MIRA INFORM REPORT

 

 

Report Date :

29.12.2012

 

IDENTIFICATION DETAILS

 

Name :

ARTLINK  COMPANY  LIMITED

 

 

 

 

Registered Office :

19/1  Soi  Ladprao  57,  Ladprao  Road, Sapansong,  Wangthonglang,  Bangkok  10310

 

 

Country :

Thailand

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

30.09.1986

 

 

Com. Reg. No.:

0105529035085

 

 

Legal Form :

Private  Limited  Company

 

 

Line of Business :

Importer  and  Distributor of Stationeries   

 

 

No. of Employees :

35

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Thailand

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

THAILAND - ECONOMIC OVERVIEW

 

With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.

Source : CIA

Company name     

 

ARTLINK  COMPANY  LIMITED

 

 

SUMMARY

 

BUSINESS  ADDRESS                          :           19/1  SOI  LADPRAO  57,  LADPRAO  ROAD,

SAPANSONG,  WANGTHONGLANG, 

BANGKOK  10310,  THAILAND

TELEPHONE                                        :           [66]   2514-9050

FAX                                                      :           [66]   2514-9051

E-MAIL  ADDRESS                               :           artlink@inet.co.th

REGISTRATION  ADDRESS                  :           SAME  AS  BUSINESS  ADDRESS

 

ESTABLISHED                        :           1986

REGISTRATION  NO.                           :           0105529035085  [Former : 3508/2529]

TAX  ID  NO.                                         :           3101512281

CAPITAL REGISTERED                        :           BHT.   7,000,000

CAPITAL PAID-UP                                :           BHT.   7,000,000

SHAREHOLDER’S  PROPORTION        :           THAI     :      100%

FISCAL YEAR CLOSING DATE             :           DECEMBER   31            

LEGAL  STATUS                                  :           PRIVATE  LIMITED  COMPANY

EXECUTIVE                                         :           MR.  CHOOPONG  ANGPAIROJ, THAI

                                                                        MANAGING  DIRECTOR           

 

NO.  OF  STAFF                                   :           35

LINES  OF  BUSINESS                         :           STATIONERIES   

                                                                        IMPORTER  AND  DISTRIBUTOR

                                                                         

                                                                         

CORPORATE  PROFILE

 

OPERATING  TREND                            :           STABLE                       

PRESENT  SITUATION             :           OPERATING  NORMALLY                     

REPUTATION                                       :           GOOD  WITH  NORMAL  BUSINESS  ENGAGEMENT

MANAGEMENT  STANDARD                 :           MANAGEMENT  WITH  FAIR  PERFORMANCE              

 

 

HISTORY

 

The  subject  was  established  on  September  30,  1986  as  a  private  limited  company under  the  originally  registered  name  “Swissthai  S.A.  Co.,  Ltd.,”   by  Thai  groups.  On  March  29,  1994,  subject’s  name  was  changed  to  ARTLINK  COMPANY  LIMITED.  Its business  objective  is  an  importer  and  wholesale  distributor  various  kinds  of  stationery  products  to  domestic  market.  It  currently  employs  35  staff.  

 

The subject’s registered address  was  initially  located  at  80/12-14  Ladprao  58/1 Rd.,  Wangthonglang,  Bangkok  10310.

 

On  July  15,  2010,  subject’s  registered  address  was  relocated  to  19/1  Soi  Ladprao  57,  Ladprao  Rd.,  Sapansong,  Wangthonglang,  Bangkok  10310,  and  this  is  the  subject’s  current  operation  address.  

 

 

THE  BOARD  OF  DIRECTOR

 

     Name

 

Nationality

Age

 

 

 

 

Mr. Burapa  Atthakorn

 

Thai

69

Mr. Kwinthorn  Atthakorn

 

Thai

37

Mr. Choopong  Angpairoj

 

Thai

71

Mr. Sethakarn  Angpairoj

 

Thai

42

Mr. Chuanchai  Atchanand

 

Thai

71

Lt. Somsak  Yamasamit

 

Thai

75

 

 

AUTHORIZED  PERSON

 

Any  two  of  the  above  directors  can  jointly  sign on  behalf  of  the  subject  with  company’s  affixed.

 

 

MANAGEMENT

 

Mr. Choopong  Angpairoj  is  the  Managing  Director.

He  is  Thai  nationality  with  the  age  of  71 years  old.  

 

Mr. Burapa  Atthakorn  is  the  Deputy  Managing  Director.

He  is  Thai  nationality  with  the  age  of  69  years  old.   

 

 

BUSINESS  OPERATIONS

 

The  subject  is  engaged  in  importing  and  distributing  various  kinds  of  stationeries  as  follows:

 

 


  Brand                                     Products

 

“ARTLINE”                     :  Stamps  pads & ink,  CD-R  markers,  drawing  pens,  OHP  markers,

   permanent  markers,  paint  markers,  whiteboard  markers

“SCHNEIDER”               :  Writing  pens,  CD  pens,  money  checker,  refills,  Hi-lighter

“XSTAMPER”                :  Pre-ink,  rubber  stamp

“TRODAT”                     :  Stamps,  pre-ink  rubber  stamp,  refill  ink,  numbering,  swop  pads.

“LIBRA”                         :  Rubber  stamp,  Hi-lighter,  writing  pens

“A-LINE”                        :  Whiteboard,  cutting  products,  inks

“XTENSIONS”                 :  Snap  stamp  kits

“TAT”                            :  Industrial  inks.

 

PURCHASE

 

90%  of  the  products  is  imported  from  Japan,  Germany,  Pakistan,  Republic  of  China  and  U.S.A.,  10%  f  the  rest  is  purchased  locally.

 

MAJOR  SUPPLIERS

 

Noris  Color  GmbH                   :  Germany

Shachihata  Inc.                         :  U.S.A.

Tradat  GmbH                           :  Germany

 

SALES 

 

100%  of  the  products  is  sold  locally  by  wholesale  to  dealers.

 

MAJOR  CUSTOMERS

 

Office  Mate  Co.,  Ltd.

Siam  Makro  Public  Company  Limited

Big C  Supercenter  Public  Company  Limited

Central  Retail  Corporation  Co.,  Ltd.

The  Mall  Group  Co.,  Ltd.

Ek-Chai  Distribution  System  Co.,  Ltd. [Tesco  Lotus  Hypermarket]

 

 

SUBSIDIARY  AND  AFFILIATED  COMPANY

 

The  subject  is  not  found   to  have  any  subsidiary  or  affiliated  company  here  in  Thailand.

 

 

LITIGATION

 

Bankruptcy  and  Receivership

 

There  are  no  litigation  on  bankruptcy  and  receivership  cases  filed  against  the  subject  found  at  Legal  Execution  Department  for  the  past  five  years.

 

Others

 

There  are  no  legal  suits  filed  against   the  subject  for  the  past  two  years.

 

 

CREDIT  

 

Sales  are  by  cash  or  on  the  credits  term  of  30-60  days.

Local  bills  are  paid  by  cash  or  on  the  credits  term  of  30-60  days.

Imports  are  by  L/C  at  sight  or  T/T.

 

 

BANKING

 

Bangkok  Bank  Public  Co.,  Ltd.

 

 

EMPLOYMENT

 

The  subject  employs  35  staff.  

 

 

LOCATION  DETAILS

 

The  premise  is  owned  for  administrative  office  at  the  heading  address.  Premise  is  located  in  commercial/residential  area.

 

 

REMARK

 

MAXIMUM  CREDIT  SHOULD  BE  GRANTED  AT  US$ 500,000.

 

 

COMMENT

 

The  company was formed  in  1986  as  a  stationery   importer   and  wholesaler.  It   has been  in  this business  for  more  than  27  years,   as  well  as  the  products  have  been  well known  in  domestic  market  for  decades.  Domestic  slow  consumption  and  higher  operating  costs  had  resulted  to  slow  performance   in the  year  2011.

 

Nevertheless  its   sales   have  gradually  improved  since  the  first  quarter  of  2012. 

 

FINANCIAL  INFORMATION

 

The  capital  was  registered  at  Bht. 1,000,000  divided  into 10,000  shares  of  Bht.  100     each.

 

The  capital  was  increased  later  as  following:

 

            Bht.     6,000,000  on     March  29,  1994

            Bht.     7,000,000  on     January  17,  2007

           

The  latest  registered  capital  was  increased  to  Bht. 7,000,000  divided  into   70,000  shares  of  Bht.  100   each  with  fully  paid.

 

THE  SHAREHOLDERS  LISTED  WERE  :  [as  at  April  26,  2012]

 

       NAME

HOLDING

%

 

 

 

Mr. Sethakarn  Angpairoj

Nationality:  Thai

Address     :  93  Sutthisarn  Rd.,  Huaykwang,  Bangkok

18,167

25.95

Ms. Supintha  Atthakorn

Nationality:  Thai

Address     :  53  Sukhumvit  65  Rd.,  Prakanongnua, 

                     Wattana,  Bangkok

12,413

17.73

Mrs. Prayong  Atchanand

Nationality:  Thai

Address     :  8  South  Sathorn  Rd.,  Yannawa,  Bangkok

10,641

15.20

Ms. Daranee  Angpairoj

Nationality:  Thai

Address     :  93  Sutthisarn  Rd.,  Huaykwang,  Bangkok

  6,385

9.12

Mr. Choopong  Angpairoj

Nationality:  Thai

Address     :  56/38  Moo  2,  Suthisarn  Rd.,  Huaykwang, 

                     Bangkok

  6,320

9.03

Lt. Somsak  Yamasamit

Nationality:  Thai

Address     :  43  Sukhumvit  39  Rd.,  Klongtonnua, 

                     Wattana,  Bangkok 

  4,730

6.76

Ms. Chuticha  Angpairoj

Nationality:  Thai

Address     :  95  Moo  2,  Huaykwang,  Bangkok

  2,660

3.80

Mr. Rodom  Angpairoj

Nationality:  Thai

Address     :  56/38  Moo  2,  Suthisarn  Rd.,  Huaykwang, 

                     Bangkok

  2,660

3.80

 

 

 

 

Mr. Burapa  Atthakorn

Nationality:  Thai

Address     :  53  Sukhumvit  65  Rd.,  Prakanongnua, 

                     Wattana,  Bangkok

  2,660

3.80

Mr.  Kwinthorn  Atthakorn

Nationality:  Thai

Address     :  53  Sukhumvit  65  Rd.,  Prakanongnua

                     Wattana,  Bangkok 

2,364

3.38

Mr.  Chanin  Chaisakkrinont

Nationality:  Thai

Address     :  107/361  Narisara  Village, Bangkuay- Sainoi, 

                     Bangbuathong,  Nonthaburi 

1,000

1.43

 

Total  Shareholders  :  11

 

Share  Structure  [as  at  April  26,  2012]

 

Nationality

Shareholders

No. of  Share

% Shares

 

 

 

 

Thai

11

70,000

100.00

Foreign

-

-

-

 

Total

 

11

 

70,000

 

100.00

 

NAME  OF  AUDITOR  &  CERTIFIED  PUBLIC  ACCOUNTANT  NO. :

 

Mr. Thammanoon  Korngsamut  No.  0898

 

 

BALANCE SHEET [BAHT]

 

The  latest  financial  figures  published  for  December  31,  2011  &  2010  were:

          

ASSETS

                                                                                                 

Current Assets

2011

2010

 

 

 

Cash  and  Cash  Equivalent                        

3,867,758.59

6,153,230.03

Trade  Accounts  and  Notes  Receivable

21,570,511.81

22,435,782.76

Inventories                     

10,847,494.84

10,047,465.62

Other  Current  Assets                  

862,045.73

1,131,228.75

Receivable Loan  Employees

143,410.00

-

 

Total  Current  Assets                

 

37,291,220.97

 

39,767,707.16

 

 

 

Fixed Assets                  

20,583,584.29

22,035,724.66

Other Assets                  

[3,500.00]

16,500.00

 

Total  Assets                 

 

57,871,305.26

 

61,819,931.82

 

 

 

LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]

 

 

Current Liabilities

2011

2010

 

 

 

Trade  Accounts  Payable

19,413,050.79

21,977,323.29

Other  Current  Liabilities             

1,706,514.39

2,432,053.42

 

Total Current Liabilities

 

21,119,565.18

 

24,409,376.71

 

Payable  Loan

 

5,996,000.00

 

7,320,000.00

 

Total  Liabilities            

 

27,115,565.18

 

31,729,376.71

 

 

 

Shareholders' Equity

 

 

 

 

 

 Share  capital : Baht  100  par  value 

  authorized,  issued  and  fully 

  paid  share  capital  70,000  shares

 

 

7,000,000.00

 

 

7,000,000.00

 

Capital  Paid                     

 

7,000,000.00

 

7,000,000.00

Retained  Earning - Unappropriated                           

23,755,740.08

23,090,555.11

 

Total Shareholders' Equity

 

30,755,740.08

 

30,090,555.11

 

Total Liabilities  &  Shareholders'  Equity

 

57,871,305.26

 

61,819,931.82

 

                                                  

PROFIT  &  LOSS  ACCOUNT

 

Revenue

2011

2010

 

 

 

Sales                                         

95,668,136.13

95,576,963.90

Less : Refundable & Discount

[5,624,999.02]

[4,720,231.61]

 

90,043,137.11

90,856,732.29

Other  Income                

 

 

  Gain / [Loss]  on  Exchange Rate

[992,841.97]

917,325.78

  Miscellaneous  Income

1,407,879.90

343,905.97

 

415,037.93

1,261,231.75

 

Total  Revenues           

 

90,458,175.04

 

92,117,964.04

 

Expenses

 

 

 

 

 

Cost  of  Goods  Sold                            

53,635,785.31

53,955,986.35

Salary  Expenses

13,640,139.00

13,936,411.90

Selling  Expenses

11,549,711.24

13,236,608.57

Administrative  Expenses

5,735,208.01

5,016,192.35

Depreciation  Assets

2,271,176.80

2,024,009.55

 

Total Expenses             

 

86,832,020.36

 

88,169,208.72

 

Profit / [Loss]  from  Operation

 

3,626,154.68

 

3,948,755.32

Less:  Loss  on  Sales  of  Assets

[1,175,890.44]

-

 

Profit  before  Income  Tax

 

2,450,264.24

 

3,948,755.32

Income  Tax  30%

[735,079.27]

[1,184,626.60]

 

 

 

Net  Profit / [Loss]

1,715,184.97

  2,764,128.72

Retained  Earning,  beginning  of  year

 22,040,555.11

 20,746,426.39

Adjusted   

-

[1,470,000.00]

 

Retained  Earning,  end  of  year

 

23,755,740.08

 

22,040,555.11

 

 

 

FINANCIAL  ANALYSIS

 

ITEM

UNIT

2011

2010

 

 

 

 

LIQUIDITY RATIO

 

 

 

CURRENT RATIO

TIMES

1.77

1.63

QUICK RATIO

TIMES

1.20

1.17

 

 

 

 

ACTIVITY RATIO

 

 

 

FIXED ASSETS TURNOVER

TIMES

4.37

4.12

TOTAL ASSETS TURNOVER

TIMES

1.56

1.47

INVENTORY CONVERSION PERIOD

DAYS

73.82

67.97

INVENTORY TURNOVER

TIMES

4.94

5.37

RECEIVABLES CONVERSION PERIOD

DAYS

87.44

90.13

RECEIVABLES TURNOVER

TIMES

4.17

4.05

PAYABLES CONVERSION PERIOD

DAYS

132.11

148.67

CASH CONVERSION CYCLE

DAYS

29.15

9.43

 

 

 

 

PROFITABILITY RATIO

 

 

 

COST OF GOODS SOLD

%

59.57

59.39

SELLING & ADMINISTRATION

%

36.87

37.66

INTEREST

%

-

-

GROSS PROFIT MARGIN

%

40.89

42.00

NET PROFIT MARGIN BEFORE EX. ITEM

%

4.03

4.35

NET PROFIT MARGIN

%

1.90

3.04

RETURN ON EQUITY

%

5.58

9.19

RETURN ON ASSET

%

2.96

4.47

EARNING PER SHARE

BAHT

24.50

39.49

 

 

 

 

LEVERAGE RATIO

 

 

 

DEBT RATIO

TIMES

0.47

0.51

DEBT TO EQUITY RATIO

TIMES

0.88

1.05

TIME INTEREST EARNED

TIMES

-

-

 

 

 

 

ANNUAL GROWTH

 

 

 

SALES GROWTH

%

(0.90)

 

OPERATING PROFIT

%

(8.17)

 

NET PROFIT

%

(37.95)

 

FIXED ASSETS

%

(6.59)

 

TOTAL ASSETS

%

(6.39)

 

 

 

 

PROFITABILITY RATIO

 

Gross Profit Margin

40.89

Impressive

Industrial Average

14.86

Net Profit Margin

1.90

Impressive

Industrial Average

1.50

Return on Assets

2.96

Impressive

Industrial Average

2.92

Return on Equity

5.58

Acceptable

Industrial Average

7.59

 

Gross Profit Margin used to assess a firm's financial health by revealing the proportion of money left over from revenues after accounting for the cost of goods sold. Gross profit margin serves as the source for paying additional expenses and future savings. Gross Profit Margin is  40.89%. When compared with the industry average, the ratio of the company was higher.  This indicated that company was more profitable than the same industry.

 

Net Profit Margin is the indicator of the company's efficiency in that net profit takes into consideration all expenses of the company. A low profit margin indicates a low margin of safety, higher risk that a decline in sales will erase profits and result in a net loss. Net Profit Margin ratio is 1.9%, higher figure when compared with those of its average competitors in the same industry, indicated that business was an efficient operator in a dominant position within its industry.

 

Return on Assets measures how efficiently profits are being generated from the assets employed in the business when compared with the ratios of firms in a similar business. A low ratio in comparison with industry averages indicates an inefficient use of business assets. Which the high ratio in 2.96%, higher figure when compared with those of its average competitors in the same industry, indicated that business was an efficient profits in a dominant position within its industry.

 

Return on Equity indicates how profitable a company is by comparing its net income to its average shareholders' equity, ROE measures how much the shareholders earned for their investment in the company. When compared with the industry average, it was lower, the company's figure is 5.58%.

 

Trend of the average competitors in the same industry for last 5 years

Return on Assets                       Uptrend

Return on Equity                       Downtrend

 

 

LIQUIDITY RATIO

 

Current Ratio

1.77

Impressive

Industrial Average

1.61

Quick Ratio

1.20

 

 

 

Cash Conversion Cycle

29.15

 

 

 

 

The Current Ratio is to ascertain whether a company's short-term assets are readily available to pay off its short-term liabilities. The company's figure is 1.77 times in 2011, increase from 1.63 times, then it is generally considered to have good short-term financial strength. When compared with the industry average, the ratio of the company was higher, indicated that company was  an efficient operator  in a dominant  position within  its industry.

 

The Quick Ratio is a liquidity indicator that further refines the current ratio by measuring the amount of the most liquid current assets there are to cover current liabilities. The company's figure is 1.2 times in 2011, increase from 1.17 times, although excluding inventory so the company still have good short-term financial strength.

 

The Cash Conversion Cycle measures the number of days a company's cash is tied up in the production and sales process of its operations and the benefit from payment terms from its creditors. It meant the company could survive when no cash inflow was received from sale for 30 days.

 

Trend of the average competitors in the same industry for last 5 years

Current Ratio                 Uptrend

 

 

 

LEVERAGE RATIO

 

Debt Ratio

0.47

Impressive

Industrial Average

0.58

Debt to Equity Ratio

0.88

Impressive

Industrial Average

1.40

Times Interest Earned

-

 

Industrial Average

2.06

 

Debt to Equity Ratio a measurement of how much suppliers, lenders, creditors and obligors have committed to the company versus what the shareholders have committed. A lower the percentage means that the company is using less leverage and has a stronger equity position.

 

Debt Ratio shows the proportion of a company's assets which are financed through debt. The company's figure is 0.47 less than 0.5, most of the company's assets are financed through equity.

 

Trend of the average competitors in the same industry for last 5 years

Debt Ratio                                Downtrend

Times Interest Earned                Uptrend

 

 

ACTIVITY RATIO

 

Fixed Assets Turnover

4.37

Acceptable

Industrial Average

8.04

Total Assets Turnover

1.56

Satisfactory

Industrial Average

1.94

Inventory Conversion Period

73.82

 

 

 

Inventory Turnover

4.94

Impressive

Industrial Average

4.76

Receivables Conversion Period

87.44

 

 

 

Receivables Turnover

4.17

Satisfactory

Industrial Average

4.22

Payables Conversion Period

132.11

 

 

 

 

Trend of the average competitors in the same industry for last 5 years

Fixed Assets Turnover               Downtrend

Total Assets Turnover                Downtrend

Inventory Turnover                     Downtrend

Receivables Turnover                Uptrend

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.85

UK Pound

1

Rs.88.39

Euro

1

Rs.72.63

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.