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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

494280

Report Date :

01.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

UNILEVER SANAYI VE TICARET TURK A.S.

 

 

Registered Office :

Saray Mah. Dr. Adnan Buyukdeniz Cad. No:13 Umraniye 34768 Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

15.03.1951

 

 

Com. Reg. No.:

43918

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

·         Manufacture and trade of food products such as ice-cream and also cleaning and personal care products. 

·         The subject was also dealing with manufacture of margarine but this activity was transferred to another company on 30.04.2009.

 

 

No. of Employees :

2.311

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Turkey

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

TURKEY - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is driven by its industry and, increasingly, service sectors, although its traditional agriculture sector still accounts for about 25% of employment. The automotive, petrochemical, and electronics industries have risen in importance and surpassed the traditional textiles and clothing sectors within Turkey's export mix. However, the recent period of political stability and economic dynamism has given way to domestic uncertainty and security concerns, which are generating financial market volatility and weighing on Turkey’s economic outlook.

Current government policies emphasize populist spending measures and credit breaks, while implementation of structural economic reforms has slowed. The government is playing a more active role in some strategic sectors and has used economic institutions and regulators to target political opponents, undermining private sector confidence in the judicial system. Between July 2016 and March 2017, three credit ratings agencies downgraded Turkey’s sovereign credit ratings, citing concerns about the rule of law and the pace of economic reforms.

Turkey remains highly dependent on imported oil and gas but is pursuing energy relationships with a broader set of international partners and taking steps to increase use of domestic energy sources including renewables, nuclear, and coal. The joint Turkish-Azerbaijani Trans-Anatolian Natural Gas Pipeline is moving forward to increase transport of Caspian gas to Turkey and Europe, and when completed will help diversify Turkey's sources of imported gas.

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. An aggressive privatization program also reduced state involvement in basic industry, banking, transport, power generation, and communication. 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 growth rebounded to around 9% in 2010 and 2011, as exports and investment recovered following the crisis.

The growth of Turkish GDP since 2016 has revealed the persistent underlying imbalances in the Turkish economy. In particular, Turkey’s large current account deficit means it must rely on external investment inflows to finance growth, leaving the economy vulnerable to destabilizing shifts in investor confidence. Other troublesome trends include rising unemployment and inflation, which increased in 2017, given the Turkish lira’s continuing depreciation against the dollar. Although government debt remains low at about 30% of GDP, bank and corporate borrowing has almost tripled as a percent of GDP during the past decade, outpacing its emerging-market peers and prompting investor concerns about its long-term sustainability.

 

Source : CIA

 

COMPANY IDENTIFICATION

 

 

 

NAME

UNILEVER SANAYI VE TICARET TURK A.S.

HEAD OFFICE ADDRESS

Saray Mah. Dr. Adnan Buyukdeniz Cad. No:13 Umraniye 34768 Istanbul / Turkey

PHONE NUMBER

90-216-633 90 00 (Pbx)

 

FAX NUMBER

90-216-633 93 54

 

WEB-ADDRESS

www.unilever.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

Buyuk Mukellefler

TAX NO

9130026051

REGISTRATION NUMBER

43918

REGISTERED OFFICE

Istanbul Chamber of Commerce

COMMERCIAL REGISTRY

Istanbul Commercial Registry

DATE ESTABLISHED

15.03.1951

 

LEGAL FORM

Joint Stock Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL   108.468.715,83

PAID-IN CAPITAL

TL   108.468.715,83

HISTORY

Previous Registered Capital   :  

TL 104.986.953,99    / Changed on : 12.04.2006/(Commercial Gazette Date /Number 17.04.2006 /6536)

Previous Address   :  

Degirmenyolu Cad. Huzur Hoca Sok. No: 84 K:10 Icerenkoy Istanbul    / Changed on : 15.04.2009/(Commercial Gazette Date /Number 20.04.2009 /7295)

Merger   :  

The subject took over and merged with "Unilever Holding A.S.", "Unilever Tuketim Urunleri Satis Pazarlama ve Ticaret A.S." and "Leverelida Temizlik ve Kisisel Bakim Urunleri Sanayi ve Ticaret A.S."    / Changed on : 28.10.2004/(Commercial Gazette Date /Number 03.11.2004 /6170)

 

 

OWNERSHIP / MANAGEMENT

 

 

 

SHAREHOLDERS

Unilever Turkey Holding B.V.

99,96 %

Dosan Konserve Sanayi ve Ticaret A.S.

0,01 %

Mavibel B.V

0,01 %

Marga B.V

0,01 %

Unilever N.V

0,01 %

 

 

 

- Name Of Shareholder:

 

Unilever Turkey Holding B.V.

Origin of Shareholder:

Netherlands

 

- Name Of Shareholder:

 

Dosan Konserve Sanayi ve Ticaret A.S.

Origin of Shareholder:

Turkey

Tax Number Of Shareholder:

3100054844

Registration Number Of Shareholder:

109737

 

- Name Of Shareholder:

 

Mavibel B.V

Origin of Shareholder:

Netherlands

 

- Name Of Shareholder:

 

Marga B.V

Origin of Shareholder:

Netherlands

 

- Name Of Shareholder:

 

Unilever N.V

Origin of Shareholder:

Netherlands

 

BOARD OF DIRECTORS

 

Harm Pieter Goossens ( Chairman )

Nihal Temur Ocak ( Member )

Mustafa Remzi Seckin ( Member )

Steven Richard Gross ( Member )

Sukru Beyza Dincer ( Member )

Gokhan Sarac ( Member )

Ali Fuat Orhonoglu ( Member )

Kamuran Ucar ( Member )

Ibrahim Ozgur Kolukfaki ( Member )

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

Manufacture and trade of food products such as ice-cream and also cleaning and personal care products. 

 

The subject was also dealing with manufacture of margarine but this activity was transferred to another company on 30.04.2009.

 

So the subject orders margarine to be manufactured in the name of the subject company to contract manufacturers.

 

NACE CODE

DA.15.43

 

TRADEMARKS OWNED

Algida

Axe

Calve

Cif

Clear

Domestos

Dove

Elidor

Knorr

Komili

Lipton

Omo

Rexona

Rinso

Signal

Vaseline

Yumos

 

NUMBER OF EMPLOYEES

2.311

 

 

NET SALES

325.644 TL Thousand

(2003) 

486.550 TL Thousand

(2004) 

1.468.471 TL Thousand

(2005) 

1.730.434 TL Thousand

(2006) 

2.074.012 TL Thousand

(2007) 

2.609.585 TL Thousand

(2008) 

2.677.680 TL Thousand

(2009) 

2.621.107.304 TL

(2010) 

2.981.426.160 TL

(2011) 

3.218.014.528 TL

(2012) 

3.240.035 TL Thousand

(2013) 

3.688.732 TL Thousand

(2014) 

4.089.786 TL Thousand

(2015) 

4.410.460 TL Thousand

(2016) 

4.873.768 TL Thousand

(2017) 

 

REMARKS ON NET SALES

The net sales figure of 2017 is declared by the company. There is no certification for this figure.

 

IMPORT COUNTRIES

Far East Countries

U.S.A.

Brazil

 

MERCHANDISE IMPORTED

Packaging materials

Raw materials

 

EXPORT VALUE

29.094 TL Thousand

(2003)

28.916 TL Thousand

(2004)

52.543 TL Thousand

(2005)

65.480 TL Thousand

(2006)

65.459 TL Thousand

(2007)

88.099 TL Thousand

(2008)

90.736 TL Thousand

(2009)

79.497.243 TL

(2010)

124.957.864 TL

(2011)

113.081.555 TL

(2012)

162.224 TL Thousand

(2013)

255.977 TL Thousand

(2014)

310.308 TL Thousand

(2015)

277.645 TL Thousand

(2016)

 

 

EXPORT COUNTRIES

U.A.E.

Pakistan

Georgia

Iraq

Italy

Jordan

Northern Cyprus Turkish Republic

Saudi Arabia

Kuwait

Iran

Egypt

Libya

Tunisia

Denmark

Greece

France

Hungary

U.K.

Netherlands

 

MERCHANDISE  EXPORTED

Bath preparations

Detergents

Ice-cream

Margarine

Toilet articles

 

HEAD OFFICE ADDRESS

Saray Mah. Dr. Adnan Buyukdeniz Cad. No:13 Umraniye  Istanbul / Turkey ( rented )

 

BRANCHES

Factory  :  Dilovasi Gebze Kocaeli/Turkey ( owned )  

Factory  :   Konya/Turkey  

Factory  :  Corlu Tekirdag/Turkey  

Branch Office  :  Mersin Serbest Bolge (Free Zone) 1. Cad. Parsel 4/1-4/2 Isyeri No:2 Mersin/Turkey ( rented )  

Branch Office  :  Avrupa Serbest Bolgesi (Free Zone) Corlu Tekirdag/Turkey ( rented )  

           

GENERAL INFORMATION ON OPERATIONS

The firm has a high market potential.

 

 

TREND OF BUSINESS

There was a stagnating trend in 2016. There was a slowdown at business volume in real terms in 2017.

SIZE OF BUSINESS

Giant

 

 

FINANCE

 

 

 

MAIN DEALING BANKS

Citibank Istanbul Merkez Branch

 

CREDIT FACILITIES

 

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

 

Regular.

 

KEY FINANCIAL ELEMENTS

 

(2013)                                                                                TL Thousand

(2014)                                                                                TL Thousand

(2015)                                                                                TL Thousand

(2016)                                                                                TL Thousand

Net Sales

3.240.035

3.688.732

4.089.786

4.410.460

Profit (Loss) Before Tax

125.752

62.107

183.352

331.277

Stockholders' Equity

415.591

470.252

638.088

787.665

Total Assets

1.643.133

1.865.967

2.339.367

2.593.116

Current Assets

788.162

949.656

1.106.734

1.135.026

Non-Current Assets

854.971

916.311

1.232.633

1.458.090

Current Liabilities

1.181.118

645.128

674.962

638.737

Long-Term Liabilities

46.424

750.587

1.026.317

1.166.714

Gross Profit (loss)

1.437.208

1.521.754

1.754.586

1.874.995

Operating Profit (loss)

223.291

81.921

274.684

281.798

Net Profit (loss)

108.098

54.661

167.787

300.949

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 31.12.2016

Liquidity

High As of 31.12.2016

Remarks On Liquidity

 

The favorable gap between average collection and average payable period has a positive effect on liquidity.                                                                                                                                                 

 

Profitability

Good Operating Profitability  in 2013

In Order Net Profitability  in 2013

Fair Operating Profitability  in 2014

Low Net Profitability  in 2014

Good Operating Profitability  in 2015

Good Net Profitability  in 2015

Good Operating Profitability  in 2016

High Net Profitability  in 2016

 

Gap between average collection and payable periods

Favorable in 2016

General Financial Position

Satisfactory

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

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

 ( 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

 ( 2015 )

5,71 %

2,7230

3,0254

4,1661

 ( 2016 )

9,94 %

3,0292

3,3349

4,1006

 ( 2017 )

15,47 %

3,6337

4,1120

4,7059

 ( 01.01-31.01.2018)

0,99 %

3,7698

4,6025

5,2223

BALANCE SHEETS

 

 

31.12.2013  ( Full Year  )  TL Thousand

 

31.12.2014  ( Full Year  )  TL Thousand

 

31.12.2015  ( Full Year  )  TL Thousand

 

31.12.2016  ( Full Year  )  TL Thousand

 

CURRENT ASSETS

788.162

0,48

949.656

0,51

1.106.734

0,47

1.135.026

0,44

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

1.575

0,00

554

0,00

35.227

0,02

27.154

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

405.405

0,25

485.812

0,26

638.080

0,27

666.916

0,26

Other Receivable

39.043

0,02

35.642

0,02

33.764

0,01

17.727

0,01

Inventories

235.541

0,14

296.524

0,16

278.831

0,12

303.497

0,12

Advances Given

5.360

0,00

11.649

0,01

12.907

0,01

18.255

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

101.238

0,06

119.475

0,06

107.925

0,05

101.477

0,04

NON-CURRENT ASSETS

854.971

0,52

916.311

0,49

1.232.633

0,53

1.458.090

0,56

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

121

0,00

121

0,00

127

0,00

112

0,00

Financial Assets

127.888

0,08

130.068

0,07

130.068

0,06

130.070

0,05

Tangible Fixed Assets (net)

701.988

0,43

765.197

0,41

1.078.242

0,46

1.294.155

0,50

Intangible Assets

24.908

0,02

20.793

0,01

23.555

0,01

33.196

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

66

0,00

132

0,00

641

0,00

557

0,00

TOTAL ASSETS

1.643.133

1,00

1.865.967

1,00

2.339.367

1,00

2.593.116

1,00

CURRENT LIABILITIES

1.181.118

0,72

645.128

0,35

674.962

0,29

638.737

0,25

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

738.640

0,45

172.412

0,09

16.151

0,01

8.324

0,00

Accounts Payable

367.313

0,22

402.214

0,22

541.460

0,23

499.642

0,19

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

9.829

0,01

11.166

0,01

12.620

0,01

14.012

0,01

Advances from Customers

62.237

0,04

42.242

0,02

50.059

0,02

45.978

0,02

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

12.034

0,01

13.248

0,01

16.016

0,01

14.989

0,01

Provisions

-18.124

-0,01

-7.034

0,00

23.046

0,01

28.950

0,01

Other Current Liabilities

9.189

0,01

10.880

0,01

15.610

0,01

26.842

0,01

LONG-TERM LIABILITIES

46.424

0,03

750.587

0,40

1.026.317

0,44

1.166.714

0,45

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

970.520

0,41

1.105.000

0,43

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

699.140

0,37

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

509

0,00

426

0,00

344

0,00

261

0,00

Provisions

45.915

0,03

51.021

0,03

55.453

0,02

61.453

0,02

STOCKHOLDERS' EQUITY

415.591

0,25

470.252

0,25

638.088

0,27

787.665

0,30

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

108.469

0,07

108.468

0,06

108.468

0,05

108.468

0,04

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

24.057

0,01

24.058

0,01

24.057

0,01

24.058

0,01

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

174.967

0,11

283.065

0,15

337.776

0,14

354.190

0,14

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)

108.098

0,07

54.661

0,03

167.787

0,07

300.949

0,12

TOTAL LIABILITIES AND EQUITY

1.643.133

1,00

1.865.967

1,00

2.339.367

1,00

2.593.116

1,00

 

 

INCOME STATEMENTS

 

 

(2013)  ( Full Year  )  TL Thousand

 

(2014)  ( Full Year  )  TL Thousand

 

(2015)  ( Full Year  )  TL Thousand

 

(2016)  ( Full Year  )  TL Thousand

 

Net Sales

3.240.035

1,00

3.688.732

1,00

4.089.786

1,00

4.410.460

1,00

Cost of Goods Sold

1.802.827

0,56

2.166.978

0,59

2.335.200

0,57

2.535.465

0,57

Gross Profit

1.437.208

0,44

1.521.754

0,41

1.754.586

0,43

1.874.995

0,43

Operating Expenses

1.213.917

0,37

1.439.833

0,39

1.479.902

0,36

1.593.197

0,36

Operating Profit

223.291

0,07

81.921

0,02

274.684

0,07

281.798

0,06

Other Income

169.790

0,05

850.169

0,23

192.581

0,05

289.189

0,07

Other Expenses

138.011

0,04

126.159

0,03

144.255

0,04

125.059

0,03

Financial Expenses

129.318

0,04

743.824

0,20

139.658

0,03

114.651

0,03

Minority Interests

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

Profit (loss) Before Tax

125.752

0,04

62.107

0,02

183.352

0,04

331.277

0,08

Tax Payable

17.654

0,01

7.446

0,00

15.565

0,00

30.328

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

108.098

0,03

54.661

0,01

167.787

0,04

300.949

0,07

 

 

LAST FINANCIAL STATEMENT DETAILS

 

 

TL Thousand

Cash

0

Banks

27.154

Doubtful Trade Receivables

12.548

Provision for Doubtful Trade Receivables

-12.548

Receivables  From Personnel (in Other Receivable)

11.595

Other Miscellaneous Receivables (in Other Receivable)

6.132

Overdue, Delayed or Deferred Tax by Installments and Other Liabilities

0

Profit from Foreign Currency Exchange

170.537

 

 

FINANCIAL RATIOS

 

 

(2013)

(2014)

(2015)

(2016)

LIQUIDITY RATIOS

 

Current Ratio

0,67

1,47

1,64

1,78

Acid-Test Ratio

0,38

0,81

1,05

1,11

Cash Ratio

0,00

0,00

0,05

0,04

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,14

0,16

0,12

0,12

Short-term Receivable/Total Assets

0,27

0,28

0,29

0,26

Tangible Assets/Total Assets

0,43

0,41

0,46

0,50

TURNOVER RATIOS

 

Inventory Turnover

7,65

7,31

8,37

8,35

Stockholders' Equity Turnover

7,80

7,84

6,41

5,60

Asset Turnover

1,97

1,98

1,75

1,70

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,25

0,25

0,27

0,30

Current Liabilities/Total Assets

0,72

0,35

0,29

0,25

Financial Leverage

0,75

0,75

0,73

0,70

Gearing Percentage

2,95

2,97

2,67

2,29

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,26

0,12

0,26

0,38

Operating Profit Margin

0,07

0,02

0,07

0,06

Net Profit Margin

0,03

0,01

0,04

0,07

Interest Cover

1,97

1,08

2,31

3,89

COLLECTION-PAYMENT

 

Average Collection Period (days)

45,06

47,42

56,18

54,45

Average Payable Period (days)

73,35

182,97

83,47

70,94

WORKING CAPITAL

-392956,00

304528,00

431772,00

496289,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.10

UK Pound

1

INR 94.44

Euro

1

INR 79.59

TRY

1

INR 17.11

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

TRU

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.