17 22,50% - Serasa Experian

CREDIT MANAGEMENT AND BUSINESS SUPPORT SOLUTIONS
CREDIT RATING MIDDLE
REPORT: 9.555.671
01/01/2010
CIA ALFA DE DESENVOLVIMENTO
OF
CNPJ (CORPORATE TAX PAYER REGISTRATION):
00.000.001/0001-74
VALUE IN UNITS OF
REAIS
CNPJ (NATIONAL REGISTRY OF LEGAL ENTITY) SITUATION ON01/01/2010: ACTIVE
RATING (POSITION IN 01/01/2010 08:09:51)
RISK CLASS:
PROBABILITY OF DEFAULT WHITHIN THE RANGE:
17
22,50%
EXPLANATION
THE PROBABILITY ASSOCIATED WITH THE RISK CLASS WHICH INCLUDES THE QUERIED COMPANY IS 1.75 %. FOR EVERY
100 COMPANIES IN THE SAME RISK CLASS, 1.75 MAY INCUR, WITHIN A 12 MONTH PERIOD, ANY OF THE EVENTS THAT
CHARACTERIZE DEFAULT FOR THE MODEL.
IDENTIFICATION (DATE REPORT IN 01/01/2010)
CNPJ (CORPORATE
TAX PAYER 00.000.001/0001-74
REGISTRATION)
SOCIAL
CIA ALFA DE DESENVOLVIMENTO
DENOMINATION
TRADE NAME ALFA
STATE TAX NUMBER 00.001.123
FOUNDATION 17/06/1991
ECONOMIC GROUP
ALFA & BETA
REGISTRY 69.649.999 EM 28/09/2009
PREDECESSOR ALFA DESENVOLVIMENTO LTDA
TILL 27/06/2008
PARTNERSHIP S TYPE CLOSE CORPORATION
BRANCHES:
BRASIL: 10
NORTH:
MID WEST: 1
NORTHEAST: 1
SOUTH: 1
SOUTHEAST: 4
3
HEADQUARTERS LOCALIZATION (DATE REPORT IN 01/01/2010)
ADRESS ESTRADA DO FUTURO S/N KM 521
CENTRO INDUSTRIAL
CAMPINAS /SP
ZIP 54080-002
PHONES 19 3614-3481 , 19 3614-4442 , 19 3614-4453
HOME-PAGE
WWW.ALFA.COM.BR
E-MAIL [email protected]
INSTALLATION OF HEADQUARTERS PROPRIA
CORRESPONDENCE ADRESS (DATE REPORT IN 01/01/2010)
ADRESS R DA EXCELENCIA 247 AND 8
CENTRO
CAMPINAS /SP
ZIP 55301-903
PHONE 19 3746-1934
ACTIVITY (ATUALIZAÇÃO EM 01/01/2010)
SERASA EXPERIAN ACTIVITY CODE I.09.28.00
NATIONAL CODE OF ECONOMIC ACTIVITY 28.691-00
IND DE RECIPIENTES METAL, ART DE CALDERARIA
IN THE SEGMENT SINCE 17/06/1991
ORIGIN OF PURCHASES DOMESTIC MARKET AND INTERNATIONAL MARKET
MAIN PRODUCTS 42,0% SIST DE TRATAMENTO BORRA OLEOSA
28,0% SERV ADM OBRA CIVIL/ELET
23,0% SIST DE TRATAMENTO AGUA
7,0% REVENDA PRODUTOS
EMPLOYEES NB 300
MAIN ACTIVITY (TREASURY DEPARTMENT)
STATE TAX NUMBER
INDUSTRIAL EQUIPMENT
00.001.123
OWNERSHIP ( DATE REPORT IN 01/01/2010)
EQUITY CAPITAL
STOCK CAPITAL 11.692.000
PAYD IN 11.692.000
ORIGIN BRASIL
CONTROL PRIVADO
NATURE CLOSED
SOCIAL PICTURE
CPF/CNPJ
PARTNER/SHAREHOLDER
ENTRANCE
% VOTING
CAP
NACIONALITY
% TOTAL CAP
000.123.456-68
NELSON DA SILVA
06/1991
BRASIL
66,5
46,5
00.000.123/0001-97
AGUA PURA S/A
07/2008
BRASIL
15,0
25,5
00.000.134/0001-78
FONTE NOVA S/A INVESTIMENTOS
07/2008
BRASIL
15,0
25,5
000.000.456-60
NILSON DA SILVA
05/1998
BRASIL
3,5
2,4
MANAGEMENT ( DATE REPORT IN 01/01/2010)
CPF/CNPJ
000.123.456-68
MANAGER
POSITION
NELSON DA SILVA D PRES
NACIONALITY
STATUS
BRASIL
DIVORCED
ENTRANCE
TERM
06/1991
07/2008 - 07/2010
BOARD OF DIRECTORS (DATE REPORT IN 22/09/2008)
CPF/CNPJ
COUNCIL MEMBERS
POSITION
TERM
000.123.456-68
NELSON DA SILVA
PRESIDENT
07/2008 - 07/2010
122.999.888-98
LUIZ DA SILVA
CONUSELOR
07/2008 - 07/2010
123.000.999-81
ALEXANDRE DA SILVA
COUNSELOR
07/2008 - 07/2010
000.000.456-60
NILSON DA SILVA
CONUSELOR
07/2008 - 07/2010
SHAREHOLDERS’ INTERESTS (DATE REPORT IN 01/01/2010)
CNPJ (CORPORATE TAX PAYER REGISTRATION)
PARTICIPANT
00.001.999/0001-89
LINK
CITY/STA
% EQUITY CAPITAL
LEME / SP
AGUA CRISTALINA LTDA
NELSON DA SILVA
00.001.888/0001-96
AFFILIATED FIRMS
MANAGER
95,0%
AGUA DOCE LTDA
NELSON DA SILVA
ARARAS / SP
MANAGER
20,0%
REPORTED PROPERTIES IN 01/01/2010
KIND
BUILDING
LAND AREA
CONSTRUCTED AREA
INFORMED VALUE
LIEN
MORTAGE
21.780 M2
21.780 M2
3.000.000
YES
YES
LOCATION: ESTRADA DO FUTURO S/N KM 521 CAMPINAS / SP
OWNER: CIA ALFA DE DESENVOLVIMENTO
BUILDING
LOCATION:
21.780 M2
AVENIDA SETE DE SETEMBRO, 434
1.440 M2
2.500.000
YES
YES
220 M2
560.000
YES
YES
165 M2
350.000
NO
YES
170.000
YES
YES
LEME/SP
OWNER: CIA ALFA DE DESENVOLVIMENTO
BUILDING
220 M2
LOCATION: AV DO EMPREENDIMENTO 1776 CAMPINAS / SP
OWNER: CIA ALFA DE DESENVOLVIMENTO
BUILDING
LOCATION:
165 M2
AV DA EXCELENCIA 2000
ARARAS / SP
OWNER: CIA ALFA DE DESENVOLVIMENTO
TERRENO
LOCATION:
54 M2
AV DA QUALIDADE 2010
LEME / SP
OWNER: CIA ALFA DE DESENVOLVIMENTO
WE HAVE ADDITIONAL REAL ESTATE INFORMATION UNDER:
TOTAL AMOUNT
NELSON DA SILVA
430.000
REPORTED INSURANCE IN 01/01/2010
TYPE
VALUE
TRANSP NACIO
RESP CIVIL G
AUTOMOVEL
DUE DATE
INSURED
10.000.000
31/12/2010
COMPANY
8.400.000
31/12/2010
COMPANY
552.635
08/09/2010
COMPANY
INFORMED SUPPLIERS (DATE REPORT IN 01/01/2010)
DOMESTIC
CNPJ (CORPORATE TAX PAYER REGISTRATION) NAME
% SALES
RELATED
00.000.789/0001-92
BOMBAS DO BRASIL S/A
20,00
NO
00.000.678/0001-14
AUTOMATIC BRASIL LTDA
10,00
NO
00.000.456/0001-02
PENTA BRASIL LTDA
10,00
NO
00.000.123/0001-16
HEXA BRASIL LTDA
10,00
NO
00.000.001/0001-30
COML MUNDO LTDA
5,00
NO
00.000.999/0001-10
FAST SISTEMAS DO BRASIL LTDA
5,00
NO
INFORMED CLIENTS (DATE REPORT IN 01/01/2010)
DOMESTIC
CNPJ (CORPORATE TAX PAYER REGISTRATION) NAME
% SALES
RELATED
01.999.000/0001-30
R&M DIAS RESINAS LTDA
20,0
NO
02.888.111/0001-90
TITAS BRASIL S/A
10,0
NO
03.777.222/0001-68
BARAO VERMELHO METALURGICA LTDA
10,0
NO
04.666.333/0001-70
LEGIAO IND DE PECAS LTDA
10,0
NO
05.555.444/0001-70
FREE WAY IND METALURGICA LTDA
7,00
NO
BANK REFERENCES (DATE REPORT IN 15/12/2009)
INSTITUTION
CODE
AGENCY
BANCO DO MEXICO S/A
0001
0001
BANCO DA BOLIVIA S/A
0002
0002
BANCO DA ARGENTINA S/A
0003
0003
BANCO DO CHILE S/A
0004
0004
BUSINESS BEHAVIOUR (POSITION IN 01/01/2010)
RELATIONSHIP WITH SUPPLIERS
0-6 MONTHS
6 MONTHS-1ANO
1-3 YEARS
3-5 YEARS
5-10 YEARS
3
8
17
8
5
+10 YEARS
INACT
2
1
THE OLDEST RELATIONSHIP: 07/1997
CONSULTED SOURCES: 44
PAYMENTS BEHAVIOR (NUMBER OF INVOICE)
PONCTUAL
8-15
16-30
31-60
+60
QTY
%
QTY
%
QTY
%
QTY
%
QTY
489
97
8
2
3
1
1
0
1
CASH
%
QTY
%
0
14
0
CONSULTED SOURCES: 36
BUSINESS REFERENCES (POSITION IN 01/01/2010)
DATE
AMNT
AVERAGE
LAST PURCHASE
10/06/2010
400
5.482
HIGHER INVOICE
21/07/2009
203.112
18.941
HIGHER ACCUMULATION
15/07/2009
658.991
50.837
PAYMENT DEFAULT (POSITION IN 01/01/2010)
COMMERCIAL – OCCURANCY QTY: 203 (5 LAST)
DUE DATE
TYPE
AVAL
15/06/2010
NOTA FISCAL
N
14/06/2010
NOTA FISCAL
N
14/06/2010
NOTA FISCAL
11/06/2010
10/06/2010
VALUE
Nº
ORIGIN
BRANCH
5.640,00
6077
FARIA LIMA
ABC
2.110,00
5996
FARIA LIMA
DEF
N
1.410,00
6078
PAULISTA
GHI
DUPLICATA
N
1.475,89
111680-1
PAULISTA
JKL
DUPLICATA
N
254,00
1116331
CENTRO
MNO
BANK – OCCURANCY QTY: 48 (5 LAST)
DUE DATE
TYPE
AVAL
VALUE
Nº
ORIGIN
BRANCH
15/03/2010
EMPRES CONTA
N
17/06/2010
FINANCIAMENT
N
119.897,44
40.872,88 591.8 BANCO DO POVO
BANCO DA PRAÇA
002
005
03/06/2010
FINANCIAMENT
N
1.650,57
BANCO DO CARRO
125
31/05/2010
FINANCIAMENT
N
9.551,61
BANCO PORCENTO
30/05/2010
FINANCIAMENT
N
12.103,25
215
2520
BANCO JURO CERTO
PUBLIC FILING - CONCENTRE - FIRM (POSITION IN 01/01/2010)
CONCENTRE DETAIL
SUMMARY
RESTRAINT
TOTAL EVENTS
0-6 MONTHS
PROTEST
1.225
1.225
COURT PROCEEDING
3
3
FALEN/RECUP/CONC
1
1
6 MONTHS1-2 YEARS 2-5 YEARS
1 YEAR
VALUE
469.108,21
THE LATEST RESTRAINT (TILL 5)
COURT PROCEEDING
DATE
17/06/2010
NATURE
GARANTEE
BUSCA E APREENSAO
N
VALUE
R$ 12.501,00
CRT
VARA
0
CITY
38 SAO PAULO
STA
SP
28/04/2010
EXECUCAO
N
R$ 11.254,79
1
6 BRASILIA
DF
11/02/2010
EXECUCAO
N
R$ 9.175,00
2
3 SAO PAULO
SP
TOTAL EVENTS=3
PROTESTS
DATE
VALUE
NOTARY’S OFFICE CITY
STA
30/06/2010
R$ 11.200,00
01 SAO PAULO
SP
30/06/2010
R$ 248,33
06 SAO PAULO
SP
30/06/2010
R$ 488,33
06 SAO PAULO
SP
30/06/2010
R$ 156,45
06 SAO PAULO
SP
30/06/2010
R$ 488,00
02 SAO PAULO
SP
TOTAL EVENTS=1.225
BANKRUPTCY, COURT-ASSISTED RECOVERY AND ARRANGEMENT WITH CREDITORS
DATE
22/06/2010
TYPE
ORIGIN
CITY
STA
COU-ASS REC REQ GRAN
COUR 2
SAO PAULO
SP
TOTAL EVENTS=1
FINANCIAL STATEMENTS (ANÁLYSED IN 01/01/2010)
LAST FINANCIAL STATEM: BAL SHEET
CURRENCY DOLLAR
VALUES IN MILLIONS OF DOLLARS
BALANCE SHEETS
A-31/12/2007
% B-31/12/2008
%
%B/A C-30/11/2009
%
%C/B
ASSETS
CASH & MARK SECURITIES
3.047
21
2.566
14
-15
14.572
24
467
CUSTOMERS
1.560
11
4.684
26
200
33.931
56
624
INVENTORY
2.777
19
1.169
7
-57
2.846
5
143
ADV FOR INV PURCHASE
121
1
3.734
21
2.985
2.657
4
-28
OTHER CREDITS
968
7
880
5
-9
2.816
5
220
8.473
58
13.033
73
53
56.822
93
335
CURR ASSETS
INV FIRMS/PART C/A
214
INTANGIBLE ASSETS
1.357
LONG T ASSETS
1.357
9
PROPERTY & EQUIPMENT
4.770
33
INTANGIBLE ASSETS
NON-CURRENT ASSETS
TOTAL ASSETS
9
42
-100
4.666
26
51
26
-100
240
-2
3.999
7
21
-14
-100
6.169
42
4.717
27
-23
4.239
7
-10
14.642
100
17.750
100
21
61.061
100
244
% B-31/12/2008
%
%B/A C-30/11/2009
%
%C/B
A-31/12/2007
LIABILITIES
SUPPLIERS
2.238
15
254
1
-88
15.068
25
5.832
LOANS AND FINANCING
4.171
28
4.825
27
15
1.071
2
-77
107
1
772
5
1.540
9
99
4.842
8
214
1.118
8
2.206
12
97
26.772
44
1.113
INCOME TAX
SAL TAX CONT
ADV FROM CUSTOMERS
-100
OTHER DEBITS
132
1
733
4
455
CURR LIABILITIES
8.538
58
9.558
54
11
47.753
78
399
LOANS AND FINANCING
2.548
17
1.297
7
-49
553
1
-57
LONG T LIABILITIES
2.548
17
1.297
7
-49
553
1
-57
CAPITAL
1.692
12
11.692
66
591
11.692
19
REVALUATION RESERVES
322
2
RESERVES
235
2
235
1
1.291
2
449
RETAINED EARNINGS/ LOSSES
1.307
9
-5.032
-28
-485
-228
STOCKHOLDERS EQUITY
3.556
24
6.895
39
93
12.755
21
84
NON-CURRENT LIABILITIES
TOT LIAB
-100
-100
95
6.104
42
8.192
46
34
13.308
22
62
14.642
100
17.750
100
21
61.061
100
244
INCOME STATEMENTS
GROSS SALES
REVENUES DEDUCTIONS
NET SALES
A31/12/2007
%
B31/12/2008
%
%B/A
C30/11/2009
%
%C/B
17.950
117
23.552
119
31
98.050
148
316
2.607
-17
3.822
-19
46
31.731
-48
730
236
15.343
100
19.730
100
28
66.319
100
IND/COM COSTS
6.105
-40
15.182
-77
148
50.531
-76
232
COSTS
6.105
-40
15.182
-77
148
50.531
-76
232
GROSS PROFIT/ LOSS
9.238
60
4.548
23
-50
15.788
24
247
ADM EXPENSES
2.911
-19
4.704
-24
61
5.148
-8
9
SALES EXPENSES
5.361
-35
5.582
-28
4
2.508
-4
-55
ACTIVITY PROFIT/ LOSS
966
6
-5.738
-29
-693
8.132
12
241
NET INTEREST EXPEN INCOME
456
3
-100
-1.093
-2
7.039
11
222
222
OTH OPERAT INCOME
OPERATING PROFIT/LOSS
594
4
2.016
13
-5.738
-29
-384
-100
100
4
-5.738
-29
-386
7.043
11
100
-2.240
-3
4.803
7
NON OPERATING INCOME/EXP
-11
PROFIT/LOSS BEF INC TAX
2.005
13
-334
-2
1.671
11
-5.738
-29
-443
230
-1
600
-3
160
NET PROFIT/LOSS YEAR
1.441
9
-6.338
-32
-539
4.803
7
175
EBITDA
1.677
11
-4.945
-25
-394
8.572
13
273
PROV INC TAX LEVY PROFS
PROFIT/ LOSS FOR THE YEAR
DIVIDENDS
183
-100
STOCK EQUITY EVOLUTION
31/12/2007
%
31/12/2008
%
30/11/2009
%
BEGINNING STOCK EQUITY
2.738
77
3.556
52
6.895
54
PROFITS LOSSES PERIOD
1.671
47
-5.738
-83
4.803
38
230
-6
DIVIDENDS
CAPITAL INCREASE
ADJUSTMENT
STOCKHOLDERS EQUITY
600
-9
10.000
145
-623
-18
-323
-5
1.057
8
3.556
100
6.895
100
12.755
100
OPERATING CASH FLOW
NET SALES
31/12/2007
%
31/12/2008
%
30/11/2009
%
15.343
100
19.730
100
66.319
100
INT FUNDS GEN FROM ACT
1.677
11
-4.945
-25
8.572
13
INT FIN FUNDS GEN
1.065
7
-67
-1.093
-2
661
4
598
NON-OPER INT FUNDS GEN
3
282
TOTAL INT FUNDS GEN
3.403
22
-4.414
-22
7.761
12
ST GRANTED FIN VAR
-4.702
-31
4.536
23
32.372
49
ST FINANCING VAR
-5.090
-33
-128
-1
42.682
64
388
3
4.664
24
-10.310
-16
3.015
20
-9.078
-46
18.071
27
ST WORKING CAP NEED VAR
OPERATING CASH FLOW
WORKING CAPITAL INDICATOR
31/12/2007
%
31/12/2008
%
30/11/2009
%
15.343
100
19.730
100
66.319
100
OP OUTST ASSETS
5.342
35
9.878
50
42.250
64
OP OUTST LIABS
4.128
27
4.000
20
46.682
70
WORK CAP NEEDS
1.214
8
5.878
30
-4.432
-7
FINANCIAL OUTST ASSETS
3.131
20
3.155
16
14.572
22
NET SALES
FINANCIAL OUTST LIABS
4.410
29
5.558
28
1.071
2
-1.279
-8
-2.403
-12
13.501
20
PERMANENT LIABILITIES
6.104
40
8.192
42
13.308
20
PERMANENT ASSETS
6.169
40
4.717
24
4.239
6
3.475
18
9.069
14
TREASURY BALANCE
WORKING CAPITAL
-65
FINANCIAL RATIOS
2007
STANDARD
2008 STANDARD
2009 STANDARD
312%
77%
120%
157%
130%
379%
130%
86%
88%
84%
99%
84%
135%
72%
68%
74%
31%
74%
0%
25%
29%
22%
41%
22%
BANK DEBT TO TOTAL ASSETS
46%
10%
34%
12%
3%
12%
BANK DEBT TO STOCK EQUITY
189%
22%
89%
26%
13%
26%
BANK DEBT TO TOTAL LIABIL
61%
20%
56%
22%
3%
22%
S T BANK DEBT TO CUR ASSE
49%
9%
37%
12%
2%
12%
0%
0%
0%
0%
0%
0%
GENERAL LIQUIDITY
0,89
1,11
1,20
1,09
1,18
1,09
CURRENT RATIO
0,99
1,44
1,36
1,46
1,19
1,46
QUICK RATIO
0,54
0,70
0,76
0,68
1,02
0,68
TOTAL DEBT COVERAGE
31%
31%
-41%
21%
18%
21%
SHORT TERM DEBT COVERAGE
40%
52%
-46%
31%
18%
31%
BANK DEBT COVERAGE
25%
91%
-81%
84%
576%
84%
323%
440%
323%
CAPITAL STRUCTURE
DEBT TO EQUITY
CUR LIABIL TO TOTAL LIABI
FIXED ASS TO ST EQUITY
FIXED ASSETS OBSOLESCENCE
RELATIONSHIP WITH CREDIT INSTITUTIO
PERC OF TRADE BILLS DISC
LIQUIDITY
INTEREST COVERAGE
470%
OPERATIONS FINANCIAL CYCLE
AV DAYS SALES IN INVENTOR
109
56
47
60
13
60
AVERAGE COLLECTION PERIOD
109
37
60
34
83
34
77
58
58
55
72
55
141
19
49
38
24
38
25
41
107
43
-19
43
ASSET TURNOVER
1,05
1,54
1,11
1,59
1,18
1,59
NET PROFIT MARGIN
11%
3%
-29%
3%
7%
3%
RETURN ON AVERAGE ASSETS
10%
7%
-35%
7%
13%
7%
RETURN ON ASSETS
23%
13%
-25%
12%
14%
12%
RETURN ON AVERAGE EQUITY
53%
16%
-110%
17%
53%
17%
AVERAGE PAYABLE PERIOD
FINAN CYCLE MED TERM BASE
FIN CYCLE WORK CAP BASE
PROFIT & LOSS
REAL SALES EVOLUTION
82%
18%
16%
8%
260%
8%
ECONOMIC AND FINANCIAL ANALYSIS
CIA ALFA DE DESENVOLVIMENTO WAS FOUNDED IN 1991, HAS ITS HEADQUARTER IN THE CITY OF CAMPINAS, ESTADO DE
SÃO PAULO, AND ITS CORPORATE PURPOSE IS IN THE AREA OF METAL AND BOILER GOODS CONTAINER INDUSTRY.
THE ECONOMIC ANALYSIS ABOUT THE COMPANY'S BUSINESS ACTIVITIES INDICATED UNSTABLE PERFORMANCE,
CONSIDERING THE MOST RECENT MARKET SCENARIO AND THE SHORT TERM PERSPECTIVES.
THE COMPANY BELONGS TO ECONOMIC GROUP ALFA & BETA.
THE TRIAL BALANCE ANALYSIS ENDED IN 11/2009 EVIDENCES THAT, CONCERNING THE PREVIOUS FINANCIAL YEAR, THE
COMPANY PRESENTED ANNUALIZED NET REVENUE WITH TENDENCY OF REAL GROWTH OF 260%, AFTER THE INFLATION
DEDUCTION MEASURED BY IGP-DI.
DURING THE ANALYZED PERIOD, THE OPERATIONAL EXPENSES PRESENTED REDUCTION, WHAT IMPROVED ITS
PERFORMANCE, THEREFORE STARTING TO OPERATE WITH ACTIVITY PROFIT.
ALL THESE FACTORS ALLOWED RESULT IMPROVEMENT, STARTING TO OPERATE WITH PROFIT.
REFERING TO ACTIVITIES FINANCING, THERE WAS RESOURCES INTERNAL GENERATION AND THE WORKING CAPITAL
VALUE RELEASE, SINCE THE WORKING CAPITAL NEEDS VARIATION WAS NEGATIVE IN THE PERIOD. IT IS WORTH TO
MENTION THAT THE RESOURCES WERE GENERATED, MAINLY, FROM THE BUSINESS ACTIVITY (EBITDA). IN ADDITION, THE
WORKING CAPITAL NEEDS NEGATIVE VARIATION WAS DUE TO THE INCREASE OF THE SHORT TERM FINANCING OBTAINED
WAS GREATER THAN THE FINANCING EXTENDED INCREASE IN THE SAME PERIOD.
IN 11/2009, DUE MAINLY TO THE OPERATIONAL LIABILITY INCREASE, THERE WAS WORSENING IN THE CAPITAL
STRUCTURE, WHICH PRESENTED HIGH INDEBTEDNESS LEVEL.
THE PRESENT REPORT IS STRICTLY CONFIDENTIAL AND ITS SOLE PURPOSE IS TO SUPPORT CREDIT AND
BUSINESS DECISION-MAKING. REPRODUCTION, WHETHER IN PART OR IN FULL, IS PROHIBITED, AS ITS
DISCLOSURE, BY ANY AND ALL MEANS, TO ANY THIRD PARTIES. THE DECISION WHETHER OR NOT TO GRANT
CREDIT IS THE CREDIT PROVIDERS EXCLUSIVE RESPONSIBILITY.