MIRA INFORM REPORT

 

 

Report Date :

21.02.2014

 

IDENTIFICATION DETAILS

 

Name :

GEOLAB INDUSTRIA FARMACÊUTICA S/A

 

 

Registered Office :

Via Principal 1- B, S/Nº. Quadra 08-B Lotes 1 A 8 Bairro Daia, 75132-085 - Anápolis/Go

 

 

Country :

Brazil

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

14.10.1999

 

 

Legal Form :

Privately Held Corporation

 

 

Line of Business :

Subject is engaged in the Manufacture of Pharmaceuticals

 

 

No. of Employees :

800

 

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Brazil

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

BRAZIL - ECONOMIC OVERVIEW

 

Characterized by large and well-developed agricultural, mining, manufacturing, and service sectors, Brazil's economy outweighs that of all other South American countries, and Brazil is expanding its presence in world markets. Since 2003, Brazil has steadily improved its macroeconomic stability, building up foreign reserves, and reducing its debt profile by shifting its debt burden toward real denominated and domestically held instruments. In 2008, Brazil became a net external creditor and two ratings agencies awarded investment grade status to its debt. After strong growth in 2007 and 2008, the onset of the global financial crisis hit Brazil in 2008. Brazil experienced two quarters of recession, as global demand for Brazil's commodity-based exports dwindled and external credit dried up. However, Brazil was one of the first emerging markets to begin a recovery. In 2010, consumer and investor confidence revived and GDP growth reached 7.5%, the highest growth rate in the past 25 years. Rising inflation led the authorities to take measures to cool the economy; these actions and the deteriorating international economic situation slowed growth to 2.7% in 2011, and 1.3% in 2012. Unemployment is at historic lows and Brazil's traditionally high level of income inequality has declined for each of the last 14 years. Brazil's historically high interest rates have made it an attractive destination for foreign investors. Large capital inflows over the past several years have contributed to the appreciation of the currency, hurting the competitiveness of Brazilian manufacturing and leading the government to intervene in foreign exchange markets and raise taxes on some foreign capital inflows. President Dilma ROUSSEFF has retained the previous administration's commitment to inflation targeting by the central bank, a floating exchange rate, and fiscal restraint. In an effort to boost growth, in 2012 the administration implemented a somewhat more expansionary monetary policy that has failed to stimulate much growth.

 

Source : CIA

 

company name

 

GEOLAB INDUSTRIA FARMACÊUTICA S/A

 

 

ADDRESSES

 

MAIN ADDRESS:

VIA PRINCIPAL 1- B, S/Nº. QUADRA 08-B LOTES 1 A 8 BAIRRO DAIA

ZIP CODE/CITY:

75132-085 - ANÁPOLIS/GO

 

 

PHONE:

62 4015-4061

FAX:

62 4015-4061

E-MAIL:

contabilidade@geolab.com.br

WEB SITE:

www.geolab.com.br

 

BRANCHES:

 

 

 

ADDRESS:

VP 3E, QUADRA 6A, MÓDULO 02, DAIA

ZIP CODE/CITY:

75132-100 ANÁPOLIS/GO

CNPJ:

03.485.572/0004-49

 

 

ADDRESS:

AVENIDA PORTUGAL, 400 GALPÕES 1B E 2B, RUA 5B, NÍVEL 01/02

ZIP CODE/CITY:

06696-060 ITAPEVI/SP

CNPJ:

03.485.572/0003-68

 

 

ADDRESS:

LOTES 01, 02, 03, 04 E 05, CONJUNTO 8 TRECHO 05, POLO JK

ZIP CODE/CITY:

72549-525 SANTA MARIA/DF

CNPJ:

03.485.572/0005-20

 

 

LEGAL DATA

 

MAIN ACTIVITIES:

 

MANUFACTURE OF PHARMACEUTICALS.

 

LEGAL FORM:

PRIVATELY HELD CORPORATION

 

 

INCORPORATION DATE:

14/10/1999

REGISTER DATE:

28/10/1999

BALANCE SHEET FILING DATE:

31/12

TAX CONTRIBUTOR NUMBER(CNPJ):

03.485.572/0001-04

STATE REGISTER:

10.323.327-0

 

 

SHARE CAPITAL:

R$ 24.500.000,00

 

BOARD OF DIRECTORS:

 

 

 

GEORGES HAJJAR

PRESIDENT DIRECTOR

ANDRE LUIZ HAJJAR

DIRECTOR

RIZEK MIKHAIL HAJJAR

DIRECTOR

GEORGES HAJJAR JÚNIOR

DIRECTOR

ELPIDIO GOMIDES NETO

DIRECTOR

 

 

AUTHORIZED USE OF SIGNATURE

 

THE DIRECTORS ARE AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY.

 

SHAREHOLDERS / PARTNERS:

 

 

 

AMÉRICA ADMINISTRAÇÃO E PARTICIPAÇÕES LTDA

51,00%

SERRA DOURADA ADMINISTRAÇÃO E PARTICIPAÇÕES LTDA

30,00%

M-5 ADMINISTRAÇÃO E PARTICIPAÇÕES LTDA

9,00%

TRIO-H ADMINISTRAÇÃO E PARTICIPAÇÕES LTDA

5,00%

PALMARES ADMINISTRAÇÃO E PARTICIPAÇÕES LTDA

5,00%

 

AFFILIATES / SUBSIDIARIES:

 

 

 

A SCAN THROUGH OUTSIDE SOURCES SHOWED THE SUBJECT AND/OR DIRECTORS HAS/HAVE THE FOLLOWING UNCONFIRMED HOLDINGS:

 

 

EPOCA CONSTRUTORA LTDA

 

ANDISA ADMINISTRAÇÃO E PARTICIPAÇÕES LTDA - EPP

 

SOGAL ADMINISTRAÇÃOO E PARTICIPAÇÕES LTDA - EPP

 

AUTO TOCANTINS COMERCIO DE PECAS PARA VEICULOS LTDA

 

DIBRA ADMINISTRAÇÃO E PARTICIPAÇÕES LTDA

 

 

 

COMPANY'S BACKGROUND

 

THE SUBJECT WAS ESTABLISHED ON OCTOBER 14, 1999 AS GEOLAB INDUSTRIA FARMACEUTICA E COSMETICA LTDA ME TO BE ENGAGED IN THE SAID LINE OF BUSINESS. ON OCTOBER 21, 2008 IT ALTERED TO GEOLAB INDUSTRIA FARMACEUTICA LTDA. ON JUNE 22, 2010 IT ADOPTED THE ABOVE-MENTIONED NAME.

 

TRADE NAME: "GEOLAB".

 

DIRECTORS:

 

GEORGES HAJJAR: BORN IN BDADA, SYRIA  AND NATURALIZED BRAZILIAN, MARRIED, ENTREPRENEUR, HOLDER OF DOCUMENTS CPF 003.045.651-72 AND RG 48.920 SSP/GO, RESIDENTIAL ADDRESS AT PRAÇA SANTANA, 86, CENTRO, ZIP CODE 75020-350, ANÁPOLIS/GO;

 

ANDRÉ LUIZ HAJJAR: BRAZILIAN, MARRIED, HOLDER OF DOCUMENTS CPF 617.296.121-72, RG 2.544.923 SSP/GO, RESIDENTIAL ADDRESS AT AVENIDA DOS GIRASSÓIS, QUADRA 04, LOTES 07 E 08, RESIDENCIAL SUN FLOWER, ZIP ODE 75133-840, ANÁPOLIS/GO;

 

RIZEK MIKHAIL HAJJAR: BORN IN SYRIA  AND NATURALIZED BRAZILIAN, MARRIED, HOLDER OF DOCUMENTS CPF 003.045.731-91, RG 43.841 SSP/GO, RESIDENTIAL ADDRESS AT RUA 1º. DE MAIO, 26, CENTRO, ZIP CODE 75020-050, ANÁPOLIS/GO;

 

GEORGES HAJJAR JÚNIOR: BRAZILIAN, MARRIED, HOLDER OF DOCUMENTS CPF 382.731.871-87 AND RG 1.212.401-6.272.134 SSP/GO, RESIDENTIAL ADDRESS AT RUA JOSE JANNARELLI, 81, LOTE 01, APTO 13, EDIFÍCIO TAPAJÓS, MORUMBI, ZIP CODE 05615-000, SÃO PAULO/SP;

 

ELPIDIO GOMIDES NETO: BRAZILIAN, MARRIED, HOLDER OF DOCUMENTOS CPF 279.240.761-15 AND RG 1825109 DGPC-GO, RESIDENTIAL ADDRESS AT AVENIDA JAMEL CECILIO, 195, APTO 801, CONDOMINIO RESIDENCIAL FRANKFURT, BAIRRO JUNDIAÍ, ZIP CODE 75110-330, ANÁPOLIS/GO.

 

FURTHER DETAILS ARE SO FAR NOT KNOWN.

 

PUBLIC INFORMATION:

 

PROTESTS:

 

01 PROTEST, TOTAL AMOUNT R$ 2.400,00

 

DETAILS OF PROTEST:

 

NOTARY OFFICE:

DATE:

VALUE:

2º CARTÓRIO DE GO-ANÁPOLIS

11/02/2014

R$ 2.400,00

 

LAWSUITS:

 

 

 

DATE:

COURT OF LAW:

 

1

MUNICIPAL LAWSUIT

08/11/11

VARA DE SP-ITAPEVI

 

 

FINANCIAL INFORMATION

 

GENERAL BALANCE SHEETS AS OF 31/12/2012, 31/12/2011 AND 31/12/2010.

( FIGURES ARE IN THOUSANDS OF REAIS ).

 

ASSETS

 

 

 

CURRENT:

31/12/2012

31/12/2011

31/12/2010

 

 

 

 

CASH AND CASH EQUIVALENTS

2.874

6.825

12.336

CLIENTS

36.848

27.660

20.707

INVENTORY

25.584

22.884

12.125

RECOVERABLE TAXES

2.498

1.797

366

ADVANCES

1.024

983

881

OTHER CREDITS

1.113

605

1.020

 

----------------

----------------

----------------

TOTAL CURRENT ASSETS

69.941

60.754

47.435

 

LONG-TERM RECEIVABLES:

 

 

 

 

 

 

 

RECOVERABLE TAXES

1.378

1.313

878

 

----------------

----------------

----------------

TOTAL LONG-TERM RECEIVABLES

1.378

1.313

878

 

FIXED ASSETS:

 

 

 

 

 

 

 

INVESTMENTS

470

528

533

FIXED ASSETS

82.589

62.818

47.544

INTANGIBLE

1.567

1.738

718

 

----------------

----------------

----------------

TOTAL FIXED ASSETS

84.626

65.084

48.795

 

================

================

================

TOTAL ASSETS

155.945

127.151

97.108

 

LIABILITIES:

 

 

 

CURRENT:

31/12/2012

31/12/2011

31/12/2010

 

 

 

 

SUPPLIERS

10.749

6.853

6.658

LOANS AND FINANCING

3.524

9.570

4.887

TRIBUTARY OBLIGATIONS

2.235

1.662

2.285

SOCIAL / LABOR OBLIGATIONS

3.397

1.397

1.203

DIVIDENDS

569

5.974

1.340

OTHER DEBTS

240

533

3

 

----------------

----------------

----------------

TOTAL CURRENT LIABILITIES

20.714

25.989

16.376

 

LONG TERM LIABILITIES:

 

 

 

 

 

 

 

LOANS AND FINANCING

29.639

13.696

4.216

INSTALLMENTS TAXES PAYABLE

83

1.037

1.052

DEFERRED TAXES

6.130

6.418

6.707

ACCOUNTS PAYABLE

16.129

15.993

15.993

PROVISIONS

410

 

 

 

----------------

----------------

----------------

TOTAL LONG TERM LIABILITIES

52.391

37.144

27.968

 

NET EQUITY:

 

 

 

 

 

 

 

SHARE CAPITAL

24.500

24.500

4.500

RESERVES/TAX INCENTIVES

14.420

5.806

 

OTHER COMPREHENSIVE INCOME

11.900

12.461

13.022

LEGAL RESERVES

1.895

1.386

575

PROFIT RESERVES

6.850

19.865

34.667

RESERVES FOR INVESTMENTS

23.275

 

 

 

----------------

----------------

----------------

TOTAL NET EQUITY

82.840

64.018

52.764

 

================

================

================

TOTAL LIABILITIES

155.945

127.151

97.108

 

PROFIT AND LOSS ACCOUNTS AS OF 31/12/2012, 31/12/2011 AND 31/12/2010.

( FIGURES ARE IN THOUSANDS OF REAIS ).

 

 

31/12/2012

31/12/2011

31/12/2010

 

 

 

 

NET SALES

142.473

115.346

100.204

(-) COST OF SOLD GOODS

73.585

51.874

57.717

 

----------------

----------------

----------------

GROSS PROFIT

68.888

63.472

42.487

OPERATING REVENUE (EXPENSE)

-38.187

-34.846

-24.088

FINANCIAL REVENUE(EXPENSE)

-5.024

-1.292

-836

 

----------------

----------------

----------------

OPERATIONAL PROFIT (LOSS)

25.677

27.334

17.563

CONTRIBUTION/INCOME TAX

-4.053

-5.316

-6.051

 

----------------

----------------

----------------

NET PROFIT (LOSS)

21.624

22.018

11.512

 

MONTHLY SALES

 

  2013

 

 

 

---------------------

 

 

JANUARY

R$ 12.156.092,92

 

 

FEBRUARY

R$ 9.931.617,22

 

 

MARCH

R$ 19.778.394,01

 

 

APRIL

R$ 12.921.729,26

 

 

MAY

R$ 16.614.202,31

 

 

JUNE

R$ 15.194.976,64

 

 

JULY

R$ 16.240.599,01

 

 

AUGUST

R$ 17.497.578,97

 

 

SEPTEMBER

R$ 18.678.687,98

 

 

OCTOBER

R$ 19.061.603,09

 

 

NOVEMBER

R$ 9.074.619,96

 

 

DECEMBER

R$ 4.234.676,07

 

 

TOTAL

R$ 171.384.777,44

 

 

 

RATIOS:

31/12/2012

31/12/2011

31/12/2010

 

QUICK RATIO

2,14

 

1,46

 

2,16

 

CURRENT RATIO

3,38

 

2,34

 

2,90

 

ACCOUNTS RECEIVABLE TURNOVER

3,87

TIMES

4,17

TIMES

4,84

TIMES

DAYS' SALES IN RECEIVABLES

93,11

DAYS

86,33

DAYS

74,39

DAYS

INVENTORY TURNOVER

2,88

TIMES

2,27

TIMES

4,76

TIMES

ACCOUNTS PAYABLE PERIOD

52,59

DAYS

47,56

DAYS

41,53

DAYS

RETURN ON ASSETS

,91

TIMES

,91

TIMES

1,03

TIMES

SALES TURNOVER ON NET EQUITY

1,72

TIMES

1,80

TIMES

1,90

TIMES

NET WORTH TIE-UP

1,00

 

,98

 

,90

 

INDEBTEDNESS

,88

 

,99

 

,84

 

EQUITY RATIO

53,12

%

50,35

%

54,34

%

WORKING CAPITAL RATIO

237,65

%

133,77

%

189,66

%

GENERAL SOLVENCY

2,13

 

2,01

 

2,19

 

RETURN ON NET EQUITY

26,10

%

34,39

%

21,82

%

RETURN ON SALES (PROFIT MARGIN)

15,18

%

19,09

%

11,49

%

GROSS PROFIT MARGIN

48,35

%

55,03

%

42,40

%

OPERATIONAL RESULT

18,02

%

23,70

%

17,53

%

SALES TURNOVER ON LIABILITIES

6,88

TIMES

4,44

TIMES

6,12

TIMES

FOREIGN CURRENCY ON ASSETS

 

 

 

 

 

 

FOREIGN CURRENCY ON LIABILITIES

 

 

 

 

 

 

 

EXCHANGE RATE:

 

 

US$ 1,00 = R$ 2,39

 - OFFICIAL RATE

US$ 1,00 = R$ 2,04

 - OFFICIAL RATE

US$ 1,00 = R$ 1,87

 - OFFICIAL RATE

US$ 1,00 = R$ 1,66

 - OFFICIAL RATE

 

COMMENTS ON THE FINANCIAL INFORMATION:

 

FOLLOWS ATTACHED WORKSHEET WITH MAIN FINANCIAL RATIOS.

 

THE FIGURES AVAILABLE SHOW A SATISFACTORY FINANCIAL STANDING. THE LEVEL OF INDEBTEDNESS IS HIGH BUT IT IS NOTED GOOD LIQUIDITY RATIOS AND POSITIVE WORKING CAPITAL. IN ADDITION, IT SHOWS GROWING SALES AND PROFITABILITY.

 

REAL ESTATE:

 

   OWNED PREMISES ARE VALUED AT R$ 14.552.515,04

 

VEHICLES:

 

   OWNED VEHICLES ARE VALUED AT R$ 133.676,51

 

MACHINES:

 

   OWNED MACHINES AND EQUIPMENT ARE VALUED AT R$ 7.596.757,60

 

 

INSURANCE

 

NOT AVAILABLE.

 

BANKING REFERENCES

 

 

BRANCH/PHONE:

CITY:

BANCO BRADESCO S/A

3684-6  / 62 3324-9118

GOIÂNIA/GO

BANCO DO BRASIL S/A

03388-X / 62 3311-1633

GOIÂNIA/GO

 

REMARKS: IN BRAZIL THE BANKS ARE PROHIBITED BY LAW TO PROVIDE INFORMATION OR ANY KIND OF COMMENTS ABOUT THEIR CLIENTS. DUE TO THIS LAW PROHIBITION WE ARE UNABLE TO PROVIDE ANY BANKING DETAILS.

 

ACCORDING TO THE CENTRAL BANK OF BRAZIL OFFICIAL REPORT, THE COMPANY HAS NO RETURNED CHECKS UP TO DATE. (IN THE TERMS OF "CIRCULAR 1682 BRAZILIAN CENTRAL BANK").

 

 

ACTIVITIES COMMENTS

 

THE SUBJECT IS ENGAGED IN THE MANUFACTURE OF PHARMACEUTICALS.

 

IMPORT AND EXPORT:

 

   IMPORTS FROM:

NOT AVAILABLE.

 

   EXPORTS TO:

NOT AVAILABLE.

 

MAIN CLIENTS:

 

 

 

 

 

DOMESTIC CLIENTS:

 

 

NOT AVAILABLE.

 

 

 

STAFF:

 

THE COMPANY HAS: 800 EMPLOYEE(S)

 

 

CONCEPT AND FULFILMENT

 

THE SUBJECT WAS ESTABLISHED IN 1999 BUT REMAINED DORMANT UNTIL SEPTEMBER 2004, WHEN IT STARTED OPERATING EFFECTIVELY. SO FAR IT OPERATES WITH GROWING SCALE OF ACTIVITIES, A CLEAR TRADE HISTORY ANO GOOD PAYMENT BEHAVIOR.

 

THE COMPANY HAS TRADE RELATIONS WITH SEVERAL SUPPLIERS IN BRAZIL. THE SUPPLIERS EXTEND CREDIT FACILITIES TO THE SUBJECT IN TERMS AND AMOUNTS ACCORDING TO THE COMPANY'S NEEDS AND SO FAR NO PAYMENT PROBLEMS ARE NOTED.

 

THE LAWSUIT REPORTED IS NOT RELATED WITH TRADE DEBT. IT IS RELATED TO TAX DEBT THAT FOR ANY REASON THE COMPANY HAS NOT YET PAID. NEVERTHELESS WE POINT OUT THAT THE SAID LAWSUIT DOES NOT AFFECT THE COMPANY'S TRADE REPUTATION.

 

THE PROTEST FOUND IS NOT RELEVANT.

 

MAIN SUPPLIERS:

 

 

 

 

 

DOMESTIC SUPPLIERS:

 

PHONE:

CARTOGRAFICA FENIX LTDA

 

31 3361-6199

COLORCON DO BRASIL LTDA

 

11 4612-4262

EMBALAGENS ALLBOX LTDA

 

62 3311-4728

GALENA INDÚSTRIA QUIMICA FARMACEUTICA LTDA

 

19 3746-7730

GÊNIX INDÚSTRIA FARMACÊUTICA LTDA

 

0800-105008

GLOBE QUIMICA LTDA

 

 

KLOCKER PENTAPLAST DO BRASIL

 

11 4613-9976

PHARMA NOSTRA COMERCIAL LTDA

 

0800-7724880

 

PAYMENT HISTORY:

 

13 SUPPLIERS REPORTED PAYMENTS:

   TOTAL AMOUNT:  R$ 267.691,00

 

AMOUNT OF INVOICES PAID: 57

TOTAL OF PROMPT PAYMENTS: 99,7%

TOTAL OF DELAYED PAYMENTS: 0,3%

 

HIGHEST INVOICE: R$ 53.820,00

HIGHEST CREDIT: R$ 53.820,00

 

OUTSTANDING INVOICES DUE WITHIN THE NEXT 60 DAYS:

 

---------------------------

SUPPLIERS:

INVOICES:

TOTAL AMOUNT:

DUE WITHIN 30 DAYS

2

2

R$ 7.733,75

DUE WITHIN 60 DAYS

1

2

R$ 13.220,00

ALL

2

4

R$ 20.953,75

 

 

FINAL OPINION

 

THE SUBJECT WAS ESTABLISHED IN 1999 BUT REMAINED DORMANT UNTIL 2004. SO FAR IT OPERATES WITH A GROWING SCALE OF ACTIVITIES AND FAVORABLE TRADE HISTORY.

 

BASED ON THE GENERAL INFORMATION AVAILABLE IT IS BELIEVED THAT GOOD TRADE RELATIONS MAY BE ESTABLISHED. CREDIT FACILITIES MAY BE EXTENDED WITHIN TERMS AND AMOUNTS ADEQUATE TO THE COMPANY'S FINANCIAL STRENGTH.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.28

UK Pound

1

Rs.103.84

Euro

1

Rs.85.70

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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.