MIRA INFORM REPORT

 

 

Report Date :

06.09.2013

 

IDENTIFICATION DETAILS

 

Name :

QUIMTIA S/A

 

 

Registered Office :

Rua Maria Dalprá Berlezi, 229 -  Canguiri, 83412-055 - Colombo/Pr

 

 

Country :

Brazil

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

30.06.1975

 

 

Legal Form :

Privately Held Corporation

 

 

Line of Business :

Manufacture and Sale of Prepared Animal Feed.

 

 

No. of Employees :

104

 

 

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 – 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

 

QUIMTIA S/A

 

 

ADDRESSES:

 

MAIN ADDRESS:

RUA MARIA DALPRÁ BERLEZI, 229 -  CANGUIRI

ZIP CODE/CITY:

83412-055 - COLOMBO/PR

 

 

PHONE:

41 2169-3100

FAX:

41 2169-3100

E-MAIL:

elis.senem@quimtia.com

WEB SITE:

www.quimtia.com

 

BRANCHES:

 

 

 

ADDRESS:

RUA HERMES DA FONSECA, 550 LETRA: D, SALA 03; - BELA VISTA

ZIP CODE/CITY:

89804-130 CHAPECO/SC

CNPJ:

77.043.511/0003-87

 

LEGAL DATA

 

MAIN ACTIVITIES:

 

MANUFACTURE AND SALE OF PREPARED ANIMAL FEED.

 

LEGAL FORM:

PRIVATELY HELD CORPORATION

 

 

INCORPORATION DATE:

30/06/1975

REGISTER DATE:

30/06/1975

BALANCE SHEET FILING DATE:

31/12

TAX CONTRIBUTOR NUMBER(CNPJ):

77.043.511/0001-15

STATE REGISTER:

10301197-34

 

 

SHARE CAPITAL:

R$ 13.885.705,00

LAST REGISTER OF CAPITAL:

21/11/2012

 

BOARD OF DIRECTORS:

 

 

 

RODRIGO GARCIA NVELA

PRESIDENT DIRECTOR

RUDY ARTUR SCHNEPPER

EXECUTIVE DIRECTOR

ELIS DANIELE SENEM

DIRECTOR

 

 

AUTHORIZED USE OF SIGNATURE:

 

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

 

SHAREHOLDERS / PARTNERS:

 

 

 

DANTEPEAK TRADING SOCIEDAD ANONIMA

99,55%

GRUPO IBEROAMERICANO DE FOMENTO S/A

0,45%

 

AFFILIATES / SUBSIDIARIES:

 

 

 

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

 

 

FOSFOREIRA BRASILEIRA S/A

 

NUVITAL AGROPECUARIA LTDA

 

QUIMTIA INDUSTRIA E COMERCIO DE PRODUTOS QUIMICOS LTDA

 

REA ASSESSORIA EMPRESARIAL S/S LTDA

 

IBEROQUÍMICA FARMACÊUTICA LTDA

 

 

COMPANY'S BACKGROUND

 

THE SUBJECT WAS ESTABLISHED ON JUNE 30, 1975 AS NUVITAL NUTRIENTES PRODUTOS VETERINARIOS LTDA TO BE ENGAGED IN THE SAID LINE OF BUSINESS. ON MAY 23, 1985 IT ALTERED TO NUVITAL NUTRIENTES LTDA. ON SEPTEMBER 18, 2002 IT ADOPTED THE NAME NUVITAL NUTRIENTES S/A.

 

THE SUBJECT USED TO BE A FAMILY RUN COMPANY AND ON JULY 14, 2011 THE COMPANY WAS ACQUIRED BY IBEROQUIMICA GROUP.

 

ON SEPTEMBER 30, 2012 SUBJECT RECEIVED THE SPUN-OFF PART OF THE SHARE CAPITAL OF THE COMPANY QUIMTIA INDUSTRIA E COMERCIO DE PRODUTOS QUIMICOS LTDA. AND CONCOMITANTLY  ADOPTED THE ABOVE-MENTIONED NAME.

 

SHAREHOLDERS:

 

DANTEPEAK TRADING SOCIEDAD ANONIMA: A PRIVATELY HELD CORPORATION, DULY INCORPORATED AND EXISTING ACCORDING TO THE LAWS OF THE URUGUAY, WITH HEAD OFFICE AT RUA PAYSANDÚ, 935, 3º ANDAR, MONTEVIDEU - URUGUAY, ENROLLED WITH THE FEDERAL TAXPAYER´S # CNPJ 05.550.646/0001-66, HEREIN REPRESENTED BY ITS LEGAL REPRESENTATIVE MR. JOSÉ ANTONIO SARRIA LARCO, BRAZILIAN, MARRIED, HOLDER OF DOCUMENTS, RG 10.687.887-0 AND CPF 008.005.909-02, RESIDENTIAL ADDRESS AT RUA BENJAMIN CONSTANT, 608, CENTRO - SÃO PAULO/SP;

 

GRUPO IBERIAMERICANO DE FOMENTO S/A: A PRIVATELY HELD CORPORATION, DULY INCORPORATED AND EXISTING ACCORDING TO THE LAWS OF THE SPAIN, WITH HEAD OFFICE AT PASEO DE LA CASTELLANA, 110, MADRID - SPAIN, ENROLLED WITH THE FEDERAL TAXPAYER´S # CNPJ 05.550.641/0001-33, HEREIN REPRESENTED BY ITS LEGAL REPRESENTATIVE MR. JOSÉ ANTONIO SARRIA LARCO, AS ABOVE MENTIONED.

 

FURTHER DETAILS ABOUT THE SUBJECT'S HISTORY ARE SO FAR NOT KNOWN.

 

PUBLIC INFORMATION:

 

NO DETRIMENTAL FILES WERE FOUND.

 

 

FINANCIAL INFORMATION

 

GENERAL BALANCE SHEETS AS OF 31/12/2012, 31/12/2011 AND 31/12/2010.

( FIGURES ARE IN REAIS ).

 

ASSETS

 

 

 

CURRENT:

31/12/2012

31/12/2011

31/12/2010

 

 

 

 

CASH AND BANKS

895.573,00

2.620.471,00

320.715,00

CLIENTS

8.210.625,00

4.170.154,00

3.926.473,00

INVENTORY

6.542.970,00

3.759.911,00

2.998.960,00

RECOVERABLE TAXES

537.851,00

115.846,00

107.830,00

ADVANCES

 

 

233.085,00

PRE PAID EXPENSES

146.793,00

70.960,00

22.157,00

OTHER CREDITS

1.054.594,00

958.398,00

128.456,00

 

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

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

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

TOTAL CURRENT ASSETS

17.388.406,00

11.695.740,00

7.737.676,00

 

LONG-TERM RECEIVABLES:

 

 

 

 

 

 

 

COMPULSORY LOANS

 

 

9.665,00

ACCOUNTS RECEIVABLES

274.387,00

76.552,00

57.038,00

 

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

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

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

TOTAL LONG-TERM RECEIVABLES

274.387,00

76.552,00

66.703,00

 

FIXED ASSETS:

 

 

 

 

 

 

 

INVESTMENTS

1.077,00

1.077,00

1.077,00

FIXED ASSETS

6.001.227,00

5.416.160,00

5.084.421,00

INTANGIBLE

9.768.125,00

205.812,00

242.010,00

 

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

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

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

TOTAL FIXED ASSETS

15.770.429,00

5.623.049,00

5.327.508,00

 

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

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

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

TOTAL ASSETS

33.433.222,00

17.395.341,00

13.131.887,00

 

LIABILITIES:

 

 

 

CURRENT:

31/12/2012

31/12/2011

31/12/2010

 

 

 

 

SUPPLIERS

7.721.975,00

4.901.282,00

3.427.300,00

SOCIAL / LABOR OBLIGATIONS

874.148,00

665.795,00

606.710,00

TRIBUTARY OBLIGATIONS

339.552,00

471.258,00

388.381,00

ADVANCES

 

 

7.953,00

LOANS AND FINANCING

8.161.135,00

3.332.134,00

4.565.784,00

DIVIDENDS

 

 

383.001,00

OTHER DEBTS

357.368,00

54.409,00

80.768,00

 

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

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

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

TOTAL CURRENT LIABILITIES

17.454.178,00

9.424.878,00

9.459.897,00

 

LONG TERM LIABILITIES:

 

 

 

 

 

 

 

LOANS AND FINANCING

353.289,00

 

1.769.390,00

PROVISION FOR CONTINGENCIES

 

 

33.884,00

MUTUAL CONTRACT

 

 

168.970,00

OTHER

20.579,00

871.172,00

 

DEBT WITH SHAREHOLDERS

950.000,00

 

 

 

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

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

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

TOTAL LONG TERM LIABILITIES

1.323.868,00

871.172,00

1.972.244,00

 

NET EQUITY:

 

 

 

 

 

 

 

SHARE CAPITAL

13.885.705,00

4.800.000,00

1.000.000,00

CAPITAL RESERVES

 

 

1.052.621,00

PROFIT RESERVES

769.471,00

482.566,00

1.006.596,00

OTHER COMPREHENSIVE INCOME

 

 

-32.790,00

ACCRUED PROFIT (LOSS)

 

1.816.725,00

-1.326.681,00

 

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

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

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

TOTAL NET EQUITY

14.655.176,00

7.099.291,00

1.699.746,00

 

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

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

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

TOTAL LIABILITIES

33.433.222,00

17.395.341,00

13.131.887,00

 

PROFIT AND LOSS ACCOUNTS AS OF 31/12/2012, 31/12/2011 AND 31/12/2010.

( FIGURES ARE IN REAIS ).

 

 

31/12/2012

31/12/2011

31/12/2010

 

 

 

 

GROSS SALES

59.166.849,00

46.712.055,00

42.692.061,00

(-) TAXES ON SALES

5.000.718,00

3.984.546,00

5.127.600,00

 

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

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

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

NET SALES

54.166.131,00

42.727.509,00

37.564.461,00

(-) COST OF SOLD GOODS

34.898.470,00

25.993.545,00

25.935.815,00

 

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

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

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

GROSS PROFIT

19.267.661,00

16.733.964,00

11.628.646,00

OPERATING REVENUE (EXPENSE)

-17.179.639,00

-13.064.139,00

-11.575.726,00

FINANCIAL REVENUE(EXPENSE)

-158.712,00

-1.135.409,00

-1.379.601,00

 

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

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

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

OPERATIONAL PROFIT (LOSS)

1.929.310,00

2.534.416,00

-1.326.681,00

CONTRIBUTION/INCOME TAX

-683.242,00

-717.691,00

 

INTERESTS ON OWN CAPITAL

 

 

158.353,00

 

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

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

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

NET PROFIT (LOSS)

1.246.068,00

1.816.725,00

-1.168.328,00

 

RATIOS:

31/12/2012

31/12/2011

31/12/2010

 

QUICK RATIO

,62

 

,84

 

,50

 

CURRENT RATIO

1,00

 

1,24

 

,82

 

ACCOUNTS RECEIVABLE TURNOVER

6,60

TIMES

10,25

TIMES

9,57

TIMES

DAYS' SALES IN RECEIVABLES

54,57

DAYS

35,14

DAYS

37,63

DAYS

INVENTORY TURNOVER

5,33

TIMES

6,91

TIMES

8,65

TIMES

ACCOUNTS PAYABLE PERIOD

79,66

DAYS

67,88

DAYS

47,57

DAYS

RETURN ON ASSETS

1,62

TIMES

2,46

TIMES

2,86

TIMES

SALES TURNOVER ON NET EQUITY

3,70

TIMES

6,02

TIMES

22,10

TIMES

NET WORTH TIE-UP

,41

 

,76

 

2,99

 

INDEBTEDNESS

1,28

 

1,45

 

6,73

 

EQUITY RATIO

43,83

%

40,81

%

12,94

%

WORKING CAPITAL RATIO

-,38

%

24,09

%

-18,21

%

GENERAL SOLVENCY

1,78

 

1,69

 

1,15

 

RETURN ON NET EQUITY

8,50

%

25,59

%

-68,74

%

RETURN ON SALES (PROFIT MARGIN)

2,30

%

4,25

%

-3,11

%

GROSS PROFIT MARGIN

35,57

%

39,16

%

30,96

%

OPERATIONAL RESULT

3,56

%

5,93

%

-3,53

%

SALES TURNOVER ON LIABILITIES

3,10

TIMES

4,53

TIMES

3,97

TIMES

FOREIGN CURRENCY ON ASSETS

 

 

 

 

 

 

FOREIGN CURRENCY ON LIABILITIES

 

 

 

 

 

 

 

 

EXCHANGE RATE:

 

 

US$ 1,00 = R$ 2,41

 - OFFICIAL RATE ON 21/08/2013

US$ 1,00 = R$ 2,04

 - OFFICIAL RATE ON 31/12/2012

US$ 1,00 = R$ 1,87

 - OFFICIAL RATE ON 31/12/2011

US$ 1,00 = R$ 1,66

 - OFFICIAL RATE ON 31/12/2010

 

 

COMMENTS ON THE FINANCIAL INFORMATION:

 

FOLLOWS ATTACHED WORKSHEET WITH MAIN FINANCIAL RATIOS.

 

THE FIGURES AVAILABLE SHOW A SATISFACTORY FINANCIAL STANDING. IT SHOWS HIGH LEVEL OF INDEBTEDNESS, WHICH IS MOSTLY COMPRISED BY FINANCIAL AND TRADE DEBTS BUT IT HAS GOOD CURRENT RATIO AND POSITIVE WORKING CAPITAL. IN ADDITION, IT SHOWS GROWING SALES AND POSITIVE RESULT.

 

 

REAL ESTATE:

 

OWNED PREMISES ARE VALUED AT R$ 2.165.119,00

 

 

VEHICLES:

 

 OWNED VEHICLES ARE VALUED AT R$ 136.215,00

 

 

 

MACHINES:

 

 OWNED MACHINES AND EQUIPMENTS ARE VALUED AT R$ 5.016.638,00

 

 

INSURANCE:

 

INSURANCE COMPANY:

LIBERTY PAULISTA SEGUROS

COVERAGE:

FIRE / EXPLOSION (PROPERTY, MACHINES AND EQUIPMENTS)

VALUE:

R$ 7.300.000,00

 

 

INSURANCE COMPANY:

PORTO SEGURO S/A

COVERAGE:

VEHICLES

REMARKS:

MARKET VALUE

 

 

INSURANCE COMPANY:

BRADESCO SEGUROS S/A

COVERAGE:

VEHICLES

REMARKS:

MARKET VALUE

 

 

BANKING REFERENCES

 

 

BRANCH/PHONE:

 

BANCO DO BRASIL SA

3406-1 CTBA NORTE / 41 2117-78965

 

BANCO ITAÚ S/A

0879 CTBA II / 41 4004-1671

 

HSBC BANK BRASIL S/A

1058 GUARAITUBA / 41 3663-3939

 

 

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 MANUFACTURE AND SALE OF PREPARED ANIMAL FEED FOR ANIMAL NOURISHMENT.

 

SUBJECT PRODUCES AND SELLS A WIDE RANGE OF PRODUCTS FOR ANIMAL NUTRITION, FROM DOG FOOD AND COMPLETE RATIONS FOR LAB ANIMALS AND HORSES, TO A SERIES OF PREMIXES, INCLUDING VITAMIN OR MICRO-MINERAL MIXTURES TO COMPLETE MIXTURES, READY TO BE MIXED WITH MACRO-INGREDIENTS, AS WELL AS A VARIETY OF SPECIAL PRODUCTS, LIKE ANTIOXIDANTS, FLAVOR ENHANCERS AND MILK PRODUCTS.

 

 

IMPORT AND EXPORT:

 

 

IMPORTS FROM:

 

BELGIUM, HOLLAND AND UNITED STATES.

 

 

EXPORTS TO:

 

PARAGUAY.

 

 

MAIN CLIENTS:

 

 

 

 

 

DOMESTIC CLIENTS:

 

PHONE:

COCAMAR COOPERATIVA AGROINDUSTRIAL

 

44 3221-3737

COPAGRA - COOP. CAFEICULTORES NOVA LONDRINA

 

44 3432-1181

INSTITUTO DE TECNOLOGIA DO PARANÁ - TECPAR

 

41 3316-3000

PERDIGÃO S/A

 

49 3249-4347

SEARA S/A

 

43 3529-1122

 

 

STAFF:

 

THE COMPANY HAS: 104 EMPLOYEE(S)

 

 

CONCEPT AND FULFILMENT

 

THE SUBJECT IS A WELL-ESTABLISHED COMPANY, OPERATING SINCE 1975. IT IS FAMILY OWNED AND OPERATES WITH 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.

 

 

MAIN SUPPLIERS:

 

 

 

 

 

DOMESTIC SUPPLIERS:

 

PHONE:

AJINOMOTO DO BRASIL

 

11 5908-8773

BUNGE FERTILIZANTES S/A

 

11 4016-3334

COOPERATIVA AGROP. CASTROLANDA LTDA

 

42 3234-8032

GRANISUL INDÚSTRIA E COMÉRCIO LTDA

 

41 3652-7178

IMPEXTRACO LATIN

 

41 3302-0120

INDÚSTRIA QUÍMICA RIVER LTDA

 

11 6480-2300

M. CASSAB INDÚSTRIA E COMÉRCIO LTDA

 

11 2162-7669

VALE FERTILIZANTES

 

41 3345-3699

 

FOREIGN SUPPLIERS:

COUNTRY:

 

NUTRIFEED VEGHEL

HOLLAND

 

 

 

PAYMENT HISTORY:

 

06 SUPPLIERS REPORTED PAYMENTS:

   TOTAL AMOUNT:  R$ 407.869,00

 

AMOUNT OF INVOICES PAID: 120

TOTAL OF PROMPT PAYMENTS: 99,5%

TOTAL OF DELAYED PAYMENTS: 0,5%

 

HIGHEST INVOICE: R$ 10.498,00

HIGHEST CREDIT: R$ 10.498,00

 

OUTSTANDING INVOICES DUE WITHIN THE NEXT 30 DAYS:

 

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

SUPPLIERS:

INVOICES:

TOTAL AMOUNT:

DUE WITHIN 30 DAYS

1

1

R$ 4.800,00

 

 

FINAL OPINION

 

THE SUBJECT IS A WELL-ESTABLISHED COMPANY IN BUSINESS FOR SEVERAL YEARS. UP TO DATE IT HAS CLEAR TRADE HISTORY AND GOOD PAYMENT BEHAVIOUR.

 

DESPITE THE FINANCIAL STANDING SHOWED IN THE BALANCE SHEET INFORMATION 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.66.04

UK Pound

1

Rs.103.10

Euro

1

Rs.86.99

 

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.