MIRA INFORM REPORT

 

 

Report No. :

302931

Report Date :

17.01.2015

 

IDENTIFICATION DETAILS

 

Name :

TEKFEN IMALAT VE MUHENDISLIK A.S.

 

 

Registered Office :

Buyukdere Cad. No:209 Tekfen Tower 4.Levent Istanbul / Turkey

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2014

 

 

Date of Incorporation :

08.07.1970

 

 

Com. Reg. No.:

107896

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of pressured vessels, storing tanks, spherical tanks, heat exchanger, steam boiler, industrial owens, winch

 

 

No. of Employee :

203

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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                                                   :           TEKFEN IMALAT VE MUHENDISLIK A.S.

HEAD OFFICE ADDRESS                     :           Buyukdere Cad. No:209 Tekfen Tower 4.Levent Istanbul / Turkey

PHONE NUMBER                                  :           90-212-357 00 60 (Head Office)

90-262-229 28 30 (Factory)

 

FAX NUMBER                                       :           90-212-357 00 61 (Head Office)

90-262-239 65 38 (Factory)

 

WEB-ADDRESS                                   :           www.tekfenim.com

E-MAIL                                                 :           timas@tekfenim.com

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

8340052063

REGISTRATION NUMBER

:

107896

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

08.07.1970

ESTABLISHMENT GAZETTE DATE/NO

:

11.07.1970

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   30.000.000

PAID-IN CAPITAL

:

TL   30.000.000

HISTORY

:

Previous Registered Capital

:

TL 950.000

Changed On

:

15.11.2011 (Commercial Gazette Date /Number 21.11.2011/ 7944)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Tekfen Insaat ve Tesisat A.S.

99,92 %

Feyyaz Berker

 

Tekfen Holding A.S.

 

Nihat Gokyigit

 

Other

 

 

 

GROUP

:

TEKFEN GROUP OF COMPANIES

 

GROUP PARENT COMPANY

:

TEKFEN HOLDING A.S.

 

SISTER COMPANIES

:

AKMERKEZ GAYRIMENKUL YATIRIM ORTAKLIGI A.S.

ALI NIHAT GOKYIGIT YATIRIM HOLDING A.S.

ANTALYA STUDYOLARI A.S.

AZFEN JV

BELPA BELEDIYE TUKETIM MALLARI ITHALAT IHRACAT TICARET VE YATIRIM  A.S.

CENUB TIKINTI SERVIS ASC.

FLORYA GAYRIMENKUL YATIRIM INSAAT TURIZM SANAYI VE TICARET A.S.

GATE INSAAT TAAHHUT SANAYI VE TICARET A.S.

HALLESCHE MITTELDEUTSCHE BAU-A.G.

HISHTIL-TOROS FIDECILIK SANAYI VE TICARET A.S.

INDUSTRIAL SUPPLY AND TRADING COMPANY LTD.

PAPFEN JOINT STOCK COMPANY

PAPFEN LIMITED LIABILITY COMPANY

PETROFERTIL SHIPPING S.A.

PETROFERTIL TRADING LTD.

TAYSEB TOROS ADANA YUMURTALIK SERBEST BOLGESI KURUCU VE ISLETICISI A.S.

TEKFEN CONS. AND INS. CO. LTD.

TEKFEN EMLAK GELISTIRME YATIRIM VE TICARET A.S.

TEKFEN ENDUSTRI VE TICARET A.S.

TEKFEN GAYRIMENKUL YATIRIM A.S.

TEKFEN HOLDING A.S.

TEKFEN INSAAT VE TESISAT A.S.

TEKFEN INTERNATIONAL LTD.

TEKFEN INTERNATONAL FINANCE AND INVESTMENT SA

TEKFEN KULTUR SANAT URUNLERI YAPIM VE YAYIN SANAYI TICARET A.S.

TEKFEN MUHENDISLIK A.S.

TEKFEN PARTICIPATIONS SA

TEKFEN SIGORTA ARACILIK HIZMETLERI A.S.

TEKFEN TURIZM VE ISLETMECILIK A.S.

TOROS GEMI ACENTELIGI VE TICARET A.S.

TOROS TARIM SANAYI VE TICARET A.S.

TOROS TERMINAL SERVISLERI VE DENIZCILIK A.S.

TST INTERNATIONAL LIMITED

TST INTERNATIONAL TRADING LIMITED

TURK-ARAP GUBRE A.S.

 

BOARD OF DIRECTORS

:

Umut Ozdemir

Chairman

Mehmet Ali Beler

Member

Osman Cengiz Birgili

Member

Gurbuz Alp Kirec

Member

Erhan Oner

Member

Ali Sanli

Member

Mustafa Tunc Sarman

Member

 

 

DIRECTORS

:

Mustafa Tunc Sarman

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Undertaking turn-key projects; manufacture and trade of pressured vessels, storing tanks, spherical tanks, heat exchanger, steam boiler, industrial owens, winch.

 

NACE CODE

:

DJ.28.21

 

NUMBER OF EMPLOYEES

:

203

 

NET SALES

:

2.955.072 TL

(2004) 

20.560.037 TL

(2005) 

30.593.236 TL

(2006) 

24.199.723 TL

(2007) 

38.691.165 TL

(2008) 

21.399.537 TL

(2009) 

12.200.416 TL

(2010) 

46.807.383 TL

(2011) 

22.466.835 TL

(2012) 

74.568 TL Thousand

(2013) 

22.505 TL Thousand

(01.01-30.09.2014) 

 

 

CAPACITY

:

  ( units/yr)

  ( kgs/yr)

 

 

90

9.999.000

 

(2011)

90

9.999.000

 

(2012)

 

 

 

 

IMPORT VALUE

:

4.514.776 USD

(2010)

5.957.486 USD

(2011)

5.914.706 USD

(2012)

7.547.102 USD

(2013)

IMPORT COUNTRIES

:

European Countries

Korea

 

MERCHANDISE IMPORTED

:

Iron pipe

Metal sheet

 

EXPORT VALUE

:

1.296.722 TL

(2004)

565.173 TL

(2005)

12.618.955 TL

(2006)

6.796.849 TL

(2007)

3.695.250 TL

(2008)

18.697.400 TL

(2009)

5.470.704 USD

(2010)

9.300.391 TL

(2011)

0 TL

(2012)

28.145.753 TL

(2013)

0 TL

(01.01-30.09.2014)

 

 

EXPORT COUNTRIES

:

Saudi Arabia

Syria

Russia

Senegal

Bulgaria

Sudan

Lebanon

Tunisia

Morocco

Algeria

Turkmenistan

 

MERCHANDISE  EXPORTED

:

Heat exchange units

Iron

Liquid gas cylinder

Steel

Storage tanks

 

HEAD OFFICE ADDRESS

:

Buyukdere Cad. No:209 Tekfen Tower 4.Levent  Istanbul / Turkey  (owned) (1.499 sqm)

 

BRANCHES

:

Factory  :  Deniz Mah. Yeni Liman Yolu  Derince Kocaeli/Turkey (owned) (24.931 sqm)

 

 

 

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

:

Burgan Bank Merkez Kurumsal Branch

ING Bank Merkez Branch

T. Is Bankasi Merkez Kurumsal Branch

Yapi ve Kredi Bankasi Esentepe Kurumsal 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

:

 

 

(2010) TL

(2011) TL

(2012) TL

(2013) TL Thousand

(01.01-30.09.2014) TL Thousand

Net Sales

12.200.416

46.807.383

22.466.835

74.568

22.505

Profit (Loss) Before Tax

1.739.085

9.984.306

3.608.619

8.203

4.310

Stockholders' Equity

31.041.695

39.023.287

41.907.024

48.465

52.775

Total Assets

60.854.108

61.135.983

97.290.251

86.420

106.960

Current Assets

41.589.126

20.432.410

54.807.583

43.743

65.544

Non-Current Assets

19.264.982

40.703.573

42.482.668

42.677

41.416

Current Liabilities

29.809.367

22.109.650

55.383.227

37.955

54.185

Long-Term Liabilities

3.046

3.046

0

0

0

Gross Profit (loss)

1.660.540

7.519.751

3.238.160

6.856

3.986

Operating Profit (loss)

1.660.540

7.519.751

3.238.160

6.856

3.986

Net Profit (loss)

1.384.816

7.981.592

2.883.738

6.558

4.310

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 30.09.2014

Remarks on Capitalization

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

 

Profitability

Profitable (01.01-30.09.2014)

 

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

Good

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-30.09.2014)

7,24 %

2,1706

2,9323

3,6222

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 

 

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 30.09.2014 )  TL Thousand

 

CURRENT ASSETS

20.432.410

0,33

54.807.583

0,56

43.743

0,51

65.544

0,61

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

1.810.190

0,03

4.342.622

0,04

2.072

0,02

1.433

0,01

Marketable Securities

155.974

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

3.807.609

0,06

2.545.954

0,03

3.871

0,04

225

0,00

Other Receivable

0

0,00

231.764

0,00

11.428

0,13

14.088

0,13

Inventories

554.195

0,01

732.688

0,01

695

0,01

1.514

0,01

Advances Given

1.741.453

0,03

1.094.583

0,01

188

0,00

1.546

0,01

Accumulated Construction Expense

10.719.594

0,18

43.170.630

0,44

24.681

0,29

44.230

0,41

Other Current Assets

1.643.395

0,03

2.689.342

0,03

808

0,01

2.508

0,02

NON-CURRENT ASSETS

40.703.573

0,67

42.482.668

0,44

42.677

0,49

41.416

0,39

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

3.019

0,00

9.568

0,00

4

0,00

4

0,00

Financial Assets

30.311

0,00

30.311

0,00

14

0,00

14

0,00

Tangible Fixed Assets (net)

40.669.992

0,67

42.442.658

0,44

42.659

0,49

41.375

0,39

Intangible Assets

0

0,00

0

0,00

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

251

0,00

131

0,00

0

0,00

23

0,00

TOTAL ASSETS

61.135.983

1,00

97.290.251

1,00

86.420

1,00

106.960

1,00

CURRENT LIABILITIES

22.109.650

0,36

55.383.227

0,57

37.955

0,44

54.185

0,51

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

5.707

0,00

8.701.290

0,09

0

0,00

0

0,00

Accounts Payable

2.076.943

0,03

1.741.752

0,02

2.134

0,02

1.506

0,01

Loans from Shareholders

4.567.830

0,07

0

0,00

0

0,00

0

0,00

Other Short-term Payable

8.055

0,00

225.953

0,00

595

0,01

391

0,00

Advances from Customers

6.267.208

0,10

17.195.956

0,18

12.822

0,15

1.542

0,01

Accumulated Construction Income

7.745.670

0,13

26.167.656

0,27

20.956

0,24

50.379

0,47

Taxes Payable

247.339

0,00

335.897

0,00

408

0,00

367

0,00

Provisions

367.468

0,01

160.278

0,00

95

0,00

0

0,00

Other Current Liabilities

823.430

0,01

854.445

0,01

945

0,01

0

0,00

LONG-TERM LIABILITIES

3.046

0,00

0

0,00

0

0,00

0

0,00

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

3.046

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

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

39.023.287

0,64

41.907.024

0,43

48.465

0,56

52.775

0,49

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

30.000.000

0,49

30.000.000

0,31

30.000

0,35

30.000

0,28

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

1.041.695

0,02

9.023.286

0,09

11.907

0,14

18.465

0,17

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)

7.981.592

0,13

2.883.738

0,03

6.558

0,08

4.310

0,04

TOTAL LIABILITIES AND EQUITY

61.135.983

1,00

97.290.251

1,00

86.420

1,00

106.960

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 thousand 426 is "Doubtful Trade Receivables" and -TL thousand 426 is "Provision for Doubtful Trade Receivables" at the last balance sheet. 

 

The details of "Other Receivable" figure at the last balance sheet (TL Thousand): Due From Shareholders: 0, Due From Participations: 0, Due From Affiliated Companies: 14.088, Due From Personnel: 0, Other Miscellaneous Receivables: 0, Other Receivable Total: 14.088             

 

TL thousand 0 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet.                                                                                                                

 

 

INCOME STATEMENTS

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(01.01-30.09.2014) TL Thousand

 

Net Sales

46.807.383

1,00

22.466.835

1,00

74.568

1,00

22.505

1,00

Cost of Goods Sold

39.287.632

0,84

19.228.675

0,86

67.712

0,91

18.519

0,82

Gross Profit

7.519.751

0,16

3.238.160

0,14

6.856

0,09

3.986

0,18

Operating Expenses

0

0,00

0

0,00

0

0,00

0

0,00

Operating Profit

7.519.751

0,16

3.238.160

0,14

6.856

0,09

3.986

0,18

Other Income

2.856.389

0,06

2.090.510

0,09

2.809

0,04

932

0,04

Other Expenses

391.834

0,01

1.720.051

0,08

1.339

0,02

608

0,03

Financial Expenses

0

0,00

0

0,00

123

0,00

0

0,00

Minority Interests

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

Profit (loss) Before Tax

9.984.306

0,21

3.608.619

0,16

8.203

0,11

4.310

0,19

Tax Payable

2.002.714

0,04

724.881

0,03

1.645

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

7.981.592

0,17

2.883.738

0,13

6.558

0,09

4.310

0,19

 

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

(2013)

(01.01-30.09.2014)

LIQUIDITY RATIOS

 

Current Ratio

0,92

0,99

1,15

1,21

Acid-Test Ratio

0,26

0,13

0,46

0,29

Cash Ratio

0,09

0,08

0,05

0,03

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,01

0,01

0,01

0,01

Short-term Receivable/Total Assets

0,06

0,03

0,18

0,13

Tangible Assets/Total Assets

0,67

0,44

0,49

0,39

TURNOVER RATIOS

 

Inventory Turnover

70,89

26,24

97,43

12,23

Stockholders' Equity Turnover

1,20

0,54

1,54

0,43

Asset Turnover

0,77

0,23

0,86

0,21

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,64

0,43

0,56

0,49

Current Liabilities/Total Assets

0,36

0,57

0,44

0,51

Financial Leverage

0,36

0,57

0,44

0,51

Gearing Percentage

0,57

1,32

0,78

1,03

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,20

0,07

0,14

0,08

Operating Profit Margin

0,16

0,14

0,09

0,18

Net Profit Margin

0,17

0,13

0,09

0,19

Interest Cover

 

 

67,69

 

COLLECTION-PAYMENT

 

Average Collection Period (days)

29,31

40,95

18,71

3,66

Average Payable Period (days)

19,03

32,61

11,35

29,28

WORKING CAPITAL

-1677240,00

-575644,00

5788,00

11359,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 61.89

UK Pound

1

Rs. 93.92

Euro

1

Rs. 72.00

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ASH

 

 

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.