MIRA INFORM REPORT

Report Date :

01.02.2007

IDENTIFICATION DETAILS

Name :	ARVIND INTERNATIONAL LIMITED
Registered Office :	15, Ganesh Chandra Avenue, 2^nd Floor, Kolkata-700013, West Bengal
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	10.05.1991
Com. Reg. No.:	21-51709
CIN No.: [Company Identification No.]	L51476WB1991PLC051709
TAN No.: [Tax Deduction & Collection Account No.]	CALA03166C
Legal Form :	Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges.
Line of Business :	Manufacturer of Polyurethane Foam and Quilts.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small

Maximum Credit Limit :
Status :	Moderate
Payment Behaviour :	Slow and Delayed by + 30/60 days
Litigation :	Clear
Comments :	The company’s performance and financial status can be regarded as moderate- i.e. below average. It’s payments are slow by +30/60 days on an average. The company can be considered for small business dealings on safe and secured trade terms and conditions.

LOCATIONS

Registered Office :	15, Ganesh Chandra Avenue, 2^nd Floor, Kolkata-700013, West Bengal, India
Tel. No.:	91-33-22368504 / 32573873/22114157
Fax No.:	91-33-22118014
E-Mail :	ruchika@datainfosys.net contact@arvindinternational.com sales@arvindinternational.com
Website :	http://www.arvindinternational.com
Administrative Office :	452-Ganapati Plaza, M. I. Road, Jaipur-302001, Rajasthan 131-134, Vrindavan Vihar, DCM, Ajmer Road, Jaipur – 302019, Rajasthan Tel. No. : 91-141-3267846
Factory 1 :	E-95-96 and G-76-78, RIICO Industrial Area, Bagru Extention, Bagru, Jaipur -303007, Rajasthan
Tel. No.:	91-141-3247460/5123799
Fax No.:	91-141-2865466
Factory 2 :	E – 225, RIICO Industrial Area, Bagru Extension, Bagru, Jaipur – 303007, Rajasthan

DIRECTORS

Name :	Mr. Dinesh Chandra Bajoria
Designation :	Chairman
Name :	Mr. Arvind Bajoria
Designation :	Managing Director
Name :	Mr. Rajiv Chamaria
Designation :	Director
Name :	Mr. Suvobrata Ganguly
Designation :	Director
Name :	Mr. Saurabh Poddar
Designation :	Additional Director
Name :	Mr. S. K. Poddar
Designation :	Director

KEY EXECUTIVES

Name :	Ms. Shailja Sharma
Designation :	Company Secretary

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares	Percentage of Holding
Individuals/HUF	1515462	31.504
Bodies Corporate	1025625	21.321
Non- Institutions
Bodies Corporate	170911	3.553
Individuals Shareholders holding nominal shares upto Rs. 0.100 million	1793685	37.287
Individuals Shareholders holding nominal shares greater than Rs. 0.100 million	267664	5.564
NRI / OCB's	36203	0.753
Clearing Members / Clearing Corporations	900	0.019
TOTAL	4810450	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Polyurethane Foam and Quilts.
Products :	· P. U. Foam · Mattress · Combination Mattress · Coir Mattress · Contour Range · Sofa ‘n’ Bed · Polyethylene Packing
Imports from :	Taiwan [Machinery]

PRODUCTION STATUS

Particulars	Unit	Installed Capacity	Actual Production
P U Foam	M.T.	4200.00	1000.04
Bonded Foam Sheet	M.T.	600.00	114.00

GENERAL INFORMATION

No. of Employees :

300

Bankers :

State Bank of India

Bank of Baroda

Facilities :

	As on 31.03.2006 [Rupees in Millions]
SECURED LOANS :
Long Term Loans :
Term loan form Rajasthan Financial Corporation	1.705
Term loan form Scheduled Banks	21.694
Car Loan form Scheduled Banks	1.535
Short Term Loans :
Cash Credit Limits from Scheduled Banks
State Bank of India	57.301
Bank of Baroda	10.355

Banking Relations :	--
Auditors :	N. C. Banerjee & Company Chartered Accountants 2, Ganesh Chandra Avenue, Kolkata – 700013, West Bengal, India
Parent Company :	Arvind Group
Associates :	ARVIND INDUSTRIES Established in 1965 under the proprietorship of D. C. Bajoria, Arvind Industries is primarily in the trading of chemicals like Phenol and Acetone. It is the sole agent of Hindustan Organic Chemical Limited for Eastern India. APARNA POLY PRODUCTS LIMITED E-32, RIICO Industrial Area, Bagru Extension, Bagru – 303 007, Rajasthan, India Established in 1998, Aparna Polyproducts has already achieved the ISO 9002 certification for its outstanding achievements in quality production. Snowflakes is the pioneer in bonded foam mattress in India. With an asset base of Rs. 20 millions, the production capacity of the company is 300 metric tonnes or 60,000 mattresses. ARVIND CHEMICALS LIMITED E-226, RIICO Industrial Area, Bagru Extension, Bagru – 303 007, Rajasthan, India Established in 1999, Arvind Chemical is an ISO 9002 company. It manufactures Multiflex Mattresses, Laminated Fabric Sheets and quilted products as well as Profile and Contour range of products with annual turnover of around Rs.100 millions. KANSAF FOAM PRIVATE LIMITED Narayanpur (Berabari) Ghoshpara, Post R. Gopalpur, Dist. 24 PGS (North) – 743 518, West Bengal, India Originally established in 1995 with a production capacity of 600 MT of P.U. Foam, Kansaf was taken over by the Arvind Group in 1999 to further enhance its production facilities and market share in Eastern India. ARVIND COIR FOAM PRIVATE LIMITED E-15, RIICO Industrial Area, Bagru Extension, Bagru – 303 007, Rajasthan, India It was setup by the group to enable it to have a share in Rubberised Coir Mattress Segment. The installed capacity will be 3600 MT per annum or 0.36 million mattress per annum and will begin production by May 2001. ARVIND FOAM PRIVATE LIMITED E-37, RIICO Industrial Area, Bagru Extension, Bagru – 303 007, Rajasthan, India The company is essentially being set up to increase its capacity to enable it to achieve 15% share of the all India P.U. Foam Market and is expected to go on stable by end 2001. ROHIT POLYPRODUCTS PRIVATE LIMITED E-32, RIICO Industrial Area, Bagru Extension, Bagru – 303 007, Rajasthan, India Rohit Polyproducts is primarily into the manufacture of PE foam. The planned commenced commercial production from January 2001 and is geared to take substantial amount of Market Share. RUCHIKA TRADELINK PRIVATE LIMITED Ruchika Tradelink Private Limited is the trading arm of the Arvind Group of Companies and is essentially into the trading of the chemicals and other products of the group in a national as well as international basis. ARVIND FINANCIAL SERVICES PRIVATE LIMITED Arvind Financial Services is the investment arm of the Arvind Group of Industries. It is engaged in trading of shares and corporate Banking. It is registered with the RBI as a NBFC.

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
12500000	Equity Shares	Rs. 10/- each	Rs. 125.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4810450	Equity Shares	Rs. 10/- each	Rs. 48.105 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		48.105	48.105	36.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		12.800	38.597	46.300
4] (Accumulated Losses)		[27.658]	0.000	0.000
NETWORTH		33.247	86.702	83.200
LOAN FUNDS
1] Secured Loans		92.590	60.582	43.500
2] Unsecured Loans		4.103	4.965	1.200
TOTAL BORROWING		96.693	65.547	44.700
DEFERRED TAX LIABILITIES		11.272	4.621	0.000
TOTAL		141.212	156.870	127.900
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		63.932	60.872	42.600
Capital work-in-progress		0.000	2.526	0.000
INVESTMENT		0.448	0.448	0.200
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20.012	44.776	11.400
	Sundry Debtors	73.396	104.239	120.100
	Cash & Bank Balances	5.979	6.173	6.500
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	22.484	16.926	12.700
Total Current Assets		121.871	172.114	150.700
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	44.624	75.124	62.500
	Provisions	0.727	5.164	4.700
Total Current Liabilities		45.351	80.288	67.200
Net Current Assets		76.520	91.826	83.500
MISCELLANEOUS EXPENSES		0.312	1.198	1.600
TOTAL		141.212	156.870	127.900

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2006	31.03.2005	31.03.2004
Sales Turnover [including other income]	106.261	201.850	358.700
Profit/(Loss) Before Tax	[47.289]	[22.014]	5.300
Provision for Taxation	6.165	[6.450]	1.700
Profit/(Loss) After Tax	[53.454]	[15.564]	3.600
Import Value	4.017	51.973	N.A.
Total Expenditure	153.550	223.864	353.400

QUARTERLY RESULTS

Particulars	30.06.2006 [1^st Qtr.]	30.09.2006 [2^nd Qtr.]
Sales Turnover	34.300	36.900
Other Income	0.000	0.000
Total Income	34.300	36.900
Total Expenditure	35.600	41.400
Operating Profit	[1.300]	[4.500]
Interest	3.300	03.400
Gross Profit	[4.600]	[7.900]
Depreciation	1.100	0.900
Tax	0.000	0.000
Reported PAT	[5.700]	[8.800]

Notes

200606 Quarter 1

Expenditure Includes Cost of Raw Materials Consumed Rs 27.159 million Staff Cost Rs 1.332 million Other Expenditure Rs 7.164 million Status of Investor Complaints for the quarter ended June 30, 2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter Nil Complaints disposed off during the quarter Nil Complaints unresolved at the end of the quarter Nil 1. The above unaudited financial results were taken on record by the Board of Directors at its meeting held on July 31, 2006. 2. Comparative figure have been regrouped and rearranged, wherever necessary. 3. The quarterly results for the Quarter ended June 30, 2006 as appearing in the above statement are subject to a Limited Review by the Auditor of the Company in term of clause 41 of Listing Agreement. 4. Provision of taxation (including deferred tax, if any) will be considered at the time of annual account.

200609 Quarter 2

Expenditure Includes Cost of Raw Materials Consumed Rs 32.754 million Staff Cost Rs 0.625 million Other Expenditure Rs 7.954 million Status of Investor Complaints for the quarter ended September 30, 2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter Nil Complaints disposed off during the quarter Nil Complaints unresolved at the end of the quarter Nil 1. The above unaudited financial results were taken on record by the Board of Directors at its meeting held on October 31, 2006. 2. Comparative figure have been regrouped and rearranged, wherever necessary. 3. The quarterly results for the Quarter ended September 30, 2006 as appearing in the above statement are subject to a Limited Review by the Auditor of the Company in term of clause 41 of Listing Agreement. 4. Provision of taxation (including deferred tax, if any) will be considered at the time of annual account.

KEY RATIOS

PARTICULARS	31.03.2006	31.03.2005	31.03.2004
Debt –Equity Ratio	1.35	0.65	0.55
Long Term Debt-Equity Ratio	0.31	0.08	0.06
Current Ratio	1.10	1.29	1.40
Turnover Ratios
Fixed Assets	1.72	2.38	6.00
Inventory	4.76	6.19	34.36
Debtors	1.74	1.55	3.30
Interest Cover Ratio	[2.78]	[2.14]	1.62
Operating Profit Margin (%)	[19.91]	[6.50]	4.61
Profit Before Interest and Tax Margin(%)	[22.57]	[8.63]	3.91
Cash Profit Margin (%)	[32.04]	[6.85]	1.72
Adjustment Net Profit Margin(%)	[34.70]	[8.98]	1.01
Return on Capital Employed (%)	0.00	[10.82]	11.24
Return on Net Worth (%)	0.00	[18.36]	4.42

STOCK PRICES

Face Value	Rs.10/- each
High	Rs.[0.01]
Low	Rs.[0.01]

LOCAL AGENCY FURTHER INFORMATION

HISTORY :

Subject was incorporated on 10^th May 1991 at Kolkata in West Bengal having Company Registration Number 51709.

The company was incorporated by Mr. Dinesh Bajoria and others and became public limited company in August 1994.

In December 1994, the company came out with a public issue at a premium.

The company’s first phase of the plant was commissioned in March 1995 and commercial production began in August 1995.

PERFORMANCE: 

Due to adverse market conditions and severe competitions from old and established players arid increase in raw materials prices, coupled with increase in petroleum prices, the company has suffered an operational loss of Rs. 30.686 millions before interest and depreciation during the period under report.

The capacity utilisation was in line with the aggregate market potential and the overall plant performance has been satisfactory. 

The company has provided a sum of Rs. 6.651 millions towards Deferred Tax Liability (Net) for the current year as per Accounting Standard - 22 `Accounting for Taxes on Income' issued by the Institute of Chartered Accountants of India. 

INDUSTRY STRUCTURE & DEVELOPMENTS 

The products of the Company constitutes Polyurethane Foam which is extensively used in the Transport, Automobile, Packaging, Electronics, Garments, Leather, Shoes and Furniture Industries. With the increase in Industrial Activities in the country, the demand for Polyurethane Foam is expected to increase which may result in better price realisation for final products. 

MARKETING & PROSPECTS

Proximity of the company's manufacturing units to the most potential market in the northern part of the country has greatly helped the company to effectively compete with other established producers in the country. 

The company has also focused its attention to the fast growing segment of low-Value items with higher volumes and better margin prospects. The company is also installing some modern equipments to produce some value-added products like Fire retardant Foam, Peeled Foam and spring mattress, which will also change the customer's profile. 

Major distributors of Arvind Group of Industries:

² Franco Marketing, Hyderabad, Andhra Pradesh

² Tirpal Udyog, Guwahati, Assam

² Furnishers Jamshedpur, Jamshedpur, Bihar

² Nalanda Enterprises, Ranchi, Bihar

² Arvind International, New Delhi

² Raj Shri International, New Delhi

² Ramnath Ram Krishna, New Delhi

² Geet Foam Traders, Ahmedabad, Gujarat

² Decowel Furnishers Hissar, Haryana

² Puf Marketing Pvt. Ltd., Faridabad, Haryana

² Gourav Enterprises, Bangalore, Karnataka

² Bombay Rexine, Pune, Maharashtra

² Gandhi Sales, Nagpur, Maharashtra

² Taher & Co., Mumbai

² Hunny Enterprises, Indore, Madhya Pradesh

² Khanuja Enterprises, Jabalpur, Madhya Pradesh

² Mangalam Enterprises, Indore, Madhya Pradesh

² Mishra Petrofoam Private Limited, Rourkela, Orissa

² Shri Mahalaxmi Sales Corporation, Ludhiana, Punjab

² Vallabh Traders, Goraya, Punjab

² Satyam Furnishers, Chandigarh

² K. H. Sons, Beawar, Rajasthan

² Krishna Timbers, Abu Road, Rajasthan

² Nalanda Furniture, Jaipur, Rajasthan

² Maruti Sales, Jaipur, Rajasthan

² Neptune Foam, Udaipur, Rajasthan

² S. B. Enterprises, Sikar, Rajasthan

² Shri Murli Enterprises, Ajmer, Rajasthan

² Shri Ram Plastic, Jodhpur, Rajasthan

² Raj Foam, Chennai, Tamilnadu

² Chandra Sofa Industries, Agartala, Tripura

² Avon Trading Corporation, Kanpur, Uttar Pradesh

² Foam Trading Corporation, Lucknow, Uttar Pradesh

² Foamrex, Kolkata, West Bengal

The company has been accredited with ISO 9002 certification.

The company’s fixed assets of important value include factory land, factory building, office building and road, labour quarter, store room, plant & machinery, pillow moulders, splitting apparatus, drilling apparatus, generator set, transformer, electrical installation, chilling plants, chemical tanks, weighing tanks, office equipment, furniture & fixtures, vehicles, laboratory equipments, firefighting equipment, trademark, computers, cycle, packing equipments, baby boiler, paint roller machine and sewing machine.

WEBSITE DETAILS

WHY ARVIND FOAM

When there are so many brands available in the market then why you should buy our products?
Well, we can give you upstream salesman talk but we will only ask you to please check yourself about the products you are going to buy on the following matter:

The Quality parameters.

ISI and ISO certification.

Are they manufacturing the mattress and other products themselves or merely outsourcing and assembling?

Compare the range, budget and quality expectations.

Do they believe in profit maximization or consumer satisfaction first?

Here are the parameters which are as follows:

Quality Parameters

The hallmark of their unending loyal customers is their emphasis on quality. Stringent quality control procedures are followed during production and, to ensure that no defective product reaches their consumer, tests are performed.

ISO Approval

They use the most advanced state-of-the-art technology to manufacture wide range of foam, bonded and coir products. Such is their stress on quality that all their manufacturing units are recognized by ISO and their products are ISI certified by which they can guarantee you the best of the products.

Own Manufacturing

Their endeavor to provide the Indian consumer with international quality products at reasonable prices by adopting continuous improvements in manufacturing procedure, superior technology and constant research about consumer’s likes, dislikes, expectations and choices. To maintain this quality & commitment they do not outsource any product while they establish their own units for having expertise in particular manufacturing.

Wide Variety

They care for every class n mass. That’s why they have wide varieties of mattresses from most economic range to luxury range. They cater to the need of budget class to premier class and are concerned for their basic needs of comfort & luxury.

They have large scale production economies due to different units for different products which enable them to serve their consumer with most economical price.

Specialization in different units enables their to provide best quality to our consumers.

Belief

• Protecting the values of Integrity, Reliability and Transparency.

• Undertaking Consumer Research, Upgrading Production Facility and Process.

• Retention of and enhancing consumer confidence in the company and it products.

Technologies they use

In their Spring range of mattresses we use 'SSS' Technology:

'SSS' - Spine Support System by which their body’s individual shape is cradled in comfort and each part of the body gets the support it needs. This technology use foam pillars and centre support in vulnerable areas which reduces pressure points and provides extra comfort.

In their Combination range of mattresses they use 'RSS' Technology:

'RSS' - Reinforced Spine Support.

In their Combination range of mattresses they use 'USP' Technology:

'USP' - Unique Spine Protection.

In their P.U. Foam range of mattresses they use 'RSA' Technology:

'RSA' - Reverse Spring Action.

CMT REPORT [Corruption, Money laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.11
UK Pound	1	Rs.86.79
Euro	1	Rs.57.44

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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%)

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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