MIRA INFORM REPORT

 

 

Report Date :

02.07.2013

 

IDENTIFICATION DETAILS

 

Name :

MEDLEY INDUSTRIA FARMACEUTICA LTDA

 

 

Registered Office :

Rua Macedo Costa, 55 - Jardim Santa Genebra 13080-180 - Campinas/Sp

 

 

Country :

Brazil

 

 

Date of Incorporation :

30.01.1996

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Processing, Industrialization, Commercialization, Import and Export of Chemical and Pharmaceutical Products In General, Rendering of Services For Third Parties.

 

 

No. of Employees :

Not Available

 

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 :

Exists

 

 

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Brazil

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

BRAZIL - ECONOMIC OVERVIEW

 

Characterized by large and well-developed agricultural, mining, manufacturing, and service sectors, Brazil's economy outweighs that of all other South American countries, and Brazil is expanding its presence in world markets. Since 2003, Brazil has steadily improved its macroeconomic stability, building up foreign reserves, and reducing its debt profile by shifting its debt burden toward real denominated and domestically held instruments. In 2008, Brazil became a net external creditor and two ratings agencies awarded investment grade status to its debt. After strong growth in 2007 and 2008, the onset of the global financial crisis hit Brazil in 2008. Brazil experienced two quarters of recession, as global demand for Brazil's commodity-based exports dwindled and external credit dried up. However, Brazil was one of the first emerging markets to begin a recovery. In 2010, consumer and investor confidence revived and GDP growth reached 7.5%, the highest growth rate in the past 25 years. Rising inflation led the authorities to take measures to cool the economy; these actions and the deteriorating international economic situation slowed growth to 2.7% in 2011, and 1.3% in 2012. Unemployment is at historic lows and Brazil's traditionally high level of income inequality has declined for each of the last 14 years. Brazil's historically high interest rates have made it an attractive destination for foreign investors. Large capital inflows over the past several years have contributed to the appreciation of the currency, hurting the competitiveness of Brazilian manufacturing and leading the government to intervene in foreign exchange markets and raise taxes on some foreign capital inflows. President Dilma ROUSSEFF has retained the previous administration's commitment to inflation targeting by the central bank, a floating exchange rate, and fiscal restraint. In an effort to boost growth, in 2012 the administration implemented a somewhat more expansionary monetary policy that has failed to stimulate much growth.

Source : CIA

Company name

 

MEDLEY INDUSTRIA FARMACEUTICA LTDA

 

 

ADDRESSES

 

MAIN ADDRESS:

RUA MACEDO COSTA, 55 - JARDIM SANTA GENEBRA

ZIP CODE/CITY:

13080-180 - CAMPINAS/SP

 

 

PHONE:

19 2117-8222

FAX:

19 2117-8407

E-MAIL:

amanda.belli@medley.com.br

WEB SITE:

www.medley.com.br

 

BRANCHES:

 

 

 

ADDRESS:

RDOVIA ANHANGUERA, S/Nº. KM 107

ZIP CODE/CITY:

13180-030 SUMARÉ/SP

PHONE:

19 3864-1441

CNPJ:

50.929.710/0002-50

STATE REGISTER:

671.079.928.119

 

 

ADDRESS:

LOTES 01 A 10, CONJUNTO 06, TRECHO 5, POLO DESENVOLVIMENTO, ECONÔMICO JK - SANTA MARIA

ZIP CODE/CITY:

72549-550 BRASÍLIA/DF

CNPJ:

50.929.710/0003-30

STATE REGISTER:

0742568300220

 

 

ADDRESS:

AVENIDA PORTUGAL, 1100 PARTE A 44 - ITAQUI

ZIP CODE/CITY:

06696-060 ITAPEVI/SP

 

 

LEGAL DATA

 

MAIN ACTIVITIES:

 

PROCESSING, INDUSTRIALIZATION, COMMERCIALIZATION, IMPORT AND EXPORT OF CHEMICAL AND PHARMACEUTICAL PRODUCTS IN GENERAL, RENDERING OF SERVICES FOR THIRD PARTIES.

 

LEGAL FORM:

LIMITED LIABILITY COMPANY

 

 

INCORPORATION DATE:

30/01/1996

REGISTER DATE:

30/01/1996

BALANCE SHEET FILING DATE:

31/12

TAX CONTRIBUTOR NUMBER(CNPJ):

50.929.710/0001-79

STATE REGISTER:

244.412.101.116

 

 

SHARE CAPITAL:

R$ 150.001.000,00

LAST REGISTER OF CAPITAL:

23/11/2010

 

BOARD OF DIRECTORS:

 

 

 

HERALDO CARVALHO MARCHEZINI

PRESIDENT DIRECTOR

IVAN PEDRO GONÇALVES DE BARROS

FINANCIAL DIRECTOR

KERGINALDO CORREIA DE MELO JUNIOR

INDUSTRIAL DIRECTOR

ANDRÉ RAPOPORT

DIRECTOR

 

 

AUTHORIZED USE OF SIGNATURE

 

THE DIRECTORS ARE AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY.

 

SHAREHOLDERS / PARTNERS:

 

 

 

SANOFI-AVENTIS COMERCIAL E LOGISTICA LTDA

R$ 150.000.999,00

SANOFI-AVENTIS FARMACEUTICA LTDA

R$ 1,00

 

AFFILIATES / SUBSIDIARIES:

 

 

 

A SCAN THROUGH OUTSIDE SOURCES SHOWED THE SUBJECT AND/OR DIRECTORS HAS/HAVE THE FOLLOWING UNCONFIRMED HOLDINGS:

 

 

OFIMEX FARMACÊUTICA LTDA.

 

MEDLEY COMERCIAL E LOGISTICA LTDA.

 

SANOFI PASTEUR LTDA

 

 

 

COMPANY'S BACKGROUND

 

THE SUBJECT WAS ESTABLISHED ON, JANUARY 30, 1996 AS LABORATÓRIO ROICY DO BRASIL INDUSTRIA QUIMICA E FARMACÊUTICA LTDA. TO BE ENGAGED IN THE SAID LINE OF BUSINESS. ON JANUARY 30, 1996 IT ALTERED TO MEDLEY S/A INDUSTRIA FARMACEUTICA. IN JANUARY 2010 IT WAS TRANSFORMED INTO LIMITED LIABILITY COMPANY UNDER THE ABOVE MENTIONED NAME.

 

ON DECEMBER 29, 2009 SUBJECT TOOK OVER ITS PREVIOUS CONTROLLING COMPANY SANOFI-AVENTIS INDUSTRIAL E PARTICIPAÇÕES LTDA.

 

THE SUBJECT IS THE THIRD LARGEST PHARMACEUTICAL INDUSTRY IN BRAZIL. THE GOOD PERFORMANCE IS MAINLY DUE TO SUCCESS IN THE GENERICS MARKET, WHOSE LEADERSHIP HAS MAINTAINED SINCE 2002.

 

WITH TWO INDUSTRIAL UNITS IN CAMPINAS / SP AND SUMARÉ / SP, A MEDLEY PRODUCING TABLETS, CAPSULES, DRAG, LIQUIDS, OINTMENTS, CREAMS AND SUSPENSIONS.

 

MEDLEY BELONGS TO THE COMPANY SANOFI-AVENTIS GROUP. THE COMPANY IS THE GENERIC MARKET LEADER IN BRAZIL SINCE 2002, WITH A PORTFOLIO OF 127 PRODUCTS.

 

WITH THE ACQUISITION OF MEDLEY IN APRIL THE GROUP SANOFI-AVENTIS EMPLOYS OVER 3.800 PEOPLE AND IT HAS A LOCAL PRODUCTION CAPACITY OVER 300 MILLION UNITS/YEAR.

 

TRADE NAME: MEDLEY

 

CERTIFICATIONS:

 

ISO 9000

ISSO 14000

OHSAS18000

 

THE PARTNERS / DIRECTORS:

 

SANOFI-AVENTIS COMERCIAL E LOGISTICA LTDA: HEADQUARTERED AT ESTRADA CRUZ GRANDE, 1700, PARTE 2, LOUVEIRA/SP, ZIP CODE 13290-000, REGISTERED AT THE STATE OF SÃO PAULO NOTARY OFFICE UNDER NIRE35.215.290.088TAXPAYER'S REGISTRATION UNDER CNPJ 13.094.578/0001-04;

 

SANOFI-AVENTIS FARMACEUTICA LTDA: HEADQUARTERED AT AV. MAJOR SYLVIO DE MAGALHÃES PADILHA, 5200, CONJUNTOS 31 E 32, MORUMBI, ZIP CODE 05693-000, SÃO PAULO/SP, REGISTERED AT THE STATE OF SÃO PAULO NOTARY OFFICE UNDER  NIRE 35.215.228.846, TAXPAYER'S REGISTRATION UNDER CNPJ 02.685.377/0001-57, REPRESENTED BY ITS ATTORNEY. MR. MARCOS GAGHENINI: BRAZILIAN, HOLDER OF DOCUMENTS CPF 004.260.438-98 AND RG 6720578, RESIDENTIAL ADDRESS AT AVENIDA MAJOR SYLVIO DE MAGALHÃES PADILHA, 5200, EDIFICIO ATLANTA, ZIP CODE 05693-000, SÃO PAULO/SP;

 

HERALDO CARVALHO MARCHEZINI, BRAZILIAN, HOLDER OF DOCUMENTS, CPF 057.510.158-00 AND RG 11.223.078 WITH OFFICE ADDRESS AT AVENIDA MAJOR SYLVIO DE MAGALHÃES PADILHA, 5200, EDIFICIO ATLANTA, ZIP CODE 05693-000, SÃO PAULO/SP;

 

IVAN PEDRO GONÇALVES DE BARROS: BRAZILIAN, HOLDER OF DOCUMENTS CPF 042.714.778-69 AND RG 4.643.854, WITH OFFICE ADDRESS AT AVENIDA MAJOR SYLVIO DE MAGALHÃES PADILHA, 5200, EDIFICIO ATLANTA, ZIP CODE 05693-000, SÃO PAULO/SP;

 

ANDRE RAPOPORT, BRAZILIAN, HOLDER OF DOCUMENTS, CPF 115.653.538-78 AND RG 11.748.850 WITH OFFICE ADDRESS AT AVENIDA MAJOR SYLVIO DE MAGALHÃES PADILHA, 5200, EDIFICIO ATLANTA, ZIP CODE 05693-000, SÃO PAULO/SP;

 

KERGINALDO CORREIA DE MELO JUNIOR, BRAZILIAN, HOLDER OF DOCUMENTS, CPF 012.312.088-80 AND RG 999.140-4 WITH ADDRESS AT RUA MACEDO COSTA, 55, JARDIM SANTA GENEBRA, ZIP CODE 13080-180, CAMPINAS/SP.

 

FURTHER DETAILS ARE SO FAR NOT KNOWN.

 

WHEN CONTACTING THE SUBJECT WE INTERVIEWED MRS. AMANDA, FINANCIAL DEPARTMENT, WHO INFORMED THAT WOULD NOT DISCLOSE ANY KIND OF INFORMATION UNLESS THE INQUIRING PARTY'S NAME WAS DISCLOSED.

 

IF IT IS POSSIBLE TO DISCLOSE THE NAME OF THE INTERESTED SUPPLIER OF THE SUBJECT, WE MAY RESUME OUR CONTACTS AND TRY TO OBTAIN FURTHER INFORMATION.

 

THE DATA CONTAINED HEREIN WERE OBTAINED FROM OUTSIDE SOURCES, OUR DATABASE AND OFFICIAL. NO FURTHER DATA WAS AVAILABLE WITH SEVERAL SOURCES USUALLY INVESTIGATED.

 

PUBLIC INFORMATION:

 

PROTESTS:

 

8  PROTESTS,TOTAL AMOUNT R$ 23.344,27

    DATE OF FIRST PROTEST: OCTOBER/2012  R$ 211,84

    DATE OF HIGHEST PROTEST: MAY/2013  R$ 13.137,60

 

DETAILS OF LATEST PROTESTS:

 

NOTARY OFFICE:

DATE:

VALUE:

1º CARTÓRIO DE SP-CAMPINAS

28/05/2013

R$ 13.137,60

3º CARTÓRIO DE SP-CAMPINAS

14/05/2013

R$ 5.725,00

3º CARTÓRIO DE SP-CAMPINAS

08/05/2013

R$ 267,00

2º CARTÓRIO DE SP-CAMPINAS

15/05/2013

R$ 1.803,71

3º CARTÓRIO DE SP-CAMPINAS

09/05/2013

R$ 46,26

 

LAWSUITS:

 

 

 

DATE:

COURT OF LAW:

 

1

BANKRUPTCY PETITION

03/04/09

8º VARA DE SP-CAMPINAS

1

FEDERAL LAWSUIT

07/10/08

5º VARA DE SP-CAMPINAS

2

STATE LAWSUITS

16/07/12

VARA DE SP-CAMPINAS

 

 

FINANCIAL INFORMATION

 

DUE TO THE SUBJECT'S LEGAL FORM, IT IS NOT OBLIGED TO PUBLISH THE BALANCE SHEET INFORMATION. WHEN INTERVIEWING SOURCES AT THE SUBJECT COMPANY DECLINED TO PROVIDE ANY KIND OF FINANCIAL INFORMATION.

 

OUR INVESTIGATION THROUGH THE OUTSIDE SOURCES SHOWED NO FINANCIAL DATA ABOUT THE SUBJECT.

 

EXCHANGE RATE:

 

 

US$ 1,00 = R$ 2,18

 - OFFICIAL RATE ON 27/06/2013

 

COMMENTS ON THE FINANCIAL INFORMATION:

 

IN THE ABSENCE OF FINANCIAL INFORMATION NO COMMENTS CAN BE MADE ABOUT THE SUBJECT'S CURRENT FINANCIAL STANDING.

 

REAL ESTATE:

 

   OWNED PREMISES ARE VALUED AT R$ 60.000.000,00

 

VEHICLES:

 

   OWNED VEHICLES ARE VALUED AT R$ 1.369.082,42

 

MACHINES:

 

   OWNED MACHINES AND EQUIPMENTS ARE VALUED AT R$ 29.381.895,71

 

 

INSURANCE

 

INSURANCE COMPANY:

ITAU SEGUROS S/A

COVERAGE:

FIRE AND EXPLOSÃO

VALUE:

R$ 228.330.000,00

 

 

INSURANCE COMPANY:

ITAU SEGUROS S/A

COVERAGE:

ELECTRIC DAMAGES AND WINDSTORM

VALUE:

R$ 10.000.000,00

 

 

INSURANCE COMPANY:

ITAU SEGUROS S/A

COVERAGE:

THEFT

VALUE:

R$ 61.300.000,00

 

 

BANKING REFERENCES

 

 

BRANCH/PHONE:

 

BANCO SAFRA S/A

19 3707-6517

 

BANCO REAL (SANTANDER) S/A

19 3735-2415

 

BANCO ITAÚ S/A

19 3707-5503

 

BANCO BBM

11 3704-0625

 

 

REMARKS: IN BRAZIL THE BANKS ARE PROHIBITED BY LAW TO PROVIDE INFORMATION OR ANY KIND OF COMMENTS ABOUT THEIR CLIENTS. DUE TO THIS LAW PROHIBITION WE ARE UNABLE TO PROVIDE ANY BANKING DETAILS.

 

ACCORDING TO THE CENTRAL BANK OF BRAZIL OFFICIAL REPORT, THE COMPANY HAS NO RETURNED CHECKS UP TO DATE. (IN THE TERMS OF "CIRCULAR 1682 BRAZILIAN CENTRAL BANK").

 

 

ACTIVITIES COMMENTS

 

SUBJECT IS ENGAGED IN THE PROCESSING, INDUSTRIALIZATION, COMMERCIALIZATION, IMPORT AND EXPORT OF CHEMICAL AND PHARMACEUTICAL PRODUCTS IN GENERAL, RENDERING OF SERVICES ON THE ACCOUNT OF OTHERS.

 

 

IMPORT AND EXPORT:

 

   IMPORTS FROM:

SPAIN, INDIA, MEXICO, DENMARK AND GERMANY.

 

   EXPORTS TO:

MEXICO.

 

MAIN CLIENTS:

 

 

 

 

 

DOMESTIC CLIENTS:

 

PHONE:

ATHOS FARMA S/A

 

31 3228-1318

AUDIFAR COMERCIAL LTDA

 

11 6423-3251

DIMED DISTR. MEDICAMENTOS LTDA

 

51 3223-2977

DISTR. FCÊUTICA PANARELLO LTDA

 

62 3257-7050

DISTR. MEDIC. STA. CRUZ LTDA

 

41  316-2214

DROGARIA SÃO PAULO S/A

 

11 3347-2885

ITA REPRES. PROD. FCÊUTICOS LTDA

 

27 3326-2033

JAMYR VASCONCELOS S/A

 

21 2472-2831

MERCANTIL FARMED LTDA

 

11 3839-5680

MERCANTIL FARMED LTDA

 

11 3839-5680

PROFARMA DISTR. PROD FCÊUTICOS LTDA

 

21 2494-7300

REYDROGAS COMERCIAL LTDA

 

62  846-2800

SAGRA PRODS FARMACÊUTICOS LTDA

 

16 2101-9238

SERVIMED COMERCIAL LTDA

 

14 2106-2000

 

STAFF:

 

   NOT AVAILABLE

 

 

CONCEPT AND FULFILMENT

 

THE SUBJECT IS A WELL-ESTABLISHED COMPANY. IT OPERATES WITH HIGH SCALE OF ACTIVITIES. BOTH THE COMPANY AND ITS PRINCIPALS HAVE A GOOD TRADE REPUTATION.

 

THE COMPANY HAS TRADE RELATIONS WITH SEVERAL SUPPLIERS IN BRAZIL. THE SUPPLIERS EXTEND CREDIT FACILITIES TO THE SUBJECT IN TERMS AND AMOUNTS ACCORDING TO THE COMPANY'S NEEDS AND SO FAR NO PAYMENT PROBLEMS ARE NOTED.

 

THE LAWSUITS REPORTED ARE NOT RELATED WITH TRADE DEBTS. THEY ARE RELATED TO TAX DEBTS THAT FOR ANY REASON THE COMPANY HAS NOT YET PAID. NEVERTHELESS WE POINT OUT THAT THE SAID LAWSUITS DO NOT AFFECT THE COMPANY'S TRADE REPUTATION.

 

OUR INVESTIGATION THROUGH THE PUBLIC RECORDS SHOWED SOME DETRIMENTAL FILES REGISTERED AGAINST THE SUBJECT BUT DUE TO THE SUBJECT'S HIGH FINANCIAL STRENGTH AND HIGH SCALE OF OPERATIONS THE DETRIMENTAL FILES DO NOT AFFECT ITS TRADE REPUTATION.

 

THE BANKRUPTCY PETITION HAS BEEN FILED BY A CREDITOR IN ORDER TO FORCE THE SUBJECT TO PAY THE OWNED DEBT. SUCH PETITION IS THE RESULT OF A DISAGREEMENT RATHER THAN TO FINANCIAL HARDSHIP. AS SUBJECT HAS VERY HIGH FINANCIAL POWER IT IS VERY UNLIKELY THE JUDGE APPROVE SUCH BANKRUPTCY PETITION.

 

MAIN SUPPLIERS:

 

 

 

 

 

DOMESTIC SUPPLIERS:

 

PHONE:

ABBOTT LABORATÓRIOS DO BRASIL LTDA

 

11 5536-7234

BAFEMA S/A IND. COMERCIO

 

11 5524-1901

BAYER S/A

 

11 5694-5908

COREMAL COMERCIO E REPRESENTACOES MAIA LTDA

 

 

FAPATI IND. COM. MAT. PLAST. LTDA

 

11 3658-8875

INDUKERN DO BRASIL QUIMICA LTDA

 

 

J DIONISIO VEICULOS LTDA

 

 

MAKENI CHEMICALS COMERCIO E INDUSTRIA DE PRODUTOS QUIMICOS L

 

 

MERCK S/A

 

11 3346-8576

NORTEC NORDESTE DESENV. LTDA

 

21 3651-7316

PLASTWAL IND. PLAST. LTDA

 

11 4613-7611

QUIMICA AMPARO LTDA

 

 

SANT-GOBAIN VIDROS S/A

 

11 3874-7551

WHEATON DO BRASIL S/A

 

11 4355-1989

 

FOREIGN SUPPLIERS:

COUNTRY:

PHONE:

CIPLA LIMITED

INDIA

91- 2230-82891

ISDIN S/A

SPAN

34- 932-402020

MPI FARMACÊUTICA GMBH

GERMANY

49- 4030-37240

NOVO NORDISK A/S

DENMARK

45-  4444-8888

SYMBIÓTICA

MALAYSIA

604 -  4253499

 

PAYMENT HISTORY:

 

06 SUPPLIERS REPORTED PAYMENTS:

   TOTAL AMOUNT:  R$ 117.144,00

 

AMOUNT OF INVOICES PAID: 21

TOTAL OF PROMPT PAYMENTS: 96,6%

TOTAL OF DELAYED PAYMENTS: 3,4%

 

HIGHEST INVOICE: R$ 40.571,00

HIGHEST CREDIT: R$ 40.571,00

 

OUTSTANDING INVOICES DUE WITHIN THE NEXT 30 DAYS:

 

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

SUPPLIERS:

INVOICES:

TOTAL AMOUNT:

DUE WITHIN 30 DAYS

1

1

R$ 6.528,08

 

 

FINAL OPINION

 

THE SUBJECT IS A WELL-ESTABLISHED COMPANY. IT HAS A HIGH SCALE OF ACTIVITIES AND A GOOD TRADE REPUTATION.

 

BASED ON THE GENERAL INFORMATION AVAILABLE IT IS BELIEVED THAT GOOD TRADE RELATIONS MAY BE ESTABLISHED. CREDIT FACILITIES MAY BE EXTENDED WITHIN TERMS AND AMOUNTS ADEQUATE TO THE COMPANY'S FINANCIAL STRENGTH.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.14

UK Pound

1

Rs.90.05

Euro

1

Rs.77.06

 

 

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.