MIRA INFORM REPORT

 

 

Report Date :           

10.10.2011

 

IDENTIFICATION DETAILS

 

Name :

CARGILL COTTON LTD.

 

 

Registered Office :

Knowle Hill Park, Fairmile Lane, Cobham, KT11 2PD

 

 

Country :

United Kingdom 

 

 

Financials (as on) :

31.05.2010

 

 

Date of Incorporation :

15.09.2005

 

 

Com. Reg. No.:

05564843

 

 

Legal Form :

Private Subsidiary Company

 

 

Line of Business :

Provider of agricultural, food and risk management products and services

 

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 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

United Kingdom 

a1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

Company name & address 

 

Cargill Cotton Ltd.

12 Princes Parade

Liverpool, L3 1BG

United Kingdom

Tel:       0151 242 7500

Fax:      01932 576256

Web:    www.cargillcotton.com

 

 

Synthesis     

 

Employees:                   31

Company Type:            Private Subsidiary

Corporate Family:          24 Companies

Ultimate Parent:             Cargill Uk Holdings Ltd.

Quoted Status:             Non-quoted Company

Incorporation Date:         15-Sep-2005

Auditor:                        KPMG LLP       

Financials in:                 USD (Millions)

Fiscal Year End:            31-May-2010

Reporting Currency:       British Pound Sterling

Annual Sales:    574.3  1

Net Income:       16.3

Total Assets:     149.6

 

 

Business Description     

 

Cargill Cotton Ltd. is a provider of agricultural, food and risk management products and services. The company owns and operates a number of buying, selling and shipping offices and cotton gins and warehouses. It offers total supply chain support in the areas of finance, logistics, risk management and stringent quality control. It also supplies foreign cotton to the Chinese textile industry. The company additionally serves various growers, ginners, buyers, retailers and textile mills worldwide. (Updated by OneSource Information Services)

 

Industry

Industry            Miscellaneous Capital Goods

ANZSIC 2006:    3739 - Other Goods Wholesaling Not Elsewhere Classified

NACE 2002:      5111 - Agents involved in the sale of agricultural raw materials, live animals, textile raw materials

and semi-finished goods

NAICS 2002:     425120 - Wholesale Trade Agents and Brokers

UK SIC 2003:    5111 - Agents involved in the sale of agricultural raw materials, live animals, textile raw materials

and semi-finished goods

US SIC 1987:    5099 - Durable Goods, Not Elsewhere Classified

 

           


Key Executives   

 

 

Name

Title

Robin David Thurston

Secretary

Patricia Gristock

Administrator

Andrew Stephen Hursthouse

Director

Paul Kinney

Director

John Christopher Reynolds

Director

 

 

News

 

Title

Date

European cotton traders reject Uzbek NGO claims of forced child labor
Times of Central Asia (842 Words)

8-Aug-2011

 

 

 

Financial Summary

 

 

FYE: 31-May-2010

USD (mil)

Key Figures

 

Current Assets

149.50

Fixed Assets

0.08

Total Liabilities

117.68

Net Worth

31.90

 

Key Ratios

 

Current Ratio

1.27

Acid Test

0.53

 

 

Registered No.(UK): 05564843

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6282004

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.688255

 

 

Corporate Overview

 

Location

12 Princes Parade

Liverpool, L3 1BG

Merseyside County

United Kingdom

Tel:       0151 242 7500

Fax:      01932 576256

Web:    www.cargillcotton.com

           

Sales GBP(mil):             360.8

Assets GBP(mil):           102.9

Employees:                   31

Fiscal Year End:            31-May-2010

Industry:                        Miscellaneous Capital Goods

           

Registered Address:

Knowle Hill Park

Fairmile Lane

Cobham, KT11 2PD

United Kingdom

 

Incorporation Date:         15-Sep-2005

Company Type:             Private Subsidiary

Quoted Status:              Not Quoted

Registered No.(UK):       05564843

Director:                        Andrew Stephen Hursthouse

 

Contents

·         Industry Codes

·         Business Description

·         Financial Data

·         Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

3739     -          Other Goods Wholesaling Not Elsewhere Classified

 

NACE 2002 Codes:

5111     -          Agents involved in the sale of agricultural raw materials, live animals, textile raw materials and semi-finished goods

NAICS 2002 Codes:

425120  -          Wholesale Trade Agents and Brokers

 

US SIC 1987:

5099     -          Durable Goods, Not Elsewhere Classified

 

UK SIC 2003:

5111     -          Agents involved in the sale of agricultural raw materials, live animals, textile raw materials and semi-finished goods

 

Business Description

Cargill Cotton Ltd. is a provider of agricultural, food and risk management products and services. The company owns and operates a number of buying, selling and shipping offices and cotton gins and warehouses. It offers total supply chain support in the areas of finance, logistics, risk management and stringent quality control. It also supplies foreign cotton to the Chinese textile industry. The company additionally serves various growers, ginners, buyers, retailers and textile mills worldwide. (Updated by OneSource Information Services)

 

More Business Descriptions

Commodity Brokers

 

 

Financial Data

Financials in:

GBP(mil)

 

Revenue:

360.8

Net Income:

10.2

Assets:

102.9

Current Assets:

102.9

 

Fixed Assets:

0.1

 

Long Term Debt:

0.0

 

Total Liabilities:

81.0

 

Issued Capital:

0.0

 

Working Capital:

21.9

 

Net Worth:

22.0

 

 

 

Date of Financial Data:

31-May-2010

 

1 Year Growth

87.1%

NA

0.1%

Key Corporate Relationships

Auditor:

KPMG LLP

 

Auditor:

KPMG LLP

 

Auditor History

KPMG LLP

31-May-2010

KPMG LLP

31-May-2009

KPMG LLP

28-May-2008

KPMG LLP

25-May-2007

KPMG LLP

26-May-2006

 

 

 

 

 

 

 

 

Corporate Family

Corporate Structure News:

 

Cargill Uk Holdings Ltd.
Cargill Cotton Ltd.

Total Corporate Family Members: 24 
Excluded Small Branches and/or Trading Addresses: 1 (Available via export) 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Cargill Uk Holdings Ltd.

Parent

Cobham

United Kingdom

Commercial Banks

 

 

Cargill PLC

Subsidiary

Cobham

United Kingdom

Miscellaneous Capital Goods

1,556.1

814

Sun Valley Foods Ltd.

Subsidiary

Leominster

United Kingdom

Fish and Livestock

598.6

1,859

Banks Cargill Agriculture Ltd.

Subsidiary

Surrey

United Kingdom

Investment Services

 

689

Sidney C Banks Ltd.

Subsidiary

Cobham

United Kingdom

Crops

 

 

Cargill Cotton Ltd.

Subsidiary

Liverpool

United Kingdom

Miscellaneous Capital Goods

574.3

31

Lowesmoor Foods Ltd.

Subsidiary

Hereford

United Kingdom

Personal and Household Products

1.6

 

Poultry Meat Trading Ltd.

Subsidiary

Hereford

United Kingdom

Personal and Household Products

1.5

 

Cargill Poultry Ltd.

Subsidiary

Cobham

United Kingdom

Food Processing

1.5

 

Meadowfields Ltd.

Subsidiary

Hereford

United Kingdom

Personal and Household Products

1.5

 

Sun Valley Poultry Ltd.

Subsidiary

Hereford

United Kingdom

Business Services

1.5

 

Chickens 'r' Us Ltd.

Subsidiary

Hereford

United Kingdom

Personal and Household Products

1.5

 

Eastern Poultry Supplies Ltd.

Subsidiary

Hereford

United Kingdom

Personal and Household Products

1.5

 

Cargill Foods Ltd.

Subsidiary

Cobham

United Kingdom

Nonclassifiable Industries

1.4

 

Thai Foods Ltd.

Subsidiary

Hereford

United Kingdom

Personal and Household Products

1.4

 

Cargill Integra (UK) Ltd.

Subsidiary

Hereford

United Kingdom

Nonclassifiable Industries

0.5

 

Cargill Integra (Wales) Ltd.

Subsidiary

Merthyr Tydfil

United Kingdom

Nonclassifiable Industries

0.4

 

Cargill Properties Ltd.

Subsidiary

Cobham

United Kingdom

Personal Services

 

 

British Cotton Growing Association Ltd. (The)

Subsidiary

Cobham

United Kingdom

Nonclassifiable Industries

 

 

Cargill Pension Trustees Ltd.

Subsidiary

Cobham

United Kingdom

Nonclassifiable Industries

 

 

Freeman's Of Newent (Holdings) Ltd.

Subsidiary

Newent

United Kingdom

Construction Services

 

 

Freemans Of Newent Ltd.

Subsidiary

Newent

United Kingdom

Retail (Grocery)

58.7

135

Seara Uk Ltd.

Subsidiary

Cobham

United Kingdom

Food Processing

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Andrew Stephen Hursthouse

 

Director

Director/Board Member

 

Paul Kinney

 

Director

Director/Board Member

 

John Christopher Reynolds

 

Director

Director/Board Member

 

Josephine Roth

 

Director

Director/Board Member

 

Andrew Neil Thomas

 

Director

Director/Board Member

 

 

 

Executives

 

Name

Title

Function

 

Patricia Gristock

 

Administrator

Administration Executive

 

Robin David Thurston

 

Secretary

Company Secretary

 

 

 

Directors and Shareholders Report

 

Main Office Address:
12 Princes Parade
Liverpool
United Kingdom L3 1BG

Tel: 0151 242 7500
Fax: 01932 576256
URL:http://www.cargillcotton.com

Annual Return Date: 15 Sep 2011

 

Individual Directors

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

John Christopher 
Reynolds

Current

27 Mar 1950

Suite Stable Cottage, Upper House Lane Shamley Green, 
Guildford, Surrey GU5 0SX

15 Sep 2005

NA

Current:6
Previous:26
Disqualifications:0

 

Andrew Neil 
Thomas

Current

04 Jul 1956

Springfield Plough Lane, Christleton, 
Chester, Cheshire CH3 7PT

30 Sep 2005

NA

Current:3
Previous:0
Disqualifications:0

 

Andrew Stephen 
Hursthouse

Current

07 May 1972

3 Holm Hill, West Kirby, 
Wirral, Merseyside CH48 7JA

30 Sep 2005

NA

Current:1
Previous:1
Disqualifications:0

 

Josephine 
Roth

Current

09 Feb 1973

Knowle Hill Park, Fairmile Lane, 
Cobham, Surrey KT11 2PD

01 Jun 2010

NA

Current:1
Previous:0
Disqualifications:0

 

Paul 
Kinney

Current

01 Feb 1959

2 Prestwick Drive, 
Liverpool, Merseyside L23 7XB

30 Sep 2005

NA

Current:1
Previous:1
Disqualifications:0

 

Robin David 
Thurston

Current

01 Mar 1951

Leigh House, Leigh Place, 
Cobham, Surrey KT11 2HL

15 Sep 2005

NA

Current:62
Previous:32
Disqualifications:0

 

Colin Richard
Iles

Previous

24 Aug 1973

17 Blundellsands Road West, Blundellsands, 
Liverpool, Merseyside L23 6TE

30 Sep 2005

31 May 2010

Current:0
Previous:1
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Directors

There are no corporate directors for this company.

 

 

Individual Secretaries

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Robin David 
Thurston

Current

01 Mar 1951

Leigh House, Leigh Place, 
Cobham, Surrey KT11 2HL

15 Sep 2005

NA

Current:62
Previous:32
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Secretaries

There are no corporate secretaries for this company.

 

 

Individual Shareholders

There are no individual shareholders for this company.

 

 

 

 

 

 

 

 

 

 

Corporate Shareholders

Company Name

Registration Number

Share Details 
(As Reported)

Share Type

# of Shares

Share Price (GBP)

Share Value (GBP)

% of Total Shares

Cargill Plc

01387437

1 Ordinary GBP 1.00

Ordinary

1

1.00

1.00

100.00

 

 

 

Annual Profit & Loss

 

Financials in: USD (mil)          

Except for share items (millions) and per share items (actual units)   

 

 

 

31-May-2010

31-May-2009

28-May-2008

25-May-2007

26-May-2006

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

35 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.6282

0.61899

0.498849

0.521494

0.563482

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Turnover (UK)

574.3

-

0.0

1.2

1.9

Turnover (Exports)

0.0

-

407.4

341.7

327.8

Total Turnover

574.3

311.6

407.4

342.8

329.7

Cost of Sales

541.5

315.6

398.6

325.3

318.1

Gross Profit

32.9

-4.0

8.8

17.6

11.6

Depreciation

0.1

0.1

0.1

0.1

0.0

Other Expenses

8.6

6.9

7.8

8.2

3.6

Operating Profit

24.2

-10.9

0.9

9.4

-

Other Income

0.0

0.1

0.2

0.3

0.9

Interest Paid

1.5

1.8

4.7

4.7

2.5

Exceptional Income

0.0

0.0

0.0

0.0

0.0

Discontinued Operations

0.0

0.0

0.0

0.0

-

Profit Before Taxes

22.8

-12.5

-3.5

5.0

6.3

Tax Payable / Credit

6.5

-3.3

-1.0

1.6

1.7

Extraordinary Items/Debits

0.0

0.0

0.0

0.0

0.0

Dividends

0.0

0.0

0.0

0.0

0.0

Profit After Taxes

16.3

-9.2

-2.5

3.4

4.6

Minority Interests (Profit & Loss)

0.0

0.0

0.0

0.0

0.0

Audit Fees

-

-

0.1

0.1

0.0

Non Audit Fees

-

-

-

0.0

0.1

Number of Employees

31

34

37

35

34

Wages

4.0

3.0

3.0

2.7

1.6

Social Security Costs

0.7

0.6

0.7

0.4

0.1

Pensions

0.0

1.2

0.0

0.0

0.0

Other Pension Costs

0.8

0.5

2.1

1.5

0.2

Employees Remuneration

5.5

4.2

5.7

4.6

2.0

Directors Emoluments

1.3

0.7

0.8

0.9

1.0

Other Costs

0.8

0.0

0.5

0.0

0.0

Directors Remuneration

2.1

2.0

1.4

0.9

1.0

Highest Paid Director

-

-

0.9

0.5

0.5

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

31-May-2010

31-May-2009

28-May-2008

25-May-2007

26-May-2006

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.688255

0.620136

0.504859

0.503791

0.539098

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Land & Buildings

0.0

0.0

0.0

0.0

0.0

Fixtures & Fittings

0.1

0.1

0.2

0.3

0.3

Plant & Vehicles

0.0

0.0

0.0

0.0

0.0

Total Tangible Fixed Assets

0.1

0.1

0.2

0.3

0.4

Intangible Assets

0.0

0.0

0.0

0.0

0.0

Investments

0.0

0.0

0.0

0.0

0.0

Total Fixed Assets

0.1

0.1

0.2

0.3

0.4

Stocks

-

-

23.7

-

-

Work in Progress

-

-

0.0

-

-

Total Stocks Work In Progress

87.1

29.6

23.7

24.2

25.8

Trade Debtors

10.7

27.0

55.8

18.4

19.8

Inter-Company Debtors

33.7

-

20.1

31.7

43.1

Other Debtors

18.0

52.2

8.0

10.1

5.6

Total Debtors

62.4

79.2

84.0

60.2

68.5

Cash and Equivalents

0.0

0.0

0.0

0.0

0.0

Other Current Assets

0.0

0.0

0.0

0.0

0.0

Total Current Assets

149.5

108.9

107.7

84.4

94.3

Total Assets

149.6

109.0

107.9

84.7

94.7

Trade Creditors

7.7

12.3

11.2

16.9

5.1

Bank Overdraft

0.0

-

0.0

0.0

0.0

Inter-Company Creditors

83.9

-

22.5

19.7

45.5

Director Loans (Current Liability)

0.0

-

0.0

0.0

0.0

Hire Purchase (Current Liability)

0.0

-

0.0

0.0

0.0

Finance Lease (Current Liability)

0.0

-

0.0

0.0

0.0

Total Finance Lease/Hire Purchase (Current Liability)

0.0

-

0.0

0.0

0.0

Total Short Term Loans

0.0

40.1

0.0

0.0

0.0

Accruals/Deferred Income (Current Liability)

25.1

37.7

39.7

10.3

12.0

Social Security/VAT

0.0

0.0

0.0

0.0

0.0

Corporation Tax

1.0

0.0

0.0

0.9

0.9

Dividends (Current Liability)

0.0

0.0

0.0

0.0

0.0

Other Current Liabilities

0.0

0.0

0.0

0.0

0.0

Total Current Liabilities

117.7

90.1

73.4

47.8

63.5

Group Loans (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Director Loans (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Hire Purchase (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Leasing (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Total Hire Purchase Loans (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Other Long Term Loans

0.0

0.0

0.0

0.0

0.0

Accruals/Deferred Income (Long Term Liability)

0.0

0.0

0.0

0.0

0.0

Other Long Term Liabilities

0.0

0.0

0.0

0.0

0.0

Total Long Term Liabilities

0.0

0.0

0.0

0.0

0.0

Deferred Taxation

0.0

0.0

0.0

0.0

0.0

Other Provisions

0.0

0.0

0.0

0.0

0.0

Total Provisions

0.0

0.0

0.0

0.0

0.0

Issued Capital

0.0

0.0

0.0

0.0

0.0

Share Premium Accounts

0.0

0.0

0.0

0.0

0.0

Revaluation Reserve

0.0

0.0

0.0

0.0

0.0

Retained Earnings

31.9

18.9

34.5

36.9

31.2

Other Reserves

0.0

0.0

0.0

0.0

0.0

Minority Interests (Balance Sheet)

0.0

0.0

0.0

0.0

0.0

Total Shareholders Funds

31.9

18.9

34.5

36.9

31.2

Net Worth

31.9

18.9

34.5

36.9

31.2

 

 

Annual Cash Flows

 

Financials in: USD (mil)

 

 

 

31-May-2010

31-May-2009

28-May-2008

25-May-2007

26-May-2006

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

35 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.6282

0.61899

0.498849

0.521494

0.563482

Consolidated

No

No

No

No

No

 

 

 

 

 

 

 

 

 

Annual Ratios

 

Financials in: USD (mil)

 

 

 

31-May-2010

31-May-2009

28-May-2008

25-May-2007

26-May-2006

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

35 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.688255

0.620136

0.504859

0.503791

0.539098

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Current Ratio

1.27

1.21

1.47

1.77

1.49

Liquidity Ratio

0.53

0.88

1.14

1.26

1.08

Stock Turnover

6.02

10.49

16.97

14.67

19.86

Credit Period (Days)

7.44

31.71

50.64

18.92

14.12

Working Capital by Sales

6.07%

6.02%

8.51%

10.32%

6.02%

Trade Credit by Debtors

0.72

0.45

0.20

0.92

0.26

Return on Capital

65.18%

-66.17%

-10.03%

14.04%

31.25%

Return on Assets

13.90%

-11.46%

-3.20%

6.12%

10.30%

Profit Margin

3.97%

-4.02%

-0.86%

1.46%

1.90%

Return on Shareholders Funds

65.18%

-66.17%

-10.03%

14.04%

31.25%

Borrowing Ratio

263.10%

212.64%

65.30%

53.34%

145.93%

Equity Gearing

21.33%

17.32%

31.95%

43.61%

32.96%

Interest Coverage

15.64

-7.11

-0.75

1.06

2.48

Sales by Tangible Assets

6,442.73

2,119.44

1,814.44

1,176.21

1,452.75

Average Remuneration per Employee

0.2

0.1

0.2

0.1

0.1

Profit per Employee

0.7

-0.4

-0.1

0.1

0.3

Sales per Employee

16.9

9.1

10.9

10.1

15.1

Capital Employed per Employee

1.0

0.6

0.9

1.1

0.9

Tangible Assets per Employee

0.0

0.0

0.0

0.0

0.0

Total Assets per Employee

4.8

3.2

2.9

2.4

2.8

Employee Remuneration by Sales

0.96%

1.34%

1.41%

1.34%

0.60%

Creditor Days (Cost of Sales Based)

5.67

14.22

10.41

18.27

3.76

Creditor Days (Sales Based)

5.35

14.40

10.18

17.33

3.63

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.14

UK Pound

1

Rs.75.97

Euro

1

Rs.65.99

 

 

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.