MIRA INFORM REPORT

 

 

Report Date :

17.11.2012

 

IDENTIFICATION DETAILS

 

Name :

NAND EQUIPMENTS PRIVATE LIMITED

 

 

Registered Office :

Plot No: 194/5 Dantali Industrial Estate, At: Dantali, Taluka: Kalol, District: Gandhinagar, Ahmedabad - 382721, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

16.07.2010

 

 

Com. Reg. No.:

04-061643

 

 

Capital Investment / Paid-up Capital :

Rs.1.200 Millions

 

 

CIN No.:

[Company Identification No.]

U29199GJ2010PTC061643

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Commercial Kitchen Equipment, Display Counters, Hotel and Restaurant Equipment, Fast Food and Pantry Equipment, Refrigeration Equipment.

 

 

No. of Employees :

58 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (32)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 6000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a successor of proprietor concern started in the 2001 and later in the year 2010 it got converted into private limited company.

 

It is having moderate track record. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for business dealing with some caution.

 

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 30, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

INFORMATION PARTED BY

 

Name :

Mr. Kundal Shah

Designation :

Manager

Contact No.:

91-9712952455

Date :

16.11.2012

 

 

LOCATIONS

 

Registered Office / Factory / Showroom :

Plot No: 194/5 Dantali Industrial Estate, At: Dantali, Taluka: Kalol, District: Gandhinagar, Ahmedabad - 382721, Gujarat, India

Tel. No.:

91-2764-311050

Mobile No.:

91-9712952455 (Mr. Kundal Shah)

Fax No.:

91-2717-241247

E-Mail :

mrsalot@gmail.com

nand_counter@yahoo.com

Website :

http://www.nandequipments.com

Area :

2500 Sq. ft + Construction Area 25000 Sq. ft

Location :

Owned

 

 

DIRECTORS

 

As on 12.09.2012

 

Name :

Mr. Jatinbhai Nandlal Shah

Designation :

Director

Address :

H-52, Prathna Bunglows, Near Vasantnagar, Township Gota, Ahmedabad – 382721, Gujarat, India 

Date of Birth/Age :

14.06.1958

Date of Appointment :

16.07.2010

DIN No.:

03132329

 

 

Name :

Mr. Samir Nandkumar Shah

Designation :

Director

Address :

H-88, Prathna Bunglows, Near Vasantnagar, Township Gota, Ahmedabad – 382721, Gujarat, India 

Date of Birth/Age :

07.08.1963

Date of Appointment :

16.07.2010

DIN No.:

03132315

 

 

KEY EXECUTIVES

 

Name :

Mr. Kundal Shah

Designation :

Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 12.09.2012

 

Names of Shareholders

 

No. of Shares

Jatinbhai Nandlal Shah

 

60000

Samir Nandkumar Shah

 

60000

Total

 

120000

 

 

As on 12.09.2012

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Commercial Kitchen Equipment, Display Counters, Hotel and Restaurant Equipment, Fast Food and Pantry Equipment, Refrigeration Equipment.

 

 

Products :

·         Kitchen Equipment

·         Display Counters

·         Tandoor

·         Catering Equipments

·         Hotel and Restaurant Equipment

·         Fast Food and Pantry Equipment

·         Bakery Equipments

·         Refrigeration

 

 

Exports :

 

Products :

Commercial Kitchen Equipment, Display Counters, Hotel and Restaurant Equipment, Fast Food and Pantry Equipment, Refrigeration Equipment.

Countries :

·         Asian Country

·         Malaysia

·         Singapore

·         African Country

·         Europe

·         US

 

 

Terms :

 

Selling :

L/C / Cash / Depend

 

 

Purchasing :

L/C / Cash / Depend

 

 

GENERAL INFORMATION

 

Suppliers :

·         Universal Abrasives

·         Ambica Enterprises

·         Excel Industries

·         Gayatri Engineering Company Private Limited

·         Jinratna Metal

·         Kitchen World Mfg.

·         Mamta Freeze Corporation

·         Marvel Glass Private Limited

·         Soni Enterprise

·         Universal Abrasives

·         Yogi Enterprise

 

 

Customers :

OEM’s

 

·         Hyatt Regency (Pune)

 

 

No. of Employees :

58 (Approximately)

 

 

Bankers :

Bank of India, Ognaj Branch KD Patel Complex, Near Bus Stand Ognaj, Ahmedabad - 380060, Gujarat, India

 

 

Facilities :

Cash Credit Rs.2.800 Millions (From Bank of India)

(Rs. In Millions)

Secured Loan

As on

31.03.2012

As on

31.03.2011

BOI chhota hathi loan

0.119

0.000

HDFC Car loan

1.200

0.000

Cash credit limit from BOI, Ognaj branch under CGTMSE

2.669

0.000

Total

3.988

0.000

 

i. The above loans are secured by first charge on Vehicles for which the loan is taken

 

Unsecured Loan

As on

31.03.2012

As on

31.03.2011

Samir N. Shah

0.039

0.000

Gaurang A. Bhatt

0.100

0.000

Jatin N. Shah

0.878

0.000

Kirtidaben J. Shah

0.470

0.000

Koaml G. Bhatt

0.100

0.000

Kuntal Shah

0.018

0.000

Pritiben S. Shah

0.705

0.000

Total

2.310

0.000

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

M. R. Salot and Company

Chartered Accountants

Address :

94/561, Vijaynagar, Naranpura, Ahmedabad – 380013, Gujarat, India

PAN.:

AAUFM9322P

 

 

Sister Concerns :

·         Nand Impex

Address : 286, Mahalaxmi Industrial Estate, Near Gota, Ahmedabad – 380060, Gujarat, India

Line of Business: Manufacturer and Exporter of Commercial Kitchen Equipment, Display Counters, Hotel and Restaurant Equipment, Fast Food and Pantry Equipment, Refrigeration Equipment.

 

·         Nand Exim Private Limited

·         Nand Digital Sign

·         Bhaginand Equipment

 

 

CAPITAL STRUCTURE

 

As on 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

120000

Equity Shares

Rs.10/- each

Rs.1.200 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

120000

Equity Shares

Rs.10/- each

Rs.1.200 Millions

 

 

 

 

 

 

a. Reconciliation of the number of shares outstanding

Equity shares

No. of Shares

31.03.2012

Number of equity shares at the beginning of the Year

10,000

--

Equity shares issued during the year

110,000

--

Less Shares bought back during the year

--

--

Number of equity shares at the end of the Year

 

120,000

 

 

b. Terms and rights attached to equity shares

The Company has only one class of equity shares having a face value of Rs.10 per share. Each holder of the equity shares is entitled to one vote per share

 

 

c. Shares held by holding/ ultimate holding company and/or their subsidiaries/ associates

Out of the equity shares issued by the Company, shares held by its holding company, ultimate holding company and their subsidiaries/associates are as as below:

 

Equity shares held by Holding company - NIL

 

 

d. Aggregate number shares issued for consideration other than cash during the period of five years immediately preceding the reporting 110,000

 

 

e. Aggregate number of Bonus shares issued during the period of five years immediately preceding the reporting date – NIL

 

 

f. Details of shareholders holding more than 5% shares in the company

Particular

%

Jatin Nandubhai Shah

50%

Sameer Nandkumar Shah

50%


 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2012

31.03.2011

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

1.200

0.100

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

0.305

0.000

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

1.505

0.100

LOAN FUNDS

 

 

 

1] Secured Loans

 

3.988

0.000

2] Unsecured Loans

 

2.310

0.000

TOTAL BORROWING

 

6.298

0.000

DEFERRED TAX LIABILITIES

 

0.011

0.000

 

 

 

 

TOTAL

 

7.814

0.100

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

2.893

0.000

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories

 

6.987

0.000

 

Sundry Debtors

 

0.147

0.000

 

Cash & Bank Balances

 

0.635

0.094

 

Other Current Assets

 

0.000

0.000

 

Other Non-Current Assets

 

0.005

0.007

 

Loans & Advances

 

2.429

0.000

Total Current Assets

 

10.203

0.101

Less : CURRENT LIABILITIES & PROVISIONS

 

 

 

 

Sundry Creditors

 

4.787

0.001

 

Other Current Liabilities

 

0.370

0.000

 

Provisions

 

0.125

0.000

Total Current Liabilities

 

5.282

0.001

Net Current Assets

 

4.821

0.100

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

7.814

0.100

 


PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Income

 

14.778

0.000

 

 

Other Income

 

0.011

0.000

 

 

TOTAL                                     (A)

 

14.789

0.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of material consumed

 

10.003

0.000

 

 

Employee Benefits expense

 

0.993

0.000

 

 

Other expenses

 

2.550

0.001

 

 

TOTAL                                     (B)

 

13.546

0.001

 

 

 

 

 

Less

PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

 

1.243

(0.001)

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

 

0.422

0.000

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                               (E)

 

0.821

(0.001)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

 

0.379

0.000

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX (E-F)                 (G)

 

0.442

(0.001)

 

 

 

 

 

Less

TAX                                                                  (H)

 

0.137

0.000

 

 

 

 

 

 

PROFIT / (LOSS) AFTER TAX (G-H)                  (I)

 

0.305

(0.001)

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 

3.88

(0.05)

 

Expected Sales (2012-13) : Rs.20.000 Millions

 

The above information has been parted by Mr. Kundal Shah

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2012

31.03.2011

PAT / Total Income

(%)

 

2.06

0.00

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

 

2.99

0.00

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

 

3.38

(0.99)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

 

0.29

(0.01)

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

 

7.69

0.01

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

 

1.93

101.00

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

Yes

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last two years

Yes

12]

Profitability for last two years

Yes

13]

Reasons for variation <> 20%

----------------------

14]

Estimation for coming financial year

Yes

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

Yes

18]

Major customers

Yes

19]

Payments terms

Yes

20]

Export / Import details (if applicable)

Yes

21]

Market information

----------------------

22]

Litigations that the firm / promoter involved in

----------------------

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

----------------------

26]

Buyer visit details

----------------------

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

 

TRADE REFERENCES

 

·         Universal Abrasives

·         Hyatt Regency (Pune)

 

 

BANKERS CHARGES REPORT AS PER REGISTRY

 

Corporate identity number of the company

U29199GJ2010PTC061643

Name of the company

NAND EQUIPMENTS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

Plot No: 194/5 Dantali Industrial Estate, At: Dantali, Taluka: Kalol, District: Gandhinagar, Ahmedabad - 382721, Gujarat, India

mrsalot@gmail.com

This form is for

Creation of charge

Type of charge

·         Movable property (not being pledge)

·         Others (Pick Up Van - Tata Ace)

Particular of charge holder

Bank of India, Ognaj Branch KD Patel Complex, Near Bus Stand Ognaj, Ahmedabad - 380060, Gujarat, India

oganaj.ahmedabad@bankofindia.co.in

Nature of instrument creating charge

Hypothecation cum loan agreement executed by the company to secure fund based term loan aggregate limit of Rs. 0.138 Millions

Date of instrument Creating the charge

07.10.2011

Amount secured by the charge

Rs.0.138 Million

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

Term loan - 3.00% above Br presently 13.75% p. a. With mnthly rests or such other rate as may be prescribed by bank fm time to time

 

Terms of Repayment

Term loan - 41 emi each of Rs 5189 commencing from October 2011

 

Margin

Term loan -  25%

 

Extent and Operation of the charge

First and exclusive hypothecation charge on all tangible mov prop being vehicle - pick up van - tata ace of the company to secure aggregate fund based term loan faciliites of Rs 0.138 Million alongwith interest, addl int, penal int, liquidated damages, costs, charges, commission and all other amt due to the bank from time to time of what so ever nature

 

Others

Term loan - Rs. 0.138 Million

Short particulars of the property or asset(s) charged (including complete address and location of the property)

All That Vehicle Viz Pick Up Van - Tata Ace Bearing RTO REGN NO GJ 1 BZ 3116 ENGINE NO 275 IDI 06 AZYS 05411 and Chasis No Mat 445056 Aza03289 Purchased From Cargo Motors

 

 

FIXED ASSETS 

 

·         Computers

·         Vehicles

·         Plant and Equipment

·         Communication Equipments

 


CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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 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 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.54.99

UK Pound

1

Rs.87.21

Euro

1

Rs.70.22

 

 

INFORMATION DETAILS

 

Information Gathered by :

SLP

 

 

Report Prepared by :

NTH

 


 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

4

--CREDIT LINES

1~10

4

--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

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

32

 

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

-

 

 

 

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.