|
Report Date : |
16.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
AVO CARBON INDIA PRIVATE LIMITED (w.e.f. 08.03.2010) |
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|
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Formerly Known
as : |
CARBONE LARRAINE MADRAS PRIVATE LIMITED |
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Registered
Office : |
25/A2, Dairy Plant Road, SIDCO Industrial Estate, Ambattur, Chennai -
600098 |
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Country : |
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Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
07.01.1998 |
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|
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Com. Reg. No.: |
18-079127 |
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Capital
Investment / Paid-up Capital : |
Rs.526.331 Millions |
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|
|
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CIN No.: [Company Identification
No.] |
U24299TN1998PTC079127 |
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|
|
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEM02422A |
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PAN No.: [Permanent Account No.] |
AABCM8697F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of carbon brushes and brush card assemblies.
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|
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1800000 |
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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 a subsidiary of AVO Carbon Holdings, LLC, France. It is an
established company having satisfactory track. There appears some accumulated
losses recorded by the company. However, Networth appears to be good. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. In view of strong holding, 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
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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 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
25/A2, Dairy Plant Road, SIDCO Industrial Estate, Ambattur, Chennai –
600098, Tamilnadu, India |
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Tel. No.: |
91-44-26246119/ 42926501/ 42926502 |
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Fax No.: |
91-44-42926575 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.06.2011
|
Name : |
Mr. Suresh Rajagopalan |
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Designation : |
Director |
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Date of Appointment : |
29.09.2007 |
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DIN No.: |
00174905 |
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Other Directorship :
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|||||||||||||||||||||||||||
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Name : |
Mr. Ravichandran Vedagiri |
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Designation : |
Additional director |
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Date of Appointment : |
01.12.2009 |
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DIN No.: |
02893535 |
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|||||||||||||||||||||||||||
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Name : |
Mr. Olivier Spicker Jean |
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Designation : |
Director |
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Date of Appointment : |
30.04.2009 |
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DIN No.: |
02631952 |
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Other Directorship :
|
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
|
Names of Shareholders |
|
No. of Shares |
|
AVO Carbon USA Inc |
|
100000 |
|
AVO Carbon Boldin LLC |
|
51633116 |
Equity Share Break up (Percentage of Total Equity)
As on 30.06.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of carbon brushes and brush card assemblies. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Credit Lyonnais, Dr. Radhakrishna Salai, Chennai – 600004, Tamilnadu,
India |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
B S R and Associates Chartered Accountants |
|
Address : |
10, Mahatma Gandhi Road, Nungambakkam, Chennai – 600034, Tamilnadu,
India |
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PAN.: |
AQZPB1684Q |
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|
|
|
Holding Company : |
Carbone Larraine Applications Electriques – Amiens (previously Le
Carbone Lorraine S.A) (upto 30 April 2009) AVO Carbon Holdings, LLC (from 01 May 2009) |
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|
|
Fellow Subsidiary Company : |
(upto 30 April 2009) Carbone Lorraine KK – Japan Carbone Lorraine France Carbone Kirkwood LLC Deutsche Carbone – Germany Carbone Lorraine Corporate Services Carbone of America Carbone Lorraine Mexico Carbone Lorraine Korea Carbone Lorraine India Private Limited (Since 01 May 2009) AVO Carbon Kunshan AVO Carbon Mexico AVO Carbon Inc. (USA) AVO Carbon Luxembourg Holdings SARL AVO Carbon Germany, GMBH AVO Carbon France AVO Carbon Tianjin |
CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
56000000 |
Equity Shares |
Rs.10/- each |
Rs.560.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
52633116 |
Equity Shares |
Rs.10/- each |
Rs.526.331 Millions |
|
|
|
|
|
Notes:
1. The entire above capital of the company is held by the holding company AVO
Carbon Holdings, LLC together with its subsidiary AVO Carbon Inc (USA)
2. On May 1, 2009, the entire shares of the company held by Carbone Lorraine
Applications Electriques – Amines (previously Le Carbone Lorraine S.A) and its subsidiary
were transferred to AVO Carbon Holdings, LLC and its subsidiary.
3. Of the above 729630 equity shares have been allotted as fully paid
pursuant to a contract without payment being received in cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
526.331 |
526.331 |
20.408 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6.932 |
6.932 |
6.932 |
|
|
4] (Accumulated Losses) |
(82.768) |
(132.872) |
(82.171) |
|
|
NETWORTH |
450.495 |
400.391 |
(54.831) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
15.240 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
140.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
155.240 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
450.495 |
400.391 |
100.409 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
76.691 |
95.253 |
82.890 |
|
|
Capital work-in-progress |
17.500 |
0.613 |
18.188 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
4.961 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
156.237
|
90.125 |
174.898 |
|
|
Sundry Debtors |
120.529
|
85.319 |
97.840 |
|
|
Cash & Bank Balances |
49.460
|
64.890 |
2.478 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
112.406
|
92.345 |
88.362 |
|
Total
Current Assets |
438.632
|
332.679 |
363.578 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
75.864
|
25.144 |
351.637 |
|
|
Other Current Liabilities |
0.951
|
0.977 |
10.965 |
|
|
Provisions |
10.474
|
2.033 |
1.645 |
|
Total
Current Liabilities |
87.289
|
28.154 |
364.247 |
|
|
Net Current Assets |
351.343
|
304.525 |
(0.669) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
450.495 |
400.391 |
100.409 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
|
|
|
|
|
|
|
TURNOVER |
574.875 |
396.273 |
457.764 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT/ LOSS
|
50.583 |
(50.583) |
(145.946) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Reimbursement of Expenses |
6.475 |
4.318 |
0.000 |
|
|
|
|
194.969 |
163.281 |
13.719 |
|
|
TOTAL EARNINGS |
201.444 |
167.599 |
13.719 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
248.810 |
138.614 |
0.967 |
|
|
|
Consumables |
0.000 |
0.056 |
3.763 |
|
|
|
Capital Goods |
6.798 |
7.196 |
0.106 |
|
|
TOTAL IMPORTS |
255.608 |
145.866 |
4.836 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.97 |
(1.41) |
(71.06) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.19
|
0.07 |
(6.64) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.03
|
11.82 |
0.99 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND
Subject a subsidiary of AVO Carbon Holdings, USA has an
established market and a strong manufacturing base for carbon brushes and brush
assemblies. AVO Carbon Holdings, LLC acquired Carbone Lorraine Madras Private
Limited with, effect from 01 May, 2009 from Carbone Lorraine Group entities.
The Company is a TS-16949 (an international standard aiming at the development
of a quality management system) certified company catering to major auto
electric motor manufacturers.
PERFORMANCE
During the year, the
company's turnover has increased to Rs. 574.875 Million from Rs. 396.273 Million.
The net profit for the current year is Rs. 50.583 Million, compared to net loss
Rs. 50.583 Million in the previous year. The increase in profit on account of
increase in productivity and prudent purchase on the whole the performance of
the company during the current year was satisfactory.
PROSPECTS
The Automotive industry in
India is one of the largest in the world and one of the fastest growing
globally. India manufactures over 17.5 million vehicles (including 2 wheeled
and 4 wheeled) and exports about 2.33 million every year. It is the world's
second largest manufactures of motorcycles, with annual sales exceeding 8.5
million in 2009. India's passenger car and commercial vehicle manufacturing
industry is the seventh largest in the world, with an annual production of more
than 3.7 million units in 2010. According to the recent reports, India is set to overtake Brazil to become the sixth
largest passenger vehicle producer in the world, growing 16-18 per cent to sell
around 3 million units in the course of 2011-12. In 2009, India emerged as
Asia's fourth largest exporter of passenger cars, behind Japan, South Korea,
and Thailand.
As of 2010, India is home
to 40 million passenger vehicles and more than 3.7 million automotive vehicles
were produced in India in 2010 ( an increase of 33.9 %), making the country the
second fastest growing automobile market in the world. According to the Society
of Indian Automobile Manufacturers, annual car sales are projected to increase
up to 5 million vehicles by 2015 and more than 9 million by 2020. By 2050, the
country is expected to top the
world in car volumes with approximately 611 million vehicle on the nations
roads.
A chunk of India's car
manufacturing industry is based in and around Chennai, also known as the "Detroit
of India" with the India operations of Ford, Hyundai, Renault and Nissan
head quarterd in the city and BMW having and assembly plant on the outskirts.
Chennai accounts for 60 per cent of the country's automotive exports. Gurgaon
and Manesar in Haryana are hubs where all of the Maruti Suzuki cars in India
are manufactured. The Chakan corridor near Pune, Maharashtra is another
vehicular production hub with companies like General Motors, Volkswagen, Skoda,
Mahindra and Mahidra, Tata Motors, Mercedes Benz, Land Rover, Fiat and Force
Motors having aseembly plants in the area. Ahmedabad with the Tata Nano Plant, Halol again
with General Motors, Auragabad with Audi, Skoda and Volkswagen, Kolkatta with
Hindustan Motors, Noida with Honda and Bangalore with Toyota are some of the
other automotive manufacturing regions around the country.
CHANGE
IN ADDRESS OF THE REGISTERED OFFICE
The Registered office of
the company has been changed to 25 A2 Dairy Plant Road SIDCO Industrial Estate.
Ambattur Chennai -98
FIXED ASSETS
·
Leasehold Improvements
·
Plant and Machinery
·
Computers
·
Furniture and Fittings
·
Office Equipments
·
Goodwill
·
Software
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.50.22 |
|
|
1 |
Rs.78.64 |
|
Euro |
1 |
Rs.65.54 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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.