MIRA INFORM REPORT

Report No. :	321258
Report Date :	12.05.2015

IDENTIFICATION DETAILS

Name :	PAN ASIA CHEMICAL CORPORATION
Registered Office :	11F, No.50, Sec.1, Hsin Sheng South Road, Taipei
Country :	Taiwan
Financials (as on) :	31.12.2014
Date of Incorporation :	06.04.1982
Com. Reg. No.:	05712099
Legal Form :	Joint Stock Company
Line of Business :	Manufacture and trade of non-ionic surfactants.
No. of Employee :	About 100 Employees

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)
Taiwan	A2	A1

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

TAIWAN ECONOMIC OVERVIEW

Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreignTRADE. Exports, led by electronics, machinery, and petrochemicals have provided the primary impetus for economic development. This heavy dependence on exports exposes the economy to fluctuations in world demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are other major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, and following the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, Taiwan in July 2013 signed a free trade deal with New Zealand—Taipei’s first-ever with a country with which it does not maintain diplomatic relations—and in November inked a trade pact with Singapore. However, negotiations on follow-on components of ECFA, including an agreement on trade in services, deals on trade in goods, and dispute resolution—have stalled. In early 2014, the government bowed to public demand for a new law governing the oversight of cross-Strait agreements, before any additional deals with China are implemented; the legislature has yet to vote on such legislation, leaving the future of ECFA up in the air as President MA enters his final full year in office. MA has portrayed ECFA as Taiwan’s key to greater participation in East Asia’s free trade networks. Taiwan's Total Fertility rate of just over one child per woman is among the lowest in the world, raising the prospect of future labor shortages, falling domestic demand, and declining tax revenues. Taiwan's population is aging quickly, with the number of people over 65 expected to account for 20% of the island's total population by 2025. The island runs a trade surplus, largely because of its surplus with China, and its foreign reserves are the world's fourth largest, behind those of China, Japan, and Russia. In 2006 China overtook the US to become Taiwan's second-largest source of imports after Japan. China is also the island's number one destination for foreign direct investment. Taiwan since 2009 has gradually loosened rules governing Chinese investment on the island, and has also secured greater market access for its investors in the mainland. In August 2012, the Taiwan Central Bank signed a memorandum of understanding on cross-Strait currency settlement with its Chinese counterpart. The MOU allows for the direct settlement of Chinese RMB and the New Taiwan dollar across the Strait, which has helped Taiwan develop into a local RMB hub. Closer economic links with the mainland bring greater opportunities for the Taiwan economy, but also pose new challenges as the island becomes more economically dependent on China at a time when political differences remain unresolved. During 2014, the press paid increasing attention to domestic economic issues while pushing aside the debates over trade liberalization that were a hallmark of MA’s tenure. The media focused on the divide between Taiwan’s “haves” and “have nots,” providing extensive coverage of public frustration with stagnant wages, skyrocketing housing prices, and the difficulty of finding entry-level jobs.

Source : CIA

Contact Points

Company Name:	Pan Asia Chemical Corporation
Supplied Name:	PAN ASIA CHEMICAL CORPORATION
Trading Address:	11F, No.50, Sec.1, Hsin Sheng South Road, Taipei, Taiwan, R.O.C.
Supplied Address:	WORLD TRADE BUILDING (11TH FLOOR) 50 SEC, 1, HSIN SHENG SOUTH ROAD, TAIPEI, TAIWAN
Telephone Number:	+886-2-2351-1212
Fax Number:	+886-2-2396-2946
E-mail:	paccsale@pacc.com.tw

Notes: Subject’s exact address is as above.

Company Identification Details

Registered Name:	Pan Asia Chemical Corporation
Registered Address:	11F, No.50, Sec.1, Hsin Sheng South Road, Taipei, Taiwan, R.O.C.
Date of Foundation:	1982-04-06
Registration Number:	05712099
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 2,500,000,000 (USD 81,250,000) (As of 2015.05, 1 NTD = 0.0325 USD)
Paid-up Capital:	NTD 2,222,464,920 (USD 72,230,110)
Legal Representatives:	Guifeng Wang
Legal Form:	Joint Stock Company
Principal Activities:	Manufacture and trade of non-ionic surfactants, etc.
Staff:	About 100 Employees
Listed at Stock Exchange:	Yes; (Stock Code: 4707)
Date of Last Annual Return:	2015-3-3

History

Subject was incorporated on 1982-04-06 with registered number 05712099 as Joint Stock Company in Taiwan.

Subject listed on Taiwan Over-The-Counter Securities Exchange on 1998-05-20.

Shareholders

Name	Subscription Shares
Sheng Ren Knitting Factory Co., Ltd.	13,313,350
China Fiber Investment Co., Ltd. (Literal Translation)
11,000,571
Gannan Chen	51,300
Ke Yi Bao Investment Co., Ltd. (Literal Translation)	1,628,000
Dayin Ye	128,253

The information above is that of subject’s major shareholders.

Shareholder Information:

1
Registered Name:	Sheng Ren Knitting Factory Co., Ltd.
Registered Address:	4F-4, No.50, Sec.1, Hsin Sheng South Road, Zhongzheng District, Taipei, Taiwan, R.O.C.
Date of Foundation:	1975-05-10
Registration Number:	33762964
Registry:	Taipei City Government
Registered Capital:	NTD 198,000,000 (USD 6,435,000) (As of 2015.05, 1 NTD = 0.0325 USD)
Paid-up Capital:	NTD 198,000,000 (USD 6,435,000)
Legal Representatives:	Xiaojie Lin
Legal Form:	Joint Stock Company
Listed at Stock Exchange:	No
Date of Last Annual Return:	2014-01-20
2
Registered Name:	China Fiber Investment Co., Ltd. (Literal Translation)
Registered Address:	11F, No.50, Sec. 1, Xinsheng S. Rd., Zhongzheng Dist., Taipei City, Taiwan
Date of Foundation:	1996-06-25
Registration Number:	97160586
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 679,225,000 (USD 22,618,193) (As of 2015.05, 1 NTD = 0.0325 USD)
Paid-up Capital:	NTD 679,225,000 (USD 22,618,193)
Legal Representatives:	Guixian Wang
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2014-2-25
3
Registered Name:	Ke Yi Bao Investment Co., Ltd. (Literal Translation)
Registered Address:	1/F, No. 2, Lane 434, Nanjing West Road, Datong District, Taipei City, Taiwan, R.O.C.
Date of Foundation:	2002-11-07
Registration Number:	80293909
Registry:	Taipei City Government
Registered Capital:	NTD 4,000,000 (USD 130,000) (As of 2015.05, 1 NTD = 0.0325 USD)
Paid-up Capital:	NTD 4,000,000 (USD 130,000)
Legal Representatives:	Zhiping Wang
Legal Form:	Joint Stock Company
Listed at Stock Exchange:	No
Date of Last Annual Return:	2014-6-3

Subsidiaries & Branches

Factory

Name:	Pan Asia Chemical Corporation Kaohsiung Factory
Address:	No. 8-1, Jingjian Rd., Dashe Shiang, Kaohsiung County 815, Taiwan (R.O.C.)
Date of Foundation:	1984-12-12
Date of Registration:	1990-12-31
Factory Registration Number:	99661720
Factory Manager:	Benyi Lin
Status:	In Production
Telephone Number:	+886-7-351-1318
Date of Last Annual Return:	2001-10-17
Major Products:	103 Cleaning products, etc.

Related Companies

1
Name:	China Man-made Fiber Corporation
Address:	10-11F, No 50, Sec. 1, Xinsheng S. Rd., Taipei City 100, Taiwan (R.O.C.)
Telephone Number:	+886-2-2393-7111
2
Name:	Formosa Imperial Wineseller Corp.
Address:	11F, No.50, Sec.1, Hsin Sheng South Road, Taipei, Taiwan, R.O.C.
Telephone Number:	+886-2-2393-1233

Personnel Information

Core Management

Directors

1
Name	Guifeng Wang
Position	Chairman of the Board
2
Name	Yongda Liu
Position	Director
3
Name	Qingfeng Chen
Position	Director and Manager
Date of Appointment for Manager	2005-3-24
4
Name	Changchen Lin
Position	Director
5
Name	Gannan Chen
Position	Director
6
Name	Shiyi Jiang
Position	Supervisor
7
Name	Dayin Ye
Position	Supervisor
8
Name	Canghai Wang
Position	Manager
Date of Appointment	2003-12-31
9
Name	Guoqing Chen
Position	Manager
Date of Appointment	2011-6-20

Personnel Structure

Total Employees

About 100 Employees

Operation Information

Offices & Factories

	Headquarters
Add	11F, No.50, Sec.1, Hsin Sheng South Road, Taipei, Taiwan, R.O.C.

Production Information

Subject is engaged in manufacturing of non-ionic surfactants

Subject has a factory in Kaohsiung County, Taiwan for production.

Subject obtained the certification of ISO 9002 and ISO 9001:2000.

Purchase Information

The registered activities of subject:

Business Code	Details
C801020	Manufacture of petrochemical materials
C802090	Manufacture of Cleaning supplies
D101050	Cogeneration Industry
F212011	Gas station business
F212061	Refueling station business
H701010	Development and rental of housing and building
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

The raw materials for production are both purchased home and abroad.

Subject purchases raw materials such as ethylene oxide and nonyl phenol from their cooperative company China Man-made Fiber Corporation.

Other raw materials are mainly imported from foreign countries.

Sales Information

Subject is engaged in sale of non-ionic surfactants

The major products sold by subject are as follows for reference:

1	Polyethylene Glycol
2	Polyoxyethylene Alkyl Phenly Ether
3	Polyoxyethylene Alkyl Amine Ether
4	Polyoxyethylene Alkyl Ether
5	Polyoxyethylene Fatty Acid Ether
6	Polyoxyethylene Sorbitan Fatty Acid Ether
7	Polyoxypropylene Polyoxyethylene Ether
8	Special Nonionic Surfactants
9	Ester for Cosmetic Catalogue
10	Ester for Lubricant Catalogue
11	Polyethylene Gloycol Ester Catalogue
12	Ester for Detergent
13	Spinning oil for polyester yarn
14	Ester for PU products
15	Sorbitan Fatty Acid Ester

Usage of subject’s major products are as follows:

Industry	Application
Metal industry	Detergent, emulsifier, plating solution additives
Pulp industry	Degreasant, Deinking agent, wetter
Plastics industry	Polymerizable emulsifier
High polymer industry	Modifier, emulsifier and antistat
Household cleanser	Detergent, penetrant, emulsifier, wetter, softener
Personal bathroom accessories	Detergent, penetrant, emulsifier, wetter, softener
Cellulose industry	Detergent, penetrant, dyeing auxiliary, emulsifier, softener
Rubber industry	Additive and mold release
Paint industry	Dispersant and emulator
Cosmetics industry	Detergent, emulsion and basic material
Electronic industry	Detergent

Subject’s sales regions include Taiwan, Mainland China, Southeast Asia, Australia

Sales region	Proportion
Domestic sales	60%
Export sales	40%

One of the subject’s major customers is Tri Tex Co. Inc.

Import and export right:

Import right	Yes
Export right	Yes

Trademark

Name of the Mark:	Pan Asia and Picture PACC
Registered No.:	00059555
Date of Registration:	1992-3-26
Expiry Date:	2022-10-31
Mark:
Color:	Black
Owner's Name, Address:	Pan Asia Chemical Corporation 11F, No.50, Sec.1, Hsin Sheng South Road, Taipei, Taiwan, R.O.C.
Class No.:	007

Settlements

Purchase

Domestic Purchase

Products	Raw materials
Payment Terms	Interior settlement, T/T, Cash

Import

Products	Raw materials.
Payment Terms	L/C, T/T

Sales

Domestic Markets

Product	Non-ionic surfactants
Selling Terms	T/T, Cash

Export

Product	Non-ionic surfactants
Selling Terms	L/C, T/T

Balance sheet

Unit: NTD/000

Consolidated	2014-12-31	2013-12-31
Current assets
Cash and cash equivalents	174,003	5,735,058
Deposit central bank and lending Banks	0	75,496,734
Financial assets net fair valued by profit and loss-current	0	12,195,016
Reverse notes and bonds investment	0	4,550,801
Accounts receivable, net	178,254	6,698,364
Accounts receivable-related parties	698	610
Tax assets	22	57,394
Inventory	168,303	172,475
Prepayment	13,089	85,355
Other current assets	1,500	137,454
Discount and net lending	0	362,916,674
Total current assets	535,869	468,045,935
Non-current assets
Financial assets for sale-non-current	2,240,708	21,831,491
Financial assets held to maturity- non-current	0	3,340,584
Financial assets valued by cost- non-current net	74,677	218,161
Net investment by equity method	2,128,332	168,840
Property, plant and equipment	1,432,825	5,038,496
Intangible assets	5	97,537
Deferred tax assets	23,121	414,201
Other assets	17	1,980,076
Total non-current assets	5,899,685	33,089,386
Total assets	6,435,554	501,135,321
Current liabilities
Short-term borrowings	1,580,000	4,382,239
Notes payable	100,000	104,136
Repo notes and bonds in debt	0	358,769
Financial liabilities valued by cost- non-current	0	74,800
The central bank and interbank deposit	0	8,341,508
Accounts payable	70,038	4,517,381
Accounts payable-related parties	119,611	195,602
Current tax liabilities	6,272	292,018
Long-term liabilities payable	408,000	1,942,869
Other current liabilities	25,873	165,380
Deposits and remittances	0	429,697,616
The central bank and the bank trade financing	0	2,086,000
Total current liabilities	2,309,794	452,158,318
Non-current liabilities
Bonds payable	0	14,400,000
Long-term borrowings	324,000	570,000
Other financial liabilities-non-current	0	7,605
Liability reserve	38,390	384,761
Guarantee deposit	2,000	254,542
Deferred tax liabilities	40,896	151,917
Other non-current liabilities	405,286	15,768,825
Total liabilities	2,715,080	467,927,143
Total equity attributable to the parent company
Ordinary share	2,176,155	2,222,465
Total capital stock	2,176,155	2,222,465
Capital surplus- share premium	845,627	863,623
Capital surplus- storage stock trading	22,999	28,848
Capital surplus	868,626	892,471
Legal reserve	101,690	94,472
Special reserve	123,164	126,983
Unappropriated retained earnings (accumulated deficit)	452,000	451,355
Total retained earnings	676,854	672,810
Foreign cash balance operating mechanism conversion of the financial statements	6,774	1,571
Unrealized profit (loss) of financial assets for sale	21,993	409,743
Other equity	28,767	411,314
Treasury stock	-29,928	-94,830
Total equity attributable to the parent company	3,720,474	4,104,230
Non-controlling equity	0	29,103,948
Total equity	3,720,474	33,208,178
Number of shares in entity held by entity and by its subsidiaries	3,210,000	7,271,000

Profit and Loss Account

Unit: NTD/000

Consolidated	2014	2013
Interest income	5,095,052	9,917,236
Commission income	1,078,539	2,018,751
Share of profit of associates and joint ventures accounted for using equity method	97,149	10,069
Financial assets and liabilities profit valued by fair	137,603	150,726
Sales income net	2,047,968	2,216,188
Service revenue	90,060	90,545
Decrease in turning the interests	352,474	892,735
Exchange income	67,886	198,743
Other revenue	203,830	44,552
Total revenue	9,170,561	15,539,545
Interest expense	1,936,915	3,647,541
Commission charge	172,591	243,848
Bad debt expense and guarantee responsibility for escrow	845,219	1,864,173
Realized loss of financial assets for sale	0	4,846
Selling cost	2,014,240	2,218,191
Service expenses	81,520	77,085
Total operating expenses	2,027,159	3,953,954
Disposal of property, plant and equipment loss	1,227	939
Other expenses	3,044	93,337
Total expenses	7,081,915	12,103,914
Profit (loss) before tax from continuing operations	2,088,646	3,435,631
Tax expense (income)	218,773	497,508
Profit (loss) from continuing operations	1,869,873	2,938,123
Net income (loss)	1,869,873	2,938,123
Foreign cash balance operating mechanism conversion of the financial statements	-18,839	24,265
Unrealized evaluation of benefit (loss) of financial assets for sale	-299,219	118,638
Determine the welfare program actuarial profit (loss)	-2,668	-59,435
Affiliated enterprise of recognized by employing the equity method and Joint venture share profits and losses net	-1,558	191
Tax income related to other comprehensive income components	-1,527	-1,418
Other comprehensive profit or loss	-320,757	85,077
Comprehensive profit or loss	1,549,116	3,023,200
Net profit (loss) attributable to:
Net income or loss of parent company	39,698	72,180
Net income or loss of non-controlling equity	1,830,175	2,865,943
Comprehensive profit (loss) attributable to:
Comprehensive profit (loss) of parent company	-353,261	330,398
Comprehensive profit (loss) of non-controlling equity	1,902,377	2,692,802
Basic earnings per share	0.18	0.34
Diluted earnings per share	0.18	0.34

Cash Flows

Unit: NTD/000

Consolidated	2014	2013
Profit (loss) from continuing operations before tax	2,088,646	3,435,631
Profit (loss) before tax	2,088,646	3,435,631
Depreciation expense	151,030	248,063
Amortization expense	12,364	25,030
Provision (reversal of provision) for bad debt expense	845,219	1,864,173
Net income or loss of financial assets and liabilities by fair value	-137,603	-150,726
Interest expense	1,936,915	3,647,541
Interest income	-5,095,052	-9,917,236
Income gain	0	-18,379
Other various liabilities change net	800	0
Loss (gain) on disposal of collateral	1,435	80,660
Income (loss) shares by equity method recognized by affiliated enterprise	-97,149	-10,069
Loss (gain) on disposal of property, plant and equipment	1,227	939
Loss (gain) on disposal of investment	43	3,758
Financial assets impairment turning the interests	-457,180	-709,794
Non-financial assets impairment losses	104,706	0
Non-financial assets impairment turning the interests	0	-182,941
Unrealized foreign exchange loss (gain)	-31,434	-87,290
Sale and amortization of distressed debt losses	-68,712	0
Total income or loss non-effect cash flow	-2,833,391	-5,206,271
Decrease (increase) in deposit central bank and lending Banks	-2,578,585	-1,999,449
Decrease (increase) in financial assets valued by fair	-12,353,115	-5,079,143
Decrease (increase) in accounts receivable	-518,751	-2,636,554
Decrease (increase) in inventory	4,172	102,320
Decrease (increase) in prepayments	-597,764	3,388
Decrease (increase) in discount and loan	-9,497,905	-40,633,827
Decrease (increase) in other financial assets	28,049	-288,137
Total net changes in operating assets	-25,513,899	-50,531,402
Decrease (increase) in repo notes and bonds in debt	-100,017	94,724
Decrease (increase) in financial liabilities valued by fair	4,028,451	-436,659
Decrease (increase) in deposit central bank and lending Banks	8,872,645	3,189,960
Increase (decrease) in accounts payable	-1,079,622	-4,606,467
Increase (decrease) in other current liabilities	100,314	13,515
Increase (decrease) in deposits and remittances	8,302,289	44,187,369
Increase (decrease) in employee benefit liabilities	5,552	-26,472
Increase (decrease) in other financial liabilities	-3,673	-9,603
Total net changes in operating liabilities	20,125,939	42,406,367
Total net changes in operating liabilities and assets	-5,387,960	-8,125,035
Total adjustments	-8,221,351	-13,331,306
Cash inflow (outflow) generated from operations	-6,132,705	-9,895,675
Interest received	4,930,682	9,951,259
Charge of the dividend	0	18,379
Interest paid	-1,657,316	-3,680,924
Income taxes refund (paid)	-355,802	-540,928
Net cash flows from (used in) operating activities	-3,215,141	-4,147,889
Cash flows from (used in) investing activities
Prepare financial assets available for sale	-1,041,053	-3,545,627
Disposal of financial assets for sale	711,800	2,842,748
Disposal of financial assets holding to date	2,465,400	5,802,240
Repayment of principal for financial assets holding to date	0	550,000
Return share capital of financial assets valued by cost	757	1,090
Dispose of subsidiary	-70,230,012	0
Acquisition of property, plant and equipment	-47,579	-138,818
Proceeds from disposal of property, plant and equipment	33	3,618
Increase in refundable deposit	-3,369	-98,891
Acquisition of intangible assets	-28,479	-62,600
Dispose of collateral	808	102,281
Selling distressed debt	343,494	0
Increase in other assets	42,664	-36,474
Charge of dividend	245	145
Other investment activities	-60,838	-111,832
Net cash flows from (used in) investment activities	-67,846,129	5,307,880
Net cash flows from (used in) financing activities
Increase in short-term borrowing	774,999	2,425,634
Increase in central bank and peer financing assets	0	198,400
Decrease in in central bank and peer financing assets	-2,162,245	0
Increase in commercial paper payable	200,764	104,136
Issue financial bonds	0	5,500,000
Repay financial bonds	-49,900	-2,561,664
Proceeds from long-term debt	180,000	0
Repayments of long-term debt	-318,000	-270,000
Increase in guarantee deposits	51,135	159,855
Cost for buying storage stocks	-5,253	0
Change of non-controlling rights	0	-217,150
Net cash flows from (used in) financing activities	-1,328,500	5,339,211
Effect of exchange rate changes on cash and cash equivalents	-18,839	24,265
Net increase (decrease) in cash and cash equivalents	-72,408,609	6,523,467
Cash and cash equivalents at beginning of period	72,582,612	66,059,145
Cash and cash equivalents at end of period	174,003	72,582,612
Cash and cash equivalents reported in the statement of financial position	174,003	5,735,058

Note: Subject didn’t submit its individual financial information; we obtained its consolidated financials as above for reference.

The above financial figures are based on the IFRSs Accounting System.

Bankers

Name	Taichung Commercial Bank Co., Ltd.

Public Record

Mortgage

No chattel mortgage record of subject has been found within the recent 3 months.

Lawsuit

Up to date of reporting, no existing or latent litigation of the subject has been found.

Interview Details

Name	Ms. Zhang
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.85
UK Pound	1	Rs.98.47
Euro	1	Rs.71.51

INFORMATION DETAILS

Analysis Done by :	DIV
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.