MIRA
INFORM REPORT
|
Report Date : |
23.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
L.B. - OFFICINE MECCANICHE - S.P.A. |
|
|
|
|
Registered Office : |
Via Ghiarola Nuova, 118/e-f-g 41042 - Fiorano Modenese (MO) |
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|
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Country : |
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|
|
|
|
Financials (as on) : |
31.12.2009 |
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|
Date of Incorporation : |
21.02.1978 |
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|
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|
Com. Reg. No.: |
MO023-10638 since 19/02/1996 |
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|
|
|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
Manufacture of machinery and equipment |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
100.000 Eur |
|
Status : |
Moderate |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Italy |
a2 |
a24 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
company Name and address
L.b. - Officine
Meccaniche - S.p.a.
Via Ghiarola Nuova, 118/e-f-g
41042 - Fiorano Modenese (MO) -IT-
Summary
|
Fiscal Code |
: |
00218570364 |
|
Legal Form |
: |
Joint stock company |
|
Establishment Date |
: |
21/02/1978 |
|
Equity |
: |
Over 2.582.254 Eur |
|
|
: |
25.000.000/35.000.000 Eur |
|
Number of Employees |
: |
from 91 to 110 |
Credit Analysis
|
Credit Opinion |
: |
100.000 - Eur |
Activity
MANUFACTURE OF MACHINERY AND EQUIPMENT N.E.C.
Legal Data
Legal Form : Joint stock company
|
Register of Handcraft firms : 50207 of |
|
Fiscal Code : 00218570364 |
|
Foreign Trade Reg. no. : MO006930 since 08/01/1992 |
|
Chamber of Commerce no. : 155645 of |
|
Firms' Register : MO023-10638 since 19/02/1996 |
|
V.A.T. Code : 00218570364 |
|
Establishment date |
: 21/02/1978 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 2.080.000 |
Eur |
|
Subscribed Capital |
: 2.080.000 |
Eur |
|
Paid up Capital |
: 2.080.000 |
Eur |
Members
|
|
Ligabue |
Ivanno |
|
|
|
Born in Castellarano |
(RE) |
on 12/08/1948 |
- Fiscal Code : LGBVNN48M12C141H |
|
|
|
Residence : |
Via |
Indipendenza |
, 151 |
- 41049 |
Sassuolo |
(MO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
05/05/2010 |
|
|
|
Board Chairman |
22/06/2010 |
|
|
|
|
No Protests registered |
|
|
Bigi |
Ermes |
|
|
|
Born in |
(MO) |
on 10/12/1946 |
- Fiscal Code : BGIRMS46T10F257L |
|
|
|
Residence : |
Via |
Del Castello |
, 11 |
- 41042 |
Fiorano Modenese |
(MO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
10/01/2011 |
|
|
|
Director |
05/05/2010 |
|
|
|
Assistant board Chairman |
22/06/2010 |
|
|
|
|
No Protests registered |
|
|
Bigi |
Matteo |
|
|
|
Born in Sassuolo |
(MO) |
on 06/11/1972 |
- Fiscal Code : BGIMTT72S06I462O |
|
|
|
Residence : |
Via |
Del Castello |
, 11 |
- 41042 |
Fiorano Modenese |
(MO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
05/05/2010 |
|
|
|
|
No Protests registered |
|
|
Benedetti |
Emilio |
|
|
|
Born in Sassuolo |
(MO) |
on 01/06/1970 |
- Fiscal Code : BNDMLE70H01I462Y |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
10/01/2011 |
|
|
|
|
No Protests registered |
Companies connected to members *
*checkings have been performed on a national scale.
In this module are listed the companies in which members hold or have
holded positions.
|
|
LIGABUE |
IVANNO |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
BORGO |
Rubiera (RE) - IT - |
01951660354 |
Director |
Active |
Registered |
|
SERMAT - SOCIETA' A RESPONSABILITA' LIMITATA ABBREVIABILE IN SERMAT
S.R.L. |
Sassuolo (MO) - IT - |
00920950359 |
Chairman |
Withdrawn |
Registered |
|
SERMAT - SOCIETA' A RESPONSABILITA' LIMITATA ABBREVIABILE IN SERMAT
S.R.L. |
Sassuolo (MO) - IT - |
00920950359 |
Director |
Active |
Registered |
|
SERMAT - SOCIETA' A RESPONSABILITA' LIMITATA ABBREVIABILE IN SERMAT
S.R.L. |
Sassuolo (MO) - IT - |
00920950359 |
Board Chairman |
Active |
Registered |
|
VETTA - COSTRUZIONI MECCANICHE PER CERAMICHE S.N.C. DI BABBINI PAOLO E
C. ABBREV |
Pavullo nel Frignano (MO) - IT - |
01328260367 |
Partner |
Withdrawn |
Ceased |
|
|
BIGI |
ERMES |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
FIMEC - S.R.L. |
Fiorano Modenese (MO) - IT - |
01351260367 |
Sole Director |
Active |
Registered |
|
LB GROUP S.R.L. |
Fiorano Modenese (MO) - IT - |
03164230363 |
Managing
Director |
Active |
Registered |
|
LB GROUP S.R.L. |
Fiorano Modenese (MO) - IT - |
03164230363 |
Director |
Active |
Registered |
|
LB GROUP S.R.L. |
Fiorano Modenese (MO) - IT - |
03164230363 |
Board Chairman |
Active |
Registered |
|
SERMAT - SOCIETA' A RESPONSABILITA' LIMITATA ABBREVIABILE IN SERMAT
S.R.L. |
Sassuolo (MO) - IT - |
00920950359 |
Director |
Active |
Registered |
The indication "REGISTERED" as Firm Status could refer to
Firms in Liquidation, Active, Inactive, etc.
For more information, in this case, we advise to request further
investigations.
Capital Shareholders
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Fimec - S.r.l. |
Fiorano Modenese - IT - |
01351260367 |
2.038.400 .Eur |
98,00 |
|
MUCCI LORIS |
Fiorano Modenese - IT - |
MCCLRS53P05F503P |
41.600 .Eur |
2,00 |
Direct Participations
The Company under review has participations in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares
Amount |
% Ownership |
since |
until |
Share Status |
|
Euroelettra Sistemi S.p.a. |
Reggio Emilia - IT - |
02226610364 |
542.935 .Eur |
94,92 |
|
|
Active |
Firm's location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
|
|
|
|
|
Via |
Ghiarola Nuova |
, 118/e-f-g |
- 41042 |
- Fiorano Modenese |
(MO) |
- IT - |
|
|
|
|
PHONE |
: 0536/995111 |
|
|
|
|
FAX |
: 0536/832812 |
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|
|
|
Email |
: lb@lb.modena.it |
|
|
|
|
Employees |
: 99 |
|
|
|
|
Assistants |
: 4 |
|
Fittings and Equipment for a value of 230.000 |
Eur |
|
Stocks for a value of 5.410.000 |
Eur |
|
Work in progress for a value of 3.280.000 |
Eur |
Trade organization: direct or by agents.
Sales area on a national scale.
Transports are mainly done using own vehicles and third parties ones
|
|
Export represents from 20% to 50% of the global turnover.
Products abroad are placed by :
|
- direct orders from foreign companies |
Company generally pays its suppliers within 30/90 days.
The most used payment modality is the bank transfer one.
Export is mainly towards:
|
|
Historical Information and/or Firm's Status
CHANGES TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
De facto company |
General partnership |
21/02/1978 |
|
General partnership |
Joint stock company |
04/02/1983 |
EX-MEMBERS / EX-POSITIONS:
|
|
Guiducci |
Giorgio |
|
|
|
Born in Scandiano |
on 30/10/1939 |
- Fiscal Code : GDCGRG39R30I496I |
|
|
|
Residence : |
Via |
|
, 9 |
- 41049 |
Sassuolo |
(MO) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Benassi |
Pier Corrado |
|
|
|
Born in Sassuolo |
on 21/09/1951 |
- Fiscal Code : BNSPCR51P21I462F |
|
|
|
Residence : |
Viale |
Xx Settembre |
, 28 |
- 41049 |
Sassuolo |
(MO) |
- IT - |
|
Ex-Postions |
|
Chairman of the Board of Aud. |
|
|
Dal Borgo |
Marco |
|
|
|
Born in Reggio Emilia |
on 16/09/1961 |
- Fiscal Code : DLBMRC61P16H223S |
|
|
|
Residence : |
Via |
Clelia |
, 33 |
- 41049 |
Sassuolo |
(MO) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
|
|
Francia |
Cristina |
|
|
|
Born in Reggio Emilia |
on 26/09/1965 |
- Fiscal Code : FRNCST65P66H223S |
|
|
|
Residence : |
Via |
C. Battisti |
, 15 |
- 42048 |
Rubiera |
(RE) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Ligabue |
Serena |
|
|
|
Born in Sassuolo |
on 07/08/1977 |
- Fiscal Code : LGBSRN77M57I462L |
|
|
|
Residence : |
Via |
Indipendenza |
, 151 |
- 41049 |
Sassuolo |
(MO) |
- IT - |
|
Ex-Postions |
|
Director |
CEASINGS/INCORPORATIONS/MERGES:
|
|
Project of merging by taking over of |
|
|
|
L.B. ENGINEERING S.R.L. |
|
|
|
, Fiorano Modenese (mo) |
(MO) |
- IT - |
|
|
|
Fiscal Code: 00179530365 |
|
|
|
Date |
Merging/splitting-up project : |
27/12/1996 |
|
|
The firm absorbed by merging of |
|
|
|
L.B. ENGINEERING S.R.L. |
|
|
|
, Fiorano Modenese (mo) |
(MO) |
- IT - |
|
|
|
Fiscal Code: 00179530365 |
|
|
|
Date |
: |
11/12/1997 |
|
|
Project of merging by taking over of |
|
|
|
Dinamica S.r.l. |
|
|
|
Via |
Vignola |
, 17 |
, 41053 |
, Maranello |
(MO) |
- IT - |
|
|
|
Fiscal Code: 02220570366 |
|
|
|
Date |
Merging/splitting-up project : |
15/09/1998 |
|
|
The firm absorbed by merging of |
|
|
|
|
|
|
|
Via |
Vignola |
, 17 |
, 41053 |
, Maranello |
(MO) |
- IT - |
|
|
|
Fiscal Code: 02220570366 |
|
|
|
Date |
: |
19/04/1999 |
|
|
Splitting-up and setting-up of a new company |
|
|
|
|
|
|
|
, 41042 |
, Fiorano Modenese |
(MO) |
- IT - |
|
|
|
Date |
Splitting-up : |
21/11/2007 |
Protests
Protests checking on the subject firm has given a negative result.
Legal Procedures
None reported, standing to the latest received edition of the Official Publications.
Immovables *
*Subject to survey.
|
Immovable Type |
Value |
|
Real estates |
553.348 - Eur |
NB.: For Capital Companies the value of the Immovables is the one
reported in the latest available financial documents.
Financial and Economical Analysis
Subject is active since 1978
The economic-financial analysis has been made on the base of the b/s of
the latests three years.
In the economic management , good and bad results followed on by turns.
; in the last financial year a loss was registered (r.o.e. -3,49%) Business
volume is falling in the last financial year.
A loss is registered as to the operating result (-2,19%).
The operating loss is equal to Eur. -692.647.
During the latest financial year the gross operating margin amounted to
Eur. 59.940 growing by more then 100% if compared to the year before.
The financial status of the company is fairly balanced with an
indebtedness level of 1,04 and decreasing as against 2008.
The equity capital is equal to Eur. 14.779.823 , unchanged as opposed to
the preceding year.
Total debts (both short and M/L term) equals Eur. 15.349.557, , with a
fall of -21,52%.
The recourse to financial credit is within the limits; on the other hand
the recourse to suppliers' credit is rated as fairly high however still within
the sector's average.
Liquidity is however good.
Trade credits are collected slowly, average term is 209,73 days. within
the standard level of the average of the sector.
During financial year 2009 the cash flow amounted to Eur. 236.290
In the last financial year labour cost was of Eur. 5.711.843, with a
19,16% incidence on total costs of production. , whereas 18,05% is the
incidence on sales revenues.
If compared to the sales volume (-0,18%), the impact of the financial
charges is limited.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
31.647.977 |
|
Profit (Loss) for the period |
-516.297 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
43.642.403 |
|
Profit (Loss) for the period |
-1.403.332 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
40.463.868 |
|
Profit (Loss) for the period |
1.191.283 |
|
|
|
Complete balance-sheet for the year |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
40.512.540 |
|
Profit (Loss) for the period |
1.492.723 |
|
|
|
Complete balance-sheet for the year |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
28.001.257 |
|
Profit (Loss) for the period |
677.771 |
Balance Sheets
From our constant monitoring of the relevant Public Administration offices,
no more recent balance sheets result to have been filed.
|
- Balance Sheet as at 31/12/2009 - 12 Mesi - Currency: Eur - Amounts x
1 |
|
- Balance Sheet as at 31/12/2008 - 12 Mesi - Currency: Eur - Amounts x
1 |
|
- Balance Sheet as at 31/12/2007 - 12 Mesi - Currency: Eur - Amounts x
1 |
|
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|
|
RATIOS |
Value Type |
as at 31/12/2009 |
as at 31/12/2008 |
as at 31/12/2007 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,10 |
0,08 |
0,07 |
0,15 |
|
Elasticity Ratio |
Units |
0,89 |
0,92 |
0,92 |
0,82 |
|
Availability of stock |
Units |
0,17 |
0,25 |
0,29 |
0,17 |
|
Total Liquidity Ratio |
Units |
0,72 |
0,67 |
0,62 |
0,60 |
|
Quick Ratio |
Units |
0,00 |
0,01 |
0,05 |
0,05 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
1,04 |
1,25 |
1,69 |
2,84 |
|
Self Financing Ratio |
Units |
0,47 |
0,42 |
0,33 |
0,19 |
|
Capital protection Ratio |
Units |
0,89 |
0,96 |
0,80 |
0,63 |
|
Liabilities consolidation quotient |
Units |
0,07 |
0,07 |
0,07 |
0,18 |
|
Financing |
Units |
1,04 |
1,28 |
1,87 |
3,63 |
|
Permanent Indebtedness Ratio |
Units |
0,50 |
0,46 |
0,37 |
0,37 |
|
M/L term Debts Ratio |
Units |
0,04 |
0,04 |
0,04 |
0,10 |
|
Net Financial Indebtedness Ratio |
Units |
0,21 |
0,18 |
0,00 |
0,28 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
4,83 |
5,69 |
5,06 |
2,07 |
|
Current ratio |
Units |
1,84 |
1,72 |
1,50 |
1,31 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,49 |
1,25 |
1,02 |
0,99 |
|
Structure's primary quotient |
Units |
4,49 |
5,25 |
4,47 |
1,23 |
|
Treasury's primary quotient |
Units |
0,00 |
0,01 |
0,08 |
0,08 |
|
Rate of indebtedness ( Leverage ) |
% |
213,90 |
237,80 |
301,26 |
516,03 |
|
Current Capital ( net ) |
Value |
12.909.160 |
13.919.327 |
15.523.050 |
383.270 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
0,75 |
- 1,88 |
3,80 |
4,51 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
- 3,49 |
- 9,17 |
7,13 |
10,87 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
- 3,87 |
- 11,75 |
10,66 |
31,72 |
|
Return on Investment ( R.O.I. ) |
% |
- 2,19 |
- 4,71 |
2,70 |
6,95 |
|
Return/ Sales |
% |
- 2,19 |
- 3,92 |
3,36 |
5,82 |
|
Extra Management revenues/charges incid. |
% |
n.c. |
n.c. |
87,54 |
36,77 |
|
Cash Flow |
Value |
236.290 |
-820.239 |
1.540.313 |
134.001 |
|
Operating Profit |
Value |
-692.647 |
-1.712.840 |
1.360.786 |
162.511 |
|
Gross Operating Margin |
Value |
59.940 |
-1.129.747 |
1.709.816 |
245.458 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
209,73 |
159,51 |
214,34 |
130,15 |
|
Debts to suppliers average term |
Days |
158,46 |
110,73 |
169,30 |
160,21 |
|
Average stock waiting period |
Days |
61,58 |
74,49 |
132,22 |
51,44 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,00 |
1,20 |
0,80 |
1,22 |
|
Rate of stock return |
Units |
5,85 |
4,83 |
2,72 |
6,86 |
|
Labour cost incidence |
% |
18,05 |
12,68 |
12,29 |
18,01 |
|
Net financial revenues/ charges incidence |
% |
- 0,18 |
- 0,18 |
1,04 |
- 0,96 |
|
Labour cost on purchasing expenses |
% |
19,16 |
13,65 |
10,43 |
18,88 |
|
Short-term financing charges |
% |
0,37 |
0,41 |
0,26 |
2,20 |
|
Capital on hand |
% |
99,89 |
83,35 |
124,33 |
81,27 |
|
Sales pro employee |
Value |
177.797 |
253.734 |
470.510 |
205.161 |
|
Labour cost pro employee |
Value |
32.089 |
32.172 |
57.843 |
36.334 |
Credit Opinion
On the basis of the above mentioned, and the sales volume obtained, we
deem that the maximum exposure for short and medium term transactions ( 90 -
120 days ) could be of:
100.000Eur.
Market / Territory Data
|
Population living in the province |
: |
659.925 |
|
Population living in the region |
: |
4.151.369 |
|
Number of families in the region |
: |
1.748.359 |
Monthly family expences average in the region (in Eur.) :
|
- per food products |
: |
425 |
|
- per non food products |
: |
2.063 |
|
- per energy consume |
: |
143 |
Sector Data
The values are calculated on a base of 472 significant companies.
The companies cash their credits on an average of 130 dd.
The average duration of suppliers debts is about 160 dd.
The sector's profitability is on an average of 4,51%.
The labour cost affects the turnover in the measure of 18,01%.
Goods are held in stock in a range of 51 dd.
The difference between the sales volume and the resources used to
realize it is about 1,22.
The employees costs represent the 18,88% of the production costs.
Statistical Detrimental Data
The area is statistically considered lowly risky.
In the region 18.860 protested subjects are found; in the province they
count to 3.557.
The insolvency index for the region is 0,46, , while for the province it
is 0,55.
Total Bankrupt companies in the province : 2.526.
Total Bankrupt companies in the region : 14.698.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.93 |
|
|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.34 |
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 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.