MIRA INFORM REPORT

 

 

Report Date :           

01.08.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

STX CORPORATION

 

 

Formerly Known As :

SSANGYONG HEAVY INDUSTRIES CO., LTD.

 

 

Registered Office :

93-3, Jungang-dong, Seongsan-gu, Changwon-si, Gyeongsangnam-do, Korea, Zip Code 642-845

 

 

Country :

South Korea

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

24.12.1976

 

 

Com. Reg. No.:

609-81-01917

 

 

Legal Form :

Listed Company

 

 

Line of Business :

Non-Financial Holding Companies

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

No Complaints

Litigation :

Exists

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 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

South Korea

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

Basic

 

Company Name

STX CORPORATION

(Korean Company Name : “(주)STX”)

Registered Address

93-3, Jungang-dong, Seongsan-gu, Changwon-si, Gyeongsangnam-do, Korea

Zip Code

642-845

Tel

+82-55-548-1122

Fax

+82-55-546-7928

E-mail

stxir@onestx.com

Website

www.stx.co.kr

Trading Address

22th Fl., STX Namsan Tower, 631, Namdaemunno 5-ga, Jung-gu, Seoul, Korea

Tel

+82-2-316-9600

Fax

+82-2-316-9999

Type

Export/Import

Industry

Non-Financial Holding Companies

  Main Business

Maritime Equipments, Energy Resources, Ship Maintenance

  Sub Business

Wholesale of Solid Fuel and Related Products

Established (mm/dd/yyyy)

12/24/1976

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Management Consulting & Support

Sell

Energy Resources

Sell

Investment

 

 

CEO’s

 

Name

Kang Duk-Soo

Date of Birth

08/18/1950

Title

Chairman & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

125,000,000,000

Employees

604

Formation

Listed Company (Korea stock Exchange : 011810) as of 09/12/1990

A Company of STX Group

Bank Details

Woori Bank-Jungbu Sales Dept.

Corporate Registered No.

194211-0000183

Business Registered No.

609-81-01917

Permit & Licenses

Int’l Trade No.: 844929

Shareholder Position

Name

Shares

%

KANG DUK-SOO

7,000,000

11.68

FORCE TEC CO., LTD.(194211-0019522)

13,926,357

23.23

JF ASSET MANAGEMENT LIMITED(21/F CHATER HOUSE, 8 CONNAUGHT ROAD CENTRAL, HONG KONG)

4,164,773

6.95

STX CONSTRUCTION CO., LTD.(194111-0009939)

822,628

1.37

GLOBAL OCEAN INVEST CO., LTD.(110111-4611417)

1,700,000

2.84

OTHERS

32,329,282

53.93

TOTAL

59,943,040

100.00

Company History

12/24/1976 Incorporated as SSANGYONG HEAVY INDUSTRIES CO., LTD.

05/01/2001 Changed company name to the present name

11/28/2003 Awarded US$ 200 Million Export Top Prize

03/2011 Moved to the present HQ address from 100, Wonpo-dong, Jinhae-gu, Changwon-si, Gyeongsangnam-do, Korea

04/04/2011 Spin off into the Subject company and newly established company(STX MARINE SERVICE CO., LTD.( 180111-0755413))

 

 

 

 

Management

 

Job Description

Title

Name

Nationality

Date of Birth

Education

Chairman & CEO

Mr.

Kang Duk-Soo

Korean

1950.08.18

Myungji University, Korea

Vice Chairman & CEO

Mr.

Lee Jong-Chul

Korean

1953.11.28

Korea University, Korea

President & CEO

Mr.

Kim Dae-Yoo

Korean

1952.11.13

Hanyang University, Korea

President & CEO

Mr.

Choo Sung-Yeob

Korean

1955.01.06

Seoul National University, Korea

Vice President & CFO

Mr.

Byun Yong-Hee

Korean

1953.08.10

Sungkyunkwan University, Korea

Outside Director

Mr.

Yoon Young-Sub

Korean

1947.03.08

Seoul National University, Korea

Outside Director

Mr.

Lee Sung-Keun

Korean

1948.05.02

Seoul National University, Korea

Outside Director

Mr.

Lee Chang-Woo

Korean

1954.01.23

Seoul National University, Korea

Outside Director

Mr.

Kim Jong-Sik

Korean

1955.07.04

Yonsei University, Korea

Outside Director

Mr.

Kim Hwa-Jin

Korean

1960.08.21

Seoul National University, Korea

Outside Director

Mr.

Kim Joong-Hoi

Korean

1949.09.19

Yonsei University, Korea

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

(*)03/2011

1,004,321,000,000

3,021,867,000,000

18,429,000,000

2010

3,245,569,511,893

2,908,637,451,106

30,462,051,822

2009

2,225,676,108,489

2,523,599,224,167

-171,798,678,357

2008

2,418,949,621,357

2,185,999,043,376

23,258,333,562

 

 

Financial Description

 

Authorized Capital(KRW)

250,000,000,000

Paid-Up Capital(KRW)

125,000,000,000

Total Issues Shares

59,943,040

 

Balance Sheet

 

Unit : Korean Won

01/01/2011~03/31/2011

As of 12/31/2010

As of 12/31/2009

Total Assets

3,021,867,000,000

2,824,253,000,000

 

Current Assets

1,109,312,000,000

931,342,000,000

 

Inventories

244,138,000,000

199,058,000,000

 

Trade Receivables

352,439,000,000

268,166,000,000

 

Advance Payments

126,594,000,000

65,893,000,000

 

Other Receivables

110,024,000,000

105,094,000,000

 

Derivatives

3,605,000,000

6,324,000,000

 

Other Finance Assets

37,937,000,000

87,233,000,000

 

Other Current Assets

3,824,000,000

4,668,000,000

 

Cash & Cash Equivalents

230,751,000,000

194,906,000,000

 

Non-Current Assets

1,912,555,000,000

1,892,911,000,000

 

Tangibles

21,588,000,000

20,850,000,000

 

Intangibles

8,757,000,000

8,867,000,000

 

Investment_Real Estates

129,020,000,000

129,203,000,000

 

Investment_Subsidiaries

417,382,000,000

503,712,000,000

 

Investment_Related Companies

1,216,732,000,000

1,114,757,000,000

 

Long-Term Trade Receivables

20,928,000,000

19,255,000,000

 

Other Non-Current Financial Instruments

30,151,000,000

29,168,000,000

 

Other Receivables

63,370,000,000

63,226,000,000

 

Other Non-Current Assets

4,627,000,000

3,873,000,000

 

Total Liabilities

2,079,723,000,000

1,888,189,000,000

 

Current Liabilities

1,545,455,000,000

1,087,763,000,000

 

Short-Term Borrowings

726,125,000,000

660,768,000,000

 

Current Portion of Long-Term Debts

317,208,000,000

65,405,000,000

 

Trade Payables

331,724,000,000

219,550,000,000

 

Account Payables

57,998,000,000

50,136,000,000

 

Advance Receipts

80,985,000,000

70,581,000,000

 

Derivatives

5,311,000,000

5,386,000,000

 

Other Current Liabilities

26,104,000,000

15,937,000,000

 

Non-Current Liabilities

534,268,000,000

800,426,000,000

 

Debentures

465,225,000,000

737,916,000,000

 

Long-Term Borrowings

55,740,000,000

58,292,000,000

 

Deferred Income Tax Credit

5,849,000,000

1,128,000,000

 

Other Non-Current Liabilities

7,454,000,000

3,090,000,000

 

Capital Stock

125,000,000,000

125,000,000,000

 

Capital Surplus

423,705,000,000

423,705,000,000

 

Treasury Stock

(-)6,619,000,000

(-)6,619,000,000

 

Others

(-)19,000,000

(-)21,000,000

 

Profit Surplus

400,077,000,000

393,999,000,000

 

Total Equity

942,144,000,000

936,064,000,000

 

Liab. & Shareholder’s Equity

3,021,867,000,000

2,824,253,000,000

 

 

Balance Sheet

 

Unit : Korean Won

As of 12/31/2010

As of 12/31/2009

As of 12/31/2008

Total Assets

2,908,637,451,106

2,523,599,224,167

2,185,999,043,376

Current Assets

933,423,846,006

868,430,555,090

898,811,950,838

-Quick Assets

734,365,763,322

661,520,172,988

660,118,110,283

-Inventories

199,058,082,684

206,910,382,102

238,693,840,555

Fixed Assets

1,975,213,605,100

1,655,168,669,077

1,287,187,092,538

-Investment

1,740,586,060,886

1,388,569,500,995

1,084,265,350,472

-Tangibles

159,455,091,284

177,280,650,081

127,599,743,339

-Intangibles

1,651,564,182

997,353,439

1,126,162,208

-Others

73,520,888,748

88,321,164,562

74,195,836,519

Total Liabilities

1,996,712,901,990

1,678,819,457,085

1,253,967,493,451

Current Liabilities

1,086,857,432,557

1,357,945,358,440

840,558,756,312

Fixed Liabilities

909,855,469,433

320,874,098,645

413,408,737,139

Capital Stock

125,000,000,000

125,000,000,000

100,000,000,000

Capital Surplus

461,989,941,654

500,770,650,411

430,716,197,507

Profit Surplus

287,605,346,589

-74,569,474,555

95,073,951,174

Capital Adjustment

37,329,260,873

293,578,591,226

306,241,401,244

Total Equity

911,924,549,116

844,779,767,082

932,031,549,925

Liab. & Shareholder’s Equity

2,908,637,451,106

2,523,599,224,167

2,185,999,043,376

 

Income Statement

 

Unit : Korean Won

01/01/2011~03/31/2011

As of 12/31/2010

As of 12/31/2009

Revenues

1,004,321,000,000

 

 

Operating Expenses

(-)963,001,000,000

 

 

Operating Income

41,320,000,000

 

 

Other Operating Income

276,000,000

 

 

Other Operating Expenses

(-)1,234,000,000

 

 

Finance Income

53,190,000,000

 

 

Finance Expenses

(-)70,403,000,000

 

 

Income Before Taxes

23,149,000,000

 

 

Income Taxes Expenses

(-)4,720,000,000

 

 

Net Income

18,429,000,000

 

 

 

Income Statement

Unit : Korean Won

As of 12/31/2010

As of 12/31/2009

As of 12/31/2008

Revenues

3,245,569,511,893

2,225,676,108,489

2,418,949,621,357

Operating Expenses

3,155,965,540,243

2,321,079,070,410

2,345,351,439,854

Operating Income

89,603,971,650

-95,402,961,921

73,598,181,503

Non-Operating Income

208,601,487,003

157,201,989,170

258,133,682,583

Non-Operating Expenses

251,099,158,161

284,541,662,827

300,146,223,198

Income Before Taxes

47,106,300,492

-222,742,635,578

31,585,640,888

Income Taxes Expenses

16,644,248,670

-50,943,957,221

8,327,307,326

Net Income

30,462,051,822

-171,798,678,357

23,258,333,562

 

 

Cash Flows

 

Unit : Korean Won

01/01/2011~03/31/2011

As of 12/31/2010

As of 12/31/2009

Operating Activities Cash Flows

(-)33,198,000,000

 

 

Cash Flows from Operating

(-)31,224,000,000

 

 

Interests Received

3,153,000,000

 

 

Dividends Received

18,000,000

 

 

Income Taxes

(-)5,145,000,000

 

 

Cash Flows from Investing

38,799,000,000

 

 

Cash Flows from Financing

30,440,000,000

 

 

Increase/Decrease in Cash

36,041,000,000

 

 

Cash at the Beginning of Year

194,906,000,000

 

 

Cash at the End of Year

230,751,000,000

 

 

 

Cash Flows

Unit : Korean Won

As of 12/31/2010

As of 12/31/2009

As of 12/31/2008

Cash Flows from Operating

-7,902,841,510

85,585,697,524

-338,713,317,424

-Net Income

30,462,051,822

-171,798,678,357

23,258,333,562

-Exp. without Cash Outflow

80,201,510,438

196,774,574,552

100,503,199,218

-Revenue without Cash Inflows

-107,394,585,746

-84,220,305,328

-131,197,851,963

-Changes in Asset/ & Liability

-11,171,818,024

144,830,106,657

-331,276,998,241

Cash Flows from Investing

-316,650,899,818

-543,974,299,097

-125,114,505,915

-Cash Inflow from Investing

117,210,095,973

72,523,631,528

424,476,811,718

-Cash Outflows for Investing

-433,860,995,791

-616,497,930,625

-549,591,317,633

Cash Flows from Financing

254,866,884,811

572,877,732,340

351,259,181,230

-Cash Inflows from Financing

640,572,867,352

623,234,652,381

880,099,477,867

-Cash Outflows from Financing

-385,705,982,541

-50,356,920,041

-528,840,296,637

Increase/Decrease in Cash

-69,686,856,517

114,489,130,767

-112,568,642,109

Cash at the Beginning of Year

264,592,426,460

150,103,295,693

262,671,937,802

Cash at the End of Year

194,905,569,943

264,592,426,460

150,103,295,693

 

 

Products, Technologies, Services Description

 

Main Products & Services

Investment Business

Energy Business

 

 

Trade Partners & Competitors

 

Customers

STX PAN OCEAN CO., LTD.(110111-0004286)

STX ENERGY CO., LTD.(135011-0121570)

STX JAPAN CORPORATION

CHINATEX GRAINS AND OILS IMP. & EXP. CO., LTD.

TRAFIGURA PTE LTD

Competitors

GS HOLDINGS CORP.

23TH FL., GS GANGNAM TOWER, 679, YEOKSAM 1-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-2005-8125  FAX:+82-2-2005-8180

 

LS CORP.

21TH FL., ASEM TOWER, 159-1, SAMSEONG 1-DONG, GANGNAM-GU, SEOUL, KOREA

TEL:+82-2-2189-9988  FAX:+82-2-2189-9799

 

SK HOLDINGS CO., LTD.

SK BLDG., 99, SEORIN-DONG, JONGNO-GU, SEOUL, KOREA

TEL:+82-2-2121-0114  FAX:+82-2-2121-7001

 

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates-Domestic

STX CORPORATION(194211-0000183)

STX PAN OCEAN CO., LTD.(110111-0004286)

STX CONSTRUCTION CO., LTD.(194111-0009939)

STX SOLAR CO., LTD.(110111-3788671)

FORCE TEC CO., LTD.(194211-0019522)

HEUNG KOOK MUTUAL SAVINGS BANK(180111-0010255)

SAEROM SUNGWON INDUSTRIAL CO., LTD.(194211-0004523)

CXD CO., LTD.(194111-0012685)

CHEIL A&C CO., LTD.(110111-3159351)

STX HEAVY INDUSTRIES CO., LTD.(194111-0009004)

 

STX OFFSHORE & SHIPBUILDING CO., LTD.(180111-0002814)

(33.67% held by the subject company)

 

STX ENGINE CO., LTD.(194211-0066763)

(33.55% held by the subject company)

 

STX ENERGY CO., LTD.(135011-0121570)

(47.42% held by the subject company)

 

STX RESORT CORPORATION(110111-3794644)

(100.00% held by the subject company)

Affiliates-Overseas

STX NORWAY AS

STX EUROPE AS

STX(DAIRYIAN) SHIPBUILDING CO., LTD.(CHINA)

STX(DAIRYIAN) PRECISION CO., LTD. (CHINA)

STX(DAIRYIAN) OFFSHORE & HEAVY INDUSTRIES CO., LTD.(CHINA)

STX(DAIRYIAN) ENGINE CO., LTD.(CHINA)

STX(DAIRYIAN) METAL CO., LTD.(CHINA)

STX(DAIRYIAN) HEAVY INDUSTRIES CO., LTD.(CHINA)

STX(DAIRYIAN) HEAVY EQUIPMENT CO., LTD.(CHINA)

STX CONSTRUCTION(DAIRYIAN) CO., LTD.(CHINA)

STX(DAIRYIAN) INFORMATION & TECHNOLOGY CO., LTD.(CHINA)

DAIRYIAN STUS A&C CO., LTD.(CHINA)

POSI(DAIRYIAN) LOGISTICS CO., LTD.(CHINA)

STX(DAIRYIAN) TRADING CO., LTD.(CHINA)

STX BANGJISAN DEVELOPMENT (DAIRYIAN) CO., LTD. (CHINA)

STX-VINA HEAVY INDUSTRY CO., LTD

STX HEAVY INDUSTRIES(MUSOON) CO., LTD.(CHINA)

STX MONGOLIA LLC

STX CITINET, LLC.

STX MIDDLE EAST FZE.

STX (SHANGHAI) CORPORATION LTD.

STX BRASIL TRADING LTDA.

STX AMERICA INC.

STX PANOCEAN (AMERICA), INC.

STX PANOCEAN SINGAPORE PTE. LTD.

STX GULF SHIPPING DMCCO

STX LOGISTICS SINGAPORE PTE. LTD.

STX PANOCEAN LNG PTE. LTD.

STX PANOCEAN (HONG KONG) CO., LTD.

STX PANOCEAN (U.K) CO., LTD.

DTK OCEANIC LIMITED

STX JAPAN CORPORATION

STX GLOBAL LOGIX CO.,LTD.

STX PANOCEAN (CHINA) CO., LTD.

QINGDAO STX INTERNATIONAL LOGISTICS CO., LTD.

QINGDAO STX-KEYUN LOGISTICS CO., LTD

TIANJIN STX-SINOTRANS LOGISTICS CO., LTD.

SEA WIN SHIPPING CO., LTD.

LIANYUNGANG GLOBAL OCEAN SHIPPING CO., LTD.

FAR EASTERN SHIPYARD-STX

DS CEMENT LLP

STX WINDPOWER B.V.

QINGDAO STX MACHINERY CO., LTD.

SP/F STX FAROES LTD.

STX IRELAND LIMITED

STX ENERGY AMERICA, INC.

ORION STORY

STX ENGINEERING & CONSTRUCTION GHANA LIMITED

YOUNEX ENTERPRISES CORPORATION

STX APRILIS, INC

Affiliates-Subsidiaries of STX EUROPE

STX EUROPE HOLDING AS

STX NORWAY OFFSHORE AS

STX NORWAY OFFSHORE BREVIK AS

STX GRENLAND INDUSTRIER AS

STX SHIPYARD SUPPORT AS

HJALLUM AS

STX BREVIK SUPPORT AS

BRIDGE EIENDOM AS

SCANDINOR AS

STX RO OFFSHORE BRAILA SA

BRAILA SHIP REPAIR SA

AJA SHIP DESIGN SA

STX RO BREVIK HOLDING SRL

RONOR AS

NORYARDS AS

SCANROM SRL

VENTIGROS SRL

NORFARM SRL

STX NORWAY ELECTRO AS

STX RO ELECTRO TULCEA SRL

STX BRAZIL ELECTRO

STX RO ELECTRO BRAILA SRL

STX NORWAY ELECTRO BREVIK AS

STX ELECTRO BREVIK AS

STX BREVIK PHILADELPHIA

STX BRAZIL OFFSHORE SA

STX RO HOLDING SRL

STX RO OFFSHORE TULCEA SRL

STX SCANYARDS SRL

STX BRATTVAAG OFFSHORE MARITIME SRL

STX SINGAPORE OFFSHORE PTE. LTD.

STX VIETNAM OFFSHORE LTD.

JOHNSEN MARITIME AS

JOHNSEN MARITIME TULCEA SRL

STX NORWAY OFFSHORE DESIGN AS

STX NORWAY PIPESERVICE AS

STX FRANCE HOLDING AS

STX FRANCE SA

STX FRANCE LORIENT SAS

STX FRANCE SOLUTIONS SAS

STX FRANCE LNG TECHOLOGY SAS

STX FRANCE CABINS SAS

STX NORWAY FLORØ AS

AFS ELEKTRO AS

STX NORWAY DESIGN FLORØ AS

KRAMFORS ASA

AKER BRAVO AS

STX EUROPE TECHNOLOGY AS

STX FINLAND OY

STX FINLAND CABINS OY

STX USA LIFECYCLE SERVICES INC.

AKER ARTIC TECHNOLOGY OY

SHIPBUILDING COMPLETION OY

NEMARC SHIPPING OY

TECHNOLOGY DESIGN AND ENG'ND OY

STX CANADA MARINE INC.

STX US MARINE INC.

Subsidiary

STX MARINE SERVICE CO., LTD.(180111-0755413)

(100.0% held by the subject company)

 

 

Sales by Region

(Activity & Markets)

 

Investment Business

 

Sales/ Unit :Mil KRW

03/2011

2010

2009

Export

625,254

2,047,398

 

Domestic

379,067

1,144,331

 

Total

1,004,321

3,191,729

 

 

Energy Business

 

Sales/ Unit :Mil KRW

03/2011

2010

2009

Export

13,130

33,011

1,144

Domestic

288,948

782,371

529,420

Total

302,078

815,382

530,564

The Subject deals with the companies in China, Japan, Middle East and Europe.

 

 

Court Action

 

Case No.

Court

Plaintiff(s)/ Creditor(s)/ Applicant(s)

Defendant(s)/ Debtor(s)/ Respondent(s)

Cause

Amount (Million KRW)

Status

 

 

Lee Soon-Yeon

The Subject Company

Claim for Compensation from Damages

148

2nd round is proceeding

 

 

The Subject Company

Hanjin Co., Ltd.(Korea)

Claim for Compensation from Damages

512

1st round is proceeding

 

 

News Clipping

 

---

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.16

UK Pound

1

Rs.72.10

Euro

1

Rs.63.10

 

 

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

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NB

New Business

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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.