MIRA INFORM REPORT

Report Date :

19.04.2011

IDENTIFICATION DETAILS

Name :	VIET THANG COMPANY LIMITED
Registered Office :	No.35 Giap Hai - Bac Giang City - Bac Giang Province
Country :	Vietnam
Financials (as on) :	31.12.2010
Year of Establishment :	1994
Com. Reg. No.:	044579
Legal Form :	Limited Liability Company
Line of Business :	Manufacturing and trading pesticides, packing, carton

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, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
Viet Nam	B1	B1

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

SUBJECT IDENTIFICATION & LEGAL FORM

Current legal status
English Name	VIET THANG COMPANY LIMITED
Vietnamese Name	CONG TY TRACH NHIEM HUU HAN VIET THANG
Trade name	VIET THANG CO., LTD
Type of Business	Limited liability company
Year Established	1994
Establishment Decision	002080
Date of Issuance	14 Apr 1994
Place of Issuance	Bac Giang People’s Committee
Business Registration No.	044579
Date of Registration	12 Mar 1996
Place of Registration	Bac Giang Province Department of Planning and Investment
Current registered capital	82,889,800,000 VND
Status	Unlisted
Tax code	2400101782
Total Employees	298

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former registered capital: 32,900,300,000 VND Changed to: 82,889,800,000 VND	23 Apr 2009

ADDRESSES

Head Office
Address	No.35 Giap Hai - Bac Giang City - Bac Giang Province - Vietnam
Telephone	(84-240) 3558216
Fax	(84-240) 3558720
Notes: The company has just moved to this place from No.398 Xuong Giang Street, Ngo Quyen Ward, Bac Giang City, Bac Giang. The old address is now showroom of the company
Factory Address
Address	Song Khe Industrial Zone Noi Hoang - Yen Dung District - Bac Giang Province - Vietnam
Telephone	(84-240) 386 0716
Resgistered address and Workshop Address
Address	No. 398 Xuong Giang Str - Ngo Quyen Ward - Bac Giang City - Bac Giang Province - Vietnam
Telephone	(84-240) 385 4838
Branch in Ho Chi Minh
Address	Lot C9-C10 Street No.7C, Le Minh Xuan Industrial part - Le Minh Xuan commune - Binh Chanh District - Ho Chi Minh City - Vietnam
Telephone	(84-8) 3768 2158
Fax	(84-8) 3768 2157
Notes: Formerly, the branch of the company at No.59/12 Tien Lan Hamlet - Ba Diem commune - Hoc Mon District - Ho Chi Minh City - Vietnam, but recently, the branch of company moved to this location
Branch in Long An
Address	Lot MA4 Duc Hoa 1 Industrial part Hamle 1 Duc Hoa Dong commune - Duc Hoa District - Long An Province - Vietnam
Branch in Ha Noi
Address	Group 18 Phuc Loi Ward - Long Bien District - Ha Noi City - Vietnam
Telephone	(84-4) 3827 2341
Fax	(84-4) 3872 0112
Notes: Previously, the branch of the company located at No.196 Nguyen Van Cu Str - Long Bien District - Ha Noi City - Vietnam. Afterward, the branch moved to this place
Branch in Quang Nam
Address	Highway No.1A Binh Hiep village - Binh Phuc commune - Thang Binh District - Quang Nam Province - Vietnam
Telephone	(84-510) 3665063
Fax	(84-510) 3665063

DIRECTORS

1 . NAME	Mr. LE VAN THUA
Position	General Director
Date of Birth	08 Aug 1938
ID Number/Passport	120730194
Current resident	No. 398 Xuong Giang Str - Ngo Quyen Ward - Bac Giang City - Bac Giang Province - Vietnam
Nationality	Vietnamese
Tel/Mobil phone	++84 913257393
Notes: Mr. Le Van Thua is the leader of the family company. His sons are the deputy directors and managers of all branches.
2 . NAME	Mr. LE VAN THINH
Position	Vice General Director
Date of Birth	01 Jan 1952
Resident	No. 196 Nguyen Van Cu Str - Long Bien District - Ha Noi City - Vietnam
Nationality	Vietnamese
Tel/Mobil phone	(84-4) 38272 341 ++84 913217879
Notes: He is the son of Mr. Le Van Thua, director of the Subject
3 . NAME	Mr. LE VAN THE
Position	Vice General Director
Resident	No. 398 Xuong Giang Str - Ngo Quyen Ward - Bac Giang City - Bac Giang Province - Vietnam
Current resident	No. 59/12 Tien Lam hamlet - Ba Diem - Hoc Mon District - Ho Chi Minh City - Vietnam
Nationality	Vietnamese
Tel/Mobil phone	++84 913 57401
Notes: Mr. Le Van The is the director of the Southern branch. He is also the son of Mr. Le Van Thua.
4 . NAME	Ms. LE PHUONG THUY
Position	Chief Accountant
Current resident	Bac Giang Province - Vietnam
Nationality	Vietnamese
Tel/Mobil phone	++ 84 982 357 682

BUSINESS NATURE AND ACTIVITIES

The company is involving in

· Manufacturing and trading pesticides, packing, carton

· Manufacturing, trading and processing feed

· Trading transport services by land and waterway

· Trading car, petrol, chemical, construction materials

IMPORT & EXPORT ACTIVITIES

IMPORT:
· Types of products	Chemical materials and Cars (Korea)
· Market	China, Japan, Korea, England, France, United State and India
· Ratio	N/A
· Mode of payment	L/C, T/T
EXPORT: The Subject doesn’t export. All most of its products are distributed in Vietnam market.

BANKERS

1. VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK BAC GIANG BRANCH
Address	No.1 Floor, Bac Giang Shopping Centre Building No.1, Hung Vuong str - Bac Giang City - Bac Giang Province - Vietnam
Telephone	(84-240) 6260068/88
Fax	(84-240) 6260066
2. VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT
Address	No.195-197 Le Loi Street - Bac Giang City - Bac Giang Province - Vietnam
Telephone	(84-240) 352 8234
Fax	(84-240) 352 8237
3. EASTERN ASIA COMMERCIAL BANK HANOI BRANCH
Address	No. 11 Nguyen Bieu Str - Ba Dinh District - Ha Noi City - Vietnam
Telephone	(84-4) 3843 9753
Fax	(84-4) 3823 6091
Foreign Currency Account	000545190003
VND Account	000545190001
4. DONG A COMMERCIAL JOINT STOCK BANK BAC GIANG BRANCH
Address	No.195-197 Le Loi Street - Bac Giang City - Bac Giang Province - Vietnam
Telephone	(84-240) 352 8234
Fax	(84-240) 352 8237

SHAREHOLDERS

1 . NAME	Mr. LE VAN THUA
Position	General Director
Date of Birth	08 Aug 1938
ID Number/Passport	120730194
Issued on	18 Apr 1994
Issued Place	Ha Bac Police Station (former)
Current Resident	No. 398 Xuong Giang Str - Ngo Quyen Ward - Bac Giang City - Bac Giang Province - Vietnam
Mobile phone	++84 913257393
Nationality	Vietnamese
Value of shares	26,129,200,000 VND
Percentage	31.5%
2 . NAME	Ms. DO THI LIEN
Current Resident	Ngo Quyen Ward - Bac Giang City - Bac Giang Province - Vietnam
Nationality	Vietnamese
Value of shares	2,246,400,000 VND
Percentage	2.71%
3 . NAME	Mr. LE VAN THINH
Position	Vice General Director
Date of Birth	01 Jan 1952
Resident	No. 196 Nguyen Van Cu Str - Long Bien District - Ha Noi City - Vietnam
Work phone	(84-4) 38272 341
Mobile phone	++84 913217879
Nationality	Vietnamese
Value of shares	16,905,000,000 VND
Percentage	20.4%
4 . NAME	Mr. LE VAN THE
Position	Vice General Director
Resident	No. 398 Xuong Giang Str - Ngo Quyen Ward - Bac Giang City - Bac Giang Province - Vietnam
Current Resident	No. 59/12 Tien Lam hamlet - Ba Diem - Hoc Mon District - Ho Chi Minh City - Vietnam
Mobile phone	++84 913 57401
Nationality	Vietnamese
Value of shares	16,405,000,000 VND
Percentage	19.8%
5 . NAME	Mr. LE NGOC TUYEN
Current Resident	Lang Son Commune - Yen Dung District - Bac Giang Province - Vietnam
Nationality	Vietnamese
Value of shares	434,400,000 VND
Percentage	0.52%
6 . NAME	Ms. THAI THI CHIN
Current Resident	Lang Son Commune - Yen Dung District - Bac Giang Province - Vietnam
Nationality	Vietnamese
Value of shares	2,246,400,000 VND
Percentage	2.7%
7 . NAME	Ms. LE THI THUY
Current Resident	Ngo Quyen Ward - Bac Giang City - Bac Giang Province - Vietnam
Nationality	Vietnamese
Value of shares	1,946,400,000 VND
Percentage	2.4%
8 . NAME	Mr. NGUYEN VAN TUONG
Current Resident	Lang Son Commune - Yen Dung District - Bac Giang Province - Vietnam
Nationality	Vietnamese
Value of shares	805,000,000 VND
Percentage	0.97%
9 . NAME	Ms. LE THI LOAN
Current Resident	Ngo Quyen Ward - Bac Giang City - Bac Giang Province - Vietnam
Nationality	Vietnamese
Value of shares	1,946,400,000 VND
Percentage	2.35%
10 . NAME	Mr. NGUYEN VAN HUNG
Current Resident	Lang Son Commune - Yen Dung District - Bac Giang Province - Vietnam
Nationality	Vietnamese
Value of shares	805,000,000 VND
Percentage	0.97%
11 . NAME	Mr. LE VAN HAU
Current Resident	Phu Thinh Commune - Lang Son Ward - Yen Dung District - Bac Giang Province - Vietnam
Nationality	Vietnamese
Value of shares	1,270,000,000 VND
Percentage	1.53%
12 . NAME	Ms. NGUYEN THI VE
Resident	Lang Son Commune - Yen Dung District - Bac Giang Province - Vietnam
Nationality	Vietnamese
Value of shares	2,455,100,000 VND
Percentage	2.96%
13 . NAME	Mr. LE DUC THANG
Current Resident	- Bac Giang City - Bac Giang Province - Vietnam
Nationality	Vietnamese
Value of shares	2,746,400,000 VND
Percentage	3.31%
14 . NAME	Ms. HOANG THI NGOAN
Resident	Phu Thinh Commune - Lang Son Ward - Yen Dung District - Bac Giang Province - Vietnam
Nationality	Vietnamese
Value of shares	1,860,000,000 VND
Percentage	2.24%
15 . NAME	Mr. LE VAN VIET
Current Resident	Phu Thinh Commune - Lang Son Ward - Yen Dung District - Bac Giang Province - Vietnam
Nationality	Vietnamese
Value of shares	2,742,700,000 VND
Percentage	3.31%
16 . NAME	Ms. LE THI HANH
ID Number/Passport	121230828
Resident	Ngo Quyen Ward - Bac Giang City - Bac Giang Province - Vietnam
Nationality	Vietnamese
Value of shares	1,946,400,000 VND
Percentage	2.35%

FINANCIAL DATA
BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2010	31/12/2009	31/12/2008
Number of weeks	52	52	52
ASSETS
A – CURRENT ASSETS	425,780,055,650	428,891,088,949	292,729,000,000
I. Cash and cash equivalents	8,389,183,847	13,893,928,719	3,240,000,000
1. Cash	8,389,183,847	13,893,928,719	3,240,000,000
2. Cash equivalents	0	0	0
II. Short-term investments	0	0	0
1. Short-term investments	0	0	0
2. Provisions for devaluation of short-term investments	0	0	0
III. Accounts receivable	95,779,198,876	61,506,394,141	39,828,000,000
1. Receivable from customers	92,851,224,837	56,982,989,092	38,280,000,000
2. Prepayments to suppliers	0	0	0
3. Inter-company receivable	0	0	0
4. Receivable according to the progress of construction	0	0	0
5. Other receivable	2,927,974,039	4,523,405,049	1,548,000,000
6. Provisions for bad debts	0	0	0
IV. Inventories	310,780,375,533	333,502,625,759	236,776,000,000
1. Inventories	310,780,375,533	333,502,625,759	236,776,000,000
2. Provisions for devaluation of inventories	0	0	0
V. Other Current Assets	10,831,297,394	19,988,140,330	12,885,000,000
1. Short-term prepaid expenses	0	0	0
2. VAT to be deducted	4,189,722,163	12,498,262,177	7,122,000,000
3. Taxes and other accounts receivable from the State	0	1,482,001,529	328,000,000
4. Other current assets	6,641,575,231	6,007,876,624	5,435,000,000
B. LONG-TERM ASSETS	117,055,461,052	101,750,470,840	47,039,000,000
I. Long term account receivable	0	0	0
1. Long term account receivable from customers	0	0	0
2. Working capital in affiliates	0	0	0
3. Long-term inter-company receivable	0	0	0
4. Other long-term receivable	0	0	0
5. Provisions for bad debts from customers	0	0	0
II. Fixed assets	117,055,461,052	101,750,470,840	47,039,000,000
1. Tangible assets	48,277,584,271	54,439,394,328	45,241,000,000
- Historical costs	80,887,802,502	78,905,900,675	62,856,000,000
- Accumulated depreciation	-32,610,218,231	-24,466,506,347	-17,615,000,000
2. Financial leasehold assets	0	0	0
- Historical costs	0	0	0
- Accumulated depreciation	0	0	0
3. Intangible assets	0	0	0
- Initial costs	0	0	0
- Accumulated amortization	0	0	0
4. Construction-in-progress	68,777,876,781	47,311,076,512	1,798,000,000
III. Investment property	0	0	0
Historical costs	0	0	0
Accumulated depreciation	0	0	0
IV. Long-term investments	0	0	0
1. Investments in affiliates	0	0	0
2. Investments in business concerns and joint ventures	0	0	0
3. Other long-term investments	0	0	0
4. Provisions for devaluation of long-term investments	0	0	0
V. Other long-term assets	0	0	0
1. Long-term prepaid expenses	0	0	0
2. Deferred income tax assets	0	0	0
3. Other long-term assets	0	0	0
VI. Goodwill	0	0
1. Goodwill	0	0
TOTAL ASSETS	542,835,516,702	530,641,559,789	339,768,000,000
LIABILITIES
A- LIABILITIES	402,294,950,942	414,101,277,442	240,179,000,000
I. Current liabilities	365,501,350,942	387,766,427,442	240,179,000,000
1. Short-term debts and loans	164,936,410,513	193,275,437,189	141,733,000,000
2. Payable to suppliers	191,894,024,584	182,811,751,475	97,983,000,000
3. Advances from customers	0	0	0
4. Taxes and other obligations to the State Budget	1,925,259,859	10,448,435,933	104,000,000
5. Payable to employees	67,312,200	104,330,200	0
6. Accrued expenses	0	0	0
7. Inter-company payable	0	0	0
8. Payable according to the progress of construction contracts	0	0	0
9. Other payable	6,678,343,786	1,126,472,645	359,000,000
10. Provisions for short-term accounts payable	0	0	0
II. Long-Term Liabilities	36,793,600,000	26,334,850,000	0
1. Long-term accounts payable to suppliers	0	0	0
2. Long-term inter-company payable	0	0	0
3. Other long-term payable	0	0	0
4. Long-term debts and loans	36,793,600,000	26,334,850,000	0
5. Deferred income tax payable	0	0	0
6. Provisions for unemployment allowances	0	0	0
7. Provisions for long-term accounts payable	0	0	0
B- OWNER’S EQUITY	140,540,565,760	116,540,282,347	99,589,000,000
I. OWNER’S EQUITY	140,357,247,177	116,386,608,937	99,261,000,000
1. Capital	82,889,800,000	82,889,800,000	82,890,000,000
2. Share premiums	0	0	0
3. Other sources of capital	35,000,000,000	15,000,000,000	0
4. Treasury stocks	0	0	0
5. Differences on asset revaluation	0	0	0
6. Foreign exchange differences	0	0	0
7. Business promotion fund	0	0	0
8. Financial reserved fund	0	0	0
9. Other funds	16,623,140,043	10,028,228,773	179,000,000
10. Retained earnings	5,844,307,134	8,468,580,164	16,192,000,000
11. Construction investment fund	0	0	0
II. Other sources and funds	183,318,583	153,673,410	328,000,000
1. Bonus and welfare funds	183,318,583	153,673,410	328,000,000
2. Sources of expenditure	0	0	0
3. Fund to form fixed assets	0	0	0
MINORITY’S INTEREST	0	0	0
TOTAL LIABILITIES AND OWNER’S EQUITY	542,835,516,702	530,641,559,789	339,768,000,000

PROFIT & LOSS STATEMENT
Description	FY2010	FY2009	FY2008
1. Total Sale	712,604,051,686	684,219,862,269	395,134,000,000
2. Deduction item	0	0	0
3. Net revenue	712,604,051,686	684,219,862,269	395,134,000,000
4. Costs of goods sold	645,318,330,285	629,153,167,138	363,932,000,000
5. Gross profit	67,285,721,401	55,066,695,131	31,202,000,000
6. Financial income	0	0	0
7. Financial expenses	42,000,280,983	31,374,512,832	14,823,000,000
- In which: Loan interest expenses	26,541,809,491	12,119,570,404	14,823,000,000
8. Selling expenses	0	0	0
9. Administrative overheads	24,023,374,355	20,032,788,362	15,008,000,000
10. Net operating profit	1,262,066,063	3,659,393,937	1,371,000,000
11. Other income	6,530,343,449	6,503,269,162	5,046,000,000
12. Other expenses	0	1,694,082,935	190,000,000
13. Other profit /(loss)	6,530,343,449	4,809,186,227	4,856,000,000
14. Total accounting profit before tax	7,792,409,512	8,468,580,164	6,227,000,000
15. Current corporate income tax	1,948,102,378	1,482,001,529	328,000,000
16. Deferred corporate income tax	0	0	0
17. Interest from subsidiaries/related companies	0	0
18. Profit after tax	5,844,307,134	6,986,578,635	5,899,000,000

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	FY2010	FY2009	FY2008	Average Industry
Current liquidity ratio	1.16	1.11	1.22	1.45
Quick liquidity ratio	0.31	0.25	0.23	0.87
Inventory circle	2.00	2.21	2.10	7.48
Average receive period	49.06	32.81	36.79	64.15
Utilizing asset performance	1.31	1.29	1.16	2.38
Liability by total asset	74.11	78.04	70.69	69.14
Liability by owner equity	286.25	355.33	241.17	281.46
Ebit / Total asset (ROA)	6.33	3.88	6.20	10.33
Ebit / Owner's equity (ROE)	24.43	17.67	21.14	35.61
Ebit / Total revenue (NPM)	4.82	3.01	5.33	4.71
Gross profit / Total revenue (GPM)	9.44	8.05	7.90	15.43
Note: The Average Industry was calculated by Vietnam Credit based on our owned statistical data

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

Trade Morality	Fair
Liquidity	Medium
Payment status	Average
Financial Situation	Above Average
Development trend	Even
Litigation data	No
Bankruptcy	No
Payment Methods	L/C, T/T
Sale Methods	Retailer and Wholesaler
Public opinion	Average

CREDIT INQUIRY: 125,000 USD against DA in terms

Seems reliable

INTERPRETATION ON THE SCORES

VIET THANG COMPANY LIMITED was officially established in 1994 with total initial capital of VND 500 million. Passing over 15 years of formation and development, the company has expanded its network to many cities and provinces in Vietnam. Up to now, the total registered capital of the company reached of VND 82,889,800,000. The company’s business registration number is 044579 issued on 12 Mar 1996 by Bac Giang Province Department of Planning and Investment.

The company is specializing in manufacturing and trading pesticides, feed. There are nearly 40 kinds of pesticides that the company is producing. Besides, the company is engaging in manufacturing and trading packing, carton, trading petrol, chemical, construction materials, trading transport services by land and waterway.

Mr. LE VAN THUA – director of the subject was born in 1938 in Bac Giang Province. Formerly he was a soldier, after more 30 years worked in the army; he retired and established the company. He received many awards of Local and State about contributions in the industry.

At the beginning of 2009, the company expands its business items by importing automobiles with 4 or 7 seats from Korea. Currently, it consumes automobile mainly in Ha Noi City and Bac Giang province.
The material for production pesticide and relate products import from China, Japan, Korea, England, France, United State and India. The products of the company are widely sold in the country. The business activities of the company are busy.

About finance, the subject has high growth rate in recent years. In 2010, its revenue reached 712,604 million VND, increased 4.15% comparing with 2009 and 80.34 % comparing with 2008 (chart). However, the profit down and subject’s liquidity capacity is limited while liability ratios are higher than average industry.

In conclusion, the subject has prestige in the markets. Its prospect is considered bright. The company has ability to take all normal transactions.

------------ APPENDIXES ----------

INDUSTRY DATA
Industry code	Growth speed (%)		Total employees 2009 (Thousand)		Total enterprises	Annual average capital of enterprises
	Predict 2010	2009
Agriculture, Forestry and Fishing	2.8	3.0	24,788.5		2,399	50,530
Trade and Services	7.5	11	10,517.9		79,181	1,754,973
Construction	7	11.3	2,692.8		17,783	248,268
Manufacturing	12	7.6	7,591.2		30,786	967,068
ECONOMIC INDICATORS
			2010	2009		2008
Population (Million person)			86.93	86.02		86.1
Gross Domestic Products (US$ billion)			102.2	91		84.9
GDP Growth (%)			6.78	5.32		6.2
GDP Per Capita (US$)			1,160	1,080		1,040
Inflation (% Change in Composite CPI)			11.75	6.88		24.4
SERVICE TRADE PERFORMANCE
Billion USD			2010	2009		2008
Exports			71.6	56.6		62.9
Imports			84	68.8		76.6
Trade Balance			-12.4	-12.2		-14.6

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.27
UK Pound	1	Rs.72.08
Euro	1	Rs.63.66

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.