MIRA
INFORM REPORT
|
Report Date : |
06.06.2011 |
Note : The correct name of the company is ‘MAHINDRA
ENGINEERING AND CHEMICAL PRODUCTS LIMITED’
IDENTIFICATION DETAILS
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Name : |
MAHINDRA ENGINEERING AND CHEMICAL PRODUCTS LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.06.1954 |
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Com. Reg. No.: |
11 – 019908 |
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Capital
Investment / Paid-up Capital : |
Rs.53.985 Millions |
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CIN No.: [Company Identification
No.] |
U31200MH1954PLC019908 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEM09942C |
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PAN No.: [Permanent Account No.] |
AAACM5764A |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business
: |
Supplier of Material Handling Equipment and Systems |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
A [64] |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1800000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Autogiant Mahindra and Mahindra Limited. It
is a well established and reputed company having fine track. Financial
position of he company is good. trade relations are epode as fair. Business
is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings. It
can be regarded as a promising business partner in a medium to long-run. |
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
|
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 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-22-22021031 / 24905632 |
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Fax No.: |
91-22-24900833 |
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E-Mail : |
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Website : |
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Head Office : |
148, |
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Tel. No.: |
91-20- 6631 7200 / 27426396 / 66317254 / 278 |
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Fax No.: |
91-20-27426398 / 27426383 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Raghunath Murti |
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Designation : |
Director |
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Address : |
Flat No. E-502, NO.1, Modi Baug, Ganeshkind Road, Shivaji Nagar, Pune
- 411016, Maharashtra, India |
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Date of Birth/Age : |
31.10.1948 |
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Date of Appointment : |
18.03.2005 |
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DIN : |
00082761 |
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Name : |
Mr. Sundaram Venkatraman |
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Designation : |
Director |
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Address : |
501, Vikas Classic, Building No.4, Dr. C. Gidwani Marg, Chembur,
Mumbai – 400 074, |
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Date of Birth/Age : |
07.05.1952 |
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Date of Appointment : |
16.01.2007 |
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Din : |
00077193 |
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Name : |
Mr. Zhooben Dossabhoy Bhiwandiwala |
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Designation : |
Director |
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Address : |
S-13, Cusrow Baug, |
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Date of Birth/Age : |
09.12.1959 |
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Date of Appointment : |
27.08.2007 |
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Din : |
00110373 |
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Name : |
Mr. Vishnu Kumar Garg |
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Designation : |
Director |
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Address : |
1501, Continential Towers, |
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Date of Birth/Age : |
18.10.1947 |
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Date of Appointment : |
16.01.2007 |
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Date of Ceasing : |
09.10.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
No. of Shares |
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Mahindra and Mahindra Limited, |
5398452 |
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Mahindra and Mahindra Limited, |
1 |
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Mahindra and Mahindra Limited, |
2 |
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Mahindra and Mahindra Limited, |
1 |
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Mahindra and Mahindra Limited, |
1 |
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Mahindra and Mahindra Limited, |
2 |
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Mahindra and Mahindra Limited, |
1 |
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Mahindra and Mahindra Limited, |
1 |
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Mahindra and Mahindra Limited, |
1 |
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Mahindra Holdings Limited, |
10 |
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Total |
5398472 |
As on 30.09.2010
|
Category |
Percentage |
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Bodies Corporate |
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Supplier of Material Handling Equipment and Systems |
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Products : |
ITC CODE |
Product Description |
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854790 |
Cable Jointing
Kits and Accessories |
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853800 |
ARC Chamber
Housing |
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842810 |
Lifts / Bucket
Elevators |
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PRODUCTION STATUS As on 31.03.2010
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Manufacturing : Conveyors and Bucket Elevators (including parts thereof) |
Nos. |
100 |
100 |
181,150 |
The Company manufactures various components/assemblies of conveyors and bucket elevators. The manufactured as well as bought-out components/ assemblies are invoiced on delivery and are reflected in the turnover/income of the year in which they are delivered. Therefore, the Company has given quantitative details of both manufactured components/assemblies under actual production. The bifurcation of sales into manufactured and bought-out components/ assemblies is not practicable. Manufactured components/assemblies in stock are included under “work-in-process”.The licensed and installed capacity disclosed is in respect of the complete system whereas the production and turnover quantities includes parts thereof.
GENERAL INFORMATION
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Customers : |
END USER CUSTOMERS v Grasim Industries Limited v ACC Limited v UltraTech Cement Limited v My Home Cement Industries Limited v Birla White Cement v Jaypee Group v The India Cement Limited v JK Cement Limited v Nirma Limited v
Kuwait Cement Company (K.S.C.), v Shree Cement Limited v Kesoram Cement v Orient Cement OEM CUSTOMERS v ThyssenKrupp Industries India Private Limited v F.L.Smidth Private Limited v FFE Minerals India Limited v Humboldt Wedag India Private Limited v Gebr Pfeiffer India Private Limited v Larsen and Toubro Limited v Walchandnagar Industries Limited |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
706 B Wing, 7th Floor, ICC Trade Tower, International
Convention Centre, Senapati Bapat Road, Pune - 411016, Maharashtra, India |
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Pan No.: |
AABFA5846M |
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Parent/Holding Company : |
v
Mahindra and Mahindra Limited CIN No: L65990MH1945PLC004558 v
Mahindra Holdings Limited |
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Associates/Subsidiaries : |
Ř
Mahindra Retail Private Limited
CIN : U52190MH2007PTC173762 Ř
Retail Initiative Holdings Limited
CIN : U6711MH2008PLC188837 Ř
Mahindra Conveyor Systems Private Limited Ř
Mahindra Ashtech Limited Ř
Mahindra Logistics Limited Ř
Tech Mahindra Limited Ř
Mahindra Intertrade Limited Ř
Mahindra Holding and Finance Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,500,000 |
Equity Shares |
Rs.10/- Each |
Rs.55.000
Millions |
|
2,500,000 |
Redeemable Preference Shares |
Rs.100/- Each |
Rs.250.000
Millions |
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Total |
|
Rs.305.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5,398,472 |
Equity Shares |
Rs.10/- Each |
Rs.53.985
Millions |
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Of the above:
a) 111,006 shares have been allotted as fully paid-up
pursuant to a contract for consideration other than cash.
b) 108,872 shares have been allotted pursuant
to a Scheme of Amalgamation without payment having been received in cash.
c) 64,880 shares have been allotted to the
shareholders of the erstwhile Mahindra Owen Limited (on receipt of necessary
approvals) pursuant to a scheme of Amalgamation sanctioned by Board for
Industrial and Financial Reconstruction without payment having being received
in cash.
d) 5,398,462 shares are held by Mahindra and
Mahindra Limited, the Holding Company, either on its own or jointly with
others.
e) 10 shares are held by Mahindra Holdings
Limited, subsidiary of Mahindra and Mahindra Limited.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
53.985 |
53.985 |
53.985 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
396.837 |
331.552 |
280.633 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
450.822 |
385.537 |
334.618 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
685.250 |
302.000 |
0.000 |
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TOTAL BORROWING |
685.250 |
302.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.900 |
3.600 |
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TOTAL |
1136.072 |
688.437 |
338.218 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
32.175 |
30.680 |
28.949 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
12.096 |
389.481 |
97.725 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
67.605
|
80.209
|
77.764
|
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Sundry Debtors |
128.128
|
125.786
|
129.775
|
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Cash & Bank Balances |
77.693
|
14.257
|
11.571
|
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Other Current Assets |
1.799
|
4.513
|
0.331
|
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Loans & Advances |
961.956
|
185.092
|
117.805
|
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Total
Current Assets |
1237.181
|
409.857 |
337.246
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
58.916
|
58.491
|
63.496 |
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Other Current Liabilities |
76.640
|
41.181
|
44.089 |
|
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Provisions |
9.824
|
41.909
|
19.648 |
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Total
Current Liabilities |
145.380
|
141.581 |
127.233
|
|
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Net Current Assets |
1091.801
|
268.276 |
210.013 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
1.531 |
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|
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TOTAL |
1136.072 |
688.437 |
338.218 |
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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 |
454.255 |
572.117 |
484.422 |
|
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Income from Services Rendered |
1.285 |
4.047 |
0.567 |
|
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|
Other Income |
45.942 |
43.242 |
54.082 |
|
|
|
TOTAL (A) |
501.482 |
619.406 |
539.071 |
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Raw materials |
260.598 |
375.956 |
286.010 |
|
|
|
Goods and work in progress stock |
6.608 |
(3.004) |
3.182 |
|
|
|
Employee Cost |
35.357 |
39.903 |
33.507 |
|
|
|
Increase/(Decrease) in Finished Goods |
0.000 |
0.000 |
0.000 |
|
|
|
Other Expenditure |
52.905 |
85.381 |
66.011 |
|
|
|
TOTAL (B) |
355.468 |
498.236 |
388.710 |
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
146.014 |
121.170 |
150.361 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
50.134 |
11.903 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
95.880 |
109.267 |
150.361 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.146 |
1.946 |
1.807 |
|
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|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
93.734 |
107.321 |
148.554 |
|
|
|
|
|
|
|
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|
Less |
TAX (I) |
46.500 |
34.297 |
47.347 |
|
|
|
|
|
|
|
|
|
Add |
Excess/Short
provision for current taxation in respect of earlier years |
18.051 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
65.285 |
73.024 |
101.207 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
289.113 |
245.497 |
436.733 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
-- |
7.302 |
10.121 |
|
|
|
Proposed Dividend |
-- |
18.895 |
-- |
|
|
|
Interim Dividend |
|
|
241.312 |
|
|
|
Tax on Proposed Dividend |
-- |
3.211 |
-- |
|
|
|
Tax on Interim Dividend |
|
|
41.010 |
|
|
BALANCE CARRIED
TO THE B/S |
354.398 |
289.113 |
245.497 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
12.821 |
16.434 |
16.665 |
|
|
TOTAL EARNINGS |
12.821 |
16.434 |
16.665 |
|
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and components |
108.435 |
113.074 |
59.203 |
|
|
TOTAL IMPORTS |
108.435 |
113.074 |
59.203 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.09 |
13.53 |
18.75 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
13.02
|
11.79 |
18.77 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.63
|
18.76 |
30.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.38
|
24.36 |
40.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.28 |
0.44 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.84
|
1.15 |
0.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.51
|
2.89 |
2.65 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
The Total Income and Profit after tax for the year were Rs. 501.500
millions and Rs. 65.300 millions respectively as against Rs. 619.400 millions
and Rs. 73.000 millions respectively in the previous year. The Sales and Income
from operations for the year have declined by 20.95 % to Rs. 455.500 millions
from Rs. 576.200 millions in the previous year.
During the year, the Company executed several contracts for supply of
Elevators, Conveyors and Apron Feeders to customers in Cement, Chemical and Power Industries.
Reduction in demand for the Company’s products from Cement Industry,
which is a major contributor to sales, and suspension of some on-going
projects, affected the sales performance during the year.
In order to focus on and accelerate the growth of the Engineering
Business of the Company, it was decided to transfer this Business into a wholly
owned subsidiary by the name of Mahindra Conveyor Systems Private Limited
(MCSPL). This transfer was approved by the Shareholders under section 293(1)(a)
of the Companies Act, 1956 at their Extraordinary General Meeting held on 17th
March, 2010. Pursuant to this, the Company entered into a Business Transfer
Agreement in March, 2010 with MCSPL in order to enable such transfer of its
Engineering Business to MCSPL. The effective date of such transfer was 1st
April, 2010.
FIXED ASSETS:
v
v
Buildings
v
Plant and Machinery
v
Furniture and Fixtures
v
Vehilces
v
Software
CONTINGENT
LIABILITIES IN RESPECT OF:
Rs. in million
|
Particulars |
31.03.2010 |
31.03.2009 |
|
Income Tax matters |
0.000 |
5.213 |
AS PER WEBSITE
PROFILE:
Subject is a leading supplier of Material Handling Equipment and Systems. Company’s product range includes Bulk Handling Systems as also Unit Handling Systems for various specialized applications.
Subject is a wholly owned subsidiary of Mahindra and
Mahindra Limited, a premier Business House in
Having introduced various high efficiency Conveying
Equipment for the Cement Industry in the year 1992, subject has now come a long
way to establish itself as a complete solution provider for the Material
Handling requirements of the Cement Industry, Power Plants, Heavy Chemicals and
Mineral Processing Plants etc. Subject offers Equipment and Systems at optimal
prices - combining advantage of the latest technology with high quality
workmanship.
Company is ISO 9001:2000 certified company, having its manufacturing facility
at Pimpri – Pune (
Material Handling Equipment constitutes a backbone of any
process industry. Subject boasts of a supply record of more than 1000 Equipment
and continues to fulfill the critical conveying requirements of a large number
of customers. With this rich and diverse knowledge base, company is now poised
to meet even bigger challenges.
Subject has Technical Collaboration with M/s Tsubakimoto Bulk Systems Corp.,
Subject has an on-going technical collaboration with
Tsubakimoto Bulk Systems Corp. (TBS),
TBS is a subsidiary of Tsubakimoto Chain Company, a global leader in manufacturing variety of industrial chains, power transmission products and material handling systems.
Tsubaki has more than 50 years experience in design, engineering and supply of chain based conveying equipment. Chain Bucket Elevators and FC Flow Conveyors, manufactured by Tsubaki, are being used in the Cement Plants, world-over.
Subject and TSUBAKI have had a synergistic association for the last several years. TSUBAKI’s solid technical back-up has complemented Company’s extensive efforts in business development. Not only there is regular exchange of critical technical know-how but also there are joint strategy sessions conducted – aimed at developing new business avenues. Teams comprising of TSUBAKI and company engineers jointly visit various critical Installations, periodically - in order to assess the performance of the equipment supplied and also to guide the customers – regarding the correct operations and maintenance practices.
To summarize, the ultimate beneficiary of this association, has been MECP's valued customers who have been able to reap the advantage of being able to use state-of-the-art technology products.
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.44.85 |
|
|
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
64 |
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.