MIRA INFORM REPORT

 

 

Report No. :

307198

Report Date :

24.02.2015

 

IDENTIFICATION DETAILS

 

Name :

ANJO QUÍMICA DO BRASIL LTDA

 

 

Registered Office :

Rodovia Sc 447, Km,2 Sala ¨A¨, Vila Macarini - Distrito De Rio Maina, 88817-440 - Criciúma/Sc

 

 

Country :

Brazil

 

 

Financials (as on) :

30.11.2014

 

 

Date of Incorporation :

10.03.1998

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacture of Paints, Varnishes, Enamels and Lacquers.

 

 

No. of Employees :

340

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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, and a rapidly expanding middle class, 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 in 2011-13. 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.

 

Source : CIA

company name

 

ANJO QUÍMICA DO BRASIL LTDA

 

 

ADDRESSES

 

MAIN ADDRESS:

Rodovia Sc 447, Km,2 Sala ¨A¨, Vila Macarini - Distrito De Rio Maina

ZIP CODE/CITY:

88817-440 - Criciúma/Sc

 

 

PHONE:

48 3461-8000

FAX:

48 3461-8000

E-MAIL:

marcio@anjo.com.br

WEB SITE:

www.anjoquimica.com.br

 

BRANCHES

 

 

 

ADDRESS:

RUA PROJETADA, S/Nº, LOTES 16, 17, 21 E,22 - DISTRITO DE RIO MAINA

ZIP CODE/CITY:

88817-440 CRICIUMA/SC

PHONE:

48 3461-8000

FAX:

48 3461-8000

CNPJ:

02.921.346/0002-39

STATE REGISTER:

254869459

 

 

ADDRESS:

RODOVIA SC 446, KM,4

ZIP CODE/CITY:

MORRO DA FUMAÇA/SC

CNPJ:

02.921.346/0006-62

STATE REGISTER:

255215592

 

 

ADDRESS:

AV DOS IMIGRANDETES,6402 GLEBA 1 JO - DISTRITO INDUSTRIAL

ZIP CODE/CITY:

01292-210 BRAGANÇA PAULISTA/SP

CNPJ:

02.921.346/0005-81

STATE REGISTER:

225.114.562.112

 

 

ADDRESS:

RUA 13, Nº 1, QUADRA,11 , LOTES 36/40 - POLO EMPRESARIAL DE GOIÁS

ZIP CODE/CITY:

74985-225 APARECIDA DE GOIÂNIA/GO

CNPJ:

02.921.346/0004-09

STATE REGISTER:

10.383.233-5

 

 

ADDRESS:

RODOVIA LUIZ GONZAGA, BR 232, KM,47 DISTRITO INDUSTRIAL AUGUSTO FERRI DE MORAES - LOTEAMENTO AONCEIÇAO

ZIP CODE/CITY:

55613-010 VITORIA DE SANTO ANTAO/PE

 

 

LEGAL DATA

 

MAIN ACTIVITIES:

 

MANUFACTURE OF PAINTS, VARNISHES, ENAMELS AND LACQUERS.

 

LEGAL FORM:

LIMITED LIABILITY COMPANY

 

 

INCORPORATION DATE:

10/03/1998

REGISTER DATE:

17/11/1998

BALANCE SHEET FILING DATE:

31/12

TAX CONTRIBUTOR NUMBER(CNPJ):

02.921.346/0001-58

STATE REGISTER:

253.852.110

 

 

SHARE CAPITAL:

R$ 1.500.000,00

 

BOARD OF DIRECTORS:

 

 

 

FELIPE REZENDES COLOMBO

DIRECTOR

 

AUTHORIZED USE OF SIGNATURE

 

THE PRESIDENT DIRECTOR ARE AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY.

 

SHAREHOLDERS / PARTNERS:

 

 

 

ANJOPART - PARTICIPAÇÕES LTDA

95,2663%

ALBERTINO COLOMBO

4,1420%

FILIPE REZENDES COLOMBO

0,5917%

 

AFFILIATES / SUBSIDIARIES:

 

 

 

NOT AVAILABLE.

 

 

COMPANY'S BACKGROUND

 

THE SUBJECT WAS ESTABLISHED ON MARCH 1, 1998 AS CBR COMERCIAL BRASILEIRA DE REVESTIMENTOS LTDA. TO BE ENGAGED IN THE SAID LINE OF BUSINESS. ON NOVEMBER 3, 2004 IT ADOPTED THE ABOVE MENTIONED NAME AND UP TO DATE IT IS STILL OPERATING WITHIN THE GENERAL SCENE REPORTED HEREIN.

 

TRADE NAME: "ANJO TINTAS E SOLVENTES".

 

PARTNERS:

 

ANJOPART - PARTICIPAÇÕES LTDA, A LIMITED LIABILITY COMPANY, ENROLLED WITH THE FEDERAL TAXPAYER´S # CNPJ 12.340.150/0001-23, WITH HEAD OFFICE AT RODOVIA SC 447,0 KM 02, SALA C - RIO MAINA - CRICIÚMA/SC. HEREIN REPRESENTED BY ITS LEGAL REPRESENTATIVE MR. ALBERTINO COLOMBO, AS BELOW MENTIONED;

 

ALBERTINO COLOMBO, BRAZILIAN, MARRIED, ENTREPRENEUR, RESIDENTIAL ADDRESS AT RUA SANTO ANTÔNIO 404, APART. 501, BAIRRO CENTRO - CRICIÚMA/SC, HOLDER OF DOCUMENTS, RG 1.523.709 SSP/SC AND CPF 517.084.429-87;

 

FILIPE REZENDES COLOMBO, BRAZILIAN, SINGLE, ENTREPRENEUR, RESIDENTIAL ADDRESS AT RUA SANTO ANTÔNIO 404, APART. 501, BAIRRO CENTRO - CRICIÚMA/SC, HOLDER OF DOCUMENTS, RG 3.988.777 SSP/SC AND CPF 051.444.249-29;

 

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

 

PUBLIC INFORMATION:

 

LAWSUITS:

 

 

 

DATE:

COURT OF LAW:

 

1

MUNICIPAL LAWSUIT

15/12/11

VARA DE AMERICANA/SP

 

 

FINANCIAL INFORMATION

 

GENERAL BALANCE SHEETS AS OF 30/11/2014, 31/12/2013 AND 31/12/2012.

( FIGURES ARE IN REAIS ).

 

ASSETS

 

 

 

CURRENT:

30/11/2014

31/12/2013

31/12/2012

 

 

 

 

CASH AND BANKS

2.719.225,36

4.532.592,34

2.650.766,31

CLIENTS

56.418.837,56

52.075.155,10

43.726.134,27

INVENTORY

18.103.398,75

14.068.659,82

13.954.525,51

PREPAID EXPENSES

49.743,49

51.437,04

43.706,74

OTHER CREDITS

6.620.009,69

2.818.506,56

1.613.962,02

 

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

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

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

TOTAL CURRENT ASSETS

83.911.214,85

73.546.350,86

61.989.094,85

 

FIXED ASSETS:

 

 

 

 

 

 

 

FIXED ASSETS

26.889.601,86

20.921.469,46

20.779.535,33

 

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

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

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

TOTAL FIXED ASSETS

26.889.601,86

20.921.469,46

20.779.535,33

 

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

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

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

TOTAL ASSETS

110.800.816,71

94.467.820,32

82.768.630,18

 

LIABILITIES:

 

 

 

CURRENT:

30/11/2014

31/12/2013

31/12/2012

 

 

 

 

SUPPLIERS

27.226.266,70

24.010.925,34

18.653.693,76

LABOR OBLIGATIONS

4.053.656,59

3.500.437,34

2.709.672,38

TRIBUTARY OBLIGATIONS

9.712.524,58

4.898.410,02

4.193.124,38

ADVANCE FROM CLIENTS

847.467,01

1.211.416,16

1.894.474,16

LOANS AND FINANCING

868.334,87

1.045.550,42

1.198.469,98

LEASING

180.924,27

285.457,37

84.739,24

 

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

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

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

TOTAL CURRENT LIABILITIES

42.889.174,02

34.952.196,65

28.734.173,90

 

LONG TERM LIABILITIES:

 

 

 

 

 

 

 

INTERCOMPANY DEBTS

5.944.831,69

15.564.993,25

18.835.066,26

LOANS

10.651.022,88

1.208.406,33

429.895,76

TRIBUTARY OBLIGATIONS

12.059.299,89

12.430.411,36

12.808.017,87

 

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

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

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

TOTAL LONG TERM LIABILITIES

28.655.154,46

29.203.810,94

32.072.979,89

 

NET EQUITY:

 

 

 

 

 

 

 

SHARE CAPITAL

1.500.000,00

1.500.000,00

1.500.000,00

PROFIT RESERVES

28.226.138,10

18.362.179,55

11.415.777,20

ACCRUED PROFIT (LOSS)

9.530.350,13

10.449.633,18

9.045.699,09

 

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

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

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

TOTAL NET EQUITY

39.256.488,23

30.311.812,73

21.961.476,29

 

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

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

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

TOTAL LIABILITIES

110.800.816,71

94.467.820,32

82.768.630,08

 

PROFIT AND LOSS ACCOUNTS AS OF 30/11/2014, 31/12/2013 AND 31/12/2012.

( FIGURES ARE IN REAIS ).

 

 

30/11/2014

31/12/2013

31/12/2012

 

 

 

 

GROSS SALES

330.040.852,37

351.569.288,37

299.485.230,68

(-) TAXES ON SALES

105.360.862,61

112.410.557,07

94.248.753,34

 

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

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

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

NET SALES

224.679.989,76

239.158.731,30

205.236.477,34

(-) COST OF SOLD GOODS

161.537.541,19

175.505.742,10

149.488.144,01

 

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

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

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

GROSS PROFIT

63.142.448,57

63.652.989,20

55.748.333,33

OPERATING REVENUE (EXPENSE)

-47.324.913,43

-50.394.740,24

-42.737.770,70

FINANCIAL REVENUE(EXPENSE)

-1.793.611,04

2.281.019,37

280.890,24

 

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

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

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

OPERATIONAL PROFIT (LOSS)

14.023.924,10

15.539.268,33

13.291.452,87

CONTRIBUTION/INCOME TAX

-4.493.573,97

-5.089.635,15

-4.245.754,11

 

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

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

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

NET PROFIT (LOSS)

9.530.350,13

10.449.633,18

9.045.698,76

 

MONTHLY SALES

 

  2014

 

 

 

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

 

 

JANUARY

R$ 32.140.959,72

 

 

FEBRUARY

R$ 32.607.862,58

 

 

MARCH

R$ 30.613.328,75

 

 

APRIL

R$ 29.267.236,23

 

 

MAY

R$ 27.229.168,16

 

 

JUNE

R$ 28.602.419,29

 

 

JULY

R$ 26.829.553,92

 

 

AUGUST

R$ 30.965.813,86

 

 

SEPTEMBER

R$ 28.106.275,11

 

 

OCTOBER

R$ 29.615.459,45

 

 

NOVEMBER

R$ 31.788.440,14

 

 

DECEMBER

R$ 29.998.475,37

 

 

TOTAL

R$ 357.764.992,58

 

 

 

RATIOS:

30/11/2014

31/12/2013

31/12/2012

 

QUICK RATIO

1,53

 

1,70

 

1,67

 

CURRENT RATIO

1,96

 

2,10

 

2,16

 

ACCOUNTS RECEIVABLE TURNOVER

3,98

TIMES

4,59

TIMES

4,69

TIMES

DAYS' SALES IN RECEIVABLES

82,87

DAYS

78,39

DAYS

76,70

DAYS

INVENTORY TURNOVER

8,92

TIMES

12,47

TIMES

10,71

TIMES

ACCOUNTS PAYABLE PERIOD

55,62

DAYS

49,25

DAYS

44,92

DAYS

RETURN ON ASSETS

2,03

TIMES

2,53

TIMES

2,48

TIMES

SALES TURNOVER ON NET EQUITY

5,72

TIMES

7,89

TIMES

9,35

TIMES

NET WORTH TIE-UP

,69

 

,69

 

,95

 

INDEBTEDNESS

1,82

 

2,12

 

2,77

 

EQUITY RATIO

35,43

%

32,09

%

26,53

%

WORKING CAPITAL RATIO

95,65

%

110,42

%

115,73

%

GENERAL SOLVENCY

1,55

 

1,47

 

1,36

 

RETURN ON NET EQUITY

24,28

%

34,47

%

41,19

%

RETURN ON SALES (PROFIT MARGIN)

4,24

%

4,37

%

4,41

%

GROSS PROFIT MARGIN

28,10

%

26,62

%

27,16

%

OPERATIONAL RESULT

6,24

%

6,50

%

6,48

%

SALES TURNOVER ON LIABILITIES

5,24

TIMES

6,84

TIMES

7,14

TIMES

FOREIGN CURRENCY ON ASSETS

 

 

 

 

 

 

FOREIGN CURRENCY ON LIABILITIES

 

 

 

 

 

 

 

EXCHANGE RATE:

 

 

US$ 1,00 = R$ 2,86

 - OFFICIAL RATE ON 12/02/2015

US$ 1,00 = R$ 2,56

 - OFFICIAL RATE ON 30/11/2014

US$ 1,00 = R$ 3,34

 - OFFICIAL RATE ON 31/12/2013

US$ 1,00 = R$ 2,04

 - OFFICIAL RATE ON 31/12/2012

 

COMMENTS ON THE FINANCIAL INFORMATION:

 

FOLLOWS ATTACHED WORKSHEET WITH MAIN FINANCIAL RATIOS.

 

THE LATEST FIGURES AVAILABLE SHOW A FAIR FINANCIAL STANDING. THE LEVEL OF INDEBTEDNESS IS HIGH BUT IT HAS GOOD LIQUIDITY RATIOS AND POSITIVE WORKING CAPITAL. IN ADDITION, IT SHOWS GROWING SALES TREND AND PROFITABILITY.

 

REAL ESTATE:

 

   OWNED PREMISES ARE VALUED AT R$ 15.958.989,02

 

VEHICLES:

 

   OWNED VEHICLES ARE VALUED AT R$ 1.808.738,84

 

MACHINES:

 

   OWNED MACHINES AND EQUIPMENTS ARE VALUED AT R$ 14.656.408,59

 

INSURANCE

 

NOT AVAILABLE.

 

BANKING REFERENCES

 

 

BRANCH/PHONE:

CITY:

BANCO DO BRASIL S/A

3422-3

CRICIUMA/SC

CAIXA ECONÔMICA FEDERAL

2979

CRICIUMA/SC

 

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"). DATE RESEARCHED: FEBRUARY 12, 2015.

 

ACTIVITIES COMMENTS

 

MANUFACTURE OF PAINTS, VARNISHES, ENAMELS AND LACQUERS.

 

IMPORT AND EXPORT:

 

   IMPORTS FROM:

NOT AVAILABLE.

 

   EXPORTS TO:

NOT AVAILABLE.

 

MAIN CLIENTS:

 

 

 

 

 

DOMESTIC CLIENTS:

 

PHONE:

ALPI DISTRIBUIDORA DE TINTAS LTDA

 

65 3682-1439

COPLASTIL IND COM DE PLASTICOS LTDA

 

11 4035-2526

DICOFER DISTRIBUIDORA CAXIENSE LTDA

 

54 4009-9999

INCOPLAST IND COM DE PLASTICOS LTDA

 

48 3279-9023

LAMIPAK EMBALAGENS E LAMINADOS PLÁSTICOS LTDA

 

49 3563-0033

MEGA EMBALAGENS LTDA

 

51 3638-5200

OXIGÊNIO CUIABÁ LTDA

 

65 3614-3000

PLASXOM ZOMER INDUSTRIA DE PLÁSTICOS LTDA

 

48 3466-6200

SBDE - SOCIEDADE BRASILEIRA DE EMBALAGENS LTDA

 

48 3631-3000

TRICOLOR TINTAS LTDA

 

64 3431-6441

UNITINTAS COM DE TINTAS LTDA

 

62 3227-5400

 

STAFF:

 

THE COMPANY HAS: 340 EMPLOYEE(S)

 

CONCEPT AND FULFILMENT:

 

THE SUBJECT IS A WELL-ESTABLISHED COMPANY, OPERATING SINCE 1998. SO FAR IT HAS A CLEAR TRADE HISTORY AND GOOD PAYMENT BEHAVIOR. IT IS A FAMILY-RUN COMPANY AND BOTH THE COMPANY AND THE PRINCIPALS ENJOY A FAVORABLE REPUTATION AMONG LOCAL TRADE SOURCES.

 

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.

 

MAIN SUPPLIERS:

 

 

 

 

 

DOMESTIC SUPPLIERS:

 

PHONE:

ÁGUIA QUIMICA LTDA

 

42 3220-2689

BRASKEM S/A

 

51 3457-6295

CIA METALGRAFICA PAULISTA

 

11 6099-7900

CIA NITRO QUIMICA BRASILEIRA

 

11 2246-3118

CIA. PETROQUIMICA DO SUL - COPESUL

 

51 3457-6295

CLARIANT S/A

 

11 5641-7697

COPERSUCAR

 

11 6618-8458

COREMAL COM REPRES MAIA LTDA

 

11 4615-8130

LUBRIZOL DO BRASIL ADITIVOS LTDA

 

21 2662-2224

MEALGRAFICA TREVISAN S/A

 

41 3283-6060

OXITENO S/A

 

11 3177-6318

RHODIA S/A

 

41 3663-4331

USJ AÇÚCAR E ÁLCOOL S/A

 

19 3543-7800

 

 

 

PAYMENT HISTORY:

 

20 SUPPLIERS REPORTED PAYMENTS:

   TOTAL AMOUNT:  R$ 1.436.654,00

 

AMOUNT OF INVOICES PAID: 485

TOTAL OF PROMPT PAYMENTS: 98%

TOTAL OF DELAYED PAYMENTS: 2%

 

HIGHEST INVOICE: R$ 36.121,00

 

OUTSTANDING INVOICES DUE WITHIN THE NEXT 30 DAYS:

 

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

SUPPLIERS:

INVOICES:

TOTAL AMOUNT:

DUE WITHIN 30 DAYS

1

4

R$ 2.640,19

 

FINAL OPINION

 

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

 

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.

 

AN INITIAL CREDIT LIMIT OF USD 3.000.000,00 MAY BE CONSIDERED.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.62.18

UK Pound

1

Rs.95.71

Euro

1

Rs.70.75

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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.