MIRA
INFORM REPORT
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Report Date : |
15.06.2011 |
IDENTIFICATION DETAILS
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Name : |
PHOTOKINA CHEMICALS PRIVATE LIMITED (w.e.f. 23.05.2003) |
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Formerly Known
As : |
CHROMALINE SCREEN
PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
402, Meghna Apartments, Hardovindas Sanitorium Road, Andheri (East),
Mumbai – 400069, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
15.07.1997 |
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Com. Reg. No.: |
11-109433 |
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Capital
Investment / Paid-up Capital : |
Rs.16.000
Millions |
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CIN No.: [Company Identification
No.] |
U24110MH1997PTC109433 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC06633E |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer and
Trader of Print Printing Chemicals and Accessories. |
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No. of Employees
: |
Around 70 |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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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 110000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as fair.
Business is active. Business is active. Payments are reported to b e slow. The company can be considered for business dealings with some caution.
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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
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Name : |
Mr. Suril Shah |
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Designation : |
Assistant Manager |
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Date : |
14.06.2011 |
LOCATIONS
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Registered Office : |
402, Meghna Apartments, Hardovindas Sanitorium Road, Andheri (East),
Mumbai – 400069, Maharashtra, India |
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Tel. No.: |
91-2717-308600 |
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Fax No.: |
91-2717-308686 |
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E-Mail : |
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Website : |
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Factory : |
556/B, Tajpur Road, Off, Sarkhej Bavla Highway, Vill. Changodar, Taluka
– Sanand, District Ahmedabad – 382213, Gujarat, India |
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Tel. No.: |
91-2717-308600/ 308610 |
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Fax No.: |
91-2717308686 |
DIRECTORS
(AS ON 30.09.2010)
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Name : |
Mr. Jagdish
Motilal Sheth |
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Designation : |
Managing Director |
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Address : |
402, Meghana Apartment, |
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Date of
Birth/Age : |
06.09.1957 |
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Qualification
: |
DMTC/MBA |
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Date of
Appointment : |
15.07.1997 |
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DIN No.: |
00349131 |
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Name : |
Mrs. Divya
Jagdish Sheth |
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Designation : |
Director |
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Address : |
A 121, 12th Floor, River Heights, Anand Nagar Road, Near
Auda Garden, Satellite, Ahmedabad – 380051, Gujarat, India |
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Date of
Birth/Age : |
21.03.1959 |
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Qualification
: |
B. Com. |
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Date of
Appointment : |
15.07.1997 |
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DIN No.: |
02742068 |
KEY EXECUTIVES
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Name : |
Mr. Suril Shah |
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Designation : |
Assistant Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
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Names of Shareholders |
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No. of Shares |
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Jagdish M. Sheth |
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495000 |
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Divya Jagdish
Sheth |
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450050 |
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Kiran Motilal
Sheth |
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77600 |
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Darshana Kiran
Sheth |
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70550 |
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Jayalaxmi Motilal
Sheth |
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106600 |
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Jagdish M. Seth
(HUF) |
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400100 |
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Pooja Sheth |
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100 |
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Total |
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1600000 |
(AS ON 30.09.2010)
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Category |
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Percentage |
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Directors or relatives of directors |
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74.99 |
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Others |
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25.01 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and
Trader of Print Printing Chemicals and Accessories. |
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Brand Names : |
“Shebro” and
“Chromastar”. |
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Agencies Held
: |
·
The
Chromaline Corporation, ·
Unirich
Trading Pte. Limited, Singapore ·
N. B.
C. Limited, ·
Pleiger
Plastic Corporation, |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
Installed Capacity |
Actual Production |
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Chemicals |
Unit |
NA |
3910629 |
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Films |
Sheets |
NA |
711532 |
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GENERAL INFORMATION
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No. of Employees : |
Around 70 |
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Bankers : |
· The Lakshmi Vilas Bank Limited, Andheri (East), Andheri, Mumbai – 400 069, Maharashtra, India · State Bank of India, Industrial Finance Branch, Snehal Chambers, Telli Gali, Andheri [East], Mumbai – 400 069, Maharashtra, India · ICICI Bank, Andheri [West], Mumbai, Maharashtra, India · State Bank of India Changodar Branch, Taluka Sanand, Ahmedabad – 382213, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Virendra J.
Sutaria and Company Chartered
Accountant |
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Address : |
24, Asia House, 1st
Floor, Near Swastik Char Rasta, Navrangpura, Ahmedabad – 380009, Gujarat,
India |
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Tel No.: |
91-79-26560963 |
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91-79-30037233 |
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Pan No : |
AKPPS8072B |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1750000 |
Equity Share |
Rs.10/- each |
Rs.17.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1600000 |
Equity Share |
Rs.10/- each |
Rs.16.000
Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
16.000 |
9.500 |
9.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
11.777 |
11.660 |
12.113 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
27.777 |
21.160 |
21.613 |
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LOAN FUNDS |
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1] Secured Loans |
90.939 |
94.937 |
87.413 |
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2] Unsecured Loans |
20.048 |
23.814 |
22.098 |
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TOTAL BORROWING |
110.987 |
118.751 |
109.511 |
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DEFERRED TAX LIABILITIES |
0.586 |
0.422 |
0.960 |
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TOTAL |
139.350 |
140.333 |
132.084 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
57.965 |
64.900 |
71.191 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.085 |
0.085 |
0.085 |
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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 |
43.563
|
39.943 |
23.475 |
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Sundry Debtors |
32.338
|
27.883 |
34.825 |
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Cash & Bank Balances |
2.668
|
5.304 |
4.156 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
16.105
|
19.792 |
18.159 |
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Total
Current Assets |
94.674
|
92.922 |
80.615 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
9.985
|
11.937 |
14.338 |
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Other Current Liabilities |
3.209
|
2.603 |
2.381 |
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Provisions |
0.201
|
3.066 |
3.131 |
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Total
Current Liabilities |
13.395
|
17.606 |
19.850 |
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Net Current Assets |
81.279
|
75.316 |
60.765 |
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MISCELLANEOUS EXPENSES |
0.021 |
0.032 |
0.043 |
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TOTAL |
139.350 |
140.333 |
132.084 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
147.730 |
120.644 |
119.559 |
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Other Income |
0.902 |
0.431 |
0.483 |
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TOTAL (A) |
148.632 |
121.075 |
120.042 |
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Less |
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Office Expenses |
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Administrative Expenses |
139.686 |
NA |
112.610 |
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Advertising Expenses |
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TOTAL (B) |
139.686 |
NA |
112.610 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.946 |
NA |
7.432 |
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Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
5.346 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.946 |
NA |
2.086 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.865 |
8.950 |
3.236 |
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PROFIT BEFORE
TAX (E-F) (G) |
1.081 |
NA |
(1.150) |
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Less |
TAX (H) |
0.964 |
NA |
0.837 |
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PROFIT AFTER TAX
(G-H) (I) |
0.117 |
(0.453) |
(1.987) |
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EARNINGS IN
FOREIGN CURRENCY |
0.119 |
0.185 |
NA |
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IMPORTS |
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Raw Materials |
39.981 |
34.019 |
NA |
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Trading Goods |
8.626 |
8.833 |
NA |
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TOTAL IMPORTS |
48.607 |
42.852 |
NA |
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Earnings Per
Share (Rs.) |
0.07 |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.08
|
(0.37) |
(1.66) |
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Net Profit Margin (PBT/Sales) |
(%) |
0.73
|
NA |
(0.96) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(0.71)
|
NA |
(0.76) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
NA |
(0.05) |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.48
|
6.44 |
5.99 |
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Current Ratio (Current Asset/Current Liability) |
|
7.07
|
5.28 |
4.06 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
30.06.2010 |
30.06.2009 |
30.06.2008 |
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(Rs. In Millions) |
||
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Sundry Creditors |
9.985 |
11.937 |
14.338 |
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PERFORMANCE:
The company’s
overall revenue has increased marginally to Rs.0.117 Million as compared to the
last year’s loss of Rs.0.453 Million
OUTLOOK FOR THE CURRENT YEAR.
The market scenario for the current year is to improve to
expected level to achieve targeted results and the Directors wish to continue
better results for current year.
FORM: 8
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Name of the company |
PHOTOKINA CHEMICALS PRIVATE LIMITED |
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Presented By |
State Bank of |
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1) Date and description of instrument creating the change |
Agreement of Loan – cum – Hypothecation dt. 20.09.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.25.000 millions
Fund Based : Demand Cash Credit : Rs.15.000 millions CNRB Demand Loan : Rs.5.000 millions [within DCC
Non Fund Based :
Letter of Credit : Rs.10.000 millions Letter of Credit [Fully Flexible with DC] : Rs. [10.000] millions ------------------------------ Total : Rs.25.000 millions = = = = = = == = = = = |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All present and future stocks, raw materials, goods, book debts, and vehicles and all other movable assets of the borrower [s] including receivables, documents of title to goods, outstanding monies, bills, invoices documents, contracts, insurance policies, guarantees, engagements, securities, investments and rights and the present and future machinery belonging to or in the possession or control of the borrower [s] wherever lying, stored and kept and whether in possession of the borrower [s] or of the bank or of any third party whether in India or elsewhere including all such goods, vehicles, other movable assets as may be in the course of shipment, transit or delivery and all the machinery, vehicles, and other equipment items of whatever nature acquired by the borrowers. Raw materials – chemicals, film, squeeze etc. semi finished good – chemical, film, squeeze etc. finished goods – chemicals stores and spares and packing material, receivables. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
R.O.I. : Demand Cash Credit : 10.25% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Industrial Finance Branch, Snehal Chambers, Andheri [East], Mumbai – 400069 |
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6) Date and brief description of instrument modifying the charge |
No Instrument. Memorandum for Recording creation of mortgage by Deposit of Title deeds dt. 20.09.2005 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The original charge was created on 20.09.2005 for
Rs.25.000 millions. Now by the present modification dt. 20.09.2005 the
company offered an additional collateral security by way of an equitable
mortgage by deposit of title deeds over the immovable properties to secure
the credit facilities of Rs.25.000 millions plus interest enhanced interest,
fees, commission, charges, costs and expenses including the legal costs. The
details of the immovable properties hereinabove referred to under schedule –
A are as follows :
Unit No. 5, ‘Span Industrial Complex’
Unit No. 5 admeasuring about 1450 sq. feet equivalent to 134.70 sq. meters built up on the first floor of the said building in Span Industrial Complex, ‘C’ Building, Near R.T.O. checkpost. Vapi Silvassa Road, Union Territory of Dadra and Nagar Haveli – 396231, standing on the portion of land admeasuring 450.00 sq. meters lying and being an Village Dadra in the Registration Sub-District Silvassa, in Union Territory of Dadra Nagar Haveli and bearing Survey No. 223[P] being portion of larger piece of land admeasuring about 10640.00 sq. meters.
Unit No. 6, ‘Span Industrial Complex’
Unit No. 6, admeasuring about 1330 sq. feet equivalent to 123.55 sq. meters built up on the first floor of the said building in Span Industrial Complex, ‘C’ Building Near R.T.O. Checkpost, Vapi – Silvassa Road, Union Territory of Dadra and Nagar Haveli – 396231, standing on the portion of land admeasuring 450.00 sq. meters lying and being at Village Dadra in the Registration Sub-District Silvassa, in Union Territory of Dadra Nagar Haveli and bearing Survey No. 223 [P] being portion of larger piece of land admeasuring about 10640.00 sq. meters
Unit No. 7, ‘Span Industrial Complex’
Unit No. 7 admeasuring 1140 sq. feet equivalent to 105.90 sq. meters built up on the first floor of the said building in Span Industrial Complex, ‘C’ Buildign Near R.T.O. Checkpost, Vapi – Silvassa Road, Union Territory of Dadra and Nagar Haveli – 396231, standing on the portion of land admeasuring 450.00 sq. meters lying and being at Village Dadra in the Registration Sub – District Silvassa, in Union Territory of Dadra Nagar Haveli and bearing Survey No. 223 [P] being portion of larger piece of land admeasuring about 10640.00 sq. meters
Unit No. 8, ‘Span Industrial Complex’
Unit No. 8 admeasuring 1160 sq. feet equivalent to 107.75 sq. meters built up on the first floor of the said building in Span Industrial Complex, ‘C’ Buildign Near R.T.O. Checkpost, Vapi – Silvassa Road, Union Territory of Dadra and Nagar Haveli – 396231, standing on the portion of land admeasuring 450.00 sq. meters lying and being at Village Dadra in the Registration Sub – District Silvassa, in Union Territory of Dadra Nagar Haveli and bearing Survey No. 223 [P] being portion of larger piece of land admeasuring about 10640.00 sq. meters |
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Corporate
identity number of the company |
U24110MH1997PTC109433 |
|
Name of the
company |
PHOTOKINA CHEMICALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
402, Meghna Apartments, Hardovindas Sanitorium Road, Andheri (East),
Mumbai – 400069, Maharashtra |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90354052 |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
State Bank of Changodar Branch, Taluka Sanand, Ahmedabad – 382213,
Gujarat, India E-Mail: ab1.07649@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Supplementary
agreement of loan –cum-hypothecation |
|
Date of
instrument Creating the charge |
08.03.2011 |
|
Amount secured by
the charge |
Rs.79.100
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC and WCTL: 550 basis
points above base rate and TL: 625 bps above base rate, all with monthly
rests or at such other rates and rests as may be fixed by the bank from time
to time. Terms of
Repayment a) Working
capital facility is payable on demand; b) WCTL is
repayable in 48 months of EMI of Rs.11.500 Millions per month, starting from
August 2010; c) Term Loan
(outstanding) is repayable in 59 months of EMI of Rs.0.400 Million per month,
starting from July 2010; Interest to be paid separately as and when
applicable. Margin Margin to be
maintained for cash credit at 25% on raw materials, 40% on semi-finished
goods, 25% on finished goods and 40% on book debts (cover period 120 days)
and for term loan at 25%. Extent and
Operation of the charge Security created
by way of first charge and to cover the principal amount together with
interest, costs, charges, expenses etc Others Security created
in respect of the following credit facilities: Cash credit: Rs.52.500 Millions WCTL: Rs.5.100 Millions Term loan
(o/s): Rs.21.500 Millions Total... Rs.79.100 Millions |
|
Short particulars
of the property charged |
All present and
future stocks of chemicals, film, squeezee, etc. stores and spares and
packing material, goods, book debts, and vehicles and all other movable
assets including receivables, documents of title to goods, outstanding
monies, bills, invoices, documents, contracts, insurance policies,
guarantees, engagements, securities, investments and rights and the present
and future machinery belonging to or in the possession or control of the
company wherever lying, stored and kept and whether in possession of the
company or of the bank or any third party whether in India or elsewhere
including all such goods, vehicles, other movable assets as may be in the
course of shipment, transit or delivery and all the machinery, vehicles and
other equipment items of whatever nature acquired by the company. |
|
|
Charge over
movable properties is reduced from Rs.80.000 Millions to Rs.79.100 Millions
consequent to the increase in CC limit from Rs.42.500 Millions to Rs.52.500
Millions and present outstanding in the term loans aggregating Rs.26.600
Millions. |
FIXED ASSETS
· Computer
· Electrical Installation
· Factory Building
· Freehold Land
· Furniture and Fixture
· Office Equipments
· Plant and Machinery
· Vehicles
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.44.77 |
|
|
1 |
Rs.73.45 |
|
Euro |
1 |
Rs.64.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.