MIRA INFORM REPORT

 

 

Report No. :

314385

Report Date :

25.03.2015

 

IDENTIFICATION DETAILS

 

Name :

CASSART SPECIAL PRODUCTS SA

 

 

Registered Office :

Avenue De L'atlantique 122 1150 Bruxelles

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

01.12.1920

 

 

Com. Reg. No.:

402944928

 

 

Legal Form :

Public Limited Liability Company (BE)

 

 

Line of Business :

Wholesale of Metals and Metal Ores.

 

 

No. of Employee :

13

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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)

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 volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian retail arm of a Franco-Belgian bank.

 

Source : CIA


Company summary

 

Business number                     402944928

Company name                        CASSART SPECIAL PRODUCTS SA

Address                                   AVENUE DE L'ATLANTIQUE 122

1150 BRUXELLES

Number of staff                        13

Date of establishment               01/12/1920

Telephone number                   023781949

Fax number                              023781949

 

 

Commentary

 

The business was established over 68 years ago.

The business has 13 employees.

The business has been at the address for over 16 months.

The credit rating for this business has increased from 97 to 99.

The credit limit for this business has increased from €370000 to €375000.

The business saw a decrease in their Cash Balance of 34% during the latest trading period.

 

 

Accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2013

9,509,178

804,031

2,245,435

3,226,284

31/12/2012

10,282,345

812,896

2,245,435

3,161,246

31/12/2011

10,408,539

918,891

2,245,435

3,210,549

 

ACCOUNTS

 

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

5,118,844

13

1,500,000

611,357

31/12/2012

5,235,743

14

1,500,000

658,688

31/12/2011

5,475,803

14

1,500,000

668,296

 

 

Trends

 

Profitability

Liquidity

Net worth

 

Payment expectations

 

Past  payments

 

Payment  expectation  days

20.78

Industry  average  payment

53.47

Industry  average  day  sales

250.29

expectation  days

 

outstanding

 

Day  sales  outstanding

58.22

 

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type                       No

 

PROTESTED BILLS

Bill amount                                -

 

NSSO DETAILS

Date of summons                     -

 

 

Company information

 

Business  number

402944928

Company  name

CASSART  SPECIAL

 

 

 

PRODUCTS  SA

Fax  number

023781949

Date  founded

01/12/1920

Company  status

active

Company  type

Public  Limited  Liability

 

 

 

Company  (BE)

Currency

Euro  (€)

Date  of  latest  accounts

31/12/2013

Activity  code

46720

Liable  for  VAT

yes

Activity  description

Wholesale  of  metals  and

VAT  Number

BE.0402.944.928  Check  VAT

 

metal  ores

 

number

Belgian  Bullettin  of  Acts

moniteur  belge

 

 

 

 

Contractor details

 

Registered  contractor

030093

number

 

Contractor  description

Sans  activités

Date  struck  off  register

09/10/1996  00:00:00

 

PERSONNEL  (NSSO  CLASSIFICATION)

 

Code

-

Description

-

 

JOINT INDUSTRIAL COMMITTEE (JIC)

 

JIC  Code

149.04

Description

Joint  subcommittee  for  the  trade  in  metals

category

 

JIC  Code

218

Description

Additional  national  joint  committee  for  the  employees

category

 

 

SIGNIFICANT EVENTS

 

Event  Date

17/03/2009

Event  Description

re-appointment  of  director(s)

Event  Details

Commentaire  17-03-2009:  L'AG  du  17-03-2009  réélit  aux  fonctions  d'administrateurs  pour  un  terme

 

de  6  ans:  Monsieur  Michel  Clouwaert,  Monsieur  Yves  Lotens  et  Madame  Marie-Christine  Clouwaert

 

 

Company accounts

 

ASSETS

 

Annual  accounts

31-12-2013

%

31-12-2012

%

31-12-2011

%

31-12-2010

%

31-12-2009

Weeks

52

 

52

 

52

 

52

 

52

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total  fixed  assets

436,826

-12.96

501,865

10.89

452,561

-8.51

494,630

-0.10

495,113

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

434,198

-13.03

499,237

10.96

449,933

-8.55

492,002

-0.10

492,485

Land  &  building

374,235

-5.92

397,785

-5.59

421,335

-5.29

444,885

-5.03

468,435

Plant  &  machinery

8,008

-37.36

12,784

63.08

7,839

-34.84

12,031

-27.72

16,644

Furniture  &  Vehicles

51,956

-41.40

88,668

327

20,759

-40.83

35,087

373

7,407

Leasing  &  Other  Similar  Rights

-

-

-

-

-

-

-

-

-

Other  tangible  assets

0

-

0

-

0

-

0

-

0

Financial  fixed  assets

2,628

0

2,628

-0.01

2,628

0.01

2,628

0

2,628

Total  current  assets

4,682,017

-1.10

4,733,878

-5.76

5,023,242

6.96

4,696,263

19.02

3,945,655

Inventories

798,609

-17.98

973,648

17.94

825,516

7.85

765,444

3.40

740,241

Raw  materials  &  consumables

-

-

-

-

-

-

-

-

-

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

798,609

-17.98

973,648

17.94

825,516

7.85

765,444

3.40

740,241

Other  stocks

0

-

0

-

0

-

0

-

0

Trade  debtors

1,516,846

16.22

1,305,124

-32.14

1,923,349

34.27

1,432,430

51.59

944,927

Other  amounts  receivable

769,502

-0.61

774,235

6.01

730,319

609

102,936

10.28

93,341

Cash

1,095,875

-34.80

1,680,871

9.25

1,538,507

-35.63

2,390,270

10.47

2,163,740

Miscellaneous  current  assets

501,185

-

0

-100

5,551

7.11

5,183

52.20

3,405

Total  Assets

5,118,844

-2.23

5,235,743

-4.38

5,475,803

5.49

5,190,893

16.89

4,440,768

 

 

LIABILITIES

 

Total  shareholders  equity

2,245,435

0

2,245,435

0.00

2,245,435

0.00

2,245,435

0

2,245,435

Issued  share  capital

1,500,000

0

1,500,000

0

1,500,000

0

1,500,000

0

1,500,000

Share  premium  account

-

-

-

-

-

-

-

-

-

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

745,435

0

745,435

0.00

745,435

0.00

745,435

0

745,435

Provisions  for  Liabilities  &  Charges

850,000

0

850,000

0

850,000

0

850,000

0

850,000

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

2,023,409

-5.46

2,140,308

-10.09

2,380,369

13.60

2,095,458

55.76

1,345,333

Other  long  term  loans

567,676

0

567,676

0.00

567,676

0.00

567,676

0

567,676

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-

0

0

-1

-

0

-

0

Total  long  term  debts

1,417,676

0

1,417,676

0.00

1,417,675

0.00

1,417,676

0

1,417,676

Current  portion  of  long  term  debt

-

-

-

-

-

-

-

-

-

Financial  debts

-

-

-

-

-

-

-

-

-

Trade  creditors

498,976

-15.09

587,686

-23.61

769,355

44.12

533,833

48.61

359,228

Amounts  Payable  for  Taxes,

291,892

14.62

254,668

-18.71

313,265

22.00

256,778

62.65

157,871

Remuneration  &  Social  Security

 

 

 

 

 

 

 

 

 

Miscellaneous  current  liabilities

664,864

-8.96

730,278

0.03

730,073

-0.96

737,171

182

260,559

Total  current  liabilities

1,455,733

-7.43

1,572,632

-13.24

1,812,693

18.65

1,527,782

96.46

777,657

Total  Liabilities

5,118,844

-2.23

5,235,743

-4.38

5,475,803

5.49

5,190,893

16.89

4,440,768

 

 

RATIO ANALYSIS

 

TRADING  PERFORMANCE

 

Profit  Before  Tax

8.46

6.95

7.91

-10.42

8.83

-15.98

10.51

328

2.45

Return  on  capital  employed

21.95

-1.08

22.19

-11.52

25.08

1.09

24.81

359

5.40

Return  on  total  assets  employed

15.71

1.16

15.53

-7.45

16.78

-4.17

17.51

292

4.46

Return  on  net  assets  employed

35.81

-1.08

36.20

-11.53

40.92

1.09

40.48

359

8.81

Sales  /  net  working  capital

2.95

-9.23

3.25

0.31

3.24

18.68

2.73

7.06

2.55

Stock  turnover  ratio

8.40

-11.30

9.47

19.42

7.93

-10.40

8.85

-3.28

9.15

Creditor  days

20.78

-7.64

22.50

-23.18

29.29

17.44

24.94

50.69

16.55

Debtor  days

58.22

25.66

46.33

-31.31

67.45

11.62

60.43

41.79

42.62

 

SHORT  TERM  STABILITY

 

Current  ratio

3.22

6.98

3.01

8.66

2.77

-9.77

3.07

-39.45

5.07

Liquidity  ratio  /  acid  ratio

2.67

11.72

2.39

3.02

2.32

-9.73

2.57

-37.62

4.12

Current  debt  ratio

0.65

-7.14

0.70

-13.58

0.81

19.12

0.68

94.29

0.35

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

611,357

-7.19

658,688

-1.44

668,296

-0.31

670,347

230

203,083

Net  worth

2,245,435

0

2,245,435

0.00

2,245,435

0.00

2,245,435

0

2,245,435

 

LONG  TERM  STABILITY

 

Gearing

25.28

0

25.28

0

25.28

0

25.28

0

25.28

Equity  in  percentage

43.87

2.28

42.89

4.58

41.01

-5.20

43.26

-14.44

50.56

Total  debt  ratio

1.28

-3.76

1.33

-7.64

1.44

9.92

1.31

33.67

0.98

Working  capital

3,226,284

2.06

3,161,246

-1.54

3,210,549

1.33

3,168,481

0.02

3,167,998

Profit  &  loss

 

 

 

 

 

 

 

 

 

Operating  Income

9,532,476

-7.35

10,288,733

-1.29

10,423,363

20.40

8,657,204

6.75

8,110,165

Turnover

9,509,178

-7.52

10,282,345

-1.21

10,408,539

20.30

8,652,117

6.90

8,093,337

Total  operating  expenses

8,764,699

-8.05

9,531,957

-0.58

9,587,392

22.69

7,814,044

-1.39

7,923,927

Gross  Operating  Margin

-

-

-

-

-

-

-

-

-

Operating  Charges

8,787,996

-7.87

9,538,345

-0.67

9,602,216

22.80

7,819,131

-1.53

7,940,755

Employee  costs

816,254

1.33

805,564

3.79

776,160

3.95

746,647

-3.47

773,467

Wages  and  salary

585,808

1.63

576,430

3.00

559,655

8.93

513,787

-10.65

575,056

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

175,361

1.85

172,174

2.72

167,619

7.60

155,780

-9.77

172,654

Other  employee  costs

55,085

-3.29

56,960

16.52

48,886

-36.58

77,080

199

25,757

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

65,039

26.20

51,536

22.50

42,069

-3.22

43,469

8.91

39,912

Operating  result

744,479

-0.79

750,388

-8.62

821,147

-2.02

838,073

394

169,410

Total  financial  income

138,482

-5.47

146,492

-15.44

173,243

22.65

141,245

25.39

112,641

Total  financial  expenses

78,931

-6.02

83,984

11.24

75,499

7.36

70,324

-16.40

84,121

Results  on  ordinary  operations  before taxation

804,031

-1.09

812,896

-11.54

918,891

1.09

908,994

359

197,929

Extraordinary  Income

813

-90.97

9,000

-

-

-

2,000

-

-

Extraordinary  Charges

-

-

-

-

-

-

-

-

8,465

Extraordinary  items

813

-90.97

9,000

-

0

-100

2,000

23.63

-8,465

Results  for  the  Year  Before  Taxation

804,844

-2.07

821,896

-10.56

918,891

0.87

910,994

380

189,464

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

258,525

20.39

214,744

-26.62

292,664

3.01

284,117

980

26,293

Results  on  ordinary  operations  after taxation

545,506

-8.80

598,152

-4.48

626,227

0.22

624,878

264

171,637

Net  result

546,319

-10.02

607,152

-3.05

626,227

-0.10

626,878

284

163,172

Profit  (Loss)  for  the  Year  to  be` appropiated

546,319

-10.02

607,152

-3.05

626,227

-0.10

626,878

284

163,172

Dividends

546,319

-10.02

607,152

-3.05

626,227

-0.10

626,878

284

163,172

 

 

Social Balance Sheet Details

 

Social  Balance  Sheet

Total

During  the  reporting  year

 

ended  31-12-2013

 

Full-time  Employees

12

Part-time  Employees

3

Total  Fte  Employees

14

Number  of  hours  worked

 

Full-time  Employees

20,303

Part-time  Employees

3,148

Total

23,451

Personnel  Charges

 

Full-time  Employees

706,682

Part-time  Employees

109,572

Total

816,254

Benefits  In  Addition  To  Wages

-

During  the  previous  reporting  year

 

Average  number  employees  in  Fte

15

Actual  working  hours

23,544

Personnel  Charges

805,564

Benefits  In  Addition  To  Wages

-

 

 

Type  of  Contract

Full-Time

Part-Time

Total  Fte

Unlimited  Duration

12

3

14

Contracts

 

 

 

Limited  Duration  Contracts

-

-

-

Contracts  For  Specific  Work

-

-

-

Contracts  Regarding

-

-

-

 

 

Gender and Education Level

 

 

 

Men

Full-Time

Part-Time

Total  Fte

Primary  education

-

-

-

Secondairy  education

9

2

10

Higher  education  (non university)

-

-

-

Higher  education (university)

-

-

-

Women

Full-Time

Part-Time

Total  Fte

Primary  education

-

-

-

Secondairy  education

3

1

4

Higher  education  (non university)

-

-

-

Higher  education (university)

-

-

-

 

 

Working  Category

Full-Time

Part-Time

Total  Fte

Management

-

-

-

White  collar  worker

8

3

10

Blue  collar  worker

4

-

4

Other

-

-

-

 

 

Temporary  personnel

Total

Average  number  of  temporary  staff

-

Actual  working  hours

-

Cost  of  temporary  staff

-

 

 

 

New  staff  and  leavers

Full-Time

Part-Time

Total  Fte

New  Starters

-

-

-

Leavers

1

-

1

 

 

Industry comparison

 

Activity code                            46720

Activity description                  Wholesale of metals and metal ores

industry average credit

rating                                       69.32

Industry average credit limit     193568.18

 

 

Payment Information

 

PAYMENT INFORMATION SUMMARY

Total number of Invoices available                                                                                                         37

Total number of Invoices paid within or up to 30 days after the due date                                                  28

Total number of Invoices paid more than 30 days after the due date                                                        6

Total number of Invoices currently outstanding where the due date has not yet been reached                    2

Total number of Invoices currently outstanding beyond the due date                                                        0

 

SUSPENSION OF PAYMENTS / MORATORIUM HISTORY

 

Amount            -

Details              -

 

PAYMENT EXPECTATIONS

Payment expectation days         20.78

Day sales outstanding               58.22

 

INDUSTRY COMPARISON

Activity code                             46720

Activity description                    Wholesale of metals and metal ores

Industry average payment

expectation days                       53.47

Industry average day sales

Outstanding                              250.29

 

 

Industry quartile analysis

 

Payment expectations

 

Company result             20.78

Lower                           83.04

Median                                     61.22

Upper                           34.14

 

 

Day sales outstanding

 

Company result             58.22

Lower                           54.88

Median                                     33.04

Upper                           18.16

 

 

Shareholder Details

 

SUMMARY

 

Group - Number of Companies              0

Linkages - Number of Companies           0

Number of Countries                             0

 

GROUP STRUCTURE

No group structure for this company.

 

MINORITY SHAREHOLDERS

No minority shareholders found

 

MINORITY INTERESTS

No minority interests found

 

COMPANIES THAT MATCH THIS ADDRESS

 

Business  number

Company  name

Date  of  accounts

427934702

MANAGEMENT  PROMOTION  INVESTMENT  SA

31/12/2013

431857658

C  ET  E  SA

31/12/2013

436938973

P.  ARION  IMMOBILIERE  ET  FINANCIERE  SA

31/12/2013

438307861

FRAB  SPRLU

31/12/2013

442091059

MICRA  SA

31/12/2013

446562561

MASTER  PROPERTIES  SA

31/12/2013

453714233

RENTAFORM  SA

31/12/2013

464614558

KA  PAR  KA  SPRL

31/12/2013

476031359

VIPACO  SPRL

31/12/2013

477640866

INTERNATIONAL  PROMOTION  MANAGEMENT  SA

31/12/2013

865567820

RDG  INVESTMENTS  SA

30/06/2014

875057883

NIK  SA

30/06/2014

882715935

MP  HOLDINGS  SA

31/12/2013

885638704

KONTICH  LEASEHOLD  SPRL

31/12/2013

 

 

Linked Companies

 

SUMMARY

 

Group - Number of Companies              0

Linkages - Number of Companies           0

Number of Countries                             0

 

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

MARIE-CHRISTINE  CLOUWAERT

Position

Managing  Director

Start  Date

18/11/1997

Street

9 RUE  FÉLICIEN  DELINCE  BRUXELLES

Post  code

1160

Country

Belgium

Name

MARIE  CHRISTINE  HANSSENS

Position

Managing  Director

Start  Date

06/01/1997

Street

6 RUE  FÉLICIEN  DELINCE  BRUXELLES

Post  code

1160

Country

Belgium

Name

YVES  LOTENS

Position

Director

Start  Date

17/03/2009

Street

1 CASEMIERSTRAAT  KAMPENHOUT

Post  code

1910

Country

Belgium

 

 

FORMER DIRECTOR DETAILS

 

Name

MARIE-CHRISTINE  HANSSENS-CLOUWAERT

Position

Managing  Director

Start  Date

17/03/2009

End  Date

17/03/2015

Street

9 RUE  FÉLICIEN  DELINCE  BRUXELLES

Post  code

1160

Country

Belgium

Name

MARIE-CHRISTINE  CLOUWAERT

Position

Director

Start  Date

17/03/2009

End  Date

31/12/2012

Street

9 RUE  FÉLICIEN  DELINCE  BRUXELLES

Post  code

1160

Country

Belgium

Name

MICHEL  CLOUWAERT

Position

Director

Start  Date

17/03/2009

End  Date

17/03/2015

Street

9 RUE  FÉLICIEN  DELINCE  BRUXELLES

Post  code

1160

Country

Belgium

Name

FRANCIS  LEEMAN

Position

Director

Start  Date

19/08/1998

End  Date

Unknown  date

Street

10 CHEMIN  DE  COUTURE  LASNE

Post  code

1380

Country

Belgium

Name

VIRGILE  NIJS

Position

Commissioner

Start  Date

18/11/1997

End  Date

Unknown  date

Street

101 RUE  NEERVELD  BRUXELLES

Post  code

1200

Country

Belgium

Name

FRANS  MICHELS

Position

Director

Start  Date

08/08/1997

End  Date

Unknown  date

Street

10 AVENUE  DE  KRAAINEM  KRAAINEM

Post  code

1950

Country

Belgium

Name

FRÉDÉRIC  MERTENS

Position

Managing  Director

Start  Date

17/06/1997

End  Date

16/06/1997

Street

48 RUE  COLONEL  CHALTIN  BRUXELLES

Post  code

1180

Country

Belgium

Name

HENRY  KINGSBURY

Position

Director

Start  Date

08/08/1997

End  Date

Unknown  date

Street

FAIR  OAK

Post  code

TF  10  7LR

Country

United  Kingdom

Name

GEORGE  GOODER

Position

Director

Start  Date

24/03/1994

End  Date

Unknown  date

Street

TICLDERTON  BARN  CHURCH  STRETTON

Post  code

SY6  7DG

Country

United  Kingdom

 

 


 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.62.20

UK Pound

1

Rs.92.93

Euro

1

Rs.68.03

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

ANK

 


 

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.