MIRA INFORM REPORT

Report No. :	320777
Report Date :	07.05.2015

IDENTIFICATION DETAILS

Name :	CHEMSTAR SLOVAKIA A.S.
Registered Office :	Novosvetsk´a 18, 811 06 Bratislava
Country :	Slovakia
Financials (as on) :	31.12.2014
Date of Incorporation :	10.01.2000
Com. Reg. No.:	SA 2382/B
Legal Form :	Company limited by shares
Line of Business :	Manufacture and sale of pesticides, seeds, technical systems Other retail sale of new goods in specialised stores
No. of Employees :	26 (2015)

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)
Slovakia	A2	A2

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

SLOVAKIA - ECONOMIC OVERVIEW

Slovakia has made significant economic reforms since its separation from the Czech Republic in 1993. After a period of relative stagnation in the early and mid-1990s, reforms to the taxation, healthcare, pension, and social welfare systems helped Slovakia consolidate its budget, get on track to join the EU in 2004, and adopt the euro in January 2009. Major privatizations are nearly complete, the banking sector is almost entirely in foreign hands, and the government has facilitated a foreign investment boom with business friendly policies. Foreign direct investment (FDI), especially in the automotive and electronic sectors, fueled much of the growth until 2008. Cheap, skilled labor, a relatively liberal labor code, low taxes, no taxes on dividends, and a favorable geographical location have been Slovakia's main advantages to foreign investors. Following an economic contraction in 2009, growth has remained sluggish, in large part due to continued weakness in external demand. Since returning to power in 2012 the government of Prime Minister Robert FICO has rolled back some of Slovakia's pro-growth reforms in order to help shore up public finances. These reversals included abolishing the flat tax system and introducing a levy on dividend payments. Corruption and slow dispute resolution remain key factors constraining economic growth.

Source : CIA

Company identification

CHEMSTAR SLOVAKIA a.s.	Phone	02/54417557
Novosvetska 18	Telefax	02/54417559
811 06 Bratislava	E-Mail	foltin@chemstar.sk
Slovakia	Web	www.chemstar.sk

Crefo Nr.	9230036918	Registration:	Okresny sUd Bratislava 1
Statistical Nr.	35782854	Registration Nr.	Sa 2382/B
Tax Nr.	SK2020277259	Status	active

Economic situation

Business connection	Credits and the establishing of the business connection are allowed.
Terms of payment	As far as known, prompt

Basic information

Legal form

Company limited by shares

Founded

10/01/2000 as Company limited by shares

03.01.2012

Registration

02/03/2000, Okresn´y s´ud Bratislava 1, Sa 2382/B

Statistical Nr.: 35782854

Tax Nr.: SK2020277259

Registered capital

Date	Currency	Value
02/03/2000	EUR	33 193,92
26/11/2009	EUR	33 200,00

Management

Crefo Nr.	Name / Address / Status	Since	Power of attorney
Management
9231231645	Member Elena Macakova Chladna 9520/5, 831 06 Bratislava Slovakia		sole power of attorney
9231231646	vice-chairman Ing. Dionyz Korcsog Nekyijska 335, 991 28 Vinica Slovakia		authorized to collective sign
9230877288	chairman Ing. Peter Foltln Solosmcka 626/29, 841 04 Bratislava Slovakia		authorized to sign alone
Supervisory Board
9231197230	chairman Ing. Elemfr Foltm, CSc. Novosvetska 18, 811 06 Bratislava Slovakia
9231232151	Member Ing. Ludmila Foltmova Novosvetska 18, 811 06 Bratislava Slovakia
9230877386	Member MUDr. Jana Marcekova Deviata 12, 831 01 Bratislava Slovakia

Company addresses

Valid from	Residence address	Valid until
	Novosvetska 18, 811 06 Bratislava, Slovakia
	Novosvetska 18, 811 06 Bratislava, Slovakia
Valid from	business premises	Valid until
	Druzstevna 396, 900 45 Malinovo, Slovakia
	Zeleznicna 52, 932 01 Velky Meder, Slovakia
	OkruZna 116, 979 01 Rimavska Sobota, Slovakia

Business activities

Main activity	Nace
Other retail sale of new goods in specialised stores	47.78
Additional activities	Nace
Agents involved in the sale of agricultural raw materials, live animals, textile raw materials and semi-finished goods	46.11
Agents involved in the sale of fuels, ores, metals and industrial chemicals	46.12

Manufacture and sale of pesticides, seeds, technical systems

3 fundamental areas:

1/delivering needed inputs (seeds, pesticides, fertilizes) and prompt \

and professional consultancy services

2/financing of growing plants

3/effective sales of plant commodities from own growers

Economic data

Turnover and Employees

Date	Turnover	Employees
2003	36 158 733 EUR
2004	31 993 262 EUR
2005	29 563 732 EUR
2006	22 672 011 EUR
2007	20 875 656 EUR
2010	20 896 725 EUR
2011	20 015 310 EUR
2012	20 151 500 EUR
2013	20 605 505 EUR	27
2014	23 164 476 EUR	27
2015		26

Supplementary data

Remarks

Certificate: ISO 14001

Banks

Code	Bank name / Address	Account Nr.
999999999	Citibank Slovakia, a.s.
300	CSOB a.s.
3100	Sberbank Slovensko, a.s.
200	VUBa.s.

Main indices

Payment experience and credit opinion

Terms of payment	As far as known, prompt	(29)
Business connection	Credits and the establishing of the business connection are allowed.	(21)
Credit Limit	270 000	EUR

Business development

Company development	Company development constant	(30)
Business course	good	(20)

Events

No negative events registered.

Balances

Balance

Name	Ref.	31/12/2014 1 EUR balance	31/12/2013 1 EUR balance	31/12/2012 1 EUR balance	31/12/2011 1 EUR balance
Total assets	01	8 180 310	7 023 220	6 621 199	6 650 010
Non-current assets	02	3 026 058	3 319 236	3 644 297	3 996 669
Intangible fixed assets	03	0	0	0	0
Development expenses	04	0	0	0	0
Software	05	0	0	0	0
Valuable rights	06	0	0	0	0
Goodwill	07	0	0	0	0
Other intangible fixed assets	08	0	0	0	0
Acquisition of intangible fixed assets	09	0	0	0	0
Advance payments for intangible fixed assets	10	0	0	0	0
Tangible fixed assets - total	11	3 026 058	3 319 236	3 644 297	3 996 669
Lands	12	12 229	0	0	73 889
Constructions	13	2 658 053	2 828 322	3 000 135	3 131 470
Separate movable assets and sets of movable assets	14	355 776	478 685	644 162	791 310
Perennial crops	15	0	0	0	0
Breeding and draught animals	16	0	0	0	0
Other tangible fixed assets	17	0	0	0	0
Acquisition of tangible fixed assets	18	0	12 229	0	0
Advance payments for tangible fixed assets	19	0	0	0	0
Adjustment to acquired assets	20	0	0	0	0
Long-term financial investments	21	0	0	0	0
Shares and ownership interests with control influence in enterprises				0	0
Shares and ownership interests with substantial influence of enterprises				0	0
Other long-term shares and ownership interests				0	0
Intercompany loans				0	0
Other long-term financial investments				0	0
Loans with maturity up to one year				0	0
Shares and ownership interests in affiliated accounting entities	22	0	0
Shares and ownership interests with participating interest, except for affiliated accounting entities	23	0	0
Other available-for-sale securities and ownership interests	24	0	0
Loans to affiliated accounting entities	25	0	0
Loans within participating interest, except for affiliated accounting entities	26	0	0
Other loans	27	0	0
Debt securities and other non-current financial assets	28	0	0
Loans and other non-current financial assets with remaining maturity of up to one year	29	0	0
Bank accounts with notice period exceeding one year	30	0	0	0	0
Acquisition of long-term financial investments	31	0	0	0	0
Advance payments for long-term assets	32	0	0	0	0
Current assets	33	5 148 246	3 697 093	2 973 510	2 642 556
Inventory - total	34	332 071	316 201	290 728	394 070
Material	35	648	1 125	1 021	944
Work-in-progress and semi-finished goods	36	0	0	0	0
Finished products	37	0	0	0	0
Animals	38	0	0	0	0
Merchandise	39	331 423	315 076	289 707	393 126
Advance payments made for inventory	40	0	0	0	0
Long-term receivables - total	41	0	0	0	0
Trade receivables	42	0	0	0	0
Receivables from a controlled entity and a controlling entity				0	0
Other intercompany receivables				0	0
Trade receivables from affiliated accounting entities	43	0	0
Trade receivables within participating interest, except for receivables from affiliated accounting entities	44	0	0
Other trade receivables	45	0	0
Net value of contract	46	0	0	0	0
Other receivables from affiliated accounting entities	47	0	0
Other receivables within participating interest, except for receivables from affiliated accounting entities	48	0	0
Receivables from participants, members and association	49	0	0	0	0
Receivables related to derivative transactions	50	0	0
Other receivables	51	0	0	0	0
Deffered tax asset	52	0	0	0	0
Short - term receivables - total	53	1 856 125	2 489 248	1 912 731	2 123 989
Trade receivables	54	1 686 723	2 315 901	1 730 427	1 982 951
Receivables from a controlled entity and a controlling entity				0	0
Other intercompany receivables				0	0
Trade receivables from affiliated accounting entities	55	0	0
Trade receivables within participating interest, except for receivables from affiliated accounting entities	56	0	0
Other trade receivables	57	1 686 723	2 315 901
Net value of contract	58	0	0	0	0
Other receivables from affiliated accounting entities	59	0	0
Other receivables within participating interest, except for receivables from affiliated accounting entities	60	0	0
Receivables from participants, members and association	61	0	0	0	0
Social security	62	0	0	0	0
Taxation and subsidies	63	169 402	173 347	182 304	141 038
Receivables related to derivative transactions	64	0	0
Other receivables	65	0	0	0	0
Short-term financial assets	66	0	0	0	0
Current financial assets in affiliated accounting entities	67	0	0
Current financial assets, not including current financial assets in affiliated accounting entities	68	0	0
Own shares and own business shares	69	0	0	0	0
Acquisition of short-term financial assets	70	0	0	0	0
Financial accounts - total	71	2 960 050	891 644	770 051	124 497
Cash	72	11 516	4 882	8 407	106 463
Bank accounts	73	2 948 534	886 762	761 644	18 034
Prepayments	74	6 006	6 891	3 392	10 785
Deferred expenses long term	75	0	0	0	0
Deferred expenses short term	76	6 006	6 891	3 392	10 785
Accrued revenues long term	77	0	0	0	0
Accrued revenues short term	78	0	0	0	0
Total capital and liabilities	79	8 180 310	7 023 220	6 621 199	6 650 010
Capital	80	737 614	569 738	285 979	487 937
Registered capital - total	81	33 200	33 200	33 200	33 200
Registered capital - total	82	33 200	33 200	33 200	33 200
Change in registered capital	83	0	0	0	0
Capital funds - total		0	0
Receivables for subscriptions (for own equity capital)	84	0	0	0	0
Share premium	85	0	0	0	0
Other capital funds	86	0	0	0	0
Legal reserve fund (Non-distributable fund) from capital contributions		0	0
Legal reserve funds	87	6 639	6 638
Legal reserve fund and non-distributable fund	88	6 639	6 638
Reserve fund for own shares and own ownership interests	89	0	0
Funds created from profit - total				6 639	6 639
Legal reserve fund				6 639	6 639
Indivisible funds				0	0
Statutory funds and other funds				0	0
Other funds created from profit	90	0	0
Statutory funds	91	0	0
Other funds	92	0	0
Differences from revaluation - total	93	0	0
Gains or losses from revaluation of assets and liabilities	94	0	0	0	0
Gains or losses from investments	95	0	0	0	0
Differences from revaluation in the event of a merger, amalgamation into a separate accounting entity or demerger	96	0	0	0	0
Retained profit or loss from previous years	97	529 900	246 141	232 351	232 351
Retained earnings from previous years	98	529 900	246 141	232 351	232 351
Retained earnings from previous years	99	0	0	0	0
Profit or loss for the accounting period	100	167 875	283 759	13 789	215 747
Liabilities	101	7 442 696	6 453 482	6 335 220	6 162 073
Reserves - total		2 600	2 600
Long-term liabilities - total	102	5 861 537	5 858 009	5 860 063	5 625 115
Long-term trade liabilities - total	103	0	0	0	0
Uninvoiced long-term supplies				0	0
Long-term liabilities to a controlled entity and a controlling entity				0	0
Other intercompany long-term liabilities				0	0
Trade liabilities to affiliated accounting entities	104	0	0
Trade liabilities within participating interest, except for liabilities to affiliated accounting entities	105	0	0
Other trade liabilities	106	0	0
Net value of contract	107	0	0	0	0
Other liabilities to affiliated accounting entities	108	0	0
Other liabilities within participating interest, except for liabilities to affiliated accounting entities	109	0	0
Other long-term liabilities	110	5 756 537	5 756 536	5 756 537	5 540 789
Long-term advances received	111	0	0	0	0
Long-term bills of exchange to a paid	112	0	0	0	0
Bonds issued	113	0	0	0	0
Liabilities from social fund	114	46 315	39 838	34 493	30 543
Other non-current liabilities	115	0	0
Non-current liabilities related to derivative transactions	116	0	0
Deffered tax liability	117	58 685	61 635	69 033	53 783
Long-term provisions	118	0	0
Legal provisions	119	0	0	0	0
Legal reserves short term				2 600	2 600
Other short-term reserves				0	0
Other provisions	120	0	0	0	0
Long-term bank loans	121	0	0	0	0
Short-term liabilities - total	122	1 578 559	532 873	472 557	359 358
Trade liabilities	123	954 636	151 996	338 185	199 051
Uninvoiced supplies				13 228	457
Liabilities to a controlled entity and a controlling entity				0	0
Other intercompany liabilities				0	0
Trade liabilities to affiliated accounting entities	124	0	0
Trade liabilities within participating interest, except for liabilities to affiliated accounting entities	125	0	0
Other trade liabilities	126	954 636	151 996
Net values of contract	127	0	0	0	0
Other liabilities to affiliated accounting entities	128	0	0
Other liabilities within participating interest, except for liabilities to affiliated accounting entities	129	0	0
Liabilities to partners and participants in association	130	0	0	0	0
Liabilities to employees	131	0	0	0	0
Social security liabilities	132	31 593	29 498	13 916	16 114
Taxation and subsidies	133	143 340	155 592	18 367	33 684
Other liabilities		88 861	110 052
Liabilities related to derivative transactions	134	0	0
Other liabilities	135	448 990	195 787
Short-term provisions	136	2 600	2 600
Legal provisions	137	2 600	2 600
Other provisions	138	0	0
Current bank loans	139	0	0	0	0
Short-term financial assistance	140	0	60 000	0	175 000
Bank loans		0	0
Prepayments - total	141	0	0	0	0
Accrued expenses long term	142	0	0	0	0
Accrued expenses short term	143	0	0	0	0
Deferred revenues long term	144	0	0	0	0
Deferred revenues short term	145	0	0	0	0

Profit and loss accounts

Name	Ref.	31/12/2014 1 EUR balance	31/12/2013 1 EUR balance	31/12/2012 1 EUR balance	31/12/2011 1 EUR balance
Net turnover	01	23 164 476	20 605 505
Operating income - total	02	23 330 648	20 668 379
Revenue from the sale of merchandise	03	22 982 843	20 486 076	20 023 118	19 833 535
Revenue from the sale of own products	04	0	0
Revenue from the sale of services	05	181 633	119 429
Change in inventory	06	0	0	0	0
Own work capitalized	07	0	0	0	0
Purchased consumables and services				807 210	1 133 564
Consumed raw materials, energy consumption and consumption of other non-inventory supplies				160 742	229 669
Revenue from the sale of non-current intangible assets, property, plant and equipment, and raw materials	08	0	1 041	79 747	4 780
Other operating revenues	09	166172	61 833	197 350	178 305
Operating expenses - total	10	23 111 702	20 273 737
Cost of merchandise sold	11	20 261 739	17 769 476	17 900 738	17 405 195
Trade margin				2 122 380	2 428 340
Production				128 382	181 775
Revenue from the sale of own products and services				128 382	181 775
Consumed raw materials, energy consumption, and consumption of other non-inventory supplies	12	155 552	154 633
Value adjustments to inventory	13	0	0
Services	14	758 255	689 144	646 468	903 895
Personnel expenses - total	15	1 410 702	1 215 098	942 209	748 736
Wages and salaries	16	1 191 604	999 748	768 358	561 420
Remuneration of board members	17	18 000	18 000	18 000	18 000
Social security expenses	18	183 267	178 471	139 330	154 722
Social expenses	19	17 831	18 879	16 521	14 594
Taxes and fees	20	25 580	24 992	32 372	27 168
Depreciation expense of intangible and tangible fixed assets	21	323 994	357 857	419 539	401 324
Amortization of non-current intangible assets and depreciation of property, plant and equipment	22	323 994	357 857
Value adjustments to non-current intangible assets and property, plant and equipment	23	0	0
Net book value of fixed assets sold and material sold	24	0	0	73 890	0
Value adjustments to receivables	25	179	521	-12 690	24 443
Other operating expenses	26	175 701	62 016	195 748	167 292
Transfer of operating revenues				0	0
Transfer of operating expenses				0	0
Profit or loss from operations	27	218 946	394 642	69 581	290 673
Added value	28	1 988 930	1 992 252	1 443 552	1 476 551
Income from financial activities - total	29	2 938	6 855
Revenues from sales of shares and ownership	30	0	0	0	0
Revenues from long-term financial assest	31	0	0	0	0
Revenues from ownership interests with control influence in enterprises and ownership interests with substantial influence of enterprises				0	0
Income from securities and ownership interests in affiliated accounting entities	32	0	0
Income from securities and ownership interests within participating interest, except for income of affiliated accounting entities	33	0	0
Other income from securities and ownership interests	34	0	0
Revenues from other long-term ownership and shares				0	0
Revenues from other long-term financial assest				0	0
Revenues from short-term financial assest	35	0	0	0	0
Income from current financial assets in affiliated accounting entities	36	0	0
Income from current financial assets within participating interest, except for income of affiliated accounting entities	37	0	0
Other income from current financial assets	38	0	0
Interest income	39	235	235	737	7 173
Interest income from affiliated accounting entities	40	0	0
Other interest income	41	235	235
Exchange rate gains	42	0	6 620	1	6 733
Revenues from revaluation of securities and revenues from derivative operations	43	0	0	0	0
Other financial revenues	44	2 703	0	0	0
Expenses related to financial activities - total	45	1 207	30 174
Transfer of financial revenues				0	0
Transfer of financial expenses				0	0
Shares and ownership interests sold	46	0	0	0	0
Expenses for short-term financial assets	47	0	0	0	0
Value adjustments to financial assets	48	0	0	0	0
Interest expense	49	0	26 723	8	0
Interest expenses related to affiliated accounting entities	50	0	0
Other interest expenses	51	0	26 723
Exchanges rate losses	52	256	3	511	1
Expenses for revaluation of securities and expenses for derivative operations	53	0	0	0	0
Other financial expenses	54	951	3 448	28 771	27 258
Profit or loss from financial activities	55	1 731	-23 319	-28 552	-13 353
Income tax on ordinary activities				27 240	61 573
- current				11 990	56 835
- deferred				15 250	4 738
Profit or loss from ordinary activities before tax	56	220 677	371 323	41 029	277 320
Profit or loss from ordinary activities after tax				13 789	215 747
Extraordinary revenues				0	0
Extraordinary expenses				0	0
Income tax on extraordinary activities				0	0
- current				0	0
- deferred				0	0
Income tax	57	52 802	87 564
Income tax - current	58	55 751	94 962
Income tax - deferred	59	-2 949	-7 398
Profit or loss from extraordinary activities before tax				0	0
Profit or loss from extraordinary activities after tax				0	0
Transfer of profit or loss to partners	60	0	0	0	0
Profit or loss of the accounting period before tax		41 029	277 320
Profit or loss of the accounting period after tax	61	167 875	283 759	13 789	215 747
Receivables after due date		81 622	81 964
Liabilities after due date		0	0
Other financial expenses	54	951	3 448	28 771	27 258
Profit or loss from financial activities	55	1 731	-23 319	-28 552	-13 353
Income tax on ordinary activities				27 240	61 573
- current				11 990	56 835
- deferred				15 250	4 738
Profit or loss from ordinary activities before tax	56	220 677	371 323	41 029	277 320
Profit or loss from ordinary activities after tax				13 789	215 747
Extraordinary revenues				0	0
Extraordinary expenses				0	0
Income tax on extraordinary activities				0	0
- current				0	0
- deferred				0	0
Income tax	57	52 802	87 564
Income tax - current	58	55 751	94 962
Income tax - deferred	59	-2 949	-7 398
Profit or loss from extraordinary activities before tax				0	0
Profit or loss from extraordinary activities after tax				0	0
Transfer of profit or loss to partners	60	0	0	0	0
Profit or loss of the accounting period before tax		41 029	277 320
Profit or loss of the accounting period after tax	61	167 875	283 759	13 789	215 747
Receivables after due date		81 622	81 964
Liabilities after due date		0	0

Financial Ratios

Name	Ref.	31/12/2014	31/12/2013	31/12/2012	31/12/2011
Return on total assets ROA (in %)	1	2,05	4,04	0,21	3,24
Return on equity ROE (in %)	2	22,76	49,81	4,82	44,22
Return on sales ROS (in %)	3	0,72	1,38	0,07	1,08
Turnover of receivables (in days)	4	26,58	41,02	31,34	36,16
Turnover of liabilities (in days)	5	15,04	2,69	6,13	3,63
Turnover of inventories (days)	6	5,23	5,60	5,27	7,19
Net working capital	7	3569687,00	3104220,00	2500953,00	2108198,00
Ratio of accounts payable to accounts receivable	8	24,95	38,95	30,20	35,49
Ratio of profit/loss to tangible assets (in%)	9	13,06	16,11	18,08	19,97
Current ratio	10	3,26	6,24	6,29	4,95
Quick ratio	11	3,05	5,70	5,68	4,21
Cash ratio	12	1,88	1,50	1,63	0,23
Debt ratio I (in %)	13	90,98	91,89	95,68	92,66
Debt ratio II (in %)	14	90,98	91,89	95,68	92,66

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.64
UK Pound	1	Rs.96.81
Euro	1	Rs.71.51

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.