MIRA INFORM REPORT

 

 

Report Date :

13.04.2013

 

IDENTIFICATION DETAILS

 

Name :

FRIMPEKS KIMYA VE ETIKET SANAYI TICARET A.S.

 

 

Formerly Known as:

FRIMPEKS MAKINA SANAYI VE DIS TICARET LTD. STI.

 

 

Registered Office :

Mermerciler Sanayi Sitesi 8. Cad. No: 15 Beylikduzu  Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

29.08.1988

 

 

Com. Reg. No.:

248363

 

 

Legal Form :

 Joint Stock Company

 

 

Line of Business :

Manufacture and trade of labeling paper and chemicals such as UV Lak, ink, paint to be used at furniture and printing sectors

 

 

No. of Employees :

175

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate  

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

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

 

 

 

 

NOTES

:

Address at your inquiry is the former address.

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

FRIMPEKS KIMYA VE ETIKET SANAYI TICARET A.S.

HEAD OFFICE ADDRESS

:

Mermerciler Sanayi Sitesi 8. Cad. No: 15 Beylikduzu  Istanbul / Turkey

PHONE NUMBER

:

90-212-875 07 07

 

FAX NUMBER

:

90-212-875 12 77

 

WEB-ADDRESS

:

www.frimpeks.com.tr  

E-MAIL

:

info@frimpeks.com.tr  

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Marmara Kurumlar

TAX NO

:

3880603783

REGISTRATION NUMBER

:

248363

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

29.08.1988

ESTABLISHMENT GAZETTE DATE/NO

:

15.09.1988/2102

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.000.000

PAID-IN CAPITAL

:

TL   5.000.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

25.07.2008 (Commercial Gazette Date /Number 31.07.2008/ 7117)

Previous Name

:

FRIMPEKS MAKINA SANAYI VE DIS TICARET LTD. STI.

Changed On

:

25.07.2008 (Commercial Gazette Date /Number 31.07.2008/ 7117)

Previous Registered Capital

:

TL 1.500.000

Changed On

:

25.07.2008 (Commercial Gazette Date /Number 31.07.2008/ 7117)

Previous Registered Capital

:

TL 3.852.000

Changed On

:

04.06.2012 (Commercial Gazette Date /Number 08.06.2012/ 8086)

Previous Address

:

Turgut Ozal Cad. Cevre Sanayi Sitesi 7.      Blok 26-28-30-32 Kucukcekmece Istanbul

Changed On

:

13.06.2003 (Commercial Gazette Date /Number 18.06.2003/ 5822)

Previous Address

:

Bakir ve Pirinciler Sanayi Sitesi Mustafa Kurdoglu Cad. No: 5 Beylikduzu Istanbul

Changed On

:

05.08.2010 (Commercial Gazette Date /Number 11.08.2010/ 7626)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Murat Sayer

25 %

Emre Sayer

25 %

Amir Sayer

25 %

Netsy Viktorya Sayer

24 %

Riella Sayer

1 %

 

 

SUBSIDIARIES

:

FRIMPEKS GMBH (Germany)  ( 100 % )

FRIMPEKS INC. (U.S.A.)  ( 67 % )

FRIMPEKS LLC (RUSSIA)

 

BOARD OF DIRECTORS

:

Murat Sayer

Chairman

Amir Sayer

Vice-Chairman

Emre Sayer

Member

 

 

DIRECTORS

:

Emre Sayer                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of labeling paper and chemicals such as UV Lak, ink, paint to be used at furniture and printing sectors. 

 

NACE CODE

:

DG.24.30

 

TRADEMARKS OWNED

:

Gloss Print

 

NUMBER OF EMPLOYEES

:

175

 

NET SALES

:

1.735 TL Thousand

(2000) 

3.614 TL Thousand

(2001) 

5.758 TL Thousand

(2002) 

8.110 TL Thousand

(2003) 

11.652 TL Thousand

(2004) 

16.660 TL Thousand

(2005) 

29.550 TL Thousand

(2006) 

32.535.339 TL

(2007) 

49.386.020 TL

(2008) 

71.542.526 TL

(2009) 

89.353.090 TL

(2010) 

125.578.114 TL

(2011) 

146.629.596 TL

(2012) 

 

 

IMPORT VALUE

:

8.600.000 EUR

(2007)

14.309.000 TL

(2008)

33.325.931 TL

(2009)

46.634.321 TL

(2010)

27.500.000 EUR

(2011)

32.306.000 TL

(2012)

 

 

IMPORT COUNTRIES

:

Germany

Belgium

France

Taiwan

China

Netherlands

Switzerland

Italy

Austria

Finland

 

MERCHANDISE IMPORTED

:

Machinery

Machinery parts

Raw materials

 

EXPORT VALUE

:

16.721 TL

(2001)

99.920 TL

(2002)

141.089 TL

(2003)

220.829 TL

(2004)

830.623 TL

(2005)

4.806.684 TL

(2006)

8.038.019 TL

(2007)

20.973.299 TL

(2008)

29.944.562 TL

(2009)

36.482.989 TL

(2010)

50.025.256 TL

(2011)

56.053.940 TL

(2012)

 

 

EXPORT COUNTRIES

:

Syria

Brazil

Egypt

Serbia

Ukraine

Greece

Ireland

Italy

Poland

China

Kenya

Nigeria

Bulgaria

Lithuania

Netherlands

France

Lebanon

Russia

 

MERCHANDISE  EXPORTED

:

Gummed paper

Ink

Paint for leather

 

HEAD OFFICE ADDRESS

:

Mermerciler Sanayi Sitesi 8. Cad. No: 15 Beylikduzu   Istanbul / Turkey

( rented )

 

BRANCHES

:

Factory  :  Velimese Mevkii Corlu Tekirdag/Turkey (owned)

 

Head Office/Factory  :  Mermerciler Sanayi Sitesi 8. Cad. No: 15 Beylikduzu Istanbul/Turkey (rented) 

 

TREND OF BUSINESS

:

There was an upwards trend in  2012.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Avcilar Ticari Branch

Alternatif Bank Hadimkoy Branch

Finansbank Avcilar Branch

Garanti Bankasi Beylikduzu Branch

HSBC Bank Beylikduzu Branch

Turk Ekonomi Bankasi Beylikduzu Branch

Turkiye Finans Katilim Bankasi Hadimkoy Branch

Yapi ve Kredi Bankasi Beylikduzu 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

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(2012) TL

Net Sales

49.386.020

71.542.526

89.353.090

125.578.114

146.629.596

Profit (Loss) Before Tax

1.790.861

3.441.863

4.658.807

-1.192.065

12.303.166

Stockholders' Equity

4.721.807

6.696.553

10.384.812

20.214.105

 

Total Assets

27.306.797

31.276.595

48.058.736

75.517.319

 

Current Assets

24.045.441

25.133.406

36.105.467

62.716.887

 

Non-Current Assets

3.261.356

6.143.189

11.953.269

12.800.432

 

Current Liabilities

20.433.940

20.369.728

32.612.522

52.572.088

 

Long-Term Liabilities

2.151.050

4.210.314

5.061.402

2.731.126

 

Gross Profit (loss)

12.384.182

16.618.061

16.667.136

24.918.250

34.669.851

Operating Profit (loss)

5.794.840

8.967.900

6.255.011

10.933.375

17.341.355

Net Profit (loss)

1.790.861

2.724.812

3.688.259

-1.930.374

12.303.166

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:

Equity Part

:1.148.000 TL

Payment Due Date

:04.06.2012

 

Capitalization

Insufficient As of 31.12.2011

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

Insufficient 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

High Operating Profitability  in 2008

In Order Net Profitability  in 2008

High Operating Profitability  in 2009

Good Net Profitability  in 2009

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

Good Operating Profitability  in 2011

Net Loss  in 2011

High Operating Profitability  in 2012

High Net Profitability  in 2012

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Passable

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.03.2013)

0,50 %

1,7901

2,3575

2,7927

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

24.045.441

0,88

25.133.406

0,80

36.105.467

0,75

62.716.887

0,83

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

10.366.528

0,38

899.501

0,03

4.529.870

0,09

730.416

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

7.945.059

0,29

20.393.457

0,65

25.741.888

0,54

45.590.778

0,60

Other Receivable

200.933

0,01

410.840

0,01

2.542.264

0,05

893.473

0,01

Inventories

2.723.847

0,10

1.401.695

0,04

2.749.168

0,06

14.069.890

0,19

Advances Given

1.656.467

0,06

1.773.909

0,06

2.427

0,00

729.230

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

1.152.607

0,04

254.004

0,01

539.850

0,01

703.100

0,01

NON-CURRENT ASSETS

3.261.356

0,12

6.143.189

0,20

11.953.269

0,25

12.800.432

0,17

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

0

0,00

54.517

0,00

54.517

0,00

54.517

0,00

Tangible Fixed Assets (net)

1.160.939

0,04

3.800.824

0,12

8.024.483

0,17

8.824.569

0,12

Intangible Assets

1.967.665

0,07

2.032.866

0,06

3.579.887

0,07

3.013.590

0,04

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

132.752

0,00

254.982

0,01

294.382

0,01

907.756

0,01

TOTAL ASSETS

27.306.797

1,00

31.276.595

1,00

48.058.736

1,00

75.517.319

1,00

CURRENT LIABILITIES

20.433.940

0,75

20.369.728

0,65

32.612.522

0,68

52.572.088

0,70

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

10.534.636

0,39

7.827.348

0,25

15.188.445

0,32

28.410.310

0,38

Accounts Payable

9.807.864

0,36

11.605.149

0,37

16.129.674

0,34

22.064.292

0,29

Loans from Shareholders

0

0,00

0

0,00

7.522

0,00

0

0,00

Other Short-term Payable

1.391

0,00

191.726

0,01

247.357

0,01

294.853

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

90.049

0,00

470.181

0,02

643.051

0,01

1.409.200

0,02

Provisions

0

0,00

18.258

0,00

-228

0,00

292

0,00

Other Current Liabilities

0

0,00

257.066

0,01

396.701

0,01

393.141

0,01

LONG-TERM LIABILITIES

2.151.050

0,08

4.210.314

0,13

5.061.402

0,11

2.731.126

0,04

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

2.151.050

0,08

4.210.314

0,13

5.061.402

0,11

2.731.126

0,04

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

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

4.721.807

0,17

6.696.553

0,21

10.384.812

0,22

20.214.105

0,27

Not Detailed Stockholders' Equity

4.721.807

0,17

6.696.553

0,21

10.384.812

0,22

0

0,00

Paid-in Capital

0

0,00

0

0,00

0

0,00

3.852.000

0,05

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

0

0,00

6.541.364

0,09

Revaluation Fund

0

0,00

0

0,00

0

0,00

11.751.115

0,16

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

0

0,00

0

0,00

0

0,00

-1.930.374

-0,03

TOTAL LIABILITIES AND EQUITY

27.306.797

1,00

31.276.595

1,00

48.058.736

1,00

75.517.319

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. 

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

Net Sales

49.386.020

1,00

71.542.526

1,00

89.353.090

1,00

125.578.114

1,00

146.629.596

1,00

Cost of Goods Sold

37.001.838

0,75

54.924.465

0,77

72.685.954

0,81

100.659.864

0,80

111.959.745

0,76

Gross Profit

12.384.182

0,25

16.618.061

0,23

16.667.136

0,19

24.918.250

0,20

34.669.851

0,24

Operating Expenses

6.589.342

0,13

7.650.161

0,11

10.412.125

0,12

13.984.875

0,11

17.328.496

0,12

Operating Profit

5.794.840

0,12

8.967.900

0,13

6.255.011

0,07

10.933.375

0,09

17.341.355

0,12

Other Income

3.739.173

0,08

1.880.118

0,03

3.883.950

0,04

4.077.059

0,03

5.776.727

0,04

Other Expenses

4.582.980

0,09

4.386.019

0,06

3.155.048

0,04

11.475.095

0,09

5.582.715

0,04

Financial Expenses

3.160.172

0,06

3.020.136

0,04

2.325.106

0,03

4.727.404

0,04

5.232.201

0,04

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

1.790.861

0,04

3.441.863

0,05

4.658.807

0,05

-1.192.065

-0,01

12.303.166

0,08

Tax Payable

0

0,00

717.051

0,01

970.548

0,01

738.309

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.790.861

0,04

2.724.812

0,04

3.688.259

0,04

-1.930.374

-0,02

12.303.166

0,08

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

 

 

Current Ratio

1,18

1,23

1,11

1,19

Acid-Test Ratio

0,91

1,07

1,01

0,90

Cash Ratio

0,51

0,04

0,14

0,01

ASSET STRUCTURE RATIOS

 

 

 

 

Inventory/Total Assets

0,10

0,04

0,06

0,19

Short-term Receivable/Total Assets

0,30

0,67

0,59

0,62

Tangible Assets/Total Assets

0,04

0,12

0,17

0,12

TURNOVER RATIOS

 

 

 

 

Inventory Turnover

13,58

39,18

26,44

7,15

Stockholders' Equity Turnover

10,46

10,68

8,60

6,21

Asset Turnover

1,81

2,29

1,86

1,66

FINANCIAL STRUCTURE

 

 

 

 

Stockholders' Equity/Total Assets

0,17

0,21

0,22

0,27

Current Liabilities/Total Assets

0,75

0,65

0,68

0,70

Financial Leverage

0,83

0,79

0,78

0,73

Gearing Percentage

4,78

3,67

3,63

2,74

PROFITABILITY RATIOS

 

 

 

 

Net Profit/Stockholders' Eq.

0,38

0,41

0,36

-0,10

Operating Profit Margin

0,12

0,13

0,07

0,09

Net Profit Margin

0,04

0,04

0,04

-0,02

Interest Cover

1,57

2,14

3,00

0,75

COLLECTION-PAYMENT

 

 

 

 

Average Collection Period (days)

57,92

102,62

103,71

130,70

Average Payable Period (days)

95,42

76,07

79,89

78,91

WORKING CAPITAL

3611501,00

4763678,00

3492945,00

10144799,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.44

UK Pound

1

Rs.83.78

Euro

1

Rs.71.33

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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

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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.