|
Report Date : |
13.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. DYSTAR
COLOURS INDONESIA |
|
|
|
|
Registered Office : |
Menara Global 22nd Floor Jalan Jend. Gatot Subroto Kav. 27 Jakarta 12930 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
16.06.1982 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-14871 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading, Import and Distribution of Textile
Chemicals |
|
|
|
|
No. of Employees : |
473 persons |
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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Indonesia - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government made economic advances under the first administration of President YUDHOYONO (2004-09), introducing significant reforms in the financial sector, including tax and customs reforms, the use of Treasury bills, and capital market development and supervision. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth in 2009. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal deficit below 2%, and historically low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment grade in December 2011. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among regions. The government in 2012 faces the ongoing challenge of improving Indonesia's insufficient infrastructure to remove impediments to economic growth, labor unrest over wages, and reducing its fuel subsidy program in the face of rising oil prices.
|
Source : CIA |
P.T. DYSTAR COLOURS INDONESIA
Head Office
Menara Global 22nd Floor
Jalan Jend. Gatot Subroto Kav. 27
Jakarta 12930
Indonesia
Phone -
(62-21) 5270550 (Hunting)
Fax - (62-21) 5270520
Email - info@dystar.com
Website - http://www.dystar.com
Building Area - 28 storey
Office Space - 220 sq. meters
Region - Commercial
Status - Rental
Factory I
Krakatau Indonesia Estate Cilegon
Jalan Australia I Blok F I
Cilegon 42443
Banten Province
Indonesia
Phones - (62-254)
360001
Fax - (62-254)
360002
Land area - 30,000 sq.
meters
Factory space - 18,500 sq. meters
Region - Krakatau
Industrial Zone
Status - Owned, the
plant now has been close since 2012 and will be sells to other parties
Factory II
Jalan Raya Citeras Rangkasbitung Km. 3.8
Desa Gabus, Serang
Banten Province
Indonesia
Phones - (62-254)
401741 (16 lines)
Fax - (62-254)
401751
Land area - 530,145 sq.
meters
Factory space - 220,540 sq.
meters
Region - Industrial
Zone
Status - Owned
Branches
a. Jalan Kopo Jaya II No. 2
Komplek Kopo Jaya
Bandung
West Java
Phones -
(62-22) 5405222 (9 lines)
Fax -
(62-22) 5407140, 5403324
b. Jalan Dr. Setia Budi 77
Solo 77134, Central
Java
Phones - (62-271) 712738, 719584
Fax -
(62-271) 712738
c. Jalan Porong No. 14
Surabaya 60241
East Java
Phones -
(62-31) 5666390 (Hunting)
Fax -
(62-31) 5666154
Date of Incorporation :
a. 16 June 1982 as P.T. HOECHST CILEGON KIMIA
b. 4 January 1996 as P.T. DYSTAR CILEGON
c. 15 May 2001 as P.T. DYSTAR COLOURS
INDONESIA
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability
Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No.
C2-4957.HT.01.01.TH.83
Dated
6 June 1983
- No.
AHU-66911.AH.01.02.TH.2008
Dated
22 September 2008
- No.
AHU-AH.01.10-02989
Dated
5 February 2010
- No.
AHU-AH.01.10-14871
Dated
18 May 2011
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department :
The President of the Republic of Indonesia
No. B-26/Pres/1/1982
Dated 30 June 1982
The Capital Investment Coordinating Board
- No.
1806/III/PMA/2000
Dated
11 December 2000
- No.
14/II/PMA/2001
Dated
26 January 2001
- No.
595/III/PMA/2001
Dated
17 May 2001
- No.
485/III/PMA/2007
Dated
13 April 2007
Related Company :
KIRI HOLDING SINGAPORE PTE LTD (Investment
Holding)
Capital Structure :
Authorized Capital : US$ 44,500,000.-
Issued Capital :
US$ 44,500,000.-
Paid up Capital : US$ 44,500,000.-
Shareholders/Owners :
a. KIRI HOLDING
SINGAPORE PRIVATE LTD. - US$
44,499,000.-
Address : 8 Cross
Street, 11-00
FWC Building, 048424
Singapore
b. Mr. Hari
Sudiono of Indonesia -
US$ 1,000.-
Address : Jl. DR.
Sumeru No. 108
Bogor, West Java
Indonesia
Lines of Business :
a. Textile Chemical (Dyestuff) Industry
b. Trading, Import and Distribution of Textile
Chemicals
Production Capacity :
a. Dyestuff -
24,750 tons p.a.
b. Trading, Import and Distribution of Textile
Chemicals
Total Investment :
a. Equity Capital - US$ 40.8
million
b. Reinvested Profits - US$ 8.0 million
c. Loan Capital -
US$ 59.7 million
d. Total Investment -
US$ 108.5 million
Started Operation :
March 1986
Brand Name :
DYSTAR
Technical Assistance :
DYSTAR Textilefarben GmbH of Germany
Number of Employee :
473 persons
Marketing Area :
Domestic (Local) - 20%
Export - 80% (Australia, Japan, Asian countries)
Main Customers :
a. The BATIK KERIS Group
b. The DAMATEX Group
c. Textile industries, Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. CLARIANT INDONESIA
b.
P.T. COLORINDO ANEKA CHEMICAL
c.
P.T. MATSUMOTOYUSHI INDONESIA
d.
Etc.
Business Trend :
Fluctuating
Bankers :
DEUTSCHE
Bank AG
Deutsche Bank Building
Jalan Imam Bonjol 80
Jakarta 10310,
Indonesia
P.T. Bank DANAMON INDONESIA Tbk
Menara Bank Danamon 5th Floor
Jalan Prof. Dr. Satrio Kav. E4 No. 6
Mega Kuningan
Jakarta Selatan, 12950
Indonesia
P.T. Bank MANDIRI Tbk
Jalan Jend. Gatot Subroto
Kav. 36-38
Jakarta Selatan
Indonesia
P.T. Bank SBI INDONESIA
Plaza Bumi Daya 1st Floor
Jalan Imam Bonjol No. 61
Jakarta Pusat
Indonesia
Auditor :
Siddharta & Widjaja (KPMG)
Litigation :
No litigation record in our database
Annual Sales :
2010 – US$ 74.9 million
2011 – US$ 83.8 million
2012 – US$ 86.0 million (estimated)
Net Profit (Loss) :
2010 – (US$ 168.6 thousand
2011 – US$ 721.1 thousand
2012 – US$ 820.0 thousand (estimated)
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President
Director - Mr. Sunarto Djuardi
Director - Mr. Hari Sudiono
Board of Commissioner :
President
Commissioner - Mr. Viktor Nikolaus Leendertz
Commissioner - Mr. Harry Chng Huck Tat
Signatories :
President
Director (Mr. Sunarto Djuardi) or the Directors (Mr. Hari Sudiono) which must
be approved by Board of Commissioners
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit can be
proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
P.T. DYSTAR COLUOURS INDONESIA (ex P.T. HOECHST CILEGON KIMIA)
established in 1982 in Jakarta with an authorized capital of US$ 11,000,000
issued capital of US$ 2,200,000 was fully paid up. Founders and original
shareholders are HOECHST AG of Germany, a state owned bank P.T. Bank
Pembangunan Indonesia (BAPINDO), P.T. PIONEER KIMIA AGUNG and P.T. GAJAH PURA
INDAH and now it was renamed P.T. FADJARPURNAMA PRATAMAINTI, and both are
private national companies. Its articles association was converted for several
times. Only a short time after its establishment, the company had been joined
by a new shareholder of the foreign party named DEITSCHE
Finanzierunggesellschaft Fuer Beteiligungen in Enwickkklungslaerdern GmbH, a
financing company of Germany.
In January 1996 the company was renamed P.T. DYSTAR CILEGON, and
concurrently joined in new shareholder DYSTAR Textilfarben GmbH of Germany
(joint venture for textile dyes of BAYER and HOECHST in dyes textile, July
1995). In April 1998 the whole shares had been controlled by DYSTAR Textilfarben
GmbH of Germany, P.T. BAPINDO and P.T. PIONEER KIMIA AGUNG, both of Indonesia.
In July 1998 the authorized capital was raised again to US$ 16,500,000 issued
and paid up capital to US$ 12,500,000. On the same occasion P.T. BAPINDO pulled
out and the whole share owned by DYSTAR Textilfarben GmbH of Germany and P.T.
PIONEER KIMIA AGUNG.
In December 2000, P.T. DYSTAR CILEGON merged with P.T. DYSTAR INDONESIA
and the company taking the merger was P.T. DYSTAR CILEGON. In May 2001 the
company was renamed P.T. DYSTAR COLOURS INDONESIA (P.T. DCI) and concurrently
the authorized capital was raised to US$ 44,500,000 wholly issued and paid up.
On the same occasion the whole share owned by DYSTAR Textilfarben GmbH of
Germany and Mrs. Susilowati Poorwo Soedarmo (Susilowati Priyono) of Indonesia.
Later in April 2007, Mrs. Susilowati Poerwo Soedarmo pulled out and whole
shares are sold to Mr. Bambang Nurcahyo, an indigenous businessman. The Deed of
amendment was made by Mr. Singgih Susilo, SH., a public notary in Jakarta under
Company Registration Number AHU-66911.AH.01.02.Tahun 2008 dated September 22,
2008.
However since February 2010, KIRI DYES AND CHEMICALS (KDCL) of India has
acquired DYSTAR Group of Germany for €50 million. The buyout was executed through
a special purpose vehicle, KIRI HOLDING SINGAPORE PRIVATE LTD, along with
KDCL's joint venture partner, LONGSHENG Group of China. The deal includes the
acquisition of DyStar's 200 live patents, IP rights, brand names, trademarks
and subsidiaries in 22 countries. Legally in April 2011 some 99.99% of stakes
holds by KIRI HOLDING SINGAPORE PRIVATE LTD., of Singapore and the rest 0.01%
holds by Mr. Hari Sudiono. On the same occasion the board of directors and the
board of commissioners had been changed (see profile of this report).
The latest revision of notary documents was made by Mrs. Irene Yulia,
SH., a public notary in Jakarta and was approved by the Ministry of Law and
Human Rights in its decision letter No. AHU-AH.01.10-14871 dated May 18, 2011.
P.T. DCI started with operation in March 1986 in synthetic organic
dyestuff whose plant located at Kawasan Industry Berat, Krakatau Industrial
Estate Cilegon, Banten Province. Before the merger, P.T. DYSTAR INDONESIA which had a factory in Serang produced
dyestuff of the type of disperse dye, a dyestuff for polyester and P.T. DYSTAR
CILEGON produced with a factory in the Heavy Industry Zone P.T. KSIC in Cilegon
produced reactive dye, a textile dyestuff for cotton cloth. After the merger of
P.T. DYSTAR INDONESIA in the end of December 2000, P.T. DCI took over and
managed the plant located at Jalan Raya Citeras Rangkasbitung Km. 3.8, Gabus,
Serang, Banten Province, standing on 530,145 square meters land. Both of the above plants (P.T. DCI) produce
24,750 tons of dyestuff per annum. The company produces High Quality Dyestuff
through the Century for: Workwear,
Uniform, Corporate Fashion, Sportwear, Military / Camouflage and Medical
Textile. Having seen from its production, P.T. DCI concentrates on the production
of reactive dyes for cellulosic fiber finishing and besides it has been
undergone modernization program.
P.T. DCI’s operation and technology is backed by its holding company
DYSTAR Textilefarben GmbH of Germany. Some 80% of its products is exported to
Australia, Japan and other Asian countries while the rest is marketed locally
particularly to textile industries. The supplies of basic materials in the form
of oxysulton blue, parabaester, H. acid TTRG and others is imported from
Germany, Hong Kong, etc. Besides that, P.T. DCI is also engaged in trading and
distribution of textile chemicals by importing textile chemical from Germany
and other countries through companies owned by DYSTAR Group.
Based on the approval of the Commissioners of P.T. DCI dated 28 February
2012 (as legalized by notary public Chen Wen Woan Angela in Singapore on the
same date and as acknowledged by the Indonesian Embassy in Singapore on 2 March
2012), the Commissioners of the Company approved and authorized the Directors
of the Company to do the following actions:
To close down the Company’s factory is located in Cilegon, Banten and;
To authorize the Directors of the Company to deal with and settle all of
the consequences of such closing down of the Company’s factory, including but
not limited to the relevant employment matters and;
To sell and/or dispose the land, building and other assets located at
the factory, under the terms and conditions as deemed best by the Directors of
the Company and for the best interest and benefits of the Company
According information from the management and staff explained the plant
located at Krakatau Industrial Estate Cilegon, Jalan Australia I Block F 1,
Cilegon, Banten has been close and there was no activity to present. In the
next the plant will be sold to other party. Currently the Company just operates
factory located at Jalan Raya Citeras Rangkasbitung Km. 3.8, Gabus, Serang,
Banten Province, produces of dyestuff. The whole products sold to various
textile industries in Cilegong, Tangerang, Bekasi, Cikarang, Karawang, Subang,
West Java, Central Java and East Java. We observed that P.T. DCI is classified
as a large sized company of its kind in the country of which the operation has
been growing slowly in the last three years.
Generally, the demand for textile chemicals such as dyestuff, textile
auxiliaries, and others tended to be fluctuating within the last five years in
line with the fluctuating of Indonesian textile industry in general. There are
eleven domestic dyestuff producers which are still active with a combined
production capacity of 45,620 tons per annum. Some of the largest producers are
P.T. DYSTAR COLOURS INDONESIA, P.T. CLARIANT INDONESIA and P.T. COLORINDO ANEKA
CHEMICAL. The country’s garment industry is facing serious marketing problem
not only in the country but also abroad.
According to the Central Bureau of Statistics (BPS) the Indonesian
garments export in 2002 amounted to 333,100 tons (US$ 3,887.2 million) to
339,000 tons (US$ 4,037.9 million) in 2003 to 327.300 tons (US$ 4,351.9
million) in 2004 to 369.500 tons (US$ 4,967.0 million) in 2005 to 399,600 tons
(US$ 5,608.1 million) in 2006, to 399,800 tons (US$ 5,712.9 million) in 2007
rose to 417,600 tons (US$ 6,092.2 million) in 2008 declined to 393.400 tons
(US$ 5,735.6 million) in 2009 and 445,200 tons (US$ 6,598.0 million) in 2010
rose to 450.9 ton (7,801.5 million) in 2011.. The Indonesia textile products
export in 2002 amounted to 1,425.9 tons (US$ 3,075.9 million) to 1,307.5 tons
(US$ 3,064.6 million) in 2003 to 1,300.4 tons (US$ 3,354.6 million) in 2004 to
1,427.3 tons (US$ 3,704.0 million) in 2005 to 1,477.8 tons (US$ 3,908.6
million) in 2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007 decrease to
1,312.2 tons (US$ 4,127.9 million) in 2008 rose to 1,369.6 tons (US$ 3,602.8
million) in 2009 and to 1,525.9 tons (US$ 4,721.8 million) in 2010 decreased to
1,493.3 tons (5,563.3 million) in 2011.
The domestic textile producers are pessimism the textile export in 2009
could match the export numbers in 2008. The blow of the global economic crisis
is resulted in the reduced of demand from the export destination countries like
the United States (U.S.), Japan, and European Union region. While this year’s
the exports expected fall into US$ 9.7 billion. The Chairman of the Indonesian
Textile Association (API), Mr. Benny Soetrisno said that the decline in global
purchasing power caused of the demand in the Indonesian textile products could
not be able to grow as tight as 2008. The export volume and value of the
national TPT products in 2002 to 2011 are pictured on the following table.
|
Year |
Garment |
Textile Products |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 7,801.5 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 1,493.3 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 5,563.3 |
Source: Central
Bureau of Statistic
According to financial statement of P.T. DCI which audited by Siddharta
& Widjaja (KPMG) which ended 31 December 2010 the sales turnover amounted at
US$ 74.9 million with a net loss of US$ 168,484 increased to US$ 83.8 million
with a net profit of US$ 721,130. We estimated the sales turnover in 2012
amounted to US$ 86.0 million with a net profit of US$ 820,000 and projected to
go on rising by at least 5% in 2013.
We estimated the company has an estimated total net worth at least US$
120 million. We observe that P.T. DCI is supported by financially strong behind
it. So far, we did not hear that the company having been black listed by the
Central Bank (Bank Indonesia). The financial highlight as per 31 December 2010
and 2011 is attached below.
(In US$)
|
Descriptions |
31 December |
|
|
|
2011 |
2010 |
||
|
A. ASSETS |
|
|
|
|
a. Current Assets |
|
|
|
|
- Cash and Cash Equivalent |
1,982,177 |
916,083 |
|
|
- Trade receivables, net |
22,414,559 |
10,822,209 |
|
|
- Inventories |
39,497,484 |
25,792,199 |
|
|
- Prepaid value added tax |
3,762,004 |
3,385,018 |
|
|
- Restricted cash |
422,802 |
378,678 |
|
|
- Other current cash |
850,870 |
1,286,676 |
|
|
Total Current Assets |
68,929,896 |
42,580,863 |
|
|
a. Non Current Assets |
|
|
|
|
- Fixed assets, net |
31,878,576 |
31,998,783 |
|
|
- Refundable income tax |
10,631,625 |
10,225,396 |
|
|
- Refundable tax assets,
net |
520,288 |
702,465 |
|
|
- Refundable deposits |
78,707 |
78,707 |
|
|
- Other non current
assets |
627,086 |
261,362 |
|
|
-
Total Non – Current Assets |
43,736,282 |
43,266,713 |
|
|
|
|
|
|
|
B. LIABILITIES &
STOCKHOLDERS’ EQUITY |
|
|
|
|
a. Current Liabilities |
|
|
|
|
- Loans and borrowings |
18,003,198 |
12,314,898 |
|
|
- Trade and other payable |
52,684,383 |
27,778,518 |
|
|
- Advances from customers |
935,767 |
3,191,028 |
|
|
- Total current liability |
71,623,348 |
43,284,444 |
|
|
b. Non Current Liabilities |
|
|
|
|
- Loans and borrowings |
17,311 |
2,432,859 |
|
|
- Post-employment benefits
obligation |
1,805,007 |
1,630,891 |
|
|
- Total non current liability |
1,822,318 |
4,063,750 |
|
|
c. Stockholders Equity |
|
|
|
|
- Share Capital |
44,500,000 |
44,500,000 |
|
|
- Accumulated deficit |
(5,279,488) |
(6,000,618) |
|
|
- Total Equity |
39,220,512 |
38,499,382 |
|
|
-
Total Liability & Equity |
112,666,178 |
85,847,576 |
|
|
|
|
|
|
|
C. INCOME
STATEMENT |
|
|
|
|
- Sales – Net |
83,762,588 |
74,933,154 |
|
|
- Cost of Goods Sold |
(75,573,959) |
(66,601,056) |
|
|
- Gross Profit |
8,188,629 |
8,332,098 |
|
|
- Other expenses |
(6,462,442) |
(8,970,654) |
|
|
- Result from operating
activities |
1,726,187 |
(638,556) |
|
|
- Net income (cost) income |
(691,409) |
481,259 |
|
|
- Profit (loss) before
income tax |
1,034,778 |
(157,297) |
|
|
- Income tax expense |
(313,648) |
(11,287) |
|
|
- Net
Profit |
721,130 |
(168,584) |
|
Notes: Ended 31 December 2011 and
2010 Audited by KAP Siddharta & Widjaja (KPMG)
P.T. DCI’s management is led by Mr. Sunarto Djuardi (54), a professional
manager with has experience for more than 22 year in dyestuff industry and
trade. He has been worked and begun his career as Business Management Reactive
since 2001. Daily, he is assisted by Mr. Hari Sudiono (48) as Director. The
management is handled by experienced professional managers in dyestuff trading
industry, trading and distribution having wide relation with home and overseas
private businessmen as well as with the government sectors. So far, we have
never heard of the management of the company being filed to the district court
for detrimental cases. We are convinced that P.T. DYSTAR COLOURS INDONESIA is
fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
|
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.