MIRA
INFORM REPORT
|
Report Date : |
03.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
HTP SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
12, Vishnu Sadan, S V Road, Near Filmistan Studio, Goregaon (West), Mumbai – 400062, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
12.04.1999 |
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Com. Reg. No.: |
11-119359 |
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Capital
Investment / Paid-up Capital : |
Rs. 6.537 Millions |
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|
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CIN No.: [Company Identification
No.] |
U30007MH1999PTC119359 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH07191C |
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PAN No.: [Permanent Account No.] |
AAACH7385Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Provide Software Solution |
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No. of Employees
: |
20 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 220000 |
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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 record.
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.
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
SE 2B |
|
Rating Explanation |
Moderate financial strength and high performance capability |
|
Date |
11.09.2012 |
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. Rajiv Gurucharan Jain |
|
Designation : |
Managing director |
|
Contact No.: |
91-22-61960900 |
|
Date : |
02.01.2013 |
LOCATIONS
|
Registered Office : |
12, Vishnu Sadan, S V Road, Near Filmistan Studio,
Goregaon (West), Mumbai – 400062, Maharashtra, India |
|
Tel. No.: |
91-22-61960900 |
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Fax No.: |
91-22-61960960 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
|
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Corporate Office / Sales / Adm Office : |
901, 9th Techniplex-II, Goregaon East West Floor Bridge, Off S. V. Road, Goregaon (West), Mumbai – 400062, Maharashtra, India |
|
Tel. No.: |
91-22–61960900 / 9167970001 - 02 |
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Fax No.: |
91-22–61960960 |
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|
|
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Middle East Office
: |
F404, Musabeh Ahmad Mohd AlGaizi Building Deira, P O BOX 121911, Dubai, United Arab Emirates |
|
Tel. No.: |
19-714-2550624 |
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Fax No.: |
19-714-2550624 |
DIRECTORS
As on 29.09.2012
|
Name : |
Mrs. Seema Rajiv Jain |
|
Designation : |
Director |
|
Address : |
204, Indrapuri, S. V. Road, Opposite Cine Max, Goregaon (West), Mumbai – 400062, Maharashtra, India |
|
Date of Birth/Age : |
31.12.1972 |
|
Date of Appointment : |
12.04.1999 |
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DIN No.: |
01212470 |
|
|
|
|
Name : |
Mr. Rajiv Gurucharan Jain |
|
Designation : |
Managing director |
|
Address : |
204, Indrapuri, S. V. Road, Opposite Cine Max, Goregaon
(West), Mumbai – 400062, Maharashtra, India |
|
Date of Birth/Age : |
20.04.1970 |
|
Date of Appointment : |
12.01.1999 |
|
DIN No.: |
01212481 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Rajiv Gurucharan Jain |
|
269188 |
|
Rajiv Gurucharan Jain (HUF) |
|
206500 |
|
Seema Rajiv Jain |
|
132400 |
|
Ambuj Gurucharan Jain |
|
30000 |
|
Pankaj Gurucharan Jain |
|
15000 |
|
Gurucharan Moolchand Jain |
|
593 |
|
Total |
|
653681 |
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
68.41 |
|
Other top fifty shareholders |
31.59 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Provide Software Solution |
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Imports : |
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Products : |
Computer Hardware |
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Countries : |
Singapore |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
GENERAL INFORMATION
|
Customers : |
Corporate · ICIC Bank · Mahindra · NALCO · Indian Railway · Tata Interactive Systems · Municipal Corporation of Greater Mumbai · UTI · Videocon · Voltas Limited · Tata Consultancy Systems · Anchor Mark Private Limited · Fastrack · HCL · HSBC Bank · Standard Chartered Bank |
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No. of Employees : |
20 (Approximately) |
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Bankers : |
· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227 D, Nariman Point, Mumbai - 400021, Maharashtra, India Tel. No.: 91-22-22855577 · Standard Chartered Bank |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
P.L. Vaghela and Company Chartered Accountants |
|
Address : |
201, Audumber, Opposite Mangalya Hall, Hindu Friends Society Road, Jogeshwari (East), Mumbai – 400060, Maharashtra, India |
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PAN.: |
AAAPV6306Q |
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Sister Concern : |
HTO Cyberline Solution Private Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
653681 |
Equity Shares |
Rs.10/- each |
Rs.6.537
Millions |
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|
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|
Disclosure pursuant
to note No. 6A(d) of part 1A Schedule VI A Companies Act 1956
|
Particulars |
No. of Equity Shares |
|
Shares Outstanding at the beginning of the year |
653,681.00 |
|
Shares issued during the year |
-- |
|
Shares Bought Back during the year |
-- |
|
Shares outstanding at the end of the year |
653,681.00 |
Disclosure Pursuant to Note No.6 (A) (g) :Shareholders more than 5%
|
Particulars |
No. of Equity Shares |
|
Mr. Rajiv Gurucharan Jain |
269,188 |
|
Rajiv Gurucharan Jain HUF |
206,500 |
|
Mrs. Seema Rajiv Jain |
132,400 |
|
Total |
608,088 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
6.537 |
6.537 |
6.537 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
50.129 |
46.256 |
42.161 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
56.666 |
52.793 |
48.698 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
37.224 |
30.509 |
3.585 |
|
|
2] Unsecured Loans |
3.391 |
0.367 |
0.731 |
|
|
TOTAL BORROWING |
40.615 |
30.876 |
4.316 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
97.281 |
83.669 |
53.014 |
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
41.603 |
39.177 |
6.797 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
8.690 |
27.509 |
34.580 |
|
|
DEFERREX TAX ASSETS |
0.320 |
0.351 |
0.435 |
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
14.203
|
13.856 |
11.164 |
|
|
Sundry Debtors |
29.648
|
39.418 |
55.058 |
|
|
Cash & Bank Balances |
4.090
|
1.814 |
13.328 |
|
|
Other Current Assets |
22.420
|
3.356 |
0.000 |
|
|
Loans & Advances |
0.827
|
4.430 |
8.942 |
|
Total
Current Assets |
71.188
|
62.874 |
88.492 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
21.195
|
44.465 |
75.918 |
|
|
Other Current Liabilities |
0.763
|
0.679 |
0.639 |
|
|
Provisions |
2.562
|
1.098 |
0.733 |
|
Total
Current Liabilities |
24.520
|
46.242 |
77.290 |
|
|
Net Current Assets |
46.668
|
16.632 |
11.202 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
97.281 |
83.669 |
53.014 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
165.600 |
117.200 |
108.607 |
|
|
|
Income from Operating Activities |
NA |
NA |
2.324 |
|
|
|
Other Income |
NA |
NA |
2.140 |
|
|
|
TOTAL |
NA |
NA |
113.071 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
99.579 |
|
|
|
Employee Cost |
|
|
3.534 |
|
|
|
Office Administration Expenses and Selling Expenses |
|
|
5.490 |
|
|
|
Audit Fees |
|
|
0.020 |
|
|
|
TOTAL |
|
|
108.623 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
NA |
4.448 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
1.076 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
3.372 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.631 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
3.873 |
5.130 |
2.741 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
20.407 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
VALUE OF IMPORTS |
13.708 |
8.953 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.93 |
6.26 |
288.48 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
NA |
2.42 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
3.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA |
3.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.15
|
1.46 |
1.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.90
|
1.36 |
1.14 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
Rs.
In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Trade Payable |
21.195
|
44.465 |
75.918 |
|
Total |
21.195
|
44.465 |
75.918 |
|
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 |
No |
|
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 three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
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 |
Yes |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U30007MH1999PTC119359 |
|
Name of the
company |
HTP SYSTEMS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
12, Vishnu Sadan, S V Road, Near Filmistan Studio, Goregaon (West), Mumbai – 400062, Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
· Book debts · Movable property (not being pledge) · Others (Current Assets and Moveable Fixed Assets.) |
|
Particular of
charge holder |
Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227 D, Nariman Point, Mumbai - 400021, Maharashtra, India |
|
Nature of
instrument creating charge |
Deed of
Hypothecation. |
|
Date of
instrument Creating the charge |
10.02.2012 |
|
Amount secured by
the charge |
Rs.40.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Buyers Credit -
As per Bank's guidelines time to time. CC - Floating
over the tenure of the facility. Terms of Repayment Buyers Credit -
The liquidation of the bills shall be by way of banking of the PDCs on the
due date Or by debiting the current a/c / cash credit a/c of the borrower. Margin Buyers Credit /
LC - Minimum cash margin of 15% shall be provided upfront in the form of FD.
Lien shall be marked on the FD in favour of the Bank. BG - 15% cash
margin for performance bank guarantee. 20% cash margin for financial bank
guarantee. (100% cash margin for guarantees covering disputed liabilities).
Lien shall be marked on the FD till such time as the BG is cancelled and
returned to the Bank. Extent and Operation of the charge First and
exclusive charge by way of Hypothecation of Current assets and Movable fixed
assets present and future of the Borrower, in favour of Kotak Mahindra bank as
security for repayment of financial facilities granted by the Bank to the
Borrower. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The whole of Borrower's Current assets and Movable fixed assets both present and future to the Deed of Hypothecation. |
FIXED ASSETS
· Motor Car
· Furniture
· Office Appliances
· Computer and Printer
· Cellular Phone
· Air Conditioner
· Techniplex Office Premises
· 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 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 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.54.39 |
|
|
1 |
Rs.88.76 |
|
Euro |
1 |
Rs.72.18 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.