MIRA INFORM REPORT

 

 

Report No. :

342829

Report Date :

01.10.2015

 

IDENTIFICATION DETAILS

 

Name :

SETAS KIMYA SANAYI A.S.

 

 

Registered Office :

Karanfil Sok. No:18 1.Levent Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

13.07.1966

 

 

Com. Reg. No.:

92746

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of dyes and auxiliaries for textile industry.

 

 

No. of Employees :

276

 

 

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)

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 has brought 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. Two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013, and Turkey's public sector debt to GDP ratio fell to 33% in 2014. The stock value of Foreign Direct Investment reached nearly $195 billion at year-end 2014.

Despite these positive trends, GDP growth dropped to 4.4% in 2013 and 2.9% in 2014. Growth slowed considerably in the last quarter of 2014, largely due to lackluster consumer demand both domestically and in Europe, Turkey’s most important export market. High interest rates have also contributed to the slowdown in growth, as Turkey sharply increased interest rates in January 2014 in order to strengthen the country’s currency and reduce inflation. Turkey then cut rates in February 2015 in a bid to spur economic growth.

The Turkish economy retains significant weaknesses. Specifically, 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. Turkey also remains dependent on often volatile, short-term investment to finance its large current account deficit.

 

Source : CIA

 

COMPANY IDENTIFICATION

 

NAME

:

SETAS KIMYA SANAYI A.S.

HEAD OFFICE ADDRESS

:

Karanfil Sok. No:18 1.Levent Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number was changed from "No:34" to "No:18"  by the Municipality.

PHONE NUMBER

:

90-212-270 20 72 (Pbx)

90-282-758 18 23

 

FAX NUMBER

:

90-212-279 56 68

90-212-282 94 79

 

WEB-ADDRESS

:

www.setaskimya.com

E-MAIL

:

setas@setas.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

7640022690

REGISTRATION NUMBER

:

92746

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

13.07.1966

ESTABLISHMENT GAZETTE DATE/NO

:

20.07.1966/2809

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   128.456.067

PAID-IN CAPITAL

:

TL   128.456.067

HISTORY

:

Previous Registered Capital

:

TL 45.184.248,06

Changed On

:

30.12.2009 (Commercial Gazette Date /Number 05.01.2010/ 7472)

Previous Registered Capital

:

TL 45.786.927

Changed On

:

26.07.2010 (Commercial Gazette Date /Number 30.07.2010/ 7618)

Previous Registered Capital

:

TL 58.178.090

Changed On

:

07.05.2015 (Commercial Gazette Date /Number 13.05.2015/ 8819)

Merger

:

The subject took over and merged with "Setacoat Toz Boya Sanayi A.S."

Changed On

:

30.12.2009 (Commercial Gazette Date /Number 05.01.2010/ 7472)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Mehmet Emre Sener

43 %

Set Kimyevi Maddeler Pazarlama Sanayi ve Ticaret A.S.

20 %

Emine Sema Sukan

19 %

Fatma Nur Edil

12 %

Sencer Sukan

 

Sinan Erdil

 

Burak Edil

 

 

 

SUBSIDIARIES

:

DYESET KIMYA TEKNOLOJILERI A.S.

SETCHEM KIMYA SANAYI VE TICARET LTD. STI.

 

BOARD OF DIRECTORS

:

Mehmet Emre Sener

Chairman

Emine Sema Sukan

Member

Burak Edil

Member

 

 

DIRECTORS

:

Fatma Sener                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of dyes and auxiliaries for textile industry.

 

NACE CODE

:

DG.24.12

 

SECTOR

:

Chemicals

 

TRADEMARKS OWNED

:

Setacryl

Setadirect

Setaktive

Setapers

 

NUMBER OF EMPLOYEES

:

276

 

NET SALES

:

4.047.198 TL

(1998) 

6.584.182 TL

(1999) 

10.498.332 TL

(2000) 

22.604.495 TL

(2001) 

36.343.245 TL

(2002) 

44.137.879 TL

(2003) 

50.998.706 TL

(2004) 

50.014.259 TL

(2005) 

62.820.580 TL

(2006) 

80.390.394 TL

(2007) 

103.721.596 TL

(2008) 

116.466.022 TL

(2009) 

134.295.748 TL

(2010) 

168.331.686 TL

(2011) 

220.160.911 TL

(2012) 

277.092 TL Thousand

(2013) 

366.032 TL Thousand

(2014) 

90.058 TL Thousand

(01.01-31.03.2015) 

 

 

IMPORT COUNTRIES

:

China

India

U.S.A.

Germany

 

MERCHANDISE IMPORTED

:

Raw materials

EXPORT VALUE

:

556.443 TL

(1998)

152.544 TL

(1999)

565.534 TL

(2000)

1.012.000 USD

(2001)

554.000 USD

(2002)

1.070.000 USD

(2003)

1.952.020 TL

(2004)

2.178.245 TL

(2005)

2.529.274 TL

(2006)

3.037.367 TL

(2007)

10.747.963 TL

(2008)

10.714 USD Thousand

(2009)

25.685.549 TL

(2010)

30.647.488 TL

(2011)

44.721.837 TL

(2012)

51.732 TL Thousand

(2013)

72.542 TL Thousand

(2014)

18.844 TL Thousand

(01.01-31.03.2015)

 

 

EXPORT COUNTRIES

:

Sri Lanka

Syria

Egypt

Ukraine

Bangladesh

China

Uzbekistan

U.K.

Kazakhstan

Korea

Pakistan

Bahrain

Iran

Peru

Turkmenistan

Poland

Italy

Germany

 

MERCHANDISE  EXPORTED

:

Auxiliaries

Dyes

 

HEAD OFFICE ADDRESS

:

Karanfil Sok. No:18 1.Levent  Istanbul / Turkey ( owned by shareholder(s))

 

BRANCHES

:

Workshop/Warehouse  :  Mersin Yolu Sarihamzali Koy Yolu Uzeri No:58 Seyhan Adana/Turkey

 

Factory:  Organize Sanayi Bolgesi 9. Sok. No:3 Cerkezkoy Tekirdag/Turkey (owned) (10.100 sqm)

 

Branch Office:  Sakarya Mah. Sanayi Cad. 60/4 Demirtas Bursa/Turkey (rented)   

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2014.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Sisli Branch

Garanti Bankasi Levent Branch

ING Bank Levent Branch

T. Is Bankasi Maslak Branch

Turk Ekonomi Bankasi Levent Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No Complaints

 

KEY FINANCIAL ELEMENTS

:

 

(2011) TL

(2012) TL

(2013) TL Thousand

(2014) TL Thousand

(01.01-31.03.2015) TL Thousand

Net Sales

168.331.686

220.160.911

277.092

366.032

90.058

Profit (Loss) Before Tax

16.288.590

26.435.662

33.035

42.558

3.959

Stockholders' Equity

84.709.144

106.546.049

134.446

169.702

 

Total Assets

143.376.996

178.565.055

251.643

320.036

 

Current Assets

123.952.116

154.393.000

219.057

282.123

 

Non-Current Assets

19.424.880

24.172.055

32.586

37.913

 

Current Liabilities

33.798.420

23.819.095

62.524

58.512

 

Long-Term Liabilities

24.869.432

48.199.911

54.673

91.822

 

Gross Profit (loss)

44.089.588

49.843.670

72.124

87.199

22.020

Operating Profit (loss)

24.621.350

29.815.246

50.085

61.134

15.746

Net Profit (loss)

12.817.246

21.581.328

26.979

35.002

3.959

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

:

Cash Part

:

Equity Part

:70.277.977 TL

Payment Due Date

:07.05.2015

 

Capitalization

Good

Remarks on Capitalization

There has been capital increase after the last balance sheet date. The increase is decided to be financed by equity items so the capital increase is not expected to have a positive effect on equity total.

 

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

High Net Profitability  in 2012

High Operating Profitability  in 2013

High Net Profitability  in 2013

High Operating Profitability  in 2014

High 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

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-31.08.2015)

6,19 %

2,6233

2,9381

4,0377

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

 

 

CURRENT ASSETS

123.952.116

0,86

154.393.000

0,86

219.057

0,87

282.123

0,88

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

5.494.636

0,04

5.733.712

0,03

13.655

0,05

35.774

0,11

Marketable Securities

0

0,00

32.268

0,00

1.299

0,01

32

0,00

Account Receivable

86.214.342

0,60

115.095.712

0,64

162.224

0,64

199.240

0,62

Other Receivable

339.039

0,00

323.633

0,00

368

0,00

344

0,00

Inventories

30.563.930

0,21

31.730.242

0,18

40.765

0,16

45.959

0,14

Advances Given

285.215

0,00

48.934

0,00

147

0,00

201

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

1.054.954

0,01

1.428.499

0,01

599

0,00

573

0,00

NON-CURRENT ASSETS

19.424.880

0,14

24.172.055

0,14

32.586

0,13

37.913

0,12

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

806.425

0,01

1.406.422

0,01

1.056

0,00

1.056

0,00

Tangible Fixed Assets (net)

18.177.433

0,13

22.258.995

0,12

27.341

0,11

32.126

0,10

Intangible Assets

249.142

0,00

180.411

0,00

3.567

0,01

4.150

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

191.880

0,00

326.227

0,00

622

0,00

581

0,00

TOTAL ASSETS

143.376.996

1,00

178.565.055

1,00

251.643

1,00

320.036

1,00

CURRENT LIABILITIES

33.798.420

0,24

23.819.095

0,13

62.524

0,25

58.512

0,18

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

28.076.664

0,20

15.882.428

0,09

49.495

0,20

46.197

0,14

Accounts Payable

2.997.875

0,02

4.550.019

0,03

8.806

0,03

7.941

0,02

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

406.741

0,00

824.589

0,00

854

0,00

1.446

0,00

Advances from Customers

0

0,00

0

0,00

250

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

1.492.612

0,01

1.684.197

0,01

2.768

0,01

2.378

0,01

Provisions

199.668

0,00

387.760

0,00

201

0,00

406

0,00

Other Current Liabilities

624.860

0,00

490.102

0,00

150

0,00

144

0,00

LONG-TERM LIABILITIES

24.869.432

0,17

48.199.911

0,27

54.673

0,22

91.822

0,29

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

22.485.993

0,16

45.148.832

0,25

50.817

0,20

87.495

0,27

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

8

0,00

Provisions

2.383.439

0,02

3.051.079

0,02

3.856

0,02

4.319

0,01

STOCKHOLDERS' EQUITY

84.709.144

0,59

106.546.049

0,60

134.446

0,53

169.702

0,53

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

58.178.090

0,41

58.178.090

0,33

58.178

0,23

58.178

0,18

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

7.829

0,00

7.829

0,00

8

0,00

8

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

13.705.979

0,10

26.778.802

0,15

49.281

0,20

76.514

0,24

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)

12.817.246

0,09

21.581.328

0,12

26.979

0,11

35.002

0,11

TOTAL LIABILITIES AND EQUITY

143.376.996

1,00

178.565.055

1,00

251.643

1,00

320.036

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 6.719  is "Doubtful Trade Receivables" and -TL thousand 6.719  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: 223, Due From Affiliated Companies: 0, Due From Personnel: 96, Other Miscellaneous Receivables: 25, Other Receivable Total: 344.                                      

 

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 39.876  of the other income is due to "Profit from Foreign Currency Exchange".                                                        

 

At the last income statement TL thousand 34.821  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

168.331.686

1,00

220.160.911

1,00

277.092

1,00

366.032

1,00

90.058

1,00

Cost of Goods Sold

124.242.098

0,74

170.317.241

0,77

204.968

0,74

278.833

0,76

68.038

0,76

Gross Profit

44.089.588

0,26

49.843.670

0,23

72.124

0,26

87.199

0,24

22.020

0,24

Operating Expenses

19.468.238

0,12

20.028.424

0,09

22.039

0,08

26.065

0,07

6.274

0,07

Operating Profit

24.621.350

0,15

29.815.246

0,14

50.085

0,18

61.134

0,17

15.746

0,17

Other Income

102.052.631

0,61

76.065.989

0,35

82.262

0,30

121.267

0,33

43.435

0,48

Other Expenses

99.825.635

0,59

76.570.393

0,35

80.119

0,29

123.919

0,34

38.883

0,43

Financial Expenses

10.559.756

0,06

2.875.180

0,01

19.193

0,07

15.924

0,04

16.339

0,18

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

16.288.590

0,10

26.435.662

0,12

33.035

0,12

42.558

0,12

3.959

0,04

Tax Payable

3.471.344

0,02

4.854.334

0,02

6.056

0,02

7.556

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)

12.817.246

0,08

21.581.328

0,10

26.979

0,10

35.002

0,10

3.959

0,04

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

(2013)

(2014)

LIQUIDITY RATIOS

 

 

Current Ratio

3,67

6,48

3,50

4,82

Acid-Test Ratio

2,72

5,09

2,84

4,02

Cash Ratio

0,16

0,24

0,24

0,61

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,21

0,18

0,16

0,14

Short-term Receivable/Total Assets

0,60

0,65

0,65

0,62

Tangible Assets/Total Assets

0,13

0,12

0,11

0,10

TURNOVER RATIOS

 

 

Inventory Turnover

4,06

5,37

5,03

6,07

Stockholders' Equity Turnover

1,99

2,07

2,06

2,16

Asset Turnover

1,17

1,23

1,10

1,14

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,59

0,60

0,53

0,53

Current Liabilities/Total Assets

0,24

0,13

0,25

0,18

Financial Leverage

0,41

0,40

0,47

0,47

Gearing Percentage

0,69

0,68

0,87

0,89

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,15

0,20

0,20

0,21

Operating Profit Margin

0,15

0,14

0,18

0,17

Net Profit Margin

0,08

0,10

0,10

0,10

Interest Cover

2,54

10,19

2,72

3,67

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

184,38

188,20

210,76

195,96

Average Payable Period (days)

8,69

9,62

15,47

10,25

WORKING CAPITAL

90153696,00

130573905,00

156533,00

223611,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.74

UK Pound

1

Rs.99.53

Euro

1

Rs.73.80

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

VNT

 

               

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.