MIRA INFORM REPORT

 

Report Date :

16.08.2011

 

IDENTIFICATION DETAILS

 

Name :

ASHIMA DYECOT LIMITED

 

 

Registered Office :

Texcellence Complex, Khokhara- Mehmedabad, Ahmedabad-380021, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

20.04.1995

 

 

Com. Reg. No.:

04-025537

 

 

Paid-up Capital :

Rs. 229.804 Millions

 

 

CIN No.:

[Company Identification No.]

U17110GJ1995PLC025537

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMA00591D

AHMA04267E

 

 

PAN No.:

[Permanent Account No.]

AACCA2753K

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer of 100% Cotton Fabric

 

 

No. of Employees :

470 (Approximately) [120 – In Office + 350 – In Factory]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Poor

 

 

Payment Behaviour :

Slow and Delayed

 

 

Litigation :

Clear

 

 

Comments :

Subject is a company having poor track. Profitability of the company is under pressure. It has huge accumulated losses. Payments are reported to be slow and delayed.

 

The company is almost sick and can be considered for any business dealings on safe and secured trade terms and conditions only.

 

NOTES :

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

 

 

INFORMATION PARTED BY

 

Name :

Mr. Rajesh Kalari

Designation :

Assistant Finance Manager

Date :

12.08.2011

 

 

LOCATIONS

 

Registered Office/Factory :

Texcellence Complex, Khokhara- Mehmedabad, Ahmedabad-380021, Gujarat

Tel. No.:

91-79-22773513

Fax No.:

91-79-22773061

E-Mail :

Finance.dyecot@ashimagroup.com

ashimadyecot@yahoo.co.in

Website :

www.ashimagroup.com

Area :

23000 sq.ft

Location :

Owned

 

 

 

 

DIRECTORS

 

As on 30.09.2010

 

Name :

Mr. Chintan Navnitlal Parikh

Designation :

Chairman and Managing Director

Address :

Shakuntal, Dr. V.S Road Polytechnic, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

25.05.1957

Date of Appointment :

20.04.1995

DIN No.:

00155225

 

 

Name :

Mr. Bakul Harshadrai Dholakia

Designation :

Director

Address :

6, Asopalav Bunglows, Behind Sandipani Society, Thaltej, Ahmedabad – 380059, Gujarat, India

Date of Birth/Age :

15.07.1947

Date of Appointment :

25.04.2001

DIN No.:

00005754

 

 

Name :

Mr. Devan Vipin Parikh

Designation :

Director

Address :

B/H Khadayata Colony, Ellisbridge, Ahmedabad-380006, Gujarat, India

Date of Birth/Age :

19.02.1961

Date of Appointment :

07.12.2004

DIN No.:

00179826

 

 

Name :

Ms. Vanita Mathur

Designation :

Additional Director

Address :

14/82, Anand Flat, Naranpura, Ahmedabad – 380013, Gujarat, India

Date of Birth/Age :

11.08.1971

Date of Appointment :

27.03.2008

DIN No.:

02139103

 

 

Name :

Mr. Shrikant Sachidanand Pareek

Designation :

Additional Director

Address :

4, Shalin Bunglows, Vejalpur, Ahmedabad – 380051, Gujarat, India

Date of Birth/Age :

13.09.1967

Date of Appointment :

27.03.2008

DIN No.:

02139143

 

 

KEY EXECUTIVES6

 

Name :

Mr. Dipak Thaker

Designation :

Company Secretary

Address :

22, Krishna Duplex Part II, Krishna Township, Behind Vuda Flats, Vadodara – 390021, Gujarat, India

Date of Birth/Age :

14.04.1959

Date of Appointment :

30.11.2004

Pan No.:

AAOPT8077C

 

 

Name :

Mr. Rajesh Kalari

Designation :

Assistant Finance Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2010

 

Names of Shareholders

 

No. of Shares

Parikh Chintan N.

 

54

Parekh Nitin Dalsukhray

 

100

Bhargav Harshadray Jani

 

50

Mahadevia Hiren S.

 

50

B. Ravi

 

50

Parikh Shefali C.

 

50

Indocean Fund Co-Investment (Mauritius) Limited – Mauritius

 

700000

Oldfields Holdings Limited – Mauritius

 

1500000

Gobind Rupchand Gumnani

 

743399

Thomas Thomas

 

741900

Asset Reconstruction Company (India) Limited – India

 

11250000

General Insurance Corporation Of India – India

 

49835

National Insurance Company Limited – India

 

24917

The New India Assurance Company Limited – India

 

41529

The Oriental Insurance Company Limited – India

 

24917

United India Insurance Company Limited – India

 

33223

Life Insurance Corporation Of India – India

 

342615

Specified Undertaking Of Unit Trust Of India – India

 

124556

Unit Trust Of India – Mutual Fund – India

 

15605

Amrakadamb Investments Private Limited – India

 

3693750

Amrashagun Investments Private Limited – India

 

3693750

Total

 

22980350

 

As on 30.09.2010

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Public Financial Companies

51.74

Mutual Funds

0.07

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

16.04

Bodies corporate

32.15

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of 100% Cotton Fabric

 

 

Products :

Item code No.

Product Description

5208

Processed cotton fabrics

6205

readymade garments

5903

Interlining fabrics

 

 

Exports :

 

Products :
  • 100% Cotton Fabric

Countries :
  • UK
  • Belgium

 

 

Imports :

 

Products :
  • Raw material
  • Machine parts

Countries :
  • Pakistan
  • Germany
  • UK

 

 

Terms :

 

Selling :

L/C, Cash and Credit

 

 

Purchasing :

Advance TT

 

PRODUCTION STATUS (As On 31.03.2010)

 

Particulars

Unit

 

Licensed Capacity

Installed Capacity

Cloth Processing

Lac Meters per annum

 

420

300

Looms

No.

 

10

0

Spindles

No.

 

4400

0

Readymade garments

pcs per annum

 

36

12

 

 

GENERAL INFORMATION

 

Suppliers :
  • Carrier (they use to import)

 

 

Customers :
  • Wholesalers
  • Retailers
  • End Users

 

 

No. of Employees :

470 (Approximately) [120 – In Office + 350 – In Factory]

 

 

Bankers :
  • Kotak Mahindra Bank, Chandan House Branch, Mumbai, Maharasahtra, India
  • State Bank Of India, Corporate Accounts Group Branch, Navrangpura, Ahmedabad-380009, Gujarat, India

 

 

Facilities :

Secured Loan

As on

31.03.2010

(Rs. in

Millions)

As on

31.03.2009

(Rs. in

Millions)

A)      Debentures

 

 

Non convertible debentures

56.974

56.974

Zero coupon non convertible debentures

370.446

370.446

Zero coupon bonds

503.913

503.913

Interest accrued and due

24.333

24.333

B)      Term Loans

 

 

Term Loans

1274.053

1274.053

Interest accrued and due

26.450

26.450

Total

2256.169

2256.169

 

Notes:

All secured loans are secured as follows:

The Non convertible debentures, ZCNCDs. ZCBs and term loans are secured by way of 1st pari passu equitable mortgage of the land and buildings of the company situated at Mithipur and Odha,. Ahmedabad in the state of Gujarat and 1st pari-passu charge by way of hypothecation of the plant and machinery of the company and second pari-pasu charge on the current assets of the company

2 The working capital facilities acquired by ARClL included under term loan above are secured by way of 1st charge on raw materials. stock in process, stores, finished goods, spares and book debts of the company and second charge on fixed and moveable assets of the company.

3 As per the Scheme of Compromise and/or Arrangement approved by the Honourable High Court of Gujarat u/s 391 of the Companies Act, 1956 between the company and its secured lenders and equity shareholders.

i)         The non convertible debentures are repayable in thirty five quarterly installments between 31.12.2005 to 30.06.2014.

ii)       The zero coupon non convertible debentures are repayable at par with a bullet payment on 31.03.2009.

iii)      The zero coupon bonds shall be repayable at par in three equal annual installments, commencing from 31.03.2012.

iv)      The interest accrued and due is payable in twenty three quarterly installments between 31.12.2005 to 30.06.2011.

The first four installments of redemption of non convertible debentures as well as interest accrued and due mentioned in i) and iv) above have been paid. Thus the charge is subsisting on the balance amounts.

 

Unsecured Loan

As on

31.03.2010

(Rs. in

Millions)

As on

31.03.2009

(Rs. in

Millions)

From Companies

0.000

34.000

Total

0.000

34.000

 

 

 

Banking Relations :

--

 

 

Financial Institute :

Asset Reconstruction Company (India) Limited – Express Towers 17th Floor, Nariman Point, Mumbai – 400021, Maharasahtra, India

 

 

Auditors :

 

Name :

Dhirubhai Shah and Company

Chartered Accountant

Address :

401/408, “Aditya, Behind Abhijeet-I, Near Mithakali Circle, Ellisbridge, Ahmedabad – 380006, Gujarat, India

Tel. No.:

91-79-26403326

Telefax No.:

91-79-26403325

E-Mail :

dshahco@dbsgroup.in

Website :

www.dbsgroup.in

PAN.:

AABFD1936H

 

 

Subsidiaries :

·         Ashima Attires Private Limited

CIN: U18109GJ1996PTC030701

 

 

Associates :
  • Ashima Limited
  • Amrashagun Investments Private Limited
  • Amrakadamb Investments Private Limited
  • Atrium Exports Private Limited

 

 

Other Related Parties :

·         Freshtex India Private Limited

 

 

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

35000000

Equity Shares

Rs.10/- each

Rs. 350.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

22980350

Equity Shares

Rs.10/- each

Rs. 229.804 Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

229.804

229.804

229.804

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

182.534

182.534

182.534

4] (Accumulated Losses)

(1908.406)

(1795.431)

(1679.741)

NETWORTH

(1496.068)

(1383.093)

(1267.403)

LOAN FUNDS

 

 

 

1] Secured Loans

2256.169

2256.169

2256.169

2] Unsecured Loans

0.000

34.000

34.000

TOTAL BORROWING

2256.169

2290.169

2290.169

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

760.101

907.076

1022.766

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

689.903

771.414

858.713

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

2.102

2.102

2.102

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
113.500

245.613

313.128

 

Sundry Debtors
26.581

59.444

28.908

 

Cash & Bank Balances
13.262

3.337

18.627

 

Other Current Assets
21.365

21.780

12.672

 

Loans & Advances
25.408

33.357

44.779

Total Current Assets
200.116

363.531

418.114

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

89.593

195.333

213.679

 

Other Current Liabilities
39.819

31.371

39.853

 

Provisions
3.267

3.267

2.631

Total Current Liabilities
132.679

229.971

256.163

Net Current Assets
67.437

133.560

161.951

 

 

 

 

MISCELLANEOUS EXPENSES

0.659

0.000

0.000

 

 

 

 

TOTAL

760.101

907.076

1022.766

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Sales and Operating Income

1037.641

1299.848

1262.544

 

 

Other Income

0.399

1.471

1.180

 

 

TOTAL                                     (A)

1038.040

1301.319

1263.724

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Raw material consumed

403.420

673.039

671.283

 

 

Manufacturing expenses

370.167

413.717

382.924

 

 

Employees Emoluments

134.676

135.606

140.570

 

 

Administrative and other expenses

58.485

66.151

74.044

 

 

Amortisation of expenses

0.142

0.000

0.000

 

 

Decrease in stock

95.947

43.118

21.205

 

 

Extraordinary items

0.000

0.000

422.352

 

 

Prior Period Adjustments

0.000

0.000

(0.052)

 

 

TOTAL                                     (B)

1062.837

1331.631

1712.326

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

(24.797)

(30.312)

(448.602)

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

6.602

2.831

4.208

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

(31.399)

(33.143)

(452.810)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

81.576

81.911

95.516

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

(112.975)

(115.054)

(548.326)

 

 

 

 

 

Less

TAX                                                                  (I)

0.000

0.636

0.687

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

(112.975)

(115.690)

(549.013)

 

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(1795.431)

(1679.742)

(1132.535)

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer from share premium account

0.000

0.000

1.806

 

BALANCE CARRIED TO THE B/S

(1908.406)

(1795.431)

(1679.742)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

362.047

511.672

298.989

 

 

Export Sales

388.373

551.622

305.954

 

TOTAL EARNINGS

750.420

1063.294

604.943

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials, dyes and chemicals

10.929

33.304

123.944

 

 

Stores & Spares

5.922

8.702

6.457

 

 

Capital Goods

0.000

0.000

9.812

 

TOTAL IMPORTS

16.851

42.006

140.213

 

 

 

 

 

 

Earnings Per Share (Rs.)

(4.92)

(5.03)

(23.89)

 

 

Particulars

 

 

 

31.03.2011

Sales Turnover (approximately)

 

 

600.000

 

 

Production low, more of job work

 

The above information has been parted by Mr. Rajesh Kalari (Assistant Finance Manager)

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
(10.88)

(8.89)

(43.44)

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
(10.89)

(8.85)

(43.43)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
(12.69)

(10.14)

(42.94)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.08

0.08

0.43

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
(1.60)

(1.82)

(2.01)

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.51

1.58

1.63

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

The Sundry Creditors Details

Rs. In Millions

Particulars

31.03.2010

31.03.2009

31.03.2008

Sundry Creditors

 

 

 

-          Small scale industries

0.707

0.303

0.557

-          Others

88.886

195.030

213.122

Total

89.593

195.333

213.679

 

Trade References:

  • Obeco – Brazil

 

 

REVIEW OF THE PERFORMANCE:

The year witnessed improvement in the operational performance. The company has been able to reduce the losses on account of better performance of the Garment division, though the Processing division of the company continued to reel under the dual pressure of insufficient volumes and reduced margins.

 

As planned, the company has directed specific efforts to increase the job-work volumes therby reducing the reliance on own volumes in order to contain the downslide in the processing division. The company has been able to achieve positive results to a considerable extent and keep a better control on the variable as well as the fixed costs. Although, the reduced volumes of in-house goods have affected the profitability of the company in initial period, the company expects to achieve better results in the long run on account of this strategy.

 

The garment division has been able to achieve significant increase in terms of both volumes and the margins and thereby improved bottom-line. Specific efforts targeted at the select customer groups are yielding the desired results and the company expects to further improvements in the times to come.

 

The global impact of recession and financial turmoil continues to hamper the world economies, which in turn is making it more difficult for the company to achieve the desired results. The company is hopeful of improved performance in the years ahead in terms of cost control and achieving higher volumes.

 

 

Contingent Liabilities not provided for

Rs. In Millions

 

As On

31.03.2010

31.03.2009

i)

In respect of disputed demand of central excise not acknowledged by the company

31.102

102.986

ii)

In respect of disputed income tax demand not acknowledged by the company

5.433

5.433

iii)

In respect of sales tax demand not acknowledged by the company

2.687

2.687

 

 

Form 8:

 

This form is for

Modification of charge

Charge identification number of the modified 

90103085

Corporate identity number of the company

U17110GJ1995PLC025537

Name of the company

ASHIMA DYECOT LIMITED

Address of the registered office or of the principal place of  business in India of the company

200, Ashima House Near M J Library, Ellisbridge, Ahmedabada-380006 , Gujarat, India

Type of charge

Immovable property

Book debts

Movable property( not being pledge)

Particular of charge holder

Asset reconstruction company (India) limited

Express towers 17th floor, Nariman Point, Mumbai-400021, Maharashtra, India,

L65999MH2002PLC134884

Sanjay.sawnt@arcil.co.in

Nature of description of the instrument creating or modifying the charge

The financial institution/ banks/ lenders have individually and / or collectively rearranged/ restructured the debt through sanction letter and or through the scheme of compromise and arrangement approved by high court of Gujarat.

Date of instrument Creating the charge

27.07.2006

Amount secured by the charge

Rs. 787.200 millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of interest:

As per the sanction letter and or scheme of compromise and arrangement approved by the high court of Gujarat.

 

Terms of repayment:

As per the sanction letter and or scheme of compromise and arrangement approved by the high court of Gujarat.

 

Margin:

As per the sanction letter and or scheme of compromise and arrangement approved by the high court of Gujarat.

 

Extent and operation of the charge:

As per the sanction letter and or scheme of compromise and arrangement approved by the high court of Gujarat.

 

Date of latest modification prior to the present modification

28.09.2005

 

 

Fixed Assets:

  • Land
  • Buildings
  • Plant and machinery
  • Vehicles
  • Computers
  • Office equipments
  • Furniture and fixtures

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                              None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.37

UK Pound

1

Rs.73.53

Euro

1

Rs.64.37

 

 

 

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

-

 

 

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.