MIRA INFORM REPORT

 

 

Report No. :

347120

Report Date :

27.10.2015

 

IDENTIFICATION DETAILS

 

Name :

DIAROUGH NV

 

 

Registered Office :

Hoveniersstraat 30-Bus 211 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

04.02.1975

 

 

Com. Reg. No.:

414865337

 

 

Legal Form :

Public Limited Liability Company (BE)

 

 

Line of Business :

Wholesale of watches and jewellery

 

 

No. of Employee :

25

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Belgium

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

BELGIUM ECONOMIC OVERVIEW

 

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the the budget deficit was 3.2% of GDP. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

 

Source : CIA

Company summary

 

Business number                     414865337

Branche Unit Number               2061865949

Company name                        DIAROUGH NV

Address                                   HOVENIERSSTRAAT 30-BUS 211

2018 ANTWERPEN

Number of staff                        25

Date of establishment               04/02/1975

Telephone number                   032342424

Fax number                              032323931

 

 

Commentary

 

The business was established over 40 years ago.

The business has 20 employees.

The business has been at the address for over 24 years.

Operating Result in the latest trading period decreased 70% on the previous trading period.

Pre-tax profits decreased by 60% compared to the previous trading period.

 

 

Accounts

 

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2013

607,215,918

548,322

43,146,233

4,258,039

31/12/2012

617,475,053

1,398,892

44,738,802

4,162,186

31/12/2011

766,792,523

1,957,505

44,676,362

3,358,429

 

ACCOUNTS

 

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

51,431,184

25

11,014,980

653,189

31/12/2012

52,215,611

27

11,513,244

1,256,935

31/12/2011

50,482,159

30

11,741,108

1,736,539

 

 

Trends

 

Profitability

Liquidity

Net worth

Payment expectations

 

Past  payments

 

Payment  expectation  days

1.12

Industry  average  payment

321.42

Industry  average  day  sales

500.41

expectation  days

 

outstanding

 

Day  sales  outstanding

3.32

 

 

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type                       No

 

PROTESTED BILLS

Bill amount                                --

 

NSSO DETAILS

Date of summons                     --

 

 

Company information

 

Business  number

414865337

Company  name

DIAROUGH  NV

Fax  number

032323931

Date  founded

04/02/1975

Company  status

active

Company  type

Public  Limited  Liability

 

 

 

Company  (BE)

Currency

Euro  (€)

Date  of  latest  accounts

31/12/2013

Activity  code

46480

Liable  for  VAT

yes

Activity  description

Wholesale  of  watches  and

VAT  Number

BE.0414.865.337  Check  VAT

 

jewellery

 

number

Belgian  Bullettin  of  Acts Publications

moniteur  belge

 

 

 

 

Contractor details

 

Registered  contractor

-

number

 

Contractor  description

-

Date  struck  off  register

 

 

 

PERSONNEL  (NSSO  CLASSIFICATION)

 

Code

-

Description

-

 

 

JOINT  INDUSTRIAL  COMMITTEE  (JIC)

 

Significant  Events

 

Event  Date

19/06/2014

Event  Description

re-appointment  of  director(s)

Event  Details

Commentaar 19-06-2014: Parikh Nishit wordt herbenoemd tot bestuurder en gedelegeerd bestuurder voor 6 jaar.

 

 

Company accounts

 

ASSETS

 

Annual  accounts

31-12-2013

%

31-12-2012

%

31-12-2011

%

31-12-2010

%

31-12-2009

Weeks

52

 

52

 

52

 

52

 

52

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total  fixed  assets

39,067,237

-4.91

41,083,441

-2.57

42,165,100

2.54

41,121,663

7.16

38,373,648

Intangible  fixed  assets

4,332

-83.04

25,537

-58.45

61,463

-39.47

101,542

2.81

98,765

Tangible  fixed  assets

1,107,147

-20.29

1,388,928

-15.82

1,649,859

-11.34

1,860,843

-4.88

1,956,388

Land  &  building

720,737

-11.11

810,785

-6.85

870,391

-3.27

899,837

1.38

887,576

Plant  &  machinery

147,469

18.68

124,255

-83.55

755,379

-18.66

928,643

-9.95

1,031,283

Furniture  &  Vehicles

238,941

-47.36

453,888

1784

24,090

-25.56

32,362

-13.77

37,529

Leasing  &  Other  Similar  Rights

-

-

-

-

-

-

-

-

-

Other  tangible  assets

0

-

0

0

-1

-200

1

-

0

Financial  fixed  assets

37,955,758

-4.32

39,668,976

-1.94

40,453,778

3.31

39,159,279

7.82

36,318,495

Total  current  assets

12,363,947

11.07

11,132,170

33.85

8,317,059

6.28

7,825,822

3.40

7,568,128

Inventories

1,117,689

-4.33

1,168,248

-1.94

1,191,369

3.27

1,153,604

-13.75

1,337,573

Raw  materials  &  consumables

-

-

-

-

-

-

-

-

-

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

1,117,689

-4.33

1,168,248

-1.94

1,191,369

3.27

1,153,604

-13.75

1,337,573

Other  stocks

0

-

0

-

0

-

0

-

0

Trade  debtors

5,524,240

5.60

5,231,469

76.77

2,959,430

118

1,353,965

-55.16

3,019,594

Other  amounts  receivable

2,925,670

95.30

1,498,026

-49.30

2,954,447

-8.50

3,228,915

66.46

1,939,708

Cash

2,603,320

-10.80

2,918,360

203

963,012

-40.67

1,623,197

44.83

1,120,765

Miscellaneous  current  assets

193,028

-38.93

316,067

27.04

248,801

-46.63

466,141

209

150,488

Total  Assets

51,431,184

-1.50

52,215,611

3.43

50,482,159

3.14

48,947,485

6.54

45,941,776

 

 

LIABILITIES

 

Total  shareholders  equity

43,150,565

-3.61

44,764,339

0.06

44,737,825

6.42

42,040,193

11.42

37,732,643

Issued  share  capital

11,014,980

-4.33

11,513,244

-1.94

11,741,108

3.27

11,368,929

7.81

10,545,578

Share  premium  account

9,120

-4.33

9,533

-1.94

9,722

3.28

9,413

7.80

8,732

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

32,126,465

-3.35

33,241,562

0.77

32,986,995

7.58

30,661,851

12.82

27,178,333

Provisions  for  Liabilities  &

0

-

0

-

0

-

0

-

0

Charges

 

 

 

 

 

 

 

 

 

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

8,280,619

11.13

7,451,273

29.72

5,744,334

-16.84

6,907,293

-15.86

8,209,132

Other  long  term  loans

174,711

-63.70

481,289

-38.74

785,704

-27.49

1,083,584

-22.11

1,391,230

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

0

0

-1

-

0

0

-1

-100

556,522

Total  long  term  debts

174,711

-63.70

481,288

-38.74

785,704

-27.49

1,083,583

-44.37

1,947,752

Current  portion  of  long  term  debt

304,896

-0.62

306,785

0.39

305,586

0.80

303,172

-0.24

303,901

Financial  debts

162,590

107

78,367

119

35,734

-6.60

38,259

-89.32

358,384

Trade  creditors

1,855,936

-50.36

3,739,036

218

1,174,215

-19.07

1,450,815

-37.42

2,318,161

Amounts  Payable  for  Taxes,

781,078

28.98

605,586

-60.80

1,544,933

80.26

857,043

101

424,567

Remuneration  &  Social  Security

 

 

 

 

 

 

 

 

 

Miscellaneous  current  liabilities

5,001,408

123

2,240,210

18.02

1,898,162

-40.20

3,174,420

11.13

2,856,368

Total  current  liabilities

8,105,908

16.30

6,969,984

40.56

4,958,630

-14.85

5,823,709

-6.99

6,261,381

Total  Liabilities

51,431,184

-1.50

52,215,611

3.43

50,482,159

3.14

48,947,485

6.54

45,941,776

 

 

RATIO ANALYSIS

 

TRADING  PERFORMANCE

 

Profit  Before  Tax

0.09

-60.87

0.23

-11.54

0.26

-21.21

0.33

266

0.09

Return  on  capital  employed

1.27

-58.90

3.09

-28.14

4.30

-8.32

4.69

350

1.04

Return  on  total  assets  employed

1.07

-60.07

2.68

-30.93

3.88

-6.05

4.13

358

0.90

Return  on  net  assets  employed

1.27

-59.42

3.13

-28.54

4.38

-8.94

4.81

341

1.09

Sales  /  net  working  capital

142.60

-3.88

148.35

-35.03

228.32

-26.32

309.86

-14.62

362.92

Stock  turnover  ratio

0.18

-5.26

0.19

18.75

0.16

-15.79

0.19

-32.14

0.28

Creditor  days

1.12

-49.55

2.22

296

0.56

-34.88

0.86

-51.96

1.79

Debtor  days

3.32

7.44

3.09

119

1.41

76.25

0.80

-65.52

2.32

 

SHORT  TERM  STABILITY

 

Current  ratio

1.53

-4.38

1.60

-4.76

1.68

25.37

1.34

10.74

1.21

Liquidity  ratio  /  acid  ratio

1.39

-2.80

1.43

-0.69

1.44

25.22

1.15

15.00

1.00

Current  debt  ratio

0.19

18.75

0.16

45.45

0.11

-21.43

0.14

-17.65

0.17

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

653,189

-48.03

1,256,935

-27.62

1,736,539

-4.73

1,822,752

147

735,886

Net  worth

43,146,233

-3.56

44,738,802

0.14

44,676,362

6.53

41,938,651

11.44

37,633,878

 

LONG  TERM  STABILITY

 

Gearing

1.49

-23.20

1.94

-23.02

2.52

-25.66

3.39

-37.68

5.44

Equity  in  percentage

83.91

-2.17

85.77

-3.34

88.73

3.09

86.07

4.57

82.31

Total  debt  ratio

0.19

11.76

0.17

30.77

0.13

-18.75

0.16

-27.27

0.22

Working  capital

4,258,039

2.30

4,162,186

23.93

3,358,429

67.74

2,002,113

53.21

1,306,747

 

 

PROFIT & LOSS

 

Operating  Income

609,165,936

-1.79

620,294,200

-19.50

770,517,420

23.97

621,547,553

30.30

476,997,675

Turnover

607,215,918

-1.66

617,475,053

-19.47

766,792,523

23.60

620,367,793

30.81

474,239,270

Total  operating  expenses

606,769,979

-1.50

615,980,099

-19.47

764,948,902

23.53

619,221,401

31.02

472,604,541

Gross  Operating  Margin

-

-

-

-

-

-

-

-

-

Operating  Charges

608,719,997

-1.63

618,799,246

-19.50

768,673,799

23.90

620,401,161

30.51

475,362,946

Employee  costs

1,925,313

-2.65

1,977,727

-5.81

2,099,644

3.16

2,035,236

-15.72

2,414,823

Wages  and  salary

1,406,023

-2.81

1,446,626

-7.31

1,560,646

3.96

1,501,170

-17.23

1,813,726

Employee  pension  costs

14,187

-17.11

17,116

-12.86

19,641

12.80

17,412

-9.66

19,274

Social  security

450,928

-0.46

453,023

-2.61

465,176

1.23

459,519

-12.24

523,623

contributions

 

 

 

 

 

 

 

 

 

Other  employee  costs

54,175

-11.13

60,963

12.52

54,181

-5.17

57,135

-1.83

58,200

Director  remuneration

-

-

-

-

-

-

-

-

652,241

Amortization  and depreciation

329,675

-8.97

362,174

-12.76

415,156

-9.98

461,197

5.31

437,951

Operating  result

445,939

-70.17

1,494,954

-18.91

1,843,621

60.82

1,146,392

-29.87

1,634,729

Total  financial  income

437,324

-49.85

872,061

38.48

629,748

-56.58

1,450,469

442

267,300

Total  financial  expenses

334,940

-65.40

968,123

87.67

515,864

-10.03

573,405

-61.52

1,490,164

Results  on  ordinary

548,322

-60.80

1,398,892

-28.54

1,957,505

-3.26

2,023,457

391

411,864

operations  before  taxation

 

 

 

 

 

 

 

 

 

Extraordinary  Income

595,578

-

-

-

-

-

-

-

66,766

Extraordinary  Charges

595,578

-

-

-

-

-

-

-

-

Extraordinary  items

0

-

0

-

0

-

0

-100

66,766

Results  for  the  Year  Before

548,322

-60.80

1,398,892

-28.54

1,957,505

-3.26

2,023,457

322

478,630

Taxation

 

 

 

 

 

 

 

 

 

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

224,808

-55.41

504,131

-20.75

636,121

-3.89

661,901

266

180,695

Results  on  ordinary

323,514

-63.84

894,761

-32.29

1,321,384

-2.95

1,361,556

488

231,169

operations  after  taxation

 

 

 

 

 

 

 

 

 

Net  result

323,514

-63.84

894,761

-32.29

1,321,383

-2.95

1,361,555

356

297,935

Profit  (Loss)  for  the  Year  to be  appropiated

323,514

-63.84

894,761

-32.29

1,321,383

-2.95

1,361,555

356

297,935

Dividends

-

-

-

-

-

-

-

-

2,066,045

 

 

Social  Balance  Sheet  Details

 

Social  Balance  Sheet  Details

 

Social  Balance  Sheet

Total

During  the  reporting  year

 

ended  31-12-2013

 

Full-time  Employees

25

Part-time  Employees

4

Total  Fte  Employees

26

Number  of  hours  worked

 

Full-time  Employees

41,032

Part-time  Employees

1,855

Total

42,887

Personnel  Charges

 

Full-time  Employees

1,828,464

Part-time  Employees

82,662

Total

1,911,126

Benefits  In  Addition  To  Wages

14,187

During  the  previous  reporting  year

 

Average  number  employees  in  Fte

29

Actual  working  hours

48,780

Personnel  Charges

1,875,761

Benefits  In  Addition  To  Wages

16,375

 

 

Type  of  Contract

Full-Time

Part-Time

Total  Fte

Unlimited  Duration

24

4

25

Contracts

 

 

 

Limited  Duration  Contracts

-

-

-

Contracts  For  Specific  Work

-

-

-

Contracts  Regarding

-

-

-

Substitution

 

 

 

 

 

Gender  and  Education

 

 

 

Level

 

 

 

Men

Full-Time

Part-Time

Total  Fte

Primary  education

-

-

-

Secondairy  education

-

-

-

Higher  education  (non university)

13

-

13

Higher  education (university)

-

-

-

Women

Full-Time

Part-Time

Total  Fte

Primary  education

-

-

-

Secondairy  education

-

-

-

Higher  education  (non university)

11

4

12

Higher  education (university)

-

-

-

 

 

Working  Category

Full-Time

Part-Time

Total  Fte

Management

-

-

-

White  collar  worker

20

4

21

Blue  collar  worker

4

-

4

Other

-

-

-

 

 

Temporary  personnel

Total

Average  number  of  temporary  staff

1

Actual  working  hours

1,008

Cost  of  temporary  staff

21,322

 

 

New  staff  and  leavers

Full-Time

Part-Time

Total  Fte

New  Starters

7

-

7

Leavers

9

1

10

 

 

Total  of  formal  continuing  vocational  training  initiatives

 

 

for  workers  paid  by  the  employer

Male

Female

Number  of  employees

-

-

Number  of  training  hours

-

-

Net  costs  for  enterprise

458

205

Total  of  less  formal  and  informal  continuing  vocational

 

 

training  initiatives  for  workers  paid  by  the  employer

Male

Female

Number  of  employees

-

-

Number  of  training  hours

-

-

Net  costs  for  enterprise

-

-

Total  of  initial  training  initiatives  at  the  expense  of  the

 

 

employer

Male

Female

Number  of  employees

-

-

Number  of  training  hours

-

-

Net  costs  for  enterprise

-

-

 

 

Industry comparison

 

Activity code                46480

Activity description      Wholesale of watches and jewellery

 

 

Payment Information

 

Payment  Information  Summary

 

Total  number  of  Invoices  available

13

Total  number  of  Invoices  paid  within  or  up  to  30  days  after  the  due  date

12

Total  number  of  Invoices  paid  more  than  30  days  after  the  due  date

1

Total  number  of  Invoices  currently  outstanding  where  the  due  date  has  not  yet  been  reached

0

Total  number  of  Invoices  currently  outstanding  beyond  the  due  date

0

 

 

Suspension  of  payments  /  moratorium  history

 

Amount

-

Details

-

 

PAYMENT  EXPECTATIONS

 

Payment  expectation  days

1.12

Day  sales  outstanding

3.32

 

INDUSTRY  COMPARISON

 

Activity  code

46480

Activity  description

Wholesale  of  watches  and  jewellery

Industry  average  payment

321.42

expectation  days

 

Industry  average  day  sales

500.41

outstanding

 

 

 

Industry quartile analysis

 

Payment  expectations

 

Company  result

1.12

Lower

127.92

Median

63.15

Upper

18.49

 

 

Day sales outstanding

 

Company  result

3.32

Lower

116.66

Median

56.14

Upper

21.56

 

 

Shareholder Details

 

SUMMARY

 

Group - Number of Companies             0

Linkages - Number of Companies        0

Number of Countries                            0

 

GROUP STRUCTURE

No group structure for this company.

 

MINORITY SHAREHOLDERS

No minority shareholders found

 

MINORITY  INTERESTS

Business

Company  name

Date  of

number

 

accounts

-

DIAROUGH  JAPAN  CO  LTD

-

458427938

Diarough  European  Sales  NV

31/12/2013

 

 

Companies that match this address

no Companies Match this address

 

 

Linked Companies

 

SUMMARY

Group - Number of Companies             0

Linkages - Number of Companies        0

Number of Countries                            0

 

SUMMONS

There is no data for this company

 

PROTESTED BILLS

There is no data for this company

 

BANKRUPTCY AND OTHER LEGAL EVENTS

There is no data for this company

 

 

Director details

 

CURRENT DIRECTOR DETAILS

 

Name

NISHIT  PARIKH

Position

Managing  Director

Start  Date

29/12/2014

Date  of  birth

22/04/1965

Street

8 KASTANJELAAN  ANTWERPEN

Post  code

2020

Country

Belgium

Position

Director

Start  Date

14/03/2012

Date  of  birth

22/04/1965

Street

8 KASTANJELAAN  ANTWERPEN

Post  code

2020

Country

Belgium

Name

DIAROUGH  EUROPEAN  SALES  NV

Position

Director

Start  Date

01/10/2010

Date  of  birth

15/07/1996

Street

30 HOVENIERSSTRAAT  ANTWERPEN

Post  code

2018

Country

Belgium

Position

Legal  Representative

Start  Date

01/10/2010

Date  of  birth

15/07/1996

Street

30 HOVENIERSSTRAAT  ANTWERPEN

Post  code

2018

Country

Belgium

Name

PRADEEP  TAKSALI

Position

Director

Start  Date

01/01/2007

Street

 

Post  code

 

Country

 

 

FORMER DIRECTOR DETAILS

 

Name

MAHENDRA  PARIKH

Position

Director

Start  Date

18/10/2007

End  Date

Unknown  date

Street

5 HAGEDOORNLAAN  ANTWERPEN

Post  code

2020

Country

Belgium

Name

SWATE  MAHENDR  PARIKH

Position

Chairman  of  the  Board

Start  Date

10/05/1996

End  Date

Unknown  date

Date  of  birth

18/06/1970

Street

90 DESGUINLEI  ANTWERPEN

Post  code

2018

Country

Belgium

Position

Managing  Director

Start  Date

01/07/2008

End  Date

Unknown  date

Date  of  birth

18/06/1970

Street

90 DESGUINLEI  ANTWERPEN

Post  code

2018

Country

Belgium

Position

Director

Start  Date

16/07/2003

End  Date

Unknown  date

Date  of  birth

18/06/1970

Street

90 DESGUINLEI  ANTWERPEN

Post  code

2018

Country

Belgium

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.96

UK Pound

1

Rs.99.55

Euro

1

Rs.71.64

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TRU

 

 

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.