MIRA INFORM REPORT

Report Date :

07.12.2013

IDENTIFICATION DETAILS

Name :	SIA ABX TERMINAL
Registered Office :	Uriekstes 4, Riga, Rigas region, LV 1005
Country :	Latvia
Financials (as on) :	31.12.2012
Date of Incorporation :	23.04.2010
Com. Reg. No.:	40103288033
Legal Form :	Limited Company
Line of Business :	· General warehousing and storage Freight Forwarding
No. of Employees :	64

RATING & COMMENTS

MIRA’s Rating :

B

RATING		TATUS	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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
Latvia	B2	B2

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

Latvia ECONOMIC OVERVIEW

Latvia is a small, open economy with exports contributing nearly a third of GDP. Due to its geographical location, transit services are highly-developed, along with timber and wood-processing, agriculture and food products, and manufacturing of machinery and electronics industries. Corruption continues to be an impediment to attracting foreign direct investment and Latvia's low birth rate and decreasing population are major challenges to its long-term economic vitality. Latvia's economy experienced GDP growth of more than 10% per year during 2006-07, but entered a severe recession in 2008 as a result of an unsustainable current account deficit and large debt exposure amid the softening world economy. Triggered by the collapse of the second largest bank, GDP plunged 18% in 2009. The economy has not returned to pre-crisis levels despite strong growth, especially in the export sector in 2011-12. The IMF, EU, and other international donors provided substantial financial assistance to Latvia as part of an agreement to defend the currency''s peg to the euro in exchange for the government''s commitment to stringent austerity measures. The IMF/EU program successfully concluded in December 2011. The government of Prime Minister Valdis DOMBROVSKIS remained committed to fiscal prudence and reducing the fiscal deficit from 7.7% of GDP in 2010, to 2.7% of GDP in 2012. The majority of companies, banks, and real estate have been privatized, although the state still holds sizable stakes in a few large enterprises, including 99.8% ownership of the Latvian national airline. Latvia officially joined the World Trade Organization in February 1999 and the EU in May 2004. Latvia intends to join the euro zone in 2014.

Source : CIA

Identification

Full Name

:

SIA "ABX Terminal"

Name in English

:

"ABX Terminal" Ltd.

Name in national language

:

SIA "ABX Terminal"

Office Address

:

Uriekstes 4, Riga, Rigas region, LV 1005, Latvia

Legal Address

:

Uriekstes 4, Riga, Rigas region, LV 1005, Latvia

Contacts

:

-	Phone	:	(+371) 67870060
-	Fax	:	(+371) 67871294
-	E-mail	:	nadezda.kuznecova@abx.lv
-	E-mail	:	info@abx.lv
-	WWW	:	www.abx.lv

Company SUMMARY

Legal Form : SIA (Ltd by Latvian law)

Incorporation : 2010

Staff : 64

Litigation events : none Remarks on payments : none

Sales :	1 594 397.00 LVL ( for 12 months, ended 31.12.2012 )
	375 059.00 LVL ( for 12 months, ended 31.12.2011 )

Incorporation

:

2010

Registration Data

Date of registration

:

23.04.2010

Registration number

:

40103288033

Registr. authority

:

Commercial Register (Latvia)

VAT number

:

LV40103288033

Registr. place

:

Latvia

Legal Form

:

SIA (Ltd by Latvian law)

since n/a

Share Capital

:

2 000 LVL (registered)

since n/a

Shareholders

:

-	Mr Golovenko, Dmitrijs (Latvia)				72.00 %
		reg. number	:	260273-11075
		address	:	Ozolciema iela 14/1-64, Riga, Rigas region, Latvia
-	Mrs Belousa, Jelena (Latvia)				10.00 %
		reg. number	:	100584-12710
		address	:	Slokas iela 169-39, Riga, Rigas region, Latvia
-	Mr Miskovs, Vitalijs (Latvia)				10.00 %
		reg. number	:	110682-13103
		address	:	Skudru iela 39/1-43, Riga, Rigas region, Latvia
-	Mrs Talmane, Tatjana (Latvia)				5.00 %
		reg. number	:	071270-10903
		address	:	Ezera iela 9-19, Riga, Rigas region, Latvia
-	Mrs Buka (formerly Cernova), Olga (Latvia)				3.00 %
		reg. number	:	240884-10318
		address	:	Salnas iela 9-41, Riga, Rigas region, Latvia

Board / Executives

Executives

Member of the board

:

Mrs Belousa, Jelena (Latvia)
	pers. code: 100584-12710
	address: Slokas iela 169-39, Riga, Rigas region, Latvia

Member of the board

:

Mr Cinarovs, Romans (Latvia)
	pers. code: 050584-10102
	address: Ieriku iela 66-234, Riga, Rigas region, Latvia

Member of the board

:

Mr Golovenko, Dmitrijs (Latvia)
	pers. code: 260273-11075
	address: Ozolciema iela 14/1-64, Riga, Rigas region, Latvia

Member of the board

:

Mr Miskovs, Vitalijs (Latvia)
	pers. code: 110682-13103
	address: Skudru iela 39/1-43, Riga, Rigas region, Latvia

Accountant

:

Mrs Nadezda Kuznecova (Latvia)

Authorised signature

:

Mrs Belousa, Jelena

Mr Cinarovs, Romans

Mr Golovenko, Dmitrijs

Mr Miskovs, Vitalijs

Changes in Registration Data

- 14.06.2013

:

shareholders

change of shareholder's surname (former Cernova Olga, presently - Buka, Olga)

- 21.02.2012

:

managers, shareholders

- 23.11.2011

:

managers

- 26.09.2011

:

managers

- 08.09.2011

:

managers

- 31.05.2011

:

shareholders

- 28.09.2010

:

shareholders

Activities

:

-	4225	General warehousing and storage
		(NACE 6312: Storage and warehousing)
-	471	Freight Forwarding
		(NACE 6340: Activities of other transport agencies)

Staff employed

:

64

Staff History

:

-	60
	( the data as of 30.09.2013 )
-	43
	( the data as of 31.12.2012 )
-	20
	( the data as of 31.12.2011 )
-	10
	( the data as of 2010 )

Export

:

Russian Federation
by the words of management export makes 99% of sales

Facilities

Real estate

:

rent:
-	Premises
	size/amnt	:	5 000.00 sq.m

Subsidiaries and Participation

:

n/a

Bankers

:

-	Citadele banka (Latvia)

Clients

:

general number - 50

Other associated Companies

:

-	ANYWAY (Latvia)
	address	:	Uriekstes 4, Riga, Rigas region, LV-1005, Latvia
	reg. number	:	40103186597
	/linked through Mr Golovenko - the major shareholder; since the beginning of March 2012 ANYWAY should cease the activity through reorganisation; the major business and personnell was transferred to ABX Terminal/
-	INDUSTRIAL TRADE COMPANY (United Kingdom)
	address	:	Uriekstes 4, Riga, Rigas region, LV-1005, Latvia
	reg. number	:	OC344652
	/linked through Mr Golovenko/
-	WILBERG LLP (Latvia)
	address	:	Uriekstes 4, Riga, Rigas region, LV-1005, Latvia
	reg. number	:	LV90002254102
	/this is a branch of UK company; Dmitry Golovenko - authorised representative/

Litigation

:

none

There are no bankruptcy/insolvency listed in the subject name in the official sources.

Remarks on payment

:

none

There are no on unpaid invoices/defaulted payments noted by local debt collection companies.

Business mortgages

:

none

Financial Elements

Period, months	12	12	12
Ended	31.12.2012	31.12.2011	31.12.2010
Currency	LVL	LVL	LVL
===== BALANCE SHEET ====================
--- A S S E T S --------------------
NON-CURRENT ASSETS
- Intangible assets	456.00	583.00	810.00
- Fixed assets	273 917.00	148 631.00	4 066.00
- Investments in tangible assets
- Financial assets
- Other non-current assets
Non-current assets total	274 373.00	149 214.00	4 876.00
CURRENT ASSETS
- Stock	21 789.00	37 016.00	29 254.00
- Debtors	60 799.00	51 740.00	82 597.00
- Other receivables
- Short-term financial investments
- Cash	32 781.00	13 309.00	4 468.00
- Other current assets
Current assets total	115 369.00	102 065.00	116 319.00
Assets total	389 742.00	251 279.00	121 195.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	2 000.00	2 000.00	2 000.00
- Additional capital
- Other capital
- Reserve capital
- Retained earnings (Non-covered loss)	79 987.00	91 960.00	8 733.00
Capital and reserves total	81 987.00	93 960.00	10 733.00
Provisions	21 735.00	2 924.00	0.00
LONG-TERM LIABILITIES
- Loans and credits
- long-term amounts owed to banks
- Other long-term liabilities
Long-term liabilities total
SHORT-TERM LIABILITIES
- Loans and credits	273.00	0.00
- short-term amounts owed to banks
- Creditors	285 747.00	154 395.00	110 462.00
- trade debts	89 471.00	43 519.00	9 720.00
- accrued payroll
- tax liabilities	10 054.00	11 853.00	1 646.00
- other creditors	186 222.00	99 023.00	99 096.00
- advances received
- Dividends in arrears
- Accrued income, deferred charges
- Other short-term liabilities
Short-term liabilities total	286 020.00	154 395.00	110 462.00
Liabilities total	286 020.00	154 395.00	110 462.00
Equity and liabilities total	389 742.00	251 279.00	121 195.00
===== PROFIT AND LOSS ACCOUNT ==========
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	1 594 397.00	375 059.00	81 882.00
Cost of goods sold	1 479 933.00	248 933.00	58 516.00
Gross profit	114 464.00	126 126.00	23 366.00
Distribution costs
Administrative and management costs	55 120.00	8 281.00	12 988.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable
Interest payable	1 406.00	1 254.00	0.00
Income from participating interests
Other operating income	1 447.00	0.00	70.00
Other operating charges	51 510.00	14 257.00	69.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges
Profit before taxation	7 875.00	102 334.00	10 379.00
Income-tax and other similar payments	18 018.00	11 390.00	1 646.00
Profit (loss) from ordinary activity
Extraordinary income less charges	-6.00	0.00
Net profit	-10 149.00	90 944.00	8 733.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	0.49	27.28	12.68
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	9.61	108.91	96.70
Profit before taxation / Equity
Current assets turnover	13.82	3.67	0.70
Net sales / Current assets
Working capital	-170 651.00	-52 330.00	5 857.00
Current assets - Short-term liabilities
Leverage	0.21	0.37	0.09
Equity / Total assets
Current ratio	0.40	0.66	1.05
Current assets / Short-term liabilities
Quick ratio	0.33	0.42	0.79
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	3.49	1.64	10.29
Total liabilities / Equity

FINAL COMMENTS

The contact person Mr Vitaly Mishkovs (phone: 29720926) has confirmed/provided us with some general information. Our inquory for the fresh financial data is still under consideration. If we get it we will update the report.

APPENDIX A

Financial Statements

Period, months	12	12	12
Ended	31.12.2012	31.12.2011	31.12.2010
Currency	LVL	LVL	LVL
PROFIT AND LOSS ACCOUNT
010 Net turnover	1 594 397.00	375 059.00
020 Cost of sales	-1 479 933.00	-248 933.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	114 464.00	126 126.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs
050 Administrative expenses	-55 120.00	-8 281.00
060 Other operating income	1 447.00	0.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-51 510.00	-14 257.00
070 Income from participating interests
080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income
100 Value adjustments in respect of financial assets and
of investments held as current assets
110 Interest payable and similar charges	-1 406.00	-1 254.00
120 Profit or loss on ordinary activities before taxation	7 875.00	102 334.00
130 Extraordinary income
140 Extraordinary charges	-6.00	0.00
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	7 869.00	102 334.00
160 Income-tax for fiscal period	-5 994.00	-11 390.00
170 Other taxes	-11 771.00	0.00
175 Deferred Income-tax for fiscal period	-253.00	0.00
180 Profit or loss for fiscal period	-10 149.00	90 944.00
995 Depreciation
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
A S S E T S
NON-CURRENT ASSETS
Intangible assets
010 Cost of research and development
020 Concessions, patents, licences, brands, etc.	456.00	583.00
021 Other intangible assets
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets	456.00	583.00
Tangible assets
060 Real estate
061 Long-term investments in leased tangible assets
070 Plant and machinery
080 Other fixtures and fittings, tools and equipment	261 450.00	148 631.00
090 Payments on account and tangible assets in cours	12 467.00	0.00
of construction
091 Prepayment for tangible assets
100 Total tangible assets	273 917.00	148 631.00
III Investment property, total
107 Total biological assets
Financial assets
110 Shares in subsidiaries
120 Loans to subsidiaries
130 Shares in related companies
140 Loans to related companies
150 Other securities and capital participation
160 Other loans
170 Own shares and parts
180 Loans to the members of the company and
the management
182 Trade debtors
184 Deferred income tax asset
190 Total financial assets
200 NON-CURRENT ASSETS TOTAL	274 373.00	149 214.00
CURRENT ASSETS
Stock
210 Raw materials and consumables
220 Work in progress
230 Finished goods and goods for resale	0.00	73.00
240 Orders outstanding
250 Payments on account	21 789.00	36 943.00
260 Working and productive animals
270 Total stock	21 789.00	37 016.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	27 582.00	29 156.00
290 Amounts owed by subsidiaries
300 Amounts owed by related companies
310 Other debts	29 363.00	20 949.00
320 Subscribed capital called but not paid
330 Short-terms loans to the members of the company
and the management
340 Prepayments and accrued	3 854.00	1 635.00
341 Accrued income
343 Deferred tax liabilities
350 Total debtors	60 799.00	51 740.00
Securities current assets and short-term capital
participations
360 Shares in subsidiaries
370 Own shares and parts
380 Other securities and capital participation
385 Financial derivatives
390 Total securities and shares
400 Cash at bank and in hand (total)	32 781.00	13 309.00
410 CURRENT ASSETS TOTAL	115 369.00	102 065.00
420 BALANCE	389 742.00	251 279.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	2 000.00	2 000.00
440 Share premium account
450 Long-term assets revaluation reserve
Reserves
452 Financial instruments revaluation reserve
460 Reserve stipulated by law
470 Reserve for own shares and parts
480 Reserve provided by charter
490 Other reserves
500 Total reserves
Retained earning or uncovered losses
510 Profit or loss brought forward from previous years	90 136.00	1 016.00
520 Profit or loss for the current year	-10 149.00	90 944.00
505 Equity, total
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	81 987.00	93 960.00
PROVISIONS
540 Provisions for pensions and similar obligations	9 964.00	2 924.00
550 Provisions for taxation	11 771.00	0.00
560 Other provisions
570 PROVISIONS TOTAL	21 735.00	2 924.00
CREDITORS
Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions
601 Other loans
602 Advanced payments received
603 Trade debts
610 Amounts owed to subsidiaries
620 Amounts owed to related companies
621 Taxes and social security payments
630 Other creditors
631 Deferred income
632 Non-paid dividends of current year
633 Non-paid dividends of previous years
634 Deferred tax liabilities
640 Total long-term liabilities
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions
671 Other loans	273.00	0.00
680 Advanced payments received
690 Trade debts	89 471.00	43 519.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries
720 Amounts owed to related companies
730 Taxes and social security payments	10 054.00	11 853.00
740 Other creditors	186 222.00	99 023.00
750 Deferred income
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
995 Depreciation
780 Total short-term liabilities	286 020.00	154 395.00
790 CREDITORS TOTAL	286 020.00	154 395.00
800 BALANCE	389 742.00	251 279.00
990 Employees number

- 31.12.2010

:

Fiscal period: 12 month(s), currency: LVL
PROFIT AND LOSS ACCOUNT
010 Net turnover	81 882.00
020 Cost of sales	-58 516.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	23 366.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs
050 Administrative expenses	-12 988.00
060 Other operating income	70.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-69.00
070 Income from participating interests
080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income
100 Value adjustments in respect of financial assets and
of investments held as current assets
110 Interest payable and similar charges	0.00
120 Profit or loss on ordinary activities before taxation	10 379.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	10 379.00
160 Income-tax for fiscal period	-1 646.00
170 Other taxes
175 Deferred Income-tax for fiscal period
180 Profit or loss for fiscal period	8 733.00
995 Depreciation
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
A S S E T S
NON-CURRENT ASSETS
Intangible assets
010 Cost of research and development
020 Concessions, patents, licences, brands, etc.	810.00
021 Other intangible assets
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets	810.00
Tangible assets
060 Real estate
061 Long-term investments in leased tangible assets
070 Plant and machinery
080 Other fixtures and fittings, tools and equipment	4 066.00
090 Payments on account and tangible assets in cours
of construction
091 Prepayment for tangible assets
100 Total tangible assets	4 066.00
III Investment property, total
107 Total biological assets
Financial assets
110 Shares in subsidiaries
120 Loans to subsidiaries
130 Shares in related companies
140 Loans to related companies
150 Other securities and capital participation
160 Other loans
170 Own shares and parts
180 Loans to the members of the company and
the management
182 Trade debtors
184 Deferred income tax asset
190 Total financial assets
200 NON-CURRENT ASSETS TOTAL	4 876.00
CURRENT ASSETS
Stock
210 Raw materials and consumables
220 Work in progress
230 Finished goods and goods for resale	26.00
240 Orders outstanding
250 Payments on account	29 228.00
260 Working and productive animals
270 Total stock	29 254.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	53 800.00
290 Amounts owed by subsidiaries
300 Amounts owed by related companies
310 Other debts	10 228.00
320 Subscribed capital called but not paid
330 Short-terms loans to the members of the company
and the management
340 Prepayments and accrued	18 569.00
341 Accrued income
343 Deferred tax liabilities
350 Total debtors	82 597.00
Securities current assets and short-term capital
participations
360 Shares in subsidiaries
370 Own shares and parts
380 Other securities and capital participation
385 Financial derivatives
390 Total securities and shares
400 Cash at bank and in hand (total)	4 468.00
410 CURRENT ASSETS TOTAL	116 319.00
420 BALANCE	121 195.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	2 000.00
440 Share premium account
450 Long-term assets revaluation reserve
Reserves
460 Reserve stipulated by law
470 Reserve for own shares and parts
480 Reserve provided by charter
490 Other reserves
500 Total reserves
Retained earning or uncovered losses
510 Profit or loss brought forward from previous years	0.00
520 Profit or loss for the current year	8 733.00
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	10 733.00
PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation
560 Other provisions	0.00
570 PROVISIONS TOTAL	0.00
CREDITORS
Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions
601 Other loans
602 Advanced payments received
603 Trade debts
610 Amounts owed to subsidiaries
620 Amounts owed to related companies
621 Taxes and social security payments
630 Other creditors
631 Deferred income
632 Non-paid dividends of current year
633 Non-paid dividends of previous years
634 Deferred tax liabilities
640 Total long-term liabilities
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions
671 Other loans
680 Advanced payments received
690 Trade debts	9 720.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries
720 Amounts owed to related companies
730 Taxes and social security payments	1 646.00
740 Other creditors	99 096.00
750 Deferred income
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
995 Depreciation
780 Total short-term liabilities	110 462.00
790 CREDITORS TOTAL	110 462.00
800 BALANCE	121 195.00
990 Employees number	0.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.67
UK Pound	1	Rs.100.65
Euro	1	Rs.84.25

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.