MIRA INFORM REPORT

 

 

Report Date :

20.10.2014

 

IDENTIFICATION DETAILS

 

Name :

EAE ELEKTRIK ASANSOR ENDUSTRISI INSAAT SANAYI VE TICARET A.S.

 

 

Registered Office :

Akcaburgaz Mah. 119. Sok. No:10 Esenyurt Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

01.03.1973

 

 

Com. Reg. No.:

121069

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of bus bar energy distribution systems, cable tray systems, underfloor ducting systems, trolley bus bars.

 

 

No. of Employees :

700

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Turkey

B1

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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3-4% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 40%, and two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013. Turkey remains dependent on often volatile, short-term investment to finance its large current account deficit. The stock value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's robust growth even in the face of economic turmoil in Europe, the source of much of Turkey's FDI. Turkey's relatively high current account deficit, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence

 

Source : CIA

COMPANY IDENTIFICATION

 

 

NAME

:

EAE ELEKTRIK ASANSOR ENDUSTRISI INSAAT SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Akcaburgaz Mah. 119. Sok. No:10 Esenyurt Istanbul / Turkey

PHONE NUMBER

:

90-212-866 20 00

 

FAX NUMBER

:

90-212-866 24 20

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Marmara Kurumlar

TAX NO

:

3230042973

REGISTRATION NUMBER

:

121069

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

01.03.1973

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   44.178.000

HISTORY

:

Previous Name

:

EAE Elektrik Asansor Endustrisi Sanayi ve Ticaret A.S.

Changed On

:

23.12.1999 (Commercial Gazette Date /Number 28.12.1999/ 4950)

Previous Registered Capital

:

TL 5.250.000

Changed On

:

01.08.2006 (Commercial Gazette Date /Number 04.08.2006/ 6614)

Previous Registered Capital

:

TL 8.250.000

Changed On

:

28.12.2010 (Commercial Gazette Date /Number 03.01.2011/ 7721)

Previous Registered Capital

:

TL 40.000.000

Changed On

:

24.10.2013 (Commercial Gazette Date /Number 31.10.2013/ 8433)

Previous Address

:

Ikitelli Organize Sanayi Bolgesi Turgut Ozal Cad. No:112 Halkali - Istanbul

Changed On

:

01.11.2006 (Commercial Gazette Date /Number 06.11.2006/ 6676)

Merger

:

The subject took over and merged with "Kirac Gayrimenkul A.S."

Changed On

:

24.10.2013 (Commercial Gazette Date /Number 31.10.2013/ 8433)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Yusuf Hikmet Kaya

21,70 %

Ummuhan Gungor Kaya

19,36 %

Mustafa Mehmet Kaya

19,36 %

Elif Gamze Kaya Ok

19,36 %

Others

 

 

 

GROUP

:

EAE GROUP OF COMPANIES

 

SISTER COMPANIES

:

EAE ELEKTRIK AYDINLATMA ENDUSTRISI SANAYI VE TICARET A.S.

EAE ELEKTROTEKNIK SANAYI VE TICARET A.S.

EAE ENERJI AYDINLATMA ELEKTRIK SANAYI VE TICARET A.S.

EAE ITALIA SRL

EAE MAKINA SANAYI VE TICARET A.S.

 

BOARD OF DIRECTORS

:

Yusuf Hikmet Kaya

Chairman

Elif Gamze Kaya Ok

Vice-Chairman

Mustafa Mehmet Kaya

Member

 

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of bus bar energy distribution systems, cable tray systems, underfloor ducting systems, trolley bus bars. 

 

NACE CODE

:

DL.31.20

 

NUMBER OF EMPLOYEES

:

700

 

NET SALES

:

21.312.638 TL

(2002) 

28.399.807 TL

(2003) 

39.468.366 TL

(2004) 

47.334.979 TL

(2005) 

79.044.722 TL

(2006) 

117.500.252 TL

(2007) 

152.156.391 TL

(2008) 

125.165.507 TL

(2009) 

148.469.998 TL

(2010) 

258.078.560 TL

(2011) 

271.330.089 TL

(2012) 

258.056 TL Thousand

(01.01-30.09.2013) 

 

 

REMARKS ON NET SALES

:

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

:

149.700 EUR + 554.400 USD + 6.900 CHF

(2011)

 

 

IMPORT COUNTRIES

:

France

Italy

Germany

 

MERCHANDISE IMPORTED

:

Copper

Raw materials

 

 

EXPORT VALUE

:

6.148.669 TL

(2002)

6.879.765 TL

(2003)

11.556.320 TL

(2004)

16.223.116 TL

(2005)

34.320.858 TL

(2006)

51.026.345 TL

(2007)

74.367.200 TL

(2008)

61.078.224 TL

(2009)

56.859.049 TL

(2010)

110.691.503 TL

(2011)

104.016.676 TL

(2012)

91.027.421 TL

(01.01-30.09.2013)

 

 

EXPORT COUNTRIES

:

Austria

Azerbaijan

Belgium

Bulgaria

Germany

U.K.

Greece

Italy

Netherlands

Norway

Romania

Russia

Ukraine

 

MERCHANDISE  EXPORTED

:

Plugs

Sockets

Switches

 

HEAD OFFICE ADDRESS

:

Akcaburgaz Mah. 119. Sok. No:10 Esenyurt  Istanbul / Turkey ( owned by shareholder(s) )

 

BRANCHES

:

Warehouse  :  Ikitelli Organize Sanayi Bolgesi Turgut Ozal Cad. No:112 Halkali Istanbul/Turkey (owned by shareholder(s)) (16.300 )

 

Factory  :  Akcaburgaz Mah. 127 Sok. No:8 Esenyurt Istanbul/Turkey (owned by shareholder(s))

 

Head Office/Factory  :  Akcaburgaz Mah. 119. Sok. No:10 Esenyurt Istanbul/Turkey (owned by shareholder(s))

                                                                                

 

TREND OF BUSINESS

:

There was an upwards trend in  2012. There appears an upwards trend in  1.1 - 30.9.2013.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Garanti Bankasi Organize Sanayi Branch

T. Halk Bankasi Ikitelli Ticari Branch

T. Is Bankasi Ticari Branch

Yapi ve Kredi Bankasi Organize Sanayi 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

:

 

(2009) TL

(2010) TL

(2011) TL

(2012) TL

(01.01-30.09.2013) TL Thousand

Net Sales

125.165.507

148.469.998

258.078.560

271.330.089

258.056

Profit (Loss) Before Tax

19.259.323

22.164.506

60.192.035

49.913.947

68.718

Stockholders' Equity

75.583.667

91.586.983

137.879.175

175.099.176

 

Total Assets

100.923.048

127.313.764

182.367.221

228.539.516

 

Current Assets

64.207.338

80.154.750

127.377.952

166.795.924

 

Non-Current Assets

36.715.710

47.159.014

54.989.269

61.743.592

 

Current Liabilities

20.272.350

28.918.253

42.206.569

47.813.545

 

Long-Term Liabilities

5.067.031

6.808.528

2.281.477

5.626.795

 

Gross Profit (loss)

39.993.840

41.563.687

84.384.629

88.526.653

86.815

Operating Profit (loss)

27.025.564

26.516.830

66.477.663

62.757.323

66.364

Net Profit (loss)

14.754.848

17.768.021

48.174.546

39.690.589

68.718

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2012

Liquidity

High As of 31.12.2012

Remarks On Liquidity

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

Profitability

High Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

High Operating Profitability  in 2012

High Net Profitability  in 2012

High Operating Profitability (01.01-30.09.2013)

High Net Profitability (01.01-30.09.2013)

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

Good

Remarks on General Financial Position

Recent financial figures are not available the firm declines to provide fresh financial data.

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-30.09.2013)

4,43 %

1,8785

2,4774

2,9189

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-30.09.2014)

7,24 %

2,1706

2,9323

3,6222

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

CURRENT ASSETS

64.207.338

0,64

80.154.750

0,63

127.377.952

0,70

166.795.924

0,73

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

12.707.330

0,13

9.501.002

0,07

10.616.572

0,06

33.519.808

0,15

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

32.945.747

0,33

44.182.462

0,35

82.602.118

0,45

94.541.163

0,41

Other Receivable

315.106

0,00

650.912

0,01

383.729

0,00

376.596

0,00

Inventories

13.690.990

0,14

19.134.066

0,15

24.613.323

0,13

27.808.295

0,12

Advances Given

2.390.562

0,02

3.207.109

0,03

3.948.380

0,02

3.944.015

0,02

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

2.157.603

0,02

3.479.199

0,03

5.213.830

0,03

6.606.047

0,03

NON-CURRENT ASSETS

36.715.710

0,36

47.159.014

0,37

54.989.269

0,30

61.743.592

0,27

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

217.274

0,00

217.274

0,00

217.274

0,00

2.261.026

0,01

Financial Assets

6.950.342

0,07

8.650.342

0,07

8.650.342

0,05

9.341.478

0,04

Tangible Fixed Assets (net)

17.038.214

0,17

27.293.004

0,21

26.641.987

0,15

32.911.976

0,14

Intangible Assets

12.509.880

0,12

10.998.394

0,09

19.479.666

0,11

17.229.112

0,08

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

0

0,00

0

0,00

TOTAL ASSETS

100.923.048

1,00

127.313.764

1,00

182.367.221

1,00

228.539.516

1,00

CURRENT LIABILITIES

20.272.350

0,20

28.918.253

0,23

42.206.569

0,23

47.813.545

0,21

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

5.957.040

0,06

9.132.414

0,07

13.990.909

0,08

6.499.749

0,03

Accounts Payable

7.642.241

0,08

9.900.024

0,08

14.590.531

0,08

18.815.750

0,08

Loans from Shareholders

14.229

0,00

14.229

0,00

14.229

0,00

0

0,00

Other Short-term Payable

324.196

0,00

505.362

0,00

489.947

0,00

1.139.227

0,00

Advances from Customers

4.149.340

0,04

5.636.033

0,04

8.253.858

0,05

15.222.167

0,07

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

2.088.475

0,02

3.652.640

0,03

4.713.699

0,03

3.957.521

0,02

Provisions

0

0,00

0

0,00

39.238

0,00

1.131.840

0,00

Other Current Liabilities

96.829

0,00

77.551

0,00

114.158

0,00

1.047.291

0,00

LONG-TERM LIABILITIES

5.067.031

0,05

6.808.528

0,05

2.281.477

0,01

5.626.795

0,02

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

2.093.549

0,02

4.253.098

0,03

0

0,00

1.567.803

0,01

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

2.973.482

0,03

2.555.430

0,02

2.281.477

0,01

4.058.992

0,02

STOCKHOLDERS' EQUITY

75.583.667

0,75

91.586.983

0,72

137.879.175

0,76

175.099.176

0,77

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

8.250.000

0,08

40.000.000

0,31

40.000.000

0,22

40.000.000

0,18

Cross Shareholding Adjustment of Capital

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

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

52.578.819

0,52

33.818.962

0,27

49.704.629

0,27

95.408.587

0,42

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

14.754.848

0,15

17.768.021

0,14

48.174.546

0,26

39.690.589

0,17

TOTAL LIABILITIES AND EQUITY

100.923.048

1,00

127.313.764

1,00

182.367.221

1,00

228.539.516

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.  

 

In the sub-items of "Account Receivable", TL 7.597.715 is "Doubtful Trade Receivables" and -TL 7.597.715 is "Provision for Doubtful Trade Receivables" at the last balance sheet. 

 

The details of "Other Receivable" figure at the last balance sheet: Due From Shareholders: 319.160, Due From Participations: 0, Due From Affiliated Companies: 0, Due From Personnel: 0, Other Miscellaneous Receivables: 57.436, Other Receivable Total: 376.596 

 

TL 252 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet. 

 

At the last income statement TL thousand 7.529 of the other income is due to "Profit from Foreign Currency Exchange".

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(01.01-30.09.2013) TL Thousand

 

Net Sales

125.165.507

1,00

148.469.998

1,00

258.078.560

1,00

271.330.089

1,00

258.056

1,00

Cost of Goods Sold

85.171.667

0,68

106.906.311

0,72

173.693.931

0,67

182.803.436

0,67

171.241

0,66

Gross Profit

39.993.840

0,32

41.563.687

0,28

84.384.629

0,33

88.526.653

0,33

86.815

0,34

Operating Expenses

12.968.276

0,10

15.046.857

0,10

17.906.966

0,07

25.769.330

0,09

20.451

0,08

Operating Profit

27.025.564

0,22

26.516.830

0,18

66.477.663

0,26

62.757.323

0,23

66.364

0,26

Other Income

4.445.973

0,04

3.592.127

0,02

6.967.405

0,03

4.457.959

0,02

9.279

0,04

Other Expenses

10.006.899

0,08

6.807.384

0,05

10.476.852

0,04

16.092.980

0,06

5.963

0,02

Financial Expenses

2.205.315

0,02

1.137.067

0,01

2.776.181

0,01

1.208.355

0,00

962

0,00

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

19.259.323

0,15

22.164.506

0,15

60.192.035

0,23

49.913.947

0,18

68.718

0,27

Tax Payable

4.504.475

0,04

4.396.485

0,03

12.017.489

0,05

10.223.358

0,04

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

14.754.848

0,12

17.768.021

0,12

48.174.546

0,19

39.690.589

0,15

68.718

0,27

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

LIQUIDITY RATIOS

 

 

Current Ratio

3,17

2,77

3,02

3,49

Acid-Test Ratio

2,27

1,88

2,22

2,69

Cash Ratio

0,63

0,33

0,25

0,70

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,14

0,15

0,13

0,12

Short-term Receivable/Total Assets

0,33

0,35

0,46

0,42

Tangible Assets/Total Assets

0,17

0,21

0,15

0,14

TURNOVER RATIOS

 

 

Inventory Turnover

6,22

5,59

7,06

6,57

Stockholders' Equity Turnover

1,66

1,62

1,87

1,55

Asset Turnover

1,24

1,17

1,42

1,19

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,75

0,72

0,76

0,77

Current Liabilities/Total Assets

0,20

0,23

0,23

0,21

Financial Leverage

0,25

0,28

0,24

0,23

Gearing Percentage

0,34

0,39

0,32

0,31

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,20

0,19

0,35

0,23

Operating Profit Margin

0,22

0,18

0,26

0,23

Net Profit Margin

0,12

0,12

0,19

0,15

Interest Cover

9,73

20,49

22,68

42,31

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

95,38

107,66

115,53

128,44

Average Payable Period (days)

32,30

33,34

30,24

37,05

WORKING CAPITAL

43934988,00

51236497,00

85171383,00

118982379,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.62

UK Pound

1

Rs.99.12

Euro

1

Rs.78.89

 

 

INFORMATION DETAILS

 

Report Prepared by :

TPT

 

 

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.