MIRA INFORM REPORT

 

 

Report Date :

24.12.2013

 

IDENTIFICATION DETAILS

 

Name :

ALI RAIF ILAC SANAYI A.S.

 

 

Registered Office :

Yesilce Mah. Doga Sok. No:4 Kagithane Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

17.03.1928

 

 

Com. Reg. No.:

14026

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of medicine.

 

 

No. of Employees :

561

 

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, 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Turkey

B2

B2

 

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 9.2% in 2010, as exports returned to normal levels following the recession. Growth dropped to approximately 3% in 2012. Turkey's public sector debt to GDP ratio has fallen to about 40%, and at least one rating agency upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $117 billion at year-end 2012. Inflows have slowed because of continuing economic turmoil in Europe, the source of much of Turkey's FDI. 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

:

ALI RAIF ILAC SANAYI A.S.

HEAD OFFICE ADDRESS

:

Yesilce Mah. Doga Sok. No:4 Kagithane Istanbul / Turkey

PHONE NUMBER

:

90-212-413 04 00

 

FAX NUMBER

:

90-212-549 25 50

 

WEB-ADDRESS

:

www.aliraif.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

0520052923

REGISTRATION NUMBER

:

14026

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

17.03.1928

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL  56.000.000

PAID-IN CAPITAL

:

TL  56.000.000

HISTORY

:

Previous Registered Capital

:

TL 50.000.000

Changed On

:

12.05.2009 (Commercial Gazette Date /Number 18.05.2009/ 7313)

Previous Address

:

Ikitelli Organize Sanayi Bolgesi Haseyad II. Kisim No: 228 Ikitelli - Istanbul

Changed On

:

11.01.2010 (Commercial Gazette Date /Number 15.01.2010/ 7480)

Previous Address

:

Oto Sanayi Buyukdere Cad. Destegul Sok. No:4 34418 4.Levent Istanbul

Changed On

:

27.12.2012 (Commercial Gazette Date /Number 03.01.2013/ 8228)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Sadiye Turhan

34,99 %

Ahmet Aydin Turhan

19,99 %

Mehmet Kaya Turhan

19,99 %

Ali Yalcin Turhan

19,99 %

Sema Turhan

5 %

Others

 

 

 

BOARD OF DIRECTORS

:

Mehmet Mukerrem Tascioglu

Chairman

Muharrem Ethem Postacioglu

Member

Refik Birand

Member

Muzaffer Bal

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of medicine.

 

NACE CODE

:

DG.24.42

 

SECTOR

:

Chemicals

 

REPRESENTATIVE OF

:

Pharmacia   (U.K.)

Reckitt&Colman   (U.K.)

 

TRADEMARKS OWNED

:

Aprovel

Forza

Texadin

 

NUMBER OF EMPLOYEES

:

561

 

NET SALES

:

11.970 TL Thousand

(1999) 

20.081 TL Thousand

(2000) 

35.798 TL Thousand

(2001) 

59.748 TL Thousand

(2002) 

77.970 TL Thousand

(2003) 

92.130 TL Thousand

(2004) 

107.952 TL Thousand

(2005) 

128.974 TL Thousand

(2006) 

166.561 TL Thousand

(2007) 

213.910.393 TL

(2008) 

233.652.004 TL

(2009) 

261.872.457 TL

(2010) 

244.037.280 TL

(2011) 

213.980.485 TL

(2012) 

102.378.167 TL

(01.01-30.06.2013) 

 

 

IMPORT VALUE

:

92.000.000 USD

(2008)

76.271.000 USD

(2009)

81.357.000 USD

(2010)

90.000.000 USD

(2011)

 

 

IMPORT COUNTRIES

:

Germany

France

U.K.

 

MERCHANDISE IMPORTED

:

Medicine

Raw materials

 

EXPORT VALUE

:

19.525 TL

(1999)

21.484 TL

(2000)

23.701 TL

(2001)

128.367 TL

(2002)

138.158 TL

(2003)

68.006 TL

(2004)

1.833.317 TL

(2005)

3.933.229 TL

(2006)

4.882.214 TL

(2007)

4.043.925 TL

(2008)

1.727.601 TL

(2009)

2.327.071 TL

(2010)

2.881.939 TL

(2011)

2.865.864 TL

(2012)

1.192.129 TL

(01.01-30.06.2013)

 

 

EXPORT COUNTRIES

:

Algeria

Poland

Spain

Portugal

Philippines

 

MERCHANDISE  EXPORTED

:

Drugs

HEAD OFFICE ADDRESS

:

Yesilce Mah. Doga Sok. No:4 Kagithane  Istanbul / Turkey

 

BRANCHES

:

Factory  :  Organize Sanayi Bolgesi Haseyad 2. Kisim No: 228 Ikitelli Kucukcekmece Istanbul/Turkey (owned) (10.500 sqm)

 

Liaison Office  :   Istanbul/Turkey

 

Liaison Office  :   Ankara/Turkey

 

Liaison Office  :   Adana/Turkey

 

Liaison Office  :   Izmir/Turkey

 

Liaison Office  :   Bursa/Turkey

 

Liaison Office  :   Konya/Turkey

 

Liaison Office  :   Diyarbakir/Turkey

 

Liaison Office  :   Erzurum/Turkey

 

Liaison Office  :   Samsun/Turkey

 

Liaison Office  :   Malatya/Turkey

 

Liaison Office  :   Kayseri/Turkey

           

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in 2012. There appears a decline at business volume in nominal terms in 1.1 - 30.6.2013.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Bati Kurumsal Branch

Garanti Bankasi Yenibosna Branch

HSBC Bank Gunesli Branch

T. Is Bankasi Gunesli Kurumsal 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

:

 

(2009) TL

(2010) TL

(2011) TL

(2012) TL

(01.01-30.06.2013) TL

Net Sales

233.652.004

261.872.457

244.037.280

213.980.485

102.378.167

Profit (Loss) Before Tax

20.433.153

17.558.956

-3.836.596

-24.389.125

2.567.108

Stockholders' Equity

89.555.542

104.047.692

97.858.154

73.469.027

 

Total Assets

146.355.930

166.315.206

180.037.978

149.077.905

 

Current Assets

117.909.597

136.422.352

147.816.022

116.952.298

 

Non-Current Assets

28.446.333

29.892.854

32.221.956

32.125.607

 

Current Liabilities

56.800.388

62.267.514

82.179.824

75.608.878

 

Long-Term Liabilities

0

0

0

0

 

Gross Profit (loss)

90.966.340

119.765.033

67.093.070

49.016.151

36.894.178

Operating Profit (loss)

11.371.645

12.144.164

-26.385.024

-34.062.492

4.625.274

Net Profit (loss)

16.194.354

13.845.091

-3.836.596

-24.389.125

2.567.108

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 31.12.2012

Liquidity

Satisfactory As of 31.12.2012

Remarks On Liquidity

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

Profitability

In Order Operating Profitability  in 2009

High Net Profitability  in 2009

In Order Operating Profitability  in 2010

Good Net Profitability  in 2010

Operating Loss  in 2011

Net Loss  in 2011

Operating Loss  in 2012

Net Loss  in 2012

In Order Operating Profitability (01.01-30.06.2013)

Fair Net Profitability (01.01-30.06.2013)

 

Gap between average collection and payable periods

Unfavorable in 2012

General Financial Position

In Order

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.06.2011)

6,21 %

1,5771

2,2246

2,5422

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-30.06.2013)

2,46 %

1,8251

2,3936

2,8262

 ( 01.01-30.11.2013)

5,80 %

1,8999

2,5208

2,9748

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 

 

CURRENT ASSETS

117.909.597

0,81

136.422.352

0,82

147.816.022

0,82

116.952.298

0,78

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

11.402.266

0,08

11.898.084

0,07

5.885.862

0,03

1.247.431

0,01

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

60.360.159

0,41

65.953.419

0,40

74.058.553

0,41

68.313.077

0,46

 

 

Other Receivable

0

0,00

0

0,00

2.129.771

0,01

179.851

0,00

 

 

Inventories

35.020.620

0,24

43.955.147

0,26

48.559.379

0,27

29.706.106

0,20

 

 

Advances Given

116.404

0,00

47.015

0,00

209.872

0,00

383.733

0,00

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

11.010.148

0,08

14.568.687

0,09

16.972.585

0,09

17.122.100

0,11

 

 

NON-CURRENT ASSETS

28.446.333

0,19

29.892.854

0,18

32.221.956

0,18

32.125.607

0,22

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Long-term Receivable

49.503

0,00

50.975

0,00

100.252

0,00

101.051

0,00

 

 

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

18.486.545

0,13

18.645.696

0,11

19.855.302

0,11

18.338.055

0,12

 

 

Intangible Assets

9.301.774

0,06

10.587.670

0,06

11.657.890

0,06

13.077.989

0,09

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

608.511

0,00

608.513

0,00

608.512

0,00

608.512

0,00

 

 

TOTAL ASSETS

146.355.930

1,00

166.315.206

1,00

180.037.978

1,00

149.077.905

1,00

 

 

CURRENT LIABILITIES

56.800.388

0,39

62.267.514

0,37

82.179.824

0,46

75.608.878

0,51

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

1.196.504

0,01

8.986.789

0,05

22.512.208

0,13

20.491.828

0,14

 

 

Accounts Payable

45.043.728

0,31

41.695.273

0,25

50.760.425

0,28

47.740.703

0,32

 

 

Loans from Shareholders

5.636.489

0,04

4.790.489

0,03

5.903.226

0,03

808

0,00

 

 

Other Short-term Payable

52.022

0,00

1.289.132

0,01

667.941

0,00

1.019.473

0,01

 

 

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

2.830.463

0,02

3.676.785

0,02

2.312.708

0,01

4.397.507

0,03

 

 

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Liabilities

2.041.182

0,01

1.829.046

0,01

23.316

0,00

1.958.559

0,01

 

 

LONG-TERM LIABILITIES

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

 

 

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

89.555.542

0,61

104.047.692

0,63

97.858.154

0,54

73.469.027

0,49

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

53.000.000

0,36

56.000.000

0,34

56.000.000

0,31

56.000.000

0,38

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

6.099.255

0,04

6.099.255

0,04

6.099.255

0,03

6.099.255

0,04

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Reserves

14.261.933

0,10

28.103.346

0,17

39.595.495

0,22

39.595.495

0,27

 

 

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

-3.836.598

-0,03

 

 

Net Profit (loss)

16.194.354

0,11

13.845.091

0,08

-3.836.596

-0,02

-24.389.125

-0,16

 

 

TOTAL LIABILITIES AND EQUITY

146.355.930

1,00

166.315.206

1,00

180.037.978

1,00

149.077.905

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 341.919 is "Doubtful Trade Receivables" and -TL 341.919 is "Provision for Doubtful Trade Receivables" at the last balance sheet.

 

The details of "Other Receivable" figure at the last balance sheet: Due From Shareholders: 0, Due From Participations: 0, Due From Affiliated Companies: 0,Due From Personnel: 0, Other Miscellaneous Receivables: 179.851, Other Receivable Total: 179.851

 

TL 0 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet.

 

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(01.01-30.06.2013) TL

 

Net Sales

233.652.004

1,00

261.872.457

1,00

244.037.280

1,00

213.980.485

1,00

102.378.167

1,00

Cost of Goods Sold

142.685.664

0,61

142.107.424

0,54

176.944.210

0,73

164.964.334

0,77

65.483.989

0,64

Gross Profit

90.966.340

0,39

119.765.033

0,46

67.093.070

0,27

49.016.151

0,23

36.894.178

0,36

Operating Expenses

79.594.695

0,34

107.620.869

0,41

93.478.094

0,38

83.078.643

0,39

32.268.904

0,32

Operating Profit

11.371.645

0,05

12.144.164

0,05

-26.385.024

-0,11

-34.062.492

-0,16

4.625.274

0,05

Other Income

16.078.850

0,07

11.976.408

0,05

32.914.965

0,13

19.224.990

0,09

3.152.761

0,03

Other Expenses

6.833.805

0,03

5.873.191

0,02

9.612.479

0,04

7.571.757

0,04

4.613.378

0,05

Financial Expenses

183.537

0,00

688.425

0,00

754.058

0,00

1.979.866

0,01

597.549

0,01

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

20.433.153

0,09

17.558.956

0,07

-3.836.596

-0,02

-24.389.125

-0,11

2.567.108

0,03

Tax Payable

4.238.799

0,02

3.713.865

0,01

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)

16.194.354

0,07

13.845.091

0,05

-3.836.596

-0,02

-24.389.125

-0,11

2.567.108

0,03

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

 

LIQUIDITY RATIOS

 

 

Current Ratio

2,08

2,19

1,80

1,55

 

Acid-Test Ratio

1,26

1,25

1,00

0,92

 

Cash Ratio

0,20

0,19

0,07

0,02

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,24

0,26

0,27

0,20

 

Short-term Receivable/Total Assets

0,41

0,40

0,42

0,46

 

Tangible Assets/Total Assets

0,13

0,11

0,11

0,12

 

TURNOVER RATIOS

 

 

Inventory Turnover

4,07

3,23

3,64

5,55

 

Stockholders' Equity Turnover

2,61

2,52

2,49

2,91

 

Asset Turnover

1,60

1,57

1,36

1,44

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,61

0,63

0,54

0,49

 

Current Liabilities/Total Assets

0,39

0,37

0,46

0,51

 

Financial Leverage

0,39

0,37

0,46

0,51

 

Gearing Percentage

0,63

0,60

0,84

1,03

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,18

0,13

-0,04

-0,33

 

Operating Profit Margin

0,05

0,05

-0,11

-0,16

 

Net Profit Margin

0,07

0,05

-0,02

-0,11

 

Interest Cover

112,33

26,51

-4,09

-11,32

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

93,08

90,74

109,40

115,10

 

Average Payable Period (days)

113,65

105,63

103,27

104,18

 

WORKING CAPITAL

61109209,00

74154838,00

65636198,00

41343420,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.99

UK Pound

1

Rs.101.37

Euro

1

Rs.84.82

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.