MIRA INFORM REPORT

Report No. :	344244
Report Date :	14.10.2015

IDENTIFICATION DETAILS

Name :	TAIWAN PAIHO LIMITED
Registered Office :	No.575, Ho Kang Rd., Ho Mei Town, Chang Hwa Hsien,.
Country :	Taiwan
Financials (as on) :	31.12.2014
Date of Incorporation :	14.01.1985
Com. Reg. No.:	09468343
Legal Form :	Joint Stock Company
Line of Business :	Subject is engaged in manufacturing of shoe, garment and medical materials
No. of Employees :	About 5,694 Employees (Group) (As of 2015-4-30)

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 :	Good
Payment Behaviour :	Regular
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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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. 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, follow-on components of the ECFA, including a signed agreement on trade in services and negotiations on trade in goods and dispute resolution, have stalled. In early 2014, the government bowed to public demand and proposed 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 nearly 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 fifth largest, behind those of China, Japan, Saudi Arabia, and Switzerland. 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 (MOU) 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 Taiwan’s 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 decent entry-level jobs.

Source : CIA

Company Name and address

Company Name:	Taiwan Paiho Limited
Supplied Name:	Taiwan Paiho Ltd
Trading Address:	No.575, Ho Kang Rd., Ho Mei Town, Chang Hwa Hsien, Taiwan, R.O.C.
Supplied Address:	575 Ho Kang Rd. Ho Mei Town Chang HUa, Hsein Taiwan
Telephone Number:	+886-4-756-5307
Fax Number:	+886-4-756-5787
E-mail:	service@paiho.com

Notes: The exact name and address are as above.

Company Identification Details

Registered Name:	Taiwan Paiho Limited
Registered Address:	No.575, Ho Kang Rd., Ho Mei Town, Chang Hwa Hsien, Taiwan, R.O.C.
Date of Foundation:	1985-1-14
Registration Number:	09468343
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 3,000,000,000 (USD 93,000,000) (As of 2015.10, 1 NTD = 0.031 USD)
Paid-up Capital:	NTD 2,979,639,020 (USD 92,368,810)
Legal Representatives:	Senmei Zheng
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sales of shoe, garment and medical materials.
Staff:	About 5,694 Employees (Group) (As of 2015-4-30)
Listed at Stock Exchange:	Yes; stock symbol: 9938
Date of Last Annual Return:	2015-6-23

History

Subject was incorporated on 1985-1-14 with registered number 09468343 as Joint Stock Company in Taiwan.

Subject listed on Taiwan Stock Exchange on 2001-1-12

Corporate Structure

Factories

1
Address:	No. 68, Xi Ping Road and No.575, Ho Kang Rd., Ho Mei Town, Chang Hwa Hsien, Taiwan, R.O.C.
Date of Foundation:	1989-5-6
Date of Registration:	1989-6-26
Factory Registration Number:	99647229
Factory Manager:	Senmei Zheng
Status:	In production
Date of Last Annual Return:	2013-11-20
Major Products:	115 textile 220 plastic products
2
Address:	No. 49, Lane 616, De Mei Rd., Ho Mei Town, Changhua Hsien, Taiwan
Date of Foundation:	1983-4-7
Date of Registration:	1984-10-24
Factory Registration Number:	99647214
Factory Manager:	Senmei Zheng
Status:	In production
Date of Last Annual Return:	2001-12-28
Major Products:	115 textile

Major Related Companies

VIETNAM PAIHO LIMITED：

LOT 30-32-34, ROAD NO.3, TAN TAO INDUSTRIAL PARK, TAN TAO A WARD, BINH TAN DISTRICT, HO CHI MINH CITY, VIETNAM

TEL : +84-8-37540103~8　 FAX : +84-8-37540109

E-mail : susan.hsu@twnpaiho.com.tw

PT. PAIHO INDONESIA：

JL. PERINTIS KEMERDEKAAN KM.6 KP. CIMENTENG RT.001 RW. 005, SUKAMULYA, CIKEMBAR, KAB. SUKABUMI, JAWA BARAT

TEL :+62-266-6323822/+62-812-1114579 　FAX :+62-266-6323821

PAIHO NORTH AMERICA CORPORATION：

16051 El Prado Road, Chino, CA 91708 U.S.A.

TEL : +1-661-2576611　　 　FAX :+1-661-7028690

E-mail : catherine.hsieh@paiho.com

DONGGUAN PAIHO POWDER COATING CO., LTD.：

DAJINGTOU, NO. 2 INDUSTRIAL ZONE, DALANG TOWN, DONGGUAN CITY, GUANGDONG, CHINA

TEL : +86-769-83483361~2　　 　FAX :+86-769-83196701

CHINA STAR INTERNATIONAL LIMITED：

NO. 6008, NORTHERN FU-I ROAD, WAIGANG, JIADING DISTRICT, SHANGHAI, CHINA

TEL : +86-21-69575626　　 　FAX :+86-21-69575860

WUXI PAISEN CHEMICAL FIBRE CO., LTD.：

NO. 18, HEXIN RD., XISHAN ECONOMIC DEVELOPMENT ZONE, WUXI CITY, JIANGSU, CHINA 214101

TEL : +86-510-88266979　　 　FAX :+86-510-88266653

PAIHO SHIH HOLDINGS CORPORATION：

WUXI PAIHO TEXTILES CO., LTD.：

NO. 18, HEXIN RD., XISHAN ECONOMIC DEVELOPMENT ZONE, WUXI CITY, JIANGSU, CHINA 214101

TEL : +86-510-88261688．2688．3688　　 　FAX :+86-510-88261678

DONGGUAN PAIHONG INDUSTRIAL CORPORATION LIMITED：

HUAN BAO INDUSTRY DISTRICT, SHATIAN TOWN, DONGGUAN CITY, GUANGDONG, CHINA 523998

TEL : +86-769-88745111 　 　FAX :+86-769- 88862370

Offices

TAIPEI OFFICE ：

2F, NO. 320, SEC. 2, CHIEN KUO S. RD., TAIPEI, TAIWAN

TEL : +886-2-23627570 　 FAX : +886-2-23620648

E-mail : wendy.hsiao@twnpaiho.com.tw

TAINAN OFFICE ：

NO. 35, CHUNG SHAN 5TH STREET, TAINAN, TAIWAN

TEL : +886-6-2602922 FAX : +886-6-2607922

E-mail : tainan@twnpaiho.com.tw

Shareholders

Major Shareholders

Name	Subscription Shares
Senmei Zheng	8,342,976
Yiming Lin	4,510,976
Zhiyu Zheng	14,764,309
Ximing Bai	697,821
Jingsong Chen	4,578,868
Zongming Shi	49,124
Xinlong Zheng	5,016,344
Shizhao Huang	288,029
Xiumai Lizheng	3,934,695

Management Information

Core Management

Directors

1
Name		Senmei Zheng
Position		Board Chairman
2
Name	Yiming Lin
Position		Deputy Chairman
3
Name	Zhiyu Zheng
Position		Director
4
Name	Ximing Bai
Position		Director
5
Name	Jingsong Chen
Position		Director
6
Name		Zongming Shi
Position		Director
7
Name	Xinlong Zheng
Position		Director
8
Name	Shizhao Huang
Position		Supervisor
9
Name	Xiumai Lizheng
Position		Supervisor
10
Name	Junjie Zeng
Position		Supervisor
11
Name	Senmei Zheng
Position		Manager
Date of Appointment		1992-5-15

Personnel Structure

Total Employees

About 5,694 Employees (Group) (As of 2015-4-30)

Operation Information

Offices & Factories

	Headquarters
Add	No.575, Ho Kang Rd., Ho Mei Town, Chang Hwa Hsien, Taiwan, R.O.C.

Production Information

· Subject is engaged in manufacturing of shoe, garment and medical materials

· Subject has two factories in Taiwan for production. It is introduced that subject’s related companies has factories in the mainland of China and Vietnam.

· Subject obtained the certification of ISO 9002.

Purchase Information

· The registered activities of subject:

Business Code	Details
C399990	Manufacturing of other textile and related products.
CZ99020	Manufacturing of zippers and buttons.
H701040	Specified professorial zone development industry.
H701060	New town and district development industry.
CZ99990	Manufacturing of other unclassified industrial products.
C305010	Printing and tidying industry.
F112040	Wholesales of petroleum product.
F112010	Wholesales of gasoline and diesel.
F212050	Retails of petroleum product.
JA01990	Other automobile services.
F199990	Other wholesales.
F299990	Other retails.
F109070	Wholesales of products for education and culture, music instrument and entertainment.
F209060	Retails of products for education and culture, music instrument and entertainment.
F104110	Wholesales of cloth, wearing, footwear, caps, umbrella and garment accessories.
F204110	Retails of cloth, wearing, footwear, caps, umbrella and garment accessories.
F108040	Wholesales of cosmetics.
F208040	Retails of cosmetics.
F401010	International trading business.
C805030	Manufacturing of plastic daily supplies.
F108031	Wholesales of medical devices.
F208031	Retails of medical devices.
CF01011	Manufacturing of medical devices.
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

· Subject purchases its raw materials both at home and abroad.

· It is introduced that subject imports some materials from Malaysia.

· It is introduced that the company named “Rubberflex Sdn. Bhd” in Malaysia is one of subject’s suppliers.

Sales Information

· Subject is engaged in sale of shoe, garment and medical materials

· The major products include Easy Taper, Touch Fastener, Elastic, Webbings, Shoelaces & Pull Strings, Tips, Reflective Materials, Eco-friendly & Organic Products, Functional Fibers, Thermal Insulation, Electronics, Two-Side, Embroidery

· Subject’s sales regions include Asia, Europe, America.

· Subject’s major customers are manufacturers and designers of footwear, apparel, medical products

· It is introduced that subject can provide OEM and ODM services.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Products	Raw materials
Payment Terms	Cash, T/T

Import

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

Sales

Domestic Markets

Product	Shoe, garment and medical materials
Selling Terms	Cash, T/T

Export

Product	Shoe, garment and medical materials
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	3,561,072	2,064,386
Current bond investment without active market
Current bond investment without active market, net	106	20,198
Notes receivable, net
Notes receivable, net	132,460	153,266
Accounts receivable, net
Accounts receivable, net	1,610,154	1,469,555
Other receivables
Other receivables, net	117,497	62,433
Inventories
Inventories, manufacturing business
Inventories, manufacturing business, net	1,656,093	1,711,653
Inventories (for construction business)
Inventories (for construction business), net	74,935	77,523
Total inventories	1,731,028	1,789,176
Prepayments
Prepaid rents	11,664	11,611
Total prepayments	11,664	11,611
Other current assets
Total other current assets	108,366	106,072
Total current assets	7,272,347	5,676,697
Non-current assets
Investments accounted for using equity method
Investments accounted for using equity method, net	29,144	26,916
Property, plant and equipment
Total property, plant and equipment	4,399,050	4,588,010
Investment property, net
Investment property, net	1,322,328	1,053,330
Intangible assets
Goodwill	308,783	312,435
Other intangible assets, net
Other intangible assets, net	434	1,032
Total intangible assets	309,217	313,467
Deferred tax assets	73,227	72,705
Other non-current assets
Prepayments for business facilities	522,967	263,222
Long-term prepaid rents	403,637	401,204
Other non-current assets, others
Other non-current assets, others	27,149	21,817
Total other non-current assets, others	27,149	21,817
Total other non-current assets	953,753	686,243
Total non-current assets	7,086,719	6,740,671
Total assets	14,359,066	12,417,368
Liabilities
Current liabilities
Short-term borrowings
Total short-term borrowings	1,292,548	1,002,420
Notes payable
Total notes payable	72,598	52,562
Accounts payable
Total accounts payable	387,260	389,220
Other payables
Other payables, others	691,866	574,001
Total other payables	691,866	574,001
Current tax liabilities	351,736	169,500
Current provisions
Total current provisions	14,569	11,389
Other current liabilities
Long-term liabilities, current portion
Long-term borrowings, current portion	406,560	500,000
Total long-term liabilities, current portion	406,560	500,000
Other current liabilities, others	61,580	85,294
Total other current liabilities	468,140	585,294
Total current liabilities	3,278,717	2,784,386
Non-current liabilities
Long-term borrowings
Long-term bank loans	1,241,504	1,497,246
Total long-term borrowings	1,241,504	1,497,246
Deferred tax liabilities
Total deferred tax liabilities	683,858	592,750
Other non-current liabilities
Long-term deferred revenue	120,818	119,696
Accrued pension liabilities	241,038	205,869
Guarantee deposits received	1,552	3,135
Total other non-current liabilities	363,408	328,700
Total non-current liabilities	2,288,770	2,418,696
Total liabilities	5,567,487	5,203,082
Equity
Equity attributable to owners of parent
Share capital
Ordinary share	2,979,639	2,979,639
Total capital stock	2,979,639	2,979,639
Capital surplus
Total capital surplus	728,388	616,474
Retained earnings
Legal reserve	676,380	605,831
Special reserve	204,742	246,690
Unappropriated retained earnings (accumulated deficit)
Total unappropriated retained earnings (accumulated deficit)	1,823,946	1,337,000
Total retained earnings	2,705,068	2,189,521
Other equity interest
Total other equity interest	332,613	59,968
Total equity attributable to owners of parent	6,745,708	5,845,602
Non-controlling interests	2,045,871	1,368,684
Total equity	8,791,579	7,214,286
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
Total operating revenue	9,115,700	8,106,861
Operating costs
Total operating costs	6,061,453	5,611,372
Gross profit (loss) from operations	3,054,247	2,495,489
Gross profit (loss) from operations	3,054,247	2,495,489
Operating expenses
Selling expenses
Total selling expenses	820,972	750,137
Administrative expenses
Total administrative expenses	473,899	440,235
Research and development expenses
Total research and development expenses	226,139	188,074
Total operating expenses	1,521,010	1,378,446
Net operating income (loss)	1,533,237	1,117,043
Non-operating income and expenses
Other income
Interest income
Total interest income	68,589	48,652
Other income, others	43,641	46,611
Total other income	112,230	95,263
Other gains and losses
Foreign exchange gains	14,649	-8,137
Miscellaneous disbursements	40,941	20,921
Losses on disposals of property, plant and equipment	5,567	12,855
Other gains and losses, net	-31,859	-41,913
Finance costs
Interest expense	47,712	46,519
Finance costs, net	47,712	46,519
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	528	542
Total non-operating income and expenses	33,187	7,373
Profit (loss) from continuing operations before tax	1,566,424	1,124,416
Tax expense (income)
Total tax expense (income)	416,625	333,792
Profit (loss) from continuing operations	1,149,799	790,624
Profit (loss)	1,149,799	790,624
Other comprehensive income
Exchange differences on translation	368,169	325,372
Actuarial gains (losses) on defined benefit plans	-27,338	1,285
Other comprehensive income	-45,370	-47,051
Other comprehensive income, net	295,461	279,606
Total comprehensive income	1,445,260	1,070,230
Profit (loss), attributable to:
Profit (loss), attributable to owners of parent	979,717	705,491
Profit (loss), attributable to non-controlling interests	170,082	85,133
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent	1,235,138	935,174
Comprehensive income, attributable to non-controlling interests	210,122	135,056
Basic earnings per share
Total basic earnings per share	3.29	2.37
Diluted earnings per share
Total diluted earnings per share	3.28	2.36

Cash Flows

Unit: NTD/000

Consolidated	2014	2013
Cash flows from (used in) operating activities, indirect method
Profit (loss) from continuing operations before tax	1,566,424	1,124,416
Profit (loss) before tax	1,566,424	1,124,416
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expense	543,446	530,679
Amortization expense	13,704	12,275
Provision (reversal of provision) for bad debt expense	22,382	10,580
Interest expense	47,712	46,519
Interest income	-68,589	-48,652
Share of loss (profit) of associates and joint ventures accounted for using equity method	-528	-542
Loss (gain) on disposal of property, plan and equipment	5,148	11,546
Impairment loss on non-financial assets	29,078	62,821
Unrealized foreign exchange loss (gain)	-9,180	1,293
Other adjustments to reconcile profit (loss)	-3,021	-2,945
Total adjustments to reconcile profit (loss)	580,152	623,574
Changes in operating assets and liabilities
Changes in operating assets
Decrease (increase) in notes receivable	23,486	26,617
Decrease (increase) in accounts receivable	-77,407	-72,374
Decrease (increase) in other receivable	-53,088	-27,035
Decrease (increase) in inventories	117,905	-149,937
Decrease (increase) in other current assets	-29,731	43,942
Total changes in operating assets	-18,835	-178,787
Changes in operating liabilities
Increase (decrease) in notes payable	20,037	-35,117
Increase (decrease) in accounts payable	-20,785	-49,111
Increase (decrease) in other payable	84,350	104,270
Increase (decrease) in provisions	3,180	1,816
Increase (decrease) in other current liabilities	-27,091	49,936
Increase (decrease) in accrued pension liabilities	4,234	8,500
Total changes in operating liabilities	63,925	80,294
Total changes in operating assets and liabilities	45,090	-98,493
Total adjustments	625,242	525,081
Cash inflow (outflow) generated from operations	2,191,666	1,649,497
Interest received	68,589	48,652
Interest paid	-45,851	-45,178
Income taxes refund (paid)	-210,991	-189,672
Net cash flows from (used in) operating activities	2,003,413	1,463,299
Cash flows from (used in) investing activities
Proceeds from disposal of bond investments without active market	20,092	150,292
Acquisition of property, plant and equipment	-274,899	-448,061
Proceeds from disposal of property, plant and equipment	12,243	53,954
Decrease in refundable deposits	5,461	-1,011
Acquisition of investment properties	-13,091	-1,033,039
Decrease in other non-current assets	38,978	-1,021
Increase in prepayments for business facilities	-342,194	-377,626
Increase in other prepayments	-14,658	-31,901
Net cash flows from (used in) investing activities	-568,068	-1,688,413
Cash flows from (used in) financing activities
Decrease in short-term loans	222,283	-81,243
Proceeds from long-term debt	993,528	550,918
Repayments of long-term debt	-1,350,000	-157,496
Increase in guarantee deposits received	-1,637	94
Cash dividends paid	-446,946	-297,964
Change in non-controlling interests	593,243	-47,119
Net cash flows from (used in) financing activities	10,471	-32,810
Effect of exchange rate changes on cash and cash equivalents	50,870	95,226
Net increase (decrease) in cash and cash equivalents	1,496,686	-162,698
Cash and cash equivalents at beginning of period	2,064,386	2,227,084
Cash and cash equivalents at end of period	3,561,072	2,064,386
Cash and cash equivalents reported in the statement of financial position	3,561,072	2,064,386

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

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

Department

Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.02
UK Pound	1	Rs.99.89
Euro	1	Rs.73.92

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	TRU

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.