MIRA INFORM REPORT

 

 

Report Date :

17.01.2012

 

IDENTIFICATION DETAILS

 

Name :

ORGANIK KIMYA SANAYI VE TICARET A.S.

 

 

Registered Office :

Mimarsinan Mah. Cendere Yolu No:146 34075 Eyup Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

11.08.1965

 

 

Com. Reg. No.:

90087

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of chemicals. 

 

 

No. of Employees :

254

 

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

 

Maximum Credit Limit :

15.000.000 USD

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, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

NOTES

:

Full name of the firm was missing at your inquiry.

 

 

COMPANY IDENTIFICATION

 

NAME

:

ORGANIK KIMYA SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Mimarsinan Mah. Cendere Yolu No:146 34075 Eyup Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from “Cendere Yolu No:16 Organik Han Ayazaga Kemerburgaz Sisli Istanbul” to “Mimarsinan Mah. Cendere Yolu No:146 Eyup Istanbul” by the Municipality.

PHONE NUMBER

:

90-212-331 00 00

 

FAX NUMBER

:

90-212-331 00 01

 

WEB-ADDRESS

:

www.organikkimya.com

E-MAIL

:

organik@organikkimya.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

6450040108

REGISTRATION NUMBER

:

90087

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

11.08.1965

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   20.000.000

PAID-IN CAPITAL

:

TL   20.000.000

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Prochim Holding S.A.

49 %

Organik Holding A.S.

40,74 %

Livio Manzini

10 %

Intur Insaat Nakliyat Turizm A.S.

 

Kimsa Kimya Sanayi ve Ticaret A.S.

 

Bell Holding A.S.

 

 

 

REMARKS ON SHAREHOLDERS

:

49 % of the shares are held by Prochim Holding S.A.

 

The other leading shareholder is a Turkish conglomerate (Organik Holding A.S.), which coordinates the financial and administrative operations of Organik group of companies.

 

SISTER COMPANIES

:

ELKASAN KIMYEVI MADDELER PAZARLAMA A.S.

EUROCHEM KIMYA SANAYI VE TICARET A.S.

EUROKIM KIMYA SANAYI VE TICARET A.S.

HILLTOP TURIZM YATIRIM TASIMACILIK INSAAT SANAYI VE TICARET A.S.

INTUR INSAAT NAKLIYAT TURIZM A.S.

KIMSA KIMYA SANAYI VE TICARET A.S.

ORGACHEM KIMYA SANAYI VE TICARET A.S.

ORGANIK HOLDING A.S.

REFSIM TURIZM YATIRIM TASIMACILIK INSAAT SANAYI VE TICARET A.S.

REVOCOAT KIMYA SANAYI VE TICARET A.S.

 

REMARKS ON SISTER COMPANIES

:

According to the decision taken at the General Assembly Meeting dated 12.12.2011, the board of directors of Organik Holding A.S. have been authorized for the merger of “Kimsa Kimya Sanayi ve Ticaret A.S.” and “Eurochem Kimya Sanayi ve Ticaret A.S.” under the name of  “Organik Holding A.S." (Commercial Registry Gazette Date / No: 22.12.2011/7967).

 

SUBSIDIARIES

:

ELKASAN KIMYEVI MADDELER PAZARLAMA A.S.

 

BOARD OF DIRECTORS

:

Aldo Kaslowski

Chairman

Simone Kaslowski

Vice-Chairman

Stefano Kaslowski

Member

 

 

DIRECTORS

:

Simone Kaslowski                                                                                                                                                                                                                                                                                   

General Manager

Stefano Kaslowski                                                                                                                                                                                                                                                                                   

Deputy General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of chemicals. 

 

NACE CODE

:

DG.24.10

 

SECTOR

:

Chemicals

 

TRADEMARKS OWNED

:

Orgal

Orgaprin

 

NUMBER OF EMPLOYEES

:

254

 

NET SALES

:

1.304 TL Thousand

(1996) 

2.598 TL Thousand

(1997) 

9.977 TL Thousand

(1998) 

14.133 TL Thousand

(1999) 

22.617 TL Thousand

(2000) 

45.570 TL Thousand

(2001) 

74.493 TL Thousand

(2002) 

97.449 TL Thousand

(2003) 

145.671 TL Thousand

(2004) 

160.386 TL Thousand

(2005) 

208.391 TL Thousand

(2006) 

202.063.608 TL

(2007) 

201.331.399 TL

(2008) 

188.874.580 TL

(2009) 

249.405.887 TL

(2010) 

245.262.140 TL

(01.01-30.09.2011) 

 

 

PRODUCTION

:

  ( ton )

 

 

 

112.922

 

 

(2008)

106.413

 

 

(2009)

67.167

 

 

(01.01-30.06.2010)

 

 

 

 

IMPORT VALUE

:

96.453.365 USD

(2008)

62.105.204 USD

(2009)

88.292.431 USD

(2010)

IMPORT COUNTRIES

:

Indonesia

Germany

France

Netherlands

Italy

Japan

China

Thailand

India

Belgium

U.S.A.

 

MERCHANDISE IMPORTED

:

Chemicals

 

EXPORT VALUE

:

5.000.000 USD

(1996)

5.610.444 USD

(1997)

6.805.414 USD

(1998)

8.500.000 USD

(1999)

9.094.420 USD

(2000)

15.324.000 TL

(2001)

22.147.000 TL

(2002)

33.786.000 TL

(2003)

48.870.000 TL

(2004)

60.437.000 TL

(2005)

93.864.000 TL

(2006)

93.314.000 TL

(2007)

88.562.871 TL

(2008)

89.661.167 TL

(2009)

101.701.267 TL

(2010)

98.652.335 TL

(01.01-30.09.2011)

 

 

EXPORT COUNTRIES

:

Australia

Italy

Netherlands

U.K.

Pakistan

Romania

Poland

Jordan

Egypt

Germany

Azerbaijan

Greece

Brazil

France

Sudan

Czech Republic

Iran

Syria

 

MERCHANDISE  EXPORTED

:

Chemicals

 

HEAD OFFICE ADDRESS

:

Mimarsinan Mah. Cendere Yolu No:146 34075 Eyup  Istanbul / Turkey

( owned )

 

BRANCHES

:

Head Office/Factory  :  Mimarsinan Mah. Cendere Yolu No:146 Eyup Istanbul/Turkey (owned)

 

Branch Office/Warehouse  :  Cumhuriyet Mah. Kucuksanayi 3. Cad. 230. Sok. No:175 Demirtas Bursa/Turkey (rented)

 

Branch Office/Warehouse  :  Karacaoglan Mah. Bornova Cad. Ozti Is Merkezi No:9 Kat:9 Isikkent Bornova Izmir/Turkey (rented)

 

 

TREND OF BUSINESS

:

There was an upwards trend in 2010. There appears an upwards trend in 1.1 - 30.9.2011.

SIZE OF BUSINESS

:

Giant

 

 

 

 

FINANCE

 

MAIN DEALING BANKS

:

Finansbank Merkez Branch

Garanti Bankasi Maslak Branch

HSBC Bank Merkez Branch

T. Is Bankasi Istanbul Branch

Yapi ve Kredi Bankasi Esentepe Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

KEY FINANCIAL ELEMENTS

:

 

(2007) TL

(2008) TL

(2009) TL

(2010) TL

(01.01-30.09.2011) TL

Net Sales

202.063.608

201.331.399

188.874.580

249.405.887

245.262.140

Profit (Loss) Before Tax

539.524

4.892.645

10.493.220

13.117.381

9.720.957

Stockholders' Equity

30.409.064

35.312.137

44.901.506

56.210.159

 

Total Assets

117.012.643

123.228.931

130.213.627

161.516.113

 

Current Assets

89.912.813

98.464.537

101.612.198

126.362.214

 

Non-Current Assets

27.099.830

24.764.394

28.601.429

35.153.899

 

Current Liabilities

81.486.916

83.982.621

82.570.597

85.880.333

 

Long-Term Liabilities

5.116.663

3.934.173

2.741.524

19.425.621

 

Gross Profit (loss)

36.369.625

51.371.709

55.391.423

64.400.410

61.868.210

Operating Profit (loss)

594.417

17.565.454

17.241.733

18.952.556

24.311.988

Net Profit (loss)

539.524

4.892.645

10.493.220

13.117.381

9.720.957

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2010

Liquidity

Good As of 31.12.2010

Remarks On Liquidity

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

Profitability

Low Operating Profitability  in 2007

Low Net Profitability  in 2007

Good Operating Profitability  in 2008

Fair Net Profitability  in 2008

Good Operating Profitability  in 2009

Good Net Profitability  in 2009

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

High Operating Profitability (01.01-30.09.2011)

In Order Net Profitability (01.01-30.09.2011)

 

Gap between average collection and payable periods

Unfavorable in 2010

General Financial Position

Satisfactory

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

CREDIT LIMIT

 

:

15.000.000 USD

CREDIT OPINION WITHOUT OBLIGATION

 

:

We are of the opinion that, a max. credit of 15.000.000 USD may be granted to the subject company.

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 1998 )

54,30 %

0,2657

0,2967

0,4410

 ( 1999 )

62,90 %

0,4278

0,4518

0,6843

 ( 2000 )

32,70 %

0,6251

0,5774

0,9480

 ( 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

 ( 01.01-30.09.2011)

9,72 %

1,6335

2,3016

2,6294

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 

 

BALANCE SHEETS

 

 

 ( 31.12.2007 )  TL

 

 ( 31.12.2008 )  TL

 

CURRENT ASSETS

89.912.813

0,77

98.464.537

0,80

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

22.890.920

0,20

21.256.988

0,17

Marketable Securities

0

0,00

3.092.969

0,03

Account Receivable

36.896.123

0,32

34.462.471

0,28

Other Receivable

6.486.457

0,06

15.391.643

0,12

Inventories

22.073.145

0,19

22.798.579

0,19

Advances Given

20.725

0,00

30.012

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

1.545.443

0,01

1.431.875

0,01

NON-CURRENT ASSETS

27.099.830

0,23

24.764.394

0,20

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

5.273

0,00

8.816

0,00

Financial Assets

155.430

0,00

155.429

0,00

Tangible Fixed Assets (net)

24.542.198

0,21

23.312.165

0,19

Intangible Assets

1.231.431

0,01

1.031.099

0,01

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

1.165.498

0,01

256.885

0,00

TOTAL ASSETS

117.012.643

1,00

123.228.931

1,00

CURRENT LIABILITIES

81.486.916

0,70

83.982.621

0,68

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

65.749.416

0,56

79.478.835

0,64

Accounts Payable

14.951.560

0,13

3.543.477

0,03

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

45.668

0,00

35.247

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

421.919

0,00

519.887

0,00

Provisions

284.480

0,00

376.798

0,00

Other Current Liabilities

33.873

0,00

28.377

0,00

LONG-TERM LIABILITIES

5.116.663

0,04

3.934.173

0,03

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

3.654.107

0,03

2.890.419

0,02

Securities Issued

0

0,00

0

0,00

Long-term Payable

1.443.076

0,01

1.019.834

0,01

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

19.480

0,00

23.920

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

30.409.064

0,26

35.312.137

0,29

Not Detailed Stockholders' Equity

30.409.064

0,26

35.312.137

0,29

Paid-in Capital

0

0,00

0

0,00

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

0

0,00

0

0,00

TOTAL LIABILITIES AND EQUITY

117.012.643

1,00

123.228.931

1,00

 

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

101.612.198

0,78

126.362.214

0,78

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

24.811.121

0,19

27.903.476

0,17

Marketable Securities

0

0,00

0

0,00

Account Receivable

34.233.231

0,26

47.106.857

0,29

Other Receivable

19.033.891

0,15

21.911.548

0,14

Inventories

19.668.229

0,15

24.434.144

0,15

Advances Given

197.573

0,00

37.448

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

3.668.153

0,03

4.968.741

0,03

NON-CURRENT ASSETS

28.601.429

0,22

35.153.899

0,22

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

66.105

0,00

160.239

0,00

Financial Assets

154.430

0,00

184.420

0,00

Tangible Fixed Assets (net)

26.057.300

0,20

29.374.540

0,18

Intangible Assets

1.983.476

0,02

5.136.215

0,03

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

340.118

0,00

298.485

0,00

TOTAL ASSETS

130.213.627

1,00

161.516.113

1,00

CURRENT LIABILITIES

82.570.597

0,63

85.880.333

0,53

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

62.853.184

0,48

59.805.959

0,37

Accounts Payable

18.433.087

0,14

21.518.376

0,13

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

55.338

0,00

24.700

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

607.465

0,00

776.193

0,00

Provisions

571.513

0,00

3.702.019

0,02

Other Current Liabilities

50.010

0,00

53.086

0,00

LONG-TERM LIABILITIES

2.741.524

0,02

19.425.621

0,12

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

2.473.603

0,02

19.425.621

0,12

Securities Issued

0

0,00

0

0,00

Long-term Payable

239.616

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

28.305

0,00

0

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

44.901.506

0,34

56.210.159

0,35

Not Detailed Stockholders' Equity

44.901.506

0,34

56.210.159

0,35

Paid-in Capital

0

0,00

0

0,00

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

0

0,00

0

0,00

TOTAL LIABILITIES AND EQUITY

130.213.627

1,00

161.516.113

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

At the income statement of 1.1.-30.09.2011,  TL 15.468.552 of the other expenses is due to "Loss from Foreign Currency Exchange" .

 

 

INCOME STATEMENTS

 

 

(2007) TL

 

(2008) TL

 

(2009) TL

 

Net Sales

202.063.608

1,00

201.331.399

1,00

188.874.580

1,00

Cost of Goods Sold

165.693.983

0,82

149.959.690

0,74

133.483.157

0,71

Gross Profit

36.369.625

0,18

51.371.709

0,26

55.391.423

0,29

Operating Expenses

35.775.208

0,18

33.806.255

0,17

38.149.690

0,20

Operating Profit

594.417

0,00

17.565.454

0,09

17.241.733

0,09

Other Income

12.398.272

0,06

30.388.751

0,15

14.710.590

0,08

Other Expenses

11.433.498

0,06

20.752.406

0,10

14.369.107

0,08

Financial Expenses

1.019.667

0,01

22.309.154

0,11

7.089.996

0,04

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

539.524

0,00

4.892.645

0,02

10.493.220

0,06

Tax Payable

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

539.524

0,00

4.892.645

0,02

10.493.220

0,06

 

 

 

(2010) TL

 

(01.01-30.09.2011) TL

 

Net Sales

249.405.887

1,00

245.262.140

1,00

Cost of Goods Sold

185.005.477

0,74

183.393.930

0,75

Gross Profit

64.400.410

0,26

61.868.210

0,25

Operating Expenses

45.447.854

0,18

37.556.222

0,15

Operating Profit

18.952.556

0,08

24.311.988

0,10

Other Income

18.219.563

0,07

27.553.228

0,11

Other Expenses

17.039.430

0,07

19.119.759

0,08

Financial Expenses

7.015.308

0,03

23.024.500

0,09

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

13.117.381

0,05

9.720.957

0,04

Tax Payable

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

13.117.381

0,05

9.720.957

0,04

 

 

FINANCIAL RATIOS

 

 

(2007)

(2008)

(2009)

(2010)

LIQUIDITY RATIOS

 

 

Current Ratio

1,10

1,17

1,23

1,47

Acid-Test Ratio

0,81

0,88

0,95

1,13

Cash Ratio

0,28

0,29

0,30

0,32

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,19

0,19

0,15

0,15

Short-term Receivable/Total Assets

0,37

0,40

0,41

0,43

Tangible Assets/Total Assets

0,21

0,19

0,20

0,18

TURNOVER RATIOS

 

 

Inventory Turnover

7,51

6,58

6,79

7,57

Stockholders' Equity Turnover

6,64

5,70

4,21

4,44

Asset Turnover

1,73

1,63

1,45

1,54

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,26

0,29

0,34

0,35

Current Liabilities/Total Assets

0,70

0,68

0,63

0,53

Financial Leverage

0,74

0,71

0,66

0,65

Gearing Percentage

2,85

2,49

1,90

1,87

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,02

0,14

0,23

0,23

Operating Profit Margin

0,00

0,09

0,09

0,08

Net Profit Margin

0,00

0,02

0,06

0,05

Interest Cover

1,53

1,22

2,48

2,87

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

65,74

61,64

65,38

68,23

Average Payable Period (days)

35,62

10,95

50,36

41,87

WORKING CAPITAL

8425897,00

14481916,00

19041601,00

40481881,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.65

UK Pound

1

Rs.79.09

Euro

1

Rs.65.32

 

 

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.