MIRA INFORM REPORT

Report No. :	509708
Report Date :	19.05.2018

IDENTIFICATION DETAILS

Name :	THORNTON & ROSS LIMITED

Registered Office :	Linthwaite Nr Huddersfield Hd7 5qh

Country :	United Kingdom

Financials (as on) :	31.12.2016

Date of Incorporation :	23.11.1922

Com. Reg. No.:	00185947

Legal Form :	Private limited with Share Capital

Line of Business :	· Manufacture of cleaning and polishing preparations · Manufacture and distribution of pharmaceutical and household products.

No. of Employees :	557

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	£4,450,000

Status :	Good

Payment Behaviour :	Regular

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

United Kingdom

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

UNITED KINGDOM - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining; the UK has been a net importer of energy since 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output.

In 2008, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling home prices, high consumer debt, and the global economic slowdown compounded the UK’s economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets. Facing burgeoning public deficits and debt levels, in 2010 the then CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which has continued under the Conservative government. However, the deficit still remains one of the highest in the G7, standing at 3.6% of GDP as of 2017, and the UK has pledged to lower its corporation tax from 20% to 17% by 2020. The UK had a debt burden of 90.4% GDP at the end of 2017.

The UK’s economy has begun to slow since the referendum vote to leave the EU in June 2016. A sustained depreciation of the British pound has increased consumer and producer prices, weighing on consumer spending without spurring a meaningful increase in exports. The UK has an extensive trade relationship with other EU members through its single market membership and economic observers have warned the exit will jeopardize its position as the central location for European financial services. Prime Minister MAY is seeking a new “deep and special” trade relationship with the EU following the UK’s exit. However, economists doubt that the UK will be able to preserve the benefits of EU membership without the obligations.

Source : CIA

Company name and address

Company Name : THORNTON & ROSS LIMITED

Company No : 00185947

Company Status : Active - Accounts Filed

Credit Limit : £4,450,000

Registered Address : LINTHWAITENR HUDDERSFIELDHD7 5QH

Company Summary

Registered Address LINTHWAITE
NR HUDDERSFIELD
HD7 5QH

Trading Address Manchester Road
Linthwaite
Huddersfield
West Yorkshire
HD7 5QH

Website Address http://www.cerumol.com

Telephone Number 01484842217

Fax Number

TPS No

FPS Yes

Incorporation Date 23/11/1922

Previous Name

Type Private limited with Share Capital

FTSE Index –

Date of Change –

Filing Date of Accounts 28/09/2017

Currency GBP

Share Capital £31,554

SIC07 20412

Charity Number –

SIC07 Description MANUFACTURE OF CLEANING AND POLISHING PREPARATIONS

Principal Activity Manufacture and distribution of pharmaceutical and household products.

Additional Information

CCJ's 0 (£0)

No CCJ Information To Display

Ultimate Holding Company STADA ARZNEIMITTEL AG

Accountant –

Mortgages 2

Group 21 companies

Linkages 43 companies

Countries In 12 countries

Key Financials

Year to Date Turnover Pre Tax Profit Shareholder's Funds Employees

31/12/2016 £105,104,000 £36,401,000 £48,664,000 557

31/12/2015 £98,628,000 £18,526,000 £53,372,000 526

31/12/2014 £80,914,000 £18,102,000 £50,691,000 530

Mortgage Summary

Total Mortgage 2

Outstanding 0

Satisfied 2

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 0

Total Value of Documented Trade £0

Commentary

This company has been treated as a Large company in respect of the rating/limit generated.

This company's return on total assets employed ratio indicates a highly efficient use of assets.

This company has made late payments on a medium percentage of invoices.

This company's ratio of total liabilities to total assets indicates the presence of moderate equity funding.

The company has more cash than short term bank borrowings.

This company trades in an industry with a moderate level of corporate failures.

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	-

Current Directors

Title	Mr	Function	Director
Name	Neville Geoffrey Edwards	Nationality	British
Date of Birth	06/1953	Present Appointments	1
Latest Address	Ashfield House Melton Road, Long Clawson, Melton Mowbray, Leicestershire	Appointment Date	30/03/1998
Post Code	LE14 4NR
Title		Function	Director
Name	Dieno George	Nationality	British
Date of Birth	07/1956	Present Appointments	1
Latest Address	2 Knightsbridge Mews, Fairfax Avenue Didsbury, Manchester	Appointment Date	23/10/2001
Post Code	M20 6GX

Title	Mr	Function	Director
Name	Barry Draude	Nationality	British
Date of Birth	12/1957	Present Appointments	8
Latest Address	Linthwaite, Nr Huddersfield	Appointment Date	31/10/2016
Post Code	HD7 5QH
Title	Mr	Function	Director
Name	Dieno George	Nationality	British
Date of Birth	07/1956	Present Appointments	17
Latest Address	Linthwaite, Nr Huddersfield	Appointment Date	23/10/2001
Post Code	HD7 5QH

Current Company Secretary

Title	Mr	Function	Company Secretary
Name	Edwin Charles Blythe	Nationality
Date of Birth	-	Present Appointments	1
Latest Address	Linthwaite, Nr Huddersfield	Appointment Date	06/04/2018
Post Code	HD7 5QH

Top Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
STADA UK HOLDINGS LTD	GBP	25,307	ORDINARY B	1	80.2
STADA UK HOLDINGS LTD	GBP	4,100	ORDINARY A	1	12.99
STADA UK HOLDINGS LTD	GBP	1,547	D	1	4.9
STADA UK HOLDINGS LTD	GBP	600	ORDINARY C	1	1.9

Financials

Profit & Loss

Date Of Accounts	31/12/16	(%)	31/12/15	(%)	31/12/14	(%)	31/12/13	(%)	31/03/13
Weeks	52	(%)	52	(%)	52	(%)	39	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£105,104,000	6.6%	£98,628,000	21.9%	£80,914,000	61.3%	£50,162,476	-22.5%	£64,743,949
Export	£14,110,000	25.4%	£11,252,000	-10.7%	£12,595,000	36.5%	£9,226,466	-20.7%	£11,636,937
Cost of Sales	£59,212,000	5%	£56,406,000	25.8%	£44,850,000	61.6%	£27,745,151	-21.3%	£35,274,128
Gross Profit	£45,892,000	8.7%	£42,222,000	17.1%	£36,064,000	60.9%	£22,417,325	-23.9%	£29,469,821
Wages & Salaries	£20,473,000	9.4%	£18,710,000	10.3%	£16,963,000	54.8%	£10,959,174	-17.2%	£13,239,715
Directors Emoluments	-	-	£554,000	-5.6%	£587,000	-51.8%	£1,218,960	9.5%	£1,113,684
Operating Profit	£36,607,000	97.2%	£18,560,000	2.9%	£18,044,000	83.8%	£9,819,362	-23.1%	£12,767,286
Depreciation	£1,678,000	-4.5%	£1,757,000	-53.5%	£3,780,000	47.4%	£2,564,902	-31.2%	£3,726,134
Audit Fees	£65,000	-	£65,000	-	£65,000	30%	£50,000	127.3%	£22,000
Interest Payments	£245,000	380.4%	£51,000	999.9%	£1,000	-94.4%	£18,000	-86.9%	£137,000
Pre Tax Profit	£36,401,000	96.5%	£18,526,000	2.3%	£18,102,000	82.6%	£9,911,806	-22.2%	£12,739,708
Taxation	-£5,474,000	-55.8%	-£3,514,000	12.3%	-£4,006,000	-230%	-£1,214,058	56%	-£2,756,235
Profit After Tax	£30,927,000	106%	£15,012,000	6.5%	£14,096,000	62.1%	£8,697,748	-12.9%	£9,983,473
Dividends Payable	£34,412,000	182.1%	£12,200,000	53.4%	£7,953,000	-68.4%	£25,150,500	999.9%	£977,783
Retained Profit	-£3,485,000	-223.9%	£2,812,000	-54.2%	£6,143,000	137.3%	-£16,452,752	-282.7%	£9,005,690

Balance Sheet

Date Of Accounts	31/12/16	(%)	31/12/15	(%)	31/12/14	(%)	31/12/13	(%)	31/03/13
Tangible Assets	£21,364,000	8.8%	£19,645,000	17.5%	£16,716,000	-1%	£16,890,617	9.2%	£15,466,388
Intangible Assets	£21,605,000	30.1%	£16,605,000	19.1%	£13,937,000	256.4%	£3,910,238	-18.2%	£4,782,364
Total Fixed Assets	£42,969,000	18.5%	£36,250,000	18.3%	£30,653,000	47.4%	£20,800,855	2.7%	£20,248,752
Stock	£19,217,000	-0.7%	£19,358,000	13.8%	£17,006,000	-5.1%	£17,925,336	68.6%	£10,633,506
Trade Debtors	£21,318,000	5.2%	£20,262,000	-32.8%	£30,141,000	73.5%	£17,376,843	7.9%	£16,104,270
Cash	£34,277,000	99.4%	£17,188,000	80%	£9,547,000	11.3%	£8,577,324	-70.5%	£29,067,403
Other Debtors	£7,250,000	-69.7%	£23,953,000	999.9%	£1,193,000	23.8%	£963,694	103.6%	£473,255
Miscellaneous Current Assets	0	-100%	£559,000	-	0	-	0	-	0
Total Current Assets	£82,062,000	0.9%	£81,320,000	40.5%	£57,887,000	29.1%	£44,843,197	-20.3%	£56,278,434
Trade Creditors	£10,421,000	17.3%	£8,883,000	0.2%	£8,867,000	75.2%	£5,060,145	44.1%	£3,511,076
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	£44,212,000	16.1%	£38,074,000	136.9%	£16,070,000	80.5%	£8,904,720	146.5%	£3,612,063
Miscellaneous Current Liabilities	£17,771,000	20.7%	£14,724,000	18.8%	£12,393,000	106.4%	£6,004,205	29.9%	£4,623,122
Total Current Liabilities	£72,404,000	17.4%	£61,681,000	65.2%	£37,330,000	86.9%	£19,969,070	70%	£11,746,261
Bank Loans & Overdrafts and LTL	£3,963,000	57.4%	£2,517,000	385%	£519,000	-33.9%	£785,356	-75.3%	£3,182,547
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	£3,963,000	57.4%	£2,517,000	385%	£519,000	-33.9%	£785,356	-75.3%	£3,182,547

Capital & Reserves

Date Of Accounts	31/12/16	(%)	31/12/15	(%)	31/12/14	(%)	31/12/13	(%)	31/03/13
Called Up Share Capital	£32,000	-	£32,000	-	£32,000	1.4%	£31,554	1.9%	£30,954
P & L Account Reserve	£47,521,000	-9%	£52,229,000	5.4%	£49,548,000	13.3%	£43,746,436	-28.8%	£61,455,188
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£1,111,000	-	£1,111,000	-	£1,111,000	-0.1%	£1,111,636	890.4%	£112,236
Shareholder Funds	£48,664,000	-8.8%	£53,372,000	5.3%	£50,691,000	12.9%	£44,889,626	-27.1%	£61,598,378

Other Financial Items

Date Of Accounts	31/12/16	(%)	31/12/15	(%)	31/12/14	(%)	31/12/13	(%)	31/03/13
Net Worth	£27,059,000	-26.4%	£36,767,000	0%	£36,754,000	-10.3%	£40,979,388	-27.9%	£56,816,014
Working Capital	£9,658,000	-50.8%	£19,639,000	-4.5%	£20,557,000	-17.4%	£24,874,127	-44.1%	£44,532,173
Total Assets	£125,031,000	6.3%	£117,570,000	32.8%	£88,540,000	34.9%	£65,644,052	-14.2%	£76,527,186
Total Liabilities	£76,367,000	19%	£64,198,000	69.6%	£37,849,000	82.4%	£20,754,426	39%	£14,928,808
Net Assets	£48,664,000	-8.8%	£53,372,000	5.3%	£50,691,000	12.9%	£44,889,626	-27.1%	£61,598,378

Cash Flow

Date Of Accounts	31/12/16	(%)	31/12/15	(%)	31/12/14	(%)	31/12/13	(%)	31/03/13
Net Cashflow from Operations	£50,597,000	84.8%	£27,374,000	17.8%	£23,245,000	220.2%	£7,258,891	-14.4%	£8,478,504
Net Cashflow before Financing	£51,501,000	159.6%	£19,841,000	122.4%	£8,923,000	91.5%	£4,660,421	-64.7%	£13,191,027
Net Cashflow from Financing	-£34,412,000	-182.1%	-£12,200,000	-53.4%	-£7,953,000	68.4%	-£25,150,500	-999.9%	-£977,783
Increase in Cash	£17,089,000	123.6%	£7,641,000	687.7%	£970,000	104.7%	-£20,490,079	-267.8%	£12,213,244

Miscellaneous

Date Of Accounts	31/12/16	(%)	31/12/15	(%)	31/12/14	(%)	31/12/13	(%)	31/03/13
Contingent Liability	YES	-	YES	-	YES	-	YES	-	YES
Capital Employed	£52,627,000	-5.8%	£55,889,000	9.1%	£51,210,000	12.1%	£45,674,982	-29.5%	£64,780,925
Number of Employees	557	5.9%	526	-0.8%	530	13%	469	2.6%	457
Accountants
Auditors	PKF LITTLEJOHN LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	BARCLAYS BANK PLC
Bank Branch Code	20-43-04

Ratios

Date Of Accounts	31/12/16	31/12/15	31/12/14	31/12/13	31/03/13
Pre-tax profit margin %	34.63	18.78	22.37	19.76	19.68
Current ratio	1.13	1.32	1.55	2.25	4.79
Sales/Net Working Capital	10.88	5.02	3.94	2.02	1.45
Gearing %	8.10	4.70	1	1.70	5.20
Equity in %	47.10	52.90	67.90	72.70	85.90
Creditor Days	36.09	32.78	39.88	27.53	19.73
Debtor Days	73.82	74.77	135.59	94.57	90.54
Liquidity/Acid Test	0.86	1	1.09	1.34	3.88
Return On Capital Employed %	69.16	33.14	35.34	21.70	19.66
Return On Total Assets Employed %	29.11	15.75	20.44	15.09	16.64
Current Debt Ratio	1.48	1.15	0.73	0.44	0.19
Total Debt Ratio	1.56	1.20	0.74	0.46	0.24
Stock Turnover Ratio %	18.28	19.62	21.01	35.73	16.42
Return on Net Assets Employed %	74.80	34.71	35.71	22.08	20.68

Report Notes

There are no notes to display.

Status History

No Status History found

*Event History

Date	Description
07/05/2018	Confirmation Statement
10/04/2018	Mr G.M. Adams has resigned as company secretary
10/04/2018	New Company Secretary Mr E.C. Blythe appointed
07/11/2017	Mr L.M. Slegers has left the board
07/11/2017	New Board Member Mr D. George appointed
07/10/2017	New Accounts Filed
07/10/2017	New Accounts Filed
11/07/2017	Payment Data Update Received
01/05/2017	Confirmation Statement
10/11/2016	New Board Member Mr B. Draude appointed
26/10/2016	Payment Data Update Received
12/10/2016	Payment Data Update Received
06/10/2016	Payment Data Update Received
05/10/2016	New Accounts Filed
05/10/2016	New Accounts Filed

Previous Company Names

No Previous Names found

Writ Details

No writs found

Statistics

Group	21 companies
Linkages	43 companies
Countries	In 12 countries

Summary

Holding Company	STADA UK HOLDINGS LTD.
Ownership Status	Wholly Owned
Ultimate Holding Company	STADA ARZNEIMITTEL AG

Group StructureFull

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
STADA ARZNEIMITTEL AG	N/A	-	-
STADA UK HOLDINGS LTD.	08637720	31.12.2016	N
INTERNIS PHARMACEUTI...	07162670	31.12.2016	N	£22,464,014
SLAM TRADING LIMITED	08216626	31.12.2016	N	£7,766,770
LAS TRADING LIMITED	08356716	31.12.2016	N
SOCIALITES RETAIL LI...	09032090	31.12.2016	N	£5,313,501
SOCIALITES E-COMMERC...	09088907	31.12.2016	N	£953,064
FRESH VAPE ELECTRONI...	09434029	31.12.2016	N
LOWRY SOLUTIONS LTD	09441215	31.12.2016	N	£1,399,385
BSMW LIMITED	08116148	31.12.2016	N	£4,329,118
CLONMEL HEALTHCARE L...	IE030591	31.12.2016	N	€42,730,643
CROSSPHARMA LIMITED	NI020748	31.12.2016	N	£3,501,227
GENUS PHARMACEUTIC...	03619749	31.12.2016	N	£3,317,000
BRITANNIA PHARMAC...	01557088	31.12.2016	N	£56,330,000
GENUS PHARMACEUTI...	01986459	31.12.2016	N	£21,323,000
STADA FINANCIAL IN...	IE388449	31.12.2016	N	€1,968,626
NATURES AID LTD	02793629	31.12.2016	N	£4,184,203
SUNDROPS LIMITED	00338772	31.12.2016	N	£9,559,022
THORNTON & ROSS LIMITED	00185947	31.12.2016	N	£105,104,000
LCM LIMITED	02783414	31.12.2016	N
ZERODERMA LIMITED	04032650	31.12.2016	N	£10,920,079

Mortgage Details

Mortgage Type:	LEGAL CHARGE
Date Charge Created:	26/01/77
Date Charge Registered:	08/02/77
Date Charge Satisfied:	06/02/09
Status:	SATISFIED
Person(s) Entitled:	NORTH CAROLINA NATIONAL BANK
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED CHARGE OVER LEASE DATED 26TH NOVEMBER 1976 DEPOSITED TOGETHER WITH THE EQUIPMENT REFERRED TO BY SUCH LEASE AND ALL SUMS ARISING THEREAFTER.
Mortgage Type:	MORTGAGE
Date Charge Created:	04/02/39
Date Charge Registered:	20/02/39
Date Charge Satisfied:	06/02/09
Status:	SATISFIED
Person(s) Entitled:	MARTINS BANK LTD
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	PREMISES IN LINCHWAITE NEAR HUDDERSFIELD YORK TOGETHER WITH FIXED AND MOVABLE PLANT AND MACHINERY

Previous Director/Company Secretaries

Name	Current Active Appointments			Previous Appointments	Dissolved Companies
Bryan Close	0			1	0
Neville Geoffrey Edwards	0			2	0
Geoffrey Martin Adams	0			1	0
Barrie Atkinson	1			3	6
Janet Alpin	0			3	0
David George Taylor Greig	0			2	1
Jonathan Henry Thornton	9			5	1
Margaret Betty Thornton	0			1	0
Ralph Thornton	0			3	0
Nancy Whiteley	0			2	0
Joe Valentine	0			1	0
Vernon Ellerker Ross	0			2	1
David Gerrie Brown	0			3	1
Paul Attwell	0			1	0
Geoffrey Martin Adams	0			8	0
Charles Ashley Brierley	0			1	0
Derek Neve	0			2	0
Derek Neve	0			2	0
Sheila Margaret Ross	0			1	0
Luc Maurice Godelieva Slegers	0			18	7
Total Persons With Significant Control		1	Total Statements			0
Active		1	Active			0
Ceased		0	Ceased			0

Active Persons With Significant Control

Name	Stada Uk Holdings Ltd	Kind	Corporate Entity With Significant Control
Address	200 Longwater Avenue, Green Park, Reading, Berkshire	Notified On	01/07/2016
Post Code	RG2 6GP	Legal Form	Private Limited Company
Authority	Companies Acts	Place Registered	Companies House England & Wales
Country Registered	England	Registration Number	08637720
Nature Of Control	Ownership Of Shares 75 To 100 Percent,Voting Rights 75 To 100 Percent,Right To Appoint And Remove Directors

Ceased Persons With Significant Control

No Ceased Persons With Significant Control To Display

Active Statements

No Active Statements To Display

Ceased Statements

No Ceased Statements To Display
Average Invoice Value	£6646.68
Invoices available	649
Paid	631
Outstanding	18

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid	260	298	61	7	5
Outstanding	8	9	1	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.95
UK Pound	1	INR 91.87
Euro	1	INR 80.27
GBP	1	INR 91.58

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRA

Report Prepared by :	DNS

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.