MIRA INFORM REPORT

 

 

Report No. :

347953

Report Date :

06.11.2015

 

IDENTIFICATION DETAILS

 

Name :

OGUZ TEKSTIL SANAYI VE TICARET A.S.

 

 

Registered Office :

Adana Haci Sabanci Organize Sanayi Bolgesi OSB Vatan Cad. No:4 Yakapinar Adana

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

06.11.1995

 

 

Com. Reg. No.:

30729

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Subject is engaged in weaving, dyeing, finishing and trade of fabric. the firm also deals with manufacturing of yarn for its own use. 

 

 

No. of Employee :

953

 

 

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 :

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 has brought up to 1 million barrels per day from the Caspian region to market. Several gas pipeline projects also are moving forward to help transport Caspian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas, which currently meets 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. Two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013, and Turkey's public sector debt to GDP ratio fell to 33% in 2014. The stock value of Foreign Direct Investment reached nearly $195 billion at year-end 2014.

Despite these positive trends, GDP growth dropped to 4.4% in 2013 and 2.9% in 2014. Growth slowed considerably in the last quarter of 2014, largely due to lackluster consumer demand both domestically and in Europe, Turkey’s most important export market. High interest rates have also contributed to the slowdown in growth, as Turkey sharply increased interest rates in January 2014 in order to strengthen the country’s currency and reduce inflation. Turkey then cut rates in February 2015 in a bid to spur economic growth.

The Turkish economy retains significant weaknesses. Specifically, 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. Turkey also remains dependent on often volatile, short-term investment to finance its large current account deficit.

 

Source : CIA

 

 

NOTES

:

Full name of the firm was missing at your inquiry.

 

Address at your inquiry is the former address.

 

 

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

OGUZ TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Adana Haci Sabanci Organize Sanayi Bolgesi OSB Vatan Cad. No:4 Yakapinar Adana / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The street name was changed from "25. Cad." to "Vatan Cad." by the municipality.

PHONE NUMBER

:

90-322-394 40 53

 

FAX NUMBER

:

90-322-394 33 79

 

WEB-ADDRESS

:

www.oguztekstil.com.tr

E-MAIL

:

info@oguztekstil.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Yuregir

TAX NO

:

6350042040

REGISTRATION NUMBER

:

30729

REGISTERED OFFICE

:

Adana Chamber of Commerce

DATE ESTABLISHED

:

06.11.1995

ESTABLISHMENT GAZETTE DATE/NO

:

22.11.1995/3920

 

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   102.000.000

HISTORY

:

Previous Registered Capital

:

TL 12.500.000

Changed On

:

27.06.2008 (Commercial Gazette Date /Number 04.07.2008/ 7098)

Previous Registered Capital

:

TL 17.500.000

Changed On

:

04.12.2009 (Commercial Gazette Date /Number 14.12.2009/ 7457)

Previous Registered Capital

:

TL 27.000.000

Changed On

:

29.12.2010 (Commercial Gazette Date /Number 10.01.2011/ 7726)

Previous Registered Capital

:

TL 38.000.000

Changed On

:

21.06.2011 (Commercial Gazette Date /Number 01.07.2011/ 7849)

Previous Registered Capital

:

TL 47.000.000

Changed On

:

29.05.2012 (Commercial Gazette Date /Number 08.06.2012/ 8086)

Previous Registered Capital

:

TL 71.000.000

Changed On

:

04.04.2013 (Commercial Gazette Date /Number 12.04.2013/ 8299)

Previous Registered Capital

:

TL 87.000.000

Changed On

:

10.02.2015 (Commercial Gazette Date /Number 20.02.2015/ 8763)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Israfil Ucurum

44 %

Arif Ucurum

31 %

Yusuf Ucurum

16 %

Murat Ucurum

3 %

Oguz Ucurum

3 %

Atike Ucurum

1 %

Fatma Ucurum

1 %

Ayse Ucurum

1 %

 

 

BOARD OF DIRECTORS

:

Arif Ucurum

Chairman

Israfil Ucurum

Vice-Chairman

Oguz Ucurum

Member

Murat Ucurum

Member

Yusuf Ucurum

Member

 

 

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Weaving, dyeing, finishing and trade of fabric. The firm also deals with manufacturing of yarn for its own use. 

 

The firm has declared that, it started manufacturing of yarn in August 2012.

 

NACE CODE

:

DB.17.21

 

SECTOR

:

Textile

 

TRADEMARKS OWNED

:

Oguz

 

NUMBER OF EMPLOYEES

:

953

 

NET SALES

:

31.716.411 TL

(2006) 

41.223.884 TL

(2007) 

50.086.170 TL

(2008) 

70.041.444 TL

(2009) 

76.360.980 TL

(2010) 

118.259.101 TL

(2011) 

163.798.143 TL

(2012) 

187.723 TL Thousand

(2013) 

221.933 TL Thousand

(2014) 

104.508 TL Thousand

(01.01-30.06.2015) 

 

 

CAPACITY

:

  ( Sqm/yr)

 

 

 

30.000.000

 

 

(2014)

 

IMPORT VALUE

:

13.514.359 USD

(2008)

12.983.627 USD

(2009)

14.374.004 USD

(2010)

25.381.954 USD

(2011)

47.652.542 USD

(2012)

26.168.560 USD

(2013)

37.478.687 USD

(2014)

7.417.854 USD

(01.01-31.03.2015)

 

 

IMPORT COUNTRIES

:

Korea

India

Indonesia

Philippines

Vietnam

Thailand

China

Italy

 

MERCHANDISE IMPORTED

:

Fiber

Raw materials

Yarn

 

EXPORT VALUE

:

1.056.670 TL

(2006)

2.527.969 TL

(2007)

8.510.767 TL

(2008)

29.741.398 TL

(2009)

28.141.931 TL

(2010)

58.197.781 TL

(2011)

72.709.731 TL

(2012)

67.574.750 TL

(2013)

78.800 TL Thousand

(2014)

34.104 TL Thousand

(01.01-30.06.2015)

 

 

 

EXPORT COUNTRIES

:

Germany

Morocco

China

Vietnam

Jordan

Iran

Syria

Tunisia

Russia

Czech Republic

Spain

Greece

Belgium

U.K.

Italy

Australia

Hong-Kong

Serbia

 

MERCHANDISE  EXPORTED

:

Fabric

 

HEAD OFFICE ADDRESS

:

Adana Haci Sabanci Organize Sanayi Bolgesi OSB Vatan Cad. No:4 Yakapinar  Adana / Turkey ( owned )

 

BRANCHES

:

Head Office/Processing Plant  :  Adana Haci Sabanci Organize Sanayi Bolgesi OSB Vatan Cad. No:4 Yakapinar Adana/Turkey (owned) (25.237 sqm)

 

Branch Office  :  Fatih Cad. Karadal Sok. No:3/2 Istanbul/Turkey (rented)

                                                                                

 

TREND OF BUSINESS

:

There was an upwards trend in  2014. There appears a decline at business volume in nominal terms in  1.1 - 30.6.2015.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Adana Ticari Branch

Finansbank Adana Branch

Garanti Bankasi Organize Sanayi Branch

ING Bank Adana Branch

Kuveyt Turk Katilim Bankasi Adana Branch

T. Halk Bankasi Adana Ticari Branch

T. Is Bankasi Adana Ticari Branch

Turk Ekonomi Bankasi Cukurova Kurumsal Branch

Turkiye Finans Katilim Bankasi Adana Branch

Yapi ve Kredi Bankasi Organize Sanayi 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

:

 

(2012) TL

(2013) TL Thousand

(2014) TL Thousand

 

 

Net Sales

163.798.143

187.723

221.933

 

 

Profit (Loss) Before Tax

9.285.883

19.348

23.789

 

 

Stockholders' Equity

83.145.016

103.536

124.343

 

 

Total Assets

209.113.133

243.858

266.620

 

 

Current Assets

131.037.523

147.854

170.803

 

 

Non-Current Assets

78.075.610

96.004

95.817

 

 

Current Liabilities

97.846.320

101.763

101.659

 

 

Long-Term Liabilities

28.121.797

38.559

40.618

 

 

Gross Profit (loss)

18.829.665

37.817

38.525

 

 

Operating Profit (loss)

13.934.330

34.067

33.926

 

 

Net Profit (loss)

7.271.590

15.885

20.317

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 31.03.2015

Liquidity

Insufficient As of 31.03.2015

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 2012

Good Net Profitability  in 2012

High Operating Profitability  in 2013

High Net Profitability  in 2013

High Operating Profitability  in 2014

High Net Profitability  in 2014

High Operating Profitability (01.01-30.06.2015)

Good Net Profitability (01.01-30.06.2015)

 

Gap between average collection and payable periods

Unfavorable in 01.01-31.03.2015

General Financial Position

Passable

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 01.01-31.03.2015)

2,60 %

2,4709

2,8023

3,7626

 ( 01.01-30.06.2015)

5,49 %

2,5568

2,8727

3,9250

 ( 01.01-30.09.2015)

7,81 %

2,6640

2,9843

4,0944

 

 

BALANCE SHEETS

 

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

 ( 31.03.2015 )  TL Thousand

 

CURRENT ASSETS

131.037.523

0,63

147.854

0,61

170.803

0,64

185.526

0,67

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

17.047.649

0,08

6.368

0,03

3.587

0,01

4.794

0,02

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

97.251.697

0,47

124.206

0,51

143.201

0,54

146.248

0,53

Other Receivable

383.711

0,00

323

0,00

557

0,00

390

0,00

Inventories

7.203.119

0,03

10.021

0,04

18.666

0,07

27.758

0,10

Advances Given

3.308.060

0,02

3.327

0,01

570

0,00

1.014

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

5.843.287

0,03

3.609

0,01

4.222

0,02

5.322

0,02

NON-CURRENT ASSETS

78.075.610

0,37

96.004

0,39

95.817

0,36

92.845

0,33

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

7.407

0,00

7

0,00

4

0,00

4

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

78.053.155

0,37

95.962

0,39

95.747

0,36

92.756

0,33

Intangible Assets

15.048

0,00

35

0,00

66

0,00

85

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

209.113.133

1,00

243.858

1,00

266.620

1,00

278.371

1,00

CURRENT LIABILITIES

97.846.320

0,47

101.763

0,42

101.659

0,38

84.867

0,30

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

72.206.349

0,35

72.480

0,30

86.878

0,33

72.199

0,26

Accounts Payable

16.670.917

0,08

23.588

0,10

7.833

0,03

8.692

0,03

Loans from Shareholders

3.364.439

0,02

292

0,00

2.006

0,01

45

0,00

Other Short-term Payable

695.939

0,00

892

0,00

1.116

0,00

1.232

0,00

Advances from Customers

3.794.723

0,02

713

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

510.254

0,00

650

0,00

792

0,00

742

0,00

Provisions

603.699

0,00

2.003

0,01

1.068

0,00

570

0,00

Other Current Liabilities

0

0,00

1.145

0,00

1.966

0,01

1.387

0,00

LONG-TERM LIABILITIES

28.121.797

0,13

38.559

0,16

40.618

0,15

60.181

0,22

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

28.121.797

0,13

38.559

0,16

33.911

0,13

53.450

0,19

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

6.707

0,03

6.731

0,02

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

83.145.016

0,40

103.536

0,42

124.343

0,47

133.323

0,48

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

71.000.000

0,34

86.436

0,35

87.000

0,33

93.968

0,34

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

4.873.426

0,02

1.215

0,00

17.026

0,06

37.331

0,13

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)

7.271.590

0,03

15.885

0,07

20.317

0,08

2.024

0,01

TOTAL LIABILITIES AND EQUITY

209.113.133

1,00

243.858

1,00

266.620

1,00

278.371

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 296 is "Doubtful Trade Receivables" at the last balance sheet. 

 

The details of "Other Receivable" figure at the last balance sheet (TL Thousand): Due From Shareholders:0, Due From Participations:0, Due From Affiliated Companies:0, Due From Personnel:0, Other Miscellaneous Receivables:390, Other Receivable Total:390.    

 

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 12.450 of the other income is due to "Profit from Foreign Currency Exchange".

 

 

INCOME STATEMENTS

 

 

(2012) TL

 

(2013) TL Thousand

 

(2014) TL Thousand

 

(01.01-31.03.2015) TL Thousand

 

(01.01-30.06.2015) TL Thousand

 

Net Sales

163.798.143

1,00

187.723

1,00

221.933

1,00

47.221

1,00

104.508

1,00

Cost of Goods Sold

144.968.478

0,89

149.906

0,80

183.408

0,83

38.561

0,82

89.217

0,85

Gross Profit

18.829.665

0,11

37.817

0,20

38.525

0,17

8.660

0,18

15.291

0,15

Operating Expenses

4.895.335

0,03

3.750

0,02

4.599

0,02

1.031

0,02

2.291

0,02

Operating Profit

13.934.330

0,09

34.067

0,18

33.926

0,15

7.629

0,16

13.000

0,12

Other Income

8.710.221

0,05

11.766

0,06

14.594

0,07

9.055

0,19

12.532

0,12

Other Expenses

10.759.837

0,07

14.698

0,08

6.726

0,03

1.011

0,02

2.439

0,02

Financial Expenses

2.598.831

0,02

11.787

0,06

18.005

0,08

13.079

0,28

17.266

0,17

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

9.285.883

0,06

19.348

0,10

23.789

0,11

2.594

0,05

5.827

0,06

Tax Payable

2.014.293

0,01

3.463

0,02

3.472

0,02

570

0,01

1.245

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

7.271.590

0,04

15.885

0,08

20.317

0,09

2.024

0,04

4.582

0,04

 

 

FINANCIAL RATIOS

 

 

(2012)

(2013)

(2014)

(01.01-31.03.2015)

LIQUIDITY RATIOS

 

 

Current Ratio

1,34

1,45

1,68

2,19

Acid-Test Ratio

1,17

1,29

1,45

1,78

Cash Ratio

0,17

0,06

0,04

0,06

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,03

0,04

0,07

0,10

Short-term Receivable/Total Assets

0,47

0,51

0,54

0,53

Tangible Assets/Total Assets

0,37

0,39

0,36

0,33

TURNOVER RATIOS

 

 

Inventory Turnover

20,13

14,96

9,83

1,39

Stockholders' Equity Turnover

1,97

1,81

1,78

0,35

Asset Turnover

0,78

0,77

0,83

0,17

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,40

0,42

0,47

0,48

Current Liabilities/Total Assets

0,47

0,42

0,38

0,30

Financial Leverage

0,60

0,58

0,53

0,52

Gearing Percentage

1,52

1,36

1,14

1,09

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,09

0,15

0,16

0,02

Operating Profit Margin

0,09

0,18

0,15

0,16

Net Profit Margin

0,04

0,08

0,09

0,04

Interest Cover

4,57

2,64

2,32

1,20

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

213,76

238,21

232,29

1114,99

Average Payable Period (days)

41,40

56,65

28,54

143,99

WORKING CAPITAL

33191203,00

46091,00

69144,00

100659,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.68

UK Pound

1

Rs.101.02

Euro

1

Rs.71.35

 

INFORMATION DETAILS

 

Analysis Done by :

HEE

 

 

Report Prepared by :

ASH

 

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.