MIRA INFORM REPORT

 

 

Report Date :

25.02.2014

 

IDENTIFICATION DETAILS

 

Name :

SIEMENS SANAYI VE TICARET A.S.

 

 

Formerly Known As :

Simko Ticaret ve Sanayi A.S.

 

 

Registered Office :

Esentepe Mah. Yakacik Cad. No:111 34870 Kartal Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

04.12.1958

 

 

Com. Reg. No.:

71054

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Engaged in production and trader of energy, projecting and installation power plants, manufacturer and trader of electrical & electronical devices; providing information and telecommunication data network service, system automating & medical techniques

 

 

No. of Employees

2.580

 

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 – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

Turkey

B2

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

turkEy ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 9.2% in 2010, as exports returned to normal levels following the recession. Growth dropped to approximately 3% in 2012. Turkey's public sector debt to GDP ratio has fallen to about 40%, and at least one rating agency upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $117 billion at year-end 2012. Inflows have slowed because of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

 

 

 

 

 

COMPANY IDENTIFICATION

 

NAME

:

SIEMENS SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Esentepe Mah. Yakacik Cad. No:111 34870 Kartal Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The street name was changed from "Yakacik Yolu" to "Yakacik Cad." by the municipality.

PHONE NUMBER

:

90-216-459 20 00

 

FAX NUMBER

:

90-216-459 20 11

 

WEB-ADDRESS

:

www.siemens.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

7700037454

REGISTRATION NUMBER

:

71054

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

04.12.1958

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   80.775.184,88

PAID-IN CAPITAL

:

TL   80.775.184,88

HISTORY

:

Previous Name

:

Simko Ticaret ve Sanayi A.S.

Changed On

:

26.12.2000 (Commercial Gazette Date /Number 09.01.2001/ 5210)

Previous Registered Capital

:

TL 57.262.453

Changed On

:

31.08.2006 (Commercial Gazette Date /Number 05.09.2006/ 6635)

Previous Registered Capital

:

TL 70.567.686,52

Changed On

:

04.01.2007 (Commercial Gazette Date /Number 12.01.2007/ 6722)

Merger

:

The subject took over and merged with Siemens Cerberus Guvenlik Sistemleri A.S.

Changed On

:

10.11.2003 (Commercial Gazette Date /Number 20.11.2003/ 5932)

Merger

:

The subject took over and merged with Siemens Business Services Sistem Hiz. A.S.

Changed On

:

31.08.2006 (Commercial Gazette Date /Number 05.09.2006/ 6635)

Merger

:

The subject took over and merged with Flender Guc Aktarma Sist. San Tic A.S.

Changed On

:

04.01.2007 (Commercial Gazette Date /Number 12.01.2007/ 6722)

Merger

:

The subject took over and merged with Siemens Healthcare Diagnostik Ticaret Ltd. Sti.

Changed On

:

01.10.2012 (Commercial Gazette Date /Number 05.10.2012/ 8168)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Siemens A.G.

99,79 %

Nusret Arsel

0,21 %

 

 

BOARD OF DIRECTORS

:

Huseyin Gelis

Chairman

Thomas Kolninger

Vice-Chairman

Mehmet Celal Savas

Member

 

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Production and trade of energy, projecting and installation power plants, manufacture and trade of electrical&electronical devices; providing information and telecommunication data network service, system automating & medical techniques

 

NACE CODE

:

DL.31.00

 

NUMBER OF EMPLOYEES

:

2.580

 

NET SALES

:

1.037.439.597 TL

(01.10.2005-30.09.2006) 

1.248.516.217 TL

(01.10.2006-30.09.2007) 

1.385.889.635 TL

(01.10.2007-30.09.2008) 

1.337.846.293 TL

(01.10.2008-30.09.2009) 

1.453.632.337 TL

(01.10.2009-30.09.2010) 

2.136.513.297 TL

(01.10.2010-30.09.2011) 

1.987.786.865 TL

(01.10.2011-30.09.2012) 

885.150.264 TL

(01.10.2012-31.03.2013) 

 

 

REMARKS ON NET SALES

:

The financial period of the firm is from the 1st of October to the 30th of September.

 

In Turkey, there is no public registry on companies’ financial and detailed general data. So, to collect a firm’s data, an information agency has to contact the company and get its authorization.

 

However the company strictly declines to give us an authorization to gather its fresh financial data. As the firm’s shares are not open to public it is not obliged to announce its data.

 

IMPORT VALUE

:

454.934.820 TL

(2007)

384.300.000 USD

(2008)

 

 

IMPORT COUNTRIES

:

Germany

 

MERCHANDISE IMPORTED

:

Electrical materials

Raw materials

 

EXPORT VALUE

:

885.681.715 TL

(01.10.2010-30.09.2011)

881.984.844 TL

(01.10.2011-30.09.2012)

580.325.474 TL

(01.10.2012-31.03.2013)

 

 

EXPORT COUNTRIES

:

Russia

Iraq

Germany

 

MERCHANDISE  EXPORTED

:

Halides

Oxides

Petroleum oils

 

HEAD OFFICE ADDRESS

:

Esentepe Mah. Yakacik Cad. No:111 34870 Kartal  Istanbul / Turkey ( owned )

 

BRANCHES

:

Factory  :  Gebze Organize Sanayi Bolgesi 1000. Cad. 1004. Sok. 41480 Gebze Kocaeli/Turkey

 

Liaison Office  :  Ataturk Bulvari 169/6 06680 Kavaklidere Ankara/Turkey

 

Head Office/Factory  :  Esentepe Mah. Yakacik Yolu No:111 34870 Kartal Istanbul/Turkey (owned)

 

Branch Office  :  Gebze Org. San. Bolg. Kemal Nehrozoglu Cad. 2. Hibrit Bina Zemin Kat No:4 Gebze Kocaeli/Turkey

 

Branch Office  :  O.D.T.U. Teknokent Ankara/Turkey

 

Branch Office  :  Antalya Serbest Bolge (Free Zone) Antalya/Turkey

                                                                                

 

 

TREND OF BUSINESS

:

The net sales appears to be fluctuating but  this is a normal case for firms operating on project basis  as firms operating on project basis  can not register their income at the income statement unless the project has been totally completed.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Kozyatagi Kurumsal Branch

T.Is Bankasi Kozyatagi Kurumsal Branch

Yapi ve Kredi Bankasi Anadolu Yakasi 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

:

 

(01.10.2008-30.09.2009) TL

(01.10.2009-30.09.2010) TL

(01.10.2010-30.09.2011) TL

(01.10.2011-30.09.2012) TL

(01.10.2012-31.03.2013) TL

Net Sales

1.337.846.293

1.453.632.337

2.136.513.297

1.987.786.865

885.150.264

Profit (Loss) Before Tax

140.357.990

189.968.051

322.806.939

185.761.615

26.796.204

Stockholders' Equity

352.513.591

404.453.422

648.851.300

424.572.361

 

Total Assets

989.353.230

1.007.008.833

1.278.778.877

1.458.567.700

 

Current Assets

813.266.293

820.185.925

1.078.388.810

1.220.057.787

 

Non-Current Assets

176.086.937

186.822.908

200.390.067

238.509.913

 

Current Liabilities

602.877.281

565.522.146

590.087.671

979.878.076

 

Long-Term Liabilities

33.962.358

37.033.265

39.839.906

54.117.263

 

Gross Profit (loss)

303.529.676

268.376.680

523.913.562

364.309.918

183.517.691

Operating Profit (loss)

201.050.416

167.600.508

406.204.263

212.344.257

58.722.333

Net Profit (loss)

108.263.107

150.727.997

244.397.878

135.660.722

26.796.204

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 30.09.2012

Remarks on Capitalization

A part of total liabilities and equity consist of accumulated construction income which is in fact not an indicator of indebtedness.

Profitability

Profitable (01.10.2011-30.09.2012)

 

Remarks on Profitability

The income statement does not point out the real profitability of firms operating on project basis as such firms can not register their income at the income statement unless the project has been totally completed.The real indicator of profitability of firms operating on project basis is the gap between the “accumulated construction income+ advances from customers” and “accumulated construction expense”.  This gap reveals that, the firm was profitable from its projects.

 

General Financial Position

Fair

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 01.01-30.09.2008)

11,48 %

1,2146

1,8490

2,3755

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 01.01-30.09.2009)

3,60 %

1,5624

2,1386

2,3953

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 01.01-30.09.2010)

6,52 %

1,5178

2,0112

2,3426

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.03.2013)

0,50 %

1,7901

2,3575

2,7927

 ( 01.01-31.01.2014)

3,32 %

2,2040

3,0090

3,6415

 

BALANCE SHEETS

 

 

 ( 30.09.2009 )  TL

 

 ( 30.09.2010 )  TL

 

 ( 30.09.2011 )  TL

 

 ( 30.09.2012 )  TL

 

CURRENT ASSETS

813.266.293

0,82

820.185.925

0,81

1.078.388.810

0,84

1.220.057.787

0,84

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

88.328.401

0,09

116.581.088

0,12

207.513.467

0,16

179.481.194

0,12

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

316.114.332

0,32

280.327.538

0,28

386.554.606

0,30

363.002.949

0,25

Other Receivable

3.935.951

0,00

4.159.200

0,00

7.290.232

0,01

15.713.413

0,01

Inventories

94.925.828

0,10

105.338.925

0,10

193.721.585

0,15

241.830.807

0,17

Advances Given

1.882.155

0,00

0

0,00

0

0,00

10.608.039

0,01

Accumulated Construction Expense

278.630.125

0,28

259.800.740

0,26

221.963.865

0,17

338.421.969

0,23

Other Current Assets

29.449.501

0,03

53.978.434

0,05

61.345.055

0,05

70.999.416

0,05

NON-CURRENT ASSETS

176.086.937

0,18

186.822.908

0,19

200.390.067

0,16

238.509.913

0,16

Not Detailed Non-Current Assets

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

Financial Assets

26.934

0,00

0

0,00

0

0,00

53.629.000

0,04

Tangible Fixed Assets (net)

173.492.946

0,18

178.997.456

0,18

191.589.813

0,15

168.884.519

0,12

Intangible Assets

2.567.057

0,00

7.825.452

0,01

8.770.909

0,01

15.914.004

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

29.345

0,00

82.390

0,00

TOTAL ASSETS

989.353.230

1,00

1.007.008.833

1,00

1.278.778.877

1,00

1.458.567.700

1,00

CURRENT LIABILITIES

602.877.281

0,61

565.522.146

0,56

590.087.671

0,46

979.878.076

0,67

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

421.929

0,00

6.654

0,00

0

0,00

72.264.217

0,05

Accounts Payable

146.696.068

0,15

104.739.881

0,10

152.323.203

0,12

218.473.350

0,15

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

5.719.376

0,01

3.506.314

0,00

2.269.656

0,00

58.547.118

0,04

Advances from Customers

54.426.679

0,06

83.592.825

0,08

57.780.970

0,05

112.146.277

0,08

Accumulated Construction Income

273.061.462

0,28

245.798.650

0,24

159.843.913

0,12

240.755.212

0,17

Taxes Payable

10.891.138

0,01

10.382.073

0,01

17.538.557

0,01

31.968.789

0,02

Provisions

107.435.513

0,11

113.403.469

0,11

173.392.269

0,14

216.011.286

0,15

Other Current Liabilities

4.225.116

0,00

4.092.280

0,00

26.939.103

0,02

29.711.827

0,02

LONG-TERM LIABILITIES

33.962.358

0,03

37.033.265

0,04

39.839.906

0,03

54.117.263

0,04

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

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

Long-term Payable

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

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

33.962.358

0,03

37.033.265

0,04

39.839.906

0,03

54.117.263

0,04

STOCKHOLDERS' EQUITY

352.513.591

0,36

404.453.422

0,40

648.851.300

0,51

424.572.361

0,29

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

80.775.184

0,08

80.775.184

0,08

80.775.184

0,06

80.775.184

0,06

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

420.395

0,00

420.395

0,00

420.395

0,00

420.395

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

169.299.563

0,17

178.774.504

0,18

329.502.501

0,26

213.960.718

0,15

Revaluation Fund

-6.244.658

-0,01

-6.244.658

-0,01

-6.244.658

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

-6.244.658

0,00

Net Profit (loss)

108.263.107

0,11

150.727.997

0,15

244.397.878

0,19

135.660.722

0,09

TOTAL LIABILITIES AND EQUITY

989.353.230

1,00

1.007.008.833

1,00

1.278.778.877

1,00

1.458.567.700

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 30.09.2011, "Cheques Received" and "Outstanding Cheques" figures  are given under "Account Receivable" figure and "Account Payable" figure respectively. 

 

At the last income statement TL 50.137.056 of the other income is due to "Profit from Foreign Currency Exchange". 

 

At the last income statement TL 49.268.039 of the other expenses is due to "Loss from Foreign Currency Exchange" . 

At the last income statement TL 23.564.652  of the other expenses is due to "Provision Expenses" .                                                       

 

 

INCOME STATEMENTS

 

 

(01.10.2008-30.09.2009) TL

 

(01.10.2009-30.09.2010) TL

 

(01.10.2010-30.09.2011) TL

 

(01.10.2011-30.09.2012) TL

 

(01.10.2012-31.03.2013) TL

 

Net Sales

1.337.846.293

1,00

1.453.632.337

1,00

2.136.513.297

1,00

1.987.786.865

1,00

885.150.264

1,00

Cost of Goods Sold

1.034.316.617

0,77

1.185.255.657

0,82

1.612.599.735

0,75

1.623.476.947

0,82

701.632.573

0,79

Gross Profit

303.529.676

0,23

268.376.680

0,18

523.913.562

0,25

364.309.918

0,18

183.517.691

0,21

Operating Expenses

102.479.260

0,08

100.776.172

0,07

117.709.299

0,06

151.965.661

0,08

124.795.358

0,14

Operating Profit

201.050.416

0,15

167.600.508

0,12

406.204.263

0,19

212.344.257

0,11

58.722.333

0,07

Other Income

30.985.392

0,02

37.822.601

0,03

39.772.582

0,02

160.094.531

0,08

56.810.329

0,06

Other Expenses

33.546.823

0,03

10.430.390

0,01

123.060.353

0,06

186.618.117

0,09

83.156.259

0,09

Financial Expenses

58.130.995

0,04

5.024.668

0,00

109.553

0,00

59.056

0,00

5.580.199

0,01

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

140.357.990

0,10

189.968.051

0,13

322.806.939

0,15

185.761.615

0,09

26.796.204

0,03

Tax Payable

32.094.883

0,02

39.240.054

0,03

78.409.061

0,04

50.100.893

0,03

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

108.263.107

0,08

150.727.997

0,10

244.397.878

0,11

135.660.722

0,07

26.796.204

0,03

 

 

FINANCIAL RATIOS

 

 

(01.10.2008-30.09.2009)

(01.10.2009-30.09.2010)

(01.10.2010-30.09.2011)

(01.10.2011-30.09.2012)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,35

1,45

1,83

1,25

 

Acid-Test Ratio

0,68

0,71

1,02

0,57

 

Cash Ratio

0,15

0,21

0,35

0,18

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,10

0,10

0,15

0,17

 

Short-term Receivable/Total Assets

0,32

0,28

0,31

0,26

 

Tangible Assets/Total Assets

0,18

0,18

0,15

0,12

 

TURNOVER RATIOS

 

 

Inventory Turnover

10,90

11,25

8,32

6,71

 

Stockholders' Equity Turnover

3,80

3,59

3,29

4,68

 

Asset Turnover

1,35

1,44

1,67

1,36

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,36

0,40

0,51

0,29

 

Current Liabilities/Total Assets

0,61

0,56

0,46

0,67

 

Financial Leverage

0,64

0,60

0,49

0,71

 

Gearing Percentage

1,81

1,49

0,97

2,44

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,31

0,37

0,38

0,32

 

Operating Profit Margin

0,15

0,12

0,19

0,11

 

Net Profit Margin

0,08

0,10

0,11

0,07

 

Interest Cover

3,41

38,81

2947,58

3146,52

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

85,06

69,42

65,13

65,74

 

Average Payable Period (days)

51,06

31,81

34,00

48,45

 

WORKING CAPITAL

210389012,00

254663779,00

488301139,00

240179711,00

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.12

UK Pound

1

Rs.103.38

Euro

1

Rs.85.32

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.