MIRA INFORM REPORT

Report No. :	321998
Report Date :	16.05.2015

IDENTIFICATION DETAILS

Name :	USI CORPORATION
Registered Office :	12F., No.37, Jihu Rd., Neihu District, Taipei City 114
Country :	Taiwan
Financials (as on) :	31.12.2014
Date of Incorporation :	26.05.1965
Com. Reg. No.:	11917107
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing and sales of polyethylene resins
No. of Employee :	About 400 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	A1	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 foreign trade. 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:	USI Corporation
Former Name:	Usi Far East Corporation
Supplied Name:	USI CORPORATION
Trading Address:	12F., No.37, Jihu Rd., Neihu District, Taipei City 114, Taiwan (R.O.C.)
Supplied Address:	KAOHSING BRANCH 330 FERGREN ROAD RENWU, DISTT. KAOHSING TAIWAN,
Telephone Number:	+886-2-8751-6888
Fax Number:	+886-2-2659-9524
E-mail:	mtwu@csl.usife.com.tw

Notes: The exact name and address are as above. The supplied address is subject’s factory address.

Company Identification Details

Registered Name:	USI CORPORATION
Registered Address:	12F., No.37, Jihu Rd., Neihu District, Taipei City 114, Taiwan (R.O.C.)
Date of Foundation:	1965-05-26
Registration Number:	11917107
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 13,426,023,650 (USD 436,345,768.62) (As of 2015.5, 1 NTD = 0.0325 USD)
Paid-up Capital:	NTD 11,426,023,650 (USD 371,345,768.62)
Legal Representatives:	Yigui Wu
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sales of polyethylene resins
Staff:	About 400 Employees
Listed at Stock Exchange:	Yes; Stock Code:1304
Date of Last Annual Return:	2014-06-26

History

Subject was incorporated on 1965-05-26 with registered number 11917107 as Joint Stock Company in Taiwan.

Subject listed on Taiwan Stock Exchange on 1972-05-20.

Corporate Structure

Factories

1
Name:	Kaohsiung Factory
Address:	No.330, Fengren Rd., Renwu Dist., Kaohsiung City, Taiwan (R.O.C.)
Date of Foundation:	1969-09-01
Date of Registration:	1990-12-31
Factory Registration Number:	99661461
Factory Manager:	Shurong Wu
Status:	In Production
Date of Last Annual Return:	2015-01-08
Major Products:	184 Synthetic Resin, Plastics and Rubber
2
Name:	The 1^st Processing Laboratory Factory
Address:	No.89, Touhu Rd., Linkou Dist., New Taipei City, Taiwan (R.O.C.)
Date of Foundation:	1969-01-01
Date of Registration:	1982-07-16
Factory Registration Number:	99618705
Factory Manager:	Yigui Wu
Status:	In Production
Date of Last Annual Return:	2003-05-06
Major Products:	220 Plastic Product

Branches

1
Name:	Kaohsiung Branch
Address:	No.330, Fengren Rd., Renwu Dist., Kaohsiung, Taiwan (R.O.C.)
Tel:	+886-2-8751-6888
Fax:	+886-2-2659-9520
Registration Number:	54388471
Date of Registration:	2014-08-26
Status:	Live Company
Manager Name:	Jizhong Zhang
2
Name:	Tainan Branch
Address:	1/F., No. 89, Section 1, Linan Road, Tainan City, Taiwan (R.O.C.)
Tel:	+886-6-259-2101
Fax:	+886-6-258-0048
Registration Number:	69536582
Status:	Abolished
Manager Name:	Jizhong Zhang
Date of Last Annual Return:	2005-10-25
3
Name:	Taichung Branch
Address:	22/F-4, No. 152, Section 1, Zhonggang Road, West District, Taizhong City, Taiwan (R.O.C.)
Tel:	+886-4-2320-6958
Fax:	+886-4-2326-8374
Registration Number:	52463234
Status:	Abolished
Manager Name:	Jizhong Zhang
Date of Last Annual Return:	2007-01-05
4
Name:	Taipei Branch
Address:	10/F., No. 3, Section 1, Dunhua South Road, Songshan District, Taipei City, Taiwan.
Registration Number:	80352575
Status:	Abolished
Manager Name:	Guangzhe Huang
Date of Last Annual Return:	2005-09-07

Offices (Taiwan)

1
Address:	10/F, No.3, Sec.1, South Dunhua Rd., Taipei City, 105, Taiwan.
Tel:	+886-2-2650-3773
E-mail:	usigstock@usig.com.tw
2
Address:	89 Tou Hu, Hu Nan Village, Lin Kou Hsiang, Taipei Hsien 244, Taiwan
Tel:	+886-2-2609-4190~2
Fax:	+886-2-2609-5270

Group Offices

1
Name:	Hong Kong Office
Address:	6/F, Caltex House, 258 Hennessy Road, Hong Kong
Tel:	+852-2573-7962~3
Fax:	+852-2838-3239
2
Name:	Shanghai Office
Address:	6A, Yinglong Bldg., No. 1358, Yan-an West Rd., Shanghai 200052, P.R.C.
Tel:	+86-21-5258-1258
Fax:	+86-21-5258-9258

Shareholder

Major Shareholder

Name	Subscription Shares
Shing Lee Enterprise Limited
288,834,000

Management Information

Directors

1
Name		Yigui Wu
Position		Chairman of the Board
2
Name	Jingshou Yu
Position		Director
3
Name	Shousong Wu
Position		Director
4
Name	Jizhong Zhang
Position		Director & Manager
Date of Appointment for Manager		2005-03-24
5
Name	Xinhuai Zhou
Position		Director
6
Name	Guangzhe Huang
Position		Director
7
Name	Chong Chen
Position		Independent Director
8
Name	Lixing Cai
Position		Independent Director
9
Name	Yingjun Hai
Position		Independent Director

Personnel Structure

Total Employees

About 400 Employees

Operation Information

Offices & Factories

	Headquarters
Add	12F., No.37, Jihu Rd., Neihu District, Taipei City 114, Taiwan (R.O.C.)

Production Information

Subject is engaged in manufacturing of polyethylene resins, etc.

Subject has factories in Taiwan for production.

Subject obtained the certification of ISO 9001, ISO 9002, ISO 14001 and OHSAS 18001.

Purchase Information

The registered activities of subject:

Business Code	Details
--	Manufacture, processing and sales of polyethylene plastic raw materials(include ethy-lene-vinylacetate, vinylester resin)
--	Manufacture, processing and sales of polyethylene plastic products (include ethy-lene-vinylacetate, vinylester resin product)
--	Manufacture, processing and sales of related chemicals and catalyzer applied for plastic industry.
--	Science and technology research and development of plastics industry & obtainment, sales and authorizing for others to use of its expertise and patents.
--	Design, manufacture and processing and sales of plastic processing equipment.
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

The raw materials for production are mostly purchased in Taiwan.

Sales Information

Subject is engaged in sales of polyethylene resins, etc.

The major products are LDPE (Low Density Polyethylene), EVA (Ethylene-Vinyl Acetate copolymer), HDPE (High Density Polyethylene) and LLDPE (Linear Low Density Polyethylene).

Subject’s sales regions are domestic market, Southeast Asia, etc.

The general delivery lead time of subject is about 30 days.

Subject’s major customers are shoes sole manufacturers, packaging film manufacturers, injection molding industry and solar cell encapsulation manufacturers, etc.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Products	Raw materials, etc.
Payment Terms	T/T, Cash, etc.

Import

Subject has little Import.

Sales

Domestic Markets

Product	Polyethylene resins, etc.
Selling Terms	T/T, Cash, etc.

Export

Product	Polyethylene resins, etc.
Selling Terms	L/C, T/T, etc.

Balance Sheet

Unit: NTD/000

Consolidated	2014-12-31	2013-12-31
Assets
Current assets
Cash and cash equivalents
Total cash and cash equivalents	7,485,579	8,679,752
Current financial assets at fair value through profit or loss
Total current financial assets at fair value through profit or loss	3,172,849	6,289,764
Current available-for-sale financial assets
Current available-for-sale financial assets, net	296,450	375,588
Current bond investment without active market
Current bond investment without active market, net	3,672,911	3,558,562
Notes receivable, net
Accounts receivable, net	1,904,912	2,271,555
Accounts receivable, net
Accounts receivable due from related parties, net	6,133,312	5,423,135
Accounts receivable due from related parties, net
Other receivables	64,304	146,815
Other receivables, net
Inventories	408,691	233,693
Total inventories
Prepayments	8,640,157	8,290,863
Total prepayments
Other current assets	633,740	549,987
Total other current assets	68,368	114,114
Total current assets	32,481,273	35,933,828
Non-current assets
Non-current available-for-sale financial assets
Non-current available-for-sale financial assets, net	2,404,119	2,309,664
Non-current financial assets at cost
Non-current financial assets at cost, net	861,993	328,927
Non-current bond investment without active market	ss
Non-current bond investment without active market, net	12,600	7,600
Investments accounted for using equity method
Investments accounted for using equity method, net	167,483	0
Property, plant and equipment
Total property, plant and equipment	20,241,266	17,556,166
Investment property, net
Investment property, net	198,112	218,229
Intangible assets
Goodwill	310,891	309,026
Other intangible assets, net
Other intangible assets, net	186,463	177,709
Total intangible assets	497,354	486,735
Non-current biological assets
Total non-current biological assets	17,151	10,138
Deferred tax assets	808,703	754,593
Other non-current assets
Long-term prepaid rents	455,672	390,810
Other non-current assets, others
Total other non-current assets, others	269,285	600,449
Total other non-current assets	724,957	991,259
Total non-current assets	25,933,738	22,663,311
Total assets	58,415,011	58,597,139
Liabilities
Current liabilities
Short-term borrowings	6,834,996	6,571,449
Total short-term borrowings
Short-term notes and bills payable	2,739,843	2,383,142
Current financial liabilities at fair value through profit or loss
Total current financial liabilities at fair value through profit or loss	421	302
Notes payable
Total notes payable	47,669	61,949
Accounts payable
Total accounts payable	3,252,914	4,774,458
Other payables
Dividends payable	23,210	16,802
Other payables, others	1,748,442	1,662,774
Total other payables	1,771,652	1,679,576
Other payables to related parties	0	9,552
Current tax liabilities	178,004	295,733
Current provisions
Total current provisions	25,596	29,260
Other current liabilities
Long-term liabilities, current portion
Total long-term liabilities, current portion	1,317,899	1,077,146
Other current liabilities, others	188,442	118,204
Total other current liabilities	1,506,341	1,195,350
Total current liabilities	16,357,436	17,000,771
Non-current liabilities
Bonds payable
Total bonds payable	999,024	1,997,292
Long-term borrowings
Total long-term borrowings	5,073,799	3,513,508
Deferred tax liabilities
Total deferred tax liabilities	1,477,093	1,370,755
Other non-current liabilities
Accrued pension liabilities	3,314,429	3,322,738
Other non-current liabilities, others	95,365	98,547
Total other non-current liabilities	3,409,794	3,421,285
Total non-current liabilities	10,959,710	10,302,840
Total liabilities	27,317,146	27,303,611
Equity
Equity attributable to owners of parent
Share capital
Ordinary share	11,426,024	11,426,024
Total capital stock	11,426,024	11,426,024
Capital surplus
Total capital surplus	183,205	162,708
Retained earnings
Legal reserve	2,543,626	2,461,910
Special reserve	375,127	375,127
Unappropriated retained earnings (accumulated deficit)
Total unappropriated retained earnings (accumulated deficit)	2,652,484	2,795,790
Total retained earnings	5,571,237	5,632,827
Other equity interest
Total other equity interest	616,118	316,949
Treasury shares	475,606	439,705
Total equity attributable to owners of parent	17,320,978	17,098,803
Non-controlling interests	13,776,887	14,194,725
Total equity	31,097,865	31,293,528
Number of share capital awaiting retirement	0	0
Equivalent issue shares of advance receipts for ordinary share	0	0
Number of shares in entity held by entity and by its subsidiaries	111,943,075	104,438,075

Profit and Loss Account

Unit: NTD/000

Consolidated	2014	2013
Statement of comprehensive income
Operating revenue
Net sales revenue
Net sales revenue	59,704,563	58,678,881
Total operating revenue	59,704,563	58,678,881
Operating costs
Cost of sales
Total cost of sales	55,799,072	53,963,133
Total operating costs	55,799,072	53,963,133
Gross profit (loss) from operations	3,905,491	4,715,748
Gross profit (loss) from operations	3,905,491	4,715,748
Operating expenses
Selling expenses
Total selling expenses	1,930,503	1,961,012
Administrative expenses
Total administrative expenses	1,186,324	1,045,100
Research and development expenses
Total research and development expenses	441,113	350,067
Total operating expenses	3,557,940	3,356,179
Net operating income (loss)	347,551	1,359,569
Non-operating income and expenses
Other income
Total other income	559,724	568,430
Other gains and losses
Other gains and losses, net	217,765	379,817
Finance costs
Finance costs, net	247,363	202,810
Share of profit (loss) of associates and joint ventures accounted for using equity method
Share of profit (loss) of associates and joint ventures accounted for using equity method, net	-325	0
Total non-operating income and expenses	529,801	745,437
Profit (loss) from continuing operations before tax	877,352	2,105,006
Tax expense (income)
Total tax expense (income)	222,110	396,737
Profit (loss) from continuing operations	655,242	1,708,269
Profit (loss) from discontinued operations
Total profit (loss) from discontinued operations	-26,566	-17,515
Profit (loss)	628,676	1,690,754
Other comprehensive income
Exchange differences on translation	513,958	376,660
Unrealised gains (losses) on valuation of available-for-sale financial assets	52,464	62,472
Actuarial gains (losses) on defined benefit plans	-45,180	-69,342
Income tax related to components of other comprehensive income	78,390	50,294
Other comprehensive income, net	442,852	319,496
Total comprehensive income	1,071,528	2,010,250
Profit (loss), attributable to:
Profit (loss), attributable to owners of parent	640,838	817,164
Profit (loss), attributable to non-controlling interests	-12,162	873,590
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent	923,137	1,066,935
Comprehensive income, attributable to non-controlling interests	148,391	943,315
Basic earnings per share
Total basic earnings per share	0.62	0.79
Diluted earnings per share
Total diluted earnings per share	0.62	0.79

Cash Flows

Unit: NTD/000

Consolidated	2014	2013
Statement of cash flows
Cash flows from (used in) operating activities, indirect method
Profit (loss) from continuing operations before tax	877,352	2,105,006
Profit (loss) from discontinued operations before tax	-26,566	-17,515
Profit (loss) before tax	850,786	2,087,491
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expense	1,622,548	1,500,872
Amortization expense	46,093	33,612
Provision (reversal of provision) for bad debt expense	-220	856
Net loss (gain) on financial assets or liabilities at fair value through profit or loss	86,065	-396,755
Interest expense	271,589	221,283
Interest income	-185,062	-174,687
Dividend income	-162,349	-253,776
Share-based payments	0	1,824
Share of loss (profit) of associates and joint ventures accounted for using equity method	325	0
Loss (gain) on disposal of property, plan and equipment	-23,227	996
Loss (gain) on disposal of intangible assets	0	806
Loss (gain) on disposal of other assets	41,074	17,682
Loss (gain) on disposal of investments	-167,774	-55,545
Impairment loss on financial assets	17,486	87,997
Impairment loss on non-financial assets	296,515	26,903
Other revenue, overdue dividends and compensation of board and directors	0	-2,827
Other adjustments to reconcile profit (loss)	29,360	16,973
Total adjustments to reconcile profit (loss)	1,872,423	1,026,214
Changes in operating assets and liabilities
Changes in operating assets
Decrease (increase) in financial assets held for trading	3,030,969	423,702
Decrease (increase) in notes receivable	366,643	-168,091
Decrease (increase) in accounts receivable	-709,957	-933,667
Decrease (increase) in accounts receivable due from related parties	82,511	-17,575
Decrease (increase) in other receivable	-171,977	46,289
Decrease (increase) in other receivable due from related parties	0	123
Decrease (increase) in inventories	-644,999	-1,113,250
Decrease (increase) in prepayments	-82,781	-394,651
Decrease (increase) in other current assets	45,746	209,125
Total changes in operating assets	1,916,155	-1,947,995
Changes in operating liabilities
Increase (decrease) in notes payable	-14,280	35,721
Increase (decrease) in accounts payable	-1,521,544	1,282,140
Increase (decrease) in other payable	65,300	142,511
Increase (decrease) in other payable to related parties	-9,552	71
Increase (decrease) in provisions	-33,025	-18,377
Increase (decrease) in other current liabilities	70,238	-133,825
Increase (decrease) in accrued pension liabilities	-14,677	-2,424
Total changes in operating liabilities	-1,457,540	1,305,817
Total changes in operating assets and liabilities	458,615	-642,178
Total adjustments	2,331,038	384,036
Cash inflow (outflow) generated from operations	3,181,824	2,471,527
Interest received	182,041	165,217
Interest paid	-269,060	-215,317
Income taxes refund (paid)	-366,001	-266,846
Net cash flows from (used in) operating activities	2,728,804	2,154,581
Cash flows from (used in) investing activities
Acquisition of available-for-sale financial assets	-10,625	-13,082
Proceeds from disposal of available-for-sale financial assets	327,717	291,846
Acquisition of bond investments without active market	-62,156	-1,898,085
Acquisition of financial assets at cost	-554,510	0
Proceeds from disposal of financial assets at cost	14	170,238
Proceeds from capital reduction of financial assets at cost	9,149	97,643
Acquisition of investments accounted for using equity method	-159,423	0
Net cash flow from acquisition of subsidiaries	0	-29,540
Acquisition of property, plant and equipment	-3,871,514	-2,132,943
Proceeds from disposal of property, plant and equipment	82,993	19,943
Decrease in refundable deposits	3,517	12,018
Acquisition of intangible assets	-54,018	-127,090
Acquisition of investment properties	0	-160
Proceeds from disposal of investment properties	21,083	0
Increase in other non-current assets	111,048	-99,665
Dividends received	162,349	254,888
Net cash flows from (used in) investing activities	-3,994,376	-3,453,989
Cash flows from (used in) financing activities
Increase in short-term loans	263,547	1,340,626
Increase in short-term notes and bills payable	356,701	216,237
Proceeds from long-term debt	6,922,289	4,313,917
Repayments of long-term debt	-6,121,168	-4,793,672
Increase in guarantee deposits received	-3,912	6,720
Increase in other non-current liabilities	730	1,211
Cash dividends paid	-685,561	-1,142,602
Change in non-controlling interests	-566,216	-468,916
Other financing activities	0	0
Net cash flows from (used in) financing activities	166,410	-526,479
Effect of exchange rate changes on cash and cash equivalents	-95,011	-103,959
Net increase (decrease) in cash and cash equivalents	-1,194,173	-1,929,846
Cash and cash equivalents at beginning of period	8,679,752	10,609,598
Cash and cash equivalents at end of period	7,485,579	8,679,752
Cash and cash equivalents reported in the statement of financial position	7,485,579	8,679,752

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	Mega International Commercial Bank

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.

Special Note

Interview Details

Name	Mr. Li
E-mail	yr@tpe.usife.com.tw

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.58
UK Pound	1	Rs.100.30
Euro	1	Rs.72.38

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SDA

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.