MIRA INFORM REPORT

 

 

Report Date :           

28.11.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

SODA SANAYII A.S.

 

 

Registered Office :

Is Kuleleri Kule-3  4.Levent 34330 Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2011

 

 

Date of Incorporation :

16.10.1969

 

 

Com. Reg. No.:

495852

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of sodium carbonate, sodium bicarbonate, sodium dichromate, sodium sulphate, basic chromium sulphate, resintan, chromic acid

 

 

No. of Employees :

1.776 Persons

 

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

 

Maximum Credit Limit :

142.000.000 USD

 

 

Status :

Good

 

 

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

 

 

NOTES

:

Full name of the firm was missing at your inquiry.

 

 

COMPANY IDENTIFICATION

 

NAME

:

SODA SANAYII A.S.

HEAD OFFICE ADDRESS

:

Is Kuleleri Kule-3  4.Levent 34330 Istanbul / Turkey

PHONE NUMBER

:

90-212-350 50 50

 

FAX NUMBER

:

90-212-350 58 60

 

WEB-ADDRESS

:

www.sodakrom.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

7720023498

REGISTRATION NUMBER

:

495852

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

16.10.1969

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

AUTHORIZED CAPITAL

:

TL   500.000.000

PAID-IN CAPITAL

:

TL   254.100.000

 

HISTORY

:

Other Changes

:

The company was firstly established in Mersin and registered at Mersin Commercial Registry under the reg. no:2702.Then it moved to Istanbul and registered at Istanbul Commercial Registry under the reg. no:495852-443434.

Changed On

:

21.04.2003 (Commercial Gazette Date /Number 25.04.2003/ 5785)

Other Changes

:

The paid-in capital was increased from TL 62.630.000 to TL 201.433.624.

Changed On

:

04.10.2007 (Commercial Gazette Date /Number 09.10.2007/ 6912)

Other Changes

:

The authorized capital was increased to TL 500.000.000.

Changed On

:

24.04.2008 (Commercial Gazette Date /Number 29.04.2008/ 7051)

Other Changes

:

The paid-in capital was increased from TL 201.433.624 to TL 209.490.969.

Changed On

:

18.07.2008 (Commercial Gazette Date /Number 23.07.2008/ 7111)

Other Changes

:

The paid-in capital was increased from TL 209.490.969 to TL 231.000.000.

Changed On

:

12.06.2009 (Commercial Gazette Date /Number 17.06.2009/ 7334)

Other Changes

:

The paid-in capital was increased from TL 231.000.000 to TL 254.100.000.

Changed On

:

03.06.2010 (Commercial Gazette Date /Number 08.06.2010/ 7580)

 

 

OWNERSHIP / MANAGEMENT

 

NOTES ON OWNERSHIP / MANAGEMENT

:

Quoted at Stock Exchange.

 

 

SHAREHOLDERS

:

 

Turkiye Sise ve Cam Fabrikalari A.S.

70,77 %

Open to Public

14,95 %

Anadolu Cam Sanayii A.S.

14,24 %

Camis Madencilik A.S.

0,04 %

 

 

REMARKS ON SHAREHOLDERS

:

Turkiye Sise ve Cam Fabrikalari A.S. is a large and reputable company which is the parent company of “Sisecam” group of companies.

 

GROUP PARENT COMPANY

:

TURKIYE SISE VE CAM FABRIKALARI A.S.

 

SISTER COMPANIES

:

ANADOLU CAM SANAYII A.S.

ANADOLU CAM YENISEHIR SANAYI A.S.

ASMAS AGIR SANAYI MAKINALARI A.S.

CAM ELYAF SANAYII A.S.

CAMIS AMBALAJ SANAYI A.S.

CAMIS EGYPT MINING LTD CO

CAMIS ELEKTRIK URETIM A.S.

CAMIS LIMITED

CAMIS MADENCILIK A.S.

CAYIROVA CAM SANAYII A.S.

CROMITAL S.P.A.

DENIZLI CAM SANAYI VE TICARET A.S.

MADENCILIK SANAYI VE TICARET A.S.

OMCO ISTANBUL KALIP SANAYI VE TICARET A.S.

OXYVIT KIMYA SANAYI VE TICARET A.S.

PASABAHCE CAM SANAYII VE TICARET A.S.

PASABAHCE ESKISEHIR CAM SANAYI VE TICARET A.S.

PASABAHCE GLAS GMBH

PASABAHCE MAGAZALARI A.S.

POSUDA LIMITED

RUSCAM LTD

SINTAN KIMYA SANAYII VE TCARET A.S.

SISECAM (SHANGHAI) TRADING CO. LTD.

SISECAM BULGARIA LTD

SISECAM DIS TICARET A.S.

SISECAM SIGORTA ARACILIK HIZMETLERI A.S.

SISECAM SODA LUKAVAC D.O.O.

SOLVAY SISECAM HOLDING AG

TRAKYA CAM INVESTMENT B.V.

TRAKYA CAM SANAYII A.S.

TRAKYA GLASS BULGARIA EAD

TRAKYA GLASS KUBAN OOO

TRAKYA GLASS LOGISTICS EAD

TRAKYA INVESTMENT B.V.

TRAKYA POLATLI CAM SANAYII A.S.

TRAKYA YENISEHIR CAM SANAYII A.S.

TURKIYE SISE VE CAM FABRIKALARI A.S.

 

BOARD OF DIRECTORS

:

Sabahattin Gunceler

Chairman

Hilmi Selcuk Cepni

Vice-Chairman

Tahsin Burhan Ergene

Member

Gizep Sayin

Member

Aytac Saniye Mutluguller

Member

Candan Sevsevil Okay

Member

Zeynep Hansu Ucar

Member

 

 

DIRECTORS

:

Mehmet Gurbuz

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of sodium carbonate, sodium bicarbonate, sodium dichromate, sodium sulphate, basic chromium sulphate, resintan, chromic acid. 

 

NACE CODE

:

DG.24.13

 

SECTOR

:

Chemicals

 

NUMBER OF EMPLOYEES

:

1.776

 

NET SALES

:

21.349.699 TL

(1997) 

37.008.733 TL

(1998) 

62.140.299 TL

(1999) 

101.905.685 TL

(2000) 

204.448.664 TL

(2001) 

270.166.841 TL

(2002) 

275.642.783 TL

(2003) 

306.842.269 TL

(2004) 

335.318.616 TL

(2005) 

415.468.876 TL

(2006) 

456.563.091 TL

(2007) 

647.267.956 TL

(2008) 

623.445.243 TL

(2009) 

660.193.700 TL

(2010) 

638.823.855 TL

(01.01-30.09.2011) 

 

 

PRODUCTION

:

  ( ton )

 

 

 

1.180.421

 

 

(2008)

1.087.439

 

 

(2009)

1.374.269

 

 

(2010)

907.259

 

 

(01.01-30.09.2011)

 

 

 

 

IMPORT VALUE

:

36.369.267 USD

(2007)

176.067.223 TL

(2008)

110.050.427 TL

(2009)

141.613.857 TL

(2010)

125.392.328 TL

(01.01-30.09.2011)

 

 

IMPORT COUNTRIES

:

Germany

France

Spain

 

MERCHANDISE IMPORTED

:

Intermediary goods

Sulphide

 

EXPORT VALUE

:

57.974.353 USD

(1998)

80.018.099 USD

(1999)

73.189.294 USD

(2000)

74.686.863 USD

(2001)

84.040.535 USD

(2002)

84.840.702 USD

(2003)

96.634.470 USD

(2004)

117.886.103 USD

(2005)

197.038.194 TL

(2006)

236.587.586 TL

(2007)

318.283.764 TL

(2008)

364.918.054 TL

(2009)

430.836.120 TL

(2010)

398.931.879 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Free Zone

Russia

Belgium

Italy

Germany

Bosnia and Herzegovina

 

MERCHANDISE  EXPORTED

:

Chemicals

 

HEAD OFFICE ADDRESS

:

Is Kuleleri Kule-3  4.Levent 34330  Istanbul / Turkey 

 

BRANCHES

:

Factory  :  Kazanli Bucagi Yani PK 654 33004 Mersin/Turkey

 

Factory  :  Kazanli Bucagi Yani PK 421 33003 Mersin/Turkey

 

INVESTMENTS

:

Investments are going on.

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in  2010. There appears an upwards trend in  1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Garanti Bankasi Macka Kurumsal Branch

T. Halk Bankasi Mecidiyekoy Branch

T. Is Bankasi Mersin Branch

Turk Ekonomi Bankasi Gayrettepe Branch

Yapi ve Kredi Bankasi Maslak Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

 

Net Sales

647.267.956

623.445.243

660.193.700

638.823.855

 

Profit (Loss) Before Tax

59.076.803

64.508.413

90.412.525

164.047.505

 

Stockholders' Equity

495.600.607

540.997.080

615.423.055

751.268.604

 

Total Assets

864.027.773

913.357.852

944.769.329

1.159.414.717

 

Current Assets

300.113.714

338.881.616

354.453.868

499.864.893

 

Non-Current Assets

563.914.059

574.476.236

590.315.461

659.549.824

 

Current Liabilities

195.252.656

220.248.612

169.969.381

234.428.668

 

Long-Term Liabilities

173.174.510

152.112.160

159.376.893

173.717.445

 

Gross Profit (loss)

130.235.339

144.723.860

153.478.383

184.396.341

 

Operating Profit (loss)

62.861.662

74.920.932

84.947.415

125.886.002

 

Net Profit (loss)

46.025.181

46.086.928

69.474.703

130.309.641

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 30.09.2011

Liquidity

High As of 30.09.2011

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

High Operating Profitability  in 2008

High Net Profitability  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability (01.01-30.09.2011)

High Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 01.01-30.09.2011

General Financial Position

Good

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 142.000.000 USD may be granted to the subject company.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 1998 )

54,30 %

0,2657

0,2967

0,4410

 ( 1999 )

62,90 %

0,4278

0,4518

0,6843

 ( 2000 )

32,70 %

0,6251

0,5774

0,9480

 ( 2001 )

88,60 %

1,1991

1,0714

1,7300

 ( 2002 )

30,80 %

1,5168

1,3741

2,2001

 ( 2003 )

13,90 %

1,5302

1,7141

2,4982

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 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

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 01.01-31.10.2011)

11,48 %

1,6444

2,3157

2,6459

 

NOTES ON FINANCIAL STATEMENTS

:

Financial statements are consolidated..

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 30.09.2011 )  TL

 

CURRENT ASSETS

300.113.714

0,35

338.881.616

0,37

354.453.868

0,38

499.864.893

0,43

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

30.459.266

0,04

129.523.480

0,14

139.446.225

0,15

186.908.629

0,16

Marketable Securities

0

0,00

3.777.534

0,00

0

0,00

0

0,00

Account Receivable

91.904.798

0,11

105.021.117

0,11

110.748.287

0,12

146.537.543

0,13

Other Receivable

40.958.613

0,05

14.219.595

0,02

17.420.442

0,02

63.376.305

0,05

Inventories

117.437.901

0,14

72.344.086

0,08

67.211.298

0,07

76.876.747

0,07

Advances Given

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

19.353.136

0,02

13.995.804

0,02

19.627.616

0,02

26.165.669

0,02

NON-CURRENT ASSETS

563.914.059

0,65

574.476.236

0,63

590.315.461

0,62

659.549.824

0,57

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

33.408

0,00

34.361

0,00

61.564

0,00

161.034

0,00

Financial Assets

159.832.480

0,18

153.071.033

0,17

164.753.265

0,17

167.986.013

0,14

Tangible Fixed Assets (net)

393.315.814

0,46

411.273.344

0,45

421.203.976

0,45

471.317.868

0,41

Intangible Assets

1.617.781

0,00

3.257.427

0,00

2.540.298

0,00

1.895.381

0,00

Deferred Tax Assets

0

0,00

0

0,00

31

0,00

4.375

0,00

Other Non-Current Assets

9.114.576

0,01

6.840.071

0,01

1.756.327

0,00

18.185.153

0,02

TOTAL ASSETS

864.027.773

1,00

913.357.852

1,00

944.769.329

1,00

1.159.414.717

1,00

CURRENT LIABILITIES

195.252.656

0,23

220.248.612

0,24

169.969.381

0,18

234.428.668

0,20

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

97.626.719

0,11

129.506.664

0,14

59.071.903

0,06

49.954.843

0,04

Accounts Payable

56.998.779

0,07

45.361.603

0,05

48.059.675

0,05

60.740.684

0,05

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

17.831.472

0,02

21.660.032

0,02

34.978.548

0,04

76.653.772

0,07

Advances from Customers

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

Taxes Payable

5.850.883

0,01

4.948.955

0,01

7.057.488

0,01

15.085.617

0,01

Provisions

5.005.271

0,01

4.573.140

0,01

4.193.234

0,00

7.666.561

0,01

Other Current Liabilities

11.939.532

0,01

14.198.218

0,02

16.608.533

0,02

24.327.191

0,02

LONG-TERM LIABILITIES

173.174.510

0,20

152.112.160

0,17

159.376.893

0,17

173.717.445

0,15

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

133.422.027

0,15

113.112.673

0,12

121.821.736

0,13

138.747.134

0,12

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

391.705

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

22.334.171

0,03

21.092.729

0,02

18.955.542

0,02

16.442.670

0,01

Provisions

17.418.312

0,02

17.906.758

0,02

18.599.615

0,02

18.135.936

0,02

STOCKHOLDERS' EQUITY

495.600.607

0,57

540.997.080

0,59

615.423.055

0,65

751.268.604

0,65

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

209.490.969

0,24

231.000.000

0,25

254.100.000

0,27

254.100.000

0,22

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

1.489

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

8.136.238

0,01

8.099.499

0,01

5.467.744

0,01

7.467.961

0,01

Reserves

231.946.730

0,27

258.663.871

0,28

273.032.913

0,29

355.287.225

0,31

Revaluation Fund

0

0,00

-2.853.218

0,00

13.347.695

0,01

4.103.777

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

46.025.181

0,05

46.086.928

0,05

69.474.703

0,07

130.309.641

0,11

TOTAL LIABILITIES AND EQUITY

864.027.773

1,00

913.357.852

1,00

944.769.329

1,00

1.159.414.717

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

The financial statements of “SODA SANAYII A.S.” have been prepared by the consolidation of the financial statements of the following firms: Sisecam Soda Lukavac D.O.O. .(87,95 %), Asmas Agir Sanayi Makinalari A.S. (84,98%), Sisecam Bulgaria Ltd. (100%), Oxyvit Kimya Sanayi ve Ticaret A.S. (44%), Solvay Sisecam Holding AG. (25%), Cromital S.p.A. (50 %) , Sintan Kimya Sanayi ve Ticaret A.S. (48,92 %), Dost Gaz Depolama A.S (84,94 %)

 

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

647.267.956

1,00

623.445.243

1,00

660.193.700

1,00

638.823.855

1,00

Cost of Goods Sold

517.032.617

0,80

478.721.383

0,77

506.715.317

0,77

454.427.514

0,71

Gross Profit

130.235.339

0,20

144.723.860

0,23

153.478.383

0,23

184.396.341

0,29

Operating Expenses

67.373.677

0,10

69.802.928

0,11

68.530.968

0,10

58.510.339

0,09

Operating Profit

62.861.662

0,10

74.920.932

0,12

84.947.415

0,13

125.886.002

0,20

Other Income

5.893.281

0,01

0

0,00

48.484.505

0,07

76.168.096

0,12

Other Expenses

0

0,00

1.584.261

0,00

0

0,00

0

0,00

Financial Expenses

11.922.833

0,02

11.637.005

0,02

45.805.599

0,07

38.668.230

0,06

Minority Interests

2.244.693

0,00

2.808.747

0,00

2.786.204

0,00

661.637

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

59.076.803

0,09

64.508.413

0,10

90.412.525

0,14

164.047.505

0,26

Tax Payable

13.051.622

0,02

18.421.485

0,03

20.937.822

0,03

35.684.951

0,06

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

1.947.087

0,00

Net Profit (loss)

46.025.181

0,07

46.086.928

0,07

69.474.703

0,11

130.309.641

0,20

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(01.01-30.09.2011)

LIQUIDITY RATIOS

 

 

 

 

Current Ratio

1,54

1,54

2,09

2,13

Acid-Test Ratio

0,84

1,15

1,57

1,69

Cash Ratio

0,16

0,61

0,82

0,80

ASSET STRUCTURE RATIOS

 

 

 

 

Inventory/Total Assets

0,14

0,08

0,07

0,07

Short-term Receivable/Total Assets

0,15

0,13

0,14

0,18

Tangible Assets/Total Assets

0,46

0,45

0,45

0,41

TURNOVER RATIOS

 

 

 

 

Inventory Turnover

4,40

6,62

7,54

5,91

Stockholders' Equity Turnover

1,31

1,15

1,07

0,85

Asset Turnover

0,75

0,68

0,70

0,55

FINANCIAL STRUCTURE

 

 

 

 

Stockholders' Equity/Total Assets

0,57

0,59

0,65

0,65

Current Liabilities/Total Assets

0,23

0,24

0,18

0,20

Financial Leverage

0,43

0,41

0,35

0,35

Gearing Percentage

0,74

0,69

0,54

0,54

PROFITABILITY RATIOS

 

 

 

 

Net Profit/Stockholders' Eq.

0,09

0,09

0,11

0,17

Operating Profit Margin

0,10

0,12

0,13

0,20

Net Profit Margin

0,07

0,07

0,11

0,20

Interest Cover

5,95

6,54

2,97

5,24

COLLECTION-PAYMENT

 

 

 

 

Average Collection Period (days)

51,13

60,66

60,42

82,67

Average Payable Period (days)

39,69

34,11

34,14

48,43

WORKING CAPITAL

104861058,00

118633004,00

184484487,00

265436225,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.17

UK Pound

1

Rs.80.64

Euro

1

Rs.69.43

 

 

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.