MIRA INFORM REPORT

 

 

Report No. :

338755

Report Date :

02.09.2015

 

IDENTIFICATION DETAILS

 

Name :

MUTAS HALI A.S.

 

 

Formerly Known As :

MUTAS ITHALAT IHRACAT LTD. STI.

 

 

Registered Office :

4. Organize Sanayi Bolgesi Mah. 83415 Nolu Cad. No:5 Sehitkamil  Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

12.09.1997

 

 

Com. Reg. No.:

19753

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Subject is manufacture and trade of carpet and yarn. 

 

 

No. of Employee :

230

 

 

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 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

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

MUTAS HALI A.S.

HEAD OFFICE ADDRESS

:

4. Organize Sanayi Bolgesi Mah. 83415 Nolu Cad. No:5 Sehitkamil  Gaziantep / Turkey

PHONE NUMBER

:

90-342-337 91 90-91

 

FAX NUMBER

:

90-342-337 91 92

 

WEB-ADDRESS

:

www.mutascarpet.com.tr

E-MAIL

:

info@mutascarpet.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

:

Change at tax no .

 

TAX OFFICE

:

Gazikent

TAX NO

:

6250599014

REMARKS ON TAX NO

:

The firm changed its legal status from "limited company" to "joint stock company"; so the tax number was changed from "6250068524" to "6250599014".

 

REGISTRATION NUMBER

:

19753

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

12.09.1997

ESTABLISHMENT GAZETTE DATE/NO

:

25.09.1997/4384

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   12.500.000

PAID-IN CAPITAL

:

TL   12.500.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

07.01.2014 (Commercial Gazette Date /Number 20.01.2014/ 8489)

Previous Name

:

Mutas Ithalat Ihracat Ltd. Sti.

Changed On

:

07.02.2004 (Commercial Gazette Date /Number 18.02.2005/ 6243)

Previous Name

:

Mutas Hali Imalati Sanayi Ticaret Ltd. Sti

Changed On

:

07.01.2014 (Commercial Gazette Date /Number 20.01.2014/ 8489)

Previous Registered Capital

:

TL 3.000.000

Changed On

:

16.06.2008 (Commercial Gazette Date /Number 03.07.2008/ 7097)

Previous Registered Capital

:

TL 7.000.000

Changed On

:

07.03.2011 (Commercial Gazette Date /Number 15.03.2011/ 7772)

Previous Registered Capital

:

TL 10.000.000

Changed On

:

03.04.2013 (Commercial Gazette Date /Number 10.04.2013/ 8297)

Previous Address

:

3. Organize Sanayi Bolgesi Celal Dogan Bulvari No:46 Sehitkamil Gaziantep (The address was changed from"2. Organize San. Bolg. Celal Dogan Bulv. No:36 Gaziantep" by the municipality.)

Changed On

:

31.12.2012 (Commercial Gazette Date /Number 09.01.2013/ 8232)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Huseyin Ulutas

50 %

Mahmut Ulutas

50 %

 

 

BOARD OF DIRECTORS

:

Huseyin Ulutas

Chairman

Mahmut Ulutas

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of carpet and yarn. 

 

NACE CODE

:

DB.17.51

 

SECTOR

:

Textile

 

NUMBER OF EMPLOYEES

:

230

 

NET SALES

:

11.480.122 TL

(2006) 

13.551.274 TL

(2007) 

14.719.394 TL

(2008) 

15.693.015 TL

(2009) 

24.413.035 TL

(2010) 

36.694.214 TL

(2011) 

47.746.381 TL

(2012) 

61.066 TL Thousand

(2013) 

66.421 TL Thousand

(2014) 

16.251 TL Thousand

(01.01-31.03.2015) 

 

 

IMPORT VALUE

:

781.606 USD

(2007)

4.013.327 USD + 134.326 EUR

(2008)

4.665.427 USD

(2009)

7.965.000 USD

(2010)

9.821.084 USD

(2011)

 

 

IMPORT COUNTRIES

:

U.K.

Iran

Switzerland

Bangladesh

India

Netherlands

Egypt

 

MERCHANDISE IMPORTED

:

Machinery

Raw materials

Spare parts

 

 

EXPORT VALUE

:

2.627 TL

(2009)

0 TL

(2010)

0 TL

(2011)

96.987 TL

(2012)

297.131 TL

(2013)

92 TL Thousand

(2014)

29 TL Thousand

(01.01-31.03.2015)

 

 

EXPORT COUNTRIES

:

India

Saudi Arabia

U.S.A.

France

Bosnia and Herzegovina

Greece

U.K.

Croatia

 

MERCHANDISE  EXPORTED

:

Yarn

 

HEAD OFFICE ADDRESS

:

4. Organize Sanayi Bolgesi Mah. 83415 Nolu Cad. No:5 Sehitkamil   Gaziantep / Turkey ( owned )

 

BRANCHES

:

Factory  :  Organize Sanayi Bolgesi 20 Nolu Cad. No:6 Kilis/Turkey (owned) (3.840 sqm)

 

Head Office/Factory  :  4. Organize Sanayi Bolgesi Mah. 83415 Nolu Cad. No:5 Sehitkamil Gaziantep/Turkey (owned)     

 

TREND OF BUSINESS

:

There was an upwards trend in  2014.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Ticari Branch

Asya Katilim Bankasi Merkez Branch

Garanti Bankasi Sehitkamil Branch

ING Bank Merkez Branch

Sekerbank Merkez Branch

T. Is Bankasi Organize Branch

Yapi ve Kredi Bankasi Sehitkamil 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

:

 

(2011) TL

(2012) TL

(2013) TL Thousand

(2014) TL Thousand

(01.01-31.03.2015) TL Thousand

Net Sales

36.694.214

47.746.381

61.066

66.421

16.251

Profit (Loss) Before Tax

761.663

1.394.424

1.740

2.009

225

Stockholders' Equity

10.694.654

11.894.677

23.790

28.840

 

Total Assets

56.724.594

66.231.864

97.925

116.152

 

Current Assets

24.768.275

31.162.946

50.737

68.816

 

Non-Current Assets

31.956.319

35.068.918

47.188

47.336

 

Current Liabilities

27.533.630

35.562.231

54.017

51.635

 

Long-Term Liabilities

18.496.310

18.774.956

20.118

35.677

 

Gross Profit (loss)

6.599.225

4.106.949

12.730

9.317

3.470

Operating Profit (loss)

5.610.970

2.808.843

10.817

7.057

2.870

Net Profit (loss)

626.915

1.200.023

1.740

1.910

225

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2014

Liquidity

Insufficient As of 31.12.2014

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 2011

Fair Net Profitability  in 2011

Good Operating Profitability  in 2012

In Order Net Profitability  in 2012

High Operating Profitability  in 2013

Fair Net Profitability  in 2013

High Operating Profitability  in 2014

In Order Net Profitability  in 2014

High Operating Profitability (01.01-31.03.2015)

Low Net Profitability (01.01-31.03.2015)

 

Gap between average collection and payable periods

Unfavorable in 2014

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

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 ( 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

 ( 01.01-31.07.2015)

5,15 %

2,5858

2,8956

3,9782

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

 

 

CURRENT ASSETS

24.768.275

0,44

31.162.946

0,47

50.737

0,52

68.816

0,59

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

189.612

0,00

197.496

0,00

749

0,01

96

0,00

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

7.550.831

0,13

14.654.551

0,22

30.705

0,31

54.999

0,47

 

 

Other Receivable

900.691

0,02

1.324.189

0,02

1.705

0,02

156

0,00

 

 

Inventories

15.035.847

0,27

14.596.608

0,22

16.949

0,17

11.962

0,10

 

 

Advances Given

524.351

0,01

158.984

0,00

343

0,00

904

0,01

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

566.943

0,01

231.118

0,00

286

0,00

699

0,01

 

 

NON-CURRENT ASSETS

31.956.319

0,56

35.068.918

0,53

47.188

0,48

47.336

0,41

 

 

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

0

0,00

0

0,00

0

0,00

 

 

Tangible Fixed Assets (net)

15.621.835

0,28

16.761.796

0,25

31.613

0,32

36.653

0,32

 

 

Intangible Assets

16.153.381

0,28

18.268.805

0,28

14.289

0,15

10.683

0,09

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

181.103

0,00

38.317

0,00

1.286

0,01

0

0,00

 

 

TOTAL ASSETS

56.724.594

1,00

66.231.864

1,00

97.925

1,00

116.152

1,00

 

 

CURRENT LIABILITIES

27.533.630

0,49

35.562.231

0,54

54.017

0,55

51.635

0,44

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

10.332.077

0,18

13.988.649

0,21

23.142

0,24

27.240

0,23

 

 

Accounts Payable

15.781.756

0,28

20.498.396

0,31

29.714

0,30

22.473

0,19

 

 

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Short-term Payable

157.210

0,00

215.123

0,00

315

0,00

388

0,00

 

 

Advances from Customers

965.758

0,02

557.542

0,01

368

0,00

1.305

0,01

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

177.810

0,00

247.588

0,00

326

0,00

229

0,00

 

 

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Liabilities

119.019

0,00

54.933

0,00

152

0,00

0

0,00

 

 

LONG-TERM LIABILITIES

18.496.310

0,33

18.774.956

0,28

20.118

0,21

35.677

0,31

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

16.126.310

0,28

17.234.956

0,26

20.019

0,20

28.815

0,25

 

 

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

6.862

0,06

 

 

Loans from Shareholders

2.370.000

0,04

1.540.000

0,02

99

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

10.694.654

0,19

11.894.677

0,18

23.790

0,24

28.840

0,25

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

10.000.000

0,18

10.000.000

0,15

12.500

0,13

12.500

0,11

 

 

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

67.739

0,00

694.654

0,01

811

0,01

2.489

0,02

 

 

Revaluation Fund

0

0,00

0

0,00

8.739

0,09

11.941

0,10

 

 

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Net Profit (loss)

626.915

0,01

1.200.023

0,02

1.740

0,02

1.910

0,02

 

 

TOTAL LIABILITIES AND EQUITY

56.724.594

1,00

66.231.864

1,00

97.925

1,00

116.152

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 0 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:156, Other Receivable Total:156 

 

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

 

At the last income statement TL thousand 8.764 of the other expenses is due to "Loss from Foreign Currency Exchange" .

 

 

INCOME STATEMENTS

 

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(2014) TL Thousand

 

(01.01-31.03.2015) TL Thousand

 

Net Sales

36.694.214

1,00

47.746.381

1,00

61.066

1,00

66.421

1,00

16.251

1,00

Cost of Goods Sold

30.094.989

0,82

43.639.432

0,91

48.336

0,79

57.104

0,86

12.781

0,79

Gross Profit

6.599.225

0,18

4.106.949

0,09

12.730

0,21

9.317

0,14

3.470

0,21

Operating Expenses

988.255

0,03

1.298.106

0,03

1.913

0,03

2.260

0,03

600

0,04

Operating Profit

5.610.970

0,15

2.808.843

0,06

10.817

0,18

7.057

0,11

2.870

0,18

Other Income

2.027.078

0,06

2.845.884

0,06

7.358

0,12

10.545

0,16

6.464

0,40

Other Expenses

3.929.018

0,11

1.831.941

0,04

14.096

0,23

12.508

0,19

8.776

0,54

Financial Expenses

2.947.367

0,08

2.428.362

0,05

2.339

0,04

3.085

0,05

333

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

761.663

0,02

1.394.424

0,03

1.740

0,03

2.009

0,03

225

0,01

Tax Payable

134.748

0,00

194.401

0,00

0

0,00

99

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)

626.915

0,02

1.200.023

0,03

1.740

0,03

1.910

0,03

225

0,01

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

(2013)

(2014)

 

LIQUIDITY RATIOS

 

 

Current Ratio

0,90

0,88

0,94

1,33

 

Acid-Test Ratio

0,31

0,45

0,61

1,07

 

Cash Ratio

0,01

0,01

0,01

0,00

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,27

0,22

0,17

0,10

 

Short-term Receivable/Total Assets

0,15

0,24

0,33

0,47

 

Tangible Assets/Total Assets

0,28

0,25

0,32

0,32

 

TURNOVER RATIOS

 

 

Inventory Turnover

2,00

2,99

2,85

4,77

 

Stockholders' Equity Turnover

3,43

4,01

2,57

2,30

 

Asset Turnover

0,65

0,72

0,62

0,57

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,19

0,18

0,24

0,25

 

Current Liabilities/Total Assets

0,49

0,54

0,55

0,44

 

Financial Leverage

0,81

0,82

0,76

0,75

 

Gearing Percentage

4,30

4,57

3,12

3,03

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,06

0,10

0,07

0,07

 

Operating Profit Margin

0,15

0,06

0,18

0,11

 

Net Profit Margin

0,02

0,03

0,03

0,03

 

Interest Cover

1,26

1,57

1,74

1,65

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

74,08

110,49

181,01

298,09

 

Average Payable Period (days)

188,78

169,10

221,31

184,94

 

WORKING CAPITAL

-2765355,00

-4399285,00

-3280,00

17181,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.26

UK Pound

1

Rs.101.99

Euro

1

Rs.74.79

 

INFORMATION DETAILS

 

Analysis Done by :

TRI

 

 

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.