MIRA INFORM REPORT

 

 

Report Date :           

17.03.2012

 

IDENTIFICATION DETAILS

 

Name :

P.T. INDORAMA PETROCHEMICALS

 

 

Formerly Known As :

P.T. POLYPRIMA KARYAREKSA

 

 

Registered Office :

Graha Irama, 17th Floor, Jalan H.R. Rasuna Said X-1 Kav. 1 & 2, Jakarta Selatan, 12950

 

 

Country :

Indonesia

 

 

Date of Incorporation :

12.11.1993

 

 

Com. Reg. No.:

No. AHU-AH.01.10-41659

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Purified Terephthalic Acid (PTA) Manufacturing

 

 

No. of Employees :

520 persons (Planned)                  

 

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 :

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 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Indonesia

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Name of Company 

 

P.T. INDORAMA PETROCHEMICALS

 

 

company Address

 

Head Office

Graha Irama, 17th Floor

Jalan H.R. Rasuna Said X-1 Kav. 1 & 2

Jakarta Selatan, 12950

Indonesia

Phones             - (62-21) 5261555 (Hunting), 526 1520

Fax                   - (62-21) 5261501, 5261502

E-mail               - na@indoramapta.com

Building Area     - 26 storey

Office Space      - 2,500 sq. meters

Region              - Commercial

Status               - Owned

 

Factory

Jalan Raya Anyer Km. 121

Kec. Ciwandan, Kab. Serang

Banten Province

Indonesia

Phones             - (62-254) 602 300 (Hunting)

Fax                   - (62-254) 602 940

Land Area         - 20 hectares

Building Space  - 150,000 sq. meters

Region              - Industrial Zone

Status               - Owned

 

 

Date of Incorporation

 

a.   12 November 1993 as P.T. POLYPRIMA KARYAREKSA

b.   12 November 2011 as P.T. INDORAMA PETROCHEMICALS

 

 

Legal Form

 

P.T. (Perseroan Terbatas) or Limited Liability Company

 

Company Reg. No.

 

The Ministry of Law and Human Rights

- No. C2-776.HT.01.01.TH.94

  Dated 21 January 1994

- No. C-25485.HT.01.04.TH.2000

  Dated 20 December 2000

- No. C-16029.HT.01.04.TH.2001

  Dated 27 December 2001

- No. AHU-92130.AH.01.02.TH.2008

  Dated 1 December 2008

- No. AHU-AH.01.10-09741

  Dated 31 March 2011

- No. AHU-59629.AH.01.02.TH.2011

  Dated 5 December 2011

- No. AHU-AH.01.10-41659

  Dated 20 December 2011

 

 

Company Status

 

Foreign Investment (PMA) Company

 

 

Permit by the Government Department

 

The Department of Finance

NPWP No. 01.642.916.9-092.000

 

The Capital Investment Coordinating Board

- No. 150/V/PMA/2001

  Dated 21 December 2001

- No. 762/III/PMA/2002

  Dated 23 July 2002

- No. 185/II/PMA/2002

  Dated 3 September 2002

- No. 1013/III/PMA/2003

  Dated 02 September 2003

- No. 1153/III/PMA/2004

  Dated 11 November 2004

 

The Department of Industry

No. 666/T/Industri/1998

Dated 24 December 1998

 

Related Company

 

A Member Company of the INDORAMA Group (see attachment)

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                            : Rp. 1,282,785,592,530.-

Issued Capital                                  : Rp. 1,282,785,592,530.-

Paid up Capital                                : Rp. 1,282,785,592,530.-

 

 

Shareholders/Owners :

 

a. P.T. INDORAMA SYNTHETICSTbk                                - 42%

    Address : Jl. Gajah Mada No. 197-198

                    Desa Kembang Kuning, Ubrug

                    Jatiluhur, Purwakarta, West Java

                    Indonesia

b. INDORAMA NETHERLANDS B.V.                                  - 42%

    Address : Markweg 201

                    3198NB Europort Rotterdam

                    Netherlands

c. PALMA PREMIUM LTD                                                 - 8%

    Address : Portcullis, Trustnet Chambers

                    PO Box. 34444

                    British Virgin Island

d. P.T. Bank PAN INDONESIA Tbk                                    - 8%

    Address : Panin Bank Centre

                    Jl. Jend. Sudirman Kav. 1

                    Gelora Bung Karno, Jakarta Pusat

                    Indonesia

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Purified Terephthalic Acid (PTA) Manufacturing

 

Production Capacity :

Purified Terephthalic Acid (PTA)        - 450,000 tons p.a.

 

Total Investment :

a.   Equity Capital                            - Rp. 1,282.8 billion

b.   Loan Capital                              - Rp. 1,801.4 billion

c.   Total Investment                         - Rp. 3,084.2 billion

 

Started Operation :

a.   1997 but ceased operation since October 2007

b.   April 2012 (Planned)

 

Brand Name :

Indorama Petrochemicals

 

Technical Assistance :

Indorama Group

 

Number of Employee :

520 persons (Planned)                     

 

Marketing Area :

Local          - 60%

Export         - 40%

 

Main Customer :

Textile Industries

 

Market Situation :

Very Competitive

 

Main Competitors :

a. P.T. AMOCO MITSUI PTA INDONESIA  

b. P.T. MITSUBISHI CHEMICAL INDONESIA

c. P.T. POLYSINDO EKA PERSADA Tbk

d. P.T. PERTAMINA

e. Etc.

 

Business Trend :

No Comment

 

 

BANKER, AUDITOR & LITIGATION

 

Bankers :

a. P.T. Bank PAN INDONESIA Tbk

    Jalan Jend. Sudirman Kav. 55

    Jakarta Selatan

    Indonesia

b. P.T. Bank INTERNATIONAL INDONESIA Tbk

    Plaza BII, Jalan M.H. Thamrin No. 55

    Jakarta Pusat

    Indonesia

c. BANGKOK Bank

    Jalam M.H. Thamrin No. 3

    Jakarta Pusat

    Indonesia

d. AMERICAN EXPRESS Bank

    Jalan H.R. Rasuna Said Kav. X-5

    Jakarta Selatan

    Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

None

 

Net Profit (estimated) :

None

 

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

President Director                            - Mr. Mahesh Natesan

Vice President Director                     - Mr. Banwari Lal Birla

Directors                                         - a. Mr. Vishnu Swaroop Baldwa

                                                        b. Mr. Prem Chandra Gupta

                                                        c. Mr. Lokita Prasetya

 

Board of Commissioners :

President Commissioner                   - Mr. Sri Prakash Lohia

Commissioners                                - a. Mr. Ir. Airlangga Hartarto

                                                        b. Mr. Aloke Lohia

                                                        c. Mr. Amit Lohia

                                                        d. Mr. Suchitra Lohia

 

Signatories :

President Director (Mr. Mahesh Natesan) or Vice President Director (Mr. Banwari Lal Birla) or one of the Directors (Mr. Vishnu Swaroop Baldwa, Mr. Prem Chandra Gupta or Mr. Lokita Prasetya) which must be approved by Board of Commissioner.

 

Management Capability :

Satisfactory

 

Business Morality :

Satisfactory

 

Credit Risk :

High

 

Credit Recommendation :

Credit is not recommended

 

Proposed Credit Limit :

C.O.D.

 

Maximum Credit Limit :

No Comment

 

 

OVERALL PERFORMANCE

 

Originally named P.T. POLYPRIMA KARYAREKSA was established in November 1993 with an authorized   capital of Rp. 165,000,000,000 entirely issued, of which Rp. 16,500,000,000 was paid up. The founding shareholders of the company are Mr. Ibrahim Risjad, his son Mr. Amirsyah Risjad, Mr. Sudwikatmono, the late Mr. Gunadharma Hartarto (all indigenous businessmen), Mr. Andry Pribadi AKA (also known as) Liem Liek Mien, Mr. Wilson Pribadi AKA Liem Oen Djoe, Mr. Henry Liem AKA Liem Sien Tjay, Mr. Deddy Kusuma, Mr. Surya Widjaja, Mr. Eddy Sariaatmadja and Mr. Awong Hidjaja (all Indonesian businessmen of Chinese extraction). The company's article of association has frequently been amended. The economic crisis battering the country in 1997 followed by the sharp Rupiah depreciation against foreign currencies has brought bad impact to P.T. POLYPRIMA KARYAREKASA. Total debts of the company to the state banks kept increasing and being uncontrolled. The debts of the company reached US$ 74.3 million on 26 September 2000. Later, it was agreed that the debt conversion of P.T. PK shares to state banks (represented by IBRA) as shares in P.T. PK. Therefore, in December 2000, the authorized capital of the P.T. PK was raised to Rp. 968,000,000,000 of which Rp. 390,322,000,000 was issued and fully paid up. At that time, some 38% shares of P.T. PK was controlled by the government through P.T. Perusahaan Pengelola Aset (ex. the Indonesian Banking Restructuring Agency or IBRA). However, in December 2001, P.T. PPA (ex. IBRA) sold again some 38% of its shares in P.T. PK to a consortium of foreign financial institution represented by FORTUNE CONSULTANTS Ltd., of Mauritius worth US$ 360 million. Then, the authorized capital was increased to Rp. 3,500,000,000,000 of which 1,833,743,000,000 was issued and fully paid up and concurrently into the company entered a private company as new shareholder namely P.T. MULYA SAKTI LESTARI KURNIA. 

 

As of 31 March 2011, the shareholders of P.T. PK are FORTUNE CONSULTANTS Ltd., (42.00%), P.T. MULYA SAKTI LESTARI KURNIA (28.00%), Mr. Ibrahim Risjad (3.60%), Andry Pribadi (3.60%), Mr. Wilson Pribadi (3.15%), Mr. Deddy Kusuma (3.15%), Mr. Raden Eddy Kusnadi (2.40%), Mr. Surya Widjaja (2.40%), Mr. Awong Hidjaja (2.25%), Mr. Amirsyah Risjad (0.45%), Mr. Indrasari Kresnadjaja (1.80%), Mr. Sudwikatmono (3.60%) and Mr. Henry Liem (3.60%).

 

In the first half of 2011, P.T. Bank Mandiri Tbk., as a creditor of P.T. POLYPRIMA KARYAREKSA (P.T. PK)  conducted loan restructuring of P.T. PK worth US$. 144.5 million, which involved P.T. INDORAMA SYNTHETICS Tbk., parent company of the INDORAMA Group. Mr. Zulkifli Zaini, Director of P.T. Bank MANDIRI said that P.T. PK was a troubled debtor which ceased its operations since October 2007. P.T. PK was a producer of purified terephthalic acid (PTA) with a production capacity of 450 thousands tons per year. This plant required new investors in order to operate its plant back. For that P.T. Bank Mandiri Tbk., offered Indorama Group to take over the assets of P.T. PK. Apparently this offer was welcomed by the Indorama Group, which was the largest producer of polyester yarn in the world, with its annual production capacity of 5 million tons per year. While the raw material for making polyester yarn is the PTA.

 

On December 7, 2011, management  of P.T. Indorama Synthetics Tbk., said that they were completing the acquisition of 50% stake in P.T. PK, and the remaining 50% shares by its affiliated company namely INDORAMA NETHERLANDS BV., based in Netherlands. With the implementation of the take over, it the meant that currently all shares and assets of P.T. PK have already owned by the INDORAMA Group. Later in November 2011 the company was changed to P.T. INDORAMA PETROCHEMICALS (P.T. IP). The company notary deed was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-59629.AH.01.02.TH.2011 dated December 5, 2011.

 

The latest according to the revision of notary documents of Mrs. Novita Puspitarini, SH., No. 4 dated 19 December 2011 the company authorized capital was reduced Rp. 1,282,785,592,530 wholly issued and paid up. With this time the composition of its shareholders has been changed to become P.T. INDORAMA SYNTHETICS Tbk (42%), INDORAMA NETHERLANDS BV., (42%), PALMA PREMIUM LTD British Virgins Island (8%) and P.T. Bank PAN INDONESIA (PANIN) Tbk (8%). The latest revision of notary documents was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-41659 dated December 20, 2011.

 

P.T. IP is a Foreign Investment (PMA) company facility approved by the Capital Investment   Coordinating Board (BKPM) to engage in purified terephthalic acid (PTA) industry. Its plant is located at Jalan Raya Anyer Km. 121, Ciwandan District, Serang, West Java, on a land of some 20 hectares including 10 hectares rented from P.T. PELABUHAN II. P.T. IP was licensed to produce 285,000 tons PTA per year, with a total investment of Rp. 755.0 billion consisting of Rp. 188.0 billion company's capital and the rest from loans. P.T. PELABUHAN II (a state owned company) rents out the said 10 hectares land to P.T. IP for a period of 10 years starting November 1997 with the rental fee of Rp. 6,000 sq.m/year. The rental period is extendable. The land is located near the beach of Sunda Straits, 2.5 m over the sea level. The existing facilities among others are a multi purpose quay of 205 m length and 15 m sea water depth, a public quay of 122 m length and 9.5 m sea water depth, a jetty of 86 m length and   10 m sea water depth equipped with dolphin which is able to berth the ship of 120-150 m. Beside the above facilities, it also has a quay for barges of 100 m length. The whole facilities are owned by P.T. PELABUHAN II. From factory to jetty, it is connected by 3 pipelines installed and financed by P.T. IP.

 

In February 1995 P.T. IP acquired an investment credit from local bank consortium consisting of P.T. Bank BNI (US$ 107.3 million), P.T. Bank BDN (Rp. 43.0 billion), P.T. Bank EXIM (Rp. 138.9 billion), P.T. Bank UPPINDO (US$ 5.0 million), P.T. Bank BII (Rp. 20.0 billion and US$ 10.0 million) and P.T. Bank DHARMALA (Rp. 10.0 billion), all amounting to US$ 122.4 million and Rp. 211.9 billion. In May 1996 it was licensed by the BKPM to increase its production capacity from 285,000 tons PTA to 400,000 tons per year. Its total investment also changed from Rp. 755.0 billion to Rp. 1,183.5 billion coming from company’s capital of Rp. 242.0 billion and the balance from loans.

 

In the expansion project P.T. IP has obtained an investment credit from P.T. Bank BNI of US$ 58.5 million (65%) and the shareholders of US$ 31.5 million (36%), totaling US$ 476.7 million. In August 1997 P.T. Bank BNI again issued additional investment credit of US$ 42.3 million for refinancing the shareholder’s portion, so the composition of financing became 70% of bank loan and 30% of shareholder’s capital. Besides, P.T. Bank BNI has also issued another additional working capital credit (KMK) of US$ 9.0 million and L/C facility of US$ 21.5 million. The above loans are guaranteed by P.T. IP's fixed assets including land, building, machines and other equipment worth (per 23 February 1999) US$ 399.3 million. The shareholders have also issued personal guarantee and mortgage of the whole P.T. IP' shares.

 

The Indonesian economy has been sluggish as the impact of the economic crisis battering the country in 1997. Consequently, since 2001 P.T. IP relocated a large extent of its marketing to overseas especially Europe. In 2001, P.T. IP exported some 40% of whole output PTA products went up to 65% in 2002 and declined to 52% in 2004. The export markets of the company include China, Hong Kong, Pakistan, Taiwan, Malaysia, Italy, Spain, Belgium and other European countries. For domestic markets, a large extent of the products of P.T. IP is also consumed by its affiliated company P.T. INDORAMA POLYPET INDONESIA (ex P.T. POLYPET KARYAPERSADA) dealing with PET Resin Industry and the rest is sold to spinning mill and packaging industries.

 

Generally, local demand for PTA has also been declining as the impact of the sluggish textile industry and product textiles in the country. However since 2007 P.T. IP has ceased operation due to the impact of economic crisis, huge of debt and difficult of marketing the products. P.T. INDORAMA PETROCHEMICALS has facing financial difficulties which led to the closure and termination of the plant since 2007.

 

Miss Linawati (Lina), a staff of INDORAMA Group said that they were currently preparing the delayed re-operation of P.T. IP’s plant. P.T. INDORAMA PETROCHEMICALS specializes in manufacturing purified terephthalic acid. P.T. IP was accredited with ISO 9002 certification. P.T. IP supply film and industrial yarn grade PET resins. PTA product is used in textile and packaging industries. According information the plant will be operating again in April 2012.

 

We figure out the demand for PTA has been rising rapidly by some 6% to 8% per year within the last five years in line with the rapid growth of PET resins industry. The rate of demand for PTA has been and will keep declining to 4% to 5% per year within the coming two or three years. The decreasing demand is in line with the decreasing activities of PET resins processing industries because of slowed down of yarn weaving industries as the largest absorber of PET resins, due to global economic crisis and tight local bank liquidity. Besides, competition is very tight because there are 5 PTA producers operating in the country namely, P.T. MITSUBISHI CHEMICAL INDONESIA (600,000 tons per year), P.T. INDORAMA PETROCHEMICALS (450,000 tons per year), P.T. AMOCO MITSUI PTA INDONESIA (350,000 tons per year), P.T.  POLYSINDO EKA PERKASA Tbk  (500,000 tons per year) and P.T. PERTAMINA (275,000 tons per year). The business position of P.T. IP is less favorable as a large extent of the company’s investment is coming from loan in US$ and Rupiah. As the impact of the crisis of global economy crisis in October 2008 and Rupiah deprecation against hard foreign currencies, bad debt of the company swelled out of control.

 

P.T. IP has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. In view of P.T. IP is having yet to be in commercial operation, the financial condition of the company is as the paid up capital of Rp. 1,282,785,592,530 as stated in the articles of association of the company. The financial condition of the company still depends on the financial condition of its shareholders. So far we have never heard that the company registered with the black list of Bank of Indonesia (Central Bank) or involved in the civil case that settled through the country court.

 

The management of P.T. IP is headed by Mr. Mahesh Natesan (62) a professional manager of India with experience in PTA manufacturing and trade. Daily activity the company is also headed by Mr. Banwari Lal Birla (53) as Vice President Director, and three Directors namely Mr. Vishnu Swaroop Baldwa (53), Mr. Prem Chndra Gupta (61) and Mr. Lokita Prasetya (46). However the prime mover is Mr. Sri Prakash Lohia (60), an Indian businessman with broad experienced in the above business. Mr. S. P. Lohia has a Bachelor of Commerce degree from the University of Delhi in 1971. He founded P.T. Indorama Synthetics Tbk along with his father, Mr. M.L. Lohia, in 1976. He has 35 years of experience in the industry and sits on the boards of various companies of the Indorama Group.

 

We observed that management’s reputation in said business is sufficiently fairly good. The company's management is handled by professional staff in the above business. They have wide relations with private businessmen within and outside the country. So far, we did not hear that the management of the company being filed to the district court for detrimental cases or involved in any business malpractices. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. Considering P.T. INDORAMA PETROCHEMICALS having yet to be in operation, we recommend to treat prudently in business transaction and in extending a loan to the company.

 

Attachment:

 

 

List of the INDORAMA Group Members

 

 

1.       ASHOK TEXTILE Industries, Ltd., Nepal (Textile Industry)

2.       AUTUM INVESTMENT Ltd., Hong Kong (Holding Company)

3.       BANGADUA PETROLEUM, P.T. (Oil & Natural Gas Exploration)

4.       BROOKGRANGE INTERNATIONAL FINANCE LTD., The U.K. (Financing Service)

5.       INDOMULIA MITRAJAYA, P.T. (Shrimp Culture)

6.       INDORAMA CHEMICALS (Thailand) Ltd., Thailand (Chemicals Manufacturing)

7.       INDORAMA NETHERLANDS BV., (Investment Holding)

8.       INDORAMA NETHERLANDS COOPERATIEF U.A. (Investment Holding)

9.       INDORAMA PETROCHEMICALS, P.T. (Purified Terepthtalic/PTA Manufacturing)

10.   INDORAMA POLYPET INDONESIA, P.T. (Polyethylene Terephthalate /PET Resin Manufacturing)

11.   INDORAMA POLYESTER INDUSTRIES INDONESIA, P.T. (Polyester Filament Yarn Industry)

12.   INDORAMA PROJECTS AND SERVICES Ltd., India (Consulting and Investment Holding)

13.   INDORAMA SYNTHETICS (India) Ltd., India (Chemicals Manufacturing)

14.   INDORAMA SYNTHETICS Tbk, P.T. (Spinning Mills)

15.   INDORAMA VENTURES INDONESIA, P.T. (Polyester Filament Yarn and Polyester Resin Industry)

16.   INDORAMA VENTURES PUBLIC LISTED LTD,. Thailand (Polyester Filament Yarn Industry)

  1. INDOSPECT ASIA PETROLEUM BANGADUA, P.T. (Oil and Gas Exploration and Production)

18.   IRAMA DINAMIKA LATEX, P.T. (Latex Goods Manufacturing)

19.   IRAMA UNGGUL, P.T. (Trading and Investment Holding)

20.   ISPAT INDO, P.T. (Steel Goods Making)

21.   ISPAT STEEL, P.T. (Sponge Steel Manufacturing)

22.   JAKARTA MAJU PUSAKA, P.T. (Trading and Suppliers)

23.   LOHIA INDUSTRIES PVT.,LTD., India (Investment Holding)

24.   MITRABANGUN GRIYA, P.T. (Office Block Rental Management)

25.   RAMATEX Ltd., (Hong Kong), (Investment Holding)

26.   SK WAHANA INTERNATIONAL, P.T. (Textile Industry)

27.   THONBURI LACE Co. ,Ltd., Thailand (Investment Holding)

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.31

UK Pound

1

Rs.79.04

Euro

1

Rs.65.82

 

 

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.