MIRA
INFORM REPORT
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Report Date : |
02.02.2012 |
IDENTIFICATION DETAILS
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Name : |
MANJUSHREE TECHNOPACK LIMITED (w.e.f.21.05.2009) |
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Formerly Known As: |
MANJUSHREE EXTRUSIONS LIMITED |
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Registered Office : |
Plot No. 143-C5, Bommasandra Industrial Area, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
13.11.1987 |
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Com. Reg. No.: |
08-32636 |
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Capital Investment / Paid-up Capital : |
Rs.135.477 Millions |
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CIN No.: [Company
Identification No.] |
L67120KA1987PLC032636 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRM15100B |
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Legal Form : |
Public limited liability of the company. The company shares are listed
on stock exchange. |
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Line of Business : |
Manufacturer and Exporter of Pet Products, Packaging Bottles Jars,
Plastic and PVC PU Products. |
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No. of Employees : |
800 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3266280 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for 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 DECLINED BY
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Name : |
Mr. Suresh |
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Designation : |
Accounts Department |
LOCATIONS
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Registered Office/Unit 1 : |
Plot No. 143-C5, Bommasandra Industrial Area, |
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Tel. No.: |
91-80-43436100 |
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Mobile No.: |
91-9379913008 (Mr. Ankit) |
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Fax No.: |
91-80-27833819 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory /Unit II : |
Innovation Division, 60-E, Bommasandra Industrial Area, |
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Tel. No.: |
91-80-43436200 |
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Fax No.: |
91-80-27832245 |
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E-Mail : |
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Location : |
Owned |
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Sales and
Marketing Offices : |
Located At :
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DIRECTORS
AS ON 31.03.2011
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Name : |
Mr. Vimal Kedia |
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Designation : |
Managing Director |
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Address : |
180, Classic Orchards, |
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Date of Birth/Age : |
08.08.1956 |
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Date of Appointment : |
25.09.2003 |
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Name : |
Mr. Surendra Kedia |
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Designation : |
Executive Director and Compliance Officer |
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Address : |
179, Classic Orchards, |
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Date of Birth/Age : |
15.04.1963 |
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Date of Appointment : |
25.09.2003 |
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Name : |
Mr. Radheshyam P. Agarwal |
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Designation : |
Director |
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Address : |
F-503, Mittal Tower, 6, m. G. road, Bangalore-560 001, Karnataka,
India |
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Date of Birth/Age : |
15.03.1937 |
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Date of Appointment : |
26.12.2005 |
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Name : |
Mr. Narendra Kumar Sarawgi |
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Designation : |
Director |
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Address : |
Flat 1107, |
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Date of Birth/Age : |
19.06.1956 |
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Date of Appointment : |
30.09.2003 |
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Name : |
Mr. G. Vamanacharya |
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Designation : |
Director |
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Address : |
No.4, 7 Main Khm Block RT Nagar, P O Bangalore-560 030, |
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Date of Birth/Age : |
14.07.1942 |
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Date of Appointment : |
30.09.2003 |
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Name : |
Mr. Rajat Kedia |
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Designation : |
Whole time Director |
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Address : |
180, Classic Orchards, |
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Date of Birth/Age : |
23.01.1981 |
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Date of Appointment : |
27.05.2010 |
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Name : |
Mr. Ankit Kedia |
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Designation : |
Whole time director |
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Address : |
180, Classic Orchards, |
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Date of Birth/Age : |
07.04.1984 |
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Date of Appointment : |
27.05.2010 |
KEY EXECUTIVES
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Name : |
Mr. Bansant Kumar Mohata |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2011
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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1866030 |
13.77 |
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6341495 |
46.81 |
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(B) Public Shareholding |
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100000 |
0.74 |
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254269 |
1.88 |
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840102 |
6.20 |
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2275126 |
16.79 |
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1512522 |
11.16 |
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286967 |
2.12 |
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71.186 |
0.53 |
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Total |
13547700 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Pet Products, Packaging Bottles Jars,
Plastic and PVC PU Products. |
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Products : |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
800 (Approximately) |
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Bankers : |
State Bank of |
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Facilities : |
Note: Above facilities are secured by hypothecation of all movable assets, Raw Materials, Finished goods, Stores, Spare parts, Book Debts, pledge of Fixed Deposit receipts and first charge of fixed assets located at all units.
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Sharma and Pagaria Chartered Accountants |
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Address : |
8, 4th Floor, Lakshmi Complex, 40, K. R. Road,
Bangalore-560 002, |
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Tel. No.: |
91-80-26707436/26700106 |
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Associates: |
·
Mphinite Technologies Private Limited (MTPL) ·
Mphinite Solutions Private Limited (MSPL) ·
Manjushree Fincap Private Limited ·
Shruti Financial Services Private Limited ·
Hitech Creations Private Limited |
CAPITAL STRUCTURE
As on 31.08.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Share |
Rs.10/- Each |
Rs.150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
13547700 |
Equity Share |
Rs.10/- Each |
Rs.135.477
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
135.477 |
135.477 |
135.477 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
681.093 |
548.965 |
459.089 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
816.570 |
684.442 |
594.566 |
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LOAN FUNDS |
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1] Secured Loans |
717.549 |
511.429 |
182.630 |
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2] Unsecured Loans |
351.552 |
198.436 |
111.630 |
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TOTAL BORROWING |
1069.101 |
709.865 |
294.260 |
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DEFERRED TAX LIABILITIES |
57.727 |
57.629 |
35.911 |
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TOTAL |
1943.398 |
1451.936 |
924.737 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
972.502 |
919.344 |
579.200 |
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Capital work-in-progress |
146.705 |
0.637 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
509.379
|
200.886
|
161.905
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Sundry Debtors |
327.441
|
269.230
|
158.627
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Cash & Bank Balances |
11.994
|
79.417
|
4.394
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
267.854
|
154.993
|
83.479
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Total
Current Assets |
1116.668
|
704.526
|
408.405
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
99.009
|
121.535
|
34.931 |
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Other Current Liabilities |
34.359
|
12.554
|
13.792 |
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Provisions |
161.948
|
44.160
|
20.438 |
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Total
Current Liabilities |
295.316
|
178.249
|
71.383
|
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Net Current Assets |
821.352
|
526.277
|
337.022
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MISCELLANEOUS EXPENSES |
2.839 |
5.678 |
8.515 |
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TOTAL |
1943.398 |
145.936 |
924.737 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
2161.750 |
1490.324 |
1055.957 |
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Other Income |
6.084 |
4.921 |
4.939 |
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TOTAL (A) |
2167.834 |
1495.245 |
1060.896 |
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Less |
EXPENSES |
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Raw Material Consumed |
1191.138 |
817.259 |
569.494 |
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Other Manufacturing Expenses |
546.679 |
413.909 |
261.933 |
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Administrative and Selling Expenses |
95.476 |
68.376 |
56.089 |
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Public issue expenses written off |
2.838 |
2.838 |
2.838 |
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Increase/(Decrease) in Stocks |
(147.358) |
(94.269) |
(7.930) |
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TOTAL (B) |
1688.773 |
1208.113 |
882.424 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
479.061 |
287.132 |
178.472 |
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Less |
FINANCIAL
EXPENSES (D) |
62.436 |
33.904 |
14.438 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
416.625 |
253.228 |
164.034 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
190.601 |
97.474 |
49.392 |
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PROFIT BEFORE
TAX (E-F) (G) |
226.024 |
155.754 |
114.642 |
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Less |
TAX (H) |
98.098 |
50.028 |
39.716 |
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PROFIT AFTER TAX
(G-H) (I) |
147.926 |
105.726 |
74.926 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
291.650 |
62.848 |
43.772 |
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Less |
APPROPRIATIONS |
|
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Transfer to General Reserve |
0.000 |
9.000 |
4.000 |
|
|
|
Proposed Dividend |
13.548 |
13.548 |
13.548 |
|
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|
Tax on Dividend |
2.250 |
2.302 |
2.302 |
|
|
BALANCE CARRIED
TO THE B/S |
275.852 |
143.724 |
62.848 |
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EARNINGS IN
FOREIGN CURRENCY |
98.502 |
55.237 |
54.578 |
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IMPORTS |
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Raw Materials |
147.260 |
103.683 |
111.140 |
|
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Stores & Spares |
3.113 |
182.500 |
2.690 |
|
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Capital Goods |
101.425 |
211.853 |
220.682 |
|
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TOTAL IMPORTS |
251.798 |
498.036 |
334.512 |
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|
Earnings Per
Share (Rs.) |
10.92 |
7.80 |
5.53 |
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QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 (1st Quarter) |
30.09.2011 (2nd
Quarter) |
|
Net Sales |
|
914.010 |
599.780 |
|
Total Expenditure |
|
719.870 |
482.990 |
|
PBIDT (Excl OI) |
|
194.140 |
116.790 |
|
Other Income |
|
1.210 |
4.390 |
|
Operating Profit |
|
195.350 |
121.180 |
|
Interest |
|
18.990 |
38.310 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
176.360 |
82.870 |
|
Depreciation |
|
45.130 |
47.220 |
|
Profit Before Tax |
|
131.123 |
35.650 |
|
Tax |
|
44.080 |
8.880 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
87.150 |
26.770 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
87.150 |
26.770 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.82 |
7.07
|
7.06 |
|
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Net Profit Margin (PBT/Sales) |
(%) |
10.45 |
10.45
|
10.86 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.81 |
9.59
|
11.61 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.23
|
0.19 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.67 |
1.30
|
0.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.78 |
3.95
|
5.72 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE
HIGHLIGHTS
The turnover for FY 2011was higher at Rs.24,18.550 Millions (2010 - Rs.16,00.542 Millions) reflecting an increase of 51%. The gross profit during FY 2011 was higher at Rs5,71.291 Millions (2010 - Rs.3,53.425 Millions) reflecting an increase of 62%, while the operating profit showed a jump of 68% to Rs.4,758.15lacs (2010 - Rs.2,83.390 Millions). The profit before tax during FY 2011 was also higher at Rs.2,26.024 Millions (2010 - Rs.1,557.54lacs) reflecting an increase of 45%. After provision for taxation, the net surplus amounted to Rs1,47.926 Millions (2010 - Rs.1,05.726 Millions) resulting in a fully diluted EPS of Rs.10.92 (2010 - Rs.7.80). The Company has obtained the Actuary Valuation Report since audit. As per the Actuary Valuation the liability on leave is Rs.4.528 Millions whereas the Company financials recorded the liability at Rs.58.32lacs based on the actual leave benefit entitlement to its employees as per their terms of appointment.
OPERATIONS
Overall installed capacity of
plant has increased to 36,650 MTPA in view of expansion cum diversification
project completed during the year, as compared to 29,210 MTPA as at the end of
the previous year. The major expansion is for the manufacture of PET Performs
to the tune of 6,000 MTPA and the balance of 1,440 MTPA capacities have been
added for the manufacture of containers. The actual production of containers
and performs during the year amounted to 13,934 MT (2010 - 10,827 MT) excluding
conversion jobs of 18,910 MT (2010 - 10,944) resulting in a capacity
utilisation of 90% of year-end installed capacity.. The turnover of
manufactured items was 12,961 MT (2010 - 9,711 MT). The Company continues to
have a strong focus on innovation, research and development for sustained
growth while enjoying a preferred supplier status with most of its esteemed
clientele in FMCG, Pharma and allied sectors. It has a dedicated team of
technically qualified / trained personnel and professionals controlling
different operational segments in a decentralized environment.
FINANCE
During the year under review, the
Company has continued to avail financial assistance from State Bank of India,
its esteemed Bankers, by way of Rupee Term Loans and Cash Credit limits on
competitive terms for its operational and capital expenditure requirements. The
Company has availed a term loan of Rs. 5,174lacs (sanctioned limit Rs. 8,20.000
Millions) for the expansion cum diversification project, out of which Rs.
1,11.780 Millions have since been repaid. The company has also availed buyer''s credit of Rs.3,51.552 Millions,
which is repayable during the FY 2011-12
by utilisation of Rupee Term / Cash Credit Loans sanctioned by State Bank of India. The Directors confirm
that the funds obtained by the Company
by way of term loans / working capital borrowings have been duly utilised for the purposes for which the
same are meant.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
L67120KA1987PLC032636 |
|
Name of the
company |
MANJUSHREE
TECHNOPACK LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 143-C5, Bommasandra Industrial Area, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80007153 |
|
Type of charge |
·
Book
Debts ·
Movable
Property ·
Floating
Charge ·
Immovable
Property ·
Any interest
in movable property |
|
Particular of
charge holder |
State Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
Form c2a, form
c5, form a and form b(3 sets), all
caused on 4th January 2010 for overall credit limit of Rs 1250.000 millions
in favour of state bank of India, industrial finance branch, residency road ,
Bangalore -560 025 |
|
Date of
instrument Creating the charge |
04.01.2010 |
|
Amount secured by
the charge |
1250.000 millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest Term loan - 0.50%
above SBAR, effective rate 12.25% p. A. Cash credit - 0.50% below SBAR,
effective rate 11.25% p. A. Terms of
repayment Rupee term loan
of Rs 640.000 millions shall be repayable in 24 quarterly installments
commencing from June 2010 Cash credit limit
repayable on demand subject to review/renewal at yearly intervals. Margin Stock of raw
material 25% Stock in
process 25% Stock of finished
goods 25% Book debts 25% LC & BG
limits 10% Term loan 30.43% Extent and
operation of the charge (1)the overall
amount secured by the charge has been increased from Rs.566.000 millions to
Rs.1250.000 millions (2)the existing
security created by the company in favour of bank against overall limits
stands same as before |
|
Short particulars
of the property charged |
Hypothecation of
plant & machinery and other movables, stocks and book debts and other
receivables, both existing and to be purchased and owned by the company Plot no 60e at Bommasandra
Industrial Area, Apartment no
221,ii floor (plus car parking space) in building known as Ranka
Paradise, 9/8, Plot no 143-c5 at
Bommasandra Industrial Area, Plot no 60f at
Bommasandra Industrial Area, |
|
Date of latest
modification prior to the present modification |
12.10.2004 |
|
Particulars of
the present modification |
The overall amount
secured by the charge has been increased from Rs.566.000 millions to
Rs.1250.000 millions comprising of cash credit limit of Rs.300.000 millions,
term loans of Rs.820 millions, LC limit of Rs.125.0000 millions and BG limit
of Rs.5.000 millions, secured by a first charge on company's fixed (movable
and immovable) and current assets, both present and future, and subject to
compliance of bank's extant terms and conditions. |
Fixed
Assets :
- Freehold lands
- Building and Civil works
- Plant and machinery
- Utility Installations
- Computer Systems
- Furniture and Fixtures
- Vehicles
- Other Equipment
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.49.53 |
|
|
1 |
Rs.77.94 |
|
Euro |
1 |
Rs.64.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.