MIRA INFORM REPORT

 

 

Report No. :

313751

Report Date :

31.03.2015

 

 

IDENTIFICATION DETAILS

 

Name :

EUROPEAN PLASTIC JSC

 

 

Registered Office :

Dong Van Industrial Zone, Duy Tien, Ha Nam

 

 

Country :

Vietnam

 

 

Financials (as on) :

December 2013

 

 

Date of Incorporation :

13.02.2012

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer of Chemicals

 

 

No. of Employee :

360

 

 

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 – 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 TRADEhttps://cdncache-a.akamaihd.net/items/it/img/arrow-10x10.png 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

 

 

REGISTERED NAME & COMPANY SUMMARY

 

 

 

 

 

 

 

Organization Name

:

EUROPEAN PLASTIC JSC (1)

Address

:

Dong Van Industrial Zone, Duy Tien, Ha Nam

Country

:

Vietnam

Phone (S)

:

[+84] 351-3583123

Facsimile

:

[+84] 351-3583124

Email

:

info@europlast.com

Website

:

http://www.europlast.com.vn

Primary Business Activity

:

Manufacturer

Key Industry

:

Chemicals

 

 

KEY FACTS

 

 registered Legal Address

:

Dong Van Industrial Zone, Duy Tien, Ha Nam

Operational Address

:

Dong Van Industrial Zone, Duy Tien, Ha Nam

Trading Name

:

EUROPLAST

Issuing Authority

:

Dept. of Planning & Investment - Ha Nam

License Number

:

0700253609

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

:

13 Feb, 2012

Employees

:

360

PREVIOUS BUSINESS LICENSE/S

 

License Date

License No.

28 Sep, 2007

06033000173

 

 

DIRECTORS/MANAGEMENT

 

Key Person

 

Legal Title

:

Chairman

Name

:

Mr. Hoang Quoc Huy

Nationality

:

Vietnamese

 

 

COMPANY MANAGEMENT

Management Listings

 Name

Nationality

Job Description

Dept. / Division

1

Mr. Vu Duc Hau

Vietnamese

Deputy Managing Director

-

2

Mr. Hoang Quoc Huy

Vietnamese

Managing Director

-

3

Ms. Buoi Thi Nguyen

Vietnamese

Chief Accountant

-

 

Management Details - 1

Personal Unique Identifier

:

MI03511203

Name

:

Mr. Vu Duc Hau

Date of Birth

:

1957

 

Management Details - 2

Personal Unique Identifier

:

MI03155008

Name

:

Mr. Hoang Quoc Huy

Date of Birth

:

1968

 

Management Details - 3

Personal Unique Identifier

:

MI03840604

Name

:

Ms. Buoi Thi Nguyen

 

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03155008

Name

:

Mr. Hoang Quoc Huy

Date of Birth

:

1968

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing EUROPEAN PLASTIC JSC's reputation within the respective industry failed to reveal any adverse information.

 

 NEGA-SCAN - ADVERSE DATA MONITORING

 

DISHONORED CHECKS

 

No Record Found

DEBT

 

No Record Found

CIVIL LITIGATION

 

No Record Found

PERFORMANCE DEFAULTS

 

No Record Found

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Capital

:

US$ 3,621,807

 

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

₫ 76,000,000,000

Date

Authorized Capital - History

28 Sep, 2007

60,000,000,000

2012

76,000,000,000

 

SHAREHOLDERS

Total number of shareholders

:

n/a

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Hoang Quoc Huy

Vietnam

n/a

n/a

61.32

2

Undisclosed Shareholders

n/a

n/a

n/a

33.74

3

Mr. Vu Duc Hau

Vietnam

n/a

n/a

4.94

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

2011

n/a

6,588,469

6,588,469

2012

n/a

13,574,205

13,574,205

2013

n/a

18,753,401

18,753,401

 

 

DOMESTIC SALES & PURCHASES

 

Annual Sales Analysis

Percentage

Domestic Sales

30%

International Sales (Export)

70%

 

Annual Purchases Analysis

Percentage

Local Purchases

50%

Imports

50%

 

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

 

 

 

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

Year

Imports

Exports

Total

2010

n/a

1,897,619

1,897,619

 

 

INTERNATIONAL TRADE - Activity & Markets

 

Country / Region

Estimated level of importance

Trading Activity

Africa

Medium

Exporting

Asia / Pacific

Medium

Importing, Exporting

Europe

Medium

Importing, Exporting

South America

Medium

Exporting

Algeria

Medium

Exporting

Argentina

Medium

Exporting

Australia

Medium

Exporting

Brazil

Medium

Exporting

Cameroon

Medium

Exporting

Chile

Medium

Exporting

China

Medium

Importing, Exporting

Ecuador

Medium

Exporting

Egypt

Medium

Exporting

France

Medium

Exporting

India

Medium

Importing, Exporting

Indonesia

Medium

Exporting

Italy

Medium

Exporting

Japan

Medium

Exporting

Korea, South (Republic of Korea)

Medium

Importing

Pakistan

Medium

Exporting

Poland

Medium

Exporting

Russia

Medium

Importing, Exporting

Singapore

Medium

Importing

Sri Lanka

Medium

Exporting

Tunisia

Medium

Exporting

 

 

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Na

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

 

Year

Turnover

Assets

Net Income

2011 Annual  

9,412,098

9,425,252

425,588

2012 Annual  

19,391,721

18,122,457

895,333

2013 Annual (*)

26,790,572

20,223,263

1,364,514

 

Sales Trend – Analysis

 

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-

-

-

-

-

-

-

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

http://www.asiancredit.com/Manage/image/up_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

Turnover

Assets

Net Income

2010 Annual

3,162,699

6,455,926

68,958

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Current Assets(*)

94,690,000,000

205,962,000,000

267,160,000,000

Non Current Assets(*)

101,638,000,000

171,432,000,000

159,310,000,000

Non Current Liabilities(*)

51,154,000,000

84,809,000,000

39,238,000,000

Share Capital(*)

58,783,000,000

76,000,000,000

76,000,000,000

Other long term assets 

Total Assets(*)

196,328,000,000

377,394,000,000

426,470,000,000

Total Liabilities(*)

122,895,000,000

277,227,000,000

297,529,000,000

Current Liabilities(*)

71,741,000,000

192,418,000,000

258,291,000,000

Long term liabilities 

Shareholders Funds(*)

73,433,000,000

100,167,000,000

128,941,000,000

 

Current assets & short term investments

94,690,000,000

205,962,000,000

267,160,000,000

Cash & cash equivalents

11,385,000,000

4,102,000,000

12,812,000,000

Cash

11,385,000,000

4,102,000,000

12,812,000,000

Short term investments

-

4,545,000,000

14,330,000,000

Short term securities investments

-

4,545,000,000

14,330,000,000

Accounts receivable

48,176,000,000

131,708,000,000

118,019,000,000

Accounts receivable trade

43,548,000,000

73,016,000,000

110,891,000,000

Trade prepayment

3,790,000,000

43,200,000,000

4,652,000,000

Others receivables

838,000,000

15,492,000,000

2,476,000,000

Inventories

28,435,000,000

62,319,000,000

118,190,000,000

Other short term asset

6,694,000,000

3,288,000,000

3,809,000,000

Prepaid expenses

756,000,000

70,000,000

171,000,000

VAT deductible

5,938,000,000

2,807,000,000

3,505,000,000

i. Other short term asset

-

411,000,000

133,000,000

Long term assets

101,638,000,000

171,432,000,000

159,310,000,000

Fixed assets

100,346,000,000

160,497,000,000

132,688,000,000

Tangible fixed assets

84,521,000,000

112,705,000,000

81,298,000,000

Cost

103,664,000,000

148,132,000,000

131,322,000,000

Accumulated depreciation

19,143,000,000

35,427,000,000

50,024,000,000

Finance lease assets

-

47,792,000,000

46,821,000,000

i. Cost

-

55,636,000,000

67,585,000,000

i. Accumulated depreciation

-

7,844,000,000

20,764,000,000

Construction in progress

15,825,000,000

-

4,569,000,000

Long term investments

-

4,251,000,000

19,823,000,000

Invest to subsidiary company

-

4,251,000,000

19,823,000,000

Other long term assets

1,292,000,000

6,684,000,000

6,799,000,000

Long term prepayments

1,292,000,000

462,000,000

-

i. Other long term assets

-

6,222,000,000

6,799,000,000

Total assets

196,328,000,000

377,394,000,000

426,470,000,000

Liabilities

122,895,000,000

277,227,000,000

297,529,000,000

Current liabilities

71,741,000,000

192,418,000,000

258,291,000,000

Short term borrowings

33,745,000,000

150,315,000,000

232,024,000,000

Accounts payables-trade

35,860,000,000

32,384,000,000

17,838,000,000

Advances from customers

1,368,000,000

9,064,000,000

7,826,000,000

Taxes and payable to state budget

768,000,000

-

-

Payable to employees

-

633,000,000

477,000,000

Other payables

-

22,000,000

126,000,000

Long term liabilities

51,154,000,000

84,809,000,000

39,238,000,000

Long term borrowings

51,154,000,000

84,809,000,000

39,238,000,000

Owner's equity

73,433,000,000

100,167,000,000

128,941,000,000

Business capital

58,783,000,000

76,000,000,000

76,000,000,000

Retained earnings

14,650,000,000

24,167,000,000

52,941,000,000

Total resources

196,328,000,000

377,394,000,000

426,470,000,000

Note: (*)

 

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Turnover(*)

196,054,000,000

403,826,000,000

564,962,000,000

Profit (Loss) Before Tax(*)

8,865,000,000

18,645,000,000

28,775,000,000

Profit After Tax attributable to Shareholders(*)

8,865,000,000

18,645,000,000

28,775,000,000

Gross sales

196,054,000,000

403,826,000,000

564,962,000,000

Less deductions

3,610,000,000

563,000,000

3,575,000,000

Net income

192,444,000,000

403,263,000,000

561,387,000,000

Cost of goods sold

155,534,000,000

320,739,000,000

452,118,000,000

Gross margin

36,910,000,000

82,524,000,000

109,269,000,000

Income from financial activities

457,000,000

376,000,000

548,000,000

Expenses from financial activities

9,871,000,000

28,040,000,000

34,094,000,000

In which: Interest expenses

6,119,000,000

25,824,000,000

31,133,000,000

Selling expenses

12,553,000,000

31,579,000,000

38,258,000,000

General & administration expenses

7,430,000,000

5,208,000,000

8,832,000,000

Net income from operating activities

7,513,000,000

18,073,000,000

28,633,000,000

Extraordinary income

29,307,000,000

28,142,000,000

892,000,000

Extraordinary expenses

27,955,000,000

27,570,000,000

750,000,000

Extraordinary gains

1,352,000,000

572,000,000

142,000,000

Net profit before tax

8,865,000,000

18,645,000,000

28,775,000,000

Net profit after tax

8,865,000,000

18,645,000,000

28,775,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

218.06

105.98

39.90

Profitability 

Profit Margin (%)

4.52

4.62

5.09

Return on Equity (%)

12.07

18.61

22.32

Return on Assets (%)

4.52

4.94

6.75

Leverage 

Total Debt Equity (Times)

1.67

2.77

2.31

Current Debt Equity (Times)

0.98

1.92

2.00

Long Term Debt to Equity

0.70

0.85

0.30

Total Asset To Total Equity

2.67

3.77

3.31

Asset Management 

Total Assets Turnover (Times)

1.00

1.07

1.32

Fixed Assets Turnover (Times)

1.93

2.36

3.55

Liquidity 

Current Ratio

1.32

1.07

1.03

 

Based on the corporate laws of Vietnam, legal entities which are a 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

=

0.000048 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Report Details

Country

:

Vietnam

Business Entity Name

:

EUROPEAN PLASTIC JSC

Primary Business Activity

:

Manufacturer

Primary Industry

:

Chemicals

 

 

Office Contact Details

 

Operating Address

:

Dong Van Industrial Zone, Duy Tien, Ha Nam

Tel

:

[+84] 351-3583123

Fax

:

[+84] 351-3583124

Email

:

info@europlast.com

 

Factory Contact Details

 

Address

:

Lot C Nam Cam Industrial Zone Dong Nam Economical Zone, Nghe An

Tel

:

[+84] 38-3791668

Fax

:

[+84] 38-3791669

Website Details

Website

:

http://www.europlast.com.vn

Status

:

Normal - operational

Country of Registration

:

Vietnam

Ownership Type

:

Registered ownership by Subject Business Entity

 

 

Primary Products

 

Products / Materials / Services Description

Activity

Plastic resins

Manufacturing, Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Chemicals and Allied Products

2800

Manufacturing, Exporting

Plastics materials and resins

2821

Manufacturing, Exporting

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Articles of plastics (inc polymers & resins)

3926

Manufacturing, Exporting

Chemical products and preparations of the chemical or allied industries

3823905050

Manufacturing, Exporting

 

CORE BUSINESS DESCRIPTION

 

Core Business

The primary business focus of EUROPEAN PLASTIC JSC is Manufacturing - Materials.

Key product include :

Plastic resins


An integral part of the core business includes:

Distribution

 

Supplementary Business

 

In addition to the core business, EUROPEAN PLASTIC JSC also is engaged in the following areas of business:

Exporting

Exporting - Raw materials

Importing

Importing - Raw materials

 

 

BANK DETAILS

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

P1072025

Branch

:

Hanoi

Branch Address

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM, THANH CONG

SWIFT Code

:

BFTVVNVX

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM

Global Identifier

:

32400483

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

JOINT STOCK COMMERCIAL BANK FOR INVESTMENT

SWIFT Code

:

BIDVVNVX

 

Bank Name

:

MILITARY COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P0387295

Branch

:

Dong Da,Hanoi

Branch Address

:

MILITARY COMMERCIAL JOINT STOCK BANK - TAY HO, HANOI

SWIFT Code

:

MSCBVNVX

 

Bank Name

:

SHINHAN BANK

Global Identifier

:

32406827

Branch

:

District 1,Ho Chi Minh

Branch Address

:

SHINHAN BANK - HANOI

SWIFT Code

:

SHBKVNVX

 

Bank Name

:

VIET NAM INT'L COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P0741176

Branch

:

Dong Da,Hanoi

Branch Address

:

VIET NAM INT'L COMMERCIAL JOINT STOCK BANK - BA DINH, HANOI

SWIFT Code

:

VNIBVNVX

 

 

LOCAL BRANCHES & MANAGEMENT

Branch

:

EUROPEAN PLASTIC JSC - DISTRICT 12, HO CHI MINH

Branch Address

:

8 Lot F2 DD6-1 Rd Tan Hung Thuan Ward, District 12, Ho Chi Minh

Branch Tel

:

84-8-37157213

Branch Fax

:

84-8-37151315

Primary use of location

:

#1. Office administration

 

Branch

:

EUROPEAN PLASTIC JSC - TU LIEM, HANOI

Branch Address

:

11 Lot 1A.1.2 - N02 My Dinh 1 Residential Area, Tu Liem, Hanoi

Branch Tel

:

84-4-22207111

Branch Fax

:

84-4-22207112

Primary use of location

:

#1. Office administration

 

OFFICE & FACILITIES

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

Name

:

EUROPEAN PLASTIC JSC - DUY TIEN, HA NAM

Primary Use

:

Office & Administration facilities

Other Use

:

This facility is also used for Manufacturing

Land Size

:

18,000 Square meters

Address

:

Dong Van Industrial Zone, Duy Tien, Ha Nam

Country

:

Vietnam

Ownership of Property

:

Rented / Leased

Status

:

Operational

 

 

FACTORIES, SIZE, & LOCATIONS

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

Address

:

Lot C Nam Cam Industrial Zone Dong Nam Economical Zone, Nghe An

 

 

TRADE SHOWS

 

Exhibition

Acronym

Country

Participating Year

K-Int'l Plastics Trade Fair Plastic & Rubber

n/a

Germany

2013

 

 

APPROVED SIGNATURES

The Company Director/s listed below maintain the legal right to sign on behalf of the company:

Name

Mr. Hoang Quoc Huy

 

PREVIOUS CONTACT DETAILS

Company Address

:

5Fl VG Bldg 235 Nguyen Trai, Thanh Xuan, Hanoi

Date of Relocation

:

Oct, 2012

 

 

 

 

NOTES & COMMENTS

 

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.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.63

UK Pound

1

Rs.92.94

Euro

1

Rs.68.06

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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

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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.