MIRA INFORM REPORT

 

 

Report No. :

326136

Report Date :

17.06.2015

 

IDENTIFICATION DETAILS

 

Name :

HOANG DUNG CO LTD

 

 

Registered Office :

737 Le Hong Phong St Ward 12, District 10, Ho Chi Minh

 

 

Country :

Vietnam

 

 

Financials (as on) :

08.09.2009

 

 

Date of Incorporation :

31.12.2014

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

Manufacturer of Rubber & Products.

 

 

No. of Employees :

80

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Vietnam

A2

A2

 

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 18% in 2014, while industry's share increased from 36% to 38% 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 2014 growing at 5.4%, one of the slower growth rates since 1999. Exports have grown strongly in 2013-14; 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 has remained relatively stable since then. 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, Hanoi’s progress in meeting its goals is lagging behind its proposed schedule. Vietnam's economy continues to face challenges from an undercapitalized banking sector and non-performing loans weigh heavily on banks and businesses. Vietnam is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations.

 

Source : CIA

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

Organization Name

:

HOANG DUNG CO LTD

Address

:

737 Le Hong Phong St Ward 12, District 10, Ho Chi Minh

Country

:

Vietnam

Phone (S)

:

[+84] 3-38630873

Facsimile

:

[+84] 8-38667295

Email

:

vinh@hoangdung.com.vn

Website

:

http://www.hoangdung.com.vn

Primary Business Activity

:

Manufacturer

Key Industry

:

Rubber & Products

 

Key Facts

 

Registered Legal Address

:

737 Le Hong Phong St Ward 12, District 10, Ho Chi Minh

Operational Address

:

737 Le Hong Phong St Ward 12, District 10, Ho Chi Minh

Trading Name

:

HOANG DUNG

Name History

:

Business Entity Name

Effective Date

HOANG DUNG TRADING CO LTD

10 Aug, 1995

HOANG DUNG CO LTD

2002

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

0301148514

License Status

:

License exists - Normal.

Legal Form - Category

:

Private Company with Limited Liability

Legal Form

:

Company Limited

Legal Form - Abbreviation

:

CO LTD

Operational Status of Business

:

Normal

Date of Registration

:

8 Sep, 2009

Employees

:

80

Capital

:

US$ 1,468,564

PREVIOUS BUSINESS LICENSE/S

 

License Date

License No.

10 Aug, 1995

052485

Note

:

(1) Legal status of the English corporate name
The English name of the Subject Business Entity (SBE) is a randomly selected translation / transliteration made by the owners of the SBE. It is not a registered English corporate name, but simply a translation / transliteration of the local language name.

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

HOANG DUNG CO LTD

Primary Business Activity

:

Manufacturer

Primary Industry

:

Rubber & Products

Office Contact Details

Operating Address

:

737 Le Hong Phong St Ward 12, District 10, Ho Chi Minh

Tel

:

[+84] 3-38630873

 

:

[+84] 8-38633472

 

:

[+84] 8-38620640

 

:

[+84] 8-38621599

 

:

[+84] 8-38657983

 

:

[+84] 8-38657982

Fax

:

[+84] 8-38667295

 

:

[+84] 8-38657295

Email

:

vinh@hoangdung.com.vn
saleshd@hoangdung.com.vn

Website Details

Website

:

http://www.hoangdung.com.vn

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

:

0301148514

Date of Issuance

:

29 Oct, 1998

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Mr. Nguyen Quang Vinh

Nationality

:

Vietnamese

 

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Do Thi Thu Ha

Vietnamese

Assist. Director

-

2

Ms. Hellen My

Vietnamese

Assistant

Sales

3

Ms. Thuy Nhi

Vietnamese

Assist. Manager

-

4

Mr. Michael Tan

Vietnamese

Manager

Sales

 

 

Management Details - 1

Personal Unique Identifier

:

MI03649630

Name

:

Ms. Do Thi Thu Ha

 

Email

:

thuha@hoangdung.com.vn

Mobile No.

:

84-983506575

 

 

Management Details - 2

Personal Unique Identifier

:

MI03649636

Name

:

Ms. Hellen My

 

Email

:

hellen@hoangdung.com.vn

Mobile No.

:

84-918200111

 

 

Management Details - 3

Personal Unique Identifier

:

MI03649634

Name

:

Ms. Thuy Nhi

 

AKA

:

Jenny

Email

:

jenny@hoangdung.com.vn

Mobile No.

:

84-903624031

 

 

Management Details - 4

Personal Unique Identifier

:

MI03649632

Name

:

Mr. Michael Tan

 

Email

:

tan@hoangdung.com.vn

Mobile No.

:

84-903778468

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI03172574

Name

:

Mr. Nguyen Quang Vinh

Email

:

vinh@hoangdung.com.vn

Date of Birth

:

1958

 

 

 

 

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Reference checking for the purpose of establishing HOANG DUNG CO LTD'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

 

CIVIL 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

 

 

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

 

CAPITAL (Currency: VND - Vietnam Dong)

 

Authorized Capital

:

₫ 32,000,000,000

Paid-up Capital

:

₫ 7,600,000,000

 

Date

Authorized Capital - History

10 Aug, 1995

7,600,000,000

2007

19,000,000,000

2011

22,300,000,000

2012

25,372,000,000

17 Oct, 2013

32,000,000,000

 

SHAREHOLDERS

 

Total number of shareholders

:

2

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Nguyen Quang Vinh

Vietnam

n/a

6,080,000,000

80.00

2

Mr. Nguyen Anh Dung

Vietnam

n/a

1,520,000,000

20.00

Total

n/a

7,600,000,000

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

 

 

DOMESTIC SALES & PURCHASES

 

Annual Sales Analysis

Percentage

Domestic Sales

20%

International Sales (Export)

80%

 

Annual Purchases Analysis

Percentage

Local Purchases

90%

Imports

10%

 

 

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

Import

Letter of Credit (At-sight)

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

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

NA

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2012 Annual  

92,673,734

14,454,306

164,565

2013 Annual  

88,657,531

14,540,625

141,691

2014 Annual  

69,354,604

16,176,621

68,768

 

Sales Trend – Analysis

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

-

-

-

-

-

-

-

-

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

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

 

 

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

 

Year

Turnover

Assets

Net Income

2007 Annual

27,105,482

2,776,814

31,549

2008 Annual

21,200,844

3,628,287

-425,513

2011 Annual

82,360,922

11,832,069

146,231

 

 

 

 

FINANCIAL STATEMENT - DETAILED

 

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

2013 Annual

2014 Annual

Current Assets(*)

287,133,000,000

294,151,000,000

331,418,000,000

Non Current Assets(*)

13,873,000,000

12,483,000,000

10,614,000,000

Non Current Liabilities(*)

0

0

-

Share Capital(*)

25,372,000,000

40,592,000,000

42,537,000,000

Other long term assets 

Total Assets(*)

301,006,000,000

306,634,000,000

342,032,000,000

Total Liabilities(*)

273,413,000,000

264,097,000,000

298,712,000,000

Current Liabilities(*)

273,413,000,000

264,097,000,000

298,712,000,000

Long term liabilities 

Shareholders Funds(*)

27,593,000,000

42,537,000,000

43,320,000,000

 

Current assets & short term investments

287,133,000,000

294,151,000,000

331,418,000,000

Cash & cash equivalents

21,789,000,000

18,137,000,000

8,326,000,000

Cash

21,789,000,000

18,137,000,000

8,326,000,000

Short term investments

1,050,000,000

32,600,000,000

51,906,000,000

Short term securities investments

1,050,000,000

32,600,000,000

51,906,000,000

Accounts receivable

144,594,000,000

162,889,000,000

87,802,000,000

Accounts receivable trade

113,014,000,000

108,127,000,000

49,652,000,000

Trade prepayment

31,355,000,000

54,502,000,000

36,896,000,000

Others receivables

225,000,000

260,000,000

1,254,000,000

Inventories

92,300,000,000

43,908,000,000

148,069,000,000

I. Other short term asset

27,400,000,000

36,617,000,000

35,315,000,000

VAT deductible

25,255,000,000

23,952,000,000

35,315,000,000

II. Other short term asset

2,145,000,000

12,665,000,000

-

Long term assets

13,873,000,000

12,483,000,000

10,614,000,000

Fixed assets

13,873,000,000

12,389,000,000

10,512,000,000

Tangible fixed assets

13,873,000,000

12,389,000,000

10,512,000,000

Cost

21,120,000,000

21,347,000,000

21,475,000,000

Accumulated depreciation

7,247,000,000

8,958,000,000

10,963,000,000

Other long term assets

-

-

102,000,000

Total assets

301,006,000,000

306,634,000,000

342,032,000,000

Liabilities

273,413,000,000

264,097,000,000

298,712,000,000

Current liabilities

273,413,000,000

264,097,000,000

298,712,000,000

Short term borrowings

237,845,000,000

246,594,000,000

285,212,000,000

Accounts payables-trade

1,331,000,000

2,898,000,000

9,006,000,000

Advances from customers

22,711,000,000

10,680,000,000

2,808,000,000

Taxes and payable to state budget

391,000,000

812,000,000

362,000,000

Payable to employees

130,000,000

61,000,000

-

Accrued expenses payable

570,000,000

2,530,000,000

883,000,000

Inter company payable

-

-

441,000,000

Other payables

10,435,000,000

522,000,000

-

Owner's equity

27,593,000,000

42,537,000,000

43,320,000,000

I. Owner's equity

27,581,000,000

42,537,000,000

43,320,000,000

Business capital

25,372,000,000

40,592,000,000

42,537,000,000

Retained earnings

2,209,000,000

1,945,000,000

783,000,000

Budget sources

12,000,000

-

-

Bonus and welfare funds

12,000,000

-

-

Total resources

301,006,000,000

306,634,000,000

342,032,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

2013 Annual

2014 Annual

Turnover(*)

1,929,899,000,000

1,869,618,000,000

1,466,406,000,000

Profit (Loss) Before Tax(*)

4,225,000,000

3,747,000,000

2,043,000,000

Profit After Tax attributable to Shareholders(*)

3,427,000,000

2,988,000,000

1,454,000,000

 

Gross sales

1,929,899,000,000

1,869,618,000,000

1,466,406,000,000

Less deductions

612,000,000

960,000,000

3,157,000,000

Net income

1,929,287,000,000

1,868,658,000,000

1,463,249,000,000

Cost of goods sold

1,878,265,000,000

1,822,800,000,000

1,422,509,000,000

Gross margin

51,022,000,000

45,858,000,000

40,740,000,000

Income from financial activities

3,264,000,000

6,192,000,000

15,830,000,000

Expenses from financial activities

15,220,000,000

16,251,000,000

11,851,000,000

In which: Interest expenses

11,391,000,000

11,554,000,000

7,960,000,000

Selling expenses

-

-

44,270,000,000

General & administration expenses

34,902,000,000

32,335,000,000

-

Net income from operating activities

4,164,000,000

3,464,000,000

449,000,000

Extraordinary income

61,000,000

283,000,000

1,594,000,000

Extraordinary gains

61,000,000

283,000,000

1,594,000,000

Net profit before tax

4,225,000,000

3,747,000,000

2,043,000,000

Income tax

798,000,000

759,000,000

589,000,000

Net profit after tax

3,427,000,000

2,988,000,000

1,454,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2012 Annual

2013 Annual

2014 Annual

Growth % 

Year-on-Year Growth

12.49

(3.12)

(21.57)

Profitability 

Profit Margin (%)

0.18

0.16

0.10

Return on Equity (%)

12.42

7.02

3.36

Return on Assets (%)

1.14

0.97

0.43

Leverage 

Total Debt Equity (Times)

9.91

6.21

6.90

Current Debt Equity (Times)

9.91

6.21

6.90

Total Asset To Total Equity

10.91

7.21

7.90

Asset Management 

Total Assets Turnover (Times)

6.41

6.10

4.29

Fixed Assets Turnover (Times)

139.11

149.77

138.16

Liquidity 

Current Ratio

1.05

1.11

1.11

 

 

Based on the corporate laws of Vietnam, legal entities which are a Private Company with Limited Liability 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

=

0.000046 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

Rubber

Manufacturing, Exporting

Rubber raw materials

Manufacturing, Exporting

Synthetic rubber

Manufacturing, Exporting

 

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

Year

Imports

Exports

Total

2007

n/a

21,684,385

21,684,385

2008

n/a

16,960,676

16,960,676

2011

n/a

65,888,737

65,888,737

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Fabricated rubber products, nspf

3069

Manufacturing, Exporting

Rubber & Misc. Plastics

3000

Manufacturing, Exporting

Synthetic rubber

2822

Manufacturing, Exporting

Wood products, nspf

2499

Trading

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Articles of wood

4421

Trading

Rubbers & articles thereof

4000

Manufacturing, Exporting

Synth rubber & factice, inc nat-syn mk, pr fm etc

4002

Manufacturing, Exporting

 

 

 

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Products / Materials / Services Description

Ranking

Activity

Wood

Secondary

Trading

 

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of HOANG DUNG CO LTD is Manufacturing - Finished products.

Key products include :

Rubber

Rubber raw materials

Synthetic rubber

An integral part of the core business includes:

Distribution

 

 

 

Supplementary Business

 

In addition to the core business, HOANG DUNG CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

 

 

 

BANK DETAILS

 

 

 

Bank Name

:

ASIA COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P0075118

Branch

:

District 3,Ho Chi Minh

Branch Address

:

ASIA COMMERCIAL JOINT STOCK BANK - HO CHI MINH, TRANSACTION OFFICE

SWIFT Code

:

ASCBVNVX

 

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

:

NAM A COMMERCIAL JOINT-STOCK BANK

Global Identifier

:

32405107

Branch

:

District 3,Ho Chi Minh

Branch Address

:

NAM A COMMERCIAL JOINT STOCK BANK

SWIFT Code

:

NAMAVNVX

 

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

 

Bank Name

:

VIETNAM TECHNOLOGICAL & COMMERCIAL JOINT STOCK BANK

Global Identifier

:

32408999

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

Cho Lon

SWIFT Code

:

VTCBVNVX

 

 

 

LOCAL BRANCHES & MANAGEMENT

 

Branch

:

HOANG DUNG CO LTD - CU CHI, HO CHI MINH

Branch Address

:

41 Vo Van Bich Group 2 Lillage 8 Binh My Ward, Cu Chi, Ho Chi Minh

 

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

Europe

Medium

Exporting

North America

Medium

Exporting

South America

Medium

Exporting

Argentina

Medium

Exporting

Brazil

Medium

Exporting

China

Medium

Exporting

Malaysia

Medium

Exporting

Russia

Medium

Exporting

Singapore

Medium

Exporting

Taiwan

Medium

Exporting

Thailand

Medium

Importing

USA

Medium

Exporting

 

 

 

 

OFFICE & FACILITIES

 

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

 

Name

:

HOANG DUNG CO LTD - DISTRICT 10, HO CHI MINH

Primary Use

:

Office & Administration facilities

Address

:

737 Le Hong Phong St Ward 12, District 10, Ho Chi Minh

Country

:

Vietnam

Status

:

Operational

 

 

 

 

PREVIOUS CONTACT DETAILS

 

 

 

Company Address

:

Binh My Ward 40 Vo Van Dich St Group 2, Chu Chi Dist, Ho Chi Minh

 

NOTES & COMMENTS

 

NA

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.15

UK Pound

1

Rs.100.04

Euro

1

Rs.72.27

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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

 

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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.