MIRA INFORM REPORT

 

 

Report No. :

326550

Report Date :

09.06.2015

 

IDENTIFICATION DETAILS

 

Name :

SQM EUROPE NV

 

 

Registered Office :

Sasdok-Noordkaai 25-A 2030 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

23.05.1933

 

 

Com. Reg. No.:

404760808

 

 

Legal Form :

Public Limited Liability Company (BE)

 

 

Line of Business :

Manufacture of pesticides and other agrochemical products.

 

 

No. of Employee :

40

           

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Belgium

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 


 

BELGIUM ECONOMIC OVERVIEW

 

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the the budget deficit was 3.2% of GDP. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

 

Source : CIA

 

 

Company summary

 

Business number                     404760808

Branche Unit Number               2002982593

Company name                        SQM EUROPE NV

Address                                   SASDOK-NOORDKAAI 25-A

2030 ANTWERPEN

Number of staff                        40

Date of establishment               23/05/1933

Telephone number

Fax number                              02039772

 

 

Commentary

 

The business was established over 82 years ago.

The business has 39 employees.

The business has been at the address for over 13 months.

Operating Result in the latest trading period decreased 23% on the previous trading period.

Pre-tax profits decreased by 36% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 36% during the latest trading period.

Turnover in the latest trading period decreased 25% on the previous trading period.

 

 

Accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2013

494,534,923

4,153,315

26,212,113

80,228,896

31/12/2012

660,682,665

6,576,157

24,994,357

77,452,648

31/12/2011

668,086,439

4,622,738

11,629,105

11,168,572

 

 

ACCOUNTS

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

227,516,157

40

17,004,967

1,344,101

31/12/2012

284,347,811

37

17,004,967

4,508,873

31/12/2011

320,801,502

33

8,004,967

3,168,478

 

 

Trends

 

Profitability

Liquidity

Net worth

 

 

Payment expectations

 

BANKRUPTCY DETAILS

Court action type                       No

 

PROTESTED BILLS

Bill amount                                -

 

NSSO DETAILS

Date of summons                     -

 

 

Company information

 

Business  number

404760808

Company  name

SQM  EUROPE  NV

Fax  number

02039772

Date  founded

23/05/1933

Company  status

active

Company  type

Public  Limited  Liability

 

 

 

Company  (BE)

Currency

Euro  (€)

Date  of  latest  accounts

31/12/2013

Activity  code

20200

Liable  for  VAT

yes

Activity  description

Manufacture  of  pesticides

VAT  Number

BE.0404.760.808  Check  VAT

 

and  other  agrochemical

 

number

Belgian Bullettin of Acts

Publications

moniteur belge

 

 

 

 

Contractor details

 

Registered  contractor

-

number

 

Contractor  description

-

Date  struck  off  register

 

 

 

PERSONNEL  (NSSO  CLASSIFICATION)

 

Code

-

Description

-

 

 

JOINT  INDUSTRIAL  COMMITTEE  (JIC)

 

JIC  Code

226

Description category

JC employees international trade, transport & related activities

 

 

SIGNIFICANT EVENTS

 

Event Date

30/05/2013

Event Description

re-appointment of director(s)

Event Details

Commentaar 30-05-2013: Herbenoemd als bestuurders tot de sluiting van de gewone algemene vergadering van 2019: Enrique Olivares Carlini en Ricardo Ramos Rodriguez.

 

 

Company accounts

 

ASSETS

 

 

 

 

 

 

 

 

 

Annual  accounts

31-12-2013

%

31-12-2012

%

31-12-2011

%

31-12-2010

%

31-12-2009

Weeks

52

 

52

 

52

 

52

 

52

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total  fixed  assets

326,110

-25.29

436,486

-15.63

517,331

-18.87

637,632

-42.12

1,101,644

Intangible  fixed  assets

26,215

62.60

16,122

-71.61

56,798

-57.56

133,845

-74.54

525,667

Tangible  fixed  assets

270,161

33.36

202,576

-30.84

292,918

6.19

275,836

-25.10

368,266

Land  &  building

-

-

-

-

-

-

-

-

-

Plant  &  machinery

32,175

-29.05

45,350

-54.46

99,591

-27.54

137,451

-11.85

155,922

Furniture  &  Vehicles

232,176

55.61

149,205

-21.21

189,368

38.24

136,986

-29.72

194,903

Leasing  &  Other  Similar

-

-

-

-

-

-

-

-

-

Rights

 

 

 

 

 

 

 

 

 

Other  tangible  assets

5,811

-27.56

8,022

102

3,959

182

1,400

-91.97

17,440

Financial  fixed  assets

29,733

-86.35

217,787

29.93

167,614

-26.47

227,950

9.74

207,712

Total  current  assets

227,190,047

-19.98

283,911,325

-11.36

320,284,172

16.96

273,841,631

48.89

183,922,597

Inventories

130,840,157

0.92

129,648,481

-21.61

165,392,929

37.72

120,090,078

40.04

85,754,888

Raw  materials  &

-

-

-

-

-

-

-

-

-

consumables

 

 

 

 

 

 

 

 

 

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

130,840,157

0.92

129,648,481

-21.61

165,392,929

37.72

120,090,078

40.04

85,754,888

Other  stocks

0

-

0

-

0

-

0

-

0

Trade  debtors

91,648,293

-38.68

149,462,829

0.24

149,110,034

-0.29

149,541,181

59.26

93,897,428

Other  amounts  receivable

2,711,183

31.34

2,064,210

-30.57

2,973,084

25.89

2,361,593

28.56

1,836,891

Cash

1,495,057

-36.77

2,364,288

-4.66

2,479,743

51.60

1,635,673

-27.96

2,270,453

Miscellaneous  current

495,356

33.33

371,517

13.14

328,381

54.09

213,106

30.79

162,938

assets

 

 

 

 

 

 

 

 

 

Total  Assets

227,516,157

-19.99

284,347,811

-11.36

320,801,502

16.88

274,479,263

48.35

185,024,241

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

Total  shareholders  equity

26,238,328

4.91

25,010,479

114

11,685,903

34.15

8,711,041

102

4,302,175

Issued  share  capital

17,004,967

0

17,004,967

112

8,004,967

0

8,004,967

0

8,004,967

Share  premium  account

-

-

-

-

-

-

-

-

-

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

9,233,362

15.34

8,005,513

117

3,680,936

421

706,074

19.07

-3,702,791

Provisions  for  Liabilities  &

0

-

0

-

0

-

0

-

0

Charges

 

 

 

 

 

 

 

 

 

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

201,277,829

-22.39

259,337,332

-16.10

309,115,599

16.31

265,768,222

47.06

180,722,066

Other  long  term  loans

54,316,677

2.72

52,878,654

-

-

-

-

-

65,766,322

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

-

0

-

0

-

0

-

0

Total  long  term  debts

54,316,677

2.72

52,878,654

-

0

-

0

-100

65,766,322

Current  portion  of  long  term

-

-

-

-

-

-

-

-

-

debt

 

 

 

 

 

 

 

 

 

Financial  debts

-

-

-

-

33,070,885

-33.10

49,431,510

-

-

Trade  creditors

145,108,270

-28.54

203,072,235

-25.38

272,131,760

26.60

214,946,931

87.66

114,538,632

Amounts  Payable  for  Taxes,

1,713,766

-36.67

2,706,186

33.67

2,024,523

338

461,718

119

210,254

Remuneration  &  Social

 

 

 

 

 

 

 

 

 

Security

 

 

 

 

 

 

 

 

 

Miscellaneous  current

139,115

-79.55

680,256

-63.98

1,888,432

103

928,063

348

206,858

liabilities

 

 

 

 

 

 

 

 

 

Total  current  liabilities

146,961,151

-28.82

206,458,677

-33.21

309,115,599

16.31

265,768,222

131

114,955,744

Total  Liabilities

227,516,157

-19.99

284,347,811

-11.36

320,801,502

16.88

274,479,263

48.35

185,024,241

 


 

RATIO  ANALYSIS

 

TRADING  PERFORMANCE

 

Profit  Before  Tax

0.84

-16.00

1.00

44.93

0.69

-4.17

0.72

18.03

0.61

Return  on  capital  employed

5.16

-38.86

8.44

-78.67

39.56

-24.98

52.73

1628

3.05

Return  on  total  assets  employed

1.83

-20.78

2.31

60.42

1.44

-13.77

1.67

43.97

1.16

Return  on  net  assets  employed

15.83

-39.79

26.29

-33.54

39.56

-24.98

52.73

6.08

49.71

Sales  /  net  working  capital

6.16

-27.78

8.53

-85.74

59.82

-24.67

79.41

1450

5.12

Stock  turnover  ratio

26.46

34.86

19.62

-20.76

24.76

32.19

18.73

-22.92

24.30

Creditor  days

108.71

-4.51

113.84

-24.58

150.95

21.43

124.31

3.08

120.59

Debtor  days

67.64

-18.08

82.57

1.36

81.46

-4.31

85.13

-12.34

97.11

 

SHORT  TERM  STABILITY

 

Current  ratio

1.55

12.32

1.38

32.69

1.04

0.97

1.03

-35.62

1.60

Liquidity  ratio  /  acid  ratio

0.66

-12.00

0.75

50.0

0.50

-13.79

0.58

-31.76

0.85

Current  debt  ratio

5.60

-32.12

8.25

-68.81

26.45

-13.31

30.51

14.18

26.72

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

1,344,101

-70.19

4,508,873

42.30

3,168,478

-35.48

4,910,775

72.92

2,839,987

Net  worth

26,212,113

4.87

24,994,357

114

11,629,105

35.58

8,577,195

127

3,776,508

 

LONG  TERM  STABILITY

 

Gearing

207.01

-2.09

211.43

-25.29

283.00

-50.13

567.46

-62.88

1,528.68

Equity  in  percentage

11.53

31.02

8.80

141

3.64

14.47

3.18

36.48

2.33

Total  debt  ratio

7.67

-26.04

10.37

-60.79

26.45

-13.31

30.51

-27.37

42.01

Working  capital

80,228,896

3.58

77,452,648

593

11,168,572

38.34

8,073,409

-88.29

68,966,853

 

 

Profit  &  loss

 

 

 

 

 

 

 

 

 

Operating  Income

494,561,510

-25.15

660,748,430

-1.11

668,160,516

3.77

643,892,235

81.82

354,140,963

Turnover

494,534,923

-25.15

660,682,665

-1.11

668,086,439

4.20

641,149,526

81.66

352,934,566

Total  operating  expenses

487,217,635

-25.17

651,086,553

-1.05

658,025,108

4.26

631,119,189

82.04

346,692,914

Gross  Operating  Margin

-

-

-

-

-

-

-

-

-

Operating  Charges

487,244,222

-25.17

651,152,318

-1.06

658,099,186

3.82

633,861,899

82.20

347,899,311

Employee  costs

5,079,203

7.42

4,728,391

7.66

4,392,042

0.06

4,389,399

-10.35

4,896,031

Wages  and  salary

3,604,133

5.85

3,404,951

7.26

3,174,533

8.30

2,931,260

-4.17

3,058,836

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security

959,957

13.30

847,286

4.28

812,514

-1.19

822,289

-10.62

919,956

contributions

 

 

 

 

 

 

 

 

 

Other  employee  costs

515,112

8.18

476,154

17.57

404,995

-36.31

635,850

-30.68

917,240

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and

116,252

-36.92

184,297

-4.81

193,615

-61.42

501,910

-41.02

851,023

depreciation

 

 

 

 

 

 

 

 

 

Operating  result

7,317,288

-23.75

9,596,112

-4.62

10,061,331

0.31

10,030,336

60.70

6,241,652

Total  financial  income

8,746

-98.37

537,132

-98.58

37,693,511

24.02

30,392,519

102

15,027,565

Total  financial  expenses

3,172,719

-10.81

3,557,088

-91.75

43,132,104

20.38

35,829,959

87.29

19,130,693

Results  on  ordinary

4,153,315

-36.84

6,576,157

42.26

4,622,738

0.65

4,592,896

114

2,138,524

operations  before  taxation

 

 

 

 

 

 

 

 

 

Extraordinary  Income

14,845

493

2,500

-96.66

74,869

-

-

-

-

Extraordinary  Charges

16,348

-

-

-

-

-

18,970

-

-

Extraordinary  items

-1,503

-160

2,500

-96.66

74,869

394

-18,970

-

0

Results  for  the  Year  Before

4,151,811

-36.89

6,578,657

40.04

4,697,607

2.70

4,573,926

113

2,138,524

Taxation

2,923,963

29.72

2,254,080

30.84

1,722,745

943

165,061

10.36

149,560

Results on ordinary

operations after taxation

1,229,352

-71.56

4,322,077

49.04

2,899,993

-34.51

4,427,836

122

1,988,965

Net  result

1,227,849

-71.61

4,324,577

45.37

2,974,862

-32.53

4,408,866

121

1,988,965

Profit (Loss) for the Year to

Be appropiated

1,227,849

-71.61

4,324,577

45.37

2,974,862

-32.53

4,408,866

121

1,988,965

Dividends

--

--

--

--

--

--

--

--

--

 

 

Social Balance Sheet Details

 

Social  Balance  Sheet

Total

During  the  reporting  year

 

ended  31-12-2013

 

Full-time  Employees

38

Part-time  Employees

4

Total  Fte  Employees

41

Number  of  hours  worked

 

Full-time  Employees

61,603

Part-time  Employees

4,544

Total

66,147

Personnel  Charges

 

Full-time  Employees

4,839,591

Part-time  Employees

239,612

Total

5,079,203

Benefits  In  Addition  To  Wages

10,438

During  the  previous  reporting  year

 

Average  number  employees  in  Fte

35

Actual  working  hours

56,271

Personnel  Charges

4,728,391

Benefits  In  Addition  To  Wages

9,046

 

 

Type  of  Contract

Full-Time

Part-Time

Total  Fte

Unlimited  Duration

38

4

41

Contracts

 

 

 

Limited  Duration  Contracts

-

-

-

Contracts  For  Specific  Work

-

-

-

Contracts  Regarding Substitution

-

-

-

 

 

Gender  and  Education Level

 

 

 

Men

Full-Time

Part-Time

Total  Fte

Primary  education

-

-

-

Secondairy  education

2

1

3

Higher  education  (non university)

4

-

4

Higher  education (university)    

19

-

19

 

 

 

 

Women

Full-Time

Part-Time

Total  Fte

Primary  education

-

-

-

Secondairy  education

2

1

3

Higher  education  (non university)

6

2

7

Higher  education (university)    

5

-

5

 

 

Working  Category

Full-Time

Part-Time

Total  Fte

Management

1

-

1

White  collar  worker

37

4

40

Blue  collar  worker

-

-

-

Other

-

-

-

 

 

Temporary  personnel

Total

Average  number  of  temporary  staff

1

Actual  working  hours

1,342

Cost  of  temporary  staff

52,753

 

 

New  staff  and  leavers

Full-Time

Part-Time

Total  Fte

New  Starters

6

-

6

Leavers

3

-

3

 

 

Total  of  formal  continuing  vocational  training  initiatives

 

 

for  workers  paid  by  the  employer

Male

Female

Number  of  employees

9

7

Number  of  training  hours

168

205

Net  costs  for  enterprise

8,330

6,996

Total  of  less  formal  and  informal  continuing  vocational

 

 

training  initiatives  for  workers  paid  by  the  employer

Male

Female

Number  of  employees

-

-

Number  of  training  hours

-

-

Net  costs  for  enterprise

-

-

Total  of  initial  training  initiatives  at  the  expense  of  the

 

 

employer

Male

Female

Number  of  employees

-

-

Number  of  training  hours

-

-

Net  costs  for  enterprise

-

-

 

 

INDUSTRY COMPARISON

 

Activity code                            20200

Activity description                  Manufacture of pesticides and other agrochemical products

industry average credit

rating                                       73.47

Industry average credit limit     1782920

 

 

Payment Information

 

Payment  Information  Summary

 

Total  number  of  Invoices  available

1

Total  number  of  Invoices  paid  within  or  up  to  30  days  after  the  due  date

1

Total  number  of  Invoices  paid  more  than  30  days  after  the  due  date

0

Total  number  of  Invoices  currently  outstanding  where  the  due  date  has  not  yet  been  reached

0

Total  number  of  Invoices  currently  outstanding  beyond  the  due  date

0

 

 

SUSPENSION  OF  PAYMENTS  /  MORATORIUM  HISTORY

 

Amount

-

Details

-

 

 

PAYMENT  EXPECTATIONS

 

Payment  expectation  days

108.71

Day  sales  outstanding

67.64

 

 

INDUSTRY  COMPARISON

 

Activity  code

20200

Activity  description

Manufacture  of  pesticides  and  other  agrochemical  products

Industry  average  payment

120.68

Industry average day sales

outstanding

121.98

 

 

INDUSTRY QUARTILE ANALYSIS

 

Payment expectations

Company result            108.71

Lower                           98.76

Median                         70.61

Upper                           43.83

 

 

DAY SALES OUTSTANDING

 

Company result            67.64

Lower                           140.63

Median                         48.62

Upper                           34.89

 

 

Shareholder Details

 

SUMMARY

Group - Number of Companies             0

Linkages - Number of Companies        0

Number of Countries                0

 

GROUP STRUCTURE

No group structure for this company.

 

MINORITY SHAREHOLDERS

No minority shareholders found

 

MINORITY INTERESTS

No minority interests found

 

 

COMPANIES THAT MATCH THIS ADDRESS

 

Business  number

Company  name

Date  of  accounts

506996432

PLANTACOTE  NV

-

 

 

Linked Companies

 

SUMMARY

 

Group  -  Number  of  Companies

0

Linkages  -  Number  of  Companies

0

Number  of  Countries

0

 

 

SUMMONS

There  is  no  data  for  this  company

 

PROTESTED  BILLS

There  is  no  data  for  this  company

 

BANKRUPTCY AND  OTHER  LEGAL  EVENTS

There  is  no  data  for  this  company

 

 

Director details

 

CURRENT DIRECTOR DETAILS

 

Name

PATICIO  DE  SOLMINIHAC

Position

Chairman  of  the  Board

Start  Date

20/09/2011

Street

 

Post  code

 

Country

Chile

 

 

Position

Director

Start  Date

18/10/2002

Street

 

Post  code

 

Country

Chile

 

 

Name

EUGENIO  PONCE

Position

Director

Start  Date

10/01/2006

Street

 

Post  code

 

Country

Chile

 

FORMER DIRECTOR DETAILS

 

Name

ENRIQUE  OLIVARES

Position

Director

Start  Date

17/03/2008

End  Date

30/05/2013

Street

710 PASAJE  SANTA  CLARA

Post  code

0

Country

Chile

Name

ENRIQUE  ANTONIO  OLIVARES  CARLINI

Position

Director

Start  Date

17/03/2008

End  Date

Unknown  date

Date  of  birth

23/08/1956

Street

 

Post  code

 

Country

Chile

Name

RICARDO  ANDRES  RAMOS  RODRIGUEZ

Position

Director

Start  Date

17/03/2008

End  Date

Unknown  date

Date  of  birth

25/09/1964

Street

 

Post  code

 

Country

Chile

Name

RICARDO  RAMOS

Position

Director

Start  Date

17/03/2008

End  Date

30/05/2013

Street

222 MIRA  FLORES

Post  code

 

Country

Chile

Name

PATRICIO  DE  SOLMINIHAC

Position

Director

Start  Date

26/05/2005

End  Date

26/05/2011

Street

970 MONEDA

Post  code

 

Country

Chile

Name

DANIEL  JIMENEZ

Position

Director

Start  Date

26/05/2005

End  Date

26/05/2011

Street

 

Post  code

 

Country

Chile

Name

CAMILA  MERINO

Position

Director

Start  Date

27/05/1999

End  Date

26/05/2005

 


 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.64.11

UK Pound

1

Rs.97.84

Euro

1

Rs.71.12

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ANK

 


 

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.