MIRA INFORM REPORT

 

 

Report Date :

25.03.2013

 

IDENTIFICATION DETAILS

 

Name :

C.A.T.  PHARMACEUTICAL  LIMITED  PARTNERSHIP 

 

 

Registered Office :

405-407  Nakornsawan  Road,  Watsomanus, Pomprab,  Bangkok  10100

 

 

Country :

Thailand

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

23.03.1971

 

 

Com. Reg. No.:

0103514004721 [Former : 499/2514]

 

 

Legal Form :

Limited  Partnership

 

 

Line of Business :

Importer  and  distributor  of pharmaceutical  chemicals

 

 

No. of Employees :

15

 

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 :

Usually Correct 

 

 

Litigation :

Clear 

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Thailand

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

 

 

thailand - ECONOMIC OVERVIEW

 

With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.

 

Source : CIA

Company name

 

C.A.T.  PHARMACEUTICAL  LIMITED  PARTNERSHIP

 

 

SUMMARY

 

BUSINESS  ADDRESS                          :           405-407  NAKORNSAWAN  ROAD,  WATSOMANUS,

                                                                        POMPRAB,  BANGKOK  10100  THAILAND         

TELEPHONE                                        :           [66]   2282-0602, 2281-4364, 2282-6865,  2281-9640          

FAX                                                      :           [66]   2280-1870,  2281-3087                  

E-MAIL  ADDRESS                               :           catpharma@loxinfo.com

REGISTRATION  ADDRESS                  :           SAME  AS  BUSINESS  ADDRESS      

 

ESTABLISHED                                    :           1971      

REGISTRATION  NO.                           :           0103514004721 [Former : 499/2514]

TAX  ID  NO.                                         :           3102017686

CAPITAL REGISTERED                        :           BHT.  10,000,000 

CAPITAL PAID-UP                                :           BHT.  10,000,000 

PARTNER’S   PROPORTION                 :           THAI     :    100%

FISCAL YEAR CLOSING DATE             :           DECEMBER  31           

LEGAL  STATUS                                  :           LIMITED  PARTNERSHIP

EXECUTIVE                                         :           MR.  SUKIAT  CHATSAKULWONG,  THAI

                                                                        MANAGING  PARTNER 

 

NO.  OF  STAFF                                   :           15

LINES  OF  BUSINESS                         :           PHARMACEUTICAL  CHEMICALS

IMPORTER  AND  DISTRIBUTOR            

                                                                                                           

 

CORPORATE  PROFILE

 

OPERATING  TREND                            :           STABLE                       

PRESENT  SITUATION                         :           OPERATING  NORMALLY                     

REPUTATION                                       :           GOOD  WITH  NORMAL  BUSINESS  ENGAGEMENT    

MANAGEMENT  STANDARD                 :           MANAGEMENT  WITH  FAIR  PERFORMANCE              

 

 

HISTORY

 

The  subject  was  established  on  March  23,  1971  as  a  limited  partnership  under  the  name  style  C.A.T.  PHARMACEUTICAL  LIMITED  PARTNERSHIP  by  Thai  partners,  Chatsakulwong  family.  Its  business  objective  is  an  importer  and distributor  of  pharmaceutical  chemicals  for  human  and  animal  healthcare  industry.  It  currently  employs  15  staff.

 

The  subject’s  registered  address  is  405-407  Nakornsawan  Rd.,  Watsomanus,  Pomprab,  Bangkok 10100,  and  this  is  the  subject’s  current  operation  address.

 

 

AUTHORIZED PERSON

 

Mr.  Sukiat  Chatsakulwong

Mr.  Pichit  Chatsakulwong

 

One  of  the  above  partners  can  sign  on  behalf  of  the  subject  with  seal  affixed.  Both  partners  bear  full  financial  responsibility  by  law.

 

MANAGEMENT

 

Mr.  Sukiat  Chatsakulwong  is  the  Managing  Partner.

He  is  Thai  nationality  with  the  age  of  74  years old.

 

Mr.  Songwit  Chatsakulwong  is  the  Assistant  Manager  [Chemical  Division].

He  is  Thai  nationality.

 

Mr.  Pichai  Chatsakulwong  is  the  Finance  and  Account  Manager.

He  is  Thai  nationality.

 

Mr.  Pichit  Chatsakulwong  is  the  Marketing  Manager.

He  is  Thai  nationality  with  the  age  of  49  years  old.

 

 

BUSINESS OPERATIONS

 

The  subject  is  engaged  in  importing  and  distributing  various  kinds  of  pharmaceutical  chemicals, the raw material of human and  animal  heath  products,  as  well  as  pharmaceutical  and  veterinary  products.   

 

PURCHASE

80%  of  the  products  is  imported  from  Republic  of  China,  Hong  Kong,  Japan,  Taiwan,  Singapore,  India,  Italy,  Germany, Spain,  France,  Switzerland,  United Kingdom  and  United States of America,  the  remaining  20%  is  purchased  from  local  suppliers  and  agents.

 

 

 

MAJOR  SUPPLIERS

Shanghai  International  Trading  Ltd.                  :  Republic  of  China

Sinto  Farm  Spa.                                              :  Italy

Ranbaxy  Laboratories  Limited                          :  India

Aldamex  AG.                                                   :  Switzerland.

Beijing  Jointown  Pharmaceutical  Co.,  Ltd.      :  Republic  of  China

 

SALES  [LOCAL]

100%  of  the  products  is  sold  locally  by  wholesale  to  manufacturers,  end-users   and    Thai  Government.  

 

MAJOR  CUSTOMER

The  Government  Pharmaceutical   Organization

 

SUBSIDIARY  AND  AFFILIATED  COMPANY

 

Thai  Chemical  Supply  Co., Ltd.

Business Type:  Importer  & distributor  of  industrial  chemicals.  

 

LITIGATION

 

Bankruptcy  and  Receivership

There  are  no  litigation  on  bankruptcy  and  receivership  cases  filed  against  the  subject  found  at  Legal  Execution  Department  for  the  past  five  years.

 

Others

There  are  no  legal  suits  filed  against   the  subject  for  the  past  two  years.

 

CREDIT  

Sales  are  by  cash  or  on  the  credits  term  of  30-60  days.

Local  bills  are  paid   by  cash  or  on  the  credits  term  of  30-60  days.

Imports  are  by  L/C  at  sight  or  T/T.

 

BUSINESS  TRANSACTION

The  products  are  sold  and  purchased  both  by  cash  and  on  the  credits  term  of  30-60  days.  There  is  no  problem  on  the subject’s   account  receivable  and  payable.

 

BANKING

Bangkok  Bank  Public  Co.,  Ltd.

  [Pubplachai  Branch :  9  Suapa  Rd.,  Pubplachai,  Pomprab,  Bangkok ]

 

Kasikornbank  Public  Co.,  Ltd.

   [Phaholyothin  Branch  : 400  Phaholyothin  Rd., Samsennai,  Phayathai,  Bangkok ]

 

Thanachart  Bank  Public  Co., Ltd.

   [Chalermkhet  Branch  :  2  Chalermkhet  4  Rd.,  Thepsirin,  Pomprab,  Bangkok]

 

TMB  Bank  Public  Co.,  Ltd.

   [Head  Office  :  3000  Phaholyothin  Rd.,  Jompol,  Jatujak,  Bangkok]

 

EMPLOYMENT

The  subject  employs  15  staff.  [office  and  sales  staff]

 

LOCATION  DETAILS

The premise is owned  for administrative  office  in  a  4 storey  building  of 1 row shop house   at  the  heading  address.  Premise  is  located  in   commercial/residential  area.

 

 COMMENT

The subject is specialized  in veterinary products especially horse as well as pharmaceutical supplement for human.   The subject is also the leading in distributing such  products in local market. With its long experience in  line of  business,  the subject  has  maintained  a  large  customers  base.   Subject  reported  excellent  sales  in 2011.   Demand of pharmaceutical  chemicals   and  production   has  continually  increased.

 

The  subject   has strong performance.  

 

 

FINANCIAL INFORMATION

 

The  capital  was  registered  at  Bht. 10,000,000  which  was  carried  by  3  persons  as  followed:

                                                           

   Name                                                Age      Amount

 

Mr.  Sukiat  Chatsakulwong                    74         Bht.  5,000,000  [Unlimited  Partner]

Mrs.  Suwannee  Chatsakulwong            72         Bht.  1,000,000

Mr.  Pichit  Chatsakulwong                     49         Bht.  4,000,000  [Unlimited  Partner]

 

NAME  OF  AUDITOR  &  CERTIFIED  PUBLIC  ACCOUNTANT  NO. :

Mr.  Manop  Thongpakdee   No.  6012

 

 

BALANCE SHEET [BAHT]

 

The  latest  financial  figures  published  for  December  31,  2011,  2010  &  2009  were:

          

ASSETS

                                                                                                

Current Assets

2011

2010

2009

Cash  and Cash Equivalent

720,374.54

585,816.52

573,233.84

Trade  Accounts  &  Other  Receivable

187,610,663.01

209,857,630.35

206,516,327.27

Inventories                     

31,107,542.11

28,171,546.61

18,343,050.75

Other  Current  Assets     

-

-

866,040.14

 

Total  Current  Assets                

 

219,438,579.66

 

238,614,993.48

 

226,298,652.00

 

Long-term  Loan 

 

46,120,000.00

 

3,122,600.00

 

3,122,600.00

Fixed Assets                           

5,390,822.50

1,981,193.83

4,027,595.12

Bank  Guarantee

2,736,718.11

2,736,718.11

2,736,718.11

 

Total  Assets                 

 

273,686,120.27

 

246,455,505.42

 

236,185,565.23

 

LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]

 

Current Liabilities

2011

2010

2009

 

 

 

 

Bank  Overdraft 

28,986,433.72

31,896,293.25

30,213,053.19

Trade  Accounts  &  Other  Payable

155,959,750.33

135,077,997.85

133,000,482.59

Current  Portion  of  Financial  Lease

     Contract  Liabilities

 

1,050,576.48

 

107,486.09

 

-

Current  Portion  of 

   Hire-purchase  Payable 

 

-

 

-

 

1,072,416.00

Accrued  Income Tax

1,481,053.07

2,559,295.89

-

Other  Current  Liabilities

-

-

2,724,461.67

 

Total Current Liabilities

 

187,477,813.60

 

169,641,073.08

 

167,010,413.45

 

Hire-Purchase Payable,  Net  of 

   Current  Portion

 

 

-

 

 

-

 

 

662,310.33

Financial  Lease  Contract  Liabilities,

   Net  of  Current  Portion

 

3,598,342.45

 

624,074.11

 

-

 

Total  Liabilities            

 

191,076,156.04

 

170,265,147.19

 

167,672,723.78

 

 

 

 

Shareholders' Equity

 

 

 

 

Capital  Paid                     

 

10,000,000.00

 

10,000,000.00

 

10,000,000.00

Retained  Earning - Unappropriated               

72,609,964.22

66,190,358.23

58,512,841.45

 

Total Shareholders' Equity

 

82,609,964.22

 

76,190,358.23

 

68,512,841.45

 

Total  Liabilities  &  Shareholders' 

   Equity

 

 

273,686,120.27

 

 

246,455,505.42

 

 

236,185,565.23

                                                   

PROFIT &  LOSS  ACCOUNT

 

Revenue

2011

2010

2009

 

 

 

 

Sales                                         

325,254,057.85

299,731,289.00

333,647,793.56

Gain  from  Exchange  Rate

-

5,478,826.45

4,790,543.53

Interest  Income

1,008,749.76

284,743.13

248,017.59

 

Total  Revenues           

 

326,262,807.61

 

305,494,858.58

 

338,686,354.68

 

Expenses

 

 

 

 

 

 

 

Cost  of  Goods  Sold                            

300,420,205.72

284,746,418.98

318,556,947.03

Selling  Expenses

1,003,135.63

1,120,514.57

620,050.59

Administrative  Expenses

6,555,216.01

6,678,375.10

7,108,189.17

Other  Expenses

6,720,496.14

988,209.88

1,295,668.20

 

Total Expenses             

 

314,699,053.50

 

293,533,518.53

 

327,580,854.99

 

Profit / [Loss]  before  Financial  Cost 

 

11,563,754.11

 

11,961,340.05

 

11,105,499.69

Financial  Cost

[1,757,875.05]

[353,436.88]

[1,307,794.71]

 

Profit / [Loss]  before Income Tax

 

9,805,879.06

 

11,607,903.17

 

9,797,704.98

Income  Tax

[3,386,273.07]

[3,930,386.39]

[3,414,436.49]

 

Net  Profit / [Loss]

 

6,419,605.99

 

7,677,516.78

 

6,383,268.49

Retained Earning,  Beginning  of 

   Year

 

66,190,358.23

 

58,512,841.45

 

52,129,572.96

 

Retained Earning,  End  of  Year

 

72,609,964.22

 

66,190,358.23

 

58,512,841.45

 

 

FINANCIAL ANALYSIS

 

ITEM

UNIT

2011

2010

2009

 

 

 

 

 

LIQUIDITY RATIO

 

 

 

 

CURRENT RATIO

TIMES

1.17

1.41

1.35

QUICK RATIO

TIMES

1.00

1.24

1.24

 

 

 

 

 

ACTIVITY RATIO

 

 

 

 

FIXED ASSETS TURNOVER

TIMES

60.33

151.29

82.84

TOTAL ASSETS TURNOVER

TIMES

1.19

1.22

1.41

INVENTORY CONVERSION PERIOD

DAYS

37.79

36.11

21.02

INVENTORY TURNOVER

TIMES

9.66

10.11

17.37

RECEIVABLES CONVERSION PERIOD

DAYS

210.54

255.56

225.92

RECEIVABLES TURNOVER

TIMES

1.73

1.43

1.62

PAYABLES CONVERSION PERIOD

DAYS

189.49

173.15

152.39

CASH CONVERSION CYCLE

DAYS

58.85

118.52

94.55

 

 

 

 

 

PROFITABILITY RATIO

 

 

 

 

COST OF GOODS SOLD

%

92.36

95.00

95.48

SELLING & ADMINISTRATION

%

2.32

2.60

2.32

INTEREST

%

0.54

0.12

0.39

GROSS PROFIT MARGIN

%

7.95

6.92

6.03

NET PROFIT MARGIN BEFORE EX. ITEM

%

3.56

3.99

3.33

NET PROFIT MARGIN

%

1.97

2.56

1.91

RETURN ON EQUITY

%

7.77

10.08

9.32

RETURN ON ASSET

%

2.35

3.12

2.70

EARNING PER SHARE

BAHT

6.42

7.68

6.38

 

 

 

 

 

LEVERAGE RATIO

 

 

 

 

DEBT RATIO

TIMES

0.70

0.69

0.71

DEBT TO EQUITY RATIO

TIMES

2.31

2.23

2.45

TIME INTEREST EARNED

TIMES

6.58

33.84

8.49

 

 

 

 

 

ANNUAL GROWTH

 

 

 

 

SALES GROWTH

%

8.52

(10.17)

 

OPERATING PROFIT

%

(3.32)

7.71

 

NET PROFIT

%

(16.38)

20.28

 

FIXED ASSETS

%

172.10

(50.81)

 

TOTAL ASSETS

%

11.05

4.35

 

 

 

ANNUAL GROWTH : SATISFACTORY

 

An annual sales growth is 8.52%. Turnover has increased from THB 299,731,289.00 in 2010 to THB 325,254,057.85 in 2011. While net profit has decreased from THB 7,677,516.78 in 2010 to THB 6,419,605.99 in 2011. And total assets has increased from THB 246,455,505.42 in 2010 to THB 273,686,120.27 in 2011.                       


                       

PROFITABILITY : ACCEPTABLE

 

 

 

PROFITABILITY RATIO

 

Gross Profit Margin

7.95

Deteriorated

Industrial Average

23.49

Net Profit Margin

1.97

Satisfactory

Industrial Average

2.23

Return on Assets

2.35

Acceptable

Industrial Average

4.38

Return on Equity

7.77

Acceptable

Industrial Average

11.28

 

Gross Profit Margin used to assess a firm's financial health by revealing the proportion of money left over from revenues after accounting for the cost of goods sold. Gross profit margin serves as the source for paying additional expenses and future savings. The company's figure is 7.95%. When compared with the industry average, the ratio of the company was lower, this indicated that company may have problems with control over its costs.

 

Net Profit Margin is the indicator of the company's efficiency in that net profit takes into consideration all expenses of the company. A low profit margin indicates a low margin of safety, higher risk that a decline in sales will erase profits and result in a net loss. The company's figure is 1.97%. When compared with the industry average, the ratio of the company was lower.

 

Return on Assets measures how efficiently profits are being generated from the assets employed in the business when compared with the ratios of firms in a similar business. A low ratio in comparison with industry averages indicates an inefficient use of business assets. When compared with the industry average, its was lower, the company's figure is 2.35%.

 

Return on Equity indicates how profitable a company is by comparing its net income to its average shareholders' equity, ROE measures how much the shareholders earned for their investment in the company. When compared with the industry average, it was lower, the company's figure is 7.77%.

 

Trend of the average competitors in the same industry for last 5 years

 

Return on Assets                       Uptrend

Return on Equity                       Downtrend

 

LIQUIDITY : ACCEPTABLE

 

 

LIQUIDITY RATIO

 

Current Ratio

1.17

Acceptable

Industrial Average

1.66

Quick Ratio

1.00

 

 

 

Cash Conversion Cycle

58.85

 

 

 

 

The Current Ratio is to ascertain whether a company's short-term assets are readily available to pay off its short-term liabilities. The company's figure is 1.17 times in 2011, decreased from 1.41 times, then it is generally considered to have good short-term financial strength. When compared with the industry average, the ratio of the company was lower.

 

The Quick Ratio is a liquidity indicator that further refines the current ratio by measuring the amount of the most liquid current assets there are to cover current liabilities. The company's figure is 1 time in 2011, decreased from 1.24 times, although excluding inventory so the company still have good short-term financial strength.

 

The Cash Conversion Cycle measures the number of days a company's cash is tied up in the production and sales process of its operations and the benefit from payment terms from its creditors. It meant the company could survive when no cash inflow was received from sale for 59 days.

 

Trend of the average competitors in the same industry for last 5 years

Current Ratio                 Uptrend

 

LEVERAGE : ACCEPTABLE

 

 

 

LEVERAGE RATIO

 

Debt Ratio

0.70

Acceptable

Industrial Average

0.59

Debt to Equity Ratio

2.31

Risky

Industrial Average

1.40

Times Interest Earned

6.58

Impressive

Industrial Average

4.39

 

Debt to Equity Ratio a measurement of how much suppliers, lenders, creditors and obligors have committed to the company versus what the shareholders have committed. A lower the percentage means that the company is using less leverage and has a stronger equity position.

 

Times Interest Earned measuring a company's ability to meet its debt obligations. Ratio is 6.58 higher than 1, so the company can pay interest expenses on outstanding debt.

 

Debt Ratio shows the proportion of a company's assets which are financed through debt. The company's figure is 0.7 greater than 0.5, most of the company's assets are financed through debt.

 

Trend of the average competitors in the same industry for last 5 years

Debt Ratio                                Downtrend

Times Interest Earned                Uptrend

 

ACTIVITY : SATISFACTORY

 

 

ACTIVITY RATIO

 

Fixed Assets Turnover

60.33

Impressive

Industrial Average

9.02

Total Assets Turnover

1.19

Acceptable

Industrial Average

1.94

Inventory Conversion Period

37.79

 

 

 

Inventory Turnover

9.66

Impressive

Industrial Average

3.98

Receivables Conversion Period

210.54

 

 

 

Receivables Turnover

1.73

Acceptable

Industrial Average

2.86

Payables Conversion Period

189.49

 

 

 

 

The company's Account Receivable Ratio is calculated as 1.73 and 1.43 in 2011 and 2010 respectively. This ratio measures the efficiency of the company in managing its trade debtors to generate revenue. A lower ratio may indicate over extension and collection problems. Conversely, a higher ratio may indicate an overtly stringent policy. In this case, the company's A/R ratio in 2011 increased from 2010. This would suggest the company had good performance in the management of its debt collections.

 

Inventory Turnover in Days Ratio indicates the liquidity of inventory. It estimates the number of days that it will take to sell the current inventory. Inventory is particularly sensitive to change in business activities. The inventory turnover in days has increased from 36 days at the end of 2010 to 38 days at the end of 2011. This represents a negative trend. And Inventory turnover has decreased from 10.11 times in year 2010 to 9.66 times in year 2011.

 

The company's Total Asset Turnover is calculated as 1.19 times and 1.22 times in 2011 and 2010 respectively. This ratio is determined by dividing total assets into total sales turnover. The ratio measures the activity of the assets and the ability of the firm to generate sales through the use of the assets.

 

Trend of the average competitors in the same industry for last 5 years

 

Fixed Assets Turnover               Downtrend

Total Assets Turnover                Downtrend

Inventory Turnover                     Downtrend

Receivables Turnover                Downtrend

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.34

UK Pound

1

Rs.82.56

Euro

1

Rs.70.10

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.