MIRA INFORM REPORT

Report Date :

23.03.2013

IDENTIFICATION DETAILS

Name :	METRODE PRODUCTS LTD.

Registered Office :	Hanworth Lane Chertsey, KT16 9LL

Country :	United Kingdom

Financials (as on) :	31.12.2010

Date of Incorporation :	06.08.1963

Com. Reg. No.:	00769971

Legal Form :	Private Subsidiary

Line of Business :	Manufacture of other fabricated metal products not elsewhere classified

No. of Employees :	88

RATING & COMMENTS

MIRA’s Rating :

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 30^th, 2012

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

United Kingdom

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

UNITED KINGDOM - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aims to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 23% by 2015. The Bank of England (BoE) implemented an asset purchase program of up to £325 billion (approximately $525 billion) as of February 2011. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU).

Source : CIA

Company name and address Top of Form

Bottom of Form

Top of Form

Metrode Products Ltd.

Hanworth Lane


Chertsey, KT16 9LL
United Kingdom
(Trading Address) Registered Address


Tel:	01932566721
Fax:	01932565168

www.metrode.com

Employees:	88
Company Type:	Private Subsidiary
Corporate Family:	2 Companies
Ultimate Parent:	Lincoln Electric Holdings Ltd

Quoted Status:	Non-quoted Company
Incorporation Date:	06-Aug-1963
Auditor:	Ernst & Young LLP

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2010
Reporting Currency:	British Pound Sterling
Annual Sales:	27.0 ¹
Net Income:	(6.2)
Total Assets:	28.7

Business Description

Founded in 1963, Metrode Products Ltd. provides a range of alloyed welding consumables. The company offers products suitable for low alloy steel and nickel-based alloys. It provides manual metal arc electrodes and solid and cored wires for gas shielding welding process. The company also offers wire and flux combinations for submerged arc. It provides controlled ferrite stainless steel for cryogenic applications. The company offers solutions for the offshore and oil and gas industries. In addition, it provides high-temperature products for refinery applications and petrochemical plants. The company offers repair and maintenance solutions for cast iron, mild steel and copper alloys.

Industry

Industry	Miscellaneous Fabricated Products
ANZSIC 2006:	2299 - Other Fabricated Metal Product Manufacturing Not Elsewhere Classified
NACE 2002:	2875 - Manufacture of other fabricated metal products not elsewhere classified
NAICS 2002:	332999 - All Other Miscellaneous Fabricated Metal Product Manufacturing
UK SIC 2003:	2875 - Manufacture of other fabricated metal products not elsewhere classified
UK SIC 2007:	2599 - Manufacture of other fabricated metal products n.e.c.
US SIC 1987:	3499 - Fabricated Metal Products, Not Elsewhere Classified

Key Executives

Name	Title
Peter Frost	General Manager
Gareth Jenkins	Marketing Manager
John Martin O'Leary	Secretary
Diana Cole	Customer Care Manager
Ruth Jones	Personnel Manager

Financial Summary

FYE: 31-Dec-2010

USD (mil)

Key Figures
Current Assets	18.43
Fixed Assets	10.28
Total Liabilities	9.85
Net Worth	18.48

Key Ratios
Current Ratio	1.87
Acid Test	0.87

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6475734
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6387123

Corporate Overview

Location
Hanworth Lane
Chertsey, KT16 9LL
Surrey County
United Kingdom

Tel:	01932566721
Fax:	01932565168

www.metrode.com

Sales GBP(mil):	17.5
Assets GBP(mil):	18.3
Employees:	88
Fiscal Year End:	31-Dec-2010


Industry:	Miscellaneous Fabricated Products

Registered Address:
Hanworth Lane,
Chertsey, KT16 9LL
United Kingdom

Incorporation Date:	06-Aug-1963
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(UK):	00769971


Director:	Thomas Anthony Flohn

Industry Codes

ANZSIC 2006 Codes:
2299	-	Other Fabricated Metal Product Manufacturing Not Elsewhere Classified

NACE 2002 Codes:
2875	-	Manufacture of other fabricated metal products not elsewhere classified

NAICS 2002 Codes:
332999	-	All Other Miscellaneous Fabricated Metal Product Manufacturing

US SIC 1987:
3499	-	Fabricated Metal Products, Not Elsewhere Classified

UK SIC 2003:
2875	-	Manufacture of other fabricated metal products not elsewhere classified

UK SIC 2007:
2599	-	Manufacture of other fabricated metal products n.e.c.

Business Description

More Business Descriptions

Metrode Products Ltd. supplies a wide range of alloyed welding consumables in the United Kingdom. It offers a wide range of products, including low alloy steels, stainless steel, high-temperature alloys, as well as nickel-based alloys. The company provides a variety of alloys for power generation, controlled ferrite stainless steel for liquefied natural gas and cryogenic applications, duplex and super duplex for the offshore industry and superaustenitic and nickel-based alloys for oil and gas industries. It offers high-temperature alloys for refinery applications and petrochemical plants. In addition, Metrode Products Ltd. provides products for various welding processes, such as manual metal arc electrodes, solid and cored wires for gas shielding welding, solid wires of tungsten inert gas welding and wire and flux combinations for submerged arc.

Welding Machines and Equipment Manufacturers

Metrode offers one of the largest ranges of alloyed welding consumables available from a single source. The products range from those suitable for low alloy steels, through numerous diverse steels, to those matching the performance of nickel-based alloys. All about Metrode Metrode offers one of the largest ranges of alloyed welding consumables available from a single source. The products range from those suitable for low alloy steels, through numerous diverse steels, to those matching the performance of nickel-based alloys. Metrode Products Ltd - History Metrode is the UK's leading manufacturer and supplier of alloyed welding consumables Formed in 1963, Metrode has steadfastly preserved its founders' principles of product excellence and customer service and in November 2006 joined The Lincoln Electric Company as a business unit within Lincoln Electric Europe Investment in research and development remains the key to Metrode's success Highest quality technical support is freely available to all customers, reinforced by training and site visits whenever appropriate Metrode has sales staff based in France, Singapore, China and USA and our extensive network of UK Distributors ensure our range of welding consumables and expertise are easily accessible to all Metrode's headquarters, laboratories and production plant enjoy a rural setting close to Heathrow Airport and the M25 just West of London Company profile

Financial Data

Financials in:	GBP(mil)

Revenue:	17.5
Net Income:	-4.0
Assets:	18.3
Current Assets:	11.8
Fixed Assets:	6.6
Long Term Debt:	0.0
Total Liabilities:	6.3
Issued Capital:	0.9
Working Capital:	5.5
Net Worth:	11.8

Date of Financial Data:	31-Dec-2010

1 Year Growth

-4.5%

Key Corporate Relationships

Auditor:	Ernst & Young LLP
Bank:	Hsbc Bank PLC

Auditor:	Ernst & Young LLP

Auditor History
Ernst & Young LLP	31-Dec-2010
Ernst And Young LLP	31-Dec-2009
Ernst And Young LLP	31-Dec-2008
Ernst And Young LLP	31-Dec-2007
Chantrey Vellacott Dfk LLP	30-Sep-2006

	GBP(mil)
Audit Fees:	0.0
Audit Fiscal Year:	12-31-2010

Corporate Structure News

Metrode Products Ltd.
Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Lincoln Electric Holdings Ltd	Parent
Metrode Products Ltd.	Subsidiary	Chertsey	United Kingdom	Miscellaneous Fabricated Products	27.0	88

Executives Report

Board of Directors

Name

Title

Function

Michael Alexander Chalmers

Director

Director/Board Member

Age: 56

Thomas Anthony Flohn

Director

Director/Board Member

Age: 52

Executives

Name

Title

Function

Peter Frost

General Manager

Division Head Executive

John Martin O'Leary

Secretary

Company Secretary

Ruth Jones

Personnel Manager

Human Resources Executive

Diana Cole

Customer Care Manager

Customer Service Executive

Gareth Jenkins

Marketing Manager

Marketing Executive

Ian Cooper

Purchasing Manager

Purchasing Executive

Carlos Faggiani

Representative

Other

Directors and Shareholders Report

Annual Return Date: 14 Feb 2012
Total Issued Capital (GBP 000): 890

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Michael Alexander Chalmers	Current	04 May 1956	12 Oaklands, Bessacar, Doncaster, South Yorkshire DN4 6XQ	31 Oct 2006	NA	Current:3 Previous:3 Disqualifications:0
Thomas Anthony Flohn	Current	10 Sep 1960	Lincoln Electric Europe Sl C/O Balmes 89-80 2A, Barcelona, Barcelona	01 Nov 2010	NA	Current:1 Previous:0 Disqualifications:0
Alan Michael Jones	Previous	22 May 1944	1 Kings Ride, Camberley, Surrey GU15 4HN	12 Aug 1998	31 Oct 2006	Current:0 Previous:1 Disqualifications:0
Kenneth David Worthing	Previous	27 May 1943	Stourport Road, Kidderminster, Kidderminster, Worcestershire DY11 7QT	28 Apr 2000	31 Oct 2006	Current:3 Previous:10 Disqualifications:0
John Christoher Marland Farrar	Previous	01 Jun 1944	Still Waters, Wallroyds Denby Dale, Huddersfield, West Yorkshire HD8 8QQ	18 Jul 2001	31 Oct 2005	Current:0 Previous:1 Disqualifications:0
Eric Alfredson	Previous	24 Dec 1947	Tallbacken 6, Se - 443 38 Lerum	01 Jan 2006	31 Oct 2006	Current:0 Previous:1 Disqualifications:0
Allan Kenneth Sullivan	Previous	30 Mar 1942	Herford 73 London Road, Camberley, Surrey GU15 3TW	13 Feb 1991	30 Jun 2000	Current:3 Previous:3 Disqualifications:0
John Christopher Marland Farrar	Previous	01 Jun 1944	Stillwaters, Wall Royds Denby Dale, Huddersfield, W Yorks	13 Feb 1991	30 Jun 2000	Current:0 Previous:2 Disqualifications:0
Alexander Macleod Morton	Previous	26 Nov 1955	The Dairy House Brockwood, Bramdean, Alresford, Hampshire SO24 0LQ	13 Feb 1991	31 Oct 2006	Current:0 Previous:1 Disqualifications:0
Michael David Leblanc	Previous	19 Dec 1964	C/ San Albert 31-33, Valldoreix, Catalonia 08 197	31 Oct 2006	01 Nov 2010	Current:0 Previous:2 Disqualifications:0
James Roderick Campbell Morton	Previous	08 Oct 1944	Orchard House, Morestead, Winchester, Hampshire SO21 1LZ	10 Aug 1994	31 Oct 2006	Current:0 Previous:1 Disqualifications:0
Peter Harley Frost	Previous	26 Dec 1961	38 Eskdale Gardens, Purley, Surrey CR8 1EZ	12 Aug 1998	31 Oct 2006	Current:0 Previous:2 Disqualifications:0

Corporate Directors

There are no corporate directors for this company.

Individual Secretaries

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
John Martin O'Leary	Current	NA	Metrode Products Limited Hanworth Lane, Chertsey, Surrey KT16 9LL	01 Nov 2010	NA	Current:1 Previous:0 Disqualifications:0
Allan Kenneth Sullivan	Previous	30 Mar 1942	Herford 73 London Road, Camberley, Surrey GU15 3TW	13 Feb 1991	10 Aug 1994	Current:3 Previous:3 Disqualifications:0
Michael Alexander Chalmers	Previous	04 May 1956	12 Oaklands, Bessacar, Doncaster, South Yorkshire DN4 6XQ	31 Oct 2006	01 Nov 2010	Current:3 Previous:3 Disqualifications:0
Peter Harley Frost	Previous	26 Dec 1961	38 Eskdale Gardens, Purley, Surrey CR8 1EZ	10 Aug 1994	31 Oct 2006	Current:0 Previous:2 Disqualifications:0

Corporate Secretaries

There are no corporate secretaries for this company.

Individual Shareholders

Name	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
Lincoln Electric Holdings Ltd	890000 Ordinary GBP 1.00	Ordinary	890,000	1.00	890,000.00	100.00

Corporate Shareholders

There are no corporate shareholders for this company.

Annual Profit & Loss

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	65 Weeks
Filed Currency	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.647573	0.641508	0.545576	0.499878
Consolidated	No	No	No	Yes

Turnover (UK)	27.0	28.5	9.4	12.2
Turnover (Exports)	0.0	0.0	23.6	28.3
Total Turnover	27.0	28.5	33.0	40.5
Cost of Sales	19.3	19.9	21.3	26.4
Gross Profit	7.7	8.6	11.7	14.1
Depreciation	0.6	0.6	0.5	0.6
Other Expenses	5.0	4.9	5.3	7.9
Other Income	0.1	0.0	0.1	0.2
Interest Paid	0.0	0.0	0.0	0.0
Exceptional Income	0.0	0.0	0.0	0.0
Discontinued Operations	0.0	0.0	0.0	0.0
Profit Before Taxes	2.8	3.8	6.4	6.4
Tax Payable / Credit	0.8	1.1	1.8	1.5
Extraordinary Items/Debits	0.0	0.0	0.0	0.0
Dividends	8.2	0.0	0.0	0.3
Profit After Taxes	-6.2	2.7	4.7	4.6
Minority Interests (Profit & Loss)	0.0	0.0	0.0	0.0
Audit Fees	0.0	0.0	0.1	0.1
Non Audit Fees	-	0.1	0.1	0.1
Number of Employees	88	78	85	70
Wages	3.6	3.3	3.9	4.6
Social Security Costs	0.2	0.3	0.4	0.4
Pensions	-	0.0	0.0	0.0
Other Pension Costs	0.4	0.4	0.5	0.7
Employees Remuneration	4.2	4.1	4.8	5.8
Directors Emoluments	-	0.0	0.0	0.2
Other Costs	-	0.0	0.0	0.0
Directors Remuneration	-	0.0	0.0	0.2
Highest Paid Director	-	0.0	0.0	0.1

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Filed Currency	GBP	GBP	GBP	GBP
Exchange Rate	0.638712	0.619253	0.695531	0.502361
Consolidated	No	No	No	Yes

Land & Buildings	6.5	6.3	7.1	-
Fixtures & Fittings	0.2	0.1	0.1	-
Plant & Vehicles	3.6	3.7	0.9	-
Total Tangible Fixed Assets	10.3	10.1	8.1	8.6
Intangible Assets	0.0	0.0	0.0	0.0
Investments	0.0	0.0	0.0	0.0
Total Fixed Assets	10.3	10.1	8.1	8.7
Stocks	-	-	-	9.2
Work in Progress	-	-	-	0.0
Total Stocks Work In Progress	9.9	8.2	9.1	9.2
Trade Debtors	5.6	5.2	5.3	8.5
Inter-Company Debtors	0.3	3.5	0.3	0.1
Other Debtors	0.7	0.5	0.7	0.7
Total Debtors	6.6	9.2	6.4	9.2
Cash and Equivalents	2.0	3.3	1.9	1.9
Other Current Assets	0.0	0.0	0.0	0.0
Total Current Assets	18.4	20.7	17.4	20.3
Total Assets	28.7	30.8	25.5	29.0
Trade Creditors	3.3	3.2	3.7	4.3
Bank Overdraft	5.6	0.0	0.0	0.0
Inter-Company Creditors	0.0	0.4	0.1	0.0
Director Loans (Current Liability)	0.0	0.0	0.0	0.0
Hire Purchase (Current Liability)	0.0	0.0	0.0	0.0
Finance Lease (Current Liability)	0.0	0.0	0.0	0.0
Total Finance Lease/Hire Purchase (Current Liability)	0.0	0.0	0.0	0.0
Total Short Term Loans	0.0	0.0	0.0	0.0
Accruals/Deferred Income (Current Liability)	1.0	1.0	0.6	0.7
Social Security/VAT	0.0	0.0	0.0	0.0
Corporation Tax	0.0	0.2	0.8	0.9
Dividends (Current Liability)	0.0	0.0	0.0	0.0
Other Current Liabilities	0.0	0.0	0.0	0.0
Total Current Liabilities	9.9	4.9	5.2	6.0
Group Loans (Long Term Liability)	0.0	0.0	0.0	0.0
Director Loans (Long Term Liability)	0.0	0.0	0.0	0.0
Hire Purchase (Long Term Liability)	0.0	0.0	0.0	0.0
Leasing (Long Term Liability)	0.0	0.0	0.0	0.0
Total Hire Purchase Loans (Long Term Liability)	0.0	0.0	0.0	0.0
Other Long Term Loans	0.0	0.0	0.0	0.0
Accruals/Deferred Income (Long Term Liability)	0.0	0.0	0.0	0.0
Other Long Term Liabilities	0.0	0.0	0.0	0.0
Total Long Term Liabilities	0.0	0.0	0.0	0.0
Deferred Taxation	0.4	0.3	0.1	0.2
Other Provisions	0.0	0.0	0.0	0.0
Total Provisions	0.4	0.3	0.1	0.2
Issued Capital	1.4	1.4	1.3	1.8
Share Premium Accounts	0.0	0.0	0.0	0.0
Revaluation Reserve	2.3	2.4	2.2	3.1
Retained Earnings	14.4	21.2	16.3	17.5
Other Reserves	0.4	0.4	0.4	0.5
Minority Interests (Balance Sheet)	0.0	0.0	0.0	0.0
Total Shareholders Funds	18.5	25.5	20.2	22.8
Net Worth	18.5	25.5	20.2	22.8

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	65 Weeks
Filed Currency	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.647573	0.641508	0.545576	0.499878
Consolidated	No	No	No	Yes

Annual Ratios

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	65 Weeks
Filed Currency	GBP	GBP	GBP	GBP
Exchange Rate	0.638712	0.619253	0.695531	0.502361
Consolidated	No	No	No	Yes

Current Ratio	1.87	4.22	3.34	3.41
Liquidity Ratio	0.87	2.55	1.58	1.87
Stock Turnover	2.76	3.61	2.83	3.51
Credit Period (Days)	74.66	64.15	75.16	96.03
Working Capital by Sales	31.34%	53.30%	46.94%	44.52%
Trade Credit by Debtors	0.58	0.61	0.70	0.51
Return on Capital	15.16%	15.15%	24.83%	22.14%
Return on Assets	9.96%	12.74%	19.76%	17.60%
Profit Margin	10.44%	13.26%	19.44%	15.81%
Return on Shareholders Funds	15.47%	15.35%	24.99%	22.34%
Borrowing Ratio	30.39%	1.71%	0.26%	0.09%
Equity Gearing	64.38%	82.98%	79.05%	78.78%
Interest Coverage	-	1,213.50	389.22	457.57
Sales by Tangible Assets	2.66	2.92	3.19	3.73
Average Remuneration per Employee	0.0	0.1	0.0	0.1
Profit per Employee	0.0	0.1	0.1	0.1
Sales per Employee	0.3	0.4	0.3	0.5
Capital Employed per Employee	0.2	0.3	0.2	0.3
Tangible Assets per Employee	0.1	0.1	0.1	0.1
Total Assets per Employee	0.3	0.4	0.3	0.4
Employee Remuneration by Sales	15.73%	14.20%	14.51%	14.38%
Creditor Days (Cost of Sales Based)	60.94	56.26	81.44	74.92
Creditor Days (Sales Based)	43.48	39.29	52.65	48.81

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.33
UK Pound	1	Rs.82.56
Euro	1	Rs.70.10

INFORMATION DETAILS

Report Prepared by :

PRL

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.