4249-3609 MANILA OFFICE UNIT 801, 8TH FL., ALABANG BUSINESS TOWER, 16 ACACIA AVENUE, MUNTINLUPA CITY, METRO MANILA, THE PHILIPPINES TEL:+63-2-809-2873~4 FAX:+63-2-809-1365 PENANG OFFICE 11700 2-2-16, PLAZA IVORY, HALAMAN BUKIT GAMBIR, GEORGETOUN PENANG, MALAYSIA TEL:+60-4-660-6120,2 FAX:+60-4-660-6123 BEIJING OFFICE 24F, CHINA MERCHANTS TOWER, NO. 118, JIANGUOLU, CHAOYANG DISTRICT, BEIJING 100022, CHINA TEL:+86-10-6566-8100(#6600) FAX:+86-10-6566-8146 SHANGHAI OFFICE RM. 1211, SHANGHAI INTERNATIONAL TRADE CENTER, NO. 2200 YAN AN(W) RD., SHANGHAI, CHINA 200335 TEL:+86-21-6270-4168(EXT.200) FAX:+86-21-6219-6640 TAIPEI OFFICE 9F-1, NO. 399, RUEIGUANG ROAD, NEIHU DISTRICT, TAIPEI CITY 114, TAIWAN, R.O.C. TEL:+886-2-2656-8350 FAX:+886-2-2656-8388 OSAKA OFFICE 6TH FL., CRYSTAL TOWER, 1-2-27, SHIROMI, CHUO-KU, OSAKA 540-6006, JAPAN TEL:+81-6-6949-3406~9 FAX:+81-6-6949-3047 TOKYO OFFICE ROPPONGI T-CUBE, 3-1-1, ROPPONGI, MINATO-KU, TOKYO 106-8532, JAPAN TEL:+81-3-6234-2577~9 FAX:+81-3-6234-2568
Overseas (Sales) Office	IRVINE 3345 MICHELSON DRIVE, SUITE 350, IRVINE, CA 92612 U.S.A TEL:+1-949-797-8000 FAX:+1-949-797-8061 GERMANY SAMSUNG HAUS, AM KRONBERGER HANG 6, 65824 SCHWALBACH/TS, GERMANY TEL:+49-6196-66-7220 FAX:+49-6196-66-7744 SINGAPORE 3 CHURCH STREET, SAMSUNG HUB #23-02, SINGAPORE 049483 TEL:+65-6833-3215-~31 FAX:+65-6833-3243, 3244 HONGKONG SUITE 4511, 45/F TWO INTERNATIONAL FINANCE CENTRE 8 FINANCE STREET, CENTRAL, HONGKONG, CHINA TEL:+85-2-2862-6340 FAX:+85-2-2862-6362 SHENZHEN RM 4501, 46/F, NEW WORLD CENTER, YITIAN ROAD, FUTIAN DISTRICT, SHENZHEN, CHINA 518026 TEL:+86-755-8608-5581 FAX:+86-755-8608-5566 TOKYO ROPPONGI T-CUBE, 3-1-1, ROPPONGI, MINATO-KU, TOKYO 106-8532, JAPAN TEL:+81-3-6234-2577~9 FAX:+81-3-6234-2568
Subsidiary	SAMSUNG ELECTRO-MECHANICS AMERICA, INC. (100.00% held by the subject company) SAMSUNG ELECTRO-MECHANICS GERMANY, GMBH (100.00% held by the subject company) SAMSUNG PORTUGAL PRODUTOS ELECTRO-MECHANICOS S.A. (75.85% held by the subject company) SAMSUNG ELECTRO-MECHANICS HUNGARY INC. (100.00% held by the subject company) SAMSUNG ELECTRO-MECHANICS THAILAND CO., LTD. (75.00% held by the subject company) SAMSUNG ELECTRO-MECHANICS PHILIPPINES, CORP. (100.00% held by the subject company) SAMSUNG ELECTRO-MECHANICS PTE LTD. (100.00% held by the subject company) CALAMBA PREMIER REALTY CORP. (39.80% held by the subject company) SAMSUNG ELECTRO-MECHANICS INDONESIA, PT. (100.00% held by the subject company) SAMSUNG ELECTRO-MECHANICS HONGKONG CO., LTD. (100.00% held by the subject company) SAMSUNG ELECTRO-MECHANICS DO BRASIL INTERMEDIACOES DE NEGOC IOS LTDA (100.00% held by the subject company) ALPHANA TECHNOLOGY CO., LTD. (100.00% held by the subject company) SAMSUNG ELECTRO-MECHANICS NAKHONRATCHASIMA CO., LTD. (100.00% held by the subject company) SAMSUNG ELECTRO-MECHANICS JAPAN CO., LTD. (100.00% held by the subject company) SAMSUNG ELECTRO-MECHANICS VIETNAM CO., LTD. (100.00% held by the subject company) BATINO REALTY CORPORATION(PHILIPPINES) SAMSUNG ELECTRO-MECHANICS JAPAN ADVANCED TECHNOLOGY CO., LTD.(JAPAN)
Subsidiary-Overseas Production	DSEM DONGGUAN SAMSUNG ELECTRO-MECHANICS CO., LTD HENGKENG AREA LIAOBU TOWN, DONGGUAN CITY, GUANGDONG PROVINCE, CHINA, 523413 TEL:+86-769-330-5000 FAX:+86-769-330-5001 TSEM TIANJIN SAMSUNG ELECTRO-MECHANICS CO., LTD. 27. HEINIU CHENG-ROAD, HEXI DISTRICT, TIANJIN, CHINA, 300210 TEL:+86-22-2830-3333 FAX:+86-22-2831-6600 STEM SAMSUNG HIGH-TECH ELECTRO-MECHANICS (TIANJIN) CO., LTD. XIQIND DIST. MICRO-ELECTRONICS INDUSTRIAL PARK, JINGANG HIGHWAY, TIANJIN, CHINA, 300385 TEL:+86-22-2397-9000 FAX:+86-22-2396-2532 SUZHOU BRANCH FACTORY TIANJIN SAMSUNG ELECTRO-MECHANICS CO., LTD. SUZHOU BRANCH SUCHUAN #17D INDUSTRIAL SQUARE, NO. 428 XINLONG STREET, SUZHOU INDUSTRIAL PARK, SUZHOU, CHINA, 215021 TEL:+86-512-8716-9898(100) FAX:+86-512-8716-9896 SEMTHAI SAMSUNG ELECTRO-MECHANICS THAILAND CO., LTD. WELLGROW INDUSTRIAL ESTATE, 93 MOO 5 T. BANGSAMAK, A.BANGPAKONG, CHACHOENGSAO 24180, THAILAND TEL:+66-38-562-000 FAX:+66-38-562-177 SEMPHIL SAMSUNG ELECTRO-MECHANICS PHILIPPINES CORP. BLOCK 5, CALAMBA PREMIERE INTERNATIONAL PARK, BARANGAY BATINO, CALAMBA CITY, LAGUNA TEL:+63-49-545-6001 FAX:+63-49-545-2348 HUNGARY BRANCH FACTORY SAMSUNG ELECTRO-MECHANICS GMBH (HUNGARIAN BRANCH OFFICE) H2310 LESHEGY U. 2-4 SZIGETSZENTMIKLOS, HUNGARY TEL:+36-24-551-144 FAX:+36-24-551-104
Corporate Ownership
Major Shareholders
Cooperative Enterprise	-Technical Support Agreement to SAMSUNG ELECTRO-MECHANICS THAILAND CO., LTD. -Insured Company SAMSUNG FIRE & MARINE INSURANCE CO., LTD.(110111-0005078)

Sales by Region (Activity & Markets)

The Subject imports from China, Thailand and Philippines.

Court Action

Case No.	Court	Plaintiff(s)/ Creditor(s)/ Applicant(s)	Defendant(s)/ Debtor(s)/ Respondent(s)	Cause	Amount (Million KRW)	Status
		Chip-Tech, LTD.	The Subject Company	Related to Concerted Action on Capacitor	-	Proceeding

At 09/1999, all Samsung Affiliated companies have signed the agreement on the settlement of Samsung Motor Co., Ltd with the creditors of Samsung Motor Co., Ltd. As of 12/29/2005, regarding this agreement, the creditors of Samsung Motor Co., Ltd had filed on this case against the Group Chairman, Lee Gun-Hee, and other Samsung Affiliated companies including the Subject Company.

01/31/2008: In the 1^st round, the Subject & Other Samsung’s Affiliated Companies have been ordered to pay 1,633,800,000,000 KRW and also at the rate of 6.0% as the its interest since 01/01/2001.

01/11/2011: the Subject & Other Samsung’s Affiliated Companies are reached a verdict to pay 620,400,000,000 KRW, but they are applied for 3^rd round at Supreme Court, Korea.

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.63
UK Pound	1	Rs.98.98
Euro	1	Rs.77.74

INFORMATION DETAILS

Analysis Done by :	SUM

Report Prepared by :	ANK

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.