%20SERVCES%20PRIVATE%20LIMITED%20-%20133469%2025-Feb-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
25.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
BOXTRANS LOGISTICS ( |
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Registered
Office : |
29, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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|
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Date of
Incorporation : |
20.02.2006 |
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|
|
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Com. Reg. No.: |
11-159885 |
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CIN No.: [Company Identification
No.] |
U63040MH2006PTC159885 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMB17199A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCB8054G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Service Provider of Warehousing,
Transporter and Clearing Forwarding |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (18) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
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Litigation : |
Clear |
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|
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|
Comments : |
Subject is an established company having moderate track. Profitability
of the company is under pressure. There appears to be accumulated losses
recorded by the company. However, trade relations are fair. Payments are
reported to be slow. The company can be considered for business dealings on a secured 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
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 : |
29, |
|
E-Mail : |
|
|
Website : |
|
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|
|
|
Head Office : |
Kaiser-I-Hind Building, Ground Floor, Currimbhoy Road, Ballard Estate,
Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-22644902 |
DIRECTORS
As on 22.09.2010
|
Name : |
Mr. Naresh Jayantilal Kotak |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
27.12.1940 |
|
Date of Appointment : |
20.02.2006 |
|
DIN : |
00009707 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
Kalpana, 96-B, |
|
Date of Birth/Age : |
24.03.1961 |
|
Date of Appointment : |
20.02.2006 |
|
DIN : |
00010788 |
KEY EXECUTIVES
|
Name : |
Mr. Vipin Gaurishankar Jani |
|
Designation : |
Secretary |
|
Address : |
302, Heena Residency C.H.S. Ltd., Daulat Nagar, Borivali – East,
Mumbai – 400066, |
|
Date of Birth/Age : |
23.06.1964 |
|
Date of Appointment : |
07.05.2010 |
|
PAN No.: |
ABVPJ7297A |
|
|
|
|
Name : |
Capt. Rajeev Mittal |
|
Designation : |
Vice President |
|
Date of Birth/Age : |
49 Years |
|
Qualification : |
Master Marine - FG |
|
Experience : |
28 Years |
|
Date of Appointment : |
23.06.2008 |
|
|
|
|
Name : |
Mr. I.V.S. Murlidhar |
|
Designation : |
Vice President |
|
Date of Birth/Age : |
49 Years |
|
Qualification : |
B. Sc. |
|
Experience : |
30 Years |
|
Date of Appointment : |
01.05.2007 |
|
|
|
|
Name : |
Mr. Manoj Arora |
|
Designation : |
Dy. General Manager-Marketing |
|
Date of Birth/Age : |
41 Years |
|
Qualification : |
B. Com. |
|
Experience : |
19 Years |
|
Date of Appointment : |
01.01.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Naresh Jayantilal Kotak and Mr. |
|
46,430,000 |
|
United |
|
46,430,000 |
|
|
Total |
92,860,000 |
As on 22.09.2010
|
Category |
Percentage |
|
|
|
|
Bodies corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service Provider of Warehousing,
Transporter and Clearing Forwarding |
GENERAL INFORMATION
|
Bankers : |
ICICI Bank Limited, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
G.M. Kapadia and Company Chartered Accountant |
|
Address : |
1001, Raheja Chambers, 213, Nariman Point, Mumbai – 400021, |
|
PAN No.: |
AAAFG4713G |
CAPITAL STRUCTURE
As on 22.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
95,000,000 |
Equity Shares |
Rs.10/-each |
Rs.950.000 million |
|
2,500,000 |
Preference Shares |
Rs.100/-each |
Rs.250.000 million |
|
|
Total |
|
Rs.1200.000
million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
92,860,000 |
Equity Shares |
Rs.10/-each |
Rs.928.600 million |
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 |
928.600 |
928.600 |
803.600 |
|
|
2] Share Application Money |
40.520 |
0.520 |
6.980 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(755.576) |
(350.808) |
(1.119) |
|
|
NETWORTH |
213.544 |
578.312 |
809.461 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1850.000 |
1850.000 |
1600.000 |
|
|
2] Unsecured Loans |
524.716 |
153.456 |
0.000 |
|
|
TOTAL BORROWING |
2374.716 |
2003.456 |
1600.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2588.260 |
2581.768 |
2409.461 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2149.334 |
2238.544 |
155.834 |
|
|
Capital work-in-progress |
231.112 |
207.995 |
1934.213 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
1.756 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
92.643
|
64.424 |
62.445 |
|
|
Cash & Bank Balances |
48.200
|
77.980 |
277.827 |
|
|
Other Current Assets |
0.000
|
0.000 |
13.466 |
|
|
Loans & Advances |
168.103
|
56.910 |
24.799 |
|
Total
Current Assets |
308.946
|
199.314 |
378.537 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
53.767
|
30.399 |
34.979 |
|
|
Other Current Liabilities |
45.488
|
32.215 |
21.840 |
|
|
Provisions |
1.877
|
1.471 |
4.060 |
|
Total
Current Liabilities |
101.132
|
64.085 |
60.879 |
|
|
Net Current Assets |
207.814
|
135.229 |
317.658 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2588.260 |
2581.768 |
2409.461 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
1146.601 |
664.471 |
11.764 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
1198.394 |
937.814 |
3.920 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(51.793) |
(273.343) |
7.844 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
249.901 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(301.694) |
(273.343) |
7.844 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
102.055 |
(74.199) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(403.749) |
(347.542) |
7.844 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
1.439 |
4.410 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(403.749) |
(348.981) |
3.434 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(350.807) |
(1.118) |
(4.554) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
1.020 |
0.707 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(755.576) |
(350.807) |
(1.118) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(4.36) |
(3.91) |
-- |
|
%20SERVCES%20PRIVATE%20LIMITED%20-%20133469%2025-Feb-2011_files/image003.gif){kind=small}
%20SERVCES%20PRIVATE%20LIMITED%20-%20133469%2025-Feb-2011_files/image004.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(35.21)
|
(52.52) |
29.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(16.42)
|
(14.26) |
1.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.89)
|
(0.60) |
0.001 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
11.59
|
3.58 |
2.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.05
|
3.11 |
6.22 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS :
The company was able to reduce its losses compared to the previous
fiscal by undertaking a series of measures such as introduction of fresh routes,
increase in customer base, rationalizing operating cost and optimizing rake
turn around times. Compared to the fiscal of FY09 (9 months), where the EBITDA
was ( Rs.115.821 millions), the EBITDA for FY10 was (Rs. 51.793 millions).
Despite better projections for FY10, the same could not be achieved due to
various factors such as, depressed availability of return or secondary cargo,
withdrawal of 10% discount on haulage by Indian Railway, increase in haulage
tariff by Indian Railway, increase in diesel prices, upward revision of rail
access charges levied by Indian Railway as well as private terminal operators,
etc. Lack of adequate terminal and handling facilities, due to which profit
levels were depressed.
FUTURE OUTLOOK:
The Company is in the process of setting up three terminals at strategic
locations in order to achieve deeper penetration into perennial cargo
generating clusters, where storage and consolidation of the cargo can be
started as first steps to streamline transport logistics. The Company has been
able to focus on finding cargo volume on “to and fro” routes and aims to build
its future business model on selections which have the least number of idle
legs.The Company see a large potential in the Pure transportation of goods, in
the domestic segment of the logistics industry in India, which is currently
being catered to by road transportation which is estimated to be close to 2.3
billion metric tons per annum. A penetration and conversion of 5% of this
volume will translate to a requirement of 1500 rakes against the current 300
rakes in the sector. Apart from the domestic transportation and end to end
transport solutions, the EXIM market is showing signs of revival with
containerized cargo throughput increasing by approximately 12% yoy. The Company
is aiming to turn EBITDA positive in FY11.
FIXED ASSETS :
Tangible Assets
- Air Conditioner
- Furniture and Fittings
- Computer
- Vehicles
- Office Equipments
- Flat at
- Plant and Machinery taken on Finance Lease
Intangible Assets
·
Software
·
License Fees
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|||
|
Corporate
identity number of the company |
U63040MH2006PTC159885 |
|||
|
Name of the
company |
Boxtrans
Logistics ( |
|||
|
Address of the
registered office or of the principal place of business in |
|
|||
|
Type of charge |
|
|||
|
Particular of
charge holder |
|
|||
|
Nature of description
of the instrument creating or modifying the charge |
Deed of
Hypothecation dated August 21, 2008 executed by the company in favour of
ICICI Bank Limited. |
|||
|
Date of
instrument Creating the charge |
21.08.2008 |
|||
|
Amount secured by
the charge |
Rs.100.000
million |
|||
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
|
|||
|
Short particulars
of the property charged |
Hypothecated all
rights, title, interest, benefits, claims and demands of the borrower in all
the future and present stock-in-trade, book debts, outstanding, monies and
revenues receivable, claims, bills, contracts, engagements, cash-in-hand,
securities, but excluding the Project Accounts and any amounts lying in the
Project Account. |
AS PER WEB DETAILS
HISTORY
As per recent reports,
almost 72% market share of domestic product movement rests with an unorganized
road network with rail managing to capture only about 30% of which Bulk cargoes
like Cement, Coal, POL,
The rising fuel costs, poor quality vehicles, lack of proper infrastructure,
waiting at various state borders all contribute to higher lead times in
movement, hence more people required to manage the system, leading to increased
logistics costs eventually burdening the end customer.
The logical solution therefore is to convert inefficiencies of road movements
to very competent and efficient rail movement.
In line with the liberalization policy of Government of India, the Ministry of
Railways issued licenses to private operators in the year 2006, for
facilitating this essential transformation.
They are amongst the top service providers in the rail logistics business to
have invested in Rolling stocks, Containers and Rail Terminals.
From the start of their operations in April 2007, they have covered over
18,00,000 kms and hauled over 1.2 Million Metric Tonnes of cargo, both for EXIM
and Domestic trades.
With continued support from Indian Railways they aim to be the top service
provider to the nation.
INFRASTRUCTURE
They have made substantial
investments in their start-up infrastructure.
Rolling Stock
They have acquired wagons specially
designed for transporting containers. Each rake comprises of 45 wagons having
capacity of 90 TEUs (20 foot equivalent unit) or 2700 MT capacity.
Currently 540 wagons have been deployed on various
sectors and they plan to induct as many as 900 wagons in the next fiscal.
Containers
They have a fleet of owned/leased containers of ISO
standard – 20ft and 40ft, which serve the trade.
Their latest acquisitions includes 20 foot Trans rack
containers capable of carrying 2 cars in one container and Flat Bed containers
with capacity to carry a multitude of special project cargoes other making them
the only private container rail operator, apart from Indian Railways with these
specialized units. In addition they have End Open, Open Tops and Side Access
units.
Container Terminals
They are setting up a number of
rail handling facilities around the country.
Their first ICD is coming up at Sonepat, state
-Haryana, about 35 / 40 km from
jurisdiction of NCR.
An integrated DRH facility is also being planned at
Other on-going projects are ICD / DRH combination
terminals at Orissa.
These facilities are planned logistic complexes with
cargo warehousing space, container handling yards and dedicated rail sidings.
FUTURE GROWTH
They will continue
to invest in rakes, terminals and different types of containers, including and
not limited to specialized containers such as Tank containers and Open Top
containers.
Special cargoes like Finished Steel, Tiles, Chemicals, Agri products, Paper,
Marble etc which they’re till date transported over long distances by road can
hence take advantage of their rail services which will in-turn assist them to
respond to their clients need and transport cargoes safely and quickly.
- Vishakha Container Terminal - Rail Linked Container terminal on the East
Coast of India,
- Boxco Connects Warehousing solution across
- Boxco Freight Forwarding division makes deliveries to world simpler.
THJE BOXTRANS ADVANTAGES
Boxtrans team of experts take pride in offering solutions for any
logistics and supply chain requirements. They assess and design transport
solutions for their individual requirements to give them a competitive edge. Be
it suggestions for warehousing, planning their dispatch details right from
their works or their warehouse till destination point they understand is of
critical business importance, their team of individuals will be with them for a
detailed study and recommend them the best for their business model.
- Exciting new alternatives in inland
container transportation
- Speedy, efficient, cost effective &
safe logistics solution
- Dedicated rail container service
provider
- Point-to-Point transportation service
- One stop solution for their cargo
transportation
- An experience with BOXTRANS will be like
no other
DOMESTIC SERVICES
Their business initiative aims to
providing total customer satisfaction including warehousing, distribution,
transportation and shipping solutions globally with support from their group
companies.
The co-ordination within various companies in-house
provides customers who require speedy, efficient, cost effective and safe
logistics solution.
They serve the growing demand of Shipping Lines,
Industries, Forwarders and Transporters.
Their services effectively bridges various locations
in
Domestic liner Routes that they serve are
- Morvi
– Kolkata –
- Morvi - Guwahati – Kolkata – Morvi
- Noli (Loni) – Jaipur - Vishakhapatnam – Noli (Loni)
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.45.37 |
|
|
1 |
Rs.73.54 |
|
Euro |
1 |
Rs.62.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
18 |
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.