|
Report Date : |
14.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
ECOBA VIETNAM JOINT STOCK COMPANY |
|
|
|
|
Formerly Known as: |
LIDECO 3 JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
Floor 1+2 Lideco Building, N09-B1, Dich Vong New Urban Area, Dich Vong
Ward, Cau Giay District, Ha Noi City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
04.02.2010 |
|
|
|
|
Com. Reg. No.: |
0104415496 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
The subject is specialized in the field of engineering, construction
and construction management. |
|
|
|
|
No. of Employees : |
100 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Vietnam |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
VIETNAM - ECONOMIC OVERVIEW
Vietnam is a densely-populated developing country that has
been transitioning from the rigidities of a centrally-planned economy since 1986.
Vietnamese authorities have reaffirmed their commitment to economic
modernization in recent years. Vietnam joined the World Trade Organization in
January 2007, which has promoted more competitive, export-driven industries.
Vietnam became an official negotiating partner in the Trans-Pacific Partnership
trade agreement in 2010. Agriculture''s share of economic output has continued
to shrink from about 25% in 2000 to less than 22% in 2012, while industry''s
share increased from 36% to nearly 41% in the same period. State-owned
enterprises account for roughly 40% of GDP. Poverty has declined significantly,
and Vietnam is working to create jobs to meet the challenge of a labor force
that is growing by more than one million people every year. The global recession
hurt Vietnam''s export-oriented economy, with GDP in 2012 growing at 5%, the
slowest rate of growth since 1999. In 2012, however, exports increased by more
than 18%, year-on-year; several administrative actions brought the trade
deficit back into balance. Between 2008 and 2011, Vietnam''s managed currency,
the dong, was devalued in excess of 20%, but its value remained stable in 2012.
Foreign direct investment inflows fell 4.5% to $10.5 billion in 2012. Foreign
donors have pledged $6.5 billion in new development assistance for 2013. Hanoi
has oscillated between promoting growth and emphasizing macroeconomic stability
in recent years. In February 2011, the Government shifted policy away from
policies aimed at achieving a high rate of economic growth, which had stoked
inflation, to those aimed at stabilizing the economy, through tighter monetary
and fiscal control. Although Vietnam unveiled a broad, "three pillar"
economic reform program in early 2012, proposing the restructuring of public
investment, state-owned enterprises, and the banking sector, little perceptible
progress had been made by early 2013. Vietnam''s economy continues to face
challenges from an undercapitalized banking sector. Non-performing loans weigh
heavily on banks and businesses. In September 2012, the official bad debt ratio
climbed to 8.8%, though some independent analysts believe it could be higher
than 15%.
|
Source
: CIA |
|
Current legal
status |
||
|
English Name |
|
ECOBA VIETNAM JOINT STOCK COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN ECOBA VIET NAM |
|
Short name |
|
ECOBA.,JSC |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2010 |
|
Business Registration No. |
|
0104415496 |
|
Date of Registration |
|
04 Feb 2010 |
|
Place of Registration |
|
Hanoi Department of Planning and Investment |
|
Chartered capital |
|
VND 225,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0104415496 |
|
Total Employees |
|
100 |
|
Note: The name given in LIDECO 3 JOINT STOCK COMPANY is former one. The current one is as above. |
||
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Registered Vietnamese Name: CONG TY CO PHAN
LIDECO 3 Changed to: CONG TY CO PHAN ECOBA VIET NAM |
21 May 2013 |
|
2 |
Subject has got former Registered English Name: LIDECO 3 JOINT STOCK
COMPANY Changed to: ECOBA VIETNAM JOINT STOCK COMPANY |
21 May 2013 |
|
3 |
Subject has got former Abbreviated Name: LIDECO 3., JSC Changed to: ECOBA.,JSC |
21 May 2013 |
|
4 |
Subject has got former Chartered capital: VND 26.8 billion Changed to: VND 225 billion |
21 May 2013 |
|
5 |
Subject has got former Registered Vietnamese Name: XI NGHIEP XAY LAP
SO 3 Changed to: CONG TY CO PHAN LIDECO 3 |
04 Feb 2010 |
|
Head Office |
||
|
Address |
|
Floor 1+2 Lideco Building, N09-B1, Dich Vong New Urban Area, Dich Vong
Ward, Cau Giay District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 2221 4025/4026 |
|
Fax |
|
(84-4) 2221 4024 |
|
Email |
|
|
|
Website |
|
|
|
Note:
The given email mail@lidecoba.com.vn is former one of the
subject. The current one is as above |
||
|
. NAME |
|
Mr. VO TIEN DAT |
|
Position |
|
General Director |
|
Date of Birth |
|
15 Mar 1972 |
|
ID Number/Passport |
|
B0671547 |
|
ID Issue Date |
|
15 Sep 2006 |
|
ID Issue Place |
|
Vietnam Immigration Department |
|
Resident |
|
Building C12 Group 91, O Cho Dua Ward, Dong Da
District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
The subject is specialized in the field of engineering, construction and
construction management.
|
IMPORT: |
||
|
Types of products |
|
Machines, equipments, materials |
|
Market |
|
Japan, Korea, China... |
|
|
||
|
EXPORT: |
||
|
Currently, the subject does not export. |
||
|
1. VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE NAM
THANG LONG BRANCH |
||
|
Address |
|
No.117A Hoang Quoc Viet str, Cau Giay District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 37542059 |
|
|
||
|
2. SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK DONG DO BRANCH |
||
|
Address |
|
No. 363 Hoang Quoc Viet Str., Cau Giay District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 3791 5299 |
|
Fax |
|
(84-4) 3791 5289 |
|
Following is founding shareholder list as in its business registration |
||
|
1. NAME |
|
Mr. LE NGUYEN HONG |
|
ID Number/Passport |
|
012004519 |
|
Resident |
|
Group 52 Dong Anh Town, Dong Anh District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
200,000 |
|
Value of shares |
|
VND 2,000,000,000 |
|
Percentage |
|
0.89% |
|
|
||
|
2. NAME |
|
Mr. NGO TAN LONG |
|
ID Number/Passport |
|
012178495 |
|
Resident |
|
No. 78 1st Flr, Don Nguyen 2, Van Quan Ward, Ha Dong District, Ha Noi
City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
93,800 |
|
Value of shares |
|
VND 938,000,000 |
|
Percentage |
|
0.42% |
|
|
||
|
3. NAME |
|
Ms. LE THI QUYNH HOA |
|
ID Number/Passport |
|
011620178 |
|
Resident |
|
No. 7 Lane 15/10, Huong Vien Str, Dong Mac Ward, Hai Ba Trung
District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
7,581,200 |
|
Value of shares |
|
VND 75,812,000,000 |
|
Percentage |
|
33.69% |
|
|
||
|
4. NAME |
|
Mr. VO TIEN DAT |
|
Position |
|
General Director |
|
Date of Birth |
|
15 Mar 1972 |
|
ID Number/Passport |
|
B0671547 |
|
Issued on |
|
15 Sep 2006 |
|
Issued Place |
|
Vietnam Immigration Department |
|
Resident |
|
Building C12 Group 91, O Cho Dua Ward, Dong Da District, Ha Noi City,
Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
14,625,000 |
|
Value of shares |
|
VND 146,250,000,000 |
|
Percentage |
|
65% |
|
BALANCE SHEET |
||
|
Unit: One VND |
||
|
Balance sheet
date |
31/12/2011 |
31/12/2010 |
|
Number of weeks |
52 |
52 |
|
Audit status |
Unaudited |
Unaudited |
|
ASSETS |
||
|
A – CURRENT ASSETS |
202,111,000,000 |
186,179,000,000 |
|
I. Cash and cash equivalents |
11,975,000,000 |
2,518,000,000 |
|
1. Cash |
6,865,000,000 |
2,518,000,000 |
|
2. Cash equivalents |
5,110,000,000 |
0 |
|
II. Short-term investments |
675,000,000 |
0 |
|
1. Short-term investments |
675,000,000 |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
|
III. Accounts receivable |
110,144,000,000 |
106,572,000,000 |
|
1. Receivable from customers |
107,124,000,000 |
82,212,000,000 |
|
2. Prepayments to suppliers |
2,705,000,000 |
10,777,000,000 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
315,000,000 |
13,583,000,000 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
76,769,000,000 |
71,325,000,000 |
|
1. Inventories |
76,769,000,000 |
71,325,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current Assets |
2,548,000,000 |
5,764,000,000 |
|
1. Short-term prepaid expenses |
652,000,000 |
68,000,000 |
|
2. VAT to be deducted |
0 |
653,000,000 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
1,896,000,000 |
5,043,000,000 |
|
B. LONG-TERM ASSETS |
6,365,000,000 |
1,834,000,000 |
|
I. Long term accounts receivable |
0 |
0 |
|
1. Long term account receivable from customers |
0 |
0 |
|
2. Working capital in affiliates |
0 |
0 |
|
3. Long-term inter-company receivable |
0 |
0 |
|
4. Other long-term receivable |
0 |
0 |
|
5. Provisions for bad debts from customers |
0 |
0 |
|
II. Fixed assets |
4,249,000,000 |
1,142,000,000 |
|
1. Tangible assets |
4,244,000,000 |
1,134,000,000 |
|
- Historical costs |
5,146,000,000 |
1,372,000,000 |
|
- Accumulated depreciation |
-902,000,000 |
-238,000,000 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
5,000,000 |
8,000,000 |
|
- Initial costs |
10,000,000 |
10,000,000 |
|
- Accumulated amortization |
-5,000,000 |
-2,000,000 |
|
4. Construction-in-progress |
0 |
0 |
|
III. Investment property |
0 |
0 |
|
Historical costs |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
|
IV. Long-term investments |
0 |
0 |
|
1. Investments in affiliates |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
|
3. Other long-term investments |
0 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
|
V. Other long-term assets |
2,116,000,000 |
692,000,000 |
|
1. Long-term prepaid expenses |
2,116,000,000 |
692,000,000 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
208,476,000,000 |
188,013,000,000 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
166,537,000,000 |
149,336,000,000 |
|
I. Current liabilities |
166,537,000,000 |
149,336,000,000 |
|
1. Short-term debts and loans |
30,830,000,000 |
11,050,000,000 |
|
2. Payable to suppliers |
78,544,000,000 |
70,975,000,000 |
|
3. Advances from customers |
180,000,000 |
2,700,000,000 |
|
4. Taxes and other obligations to the State Budget |
9,112,000,000 |
4,042,000,000 |
|
5. Payable to employees |
3,599,000,000 |
1,469,000,000 |
|
6. Accrued expenses |
7,759,000,000 |
14,543,000,000 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
36,513,000,000 |
44,557,000,000 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
11. Bonus and welfare funds |
0 |
0 |
|
II. Long-Term Liabilities |
0 |
0 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
|
3. Other long-term payable |
0 |
0 |
|
4. Long-term debts and loans |
0 |
0 |
|
5. Deferred income tax payable |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
0 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
8. Unearned Revenue |
0 |
0 |
|
9. Science and technology development fund |
0 |
0 |
|
B- OWNER’S EQUITY |
41,939,000,000 |
38,677,000,000 |
|
I. OWNER’S EQUITY |
41,595,000,000 |
38,677,000,000 |
|
1. Capital |
26,800,000,000 |
26,800,000,000 |
|
2. Share premiums |
0 |
0 |
|
3. Other sources of capital |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
|
6. Foreign exchange differences |
0 |
0 |
|
7. Business promotion fund |
1,188,000,000 |
0 |
|
8. Financial reserved fund |
594,000,000 |
0 |
|
9. Other funds |
0 |
0 |
|
10. Retained earnings |
13,013,000,000 |
11,877,000,000 |
|
11. Construction investment fund |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
0 |
|
II. Other sources and funds |
344,000,000 |
0 |
|
1. Bonus and welfare funds (Elder form) |
344,000,000 |
0 |
|
2. Sources of expenditure |
|
0 |
|
3. Fund to form fixed assets |
|
0 |
|
MINORITY’S INTEREST |
0 |
0 |
|
TOTAL LIABILITIES AND OWNER’S EQUITY |
208,476,000,000 |
188,013,000,000 |
PROFIT & LOSS
STATEMENT
|
Description |
FY2011 |
FY2010 |
|
1. Total Sales |
282,661,000,000 |
200,472,464,153 |
|
2. Deduction item |
0 |
0 |
|
3. Net revenue |
282,661,000,000 |
200,472,464,153 |
|
4. Costs of goods sold |
254,853,000,000 |
179,493,699,427 |
|
5. Gross profit |
27,808,000,000 |
20,978,764,726 |
|
6. Financial income |
893,000,000 |
25,934,287 |
|
7. Financial expenses |
2,568,000,000 |
216,607,401 |
|
- In which: Loan interest expenses |
2,558,000,000 |
146,533,333 |
|
8. Selling expenses |
0 |
0 |
|
9. Administrative overheads |
11,704,000,000 |
5,002,320,155 |
|
10. Net operating profit |
14,429,000,000 |
15,785,771,457 |
|
11. Other income |
296,000,000 |
208,478,266 |
|
12. Other expenses |
250,000,000 |
118,721,084 |
|
13. Other profit /(loss) |
46,000,000 |
89,757,182 |
|
14. Total accounting profit before tax |
14,475,000,000 |
15,875,528,639 |
|
15. Current corporate income tax |
3,627,000,000 |
3,998,487,501 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
10,848,000,000 |
11,877,041,138 |
|
Description |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
1.21 |
1.25 |
1.49 |
|
Quick liquidity ratio |
0.75 |
0.77 |
0.76 |
|
Inventory circle |
3.44 |
2.52 |
4.15 |
|
Average receive period |
142.23 |
194.04 |
428.99 |
|
Utilizing asset performance |
1.36 |
1.07 |
0.47 |
|
Liability by total assets |
79.88 |
79.43 |
68.68 |
|
Liability by owner's equity |
397.09 |
386.11 |
399.20 |
|
Ebit / Total assets (ROA) |
8.17 |
8.52 |
4.58 |
|
Ebit / Owner's equity (ROE) |
40.61 |
41.43 |
22.45 |
|
Ebit / Total revenue (NPM) |
6.03 |
7.99 |
17.51 |
|
Gross profit / Total revenue (GPM) |
9.84 |
10.46 |
19.94 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data |
|||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
T/T, L/C |
|
Sale Methods |
|
To projects |
|
Public opinion |
|
Normal |
The subject was originally founded as a state owned enterprise. Up to
2010, LIDECO 3 JOINT STOCK COMPANY was officially established following the
Business Registration No. 0104415496 issued by Hanoi Department of Planning and
Investment. The subject used to be one of subsidiaries of Lideco with the
ownership up to 51% at Lideco 3. However, Lideco divested in Lideco in quarter
III/2012 and after this divestment, Lideco 3 would not be allowed to use the
trademark LIDECO and related brand identity. Thus, in the latest adjustment in
its business registration on 21 May 2013, the subject changed its name into the
new one of ECOBA VIETNAM JOINT STOCK COMPANY and its chartered capital was also
increased to VND 225 billion.
The head office of ECOBA is located at Floor 1+2 Lideco Building,
N09-B1, Dich Vong New Urban Area, Dich Vong Ward, Cau Giay District, Ha Noi
City, Vietnam. This location is fairly new and large. Its premises and
facilities are standard and modern. Besides, the subject has an information
technology division near there. The main business activities of the company are
engineering, construction and construction management. The subject mainly
imports machines from Japan and equipments and materials from other Asian
countries.
Latest financial statement is currently not available in our source.
Following the past financial data, there was a dramatically increase in
business result in 2011. Total sales soared by 41% from VND 200,472 million in
2010 to VND 282,661 million in 2011. Gross profit shot up by a higher rate of
32.6%. However, in 2011, profit after tax of the subject company reduced 8.7%
compared to VND 11,877 million in 2010. ROA and ROE were still good and higher
than the average industry index. Based on its balance sheet, subject's capital
structure was rather liquid; current assets occupied more than 96% of total
assets, and higher than current liabilities, which made current liquidity ratio
was higher than 1 times. In 2011, its liquidity ratios reduced slightly but
they were at acceptable level. Its operation ratios were fair. The debt rates
were high and had no much change in 2010 and 2011; the subject remained at 79%
of liability by total assets and over 380% of liability by owner equity.
However, its self financing is expected to improve in 2013 because the subject
increased its chartered capital to VND 225 billion. In general, the subject is
a medium sized company. Its financial situation is average. At current, the
subject has capacity to meet small and medium transactions.
|
|
|
Industry code |
GDP growth speed by price compared with 1994 (%) |
Total enterprises 2010 |
Total employees 2011 (Thous.pers.) |
Annual average capital of enterprises 2010 (billion dongs) |
||
|
2012 |
2011 |
|||||
|
Agriculture, Forestry and Fishing |
2.72 |
4.00 |
8,887 |
24,362.9 |
95,227 |
|
|
Industry and Construction |
4.52 |
5.53 |
95,217 |
10,718.9 |
3,641,376 |
|
|
Trade and Services |
6.42 |
6.69 |
187,195 |
15,270.2 |
6,957,082 |
|
|
|
||||||
|
ECONOMIC INDICATORS |
||||||
|
|
||||||
|
|
2012 |
2011 |
2010 |
|||
|
Population
(Million person) |
88.78 |
87.84 |
86.93 |
|||
|
Gross
Domestic Products (USD billion) |
136 |
119 |
102.2 |
|||
|
GDP Growth
(%) |
5.03 |
5.89 |
6.78 |
|||
|
GDP Per
Capita (USD/person/year) |
1,540 |
1,300 |
1,160 |
|||
|
Inflation
(% Change in Composite CPI) |
9.21 |
18.58 |
11.75 |
|||
|
State
Budget Deficit compared with GDP (%) |
4.8 |
4.9 |
5.8 |
|||
|
|
||||||
|
SERVICE TRADE PERFORMANCE |
||||||
|
|
||||||
|
Billion USD |
2012 |
2011 |
2010 |
|||
|
Exports |
114.6 |
96.3 |
72.2 |
|||
|
Imports |
114.3 |
105.8 |
84.8 |
|||
|
Trade
Balance |
0.3 |
-9.5 |
-12.6 |
|||
Source: General Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.41 |
|
|
1 |
Rs.91.62 |
|
Euro |
1 |
Rs.78.12 |
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.