MIRA
INFORM REPORT
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Report Date : |
20.07.2011 |
IDENTIFICATION DETAILS
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Name : |
KOTAKURJA PRIVATE LIMITED |
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Registered Office : |
311 Lotus House 33A, Vithaldas, Thackersey Marg, New Marine Lines,
Mumbai-400020, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
10.09.1997 |
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Com. Reg. No.: |
11-110591 |
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Paid-Up Capital : |
Rs. 201.712 Millions |
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CIN No.: [Company
Identification No.] |
U40100MH1997PTC110591 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRK01332C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer
of Solar Water Heating Systems and Solar Photovoltaic Modules and
Systems |
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No. of Employees : |
200 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1100000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for small to mediocre 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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Ragvendra |
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Designation : |
DGM Finance |
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Contact No.: |
91-9731395814 |
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Date : |
16.07.2011 |
LOCATIONS
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Registered Office : |
311 Lotus House 33A, Vithaldas, Thackersey Marg, New Marine Lines,
Mumbai-400020, |
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Tel. No.: |
91-22-22092139 |
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Mobile No.: |
91-9731395814 (Mr. Ragvendra) |
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Fax No.: |
91-22-22092142 |
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E-Mail : |
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Website : |
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Head Office / Factory : |
378, 10th Cross, 4th Phase, Peenya Industrial
Area, Bangalore-560058, |
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Tel. No.: |
91-80-28363330 (6 Lines) |
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Fax No.: |
91-80-28362347 |
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E-Mail : |
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Website : |
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Branches : |
Located At:
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Overseas Associate: |
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DIRECTORS
As On 30.09.2010
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Name : |
Mr. Kamal Shantilal Kotak |
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Designation : |
Director |
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Address : |
Sekhsaria House, 28, |
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Date of Birth/Age : |
05.04.1949 |
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Date of Appointment : |
10.09.1997 |
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Name : |
Dr. Tirumanilayur C. Kasivishwanathan |
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Designation : |
Director |
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Address : |
B-102, 2nd Cross Road, 1st Stage, Peenaya
Industrial Estate, |
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Date of Birth/Age : |
02.06.1942 |
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Date of Appointment : |
14.19.1997 |
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DIN No.: |
00150949 |
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Name : |
Mr. Aniruddha Arvind Nazre |
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Designation : |
Additional Director |
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Address : |
640, |
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Date of Birth/Age : |
15.09.1964 |
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Date of Appointment : |
30.09.2009 |
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DIN No.: |
00303970 |
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Name : |
Mr. Sandeep Shivarajpur Murthy |
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Designation : |
Director |
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Address : |
232, Urvashi, |
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Date of Birth/Age : |
22.11.1976 |
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Date of Appointment : |
30.09.2009 |
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DIN No.: |
00591165 |
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Name : |
Mr. Sunil Kamal Kotak |
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Designation : |
Director |
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Address : |
Seksaria House, |
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Date of Birth/Age : |
27.10.1974 |
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Date of Appointment : |
30.09.2009 |
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DIN No.: |
00151079 |
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Name : |
Mr. Kamalnayan Kotak |
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Designation : |
Director |
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Date of Appointment : |
10.09.1997 |
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DIN No.: |
00151664 |
KEY EXECUTIVES
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Name : |
Mr. Ragvendra |
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Designation : |
DGM Finance |
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Name : |
Ms. Rupal D. Jhaveri |
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Designation : |
Company Secretary |
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Address : |
22, Rajgir Chambers, 3rd Floor, Shahid Bhagat Singh Road,
Opposite Old Custom House, Mumbai – 400001, Maharashtra, India |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
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Names of Equity Shareholders |
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No. of Shares |
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Kulin Shantilal Kotak |
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290383 |
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Anjana Kamal Kotak |
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27000 |
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Kotak Kamal Hiran |
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1000 |
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Kotak Pankaj Swati |
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46000 |
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Kotal Kulin Dhara |
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21000 |
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Kotak Shantilal Kamal |
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258234 |
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Dr. T Kasiviswanathan C |
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40000 |
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Kotak Shantilal Pankaj |
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265383 |
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Kotak Kamal Sunil |
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101000 |
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Names of Preferences Shareholders |
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No. of Shares |
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Murugan Capital – |
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125123 |
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Sherpalo |
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92483 |
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Applied Material South East Asia Pte Limited – |
|
81552 |
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Total |
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299158 |
As On 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer
of Solar Water Heating Systems and Solar Photovoltaic Modules and
Systems |
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Products: |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Credit |
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Purchasing : |
L/C, TT |
PRODUCTION STATUS (As On 31.03.2010)
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Particulars |
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Actual
Production |
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Solar Heating System |
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6250 |
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Collectors |
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|
5008 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
200 (approximately) |
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Bankers : |
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Facilities : |
Total facility enjoyed (including fund and
nonfund base): Rs. 575.000 Millions [State Bank of
Notes :
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V. C. Shah and Company Chartered Accountant |
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Address : |
22, Rajgir Chambers, 3rd Floor, 12/14 Shahid Bhagat Singh
Road, Opposite Old Custom House, Fort, Mumbai – 400001, Maharashtra, India |
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Tel. No.: |
91-22-22634021 |
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Fax No.: |
91-22-22662667 |
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E-Mail : |
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Pan No.: |
AADFV8088N |
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Subsidiaries : |
CIN: U40108KA2009PTC051516 |
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Associates/Subsidiaries (As on 31.03.2009): |
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CAPITAL STRUCTURE
AS ON 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1055000 |
Equity Shares |
Rs.10/- each |
Rs. 10.550 Millions |
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300000 |
Preferences Shares |
Rs. 639/- each |
Rs. 191.700 Millions |
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Total |
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Rs. 202.250
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1055000 |
Equity Share |
Rs.10/- Each |
Rs. 10.550
Millions |
|
299158 |
Preferences Shares |
Rs. 639/- each |
Rs. 191.162
Millions |
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Total |
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Rs. 201.712 Millions |
Note:
Participating
Cumulative Preference Shares and Redeemable on the expiry of 20 years or
redeemable at Premium after specified dates from the date of issue or
Convertible into equity shares of Rs. 10/- each at a premium of Rs. 629/- per
share as per contract with the subscribers.
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
201.712 |
201.712 |
10.550 |
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2] Share Application Money |
2.720 |
2.720 |
0.000 |
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3] Reserves & Surplus |
91.665 |
57.512 |
37.207 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
296.097 |
261.944 |
47.757 |
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LOAN FUNDS |
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1] Secured Loans |
214.571 |
106.263 |
108.011 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
214.571 |
106.263 |
108.011 |
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DEFERRED TAX LIABILITIES |
0.329 |
0.611 |
0.000 |
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TOTAL |
510.997 |
368.818 |
155.768 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
109.147 |
101.756 |
66.458 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.099 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.574 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
83.008
|
112.240 |
64.673
|
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Sundry Debtors |
400.609
|
178.033 |
34.411
|
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Cash & Bank Balances |
27.312
|
53.298 |
5.983
|
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Other Current Assets |
0.000
|
0.000 |
0.000
|
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Loans & Advances |
22.094
|
11.941 |
10.853
|
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Total
Current Assets |
533.023
|
355.512 |
115.920 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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|
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Sundry Creditors |
103.691
|
69.171 |
15.044
|
|
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Other Current Liabilities |
9.397
|
8.171 |
3.181
|
|
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Provisions |
18.184
|
11.114 |
9.546
|
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Total
Current Liabilities |
131.272
|
88.456 |
27.771
|
|
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Net Current Assets |
401.751
|
267.056 |
88.149
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.006 |
0.587 |
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TOTAL |
510.998 |
368.818 |
155.768 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
812.669 |
581.863 |
381.631 |
|
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Other Income |
88.900 |
NA |
5.266 |
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TOTAL (A) |
901.569 |
NA |
386.897 |
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
|
291.359 |
|
|
|
Manufacturing Expenses |
|
|
4.892 |
|
|
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Administrative Expenses |
|
|
10.574 |
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Personnel |
|
|
19.807 |
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Selling and Distribution Expenses |
|
|
15.426 |
|
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TOTAL (B) |
849.878
(Including Financial Expenses and Deprecation) |
NA |
342.058 |
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
44.839 |
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Less |
FINANCIAL
EXPENSES (D) |
|
|
13.210 |
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
31.629 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
4.363 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
51.691 |
32.468 |
27.266 |
|
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Less |
TAX (I) |
17.902 |
NA |
10.297 |
|
|
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PROFIT AFTER TAX
(G-I) (J) |
33.789 |
NA |
16.969 |
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EARNINGS IN
FOREIGN CURRENCY |
|
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Export Earnings |
8.562 |
39.788 |
26.930 |
|
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TOTAL EARNINGS |
8.562 |
39.788 |
26.930 |
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IMPORTS |
206.532 |
323.093 |
173.858 |
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|
Earnings Per
Share (Rs.) |
32.03 |
NA |
16.08 |
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Particulars |
|
|
31.03.2011 |
|
Sales Turnover (approximately) |
|
|
840.000 |
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|
The above information has been parted by Mr. Ragvendra (DGM Finance)
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.75 |
NA |
4.39 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.36 |
5.58 |
7.14 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.05 |
7.10 |
14.95 |
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.12 |
0.57 |
|
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Debt Equity Ratio (Total Liability/Networth) |
|
1.17 |
0.74 |
2.84 |
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Current Ratio (Current Asset/Current Liability) |
|
4.06 |
4.02 |
4.17 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONAL RESULTS:
The Company achieved
a turnover of Rs. 812.669 millions and operating profit of Rs.51.691 millions after
depreciation. The additional capacity built has started showing positive
results in terms of turnover. The company has also started foray into new
sectors like telecom and banking and has geared up to take on the recently
opened grid connect market in
Efforts are on to
introduce new products and services in the solar thermal area and the Company
has added major new high account customers. This will help the Company to
catapult in the Thermal area for the coming years.
PERFORMANCE AT A
GLANCE
The Company has
recorded a growth of 39% in revenues from Rs.581.800 millions in FY 2008-09 to
Rs.812.600 millions in FY 2009-10. The Profit After Tax (PAT) has increased by
68% from
Rs.20.100 millions in FY 2008-09 to Rs.33.700 millions in FY 2009-10.
ACHIEVEMENTS AND
MILESTONES (FY 2009-10):
GENERAL:
- Powering of Street Lights in Indo-Nepal
Border in
- Commonwealth Games,
- Flood affected areas in
- Award for Best Electronic Product for
Egg Lamp from Semi conductor Association of India
- Banking Solutions for PNB under Rate
Contract
- First of its type Tie Up with Indian
Oil for marketing through IOCL outlets
PRODIJCTION / PROJECTS:
- Execution of HLS for remote areas of
KargiI through Jammu Nodal Agency
- Rural Electrification Project in remote
un-electrified village in
- Street Lights in various interior
villages in
QUALITY
- TUV certification 10 Wp to 270 Wp in
increments of 5 Wp
- CE certification till 270 Wp
ENCINEEIIING:
- Ingenious Engineering Solutions in
Thermal, customized, enabling create new customers: with hotels, process
industry: pressurized feeds with temperature control.
MAKKETINCIPROJECI'S:
- 4 New customers amongst Defence Department
- 2 New customers in Telecom sector
Form 8:
|
Corporate
identity number of the company |
U40100MH1997PTC110591 |
|
Name of the
company |
Kotakurja Private
Limited |
|
Address of the
registered office or of the principal place of business in |
311 Lotus House 33A, Vithaldas, Thackersey Marg, New Marine Lines,
Mumbai-400020, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Movable Property Floating Charge Immovable
Property |
|
Particular of charge
holder |
State Bank of Email ID: rjr.cs69@gmail.com |
|
Nature of
instrument creating charge |
Supplemental Agreement
Of Loan-Cum-Hypothecation Sme-4 And Memorandum For Recording Extension Of
Mortgage By Deposit Of Title Deeds Sme-7 (Both Pertain To The Same Charge) |
|
Date of
instrument Creating the charge |
10.01.2011 |
|
Amount secured by
the charge |
Rs. 585.700
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
– 1)WCL- At 5.00%
Above Br, Effective Rate 12.60% P.A. With Monthly Rests. 2)TL 3 New - At 5.00%
Above Br, Effective Rate 12.60% P.A. With Monthly Rests. 3)TL 1 and 2 - As
Per Existing Terms Of Sanction. Terms of
Repayment – WCL - Repayable
On Demand. Advance Is For A Period Of 12 Months. TL 1 and 2 - As
Per Existing Terms Of Sanction. Term Loan 3 New :
In 48 Equal Monthly Installments, With A Moratorium Period Of 3 Months From
The Date Of First Disbursement. First 15 Installments Of Rs 0.500 Million
Each, Next 15 Installments Of Rs 0.833 Million Each, Next 12 Installments Of
Rs 1.033 Million Each And Last 6 Installments Of Rs 0.433 Million Each. Margin – RM/SFG/FG/Receivables/EPC/PCFC/EBR/FBD
: 25% Term Loan 3 New :
34% Forward Contract
: 10% BG/LC : 10% Extent and
Operation of the charge – Exclusive first charge
on the assets of the company and to the full extent. Others – CC (Stocks) Rs
120.000 Millions; (Receivables) Rs
180.000 Millions; TL-1 Rs 35.300
Millions; TL-2 Rs 40.000 Millions;
TL-3 (New) Rs 35.000 Millions; LC Rs
100.000 Millions; BG Rs 70.000
Millions; Forward Contract Rs 5.400
Millions; Total Rs 585.700
Millions. |
|
Short particular
of the property or asset(s) charged |
Hypo. of
company's present and future movable fixed assets and current assets like stocks,
raw materials, semi finished and finished goods, book debts, receivables,
outstanding monies, bills, rights, stores, components, furniture and
fittings; other movables, plant and machinery, vehicles and assets to be
purchased out of bank finance. 1) EM of Industrial Land and Building
situated at No.378, Khata No.113 and 114, 10th Cross, 4th Phase, Peenya
Industrial Area, Nelakadaranahalli, BBMP Ward No.11, Bangalore Measuring
21588.86.sq.ft 2) EM of Land and Building Bearing Plot
No.51, Sy. No.12/1, situated at |
|
Particulars of
the present modification |
The amount
secured by the charge stands increased to Rs. 585.700 millions. All other
terms and conditions remain unchanged. |
Fixed Assets
- Land
- CWIP-Power
Plant
- Building,
Pune
- Plant and
Machinery
- Motor Car /
Vehicle
- Computers
- Furniture and
Fixtures
- Air
Conditioner
- Office
Equipments
- UPS Capital
Good
- Electrical
Fittings
Trade References:
Government Body’s such as
- UPNEDE
- JAKEDA
As per Web Details
Profile:
Subject,
Incorporated as a Registered
Private Limited Company on September 10th, 1997, manufacturing unit for Solar
Water Heating Systems and Solar Photovoltaic Modules and Systems with quality
and standards conforming to global quality certifications as IEC, CE, TUV,
Solar Key mark etc. Subject is registered
and approved as ISI Bureau of Indian Standards manufacturer under License No.:
CM/L 6144761. Solar PV modules are certified under IEC 61215, and the company is an approved vendor under
UNEP United Nations program for
Subject is a company with
expertise of Design, Engineering, Manufacture, Integration, Installation,
Turnkey Execution and After Sales Service / Support in both Photovoltaic and
Thermal heating systems, globally, directly and through its associates.
Subject has made tremendous contributions through generations, thereby saving
over 48 MW plus Thermal and PV energy every year. Over 1.2 million tons of
Company savings are achieved regularly.
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. 44.59 |
|
|
1 |
Rs. 71.62 |
|
Euro |
1 |
Rs. 62.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.