MIRA INFORM REPORT

 

 

Report Date :

05.09.2012

 

IDENTIFICATION DETAILS

 

Name :

NATURAL FAT (M) SDN BHD

 

 

 

 

Formerly Known As :

PERFECT LOOK SDN BHD (10/03/2011)

 

 

 

 

Registered Office :

No. 45-02, Jalan Dewata Susur Dewata Satu, Taman Larkin Perdana, 80350 Johor Bahru, Johor

 

 

Country :

Malaysia

 

 

Date of Incorporation :

02.11.2007

 

 

Com. Reg. No.:

794293-W

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Investment Holdings

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Unknown

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Malaysia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

MALAYSIA - ECONOMIC OVERVIEW

 

Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. The NAJIB administration also is continuing efforts to boost domestic demand and reduce the economy's dependence on exports. Nevertheless, exports - particularly of electronics, oil and gas, palm oil and rubber - remain a significant driver of the economy. As an oil and gas exporter, Malaysia has profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with strained government finances, has forced Kuala Lumpur to begin to reduce government subsidies. The government is also trying to lessen its dependence on state oil producer Petronas. The oil and gas sector supplies more than 40% of government revenue. The central bank maintains healthy foreign exchange reserves, and a well-developed regulatory regime has limited Malaysia''s exposure to riskier financial instruments and the global financial crisis. Nevertheless, Malaysia could be vulnerable to a fall in commodity prices or a general slowdown in global economic activity because exports are a major component of GDP. In order to attract increased investment, NAJIB has raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but he has encountered significant opposition, especially from Malay nationalists and other vested interests.

Source : CIA

 


* Adopted abbreviations :

SC - Subject Company (the company enquired by you)

 

 

N/A - Not Applicable

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

794293-W

COMPANY NAME

:

NATURAL FAT (M) SDN BHD

FORMER NAME

:

PERFECT LOOK SDN BHD (10/03/2011)

INCORPORATION DATE

:

02/11/2007

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL STATUS

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

NO. 45-02, JALAN DEWATA SUSUR DEWATA SATU, TAMAN LARKIN PERDANA, 80350 JOHOR BAHRU, JOHOR, MALAYSIA.

BUSINESS ADDRESS

:

45-02, JALAN DEWATA, SUSUR DEWATA SATU, TAMAN LARKIN PERDANA, 80350 JOHOR BAHRU, JOHOR, MALAYSIA.

TEL.NO.

:

07-2344567

FAX.NO.

:

07-2344503

CONTACT PERSON

:

SHAHID SALEH MUHAMMAD ( DIRECTOR )

 

 

 

INDUSTRY CODE

:

65992

PRINCIPAL ACTIVITY

:

INVESTMENT HOLDINGS

AUTHORISED CAPITAL

:

MYR 500,000.00 DIVIDED INTO 
ORDINARY SHARE 500,000.00 OF MYR 1.00 EACH.

ISSUED AND PAID UP CAPITAL

:

MYR 500,000.00 DIVIDED INTO 
ORDINARY SHARES 2 CASH AND 499,998 OTHERWISE OF MYR 1.00 EACH.

 

 

 

SALES

:

N/A

NET WORTH

:

N/A

 

 

 

STAFF STRENGTH

:

N/A

BANKER (S)

:

MALAYAN BANKING BHD

LITIGATION

:

CLEAR

DEFAULTER CHECK

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

WEAK

 

 

 

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

 

HISTORY / BACKGROUND

 

The SC is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act, 1965 and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

 

The SC is principally engaged in the (as a / as an) investment holdings.

 

The SC is not listed on Bursa Malaysia (Malaysia Stock Exchange).

 

The major shareholder(s) of the SC are shown as follows :

Name

Address

IC/PP/Loc No

Shareholding

(%)

MR. CHATHUNNY A/L SUKOMARAN

 

780201-01-6675 A3907828

274,999.00

55.00

SHAHID SALEH MUHAMMAD +

03-15, BLOK A, PANGSAPURI PUTRI RIA, JALAN BAYAN 45, TAMAN MEGAH RIA, 81750 MASAI, JOHOR, MALAYSIA.

KG161522

224,999.00

45.00

MR. TAY KIM CHENG

 

330218-01-5283

1.00

0.00

MS. TEOW SUN CHU @ TEO SIEW WAH

20, JALAN BENANG 5,TAMAN SENTOSA, 80150 JOHOR BAHRU, JOHOR, MALAYSIA.

390830-01-5030 2367264

1.00

0.00

 

 

 

---------------

------

 

 

 

500,000.00

100.00

 

 

 

============

=====

 

+ Also Director

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

SABIRA

Address

:

03-15, BLOK A, PANGSAPURI PUTRI RIA, JALAN BAYAN 45, TAMAN MEGAH RIA, 81750 MASAI, JOHOR, MALAYSIA.

IC / PP No

:

KH334735

 

 

 

 

 

 

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

17/02/2012

 

DIRECTOR 2

 

Name Of Subject

:

SHAHID SALEH MUHAMMAD

Address

:

03-15, BLOK A, PANGSAPURI PUTRI RIA, JALAN BAYAN 45, TAMAN MEGAH RIA, 81750 MASAI, JOHOR, MALAYSIA.

IC / PP No

:

KG161522

 

 

 

 

 

 

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

12/11/2007



MANAGEMENT

 

 

 

1)

Name of Subject

:

SHAHID SALEH MUHAMMAD

 

Position

:

DIRECTOR

 

 

 

 

 

 

AUDITOR


No Auditor found in our databank 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. SYARIFAH RUHAIDA BTE SYED A.HAMID

 

IC / PP No

:

A2394873

 

New IC No

:

730310-01-5860

 

Address

:

11-09, SRI BENDAHARA A, BUKIT SAUJANA APARTMENT, 80150 JOHOR BAHRU, JOHOR, MALAYSIA.

 

 

 

 

 

 

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

MALAYAN BANKING BHD

 

 

 

 

 

The SC enjoys normal banking routine with above mentioned banker(s). No adverse record was found during our investigation.

 

 

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation. 

 

LEGAL CHECK AGAINST SC


* A check has been conducted in our databank againt the SC whether the subject has been involved in any litigation. Our databank consists of 99% of the wound up companies in Malaysia.

No legal action was found in our databank. 

No winding up petition was found in our databank. 

DEFAULTER CHECK AGAINST SC


* We have checked through the SC in our defaulters' database which comprised of debtors that have been blacklisted by our customers and debtors that have been placed or assigned to us for collection since 1990. Information was provided by third party where the debt amount can be disputed. Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. 

No blacklisted record & debt collection case was found in our defaulters' databank. 

PAYMENT RECORD

 

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A

 

 

 


The SC is a service provider and it does not deal with trade suppliers. 

CLIENTELE

 

Local

:

N/A

 

 

 

Overseas

:

N/A

 

 

 

Credit Term

:

N/A

 

 

 

 

 

 

Payment Mode

:

N/A


The staff from the registered office refused to reveal any information on the SC's clientele. 

 

OPERATIONS

 

Services

:

INVESTMENT HOLDINGS

 

 

 

 

Competitor(s)

:

BERJAYA ASSETS BHD
KHAZANAH NASIONAL BHD
KSK GROUP BHD
PROTON MARKETING SDN BHD
UEM LAND BHD

 

 

 

 

 

 

 

 

 

Branch

:

NO

 

Other Information:


The SC is principally engaged in the (as a / as an) investment holdings.

The SC is an investment holding company.

However, the staff from the SC's registered office refused to disclose any information on the SC's business operation. 

PROJECTS


No projects found in our databank 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

07-2344567

Match

:

N/A

 

 

 

Address Provided by Client

:

53-02 TAMAN LARKIN IDAMAN LARKIN 80350 MALAYSIA

Current Address

:

45-02, JALAN DEWATA, SUSUR DEWATA SATU, TAMAN LARKIN PERDANA, 80350 JOHOR BAHRU, JOHOR, MALAYSIA.

Match

:

NO

 

 

 

Latest Financial Accounts

:

NO


We have contacted the SC's Accountant and its Company Secretary for the latest financial accounts. However they have rejected our request in view of the confidentiality of the documents.

 

 

Other Investigations


we contacted one of the staff from the registered office and she provided limited information on the SC.

She however refused to disclose the SC's number of employees and she is not aware of the address provided.

FINANCIAL ANALYSIS

 

No latest financial accounts are available at the Registry Office, thus we are not able to comment on the SC's financial performance.

 

 

 

 

 

 

 

Overall financial condition of the SC : N/A

 

 

 

MALAYSIA ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators:

2008

2009

2010

2011*

2012**

 

 

 

 

 

 

Population ( Million)

27.73

28.13

28.35

28.70

29.10

Gross Domestic Products ( % )

4.6

<0.5>

7.2

5.5

5.3

Domestic Demand ( % )

6.9

2.9

6.3

4.8

7.6

Private Expenditure ( % )

7.1

<2.7>

8.1

7.0

8.7

Consumption ( % )

8.4

0.7

6.7

6.3

7.1

Investment ( % )

1.5

<17.2>

17.7

16.2

15.9

Public Expenditure ( % )

6.5

5.2

3.8

7.6

4.7

Consumption ( % )

11.6

3.1

0.2

8.9

3.0

Investment ( % )

0.7

8.0

2.8

0.6

7.0

 

 

 

 

 

 

Balance of Trade ( MYR Million )

129,563

89,650

118,356

116,058

-

Government Finance ( MYR Million )

<34,462>

<28,450>

<40,482>

<45,511>

<43,021>

Government Finance to GDP / Fiscal Deficit ( % )

<4.8>

<4.8>

<5.6>

<5.4>

<4.7>

Inflation ( % Change in Composite CPI)

<3.3>

<5.2>

5.1

3.1

-

Unemployment Rate

3.7

4.5

3.9

3.3

-

 

 

 

 

 

 

Net International Reserves ( MYR Billion )

388

331

329

415

-

Average Risk-Weighted Capital Adequacy Ratio ( % )

1.91

2.87

2.20

3.50

-

Average 3 Months of Non-performing Loans ( % )

13.24

11.08

15.30

14.80

-

Average Base Lending Rate ( % )

6.72

5.53

6.30

6.60

-

Business Loans Disbursed( % )

11.6

10.5

14.7

15.3

-

Foreign Investment ( MYR Million )

23,261.4

22,156.8

22,517.9

23,546.1

-

Consumer Loans ( % )

-

-

-

-

-

 

 

 

 

 

 

Registration of New Companies ( No. )

41,599

41,578

44,148

-

-

Registration of New Companies ( % )

<4.0>

<0.1>

6.2

-

-

Liquidation of Companies ( No. )

27,992

39,075

25,585

-

-

Liquidation of Companies ( % )

23.7

39.6

<34.5>

-

-

 

 

 

 

 

 

Registration of New Business ( No. )

269,866

312,581

271,414

-

-

Registration of New Business ( % )

-

-

-

-

-

Business Dissolved ( No. )

18,885

19,345

19,738

-

-

Business Dissolved ( % )

<7.6>

2.4

2.0

-

-

 

 

 

 

 

 

Sales of New Passenger Cars (' 000 Unit )

497.5

486.3

543.6

363.0

-

Cellular Phone Subscribers ( Million )

25.1

30.1

32.8

35.3

-

Tourist Arrival ( Million Persons )

21.5

23.6

24.6

25.3

-

Hotel Occupancy Rate ( % )

68.0

58.0

63.0

51.3

-

 

 

 

 

 

 

Credit Cards Spending ( % )

17.1

12.8

14.1

15.6

-

Bad Cheque Offenders (No.)

34,834

36,667

33,568

27,208

-

Individual Bankruptcy ( No.)

13,907

16,228

18,119

16,155

-

Individual Bankruptcy ( % )

5.1

16.7

11.7

<10.8>

-

 

 

 

 

 

 



INDUSTRIES ( % of Growth ):

2008

2009

2010

2011*

2012**

 

 

 

 

 

 

Agriculture

3.6

0.4

2.1

4.7

4.1

Palm Oil

7.0

<1.1>

<3.4>

7.3

-

Rubber

<1.1>

<19.8>

9.9

6.4

-

Forestry & Logging

<1.5>

<5.9>

<3.3>

<4.7>

-

Fishing

4.0

5.5

5.6

2.8

-

Other Agriculture

5.9

9.0

7.9

8.5

-

Industry Non-Performing Loans ( MYR Million )

393.0

413.7

508.4

634.1

-

% of Industry Non-Performing Loans

<2.0>

1.3

2.1

3.2

-

 

 

 

 

 

 

Mining

<0.8>

<3.8>

0.2

<2.4>

2.5

Oil & Gas

12.7

2.1

0.5

<1.7>

-

Other Mining

-

-

-

-

-

Industry Non-performing Loans ( MYR Million )

36.0

44.2

49.7

46.5

-

% of Industry Non-performing Loans

0.1

0.1

0.1

0.1

-

 

 

 

 

 

 

Manufacturing #

1.3

<9.4>

11.4

5.6

4.5

Exported-oriented Industries

2.7

<19.0>

12.1

2.8

-

Electrical & Electronics

2.4

<30.3>

28.4

<4.9>

-

Rubber Products

4.2

<10.1>

25.3

15.4

-

Wood Products

<6.0>

<24.1>

20.1

<7.3>

-

Textiles & Apparel

1.9

<19.5>

<0.4>

14.8

-

Domestic-oriented Industries

9.9

<9.8>

16.3

6.3

-

Food, Beverages & Tobacco

9.5

0.2

3.0

4.2

-

Chemical & Chemical Products

1.4

<7.7>

16.2

5.6

-

Plastic Products

6.5

<9.1>

2.4

3.8

-

Iron & Steel

16.8

<32.7>

29.3

2.4

-

Fabricated Metal Products

14.7

<2.5>

14.9

25.2

-

Non-metallic Mineral

8.3

<15.5>

20.2

16.3

-

Transport Equipment

27.1

<13.5>

36.5

<9.4>

-

Paper & Paper Products

8.6

<5.0>

18.7

15.6

-

Crude Oil Refineries

7.8

0.2

<11.4>

9.3

-

Industry Non-Performing Loans ( MYR Million )

5,729.4

6,007.3

6,217.5

6,537.2

-

% of Industry Non-Performing Loans

16.8

18.3

23.8

25.7

-

 

 

 

 

 

 

Construction

2.1

5.8

5.1

4.4

7.0

Industry Non-Performing Loans ( MYR Million )

4,149.8

3,241.8

4,038.5

3,856.9

-

% of Industry Non-Performing Loans

12.2

9.9

10.7

10.2

-

 

 

 

 

 

 

Services

7.3

2.6

6.5

6.4

6.5

Electric, Gas & Water

5.0

0.4

8.5

5.6

4.8

Transport, Storage & Communication

7.8

1.6

7.7

6.5

7.3

Wholesale, Retail, Hotel & Restaurant

10.0

2.8

4.7

5.2

6.9

Finance, Insurance & Real Estate

9.2

3.8

6.1

6.3

6.5

Government Services

8.6

2.0

6.7

7.6

5.6

Other Services

5.9

4.4

4.2

5.4

5.7

Industry Non-Performing Loans ( MYR Million )

8,281.4

6,631.3

7,384.6

6,825.2

-

% of Industry Non-Performing Loans

24.3

20.2

25.7

23.4

-

 

 

 

 

 

 

 

 

 

 

 

 

* Estimate / Preliminary

 

 

 

 

 

** Forecast

 

 

 

 

 

# Based On Manufacturing Production Index 
(Source : Department of Statistics / Economic Report / Bank Negara Report)

 

INDUSTRY ANALYSIS

 

MSIC CODE

65992 : Investment companies

 

 

INDUSTRY :

ECONOMY

 

 

 


The country's gross domestic product (GDP) expanded by 5.8% in the 3rd quarter ended Sept 30 2011 on a year-on-year basis as domestic demand remained resilient while private and public sector spending expanded amid uncertainty and volatility in the external front. The growth in the economy was unexpected as the median for a 4.8% rise while the expansion of the economy was largely supported by higher commodity prices and firm regional demand for non-electric and electronic manufactured goods. The 3rd quarter's economic performance was also due to the receding impact from the supply chain disruption stemming from the Japanese tsunami and earthquake disaster in March 2011 while income growth was supported by higher commodity prices, bonuses and public spending, which contributed to domestic demand.


According to Bank Negara, the risks to global economic growth has increased following developments in the 3rd quarter 2011 and very likely this will impact exports, however, the domestic demand is expected to remain resilient and to continue sustaining growth. Besides, due to the uncertainty and volatility in the external front, the outlook for the 4th quarter 2011 was uncertain at this point. Stronger exports and improved industrial output will lift the 3rd quarter growth but a strong growth in the 4th quarter and first half of 2012 is not in the offing which attributing it to external headwinds, especially supply chain snags from worsening floods in Thailand.


Overall consumption rose 9.9% from 2010 with public sector spending growing a significant 21.7% as funds were distributed for various infrastructure projects and other Economic Transformation Programme initiatives. Private sector spending grew 7.3% from an expansion in private consumption and continued expansion in capital spending. Mega infrastructure projects, such as My Rapid Transit and the River of Life, are going to generate significant multiplier effects in the economy.


Growth strengthened in most economic sectors except mining which declined 6.1%. The agriculture sector was expanded by 8.2%. The services sector grew 7% while the manufacturing sector expanded by 5.1% as supply-chain disruptions were reduced and following higher output of domestic-related industries. The construction sector grew by 3% led by a turnaround in the civil engineering sub-sector.


The interest rates remained supportive of growth unless there were significant developments that heightened growth risks or where inflation rose significantly. The overnight policy rate (OPR) was reduced to 2% in early 2009 due to major economic risks on the horizon, which was not the case this time around as the economy was not contracting. The prospects for a cut in the OPR would increase since the economy might just hit the lower end of the Government's 5% to 5.5% target in 2011 and faced slower growth in 2012.


The anticipated stronger growth in the 3rd quarter will indicate that it is unlikely that Malaysia will enter a recession in the short term but the possibility of the economy underperforming in the medium term has increased, given the softening of external demand following the higher recession risks in the OECD countries. The jump in exports for the past few months was due to sustained increases in demand from Southeast Asia and China.


In conclusion, the outlook for the Malaysian economy is going to be challenging, with the ongoing global economic slowdown in view of the debt crisis in Europe and the weakening of the US economy. Besdies, the loss of growth momentum in Malaysia will continue and become serious enough to sidetrack the country from its long-term development goals.

 

 

OVERALL INDUSTRY OUTLOOK : Marginal Growth

 

CREDIT RISK EVALUATION & RECOMMENDATION

 

 


Incorporated in 2007, the SC is a Private Limited company, focusing on investment holdings. Having been in the industry almost 5 years, the SC has yet to establish its clientele base and mainly depends on a few major clients. Moreover, with a medium share capital of MYR 500,000 contributed by individual shareholders, the SC may face difficulties in its attempt to further expand its business in the future. The SC does not have strong shareholders' backing.Thus, without a strong capital, the business expansion opportunities of the SC is limited. 


We regard that the SC's management capability is weak. Without capable management, the SC is unlikely to be successful and often contribute to unacceptable levels of accountability. Weak management can affect productivity, profitability, sales growth and ultimately can result in the failure of a business.


The SC does not have any financial accounts as per Registry Office. Therefore, our comment on the SC's overall financial performance are restricted thereto.


The potential growth for the industry is marginal and it is quite competitive. It very much depends on the SC's capability in sustaining its performance in the market. 


Based on the above unfavourable condition, we regard granting credit to the SC to be quite risky. Hence, credit is not recommended. 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.54

UK Pound

1

Rs.88.23

Euro

1

Rs.70.02

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.