MIRA
INFORM REPORT
|
Report Date : |
19.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
FIL FUND MANAGEMENT PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
FIDELITY FUND MANAGEMENT PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
6th Floor, Mafatlal Centre, Nariman Point, Mumbai – 400
021, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
02.07.2004 |
|
|
|
|
Com. Reg. No.: |
11-147285 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2428.259 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65991MH2004PTC147285 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF03966E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF8274G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Global Investment Management Company. |
|
|
|
|
No. of Employees : |
Above 50 Approximately |
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 |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company is under severe pressure. There appears huge accumulated
losses recorded by the company. However, trade relations are reported as
fair. Business is active. 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Amit |
|
Designation : |
Accountant |
|
Date : |
15.07.2011 |
LOCATIONS
|
Registered Office : |
6th Floor, Mafatlal Centre, Nariman Point, Mumbai – 400
021, |
|
Tel. No.: |
91-22-66554000 |
|
Fax No.: |
91-22-66554202 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 24.09.2010
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
Mashobra, |
|
Date of Birth/Age : |
26.09.1960 |
|
Date of Appointment : |
20.04.2009 |
|
DIN No. : |
02584868 |
|
|
|
|
Name : |
Mr. Ramesh A. Savoor |
|
Designation : |
Director |
|
Address : |
No. 201, Pine View, 9, |
|
Date of Birth/Age : |
24.04.1944 |
|
Date of Appointment : |
26.07.2004 |
|
DIN No. : |
00149089 |
|
|
|
|
Name : |
Mr. Arun S. Duggal |
|
Designation : |
Director |
|
Address : |
A – 4, Westend, |
|
Date of Birth/Age : |
01.10.1946 |
|
Date of Appointment : |
26.07.2004 |
|
DIN No. : |
00024262 |
|
|
|
|
Name : |
Mr. Ashu A. Suyash |
|
Designation : |
Whole Time Director |
|
Address : |
Flat No.214, Tower B, Kalptaru Horizon Society, SK Ahire Marg, Worli,
Mumbai – 400 025, |
|
Date of Birth/Age : |
02.02.1967 |
|
Date of Appointment : |
01.07.2006 |
|
DIN No. : |
00494515 |
KEY EXECUTIVES
|
Name : |
Mr. Apurva Vijay Joshi |
|
Designation : |
Company Secretary |
|
Address : |
42/D, Mangalkarni Society, 17, Siddharth Nagar, Goregaon (West),
Mumbai – 400 062, |
|
Date of Birth/Age : |
15.04.1980 |
|
Date of Appointment : |
23.02.2010 |
|
PAN No. : |
AEVPJ3643P |
|
|
|
|
Name : |
Mr. Hemang Mahesh Bakshi |
|
Designation : |
Company Secretary |
|
Address : |
7, Kunj Vihar, |
|
Date of Birth/Age : |
30.09.1964 |
|
Date of Appointment : |
01.08.2004 |
|
Date of Ceasing : |
23.02.2010 |
|
PAN No. : |
AABPB4150H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2010
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
FID Investments ( |
|
5567999 |
|
FID Services (Bermuda) Limited, |
|
1 |
|
Total
|
|
5568000 |
As on 24.09.2010
|
Names of Shareholders (12% Redeemable Cumulative Non Convertible
Preference Shares) |
|
No. of Shares |
|
FID Investments ( |
|
21625792 |
|
Total
|
|
21625792 |
As on 24.09.2010
|
Names of Shareholders (10% Cumulative Compulsory Convertible
Preference Shares) |
|
No. of Shares |
|
FID Investments ( |
|
2100000 |
|
Total
|
|
2100000 |
As on 24.09.2010
|
Names of Shareholders (11% Cumulative Compulsory Convertible
Preference Shares) |
|
No. of Shares |
|
FID Investments ( |
|
1175250 |
|
Total
|
|
1175250 |
As on 24.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Global Investment Management Company. |
GENERAL INFORMATION
|
No. of Employees : |
Above 50 Approximately |
|||||||||
|
|
|
|||||||||
|
Bankers : |
JP Morgan Chase Bank, Mumbai |
|||||||||
|
|
|
|||||||||
|
Facilities : |
|
|||||||||
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, |
|
Tel No. : |
91-22-66679000 |
|
Fax No. : |
91-22-66679025 |
|
|
|
|
Holding Company : |
FID Investments ( |
CAPITAL STRUCTURE
As on 24.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
|
25300000 |
Non Convertible Preference Shares |
Rs.100/-
each |
Rs.2530.000 millions |
|
|
Total |
|
Rs.2630.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5568000 |
Equity Shares |
Rs.10/- each |
Rs.55.680
millions |
|
24901042 |
Non Convertible Preference Shares |
Rs.100/-
each |
Rs.2490.104
millions |
|
|
Total |
|
Rs.2545.784 millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
|
22000000 |
Non Convertible Preference Shares |
Rs.100/-
each |
Rs.2200.000 millions |
|
3000000 |
Compulsory Convertible Preference Shares |
Rs.100/-
each |
Rs.300.000
millions |
|
|
Total |
|
Rs.2600.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5568000 |
Equity Shares (Of the above, equity shares 5567999 are held by FID Investments ( |
Rs.10/- each |
Rs.55.680
millions |
|
21625792 |
12% redeemable cumulative non convertible preference shares (All the above preference shares are held by FID Investments ( The above mentioned preference shares are redeemable at the option of
the board of directors of the company (subject to compliance with the
applicable provisions of the Companies Act, 1956) before the expiry of 20
years from the date of allotment. |
Rs.100/-
each |
Rs.2162.579
millions |
|
2100000 |
10% cumulative compulsory convertible preference shares (All the preference shares are held by FID Investments ( |
Rs.100/-
each |
Rs.210.000
millions |
|
|
Total |
|
Rs.2428.259 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 |
2428.259 |
2428.259 |
2218.259 |
|
|
2] Share Application Money |
4.550 |
4.550 |
0.000 |
|
|
3] Reserves & Surplus |
231.647 |
231.647 |
21.647 |
|
|
4] (Accumulated Losses) |
(2444.555) |
(2168.986) |
(1810.008) |
|
|
NETWORTH |
219.901 |
495.470 |
429.898 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
175.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
175.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
219.901 |
670.470 |
429.898 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
31.129 |
50.224 |
85.012 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
46.958 |
503.210 |
277.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000 |
|
|
Sundry Debtors |
66.251
|
41.052
|
114.937 |
|
|
Cash & Bank Balances |
63.637
|
38.224
|
114.975 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
486.393
|
392.263
|
333.807 |
|
Total
Current Assets |
616.281
|
471.539
|
563.719 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
260.733
|
181.509
|
273.802 |
|
|
Other Current Liabilities |
84.214
|
82.367
|
33.628 |
|
|
Provisions |
129.520
|
90.627
|
188.503 |
|
Total
Current Liabilities |
474.467
|
354.503
|
495.933 |
|
|
Net Current Assets |
141.814
|
117.036
|
67.786 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
219.901 |
670.470 |
429.898 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Investment Management Fees |
744.280 |
581.769 |
812.513 |
|
|
|
Other Income |
|
116.785 |
40.285 |
|
|
|
TOTAL (A) |
744.280 |
698.554 |
852.798 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employee Remuneration and Benefits |
991.640 (Including
Financial Expenses) |
423.969 |
482.483 |
|
|
|
Establishment and Other Expenses |
|
559.429 |
767.966 |
|
|
|
TOTAL (B) |
991.640 |
983.398 |
1250.449 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
(284.844) |
(397.651) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
5.313 |
0.158 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(247.360) |
(290.157) |
(397.809) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
28.210 |
36.528 |
56.175 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(275.570) |
(326.685) |
(453.984) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
7.822 |
12.503 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(275.570) |
(334.507) |
(466.487) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
Research Support Fees |
NA |
6.573 |
0.000 |
|
|
|
Reimbursement of remuneration and Business Expenses |
NA |
32.170 |
23.237 |
|
|
|
Total |
NA |
38.743 |
23.237 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
0.000 |
0.222 |
|
|
TOTAL IMPORTS |
NA |
0.000 |
0.222 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(9.40) |
(109.22) |
(130.39) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(37.03)
|
(47.89)
|
(54.70) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
(56.15)
|
(55.87) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(42.56) |
(62.61) |
(69.98) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.25) |
(0.66) |
(1.06) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.16
|
1.07
|
1.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30
|
1.33
|
1.14 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry creditors |
|
|
|
|
- Total Outstanding due to Micro and Small Enterprises (including
interest accrued) |
0.006 |
0.000 |
0.000 |
|
- Total Outstanding due of creditors other than to Micro and Small
Enterprises |
260.727 |
181.509 |
273.802 |
|
Total |
260.733 |
181.509 |
273.802 |
OPERATIONS REVIEW
Achievements and
new initiatives
During
the year, Fidelity Tax Advantage Fund, the tax saving fund won three awards i.e. the CRISlL award in the
equity linked savings scheme, i.e. tax savings fund category, the ICRA Seven Star
Fund Best Fund in the category
of 'Open Ended Equity - Tax Planning’ schemes for its 3 years performance till December 3 1,2009 and Morningstar Fund Award (India) in the "India Open Ended ELSS (Tax
Savings)" category for its
three-year performance ending December 3
1,2009,
In December, 2009, the Company
was the first mutual Fund which offered
the new fund offer of Fidelity
India VaIue Fund (FIVF) to its
investors through the NSE's
Mutual Fund Service System
(MFSS) and the BSE's StAR MF
PIatfom.
In response to the challenging investment environment in mid-2009, the Company redesigned and launched its retail
website designed to help visitors define,
prioritise and plan for financial goals based on their life stage. Further, to
help new customers invest in a
few clicks, the website was modified to include selection of the fund / scheme
as a pre-requirement to registration for Fidelity Online . The online platform
has also been enhanced to make it availabIe to advised customers
with the ability to pay distributor
commissions for transactions done online.
The Fund also launched a new feature - Auto Switch - for its schemes whereby the investors could
automatically switch in to and switch
out of the Fund's equity funds
based an pre-set entry and exit trigger levels.
Lastly, Company achieved an important milestone during May 2010 as its first fund, Fidelity Equity Fund completed
five years and this tied in with
the overall business completing five
years as well in
Assets under management and number of
investors :
The
Fund launched two new equity funds during the financial year ended March 31,
2010 viz. Fidelity India Value
Fund (an open-ended equity growth scheme) and Fidelity Global Red Assets Fwd
(an open - ended fund of funds scheme investing in units of an off shore mutual fund), in order to cater to various risk profiles and investment needs of
the investors and also to broaden the investment offerings by the Fund.
Further, the Fund also Launched six plans i.e. plan
A - F under the Fidelity
Fixed Maturity PIan – Series II,
a closed - ended debt scheme during May - June 2010.
The total assets
under management of the Fund were about Rs.77460.000
millions as on March 3I, 2010 as
against Rs.62600.000 millions
as on March 31, 2009. Of the total assets under
management at the beginning of the financial year, assets under the equity
schemes accounted for more than
80% of the total assets. The net assets of the Fund as
on May 31, 2010 were Rs.75960.000 millions.
The total number of folios under the Fund, as on
March 31, 2010 was 1,030,792 as against 1,236,091 on March 31,
2009.
BACKGROUND:
The Company was incorporated on July 2, 2004 as a private limited company under the Companies Act, 1956 by the name of Fidelity Fund Management Private Limited. The name of the Company has been changed to FIL Fund Management Private Limited with effect from June 11, 2008.
The Company is registered with Securities and Exchange Board
of India (SEBI) under SEBI (Mutual Funds) Regulations, 1996 as an investment
manager. The Company's principal activity is to act as an investment manager to
Fidelity Mutual Fund ('the Fund') which has launched twelve schemes till the
date of the balance sheet. The Company manages investment portfolios of the
scheme(s) launched by the Fund and provides various administrative services to
the Fund as laid down in the Investment Management Agreement dated August 9,
2004. The Company has entered into an agreement during the year for providing
research support services to FIL Investment Management (Hong Kong) Limited and
FIL Investment Management Limited,
FIXED ASSETS:
Tangible assets
- Computer
Equipment
- Communication
Equipment
- Office
Equipment
- Furniture and
Fixtures
- Leasehold
Improvements
Intangible assets
- 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.44.57 |
|
|
1 |
Rs.71.75 |
|
Euro |
1 |
Rs.62.60 |
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 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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.