MIRA INFORM REPORT

Report No. :	315630
Report Date :	08.04.2015

IDENTIFICATION DETAILS

Name :	PCC SYNTEZA SA
Registered Office :	Ul. Szkolna 15, 47-225 Kędzierzyn-Koźle
Country :	Poland
Financials (as on) :	31.12.2013
Date of Incorporation :	27.11.2000
Legal Form :	Joint Stock Company
Line of Business :	· Manufacture and sale of chemical products · Manufacture of other organic basic chemicals · Wholesale of chemical products
No. of Employees :	79 [2011]

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Poland	A2	A2

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

POLAND - ECONOMIC OVERVIEW

Poland has pursued a policy of economic liberalization since 1990 and Poland's economy was the only one in the EU to avoid a recession through the 2008-09 economic downturn. Although EU membership and access to EU structural funds have provided a major boost to the economy since 2004, GDP per capita remains significantly below the EU average while unemployment continues to exceed the EU average. The government of Prime Minister Donald TUSK steered the Polish economy through the economic downturn by skillfully managing public finances and adopting controversial pension and tax reforms to further shore up public finances. While the Polish economy has performed well over the past five years, growth slowed in 2012 and 2013, in part due to the ongoing economic difficulties in the euro zone. Short-term, the key policy challenge will be to consolidate debt and spending without stifling economic growth. Over the longer term, Poland's economic performance could improve if the country addresses some of the remaining deficiencies in its road and rail infrastructure, business environment, rigid labor code, commercial court system, government red tape, and burdensome tax system.

Source : CIA

COMPANY name & address

PCC SYNTEZA SA

Ul. Szkolna 15
47-225 Kędzierzyn-Koźle

 Phone:    77 4051110

Fax:      77 4051133

E-mail:   synteza@pcc.eu

Website:  www.pccsynteza.pl

Company summary

Legal form	Joint Stock Company	(6)
Stat.no.	531686911
Tax ID	PL 7491888664

Establishment	27.11.2000	(6)
Changes of names and addresses	SYNTEZA SA
	25.07.2005 PCC SYNTEZA SA

Registration:

07.02.2002, District Court Opole, VIII Department, KRS 89685 Data concerning previous registrations: 07.12.2000, District Court Opole, RHB 4067

Shareholders	PCC SE, Moerser Str. 149, 47198 Duisburg, Germany
	Percent of owned shares		100.00%
Share capital		PLN 13 617 600,00
	Series of shares 28381 type Not preference shares SERIA F
	Changes of share capital
	- since 13.10.2014  until 20.01.2015  the capital estimated	PLN 10 779 500,00

Management	Andrzej Brzoza , personal ID no. (PESEL) 72022209772  - president Sławomir Marek Jasienkiewicz , personal ID no. (PESEL) 77102411975  - member of board of directors
	Proxies: Katarzyna Dorota Olejniczak , personal ID no. (PESEL) 70061313722  - joint proxy
	Representation: President individually, two members of the board of directors jointly or member of the board of directors and proxy jointly.

Supervisory board

Sergiusz Stefanowski , personal ID no. (PESEL) 77060600314 Alfred Pelzer  Waldemar Preussner

Main activity	Manufacture and sale of chemical products
	Branches NACE 2007:
	Manufacture of other organic basic chemicals	(C.20.14.Z)
	Wholesale of chemical products	(G.46.75.Z)

Employment

2007:              34        employees 2008:              34        employees 2009:              107       employees 2010:              83        employees 2011:              79        employees

Turnover	2009	PLN	122 800 245,06
	2010	PLN	108 688 668,74
	2011	PLN	166 184 121,04
	2012	PLN	156 630 688,28
	2013	PLN	111 351 268,45

Financial statements

Source of financial data	Court	Subject	Monitor Polski B	Monitor Polski B
	annual	annual	annual	annual
Personal balance sheet as at	31.12.2013 (PLN)	31.12.2012 (PLN)	31.12.2011 (PLN)	31.12.2010 (PLN)
-A. Fixed assets......................	11 695 270,53	12 269 736,05	11 190 511,51	11 828 086,70
-  I.   Intangible assets.............	753 305,36	1 028 541,99	886 349,38	1 050 820,33
-    3. Other intangible assets.......	753 305,36	1 028 541,99	886 349,38	1 050 820,33
-  II.  Tangible assets...............	9 824 429,17	10 667 166,06	9 452 073,13	9 065 876,37
-    1. Fixed goods...................	7 872 489,20	9 168 381,12	8 150 452,34	6 673 705,45
-      a) land........................	575 516,98	595 920,87	616 324,76	636 728,65
-      b) buildings, premises, facilities............................	3 667 981,34	3 873 435,19	3 116 410,02	3 160 432,34
-      c) machinery and equipment.....	3 351 827,57	4 257 252,83	3 946 813,67	2 553 293,86
-      d) fleet of motor vehicles.....	115 938,33	183 281,40	230 572,56	115 651,50
-      e) other fixed goods...........	161 224,98	258 490,83	240 331,33	207 599,10
-    2. Fixed goods under construction..........................	1 951 939,97	1 498 784,94	1 301 620,79	2 392 170,92
-  IV.  Long term investments.........	469,00	469,00	469,00	469,00
-    3. Long term financial assets....	469,00	469,00	469,00	469,00
-      b) Other.......................	469,00	469,00	469,00	469,00
-        - participations or shares...	469,00	469,00	469,00	469,00
-V. Long-term prepayments and accrued income........................	1 117 067,00	573 559,00	851 620,00	1 710 921,00
-  1. Deferred tax assets.............	1 117 067,00	573 559,00	851 620,00	1 710 921,00
-B. Current assets....................	29 405 949,87	42 308 787,08	50 033 195,98	29 593 853,90
-  I.   Stock.........................	10 068 752,40	18 053 403,10	21 601 882,69	11 873 224,62
-    1. Raw materials.................	4 804 640,90	11 992 406,01	15 325 681,23	5 018 072,60
-    2. Semi-finished products and work-in-progress......................	11 721,52	50 991,84	19 798,26	516 529,39
-    3. Finished products.............	3 615 934,09	3 506 698,55	4 174 604,16	1 141 466,20
-    4. Goods for re-sale.............	1 636 455,89	2 503 306,70	2 081 799,04	5 197 156,43
-  II. Short-term receivables.........	19 069 941,30	23 670 656,71	27 666 125,58	17 105 900,62
-    1. Receivables from affiliated companies.............................	831 630,19	896 907,44	15 092,16	417 901,83
-      a) Due to deliveries and services with payment period:.........	831 630,19	896 907,44	15 092,16	417 901,83
-        - up to 12 months............	831 630,19	896 907,44	15 092,16	417 901,83
-    2. Other receivables ............	18 238 311,11	22 773 749,27	27 651 033,42	16 687 998,79
-      a) Due to deliveries and services with payment period:.........	15 738 763,93	17 886 862,61	25 131 190,85	14 513 504,92
-        - up to 12 months............	15 738 763,93	17 886 862,61	25 131 190,85	14 513 504,92
-      b) Due to taxes, subsidies, insurances, duties, etc...............	2 499 547,18	4 886 886,66	2 518 627,02	2 173 766,43
-      c) Other.......................			1 215,55	727,44
-  III. Short term investments........	93 064,97	419 749,69	538 045,82	410 114,54
-    1. Short-term financial assets...	93 064,97	419 749,69	538 045,82	410 114,54
-      c) cash and other liquid assets................................	93 064,97	419 749,69	538 045,82	410 114,54
-        - cash in hand and on bank account...............................	93 064,97	419 749,69	538 045,82	410 114,54
-IV. Short-term prepayments and accrued income........................	174 191,20	164 977,58	227 141,89	204 614,12
-D. Total assets......................	41 101 220,40	54 578 523,13	61 223 707,49	41 421 940,60
-A. Shareholders' equity..............	8 530 649,68	12 996 170,14	14 352 226,89	8 761 840,08
-  I.   Basic share capital...........	10 779 500,00	10 779 500,00	10 779 500,00	10 779 500,00
-  IV.  Statutory reserve capital.....	588 811,14	447 230,94	2 342 778,77	2 342 778,77
-  V. Revaluation reserve.............	359,00	359,00	359,00	359,00
-  VI.  Other reserve capital.........			535 161,30	535 161,30
-  VII. Profit (loss) carried forward.			-4 895 958,99	-6 852 813,17
-  VIII. Net profit (loss)............	-2 838 020,46	1 769 080,20	5 590 386,81	1 956 854,18
-B. Liabilities and reserves for liabilities...........................	32 570 570,72	41 582 352,99	46 871 480,60	32 660 100,52
-  I.   Reserves for liabilities......	1 166 187,45	950 549,95	1 017 340,24	618 181,41
-    1. Deferred income tax reserves..	36 871,00	63 637,00	245 485,00	51 501,00
-    2. Reserves for pensions and similar social payments...............	136 966,50	176 385,82	160 345,22	185 345,22
-      - long-term....................	136 966,50	176 385,82	160 345,22	185 345,22
-    3. Other reserves................	992 349,95	710 527,13	611 510,02	381 335,19
-      - short-term...................	992 349,95	710 527,13	611 510,02	381 335,19
-II.  Long-term liabilities...........	327 654,75	547 632,01	994 618,67	44 307,28
-  2. Other liabilities...............	327 654,75	547 632,01	994 618,67	44 307,28
-    c) Other financial liabilities...	327 654,75	547 632,01	994 618,67	44 307,28
-III. Short-term liabilities..........	30 895 557,91	39 831 010,32	44 560 639,67	31 601 080,15
-  1. Due to affiliated companies.....	13 750 971,96	19 194 682,62	24 852 310,53	24 582 797,98
-    a) Due to deliveries and services with payment period:.........	8 265 263,16	13 507 996,42	18 708 541,73	15 107 175,17
-      - up to 12 months..............	8 265 263,16	13 507 996,42	18 708 541,73	15 107 175,17
-    b) Other.........................	5 485 708,80	5 686 686,20	6 143 768,80	9 475 622,81
-  2. Other liabilities...............	17 118 139,25	20 606 921,83	19 664 925,48	6 982 536,71
-    a) Loans.........................	11 977 880,42	14 571 182,25	11 660 577,08	2 367 638,96
-    c) Other financial liabilities...	231 318,73	369 111,58	487 761,59	59 676,08
-    d)Due to deliveries and services with payment period:.........	4 241 782,56	5 059 656,79	6 938 606,25	4 343 303,10
-      - up to 12 months..............	4 241 782,56	5 059 656,79	6 938 606,25	4 343 303,10
-    g) Due to taxes, subsidies, insurances, duties, etc...............	405 405,92	381 299,90	344 449,16	208 746,08
-    h) Due to salaries...............	227 472,69	215 562,97	223 852,03
-    i) Other.........................	34 278,93	10 108,34	9 679,37	3 172,49
-  3. Special funds...................	26 446,70	29 405,87	43 403,66	35 745,46
-IV.  Accruals and deferred income....	181 170,61	253 160,71	298 882,02	396 531,68
-  2. Other accruals..................	181 170,61	253 160,71	298 882,02	396 531,68
-    - long-term......................	127 171,56	181 170,60	235 169,64	289 168,68
-    - short-term.....................	53 999,05	71 990,11	63 712,38	107 363,00
-D. Total liabilities.................	41 101 220,40	54 578 523,13	61 223 707,49	41 421 940,60
Source of financial data	Court	Subject	Monitor Polski B	Monitor Polski B
	annual	annual	annual	annual
individual PROFIT AND LOSS ACCOUNT	01.01.2013- 31.12.2013 (PLN)	01.01.2012- 31.12.2012 (PLN)	01.01.2011- 31.12.2011 (PLN)	01.01.2010- 31.12.2010 (PLN)
-A. Income from sales and similar.....	111 351 268,45	156 630 688,28	166 184 121,04	108 688 668,74
-  - including related companies......	12 971 868,57	9 042 679,70	6 219 085,73	4 285 140,71
-  I.   Net revenue form sale of products..............................	90 747 813,49	132 055 862,67	138 022 639,68	82 555 457,94
-  II.  Net revenue from sale of goods.................................	20 603 454,96	24 574 825,61	28 161 481,36	26 133 210,80
-B.Cost of products, goods sold.......	101 995 257,11	139 760 006,92	141 255 568,77	96 443 021,05
-  - including related companies......	12 432 638,43	7 479 107,71	590 080,78	4 301 235,71
-  I.  Cost of production of products sold.........................	83 436 790,63	117 566 894,17	117 388 825,51	73 388 388,94
-  II.  Value of products sold........	18 558 466,48	22 193 112,75	23 866 743,26	23 054 632,11
-C. Gross profit on sale..............	9 356 011,34	16 870 681,36	24 928 552,27	12 245 647,69
-D. Costs of sale.....................	5 878 680,84	9 054 238,35	10 896 322,21	7 502 039,06
-E. General management costs..........	4 630 603,68	4 748 006,25	4 982 740,43	3 919 606,20
-F. Profit on sale....................		3 068 436,76	9 049 489,63	824 002,43
-F. Loss on sale......................	1 153 273,18
-G. Other operating incomes...........	811 138,31	1 457 256,67	1 548 234,63	3 062 000,35
-  I.   Incomes from disposal of fixed assets..........................	173,45	689 040,69	287 543,17
-  II.  Subsidies.....................	53 999,04	53 999,04	53 999,04	53 999,04
-  III. Other operating incomes.......	756 965,82	714 216,94	1 206 692,42	3 008 001,31
-H. Other operating costs.............	736 601,24	1 329 356,26	568 988,88	1 268 183,64
-  II.  Goodwill revaluation..........	74 707,84
-  III. Other operating costs.........	661 893,40	1 329 356,26	568 988,88	1 268 183,64
-I. Profit on operating activities....		3 196 337,17	10 028 735,38	2 617 819,14
-I. Loss on operating activities......	1 078 736,11
-J. Financial incomes.................	7 526,25	637 322,81	735,61	220 264,21
-  II.  Interest received.............	7 526,25	1 724,73	735,61	98,95
-    - including related companies....	7 464,62
-  V.   Other.........................		635 598,08		220 165,26
-K. Financial costs...................	2 337 084,60	1 691 182,78	3 125 894,18	899 500,17
-  I.   Interest......................	1 127 681,93	1 198 389,25	1 559 725,92	807 144,57
-    - including related companies....	398 713,66	370 779,50	401 928,80	376 718,35
-  IV.  Other.........................	1 209 402,67	492 793,53	1 566 168,26	92 355,60
-L. Gross profit on economic activity.		2 142 477,20	6 903 576,81	1 938 583,18
-L. Gross on economic activity........	3 408 294,46
-N. Gross profit......................		2 142 477,20	6 903 576,81	1 938 583,18
-N. Gross loss........................	3 408 294,46
-O. Corporation tax...................	-570 274,00	373 397,00	1 313 190,00	-18 271,00
-R. Net profit........................		1 769 080,20	5 590 386,81	1 956 854,18
-R. Net loss..........................	2 838 020,46

AUDITOR

Balance sheet as at 31.12.2011
BDO sp. z o.o., ul. Postępu 12, 02-676 Warszawa	No. 3355

Expert auditor Grażyna  Maślanka

No. 9375

Balance sheet as at 31.12.2010
BDO sp. z o.o., ul. Postępu 12, 02-676 Warszawa	No. 3355

Expert auditor Grażyna  Maślanka

No. 9375

Expert auditor Leszek Kramarczuk

No. 1920

Ratios	01.01.2013- 31.12.2013	01.01.2012- 31.12.2012	01.01.2011- 31.12.2011	01.01.2010- 31.12.2010
Current ratio	0,95	1,06	1,12	0,94
Quick ratio	0,62	0,60	0,63	0,55
Immediate ratio		0,01	0,01	0,01
Return on sale	-2,55	1,13	3,36	1,80
Return on assets	-6,91	3,24	9,13	4,72
Return on equity	-33,27	13,61	38,95	22,33
Average trade debtors' days	62,51	55,31	60,76	57,45
Average stock turnover's days	33,00	42,19	47,45	39,87
average payables payment period	101,27	93,07	97,87	106,12
Total indebtedness ratio	79,24	76,19	76,56	78,85

While rating the company, it is advisable to take into consideration information about the branch, the company is acting in
(C.20.14.Z - NACE 2007), as at :	31.12.2014	31.12.2013	31.12.2012	31.12.2011	31.12.2010
Current ratio............................	1,38	1,33	1,24	1,33	1,05
Quick ratio..............................	0,92	0,93	0,82	0,91	0,73
Immediate ratio..........................	0,22	0,22	0,14	0,17	0,21
Return on sale...........................	3,65	3,83	0,34	6,10	1,13
Return on assets.........................	4,36	4,68	0,47	6,68	1,27
Return on equity.........................	8,79	9,81	0,99	12,24	2,70
Average trade debtors' days..............	41,96	47,49	43,16	46,19	45,25
Average stock turnover's days............	30,68	28,71	25,91	27,56	27,66
average payables payment period..........	68,09	73,18	64,47	67,25	88,50
Total indebtedness ratio.................	50,35	52,24	52,74	45,37	52,95
Percent share in the examinated group of companies with net profit.............	61,10	77,80	89,50	75,00	78,60
Sales/revenue per employee in th. PLN....	1 439,16	1 392,22	1 333,31	1 132,21	908,43
Average sales/revenue per company in th. PLN..................................	312 297,22	320 751,22	367 221,47	508 222,13	436 565,64
according to the Central Statistical Office

Locations:

seat: ul. Szkolna 15, 47-225 Kędzierzyn-Koźle Phone:                   77 4051110 Fax:                     77 4051133 E-mail:                  emilia.zimny@pcc.eu                          synteza@pcc.eu Website:                 www.pccsynteza.pl

Real Estate	lands no. 602/132/135, 602/489, 602/490, 602/134, of area 84 972 sq.m.  buildings of area 11 753,15 sq m,
	Book value of buildings as at 31.12.2013	PLN	3 667 981,34
	Book value of lands as at 31.12.2013	PLN	575 516,98
	Verification of information on real estate ownership position through the Real Estate Register is not covered by the standard report.

Means of transport

As at 31.12.2013  book value of car fleet was: PLN 115 938,33

Shares in other companies

As at 23.02.2015 there are no shares in other companies.

Connections:

Alfred Pelzer  -  PCC INTERMODAL SA NIP PL 9410258233, ul. Hutnicza 16, 81-061 Gdynia   · chairman -  PCC EXOL SA NIP PL 9410258233, ul. Henryka Sienkiewicza 4, 56-120 Brzeg Dolny   · member -  PCC ROKITA POLYURETHANES SPÓŁKA Z O.O. NIP 9880285300, ul. Sienkiewicza 4, 56-120 Brzeg Dolny   · member of supervisory board -  PCC IT SA NIP PL 9410258233, ul. Sienkiewicza Henryka 4, 56-120 Brzeg Dolny   · chairman -  MCAA EUROPEJSKA SPÓŁKA AKCYJNA NIP 9880267414, ul. Sienkiewicza Henryka 4, 56-120 Brzeg Dolny   · member of supervisory board -  PCC AUTOCHEM Sp. z o.o. NIP PL 9410258233, ul. Henryka Sienkiewicza 4, 56-120 Brzeg Dolny   · member of supervisory board -  PCC CHLOR-ALKALI Sp. z o.o. NIP 9880285369, ul. Sienkiewicza 4, 56-120 Brzeg Dolny   · member of supervisory board -  PCC MCAA sp. z o.o. NIP 9880285375, ul. Sienkiewicza 4, 56-120 Brzeg Dolny   · member of supervisory board -  PCC ROKITA SA NIP PL 9410258233, ul. Sienkiewicza 4, 56-120 Brzeg Dolny   · chairman Andrzej Brzoza , personal ID no. (PESEL) 72022209772 -  PCC ENERGETYKA BLACHOWNIA Sp. z o.o. NIP PL 7491797766, ul. Szkolna 15, 47-225 Kędzierzyn-Koźle   · president -  WĘGLOPOCHODNE sp. z o.o. w likwidacji NIP PL 9412925934, ul. Szkolna 15, 47-225 Kędzierzyn-Koźle (! the company was put into liquidation)   · member of supervisory board Sergiusz Stefanowski , personal ID no. (PESEL) 77060600314 -  PCC ROKITA POLYURETHANES SPÓŁKA Z O.O. NIP 9880285300, ul. Sienkiewicza 4, 56-120 Brzeg Dolny   · president Sławomir Marek Jasienkiewicz , personal ID no. (PESEL) 77102411975 -  PCC ENERGETYKA BLACHOWNIA Sp. z o.o. NIP PL 7491797766, ul. Szkolna 15, 47-225 Kędzierzyn-Koźle   · member of board of directors Waldemar Preussner  Connections have not been determined due to no possibility of identification of the persons or subjects which appear in the company.

Data concerning connections are valid as at: 23.02.2015.

Taking overs

20.08.2008 (Entry date) - merger PCC SYNTEZA SA, ul. Szkolna 15, 47-225 Kędzierzyn-Koźle (as taking over)  PETRO CARBO CHEM SA KRS 118823, ul. Gajowa 44, 44-100 Gliwice (as taken over)

General information

In 2010-2011, the company undergoing restructuring. The production of certain chemicals and conducted redundancies was stopped. In June 2012 there was launched the new production line for production of polyol (RF Rokopol 121). The costs of launching the new production line amounted to more than 2 million PLN. PCC SYNTEZA SA is the only Polish manufacturer of polyol. A large part of the production is exported to Germany, France and the Benelux countries, smaller amounts to the Czech Republic, Hungary and Ukraine.

Banks

MBANK SA O. Korporacyjny Katowice  (11401078) ul. Powstańców 43, 40-024 Katowice  Bank Handlowy w Warszawie SA Regionalne Centrum Rozliczeń Olsztyn  (10301221) ul. Pstrowskiego 16, 10-602 Olsztyn  Bank Polska Kasa Opieki SA I O. w Kędzierzynie-Koźlu  (12401659) pl. Wolności 6-7, 47-220 Kędzierzyn-Koźle Acc.no. 24124016591111001004681479

Payment Manner	Analysis of the balance sheet indicates limited liquidity.	(38)
Credit capability	Business connections should not be refused, credits require security	(41)
	Due to: - Short term liabilities exceeding the amount of current assets - Losses - long period of liabilities repayment - No insight into financial situation of the company

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.33
UK Pound	1	Rs.92.83
Euro	1	Rs.68.08

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TPT

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.