MIRA INFORM REPORT

 

 

Report No. :

506255

Report Date :

30.04.2018

 

 

IDENTIFICATION DETAILS

 

Name :

SAMYANG CORPORATION

 

 

Registered Office :

31, Jong-Ro 33-Gil, Jongno-Gu, Seoul, Korea 03129

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2017

 

 

Date of Incorporation :

03.11.2011

 

 

Com. Reg. No.:

101-86-66838

 

 

Legal Form :

Listed Company

 

 

Line of Business :

·         Manufacture of Sugar

Manufacture of Synthetic Resin and Other Plastic Materials

 

 

No. of Employees :

1,270

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

 

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Exist

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

South Korea

A1

A1

 

Risk Category

ECGC

Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

 

SOUTH KOREA - ECONOMIC OVERVIEW

 

After emerging from the 1950-53 war with North Korea, South Korea emerged as one of the 20th century’s most remarkable economic success stories, becoming a developed, globally connected, high-technology society within decades. In the 1960s, GDP per capita was comparable with levels in the poorest countries in the world. In 2004, South Korea joined the trillion-dollar club of world economies.

Beginning in the 1960s under President PARK Chung-hee, the government promoted the import of raw materials and technology, encouraged saving and investment over consumption, kept wages low, and directed resources to export-oriented industries that remain important to the economy to this day. Growth surged under these policies, and frequently reached double-digits in the 1960s and 1970s. Growth gradually moderated in the 1990s as the economy matured, but remained strong enough to propel South Korea into the ranks of the advanced economies of the OECD by 1997. These policies also led to the emergence of family-owned chaebol conglomerates such as Daewoo, Hyundai, and Samsung, which retained their dominant positions even as the government loosened its grip on the economy amid the political changes of the 1980s and 1990s.

The Asian financial crisis of 1997-98 hit South Korea’s companies hard because of their excessive reliance on short-term borrowing, and GDP ultimately plunged by 7% in 1998. South Korea tackled difficult economic reforms following the crisis, including restructuring some chaebols, increasing labor market flexibility, and opening up to more foreign investment and imports. These steps lead to a relatively rapid economic recovery. South Korea also began expanding its network of free trade agreements to help bolster exports, and has since implemented 16 free trade agreements covering 58 countries—including the United State and China—that collectively cover more than three-quarters of global GDP.

In 2017, the election of President MOON Jae-in brought a surge in consumer confidence, in part, because of his successful efforts to increase wages and government spending. These factors combined with an uptick in export growth to drive real GDP growth to more than 3%, despite disruptions in South Korea’s trade with China over the deployment of a US missile defense system in South Korea.

In 2018 and beyond, South Korea will contend with gradually slowing economic growth - in the 2-3% range - not uncommon for advanced economies. This could be partially offset by efforts to address challenges arising from its rapidly aging population, inflexible labor market, continued dominance of the chaebols, and heavy reliance on exports rather than domestic consumption. Socioeconomic problems also persist, and include rising inequality, poverty among the elderly, high youth unemployment, long working hours, low worker productivity, and corruption.

 

Source : CIA

 

 

 

Basic Information

 

Company Name

SAMYANG CORPORATION

Registered Address

31, Jong-ro 33-gil, Jongno-gu, Seoul, Korea

Building

--

Zip Code

03129

Tel

+82-2-740-7114

Fax

+82-2-743-7720

E-mail

dikim@samyang.com;syjin@samyang.com;skkwon@samyang.com

Website

www.samyang.com

Trading Address

31, Jong-ro 33-gil, Jongno-gu, Seoul, Korea

(Old Address System : 263, Yeonji-dong, Jongno-gu, Seoul, Korea)

Tel

+82-2-740-7114

Fax

+82-2-743-7720

Other Address-Sihwa Factory-PET Bottle Recycling

1697-6, Jeongwang 3-dong, Siheung-si, Gyeonggi-do, Korea

Tel

+82-31-497-0277

Fax

+82-31-497-0279

Other Address-Cheonan Feed Factory

195, Sou-ri, Seonggeo-eup, Cheonan-si, Chungcheongnam-do, Korea

Tel

+82-41-583-1500

Fax

+82-41-583-1504

Other Address-Ulsan Factory

360, Maeam-dong, Nam-gu, Ulsan, Korea

Tel

+82-52-279-4600

Fax

+82-52-279-4505

Other Address-Jeonju Factory

407, Palbokdong 3-ga, Deokjin-gu, Jeonju-si, Jeollabuk-do, Korea

Tel

+82-63-210-6611

Fax

+82-63-210-6622

Other Address-Daedeok Medical Factory-Patches, Medical Devices

48-4, Munpyeong-dong, Daedeok-gu, Daejeon, Korea

Tel

+82-42-931-5700

Fax

+82-42-931-6439

Other Address-Daejeon Factory-PET Bottles

78-3 Munpyeong-dong, Daedeok-gu, Daejeon, Korea

Tel

+82-42- 605-3114

Fax

+82-42- 931-1248

Other Address-Pyeongchang Factory-PET Bottles

San 139-1, Jinjo-ri, Bongpyeong-myeon, Pyeongchang-gun, Gangwon-do, Korea

Tel

+82-33-333-8444

Fax

+82-33-333-8443

Other Address-R&D Center

63-2 Hwaam-dong, Yuseong-gu, Daejeon, Korea

Tel

+82-42-865-8114

Fax

+82-42-865-8499

Type

Export/Import

Industry

Manufacture of Sugar

  Main Business

Sugar, Engineering Plastic, Assorted Feed

  Sub Business

Manufacture of Synthetic Resin and Other Plastic Materials

Established (mm/dd/yyyy)

11/03/2011

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Edible vegetable or plant oils(50151513)

Sell

Natural sugars or sweetening products(50161509)

Sell

Cereal flour(50221102)

Sell

Plastic bottles(24122002)

Sell

Miscellaneous drug categories(51210000)

Sell

Suture(42312201)

Sell

Fibers(11151500)

Sell

Yarns(11151700)

Sell

Baking mixes(50181708)

Sell

Polycarbonate PC(13102013)

Sell

Chocolate and sugars and sweetening products(50161500)

Sell

Baking mixes(50181708)

Sell

Syrups(50161512)

Buy

Paclitaxel(51111904)

Buy

Cereal flour(50221102)

Buy

Nitroglycerin(51121603)

Buy

Spices or extracts(50171550)

Buy

Olives(50171903)

 

 

CEO’s

 

Name

Moon Sung-Hwan

Date of Birth

01/08/1954

Title

President & CEO

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

53,299,365,000

Employees

1,270

Formation

Listed Company (Korea Stock Exchange: 145990) as of 12/05/2011

A Company of SAMYANG BUSINESS GROUP

Bank Details

Kookmin Bank

Woori Bank

Corporate Registered No.

110111-4720945

Business Registered No.

101-86-66838

Permit & Licenses

Int’l Trade No.: 30700622

Shareholder Position

Name

Shares

%

SAMYANG HOLDINGS CORPORATION(110111-0026181)

6,377,255

59.82

NATIONAL PENSION SERVICE(110171-0007134)

627,912

5.89

TREASURY STOCK

645,132

6.05

OTHERS

3,009,574

28.23

TOTAL

10,659,873

100.00

Company History

11/03/2011 Incorporated as the present name

01/01/2014 Acquired SAMYANG WELFOOD CORPORATION(120111-0356180)

11/01/2014 Split off Food Packing Business and established SAMYANG PACKAGING CORPORATION(110111-5554418)

11/01/2014 Acquired SAMYANG MILMAX CORPORATION(110111-0005309)

11/13/2015 Increased the authorized shares to 30,000,000 shares from 15,000,000 shares

01/04/2016 Acquired SAMYANG GENEX CO., LTD.(110111-0134463)

01/04/2016 Increased capital to 53,299,365,000 KRW from 31,506,495,000 KRW

11/01/2016 Transferred Industrial Materials Business to HUVIS CORPORATION(110111-2102070)

11/01/2016 Acquired International Trading Business from SAMYANG HOLDINGS CORPORATION(110111-0026181)

 

 

Management

 

Job Description

Name

Nationality

Date of Birth

Inauguration Date

Vice Chairman

Kim Won

Korean

03/05/1958

03/21/2018

Vice Chairman

Kim Ryang

Korean

06/01/1955

03/21/2018

President & CEO

Moon Sung-Hwan

Korean

01/08/1954

03/20/2014

Vice President & CEO

Park Soon-Cheol

Korean

02/07/1961

03/23/2017

Outside Director

Yoon Seok-Hoo

Korean

08/03/1953

01/04/2016

Outside Director

Kwon Ik-Hyun

Korean

05/17/1959

03/23/2017

Auditor

Kim Hyung-Gon

Korean

01/06/1948

03/23/2017

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

2017

1,624,179,958,115

1,656,219,183,572

25,578,992,178

2016

1,583,352,818,684

1,638,590,567,927

83,883,332,664

2015

1,169,694,370,051

1,023,111,634,722

-4,672,573,219

2014

1,264,340,289,064

1,056,718,149,526

28,534,470,323

2013

1,282,861,124,097

761,642,798,657

20,592,698,457

2012

1,312,354,919,008

799,572,399,137

21,925,409,408

2011

221,726,285,169

900,406,669,629

2,157,888,215

 

 

Financial Description

 

Authorized Capital(KRW)

150,000,000,000

Paid-Up Capital(KRW)

53,299,365,000

Total Issues Shares

10,659,873 (Common : 10,289,803 / Preferable : 370,070)

 

Balance Sheet

Unit : Korean Won

As of 12/31/2017

As of 12/31/2016

As of 12/31/2015

Total Assets

1,656,219,183,572

1,638,590,567,927

1,023,111,634,722

Current Assets

578,320,538,928

741,574,677,937

365,902,567,213

Cash & Cash Equivalents

24,214,572,162

164,984,394,449

64,383,709,954

Trade Receivables & Other Receivables

182,461,582,385

187,311,643,990

153,946,951,341

 Marketable Financial Instruments

22,460,275

38,758,222

-

Current Financial Instruments

170,564,540,811

182,866,380,466

6,427,850,908

Inventories

194,736,233,625

200,476,241,560

136,512,527,600

Other Current Assets

6,321,149,670

5,897,259,250

4,631,527,410

Non-Current Assets

1,077,898,644,644

897,015,889,990

657,209,067,509

Tangibles

649,097,593,839

621,991,477,199

456,158,837,265

Intangibles

8,773,158,660

10,558,932,354

6,471,713,359

Investment_Real Estates

4,431,139,112

4,503,704,113

4,576,269,114

Investment_Related Companies

207,510,492,889

142,114,624,738

125,387,711,239

Other Long-Term Receivables

19,296,038,335

15,223,081,122

11,758,039,228

Marketable Financial Instruments

188,340,836,795

102,136,427,338

52,368,074,228

Non-Current Financial Instruments

10,500,000

10,500,000

11,500,000

Other Non-Current Assets

438,885,014

477,143,126

476,923,076

Total Liabilities

598,354,877,721

594,588,692,350

419,976,486,708

Current Liabilities

312,971,618,184

477,384,832,200

307,889,857,542

Trade Payables & Other Payables

139,738,445,148

172,420,027,550

123,210,804,372

Short-Term Borrowings

126,873,236,052

239,261,082,325

147,620,765,325

Current Portion of Long-Term Debts

 

 

31,651,840

Other Current Financial Debts

2,582,317,621

1,947,038

361,648,372

Accrued Income Tax

6,595,128,139

19,797,484,475

7,599,360,482

Other Current Liabilities

37,182,491,224

45,904,290,812

29,065,627,151

Non-Current Liabilities

285,383,259,537

117,203,860,150

112,086,629,166

Other Long-Term Payables

5,719,724,423

6,389,730,942

6,724,427,275

Long-Term Borrowings

30,000,000,000

-

471,019,120

Debentures

189,544,860,925

49,897,196,340

49,864,135,385

Provision for Severance & Retirement

10,270,576,976

11,729,400,512

16,892,303,001

Deferred Income Tax Credit

47,990,299,472

47,484,507,458

37,889,645,412

Other Non-Current Liabilities

1,857,797,741

1,703,024,898

245,098,973

Capital Stock

53,299,365,000

53,299,365,000

31,506,495,000

Capital Surplus

855,392,922,259

855,392,922,259

480,687,287,548

Others

23,598,937,533

19,961,495,078

5,265,831,237

Profit Surplus

172,941,729,850

162,716,742,031

87,189,327,233

Capital Surplus

-47,368,648,791

-47,368,648,791

-1,513,793,004

Total Equity

1,057,864,305,851

1,044,001,875,577

603,135,148,014

Liab. & Shareholder’s Equity

1,656,219,183,572

1,638,590,567,927

1,023,111,634,722

 

Income Statement

Unit : Korean Won

As of 12/31/2017

As of 12/31/2016

As of 12/31/2015

Sales

1,624,179,958,115

1,583,352,818,684

1,169,694,370,051

Cost of Sold Goods

-1,351,234,013,176

-1,263,775,315,171

-965,620,623,589

Gross Profit

272,945,944,939

319,577,503,513

204,073,746,462

Selling Expenses

-184,487,327,054

-179,622,662,766

-125,328,351,435

Admin. Expenses

-38,339,028,174

-33,175,176,924

-23,682,257,413

Operating Income

50,119,589,711

106,779,663,823

55,063,137,614

Finance Income

9,483,571,583

15,293,134,831

9,866,224,139

Finance Expenses

-21,650,421,357

-12,681,265,561

-8,472,821,142

Others

-5,522,353,849

-

23,840,090,950

Non-Operating Income

41,784,906,026

46,113,281,206

-28,029,828,670

Non-Operating Expenses

-38,689,125,262

-46,048,954,130

52,266,802,891

Income Before Taxes

35,526,166,852

109,455,860,169

-12,413,149,761

Income Taxes Expenses

-9,947,174,674

-25,572,527,505

39,853,653,130

Net Income

25,578,992,178

83,883,332,664

-4,672,573,219

 

Cash Flows

Unit : Korean Won

As of 12/31/2017

As of 12/31/2016

As of 12/31/2015

Operating Activities Cash Flows

-98,553,328,724

117,516,273,260

-243,389,605

Cash Flows from Operating

-73,344,186,712

147,132,909,783

15,417,332,613

Interests Paid

-7,018,356,488

-3,562,163,694

-2,801,458,990

Interests Received

4,452,378,849

3,365,767,817

1,215,583,853

Dividends Received

1,145,132,933

431,651,825

264,274,495

Income Taxes Paid

-24,867,885,002

-29,891,057,515

-14,339,121,576

Income Taxes Received

1,079,587,696

39,165,044

-

Cash Flows from Investing

-208,442,599,560

-6,302,321,483

-41,893,050,995

Cash Inflow from Investing

205,043,943,873

272,044,002,720

23,103,448,261

Cash Outflows for Investing

-413,486,543,433

-278,346,324,203

-64,996,499,256

Cash Flows from Financing

166,675,635,131

-13,478,778,528

-8,970,314,546

Cash Inflows from Financing

182,176,049,981

-

26,519,240

Cash Outflows from Financing

-15,500,414,850

-13,478,778,528

-8,996,833,786

Increase/Decrease in Cash

-140,755,505,289

100,702,742,837

-51,097,954,462

Cash at the Beginning of Year

165,086,452,791

64,383,709,954

115,481,664,416

Cash at the End of Year

24,330,947,502

165,086,452,791

64,383,709,954

 

 

Products, Technologies, Services Description

 

Main Products & Services

Chemicals

Samyang's chemical operations are developing special purpose products and alternative materials to ensure that life in the future is convenient and resources remain plentiful. Areas of endeavor include engineering plastics, industrial fibers, PET bottles, PET Bottle recycling, ion exchange resins

Engineering Plastics : Industrial Fibers : PET Bottles : PET Bottle recycling : Ion Exchange Resins

 

Foodstuffs

Samyang supplies sugar, flour, baking mixes, vegetable oils, margarine, shortening, and other essential ingredients for delicious everyday meals. Novel ideas and consumer-oriented approaches are applied to deliver a unique, special customer satisfaction.

Sugar : Flour : Baking & Batter Mixes : Margarine, Shortening :

Vegetable Oils : Olive Oil : High Intensity Sweetener

 

Pharmaceuticals

Samyang is applying know-how acquired in the drug delivery system business as well as next-generation biopolymer technology to grow into a world-class pharmaceutical maker. Samyang is also partnering with companies with sophisticated technologies related to drug delivery formulations. Samyang already has an R&D subsidiary in the United States and continues to build its global research network

Patches : Medical devices : Anti-Cancers

 

Related Business

Samyang is involved in a wide range of other industries, too, such as feeds, trade. This diverse portfolio is improving customers' lives in many ways and bringing people closer together.

Mixed feeds : Trading

 

Brand Name: TRIBIT, TRIREX, TRILITE, TRIBON, TRIGRID

 

 

Trade Partners & Competitors

 

Suppliers

WATSON PHARMACEUTICAL,INC

Customers

NATIONAL AGRICULTURAL COOPERATIVE FEDERATION (NACF)

HANDOK PHARMACEUTICALS CO.,LTD(110111-0037005)

CJ CORP.(110111-0015639)

CHONGKUNDANG CO.,LTD (110111-0028955)

HYUNDAI PHARMACEUTICAL CO., LTD(124311-0000250)

Competitors

SUGAR- CJ CHEILJEDANG CORP.(110111-3748253), TS CORPORATION(120111-0018368)

ANIMAL FEED- CARGILL AGRI PURINA, INC.(110111-0296106), CJ CHEILJEDANG CORP.(110111-3748253)

CHEMICALS-HYOSUNG CORP., LOTTE, DOOSAN, LG CHEMICALS, CHEIL INDUSTRIES, GE, DOW, BAYER

ENGINEERING PLASTIC-BAYER, GE, TEIJIN

OTHERS-KOLON

 

 

Related Parties (Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates

SAMYANG HOLDINGS CORPORATION(110111-0026181)

SAMNAM PETROCHEMICAL CO., LTD.(110111-0557061)

SAMYANG DATA SYSTEMS INC.(110111-1153545)

SAMYANG INNOCHEM CO., LTD.(211111-0028151)

SAMYANG FINE TECHNOLOGY CORPORATION(211111-0040056)

SAMYANG BIOPHARMACEUTICALS CORPORATION(110111-4720953)

SAMYANG F&B CO., LTD.(110111-2376716)

SAM YANG KASEI CO., LTD.(110111-0614556)

HUVIS CORPORATION(110111-2102070)

KYUNGWON CONSTRUCTION CO., LTD.(131111-0000164)

 

SAMYANG RESEARCH CORPORATION

9520 S. STATE STREET SANDY, UTAH 84070, U.S.A.

TEL : +1-810-562-4300    FAX : +1-810-563-9501

 

AKINA, INC

Overseas Office

TOKYO BRANCH

THE HIBIYA MARINE BLDG. 8TH FL.1-5-1,YURAKUCHO, CHIYODA-KU,TOKYO 100-0006, JAPAN

TEL : +81-3-3501-2371 FAX : +81-3-3501-0220

 

NEW YORK OFFICE

405 LEXINGTON AVE., 33RD FLOOR (THE CHRYSLER BLDG.) NEW YORK, N.Y. 10174, U.S.A.

TEL : +1-212-972-0011 FAX : +1-212-972-0016

 

SHANGHAI OFFICE

ROOM 2603, FAR EAST INTERNATIONAL PLAZA, TOWER A NO.319 XIANXIA ROAD, SHANGHAI, 200051, P.R.CHINA

TEL : +86-21-6278-2300 FAX : +86-21-6278-9009

Joint Venture

SAMYANG FINE TECHNOLOGY CORPORATION(211111-0040056)

(50.00% held by the subject company)

Subsidiary

SAMYANG ENGINEERING PLASTICS(SHANGHAI) CO., LTD.

(100.00% held by the subject company)

131, SHUANGYING-LU, QINGPU GONGYEYUAN-QU, QINGPU-QU, SHANGHAI, P.R. CHINA

TEL : +86-21-6922-2086    FAX : +86-21-6922-2271

 

SAMYANG EP HUGARY

(100.00% held by the subject company)

H-5100 JASZBERENY, NECSO TELEP 1, HUNGARY

 

SAMYANG PACKAGING CORPORATION(110111-5554418)

(51.00% held by the subject company)

 

CRECHEM CO., LTD.(161211-0019042)

(100.00% held by the subject company)

 

JINHWANGDO SAMYANG GENEX FOOD CO., LTD.(CHINA)

(100.00% held by the subject company)

ZHEJIANG NAN ROAD5, ECONOMIC& TECHNICAL DEVELOPMENT EASTERN ZONE.QINHUANGDAO, P.R. CHINA

 

KCI LIMITED(124411-0011884)

(44.20% held by the subject company)

Corporate Ownership

SAMYANG HOLDINGS CORPORATION(110111-0026181)

Major Shareholders

SAMYANG HOLDINGS CORPORATION(110111-0026181)

Cooperative Enterprise

-Technical Support Agreement with

WATSON(USA)

 

-License Agreement with

MITSUBISHI CHEMICAL CORPORATION

 

-Sub-License Agreement with

SAMYANG FINE TECHNOLOGY CORPORATION(211111-0040056)

 

 

Sales by Region (Activity & Markets)

 

The Subject imports from USA, Australia, Argentina and Canada.

 

 

Court Action

 

Case No.

Court

Plaintiff(s)/ Creditor(s)/ Applicant(s)

Defendant(s)/ Debtor(s)/ Respondent(s)

Cause

Amount (KRW)

Status

 

 

16 Individuals

The Subject Company

Salaries

333,402,471

Proceeding

 

 

The Subject Company

Governor of Ulju, Ulsan City

Cancellation on Imposed Administrative Action

50,000,000

2nd round is proceeding

 

 

The Subject Company

Governor of Namgu Office, Ulsan City

Cancellation on Imposed Administrative Action

50,000,000

2nd round is proceeding

 

 

The Subject Company

Ministry of Public Procurement Service

Cancellation on Restriction of Bidding Positions

50,000,000

1st round is proceeding

 

 

The Subject Company

The Subject Company

Confirmation on not existing debts

4,965,981,954

1st round is proceeding

 

 

News Clipping

 

---------

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 66.78

UK Pound

1

INR 92.89

Euro

1

INR 80.74

KRW

1

INR 0.062

Note: Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRI

 

 

Report Prepared by :

NIT

 

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

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.