MIRA
INFORM REPORT
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Report Date : |
26.05.2011 |
IDENTIFICATION DETAILS
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Name : |
AGARWAL RUBBER LIMITED |
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Registered Office : |
H No. 15-1-503/ 49/ A, Ashok Market, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
19.03.1983 |
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Com. Reg. No.: |
01-003868 |
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Capital Investment
/ Paid-up Capital : |
Rs.82.700 Millions |
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CIN No.: [Company
Identification No.] |
U25199AP1983PLC003868 |
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Legal Form : |
A Closely Held
Public Limited Liability Company. |
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Line of Business : |
Manufacturer and Importer of High Quality Automobile Butyl Tubes. |
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No. of Employees
: |
350 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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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 570000 |
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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. Profitability
of the company appears to be low. However trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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. Amit Kumar Agarwal |
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Designation : |
Director |
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Contact No.: |
91-9849000900 |
LOCATIONS
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Registered Office : |
H No. 15-1-503/ 49/ A, Ashok Market, |
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Tel. No.: |
91-40-24734152/ 24616517/
24616518 |
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Mobile No.: |
91-9849000900 (Mr. Amit Kumar Agaral) |
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Fax No.: |
91-40-24744734/ 24616518 |
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E-Mail : |
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Website : |
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Area: |
4500 sq.ft. (Owned) |
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Corporate
Office/ Factory : |
Plot No. C – 8 to C – 11, Industrial Estate, Patancheru, Medak –
502320, |
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Tel. No.: |
91-8455-242136/285994/
325538/ 285453/ 54/ 55 |
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Fax No.: |
91-8455-242124 |
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Overseas
Office : |
P.O.BOX NO. 172875, Deira, DUBAI (UAE) |
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Correspondence Address : |
ARL TRADING LLC SH-2, Naďf Building, Near Al Makhtoum Hospital (exit
gate), DEIRA, DUBAI, (UAE) |
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Tel.
No.: |
00971-4 224 1991 |
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E-Mail
: |
DIRECTORS
AS ON 30.09.2009
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Name : |
Mr. Deendayal Agarwal |
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Designation : |
Chairman and Managing Director |
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Address : |
5-9-30/1/8, Palace Colony, Basheerbagh, |
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Date of Birth/Age : |
14.08.1949 |
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Date of Appointment : |
19.03.1983 |
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Name : |
Mr. Shyam Sunder Agarwal |
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Designation : |
Director |
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Address : |
5-9-30/1/8, Palace Colony, Basheerbagh, |
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Date of Birth/Age : |
17.01.1953 |
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Date of Appointment : |
19.03.1983 |
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Name : |
Mr. Amit Kumar Agarwal |
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Designation : |
Director |
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Address : |
5-9-30/1/8, Palace Colony, Basheerbagh, |
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Date of Birth/Age : |
27.10.1979 |
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Date of Appointment : |
11.11.2002 |
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Name : |
Mr. Naval Kishore Agarwal |
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Designation : |
Additional Director |
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Address : |
5-9-30/1/8, Palace Colony, Basheerbagh, |
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Date of Birth/Age : |
08.04.1977 |
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Date of Appointment : |
12.11.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2009)
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Names of Shareholders |
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No. of Shares |
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Deen Dayal Agarwal |
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79710 |
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Shyam Sunder Agarwal |
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154250 |
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Ashok Kumar Agarwal |
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36590 |
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Ginni Bai |
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71355 |
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Santosh Kumri |
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12400 |
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Santosh Kumri |
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18940 |
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Sunitha Kumri |
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1375 |
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Sheetal Agarwal |
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2805 |
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Naval Kishore Agarwal |
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45840 |
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Mahesh Kumar Kuhari |
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60740 |
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Master Tarush |
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13730 |
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Amit Agarwal |
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67045 |
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Renuka Agarwal |
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2090 |
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Trupti Agarwal |
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5100 |
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Ramesh Kumar Agarwal |
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9900 |
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Sachin Agarwal |
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14190 |
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Vikas Agarwal |
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3905 |
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Pooja Agarwal |
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13015 |
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Prem Kumari |
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12100 |
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Vidya Sagar Gadhok |
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50000 |
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H G Portelio and Management Limited |
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138920 |
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Deen Dayal Agarwal - HUF |
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2000 |
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Shyam Sunder Agarwal - HUF |
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6000 |
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Mukhram Deen Dayal – HUF |
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5000 |
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Total |
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827000 |
AS ON 30.09.2009
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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16.80 |
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Directors
or relatives of directors |
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83.20 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Importer of High Quality Automobile Butyl Tubes. |
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Products : |
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Imports : |
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Products : |
Synthetic Rubber |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit (30-60-90 Days) |
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Purchasing : |
L/C, Cash and Credit (30-60-90 Days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
350 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Giridhar and Company Chartered Accountants |
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Address : |
8-2-162, Flat No.102, Rock View Apartments, |
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Tel. No.: |
91-40-23753317 |
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Mobile No.: |
91-9490186900 |
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E-Mail : |
CAPITAL STRUCTURE
As on 30.09.2009
Authorised Capital:
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.100/- Each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
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827000 |
Equity Shares |
Rs.100/-
Each |
Rs.82.700
Millions |
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 |
82.700 |
82.700 |
82.700 |
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2] Share Application Money |
18.000 |
18.000 |
0.000 |
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3] Reserves & Surplus |
42.453 |
35.499 |
21.363 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
143.153 |
136.199 |
104.063 |
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LOAN FUNDS |
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1] Secured Loans |
292.057 |
242.221 |
188.315 |
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2] Unsecured Loans |
112.346 |
60.900 |
64.337 |
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TOTAL BORROWING |
404.403 |
303.121 |
252.652 |
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DEFERRED TAX LIABILITIES |
9.556 |
0.000 |
0.000 |
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TOTAL |
557.112 |
439.320 |
356.715 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
213.153 |
156.738 |
113.739 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.073 |
0.073 |
0.073 |
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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 |
214.640
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144.686
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123.723
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Sundry Debtors |
239.957
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193.755
|
113.058
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Cash & Bank Balances |
21.428
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13.046
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7.652
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Other Current Assets |
0.000
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0.000
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0.000
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Loans & Advances |
66.005
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64.047
|
66.401
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Total
Current Assets |
542.030
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415.534
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310.834
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
180.280
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120.854 |
59.718 |
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Other Current Liabilities |
14.641
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9.566
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68.295
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Provisions |
3.440
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2.895
|
1.200
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Total
Current Liabilities |
198.361
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133.315
|
68.294
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Net Current Assets |
343.669
|
282.219
|
242.540
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MISCELLANEOUS EXPENSES |
0.217 |
0.290 |
0.363 |
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TOTAL |
557.112 |
439.320 |
356.715 |
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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 |
1085.743 |
917.776 |
580.690 |
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Other Income |
15.943 |
34.169 |
15.937 |
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TOTAL (A) |
1101.686 |
951.945 |
596.627 |
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Less |
EXPENSES |
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Raw Material Consumed |
718.894 |
612.725 |
403.040 |
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Manufacturing and Other Expenses |
306.802 |
277.169 |
176.365 |
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Accretion/ (Decretion) to Stock |
(13.845) |
(12.745) |
(28.394) |
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TOTAL (B) |
1011.851 |
877.149 |
551.011 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
90.035 |
221.015 |
130.410 |
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Less |
FINANCIAL
EXPENSES (D) |
39.229 |
33.593 |
22.924 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
50.806 |
187.422 |
107.486 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
30.656 |
21.105 |
14.685 |
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PROFIT BEFORE
TAX (E-F) (G) |
19.950 |
20.098 |
8.007 |
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Less |
TAX (H) |
12.996 |
2.895 |
1.200 |
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PROFIT AFTER TAX
(G-H) (I) |
6.954 |
17.203 |
6.807 |
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Less: |
Income Tax/ FBT- Earlier Year |
0.000 |
3.067 |
0.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
34.846 |
20.709 |
13.902 |
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BALANCE CARRIED
TO THE B/S |
41.800 |
34.846 |
20.709 |
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EARNINGS IN
FOREIGN CURRENCY |
489.573 |
528.948 |
323.780 |
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IMPORTS |
191.333 |
164.115 |
86.288 |
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Earnings Per
Share (Rs.) |
8.41 |
20.80 |
8.23 |
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Expected Sales (2010-2011) : Rs. 1500.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
0.63
|
1.81 |
1.14
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Net Profit Margin (PBT/Sales) |
(%) |
1.84
|
2.19 |
1.38
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.64
|
3.51 |
1.89
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Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.15 |
0.08
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Debt Equity Ratio (Total Liability/Networth) |
|
4.21
|
3.20 |
3.08
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Current Ratio (Current Asset/Current Liability) |
|
2.73
|
3.12 |
4.55
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LOCAL AGENCY FURTHER INFORMATION
Trade References:
·
Anant Engineering Works
·
Mahatha Petroleum Private Limited, Chennai
OPERATIONS
The Company had fared well during the period under report despite heavy
competition prevailing in the automobile type/ tube industry.
Domestic tyre and tube industry has witnessed a remarkable recovery in
2009-10. After a slowdown in FY 2009. This growth was driven by strong revival
in automobile demand on the back of resurgence in economy, rise in employment
levels, and casing of interest rate scenario, Gauging the immense market
potential almost all the major manufacturers have announced aggressive expansion
plans for the next 4-5 years which is expected to ease out the supply,
constraint situation in the industry.
Going forward it is expected that, industry will continue to witness
healthy growth scenario during the ensuing financial year also.
To keep pace with the growing demand, the Company has also undertaken
constant expansion of the existing facility and also proposing to set up new
facility by the turn of the year 2011.
As far as the financial results for the year under report, the Company
has registered a healthy growth of over 18% in the turnover compared to that of
the FY 2008-09 with a corresponding increase in EBIDTA of 12.26%. The cash
profit of the Company has registered a growth of 23.82% over the FY 2008-09.
The performance of the Company during the first half or the current financial
year is also quite encouraging and the Company is poised to score better
results during the ensuing financial year also.
FORM 8
|
Corporate
identity number of the company |
U25199AP1983PLC003868 |
|
Name of the
company |
AGARWAL RUBBER LIMITED |
|
Address of the
registered office or of the principal place of business in |
H No. 15-1-503/ 49/ A, Ashok Market, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Movable Property Floating Charge Immovable
Property |
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Particular of
charge holder |
State Bank of C and I Banking Division, Gunfoundry Branch, Gunfoundry, |
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Nature of
description of the instrument creating or modifying the charge |
1.Supplemental Agreement of Loan for Increase in the Overall Limit C.1-A, 2.Supplemental Agreement of Hypothecation of Goods and Assets for increase in the Overall Limit, C.2-A, 3.Letter Regarding grant of Individual Limits within the Overall Limit. C.5, 4.Memorandum of Deposit of Title Deeds (Extension of Charge) 5.Supplemental Deed of Guarantee for Increase in Overall Limit. C.4-A |
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Date of
instrument Creating the charge |
22.12.2009 |
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Amount secured by
the charge |
Rs.485.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Rate of Interest
on CC Limit of Rs.230.000 Millions is 12.25% p.a (floating), on sub limit of
Packing credit is 9.75% p.a, On T L of
Rs.45.000 Millions: 12.25% p.a (floating), On STCL: 12.75% p.a.(floating) Terms of
Repayment: Working Capital
limits are repayable on demand. Term
loan of Rs.45.000 Millions shall be repayable in 20 quarterly installments of
Rs.2.250 Millions commencing from three months after commercial production or
from September 2008 quarter. STCL of Rs.10.000 Millions repayable in 20
monthly installments of Rs.0.500 Millions commencing from June 2010. Interest
shall be repayable as and when debited. Margin: Margin on stocks
25%, (On Imported stocks 15%), On book debts 50%, On LC and BG 10% Extent and
Operation of the charge: 1st
charge on and hypothecation of stocks, book debts and other current assets
both present and future. 1st charge on land and building, plant
and machinery and other movable and immovable properties of the company both
present and future. Extension of equitable mortgage in respect of company
properties at H. No. 1-8-344, Patigadda, Begumpet, Hyderabad admeasuring 410
Sq yds for securing the enhanced limits of Rs.485.000 Millions |
|
Short particulars
of the property charged |
H.No.1-8-344,
Patigadda, Begumpet, Shop # 8, Gr.floor
in Sy # 5-9-191, Brindavan (pooja Complex),Chirag ali lane, Hyderabad
admeasuring 255.75 sq. ft (held in the name of Sri Naval Kishore Agarwal). Commercial
complex in Sy # 18-151/1 in plot # 8,9,10 situated at Chennoor, Open Plot
No.451/1, at Chunnam Battiwada, Mancherial, to the extent of 25047 sq. yds,
standing in the name of Sri Amit Agarwal. Open Plot # 57,
57/RU/LU to the extent of 4260 sq. yds at Garimella, Macherial standing in
the name of Sri Deen Dayal Agarwal. Open Plot # 16 to
the extent of 10 guntas situated at Guttala Begumpet (V), Serilingampally
(M), Ranga Reddy Dist. standing in the name of Sri Anurag Gupta. First Charge on current
assets of Stocks, book debts and other movable assets both present and
future. First charge on
Fixed assets of land and buildings, plant and machinery, and other movable
fixed assets of the company both present and future. |
|
Particulars of the
present modification |
Limits have been
enhanced from Rs.475.000 Millions to Rs.485.0 Millions. 1st charge on and
hypothecation of stocks, book debts and other current assets both present and
future. 1st charge on land and buildings, plant and machinery and other
movable and immovable properties of the Company both present and future.
Extension of equitable mortgage in respect of company properties at
H.No.1-8-344, Patigadda, Begumpet, Hyderabad admeasuring 410 sq. yds.
Personal guarantee of the Directors. |
FIXED ASSETS:
- Land
- Building
- Plant and Machinery
- Technical Know-How
- Furniture
- Office Equipment
- Tools
- Electrical Equipment
- Vehicles
- Moulds
- Capital Work-in-process
WEBSITE DETAILS:
PROFILE
Agarwal Group, founded more than two decades ago, is ranked
amongst the elite private business groups in
·
Automobile
Rubber Products (Tyres, Butyl Tubes, Flaps, Curing Bags, Bladders and
Envelopes)
·
Cement
Manufacturing
·
Educational
Institutions.
This range is accompanied with multi location, with Head
Office in
JOURNEY TO SUCCESS
Subject was
incorporated in 1983 with the sole aim of manufacturing high quality automobile
butyl tubes at Patancheru in Medak district (on the outskirts of
The company was the first to develop a whole profile for
tubes/flaps in SSI sector in
It started with a capacity of 200 tubes per day which now
stands at 12,000 tubes per day. By the year 1989, the company became a major
supplier of Butyl tubes to all the major tyre manufacturing companies of
In 1991, success in the domestic market was carried overseas
with the start of bulk exports of tubes to advanced foreign markets, starting
with the SAARC nations. It now spans across 35 countries in the Middle East,
the Far East, Africa, South America and
For the last 10 consecutive years, winning the "Award
of Merit for Exports" from CAPEXIL (Chemical and Allied Products Export
promotion Council, Govt. of India) stands as testimony in recognition to their
commitment towards maintaining sustained growth, stringent quality control,
constant innovation and up gradation of product profile.
With a constant technology up gradation and an in-house
design and development, the company, indigenously developed a range of high end
Aviation and OTR Tubes. This effort, customized to the requirements of
prestigious OEMs like Bharat Earth Movers Limited (B.E.M.L.); Defence Vehicle
Factory, Jabalpur (V.F.J) brought us their acclaim and mutually rewarding
association.
In the year 2000, the company was rewarded ISO 9001:2000
accredition from TUV of Germany for design, development, manufacture and supply
of automobile tyres, tubes, flaps, curing bags, bladders and envelopes. It
provided them an international recognition for all what their company stands
for i.e. quality product, high end technology and committed customer service.
The same year also saw the launch of a range of two wheeler
and three wheeler tyres, which soon expanded to tractor front, passenger,
L.C.V. and tractor trailer tyres.
In the year 2006, in sync with the proactive and vibrant
ethos of the company, a new brand 'ARL' was launched. It further expanded our
quest for growth, natural progression of product profile and to cater to an
ever increasing market size.
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.45.38 |
|
|
1 |
Rs.73.31 |
|
Euro |
1 |
Rs.63.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.