MIRA
INFORM REPORT
|
Report Date : |
15.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
KINETIC COMMUNICATIONS LIMITED |
|
|
|
|
Registered
Office : |
G-92, D III, MIDC, Chinchwad, Pune – 411019, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
15.06.1995 |
|
|
|
|
Com. Reg. No.: |
11-089588 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.42.575 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH1995PTC089588 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEK05221G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACK7632B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturers and exporters of all types of
electronic products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 460000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Factory : |
G-92, D III, MIDC, Chinchwad, Pune – 411019, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Manish Mohan Motwani |
|
Designation : |
Managing Director |
|
Address : |
C-3, Abhimanshree Housing Society Pashan Road, Aundh Pune – 411007,
Maharashtra, India |
|
Date of Birth/Age : |
02.10.1967 |
|
Date of Appointment : |
01.05.1997 |
|
DIN No.: |
00394860 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U74999MH1996PLC096927 |
Kinetic
Marketing and Services Limited |
Director |
06-02-96 |
06-02-96 |
- |
Active |
NO |
|
2 |
U74999MH1995PTC089588 |
Kinetic
Communications Limited |
Managing
director |
01-05-97 |
01-05-97 |
- |
Active |
NO |
|
3 |
L29130PN1981PLC023734 |
Z F
Steering Gear (India) Limited |
Director |
23-06-98 |
23-06-98 |
- |
Active |
NO |
|
4 |
U50101MH1996PLC099643 |
Kinetic
Hyundai Elevator and Movement Technologies Limited |
Director |
17-03-00 |
17-03-00 |
- |
Active |
NO |
|
5 |
U52334PN1998PTC012907 |
JHS
Taigene Electrical Company Private Limiited |
Managing
director |
17-03-00 |
17-03-00 |
- |
Active |
NO |
|
6 |
U72200PN2000PTC014784 |
Chrysalis
Financial Services Private Limited |
Director |
22-06-00 |
22-06-00 |
- |
Active |
NO |
|
7 |
U63090PN1996PLC100898 |
Jaya
Hind Sciaky Limited |
Director |
28-09-02 |
28-09-02 |
- |
Amalgamated |
NO |
|
8 |
U34300PN2006PTC128831 |
Ducati
Energia (India) Private Limited |
Director |
31-07-06 |
31-07-06 |
- |
Active |
NO |
|
9 |
U72200PN1996PTC104784 |
Kinetic
Hankuk Electricals and Electronics Private Limited |
Director |
30-08-06 |
30-08-06 |
- |
Active |
NO |
|
10 |
U74999PN2008PTC131793 |
Kinetic
Auto Parking Systems Private Limited |
Director |
09-04-08 |
09-04-08 |
- |
Active |
NO |
|
11 |
U27310PN2008PTC132284 |
Chrysalis
Casting Private Limited |
Director |
20-06-08 |
20-06-08 |
- |
Active |
NO |
|
12 |
U45300MH2007PTC174124 |
Sitaram
Real Estate Developers Private Limited |
Director |
01-04-09 |
01-04-09 |
- |
Active |
NO |
|
13 |
U34300MH1983PLC030666 |
Jaya
Hind Sciaky Limited |
Additional
director |
25-09-09 |
25-09-09 |
- |
Active |
|
|
14 |
U74990MH2009PTC195124 |
Kinetic
Fgtecnopolo Engineering Services Private Limited |
Additional
director |
15-12-10 |
15-12-10 |
- |
Active |
NO |
|
Name : |
Mrs. Jayshree Arun Firodia |
|
Designation : |
Director |
|
Address : |
Swagat Plot no.20, SMT Pankunvar Firodia Path, Pune – 411016,
Maharashtra, India |
|
Date of Birth/Age : |
26.01.1943 |
|
Date of Appointment : |
04.09.2007 |
|
DIN No.: |
00328499 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U33129MH1980PTC022686 |
Micro
Age Instruments Private Limited |
Director |
30-12-91 |
30-12-91 |
- |
Active |
NO |
|
2 |
U35999PN1993PLC070741 |
Ajinkya
Auto Fab Limited |
Director |
10-02-93 |
10-02-93 |
- |
Active |
NO |
|
3 |
U50101MH1996PLC099643 |
Kinetic
Hyundai Elevator And Movement Technologies Limited |
Director |
17-05-96 |
17-05-96 |
- |
Active |
NO |
|
4 |
U63090PN1996PLC100898 |
Jaya
Hind Sciaky Limited |
Director |
10-07-96 |
10-07-96 |
- |
Amalgamated |
NO |
|
5 |
U34300MH1983PLC030666 |
Jaya
Hind Sciaky Limited |
Director |
19-03-98 |
19-03-98 |
- |
Active |
|
|
6 |
U74999MH1995PTC089588 |
Kinetic
Communications Limited |
Director |
04-09-07 |
04-09-07 |
- |
Active |
NO |
|
7 |
U74900PN2010PTC137505 |
Karina
Tourism and Adventures Private Limited |
Director |
11-10-10 |
11-10-10 |
- |
Active |
NO |
|
8 |
U74900PN2011PTC138789 |
Kinetic
Motor Automotives Private Limited |
Director |
07-03-11 |
07-03-11 |
- |
Active |
NO |
|
Name : |
Mr. Ajay Raina |
|
Designation : |
Additional Director |
|
Address : |
Building A, Flat No.201, S. No. 128/1, Resi 3-Phase, Prime Heights
Sus, pune – 411021, Maharashtra, India |
|
Date of Birth/Age : |
10.02.1964 |
|
Date of Appointment : |
27.03.2008 |
|
DIN No.: |
02105211 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U74999MH1995PTC089588 |
Kinetic
Communications Limited |
Additional
director |
27-03-08 |
27-03-08 |
- |
Active |
NO |
|
2 |
U31101PN2011PLC139837 |
Kinetic
Green Energy And Power Solutions Limited |
Director |
13-06-11 |
13-06-11 |
- |
Active |
NO |
|
3 |
U74999PN2008PTC131793 |
Kinetic
Auto Parking Systems Private Limited |
Additional
director |
06-07-11 |
06-07-11 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Madhav Kulkarni |
|
Designation : |
Vice President – Operations |
|
|
|
|
Name : |
Mrs. Mithula Agrawal |
|
Designation : |
Business Devlopment Executive |
|
|
|
|
Name : |
Mr. Parag Bhurke |
|
Designation : |
Business Development Manager |
|
|
|
|
Name : |
Mr. Shripad Khandekar |
|
Designation : |
Vice President – Operations |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Kinetic Engineering Limited, India |
|
16000 |
|
Vepa Murrai |
|
100 |
|
Sanjeev Kulkarni |
|
100 |
|
Prakashchandra Jain |
|
100 |
|
Mulchandani Saroop |
|
100 |
|
Jayashree Firodia |
|
2764980 |
|
Manish Mohan Motwani |
|
1468620 |
|
Madhav Kulkarni |
|
7500 |
|
Total
|
|
4257500 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
0.38 |
|
Directors or relatives of Directors |
99.43 |
|
Other top fifty shareholders |
0.19 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and exporters of all types of
electronic products. |
||||||
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|
|
||||||
|
Products : |
|
PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
CDI |
Nos. |
NA |
450000 |
0 |
|
PCB ASSLY |
Nos. |
NA |
1500000 |
1282667 |
Note:
Installed capacity as certified by the Managing Director and accepted by
auditors.
Installed capacity is estimated and the same is interchangeable depending
upon the product mix.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
Bankers : |
State Bank of India |
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P.G Bhagwat Chartered Accountant |
|
Address : |
Suit 101-102 , Orchard, Dr. Pai Marg, Baner, Pune – 411045,
Maharashtra, India |
|
PAN.: |
AAAFB0762E |
|
|
|
|
Associates : |
·
Ducati Energia (India) Private Limited ·
Kinetic Hankuk Electricals and Electronics
Private Limited |
|
|
|
|
Related Parties : |
·
Chrysalis Financial Services Private Limited ·
Jaya Hind Sciaky Limited ·
JHS Taigene Electrical Company Private Limited ·
Kinetic Engineering Limited ·
Kinetic Hyundai Escalator and Movement
Technologies Limited ·
Kinetic Hyundai Escalator and Movement
Technologies Limited ·
Kinetic Marketing and Services Limited ·
Kinetic Motor Company Limited ·
Kinetic FGTecnopolo Engineering Services Private
Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4300000 |
Equity Shares |
Rs.10/- each |
Rs.43.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4257500 |
Equity Shares |
Rs.10/- each |
Rs.42.575
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
42.575 |
42.575 |
42.575 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
72.643 |
50.774 |
45.938 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
115.218 |
93.349 |
88.513 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6.004 |
12.959 |
22.383 |
|
|
2] Unsecured Loans |
19.412 |
19.412 |
19.352 |
|
|
TOTAL BORROWING |
25.416 |
32.371 |
41.735 |
|
|
DEFERRED TAX LIABILITIES |
0.427 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
141.061 |
125.720 |
130.248 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
60.709 |
55.584 |
52.008 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
9.279 |
|
|
|
|
|
|
|
|
INVESTMENT |
15.997 |
15.997 |
15.997 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.257 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
21.623
|
23.254 |
22.193 |
|
|
Sundry Debtors |
37.065
|
38.366 |
45.006 |
|
|
Cash & Bank Balances |
22.995
|
10.308 |
0.053 |
|
|
Other Current Assets |
1.309
|
1.393 |
1.448 |
|
|
Loans & Advances |
9.111
|
9.896 |
14.442 |
|
Total
Current Assets |
92.103
|
83.217 |
83.142 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
22.237
|
22.779 |
22.348 |
|
|
Other Current Liabilities |
5.083
|
5.820 |
7.094 |
|
|
Provisions |
0.428
|
0.736 |
0.736 |
|
Total
Current Liabilities |
27.748
|
29.335 |
30.178 |
|
|
Net Current Assets |
64.355
|
53.882 |
52.964 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
141.061 |
125.720 |
130.248 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
211.365 |
178.785 |
144.476 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
178.720 |
174.300 |
152.591 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
32.645 |
4.485 |
(8.115) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
10.776 |
(0.350) |
(0.867) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
21.869 |
4.836 |
(7.248) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
50.077 |
45.241 |
52.489 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
71.946 |
50.077 |
45.241 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
11.130 |
0.833 |
18.990 |
|
|
TOTAL EARNINGS |
11.13 |
0.833 |
19.823 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
63.868 |
55.169 |
40.730 |
|
|
|
Capital Goods |
12.104 |
1.389 |
5.901 |
|
|
|
Others |
0.958 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
76.93 |
56.558 |
46.631 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
5.14 |
1.14 |
(1.70) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
10.35
|
2.70 |
(5.02) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.36
|
3.23 |
(6.00) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.05 |
(0.06) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.46
|
0.66 |
0.81 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.32
|
2.84 |
2.76 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered office has been shifted from D-1, Block No.18/2, Chinchwad,
Pune – 411019, Maharashtra, India to the present address w.e.f. 20.04.2009
CONTINGENT
LIABILITY:
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Sales Tax Matter under appeal |
2.503 |
2.210 |
|
Income Tax Matter under appeal |
0.285 |
0.000 |
FIXED ASSETS:
·
Leasehold Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
·
Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
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.53.58 |
|
|
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.69.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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%)
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 report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.