MIRA INFORM REPORT

 

 

Report Date :           

17.12.2011

 

IDENTIFICATION DETAILS

 

Name :

SUPSAN MOTOR SUPAPLARI SANAYI VE TICARET A.S.

 

 

Registered Office :

Halkali Cad. No:158 Sefakoy  Kucukcekmece Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2011

 

 

Year of Establishment :

1970

 

 

Com. Reg. No.:

115346

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of engine valves, valve guide and inlet valve o-ring

 

 

No. of Employees :

269 persons

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

1.720.000 EUR

 

 

Status :

Moderate

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Turkey

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY IDENTIFICATION

 

NAME

:

SUPSAN MOTOR SUPAPLARI SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Halkali Cad. No:158 Sefakoy  Kucukcekmece Istanbul / Turkey

PHONE NUMBER

:

90-212-336 32 00

 

FAX NUMBER

:

90-212-592 72 68

 

WEB-ADDRESS

:

www.supsan.com

E-MAIL

:

supsan@supsan.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Dis Ticaret

TAX NO

:

7840007852

REGISTRATION NUMBER

:

115346

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

1970

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   6.200.000

PAID-IN CAPITAL

:

TL   6.200.000

 

HISTORY

:

Previous Registered Capital

:

TL 600.000

Changed On

:

21.03.2006 (Commercial Gazette Date /Number 24.03.2006/ 6520)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Borusan Istikbal Tic. T.A.S.

40 %

Borusan Yatirim Ve Pazarlama A.S.

10 %

Borusan Holding A.S.

 

Others

 

 

 

GROUP PARENT COMPANY

:

BORUSAN HOLDING A.S.

 

SISTER COMPANIES

:

BALTALIMANI ENERJI YATIRIMLARI URETIM VE TICARET A.S.

BANDIRMA ENERJI VE ELEKTRIK URETIM TICARET A.S.

BEYKOZ ELEKTRIK SANAYI VE TICARET A.S.

BEYLERBEYI ENERJI YATIRIMLARI URETIM VE TICARET A.S.

BORCELIK CELIK SANAYII TICARET A.S.

BORUSAN BIRLIK DANISMANLIK VE ORGANIZASYON HIZMETLERI A.S.

BORUSAN DEMIR CELIK SANAYI VE TICARET A.S.

BORUSAN ELEKTRONIK MOTORLU ARACLAR ACIK ARTIRMA TICARETI ILETISIM VE BILGI HIZMETLERI A.S.

BORUSAN ENBW ENERJI YATIRIMLARI VE URETIM A.S.

BORUSAN HOLDING A.S.

BORUSAN ISTIKBAL TICARET TURK A.S.

BORUSAN KULTUR VE SANAT HIZMETLERI YAYINCILIK TICARET A.S.

BORUSAN LOJISTIK DAGITIM DEPOLAMA TASIMACILIK VE TICARET A.S.

BORUSAN MAKINA VE GUC SISTEMLERI SANAYI VE TICARET A.S.

BORUSAN MANNESMANN BORU SANAYI VE TICARET A.S.

BORUSAN MANNESMANN BORU YATIRIM HOLDING A.S.

BORUSAN MANNESMANN VOBARNO TUBI SPA

BORUSAN MUHENDISLIK INSAAT VE SANAYI MAKINALARI IMALAT A.S.

BORUSAN OTO SERVIS VE TICARET A.S.

BORUSAN OTOMOTIV ITHALAT VE DAGITIM A.S.

BORUSAN OTOMOTIV PAZARLAMA VE TICARET A.S.

BORUSAN PASLANMAZ CELIK BORU VE PROFIL SANAYI VE TICARET A.S.

BORUSAN SIGORTA ACENTELIGI A.S.

BORUSAN TEKNOLOJIK YATIRIMLAR HOLDING A.S.

BORUSAN YATIRIM VE PAZARLAMA A.S.

BURGAZ ENERJI YATIRIMLARI URETIM VE TICARET A.S.

DINC ENERJI MADENCILIK URETIM VE TICARET A.S.

DOGADAN ENERJI URETIM PAZARLAMA ITHALAT VE IHRACAT A.S.

DONUSUM ENERJI URETIM PAZARLAMA ITHALAT VE IHRACAT A.S.

ESENTEPE ENERJI YATIRIMLARI URETIM VE TICARET A.S.

ESKODA ENERJI URETIM PAZARLAMA ITHALAT VE IHRACAT A.S.

GLOBAL EMLAK YAPI TURIZM VE TICARET A.S.

GOKCEADA ENERJI YATIRIMLARI URETIM VE TICARET A.S.

GUNEY RUZGARI ELEKTRIK URETIM VE TICARET A.S.

HAZAL ELEKTRIK URETIM A.S.

HIDIV ELEKTRIK ENERJISI TOPTAN SATIS A.S.

INTEPE ELEKTRIK URETIM VE TICARET A.S.

KASIRGA ENERJI YATIRIMLARI VE URETIM A.S.

KERIM CELIK MAMULLERI IMALAT VE TICARET A.S.

KUZEYRUZGARI ENERJI URETIM VE TICARET A.S.

MARAY ENERJI SANAYI VE TICARET A.S.

MAYA ENERJI YATIRIMLARI A.S.

MELTEM ELEKTRIK URETIM VE TICARET A.S.

SITECH EURASIA TEKNOLOJI SERVIS VE TICARET A.S.

TAYFUN ELEKTRIK URETIM VE TICARET A.S.

TURKUAZ ELEKTRIK URETIM A.S.

VANIKOY ENERJI YATIRIMLARI URETIM VE TICARET A.S.

YEDIGOL HIDROELEKTRIK URETIM VE TICARET A.S.

YENI ENERJI ARASTIRMA GELISTIRME SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Cemil Bulent Demirciglu

Chairman

Agah Ugur

Vice-Chairman

Semih Abidin Ozmen

Member

Fatma Gulden Dogan

Member

Canan Celik

Member

 

 

DIRECTORS

:

Mehmet Salih Alson                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of engine valves, valve guide and inlet valve o-ring. 

 

NACE CODE

:

DM.34.30

 

TRADEMARKS OWNED

:

Supsan

 

NUMBER OF EMPLOYEES

:

269

 

NET SALES

:

26.344.120 TL

(2006) 

28.588.097 TL

(2007) 

33.828.419 TL

(2008) 

27.619.225 TL

(2009) 

31.190.440 TL

(2010) 

10.651.658 TL

(01.01-31.03.2011) 

 

 

 

CAPACITY

:

  ( units/yr)

 

 

 

8.164.800

 

 

(2006)

8.164.800

 

 

(2007)

8.164.800

 

 

(2008)

 

 

 

 

PRODUCTION

:

  ( units )

 

 

 

5.715.220

 

 

(2006)

6.416.737

 

 

(2007)

4.116.311

 

 

(01.01-30.06.2008)

 

 

 

 

IMPORT VALUE

:

4.659.918 EUR

(2006)

6.482.213 EUR

(2007)

8.600.000 USD

(2008)

3.350.000 USD

(2009)

 

 

IMPORT COUNTRIES

:

Italy

U.S.A.

Germany

 

MERCHANDISE IMPORTED

:

Machinery spare parts

Raw materials

 

EXPORT VALUE

:

17.825.884 TL

(2006)

19.857.612 TL

(2007)

22.629.770 TL

(2008)

17.995.348 TL

(2009)

15.872.371 TL

(2010)

5.257.570 TL

(01.01-31.03.2011)

 

 

EXPORT COUNTRIES

:

Italy

Germany

France

Netherlands

U.S.A.

Romania

 

MERCHANDISE  EXPORTED

:

Spare parts

Valves

 

HEAD OFFICE ADDRESS

:

Halkali Cad. No:158 Sefakoy  Kucukcekmece  Istanbul / Turkey ( owned )

 

BRANCHES

:

Head Office/Factory  :  Halkali Cad. No:158 Sefakoy  Kucukcekmece Istanbul/Turkey (owned) (20.000 sqm)

                                                                                

INVESTMENTS

:

Machinery investments are going on.

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2010.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Sefakoy Branch

Garanti Bankasi Istanbul Kurumsal Branch

T. Is Bankasi Maslak Branch

Turk Ekonomi Bankasi Sefakoy Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about a few payment delays in the former years some of which were resolved later on but no payment delays have come to our knowledge in the last years.

 

KEY FINANCIAL ELEMENTS

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(01.01-31.03.2011) TL

Net Sales

28.588.097

33.828.419

27.619.225

31.190.440

10.651.658

Profit (Loss) Before Tax

-65.020

-143.320

2.169.443

2.305.526

1.364.312

Stockholders' Equity

7.407.349

7.264.029

9.433.471

9.990.377

10.317.600

Total Assets

19.844.967

19.491.635

19.309.384

18.773.888

22.430.515

Current Assets

11.295.244

11.240.889

11.675.160

11.244.218

14.704.987

Non-Current Assets

8.549.723

8.250.746

7.634.224

7.529.670

7.725.528

Current Liabilities

10.002.878

11.845.106

9.493.413

8.401.011

11.730.415

Long-Term Liabilities

2.434.740

382.500

382.500

382.500

382.500

Gross Profit (loss)

4.512.489

8.392.015

8.303.208

8.158.351

3.420.505

Operating Profit (loss)

251.590

3.360.515

3.860.098

2.580.718

1.869.675

Net Profit (loss)

-65.020

-143.320

2.169.443

1.847.225

1.364.312

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 31.03.2011

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties.

 

Liquidity

Fair As of 31.03.2011

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity.

Profitability

Low Operating Profitability  in 2007

Net Loss  in 2007

High Operating Profitability  in 2008

Net Loss  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

Good Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability (01.01-31.03.2011)

High Net Profitability (01.01-31.03.2011)

 

Gap between average collection and payable periods

Favorable in 01.01-31.03.2011

General Financial Position

Fair

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 1.720.000 EUR may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-31.03.2011)

5,40 %

1,5753

2,1664

2,5072

 ( 01.01-30.11.2011)

12,20 %

1,6616

2,3280

2,6658

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.03.2011 )  TL

 

CURRENT ASSETS

11.295.244

0,57

11.240.889

0,58

11.675.160

0,60

11.244.218

0,60

14.704.987

0,66

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

46.344

0,00

137.019

0,01

1.021.977

0,05

87.540

0,00

2.093.476

0,09

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

2.721.691

0,14

2.293.401

0,12

3.015.435

0,16

3.964.957

0,21

4.247.043

0,19

Other Receivable

28.423

0,00

13.545

0,00

16.461

0,00

14.599

0,00

19.551

0,00

Inventories

7.877.009

0,40

8.253.153

0,42

6.962.479

0,36

6.519.412

0,35

7.160.062

0,32

Advances Given

46.113

0,00

20.687

0,00

29.178

0,00

33.750

0,00

18.925

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

575.664

0,03

523.084

0,03

629.630

0,03

623.960

0,03

1.165.930

0,05

NON-CURRENT ASSETS

8.549.723

0,43

8.250.746

0,42

7.634.224

0,40

7.529.670

0,40

7.725.528

0,34

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

272.709

0,01

46.752

0,00

71.297

0,00

64.928

0,00

66.708

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

8.143.409

0,41

8.048.525

0,41

7.484.084

0,39

7.373.353

0,39

7.537.407

0,34

Intangible Assets

126.323

0,01

152.470

0,01

78.843

0,00

91.389

0,00

121.413

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

7.282

0,00

2.999

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

19.844.967

1,00

19.491.635

1,00

19.309.384

1,00

18.773.888

1,00

22.430.515

1,00

CURRENT LIABILITIES

10.002.878

0,50

11.845.106

0,61

9.493.413

0,49

8.401.011

0,45

11.730.415

0,52

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

5.814.701

0,29

8.288.471

0,43

6.201.994

0,32

4.703.919

0,25

4.890.605

0,22

Accounts Payable

3.135.660

0,16

1.953.400

0,10

2.065.252

0,11

2.207.409

0,12

3.704.120

0,17

Loans from Shareholders

89.440

0,00

89.440

0,00

89.440

0,00

7.146

0,00

923.271

0,04

Other Short-term Payable

180.550

0,01

552.424

0,03

141.876

0,01

181.408

0,01

275.698

0,01

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

539.078

0,03

370.082

0,02

294.001

0,02

382.599

0,02

439.267

0,02

Provisions

243.201

0,01

591.289

0,03

487.337

0,03

917.919

0,05

1.206.563

0,05

Other Current Liabilities

248

0,00

0

0,00

213.513

0,01

611

0,00

290.891

0,01

LONG-TERM LIABILITIES

2.434.740

0,12

382.500

0,02

382.500

0,02

382.500

0,02

382.500

0,02

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

2.052.240

0,10

0

0,00

0

0,00

0

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

382.500

0,02

382.500

0,02

382.500

0,02

382.500

0,02

382.500

0,02

STOCKHOLDERS' EQUITY

7.407.349

0,37

7.264.029

0,37

9.433.471

0,49

9.990.377

0,53

10.317.600

0,46

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

6.200.000

0,31

6.200.000

0,32

6.200.000

0,32

6.200.000

0,33

6.200.000

0,28

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

1.272.369

0,06

1.272.369

0,07

1.272.369

0,07

1.943.152

0,10

2.753.288

0,12

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

-65.020

0,00

-208.341

-0,01

0

0,00

0

0,00

Net Profit (loss)

-65.020

0,00

-143.320

-0,01

2.169.443

0,11

1.847.225

0,10

1.364.312

0,06

TOTAL LIABILITIES AND EQUITY

19.844.967

1,00

19.491.635

1,00

19.309.384

1,00

18.773.888

1,00

22.430.515

1,00

 

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-31.03.2011) TL

 

Net Sales

28.588.097

1,00

33.828.419

1,00

27.619.225

1,00

31.190.440

1,00

10.651.658

1,00

Cost of Goods Sold

24.075.608

0,84

25.436.404

0,75

19.316.017

0,70

23.032.089

0,74

7.231.153

0,68

Gross Profit

4.512.489

0,16

8.392.015

0,25

8.303.208

0,30

8.158.351

0,26

3.420.505

0,32

Operating Expenses

4.260.899

0,15

5.031.500

0,15

4.443.110

0,16

5.577.633

0,18

1.550.830

0,15

Operating Profit

251.590

0,01

3.360.515

0,10

3.860.098

0,14

2.580.718

0,08

1.869.675

0,18

Other Income

326.025

0,01

597.697

0,02

440.848

0,02

424.017

0,01

28.623

0,00

Other Expenses

427.653

0,01

1.199.491

0,04

1.167.573

0,04

594.172

0,02

163.752

0,02

Financial Expenses

214.982

0,01

2.902.041

0,09

963.930

0,03

105.037

0,00

370.234

0,03

Minority Interests

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

-65.020

0,00

-143.320

0,00

2.169.443

0,08

2.305.526

0,07

1.364.312

0,13

Tax Payable

0

0,00

0

0,00

0

0,00

458.301

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-65.020

0,00

-143.320

0,00

2.169.443

0,08

1.847.225

0,06

1.364.312

0,13

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

(01.01-31.03.2011)

LIQUIDITY RATIOS

 

 

 

 

 

Current Ratio

1,13

0,95

1,23

1,34

1,25

Acid-Test Ratio

0,28

0,21

0,43

0,48

0,54

Cash Ratio

0,00

0,01

0,11

0,01

0,18

ASSET STRUCTURE RATIOS

 

 

 

 

 

Inventory/Total Assets

0,40

0,42

0,36

0,35

0,32

Short-term Receivable/Total Assets

0,14

0,12

0,16

0,21

0,19

Tangible Assets/Total Assets

0,41

0,41

0,39

0,39

0,34

TURNOVER RATIOS

 

 

 

 

 

Inventory Turnover

3,06

3,08

2,77

3,53

1,01

Stockholders' Equity Turnover

3,86

4,66

2,93

3,12

1,03

Asset Turnover

1,44

1,74

1,43

1,66

0,47

FINANCIAL STRUCTURE

 

 

 

 

 

Stockholders' Equity/Total Assets

0,37

0,37

0,49

0,53

0,46

Current Liabilities/Total Assets

0,50

0,61

0,49

0,45

0,52

Financial Leverage

0,63

0,63

0,51

0,47

0,54

Gearing Percentage

1,68

1,68

1,05

0,88

1,17

PROFITABILITY RATIOS

 

 

 

 

 

Net Profit/Stockholders' Eq.

-0,01

-0,02

0,23

0,18

0,13

Operating Profit Margin

0,01

0,10

0,14

0,08

0,18

Net Profit Margin

0,00

0,00

0,08

0,06

0,13

Interest Cover

0,70

0,95

3,25

22,95

4,68

COLLECTION-PAYMENT

 

 

 

 

 

Average Collection Period (days)

37,71

24,90

40,23

46,51

145,79

Average Payable Period (days)

46,89

27,65

38,49

34,50

184,41

WORKING CAPITAL

1292366,00

-604217,00

2181747,00

2843207,00

2974572,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.81

UK Pound

1

Rs.82.00

Euro

1

Rs.68.81

 

 

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.