MIRA INFORM REPORT

 

 

Report No. :

334908

Report Date :

05.08.2015

 

IDENTIFICATION DETAILS

 

Name :

VITAFOR NV

 

 

Registered Office :

Noordlaan 18-19, 9100 Sint-Niklaas

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

23.10.1972

 

 

Com. Reg. No.:

412725991

 

 

Legal Form :

Public Limited Liability Company

 

 

Line of Business :

Manufacture of Prepared Feeds For Farm Animals.

 

 

No. of Employees :

9

 

 

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 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Belgium

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

BELGIUM - ECONOMIC OVERVIEW

 

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the the budget deficit was 3.2% of GDP. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

 

Source : CIA

 


Company summary

 

Business number                     412725991

Branche Unit Number              2032172170

Company name                       VITAFOR NV

Address                                    NOORDLAAN 18-19

9100 SINT-NIKLAAS

Number of staff                        9

Date of establishment              23/10/1972

Telephone number                  037667265

Fax number                             037660370

 

 

Commentary

 

The business was established over 42 years ago.

The business has 9 employees.

The business has been at the address for over 3 years.

A 36% growth in Total Assets occurred during the latest trading period.

The business saw an increase in their Cash Balance of 248% during the latest trading period.

Turnover in the latest trading period increased 54% on the previous trading period.

 

 

ACCOUNTS

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2014

23,367,066

84,682

2,664,172

3,334,151

31/12/2013

15,076,594

-235,132

3,041,690

3,117,754

31/12/2012

19,585,494

60,520

3,258,372

2,862,967

 

 

 

 

 

ACCOUNTS

 

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2014

9,115,684

9

100,000

154,714

31/12/2013

6,662,936

7

100,000

-195,271

31/12/2012

7,875,066

7

100,000

44,337

 

Payment expectations

 

Past payments

 

Payment expectation days

39.74

 

Industry average payment expectation days

54.77

Industry average day sales outstanding

92.50

 

Day sales outstanding

75.16

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

 

Court action type

no

 

 

 

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

--

 

 

 

 

 

Company information

 

Business  number

412725991

Company  name

VITAFOR  NV

Fax  number

037660370

Date  founded

23/10/1972

Company  status

active

Company  type

Public  Limited  Liability Company  (BE)

Currency

Euro  (€)

Date  of  latest  accounts

31/12/2014

Activity  code

10910

Liable  for  VAT

yes

Activity  description

Manufacture  of  prepared feeds  for  farm  animals

VAT  Number

BE.0412.725.991  Check  VAT number

Belgian  Bullettin  of  Acts Publications

moniteur  belge

 

 

 

 

Joint Industrial Committee (JIC)

 

JIC Code                      100

Description                  Additional joint committee for labourers

category

 

JIC Code                      218

Description                  Additional national joint committee for the employees

category

 

Significant Events

Event Date                   28/06/2011

Event Description

Event Details                Uitbreiding van het maatschappelijk doel.

 

Event Date                   28/06/2011

Event Description

Event Details                Uitbreiding van het maatschappelijk doel.

 

Company accounts

 

Assets

 

 

 

 

 

 

 

 

 

Annual  accounts

31-12-2014

%

31-12-2013

%

31-12-2012

%

31-12-2011

%

31-12-2010

Weeks

52

 

52

 

52

 

52

 

52

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total  fixed  assets

433,216

-1.49

439,759

-4.30

459,502

-24.47

608,350

19.44

509,344

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

96,305

-6.36

102,848

12.87

91,122

-15.76

108,174

30.12

83,133

Land  &  building

-

-

-

-

0

-

0

-

0

Plant  &  machinery

-

-

-

-

-

-

-

-

-

Furniture  &  Vehicles

96,305

-6.36

102,848

12.87

91,122

-15.76

108,174

30.12

83,133

Leasing  &  Other  Similar  Rights

-

-

-

-

0

-

0

-

0

Other  tangible  assets

0

-

0

-

0

-

0

-

0

Financial  fixed  assets

336,911

0

336,911

-8.54

368,381

-26.35

500,176

17.35

426,212

Total  current  assets

8,682,468

39.52

6,223,177

-16.08

7,415,564

17.17

6,328,713

-2.02

6,458,963

Inventories

3,256,256

2.99

3,161,796

-4.87

3,323,525

42.66

2,329,738

18.88

1,959,662

Raw  materials  &  consumables

-

-

-

-

0

-

0

-

0

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

3,256,256

2.99

3,161,796

-4.87

3,323,525

42.66

2,329,738

18.88

1,959,662

Other  stocks

0

-

0

-

0

-

0

-

0

Trade  debtors

4,811,995

74.28

2,761,046

-14.74

3,238,372

43.41

2,258,057

-37.84

3,632,517

Other  amounts  receivable

236,006

23.05

191,802

-53.26

410,324

45.06

282,873

10.08

256,960

Cash

378,166

248

108,486

-75.53

443,297

221

137,762

-77.41

609,824

Miscellaneous  current  assets

45

-1.87

46

0.33

46

-99

1,320,283

-

0

Total  Assets

9,115,684

36.81

6,662,936

-15.39

7,875,066

13.52

6,937,063

-0.45

6,968,307

 

Liabilities

 

 

 

 

 

 

 

 

 

Total  shareholders  equity

2,664,172

-12.41

3,041,690

-6.65

3,258,372

0.45

3,243,635

6.62

3,042,219

Issued  share  capital

100,000

0

100,000

0

100,000

0

100,000

0

100,000

Share  premium  account

0

-

-

-

0

-

0

-

0

Revaluation  reserve

0

-

-

-

0

-

0

-

0

Reserves

2,564,172

-12.83

2,941,690

-6.86

3,158,372

0.47

3,143,635

6.85

2,942,219

Provisions  for  Liabilities  &  Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

0

-

-

-

0

-

0

-

0

Creditors

6,451,511

78.16

3,621,246

-21.56

4,616,694

25.00

3,693,428

-5.93

3,926,088

Other  long  term  loans

403,194

2448

15,823

-75.31

64,097

-61.85

168,007

-10.00

186,676

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

700,000

40.0

500,000

-

0

-

0

-

0

Total  long  term  debts

1,103,194

113

515,823

704

64,097

-61.85

168,007

-10.00

186,676

Current  portion  of  long  term  debt

112,629

47.24

76,491

-26.39

103,910

1.15

102,731

32.38

77,602

Financial  debts

2,635,855

42.48

1,850,000

-40.23

3,095,049

83.42

1,687,431

-0.15

1,690,000

Trade  creditors

2,538,634

135

1,077,792

-16.37

1,288,791

-23.78

1,690,842

-9.07

1,859,418

Amounts  Payable  for  Taxes, Remuneration  &  Social  Security

41,130

21.70

33,795

2.29

33,038

-17.19

39,896

-3.38

41,293

Miscellaneous  current  liabilities

20,070

-70.20

67,345

111

31,809

603

4,520

-93.64

71,099

Total  current  liabilities

5,348,317

72.23

3,105,423

-31.79

4,552,597

29.14

3,525,420

-5.72

3,739,412

Total  Liabilities

9,115,684

36.81

6,662,936

-15.39

7,875,066

13.52

6,937,063

-0.45

6,968,307

 

RATIO  ANALYSIS

 

 

 

 

 

 

 

 

 

 

TRADING  PERFORMANCE

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

0.36

23.08

-1.56

-603

0.31

-73.04

1.15

-0.86

1.16

Return  on  capital  employed

2.25

34.04

-6.61

-463

1.82

-73.89

6.97

-16.33

8.33

Return  on  total  assets  employed

0.93

26.35

-3.53

-558

0.77

-77.55

3.43

-11.14

3.86

Return  on  net  assets  employed

3.18

41.14

-7.73

-515

1.86

-74.62

7.33

-17.08

8.84

Sales  /  net  working  capital

7.01

44.83

4.84

-29.24

6.84

-7.19

7.37

-13.29

8.50

Stock  turnover  ratio

13.94

-33.52

20.97

23.57

16.97

50.58

11.27

32.90

8.48

Creditor  days

39.74

53.26

25.93

6.58

24.33

-19.78

30.33

1.03

30.02

Debtor  days

75.16

12.45

66.84

10.75

60.35

51.33

39.88

-30.47

57.36

SHORT TERM STABILITY

 

 

 

 

 

 

 

 

 

Current  ratio

1.62

-19.00

2.00

22.70

1.63

-9.44

1.80

4.05

1.73

Liquidity  ratio  /  acid  ratio

1.01

2.02

0.99

10.0

0.90

-20.35

1.13

-5.83

1.20

Current  debt  ratio

2.01

97.06

1.02

-27.14

1.40

28.44

1.09

-11.38

1.23

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

154,714

79.23

-195,271

-540

44,337

-80.82

231,105

-8.32

252,086

Net  worth

2,664,172

-12.41

3,041,690

-6.65

3,258,372

0.45

3,243,635

6.62

3,042,219

LONG  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Gearing

118.30

85.25

63.86

-36.23

100.14

65.88

60.37

-6.02

64.24

Equity  in  percentage

29.23

-35.97

45.65

10.32

41.38

-11.51

46.76

7.10

43.66

Total  debt  ratio

2.42

103

1.19

-16.20

1.42

24.56

1.14

-11.63

1.29

Working  capital

3,334,151

6.94

3,117,754

8.90

2,862,967

2.13

2,803,292

3.08

2,719,551

 

 

Profit & loss

 

Operating  Income

23,391,740

54.86

15,104,974

-22.96

19,607,839

-5.19

20,680,890

-10.57

23,125,681

Turnover

23,367,066

54.99

15,076,594

-23.02

19,585,494

-5.24

20,669,055

-10.58

23,114,118

Total  operating  expenses

23,314,545

53.68

15,171,242

-21.53

19,333,199

-4.98

20,346,100

-10.02

22,610,913

Gross  Operating  Margin

-

-

-

-

-

-

-

-

-

Operating  Charges

23,339,219

53.55

15,199,621

-21.47

19,355,544

-4.92

20,357,935

-10.01

22,622,476

Employee  costs

373,302

6.75

349,713

-2.91

360,198

7.90

333,841

26.62

263,650

Wages  and  salary

265,460

6.92

248,290

-8.14

270,303

14.35

236,380

26.20

187,306

Employee  pension  costs

-

-

-

-

0

-

0

-

0

Social  security  contributions

68,925

0.63

68,496

6.01

64,610

18.01

54,749

29.41

42,306

Other  employee  costs

38,917

18.20

32,926

30.22

25,286

-40.80

42,713

25.48

34,038

Director  remuneration

-

-

-

-

0

-

0

-

0

Amortization  and  depreciation

32,231

50.54

21,411

-27.67

29,600

-0.30

29,689

-7.55

32,115

Operating  result

52,521

55.49

-94,648

-137

252,295

-21.88

322,955

-35.82

503,205

Total  financial  income

185,085

70.98

108,249

-64.23

302,597

29.62

233,457

-32.62

346,493

Total  financial  expenses

152,923

-38.52

248,734

-49.69

494,371

55.20

318,540

-45.14

580,638

Results  on  ordinary  operations before  taxation

84,682

36.01

-235,132

-488

60,520

-74.56

237,872

-11.59

269,060

Extraordinary  Income

43,046

-23.26

56,096

85.86

30,182

44.03

20,955

67.53

12,509

Extraordinary  Charges

286

-99

33,941

-

0

-100

2,661

-

0

Extraordinary  items

42,761

93.01

22,155

-26.60

30,182

64.98

18,294

46.25

12,509

Results  for  the  Year  Before Taxation

127,443

59.84

-212,977

-334

90,703

-64.59

256,166

-9.02

281,569

Other appropriations

-

-

-

-

-

-

-

-

-

Taxation

4,960

33.84

3,706

-95.12

75,965

38.75

54,750

-11.12

61,597

Results  on  ordinary  operations after  taxation

79,722

33.38

-238,838

-1446

-15,445

-108

183,122

-11.73

207,463

Net  result

122,483

56.53

-216,682

-1570

14,737

-92.68

201,416

-8.44

219,972

Profit  (Loss)  for  the  Year  to  be appropriated

122,483

56.53

-216,682

-1570

14,737

-98.31

874,525

415

169,722

Dividends

-

-

-

-

-

-

-

-

-

 

 

Social balance sheet details

 

Social  Balance  Sheet  Details

 

Social  Balance  Sheet

Total

During  the  reporting  year

 

ended  31-12-2014

 

Full-time  Employees

6

Part-time  Employees

4

Total  Fte  Employees

9

Number  of  hours  worked

 

Full-time  Employees

10,673

Part-time  Employees

3,184

Total

13,857

Personnel  Charges

 

Full-time  Employees

287,506

Part-time  Employees

85,797

Total

373,302

Benefits  In  Addition  To  Wages

-

During  the  previous  reporting  year

 

Average  number  employees  in  Fte

8

Actual  working  hours

13,205

Personnel  Charges

349,713

Benefits  In  Addition  To  Wages

-

 

Type  of  Contract

 

Full-Time

Part-Time

Total  Fte

Unlimited  Duration Contracts

7

4

9

 

Men

 

Full-Time

Part-Time

Total  Fte

Primary  education

-

-

-

Secondairy  education

3

-

3

 

 

 

 

Women

 

Full-Time

Part-Time

Total  Fte

Primary  education

-

-

-

Secondairy  education

4

4

6

 

Working  Category

 

Full-Time

Part-Time

Total  Fte

White  collar  worker

7

4

9

 

Temporary  personnel

Total

 

Average  number  of  temporary  staff

0

Actual  working  hours

265

Cost  of  temporary  staff

5,670

 

New  staff  and  leavers

Full-Time

Part-Time

Total  Fte

New  Starters

4

-

4

Leavers

2

-

2

 

Industry comparison

 

Activity code

10910

Activity description

Manufacture of prepared feeds for farm animals

 

Payment expectations

 

Payment expectation days

39.74

Da sales outstanding

75.16

 

Industry comparison

 

Activity code

10910

Activity description

Manufacture of prepared feeds for farm animals

Industry average payment expectation days

54.77

Industry average day sales outstanding

92.50

 

Industry quartile analysis

 

Payment expectations

 

Company result

39.74

Lower

86.78

Median

51.94

Upper

37.75

 

 

Day sales outstanding

 

Company result

75.16

Lower

59.54

Median

29.76

Upper

18.76

 

 

Shareholder details

 

Group Structure

No group structure for this company.

 

Minority Shareholders

Business Number

 

Company  name

%

Date  Of Accounts

426417641

Diamond  Feed  NV

44.8

30/06/2013

472977938

Mareva  BVBA

20

31/12/2014

 

 

 

 

Minority  Interests

 

 

 

Business Number

 

Company  name

%

Date  Of Accounts

-

VIAL  SPRL

45

-

 

Companies that match this address

No companies match this address

 

Summons

There is no data for this company

 

Protested Bills

There is no data for this company

 

Bankruptcy and other legal events

There is no data for this company

 

 

Director details

 

CURRENT DIRECTOR DETAILS

 

Name

AMINEVIT  LABORATORIES  CVOHA

Position

Chairman  of  the  Board

Start  Date

02/06/2013

End  Date

02/06/2019

Date  of  birth

05/01/1987

Street

25 MEISTRAAT  ANTWERPEN

Post  code

2000

Country

Belgium

 

 

Position

Director

Start  Date

02/06/2013

Date  of  birth

05/01/1987

Street

25 MEISTRAAT  ANTWERPEN

Post  code

2000

Country

Belgium

 

 

Position

Legal  Representative

Start  Date

02/06/2013

Date  of  birth

05/01/1987

Street

25 MEISTRAAT  ANTWERPEN

Post  code

2000

Country

Belgium

 

 

Name

JOHAN  LUCIEN  FELIX  DE  KERPEL

Position

Director

Start  Date

02/06/2007

Date  of  birth

25/04/1959

Street

25 MEISTRAAT  ANTWERPEN

Post  code

2000

Country

Belgium

 

 

Name

DIAMOND  FEED  NV

Position

Managing  Director

Start  Date

02/06/2013

Date  of  birth

12/11/1984

Street

23 OUD-VEERSTRAAT  KRUIBEKE

Post  code

9150

Country

Belgium

 

Position

Director

Start  Date

02/06/2013

Date  of  birth

12/11/1984

Street

23 OUD-VEERSTRAAT  KRUIBEKE

Post  code

9150

Country

Belgium

 

 

Position

Legal  Representative

Start  Date

02/06/2013

Date  of  birth

12/11/1984

Street

23 OUD-VEERSTRAAT  KRUIBEKE

Post  code

9150

Country

Belgium

 

 

Name

BART  AGNÉS  FRANS  VAN  DEN  BERGHE

Position

Director

Start  Date

12/01/2001

Date  of  birth

06/03/1968

Street

75 PRINSENMEERS  DENDERMONDE

Post  code

9200

Country

Belgium

 

 

Name

MARIT  GEERTRUI  PEETERS

Position

Director

Start  Date

02/06/2007

Date  of  birth

26/05/1970

Street

23 OUD-VEERSTRAAT  KRUIBEKE

Post  code

9150

Country

Belgium

 

 

Name

BART  VAN  DE  BERGHE

Position

Managing  Director

Start  Date

28/09/2007

Street

39 PATER  VERTENTENSTRAAT  HAMME

Post  code

9220

Country

Belgium

 

 

Position

Director

Start  Date

22/12/2000

Street

39 PATER  VERTENTENSTRAAT  HAMME

Post  code

9220

Country

Belgium

 

 

Name

MALGORZATA  PODWYSOCKA

Position

Director

Start  Date

01/01/2012

End  Date

01/01/2018

Street

99 VAN  LANDEGHEMSTRAAT  SINT-NIKLAAS

Post  code

9100

Country

Belgium

 

 

Name

JOHAN  (JO)  DE  KERPEL

Position

Chairman  of  the  Board

Start  Date

28/09/2007

 

 

Position

Managing  Director

Start  Date

22/12/2000

 

 

Position

Director

Start  Date

28/09/2007

 

FORMER DIRECTOR DETAILS

 

Name

JOHAN  LUCIEN  FELIX  DE  KERPEL

Position

Chairman  of  the  Board

Start  Date

02/06/2007

End  Date

31/12/2012

Date  of  birth

25/04/1959

Street

25 MEISTRAAT  ANTWERPEN

Post  code

2000

Country

Belgium

 

 

Position

Managing  Director

Start  Date

02/06/2007

End  Date

02/06/2013

Date  of  birth

25/04/1959

Street

25 MEISTRAAT  ANTWERPEN

Post  code

2000

Country

Belgium

 

 

Name

BART  AGNÉS  FRANS  VAN  DEN  BERGHE

Position

Managing  Director

Start  Date

02/06/2007

End  Date

02/06/2013

Date  of  birth

06/03/1968

Street

75 PRINSENMEERS  DENDERMONDE

Post  code

9200

Country

Belgium

 

 

Name

MARIT  GEERTRUI  PEETERS

Position

Managing  Director

Start  Date

02/06/2007

End  Date

02/06/2013

Date  of  birth

26/05/1970

Street

23 OUD-VEERSTRAAT  KRUIBEKE

Post  code

9150

Country

Belgium

 

 

Name

MAREVA  EBVBA

Position

Managing  Director

Start  Date

02/06/2013

End  Date

31/12/2013

Date  of  birth

29/09/2000

Street

75 PRINSENMEERS  DENDERMONDE

Post  code

9200

Country

Belgium

 

 

Position

Director

Start  Date

02/06/2013

End  Date

31/12/2013

Date  of  birth

29/09/2000

Street

75 PRINSENMEERS  DENDERMONDE

Post  code

9200

Country

Belgium

 

 

Position

Legal  Representative

Start  Date

02/06/2013

End  Date

31/12/2013

Date  of  birth

29/09/2000

Street

75 PRINSENMEERS  DENDERMONDE

Post  code

9200

Country

Belgium

 

 

FORMER  MANDATES  IN  OTHER  COMPANIES

 

Name

Diamond  Feed  NV

Business  number

426417641

Position

Director

Start  Date

03/10/1997

End  Date

Unknown  date

 

 

Name

Aminevit  Laboratories  NV

Business  number

430176885

Position

Director

Start  Date

04/10/1997

End  Date

Unknown  date


 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.63.93

UK Pound

1

Rs.99.82

Euro

1

Rs.70.05

 

 

INFORMATION DETAILS

 

Analysis Done by :

KIN

 

 

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.