MIRA INFORM REPORT

 

 

Report Date :

07.11.2012

 

IDENTIFICATION DETAILS

 

Name :

CAN TEKSTIL ENTEGRE TESISLERI VE TARIM URUNLERI SANAYI TICARET A.S.

 

 

 

 

Formerly Known As :

CAN TEKSTIL ENTEGRE TESISLERI SANAYI VE TICARET A.S.

 

 

Registered Office :

 

Kodaman Sokak No:45 Nisantasi Istanbul

 

 

 

 

Country :

Turkey

 

 

 

 

Financials (as on) :

31.12.2011

 

 

 

 

Date of Incorporation :

12.06.1984

 

 

 

 

Com. Reg. No.:

203891

 

 

 

 

Legal Form :

Joint Stock Company

 

 

 

 

Line of Business :

Manufacture, weaving, dying, finishing and trade of yarn and fabric; farming and packaging of tomato. The company also deals with production of electric energy for its own use.

 

 

 

 

No. of Employees :

1.250

 

 

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 :

Slow but correct

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

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 to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 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 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

Source : CIA

COMPANY IDENTIFICATION

 

NAME

:

CAN TEKSTIL ENTEGRE TESISLERI VE TARIM URUNLERI SANAYI TICARET A.S.

HEAD OFFICE ADDRESS

:

Kodaman Sokak No:45 Nisantasi Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number was changed from “57” to “45” by the Municipality.

PHONE NUMBER

:

90-212-233 25 25 (3 lines)

 

FAX NUMBER

:

90-212-233 25 32-33

 

WEB-ADDRESS

:

www.cantekstil.com.tr

E-MAIL

:

info@cantekstil.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Dis Ticaret

TAX NO

:

1980021542

REGISTRATION NUMBER

:

203891

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

12.06.1984

ESTABLISHMENT GAZETTE DATE/NO

:

18.06.1984/1034

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   110.000.000

PAID-IN CAPITAL

:

TL   110.000.000

HISTORY

:

Previous Name

:

Can Tekstil Entegre Tesisleri Sanayi ve Ticaret A.S.

Changed On

:

28.06.2006 (Commercial Gazette Date /Number 03.07.2006/ 6590)

Previous Registered Capital

:

TL 30.000.000

Changed On

:

06.09.2005 (Commercial Gazette Date /Number 09.09.2005/ 6386)

Previous Registered Capital

:

TL 60.000.000

Changed On

:

12.03.2010 (Commercial Gazette Date /Number 18.03.2010/ 7524)

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Recep Can

53,99 %

Dilek Medine Can Karaoglan

10 %

Ahmet Can

10 %

Mahmut Can

10 %

Mustafa Can

10 %

Can Enerji Entegre Elektrik Uretim A.S.

 

Azime Can

 

Gungor Aytemur

 

 

 

SISTER COMPANIES

:

CAN ENERJI ENTEGRE ELEKTRIK URETIM A.S

CAN ENERJI TOPTAN ELEKTRIK TICARET A.S.

CAN RADYOFARMASOTIK URUNLER SANAYI VE TICARET A.S.

DILEK INSAAT ITHALAT TURIZM SANAYI TICARET A.S

 

BOARD OF DIRECTORS

:

Recep Can

Chairman

Gungor Aytemur

Vice-Chairman

Ahmet Can

Member

Mahmut Can

Member

Mustafa Can

Member

 

 

DIRECTORS

:

Gungor Aytemur                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture, weaving, dying, finishing and trade of yarn and fabric; farming and packaging of tomato. The company also deals with production of electric energy for its own use.

 

NACE CODE

:

DB.17.20

 

TRADEMARKS OWNED

:

Can

 

NUMBER OF EMPLOYEES

:

1.250

 

NET SALES

:

3.746 TL Thousand

(1997) 

7.052 TL Thousand

(1998) 

12.507 TL Thousand

(1999) 

17.721 TL Thousand

(2000) 

28.908 TL Thousand

(2001) 

36.481 TL Thousand

(2002) 

45.855 TL Thousand

(2003) 

48.225 TL Thousand

(2004) 

46.620 TL Thousand

(2005) 

51.740 TL Thousand

(2006) 

59.395.261 TL

(2007) 

71.554.185 TL

(2008) 

74.361.341 TL

(2009) 

84.761.018 TL

(2010) 

107.667.378 TL

(2011) 

57.372.535 TL

(01.01-30.06.2012) 

 

 

CAPACITY

:

Finishing and Dying  ( kgs/yr)

Weaving Fabric  ( kgs/yr)

Yarn  ( kgs/yr)

 

8.811.000

1.820.644

1.822.102

(2009)

8.811.000

1.820.644

1.822.102

(2010)

8.811.000

1.820.644

1.822.102

(2011)

 

 

 

 

Tomato  ( kgs/yr)

 

 

 

37.620.000

 

 

(2010)

37.620.000

 

 

(2011)

 

 

 

 

IMPORT VALUE

:

13.621.000 USD

(2008)

10.000.000 USD

(2009)

300.000 USD

(2010)

3.852.535 USD

(01.01-30.11.2011)

 

 

IMPORT COUNTRIES

:

Korea

China

Germany

Italy

 

MERCHANDISE IMPORTED

:

Machine

Raw materials

Yarn

 

EXPORT VALUE

:

2.070.837 TL

(2008)

4.968.302 TL

(2009)

3.952.023 TL

(2010)

3.859.689 TL

(2011)

1.745.831 TL

(01.01-30.06.2012)

 

 

 

EXPORT COUNTRIES

:

Germany

U.K.

Russia

Bulgaria

Poland

Netherlands

China

Romania

Italy

Macedonia Republic

Hong-Kong

Brazil

Mexico

 

MERCHANDISE  EXPORTED

:

Fabric

Frozen tomato

Yarn

 

HEAD OFFICE ADDRESS

:

Kodaman Sokak No:45 Nisantasi  Istanbul / Turkey ( owned by shareholder(s) )

 

BRANCHES

:

Warehouse  :  Topcular Istanbul/Turkey (owned by shareholder(s))

 

Factory  :  E-5 Karayolu Uzeri Ulas-Corlu (The firm also grows organic tomatoes on this land) Tekirdag/Turkey (owned) (183.630 sqm)

                                                                                

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears an upwards trend in  1.1 - 30.6.2012.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Galata Branch

Finansbank Merkez Branch

Garanti Bankasi Rumeli Cad. Branch

Yapi ve Kredi Bankasi Osmanbey Cadde 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

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-30.06.2012) TL

Net Sales

71.554.185

74.361.341

84.761.018

107.667.378

57.372.535

Profit (Loss) Before Tax

4.570.657

240.221

-14.183.625

-1.442.956

5.034.960

Stockholders' Equity

95.128.405

95.222.499

97.436.888

95.993.932

 

Total Assets

119.340.247

148.591.603

135.330.596

156.438.067

 

Current Assets

73.819.052

92.077.442

85.275.681

109.129.984

 

Non-Current Assets

45.521.195

56.514.161

50.054.915

47.308.083

 

Current Liabilities

15.341.342

34.164.375

22.924.352

38.039.038

 

Long-Term Liabilities

8.870.500

19.204.729

14.969.356

22.405.097

 

Gross Profit (loss)

15.351.432

13.474.496

-793.259

23.856.134

9.676.073

Operating Profit (loss)

6.571.561

1.360.513

-14.067.850

9.694.930

1.995.332

Net Profit (loss)

3.787.959

94.093

-14.183.625

-1.442.956

5.034.960

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2011

Liquidity

Satisfactory As of 31.12.2011

Remarks On Liquidity

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

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

Good Operating Profitability  in 2008

Good Net Profitability  in 2008

Fair Operating Profitability  in 2009

Low Net Profitability  in 2009

Gross Loss  in 2010

Operating Loss  in 2010

Net Loss  in 2010

Good Operating Profitability  in 2011

Net Loss  in 2011

Fair Operating Profitability (01.01-30.06.2012)

High Net Profitability (01.01-30.06.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

In Order

 

 

 

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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

73.819.052

0,62

92.077.442

0,62

85.275.681

0,63

109.129.984

0,70

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

17.879.123

0,15

14.990.033

0,10

18.588.953

0,14

2.455.945

0,02

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

31.556.625

0,26

37.633.491

0,25

41.214.594

0,30

75.825.096

0,48

Other Receivable

79.726

0,00

295.807

0,00

26.613

0,00

14.190

0,00

Inventories

21.084.833

0,18

32.848.304

0,22

19.207.367

0,14

24.657.032

0,16

Advances Given

100.681

0,00

808.233

0,01

450.754

0,00

85.270

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

3.118.064

0,03

5.501.574

0,04

5.787.400

0,04

6.092.451

0,04

NON-CURRENT ASSETS

45.521.195

0,38

56.514.161

0,38

50.054.915

0,37

47.308.083

0,30

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

3.000

0,00

3.000

0,00

3.000

0,00

3.000

0,00

Tangible Fixed Assets (net)

45.253.150

0,38

56.237.744

0,38

49.804.438

0,37

47.065.749

0,30

Intangible Assets

4.921

0,00

15.891

0,00

11.510

0,00

14.844

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

260.124

0,00

257.526

0,00

235.967

0,00

224.490

0,00

TOTAL ASSETS

119.340.247

1,00

148.591.603

1,00

135.330.596

1,00

156.438.067

1,00

CURRENT LIABILITIES

15.341.342

0,13

34.164.375

0,23

22.924.352

0,17

38.039.038

0,24

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

4.369.740

0,04

18.763.676

0,13

15.222.883

0,11

22.078.996

0,14

Accounts Payable

8.995.116

0,08

6.550.254

0,04

6.289.891

0,05

8.286.297

0,05

Loans from Shareholders

94.524

0,00

2.576.197

0,02

0

0,00

0

0,00

Other Short-term Payable

748.416

0,01

952.089

0,01

480.062

0,00

1.095.152

0,01

Advances from Customers

40.224

0,00

4.454.188

0,03

41.415

0,00

4.195.034

0,03

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

679.924

0,01

832.529

0,01

856.668

0,01

1.499.966

0,01

Provisions

159.061

0,00

-18.354

0,00

-9.770

0,00

-29.852

0,00

Other Current Liabilities

254.337

0,00

53.796

0,00

43.203

0,00

913.445

0,01

LONG-TERM LIABILITIES

8.870.500

0,07

19.204.729

0,13

14.969.356

0,11

22.405.097

0,14

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

8.217.556

0,07

5.528.280

0,04

2.621.869

0,02

11.333.400

0,07

Securities Issued

0

0,00

13.676.449

0,09

0

0,00

0

0,00

Long-term Payable

652.944

0,01

0

0,00

12.347.487

0,09

11.071.697

0,07

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

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

95.128.405

0,80

95.222.499

0,64

97.436.888

0,72

95.993.932

0,61

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

60.000.000

0,50

60.000.000

0,40

110.000.000

0,81

110.000.000

0,70

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

17.647.586

0,15

17.647.586

0,12

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

13.692.860

0,11

17.480.820

0,12

1.620.513

0,01

1.620.513

0,01

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

-14.183.625

-0,09

Net Profit (loss)

3.787.959

0,03

94.093

0,00

-14.183.625

-0,10

-1.442.956

-0,01

TOTAL LIABILITIES AND EQUITY

119.340.247

1,00

148.591.603

1,00

135.330.596

1,00

156.438.067

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. 

 

At the last income statement TL 5.107.381 of the other income is due to "Profit from Foreign Currency Exchange".

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.06.2012) TL

 

Net Sales

71.554.185

1,00

74.361.341

1,00

84.761.018

1,00

107.667.378

1,00

57.372.535

1,00

Cost of Goods Sold

56.202.753

0,79

60.886.845

0,82

85.554.277

1,01

83.811.244

0,78

47.696.462

0,83

Gross Profit

15.351.432

0,21

13.474.496

0,18

-793.259

-0,01

23.856.134

0,22

9.676.073

0,17

Operating Expenses

8.779.871

0,12

12.113.983

0,16

13.274.591

0,16

14.161.204

0,13

7.680.741

0,13

Operating Profit

6.571.561

0,09

1.360.513

0,02

-14.067.850

-0,17

9.694.930

0,09

1.995.332

0,03

Other Income

5.661.289

0,08

3.508.761

0,05

5.462.031

0,06

6.961.253

0,06

7.668.743

0,13

Other Expenses

941.845

0,01

761.598

0,01

761.748

0,01

2.605.804

0,02

436.923

0,01

Financial Expenses

6.720.348

0,09

3.867.455

0,05

4.816.058

0,06

15.493.335

0,14

4.192.192

0,07

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

4.570.657

0,06

240.221

0,00

-14.183.625

-0,17

-1.442.956

-0,01

5.034.960

0,09

Tax Payable

782.698

0,01

146.128

0,00

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

3.787.959

0,05

94.093

0,00

-14.183.625

-0,17

-1.442.956

-0,01

5.034.960

0,09

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

4,81

2,70

3,72

2,87

Acid-Test Ratio

3,23

1,55

2,61

2,06

Cash Ratio

1,17

0,44

0,81

0,06

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,18

0,22

0,14

0,16

Short-term Receivable/Total Assets

0,27

0,26

0,30

0,48

Tangible Assets/Total Assets

0,38

0,38

0,37

0,30

TURNOVER RATIOS

 

 

Inventory Turnover

2,67

1,85

4,45

3,40

Stockholders' Equity Turnover

0,75

0,78

0,87

1,12

Asset Turnover

0,60

0,50

0,63

0,69

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,80

0,64

0,72

0,61

Current Liabilities/Total Assets

0,13

0,23

0,17

0,24

Financial Leverage

0,20

0,36

0,28

0,39

Gearing Percentage

0,25

0,56

0,39

0,63

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,04

0,00

-0,15

-0,02

Operating Profit Margin

0,09

0,02

-0,17

0,09

Net Profit Margin

0,05

0,00

-0,17

-0,01

Interest Cover

1,68

1,06

-1,95

0,91

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

158,77

182,19

175,05

253,53

Average Payable Period (days)

61,80

38,73

78,42

83,15

WORKING CAPITAL

58477710,00

57913067,00

62351329,00

71090946,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.59

UK Pound

1

Rs.87.31

Euro

1

Rs.69.86

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.