MIRA
INFORM REPORT
|
Report Date : |
08.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
BAYER MATERIALSCIENCE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
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|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
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|
Date of
Incorporation : |
11.09.1995 |
|
|
|
|
Com. Reg. No.: |
11-179724 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1262.700
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
u19113mh1995ptc179724 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB2419H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing is largest producers of polymers and high-performance plastics. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1200000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of “Bayer AG, Germany”. It is a
well-established company having a moderate track record. There appears some accumulated losses recorded by the company. However, trade relations are reported as decent. Business is active.
Payments are reported to be slow. The company can be considered for business dealings on a safe and
secured 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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from January
1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a
119 year old registration. The Securities and Exchange Board of India has
approved the trading of currency futures on the Bombay Stock Exchange. The
exchange plans to launch the currency futures platform with advanced trading
technology by the end of November.
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.
LOCATIONS
|
Registered Office : |
Olympia, 1st Floor, Central Avenue Hiranandani Gardens, powai, Mumbai – 400 076, Maharashtra,
India |
|
Tel. No.: |
91-22-25711234 |
|
Fax No.: |
91-22-25700147 / 25455069 |
|
E-Mail : |
niranjan.ketkar@bayercropscience.com |
|
Website : |
|
|
Area : |
2500 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory: |
Plot No. 1A, Udyog Kendra, Sector Ecotech III, Greater, Noida –
201306, Uttar Pradesh, India |
|
Tel. No.: |
91-120-6763100 |
DIRECTORS
As on: 06.09.2013
|
Name : |
Mr. Stephan Feirdhelm Gerlich |
|
Designation : |
Chairman Cum Managing Director |
|
Address : |
Vinrita, Flat No. 13 and 14, Plot No. 98 of TPS IV, Prof. Almedia
Road, Bandra, Mumbai – 400 050, Maharashtra, India |
|
Date of Birth/Age : |
11.09.1958 |
|
Date of Appointment : |
24.07.2008 |
|
DIN No.: |
00063222 |
|
|
|
|
Name : |
Mr. Darius Cavasji Shroff |
|
Designation : |
Director |
|
Address : |
Moonlight, Flat No. 8, |
|
Date of Birth/Age : |
08.08.1944 |
|
Date of Appointment : |
07.12.2006 |
|
DIN No.: |
00170680 |
|
|
|
|
Name : |
Mr. Subrahmanian Kugalur Ramasesha Venkata |
|
Designation : |
Director |
|
Address : |
8, Rushilla, 17C, |
|
Date of Birth/Age : |
26.09.1933 |
|
Date of Appointment : |
13.06.1996 |
|
DIN No.: |
00005292 |
|
|
|
|
Name : |
Mr. Ajay Durrani |
|
Designation : |
Whole-time director |
|
Address : |
A-11, Upkar Apartment, Mayur Vihar, Phase – 1, Extension, New Delhi –
400050, India |
|
Date of Birth/Age : |
27.11.1965 |
|
Date of Appointment : |
01.09.2012 |
|
PAN No.: |
AAPPD3887R |
|
DIN No.: |
06369307 |
KEY EXECUTIVES
|
Name : |
Mrs. Rashmi Purwar |
|
Designation : |
Secretary |
|
Address : |
A-1/403, Adhyay Building, Kanchanpushp, Complex, Ghodbunder Road,
Thane (West), Mumbai – 400601, Maharashtra, India |
|
Date of Birth/Age : |
21.10.1982 |
|
Date of Appointment : |
05.12.2011 |
|
PAN No.: |
APIPP3508B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 06.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Bayer AG, |
|
126267652 |
|
Bayer AG, |
|
1 |
|
Bayer AG, |
|
1 |
|
|
|
|
|
Total |
|
126267654 |
Equity Share Break up (Percentage of Total Equity)
As on: 06.09.2013
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing is largest producers of polymers and high-performance plastics. |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Thermoplastic Polyurethanes |
Tons |
2500 |
2118 |
|
Polyurethanes |
Tons |
20350 |
10928 |
|
Polycarbonates |
Tons |
7500 |
212 |
|
Coatings,
Adhesives, Specialties |
Tons |
18000 |
-- |
NOTES:
Installed capacity
is on triple shift working basis.
Installed capacities
are as per the certificate given by the Management of the Company on which
auditors have relied as this being technical in nature.
Being multipurpose
plant, installed capacity is variable in view of different product mix produced
in the plant.
Manufacturing
units of Polycarbonates and Coatings, Adhesives, Specialties have commenced the
operations in the current year.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Plot Yo Y 14, Block Ep, Sector V, Saltlake Electronic Complex, Bidhan Nagar, Kolkata – 700091, India |
|
PAN No.: |
AAEFP5579P |
|
|
|
|
Holding Company : |
Bayer AG, |
|
|
|
|
Subsidiaries : |
·
Bayer Pharmaceuticals Private Limited, |
|
|
|
|
Parties under Common Control : |
|
CAPITAL STRUCTURE
As on: 06.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
160000000 |
Equity Shares |
Rs.10/- each |
Rs. 1600.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
126267654 |
Equity Shares |
Rs.10/- each |
Rs. 1262.700
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1262.700 |
1002.700 |
1002.700 |
|
(b) Reserves & Surplus |
(937.900) |
(686.600) |
(33.300) |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
324.800 |
316.100 |
969.400 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1139.000 |
1139.000 |
2055.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
13.800 |
10.900 |
7.600 |
|
(d) long-term provisions |
247.100 |
228.300 |
39.900 |
|
Total Non-current Liabilities (3) |
1399.900 |
1378.200 |
2102.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4068.000 |
2733.200 |
1445.000 |
|
(b) Trade payables |
1719.400 |
1359.100 |
934.600 |
|
(c) Other current liabilities |
400.200 |
1209.900 |
378.100 |
|
(d) Short-term provisions |
18.400 |
14.300 |
13.000 |
|
Total Current Liabilities (4) |
6206.000 |
5316.500 |
2770.700 |
|
|
|
|
|
|
TOTAL |
7930.700 |
7010.800 |
5842.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2454.300 |
2652.400 |
2759.100 |
|
(ii) Intangible Assets |
4.600 |
6.700 |
10.000 |
|
(iii) Capital work-in-progress |
40.400 |
11.900 |
3.800 |
|
(iv) Intangible assets under development |
0.000 |
1.000 |
0.000 |
|
(b) Non-current Investments |
89.500 |
89.500 |
89.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
275.800 |
229.900 |
52.800 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2864.600 |
2991.400 |
2915.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2215.700 |
1622.700 |
955.700 |
|
(c) Trade receivables |
2098.200 |
1522.200 |
1008.600 |
|
(d) Cash and cash equivalents |
109.700 |
383.500 |
458.500 |
|
(e) Short-term loans and advances |
642.500 |
491.000 |
504.600 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
5066.100 |
4019.400 |
2927.400 |
|
|
|
|
|
|
TOTAL |
7930.700 |
7010.800 |
5842.600 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
8812.200 |
5694.000 |
3944.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
NA |
4562.000 |
3514.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
1132.000 |
430.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
497.800 |
396.000 |
131.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
736.000 |
299.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
261.000 |
115.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
502.500 |
475.000 |
184.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
750.300 |
457.000 |
404.000 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.44 |
6.88 |
3.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.55 |
1.50 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
16.03 |
12.25 |
3.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.81 |
0.76 |
1.06 |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
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 |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Long term
borrowings |
|
|
|
Loans and advances from others |
1139.000 |
1139.000 |
|
|
|
|
|
Short term
borrowings |
|
|
|
Working capital loans from banks |
228.000 |
11.200 |
|
Loans repayable on demand |
3840.000 |
70.000 |
|
Interoperate borrowings |
0.000 |
2652.000 |
|
|
|
|
|
Total |
5207.000 |
3872.200 |
OPERATIONS
During the year, the Company has earned a total income including other income of Rs. 8812.200 Millions (previous year Rs. 5693.700 Millions) which includes Rs. 747.000 Millions (previous year Rs. 452.800 Millions) by way of exports. After meeting the operative expenses, the loss before tax works out to Rs. 502.500 Millions (previous year loss before tax Rs. 475.300 Millions). This loss is attributable to finance costs in the current year Rs. 497.800 Millions (previous year Rs. 396.200 Millions).
Note:
The Registered Office of the company has been shifted from Bayer House,
Central Avenue, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India
to the present address w.e.f. 01.06.2013.
Note: No Charges
Exist for Company
FIXED ASSETS:
- Goodwill
- Software
- Buildings
- Leasehold
Improvements
- Plant and
Machinery
- Office
Equipments
- Computers
- Furniture and
Fixtures
- Vehicles
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 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. |
|
|
1 |
Rs. |
|
Euro |
1 |
Rs. |
INFORMATION DETAILS
|
Information
Gathered by : |
|
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.