MIRA INFORM REPORT
|
Report Date : |
07.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
ELRINGKLINGER AUTOMOTIVE COMPONENTS (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Readymoney Mension, 43, Veer Nariman Road, Mumbai - 400001,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
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|
|
|
Date of Incorporation
: |
26.02.2007 |
|
|
|
|
Com. Reg. No.: |
11-168152 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.390.580 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U28999MH2007FTC168152 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUME06917B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Automotive Components. |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 820000 |
|
|
|
|
Status : |
Moderate |
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|
|
Payment Behaviour : |
Unknown |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having a moderate track record. Latest financials of 2011, 2012 and 2013 are not available with us. Mr. Balwant Chauhan, concerned person denied to provide any
information to us. As per available, there appears some accumulated losses recorded by
the company. However, trade relation reported to be fair. Business is active. Payment
terms are reported to be unknown. The company can be considered for business dealing with some caution. |
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’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
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 DECLINED BY
|
Name : |
Mr. Balwant Chauhan |
|
Contact No.: |
91-9764007935 |
|
Date : |
03.01.2014 |
LOCATIONS
|
Registered Office / Corporate Office: |
Readymoney Mension, 43, Veer Nariman Road, Mumbai - 400001,
Maharashtra, India |
|
Tel No.: |
Not Available |
|
Mobile No.: |
91-9764067935 [Mr. Jitendra] |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Rented |
|
|
|
|
Factory : |
Plat No. G 2, Ranjangaon, Industrial Area, Taluka Shirur, District
Pune - 412220, Maharashtra, India |
|
Tel. No.: |
91-2138-671700 |
|
Fax No. : |
91-2138-671701 |
|
Area : |
6 Acres |
|
Location : |
Owned |
DIRECTORS
As on 25.09.2012
|
Name : |
Mr. Stefan Franz Watterwalf |
|
Designation : |
Director |
|
Address : |
Bergster 61, D-70771, |
|
Date of Birth/Age : |
12.09.1961 |
|
Date of Appointment : |
26.02.2007 |
|
Din No.: |
03500188 |
|
|
|
|
Name : |
Mr. Theo Ernst Becker |
|
Designation : |
Director |
|
Address : |
Unitegrasse 20, |
|
Date of Birth/Age : |
22.12.1959 |
|
Date of Appointment : |
26.02.2007 |
|
Din No.: |
03501028 |
|
|
|
|
Name : |
Mr. Suresh Rasiklal Vasani |
|
Designation : |
Director |
|
Address : |
302, |
|
Date of Birth/Age : |
10.07.1961 |
|
Date of Appointment : |
01.04.2007 |
|
Din No.: |
00864154 |
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|
|
|
Name : |
Mr. Frank Christof Schaible |
|
Designation : |
Director |
|
Address : |
Flat No. 201, Wing – 2, Lane No. 8, |
|
Date of Birth/Age : |
04.04.1975 |
|
Date of Appointment : |
05.09.2011 |
|
Din No.: |
02547398 |
|
|
|
|
Name : |
Mr. Luiz Alberto Thimm Mirara |
|
Designation : |
Nominee director |
|
Address : |
AV BR DE Serra Nagra 343 AP N, Piracicaba – 13405121, Brazil |
|
Date of Birth/Age : |
22.03.1963 |
|
Date of Appointment : |
05.09.2011 |
|
Din No.: |
03607209 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2012
|
Names of Shareholders |
No. of Shares |
|
Elringkliger AG, |
49093013 |
|
Theo Ernst Becker, Germany |
1 |
|
|
|
|
TOTAL
|
49093014 |
As on 03.11.2012
|
Names of Allottees |
No. of Shares |
|
Elringkliger AG, |
10906985 |
|
|
|
|
TOTAL
|
10906985 |
As on 23.09.2013
|
Names of Allottees |
No. of Shares |
|
Elringkliger AG, |
14999900 |
|
|
|
|
TOTAL
|
14999900 |
Equity Share Break up (Percentage of Total Equity)
As on 25.09.2012
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automotive Components. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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|
|
|
Bankers : |
HSBC Bank Limited, Pune,
Maharashtra, India |
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|
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Banking
Relations : |
-- |
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|
|
|
Financial Institutions: |
Volkswagen India
Private Limited, E -1, Midc Industrial Area Phase Iii, Village Nigoje Mhalunge
Kharabwadi Chakan Tal Khed, Pune - 410501, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
703, 7th Floor, Godrej Castelmaine, Bundgarden Road, Pune - 411001,
Maharashtra, India |
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PAN No.: |
AAAFB9852F |
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|
|
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Holding Company: |
Elring Klinger AG, |
CAPITAL STRUCTURE
AFTER 25.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs. 600.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
74999899 |
Equity Shares |
Rs.10/- each |
Rs. 749.999
Millions |
|
|
|
|
|
As on 25.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs. 600.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
49093014 |
Equity Shares |
Rs.10/- each |
Rs. 490.930
Millions |
|
|
|
|
|
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs.600.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
39058014 |
Equity Shares |
Rs.10/- each |
Rs.390.580
Millions |
|
|
|
|
|
Note:
Of the above:
39058014 Equity Shares of Rs.10/- each are held
by ElringKlinger AG (“the Holding Company”) and the balance each are held by
jointly by ElringKinsher AG and Mr. Theo Becher. Of the above 1950505 shares
have been issued without consideration being received in cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
390.580 |
390.580 |
200.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
56.940 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(184.965) |
(149.331) |
(26.633) |
|
|
NETWORTH |
205.615 |
241.249 |
230.307 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
123.080 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
123.080 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.789 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
329.484 |
241.249 |
230.307 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
373.735 |
374.406 |
175.548 |
|
|
Capital work-in-progress |
9.051 |
7.149 |
70.938 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
68.847
|
27.527 |
2.124 |
|
|
Sundry Debtors |
18.366
|
2.137 |
0.412 |
|
|
Cash & Bank Balances |
33.131
|
29.496 |
34.407 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
59.153
|
38.848 |
42.372 |
|
Total
Current Assets |
179.497
|
98.008 |
79.315 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
226.431
|
221.265 |
89.071 |
|
|
Other Current Liabilities |
5.227
|
16.701 |
5.872 |
|
|
Provisions |
1.141
|
0.348 |
0.551 |
|
Total
Current Liabilities |
232.799
|
238.314 |
95.494 |
|
|
Net Current Assets |
(53.302)
|
(140.306) |
(16.179) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
329.484 |
241.249 |
230.307 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
151.619 |
27.674 |
0.350 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
128.437 |
102.219 |
26.710 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
128.437 |
102.219 |
26.710
[Including Financial Expenses and Depreciation] |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
23.182 |
(74.545) |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.446 |
0.094 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
18.736 |
(74.639) |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
53.581 |
47.815 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(34.845) |
(122.454) |
(26.360) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.789 |
0.243 |
0.273 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(35.634) |
(122.697) |
(26.633) |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(0.89) |
NA |
NA |
|
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(23.50)
|
(443.35) |
(7609.43) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.29)
|
(25.92) |
(10.39) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.17)
|
(0.99) |
(0.11) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.60
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.77
|
0.41 |
0.83 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
No |
|
12] |
Profitability for last
three years |
No |
|
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 |
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 |
No |
|
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 |
No |
BACKGROUND:
Subject was incorporated on 26.02.2007. The company is a part of the
Elringklinger AG Group and was established with the objective of setting up a
green- field manufacturing facility in
UNSECURED LOANS
(Rs. In Millions)
|
Particular |
31.03.2010 |
31.03.2009 |
|
External Commercial
borrowing from holding company |
123.080 |
0.000 |
|
|
|
|
|
Total |
123.080 |
0.000 |
Note:
Loan from holding company represent commercial borrowing (ECB) of Euro 2
Millions from ElringKlinger AG, the holding company. The loan will be repaid
after three years from the date of drawn down (16 September 2009). Interest
rate is 5.75% p.a. for the complete term of the loan. The interest is payable
on or before 31st December each year.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10195659 |
15/12/2009 |
900,000.00 |
VOLKSWAGEN INDIA PRIVATE LIMITED |
E -1, MIDC
INDUSTRIAL AREA PHASE III, VILLAGE NIGOJE MHALUNGE KHARABWADI CHAKAN TAL
KHED, PUNE, MAHARASHTRA - 410501, INDIA |
A76717651 |
FIXED ASSETS:
- Plant and
Machinery
- Building
- Electrical
Installation
- Computer
- Office
Equipments
- Vehicles
- Furniture and
Fixtures
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 records 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.62.3 |
|
|
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.84.62 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYN |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
26 |
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.