MIRA INFORM REPORT

Report Date :

18.09.2013

IDENTIFICATION DETAILS

Name :	ARCADIA SHIPPING LIMITED (w.e.f. 26.04.1991)
Formerly Known As :	ARCADIA SHIPPING PRIVATE LIMITED
Registered Office :	222, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.01.1981
Com. Reg. No.:	11-023672
Capital Investment / Paid-up Capital :	Rs. 144.650 Millions
CIN No.: [Company Identification No.]	U61100MH1981PLC023672
TAN No.: [Tax Deduction & Collection Account No.]	MUMA19160B
PAN No.: [Permanent Account No.]	AAACA5034H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing Shipping and Transportation Services.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 4080000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has seen a better increase in its sales turnover as well as net profitability during 2012. Profit margin appears to be good. The rating also takes into consideration the long term relationship of the subject with the Oil and Natural Gas Corporation Limited. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitment. In view of long standing experience of the promoters 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BBB = Long term bank facilities
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	24.04.2013

Rating Agency Name	CARE
Rating	A3+ = Short term bank facilities
Rating Explanation	Moderate degree of safety and higher credit risk
Date	24.04.2013

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 (GENERAL DETAILS)

Name :	Mr. Fernandez
Designation :	Accounts Department
Contact No.:	91-22-66580300
Date :	17.09.2013

LOCATIONS

Registered Office/ Head Office :	222, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-66580300/22831540/22831549
Fax No.:	91-22-66301084/22872664
E-Mail :	mns@arcadiashipping.com info@arcadiashipping.com arcadia@mtnl.net.in arcadia@bol.net.in
Website :	www.arcadiashipping.com
Branch Office :	Located at: Chennai Mangalore Ahmedabad Surat

DIRECTORS

As on 18.09.2012

Name :	Mr. Anjan Navinchandra Shah
Designation :	Whole Time Director
Address :	502, 5^th Floor, Wind -Ermere, North Avenue Road, Santacruz (West), Mumbai – 400054, Maharashtra, India
Date of Birth/Age :	29.07.1948
Date of Appointment :	15.02.1996
DIN No.:	00081928
Name :	Mr. Mukesh Navinchandra Shah
Designation :	Managing Director
Address :	601, RNA Classic, North Avenue Road, S.V. Road, Mumbai – 400054, Maharashtra, India
Date of Birth/Age :	12.12.1949
Date of Appointment :	01.08.1983
DIN No.:	00081965
Name :	Mr. Vinit Navinchandra Shah
Designation :	Whole Time Director
Address :	201, 2nd Floor, Tulsi Villa, 40, TPS – 1, Santacruz (West), Mumbai – 400054, Maharashtra, India
Date of Birth/Age :	07.05.1962
Date of Appointment :	28.04.1990
DIN No.:	00082012
Name :	Mr. Lavanya Navinchandra Shah
Designation :	Whole Time Director
Address :	95-B, Saket, 101, 1st Floor, Baptista Road, Ville Parle (West), Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	17.10.1951
Date of Appointment :	01.03.2004
DIN No.:	00082082

KEY EXECUTIVES

Name :	Mr. Fernandez
Designation :	Accounts Department

MAJOR SHAREHOLDERS

As on 18.09.2012

Names of Shareholders	No. of Shares
Mukesh Navinchandra Shah	6113500
Harshvadan Navinchandra Shah	951467
Mrinal Mukesh Shah	52500
Vinit Navinchandra Shah	875166
Anand Harshvadan Shah	43000
Neha Anjan Shah	24500
Kaushal Anjan Shah	36500
Anjan Navinchandra Shah	286500
Purnima Anjan Shah	85700
Sumati Harshvadan Shah	34000
Lavanya Navinchandra Shah	280500
Pranay Lavanya Shah	40600
Bharti Lavanya Shah	36700
Mukesh N. Shah (H.U.F.)	1356000
Mukesh N. Shah (Trustee for and on behalf Navdhenu Family Trust)	970500
New Winco Impex Private Limited, India	1310900
Chitiksha Mukesh Shah	49500
Deepali Mukesh Shah	54500
Dhara Mukesh Shah	97300
Sejal Sameer Padalkar	15000
Sheetal Shiv Rao	12000
Purna Vinit Shah	12000
Jeeta Lavanya Shah	6100
Vinit N. Shah (HUF)	15000
Harshvadan N. Shah (HUF)	15000
Tri-Star Shipping Limited, India	750000
N. J. Shah (HUF)	909353
Mr. Shail Vinit Shah	31200
Total	14464986

Equity Share Break up (Percentage of Total Equity)

As on 18.09.2012

Category	Percentage
Bodies corporate	14.25
Directors or relatives of Directors	85.75
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Shipping and Transportation Services.

Products/Services :

Product/Service Description	ITC Code
Bulk Cargo Transport Through Ships	99652132

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

70 (Approximately)

Bankers :

· Corporation Bank, Mumbai Overseas Branch, 1^st Floor, Earnest House, Nariman Point, Mumbai – 400021, Maharashtra, India

· State Bank of India

· Abu Dhabi Commercial Bank

· HDFC Bank Limited

· Axis Bank Limited

· Canara Bank

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Foreign currency term loan from bank	1873.575	2206.782
Short Term Borrowings
Loans and advances from related parties	226.079	139.709
Total	2099.654	2346.491

Banking Relations :	--
Auditors :
Name :	Dilip B. Desai and Company Chartered Accountant
Address :	33/ B, Kennedy Bridge, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-23857208
PAN.:	AAIPD6187H
Subsidiaries :	Navdhenu Holdings and Properties Private Limited CIN No.: U65990MH1994PTC075936 CCC (Arcadia) Subsea Limited CIN No.: U74900MH2007PLC173183 Supreme Offshore Construction and Technical Services Limited CIN No.: U45200MH1994PLC079147

CAPITAL STRUCTURE

As on 18.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs. 10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14464986	Equity Shares	Rs. 10/- each	Rs. 144.650 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	144.6500	144.650
(b) Reserves & Surplus	875.322	779.713
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1019.972	924.363
(3) Non-Current Liabilities
(a) long-term borrowings	1873.575	2206.782
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	1873.575	2206.782
(4) Current Liabilities
(a) Short term borrowings	319.176	205.869
(b) Trade payables	0.000	0.000
(c) Other current liabilities	159.236	75.373
(d) Short-term provisions	59.600	35.600
Total Current Liabilities (4)	538.012	316.842
TOTAL	3431.559	3447.987
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2443.427	2668.906
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	135.382	142.088
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	2578.809	2810.994
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	327.683	200.049
(d) Cash and cash equivalents	328.098	375.967
(e) Short-term loans and advances	196.969	60.977
(f) Other current assets	0.000	0.000
Total Current Assets	852.750	636.993
TOTAL	3431.559	3447.987

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		144.650
2] Share Application Money		0.000
3] Reserves & Surplus		696.900
4] (Accumulated Losses)		0.000
NETWORTH		841.550
LOAN FUNDS
1] Secured Loans		918.000
2] Unsecured Loans		10.374
TOTAL BORROWING		928.374
DEFERRED TAX LIABILITIES		0.000
OTHER LIABILITIES		387.621
TOTAL		2157.545
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1383.864
Capital work-in-progress		0.000
INVESTMENT		204.753
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	168.984
	Cash & Bank Balances	555.358
	Other Current Assets	7.793
	Loans & Advances	77.319
Total Current Assets		809.454
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	123.828
	Other Current Liabilities	76.698
	Provisions	40.000
Total Current Liabilities		240.526
Net Current Assets		568.928
MISCELLANEOUS EXPENSES		0.000
TOTAL		2157.545

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1197.249	769.974	845.048
		Other Income	147.698	142.963	63.741
		TOTAL (A)	1344.947	912.937	908.789
Less	EXPENSES
		Cost of material consumed	20.850	46.522
		Employee benefit expense	17.724	12.696
		Other expenses	600.461	419.273
		TOTAL (B)	639.035	478.491	528.190
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		705.912	434.446	380.599
Less	FINANCIAL EXPENSES (D)		169.730	96.372	65.846
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		536.182	338.074	314.753
Less/ Add	DEPRECIATION/ AMORTISATION (F)		416.573	234.661	242.741
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		119.609	103.413	72.012
Less	TAX (H)		24.000	20.600	15.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		95.609	82.813	57.012
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		611.213	528.400	471.388
	BALANCE CARRIED TO THE B/S		706.822	611.213	528.400
	Earnings Per Share (Rs.)		6.61	5.73	3.94

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	7.11	9.07	6.27
Net Profit Margin (PBT/Sales)	(%)	10.00	13.43	8.53
Return on Total Assets (PBT/Total Assets}	(%)	14.03	13.00	3.28
Return on Investment (ROI) (PBT/Networth)		0.12	0.11	0.09
Debt Equity Ratio (Total Debt /Networth)		2.15	2.61	1.10
Current Ratio (Current Asset/Current Liability)		1.58	2.01	3.37

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	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	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
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

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Short Term Borrowings
Loans and advances from others	93.097	66.160
Total	93.097	66.160

NOTE: CURRENT MATURITIES OF LONG TERM DEBT NOT AVAILABLE

INDEX OF CHARGE:

Sr .No	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10291345	30/12/2009	918,000,000.00	CORORATION BANK	OVERSEAS BRANCH, 1ST, FLOOR, EARNEST HOUSE, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	A78901295
2	10038758	15/03/2013 *	2,383,700,000.00	CORPORATION BANK	1ST FLOOR, EARNEST HOUSE, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B71531198
3	80040849	03/01/2008 *	131,300,000.00	CORPORATION BANK	OVERSEAS BRANCH, EARNEST HOUSE, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	A31872815
4	80040847	21/07/1999	1,950,000.00	BOMBAY MERCANTILE CO-OP. BANK LIMITED	KHANPUR BR., AHMEDABAD, Gujarat - 380001, INDIA	-
5	80040848	23/07/1993	18,375,000.00	CORPORATION BANK	NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	-

*Date of modification charge

CURRENT OPERATIONS:

During the current year, company could achieve turnover of Rs. 1344.900 Millions (previous year Rs. 912.900 Millions) and profit of Rs.95.600 Millions (previous year Rs.82.800 Millions).

During the year the company continued its regular activities i.e. Shipping, Ship Owning/Chartering, Lighterage, Transportation, Offshore/Technical Support and Marine /Project Support for Overseas Offshore Fabrication and Installation Contractors. The Company provides all Project and Technical Support to NPCC, Abu Dhabi, Valentine Maritime (Gulf) LLC, Abu Dhabi and Valentine Maritime (Mauritius) Limited, Mauritius and other Indian Companies for their various Offshore Contracts towards Construction of Oil and Gas production/process Platforms and Pipelines at Mumbai High and other Offshore Sites for ONGC and other Indian/Foreign Companies. The company is qualified to bid as approved Offshore Project Contractor for ONGC, MDL, L and T, EIL, HHI, etc for Topside Work Maintenance / Painting of Offshore Platforms.

The Company also continued to provide technical and commercial support to Winco Maritime Limited, London for Inspection, Acquisition and Technical and Commercial Management of their vessels although presently they have sold all their old vessels and are looking to acquire younger tonnage for which company is providing technical support.

FIXED ASSETS:

• Building
• Ships vessels
• Ships
• Office Equipments
• Computer
• Vehicles
• Furniture and Fixture

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

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. 63.38
UK Pound	1	Rs. 100.86
Euro	1	Rs. 84.60

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		53

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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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