MIRA INFORM REPORT

Report No. :	323854
Report Date :	29.05.2015

IDENTIFICATION DETAILS

Name :	CHUNG HUNG STEEL CORPORATION
Registered Office :	No.317, Yu Liao Rd., Chiao Tou Dist., Kaohsiung City 825
Country :	Taiwan
Financials (as on) :	31.12.2014
Date of Incorporation :	29.09.1983
Com. Reg. No.:	07838854
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing and sales of steel and related products.
No. of Employee :	About 1,000 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 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:	Chung Hung Steel Corporation
Supplied Name:	CHUNG HUNG STEEL CORPORATION
Trading Address:	No.317, Yu Liao Rd., Chiao Tou Dist., Kaohsiung City 825, Taiwan (R.O.C.)
Supplied Address:	317 YU LIAO RD, CHIAO TOU DISTRICT KAOHSIUNG CITY TAIWAN
Telephone Number:	+886-7-611-7171
Fax Number:	+886-7-611-9935
E-mail:	ch25147@chsteel.com.tw

Notes: The exact name and address are as above.

Company Identification Details

Registered Name:	Chung Hung Steel Corporation
Registered Address:	No.317, Yu Liao Rd., Chiao Tou Dist., Kaohsiung City 825, Taiwan (R.O.C.)
Date of Foundation:	1983-9-29
Registration Number:	07838854
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 20,431,600,000 (USD 668,113,320) (As of 2015.05, 1 NTD = 0.0327 USD)
Paid-up Capital:	NTD 14,355,444,460 (USD 469,423,033.84)
Legal Representatives:	Zongying Huang
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sales of steel and related products, etc.
Staff:	About 1,000 Employees
Listed at Stock Exchange:	Yes, Stock Code: 2014
Date of Last Annual Return:	2014-12-15

History

Subject was incorporated on 1983-9-29 with registered number 07838854 as Joint Stock Company in Taiwan.

Subject listed on Taiwan Stock Exchange on 1992-2-20.

Change of Name

Former English Name:	Yieh Loong Enterprise Co., Ltd.
Current English Name:	Chung Hung Steel Corporation

Corporate Structure

Factories

1
Name:	Steel Pipe Factory
Address:	No.18, Hua-Chung Road, No.30, Xingye Road, Daliau District, Kaohsiung City, Taiwan, R.O.C.
Date of Foundation:	1990-12-31
Date of Registration:	1990-12-31
Factory Registration Number:	99662529
Factory Manager:	Zongying Huang
Status:	In production
Date of Last Annual Return:	2015-1-8
Major Products:	241 Steel
Telephone Number:	+886-7-787-2551
Fax Number:	+886-7-787-3556
2
Name:	Hot Rolling Factory
Address:	1, 2, 3, 5, No. 576, Xinglong Street, Gangshan District, Kaohsiung City, Taiwan, R.O.C.
Date of Foundation:	1995-3-15
Date of Registration:	1997-9-17
Factory Registration Number:	99662513
Factory Manager:	Zongying Huang
Status:	In production
Date of Last Annual Return:	2015-1-8
Major Products:	241 Steel
Telephone Number:	+886-7-623-4141
Fax Number:	+886-7-621-2639
3
Name:	Cold Rolling Factory
Address:	No.317, Yu Liao Road, Chiao Tou District, Kaohsiung City 825, Taiwan (R.O.C.)
Date of Foundation:	1990-12-31
Date of Registration:	1990-12-31
Factory Registration Number:	99662452
Factory Manager:	Zongying Huang
Status:	In production
Date of Last Annual Return:	2015-1-8
Major Products:	241 Steel
Telephone Number:	+886-7-611-7171
Fax Number:	+886-7-611-0594
4
Name:	Steel Pipe Factory (Lugang Branch)
Address:	No.42, Lugong Road, Lukang Township, Changhua County, Taiwan, R.O.C.
Date of Registration:	2013-9-30
Factory Registration Number:	07000977
Factory Manager:	Zongying Huang
Status:	In production
Date of Last Annual Return:	2014-12-22
Major Products:	241 Steel
Telephone Number:	+886-4-781-3555
Fax Number:	+886-4-781-2915

Related Company

Name	China Steel Global Trading Corporation
Address	10F, No.88, Cheng Gong 2nd Road, Chienchen District, Kaohsiung City 806, Taiwan, R.O.C.
Telephone Number	+886-7-3322168
Fax Number	+886-7-3356411
E-mail:	csgtb12@mail.csc.com.tw

Shareholders

Major Shareholders

Name	Subscription Shares
China Steel Corporation	582,673,153
Shichang International Investment Co., Ltd (Literal Translation)
3,562,000

Shareholder Information:

1
Registered Name:	China Steel Corporation
Registered Address:	No.1, Zhonggang Road, Xiaogang District, Kaohsiung City, Taiwan (R.O.C.)
Date of Foundation:	1971-12-3
Registration Number:	30414175
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 170,000,000,000 (USD 5,559,000,000) (As of 2015.05, 1 NTD = 0.0327 USD)
Paid-up Capital:	NTD 157,731,289,960 (USD 5,157,813,181.69)
Legal Representatives:	Ruoqi Zou
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2014-9-2
2
Registered Name:	Shichang International Investment Co., Ltd (Literal Translation)
Registered Address:	28/F., No. 6, Minquan Second Road, Qianzhen District, Kaohsiung City, Taiwan (R.O.C.)
Date of Foundation:	1993-10-28
Registration Number:	84451886
Registry:	Economic Development Board of Kaohsiung City Government
Registered Capital:	NTD 120,000,000 (USD 3,924,000) (As of 2015.05, 1 NTD = 0.0327 USD)
Paid-up Capital:	NTD 120,000,000 (USD 3,924,000)
Legal Representatives:	Meihua Hongtao
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2014-6-26

Management Information

Core Management

Directors

1
Name		Zongying Huang
Position		Board Chairman
2
Name	Zhiyu Song
Position		Director
3
Name	Yijiang Huang
Position		Director & Manager
Date of Appointment		2013-12-1
4
Name	Jigang Liu
Position		Director
5
Name	Minda Li
Position		Director
6
Name	Zuen Zhang
Position		Independent Director
7
Name	Dingpeng Liang
Position		Independent Director
8
Name	Shengxiong Hong
Position		Supervisor
9
Name	Fengsheng Wang
Position		Supervisor

Operation Information

Offices & Factories

	Headquarters
Add	No.317, Yu Liao Rd., Chiao Tou Dist., Kaohsiung City 825, Taiwan (R.O.C.)

Production Information

Subject is engaged in manufacturing of steel and related products, etc.

Subject has factories in Taiwan for production.

Subject obtained the certification of ISO/IEC 17025:2005, JIS MARK, TOSHMS, API, ISO 14001, and OHSAS 18001, etc.

Purchase Information

The registered activities of subject:

Business Code	Details
1	Management of animal husbandry.
2	Manufacturing, processing and sale business of wood, agricultural products (mushrooms, asparagus), wire (12MM following).
3	Manufacturing, processing, wholesaling, retailing and sale business of universal angle iron, iron pipe, nets, Trinidad and Tobago long fiber, plastic fiber, iron.
4	Manufacturing, processing and sale business of rolling mill, steel, steel, steel, steel, steel wire is not, iron wire, galvanized iron, paint iron.
5	Rent and sale business of commissioned to create a manufacturer of national residential and commercial building, and commissioned to create a manufacturer of general industrial land.
6	Processing, manufacturing and sale business of aluminum products.
7	Processing, manufacturing and sale business of steel and non-ferrous metal furniture.
8	Processing, manufacturing and sale business of wooden and plastic furniture.
9	Processing, manufacturing and sale business of silicon steel sheet.
10	Processing, manufacturing and sale business of Sports equipment (fitness bicycle, rowing machine, golf club, baby carriages, trolley, slow sports car, jumping machine, rowing board, surfing board, tennis racket, ball equipment).
11	Processing, manufacturing and sale business of transportation equipment (car, motorcycle, bicycle parts), and Jack.
12	Designing, manufacturing, processing and sale business of machinery and machinery spare parts.
13	Manufacturing, processing and sale business of the oxidation of iron powder, soft magnet, magnetic material, powder metallurgy, ceramic materials.
F107100	Wholesale of basic chemical materials.
F207100	Retail of basic chemical materials.
C801010	Manufacturing of basic chemical.
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

The components and raw materials for production are mostly purchased at home and abroad.

Sales Information

Subject is engaged in sale of steel and related products

Subject’s sales regions include domestic market, Southeast Asia, America, Europe

Subject’s major products are applied to automobile parts, home appliance parts, oil drums, electroplated pipes, sports equipment, bicycles, umbrellas, electric cord pipes, and floor plate

Subject’s major customers are Okaya (U.S.A.) Inc., Marubeni Itochu Steel Canada Inc., and Standard Tube Company

Major Products

Type	Product
Hot rolled products	Hot rolled bands, hot rolled temper grade coils, hot rolled pickled and oiled coil, fine blanking & formability steel coils
Cold rolled products	Cold rolled full hard coils, cold rolled temper grade coils, cold rolled medium carbon coils
Pipe & tube products	Steels for piping, structural steel, pipes for pipeline transportation
Galvanized products	Hot rolled galvanized coils, cold rolled galvanized coils

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Products	Components and raw materials
Payment Terms	T/T, Cash

Import

Products	Components and raw materials
Payment Terms	L/C, T/T

Sales

Domestic Markets

Product	Steel and related products
Selling Terms	T/T, Cash

Export

Product	Steel and related products
Selling Terms	L/C, T/T

Balance Sheet

Unit: NTD/000

Consolidated	2014-12-31	2013-12-31
Assets
Current assets
Cash and cash equivalents
Total cash and cash equivalents	19,604	102,721
Current financial assets at fair value through profit or loss
Total current financial assets at fair value through profit or loss	283,979	287,774
Current available-for-sale financial assets
Current available-for-sale financial assets, net	870,773	876,421
Accounts receivable, net
Accounts receivable, net	760,663	466,728
Accounts receivable due from related parties, net
Accounts receivable due from related parties, net	59,097	81,754
Other receivables
Other receivables, net	137,966	290,273
Other receivables due from related parties
Other receivables due from related parties, net	119,089	33,862
Current tax assets
Total current tax assets	550	628
Inventories
Total inventories	7,095,557	7,125,502
Prepayments
Total prepayments	615,361	897,422
Other current assets
Other current financial assets	525,500	516,000
Other current assets, others	43,054	50,105
Total other current assets	568,554	566,105
Total current assets	10,531,193	10,729,190
Non-current assets
Non-current available-for-sale financial assets
Non-current available-for-sale financial assets, net	83,707	56,961
Investments accounted for using equity method
Investments accounted for using equity method, net	2,369,107	2,324,605
Property, plant and equipment
Total property, plant and equipment	16,429,842	17,409,648
Investment property, net
Investment property, net	4,308,752	4,309,575
Other non-current assets
Prepayments for business facilities	1,251,659	1,393,917
Guarantee deposits paid	5,734	18,084
Total other non-current assets	1,257,393	1,412,001
Total non-current assets	24,448,801	25,512,790
Total assets	34,979,994	36,241,980
Liabilities
Current liabilities
Short-term borrowings
Total short-term borrowings	7,837,538	8,611,347
Short-term notes and bills payable
Total short-term notes and bills payable	2,401,665	2,140,920
Current financial liabilities at fair value through profit or loss
Total current financial liabilities at fair value through profit or loss	0	3,674
Notes payable
Total notes payable	17,386	110,111
Accounts payable
Total accounts payable	692,615	1,258,346
Accounts payable to related parties
Total accounts payable to related parties	65,055	70,144
Other payables
Other payables, others	650,234	847,252
Total other payables	650,234	847,252
Current tax liabilities	57	0
Other current liabilities
Long-term liabilities, current portion
Total long-term liabilities, current portion	1,076,923	1,076,923
Other current liabilities, others	45,543	1,152,852
Total other current liabilities	1,122,466	2,229,775
Total current liabilities	12,787,016	15,271,569
Non-current liabilities
Long-term borrowings
Long-term bank loans	11,383,040	11,652,678
Others long-term borrowings	1,299,251	0
Total long-term borrowings	12,682,291	11,652,678
Deferred tax liabilities
Total deferred tax liabilities	184,132	182,791
Other non-current liabilities
Accrued pension liabilities	215,391	163,693
Guarantee deposits received	35,120	35,120
Total other non-current liabilities	250,511	198,813
Total non-current liabilities	13,116,934	12,034,282
Total liabilities	25,903,950	27,305,851
Equity
Equity attributable to owners of parent
Share capital
Ordinary share	14,355,444	14,355,444
Total capital stock	14,355,444	14,355,444
Capital surplus
Total capital surplus	903	903
Retained earnings
Unappropriated retained earnings (accumulated deficit)
Total unappropriated retained earnings (accumulated deficit)	-5,147,873	-5,281,959
Total retained earnings	-5,147,873	-5,281,959
Other equity interest
Total other equity interest	-132,430	-138,259
Total equity attributable to owners of parent	9,076,044	8,936,129
Total equity	9,076,044	8,936,129
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	0	0

Profit and Loss Account

Unit: NTD/000

Consolidated	2014	2013
Operating revenue
Net sales revenue
Net sales revenue	36,242,931	38,092,689
Investment revenue (for investment business)
Total investment revenue (for investment business)	689	390
Service revenue
Total service revenue	774,338	713,355
Other operating revenue
Other operating revenue, net	114,711	48,796
Total operating revenue	37,132,669	38,855,230
Operating costs
Total operating costs	35,838,297	37,526,651
Gross profit (loss) from operations	1,294,372	1,328,579
Gross profit (loss) from operations	1,294,372	1,328,579
Operating expenses
Selling expenses
Total selling expenses	705,777	745,970
Administrative expenses
Total administrative expenses	322,529	412,433
Total operating expenses	1,028,306	1,158,403
Net operating income (loss)	266,066	170,176
Non-operating income and expenses
Other income
Total other income	106,959	99,931
Other gains and losses
Other gains and losses, net	36,514	126,182
Finance costs
Finance costs, net	261,758	285,041
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	62,020	28,737
Total non-operating income and expenses	-56,265	-30,191
Profit (loss) from continuing operations before tax	209,801	139,985
Tax expense (income)
Total tax expense (income)	1,404	628
Profit (loss) from continuing operations	208,397	139,357
Profit (loss)	208,397	139,357
Other comprehensive income
Unrealised gains (losses) on valuation of available-for-sale financial assets	23,347	-84,502
Actuarial gains (losses) on defined benefit plans	-74,311	-6,126
Share of other comprehensive income of associates and joint ventures accounted for using equity method
Total share of other comprehensive income of associates and joint ventures accounted for using equity method	-17,518	-8,327
Other comprehensive income, net	-68,482	-98,955
Total comprehensive income	139,915	40,402
Profit (loss), attributable to:
Profit (loss), attributable to owners of parent	208,397	139,357
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent	139,915	40,402
Basic earnings per share
Total basic earnings per share	0.15	0.1

Cash Flows

Unit: NTD/000

Consolidated	2014	2013
Cash flows from (used in) operating activities, indirect method
Profit (loss) from continuing operations before tax	209,801	139,985
Profit (loss) before tax	209,801	139,985
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expense	1,901,870	1,852,735
Net loss (gain) on financial assets or liabilities at fair value through profit or loss	-8,727	7,313
Interest expense	261,758	285,041
Interest income	-4,057	-2,445
Dividend income	-23,397	-19,865
Share of loss (profit) of associates and joint ventures accounted for using equity method	-62,020	-28,737
Loss (gain) on disposal of property, plan and equipment	685	0
Loss (gain) on disposal of investments	-13,417	-76,897
Impairment loss on non-financial assets	42,987	0
Reversal of impairment loss on non-financial assets	0	-220,378
Other adjustments to reconcile profit (loss)	-2,983	90,750
Total adjustments to reconcile profit (loss)	2,092,699	1,887,517
Changes in operating assets and liabilities
Changes in operating assets
Decrease (increase) in financial assets held for trading	8,848	10,794
Decrease (increase) in accounts receivable	-293,935	654,491
Decrease (increase) in accounts receivable due from related parties	22,657	-30,839
Decrease (increase) in other receivable	6,133	-793
Decrease (increase) in other receivable due from related parties	-85,227	146,370
Decrease (increase) in inventories	-1,125,198	1,219,306
Decrease (increase) in prepayments	282,061	79,607
Decrease (increase) in other current assets	21,155	-10,626
Total changes in operating assets	-1,163,506	2,068,310
Changes in operating liabilities
Increase (decrease) in notes payable	-92,725	78,191
Increase (decrease) in accounts payable	-565,731	42,713
Increase (decrease) in accounts payable to related parties	-5,089	-176,599
Increase (decrease) in other payable	-79,063	-40,162
Increase (decrease) in provisions	0	-90,750
Increase (decrease) in other current liabilities	-4,713	1,844
Increase (decrease) in accrued pension liabilities	-22,613	-30,967
Total changes in operating liabilities	-769,934	-215,730
Total changes in operating assets and liabilities	-1,933,440	1,852,580
Total adjustments	159,259	3,740,097
Cash inflow (outflow) generated from operations	369,060	3,880,082
Income taxes refund (paid)	72	-15
Net cash flows from (used in) operating activities	369,132	3,880,067
Cash flows from (used in) investing activities
Acquisition of financial assets at amortised cost	281,372	0
Proceeds from disposal of financial assets at amortised cost	15,666	2,499
Acquisition of property, plant and equipment	-982,636	-3,014,937
Decrease in refundable deposits	12,350	4,146
Increase in other financial assets	-9,500	0
Interest received	3,872	2,401
Dividends received	23,397	19,865
Net cash flows from (used in) investing activities	-655,479	-2,986,026
Cash flows from (used in) financing activities
Increase in short-term loans	0	128,113
Decrease in short-term loans	-773,809	0
Increase in short-term notes and bills payable	260,745	452,131
Proceeds from long-term debt	12,350,000	11,450,000
Repayments of long-term debt	-12,626,923	-12,576,923
Increase in other borrowings	1,299,251	0
Interest paid	-306,034	-318,254
Net cash flows from (used in) financing activities	203,230	-864,933
Net increase (decrease) in cash and cash equivalents	-83,117	29,108
Cash and cash equivalents at beginning of period	102,721	73,613
Cash and cash equivalents at end of period	19,604	102,721
Cash and cash equivalents reported in the statement of financial position	19,604	102,721

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

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

Bankers

Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.

Public Record

Mortgage

Case Type:	Chattel Mortgage
File No.:	088997
Debtor Name:	Chung Hung Steel Corporation
Document Number:	09505176850
Date of Registration:	2006-10-30

Lawsuit

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

Special Note

Interview Details

Name	Ms. Li
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.90
UK Pound	1	Rs.98.16
Euro	1	Rs.69.74

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.