MIRA INFORM REPORT

 

 

Report No. :

326203

Report Date :

11.06.2015

 

IDENTIFICATION DETAILS

 

Name :

INFORM ELEKTRONIK SANAYI VE TICARET A.S.

 

 

Registered Office :

Emek Mah. Ordu Cad. No:51 Sarigazi 34785 Sancaktepe Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

11.01.1994

 

 

Com. Reg. No.:

309012

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of continuous power supply and their parts such as static voltage regulator, automatic voltage regulator, transformer rectifier units, accumulator cabin, bascule, panel, aluminium cooler, printed circuits.

 

 

No. of Employees :

400

 

 

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 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 region to market. Several gas pipeline projects also are moving forward to help transport Caspian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas which currently meets 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 has dropped to roughly 2-4% in 2013-14. 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 2014, reflecting Turkey's robust growth even in the face of economic turmoil in Europe, the source of most of Turkey's foreign direct investment. 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

 

NOTES

 

Full name of the firm was missing at your inquiry.

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

INFORM ELEKTRONIK SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Emek Mah. Ordu Cad. No:51 Sarigazi 34785 Sancaktepe Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number was changed from “No:49-51-53” to “No:51” by the Municipality.

PHONE NUMBER

:

90-216-622 58 00

 

FAX NUMBER

:

90-216-621 92 35

 

WEB-ADDRESS

:

www.inform.com.tr

E-MAIL

:

info@inform.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Anadolu Kurumlar

TAX NO

:

4780036925

REGISTRATION NUMBER

:

309012

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

11.01.1994

ESTABLISHMENT GAZETTE DATE/NO

:

14.01.1994/3449

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   17.000.000

PAID-IN CAPITAL

:

TL   17.000.000

HISTORY

:

Previous Registered Capital

:

TL 10.000.000

Changed On

:

17.01.2006 (Commercial Gazette Date /Number 20.01.2006/ 6475)

Merger

:

The subject took over and merged with "Inform Kontrol Otomasyon Olcu Sistemleri Sanayi ve Ticaret A.S.".

Changed On

:

17.01.2006 (Commercial Gazette Date /Number 20.01.2006/ 6475)

 

 

OWNERSHIP/ MANAGEMENT

 

 

SHAREHOLDERS

:

Legrand Nederland BV

99,96 %

Pammelec S.A.S.

0,01 %

Legrand Elektrik Sanayi A.S.

0,01 %

Legrand Frances S.A.

0,01 %

A.E. Chessy S.A.S.

0,01 %

 

 

REMARKS ON SHAREHOLDERS

:

We are informed that, the main shareholder "Legrand Nederland BV" is a company located in Netherlands and "Pammelec S.A.S.","Legrand Frances S.A.", "A.E. Chessy S.A.S." are companies located in France.

 

BOARD OF DIRECTORS

:

Jean Luc Michel Lubin

Chairman

Antoine Didier Marie Burel

Vice-Chairman

David Beugin

Member

Bulent Ozdirekcan

Member

 

 

DIRECTORS

:

Levent Ilgin                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of continuous power supply and their parts such as static voltage regulator, automatic voltage regulator, transformer rectifier units, accumulator cabin, bascule, panel, aluminium cooler, printed circuits.

 

NACE CODE

:

DL.31.40

 

TRADEMARKS OWNED

:

Inform

 

NUMBER OF EMPLOYEES

:

400

 

 

NET SALES

:

13.251.517 TL

(2001) 

22.506.742 TL

(2002) 

27.509.493 TL

(2003) 

45.603.727 TL

(2004) 

52.287.619 TL

(2005) 

60.636.221 TL

(2006) 

76.231.427 TL

(2007) 

108.472.294 TL

(2008) 

104.418.477 TL

(2009) 

111.902.097 TL

(2010) 

139.971.741 TL

(2011) 

152.477.981 TL

(2012) 

159.095 TL Thousand

(2013) 

188.408 TL Thousand

(2014) 

42.386 TL Thousand

(01.01-31.03.2015) 

 

 

CAPACITY

:

Accumulator cabin  ( units/yr)

Aluminium cooler  ( units/yr)

Automatic voltage regulator  ( units/yr)

 

2.000

5.000

3.000

(2012)

 

5.000

3.000

(2011)

 

 

 

 

Continuous power supply  ( units/yr)

Others  ( units/yr)

Printed circuit  ( units/yr)

 

20.000

12.000

2.000.000

(2011)

20.000

12.000

2.000.000

(2012)

 

 

 

 

Rectifier units  ( units/yr)

Static voltage regulator  ( units/yr)

Transformer  ( units/yr)

 

1.000

2.000

6.000

(2011)

1.000

2.000

6.000

(2012)

 

 

 

 

IMPORT VALUE

:

35.233.783 USD

(2014)

6.516.232 USD

(01.01-31.03.2015)

 

 

IMPORT COUNTRIES

:

Germany

France

Italy

China

 

MERCHANDISE IMPORTED

:

Accumulator

Continuous power supply

 

 

EXPORT VALUE

:

918.553 USD

(2001)

2.116.851 USD

(2002)

3.793.199 USD

(2003)

10.525.602 TL

(2004)

12.224.066 TL

(2005)

17.255.703 TL

(2006)

21.908.007 TL

(2007)

36.498.588 TL

(2008)

36.988.663 TL

(2009)

40.649.946 TL

(2010)

50.151.909 TL

(2011)

48.667.095 TL

(2012)

48.438 TL Thousand

(2013)

53.774 TL Thousand

(2014)

14.149 TL Thousand

(01.01-31.03.2015)

 

 

EXPORT COUNTRIES

:

Greece

South Africa

U.K.

Italy

Luxembourg

Norway

Sweden

Australia

Indonesia

Jordan

Syria

France

Spain

Saudi Arabia

U.S.A.

Germany

Hong-Kong

India

 

MERCHANDISE  EXPORTED

:

Bobbins

Electric transformers

Static converters

Transformators

 

HEAD OFFICE ADDRESS

:

Emek Mah. Ordu Cad. No:51 Sarigazi 34785 Sancaktepe  Istanbul / Turkey ( rented )

 

BRANCHES

:

Head Office/Factory  :  Emek Mah. Ordu Cad. No:51 Sarigazi 34785 Sancaktepe Istanbul/Turkey (rented) (27.000 sqm)

 

Branch Office  :   Kayseri/Turkey (rented)

 

Branch Office  :   Ankara/Turkey (owned)

                                                                                

 

TREND OF BUSINESS

:

There was an upwards trend in  2014.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

HSBC Bank Karakoy Branch

T. Is Bankasi Kozyatagi Kurumsal Branch

T.C. Ziraat Bankasi Kadikoy Branch

Turk Ekonomi Bankasi Korfez 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

:

 

(2011) TL

(2012) TL

(2013) TL Thousand

(2014) TL Thousand

(01.01-31.03.2015) TL Thousand

Net Sales

139.971.741

152.477.981

159.095

188.408

42.386

Profit (Loss) Before Tax

19.856.852

9.676.375

13.477

13.108

2.210

Stockholders' Equity

49.139.743

56.465.492

66.988

77.125

 

Total Assets

87.848.137

94.469.599

104.257

120.860

 

Current Assets

80.337.863

84.392.866

92.115

108.934

 

Non-Current Assets

7.510.274

10.076.733

12.142

11.926

 

Current Liabilities

34.149.944

15.103.087

10.171

14.218

 

Long-Term Liabilities

4.558.450

22.901.020

27.098

29.517

 

Gross Profit (loss)

42.730.237

39.136.017

45.314

49.737

12.434

Operating Profit (loss)

23.864.034

16.118.221

18.740

18.505

4.959

Net Profit (loss)

16.141.045

7.258.413

10.524

10.136

2.210

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2014

Liquidity

High As of 31.12.2014

Remarks On Liquidity

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

Profitability

High Operating Profitability  in 2011

High Net Profitability  in 2011

High Operating Profitability  in 2012

Good Net Profitability  in 2012

High Operating Profitability  in 2013

High Net Profitability  in 2013

High Operating Profitability  in 2014

Good Net Profitability  in 2014

High Operating Profitability (01.01-31.03.2015)

Good Net Profitability (01.01-31.03.2015)

 

Gap between average collection and payable periods

Unfavorable in 2014

General Financial Position

Good

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 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

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 (01.01-31.03.2015)

2,60 %

2,4709

2,8023

3,7626

 (01.01-31.05.2015)

5,22 %

2,5346

2,8509

3,8736

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

CURRENT ASSETS

80.337.863

0,91

84.392.866

0,89

92.115

0,88

108.934

0,90

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

1.140.670

0,01

7.576.275

0,08

5.188

0,05

12.662

0,10

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

44.691.626

0,51

46.720.872

0,49

59.605

0,57

60.176

0,50

Other Receivable

2.834.877

0,03

294.313

0,00

294

0,00

374

0,00

Inventories

27.036.667

0,31

25.630.905

0,27

23.311

0,22

30.086

0,25

Advances Given

3.240.901

0,04

161.060

0,00

1.169

0,01

475

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

1.393.122

0,02

4.009.441

0,04

2.548

0,02

5.161

0,04

NON-CURRENT ASSETS

7.510.274

0,09

10.076.733

0,11

12.142

0,12

11.926

0,10

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

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

5.392.104

0,06

4.033.318

0,04

5.644

0,05

4.982

0,04

Intangible Assets

2.118.170

0,02

6.043.415

0,06

6.498

0,06

6.944

0,06

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

87.848.137

1,00

94.469.599

1,00

104.257

1,00

120.860

1,00

CURRENT LIABILITIES

34.149.944

0,39

15.103.087

0,16

10.171

0,10

14.218

0,12

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

23.665.256

0,27

229.205

0,00

0

0,00

0

0,00

Accounts Payable

5.349.906

0,06

8.364.192

0,09

7.688

0,07

11.306

0,09

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

816.626

0,01

65.870

0,00

0

0,00

4

0,00

Advances from Customers

2.701.276

0,03

455.229

0,00

134

0,00

1.078

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

1.387.333

0,02

2.918.683

0,03

2.092

0,02

1.803

0,01

Provisions

63.837

0,00

0

0,00

0

0,00

27

0,00

Other Current Liabilities

165.710

0,00

3.069.908

0,03

257

0,00

0

0,00

LONG-TERM LIABILITIES

4.558.450

0,05

22.901.020

0,24

27.098

0,26

29.517

0,24

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

17.826.000

0,19

21.343

0,20

23.189

0,19

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

6

0,00

6

0,00

Provisions

4.558.450

0,05

5.075.020

0,05

5.749

0,06

6.322

0,05

STOCKHOLDERS' EQUITY

49.139.743

0,56

56.465.492

0,60

66.988

0,64

77.125

0,64

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

17.000.000

0,19

17.000.000

0,18

17.000

0,16

17.000

0,14

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

13.951.367

0,16

30.092.412

0,32

37.350

0,36

47.875

0,40

Revaluation Fund

2.047.331

0,02

2.114.667

0,02

2.114

0,02

2.114

0,02

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

16.141.045

0,18

7.258.413

0,08

10.524

0,10

10.136

0,08

TOTAL LIABILITIES AND EQUITY

87.848.137

1,00

94.469.599

1,00

104.257

1,00

120.860

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 4.148 is "Doubtful Trade Receivables" and -TL thousand 4.148 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:0,Due From Personnel:0,Other Miscellaneous Receivables:374,Other Receivable Total:374       

 

TL thousand 0 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 3.321 of the other expenses is due to "Loss from Foreign Currency Exchange".

 

 

 

INCOME STATEMENTS

 

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(2014) TL Thousand

 

(01.01-31.03.2015) TL Thousand

 

Net Sales

139.971.741

1,00

152.477.981

1,00

159.095

1,00

188.408

1,00

42.386

1,00

Cost of Goods Sold

97.241.504

0,69

113.341.964

0,74

113.781

0,72

138.671

0,74

29.952

0,71

Gross Profit

42.730.237

0,31

39.136.017

0,26

45.314

0,28

49.737

0,26

12.434

0,29

Operating Expenses

18.866.203

0,13

23.017.796

0,15

26.574

0,17

31.232

0,17

7.475

0,18

Operating Profit

23.864.034

0,17

16.118.221

0,11

18.740

0,12

18.505

0,10

4.959

0,12

Other Income

3.240.678

0,02

5.002.873

0,03

4.401

0,03

6.813

0,04

1.621

0,04

Other Expenses

4.995.493

0,04

10.450.273

0,07

9.403

0,06

11.458

0,06

4.336

0,10

Financial Expenses

2.252.367

0,02

994.446

0,01

261

0,00

752

0,00

34

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

19.856.852

0,14

9.676.375

0,06

13.477

0,08

13.108

0,07

2.210

0,05

Tax Payable

3.715.807

0,03

2.417.962

0,02

2.953

0,02

2.972

0,02

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

16.141.045

0,12

7.258.413

0,05

10.524

0,07

10.136

0,05

2.210

0,05

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

(2013)

(2014)

 

LIQUIDITY RATIOS

 

 

Current Ratio

2,35

5,59

9,06

7,66

 

Acid-Test Ratio

1,43

3,61

6,40

5,15

 

Cash Ratio

0,03

0,50

0,51

0,89

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,31

0,27

0,22

0,25

 

Short-term Receivable/Total Assets

0,54

0,50

0,57

0,50

 

Tangible Assets/Total Assets

0,06

0,04

0,05

0,04

 

TURNOVER RATIOS

 

 

Inventory Turnover

3,60

4,42

4,88

4,61

 

Stockholders' Equity Turnover

2,85

2,70

2,37

2,44

 

Asset Turnover

1,59

1,61

1,53

1,56

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,56

0,60

0,64

0,64

 

Current Liabilities/Total Assets

0,39

0,16

0,10

0,12

 

Financial Leverage

0,44

0,40

0,36

0,36

 

Gearing Percentage

0,79

0,67

0,56

0,57

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,33

0,13

0,16

0,13

 

Operating Profit Margin

0,17

0,11

0,12

0,10

 

Net Profit Margin

0,12

0,05

0,07

0,05

 

Interest Cover

9,82

10,73

52,64

18,43

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

114,94

110,31

134,87

114,98

 

Average Payable Period (days)

19,81

26,57

24,32

29,35

 

WORKING CAPITAL

46187919,00

69289779,00

81944,00

94716,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.88

UK Pound

1

Rs.98.47

Euro

1

Rs.72.15

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

 

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.