MIRA INFORM REPORT

 

 

Report No. :

321095

Report Date :

06.05.2015

 

IDENTIFICATION DETAILS

 

Name :

ELEKTA LIMITED

 

 

Formerly Known As : 

ELEKTA ONCOLOGY SYSTEMS LTD

 

REFAL 496 LIMITED

 

 

Registered Office :

Linac House Fleming Way Crawley RH10 9RR

 

 

Country :

United Kingdom

 

 

Financials (as on) :

30.04.2014

 

 

Date of Incorporation :

02.09.1996

 

 

Com. Reg. No.:

03244454

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Manufacture and sale of medical capital equipment and associated software specifically for the treatment of cancer.

 

 

No. of Employees :

595 (2013)

 

 

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)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

UNITED KINGDOM - ECONOMIC OVERVIEW

 

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. In 2008, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 20% by 2015. However, the deficit still remains one of the highest in the G7, standing at 5.8% in 2013. The Bank of England (BoE) implemented an asset purchase program of 375 billion (approximately $586 billion) as of December 2014. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.8%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.

 

Source : CIA

 

 

Company name

 

ELEKTA LIMITED

 

 

Company No

 

 03244454

 

 

Company Status

 

Active - Accounts Filed

 

 

Address

 

LINAC HOUSE

FLEMING WAY

CRAWLEY

RH10 9RR

 

 

Company Summary

 

Registered Address LINAC HOUSE                                           Trading Address          Linac House

FLEMING WAY                                                                         Fleming Way

CRAWLEY                                                                                Crawley

                                                                                                                                    West Sussex

RH10 9RR                                                                                 RH10 9RR

Website Address          http://www.elekta.com

Telephone Number       01293544422                                         Fax Number

TPS                              No                                                        FPS                              No

Incorporation Date       02/09/1996

Previous Name             ELEKTA ONCOLOGY SYSTEMS LTD

Type                             Private limited with Share Capital

FTSE Index                  -                                                           Date of Change             22/07/2003

Filing Date of Accounts 19/12/2014                                           Currency                      GBP

Share Capital               £22,201,001                                          SIC07                           32500

Charity Number            -                                                          

SIC07 Description        Manufacture Of Medical And Dental Instruments And Supplies

Principal Activity          Manufacture and sale of medical capital equipment and associated software specifically for the treatment

 

Key Financials

           

Year to Date

Turnover

Pre Tax Profit

Shareholder

Funds Employees

30/04/2014

£490,679,000

£56,591,000

£166,411,000

-

30/04/2013

£442,470,000

£62,825,000

£144,945,000

595

30/04/2012

£352,547,000

£50,595,000

£105,761,000

537

 

 

Mortgage Summary

 

Total Mortgage                                                 1

Outstanding                                                     0

Satisfied                                                           1

 

 

Trade Debtors / Bad Debt Summary

 

Total Number of Documented Trade                 0

Total Value of Documented Trade                    £0

 

 

Commentary

 

This company has been treated as a Large company in respect of the rating/limit generated.

This company's return on total assets employed ratio indicates a highly efficient use of assets.

This company has only made late payments on a low percentage of invoices.

This company's ratio of total liabilities to total assets indicates the presence of moderate equity funding.

The company has more cash than short term bank borrowings.

This company trades in an industry with a moderate level of corporate failures.

 

 

CCJ

 

Total Number of Exact CCJs -               0                      Total Value of Exact CCJs –

Total Number of Possible CCJs -          0                      Total Value of Possible CCJs -

Total Number of Satisfied CCJs -          0                      Total Value of Satisfied CCJs -

Total Number of Writs -                        -

 

 

Total Current Directors                                       7

Total Current Secretaries                                    1

Total Previous Directors / Company

Secretaries                                                        24

 

Current Directors

 

Name

Per Hakan Bergstrom              

Date of Birth

17/01/1956

Officers Title

Mr

Nationality

Swedish

Present Appointments

2

Function

Director

Appointment Date

01/10/2001

 

 

Address

Tryffelstigen 2, Nykoping, S-611 63

 

 

Name

Johan Axel Edvin Alfred Sedihn   

Date of Birth

14/05/1965

Officers Title

Mr

Nationality

Swedish

Present Appointments

2

Function

Director

Appointment Date

01/11/2005

 

 

Address

Wimlands Wimlands Lane, Faygate, Horsham, West Sussex, RH12 4SP

 

 

Name

Lutz Hagen Schaefer               

Date of Birth

10/03/1967

Officers Title

Mr

Nationality

German

Present Appointments

1

Function

Director

Appointment Date

05/10/2011

 

 

Address

Linac House, Fleming Way, Crawley, West Sussex, RH10 9RR

 

 

Name

William Dean Yaeger               

Date of Birth

22/10/1961

Officers Title

Mr

Nationality

American

Present Appointments

3

Function

Director

Appointment Date

27/04/2012

 

 

Address

Linac House Fleming Way, Crawley, West Sussex, RH10 9RR

 

 

Name

Steven Mark Wort                   

Date of Birth

04/04/1963

Officers Title

Mr

Nationality

British

Present Appointments

1

Function

Director

Appointment Date

08/03/2013

 

 

Address

Linac House, Fleming Way, Crawley, West Sussex, RH10 9RR

 

 

Name

Thomas Tetley Beazley            

Date of Birth

26/03/1961

Officers Title

Mr

Nationality

British

Present Appointments

1

Function

Director

Appointment Date

08/03/2013

 

 

Address

Linac House, Fleming Way, Crawley, West Sussex, RH10 9RR

 

 

Name

David Ian Alexander                

Date of Birth

10/03/1958

Officers Title

Mr

Nationality

British

Present Appointments

1

Function

Director

Appointment Date

08/03/2013

 

 

Address

Linac House, Fleming Way, Crawley, West Sussex, RH10 9RR

 

 

 

 

 

 

Current Company Secretary

 

Name

Samantha Cookman

Date of Birth

-

Officers Title

Mrs

Nationality

 

Present Appointments

1

Function

Company Secretary

Appointment Date

08/03/2013

 

 

Address

Linac House, Fleming Way, Crawley, West Sussex, RH10 9RR

 

 

 

 

Top 20 Shareholders

 

 

Name

Currency   

Share Count     

Share Type    

Nominal

% of Total Share Count

ELEKTA HOLDINGS LTD

GBP          

22,201,001         

ORDINARY

1

100

 

 

Profit & Loss

 

Date Of Accounts

30/04/14

(%)

30/04/13

(%)

30/04/12

(%)

30/04/11

(%)

30/04/10

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

Consolidated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

N

Turnover

£490,679,000

10.9%

£442,470,000

25.5%

£352,547,000

15.5%

£305,198,000

14.4%

£266,820,000

Export

-

-

-

-

-

-

-

-

-

Cost of Sales

£331,987,000

16.4%

£285,318,000

29.2%

£220,892,000

11.7%

£197,716,000

18.2%

£167,295,000

Gross Profit

£158,692,000

1%

£157,152,000

19.4%

£131,655,000

22.5%

£107,482,000

8%

£99,525,000

Wages & Salaries

-

-

£34,474,000

12.4%

£30,663,000

5.2%

£29,151,000

14%

£25,578,000

Directors Emoluments

£1,776,000

59.6%

£1,113,000

94.2%

£573,000

4.4%

£549,000

24.5%

£441,000

Operating Profit

£58,773,000

-8.8%

£64,470,000

23.7%

£52,130,000

72.9%

£30,158,000

-10.8%

£33,805,000

Depreciation

£3,119,000

12.5%

£2,773,000

28.6%

£2,157,000

24.8%

£1,728,000

1.2%

£1,708,000

Audit Fees

£76,000

-

£76,000

-27.6%

£105,000

12.9%

£93,000

3.3%

£90,000

Interest Payments

£2,223,000

25.8%

£1,767,000

9.3%

£1,617,000

46.3%

£1,105,000

48.1%

£746,000

Pre Tax Profit

£56,591,000

-9.9%

£62,825,000

24.2%

£50,595,000

73.9%

£29,093,000

-12.1%

£33,083,000

Taxation

-£7,521,000

43.1%

-£13,209,000

-23.2%

-£10,721,000

-51.3%

-£7,087,000

22%

-£9,085,000

Profit After Tax

£49,070,000

-1.1%

£49,616,000

24.4%

£39,874,000

81.2%

£22,006,000

-8.3%

£23,998,000

Dividends Payable

£33,000,000

32%

£25,000,000

-

-

-

-

-100%

£25,000,000

Retained Profit

£16,070,000

-34.7%

£24,616,000

-38.3%

£39,874,000

81.2%

£22,006,000

999.9%

-£1,002,000

 

 

Balance Sheet

 

Date Of Accounts

30/04/14

(%)

30/04/13

(%)

30/04/12

(%)

30/04/11

(%)

30/04/10

Tangible Assets

£20,634,000

72.3%

£11,975,000

-11.1%

£13,466,000

29.7%

£10,381,000

24.3%

£8,349,000

Intangible Assets

£42,354,000

42.2%

£29,779,000

178.6%

£10,687,000

164%

£4,048,000

-15%

£4,763,000

Total Fixed Assets

£62,988,000

50.9%

£41,754,000

72.9%

£24,153,000

67.4%

£14,429,000

10%

£13,112,000

Stock

£44,627,000

15.7%

£38,561,000

52.6%

£25,270,000

24.2%

£20,347,000

-13.2%

£23,447,000

Trade Debtors

£134,769,000

60.6%

£83,898,000

85%

£45,346,000

-23.7%

£59,452,000

40.3%

£42,373,000

Cash

£28,937,000

-35.7%

£44,998,000

-

0

-

0

-

0

Other Debtors

£139,471,000

-15.9%

£165,832,000

21%

£137,031,000

35.9%

£100,835,000

10.8%

£90,970,000

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

£347,804,000

4.4%

£333,289,000

60.5%

£207,647,000

15%

£180,634,000

15.2%

£156,790,000

Trade Creditors

£64,869,000

3%

£62,982,000

65.3%

£38,094,000

48.5%

£25,654,000

18.6%

£21,633,000

Bank Loans & Overdrafts

0

-

0

-100%

£2,216,000

-63.3%

£6,046,000

4%

£5,811,000

Other Short Term Finance

£51,100,000

-0.9%

£51,578,000

58.7%

£32,506,000

13.9%

£28,544,000

-19.3%

£35,386,000

Miscellaneous Current Liabilities

£107,893,000

12.7%

£95,754,000

152.7%

£37,886,000

-28.9%

£53,298,000

13.1%

£47,132,000

Total Current Liabilities

£223,862,000

6.4%

£210,314,000

90%

£110,702,000

-2.5%

£113,542,000

3.3%

£109,962,000

Bank Loans & Overdrafts and LTL

£20,519,000

3.7%

£19,784,000

12.7%

£17,553,000

-19%

£21,680,000

-0.9%

£21,870,000

Other Long Term Finance

£13,500,000

-

£13,500,000

-

£13,500,000

-

£13,500,000

-

£13,500,000

Total Long Term Liabilities

£20,519,000

3.7%

£19,784,000

29%

£15,337,000

-1.9%

£15,634,000

-2.6%

£16,059,000

.

 

Capital & Reserves

 

Date Of Accounts

30/04/14

(%)

30/04/13

(%)

30/04/12

(%)

30/04/11

(%)

30/04/10

Called Up Share Capital

£22,201,000

-

£22,201,000

-

£22,201,000

-

£22,201,000

-

£22,201,000

P & L Account Reserve

£142,208,000

15.9%

£122,744,000

46.9%

£83,560,000

91.3%

£43,686,000

101.5%

£21,680,000

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

£2,002,000

-

-

-

-

-

-

-

-

Shareholder Funds

£166,411,000

14.8%

£144,945,000

37%

£105,761,000

60.5%

£65,887,000

50.1%

£43,881,000

 

 

Other Financial Items

 

Date Of Accounts

30/04/14

(%)

30/04/13

(%)

30/04/12

(%)

30/04/11

(%)

30/04/10

Net Worth

£124,057,000

7.7%

£115,166,000

21.1%

£95,074,000

53.7%

£61,839,000

58.1%

£39,118,000

Working Capital

£123,942,000

0.8%

£122,975,000

26.9%

£96,945,000

44.5%

£67,092,000

43.3%

£46,828,000

Total Assets

£410,792,000

9.5%

£375,043,000

61.8%

£231,800,000

18.8%

£195,063,000

14.8%

£169,902,000

Total Liabilities

£244,381,000

6.2%

£230,098,000

82.6%

£126,039,000

-2.4%

£129,176,000

2.5%

£126,021,000

Net Assets

£166,411,000

14.8%

£144,945,000

37%

£105,761,000

60.5%

£65,887,000

50.1%

£43,881,000

 

 

Cash Flow

 

Date Of Accounts

30/04/14

(%)

30/04/13

(%)

30/04/12

(%)

30/04/11

(%)

30/04/10

Net Cashflow from Operations

-

-

-

-

-

-

-

-

-

Net Cashflow before Financing

-

-

-

-

-

-

-

-

-

Net Cashflow from Financing

-

-

-

-

-

-

-

-

-

Increase in Cash

-

-

-

-

-

-

-

-

-

 

 

Miscellaneous

 

Date Of Accounts

30/04/14

(%)

30/04/13

(%)

30/04/12

(%)

30/04/11

(%)

30/04/10

Contingent Liability

YES

-

YES

-

YES

-

YES

-

YES

Capital Employed

£186,930,000

13.5%

£164,729,000

36%

£121,098,000

48.5%

£81,521,000

36%

£59,940,000

Number of Employees

-

-

595

10.8%

537

4.9%

512

4.9%

488

Auditors

PRICEWATERHOUSECOOPERS LLP

Auditor Comments

The audit report contains no adverse comments

Bankers

HSBC BANK PLC

Bank Branch Code

 

 

Ratios

 

Date Of Accounts

30/04/14

30/04/13

30/04/12

30/04/11

30/04/10

Pre-tax profit margin %

11.53

14.20

14.35

9.53

12.40

Current ratio

1.55

1.58

1.88

1.59

1.43

Sales/Net Working Capital

3.96

3.60

3.64

4.55

5.70

Gearing %

12.30

13.60

16.60

32.90

49.80

Equity in %

45.20

42

47.80

34.50

26.60

Creditor Days

48.12

51.81

39.33

30.59

29.51

Debtor Days

99.97

69.01

46.81

70.90

57.80

Liquidity/Acid Test

1.35

1.40

1.64

1.41

1.21

Return On Capital Employed %

30.27

38.13

41.78

35.68

55.19

Return On Total Assets Employed %

13.77

16.75

21.82

14.91

19.47

Current Debt Ratio

1.34

1.45

1.04

1.72

2.50

Total Debt Ratio

1.46

1.58

1.19

1.96

2.87

Stock Turnover Ratio %

9.09

8.71

7.16

6.66

8.78

Return on Net Assets Employed %

34

43.34

47.83

44.15

75.39

 

 

Report Notes

 

There are no notes to display.

 

 

Status History

 

No Status History found

 

 

Event History

 

Date

Description

12/01/2015

New Accounts Filed

12/01/2015

New Accounts Filed

03/10/2014

Annual Returns

16/10/2013

New Accounts Filed

16/10/2013

New Accounts Filed

13/09/2013

Annual Returns

15/03/2013

New Board Member Mr D.I. Alexander appointed

15/03/2013

New Board Member Mr T.T. Beazley appointed

12/03/2013

Ms C.G. Regan has resigned as company secretary

12/03/2013

New Board Member Mr S.M. Wort appointed

12/03/2013

New Company Secretary Mrs S. Cookman appointed

13/12/2012

New Accounts Filed

13/12/2012

New Accounts Filed

14/09/2012

Annual Returns

26/07/2012

Mr L.O. Sanden has left the board

 

 


Previous Company Names

 

Date

Previous Name

22/07/2003

ELEKTA ONCOLOGY SYSTEMS LTD

30/01/1997

REFAL 496 LIMITED

 

 

Writ Details

 

No writs found

 

 

Statistics

 

Group

4 companies

Linkages

30 companies

Countries

In 24 countries

 

 

Summary

 

Holding Company

ELEKTA HOLDINGS LIMITED

Ownership Status

Wholly Owned

Ultimate Holding Company

ELEKTA AB (PUBL)

 

 

Group Structure

 

Company Name

Registered Number

Latest Key Financials

Consol. Accounts

Turnover

ELEKTA AB (PUBL)

5561704015

30.04.2014

Y

CMS WORLDWIDE INC

N/A

-

-

ELEKTA HOLDINGS LIMITED

02699176

30.04.2014

N

ELEKTA LIMITED

03244454

30.04.2014

N

£490,679,000

 

 

Other Linked Companies

 

Name

Number

Latest Key Financials

Turnover

ELEKTA GMBH

HRB 125109

30.04.2013

€59,655,567

ELEKTA S.P.A.

MI1972717

30.04.2013

€43,282,620

ELEKTA INSTRUMENT AB

5564920949

30.04.2014

1,298,655 KSEK

ELEKTA

414404913

30.04.2014

€36,467,094

MEDICAL INTELLIGENCE MEDIZINTECHNIK GMBH

HRB 14835

30.04.2014

€31,165,727

ELEKTA B.V.

17097384

30.04.2013

3D LINE RESEARCH AND DEVELOPMENT S.R.L.

MI1843687

30.04.2013

€2,270,759

LEKSELL INSTITUTE AB

5569426314

30.04.2014

NUCLETRON B.V.

30085856

-

ELEKTA MEDICAL

41472

30.04.2014

€25,686,909

ELEKTA NV

460510369

30.04.2014

€8,929,820

DELFT INSTRUMENTS GMBH

-

ELEKTA (PTY) LTD

-

ELEKTA ASIA LTD

-

ELEKTA BMEI (BEIJING) MEDICAL EQUIPMENT CO LTD

-

ELEKTA CANADA INC

-

ELEKTA GMBH

-

ELEKTA HELLAS EPE

-

ELEKTA HOLDING LIMITED

-

ELEKTA HOLDING US INC

-

 

 

Mortgage Details

 

Mortgage Type:

MORTGAGE

Date Charge Created:

10/05/00

Date Charge Registered:

12/05/00

Date Charge Satisfied:

19/03/01

Status:

SATISFIED

Person(s) Entitled:

FRED HUTCHINSON CANCER RESEARCH CENTER

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE IN RELATION TOTHE PURCHASE AGREEMENT DATED 27 JULY 1999 (AS DEFINED) AND UNDER THIS MORTGAGE

Details:

THE EQUIPMENT AND ALL INSURANCES THEREON SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

 

 

Previous Director/Company Secretaries

 

Name

Current Directorships

Previous Directorships

Laurent Leksell

0

4

David Charles Carter

9

44

Jonas Serlachius

0

2

Jonas Serlachius

0

2

Frank Harris Low

0

1

Manfred Sturm

0

4

Manfred Sturm

0

4

Volker Steiber

0

2

Mans Ekelof

0

2

Fritz Harald Nils Bauer

2

3

Fritz Harald Nils Bauer

2

3

Per Gronwall

0

2

Catherine Geraldine Regan

3

24

Adrian Boxwell Leared

0

4

Adrian Boxwell Leared

0

4

Asa Maria Widholm Thunman

0

2

Jeffrey Robert Boyman

1

4

Jeffrey Robert Boyman

1

4

Nils Chriser Sverker Glans

0

1

Samantha Jane Cookman

2

1

Joseph K Jachinowski

0

1

James Peter Hoey

0

1

Lars Olof Sanden

0

1

George Russell Sandars

34

165

 

 

 

Average Invoice Value

Ł1014.77

Invoices available

105

Paid

104

Outstanding

1

 

 

 

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

 

Within Terms

0-30 Days

31-60 Days

61-90 Days

91+ Days

Paid

87

14

2

1

0

Outstanding

0

1

0

0

0

 


 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.63.52

UK Pound

1

Rs.95.96

Euro

1

Rs.70.54

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

VNT

 

               

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.