MIRA INFORM REPORT

Report Date :

03.11.2012

IDENTIFICATION DETAILS

Name :	OTKRYTOE AKTSIONERNOE OBSCHESTVO SIBENERGOMASH
Registered Office :	Kalinina prosp., 26, Barnaul, Altay Region, 656037
Country :	Russia
Financials (as on) :	01.01.2012
Date of Incorporation :	27.08.2009
Com. Reg. No.:	1092224004707
Legal Form :	Public Joint Stock Company
Line of Business :	Manufacture and sales of power coppers, industrial fans, details of pipelines, vessels and heatexchange equipment, metal products
No. of Employees :	1 000 (approx.) on November, 02, 2012 (company's data)

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Russia	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

russia - ECONOMIC OVERVIEW

Russia has undergone significant changes since the collapse of the Soviet Union, moving from a globally-isolated, centrally-planned economy to a more market-based and globally-integrated economy. Economic reforms in the 1990s privatized most industry, with notable exceptions in the energy and defense-related sectors. The protection of property rights is still weak and the private sector remains subject to heavy state interference. Russian industry is primarily split between globally-competitive commodity producers. In 2011, Russia became the world's leading oil producer, surpassing Saudi Arabia; Russia is the second-largest producer of natural gas; Russia holds the world's largest natural gas reserves, the second-largest coal reserves, and the eighth-largest crude oil reserves. Russia is the third-largest exporter of both steel and primary aluminum. Other less competitive heavy industries remain dependent on the Russian domestic market. Russia's reliance on commodity exports makes it vulnerable to boom and bust cycles that follow the highly volatile swings in global commodity prices. The government since 2007 has embarked on an ambitious program to reduce this dependency and build up the country's high technology sectors, but with few results so far. The economy had averaged 7% growth in the decade following the 1998 Russian financial crisis, resulting in a doubling of real disposable incomes and the emergence of a middle class. The Russian economy, however, was one of the hardest hit by the 2008-09 global economic crisis as oil prices plummeted and the foreign credits that Russian banks and firms relied on dried up. According to the World Bank the government's anti-crisis package in 2008-09 amounted to roughly 6.7% of GDP. The Central Bank of Russia spent one-third of its $600 billion international reserves, the world's third largest, in late 2008 to slow the devaluation of the ruble. The government also devoted $200 billion in a rescue plan to increase liquidity in the banking sector and aid Russian firms unable to roll over large foreign debts coming due. The economic decline bottomed out in mid-2009 and the economy began to grow in the third quarter of 2009. However, a severe drought and fires in central Russia reduced agricultural output, prompting a ban on grain exports for part of the year, and slowed growth in other sectors such as manufacturing and retail trade. High oil prices buoyed Russian growth in 2011 and helped Russia reduce the budget deficit inherited from the lean years of 2008-09. Russia has reduced unemployment since 2009 and has made progress on reducing inflation since 2010. Russia's long-term challenges include a shrinking workforce, a high level of corruption, difficulty in accessing capital for smaller, non-energy companies, and poor infrastructure in need of large investments.

Source : CIA

Comments

Information

The address and the telephone number mentioned in your inquiry belong to the company Otkrytoe aktsionernoe obschestvo "SIBENERGOMASH" (name in English: "SIBENERGOMASH" PUBLIC JOINT STOCK COMPANY). We provide the report on this company.

Summary

Original Name	Otkrytoe aktsionernoe obschestvo "SIBENERGOMASH"
Legal Form	OAO (Public Joint Stock Company by Russian Law)
Year of Foundation	2009
Sales	2 654 036 th RUR for 12 months, ended 01.01.2012
Employees	1 000 (approx.) on November, 02, 2012 (company's data)

Company Identification Details

Original Name	Otkrytoe aktsionernoe obschestvo "SIBENERGOMASH"
Short Name	OAO "SIBENERGOMASH"
Name in English	"SIBENERGOMASH" PUBLIC JOINT STOCK COMPANY
Address	Kalinina prosp., 26, Barnaul, Altay Region, 656037, Russian Federation
Legal Address	Kalinina prosp., 26, Barnaul, Altay Region, 656037, Russian Federation
Phone	+7 (3852) 777520, 778177
Fax	+7 (3852) 778064
E-mail	par@sibenergomash.com
WEB Address	www.sibenergomash.com

Official Company Data

Legal Form	OAO (Public Joint Stock Company by Russian Law)
Date of Registration	27.08.2009
Registration Number	1092224004707
Statistic Code (OKPO)	62352347
Taxpayer Code (INN)	2224135248
Registration Authority	Federal Tax Service of Russian Federation

Public Record Information

Information

The company Otkrytoe aktsionernoe obschestvo "SIBENERGOMASH" was not included in the published list of bankrupt companies.

Share Capital

Current Share Capital

10 000 000 RUR

Shareholders

Total	1 legal person
Shareholder	OAO "NOVAEM"
Address	Dmitrovskoe shosse, 60, Moscow, 127474, Russian Federation
Registration Number	1107746174931
Taxpayer Code (INN)	7713702728
Share	100 %
Comments	The information on the shareholders of the company is presented on 01.10.2012.

Directors

Director	The functions of management of the company are delegated to the management company Otkrytoe aktsyonernoe obschestvo "NOVAEM" (registration number: 1107746174931, taxpayer code (INN): 7713702728). Mr Pakhomov Ruslan Nikolaevich is the director of the company OAO "NOVAEM" .
	Signature Right
Nationality	Russian Federation

Operations

Activities	Manufacture and sales of power coppers, industrial fans, details of pipelines, vessels and heatexchange equipment, metal products. The company enters into the group of companies NOVAEM. Also into the group of companies enter the following companies: OAO "MORSHANSKKHIMMASH", ZAO "ALAPAEVSKIY METALLURGICHESKIY ZAVOD", OOO "MORSHANSKKHIMMASH", OAO "ALAPAEVSKIY METALLURGICHESKIY ZAVOD" and other. The group of companies operates on the market of power coppers, industrial fans, details of pipelines, vessels and heatexchange equipment, metal products.
Staff Employed	1 000 (approx.) on November, 02, 2012 (company's data)
Employees' History	1 000 (approx.) on February, 13, 2012 (company's data)

Real Estate

Own	Office, warehouse, industrial area Address: Kalinina prosp., 26, Barnaul, Altay Region, 656037, Russian Federation (company's data)
Rent	none

Export & Import

Export Countries	2011: Guinea, Mongolia, Iraq, Ukraine, Uzbekistan 2010: Kazakhstan, Armenia, Ukraine, Kirghizia, Hungary, Bosnia and Herzegovina 2009: Kazakhstan, Ukraine
Exported Goods	spare parts, fixture, pumps, boiler equipment
Export Value	in 2011: 873 598 USD in 2010: 8 154 366 USD in 2009: 1 508 583 USD
Import Countries	2011: Germany, Estonia, Ukraine, China, Turkey, Netherlands, Italy, Austria 2010: Italy, Netherlands
Imported Goods	industrial equipment, metal designs, fixture, pumps
Import Value	in 2011: 2 833 037 USD in 2010: 280 045 USD in 2009: none

Branches

Branch

None

Participation

Information

The company OAO "SIBENERGOMASH" is also a shareholder of companies: OAO "BIYSKIY KOTEL'NIY ZAVOD" Address: L. Tolstogo str., 141, Biysk, Altay Region, 659300, Russian Federation Registration Number: 1112204000105 Taxpayer Code (INN): 2204052699 OAO "BIYSKENERGOMASH" Address: Chaykovskogo str., 4, Biysk, Altay Region, 659311, Russian Federation Registration Number: 1112204000116 Taxpayer Code (INN): 2204052709 OAO "NOVAEM" Address: Dmitrovskoe shosse, 60, Moscow, 127474, Russian Federation Registration Number: 1107746174931 Taxpayer Code (INN): 7713702728

Related Companies

Information

The company OAO "NOVAEM" is also a shareholder of companies: OAO "MORSHANSKKHIMMASH" Registration number: 1116809000450 ZAO "ALAPAEVSKIY METALLURGICHESKIY ZAVOD" Registration number: 1116601000064 OOO "MORSHANSKKHIMMASH" Registration number: 1106809000198 OAO "ALAPAEVSKIY METALLURGICHESKIY ZAVOD" Registration number: 1106601000901 Mr Pakhomov Ruslan Nikolaevichis isn't a shareholder or a director of any other companies in Russian Federation.

Bankers

Bank	AKTSIONERNYY KOMMERCHESKIY SBEREGATEL'NYY BANK ROSSIYSKOY FEDERATSII (OAO), Altay branch No 8644, bank code: 040173604 (Russian Federation)
Account(s)	40702810202000002127 (RUR)
Bank	OOO "RAYFFAYZENBANK AVSTRIYA" (Russian Federation)

Financial Data

Profit and Loss (extract)

The following figures are shown in units of 1000

Period, months	12	12	12
Ended	01.01.2012	01.01.2011	01.01.2010
Currency	RUR	RUR	RUR
SALES	2654036	2194440	101891
Cost of Goods sold	2168514	1719951	95253
GROSS PROFIT	485522	474489	6638
Distribution Costs	50503	121726	2765
Management Costs
OPERATING PROFIT	435019	352763	3873
Non Trading Income	-18280	-19365	-3166
PRE TAX PROFIT	416739	333398	707
Taxation	76579	59078
PROFIT AFTER TAX	328134	284922	93

Balance Sheet (extract)

The following figures are shown in units of 1000

As at	01.01.2012	01.01.2011	01.01.2010
Currency	RUR	RUR	RUR
TOTAL FIXED ASSETS	453066	22946	22946
Intangible Assets	327
Fixed Assets	162518	12805	8147
TOTAL CURRENT ASSETS	3673446	1508083	569054
Stock	1204214	317253	158707
Trade debtors	1429742	604896	256619
Cash	16736	79240	10082
TOTAL ASSETS	4126512	1531029	592000
TOTAL EQUITY	601948	273813	10093
Share Capital	10000	10000	10000
Retained Profits	578758	263808	93
TOTAL LONG TERM LIABS	78539	37536	14960
Long Term Loans	55027	25805
TOTAL CURRENT LIABS	3446025	1219680	566948
Short Term Loans	443082	243913	116023
Short Term Trade Creditors	2960452	975768	450925
TOTAL EQUITY & LIABS	4126512	1531029	592000

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	01.01.2012	01.01.2011	01.01.2010
Current Ratio	1,07	1,24	1
Working Capital, x1000 RUR	227421	288403	2106
Quick Ratio	0,72	0,98	0,72
Debt to Equity Ratio	5,86	4,59	57,65
Current Assets Turnover	0,72	1,46	0,18
Total Assets Turnover Ratio	0,64	1,43	0,17
Pre Tax Profit Margin, %	15,7	15,19	0,69
Gross Profit, %	18,29	21,62	6,51
Return on Investment, %	69,23	121,76	7
Return on Assets, %	10,1	21,78	0,12

Clients & Suppliers

Clients

OOO "ARTEKSTEKH" (Ukraine) MEZ KOO (Mongolia) RUSAL FRIGUIA S.A. (Guinea) OAO "ELEKTRICHESKIE STANTSII" (Kirghizia) BELAZ PREMAR SERVIS DOO (Bosnia and Herzegovina) HUNGARO INVEST KFT (Hungary) AO "PAVLODARENERGO" (Kazakhstan) TOO "TARAZSKIY METALLURGICHESKIY ZAVOD" (Kazakhstan) TOO "FIRMA ZHOLDOSTAR" (Kazakhstan)

Suppliers

DALIAN MULTI BEST CO., LTD. (China) MAWIPEX BV (Netherlands) CO.MA.L S.R.L. (Italy) SCHWARZE-ROBITEC GMBH (Germany) CLYDE BERGEMANN GMBH (Germany) TUREKS END. URUNLER PAZARLAMA VE DIS TIC. A.S. (Turkey) OOO "KHAR'KOVSKIY KOTEL'NO-MEKHANICHESKIY ZAVOD" (Turkey) FRONIUS INTERNATIONAL GMBH (Austria) *** The names of foreign partners may be pointed incorrectly as in official documents (declarations) they’re written in Russian. We present our apologies for possible mistakes in transliteration.

Actions at law

The information of Arbitration court of Moscow about judicial claims is presented

Date of registration	02.10.2012
Registration number	A03-14863/2012
Plaintiff	OOO KZ "KVOIT"
Defendant	OAO "SIBENERGOMASH"
Claim sum	1 148 410 RUR
Claim category	Default of obligations under the contract

Date of registration	18.10.2011
Registration number	A03-15145/2011
Plaintiff	OOO "BASHKIRSKAYA GENERIRUYUSCHAYA KOMPANIYA"
Defendant	OAO "SIBENERGOMASH"
Claim sum	2 000 190 RUR
Claim category	Default of obligations under the contract

Date of registration	22.12.2010
Registration number	A03-17822/2010
Plaintiff	OOO "ALTAY-ELEKTROD"
Defendant	OAO "SIBENERGOMASH"
Claim sum	151 330 RUR
Claim category	Default of obligations under the contract

Date of registration	13.12.2010
Registration number	A40-147685/2010
Plaintiff	ZAO "STS LOGISTIK"
Defendant	OAO "SIBENERGOMASH"
Claim sum	1 421 195 RUR
Claim category	Default of obligations under the contract

Date of registration	05.04.2010
Registration number	A03-4202/2010
Plaintiff	OAO "ALTAYENERGOTEKHREMONT"
Defendant	OAO "SIBENERGOMASH"
Claim sum	11 698 753 RUR
Claim category	Default of obligations under the contract

Original Financial Data

(Russian Accounting Report in English)

Balance Sheet

The following figures are shown in units of 1000

ASSETS	Line code	as at 01.01.2010	as at 01.01.2011	as at 01.01.2012
I. NON-CURRENT ASSETS
Intangible assets	110	-	-	327
Fixed assets	120	8147	12805	162518
Construction in progress	130	455	9627	-
Income-bearing investments in tangible assets	135	-	-	-
Long-term financial investments	140	-	-	274858
Deferred tax assets	145	14344	514	60
Other non-current assets	150	-	-	-
Total section I	190	22946	22946	453066
II. CURRENT ASSETS
Inventories	210	158707	317253	1204214
including :
raw materials and other inventories	211	34396	114275	-
livestock	212	-	-	-
work in progress	213	91649	108214	-
finished goods and goods for resale	214	27954	77525	-
goods dispatched	215	-	-	-
expenses related to future periods	216	4709	17240	-
other supplies and expenditures	217	-	-	-
Value added tax on purchased goods	220	1130	10867	23620
Accounts receivable (payments expected beyond 12 months after the reporting date)	230	-	-	-
including :
buyers and customers	231	-	-	-
Accounts receivable (payments expected within 12 months after the reporting date)	240	256619	604896	1429742
including :
buyers and customers	241	17950	163514	-
Short-term investments	250	142516	495827	734782
Monetary assets	260	10082	79240	16736
Other current assets	270	-	-	264352
Total section II	290	569054	1508083	3673446
TOTAL SECTIONS I and II	300	592000	1531029	4126512
EQUITY AND LIABILITIES
III. EQUITY AND RESERVES
Share capital	410	10000	10000	10000
Treasury shares	411	-	-	-
Additional capital	420	-	-	-
Legal reserve	430	-	5	13191
including :
reserves and provisions formed in  accordance with legislation	431	-	-	-
reserves formed in accordance  with foundation documents	432	-	5	-
Retained earnings (loss)	470	93	263808	578758
Total section III	490	10093	273813	601948
IV. NON-CURRENT LIABILITIES
Borrowings	510	-	25805	55027
Deferred tax liabilities	515	14960	11730	23512
Other non-current liabilities	520	-	-	-
Total section IV	590	14960	37536	78539
V. CURRENT LIABILITIES
Borrowings	610	116023	243913	443082
Accounts payable	620	450925	975768	2960452
including :
suppliers and contractors	621	40664	134786	-
salaries payable	622	17241	13326	-
payable to state non-budget funds	623	5937	5693	-
taxes payable	624	3797	39084	-
other creditors	625	383286	782879	-
Dividends payable to participants (shareholders)	630	-	-	-
Income of future periods	640	-	-	-
Reserves for future expenses and payments	650	-	-	-
Other current liabilities	660	-	-	42490
Total section V	690	566948	1219680	3446025
TOTAL SECTIONS III,IV,V	700	592000	1531029	4126512

PROFIT AND LOSS ACCOUNT

The following figures are shown in units of 1000

PARAMETER	Line code	01.01.2012	01.01.2011	01.01.2010
INCOME FROM AND EXPENSES ON ORDINARY ACTIVITIES
Sale of goods, products, work, services (less VAT, excise tax, other similar mandatory payments)	010	2654036	2194440	101891
Cost of goods, products, work, services sold	020	2168514	1719951	95253
Gross profit	029	485522	474489	6638
Selling expenses	030	50503	121726	2765
Administrative expenses	040	-	-	-
Profit (loss) from operations	050	435019	352763	3873
OTHER INCOME AND EXPENSES
Interest income	060	45452	30639	2610
Interest expenses	070	29606	26167	2802
Income from investments in other companies	080	-	-	-
Other operating income	090	153537	29906	598
Other operating expenses	100	187663	53743	3572
Non-operating income	120	-	-	-
Non-operating expenses	130	-	-	-
Profit (loss) before profit tax	140	416739	333398	707
Deferred tax assets	141	-454	13831	14344
Deferred tax liabilities	142	11572	3229	14960
Current profit tax	150	76579	59078	-
Net profit (loss) for the reporting period	190	328134	284922	93

Additional information about shareholders (legal persons)

Below is presented the extended information about the shareholders (legal persons) of subject company.

Name	OAO "NOVAEM"
Legal address	Dmitrovskoe shosse, 60, Moscow, 127474, Russian Federation
Taxpayer code (INN)	7713702728
Registration Number	1107746174931
Share	100 %

Profit and Loss (extract)

The following figures are shown in units of 1000

Period, months	12	12
Ended	01.01.2012	01.01.2011
Currency	RUR	RUR
SALES	40940	23580
Cost of Goods sold
GROSS PROFIT	40940	23580
Distribution Costs	40519	24043
Management Costs
OPERATING PROFIT	421	-463
Non Trading Income	-839	-37
PRE TAX PROFIT	-418	-500
Taxation	29	151
PROFIT AFTER TAX	-447	-651

Balance Sheet (extract)

The following figures are shown in units of 1000

As at	01.01.2012	01.01.2011
Currency	RUR	RUR
TOTAL FIXED ASSETS	2259	1604
Intangible Assets
Fixed Assets	1889	1604
TOTAL CURRENT ASSETS	265588	14608
Stock	1010	616
Trade debtors	7019	12848
Cash	3902	1144
TOTAL ASSETS	267846	16212
TOTAL EQUITY	8900	9348
Share Capital	10000	10000
Retained Profits	-1100	-652
TOTAL LONG TERM LIABS	90650
Long Term Loans	90650
TOTAL CURRENT LIABS	168296	6864
Short Term Loans	696
Short Term Trade Creditors	167219	6864
TOTAL EQUITY & LIABS	267846	16212

Additional information about related companies

Below is presented the extended information about the related companies of subject company.

Name	OOO "MORSHANSKKHIMMASH"
Registration Number	1106809000198
Taxpayer code (INN)	6826512469

Profit and Loss (extract)

The following figures are shown in units of 1000

Period, months	12	12
Ended	01.01.2012	01.01.2011
Currency	RUR	RUR
SALES	253079	38610
Cost of Goods sold	246700	37614
GROSS PROFIT	6379	996
Distribution Costs	740	492
Management Costs
OPERATING PROFIT	5639	504
Non Trading Income	-3766	-265
PRE TAX PROFIT	1873	239
Taxation	337	75
PROFIT AFTER TAX	1287	162

Balance Sheet (extract)

The following figures are shown in units of 1000

As at	01.01.2012	01.01.2011
Currency	RUR	RUR
TOTAL FIXED ASSETS	136425	18911
Intangible Assets	4	5
Fixed Assets	115266	18902
TOTAL CURRENT ASSETS	405983	84112
Stock	159489	59512
Trade debtors	217906	19413
Cash	18092	42
TOTAL ASSETS	542408	103023
TOTAL EQUITY	151459	172
Share Capital	150010	10
Retained Profits	1449	162
TOTAL LONG TERM LIABS	25493	6
Long Term Loans	25242
TOTAL CURRENT LIABS	365456	102845
Short Term Loans	57969	25298
Short Term Trade Creditors	306747	77518
TOTAL EQUITY & LIABS	542408	103023

Name	OAO "ALAPAEVSKIY METALLURGICHESKIY ZAVOD"
Registration Number	1106601000901
Taxpayer code (INN)	6601015771

Profit and Loss (extract)

The following figures are shown in units of 1000

Period, months	12	12
Ended	01.01.2012	01.01.2011
Currency	RUR	RUR
SALES	8471
Cost of Goods sold	11533
GROSS PROFIT	-3062
Distribution Costs
Management Costs	7424
OPERATING PROFIT	-10486
Non Trading Income	-141983
PRE TAX PROFIT	-152469
Taxation
PROFIT AFTER TAX	-122281

Balance Sheet (extract)

The following figures are shown in units of 1000

As at	01.01.2012	01.01.2011
Currency	RUR	RUR
TOTAL FIXED ASSETS	43799
Intangible Assets
Fixed Assets	13373
TOTAL CURRENT ASSETS	405109	10000
Stock	256950
Trade debtors	104447	10000
Cash	673
TOTAL ASSETS	448908	10000
TOTAL EQUITY	-112281	10000
Share Capital	10000	10000
Retained Profits	-122281
TOTAL LONG TERM LIABS	150270
Long Term Loans	150000
TOTAL CURRENT LIABS	410919
Short Term Loans	355776
Short Term Trade Creditors	54427
TOTAL EQUITY & LIABS	448908	10000

Rates of Exchange

RUR - Russian Rouble	01.01.2011:   1 EUR = 40.49 RUR,   1 USD = 30.35 RUR
EUR - EURO	01.01.2010:   1 EUR = 43.46 RUR,   1 USD = 30.19 RUR
USD - US Dollar	01.01.2009:   1 EUR = 41.43 RUR,   1 USD = 29.39 RUR

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.66
UK Pound	1	Rs.83.37
Euro	1	Rs.69.24

INFORMATION DETAILS

Report Prepared by :

MNL

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.