MIRA INFORM REPORT

Report No. :	342428
Report Date :	30.09.2015

IDENTIFICATION DETAILS

Name :	STANDARD CHEM. & PHARM. CO., LTD.
Registered Office :	No.6-20, Tu-Ku, Tu-Ku Village, Xinying Dist., Tainan City 730
Country :	Taiwan
Financials (as on) :	31.12.2014
Date of Incorporation :	30.06.1967
Com. Reg. No.:	71122503
Legal Form :	Joint Stock Company
Line of Business :	Subject is engaged in manufacturing and sale of pharmaceuticals, medical products.
No. of Employee :	About 1,085 (As of 26.05.2015)

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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

Contact Points

Company Name:	Standard Chem. & Pharm. Co., Ltd.
Supplied Name:	STANDARD CHEM AND PHARM CO LTD
Trading Address:	No.6-20, Tu-Ku, Tu-Ku Village, Xinying Dist., Tainan City 730, Taiwan (R.O.C.)
Supplied Address:	NO 154 KAIYUAN ROAD SINYING DISTRICT TAINAN CITY 73055
Telephone Number:	+886-6-636-1511
Fax Number:	+886-6-632-9953
E-mail:	info@standard.com.tw

Notes: The supplied address belongs to subject’s factory, the exact name and address are as above.

Company Identification Details

Registered Name:	STANDARD CHEM. & PHARM. CO., LTD.
Registered Address:	No.6-20, Tu-Ku, Tu-Ku Village, Xinying Dist., Tainan City 730, Taiwan (R.O.C.)
Date of Foundation:	1967-6-30
Registration Number:	71122503
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C
Registered Capital:	NTD 2,000,000,000 (USD 64,000,000) (As of 2015.09, 1 NTD = 0.032 USD)
Paid-up Capital:	NTD 1,786,960,890 (USD 57,182,748)
Legal Representatives:	Jincai Fan
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sale of pharmaceuticals, medical products.
Staff:	About 1,085 Employees (As of 2015-5-26)
Listed at Stock Exchange:	Yes; Stock Symbol: 1720
Date of Last Annual Return:	2015-7-3

History

Subject was incorporated on 1967-6-30 with registered number 71122503 as Joint Stock Company in Taiwan.

Subject listed on Taiwan Stock Exchange on 1995-12-12.

Corporate Structure

Factories

1
Address:	No.6-20, Tu-Ku, Tu-Ku Village, Xinying Dist., Tainan City 730, Taiwan (R.O.C.)
Date of Foundation:	1970-8-1
Date of Registration:	1970-8-1
Factory Registration Number:	99657710
Factory Manager:	Jincai Fan
Status:	In Production
Date of Last Annual Return:	2013-5-1
Major Products:	200 medicine and chemical product for medical use
2
Name:	The 2^nd Factory
Address:	No.154, Kaiyuan Road, Tu-Ku Village, Xinying Dist., Tainan City 730, Taiwan (R.O.C.)
Date of Foundation:	1989-8-4
Date of Registration:	1990-6-15
Factory Registration Number:	99657734
Factory Manager:	Jincai Fan
Status:	In Production
Date of Last Annual Return:	2014-10-8
Major Products:	087 animal feed 194 cosmetic 200 medicine and chemical product for medical use

Offices

1
Name:	Taipei Office
Address:	4F. , No.158 , Songjiang Rd. , Jhongshan District , Taipei City 10459 , Taiwan
Tel:	+886-2-2523-6641
Fax:	+886-2-2521-6352
2
Name:	Taichung Office
Address:	3F. , No.2-143 , Wucyuan Rd. , West District , Taichung City 40355 , Taiwan
Tel:	+886-4-2372-8785
Fax:	+886-4-2372-6286
3
Name:	Kaohsiung Office
Address:	3F. -1 , No.185 , Fuguo Rd. , Zuoying District , Kaohsiung City 81358 , Taiwan
Tel:	+886-7-557-5357
Fax:	+886-7-557-6341

Major Related Companies

Multipower Enterprise Corp.

Syntech Chemicals Inc

Syngen Biotech, Inc

Stason Pharmaceuticals, Inc

Adv Pharma Inc

Sunstar Chem. & Pham. Corp

Inforight Tech Co., Ltd

Boscogen Inc

Shareholders

Major Shareholders

Name	Subscription Shares
Jincai Fan	20,936,813
Fan Daonan Culture and Education Foundation	5,103,881
Yuanfeng Gao	16,182
Cuiwen Ye	1,340,669

Management Information

Core Management

Directors

1
Name	Jincai Fan
Position	Board Chairman
2
Name	Ziting Fan
Position	Manager
Date of Appointment	2008-7-1
3
Name	Fan Daonan Culture and Education Foundation
Position	Director
4
Name	Yuande Li
Position	Director
5
Name	Jinlin Zhou
Position	Independent Director
6
Name	Linyu Li
Position	Independent Director
7
Name	Yuanfeng Gao
Position	Supervisor
8
Name	Cuiwen Ye
Position	Supervisor

Personnel Structure

Total Employees

About 1,085 Employees (As of 2015-5-26)

Operation Information

Offices & Factories

	Headquarters
Add	No.6-20, Tu-Ku, Tu-Ku Village, Xinying Dist., Tainan City 730, Taiwan (R.O.C.)

Production Information

l Subject is engaged in manufacturing of pharmaceuticals, medical products and etc

l Subject has two factories in Taiwan for production. it is introduced that subject’s related companies has plants in the mainland of China for production. It is introduced that subject has related companies in USA, the mainland of China which were mainly engaged in researching and development.

l Subject obtained the certification of ISO 9001, ISO14001, OHSAS 18001GMP and FDA, etc.

Purchase Information

l The registered activities of subject:

Business Code	Details
C110010	Manufacturing of beverage
F102040	Wholesale of beverage
C199990	Manufacturing of other unclassified food
F102170	Wholesale of food and grocery
F203010	Retail of food and beverage
C201010	Manufacturing of feed
F103010	Wholesale of feed
F202010	Retail of feed
C801110	Manufacturing of fertilizer
F107050	Wholesale of fertilizer
F207050	Retail of fertilizer
C802041	Manufacturing of western medicine
F108021	Wholesale of western medicine
F208021	Retail of western medicine
C802051	Manufacturing of traditional Chinese medicine
F108011	Wholesale of traditional Chinese medicine
F208011	Retail of traditional Chinese medicine
C802100	Manufacturing of cosmetic
F108040	Wholesale of cosmetic
F208040	Retail of cosmetic
CE01010	Manufacturing of general instrument
CF01011	Manufacturing of medical equipment
F108031	Wholesale of medical equipment
F208031	Retail of medical equipment
C802060	Manufacturing of animal medicine
F107070	Wholesale of animal medicine
F207070	Retail of animal medicine
F401010	International trade business
H701040	Developing of specialization region
H701060	Developing of new town and new community
I103060	Management consulting business
ZZ99999	Besides licensed business, all other business items those are not banned or restricted

l Subject purchases its raw materials and etc both at home and abroad.

l It is introduced that subject imports some raw materials and etc from Japan, Europe and etc.

Sales Information

l The subject is mainly engaged in sales of pharmaceuticals, medical products and etc

l Subject’s products are veterinary additives, health tea bags, yogurt, traditional Chinese medicines, concentrated Chinese medicines, pregnancy kit and control substances, etc.

l Subject’s sales regions include China, Japan, Philippines, Vietnam, Thailand, South Korea, Europe, USA and etc.

l Subject’s major customers are hospital, clinic, healthcare centre, and pharmacy industry, food processing industry and etc.

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

l It is introduced that subject has cooperated with many customers such as “Lactalis”, “Stason “

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

1. Domestic Purchase

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

2. Import

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

Sales

1. Domestic Markets

Product	Pharmaceuticals, etc.
Selling Terms	Cash, T/T and etc

2. Export

Product	Pharmaceuticals, etc.
Selling Terms	L/C, T/T and 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	543,233	767,941
Current financial assets at fair value through profit or loss
Total current financial assets at fair value through profit or loss	164,537	243,389
Current available-for-sale financial assets
Current available-for-sale financial assets, net	15,056	0
Notes receivable, net
Notes receivable, net	293,075	297,373
Accounts receivable, net
Accounts receivable, net	597,731	549,975
Other receivables
Other receivables, net	3,540	22,019
Inventories
Total inventories	749,687	555,470
Prepayments
Total prepayments	84,457	187,952
Total current assets	2,451,316	2,624,119
Non-current assets
Non-current available-for-sale financial assets
Non-current available-for-sale financial assets, net	335,031	212,082
Non-current financial assets at cost
Non-current financial assets at cost, net	34,147	34,147
Investments accounted for using equity method
Investments accounted for using equity method, net	226,614	189,407
Property, plant and equipment
Total property, plant and equipment	1,950,608	1,947,030
Intangible assets
Total intangible assets	145,910	147,802
Deferred tax assets	102,239	100,967
Other non-current assets
Prepayments for business facilities	45,385	18,806
Guarantee deposits paid	11,157	12,591
Other non-current financial assets
Total other non-current financial assets	3,349	0
Long-term prepaid rents	61,115	60,303
Other non-current assets, others
Total other non-current assets, others	7,776	5,939
Total other non-current assets	128,782	97,639
Total non-current assets	2,923,331	2,729,074
Total assets	5,374,647	5,353,193
Liabilities
Current liabilities
Short-term borrowings
Total short-term borrowings	60,968	215,255
Short-term notes and bills payable
Total short-term notes and bills payable	109,990	79,942
Notes payable
Total notes payable	267,379	208,090
Accounts payable
Total accounts payable	101,449	136,483
Other payables
Total other payables	334,709	321,646
Current tax liabilities	47,179	45,560
Other current liabilities
Advance receipts
Total advance receipts	103,647	82,596
Long-term liabilities, current portion
Total long-term liabilities, current portion	28,000	40,000
Total other current liabilities	131,647	122,596
Total current liabilities	1,053,321	1,129,572
Non-current liabilities
Long-term borrowings
Total long-term borrowings	180,750	127,000
Deferred tax liabilities
Total deferred tax liabilities	63,825	62,476
Other non-current liabilities
Accrued pension liabilities	468,564	451,448
Guarantee deposits received	2,435	240
Total other non-current liabilities	470,999	451,688
Total non-current liabilities	715,574	641,164
Total liabilities	1,768,895	1,770,736
Equity
Equity attributable to owners of parent
Share capital
Ordinary share	1,786,961	1,786,961
Total capital stock	1,786,961	1,786,961
Capital surplus
Capital surplus, additional paid-in capital
Total capital surplus, additional paid-in capital	411,397	411,397
Capital surplus, difference between consideration and carrying amount of subsidiaries acquired or disposed	9,045	0
Capital surplus, changes in equity of associates and joint ventures accounted for using equity method	3,460	0
Capital surplus, share options	0	0
Total capital surplus	423,902	411,397
Retained earnings
Legal reserve	442,366	412,527
Unappropriated retained earnings (accumulated deficit)
Total unappropriated retained earnings (accumulated deficit)	437,144	547,081
Total retained earnings	879,510	959,608
Other equity interest
Exchange differences on translation of foreign financial statements
Total exchange differences on translation of foreign financial statements	15,647	4,992
Unrealized gains (losses) on available-for-sale financial assets
Total unrealized gains (losses) on available-for-sale financial assets	198,508	128,284
Total other equity interest	214,155	133,276
Total equity attributable to owners of parent	3,304,528	3,291,242
Non-controlling interests	301,224	291,215
Total equity	3,605,752	3,582,457
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	3,295,656	3,053,983
Operating costs
Total operating costs	1,847,958	1,756,385
Gross profit (loss) from operations	1,447,698	1,297,598
Gross profit (loss) from operations	1,447,698	1,297,598
Operating expenses
Selling expenses
Total selling expenses	539,385	510,667
Administrative expenses
Total administrative expenses	288,219	295,311
Research and development expenses
Total research and development expenses	242,770	226,429
Total operating expenses	1,070,374	1,032,407
Net operating income (loss)	377,324	265,191
Non-operating income and expenses
Other income
Total other income	67,654	93,388
Other gains and losses
Other gains and losses, net	25,130	16,780
Finance costs
Finance costs, net	6,353	9,589
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	-5,161	3,149
Total non-operating income and expenses	81,270	103,728
Profit (loss) from continuing operations before tax	458,594	368,919
Tax expense (income)
Total tax expense (income)	74,864	63,570
Profit (loss) from continuing operations	383,730	305,349
Profit (loss) from discontinued operations
Total profit (loss) from discontinued operations	0	-206
Profit (loss)	383,730	305,143
Other comprehensive income
Exchange differences on translation	10,655	12,587
Unrealised gains (losses) on valuation of available-for-sale financial assets	71,159	44,966
Actuarial gains (losses) on defined benefit plans	-5,850	46,714
Income tax related to components of other comprehensive income	-1,274	8,205
Other comprehensive income, net	77,238	96,062
Total comprehensive income	460,968	401,205
Profit (loss), attributable to:
Profit (loss), attributable to owners of parent	374,235	298,386
Profit (loss), attributable to non-controlling interests	9,495	6,757
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent	447,521	394,448
Comprehensive income, attributable to non-controlling interests	13,447	6,757
Basic earnings per share
Basic earnings (loss) per share from continuing operations	2.09	1.73
Basic earnings (loss) per share from discontinued operations	0	0
Total basic earnings per share	2.09	1.73
Diluted earnings per share
Diluted earnings (loss) per share from continuing operations	2.09	1.71
Diluted earnings (loss) per share from discontinued operations	0	0
Total diluted earnings per share	2.09	1.71

Cash Flows

Unit: NTD/000

Consolidated	2014	2013
Cash flows from (used in) operating activities, indirect method
Profit (loss) from continuing operations before tax	458,594	368,919
Profit (loss) from discontinued operations before tax	0	-206
Profit (loss) before tax	458,594	368,713
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expense	146,124	134,964
Amortization expense	6,438	6,298
Provision (reversal of provision) for bad debt expense	10,178	5,074
Net loss (gain) on financial assets or liabilities at fair value through profit or loss	-1,630	-166
Interest expense	6,353	9,589
Interest income	-3,946	-4,397
Dividend income	-7,186	-7,259
Share of loss (profit) of associates and joint ventures accounted for using equity method	5,161	-3,149
Loss (gain) on disposal of property, plan and equipment	610	1,945
Property, plan and equipment transferred to expenses	1,423	0
Loss (gain) on disposal of non-current assets classified as held for sale	0	0
Loss (gain) on disposal of investments	-788	45
Impairment loss on non-financial assets	2,630	0
Other adjustments to reconcile profit (loss)	10,834	-15,876
Total adjustments to reconcile profit (loss)	176,201	127,068
Changes in operating assets and liabilities
Changes in operating assets
Decrease (increase) in financial assets held for trading	80,482	-19,632
Decrease (increase) in notes receivable	4,369	87,571
Decrease (increase) in accounts receivable	-58,005	-27,780
Decrease (increase) in other receivable	18,393	-13,407
Decrease (increase) in inventories	-208,311	-12,463
Decrease (increase) in prepayments	103,495	-118,276
Decrease (increase) in other operating assets	-1,027	0
Total changes in operating assets	-60,604	-103,987
Changes in operating liabilities
Increase (decrease) in notes payable	68,742	-27,335
Increase (decrease) in accounts payable	-35,034	42,263
Increase (decrease) in other payable	9,443	71,496
Increase (decrease) in receipts in advance	21,051	9,011
Increase (decrease) in accrued pension liabilities	12,540	4,423
Increase (decrease) in other operating liabilities	0	-3,702
Total changes in operating liabilities	76,742	96,156
Total changes in operating assets and liabilities	16,138	-7,831
Total adjustments	192,339	119,237
Cash inflow (outflow) generated from operations	650,933	487,950
Interest received	4,032	4,241
Dividends received	7,186	7,259
Interest paid	-6,678	-4,040
Income taxes refund (paid)	-73,168	-59,954
Net cash flows from (used in) operating activities	582,305	435,456
Cash flows from (used in) investing activities
Acquisition of available-for-sale financial assets	-66,846	0
Proceeds from disposal of available-for-sale financial assets	0	2,015
Acquisition of financial assets at cost	0	-1,303
Proceeds from disposal of financial assets at cost	788	-182
Proceeds from capital reduction of financial assets at cost	0	1,755
Acquisition of investments accounted for using equity method	-40,359	-173,518
Proceeds from disposal of non-current assets classified as held for sale	0	0
Acquisition of property, plant and equipment	-113,475	-390,727
Proceeds from disposal of property, plant and equipment	1,073	7,976
Decrease in refundable deposits	1,434	6,745
Acquisition of intangible assets	-6,429	-38,325
Increase in other financial assets	-3,349	0
Increase in prepayments for business facilities	-57,624	29
Decrease in other prepayments	0	0
Other investing activities	-1,079	-10,115
Net cash flows from (used in) investing activities	-285,866	-595,650
Cash flows from (used in) financing activities
Increase in short-term loans	0	0
Decrease in short-term loans	-154,287	-37,190
Increase in short-term notes and bills payable	30,000	-10,000
Proceeds from long-term debt	81,750	127,000
Repayments of long-term debt	-40,000	-10,000
Increase in guarantee deposits received	2,195	-2,144
Cash dividends paid	-446,740	-203,749
Change in non-controlling interests	-3,438	-15,585
Other financing activities	0	0
Net cash flows from (used in) financing activities	-530,520	-151,668
Effect of exchange rate changes on cash and cash equivalents	9,373	116,709
Net increase (decrease) in cash and cash equivalents	-224,708	-195,153
Cash and cash equivalents at beginning of period	767,941	963,094
Cash and cash equivalents at end of period	543,233	767,941
Cash and cash equivalents reported in the statement of financial position	543,233	767,941

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

1
Name	Industrial Bank of Taiwan
2
Name	China Development Industrial Bank

Public Record

Mortgage

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

Lawsuit

1
Trial Number:	2011, Nanjian, 546
Date of Trial:	2011-7-4
Reason:	Payment for goods
Claimant:	Standard Chem. & Pharm. Co., Ltd.
Defendant:	Ming Sheng Chronic Rehabilitation Hospital (Literal Translation)
2
Trial Number:	2011, Nanxiao, 162
Date of Trial:	2011-3-22
Reason:	Payment for goods
Claimant:	Standard Chem. & Pharm. Co., Ltd.
Defendant:	Yi Jia Clinic (Literal Translation)

Special Note

Interview Details

Department

Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.18
UK Pound	1	Rs.100.46
Euro	1	Rs.74.61

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ASH

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.