MIRA INFORM REPORT

Report No. :	356966
Report Date :	26.12.2015

IDENTIFICATION DETAILS

Name :	QUALIPOLY CHEMICAL CORPORATION
Registered Office :	No. 2, Yeong Gong 5^th Rd., Yong'an Dist., Kaohsiung City 828, (R.O.C.)
Country :	Taiwan
Financials (as on) :	31.12.2014
Date of Incorporation :	25.11.1978
Com. Reg. No.:	75975242
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing and Sales of Synthetic Resin.
No. of Employees :	About 300 Employees

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 :	Good
Payment Behaviour :	Regular
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 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Taiwan	A1	A1

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

TAIWAN - ECONOMIC OVERVIEW

Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. Exports, led by electronics, machinery, and petrochemicals have provided the primary impetus for economic development. This heavy dependence on exports exposes the economy to fluctuations in world demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are other major long-term challenges.

Free trade agreements have proliferated in East Asia over the past several years. Following the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, Taiwan in July 2013 signed a free trade deal with New Zealand - Taipei’s first-ever with a country with which it does not maintain diplomatic relations - and, in November, inked a trade pact with Singapore. However, follow-on components of the ECFA, including a signed agreement on trade in services and negotiations on trade in goods and dispute resolution, have stalled. In early 2014, the government bowed to public demand and proposed a new law governing the oversight of cross-Strait agreements, before any additional deals with China are implemented; the legislature has yet to vote on such legislation, leaving the future of ECFA up in the air as President MA enters his final full year in office. MA has portrayed ECFA as Taiwan’s key to greater participation in East Asia’s free trade networks.

Taiwan's total fertility rate of just over one child per woman is among the lowest in the world, raising the prospect of future labor shortages, falling domestic demand, and declining tax revenues. Taiwan's population is aging quickly, with the number of people over 65 expected to account for nearly 20% of the island's total population by 2025.

The island runs a trade surplus, largely because of its surplus with China, and its foreign reserves are the world's fifth largest, behind those of China, Japan, Saudi Arabia, and Switzerland. In 2006 China overtook the US to become Taiwan's second-largest source of imports after Japan. China is also the island's number one destination for foreign direct investment. Taiwan since 2009 has gradually loosened rules governing Chinese investment on the island and has also secured greater market access for its investors in the mainland. In August 2012, the Taiwan Central Bank signed a memorandum of understanding (MOU) on cross-Strait currency settlement with its Chinese counterpart. The MOU allows for the direct settlement of Chinese RMB and the New Taiwan dollar across the Strait, which has helped Taiwan develop into a local RMB hub.

Closer economic links with the mainland bring greater opportunities for Taiwan’s economy but also pose new challenges as the island becomes more economically dependent on China at a time when political differences remain unresolved. During 2014, the press paid increasing attention to domestic economic issues, while pushing aside the debates over trade liberalization that were a hallmark of MA’s tenure. The media focused on the divide between Taiwan’s “haves” and “have nots,” providing extensive coverage of public frustration with stagnant wages, skyrocketing housing prices, and the difficulty of finding decent entry-level jobs.

Source : CIA

Contact Points

Company Name:	Qualipoly Chemical Corporation
Supplied Name:	QUALIPOLY CHEMICAL CORPORATION
Trading Address:	No. 2, Yeong Gong 5th Rd., Yong'an Dist., Kaohsiung City 828, Taiwan (R.O.C.)
Supplied Address:	NO: 2, YEONG GROUP 5TH RD, YEONG AN DIST. KAOHSIUNG CITY 828, TAIWAN
Telephone Number:	+886-7-623-6199
Fax Number:	+886-7-624-1972
E-mail:	customer@qualipoly.com.tw

Notes: The exact address is as above.

Company Identification Details

Registered Name:	Qualipoly Chemical Corporation
Registered Address:	No. 2, Yeong Gong 5^th Rd., Yong'an Dist., Kaohsiung City 828, Taiwan (R.O.C.)
Date of Foundation:	1978-11-25
Registration Number:	75975242
Registry:	Department of Commerce, Ministry of Economic Affairs, R.O.C.
Registered Capital:	NTD 960,000,000 (USD 29,760,000) (As of 2015.12, 1 NTD = 0.031 USD)
Paid-up Capital:	NTD 882,468,180 (USD 27,356,513.58)
Legal Representatives:	Youliang Cai
Legal Form:	Joint Stock Company
Principal Activities:	Manufacturing and sales of synthetic resin, etc.
Staff:	About 300 Employees
Listed at Stock Exchange:	Yes; Stock Symbol: 4722
Date of Last Annual Return:	2015-06-11

History

Subject was incorporated on 1978-11-25 with registered number 75975242 as Joint Stock Company in Taiwan.

Subject was listed on Taiwan Stock Exchange on 2012-08-15.

Shareholders

Name	Subscription Shares
Youliang Cai	3,674,889
Hongrong Gao
895,932
Nvzhu Qiu	1,315,918
Wuxiong Cai	410,000
Haicheng Wang	1,200,460
Feixiong Xiong	106,078
Wenliang Zeng	340,000
Chunyu Zheng	1,203,933
Zhongyao Xu	875,573
Hong Ren Investment Co., Ltd. (Literal Translation)	871,120

Major Shareholder Information:

Registered Name:	Hong Ren Investment Co., Ltd. (Literal Translation)
Registered Address:	3F-6, No. 54, Sec. 4, Minsheng East Rd., Songshan Dist., Taipei City, Taiwan
Date of Foundation:	2006-07-10
Registration Number:	28200492
Registry:	Taipei City Government
Registered Capital:	NTD 3,000,000 (USD 93,000) (As of 2015.12, 1 NTD = 0.031 USD)
Paid-up Capital:	NTD 3,000,000 (USD 93,000)
Legal Representatives:	Anting Chen
Legal Form:	Joint Stock Company
Date of Last Annual Return:	2015-09-16

Corporate Structure

Factory

Name:	Yong An Factory
Address:	No.2, Yeong Gong 5^th Rd., Yong'an Dist., Kaohsiung City 828, Taiwan
Date of Foundation:	1990-12-31
Date of Registration:	1990-12-31
Factory Registration Number:	99662431
Factory Manager:	Youliang Cai
Status:	In Production
Date of Last Annual Return:	2003-11-04
Major Products:	184 Synthetic resin, plastics and rubbers, etc.

Related Company

Name	Qualipoly Technology (Guang Dong) Corp.
Address	No.20, Huanzhen Road, Du Ruan Longbang Industrial Zone, Jiangmen City, Guangdong Province, China
Tel	+86-750-822-6969
Fax	+86-750-822-6963
Staff:	About 160 Employees

Offices

1
Name	Taipei Office
Address	7F-4, No.20, Lane 609, Chung-Hsin Road, Sec. 5, San-Chung, Taiwan, R.O.C.
2
Name	Taichung Office
Address	No.729, Chaun Ming South Road, South District, Taichung, Taiwan, R.O.C.

Personnel Information

Core Management

Directors

1
Name	Youliang Cai
Position	Board Chairman
2
Name	Hongrong Gao
Position	Director
3
Name	Nvzhu Qiu
Position	Director
4
Name	Wuxiong Cai
Position	Director
5
Name	Haicheng Wang
Position	Director
6
Name	Feixiong Xiong
Position	Independent Director
7
Name	Wenliang Zeng
Position	Independent Director
8
Name	Zhongyao Xu
Position	Supervisor
9
Name	Chunyu Zheng
Position	Supervisor
10
Name	Hong Ren Investment Co., Ltd. (Literal Translation)
Position	Supervisor

Personnel Structure

Total Employees

About 300 Employees

Operation Information

Offices & Factories

	Headquarters
Add	No.2, Yeong Gong 5^th Rd., Yong'an Dist., Kaohsiung City 828, Taiwan (R.O.C.)

Production Information

Subject is engaged in manufacturing of synthetic resin, etc.

Subject has factories in Kaohsiung City, Taiwan and Jiangmen City, Guangdong province of the Mainland of China for production.

Subject obtained the certifications of ISO 9001, ISO 14001, OHSAS 18001 and CIVIC 114, etc.

We obtained Kaohsiung factory’s production capacity as followed for reference.

Product	Annual production capacity
Unsaturated Polyester Resin	30,000 tons
Coating Resin	3,600 tons
UV Light Curing Resin	19,200 tons

Purchase Information

The registered activities of subject:

Business Code	Details
C801100	Manufacturing of synthetic resin and rubber
C801990	Manufacturing of other chemical materials
C802120	Manufacturing of industrial additives
C802200	Manufacturing of painting, coating, dye and pigment
C802990	Manufacturing of other chemical products
C805070	Manufacturing of reinforced plastic products
C805990	Manufacturing of other plastic products
F107010	Wholesale of painting and coating
F107170	Wholesale of industrial additives
F107200	Wholesale of chemical materials
F207010	Retail of painting and coating
F207170	Retail of industrial additives
F207200	Retail of chemicals
F401010	International trade business
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

It is introduced that subject imports some technology from abroad such as NESTE (Finland), ASHLAND (USA), SOAB (Sweden), BECKER (Sweden), SCHENECTADY (USA).

The raw materials of subject for production are purchased from both home and abroad.

Some suppliers information of subject are as follows:

Raw material	Suppliers
Styrene	Yuan Jen Enterprises Co., Ltd. Grand Pacific Petrochemical Corporation
Phthalic Anhydride	Nan Ya Plastic Corporation UPC Technology Corporation
Maleic Anhydride	Yuan Jen Enterprises Co., Ltd.
Acrylic Acid	Yuan Jen Enterprises Co., Ltd.
Diethylene Glycol	Nan Ya Plastic Corporation Evermore Trading Corporation
Trimethylolpropane	Perstorp Holding AB
Xylene	Hoong Yang Enterprises, Inc. Camay Chemical Ind Co., Ltd.
Propylene Glycol	LyondellBasell
Isobutyl Alcohol	Dairen Chemical Corporation Nan Ya Plastic Corporation

Major Suppliers’ Information

1
Name	Yuan Jen Enterprises Co., Ltd.
Address	3^rd Fl., 54, Sec. 4, Min Sheng E. Rd., Taipei , Taiwan , R.O.C.
Tel	+886-2-2717-2222
Fax	+886-2-2546-1546
2
Name	Grand Pacific Petrochemical Corporation
Address	10^th Floor, No.1, Sec 4, Nanjing East Road, Songshan District, Taipei City, Taiwan
Tel	+886-2-8770-4567
Fax	+886-2-2545-8760
3
Name	Nan Ya Plastic Corporation
Address	3F, 201 Tung-Hwa North Road, Taipei, Taiwan
Tel	+886-2-2717-8305
Fax	+886-2-27136421
4
Name	UPC Technology Corporation
Address	9^th Fl., Building A, No.209 Nan Gang Rd., Sec.1, Nan Gang Dist., Taipei, 115, Taiwan
Tel	+886-2-2651-7889
Fax	+886-2-2651-5818
5
Name	Evermore Trading Corporation
Address	11F-3, No.106, Chang-An West Road, Taipei 10351, Taiwan, R.O.C.
Tel	+886-2-2552-2926
Fax	+886-2-2552-2109
6
Name	Perstorp Holding AB
Address	Industriparken, 284 80 Perstorp, Sweden
Tel	+46-435-38000
7
Name	Hoong Yang Enterprises, Inc.
Address	No.68, Qixian 2nd Rd., Xinxing Dist., Kaohsiung City 800, Taiwan (R.O.C.)
8
Name	Camay Chemical Ind Co., Ltd.
Address	8F-2, No. 21, Chung Ching S. Rd., Sec. 2, Taipei Taiwan
Tel	+886-2-2392-5606
9
Name	Dairen Chemical Corporation
Address	9^th Floor, No. 301, Songjiang road, Zhongshan District, Taipei City, Taiwan
Tel	+886-2-7743-1500

Sales Information

Subject is engaged in sales of synthetic resin, etc.

Subject’s major products are UV curable materials, unsaturated polyester resins and coating resins, etc.

Subject has its own brand “QualiCure”.

The products of subject are applied to automobile components, household appliances, packaging materials, etc.

Subject’s sales regions include Southeast Asia, Japan, Europe, Australia and Middle East, etc.

It is introduced that subject has a proportion of 39% for domestic sale and 61% for foreign sale.

Subject’s major customers are “Feng Ching Metal Corporation”, “MAIDA GROUP”, ”NATIONAL REGENT”, and ”VINAUSTRADE”, etc.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchase

Products	Raw materials, etc.
Payment Terms	T/T, Cash, etc.

Import

Products	Raw materials, etc.
Payment Terms	L/C, T/T, etc.

Sales

Domestic Markets

Product	Synthetic resin, etc.
Selling Terms	T/T, Cash, etc.

Export

Product	Synthetic resin, etc.
Selling Terms	L/C, T/T, etc.

Balance Sheet

Unit: NTD/000

Consolidated	2014-12-31	2013-12-31
Assets
Current assets
Cash and cash equivalents
Total cash and cash equivalents	137,555	105,832
Notes receivable, net
Notes receivable	214,496	235,462
Notes receivable, net	214,496	235,462
Accounts receivable, net
Accounts receivable, net	1,018,986	825,515
Other receivables
Other receivables, net	21,513	16,679
Inventories
Inventories, manufacturing business
Inventories, manufacturing business, net	657,697	729,537
Total inventories	657,697	729,537
Other current assets
Other current financial assets	14,952	0
Other current assets, others	50,035	45,283
Total other current assets	64,987	45,283
Total current assets	2,115,234	1,958,308
Non-current assets
Non-current available-for-sale financial assets
Non-current available-for-sale financial assets, net	144,423	132,131
Property, plant and equipment
Total property, plant and equipment	956,302	981,100
Intangible assets
Computer software, net
Computer software, net	1,416	3,040
Goodwill	73,963	69,651
Other intangible assets, net
Other intangible assets, net	12,133	15,751
Total intangible assets	87,512	88,442
Deferred tax assets	12,587	7,769
Other non-current assets
Prepayments for business facilities	33,444	33,940
Guarantee deposits paid	337	291
Long-term prepaid rents	28,347	27,454
Other non-current assets, others
Other non-current assets, others	2,061	0
Total other non-current assets, others	2,061	0
Total other non-current assets	64,189	61,685
Total non-current assets	1,265,013	1,271,127
Total assets	3,380,247	3,229,435
Liabilities
Current liabilities
Short-term borrowings
Total short-term borrowings	644,546	626,727
Short-term notes and bills payable
Total short-term notes and bills payable	249,764	249,724
Current financial liabilities at fair value through profit or loss
Total current financial liabilities at fair value through profit or loss	285	0
Notes payable
Total notes payable	192,783	106,980
Accounts payable
Total accounts payable	120,558	224,380
Other payables
Total other payables	104,901	90,752
Current tax liabilities	30,649	7,505
Other current liabilities
Long-term liabilities, current portion
Long-term borrowings, current portion	50,153	63,487
Total long-term liabilities, current portion	50,153	63,487
Other current liabilities, others	6,028	3,724
Total other current liabilities	56,181	67,211
Total current liabilities	1,399,667	1,373,279
Non-current liabilities
Long-term borrowings
Total long-term borrowings	121,297	111,450
Deferred tax liabilities
Total deferred tax liabilities	44,674	28,166
Other non-current liabilities
Accrued pension liabilities	13,035	11,654
Total other non-current liabilities	13,035	11,654
Total non-current liabilities	179,006	151,270
Total liabilities	1,578,673	1,524,549
Equity
Equity attributable to owners of parent
Share capital
Ordinary share	882,469	882,469
Total capital stock	882,469	882,469
Capital surplus
Total capital surplus	250,901	250,901
Retained earnings
Legal reserve	148,716	134,712
Special reserve	0	32,812
Unappropriated retained earnings (accumulated deficit)
Total unappropriated retained earnings (accumulated deficit)	398,943	309,883
Total retained earnings	547,659	477,407
Other equity interest
Total other equity interest	120,545	94,109
Total equity attributable to owners of parent	1,801,574	1,704,886
Total equity	1,801,574	1,704,886
Number of share capital awaiting retirement	0	0
Equivalent issue shares of advance receipts for ordinary share	0	0
Number of shares in entity held by entity and by its subsidiaries	0	0

Profit and Loss Account

Unit: NTD/000

Consolidated	2014	2013
Operating revenue
Net sales revenue
Sales revenue
Total sales revenue	5,007,523	4,872,659
Sales returns	9,263	12,904
Sales discounts and allowances	1,818	1,576
Net sales revenue	4,996,442	4,858,179
Total operating revenue	4,996,442	4,858,179
Operating costs
Total operating costs	4,396,647	4,303,531
Gross profit (loss) from operations	599,795	554,648
Gross profit (loss) from operations	599,795	554,648
Operating expenses
Selling expenses
Total selling expenses	259,046	269,555
Administrative expenses
Total administrative expenses	103,288	99,946
Research and development expenses
Total research and development expenses	37,272	32,722
Total operating expenses	399,606	402,223
Net operating income (loss)	200,189	152,425
Non-operating income and expenses
Other income
Interest income
Total interest income	2,048	2,848
Total other income	2,048	2,848
Other gains and losses
Other gains and losses, net	38,587	44,939
Finance costs
Finance costs, net	13,726	16,393
Total non-operating income and expenses	26,909	31,394
Profit (loss) from continuing operations before tax	227,098	183,819
Tax expense (income)
Total tax expense (income)	48,324	43,781
Profit (loss) from continuing operations	178,774	140,038
Profit (loss)	178,774	140,038
Other comprehensive income
Exchange differences on translation	22,095	15,467
Unrealised gains (losses) on valuation of available-for-sale financial assets	10,219	35,895
Actuarial gains (losses) on defined benefit plans	-3,163	-1,525
Income tax related to components of other comprehensive income	5,341	3,381
Other comprehensive income, net	23,810	46,456
Total comprehensive income	202,584	186,494
Profit (loss), attributable to:
Profit (loss), attributable to owners of parent	178,774	140,038
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent	202,584	186,494
Basic earnings per share
Basic earnings (loss) per share from continuing operations	2.03	1.63
Total basic earnings per share	2.03	1.63
Diluted earnings per share
Diluted earnings (loss) per share from continuing operations	2.02	1.62
Total diluted earnings per share	2.02	1.62

Cash Flows

Unit: NTD/000

Consolidated	2014	2013
Cash flows from (used in) operating activities, indirect method
Profit (loss) from continuing operations before tax	227,098	183,819
Profit (loss) before tax	227,098	183,819
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expense	59,289	59,208
Amortization expense	5,932	4,610
Provision (reversal of provision) for bad debt expense	1,994	229
Interest expense	13,726	16,393
Interest income	-2,048	-2,848
Dividend income	-17,492	-17,402
Loss (gain) on disposal of property, plant and equipment	80	-271
Impairment loss on non-financial assets	13,987	11,868
Total adjustments to reconcile profit (loss)	75,468	71,787
Changes in operating assets and liabilities
Changes in operating assets
Decrease (increase) in notes receivable	20,966	-38,855
Decrease (increase) in accounts receivable	-202,852	-12,518
Decrease (increase) in other receivable	-5,863	1,823
Decrease (increase) in inventories	43,768	-92,875
Decrease (increase) in other current assets	-3,723	9,716
Total changes in operating assets	-147,704	-132,709
Changes in operating liabilities
Increase (decrease) in notes payable	85,803	-83,824
Increase (decrease) in accounts payable	-103,822	-15,890
Increase (decrease) in other payable	13,456	17,119
Increase (decrease) in other current liabilities	2,304	-2,609
Increase (decrease) in accrued pension liabilities	-1,782	-13,255
Increase (decrease) in other operating liabilities	285	-94
Total changes in operating liabilities	-3,756	-98,553
Total changes in operating assets and liabilities	-151,460	-231,262
Total adjustments	-75,992	-159,475
Cash inflow (outflow) generated from operations	151,106	24,344
Interest received	2,048	2,848
Interest paid	-13,716	-16,981
Income taxes refund (paid)	-18,831	-56,164
Net cash flows from (used in) operating activities	120,607	-45,953
Cash flows from (used in) investing activities
Acquisition of property, plant and equipment	-26,964	-69,550
Proceeds from disposal of property, plant and equipment	191	517
Increase in refundable deposits	-46	0
Acquisition of intangible assets	-2,194	-18,211
Increase in other financial assets	-14,952	0
Decrease in other financial assets	0	1,163
Dividends received	17,492	17,402
Net cash flows from (used in) investing activities	-26,473	-68,679
Cash flows from (used in) financing activities
Increase in short-term loans	17,819	0
Decrease in short-term loans	0	-37,783
Increase in short-term notes and bills payable	40	98
Repayments of bonds	0	-104
Proceeds from long-term debt	60,000	120,000
Repayments of long-term debt	-63,487	-141,387
Cash dividends paid	-105,896	-132,370
Proceeds from issuing shares	0	299,130
Net cash flows from (used in) financing activities	-91,524	107,584
Effect of exchange rate changes on cash and cash equivalents	29,113	18,368
Net increase (decrease) in cash and cash equivalents	31,723	11,320
Cash and cash equivalents at beginning of period	105,832	94,512
Cash and cash equivalents at end of period	137,555	105,832
Cash and cash equivalents reported in the statement of financial position	137,555	105,832

Note: Subject didn’t submit its individual financial information; we obtained its consolidated financials as above for reference.

The above financial figures are based on the IFRSs Accounting System.

Bankers

Subject declined to disclose its bank details; from other source we cannot obtain the relevant information, either.

Public Record

Mortgage

No chattel mortgage record of subject has been found within the recent 3 months.

Lawsuit

Up to date of reporting, no existing or latent litigation of the subject has been found.

Interview Details

Name	Mr. Gao
Department	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.20
UK Pound	1	Rs.98.30
Euro	1	Rs.72.41
TWD	1	Rs.2.01

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIT

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.