MIRA INFORM REPORT

 

 

Report Date :

09.02.2013

 

IDENTIFICATION DETAILS

 

Name :

Memisoglu Tarim Urunleri Ticared Ltd. Sti.

 

 

Registered Office :

Adana-Mersin Yolu Uzeri Yenitaskent Mevkii 12. km Mersin

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2012

 

 

Date of Incorporation :

06.06.1991

 

 

Com. Reg. No.:

11299

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of industrially-made soup, processing, packaging and trade of pulse and grain such as rice, lentil etc.

 

 

No. of Employees :

270

 

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

(31.03.2011)

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

Contact Points

 

NAME

:

MEMISOGLU TARIM URUNLERI TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Adana-Mersin Yolu Uzeri Yenitaskent Mevkii 12. km Mersin / Turkey

PHONE NUMBER

:

90-324-454 04 04

 

FAX NUMBER

:

90-324-454 04 06

 

 

 

Company Identification Details

 

TAX OFFICE

:

Uray  

TAX NO

:

6140058335

REGISTRATION NUMBER

:

11299

REGISTERED OFFICE

:

Mersin Chamber of Commerce and Industry

DATE ESTABLISHED

:

06.06.1991

ESTABLISHMENT GAZETTE DATE/NO

:

17.06.1991/2799

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   35.000.000

PAID-IN CAPITAL

:

TL   33.474.961

 

HISTORY

:

Previous Registered Capital

:

TL 11.000.000

Changed On

:

01.10.2009 (Commercial Gazette Date /Number 08.10.2009/ 7413)

Previous Registered Capital

:

TL 25.000.000

Changed On

:

29.12.2010 (Commercial Gazette Date /Number 06.01.2011/ 7724)

Previous Address

:

Cami Serif Mah. Mucahitler Cad. Vardali Ish. No:5-6 Mersin

Changed On

:

01.02.2005 (Commercial Gazette Date /Number 09.02.2005/ 6236)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Serafettin Memis

36,84 %

Giyasettin Memis

23,68 %

Nasip Memis

22,37 %

Tuncer Memis

17,11 %

 

 

SISTER COMPANIES

:

OVE YAPI GAYRIMENKUL SANAYI VE TICARET A.S.

 

TAT BAKLIYAT SANAYII VE TICARET A.S.

 

DIRECTORS

:

Serafettin Memis                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of industrially-made soup, processing, packaging and trade of pulse and grain such as rice, lentil etc… 

 

The subject also deals with warehousing.

 

NACE CODE

:

DA.15.61

 

SECTOR

:

Food

 

TRADEMARKS OWNED

:

Tat

Veyss

 

NUMBER OF EMPLOYEES

:

270

 

 

NET SALES

:

22.264.384 TL

(2003) 

38.113.574 TL

(2004) 

40.704.087 TL

(2005) 

47.533.859 TL

(2006) 

57.561.574 TL

(2007) 

103.481.724 TL

(2008) 

98.177.459 TL

(2009) 

125.471.010 TL

(2010) 

122.469.167 TL

(2011) 

115.227.385 TL

(01.01-30.09.2012) 

 

 

IMPORT VALUE

:

1.175.462 USD

(2003)

3.399.327 USD

(2004)

6.500.000 USD

(2005)

6.213.000 USD

(2006)

11.377.693 USD

(2007)

16.765.628 USD + 2.147.000 EUR

(2008)

15.176.974 USD

(2009)

1.584.700 USD

(01.01-31.08.2010)

 

 

IMPORT COUNTRIES

:

Egypt

Canada

Kyrgyzstan

India

Argentina

Thailand

Iran

Italy

China

Ethiopia

 

MERCHANDISE IMPORTED

:

Bean

Red Lentil

Rice

 

EXPORT VALUE

:

10.380.077 TL

(2003)

11.133.358 TL

(2004)

10.127.967 TL

(2005)

15.771.873 TL

(2006)

17.287.008 TL

(2007)

34.283.692 TL

(2008)

34.044.935 TL

(2009)

38.570.382 TL

(2010)

52.506.869 TL

(2011)

33.943.086 TL

(01.01-30.09.2012)

 

 

 

EXPORT COUNTRIES

:

Iraq

U.S.A.

Northern Cyprus Turkish Republic

European Countries

Middle East Countries

Sri Lanka

Lebanon

Free Zone

Somalia

Jordan

Russia

Sweden

U.K.

 

MERCHANDISE  EXPORTED

:

Canned vegetables

Legume

Olive

Rice

 

HEAD OFFICE ADDRESS

:

Adana-Mersin Yolu Uzeri Yenitaskent Mevkii 12. km  Mersin / Turkey

(owned)

 

BRANCHES

:

Warehouse  :   Mersin/Turkey

 

Head Office/Processing Plant  :  Adana-Mersin Yolu Uzeri Yenitaskent Mevkii 12. km Mersin/Turkey (owned) (45.000 sqm)

 

Branch Office  :  Gungoren Cad. No:35 Bagcilar Istanbul/Turkey (owned)

 

Branch Office  :  1248 Sokak No:9 Gida Carsisi Yenisehir Izmir/Turkey (rented)

 

Branch Office  :  Mersin Serbest Bolge(Free Zone) Mersin/Turkey (rented)

 

Branch Office  :  Rami Istanbul/Turkey (rented)    

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2011. There appears an upwards trend in  1.1 - 30.9.2012.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Mersin Branch

Denizbank Mersin Branch

Garanti Bankasi Mersin Branch

HSBC Bank Mersin Branch

T. Halk Bankasi Mersin Branch

Turk Ekonomi Bankasi Mersin Branch

Yapi ve Kredi Bankasi Mersin 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

(01.01-30.09.2012) TL

Net Sales

103.481.724

98.177.459

125.471.010

122.469.167

115.227.385

Profit (Loss) Before Tax

11.765.652

2.365.015

4.046.615

1.939.538

1.437.502

Stockholders' Equity

21.507.068

26.880.965

37.910.664

44.090.530

45.565.034

Total Assets

32.526.647

45.860.378

59.879.905

78.101.275

80.155.919

Current Assets

23.736.308

32.296.514

41.520.474

50.459.742

47.680.600

Non-Current Assets

8.790.339

13.563.864

18.359.431

27.641.533

32.475.319

Current Liabilities

6.792.095

16.424.288

21.969.214

34.010.718

34.435.589

Long-Term Liabilities

4.227.484

2.555.125

27

27

155.296

Gross Profit (loss)

20.857.039

6.768.184

12.009.088

10.639.905

9.624.947

Operating Profit (loss)

12.663.594

2.087.963

3.974.133

1.867.924

2.401.246

Net Profit (loss)

9.424.443

1.820.641

3.212.636

1.509.432

1.437.502

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 30.09.2012

Liquidity

Insufficient As of 30.09.2012

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

High Net Profitability  in 2008

Fair Operating Profitability  in 2009

Fair Net Profitability  in 2009

Fair Operating Profitability  in 2010

In Order Net Profitability  in 2010

Fair Operating Profitability  in 2011

Low Net Profitability  in 2011

Fair Operating Profitability (01.01-30.09.2012)

Low Net Profitability (01.01-30.09.2012)

 

Gap between average collection and payable periods

Unfavorable in 01.01-30.09.2012

General Financial Position

Passable

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-31.08.2010)

5,98 %

1,5253

2,0148

2,3471

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.01.2013)

-0,18 %

1,7748

2,3734

2,8382

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 30.09.2012 )  TL

 

CURRENT ASSETS

23.736.308

0,73

32.296.514

0,70

41.520.474

0,69

50.459.742

0,65

47.680.600

0,59

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

2.651.608

0,08

2.962.051

0,06

3.575.830

0,06

1.080.682

0,01

1.900.540

0,02

Marketable Securities

5.836.460

0,18

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

7.662.229

0,24

6.062.105

0,13

10.292.580

0,17

18.098.016

0,23

22.909.243

0,29

Other Receivable

0

0,00

4.148

0,00

4.148

0,00

3.396

0,00

71.661

0,00

Inventories

6.581.971

0,20

18.744.926

0,41

25.232.910

0,42

27.108.535

0,35

18.428.126

0,23

Advances Given

864.390

0,03

4.134.032

0,09

2.230.474

0,04

2.828.802

0,04

2.238.476

0,03

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

139.650

0,00

389.252

0,01

184.532

0,00

1.340.311

0,02

2.132.554

0,03

NON-CURRENT ASSETS

8.790.339

0,27

13.563.864

0,30

18.359.431

0,31

27.641.533

0,35

32.475.319

0,41

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

163

0,00

527

0,00

527

0,00

527

0,00

527

0,00

Financial Assets

2.503.651

0,08

2.503.651

0,05

2.503.651

0,04

2.503.651

0,03

2.503.651

0,03

Tangible Fixed Assets (net)

6.087.825

0,19

10.892.629

0,24

13.697.720

0,23

22.952.153

0,29

24.768.902

0,31

Intangible Assets

84.091

0,00

73.073

0,00

2.086.864

0,03

2.090.076

0,03

5.144.709

0,06

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

114.609

0,00

93.984

0,00

70.669

0,00

95.126

0,00

57.530

0,00

TOTAL ASSETS

32.526.647

1,00

45.860.378

1,00

59.879.905

1,00

78.101.275

1,00

80.155.919

1,00

CURRENT LIABILITIES

6.792.095

0,21

16.424.288

0,36

21.969.214

0,37

34.010.718

0,44

34.435.589

0,43

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

65.781

0,00

4.471.885

0,10

11.719.029

0,20

28.157.369

0,36

21.510.827

0,27

Accounts Payable

4.004.983

0,12

9.987.917

0,22

8.407.345

0,14

4.157.704

0,05

7.329.178

0,09

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

74.101

0,00

486.819

0,01

534.658

0,01

563.186

0,01

527.047

0,01

Advances from Customers

832.824

0,03

1.190.004

0,03

874.425

0,01

918.442

0,01

4.798

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

112.633

0,00

279.200

0,01

398.509

0,01

104.436

0,00

142.631

0,00

Provisions

1.701.773

0,05

371

0,00

118

0,00

67.659

0,00

0

0,00

Other Current Liabilities

0

0,00

8.092

0,00

35.130

0,00

41.922

0,00

4.921.108

0,06

LONG-TERM LIABILITIES

4.227.484

0,13

2.555.125

0,06

27

0,00

27

0,00

155.296

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

1.314.819

0,04

27

0,00

27

0,00

27

0,00

155.296

0,00

Securities Issued

0

0,00

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

0

0,00

Loans from Shareholders

2.868.177

0,09

2.555.098

0,06

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

44.488

0,00

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

0

0,00

STOCKHOLDERS' EQUITY

21.507.068

0,66

26.880.965

0,59

37.910.664

0,63

44.090.530

0,56

45.565.034

0,57

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

11.000.000

0,34

25.000.000

0,55

32.768.544

0,55

33.437.961

0,43

33.474.961

0,42

Cross Shareholding Adjustment of Capital

0

0,00

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

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

1.082.625

0,03

60.324

0,00

1.929.484

0,03

9.143.137

0,12

10.652.571

0,13

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

9.424.443

0,29

1.820.641

0,04

3.212.636

0,05

1.509.432

0,02

1.437.502

0,02

TOTAL LIABILITIES AND EQUITY

32.526.647

1,00

45.860.378

1,00

59.879.905

1,00

78.101.275

1,00

80.155.919

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

 

(01.01-30.09.2012) TL

 

Net Sales

103.481.724

1,00

98.177.459

1,00

125.471.010

1,00

122.469.167

1,00

115.227.385

1,00

Cost of Goods Sold

82.624.685

0,80

91.409.275

0,93

113.461.922

0,90

111.829.262

0,91

105.602.438

0,92

Gross Profit

20.857.039

0,20

6.768.184

0,07

12.009.088

0,10

10.639.905

0,09

9.624.947

0,08

Operating Expenses

8.193.445

0,08

4.680.221

0,05

8.034.955

0,06

8.771.981

0,07

7.223.701

0,06

Operating Profit

12.663.594

0,12

2.087.963

0,02

3.974.133

0,03

1.867.924

0,02

2.401.246

0,02

Other Income

1.093.098

0,01

1.474.731

0,02

2.094.558

0,02

3.622.329

0,03

836.909

0,01

Other Expenses

1.510.034

0,01

1.115.848

0,01

1.011.744

0,01

1.321.337

0,01

1.025.145

0,01

Financial Expenses

481.006

0,00

81.831

0,00

1.010.332

0,01

2.229.378

0,02

775.508

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

11.765.652

0,11

2.365.015

0,02

4.046.615

0,03

1.939.538

0,02

1.437.502

0,01

Tax Payable

2.341.209

0,02

544.374

0,01

833.979

0,01

430.106

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)

9.424.443

0,09

1.820.641

0,02

3.212.636

0,03

1.509.432

0,01

1.437.502

0,01

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

(01.01-30.09.2012)

LIQUIDITY RATIOS

 

Current Ratio

3,49

1,97

1,89

1,48

1,38

Acid-Test Ratio

2,38

0,55

0,63

0,56

0,72

Cash Ratio

1,25

0,18

0,16

0,03

0,06

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,20

0,41

0,42

0,35

0,23

Short-term Receivable/Total Assets

0,24

0,13

0,17

0,23

0,29

Tangible Assets/Total Assets

0,19

0,24

0,23

0,29

0,31

TURNOVER RATIOS

 

Inventory Turnover

12,55

4,88

4,50

4,13

5,73

Stockholders' Equity Turnover

4,81

3,65

3,31

2,78

2,53

Asset Turnover

3,18

2,14

2,10

1,57

1,44

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,66

0,59

0,63

0,56

0,57

Current Liabilities/Total Assets

0,21

0,36

0,37

0,44

0,43

Financial Leverage

0,34

0,41

0,37

0,44

0,43

Gearing Percentage

0,51

0,71

0,58

0,77

0,76

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,44

0,07

0,08

0,03

0,03

Operating Profit Margin

0,12

0,02

0,03

0,02

0,02

Net Profit Margin

0,09

0,02

0,03

0,01

0,01

Interest Cover

25,46

29,90

5,01

1,87

2,85

COLLECTION-PAYMENT

 

Average Collection Period (days)

26,66

22,23

29,53

53,20

71,58

Average Payable Period (days)

17,45

39,34

26,68

13,38

24,99

WORKING CAPITAL

16944213,00

15872226,00

19551260,00

16449024,00

13245011,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.57

UK Pound

1

Rs.84.25

Euro

1

Rs.71.79

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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.