MIRA INFORM REPORT

 

 

Report Date :           

30.03.2012

 

IDENTIFICATION DETAILS

 

Name :

AGFA GRAPHICS NV

 

 

Registered Office :

Septestraat 27 Mortsel, Post Code 2640

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

29.11.2003

 

 

Com. Reg. No.:

456366588

 

 

Legal Form :

Public Limited Liability Company

 

 

Line of Business :

Manufacture of other chemical products 

 

 

No. of Employees :

536

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

75.000.000 (€)

 

Status :

Good

 

 

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)

Belgium

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Top of Form

 

Company name & address 

 

Business number

456366588

Company name

AGFA GRAPHICS NV

Safe number

BE00338882

Telephone number

034442111

Address

SEPTESTRAAT 27 MORTSEL

Fax number

034447094

Post code

2640

Number of staff

536

Date of establishment

29/11/2003

 

 

 

 

Credit information

 

Credit limit (€)

75.000.000

Purchase limit

266.000.000

 

 

Ultimate holding company

 

Company name

 

Company Number

Agfa Gevaert NV

 

404021727

 

 

Accounts & ratios

 

Date of latest accounts

Turnover

Profit Before Tax

Net worth

31/12/2010

1,156,800,180

65,552,129

890,938,369

31/12/2009

1,064,304,408

-49,148,289

761,170,359

31/12/2008

1,222,343,006

-4,447,532

625,897,762

Accounts & ratios

Date of latest accounts

Balance Total

Investments

Capital

Cash Flow

Number of Employees

31/12/2010

1,795,668,625

329,974,954

1,169,102,930

6,846,752

536

31/12/2009

1,933,302,436

244,643,445

1,169,102,930

10,741,796

530

31/12/2008

1,781,505,297

268,444,853

1,029,101,211

7,394,694

841

Trends

Profitability

 

 

Liquidity

 

 

Net worth

 

 

Payment expectations

Past payments

 

Payment expectation days

50.29

Industry average payment expectation days

51.98

Industry average day sales outstanding

78.74

Day sales outstanding

69.98

Court data summary

Bankruptcy details

Court action type

no

Protested bills

Bill amount

-

NSSO details

Date of summons

-

 

Business number

456366588

Company name

AGFA GRAPHICS NV

Fax number

034447094

Date founded

29/11/2003

Company status

active

Company type

Public Limited Liability Company (BE)

Currency

Euro (€)

Date of latest accounts

31/12/2010

Activity code

20590

liable for VAT

yes

Activity description

Manufacture of other chemical products n.e.c.

VAT Number

BE.0456.366.588

Belgian Bullettin of Acts Publications

moniteur belge

 

 

 

Contractor details

Registered contractor number

-

Contractor description

-

Date struck off register

 

Personnel limit NSSO

Code

-

Description

FROM 500 TO 999 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code

207

Description

Joint committee for the employees off he chemical industry

category

 

Significant Events

Event Date

15/12/2011

Event Description

proposal of merger by absorption filed

Event Details

Commentaar 15-12-2011: Vaststelling voltooiing en van kracht geworden grensoverschrijdende fusie door overneming tussen Agfa Graphics Nv en Agfa-Gevaert Aktiebolag naar Zweeds recht.

 

Export accounts to CSV file

comparison mode

average

median

 

 

 

Profit & loss

 

Annual accounts

31-12-2010

%

31-12-2009

%

31-12-2008

Industry average
2010

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Turnover

1,156,800,180

8.69

1,064,304,408

-12.93

1,222,343,006

77,100,060

1400

Total operating expenses

1,122,623,375

1.04

1,111,014,334

-9.81

1,231,796,075

72,905,471

1439

Operating result

34,176,805

73.17

-46,709,926

-394

-9,453,069

1,415,490

2314

Total financial income

168,978,746

22.92

137,465,336

29.57

106,089,572

4,554,029

3610

Total financial expenses

137,603,423

-1.64

139,903,700

38.40

101,084,035

4,059,903

3289

Results on ordinary operations before taxation

65,552,129

133

-49,148,289

-1005

-4,447,532

1,655,494

3859

Taxation

-3,445,885

89.50

-3,849,966

-5.68

-3,643,000

211,671

-1727

Results on ordinary operations after taxation

68,998,014

152

-45,298,323

-5530

-804,532

1,523,387

4429

Extraordinary items

30,445,725

4087

727,148

29.18

-2,491,555

2,484,466

1125

Other appropriations

0.00

-

0.00

-

0

-

-

Net result

99,443,739

223

-44,571,175

-1252

-3,296,087

4,011,520

2378

other information

Dividends

-

-

-

-

-

16,401,160

-

Director remuneration

-

-

-

-

-

1,006,212

-

Employee costs

55,345,398

-19.63

68,866,582

-21.12

87,303,370

6,201,463

792

      Wages and salary

42,061,754

-18.43

51,564,456

-21.88

66,010,627

4,585,783

817

      Employee pension costs

2,693,356

-

4,640,592

-

4,693,255

1,313,983

104

      Social security contributions

9,296,782

-15.73

11,032,001

-27.62

15,242,809

1,203,718

672

      Other employee costs

1,293,506

-20.62

1,629,533

20.11

1,356,679

291,390

343

Amortization and depreciation

80,174,626

-6.35

85,612,334

14.46

74,796,283

1,587,960

4948

 

 

balance sheet

 

Annual accounts

31-12-2010

%

31-12-2009

%

31-12-2008

Industry average
2010

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Intangible fixed assets

308,428,124

-

338,752,395

-

378,594,448

2,569,361

11904

Tangible fixed assets

6,625,116

-24.19

8,738,975

-44.07

15,626,204

3,792,549

74.69

      Land & building

-

-

-

-

-

1,722,986

-

      Plant & machinery

2,065,025

-21.47

2,629,604

-60.16

6,601,153

2,668,951

-22.63

      Other tangible assets

4,560,091

-25.36

6,109,371

-32.31

9,025,051

556,226

719

Financial fixed assets

329,974,954

34.88

244,643,445

-8.87

268,444,853

48,058,564

586

Total fixed assets

645,028,194

8.93

592,134,815

-10.64

662,665,505

40,663,404

1486

Inventories

110,982,849

7.89

102,870,294

-17.87

125,260,204

5,235,461

2019

      Raw materials & consumables

-

-

-

-

-

3,357,312

-

      Work in progress

2,976,185

-57.33

6,974,185

58.84

4,390,595

801,418

271

      Finished goods

108,006,664

12.63

95,896,109

-20.66

120,869,609

1,621,042

6562

      Other stocks

0

-

0

-

0

66,969

-100

Trade debtors

221,800,856

1.13

219,320,906

2.36

214,266,303

4,784,073

4536

Cash

6,846,752

-36.26

10,741,796

45.26

7,394,694

1,130,825

505

other amounts receivable

799,807,750

-20.55

1,006,628,456

30.82

769,480,426

9,646,808

8190

Miscellaneous current assets

11,202,224

597

1,606,169

-34.12

2,438,165

1,078,143

939

Total current assets

1,150,640,431

-14.21

1,341,167,621

19.87

1,118,839,792

19,747,858

5726

current liabilities

Trade creditors

154,691,063

-11.28

174,357,884

1.74

171,368,070

3,949,211

3817

Short term group loans

-

-

-

-

-

-

-

Other short term loans

315,533,671

-40.81

533,103,240

6.54

500,382,472

15,630,289

1918

Miscellaneous current liabilities

111,711,998

-0.39

112,145,316

32.91

84,375,967

1938

- -

Total current liabilities

581,936,732

-29.00

819,606,440

8.40

756,126,509

24,666,670

2259

Long term debts

Long term group loans

-

-

-

-

-

-

- -

Other long term loans

-

-

-

-

-

-

- -

Other long term liabilities

14,365,400

4.30

13,773,242

-34.06

20,886,578

1,215,546

1081

Total long term debts

14,365,400

4.30

13,773,242

-34.06

20,886,578

6,342,979

126

shareholders equity

Issued share capital

1,169,102,930

0

1,169,102,930

13.60

1,029,101,211

11,868,380

9750

Share premium account

-

-

-

-

-

17,958,588

-

Reserves

30,263,563

43.75

-69,180,176

-181

-24,609,001

9,732,543

210

Revaluation reserve

-

-

-

-

-

4,874,514

-

Total shareholders equity

1,199,366,493

9.04

1,099,922,754

9.50

1,004,492,210

23,681,265

4964

Working capital

568,703,699

9.04

521,561,181

43.79

362,713,283

-4,918,812

11561

Net worth

890,938,369

17.05

761,170,359

21.61

625,897,762

20,775,999

4188

 

 

ratio analysis

 

Annual accounts

31-12-2010

change(%)

31-12-2009

change(%)

31-12-2008

Industry average
2010

%

Trading performance

Profit Before Tax

5.67

122

-4.62

-1183

-0.36

13,00

-56.38

Return on capital employed

5.40

122

-4.41

-925

-0.43

14,00

-61.43

Return on total assets employed

3.65

143

-2.54

-916

-0.25

-1.861,00

0.20

Return on net assets employed

5.47

122

-4.47

-915

-0.44

-4,00

136

Sales / net working capital

2.03

-0.49

2.04

-39.47

3.37

-8,00

0.00

Stock turnover ratio

9.59

-0.83

9.67

-5.66

10.25

15,00

-36.07

Debtor days

69.98

-6.97

75.22

17.57

63.98

106,00

-33.98

Creditor days

50.29

-12.20

57.28

12.80

50.78

55,00

-8.56

short term stability

Current ratio

1.98

20.73

1.64

10.81

1.48

8,00

198

Liquidity ratio / acid ratio

1.79

18.54

1.51

15.27

1.31

7,00

-74.43

Current debt ratio

0.49

-34.67

0.75

0

0.75

-1,00

49.00

Liquidity ratio reprocessed

-

-

-

-

-

-

-

long term stability

Gearing

26.31

-45.72

48.47

-2.69

49.81

180,00

-85.38

Equity in percentage

80.64

16.90

68.98

-3.66

71.60

-42.860,00

0.19

Total debt ratio

0.50

-34.21

0.76

-1.30

0.77

0,00

-

 

Limit History

no limit history data found

Industry comparison

Activity code

20590

Activity description

Manufacture of other chemical products n.e.c.

Suspension of payments / moratorium history

Amount

-

Details

-

Payment expectations

Payment expectation days

50.29

Day sales outstanding

69.98

Industry comparison

Activity code

20590

Activity description

Manufacture of other chemical products n.e.c.

Industry average payment expectation days

51.98

Industry average day sales outstanding

78.74

Industry quartile analysis

Payment expectations

Company result

50.29

Lower

76.66

Median

57.35

Upper

41.17

 

Day sales outstanding

Company result

69.98

Lower

63.01

Median

46.63

Upper

22.94

 

 

Summary

 

Group - Number of Companies

27

Linkages - Number of Companies

154

Number of Countries

42

 

 

Group Structure

 

Company name

 

Number

Latest
financials

- AGFA GEVAERT NV

 

404021727

31-12-2010

- - AGFA GRAPHICS NV

 

456366588

31-12-2010

- - - AGFA-DOTRIX NV

 

862335641

31-12-2010

- - - GANDI INNOVATIONS BVBA

 

862048106

31-12-2010

- - - AGFA GEVAERT AB SOC.ETR. E.P.B.

 

 

 

- - - AGFA GRAPHICS ASIA LTD SOC.ETR. E.P.B.

 

 

 

- - - AGFA GRAPHICS AUSTRIA GMBH SOC.ETR. E.P....

 

 

 

- - - AGFA GRAPHICS CZECH REPUBLIC S.R.O. SOC....

 

 

 

- - - AGFA-GEVAERT AS . VKB

 

 

 

- - - GANDI INNOVATIONS FZCO SOC.ETR. E.P.B.

 

 

 

- - - OY AGFA GEVAERT SOC.ETR. E.P.B.

 

 

 

- - AGFA HEALTHCARE NV

 

403003524

31-12-2010

- - - QUADRAT IN VEREFFENING

 

426312921

31-12-2008

- - - AGFA HEALTHCARE ARGENTINA SA

 

 

 

- - AGFA-FINANCE N.V.

 

436501879

31-12-2010

- - - AGFA FINANCE POLSKA SP. Z O.O. SA

 

 

 

- - - AGFA FINANCE CORPORATION SA

 

 

 

- - - AGFA FINANCE INC. SA

 

 

 

- - - AGFA FINANCE ITALY SPA SA

 

 

 

- - - AGFA FINANCE PTY LTD SA

 

 

 

- - - AGFA SOLUTIONS SAS SA

 

 

 

- - AGIF N.V. NV

 

428599151

31-12-2010

- - LUITHAGEN N.V. NV

 

425745668

31-12-2010

- - MORTSELSE IMMOBILIENVENNOOTSCHAP NV

 

404027269

31-12-2010

- - AGFA CORPORATION SOC.ETR. E.P.B.

 

 

 

- - AGFA GEVAERT A.E.B.E. SOC.ETR. E.P.B.

 

 

 

- - AGFA GEVAERT MEXICO SOC.ETR. E.P.B.

 

 

 

 

 

Minority Shareholders

 

No minority shareholders found

 

 

Minority Interests

 

Business number

Company name

 

%

Date of accounts

-

DIGITAL ILLUSTRATE INC. SOC.ETR. E.P.B.

 

20

-

-

AGFA GEVAERT MEXICO SOC.ETR. E.P.B.

 

0.2

-

 

 

Companies that match this address

 

Business number

Company name

Date of accounts

403003524

AGFA HEALTHCARE NV

31/12/2010

403650058

MEDIFILM NV

31/12/2001

403650058

MEDIFILM NV

31/12/2001

404021727

AGFA GEVAERT NV

31/12/2010

404021826

GEVAERT PHOTO-PRODUCTEN NV

-

404027269

MORTSELSE IMMOBILIENVENNOOTSCHAP NV

31/12/2010

404040830

ORTELIUS NV

31/05/2005

409700581

PENSIOENFONDS LIEVEN GEVAERT VZW

-

421755208

GEVAERT BELEGGINGSMAATSCHAPPIJ IN VEREFFENING NV

-

425745668

LUITHAGEN N.V. NV

31/12/2010

426312921

QUADRAT IN VEREFFENING

31/12/2008

428599151

AGIF N.V. NV

31/12/2010

428599151

AGIF N.V. NV

31/12/2010

429231631

PENSIOENFONDS AGFA-GEVAERT V.Z.W. VZW

-

429758696

AGFA-GEVAERT INTERNATIONAL NV

30/11/2010

429758696

AGFA-GEVAERT INTERNATIONAL NV

30/11/2010

436501879

AGFA-FINANCE N.V.

31/12/2010

436501879

AGFA-FINANCE N.V.

31/12/2010

437721606

KADER INFORMATICA CLUB VZW VZW

-

449189083

AGFA-GEVAERT-INFORMATICA-CLUB VZW

-

449295387

AGFA-GEVAERT=METZLER ORGELBAU AG . BTW

-

453972569

AGFA-GEVAERT=AGFA-GEVAERT B.V. . BTW

-

457390731

STERLING DIAGNOSTIC IMAGING (BELGIUM) NV

30/06/1999

461526889

GEVAERT NV

31/12/2005

477088659

AGFA-GEVAERT=AGFA-GEVAERT AG . BTW

-

480383194

AGFA GEVAERT=AGFA CORPORATION . BTW

-

808309908

VAT UNIT AGFA

-

810156470

AGFA FINCO NV

31/12/2010

824052909

CRBA MANAGEMENT BVBA

-

851596256

GEVAERT NV

-

862048106

GANDI INNOVATIONS BVBA

31/12/2010

877055291

AGFA-GEVAERT=AGFA-GEVAERT HEALTH NV

-

879156629

AGFA-GEVAERT GRAPHIC SYSTEMS

-

881671897

AGFA-GEVAERT=CEA AKTIEBOLAG NV

-

889494750

AGFA HEALTH CARE INTERNATIONAL NV

31/12/2010

 

Linked Companies

 

Name

 

Safe number

number

Latest Key financials

Turnover

AGFA HEALTHCARE ENTREPRISE SOLUTIONS

 

FR04739432

414599589

31.12.2010

€93.551.020

AGFA GRAPHICS LIMITED

 

UK05635300

05991659

31.12.2010

£77.657.000

AGFA GEVAERT SA

 

FR12688782

775729197

31.12.2010

€258.416.633

AGFA-GEVAERT HEALTHCARE GMBH

 

DE02483726

HRB 55399

31.12.2010

€188.555.000

AGFA-GEVAERT GRAPHIC SYSTEMS GMBH

 

DE01530319

HRB 55354

31.12.2010

€204.440.939

AGFA HEALTHCARE AG

 

DE01345305

HRB 3886

31.12.2010

€42.252.887

AGFA HEALTHCARE UK LIMITED

 

UK05960498

06317215

31.12.2010

£15.467.000

AGFA-GEVAERT AKTIENGESELLSCHAFT FÜR ALTERSVERSORGUNG

 

DE01415936

HRB 55784

31.12.2010

-

AGFA-GEVAERT AKTIEBOLAG

 

SE00556825

5560082488

31.12.2010

47.274 KSEK

AGFA SOLUTIONS

 

FR13427147

652003112

31.12.2010

€6.418.276

AGFA HEALTHCARE NORWAY AS

 

NO01065766

991341277

31.12.2010

-

AGFA GRAPHICS NORWAY AS

 

NO01065762

991341226

31.12.2010

€1.933.282

OY AGFA-GEVAERT AB

 

FI00750877

02004988

31.12.2010

€2.762.000

AGFA-GEVAERT B.V.

 

NL01396285

27010967

31.12.2010

€6.342.000

CEA AKTIEBOLAG

 

SE00561567

5560380478

01.12.2007

51.552 KSEK

AGFA-GEVAERT LIMITED

 

UK00011683

00103198

31.12.2010

£18.232.000

AGFA HEALTHCARE GMBH

 

DE01651769

HRB 9069

31.12.2010

€144.399.240

MEDICAL PARTNERS AG

 

DE00036948

HRB 12849

31.12.2007

€95.586.152

AGFA LIMITED

 

IE00009146

IE015007

31.12.2010

€1.583.326

AGFA GRAPHICS NETHERLANDS B.V.

 

NL01506652

27301934

31.12.2010

-

 

Protested bills

 

Drawee name

-

Address

-

Bill amount

-

Bill currency

-

Maturity of bill

-

Name of drawer

-

City of drawer

-

 

NSSO details

 

Business number

456366588

Name of defendant

-

Legal form of defendant

-

Date of summons

-

Labour court

-

 

Bankruptcy details

 

There is no bankruptcy data against this company

 

 

 

court data

 

there is no data for this company

 

Current director details

 

Name

STEFAAN VANHOOREN

Position

Director

Street

233 MOLENSTRAAT KRUIBEKE

Post code

9150

Country

Belgium

 

Name

CHRISTIAN REINAUDO

Position

Director

Street

32 AVENUE DE LA GARE

Post code

95320

Country

France

 

 

Former director details

 

Name

PIERRE COTTENIE

Position

Managing Director

Date of birth

21/09/1954

Street

54 DRIESSTRAAT MELLE

Post code

9090

Country

Belgium

 

Name

PIERRE COTTENIE

Position

Director

Date of birth

21/09/1954

Street

54 DRIESSTRAAT MELLE

Post code

9090

Country

Belgium

 

 

Name

INGRID MERCKX

Position

Director

Street

98 GELDENAAKSEVEST LEUVEN

Post code

3000

Country

Belgium

 

Name

PAUL VEITHEN

Position

Managing Director

Street

41 JONKERSAARD EDEGEM

Post code

2650

Country

Belgium

 

 

Name

PAUL VEITHEN

Position

Director

Street

41 JONKERSAARD EDEGEM

Post code

2650

Country

Belgium

 

Name

PAUL VEITHEN

Position

Chairman of the Board

Street

41 JONKERSAARD EDEGEM

Post code

2650

Country

Belgium

 

 

Name

LUDO VANREUSEL

Position

Director

Street

1 STELENSEHULST GEEL

Post code

2440

Country

Belgium

 

Name

LUDO VANREUSEL

Position

Managing Director

Street

1 STELENSEHULST GEEL

Post code

2440

Country

Belgium

 

 

Name

FREDERIK DEHING

Position

Director

Street

262 SINT-SERVAESSTRAAT KAMPENHOUT

Post code

1910

Country

Belgium

 

Name

MARC OP DE BEECK

Position

Director

Street

24 PASTOOR EYKENSLAAN LINT

Post code

2547

Country

Belgium

 

 

Name

WERNER VANDERHAEGHE

Position

Director

Date of birth

08/04/1951

Street

1 OLMENDREEF LEBBEKE

Post code

9280

Country

Belgium

 

Name

ANNE VLEMINCKX

Position

Director

Street

11 BEEKSTRAAT HAACHT

Post code

3150

Country

Belgium

 

 

Name

LUDO VERHOEVEN

Position

Director

Street

28 OOSTMALLEBAAN ZOERSEL

Post code

2980

Country

Belgium

 

Name

JOZEF (JO) CORNU

Position

Director

Street

13 GROUWESTEENSTRAAT SINT-GILLIS-WAAS

Post code

9170

Country

Belgium

 

 

Name

KRIS HOORNAERT

Position

Director

Date of birth

09/05/1964

Street

84 LEUVENSESTRAAT TIENEN

Post code

3300

Country

Belgium

 

Name

MARC RENAAT JOANNES OLIVIÉ

Position

Director

Date of birth

23/01/1954

Street

 

Post code

 

Country

United States

 

 

Name

FRANCIS DELWICHE

Position

Legal Representative

Street

 

Post code

 

Country

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.15

UK Pound

1

Rs.81.41

Euro

1

Rs.68.22

 

 

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.