MIRA INFORM REPORT

 

 

Report No. :

301767

Report Date :

17.01.2015

 

IDENTIFICATION DETAILS

 

Name :

QUANG NINH SEAPRODUCTS IMPORT EXPORT JSC

 

 

Registered Office :

35 Ben Tau St Bach Dang Ward, Ha Long, Quang Ninh

 

 

Country :

Vietnam

 

 

Financials (as on) :

2013

 

 

Date of Incorporation :

20.10.2011

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer of Seafood & Fishing Industry

 

 

No. of Employees :

200

 

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 :

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Vietnam

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

VIETNAM - ECONOMIC OVERVIEW

 

Vietnam is a densely-populated developing country that has been transitioning from the rigidities of a centrally-planned economy since 1986. Vietnamese authorities have reaffirmed their commitment to economic modernization in recent years. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries. Vietnam became an official negotiating partner in the Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to less than 20% in 2013, while industry's share increased from 36% to more than 42% in the same period. State-owned enterprises account for about 40% of GDP. Poverty has declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession hurt Vietnam's export-oriented economy, with GDP in 2013 growing at 5%, the slowest rate of growth since 1999. In 2013, however, exports increased by more than 12%, year-on-year; several administrative actions brought the trade deficit back into balance. Between 2008 and 2011, Vietnam's managed currency, the dong, was devalued in excess of 20%, but its value remained relatively stable in 2013. Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. In February 2011, the government shifted from policies aimed at achieving a high rate of economic growth, which had stoked inflation, to those aimed at stabilizing the economy, through tighter monetary and fiscal control. Although Vietnam unveiled a broad, "three pillar" economic reform program in early 2012, proposing the restructuring of public investment, state-owned enterprises, and the banking sector, little perceptible progress has been made. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses

 

Source : CIA

 

 

 

 

Company name and address

 

Company Details

Organization Name

:

QUANG NINH SEAPRODUCTS IMPORT EXPORT JSC (1)

Address

:

35 Ben Tau St Bach Dang Ward, Ha Long, Quang Ninh

Country

:

Vietnam

Phone (S)

:

[+84] 33-3829851

Facsimile

:

[+84] 33-3826683

Email

:

spef41.qn@hn.vnn.vn

Website

:

http://www.quangninhseaprodex.com.vn

Primary Business Activity

:

Manufacturer

Key Industry

:

Seafood & Fishing Industry

 

Key Facts

 

Registered Legal Address

:

35 Ben Tau St Bach Dang Ward, Ha Long, Quang Ninh

Operational Address

:

35 Ben Tau St Bach Dang Ward, Ha Long, Quang Ninh

Trading Name

:

QUANG NINH SEAPRODEX CO
QUANGNINH SEAPRODUCTS IMPORT-EXPORT CO

Issuing Authority

:

Dept. of Planning & Investment - Quang Ninh

License Number

:

5700100714

License Status

:

License exists - Normal.

Legal Form - Category

:

Joint Stock Company

Legal Form

:

Joint Stock Company

Legal Form - Abbreviation

:

JSC

Operational Status of Business

:

Normal

Date of Registration

:

20 Oct, 2011

Employees

:

200

Capital

:

US$ 469,508

Note

:

(1) Legal status of the English corporate name
The English name of the Subject Business Entity (SBE) is a randomly selected translation / transliteration made by the owners of the SBE. It is not a registered English corporate name, but simply a translation / transliteration of the local language name.

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

QUANG NINH SEAPRODUCTS IMPORT EXPORT JSC

Primary Business Activity

:

Manufacturer

Primary Industry

:

Seafood & Fishing Industry

Office Contact Details

Operating Address

:

35 Ben Tau St Bach Dang Ward, Ha Long, Quang Ninh

Tel

:

[+84] 33-3829851

 

:

[+84] 33-3825190

 

:

[+84] 33-3825196

Fax

:

[+84] 33-3826683

Email

:

spef41.qn@hn.vnn.vn

Website Details

Website

:

http://www.quangninhseaprodex.com.vn

Status

:

Normal - operational

Country of Registration

:

Vietnam

Ownership Type

:

Registered ownership by Subject Business Entity

Tax / VAT Details

Tax Issuing Authority

:

Ministry of Finance

Local Name Used

:

Gia Trj Gia Tang (Value Added Tax)

Acronym

:

GTGT / VAT

GTGT / VAT Number

:

5700100714

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Chairman

Name

:

Mr. Do Quang Sang

Nationality

:

Vietnamese

 

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Le Xuan Cau

Vietnamese

Deputy Managing Director

-

2

Mr. Nguyen Huy Cuong

Vietnamese

Representative

-

3

Ms. Ngo Thi Hoa

Vietnamese

Chief Accountant

-

4

Mr. Vu Quang Huy

Vietnamese

Deputy Managing Director

-

5

Mr. Do Quang Sang

Vietnamese

Managing Director

-

6

Mr. Nguyen Thuong Uyen

Vietnamese

Deputy Managing Director

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI03565905

Name

:

Mr. Le Xuan Cau

 

Date of Birth

:

1951

 

 

Management Details - 2

Personal Unique Identifier

:

MI03682951

Name

:

Mr. Nguyen Huy Cuong

 

Mobile No.

:

84-936406196

 

 

Management Details - 3

Personal Unique Identifier

:

MI03565909

Name

:

Ms. Ngo Thi Hoa

 

Date of Birth

:

1977

 

 

Management Details - 4

Personal Unique Identifier

:

MI03565907

Name

:

Mr. Vu Quang Huy

 

Date of Birth

:

1957

 

 

Management Details - 5

Personal Unique Identifier

:

MI03565852

Name

:

Mr. Do Quang Sang

 

Date of Birth

:

1950

 

 

Management Details - 6

Personal Unique Identifier

:

MI03565906

Name

:

Mr. Nguyen Thuong Uyen

 

Date of Birth

:

1972

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI03565852

Name

:

Mr. Do Quang Sang

Date of Birth

:

1950

 

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Reference checking for the purpose of establishing QUANG NINH SEAPRODUCTS IMPORT EXPORT JSC's reputation within the respective industry failed to reveal any adverse information.

 

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

 

DISHONORED CHECKS

 

No Record Found

 

 

DEBT

 

No Record Found

 

 

CIVIL LITIGATION

 

No Record Found

 

 

PERFORMANCE DEFAULTS

 

No Record Found

 

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

 

CAPITAL (Currency: VND - Vietnam Dong)

 

Authorized Capital

:

₫ 10,000,000,000

 

 

SHAREHOLDERS

 

Total number of shareholders

:

n/a

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Undisclosed Shareholders

n/a

n/a

n/a

n/a

2

Mr. Chau Hoa

Vietnam

n/a

n/a

11.48

3

Mr. Do Quang Sang

Vietnam

n/a

n/a

9.08

4

Mr. Vu Quang Huy

Vietnam

n/a

n/a

1.52

Total

n/a

n/a

22.08

 

 

Based on corporate statutory laws / regulations in Vietnam, there is no requirement for public disclosure of Shareholders. In this case, the Shareholders information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

 

 

PAYMENT INFORMATION

 

 

PAYMENT TERMS

 

Selling

 

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 30~60 days

Export

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Received at time of transaction

 

Purchasing

 

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 30~60 days

Import

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Executed at time of transaction

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Na

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2011 Annual  

31,893,711

5,218,051

46,759

2012 Annual  

40,704,386

4,529,918

60,793

2013 Annual (*)

198,441,917

4,480,112

60,081

 

Sales Trend – Analysis

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-

-

-

-

-

-

-

Note: (*)

Financials listed are the most recent available for this company.

 

 

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

 

Year

Sales

Assets

Net Income

2010 Annual

10,075,782

4,162,545

58,132

 

 

FINANCIAL STATEMENT - DETAILED

 

Balance Sheet

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Current Assets(*)

78,306,000,000

65,103,000,000

66,372,000,000

Non Current Assets(*)

30,386,000,000

29,231,000,000

28,105,000,000

Non Current Liabilities(*)

4,850,000,000

10,056,000,000

7,385,000,000

Share Capital(*)

10,018,000,000

10,018,000,000

10,018,000,000

Other long term assets 

Total Assets(*)

108,692,000,000

94,334,000,000

94,477,000,000

Total Liabilities(*)

98,230,000,000

80,939,000,000

80,925,000,000

Current Liabilities(*)

93,380,000,000

70,883,000,000

73,540,000,000

Long term liabilities 

Shareholders Funds(*)

10,462,000,000

13,395,000,000

13,552,000,000

 

Assest 

Current assets & short term investments

78,306,000,000

65,103,000,000

66,372,000,000

Cash & cash equivalents

2,502,000,000

2,384,000,000

5,538,000,000

Cash

2,502,000,000

2,384,000,000

5,538,000,000

Accounts receivable

26,845,000,000

20,306,000,000

18,318,000,000

Accounts receivable trade

22,318,000,000

11,589,000,000

10,289,000,000

Trade prepayment

4,019,000,000

4,079,000,000

1,761,000,000

Others receivables

508,000,000

4,638,000,000

6,268,000,000

Inventories

46,254,000,000

40,868,000,000

40,939,000,000

I. Other short term asset

2,705,000,000

1,545,000,000

1,577,000,000

Prepaid expenses

1,514,000,000

944,000,000

866,000,000

VAT deductible

111,000,000

107,000,000

107,000,000

Other tax receivables

84,000,000

-

12,000,000

II. Other short term asset

996,000,000

494,000,000

592,000,000

Long term assets

30,386,000,000

29,231,000,000

28,105,000,000

Fixed assets

28,669,000,000

27,560,000,000

26,719,000,000

Tangible fixed assets

26,185,000,000

27,196,000,000

26,355,000,000

I. Cost

48,142,000,000

50,787,000,000

49,539,000,000

I. Accumulated depreciation

21,957,000,000

23,591,000,000

23,184,000,000

Construction in progress

2,484,000,000

364,000,000

364,000,000

Investment immovable property

1,238,000,000

1,192,000,000

1,151,000,000

II. Cost

1,616,000,000

1,616,000,000

1,616,000,000

II. Accumulated depreciation

378,000,000

424,000,000

465,000,000

Other long term assets

479,000,000

479,000,000

235,000,000

Long term prepayments

479,000,000

479,000,000

235,000,000

Total assets

108,692,000,000

94,334,000,000

94,477,000,000

Liabilities

98,230,000,000

80,939,000,000

80,925,000,000

Current liabilities

93,380,000,000

70,883,000,000

73,540,000,000

Short term borrowings

49,751,000,000

49,000,000,000

67,458,000,000

Accounts payables-trade

9,883,000,000

4,466,000,000

829,000,000

Advances from customers

23,857,000,000

14,623,000,000

2,770,000,000

Taxes and payable to state budget

167,000,000

575,000,000

372,000,000

Payable to employees

910,000,000

1,202,000,000

1,218,000,000

Inter company payable

-

-

129,000,000

Accrued expenses payable

308,000,000

-

-

Other payables

8,453,000,000

835,000,000

764,000,000

Provision for short term payable

51,000,000

-

-

I. Bonus and welfare funds

-

182,000,000

-

Long term liabilities

4,850,000,000

10,056,000,000

7,385,000,000

Long term other payables

-

10,000,000

-

Long term borrowings

4,850,000,000

-

7,385,000,000

Deffered revenue

-

10,046,000,000

-

I. Owner's equity

10,462,000,000

13,395,000,000

13,552,000,000

II. Owner's equity

10,462,000,000

13,395,000,000

13,552,000,000

Business capital

10,018,000,000

10,018,000,000

10,018,000,000

Share capital's surplus

2,609,000,000

2,609,000,000

2,609,000,000

Shares

(4,631,000,000)

-

-

Business development funds

57,000,000

57,000,000

57,000,000

Financial reserved funds

391,000,000

391,000,000

391,000,000

Retained earnings

2,018,000,000

320,000,000

477,000,000

Total resources

108,692,000,000

94,334,000,000

94,477,000,000

 

Note: (*)

 

Financial Highlights

 

 

Income Statement

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Turnover(*)

664,346,000,000

847,655,000,000

4,184,761,000,000

Profit (Loss) Before Tax(*)

1,265,000,000

1,535,000,000

1,689,000,000

Profit After Tax attributable to Shareholders(*)

974,000,000

1,266,000,000

1,267,000,000

 

Gross sales

664,346,000,000

847,655,000,000

4,184,761,000,000

Less deductions

-

238,000,000

-

Net income

664,346,000,000

847,417,000,000

4,184,761,000,000

Cost of goods sold

631,417,000,000

821,630,000,000

4,153,515,000,000

Gross margin

32,929,000,000

25,787,000,000

31,246,000,000

Income from financial activities

45,000,000

61,000,000

55,000,000

Expenses from financial activities

7,663,000,000

8,010,000,000

6,091,000,000

In which: Interest expenses

-

-

6,026,000,000

Selling expenses

20,515,000,000

12,879,000,000

18,453,000,000

General & administration expenses

3,224,000,000

3,414,000,000

4,707,000,000

Net income from operating activities

1,572,000,000

1,545,000,000

2,050,000,000

Extraordinary income

75,000,000

63,000,000

562,000,000

Extraordinary expenses

382,000,000

73,000,000

923,000,000

Extraordinary gains

(307,000,000)

(10,000,000)

(361,000,000)

Net profit before tax

1,265,000,000

1,535,000,000

1,689,000,000

Income tax

291,000,000

269,000,000

422,000,000

Net profit after tax

974,000,000

1,266,000,000

1,267,000,000

 

Note: (*)

 

Financial Highlights

 

 

Financial Ratios

 

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

238.30

27.59

393.69

Profitability 

Profit Margin (%)

0.15

0.15

0.03

Return on Equity (%)

9.31

9.45

9.35

Return on Assets (%)

0.90

1.34

1.34

Leverage 

Total Debt Equity (Times)

9.39

6.04

5.97

Current Debt Equity (Times)

8.93

5.29

5.43

Long Term Debt to Equity

0.46

0.75

0.54

Total Asset To Total Equity

10.39

7.04

6.97

Asset Management 

Total Assets Turnover (Times)

6.11

8.99

44.29

Fixed Assets Turnover (Times)

21.86

29.00

148.90

Liquidity 

Current Ratio

0.84

0.92

0.90

 

 

Based on the corporate laws of Vietnam, legal entities which are Joint Stock Company are not required to make public disclosure of their annual financials. Although basic financials were obtained for reference.

 

 

FOREIGN EXCHANGE RATES

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000047 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

Fish fillet

Manufacturing, Exporting

Frozen fish

Manufacturing, Exporting

Frozen shrimps

Manufacturing, Exporting

Seafood products

Manufacturing, Exporting

Shrimp meat

Manufacturing, Exporting

 

International Trade - Statistics  (Currency: USD - US Dollar)

Year

Imports

Exports

Total

2010

n/a

5,037,891

5,037,891

2011

n/a

15,946,855

15,946,855

2012

n/a

20,352,193

20,352,193

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Business Svcs, NEC

7389

Service

Fish & Seafoods

5146

Manufacturing, Exporting

Food and Kindred Products

2000

Manufacturing, Exporting

Fresh/Frozen Fish/Seafoods, NEC

2092

Manufacturing, Exporting

 

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Business services, health, financial/insur. legal/real estate, hotels, and misc repairs

9900

Service

Fish fillets nesoi, frozen

0304207500

Manufacturing, Exporting

Fish, frozen (no fish fillets or other fish meat)

0303

Manufacturing, Exporting

Food preparations

2106

Manufacturing, Exporting

Shrimps and prawns, prepared nesoi, frozen

1605201030

Manufacturing, Exporting

Squid fillets, frozen

0307490010

Manufacturing, Exporting

 

 

 

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Products / Materials / Services Description

Ranking

Activity

Shrimps, breaded

Primary

Manufacturing, Exporting

Squid steak

Primary

Manufacturing, Exporting

Squid sushi

Primary

Manufacturing, Exporting

Squid, frozen

Primary

Manufacturing, Exporting

Food processing

Secondary

Service

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of QUANG NINH SEAPRODUCTS IMPORT EXPORT JSC is Manufacturing - Finished products.

Key products include :

Frozen fish

Frozen shrimps

Fish fillet

Seafood products

Shrimp meat

Shrimps, breaded

Squid steak

Squid sushi

Squid, frozen


An integral part of the core business includes:

Distribution

 

 

 

Supplementary Business

 

In addition to the core business, QUANG NINH SEAPRODUCTS IMPORT EXPORT JSC also is engaged in the following areas of business:

Exporting

Exporting - Natural food items, Unprocessed (Meats, Produce or Seafood)

Importing

Importing - Natural food items, Unprocessed (Meats, Produce or Seafood)

 

 

 

DOMESTIC SALES & PURCHASES

 

 

 

Annual Sales Analysis

Percentage

Domestic Sales

20%

International Sales (Export)

80%

 

 

 

 

Annual Purchases Analysis

Percentage

Local Purchases

50%

Imports

50%

 

 

 

 

BANK DETAILS

 

 

 

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM

Global Identifier

:

32400483

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

QUANG NINH

SWIFT Code

:

BIDVVNVX

 

Bank Name

:

VIETNAM BANK FOR AGRICULTURE & RURAL DEVELOPMENT

Global Identifier

:

32408794

Branch

:

Tu Liem,Hanoi

Branch Address

:

QUANG NINH

SWIFT Code

:

VBAAVNVX

 

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

China

Medium

Exporting

Indonesia

Medium

Importing

Japan

Medium

Importing, Exporting

 

 

 

 

OFFICE & FACILITIES

 

The following information relates to the Business Entity's office as listed above:

 

Name

:

QUANG NINH SEAPRODUCTS IMPORT EXPORT JSC - HA LONG, QUANG NINH

Primary Use

:

Office & Administration facilities

Address

:

35 Ben Tau St Bach Dang Ward, Ha Long, Quang Ninh

Country

:

Vietnam

Status

:

Operational

 

 

 

 

COMPANY HISTORY

 

 

 

Date

Details

2000 - Aug

Incorporated to continue a government enterprise XI NGHIEP XUAT KHAU THUY SAN QUANG NINH which was originally established in 1983.

 

 

 

 

 

 

PREVIOUS BUSINESS LICENSE/S

 

 

 

License Date

License No.

30 Aug, 2000

2203000764

 

 

 

NOTES & COMMENTS

 

Na

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.89

UK Pound

1

Rs.93.92

Euro

1

Rs.72.01

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NIS

 

               

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.