MIRA INFORM REPORT

Report Date :

10.01.2013

IDENTIFICATION DETAILS

Name :	MEDIPLANTEX NATIONAL PHARMACEUTICAL JOINT STOCK COMPANY
Registered Office :	No. 358 Giai Phong Street - Phuong Liet Ward, Thanh Xuan District, Ha Noi City
Country :	Vietnam
Financials (as on) :	31.12.2010
Year of Establishment :	1958
Com. Reg. No.:	0100108430
Legal Form :	Joint Stock Company
Line of Business :	Trading in pharmaceutical products, cosmetics, nutritional foods
No. of Employees :	530 persons

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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Vietnam	b1	b1

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

vietnam - ECONOMIC OVERVIEW

Vietnam is a densely-populated developing country that in the last 30 years has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. While Vietnam's economy remains dominated by state-owned enterprises, which still produce about 40% of GDP, Vietnamese authorities have reaffirmed their commitment to economic liberalization and international integration. They have moved to implement the structural reforms needed to modernize the economy and to produce more competitive export-driven industries. Vietnam joined the World Trade Organization in January 2007 following more than a decade-long negotiation process. Vietnam became an official negotiating partner in the developing Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to about 22% in 2011, while industry's share increased from 36% to 40% in the same period. Deep poverty has declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession has hurt Vietnam's export-oriented economy, with GDP in 2009-11 growing less than the 7% per annum average achieved during the last decade. In 2011, exports increased by more than 33%, year-on-year, and the trade deficit, while reduced from 2010, remained high, prompting the government to maintain administrative trade measures to limit the trade deficit. Vietnam's managed currency, the dong, continues to face downward pressure due to a persistent trade imbalance. Since 2008, the government devalued it in excess of 20% through a series of small devaluations. Foreign donors pledged nearly $8 billion in new development assistance for 2011. However, the government's strong growth-oriented economic policies have caused it to struggle to control one of the region's highest inflation rates, which reached as high as 23% in August 2011 and averaged 18% for the year. In February 2011, Vietnam shifted its focus away from economic growth to stabilizing its economy and tightened fiscal and monetary policies. In early 2012 Vietnam unveiled a broad "three pillar" economic reform program, proposing the restructuring of public investment, state-owned enterprises and the banking sector. Vietnam's economy continues to face challenges from low foreign exchange reserves, an undercapitalized banking sector, and high borrowing costs. The near-bankruptcy and subsequent default of the state-owned-enterprise Vinashin, a leading shipbuilder, led to a ratings downgrade of Vietnam's sovereign debt, exacerbating Vietnam's borrowing difficulties.

Source : CIA

SUBJECT IDENTIFICATION & LEGAL FORM

Current legal status
English Name	MEDIPLANTEX NATIONAL PHARMACEUTICAL JOINT STOCK COMPANY
Vietnamese Name	CONG TY CO PHAN DUOC TRUNG UONG MEDIPLANTEX
Trade name	MP
Short name	MEDIPLANTEX., JSC
Type of Business	Joint stock company
Year Established	1958
Establishment Decision	4410/QD-BYT
Date of Issuance	07 Dec 2004
Place of Issuance	Ministry of Health
Business Registration No.	0100108430
Date of Registration	24 Aug 2010
Place of Registration	Hanoi Department of Planning and Investment
Current registered capital	VND 50,241,000,000
Status	Unlisted
Tax code	0100108430
Total Employees	530

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Business Registration No: No 0103007436 Changed to: The same tax code No 0100108430	24 Aug 2010
2	Subject has got former registered capital: 50,136,000,000 VND Changed to: 50,241,000,000 VND	03 Jun 2008
3	Subject has got former Registered Vietnamese Name: CONG TY DUOC LIEU TRUNG UONG 1 Changed to: CONG TY CO PHAN DUOC TRUNG UONG MEDIPLANTEX	12 Apr 2005
4	Subject has got former Registered English Name: NATIONAL MEDICINAL PLANT COMPANY NO.I Changed to: MEDIPLANTEX NATIONAL PHARMACEUTICAL JOINT-STOCK COMPANY	12 Apr 2005
5	Subject has got former Business Registration No: 108216, Issuance on May 22nd 1993 Changed to: 0103007436	12 Apr 2005
6	Subject has got former Type of Business: State owned company Changed to: Joint stock company pursuant to decision No 4410/QĐ-BYT	07 Dec 2004
7	Subject has got former Registered Vietnamese Name: CONG TY THUOC NAM – THUOC BAC Changed to: CONG TY CONG TY DUOC LIEU CAP I, Changed to: CONG TY DUOC LIEU TRUNG UONG 1	1984

ADDRESSES

Head Office
Address	No. 358 Giai Phong Street - Phuong Liet Ward, Thanh Xuan District, Ha Noi City, Vietnam
Telephone	(84-4) 3864 3368 - 3864 3367 - 3864 3363
Fax	(84-4) 3864 1584
Email	meplan@fpt.vn
Website	www.mediplantex.com
Note: This is also the factory No.1 location. Subject also has another factory (Factory No.2 that afford GMP – WHO, GLP, GSP standards in Vinh Phuc province.
Factory Address
Address	Tien Phong Ward, Me Linh District, Ha Noi City, Vietnam
Branch in Ho Chi Minh
Address	No. 266/4 To Hien Thanh Street - Ward 15, 10 District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3970 0321
Fax	(84-8) 3970 0321
Manager	Mr. VU ANH TUAN
Branch in Dak Lak
Address	249 Nguyen Du Str, Buon Ma Thuot City, Dak Lak Province, Vietnam
Telephone	(84-50) 385 6015
Fax	(84-50) 385 6015
Branch in Bac Giang
Address	Alley 3 - Nguyen Van Cu Str, Bac Giang City, Bac Giang Province, Vietnam
Telephone	(84-240) 3856 777
Fax	(84-240) 3554 565
Note: Besides, the subject also has many rep.office, branches and pharmacy in many other provinces of Vietnam. It also has one rep.office in Laos.

DIRECTORS

1. NAME	Mr. TRAN BINH DUYEN
Position	Chairman
Date of Birth	02 Mar 1947
ID Number/Passport	011800636
ID Issue Date	23 Jul 1993
ID Issue Place	Police of Hanoi city
Resident	No.10 - 183 Alley Dang Tien Dong - Trung Liet Ward, Dong Da District, Ha Noi City, Vietnam
Nationality	Vietnamese
Tel/Mobil phone	(84-4) 3864 3363
2. NAME	Ms. DOAN THI HONG THUY
Position	General Director
Date of Birth	18 Sep 1950
ID Number/Passport	011095016
ID Issue Date	03 Jul 2000
ID Issue Place	Hanoi Punlic Security Dept
Resident	137 Trung Liet Str, Dong Da District, Ha Noi City, Vietnam
Nationality	Vietnamese
Tel/Mobil phone	(84-4) 3864 7416
3. NAME	Ms. NGUYEN THI TOAN
Position	Deputy General Director
Nationality	Vietnamese
Tel/Mobil phone	(84-4) 38643363
4. NAME	Mr. HA XUAN SON
Position	Deputy General Director
Nationality	Vietnamese
Tel/Mobil phone	(84-4) 3864 3363
5. NAME	Mr. PHUNG MINH DUNG
Position	Deputy General Director
Nationality	Vietnamese
6. NAME	Ms. NGUYEN THI TOAN
Position	Chief Accountant
Nationality	Vietnamese
Tel/Mobil phone	(84-4) 38643363
7. NAME	Mr. BUI XUAN DUNG
Position	Import – Export Manager
Resident	Ha Noi City, Vietnam
Nationality	Vietnamese
Qualification	Bachelor

BUSINESS NATURE AND ACTIVITIES

- Trading in pharmaceutical products, cosmetics, nutritional foods
- Trading in materials for pharmaceutical production
- Import and export service
- Trading medical equipments.

IMPORT & EXPORT ACTIVITIES

IMPORT:
· Types of products	Materials
· Market	Canada (Tenamid Corp), Denmark, France, India, Korea …
· Mode of payment	L/C; T/T
EXPORT:
· Types of products	Finished products
· Market	Japan, China, Laos, Cambodia, Russia …
· Mode of payment	L/C; T/T

BANKERS

1. JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM TRANSACTION CENTER
Address	No 31 -33 Ngo Quyen, Hoan Kiem District, Ha Noi City, Vietnam
Telephone	(84-4) 3936 8547
Fax	(84-4) 3824 1395 / 3936 5534
2. BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM THANG LONG BRANCH
Address	No.8 Pham Hung, Cau Giay District, Ha Noi City, Vietnam
Telephone	(84-4) 3838 7118
Fax	(84-4) 3836 3704
3. VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT LANG HA BRANCH
Address	No.24 Lang Ha Street, Dong Da District, Ha Noi City, Vietnam
Telephone	(84-4) 3776 3773
Fax	(84-4) 3831 2250
VND Account	1400.311.0102.79

SHAREHOLDERS

1. NAME	VIETNAM PHARMACEUTICAL CORPORATION
Business Registration	0106001031
Date of Registration	16 Dec 2008
Place of Registration	Ha Noi City Department of Planning and Investment
Representative	HA XUAN SON
Registered Capital	VND 1,338,544,248,430
Tax code	0100109385
Address	No.138B Giang Vo Str, Ba Dinh District, Ha Noi City, Vietnam
Tel	(84-4) 3844 3153/ 3844 3151
Fax	(84-4) 3844 3665
Number of shares	571,000
Value of shares	VND 5,710,000,000
Percentage	11.37%
2. NAME	663 OTHER SHAREHOLDERS
Number of shares	4,453,100
Value of shares	VND 44,531,000,000
Percentage	88.63%

FINANCIAL DATA

BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2010	31/12/2009	31/12/2008
Number of weeks	52	52	52
ASSETS
A – CURRENT ASSETS	195,510,031,165	234,234,069,494	220,575,000,000
I. Cash and cash equivalents	6,648,109,322	30,161,957,188	7,282,000,000
1. Cash	6,648,109,322	30,161,957,188	7,282,000,000
2. Cash equivalents	0	0	0
II. Short-term investments	0	0	0
1. Short-term investments	0	0	0
2. Provisions for devaluation of short-term investments	0	0	0
III. Accounts receivable	117,382,297,896	117,583,302,069	82,368,000,000
1. Receivable from customers	112,086,828,032	113,493,186,746	73,726,000,000
2. Prepayments to suppliers	4,338,082,437	3,129,854,807	4,557,000,000
3. Inter-company receivable	0	0	0
4. Receivable according to the progress of construction	0	0	0
5. Other receivable	957,387,427	960,260,516	4,085,000,000
6. Provisions for bad debts	0	0	0
IV. Inventories	69,028,655,278	83,672,994,465	127,008,000,000
1. Inventories	69,366,372,110	84,466,486,589	127,169,000,000
2. Provisions for devaluation of inventories	-337,716,832	-793,492,124	-161,000,000
V. Other Current Assets	2,450,968,669	2,815,815,772	3,917,000,000
1. Short-term prepaid expenses	0	0	0
2. VAT to be deducted	860,045,601	951,190,767	1,511,000,000
3. Taxes and other accounts receivable from the State	0	0	28,000,000
4. Other current assets	1,590,923,068	1,864,625,005	2,378,000,000
B. LONG-TERM ASSETS	94,281,063,015	92,146,248,393	88,370,000,000
I. Long term accounts receivable	0	0	0
1. Long term account receivable from customers	0	0	0
2. Working capital in affiliates	0	0	0
3. Long-term inter-company receivable	0	0	0
4. Other long-term receivable	0	0	0
5. Provisions for bad debts from customers	0	0	0
II. Fixed assets	78,836,540,877	82,304,468,180	80,422,000,000
1. Tangible assets	62,752,837,108	66,558,310,774	70,164,000,000
- Historical costs	98,641,493,475	95,580,574,038	92,687,000,000
- Accumulated depreciation	-35,888,656,367	-29,022,263,264	-22,523,000,000
2. Financial leasehold assets	0	0	0
- Historical costs	0	0	0
- Accumulated depreciation	0	0	0
3. Intangible assets	782,322,774	5,942,088,685	6,090,000,000
- Initial costs	910,925,328	6,220,255,965	6,200,000,000
- Accumulated amortization	-128,602,554	-278,167,280	-110,000,000
4. Construction-in-progress	15,301,380,995	9,804,068,721	4,168,000,000
III. Investment property	0	0	0
Historical costs	0	0	0
Accumulated depreciation	0	0	0
IV. Long-term investments	1,395,523,427	1,395,523,427	100,000,000
1. Investments in affiliates	0	0	0
2. Investments in business concerns and joint ventures	0	0	0
3. Other long-term investments	1,395,523,427	1,395,523,427	100,000,000
4. Provisions for devaluation of long-term investments	0	0	0
V. Other long-term assets	14,048,998,711	8,446,256,786	7,848,000,000
1. Long-term prepaid expenses	14,048,998,711	8,446,256,786	7,848,000,000
2. Deferred income tax assets	0	0	0
3. Other long-term assets	0	0	0
VI. Goodwill	0	0	0
1. Goodwill	0	0	0
TOTAL ASSETS	289,791,094,180	326,380,317,887	308,945,000,000
LIABILITIES
A- LIABILITIES	187,261,576,302	221,522,934,478	208,608,000,000
I. Current liabilities	181,804,406,579	217,240,682,769	201,281,000,000
1. Short-term debts and loans	98,181,235,472	138,909,999,941	155,709,000,000
2. Payable to suppliers	61,084,681,205	52,849,242,020	41,295,000,000
3. Advances from customers	1,878,613,024	5,399,429,973	1,244,000,000
4. Taxes and other obligations to the State Budget	1,257,389,626	1,783,493,293	282,000,000
5. Payable to employees	772,063,701	443,074,432	525,000,000
6. Accrued expenses	1,530,424,507	0	1,915,000,000
7. Inter-company payable	0	0	0
8. Payable according to the progress of construction contracts	0	0	0
9. Other payable	17,099,999,044	17,855,443,110	311,000,000
10. Provisions for short-term accounts payable	0	0	0
II. Long-Term Liabilities	5,457,169,723	4,282,251,709	7,327,000,000
1. Long-term accounts payable to suppliers	0	0	0
2. Long-term inter-company payable	0	0	0
3. Other long-term payable	0	0	0
4. Long-term debts and loans	5,397,556,123	4,222,638,109	7,243,000,000
5. Deferred income tax payable	0	0	0
6. Provisions for unemployment allowances	59,613,600	59,613,600	84,000,000
7. Provisions for long-term accounts payable	0	0	0
B- OWNER’S EQUITY	102,529,517,878	104,857,383,409	100,337,000,000
I. OWNER’S EQUITY	101,214,985,622	103,181,478,473	98,212,000,000
1. Capital	50,241,000,000	50,241,000,000	50,241,000,000
2. Share premiums	42,083,900,000	42,083,900,000	42,084,000,000
3. Other sources of capital	0	0	0
4. Treasury stocks	0	0	0
5. Differences on asset revaluation	0	0	0
6. Foreign exchange differences	-346,579,693	-908,317,328	0
7. Business promotion fund	1,531,134,413	24,711,024	25,000,000
8. Financial reserved fund	2,763,900,994	2,417,800,033	2,418,000,000
9. Other funds	0	0	0
10. Retained earnings	4,941,629,908	9,322,384,744	3,444,000,000
11. Construction investment fund	0	0	0
II. Other sources and funds	1,314,532,256	1,675,904,936	2,125,000,000
1. Bonus and welfare funds	294,649,573	310,077,717	344,000,000
2. Sources of expenditure	24,230,882	4,230,882	842,000,000
3. Fund to form fixed assets	995,651,801	1,361,596,337	939,000,000
MINORITY’S INTEREST	0	0	0
TOTAL LIABILITIES AND OWNER’S EQUITY	289,791,094,180	326,380,317,887	308,945,000,000

PROFIT & LOSS STATEMENT
Description	FY2010	FY2009	FY2008
1. Total Sales	494,342,400,519	499,458,529,436	418,326,000,000
2. Deduction item	5,508,266,430	3,036,821,567	1,451,000,000
3. Net sale	488,834,134,089	496,421,707,869	416,875,000,000
4. Costs of goods sold	431,497,461,047	436,238,935,229	360,191,000,000
5. Gross profit	57,336,673,042	60,182,772,640	56,684,000,000
6. Financial income	1,392,498,815	3,492,129,654	5,456,000,000
7. Financial expenses	16,383,675,943	19,409,011,101	23,228,000,000
- In which: Loan interest expenses	15,248,303,458	18,524,986,557	14,674,000,000
8. Selling expenses	22,215,974,710	26,284,612,068	21,235,000,000
9. Administrative overheads	15,398,336,482	15,591,074,831	16,538,000,000
10. Net operating profit	4,731,184,722	2,390,204,294	1,139,000,000
11. Other income	494,455,169	6,921,560,909	2,075,000,000
12. Other expenses	182,162,968	29,185,777	70,000,000
13. Other profit /(loss)	312,292,201	6,892,375,132	2,005,000,000
14. Total accounting profit before tax	5,043,476,923	9,282,579,426	3,144,000,000
15. Current corporate income tax	1,275,592,553	1,200,237,648	435,000,000
16. Deferred corporate income tax	0	0	0
17. Interest from subsidiaries/related companies	0	0	0
18. Profit after tax	3,767,884,370	8,082,341,778	2,709,000,000

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	FY2010	FY2009	FY2008	Average Industry
Current liquidity ratio	1.08	1.08	1.10	1.74
Quick liquidity ratio	0.70	0.69	0.46	1.02
Inventory circle	5.65	5.21	2.86	3.74
Average receive period	87.65	86.45	72.12	76.97
Utilizing asset performance	1.69	1.52	1.35	1.31
Liability by total assets	64.62	67.87	67.52	49.32
Liability by owner's equity	182.64	211.26	207.91	129.21
Ebit / Total assets (ROA)	7.00	8.52	5.77	8.55
Ebit / Owner's equity (ROE)	19.79	26.52	17.76	18.02
Ebit / Total sale (NPM)	4.10	5.57	4.26	6.82
Gross profit / Total sale (GPM)	11.60	12.05	13.55	21.89
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

Trade Morality	Good
Liquidity	Medium/High
Payment status	Above Average
Financial Situation	Above Average
Development trend	Positive
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	TT, L/C
Sale Methods	Retailer and Wholesaler
Public opinion	Excellent

INTERPRETATION ON THE SCORES

The subject was established in 1958 as a state owned company - belonged to the Ministry of home trade and its name is “CONG TY THUOC NAM – THUOC BAC”. After many years of operation and development, its name was changed for many times. Up to 2005, it equitized to become joint stock company.

Currently, the subject is operating under the business registration No. 0100108430 with the registered capital of VND 50,241,000,000. In Nov 2011, subject submitted document for listing in HNX. In expectation, subject can be listed in 2012.

The premises and facilities of the subject is so good. Besides the head office and factory No. 1 in Hanoi City, the subject also has factory No. 2 in Vinh Phuc Province, a representative office in Laos and some branches in other provinces in Vietnam. The factory No. 2 has areas of 20,000 square meters; it started running in 2007 and was afforded GMP – WHO, GLP, GSP certificates.

Subject focuses on the field of pharmaceutical and related products. Beside, it has been operating in the fields of plantation, production, and export of various species of material pharmacy from medical plants for many years such as Artemisia annual, Saphora japonica, Peppermint, etc. The subject has business relationship with over 20 foreign partners all over the world. The subject is considered a large trader in pharmaceutical industry. The subject’s brand – Mediplantex is very well-known on the market. In 2010, Mediplantex is certified Top 100 Leading Vietnamese Trademark granted by Vietnam Union of Science and Technology Associations. Besides, it also was awarded many other achievements.

The subject imports and trades a large amount of products in Northern region of Vietnam. The position in the industry of the subject is good. Its market share is large. Now, the subject exports products to Laos, Myanmar, India, Russia…

The financial status of the subject is stable. At a glance, operational ratio, financial leverage ratio of the subject is fairly good in comparison with average industry. Although its turnover is good, profit is not corresponding to scale of the company. The reason is costs of goods sold are fairly high.

In general, the subject is a large scale company. The future prospect of subject as well as its industry is bright. No caution needed for small and medium financial commitments with subject.

APPENDIX

INDUSTRY DATA
Industry code	Growth speed by price compared with 1994 (%)		Total enterprises 2009		Total employees 2010 (Thous.pers.)	Annual average capital of enterprises 2009 (billion dongs)
	2010	2009
Agriculture, Forestry and Fishing	2.78	1.82	8,749		23,896.3	81,559
Industry and Construction	7.70	5.52	85,115		10,630	2,751,975
Trade and Services	7.52	6.63	154,978		14,522	4,939,069
ECONOMIC INDICATORS
			2010	2009		2008
Population (Million person)			86.93	86.02		86.1
Gross Domestic Products (US$ billion)			102.2	91		84.9
GDP Growth (%)			6.78	5.32		6.2
GDP Per Capita (US$)			1,160	1,080		1,040
Inflation (% Change in Composite CPI)			11.75	6.88		24.4
SERVICE TRADE PERFORMANCE
Billion USD			2010	2009		2008
Exports			72.2	57.1		62.7
Imports			84.8	69.9		80.7
Trade Balance			-12.6	-12.8		-18

Source: General Statistics Office

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.96
UK Pound	1	Rs.88.22
Euro	1	Rs.71.92

INFORMATION DETAILS

Report Prepared by :

NLM

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.