MIRA INFORM REPORT

Report Date :

29.08.2012

 

IDENTIFICATION DETAILS

 

Name :

KARTAL KIMYA SANAYI VE TICARET A.S.

 

 

Registered Office :

Balcik Koyu Pelitliyolu Cad. No:140 Gebze Kocaeli

 

 

Country :

Turkey

 

 

Financials (as on) :

31.06.2012

 

 

Date of Incorporation :

18.01.1985

 

 

Com. Reg. No.:

6363

 

 

Legal Form :

Joint Stock Company

 

 

line of business :

Manufacture and trade of additive materials of fodder and also trade of food additives.  

 

 

No. of Employees :

50

 

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 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

:

KARTAL KIMYA SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Balcik Koyu Pelitliyolu Cad. No:140 Gebze Kocaeli / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from “Gebze Organize Sanayi Bolgesi Cikisi Molla Fenari Yolu Uzeri Balcik Koyu 41490 Gebze Kocaeli / Turkey" to "Balcik Koyu Pelitliyolu Cad. No:140 Gebze Kocaeli/Turkey" by the Municipality.

PHONE NUMBER

:

90-262-751 20 21

90-262-751 20 22

90-262-751 20 23

 

FAX NUMBER

:

90-262-751 26 78

 

WEB-ADDRESS

:

www.kartal.com.tr

E-MAIL

:

info@kartal.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Ilyasbey

TAX NO

:

5260044566

REGISTRATION NUMBER

:

6363

REGISTERED OFFICE

:

Gebze Chamber of Commerce

DATE ESTABLISHED

:

18.01.1985

ESTABLISHMENT GAZETTE DATE/NO

:

23.01.1985/1185

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.250.000

PAID-IN CAPITAL

:

TL   5.250.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

09.06.1999 (Commercial Gazette Date /Number 17.06.1999/ 4814)

Previous Registered Capital

:

TL 985.000

Changed On

:

21.05.2009 (Commercial Gazette Date /Number 28.05.2009/ 7320)

Previous Address

:

Dereboyu Cad. Zagra Is Merkezi A Blok No:302 Maslak/Istanbul

Changed On

:

09.11.2001 (Commercial Gazette Date /Number 21.11.2001/ 5429)

Previous Address

:

Gebze Organize Sanayi Bolgesi Cikisi Molla Fenari Yolu Uzeri Balcik Koyu 41490 Gebze Kocaeli

Changed On

:

31.12.2009 (Commercial Gazette Date /Number 15.01.2010/ 7480)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Yusuf Kanat

59,90 %

Yildiz Nermin Kanat

20 %

Pinar Cetin

10 %

Muzaffer Kartal Kanat

10 %

Kanat Kimyevi Katki Maddeleri Gida Sanayi ve Ticaret Ltd. Sti.

0,10 %

 

 

SISTER COMPANIES

:

KANAT KIMYEVI KATKI MADDELERI GIDA SANAYI VE TICARET LTD. STI.

 

SUBSIDIARIES

:

None

 

BOARD OF DIRECTORS

:

Yusuf Kanat

Chairman

Yildiz Nermin Kanat

Vice-Chairman

Pinar Cetin

Member

Muzaffer Kartal Kanat

Member

 

 

DIRECTORS

:

Yusuf Kanat                                                                                                                                                                                                                                                                                   

General Manager

Muzaffer Kartal Kanat                                                                                                                                                                                                                                                                                   

Deputy General Manager

Pinar Cetin                                                                                                                                                                                                                                                                                   

Deputy General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of additive materials of fodder and also trade of food additives.  

 

NACE CODE

:

DG.24.66

 

TRADEMARKS OWNED

:

Karserin

Kartal

Kavimix

Medasol

Polyvisol

 

NUMBER OF EMPLOYEES

:

50

 

NET SALES

:

636 TL Thousand

(1995) 

1.197 TL Thousand

(1996) 

2.589 TL Thousand

(1997) 

4.916 TL Thousand

(1998) 

6.763 TL Thousand

(1999) 

9.151 TL Thousand

(2000) 

23.170 TL Thousand

(2001) 

26.175 TL Thousand

(2002) 

32.702 TL Thousand

(2003) 

32.356 TL Thousand

(2004) 

31.460 TL Thousand

(2005) 

25.767 TL Thousand

(2006) 

32.253.138 TL

(2007) 

31.309.599 TL

(2008)  

41.213.289 TL

(2009) 

36.652.342 TL

(2010) 

50.833.787 TL

(2011) 

22.446.376 TL

(01.01-30.06.2012) 

 

 

CAPACITY

:

  ( kgs/yr)

 

 

 

24.606.300

 

 

(2004)

24.606.300

 

 

(2005)

24.606.300

 

 

(2006)

24.606.300

 

 

(2007)

24.606.300

 

 

(2008)

24.606.300

 

 

(2009)

24.606.300

 

 

(2010)

24.606.300

 

 

(2011)

24.606.300

 

 

(2012)

IMPORT VALUE

:

13.500.000 USD

(1998)

9.160.000 USD

(1999)

8.636.945 USD

(2000)

8.800.000 USD

(2001)

15.467.000 TL

(2002)

21.023.000 TL

(2003)

25.650.000 TL

(2004)

23.555.014 TL

(2005)

21.099.540 TL

(2006)

20.000.000 TL

(2007)

28.000.000 TL

(2008)

30.507.000 TL

(2009)

36.000.000 TL

(2010)

40.000.000 TL

(2011)

 

 

IMPORT COUNTRIES

:

Germany

Netherlands

Belgium

Norway

U.K.

U.S.A.

Korea

China

 

MERCHANDISE IMPORTED

:

Raw materials for food

Vitamins and minerals used for fodder

 

EXPORT VALUE

:

10.072 TL

(1996)

14.416 TL

(1997)

26.833 TL

(1998)

12.738 TL

(1999)

93.579 USD

(2000)

196.072 TL

(2001)

535.337 TL

(2002)

532.067 TL

(2003)

191.972 TL

(2004)

1.483.385 TL

(2005)

1.408.514 TL

(2006)

1.664.554 TL

(2007)

746.911 TL

(2008)

605.416 TL

(2009)

548.797 TL

(2010)

1.293.496 TL

(2011)

919.222 TL

(01.01-30.06.2012)

 

 

EXPORT COUNTRIES

:

Azerbaijan

Northern Cyprus Turkish Republic

Iran

Georgia

Belgium

Uzbekistan

 

MERCHANDISE  EXPORTED

:

Amino acids

Enzymes

Esters

Mixtures of Provitamins

Prepared animal foods

Vitamins

 

HEAD OFFICE ADDRESS

:

Balcik Koyu Pelitliyolu Cad. No:140 Gebze  Kocaeli / Turkey ( rented )

 

BRANCHES

:

Head Office/Production Plant  :  Balcik Koyu Pelitliyolu Cad. No:140 Gebze Kocaeli/Turkey (rented) (4.600 sqm)

           

 

TREND OF BUSINESS

:

There was an upwards trend in 2011. There appears a decline at business volume in nominal terms in 1.1 - 30.6.2012.

SIZE OF BUSINESS

:

Large

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Gebze Branch

ING Bank Gebze Branch

T. Is Bankasi Gebze Branch

Tekstilbank Merkez Branch

Turk Ekonomi Bankasi Korfez 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

(2011) TL

(01.01-30.06.2012) TL

Net Sales

31.309.599

41.213.289

36.652.342

50.833.787

22.446.376

Profit (Loss) Before Tax

2.041.625

2.927.177

-1.577.330

556.828

404.342

Stockholders' Equity

7.190.774

11.104.159

8.916.793

9.473.620

9.877.961

Total Assets

33.919.729

26.556.545

29.403.942

33.697.286

34.528.974

Current Assets

30.339.453

23.146.122

26.738.617

31.671.208

31.592.730

Non-Current Assets

3.580.276

3.410.423

2.665.325

2.026.078

2.936.244

Current Liabilities

26.456.871

14.806.643

20.051.641

23.813.476

16.921.948

Long-Term Liabilities

272.084

645.743

435.508

410.190

7.729.065

Gross Profit (loss)

4.117.503

6.268.359

1.816.733

8.076.478

2.800.089

Operating Profit (loss)

478.449

1.789.617

-2.451.690

3.491.423

33.252

Net Profit (loss)

2.041.625

2.927.177

-1.577.330

556.828

404.342

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 30.06.2012

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

High As of 30.06.2012

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties.

 

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

 

Profitability

Fair Operating Profitability  in 2008

Good Net Profitability  in 2008

In Order Operating Profitability  in 2009

High Net Profitability  in 2009

Operating Loss  in 2010

Net Loss  in 2010

Good Operating Profitability  in 2011

Low Net Profitability  in 2011

Low Operating Profitability (01.01-30.06.2012)

Low Net Profitability (01.01-30.06.2012)

 

Gap between average collection and payable periods

Unfavorable in 01.01-30.06.2012

General Financial Position

In Order

 

 

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

 ( 01.01-31.03.2010)

4,24 %

1,5128

2,0953

2,3698

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 ( 01.01-31.07.2012)

1,71 %

1,8018

2,3285

2,8424

 

 

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 30.06.2012 )  TL

 

CURRENT ASSETS

30.339.453

0,89

23.146.122

0,87

26.738.617

0,91

31.671.208

0,94

31.592.730

0,91

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

2.112.184

0,06

4.013.968

0,15

3.095.302

0,11

297.983

0,01

229.257

0,01

Marketable Securities

10.039.674

0,30

0

0,00

1.350.000

0,05

400.000

0,01

3.099.860

0,09

Account Receivable

5.738.489

0,17

7.693.064

0,29

7.709.017

0,26

14.557.087

0,43

14.203.241

0,41

Other Receivable

122.577

0,00

121.978

0,00

0

0,00

6.787

0,00

4.449

0,00

Inventories

10.027.689

0,30

10.155.306

0,38

13.160.888

0,45

15.719.041

0,47

11.799.171

0,34

Advances Given

1.183.215

0,03

545.684

0,02

477.752

0,02

329.488

0,01

1.553.199

0,04

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

1.115.625

0,03

616.122

0,02

945.658

0,03

360.822

0,01

703.553

0,02

NON-CURRENT ASSETS

3.580.276

0,11

3.410.423

0,13

2.665.325

0,09

2.026.078

0,06

2.936.244

0,09

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

795.285

0,02

900.884

0,03

614.886

0,02

483.566

0,01

537.002

0,02

Intangible Assets

2.784.991

0,08

2.462.068

0,09

2.038.937

0,07

1.536.181

0,05

1.382.749

0,04

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

47.471

0,00

11.502

0,00

6.331

0,00

1.016.493

0,03

TOTAL ASSETS

33.919.729

1,00

26.556.545

1,00

29.403.942

1,00

33.697.286

1,00

34.528.974

1,00

CURRENT LIABILITIES

26.456.871

0,78

14.806.643

0,56

20.051.641

0,68

23.813.476

0,71

16.921.948

0,49

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

18.835.945

0,56

2.072.233

0,08

13.533.824

0,46

3.224.609

0,10

2.104.163

0,06

Accounts Payable

2.036.085

0,06

1.176.136

0,04

1.180.414

0,04

1.989.208

0,06

1.463.333

0,04

Loans from Shareholders

5.002.406

0,15

11.383.816

0,43

4.600.999

0,16

18.312.379

0,54

12.935.674

0,37

Other Short-term Payable

12.780

0,00

16.923

0,00

10.797

0,00

1.002

0,00

1.136

0,00

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

83.531

0,00

87.961

0,00

91.564

0,00

229.004

0,01

325.168

0,01

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

486.124

0,01

69.574

0,00

634.043

0,02

57.274

0,00

92.474

0,00

LONG-TERM LIABILITIES

272.084

0,01

645.743

0,02

435.508

0,01

410.190

0,01

7.729.065

0,22

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

348.417

0,01

91.735

0,00

0

0,00

7.326.802

0,21

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

272.084

0,01

297.326

0,01

343.773

0,01

410.190

0,01

402.263

0,01

STOCKHOLDERS' EQUITY

7.190.774

0,21

11.104.159

0,42

8.916.793

0,30

9.473.620

0,28

9.877.961

0,29

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

985.000

0,03

5.250.000

0,20

5.250.000

0,18

5.250.000

0,16

5.250.000

0,15

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

1.655.651

0,05

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

3.679.328

0,11

4.097.812

0,15

6.414.953

0,22

6.414.953

0,19

6.971.780

0,20

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-1.170.830

-0,03

-1.170.830

-0,04

-1.170.830

-0,04

-2.748.161

-0,08

-2.748.161

-0,08

Net Profit (loss)

2.041.625

0,06

2.927.177

0,11

-1.577.330

-0,05

556.828

0,02

404.342

0,01

TOTAL LIABILITIES AND EQUITY

33.919.729

1,00

26.556.545

1,00

29.403.942

1,00

33.697.286

1,00

34.528.974

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

At the financial statements according to TAS, "Cheques Received" and "Outstanding Cheques" figures are under "Cash And Banks" figure.  Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques" figures are given under "Account Receivable" figure and "Account Payable" figure respectively. 

 

At the last income statement TL 1.288.461 of the other income is due to "Profit from Foreign Currency Exchange".                                                                                        

At the last income statement TL 619.836 of the other expenses is due to "Loss from Foreign Currency Exchange" .                                                                                       

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.06.2012) TL

 

Net Sales

31.309.599

1,00

41.213.289

1,00

36.652.342

1,00

50.833.787

1,00

22.446.376

1,00

Cost of Goods Sold

27.192.096

0,87

34.944.930

0,85

34.835.609

0,95

42.757.309

0,84

19.646.287

0,88

Gross Profit

4.117.503

0,13

6.268.359

0,15

1.816.733

0,05

8.076.478

0,16

2.800.089

0,12

Operating Expenses

3.639.054

0,12

4.478.742

0,11

4.268.423

0,12

4.585.055

0,09

2.766.837

0,12

Operating Profit

478.449

0,02

1.789.617

0,04

-2.451.690

-0,07

3.491.423

0,07

33.252

0,00

Other Income

11.195.591

0,36

6.399.800

0,16

3.830.820

0,10

2.553.827

0,05

1.747.605

0,08

Other Expenses

4.718.273

0,15

3.471.509

0,08

1.350.627

0,04

3.709.596

0,07

998.829

0,04

Financial Expenses

4.914.142

0,16

1.790.731

0,04

1.605.833

0,04

1.778.826

0,03

377.686

0,02

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

2.041.625

0,07

2.927.177

0,07

-1.577.330

-0,04

556.828

0,01

404.342

0,02

Tax Payable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

2.041.625

0,07

2.927.177

0,07

-1.577.330

-0,04

556.828

0,01

404.342

0,02

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

(01.01-30.06.2012)

LIQUIDITY RATIOS

 

Current Ratio

1,15

1,56

1,33

1,33

1,87

Acid-Test Ratio

0,68

0,80

0,61

0,64

1,04

Cash Ratio

0,46

0,27

0,22

0,03

0,20

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,30

0,38

0,45

0,47

0,34

Short-term Receivable/Total Assets

0,17

0,29

0,26

0,43

0,41

Tangible Assets/Total Assets

0,02

0,03

0,02

0,01

0,02

TURNOVER RATIOS

 

Inventory Turnover

2,71

3,44

2,65

2,72

1,67

Stockholders' Equity Turnover

4,35

3,71

4,11

5,37

2,27

Asset Turnover

0,92

1,55

1,25

1,51

0,65

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,21

0,42

0,30

0,28

0,29

Current Liabilities/Total Assets

0,78

0,56

0,68

0,71

0,49

Financial Leverage

0,79

0,58

0,70

0,72

0,71

Gearing Percentage

3,72

1,39

2,30

2,56

2,50

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,28

0,26

-0,18

0,06

0,04

Operating Profit Margin

0,02

0,04

-0,07

0,07

0,00

Net Profit Margin

0,07

0,07

-0,04

0,01

0,02

Interest Cover

1,42

2,63

0,02

1,31

2,07

COLLECTION-PAYMENT

 

Average Collection Period (days)

65,98

67,20

75,72

103,09

227,79

Average Payable Period (days)

26,96

12,12

12,20

16,75

26,81

WORKING CAPITAL

3882582,00

8339479,00

6686976,00

7857732,00

14670782,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.78

UK Pound

1

Rs.88.04

Euro

1

Rs.69.62

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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.