MIRA INFORM REPORT

 

 

Report Date :

20.12.2014

 

IDENTIFICATION DETAILS

 

Name :

AVEKS IC VE DIS TICARET A.S.

 

 

Formerly Known As :

AVEKS IC VE DIS TICARET LTD. STI.

 

 

Registered Office :

Imes Sanayi Sitesi C Blok 306 Sok. No:4 Yukari Dudullu Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2014

 

 

Date of Incorporation :

26.08.1998

 

 

Com. Reg. No.:

401659

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Wholesale trade of raw materials to be used at foundries.

 

 

No of Employees :

59

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

 

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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3-4% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 40%, and two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013. Turkey remains dependent on often volatile, short-term investment to finance its large current account deficit. The stock value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's robust growth even in the face of economic turmoil in Europe, the source of much of Turkey's FDI. Turkey's relatively high current account deficit, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

NOTES

:

Address is different from the address at your inquiry.

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

AVEKS IC VE DIS TICARET A.S.

HEAD OFFICE ADDRESS

:

Imes Sanayi Sitesi C Blok 306 Sok. No:4 Yukari Dudullu Istanbul / Turkey

PHONE NUMBER

:

90-216-540 00 60

 

FAX NUMBER

:

90-216-540 00 61

 

WEB-ADDRESS

:

www.aveks.com

E-MAIL

:

info@aveks.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Anadolu Kurumlar

TAX NO

:

1050560009

REGISTRATION NUMBER

:

401659

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

26.08.1998

ESTABLISHMENT GAZETTE DATE/NO

:

02.09.1998/4618

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   23.000.000

PAID-IN CAPITAL

:

TL   23.000.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

29.06.2007 (Commercial Gazette Date /Number 05.07.2007/ 6845)

Previous Name

:

Cagdas Muhendislik Metalurji Makine Nakliyat Mumessillik Ticaret ve Sanayi Ltd. Sti.

Changed On

:

17.01.2007 (Commercial Gazette Date /Number 23.01.2007/ 6729)

Previous Name

:

Aveks Ic ve Dis Ticaret Ltd. Sti.

Changed On

:

29.06.2007 (Commercial Gazette Date /Number 05.07.2007/ 6845)

Previous Registered Capital

:

TL 12.500.000

Changed On

:

18.06.2009 (Commercial Gazette Date /Number 24.06.2009/ 7339)

Previous Registered Capital

:

TL 19.000.000

Changed On

:

25.06.2014 (Commercial Gazette Date /Number 01.07.2014/ 8602)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Serdar Ali Erol

35 %

Ahmet Kutlu Peker

25 %

Vecdi Yildiz

25 %

Kerem Erol

5,62 %

Eren Erol

5,62 %

Ayse Erol

3,75 %

 

 

SISTER COMPANIES

:

EGER ELEKTRIK URETIM A.S.

 

MACA TEKNIK SERVISI MAKINA IMALATI SANAYI VE TICARET LTD. STI. (NOT ACTIVE)

 

SUBSIDIARIES

:

EGER ELEKTRIK URETIM A.S.

 

BOARD OF DIRECTORS

:

Ahmet Kutlu Peker

Chairman

Vecdi Yildiz

Vice-Chairman

Serdar Ali Erol

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Wholesale trade of raw materials to be used at foundries.

 

 

NACE CODE

:

G.51.52

 

 

SECTOR

:

Commerce

 

 

REPRESENTATIVE OF

:

Jiangyin Rede Ferro Alloy Materials Co. Ltd.   (China)

Jsc Svobodny Sokol   (Russia)

Magnesitas Navarras SA   (Spain)

Rima Industrial S/A   (Brazil)

Tata Refractories Ltd.   (India)

 

 

NUMBER OF EMPLOYEES

:

59

 

 

NET SALES

:

85.715.962 TL

(2007) 

174.228.292 TL

(2008) 

99.075.396 TL

(2009) 

177.834.457 TL

(2010) 

245.410.430 TL

(2011) 

243.374 TL Thousand

(2012) 

249.359 TL Thousand

(2013) 

279.511 TL Thousand

(01.01-30.09.2014) 

 

 

 

CAPACITY

:

None

 

 

PRODUCTION

:

None

 

 

IMPORT VALUE

:

24.498.919 USD + 221.676 EUR

(2004)

17.660.568 USD + 624.048 EUR

(2005)

13.932.307 USD

(2006)

39.453.805 USD + 1.869.750 EUR + 22.800 GBP

(2007)

90.324.977 USD + 5.675.244 EUR

(2008)

37.611.764 USD + 4.111.068 EUR

(2009)

69.409.237 USD + 7.526.050 EUR

(2010)

9.293.692 EUR + 93.025.085 USD

(2011)

 

 

 

IMPORT COUNTRIES

:

Russia

China

Germany

Macedonia Republic

Brazil

Spain

U.S.A.

India

Syria

South Africa

U.K.

 

 

MERCHANDISE IMPORTED

:

Cocking coal

Ferro alloys

Pig iron

 

 

EXPORT VALUE

:

1.961.519 TL

(2007)

19.437.903 TL

(2008)

13.799.516 TL

(2009)

24.000.553 TL

(2010)

33.560.442 TL

(2011)

30.363.395 TL

(2012)

42.019.879 TL

(2013)

28.698 TL Thousand

(01.01-30.09.2014)

 

 

 

EXPORT COUNTRIES

:

Iraq

Syria

Azerbaijan

Bulgaria

South Africa

Georgia

Free Zone

 

 

MERCHANDISE  EXPORTED

:

Bentonite

Chromium ore

Graphite

Minaral substances

 

 

HEAD OFFICE ADDRESS

:

Imes Sanayi Sitesi C Blok 306 Sok. No:4 Yukari Dudullu  Istanbul / Turkey ( rented )

 

 

BRANCHES

:

Warehouse  :  Gebze Kocaeli/Turkey (rented)

 

Branch Office  :  Sehit Mehmet Fatih Ongul Sok. Eskiyapanlar Plaza 1/1 K:6 D:8 Kozyatagi Istanbul/Turkey (rented)

 

INVESTMENTS

:

None

 

 

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in  2013. There appears an upwards trend in  1.1 - 30.9.2014.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Imes Ticari Branch

Garanti Bankasi Imes Branch

T. Is Bankasi Dudullu Ticari 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

:

 

(2010) TL

(2011) TL

(2012) TL Thousand

(2013) TL Thousand

(01.01-30.09.2014) TL Thousand

Net Sales

177.834.457

245.410.430

243.374

249.359

279.511

Profit (Loss) Before Tax

4.182.769

6.181.323

726

6.016

10.108

Stockholders' Equity

22.432.525

24.195.124

24.674

29.414

 

Total Assets

87.925.836

116.970.065

103.341

139.151

 

Current Assets

81.231.567

110.684.069

96.932

119.471

 

Non-Current Assets

6.694.269

6.285.996

6.409

19.680

 

Current Liabilities

64.056.715

92.774.941

78.667

109.737

 

Long-Term Liabilities

1.436.596

0

0

0

 

Gross Profit (loss)

18.030.410

27.322.218

23.257

29.432

29.687

Operating Profit (loss)

10.161.824

16.005.809

10.849

17.143

18.415

Net Profit (loss)

3.063.916

4.449.993

245

4.728

10.108

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

THE DETAILS OF THE CAPITAL INCREASE  AFTER LAST BALANCE SHEET

 

:

Cash Part

:

Equity Part

:4.000.000 TL

Payment Due Date

:25.06.2014

 

Capitalization

Insufficient

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 31.12.2013

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 2010

Fair Net Profitability  in 2010

Good Operating Profitability  in 2011

Fair Net Profitability  in 2011

In Order Operating Profitability  in 2012

Low Net Profitability  in 2012

Good Operating Profitability  in 2013

Fair Net Profitability  in 2013

Good Operating Profitability (01.01-30.09.2014)

In Order Net Profitability (01.01-30.09.2014)

 

Gap between average collection and payable periods

Unfavorable in 2013

General Financial Position

Passable

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-30.09.2014)

7,24 %

2,1706

2,9323

3,6222

 ( 01.01-30.11.2014)

7,18 %

2,1773

2,9044

3,6032

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL Thousand

 

 ( 31.12.2013 )  TL Thousand

 

CURRENT ASSETS

81.231.567

0,92

110.684.069

0,95

96.932

0,94

119.471

0,86

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

26.442.616

0,30

2.611.621

0,02

1.791

0,02

1.444

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

29.839.497

0,34

78.777.594

0,67

66.081

0,64

86.163

0,62

Other Receivable

7.415.441

0,08

7.931.653

0,07

12.211

0,12

1.458

0,01

Inventories

14.076.171

0,16

18.143.186

0,16

13.598

0,13

24.215

0,17

Advances Given

3.197.857

0,04

2.931.973

0,03

3.06

0,03

5.04

0,04

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

259.985

0,00

288.042

0,00

191

0,00

1.151

0,01

NON-CURRENT ASSETS

6.694.269

0,08

6.285.996

0,05

6.409

0,06

19.68

0,14

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

874

0,01

Financial Assets

0

0,00

0

0,00

191

0,00

12.041

0,09

Tangible Fixed Assets (net)

947.031

0,01

887.473

0,01

5.784

0,06

6.205

0,04

Intangible Assets

4.850.549

0,06

4.969.706

0,04

156

0,00

141

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

896.689

0,01

428.817

0,00

278

0,00

419

0,00

TOTAL ASSETS

87.925.836

1,00

116.970.065

1,00

103.341

1,00

139.151

1,00

CURRENT LIABILITIES

64.056.715

0,73

92.774.941

0,79

78.667

0,76

109.737

0,79

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

49.455.772

0,56

75.899.009

0,65

66.081

0,64

91.32

0,66

Accounts Payable

11.878.412

0,14

10.029.350

0,09

10.77

0,10

16.005

0,12

Loans from Shareholders

0

0,00

1.898.053

0,02

0

0,00

7

0,00

Other Short-term Payable

99.831

0,00

541.691

0,00

139

0,00

244

0,00

Advances from Customers

2.226.000

0,03

2.477.801

0,02

864

0,01

1.223

0,01

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

155.777

0,00

1.694.480

0,01

511

0,00

457

0,00

Provisions

195.248

0,00

234.273

0,00

-25

0,00

1

0,00

Other Current Liabilities

45.675

0,00

284

0,00

327

0,00

480

0,00

LONG-TERM LIABILITIES

1.436.596

0,02

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

1.427.273

0,02

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

9.323

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

22.432.525

0,26

24.195.124

0,21

24.674

0,24

29.414

0,21

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

19.000.000

0,22

19.000.000

0,16

19

0,18

19

0,14

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

368.609

0,00

745.131

0,01

5.429

0,05

5.686

0,04

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

0

0,00

Net Profit (loss)

3.063.916

0,03

4.449.993

0,04

245

0,00

4.728

0,03

TOTAL LIABILITIES AND EQUITY

87.925.836

1,00

116.970.065

1,00

103.341

1,00

139.151

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 thousand 5.646  is "Doubtful Trade Receivables" and -TL thousand  4.199 is "Provision for Doubtful Trade Receivables" at the last balance sheet.  

 

The details of "Other Receivable" figure at the last balance sheet (TL Thousand): Due From Shareholders: 994, Due From Participations: 0, Due From Affiliated Companies:0, Due From Personnel: 50, Other Miscellaneous Receivables: 414, Other Receivable Total: 1.458.   

 

TL thousand 0 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet.  At the last income statement TL thousand 15.239 of the other income is due to "Profit from Foreign Currency Exchange". 

 

At the last income statement TL thousand  18.185 of the other expenses is due to "Loss from Foreign Currency Exchange" .

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(2012) TL Thousand

 

(2013) TL Thousand

 

(01.01-30.09.2014) TL Thousand

 

Net Sales

177.834.457

1,00

245.410.430

1,00

243.374

1,00

249.359

1,00

279.511

1,00

Cost of Goods Sold

159.804.047

0,90

218.088.212

0,89

220.117

0,90

219.927

0,88

249.824

0,89

Gross Profit

18.030.410

0,10

27.322.218

0,11

23.257

0,10

29.432

0,12

29.687

0,11

Operating Expenses

7.868.586

0,04

11.316.409

0,05

12.408

0,05

12.289

0,05

11.272

0,04

Operating Profit

10.161.824

0,06

16.005.809

0,07

10.849

0,04

17.143

0,07

18.415

0,07

Other Income

3.241.518

0,02

2.674.448

0,01

6.414

0,03

10.652

0,04

15.748

0,06

Other Expenses

5.999.886

0,03

6.463.245

0,03

7.562

0,03

17.106

0,07

18.456

0,07

Financial Expenses

3.220.687

0,02

6.035.689

0,02

8.975

0,04

4.673

0,02

5.599

0,02

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

4.182.769

0,02

6.181.323

0,03

726

0,00

6.016

0,02

10.108

0,04

Tax Payable

1.118.853

0,01

1.731.330

0,01

481

0,00

1.288

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)

3.063.916

0,02

4.449.993

0,02

245

0,00

4.728

0,02

10.108

0,04

 

 

FINANCIAL RATIOS

 

 

-2010

-2011

-2012

-2013

LIQUIDITY RATIOS

 

 

Current Ratio

1,27

1,19

1,23

1,09

Acid-Test Ratio

0,99

0,96

1,02

0,81

Cash Ratio

0,41

0,03

0,02

0,01

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,16

0,16

0,13

0,17

Short-term Receivable/Total Assets

0,42

0,74

0,76

0,63

Tangible Assets/Total Assets

0,01

0,01

0,06

0,04

TURNOVER RATIOS

 

 

Inventory Turnover

11,35

12,02

16,19

9,08

Stockholders' Equity Turnover

7,93

10,14

9,86

8,48

Asset Turnover

2,02

2,10

2,36

1,79

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,26

0,21

0,24

0,21

Current Liabilities/Total Assets

0,73

0,79

0,76

0,79

Financial Leverage

0,74

0,79

0,76

0,79

Gearing Percentage

2,92

3,83

3,19

3,73

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,14

0,18

0,01

0,16

Operating Profit Margin

0,06

0,07

0,04

0,07

Net Profit Margin

0,02

0,02

0,00

0,02

Interest Cover

2,30

2,02

1,08

2,29

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

60,41

115,56

97,75

125,66

Average Payable Period (days)

26,78

16,56

17,61

26,20

WORKING CAPITAL

17174852,00

17909128,00

18265,00

9734,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 63.06

UK Pound

1

Rs. 98.73

Euro

1

Rs. 77.45

 

 

INFORMATION DETAILS

 

Analysis Done by :

KRN

 

 

Report Prepared by :

DPT

 

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.